Aditya Birla Sun Life Insurance wins IRDAI nod for Nifty 50-linked annuity

The plan blends guaranteed and variable income components for lifetime retirement payouts.

Aditya Birla Sun Life Insurance Company Limited (ABSLI) has secured approval from the Insurance Regulatory and Development Authority of India to launch ABSLI Index Guaranteed Annuity Plus, a single or limited/regular premium index-linked annuity plan.

The product offers lifetime retirement income through a mix of guaranteed and variable annuity components linked to the Nifty 50. It is scheduled for launch in March.

Policyholders can choose the proportion of guaranteed and variable annuity and decide whether to receive income immediately or defer payouts. 

Options include life annuity, life annuity with return of purchase price, and deferred life annuity with return of premium.

The plan will be available to individuals aged 40 to 80, depending on the option selected. Premiums can be paid as a single payment or over two to 10 years.