Key Features of ABSLI Empower Pension SP Plan
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Guaranteed1 additions to boost your corpus
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Investment options to suit your financial needs
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Choose the single premium amount you wish to pay
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Tax benefits2
Investment Options
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Assured Option
Under this option, your portfolio will be structured depending on chosen vesting date and risk profile. We will invest your basic premiums between the two investment funds - Maximiser Guaranteed (an equity fund) and Income Advantage Guaranteed (a debt fund) in a predetermined proportion, based on the selected vesting date and risk profile.
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Self-Managed Option
This option gives you access to our well-established suite of 16 segregated funds, complete control in how to invest your premiums and full freedom to switch from one segregated fund to another.
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Guaranteed Additions
You will be benefitted in the form of additional units added to your policy.
1Provided all premiums are paid
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Vesting Benefit
Your vesting benefit will differ as per your plan option chosen:
Assured Option:
On your vesting date, you will receive the greater of (a) Guaranteed Vesting Benefit net of partial withdrawals made since inception of your policy or (b) the Policy Fund Value on policy vesting date. The Guaranteed Vesting Benefit varies by your chosen vesting date and risk profile. Guaranteed Vesting Benefit once assigned to your policy at inception shall remain constant.Self-Managed Option:
You will receive the Policy Fund Value on the policy vesting date. -
Death Benefit
In case of the life insured’s unfortunate demise during the policy period, a death benefit will be paid to your nominee. The policy will stand terminated once the death benefit is paid.
Please refer the brochure for detailed description on this benefit.
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Surrender Benefit
In case of emergencies, you can surrender your policy to us at any time during the policy term. Any such surrender will be treated according to the provisions mentioned in the Policy Discontinuance Section.
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Tax Benefits
As per extant tax laws, this plan offers tax benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 19612
2tax benefits are subject to changes in tax laws
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Entry Age (age last birthday)
25 – 70 years
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Accumulation Period
5 – 30 years, subject to maximum vesting age of 80 years
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Premium Paying Term
Single pay
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Single Premium
Minimum Rs. 1,00,000 p.a., Max – No Limit
Risk commences after the first policy anniversary
Need help in buying life insurance?
Single Premium Pension Plan FAQs
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What is vesting benefit?
It is a benefit you are entitled to which is absolute, complete and not dependent on any condition.
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How do I pay pension plan premiums?
To purchase your one time premium pension plan, you can get in touch with an ABSLI Advisor or visit your nearest ABSLI Branch to pay premiums.
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Where do I contact for any concerns?
You can call our Toll-Free No. 1800 270 7000, visit our branch or reach out to your ABSLI Advisor for any concerns regarding your single premium retirement plan.
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How long does the policy last?
Your policy will be terminated at the earliest of:
- the date when the policy is surrendered as per the Policy Discontinuance Provision; or
- the date when the Policy Fund Value becomes zero; or
- the date of settlement of the death benefit; or
- the date of payment of the surrender benefit, if any; or
- the date when the Vesting benefit is paid
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When will my pension start?
You will get your retirement corpus after the accumulation phase is over.
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1Provided all premiums are paid
2Tax benefits are subject to changes in tax laws
Disclaimer
The linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year from inception. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating unit linked life insurance pension plan. Aditya Birla Sun Life Insurance and ABSLI Empower Pension Plan are only the names of the Company and Policy respectively and do not in any way indicate their quality, future prospects or returns. The name of the funds offered in this plan does not in any indicate their quality, future prospects or returns. The charges are guaranteed throughout the term of the policy unless specifically mentioned and subject to IRDAI approval. The value of the investment fund reflects the value of the underlying investments. These investments are subject to market risks and change in fundamentals such as tax rates etc affecting the investment portfolio. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. There is no guarantee or assurance of returns above the guaranteed returns from the investment funds. Service Tax and Education Cess and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable. Tax benefits are subject to changes in the tax laws. Aditya Birla Sun Life Insurance Company Limited (Formerly Birla Sun Life Insurance Company Limited) Registered Office: One World Center Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. CIN: U99999MH2000PLC128110 IRDAI reg no.109. UIN: 109L094V02
ADV/9/20-21/1056
