ABSLI Nishchit Pension Plan

ABSLI Nishchit Pension Plan is a non-linked, non-participating individual pension plan aimed at helping you develop a guaranteed retirement fund with additional life insurance coverage. This plan offers a lump sum guaranteed income throughout your retirement years, allowing you to enjoy this time without financial stress.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is the ABSLI Nishchit Pension Plan?

This is a retirement-focused plan which is free from market linked investment platforms. The policyholder makes regular premium payments over a specified period, with the plan continuing until they reach their chosen vesting age. At retirement, the policyholder receives a guaranteed benefit, which can be taken as a lump sum, regular pension payments, or a combination of both. If the policyholder passes away during the term of the ABSIL pension plan, their nominees will receive a death benefit, which can also be used in different ways. The policy concludes once all benefits have been paid out.

Features of ABSLI Nishchit Pension Plan

Below are the features of ABSLI Nishchit Pension Plan: 

  • Guaranteed Corpus: This plan helps build a guaranteed retirement fund so you receive regular income after retirement.

  • Loyalty Addition: At the completion of the policy term, a loyalty addition is made to enhance your retirement fund, given all premiums have been paid.

  • Customizable Plan: This allows you to choose between various premium payment terms, allowing you to invest for the full duration of the policy term or a specific term based on your needs and potential.

  • Life Insurance Cover: The plan also includes life insurance cover to protect your family financially. This cover amount is equal to the sum of premiums paid, accrued at a fixed percentage during the policy term.

  • Flexibility to Defer Vesting Benefit: You can delay your vesting benefit by up to 10 years, ensuring your retirement plan stays focused on your life ambitions.

  • Guaranteed Additions: Periodic additions are made during the policy term to enhance your retirement benefits.

*Additions are a fixed percentage of Total Premiums Payable accumulated into your policy

Eligibility Criteria for the ABSLI Nishchit Pension Plan

Product Specifications
Type of Plan A Non-Linked Non-Participating Individual Pension Plan
Coverage All Individuals (Male | Female | Transgender)
Age of the Life Insured at Entry (Age as on last birthday) Minimum 30 years
Maximum 70 years
Vesting Age of the Life Insured (Age as on last birthday) Minimum 45 years
Maximum 75 years
Minimum Annualized Premium Rs. 20,000
Maximum Annualized Premium No Limit (subject to Board Approved Underwriting Policy) 
Premium Payment Frequency and Frequency Loadings
Frequency Annual Semi-annual Quarterly Monthly
Modal Factors 0.0% 3.5% 5.0% 6.0%
Premium Bands The benefits under this product vary by premium bands as mentioned below
Annualized Premium (Rs.) Band 1 Band 2 Band 3 Band 4 Band 5 Band 6
20,000 to 49,999 50,000 to
99,999
100,000 to 199,999 200,000 to 499,999 500,000 to 24,99,999 25,00,000 & above

Invest More Get More
Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

Benefits of ABSLI Nishchit Pension Plan

Below are the benefits of ABSLI Nishchit Pension Plan:

  1. Death Benefit

    In case of death of the insured person, the Death Benefit will be paid to the nominee or legal heir. Nomination is only allowed if the policyholder and life insured are the same person. The death benefit is provided by

    Lump Sum Guaranteed Death Benefit

    The Death Benefit will be the greater of:

    • Sum Assured on Death or

    • Amount payable on policyholder's death

    Where Sum Assured on Death means

    The Sum Assured on Death will be the greater of:

    • Sum of Premiums Paid till date accrued at a rate of 6% per annum, compounded yearly.

    • 105% of the Sum of  Premiums Paid to date.

    ‘Sum of Premiums Paid’ means the total of premiums obtained, except taxes, rider premiums, underwriting extra premiums, and loadings for modal premiums, if any.

  2. Guaranteed Additions

    Guaranteed Additions are a set percentage of Total Premiums you pay and are added to your  policy as follows:

    • For Limited Pay policies, they are added at the end of each policy year, beginning from the year after your premium payments finish. 

    • For Regular Pay policies, they are added at the end of each policy year beginning from the end of the first policy year until the end of the Policy Term.

  3. Loyalty Addition

    If the life insured survives until the end of the policy term and all premiums have been paid, a Loyalty Addition as a fixed percentage of Total Premiums Payable will be added to the vesting benefit and paid on the vesting date.

  4. Vesting Benefit

    If the life insured survives until the end of the policy term, the Vesting Benefit will include:

    • Guaranteed Vesting Benefit

    • Accumulated  Guaranteed Additions until the end of the Policy Term

    • Loyalty Addition, if any

    Guaranteed Vesting Benefit

    The Guaranteed Vesting Benefit is the amount decided to be payable on the vesting date according to the policy terms.

  5. Deferral of Vesting Benefits

    You can postpone receiving your vesting benefit by 1 to 10 years from the original vesting date as long as your policy is active and all premiums are paid. During the delayed period, your vesting benefit will grow monthly based on the reverse repo rate published by RBI, which is reviewed quarterly.

    During the deferral period, you or your nominee (in case of the Life Insured’s death) can withdraw the Deferred Vesting Benefit, which includes the Vesting Benefit enhanced by the Reverse Repo Rate. Upon withdrawal, this benefit will be utilized according to the provisions in the vesting benefit section.

  6. Tax Benefit

    You may be eligible for tax benefits on premiums paid and benefits received under your policy, subject to prevailing tax laws at the time of payment or receipt. It is advised to seek independent tax guidance to avail yourself of maximum tax benefits.

Policy Details of ABSLI Nishchit Pension Plan

  • Free Look Period: You can return the policy within 15 days in the free look period (30 days for electronic or distance marketing policies) if you're not satisfied. A refund will be provided after deducting applicable charges.

  • Grace Period: You have a 30-day Grace Period (15 days for Monthly mode) to pay your premium without penalties. Coverage remains active during this time.

What’s Not Covered in the Nishchit Pension Plan?

Suicide Exclusion

If the life insured dies by suicide within 12 months from the policy's start date or the date of revival, the nominee, legal heir, or beneficiary will receive the total premiums paid up to the date of death or the surrender value available at the time of death, whichever is higher, provided the policy is active.

FAQs

  • What Happens When You Surrender the Policy?

    You can surrender your policy anytime after it has accumulated a Surrender Value, which is a total of all premiums paid for the first two policy years. When you surrender the policy, it will end, and no further benefits will be paid.
  • What Happens When You Stop Paying Premiums?

    If you miss a premium payment, you get a 30-day grace period (15 days for monthly payments) to pay it. During this time, the policy remains active with coverage.
    If you still don’t pay after the grace period:

    Before you Acquire Surrender Value

    The policy will lapse, and all benefits, including coverage, will end. However, you can renew the policy within five years of the missed payment date.

    After you Acquire Surrender Value

    The policy will convert to a Reduced Paid-Up (RPU) status. In this case:
    • The Guaranteed Vesting Benefit is adjusted based on the RPU Factor, which is the ratio of premiums paid to the total premiums due.
    • Accrued Guaranteed Additions remain attached, but future additions are not applicable.
    • No Loyalty Addition is earned in RPU status.
    In the event of death or survival until the end of the policy term, the benefits will be adjusted based on the RPU status.
  • What Happens When You Want to Revive Your Policy?

    You can revive a lapsed or Reduced Paid-Up policy within five years from the missed payment date by paying all overdue premiums with interest and/or late fees. You will also need to provide proof of insurability.
  • Are Rider Benefits Available With This Plan?

    No, this plan does not include any rider benefits.
  • What is the Minimum Premium for the Plan?

    The minimum annual premium is ₹20,000 for all Premium Payment Terms (PPTs). This amount must be paid every year for the duration of the premium payment term.
  • What is the Policy Term for This Plan?

    The ABSLI Nishchit Pension Plan offers policy terms ranging from 10 to 35 years.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*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
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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ABSLI Nishchit Pension Plan 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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