Birla Sun Life Pension Plans – Review, Types, Features, Criteria & more

Retirement is the period of rest, where a peaceful life is aspired. But, it comes with a cost, as there are no ways of avoiding financial obligations and funds need. While your earning, the regular source of income is at halt, the Birla Sun Life Pension Plan turns out to be your income source.

They have a perfect structure of Aditya Birla Pension Plan, wherein needs of individuals are higher taken care of. You can find the plan which best suits you and then choose to avail for it, given the criteria’s stated. The possibility of a quality retired life finds ground with the Birla Sun Life Retirement Plans.

You are slight steps away from investing in the plan and our article brings you even closer. We provide you will all the information in the article, so you can fulfill the needs of your decision making criteria’s’.

About Birla Sun Life Pension Plans

This company has managed to create a significance presence across the country, with its widespread reach. A merger led by Aditya Birla Group and Sun Life Financial Inc led to the formation of Birla Sun Life insurance Company Limited.

With the reach and accessibility they managed to achieve, the customer base of this company took a remarkable rise of 2 million holders. They have all life offering insurance plans, and the Birla Sun Life Retirement Plans they offer are exclusive as well.

Keep up with this article to know about the Birla Sun Life Pension Plan offered by this industry leader.

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Types of Birla Sun Life Pension Plans

The perfect life is often a result of planning, and so, to retire without worries, you need to plan and invest. This company offers 3 Birla Sun Life National Pension Scheme for individuals to invest in.

All of the plans bear great benefits, and are also explained below. The plans offered are:

• Empower Pension Plan
• Empower Pension Plan SP
• Immediate Annuity Plan

Find out other NPS Scheme in India

Birla Sun Life Insurance Empower Pension Plan – By Birla Sun Life Pension Plans

End of tenure with this place would ensure best possible returns with the factor of market linked returns. It is a unit linked Birla Sun Life Pension Plan, with features as explained below:

• Premiums payments should be paid for the complete time period
• While availing for the plan, the holder will be asked to choose a level of risk, ranging from aggressive to moderate and finally conservative. Based on the choice, premiums are then taken to investment in Maximizer guaranteed and income advantage guaranteed Birla Sun Life National Pension Funds. The more risk you take, likewise increased returns will be provided at the time of maturity.
• Holders will also be entitled to guaranteed addition, which are generally calculated on a percentage based on the fund value. 6^th year has this addition as accounted for from all the previous years. Rate at which the addition is done in the 6^th year is 0.25%. 0.35% addition is witnessed from 11^th year onwards.
• For the 11^th year, fund would comprise of 102.5% of premium paid.
• When maturity date arises, the holder will get the assured amount, or 101% of premium paid for minimum.

More Features of Birla Sun Life Insurance Empower Pension Plan

• On the 11^th year of premium payment, the fund gets a total of 102% of premiums paid.
• Maturity benefit guaranteed, at maturity is around 101% to 104% of entire premium amount, also depending upon the risk range availed for.
• Also, the options to avail for the fund earned by the maturity time are many. 1/3^rd of the fund can be withdrawn, whereas the remaining can be used as annuity payments. Next option is to receive the pension on entire amount. Also, the holder can buy a single premium deferred annuity. Holder being below 55 years, can also postpone the maturity period.
• During unfortunate event of death, 105% premium is paid to the nominee. For the contrary, premium compounded in the range of 0.5% to 3% is rolled out, and varied upon the risk barrier chosen. Plus, the nominee can choose to avail for annuity payments or withdraw entire amount.

Eligibility Criteria for Birla Sun Life Insurance Empower Pension Plan

• Age criteria: 25 to 70 years
• Vesting age: 80 years.
• Policy Period: 5 to 30 years
• Premium to be paid per year: Rs.18,000 and no maximum limit applied
• Payment term: similar to policy term
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Birla Sun Life Insurance Empower Pension Plan SP – By Aditya Birla Pension Plans

This Birla Sun Life NPS plan is just like the plan already discussed. The distinction is that premium payment is done once, while availing for the plan. Rest of the features are as following:

• This Birla Sun Life NPS Scheme comes with terms of risk, classified as aggressive, moderate and conservative. At the time of maturity, based on the risk profile chosen, the funds catered will be invested in Maximizer guaranteed and income advantage guaranteed funds. The risk taken and the payments after maturity go hand in hand.
• Maturity of the plan, marks guaranteed additions to the funds. 6^th years payment will pool the previous years payment and so on. Percentage addition in 6^th year is 0.25% and from 11^th year it is 0.35%.
• Maturity period will pay the holder higher than funds value or 101% of the premiums paid.
• Maturity benefits are subject to in between 103-160% of total premium, based on the risk profile chosen.
• While death being a factor, higher than fund value or 105% of paid premiums, or total premiums compounded at 0.5%or 3% will be given to the nominee. Entire withdrawal or annuity payment is allowed for the nominee as payouts.
• The benefits earned upon maturity can be either withdrawn in 1/3^rd part and remaining in annuity or entire amount in annuity. Holder may also use buy single premium deferred annuity plan.
• Tax benefits in this Birla Sun Life Pension Plan are applied on premium paid, annuity earned and death benefit as per the Section 80CCC, 10(10A) and 10(10D).

Eligibility Criteria for Birla Sun Life Insurance Empower Pension Plan SP

• Age criteria: 25 to 70 years
• Vesting age: 80 years for maximum
• Policy Period: 5 to 30 years
• Premium to be paid per year: Rs.1 lakh with no maximum limit
• Intervals of premium payments allowed: Single payment

Check out more Pension Plans available for Investment

Birla Sun Life Insurance Immediate Annuity Plan – By Birla Sun Life Pension Funds

If you opt for this Birla Sun Life NPS, you will be entitled to the following features.

• This is an immediate annuity plan, so the expected returns or the assured ones are rolled out readily.
• The holder also has the benefit of choosing from 5 different options of rolled out payments.
• Annuity for life, in a constant pace
• Annuity for life, along with entire return of purchase price
• Guarantee annuity period is of 5/10/15 or even 20, following which payable for life
• Annuity for life, with an increase rate of SI 3%
• Joint life last survivor option plan.

Eligibility Criteria for Birla Sun Life Insurance Immediate Annuity Plan

• Age criteria: 30 to 90 years
• Price of Purchase: Varies as per age of availing and annuity amount selected
• Return guaranteed: Rs.12,000 to no limit

Birla Sun Life Pension Plans / Retirement Plans – Conclusion

We tried to define the plan as simply as possible, to make you aware of the company’s offering in right terms. You have the choice of 3 Birla Sun Life National Pension Funds plans, from which you can choose the one feasible for you. Make sure you perform a routine check, thoroughly on the eligibility criteria’s.

Locate the best plan as per your need and then go ahead to choose and avail for it through the mediums provided. You have the option of online application, through company’s official website, and also intermediaries for the offline option.

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