Sanchay Aajeevan Guaranteed Advantage Plan

What this product is

A guaranteed-return savings plan that builds a maturity corpus and lets you convert part of it into a guaranteed lifelong income, with a joint-life option that protects a spouse too.

You might need this if…

• You might need this if you want guaranteed growth (not market-linked) for a medium-to-long-term goal like retirement.
• You might need this if you want the choice at maturity between taking your money out or converting some of it into lifelong income at a locked-in rate.
• You might need this if you're planning as a couple — the Future Secure (joint life) option waives premiums and pays a death benefit on the first death, continuing benefits for the survivor.
• You might need this if you may need partial access to funds for specific life events like education, home purchase, or medical needs before maturity.

How it actually works

• Choose Future Ready (single life) or Future Secure (joint life, with premium waiver); and Variant 1 (flexible, no guaranteed income rate) or Variant 2 (with guaranteed income) that lets you convert 40%, 60%, or 80% of the maturity benefit into guaranteed lifelong income.
• Entry age 18-70, maturity age 40-80, policy term 5-30 years, minimum annual premium ₹30,000.
• Guaranteed Additions of 8% of the sum assured on maturity accrue annually from year 2 (single pay) or year 5 (regular pay).
• Death benefit is the highest of premiums accumulated at a guaranteed 5% or 7% p.a. (chosen upfront), 105% of premiums paid, or surrender value.
• A Maturity Booster of 2%-5% is added if you convert 70-100% of the maturity benefit into an annuity.
• Partial withdrawals (up to 25% of premiums, 3 times) after 3 years; policy loans up to 80% of surrender value at ~9% p.a.; no riders available.

Worked example

Worth knowing before you decide

• The guaranteed income rate is chosen and locked at maturity/conversion, so it can't later be improved even if annuity rates rise.
• This is a traditional guaranteed plan, so growth is capped relative to market-linked ULIP alternatives.
• No riders are offered, and the suicide clause within 12 months limits payout to 80% of premiums paid or surrender value.
• Accessing NPS-linked or QROPS proceeds comes with restrictions — commutation capped at 30% and access restricted until age 55 or maturity.

Official source

⌟ Official product brochure

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