Aditya Birla Sun Life Pension Plans

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services companies providing pension schemes in India. The Aditya Birla Sun Life Pension Plan has contributed to the growth and development of the pension scheme in India and is currently one of the leading life insurance companies in the country. Their customer base comprises over two million policyholders.

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The Company offers a complete range of the Aditya Birla Pension Plans comprising protection solutions, children's future solutions, wealth with protection solutions, health and wellness solutions, retirement solutions, and savings with protection solutions. Its distribution network is in over 500 cities, 560 branches, around 85,000 impaneled advisors, and over 140 partnerships with corporate agents, brokers, and banks. For a decade, the Company has contributed significantly to the growth and development of the life insurance industry of our country. They have also pioneered the launch of Unit Linked Life Insurance Plans. Their vision is to be a leader and role model in integrated financial services. They value Integrity, commitment, Passion, Seamlessness, and Speed.

Aditya Birla Sun Life Pension Plans

Birla Sun Life Company offers its customers three types of pension schemes in India. The Aditya Birla Pension Plans help individuals provide a pension scheme in India for their retirement, which comes with added features. Let us take a look at the different types of programs offered by the company in detail.

Birla Sun Life Insurance Empower Pension Plan

A unit-linked pension scheme in India promises market-linked returns for a better corpus at the end of the tenure. The features are as follows:

  • The premium under the Aditya Birla Pension Plan is supposed to be paid for the entire duration.

  • The customer has to choose between three risk appetites of aggressive, moderate, and conservative at the time of buying the Aditya Birla Pension Plan. After that, the premium net of charges is invested in two available funds, namely Maximizer Guaranteed and Income Advantage Guaranteed, in a pre-determined proportion under the Smart Option of investment. The feature manages the investment as per the risk profile chosen, and as the Aditya Birla Pension Plan approaches maturity, a more significant proportion of fund value is transferred to the fund which suits the risk profile selected by the customer.

  • Guaranteed Additions of this pension scheme in India calculated as a percentage of average fund value over the past year are added from the 6th policy year. The rate of additions is 0.25% from the 6th to the 10th year and 0.35% from the 11th year onwards till the vesting date.

  • Moreover, from the 11th year, 102.5% of the premium paid is allocated to the fund.

  • On vesting, a higher fund value or Guaranteed Vesting Benefit is paid subject to a minimum of 101% of aggregate premiums paid until the vesting date.

  • The Guaranteed Vesting Benefit of the Aditya Birla Pension Plan ranges from 101% - 140% of total premiums paid, depending on the vesting age and the risk profile chosen.

  • The policyholder of the pension scheme in India can utilize the vesting benefit in multiple ways. He can withdraw 1/3rd of the accumulated fund in cash and receive an annuity from 2/3rd, receive a pension from the total fund, buy a Single Premium Deferred Annuity or delay the vesting age if his age is below 55 years under the Aditya Birla Pension Plan.

  • On death, the fund value or 105% of premiums paid or total premiums compounded at 0.5% - 3% depending on the risk profile chosen, whichever is the highest, is paid to the nominee entirely in cash or annuity payouts.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility Details

  Minimum Maximum
Entry Age 25 years 70 years
Vesting Age - 80 years
Policy Term 5 years 30 years
Annual Premium amount Rs.18, 000 No limit
Premium Payment Term Equal to the policy term
Premium Paying Frequency Yearly, half-yearly, quarterly, or monthly

Birla Sun Life Insurance Empower Pension Plan SP

A similar version of the earlier plan where the premium is paid only once at the inception of the plan under the Single Premium payment option. The other features of this pension scheme in India are as follows:

  • Under the Aditya Birla Pension Plan, the customer has to choose between three risk appetites of, aggressive, moderate, and conservative, at the time of buying the plan. After that, the premium net of charges is invested in two available funds, namely Maximizer Guaranteed and Income Advantage Guaranteed, in a pre-determined proportion under the Smart Option of investment. The feature manages the investment as per the risk profile chosen, and as the Aditya Birla Pension Plan approaches maturity, a more significant proportion of the fund value is transferred to the fund which suits the risk profile selected by the customer.

  • Guaranteed Additions under the Aditya Birla Pension Plan calculated as a percentage of the average fund value over the past year are added from the 6th policy year. The rate of additions is 0.25% from the 6th to the 10th year and 0.35% from the 11th year onwards till the vesting date.

  • On vesting, a higher of the available fund value or Guaranteed Vesting Benefit is paid subject to a minimum of 101% of all premiums paid until the vesting date.

  • The Guaranteed Vesting Benefit ranges from 103% to 160% of total premiums, depending on the vesting age and the risk profile chosen.

  • The policyholder under the Aditya Birla Pension Plan can utilize the vesting benefit in multiple ways. He can commute 1/3rd part of the corpus and avail of the annuity from the remaining part, avail a pension from the entire corpus, use the proceeds to buy a Single Premium Deferred Annuity plan from the company, or even defer the vesting age if he is aged below 55 years.

  • On the death of the insured under the pension scheme in India, higher of the fund value or 105% of all premiums paid or total premiums compounded at 0.5% - 3% depending on the risk profile chosen, is payable to the nominee, who can withdraw the entire amount or use the amount to avail annuity from the company.

  • Income tax benefit on the premium paid as per Section 80C and the commuted part as per Section 10(10A) of the Income Tax Act. The death benefit is exempt under Section 10(10D).

Eligibility Details

  Minimum Maximum
Entry Age 25 years 70 years
Vesting Age - 80 years
Policy Term 5 years 30 years
Annual Premium amount Rs.1lakh No limit
Premium Payment Term Single Pay

Birla Sun Life Insurance Immediate Annuity Plan

The features of the Aditya Birla Pension Scheme include:

  • Being an immediate annuity plan type, annuity payments start instantly

  • The customer has five options of annuity payouts to choose from:

  • Life annuity at a uniform rate

  • Lifetime Annuity and Return of 100% of Purchase Price

  • Annuity guaranteed for 5 or 10 or 15, or 20 years and after that, payable for the entire life

  • Life Annuity, which increases at a simple rate of 3% p.a.

  • Joint Life Last Survivor with annuity paid to the first annuitant and, after his death, to his spouse.

Eligibility Details

  Minimum Maximum
Entry Age 30 years 90 years
Annual Annuity amount Rs.12, 000 No limit
Purchase Price Depends on the policyholder's age and the annuity amount chosen

What are the subcategories of annuity plans?

The annuity plans have some subcategories as well. They are:

  • Life annuity – Here, the annuitant receives the payments till the last day of his life under a pension scheme in India.

  • Guaranteed period annuity – Here, the annuitant receives the annuity for a fixed number of years, say 10, 15, or 20 years. If he dies within this term, the beneficiary continues to receive the payments under the Aditya Birla Pension Plan.

  • Joint life/survivor annuity – In such cases, two people, like a husband and a wife, are the joint annuitants. Therefore, even if one person dies, the other person receives the annuity until they survive under the Aditya Birla Pension Plan. At times, the rate of the payments may be reduced after the death of one annuitant, but this depends on the terms and conditions of the policy.

  • Life annuity with return of purchase price – In such a plan, the purchase price is returned to the nominee if the annuitant who dies within the policy period.

  • Increasing annuity – In this kind of Aditya Birla Pension Plan, the terms may be similar to any of the variants mentioned above. Still, the payment would grow at a pre-decided rate, keeping in mind the inflation rates.

Does an annuity plan provide life cover?

No, an annuity plan of a pension scheme in India does not provide life cover, though life insurance companies in India sell these products. Therefore, the only way a nominee may benefit is if the annuitant dies without getting the purchase price back, the nominee will get the amount back, either as a lump sum or over a period of time.

Applying for a Pension Plan from the company:

  1. Online

    The company offers specific plans, which are available online only. Therefore, the customer only needs to log into the company's website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through a credit card, debit card, or net banking facilities and the policy will be issued.

  2. Intermediaries

    Plans which are not available online can be purchased from agents, brokers, banks, etc., where the intermediaries help with the application process.

Applying For Pension Plans through PolicyBazaar

  • On the PolicyBazaar homepage, click on Retirement under the Personal tab.

  • Click New Quotes to compare and choose from top insurance providers.

  • Fill in your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next, click Continue.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • You will be taken to the Life Insurance quotes page, where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per the payment schedule – One Time Payout and Monthly Payout Plans.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • You will see a pop-up on the screen that will give you an overview of the chosen plan, like premium, plan features, exclusions, additional riders, etc. Click Proceed.

  • This will take you to the insurer's website. You will have to fill in the necessary details to buy the plan.

When should the Aditya Birla Pension Annuity Plan be taken?

A policyholder should buy the Aditya Birla Annuity Plan as early as possible. The policyholder should not defer this idea of purchasing the Aditya Birla Pension Plan post his retirement. After retirement, he might not be able to pay the premium of the Aditya Birla Pension Plan. In addition, to get early advantages, the policyholder should buy the pension scheme in India in their 20s or 30s. 

I have 20 years left before my retirement. Should I take an annuity plan now?

If you have about 20 years left until you retire, it would be an excellent time to plan for the future. At this point in your career, you must be well settled, so paying the premiums for an annuity plan would be manageable. And since you could pay for 20 years, you will have a healthy and substantial fund by the time you retire. This fund will not only substitute your income but also ensure that you stay financially independent throughout your life.

I am 55 years old and recently opted for a VRS. Should I take an annuity plan now?

If you received a cash bonus when opting for the VRS, investing a part of that money in an immediate annuity plan would be brilliant. Opt for a limited premium plan where you can pay the premium, also called the purchase price, at one go. Then, opt for the annuity to begin immediately, as after your VRS, your monthly income must have stopped. This will help you maintain your lifestyle, and you won't have to depend on your children for your expenses.

I am a retired school teacher with a pension. Should I buy an annuity plan under a pension scheme in India?

If you are already retired and only depend on a pension amount, you need to evaluate your expenses and see whether you can afford an annuity plan under the pension scheme in India. Of course, an annuity plan under a pension scheme in India should ideally be taken before you retire. After your retirement, you can even opt for a single premium immediate annuity if you can afford it. But here, since you are already retired and depend on your pension to pay your bills and expenses, you may not be able to buy an annuity plan at such a time.

Birla Sun Life Pension Plans - FAQs

  • How to pay the premium of the Aditya Birla Pension Plan? What are the modes of payment available under the pension scheme in India?

    You can pay your Aditya Birla Sun Life Insurance Plan premium through ANY of the following methods:
    No Cash Payment is Accepted
    • Online Payment- Debit/credit or NEFT
    • Cheque Payment
    • ECS SYSTEM
    Step 1: Enter your policy details – policy number and policyholders date of birth
    Step 2: Select your payment method- debit/ credit card or NEFT to pay the premium
    Step 3: Authenticate and confirm your payment details and print the online payment receipt
  • How can I check the policy status for Aditya Birla Sun Life pension plans?

    For all Birla Sun Life Insurance policyholders, online checking of policy status is available. To check the policy status online, log into the e-portal with your Client ID and password.
  • What is the policy renewal process for Birla Sun Life pension plans?

    The process of the Online Policy Renewal facility is as follows: Step 1: Log into the e-Portal with your valid credentials
    Step 2: Use the mode of payment to renew your policy
    Step 3: Print the payment receipt
  • What is the company's process to settle the claim for the Aditya Birla Sun Life pension plans?

    The claims must be lodged after 30 days of the expiry of a medical diagnosis or treatment. This process involves a written intimation by the beneficiaries to the claims department duly signed by the Municipal Authority/Magistrate.
    Upon receiving the application, the Claims Department sends the claimant a required set of documents, including claim forms, to be duly filled and sent back for processing.
    You may also like to read about National Pension Scheme.
  • What is the policy cancellation process for the Aditya Birla Sun Life pension plans?

    The Birla Sun Life Insurance policyholders must attach all the relevant policy documents and a duly filled surrender form at any branch location in their city. The surrender value will be calculated per the prevailing market rates if the form is submitted before 3:00 PM or the next day's value is applicable.
  • What are the benefits of the pension scheme in India?

    The pension scheme in India helps policyholders in covering their financial requirements by providing pensions after the maturity period. In addition, the pension scheme in India offers tax benefits on premiums and returns based on the types of pension plans.
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Aditya Birla Sun Life Pension Plans Reviews & Ratings

4.2 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Vijay
Mohali, September 27, 2016
Future Savings Plan
I have purchased birla sun life pension insurance plan. Service is fabulous from all the other insurers. Premium is less and payed thrice annually. Claims are the best part which are cleared by the staff and executives. Renewal and updates are easy to get through websites of the company.
Rijul
Gautam_buddha_nagar, August 19, 2016
Retirement policy
Birla sun retirement insurance plan i have bought which come's in low investment. Service is fast and on time. The full coverage provided by the company in this plan. Claims are good which cleared simple process. Updates are mailed regularly on my mail id.
Mankaran
Junagadh, July 18, 2016
Trustable Policy
My pension plan is very good policy which i buy from birla sun life. Policy coverage is approx. 91% and the premiums are less. Claiming system is nice which facilitate the claiming amount very fast. The future is secure with the policy and the tension is released.
Birju
Budharaja, July 05, 2016
Pension Policy
Pension plan i buy in low premiums and it has great service provided by company. Hassle free paperwork and the online portal service is simple and easy to use. Policy coverage is high ~89% and the claims are good. Claiming is easy to cleared by the help of staff members and there good service.
Hitesh
Ahmedabad, June 28, 2016
Good Plan
The future of mine and my lady is secure because we have pension plans. The investment is low and the payback returns are high. Service facilitate is very good and quick. Behaviour of the staff of the company is very calm and nice. Internet service is also fine, easy to access. Good pension plan.
Shahid
Chittoor, March 31, 2016
Full Satisfactory
I have birla sun life insurance pension policy plan which has low premiums and payed thrice time per year. Policy coverage is 89% and claims are high and the payback amount is around Rs.37 K per month. Service is very good and fast. The policy is nice investment for future and it is good tax saver too. Nice plan, I like it.
Lakshay
Bengaluru, March 31, 2016
Nice Pension Plan
Birla sun life insurance pension policy plan is introduce by an agent of policybazaar and i took the policy plan. Policy coverage is good 79% as i expected. Service is fast and always on time. Claims are also easily sanction. Good future investment and tax saver too.
Rishabh
Udyapur, March 31, 2016
Wonderful
My pension policy plan is with birla sun life insurance. The policy has good coverage approx. 94% with low premium. Claims are also high and the returns is Rs.29 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Ali
Delhi, March 31, 2016
Bad Policy
I buy pension plan from birla sun life insurance but the policy is not that good as i expected. Service is very slow and claim are take long time to sanctioned. Even policy coverage is less ~44 %. Bad experience. The web services are also slow.
Sandeep
Howrah, March 31, 2016
Damn Good
I have a pension policy plan from birla sun life insurance. The policy is great with high returns and low premiums. Policy coverage is also good and service is fast and always on time. Really good job guys, you provide best pension plans. Even the behaviour of the executives and staff members are very nice. I like the policy very much.
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