Insurance News Details

Aditya Birla Sun Life unveils its new product ABSLI Nishchit Pension Plan

(23-Jun-23   09:29)

Aditya Birla Sun Life Insurance Company Limited (ABSLI) announces the launch of a comprehensive retirement solution ?ABSLI Nishchit Pension Plan?. This is a non-linked, non-participating individual pension plan that enables the policyholders to plan for their retirement. This plan helps in accumulating a 100 percent guaranteed corpus, this corpus can be used to secure an uninterrupted income throughout the golden years.

The ABSLI Nishchit Pension Plan provides the utmost simplicity and flexibility. This plan offers accrued guaranteed additions during the policy term and loyalty addition at the end of the policy term, provided the policy is in force and all due premiums have been paid.

Under this plan, the policyholders will be able to accumulate 100 percent guaranteed corpus at their desired retirement age and will get to be a benefactor of uninterrupted guaranteed income, post their retirement. The plan also provides the flexibility to defer Vesting Benefits by up to 10 years.

Commenting on the launch of the Product, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, ?As our country continues to witness robust growth, it's only natural that the life expectancy will continue to improve, that's where the role of pension plans become crucial. Our newest offering, ABSLI Nishchit Pension Plan entails an optimal blend of simplicity & flexibility. It nudges the policyholder to inculcate the habit of disciplined savings in their lifestyle and empowers them to make their retirement more financially secure. We believe in providing our customers with the tool and support to protect their financial needs and ABSLI Nishchit Pension Plan is a testament to our commitment.?

Also, this plan enables the policyholders to customize their plans according to their retirement goals by provides flexible premium payment term (PPT) and policy term (PT) options.

The policyholders can choose from multiple premium payment term options, ranging from five, six, eight, 10, 12 years, and regular payment options.

The maximum entry age to avail ABSLI Nishchit Pension Plan is 65 years, while the minimum entry age is 30 years.

The minimum annualized premium is Rs. 20,000.

The maximum age to avail of the vesting benefit is 75 years, while the minimum vesting age is 45 years.

The plan also offers life insurance coverage throughout the policy term. In case of an unfortunate circumstance, the plan provides a lump sum death benefit to the nominee(s)/heir(s), provided that the policy is in force.

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