Aditya Birla Sun Life Pension Plans

Aditya Birla Sun Life Pension Plans help you save money for when you retire. These retirement-based pension plans offer different choices to fit your needs, like getting regular money after retirement or building a corpus for later. The Aditya Birla Pension Plans also give you tax benefits and are managed by experts, so you can relax knowing your future is secure.

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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:

Aditya Birla Sun Life Pension Plans Entry Age Vesting Age Premium Payment Term (PPT) Policy Term (PT) Sum Assured on Vesting*
ABSLI Guaranteed Annuity Plus Immediate Annuity (options 6 & 7): 45 – 65 years;
Immediate Annuity (Other Options): 45 – 90 years;
Deferred Annuity: 45 – 75 years.
46 – 90 years Single Pay; Limited: 5 – 10 years Whole Life Rs. 12,000 p.a.
ABSLI Empower Pension Plan 25 – 70 years Maximum: 80 years Regular: 5 – 30 years Same as PT N.A.
ABSLI Saral Pension 40 – 80 years N.A. Single Pay Whole Life Rs. 12,000 p.a.
ABSLI Nishchit Pension Plan 30 – 65 years 45 – 75 years 5/ 6/ 8/ 10/ 12 years; Regular Pay Regular: 10 – 35 years;
 Other PPTs: PPT + 5 years to 35 years
N.A.

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.

Frequently Asked Questions

  • When should the Aditya Birla Pension Annuity Plan be taken?

    The Aditya Birla Pension Annuity Plan should be taken as early as possible, ideally in one's 20s or 30s, to maximize benefits and ensure manageable premiums.
  • I have 20 years left before my retirement. Should I take an annuity plan now?

    If you have about 20 years left until retirement, it's a good time to consider an annuity plan. You'll have ample time to build a substantial fund for retirement, ensuring financial independence.
  • I am 55 years old and recently opted for a VRS. Should I take an annuity plan now?

    If you're 55 and recently opted for VRS, investing a portion of your cash bonus in an immediate annuity plan can help maintain your lifestyle post-retirement, especially if your monthly income has ceased.
  • I am a retired school teacher with a pension. Should I buy an annuity plan under a pension scheme in India?

    As a retired school teacher relying on a pension, buying an annuity plan under a pension scheme in India may not be feasible post-retirement, as you depend solely on your pension for expenses.
  • What types of Aditya Birla Sun Life Pension Plans are available?

    Aditya Birla Sun Life offers several pension plans, including immediate annuity plans (ABSLI Guaranteed Annuity Plus) for guaranteed income, unit-linked plans (ABSLI Empower Pension Plan) for market-linked growth, and deferred annuity plans (ABSLI Saral Pension Plan) for a lump sum payout at maturity.
  • What are the benefits of Aditya Birla Sun Life Pension Plans?

    Aditya Birla Sun Life Pension Plans offer benefits like guaranteed income in retirement, flexibility in choosing investment options, tax benefits, lump sum payout options, and a hassle-free claim settlement process.
  • Are there any tax benefits associated with Aditya Birla Sun Life Pension Plans?

    Yes, contributions towards Aditya Birla Sun Life Pension Plans qualify for tax deductions under Section 80CCC of the Income Tax Act, 1961.
  • How much does an Aditya Birla Sun Life Pension Plan cost?

    The cost of Aditya Birla Sun Life Pension Plans depends on factors like your age, chosen plan, desired pension amount, and premium payment term.
  • 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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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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