Make yourself future ready and receive regular income with ABSLI Nishchit Pension Plan.
Product Specifications | ||||||||||||||||
Type of Plan |
A Non-Linked Non-Participating Individual Pension Plan | |||||||||||||||
Coverage |
All Individuals (Male | Female | Transgender) | |||||||||||||||
Premium Payment Term (PPT) & Policy Term (PT)
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The Premium Payment Term and Policy Term can only be chosen at Policy inception and cannot be changed thereafter.
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Age of the Life Insured at Entry (Age as on last birthday) |
Minimum |
30 years | ||||||||||||||
Maximum |
65 years | |||||||||||||||
Vesting Age of the Life Insured (Age as on last birthday) |
Minimum |
45 years | ||||||||||||||
Maximum |
75 years | |||||||||||||||
Minimum Annualized Premium |
Rs. 20,000 | |||||||||||||||
Maximum Annualized Premium |
No Limit (subject to Board Approved Underwriting Policy) | |||||||||||||||
Premium Payment Frequency and Frequency Loadings |
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Premium Bands |
The benefits under this product vary by premium bands as mentioned below:
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Use Case 1
Use Case 2
Mr. Khanna, aged 35 years, works in ABC Ltd invests Rs. 100,000 (excluding GST) in ABSLI Nishchit Pension Plan
He chooses Vesting Age - 60 years, Policy Term - 25 years, Premium Paying Term - 10 years, Premium Payment Mode: Annual
Mr. Khanna survives through the Policy Term and receives the Vesting Benefit as follows:
Mr. Khanna will have the option to utilize his Vesting Benefit basis the options given in the ‘Vesting Benefit’ section above.
Invest in ABSLI Nishchit Pension Plan
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ABSLI Nishchit Pension Plan is a non-linked non-participating individual pension plan, that helps you accumulate a guaranteed# corpus for your retirement along with a life insurance cover. This lump sum corpus allows you to secure an uninterrupted income throughout your golden years.
Key features of ABSLI Nishchit Pension Plan are:
ABSLI Nishchit Pension Plan offers a Policy Term for a period of 10 years to 35 years.
The minimum annualized premium is Rs. 20,000 for all PPTs.
The premium amount chosen will be payable every year throughout the premium paying term.
Yes, higher vesting benefit is available if you pay a higher premium. The premium bands are as mentioned below:
Annualized Premium (Rs.) |
Band 1 |
Band 2 |
Band 3 |
Band 4 |
Band 5 |
Band 6 |
20,000 to 49,999 |
50,000 to |
100,000 to 199,999 |
200,000 to 499,999 |
500,000 to 24,99,999 |
25,00,000 & above |
On survival of the Life Insured till the end of the Policy Term, your Vesting Benefit will be the sum of the following:
Where, ‘Guaranteed Vesting Benefit’ is the amount guaranteed to become payable on the date of vesting, in accordance with the terms and conditions of the policy. This is expressed as a percentage of Total Premiums Payable.
‘Guaranteed Additions’ and ‘Loyalty Addition’ are explained in detail in question no. 12 below, please refer the same.-`
The purchase of annuity shall be subject to terms and conditions under the annuity product.
In case the proceeds of the policy on vesting is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy shall be paid to you or your beneficiary as a lump sum.
For details on the Vesting factor applicable to Your Policy, please refer to the Benefit Illustration.
Guaranteed Additions are defined as a fixed percentage of Total Premiums Payable which get accrued into your policy as per the premium payment term chosen:
Accrued Guaranteed Additions shall be paid on the date of vesting.
Loyalty Additions: On survival of the Life Insured till the end of the Policy Term, provided the policy is in-force and all due premiums have been paid, a Loyalty Addition as a fixed percentage of Total Premiums Payable will be added to your Vesting Benefit and payable on the date of vesting i.e., at the end of the Policy Term.
Loyalty Addition will not be applicable for policies where the premium payment is discontinued.-
No, rider benefits are not available under this plan.
No, loan is not available under the plan.
Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework
#Provided all due premiums are paid.
* Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
1 Policy holder, aged 35 years, works in ABC Ltd invests Rs. 100,000 (excluding GST) in ABSLI Nishchit Pension Plan. He chooses Vesting Age - 60 years, Policy Term - 25 years, Premium Paying Term - 5 years, Premium Payment Mode: Annual
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