Birla Sun Life Insurance has launched its non-participating unit-linked pension plan â€˜Empower Pension.â€™
The plan enables customers to accumulate their premiums and investment returns into a corpus for their retirement needs in the accumulation phase. In the vesting phase, this corpus would be used to purchase annuity, which ensures a stream of regular income payable for the rest of their lives.
â€œThe Indian economy lacks access to a comprehensive and in-built social security regime unlike other developed economies and is under strain due to rising life expectancy. This, coupled with the increasing trend of the nuclear family system in India, makes it imperative for individuals to plan their savings towards meeting their post-retirement lifestyle recently,â€ said Jayant Dua, Managing Director and CEO, Birla Sun Life Insurance.
The product offers guarantee at exits like vesting and death, tax benefits and guaranteed additions from the sixth policy anniversary.