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Aditya Birla Sun Life Insurance has launched a pension plan - ABSLI Nishchit Pension Plan.
It is a non-linked, non-participating individual pension plan. Policyholders can choose from multiple premium payment term options ranging from 5, 6, 8, 10, 12 years & regular pay options.
The maximum entry age to buy this annuity is 65 years, while the minimum entry age is 30 years. Further, the minimum annualized premium is Rs. 20,000.
Policy holder can start getting annuity between 45 years and 75 years.
In a press release, Kamlesh Rao, MD & CEO, ABSL Insurance, said, “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 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.”
Since it is offered by a life insurer, the plan also offers life insurance cover throughout the policy term.