Why Buy ABSLI Nishchit Pension Plan?
In your retirement years, you should be focusing on enjoying the activities you’ve always wanted to pursue. To ensure this, planning ahead is crucial. The ABSLI Nishchit Pension Plan is a non-linked, non-participating individual pension plan designed to help you accumulate a guaranteed corpus for retirement while providing life insurance coverage. This lump sum corpus ensures that you receive an uninterrupted income throughout your retirement.
Key Features of ABSLI Nishchit Pension Plan
- Fully Guaranteed Corpus: Accumulate a fully guaranteed corpus upon retirement to secure a regular income for your golden years.
- Guaranteed Additions: Periodic additions accrued during the policy term to enhance your retirement corpus.
- Loyalty Addition: Added at the end of the policy term to further increase your retirement corpus, provided all due premiums are paid.
- Flexible Premium Payment Terms: Customize your plan by choosing between varied Premium Payment Terms—invest for the entire policy term or a limited period based on your needs.
- Life Insurance Cover: Financial protection for your loved ones equal to the total premiums paid, accumulated at a fixed percentage during the policy term.
- Vesting Benefit Flexibility: Defer your Vesting Benefit by up to 10 years to ensure your retirement planning aligns with your life goals.
Benefits of ABSLI Nishchit Pension Plan
Prepare for the future and receive a regular income with the ABSLI Nishchit Pension Plan, ensuring a secure financial foundation for your retirement.
Eligibility Criteria for Nishchit Pension Plan
- Type of Plan: Non-Linked, Non-Participating Individual Pension Plan.
- Coverage: Available to all individuals (Male | Female | Transgender).
Premium Payment Term (PPT) & Policy Term (PT):
| Premium Payment Term | Policy Term |
|---|---|
| 5 years | (PPT + 5) years |
| 6 years | 35 years |
| 8 years | 6 years |
| 10 years | 8 years |
| 12 years | 10 years |
| Regular Pay | 12 years |
The Premium Payment Term and Policy Term must be chosen at the policy inception and cannot be altered thereafter.
Age of the Life Insured:
- At Entry (Age as on last birthday): Minimum 30 years, Maximum 70 years.
- Vesting Age (Age as on last birthday): Minimum 45 years, Maximum 75 years.
Premium Details:
- Minimum Annualized Premium: Rs. 20,000.
- Maximum Annualized Premium: No limit (subject to Board Approved Underwriting Policy).
Premium Payment Frequency and Loadings:
| Frequency | Modal Factors |
|---|---|
| Annual | 0.0% |
| Semi-annual | 3.5% |
| Quarterly | 5.0% |
| Monthly | 6.0% |
Premium Bands:
| Annualized Premium (Rs.) | Band 1 | Band 2 | Band 3 | Band 4 | Band 5 | Band 6 |
|---|---|---|---|---|---|---|
| 20,000 to 49,999 | 50,000 to 99,999 | 100,000 to 199,999 | 200,000 to 499,999 | 500,000 to 24,99,999 | 25,00,000 & above |
How Does ABSLI Nishchit Pension Plan Work?
USE CASE 1:
Mr. Khanna, aged 35 years, employed with ABC Ltd, invests Rs. 100,000 (excluding GST) in the ABSLI Nishchit Pension Plan. He selects a Vesting Age of 60 years, a Policy Term of 25 years, a Premium Paying Term of 10 years, and an Annual Premium Payment Mode. Upon surviving through the policy term, Mr. Khanna will receive the Vesting Benefit and can utilize it based on the options given in the ‘Vesting Benefit’ section.
What’s Not Covered in Nishchit Pension Plan?
Suicide Exclusion:
In the event of death due to suicide within 12 months from the commencement of risk or the date of revival of the policy, the nominee(s)/legal heir(s) or the beneficiary of the policyholder will receive the total premiums paid until the date of death or the surrender value available on the date of death, whichever is higher, provided the policy is in force.