ABSLI Empower Pension Plan

All You Need To Know

Features

Retirement is when the worries of working life end and a life of fun and bliss begins.
Guaranteed additions to boost your retirement corpus.
Smart Option – The investment portfolio is based on your desired retirement year and risk profile chosen.

Benefit

Guaranteed Additions

In the form of additional units will be added to your policy:

On 6th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0. 25% of the average Fund Value in the last 12 months; plus
On 11th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months; plus
On 16th policy anniversary and every policy anniversary thereafter, Guaranteed Addition is 0.35% of the average Fund Value in the last 12 months After completion of 5 policy years, non-negative residual additions, if any, shall be credited to the policy in order to meet the maximum reduction in yield as in Regulation 37 of IRDAI (Linked Insurance Products) Regulations, 2013.

Vesting Benefit

On your vesting date, you will receive the greater of (a) your Guaranteed Vesting Benefit or (b) the Fund Value. The Guaranteed Vesting Benefit varies by your chosen vesting date and risk profile. Guaranteed Vesting Benefit, once assigned to your policy at inception, shall remain constant. Depending on our expectations with regards to future economic conditions, the Guaranteed Vesting Benefit may be revised on April 1st of

every calendar year (as approved by IRDAI) subject to a minimum Guaranteed Vesting Benefit of 101% of the basic premiums paid and will be applicable for policies issued thereafter.

The current Guaranteed Vesting Benefit is displayed in the table below:

Years to Vesting	Guaranteed Vesting Benefit
	Risk Profile
	Aggressive	Moderate	Conservative
5	*	*	105%
6 – 10	101%	106%	112%
11 – 15	102%	110%	119%
16 – 20	103%	114%	126%
21 – 25	104%	118%	133%
26 – 30	105%	122%	140%

On the vesting date, you can utilise the Vesting Benefit to:

Extend the accumulation phase, provided you are below the age of 55 years, provided maximum vesting age is not more than 80 years. On extension, you will continue to be invested in Income Advantage Guaranteed Fund for the extended period including the basic premiums paid during the extension period; or
Enter into a single pay deferred pension plan with us as per then available products on your vesting date; or
Commute up to 1/3rd of the Vesting Benefit and receive the amount in a tax-free lump sum (as per the current Income Tax Act) and utilise the balance to receive a stream of regular income from us as per our then available products; or
Enter into an income (annuity) phase with us as per our then available products on your vesting date

Death Benefit

In the unfortunate event the life insured dies while the policy is in effect, the nominee will be paid the greater of (a) the Guaranteed Death Benefit or (b) Fund Value as on date of intimation of death.

The Guaranteed Death Benefit is the greater of (a) 105% of all basic premiums paid or (b) Accumulation of all basic premiums paid till date at a compounding guaranteed rate. The guaranteed rate varies by the risk profile chosen by the policyholder and is equal to 0.5% p.a., 1.5% p.a. and 3.0% p.a. for Aggressive, Moderate and Conservative risk profiles respectively.

The nominee then has the choice to withdraw the death benefit proceeds; or utilise the entire proceeds or a part thereof to enter into an income phase with us as per our then available products offered by us.

Eligibility:

Ent Age (age last birthday)	25 – 70 years
Accumulation Period	5 – 30 years, subject to maximum vesting age of 80 years
Premium Paying Term	Regular pay
Basic Premium	Minimum Rs.18,000 p.a. if paid annually Minimum Rs.24,000 p.a. if paid semi-annually Minimum Rs.30,000 p.a. if paid quarterly Minimum Rs.36,000 p.a. if paid monthly

View Commission-related information

FAQs

What is ABSLI Empower Pension Plan?
ABSLI Empower Pension Plan is a retirement plan to accumulate premiums and investment money to build a retirement corpus. The plan helps you live a simple and hassle-free life after retirement.
Why do I need a Pension Plan when I have personally saved for my life?
You may need a Pension Plan to have an independent retirement life. Money is never enough because life can pose challenges anytime. This is why having a pension plan is better as you earn through investments also. Normal savings will not help you with that. Plus investing in ABSLI Empower Pension Plan will enable you to gain market linked returns. This will certainly help you to tackle inflation.
What is the important feature of ABSLI Empower Pension plan?
The important feature of this plan includes:

*Guaranteed additions to boost your retirement corpus

Assured Option to enjoy a *guaranteed benefit on vesting, or Self-Managed Option to choose from various funds as per risk appetite, with Policy Fund Value payable on vesting

*Provided all due premiums are paid and the policy is in force
Can an ABSLI Empower Pension Plan make me retirement ready?
Yes, the ABSLI Empower Pension Plan can make you retirement ready. But before buying the product make sure that you know the exact requirement you will have in future. Be aware of how insurance can help you be retirement ready. For accurate retirement planning you can use our free retirement calculator.
Will I get any tax benefit?
You will be eligible for tax benefits1 under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961. Under Section 10(10A), the tax benefits are on the commuted value of the benefits on the vesting date, subject to applicable exclusions.

¹Tax benefits are subject to changes in the tax laws. Please consult your tax advisor
What is the premium paying duration for ABSLI Empower Pension plan?
ABSLI Empower Pension Plan is a regular pay plan and you may need to pay premiums every year till you decide to vest. This vested pension plan provides for regular premium only with no short pay options.
What are the policy charges under ABSLI Empower Pension Plan?
The following are the policy charges:

Policy year
1
2-3
4-10
11+
%of basic premium
6.00%
5.50%
5.00%
4.00%

Investment Guarantee Charge: For Assured Option, the daily unit price of the investment fund is adjusted to reflect an investment guarantee charge of 0.25% p.a. We may change the investment guarantee charge in the future up to a maximum of 0.50% per annum, subject to IRDAI approval. For Self-Managed Option, this charge is Nil.

Premium allocation charge: Premium allocation charge is deducted from your basic premiums when received and before invested in the investment funds. The premium allocation charge as a percentage of basic premium is:

Fund Management Charge: The daily unit price of the investment fund is adjusted to reflect the fund management charge.

1.00% p.a. for Income Advantage Guaranteed, Liquid Plus, Income Advantage, Assure, Protector and Builder.

1.25% for Enhancer, Creator, Capped Niy Index and Asset Allocation

1.35% p.a. for Maximiser Guaranteed, Magnifier, Maximiser, Super 20, Multiplier, Pure Equity, Value & Momentum and MNC

Pension Linked Discontinued Policy Fund is 0.50% p.a.

We may change the fund management charge under any segregated fund at any time subject to a maximum of 1.35% p.a. in the future and subject to IRDAI approval.

Policy Administration Charge: The policy administration charge is Rs. 20 per month for the first five policy years. It shall increase to Rs. 25 per month in the sixth year and inflate at 5% p.a. thereafter, subject to a maximum of Rs.6,000. This charge is levied at the start of every policy month by cancelling units proportionately from the segregated funds you have at that time.

Switching Charge: Switching charge is deducted from your Policy Fund Value in case you request for a switching between investment options or Segregated Fund Switch. We currently charge Rs. 50 per request and reserve the right to increase this charge at any time in the future, subject to a maximum of Rs. 500 per request and prior IRDAI approval.

Partial Withdrawal: Partial Withdrawal Charge Is deducted from your Policy Fund Value in case you request for a partial withdrawal. We currently charge Rs. 50 per partial withdrawal and reserve the right to increase this charge at any time in the future, subject to a maximum of Rs. 500 per request and prior IRDAI approval.

Miscellaneous Charge: We currently charge Rs. 50 per request for any additional servicing request. We reserve the right to charge up to a maximum of Rs 500 per request for additional servicing requests. Any increase in the miscellaneous charges will be subject to IRDAI approval.

Goods & Service Tax (GST): GST and other levies, as applicable, will be levied on your charges as per the extant tax laws.

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Disclaimer

HDFC Bank Limited (IRDAI Registration No: CA0010) is the Corporate Agent of Aditya Birla Sun Life Insurance Company Limited and does not underwrite the risk or act as an insurer.

Registered Address: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013. Participation by the Bank’s clients in the Insurance products is purely on a voluntary basis. The contract of Insurance is between Aditya Birla Sun Life Insurance Company Limited and the Insured and not between HDFC Bank and the Insured.

This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-participating unit linked life insurance pension plan. Aditya Birla Sun Life Insurance and ABSLI Empower Pension Plan are only the names of the Company and unit linked life insurance contract respectively and do not in any way indicate the quality of the contract, future prospects or returns. The name of the funds offered in this plan does not in any indicate their quality, future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document. The various funds offered under this contract are the names of the funds and do not any way indicate the quality of these plans, their future prospects and returns. The charges are guaranteed throughout the term of the policy unless specifically mentioned and subject to IRDAI approval. The value of the investment fund reflects the value of the underlying investments. These investments are subject to market risks and change in fundamentals such as tax rates etc affecting the investment portfolio. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the NAV of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. There is no guarantee or assurance of returns above the guaranteed returns from the investment funds. Service Tax and Education Cess and any other applicable taxes levied as per extant tax laws shall be deducted from the premium or from the allotted units as applicable. This brochure contains the salient features of the plan. For further details, please refer to the policy contract. ULIP Issued on or after 1st February 2021 where the annualised premium exceeds Rs 2.5 lakh at any time during the premium paying term, the amount received on maturity shall not be entitled for exemption under section 10(10D) of the Income-tax Act, 1961. However, death benefit received shall be exempt u/s 10(10D). Tax benefits are subject to changes in the tax laws. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding the sale. Aditya Birla Sun Life Insurance Company Limited. Registered Office: One Indiabulls Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013. IRDAI reg no.109 CIN: U99999MH2000PLC128110 UIN: 109L078V03 ADV/3/19-20/1920 VER2/MAR/2020

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.