Aditya Birla Sun Life Pension Plans

What is Aditya Birla Sun Life Pension Plan?

Aditya Birla Sun Life Pension Plan is a retirement-focused investment option provided by Aditya Birla Sun Life Insurance Company Limited, a prominent insurance provider in India.

This investment plan is tailored to help you create wealth for your retirement by making consistent contributions during your working years. These best pension plans offer several features, including flexible premium payments, tax advantages, diverse investment options, and the choice to receive a steady income after retirement.

The primary objective is to provide financial security and stability during retirement, which ensures that you have a dependable income stream to sustain your lifestyle and expenses post-retirement.

Best Aditya Birla Sun Life Pension Plans in India in 2024

Aditya Birla Sun Life (ABSLI) offers the following best pension plans in 2024:

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Details of Aditya Birla Sun Life Pension Plans in India

Aditya Birla Sun Life (ABSLI) offers the following pension plans in India to suit different needs and risk appetites:

1. ABSLI Guaranteed Annuity Plus Plan

   The ABSLI Guaranteed Annuity Plus Plan is an annuity plan offered by Aditya Birla Sun Life Insurance (ABSLI). It is a non-linked, non-participating, general annuity plan that provides guaranteed income for life.

   Features of ABSLI Guaranteed Annuity Plus Plan

   • Guaranteed Lifelong Income: You will receive a regular income stream for as long as you live.

   • Multiple Annuity Options: You can choose from a variety of annuity options to suit your needs, such as level income, increasing income, and joint life income.

   • Deferred Annuity Option: You can defer the start of your annuity payments for up to 15 years.

   • Wide Range of Accumulation Periods: You can choose to pay your premiums over a period of 5 to 15 years.

   • Top-up Option: You can increase your annuity income by making additional contributions to the plan.

2. ABSLI Empower Pension Plan

   The ABSLI Empower Pension Plan is a unit-linked pension plan offered by Aditya Birla Sun Life Insurance (ABSLI) that helps you build a retirement corpus. It is a single premium plan, which means you pay a lump sum amount upfront, and the money is then invested in market-linked funds. The returns you get will depend on the performance of the funds you choose.

   Features of ABSLI Empower Pension Plan

   • Single Premium Payment: You pay a lump sum amount upfront.

   • Market-linked Returns: The returns on your investment are linked to the performance of the market.

   • Guaranteed Additions: ABSLI offers guaranteed additions from the 6th policy year onwards, which increases the fund value.

   • Vesting Options: You can choose to vest your policy at any time after the minimum vesting period. Upon vesting, you can choose to purchase an annuity plan or withdraw a lump sum amount.

   • Tax Benefits: You can avail of tax benefits under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961.

3. ABSLI Saral Pension

   ABSLI Saral Pension is a non-linked, non-participating single premium individual immediate annuity plan offered by Aditya Birla Sun Life Insurance (ABSLI). It is designed to provide a guaranteed regular income for life, helping you and your family to lead a financially secure retirement.

   Features of ABSLI Saral Pension

   • Fixed Regular Income: Upon commencement of the pension, you'll receive a stable, regular income throughout your lifetime.

   • Non-Linked & Non-Participating: The plan's performance isn't tied to the stock market, and it doesn't involve bonuses or profit-sharing.

   • Single Premium: You make a one-time lump sum investment initially to start the annuity.

   • Annuity Options: You have the flexibility to select how you receive your pension payouts, whether annually, semi-annually, quarterly, or monthly.

   • Joint Life Option: You can choose to include your spouse as a joint annuitant. If selected, pension payments continue as long as either you or your spouse is alive.

   • Death Benefit: In the event of the policyholder's demise, the purchase price is paid out as a lump sum to the nominee or legal heir.

4. ABSLI Empower Pension – SP Plan

   ABSLI Empower Pension – SP Plan is a single premium unit linked pension plan offered by Aditya Birla Sun Life Insurance Company (ABSLI) designed for retirement planning.

   Features of ABSLI Empower Pension – SP Plan

   • Single Premium Payment: Start your retirement plan with a one-time, substantial payment.

   • Market-linked Investments: Your premiums are invested in funds tied to the market, offering potential growth but subject to market fluctuations.

   • Automated Portfolio Management: Opt for the Smart Option for hassle-free investment management, ideal for those who prefer a hands-off approach.

   • Guaranteed Growth: Enjoy the assurance of guaranteed additions to your investment value starting from the 6th policy year, providing stability to your financial growth.

   • Annuity for Retirement Income: When you reach retirement age, use your accumulated funds to purchase an annuity plan, ensuring a steady income stream for your retirement years.

   • Tax Advantages: Benefit from tax incentives under Section 80CCC and 10(10A) of the Income Tax Act, making your retirement planning financially efficient.

5. ABSLI Nishchit Pension Plan

   ABSLI Nishchit Pension Plan is a non-linked, non-participating individual pension plan offered by Aditya Birla Sun Life Insurance (ABSLI). It is designed to help you accumulate a guaranteed corpus for your retirement, along with a life insurance cover.

   Features of ABSLI Nishchit Pension Plan

   • Guaranteed Corpus: Get a fixed sum at the end of the policy for retirement, which can be used to buy an annuity for steady income.

   • Guaranteed Additions: Accumulate extra funds throughout the policy term to boost your retirement savings.

   • Life Insurance Cover: Protect your family financially with a life insurance cover if something happens to you during the policy term.

   • Flexible Premium Payment: Choose to pay premiums for a limited period or throughout the policy term, suiting your financial situation.

   • Tax Benefits: Enjoy tax benefits on the premiums paid, reducing your tax liabilities and increasing your savings.

Steps to Buy Aditya Birla Sun Life Pension Plan through Policybazaar

Step 1- Visit Policybazaar Website: Go to the Policybazaar website using your web browser.

Step 2- Select Pension Plans: Navigate to the section for pension plans on the Policybazaar website.

Step 3- Choose Aditya Birla Sun Life: Look for the Aditya Birla Sun Life Pension Plan among the options listed and select it.

Step 4- Enter Details: Provide personal information like age, income, desired coverage, and other relevant details as requested.

Step 5- Customize Plan: Tailor the plan to your preferences by selecting options such as premium amount, coverage period, and additional riders.

Step 6- Get Quotes: Receive quotes for the Aditya Birla Sun Life Pension Plan based on the provided information.

Step 7- Compare Plans: Evaluate the features, benefits, and premiums of the chosen plan against other available options for an informed decision. 

Step 8- NPS Calculator: Use the NPS calculator on Policybazaar to compare maturity benefits with returns from the National Pension Scheme (NPS).

Step 9- Review Policy Details: Thoroughly review all policy details, terms, and conditions before proceeding further.

Step 10- Provide Personal Information: Accurately fill out required personal details, including name, contact information, address, etc., as requested by Policybazaar.

Step 11- Make Payment: Pay the premium amount for the chosen plan using available payment options provided on the Policybazaar platform.

Step 12- Submit Documents: Upload necessary documents such as identity proof, address proof, income proof, etc., as required by Policybazaar and the insurer.

Step 13- Review and Confirm: Double-check all provided information and confirm the purchase of the plan through Policybazaar.

Step 14- Receive Confirmation: Expect to receive a confirmation email or message from Policybazaar along with policy documents from Aditya Birla Sun Life upon completion of the purchase.

Summing It Up

Aditya Birla Sun Life Pension Plan offers a comprehensive solution for retirement planning, providing financial security and peace of mind for individuals seeking to secure their future. With its flexible options and diverse investment avenues, this plan stands as a reliable choice to ensure a comfortable retirement lifestyle.