ABSLI Guaranteed Annuity Plus

ABSLI Empower Pension Plan

Unit-linked pension plan for worry-free retirement!
Unit-linked pension plan for worry-free retirement!
Guaranteed Additions Guaranteed⁴ Additions
Maximum vesting age 80 years Maximum vesting age 80 years

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Pay ₹1 lakh3 for 25 years and get a fund value of ₹64.85 lakhs

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Why buy ABSLI Empower Pension Plan?

ABSLI Empower Pension Plan is a unit-linked pension plan that helps you to build a retirement corpus in a hassle-free and convenient way. The accumulated premiums and market-linked investment returns ensure that you will enjoy your retired life. Pursue your desires easily such as going on exotic holidays/pilgrimages, spending time with your loved ones, etc.

Key Features of ABSLI Empower Pension Plan
  • Key Features Partial withdrawal: You can make partial withdrawals after the completion of five policy years to meet any financial emergency.
  • Key Features Easy investment tracking: You can easily monitor your investments online using our website.
  • Key Features Customizable risk profile: You can choose any risk profile (Aggressive/ Moderate/ Conservative) for your investments at the inception of the policy.
  • Key Features Plan options: 2 plan options with assured benefits. You can choose the right retirement plan that fits your needs and requirements.
  • Key Features Broad entry age: Anyone between 25-70 years of age can invest in this pension plan.
  • Key Features Choose your vesting date: While buying the retirement plan you can choose the vesting date as per your retirement plans and goals. This is the date from which you will start receiving the policy benefits.
  • Key Features Flexible Premium Payment: You can choose to pay the basic premium at your convenience. You can pay the premium monthly, quarterly, half-yearly or annually under this policy.
ABSLI Empower Pension Plan

Benefits of ABSLI Empower Pension Plan

ABSLI Empower Pension Plan is a market-linked product with which you can generate a sizable retirement corpus in the long term. The plan guarantees the financial protection of your family in case of any unfortunate event.

Death Benefit
Death Benefit
In the unfortunate event the life insured dies while the policy is in effect, we will pay to the nominee the greater of (a) the Guaranteed Death Benefit or (b) Policy Fund Value as on date of intimation of death.
Vesting Benefits
Vesting Benefits
Your vesting benefit will differ as per your plan option chosen:
Assured Option:
Guaranteed Additions
Guaranteed Additions
Guaranteed4 additions in the form of additional under the pension plan will be the units that will be added to your policy.
Surrender Benefits
Surrender Benefits
At any time while your policy is in force you can request to surrender this policy for its Surrender Benefit. Any such surrender will be treated according to the Policy Discontinuance provisions
Income Tax Benefit
Income Tax Benefit
You may be entitled to certain applicable tax benefits on your premiums and rider benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.

Plan Options

ABSLI Empower Pension Plan comes with two plan options you can choose from.

How does ABSLI Empower Pension Plan work?

Learn with an example.

ABSLI Empower Pension Plan
  • Mr. Sharma purchased the ABSLI Empower Pension Plan to save funds for his retirement. He was 39 years old when he bought the policy.
  • Mr. Sharma chose an assured plan option and the risk profile was aggressive.
  • The annual basic premium paid was Rs.2 lakhs and the accumulation period was 10 years.
  • After 10 years, if Mr. Sharma survives the whole term, he will receive the total fund value. The rate of returns expected @8% will be Rs.27,19,208/-. The death benefit will also be Rs.27,19,208/- and @4% will be Rs.21,73,426/-. The death benefit @ 8% will also be Rs.27,19,208/- and @4% will be Rs. 21,73,426.
  • Mr. Sharma purchased the ABSLI Empower Pension Plan to save funds for his retirement. He was 45 years old when he bought the policy.
  • Mr. Sharma chose an assured plan option and the risk profile was conservative.
  • The annual basic premium paid was Rs.1 lakh with premium payment term of 5 years and the accumulation period was 6 years.
  • After 6 years, if Mr. Sharma survives the whole term, he will receive the total fund value. The rate of returns expected @8% will be Rs.6,04,240/- and @4% will be Rs.5,60,000/-.The death benefit @8% will also be Rs. 6,04,240 and @4% will be Rs. 5,25,000/-.
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Entry  Age (age last birthday)        

25 – 70 years

Accumulation Period

5 – 30 years for Regular Pay,

6 to 30 years for Limited Pay, 

 

subject to maximum vesting age of 80 years

Premium Paying Term

Limited and Regular pay 

Basic Premium 

Minimum Rs. 18,000 p.a. if paid annually

Minimum Rs. 24,000 p.a. if paid semi-annually

Minimum Rs. 30,000 p.a. if paid quarterly; or

Minimum Rs. 36,000 p.a. if monthly

What’s not covered?

ABSLI Empower Pension Plan does not cover you for:

— Suicide. In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiary of the Policyholder shall be entitled to the Fund Value, as available on the date of intimation of death.

Further any charges other than Fund Management Charges (FMC) recovered subsequent to the date of death shall be added back to the Fund Value as available on the date of intimation of death.

How to initiate Claim?

3 quick steps, everything online.

  • Fill basic details
  • Claim intimation
  • Document submission

ABSLI Empower Pension Plan FAQs

ABSLI Empower Pension Plan is a retirement plan to accumulate premiums and invest money to build a retirement corpus. The plan helps you live a simple and hassle-free life after retirement.
Yes, the ABSLI Empower Pension Plan can make you retirement ready. But before buying the product make sure that you know the exact requirement you will have in future. Be aware of how insurance can help you be retirement ready. For accurate retirement planning you can use our free retirement calculator.
You may need a Pension Plan to have an independent retirement life. Money is never enough because life can pose challenges anytime. This is why having a pension plan is better as you earn through investments also. Normal savings will not help you with that. Plus investing in ABSLI Empower Pension Plan will enable you to gain market linked returns. This will certainly help you to tackle inflation.
The important feature of this plan includes:
  • Guaranteed additions to boost your retirement corpus
  • Assured Option to enjoy a guaranteed benefit on vesting, or Self-Managed Option to choose from various funds as per risk appetite, with Policy Fund Value payable on vesting
ABSLI Empower Pension Plan is a regular pay plan and you may need to pay premiums every year till you decide to vest. This vested pension plan provides for regular premium only with no short pay options.
You will be eligible for tax benefits² under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961. Under Section 10(10A), the tax benefits are on the commuted value of the benefits on the vesting date, subject to applicable exclusions.
No, this plan cannot be purchased online.
You can buy ABSLI Empower Pension Plan offline. You can leave the details of name and phone number, the insurer will contact you at the earliest.

The following are the policy charges:

  • Investment Guarantee Charge: For Assured Option, the daily unit price of the investment fund is adjusted to reflect an investment guarantee charge of 0.25% p.a. We may change the investment guarantee charge in the future upto a maximum of 0.50% per annum, subject to IRDAI approval. For Self-Managed Option, this charge is Nil.
  • Premium allocation charge: Premium allocation charge is deducted from your basic premiums when received and before invested in the investment funds. The premium allocation charge as a percentage of basic premium is:

    Policy year

    1

    2-3

    4-10

    11+

    %of basic premium

    6.00%

    5.50%

    5.00%

    4.00%

  • Fund Management Charge: The daily unit price of the investment fund is adjusted to reflect the fund management charge.
    • 1.00% p.a. for Income Advantage Guaranteed, Liquid Plus, Income Advantage, Assure, Protector and Builder.
    • 1.25% for Enhancer, Creator, Capped Nifty Index and Asset Allocation
    • 1.35% p.a. for Maximiser Guaranteed, Magnifier, Maximiser, Super 20, Multiplier, Pure Equity, Value & Momentum and MNC
    • Pension Linked Discontinued Policy Fund is 0.50% p.a.
    • We may change the fund management charge under any segregated fund at any time subject to a maximum of 1.35% p.a. in the future and subject to IRDAI approval.
  • Policy Administration Charge: The policy administration charge is Rs. 20 per month for the first five policy years. It shall increase to Rs. 25 per month in the sixth year and inflate at 5% p.a. thereafter, subject to a maximum of Rs.6,000. This charge is levied at the start of every policy month by canceling units proportionately from the segregated funds you have at that time.
  • Switching Charge: Switching charge is deducted from your Policy Fund Value in case you request for a switching between investment options or Segregated Fund Switch. We currently charge Rs. 50 per request and reserve the right to increase this charge at any time in the future, subject to a maximum of Rs. 500 per request and prior IRDAI approval.
  • Partial Withdrawal: Partial Withdrawal Charge is deducted from your Policy Fund Value in case you request for a partial withdrawal. We currently charge Rs. 50 per partial withdrawal and reserve the right to increase this charge at any time in the future, subject to a maximum of Rs. 500 per request and prior IRDAI approval.
  • Miscellaneous Charge: We currently charge Rs. 50 per request for any additional servicing request. We reserve the right to charge upto a maximum of Rs 500 per request for additional servicing requests. Any increase in the miscellaneous charges will be subject to IRDAI approval.
  • Goods & Service Tax (GST): GST and other levies, as applicable, will be levied on your charges as per the extant tax laws.
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  • Disclaimer

    1Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.

    2 Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.

    3 Life Insured: Male, 25 years, basic premium:Rs.1 lakh, policy term 25 years, accumulation period 25 years, plan option: Assured (8% Fund Value), premium payment frequency: annual. Fund value at end of policy term @8% is: ₹64,85,173/- and @4% is ₹36,09,911/-.

    4 Provided all due premiums are paid. 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. Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is an Individual unit linked 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. GST and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. UIN: 109L078V03 ADV/6/22-23/472