Aditya Birla Sun Life Insurance Company Limited (ABSLI), a subsidiary of Aditya Birla Capital Limited (ABCL), has recently launched a new retirement solution called ABSLI Nishchit Pension Plan. This plan is specifically designed to help individuals plan for their retirement by providing a 100% guaranteed corpus, ensuring a secure and uninterrupted income during their golden years.
The ABSLI Nishchit Pension Plan offers several key features. Firstly, it allows policyholders to accumulate a guaranteed corpus by providing accrued guaranteed additions throughout the policy term. Additionally, a loyalty addition is provided at the end of the policy term, as long as the policy remains active and all premiums have been paid. These features ensure that policyholders can accumulate a fully guaranteed corpus by their desired retirement age, guaranteeing a steady income after retirement. Another notable aspect of the plan is its flexibility, as it allows policyholders to defer the Vesting Benefit for up to 10 years. This flexibility ensures that individuals can align their retirement planning with their specific life goals.
Kamlesh Rao, the MD & CEO of Aditya Birla Sun Life Insurance, emphasized the importance of pension plans in a country experiencing robust growth and increasing life expectancy. He stated that, “As our country continues to witness robust growth, it’s only natural that the life expectancy will continue to improve, that’s where the role of pension plans become crucial. Our newest offering, ABSLI Nishchit Pension Plan entails an optimal blend of simplicity & flexibility. It nudges the policyholder to inculcate the habit of disciplined savings in their lifestyle and empowers them to make their retirement more financially secured. We believe in providing our customers with the tool and support to protect their financial needs and ABSLI Nishchit Pension Plan is a testament to our commitment.”
The ABSLI Nishchit Pension Plan offers customization options to policyholders based on their retirement goals. It provides flexible Premium Payment Term (PPT) and Policy Term (PT) options, allowing individuals to choose from various premium payment term durations, including 5, 6, 8, 10, 12 years, or regular pay options. The plan sets a maximum entry age of 65 years and a minimum entry age of 30 years. The minimum annualized premium required is Rs. 20,000. Policyholders can avail the vesting benefit until the age of 75, with a minimum vesting age of 45 years.
In addition to its retirement benefits, the ABSLI Nishchit Pension Plan also offers life insurance coverage throughout the policy term. In unfortunate circumstances, the plan provides a lump sum Death Benefit to the nominee(s)/heir(s), as long as the policy is in-force.
ABSLI, a subsidiary of Aditya Birla Capital Ltd, is 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc. It offers a wide range of products catering to customers’ needs throughout their life cycle, including children’s future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans, and Unit Linked Insurance Plans (ULIPs). As of March 2023, ABSLI has recorded significant growth, with a total asset under management (AUM) of Rs. 700,510.9 million and a gross premium income of Rs. 49,562 million in Q4 FY23. The company has a wide distribution network, including branches, bancassurance partners, distribution channels, direct selling agents, and online platforms.
Aditya Birla Capital Limited (ABCL) serves as the holding company for the financial services businesses of the Aditya Birla Group. With subsidiaries, joint ventures, and associates, ABCL provides a comprehensive range of protecting, investing, and financing solutions to meet the diverse needs of customers throughout their life cycle. It operates through a vast network of branches, agents, channel partners, and bank partnerships, serving millions of customers across India. The company has 16,903 employees and 19.02 lacs active retail customers.
As of March 31st, 2023, total AUM of ABSLI Stood at Rs.700,510.9 million (15% Increase YOY). As of March 31, 2023, Aditya Birla Capital Limited manages aggregate assets under management of about Rs. 3,600 billion with a consolidated lending book of approx. Rs. 943 billion, and an active customer base of approx.
Aditya Birla Group operates with an extraordinary force of over 140,000 employees, belonging to 100 nationalities, and in 36 countries across the globe.
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Updated: 25 Jun 2023, 07:16 PM IST