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  • BSLI Empower Pension Plan

    Birla Sun Life Insurance

    BSLI Empower Pension Plan is a non participating unit linked pension plan that comes with a wide range of benefits. The plan helps the individual save up for a secure future after their retirement. The BSLI plan comes with a wide range of investment options that the individual can choose from. The plan comes with flexible payment terms.

    Eligibility for BSLI Empower Pension Plan

    Minimum entry age

    25 years

    Maximum entry age

    70 years

    Accumulation period

    5 to 30 years ,

    Basic premium

    • Minimum Rs. 18,000 p.a. for annual payment
    • Minimum Rs. 24,000 p.a.for semi-annual payment
    • Minimum Rs. 30,000 p.a. for quarterly payment
    • Minimum Rs. 36,000 p.a. for monthly payment

    Premium payment term

    Regular

    Key Features of BSLI Empower Pension Plan

    Type

    Non participating unit linked pension plan

    Basis

    Single

    Coverage

    • Death benefit: In case of demise of the insured within the policy term, the nominee will be paid the guaranteed death benefit or fund value, whichever is greater.

    Surrender benefit

    The policyholder can surrender the policy if need be. There are three ways in which the policyholder can avail the surrender benefit if they surrender the policy after 5 years.

    • Opt for a single pay deferred pension plan choosing from the plans available during the time of surrender
    • Commute to the allowed extent and choose to receive the balance as a regular income
    • Opt for an annuity income plan

    Service tax

    Service taxes are applicable on the policy

    Revival

    The policy can be revived before two years from the date of discontinuance of the policy. Discontinuance charge is applicable on the discontinuance of the policy.

    Tax benefits

    The policy qualifies for tax benefits under section 80CCC and section 10A of the Income Tax Act,1961.

    Benefits and Advantages of BSLI Empower Pension Plan

    Death benefit

    In case of demise of the insured within the policy term, the nominee will be paid the guaranteed death benefit or fund value, whichever is greater.

    Surrender benefit

    The customer can surrender the policy if needed and choose surrender benefit from a list of options offered.

    Guaranteed additions

    Guaranteed additions will be added on to the policy on 6th, 11th and 16th policy anniversary.

    Vesting benefit

    The customer will avail guaranteed vesting benefit or fund value, whichever is higher on the vesting date.

    How Does BSLI Empower Pension Plan Work?

    The customer handles and manages their BSLI Empower Pension Plan. The customer gets to choose the investment option based on their needs. Listed below are the steps that explain how BSLI Empower Pension Plan works for the customer.

    • The customer chooses the policy premium amount based according to their financial capability for the policy.
    • The customer next gets to choose the vesting date for the policy(that will give them an accumulation period of 5 to 30 years)
    • The customer gets to choose their risk profile as final part of the plan. The customer can choose from aggressive, moderate and conservative risk options.
    • Guaranteed vesting benefit is determined based on the choices made by the customer.
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