ABSLI Empower Pension – SP Plan

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Aditya Birla Sun Life Insurance Empower Pension – SP Plan, is a single premium pension plan designed specially to ensure that you remain in control of your destiny even during the second innings of life.

Key Features

  • Complete financial security
  • Worry free goal achievement through Policy Continuance Benefit
  • Choose from 4 investment options

Plan Options

  • Decreasing Term Insurance

    Policy Year Policy Term (upto 20 years) Policy Term (above 20 years)
    1 to 5 100% 100%
    6 to 10 90% 95%
    11 to 15 75% 90%
    16 to 20 50% 85%
    21 to 25 N.A. 70%
    25 to 30 N.A. 50%
  • Increasing Term Assurance with Waiver of Premium (WOP) Benefits

    In addition to benefit applicable for Option 1, in case you are diagnosed with Critical Illness^ or Total and Permanent Disability^ whichever is earlier, all future premiums, if any, will be waived off and policy will continue till end of policy term.

  • Increasing Term Insurance

    You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.

  • Level Term Assurance

    You can choose to enhance your sum assured at inception by 5% / 10% p.a. (simple) as per your needs. Every year, your sum assured will increase by 5% / 10% p.a. (simple) of the original sum assured without any increase in your premium amount.

  • Death Benefit In case of your unfortunate demise during the policy period, a pre-determined death benefit will be paid to your nominee. The policy will stand terminated once the death benefit is paid.
  • Terminal illness benefit The policy comes with an inbuilt terminal illness cover. In case you’re diagnosed with a Terminal illness during the policy period, 50% of the applicable sum assured on death, subject to a maximum of Rs. 2.5 Crore will be paid immediately and the remaining future premiums on your policy will be waived off.
  • Waiver of premium In case you suffer with total or permanent disability during the policy term, all future premiums will be waived off. The death benefits under the policy will remain unaffected.
  • Return of Premium If you choose Plan Option 7 or 8, the sum total of all premiums paid by you shall be returned to you on policy maturity date in case you survive the policy period.
  • Joint life protection Under this option, two lives, i.e., you (primary life insured) and your spouse (secondary life insured) are covered under the same policy. The Sum Assured applicable for your spouse shall be equal to 50% of your applicable Sum Assured. You can opt for Joint Life Protection for only if Plan Option 1, 2, 3 or 4 is chosen. No rider can be opted under this option.
  • Enhanced life stage protection Your protection needs varies at different lifestages owing to occurrence of events like marriage and birth of children. You can choose to increase the coverage on occurrence of each of the events without undergoing any fresh medical examination.
  • Customisable benefits For added protection, ABSLI Life Shield Plan can be enhanced by following riders for a nominal extra cost:
    • ABSLI Accidental Death and Disability Rider
    • ABSLI Critical Illness Rider
    • ABSLI Surgical Care Rider
    • ABSLI Hospital Care Rider
    • ABSLI Accidental Death Benefit Rider Plus
    You can opt for either ABSLI Accidental Death and Disability Rider or ABSLI Accidental Death Benefit Rider Plus and not both.
  • Entry Age (age last birthday) 18 to 65 years
  • Maximum Maturity Age 80 years
  • Policy Term Minium
    • For Plan Option: 1 | 2 | 3 | 4 | 5 | 6 – 10 years
    • For Plan Option: 7 | 8 or 20 years
    • Maximum 50 years
  • Premium Paying Term Single Pay | Limited Pay – 6, 8 Years | Regular Pay
  • Premium Mode Annual | Semi-annual | Quarterly | Monthly
  • Sum Assured Minimum
    • Maximum Rs. 25,00,000
    • No Limit (subject to underwriting guidelines)

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Frequently Asked Questions

  • What is vesting benefit?

    It is a benefit you are entitled to which is absolute, complete and not dependent on any condition.

  • 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.

  • 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.

  • 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
  • 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

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.