ABSLI Empower Pension Plan
Product Info
UIN
109L078V01
Status
Withdrawn
Launch Date
02/01/2013
Withdrawn Date
31/12/2013
Product Overview
ABSLI Empower Pension Plan is a unit linked, non-participating pension plan. A simple, hassle - free plan, it helps you accumulate your premiums and the investment returns thereof into a corpus for your retirement.
Product Description
- BSLI Empower Pension Plan is a Unit Linked and Non-Participating pension plan.
- The plan builds a corpus in the "accumulation phase" and pays you a stream of regular income for lifetime in the "Income phase"
- It includes Guaranteed additions and Vesting benefits.
- No Top-up Premium is allowed in this policy.
COMPARE & BUY SIMILAR PLANS
Unique Features
- This plan is designed for accumulating corpus and has inbuilt guarantees provided in the form of guaranteed additions.
- Only 2 investment funds are available and the allocation in these funds are decided by the opted risk profile (aggressive, moderate or conservative).
Eligibility Criteria
| Eligibility Criteria | |
| Entry Age (age last birthday) | 25 – 70 years |
| Accumulation Period | 5 – 30 years, subject to maximum vesting age of 80 years |
| Premium Paying Term | 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 | |
| Minimum Rs. 36,000 p.a. if paid monthly | |
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product 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) Fund Value as on date of intimation of death. - Vesting Benefit :
On your vesting date, you will receive the greater of (a) your Guaranteed Vesting Benefit or (b) the Fund Value.The current Guaranteed Vesting Benefit is displayed in the other policy features.Vesting Benefit On your vesting date, you will receive the greater of (a) your Guaranteed Vesting Benefit or (b) the Fund Value.The current Guaranteed Vesting Benefit is displayed in the other policy features.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | On 6th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.25% of the average Fund Value in the last 12 months | |||||
| On 11th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months | ||||||
| On 16th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months. | ||||||
| On the vesting date, you can utilise the Vesting Benefit to: | Extend the accumulation phase, provided you are below the age of 55 years, provided maximum vesting age is not more than 80 years. | |||||
| Enter into a single pay deferred pension plan with us as per then available products on your vesting date. | ||||||
| Commute up to 1/3 of the Vesting Benefit and receive the amount in a tax-free lump sum (as per the current Income Tax Act) and utilise the balance to receive a stream of regular income from us as per our then available products. | ||||||
| Enter into an income (annuity) phase with us as per our then available products on your vesting date. | ||||||
| The current guaranteed vesting Benefit is displayed below:- | ||||||
| Guaranteed Vesting Benefit as a percentage of basic premium paid | Risk Profile | |||||
| Years to vesting | Aggressive | Moderate | Conservative | |||
| 5 | * | * | 105% | |||
| 6-10 | 101% | 106% | 112% | |||
| 11-15 | 102% | 110% | 119% | |||
| 16-20 | 103% | 114% | 126% | |||
| 21-25 | 104% | 118% | 133% | |||
| 26-30 | 105% | 122% | 140% | |||
| Note:- We will automatically rebalance the asset allocation mix over time such that the equity exposure progressively reduces as the policy approaches vesting (with 0% equity exposure in the last 5 years of the accumulation period). | ||||||
| Smart Option | Under this investment option your portfolio will be structured depending on chosen vesting date and risk profile. We will invest your basic premiums between the 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.Over time the allocation is managed such that it will automatically switch from riskier assets to safer assets progressively as your plan approaches vesting (your anticipated retirement date). |
|||||
| The proportion invested in Maximiser Guaranteed (an equity fund) will be according to the schedule given below – the remaining amount will be invested in Income Advantage Guaranteed(a debt fund). | ||||||
| Years to Vesting | Risk Profile | |||||
| Aggressive | Moderate | Conservative | ||||
| 5 | 0% | 0% | 0% | |||
| 6 – 10 | 20% | 15% | 10% | |||
| 11 – 15 | 40% | 30% | 20% | |||
| 16 – 20 | 60% | 45% | 30% | |||
| 21 – 25 | 80% | 60% | 40% | |||
| 26 – 30 | 100% | 75% | 50% | |||
| Investment Funds Available | Investment Options | Risk Profile | Asset Allocation | |||
| Income Advantage Guaranteed | Very Low | Debt and Debt related Instruments(Min:- 60, Max:-100) Money Market and Cash(Min:-0, Max:- 40) Equities and Equity Related Securities (min:-0, Max:- 0) | ||||
| Maximiser Guaranteed | High | Debt and Debt related Instruments (min:-0, Max:- 20) Money Market and Cash (min:-0, Max:- 20) Equities and Equity Related Securities (min:-80, Max:- 100) | ||||
| Note :- *Money Market Instruments are debt instruments of less than one year maturity. It includes collateralised borrowing & lending obligation, certificate of deposits, commercial papers, etc. Investment in Money Market Instrument supports for better liquidity management. | ||||||
| Surrender | Enter into a single pay deferred pension plan as per the available annuity products on your surrender date. | |||||
| Commute to the extent allowed (as per the extant Income Tax Act) and utilise the balance to receive a stream of regular income from us as per our then available annuity products. | ||||||
| Enter into an income (annuity) phase as per our then available annuity products on your surrender date. | ||||||
| Grace Period and Revival | If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode) and during this grace period, all coverage under your policy will continue. You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest. | |||||
Add-ons
Not Available
Charges
| Charges | ||||||
|---|---|---|---|---|---|---|
| Premium Allocation Charge | ||||||
| Policy Year | Policy of Basic Premium | |||||
| 1 | 6.00% | |||||
| 2 - 3 | 5.50% | |||||
| 4 - 10 | 5.00% | |||||
| 11+ | 4.00% | |||||
| Fund Management Charge | ||||||
| Income Advantage Guaranteed | Maximiser Guaranteed | |||||
| 1.00% p.a. | 1.35% p.a. | |||||
| Note:- The Fund Management under any investment fund at any time subject to a maximum of 1.35% p.a. in the future and subject to IRDA approval. | ||||||
| Years | Policy Administration Charge | |||||
| Rs | ||||||
| 1-5 years | 20 | |||||
| 6th year | 25 | |||||
| 6th and above may inflate to | 5% p.a | |||||
| Note:- The above prices are subject to Rs 6,000. This charge is levied at the start of every policy month by cancelling units proportionately from the investment funds you have at that time. | ||||||
| Miscellaneous Charges | ||||||
| Note:- For any additional servicing request. Rs. 50 per request, the right to charge up to a maximum of Rs. 500 per request for additional servicing requests. Any increase in the miscellaneous charges will be subject to IRDA approval. | ||||||
| Policy Admin Charges | 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. | ||||||
| Surrender Charges | ||||||
| The discontinuance charge applicable on policy discontinuance or surrender is as follows – | ||||||
| Policy Discontinued | For BP up to Rs. 25,000 | For BP of more than Rs. 25,000 | ||||
| In Policy Year 1 | Lower of 20% of BP, 20% of FV, Rs. 3,000 | Lower of 6% of BP, 6% of FV, Rs. 6,000 | ||||
| In Policy Year 2 | Lower of 15% of BP, 15% of FV, Rs. 2,000 | Lower of 4% of BP, 4% of FV, Rs. 5,000 | ||||
| In Policy Year 3 | Lower of 10% of BP, 10% of FV, Rs. 1,500 | Lower of 3% of BP, 3% of FV, Rs. 4,000 | ||||
| In Policy Year 4 | Lower of 5% of BP, 5% of FV, Rs. 1,000 | Lower of 2% of BP, 2% of FV, Rs. 2,000 | ||||
| In Policy Year 5 | Nil | Nil | ||||
| Note:- Where BP is the Basic Premium payable in a policy year and FV is the Fund Value | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax Benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961.
Claim Process
Know Claim Process of ABSLI Empower Pension Plan
Company Overview
Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada
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