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Birla Sun Life Empower Pension Plan

Formerly known as Birla Sun Life Insurance Company Limited, Aditya Birla Sun Life Insurance is one of India's leading life insurance companies offering a range of products such as child plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans.

Incorporated on August 4th, 2000 and commenced operations on January 17th, 2001, Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a subsidiary of Aditya Birla Capital Limited. ABSLI is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. The total Assets Under Management of ABSLI stand at Rs. 410,110 million (as of June 30th, 2019).

Aditya Birla Sun Life Empower Policy is a unit linked pension plan which allows the policyholder to enhance savings.

Features of ABSLI Empower Pension Plan

The features of this plan are:

  • Guaranteed additions to boost your retirement corpus.
  • Smart Option - The investment portfolio is based on your desired retirement year and risk profile chosen.
  • Option to select the basic premium amount.
  • Option to select the vesting date.
  • This plan offers tax benefits under Section 80C, and Section 10(10D) of the Income Tax Act, 1961

Benefits of ABSLI Empower Pension Plan

The benefits of this plan are:

  • Guaranteed Additions - Additional units will be added to your policy on 6th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0. 25% of the average Fund Value in the last 12 months; plus/on 11th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months; plus/on 16th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months.

  • Vesting Benefits - On your vesting date, you will receive the greater of your Guaranteed Vesting Benefit or the Fund Value.

  • Death Benefit - The death benefit payable will be greater of your Guaranteed Vesting Benefit or the Fund Value as on the date of intimation of death. The Guaranteed Death Benefit is the greater of 105% of all basic premiums paid or accumulation of all basic premiums paid till date at a compounding guaranteed rate.

  • Surrender Benefit - Option to surrender the policy till vesting during the first five policy years.

  • Smart Option - Your premiums are put in 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.

Eligibility Details

The eligibility criteria for this is:

Criteria Eligibility
Entry Age (age on last birthday)25 –70 years
Accumulation Period5 – 30 years subject to maximum vesting age of 80 years
Pay TermRegular pay

Premium Details

The premium details of this plan are:

Particular Premium Details
Basic PremiumMinimum Rs. 18,000 p.a. if paid annually
Basic PremiumMinimum Rs. 24,000 p.a. if paid semi-annually
Basic PremiumMinimum Rs. 30,000 p.a. if paid quarterly; or
Basic PremiumMinimum Rs. 36,000 p.a. if monthly

Documents Required to buy ABSLI Empower Pension Plan

The documents required for this plan are:

  1. Proof of ID - KYC
  2. Proof of Address - KYC
  3. Proof of Income
  4. Proof of Age
  5. Medical check-up, if required
  6. Application/Proposal Form

Exclusions under ABSLI Empower Pension Plan

This plan has the following exclusions:

  • If the Life Assured, whether sane or insane, commits suicide within one year from date of issuance of this policy, only the Fund Value, as available on the date of death, will be payable.
  • If the Life Assured, whether sane or insane, commits suicide within one year from date of revival of policy, only the Fund Value, as available on the date of death, will be payable.

Review of ABSLI Empower Pension Plan

ABSLI Empower Pension Plan is an excellent retirement plan. This plan offers guaranteed additions to boost your retirement corpus. Also, this is a simple, hassle free plan which pools your premiums during the accumulation phase. Post vesting, you will receive a stream of regular income for the rest of your lifetime.

FAQs on Birla Sun Life Empower Pension Plan

What is a policy number and client id?

Policy number is the unique 9 digit number used to issue a policy to each customer. The policy number can be found at the right hand side of the first premium receipt.

How do I determine my risk appetite?

You need to consider the following factors to determine your risk appetite - age, number of dependents, income, future goals, life stage, financial status, etc.

Can I convert my existing policies into electronic policies? -

Yes, in order to convert your existing paper policies into electronic form, you need to physically visit the branch and raise a service request.

How many days from the date of an incident should a claim be intimated?

Apart from the waiting period, all death related claims should be intimated as soon as possible.

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