Bangalore, Sep 16: Aditya Birla Sun Life Insurance Company Limited, the life insurance subsidiary of Aditya Birla Capital, India’s leading diversified financial services company, today announced the launch of ABSLI Smart Wealth Pension Plan, a Unit Linked Non-Participating Individual Life Insurance Pension Plan. This plan is designed to help customers build equity linked retirement fund for their future and use the fund for a regular lifelong income stream through annuity at retirement.

While customers routinely plan for life goals such as child’s education, a home or a family vacation, retirement planning often takes a back seat. The reality is that the income will stop at retirement. ABSLI Smart Wealth Pension Plan addresses this gap through a new age highly innovative retirement focussed equity linked product that enables customers to build retirement fund for their golden years.

Key features:

• Choice of Plan Options: Customers can choose between Advantage, Prime and Elite options, each structured to suit different premium sizes and benefit preferences.
• Single and Joint Life: The plan offers customers added flexibility through its Single Life and Joint Life options, with Waiver of Premium on the death of either life assured under the Joint Life option, helping ensure the plan continues uninterrupted towards the customer’s retirement goal.
• Choose Your Investment: Select from 5 funds and 4 investment strategies that match your risk profile and retirement goals.

• HER Benefit: Recognising the distinct financial planning needs of women, the plan offers higher benefit for female policyholders compared to male policyholders.

• Fund Boosters: The plan returns up to 600% of Premium Allocation Charges back to the fund value over the policy term, adds Annual Loyalty Additions from the 6th policy year onward, and offers an Annuity Booster of up to 1% of the average fund value at vesting.

Mr. Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Company Limited, said,

“Retirement today is about having the freedom to pursue one's aspirations and enjoy life with confidence. Achieving this requires thoughtful financial planning from an early stage. With ABSLI Smart Wealth Pension Plan, we aim to offer customers the flexibility, choice and long-term benefits needed to build a retirement fund that supports their future goals."

At maturity, customers can make a tax-free withdrawal of up to 60% of the corpus, with the remaining amount available for purchasing an annuity, subject to applicable regulations. The plan is available to customers aged 18 to 75 years. Customers can access the plan through ABSLI’s nationwide distribution network and online channel.