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BSLI Empower Pension Plan

What is the Plan all About?

BSLI Empower Pension Plan is a non-participating unit linked pension plan designed in a manner so that you can also enjoy your life after retirement. This plan helps you to enhance the savings, so you can obtain a corpus that can be used to purchase a regular income payable for the rest of your life.

What are the Key Features?

  • Regular income for lifetime
  • Enjoy Vesting Benefit
  • Guaranteed additions
  • 2 investment fund options
  • Smart Option to invest in a predetermined proportion
  • Flexibility to choose a vesting date
  • Choose your risk profile
  • Tax benefits

What are the Fund Investment Options?

This policy offers following fund investment options.

  • Income Advantage Guaranteed
  • Maximiser Guaranteed

You can avail Smart Option, under which your portfolio is structured depending on chosen vesting date and risk profile chosen. Under this plan, the company on your behalf manages and administers your investment portfolio, thus saving you time and effort. The allocation is managed in a manner that it will automatically switch from riskier assets to safer assets as your plan approaches to the vesting date.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured while the policy is in-force, the higher of the Guaranteed Death Benefit or Fund Value till the date of intimation of death is payable to the nominee.

    The Guaranteed Death Benefit is the higher of accumulation of all basic premiums paid at a compounding guaranteed rate or 105% of all basic premiums paid. The guaranteed rate varies depending on the risk profile chosen and it is equal to 0.5% p.a, 1.5% p.a and 3% p.a. for Aggressive, Moderate and Conservative risk profiles, respectively.

    The nominee has the choice to withdraw the death benefit proceeds or utilize the entire proceeds or a part thereof to enter into an income phase.

Vesting/Maturity Benefit

    On your vesting date, you will receive the higher of the Fund Value or Guaranteed Vesting Benefit. The Guaranteed Vesting Benefit may differ by your chosen risk profile and vesting date. Guaranteed Vesting Benefit, once assigned at the inception of the policy, shall remain the same.

    The Guaranteed Vesting Benefit may be revised on April 1st of every calendar year, subject to a minimum of 101% of the basic premiums paid and it is applicable for policies issued thereafter.

    The vesting benefit can be utilized in the following four ways.

    • Extend the accumulation phase.
    • Utilize the entire proceeds to purchase a single premium deferred pension plan.
    • Commute to the extent allowed under Income Tax Act and utilize the balance amount to purchase annuity at the then prevailing annuity rate.
    • Enter into an income (annuity) phase.

Commutation Benefit

    You have the option to take up to 1/3rd of the benefit as tax-free lump sum as per the current income tax regulations.

Deferment of Vesting Benefits

    There is an option to extend/deferment of accumulation phase, provided the life insured is aged below 55 years and maximum vesting age does not exceed beyond 80 years. On extension, you will invest in Income Advantage Guaranteed Fund during the extended period including the basic premiums paid.

Guaranteed Additions

    Guaranteed Additions are available in the form of additional units.

    From 6th policy anniversary onwards, Guaranteed Addition is 0. 25% of the average Fund Value in the last 12 months, plus
    From 11th policy anniversary onwards, it is 0.35% of the average Fund Value in the last 12 months, plus
    From 16th policy anniversary onwards, it is 0.35% of the average Fund Value in the last 12 months.

Non-Negative Residual Additions

    After completion of 5 policy years, non-negative residual additions, are credited to the policy to meet the maximum reduction in yield as applicable in Regulation 37 of IRDA (Linked Insurance Products) Regulations, 2013.

Switching/Premium Redirection

    Switching & premium re-direction is not applicable under this plan.


    No bonus is applicable, as it is a non-participating pension plan.

Loan Benefit

    No policy loan is available under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value after deducting Policy Discontinuance Charges is transferred to the Pension Discontinued Policy Fund. The Pension Discontinued Policy Fund is credited with the actual return (less fund management charge of 0.50% p.a.) or a minimum guaranteed interest rate of 4% p.a, whichever is higher. The proceeds are payable upon completion of first 5 policy years.

    Upon surrendering the policy after the completion of the lock-in period of 5 years, the fund value is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 25 Years 70 Years
Age at Vesting - 80 Years
Policy Term/Accumulation Period 5 To 30 Years -
Premium Paying Term (PPT) Regular Pay -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Basic Premium Rs 18,000 (annually), Rs 24,000 (semi Annually), Rs 30,000 (quarterly), Rs 36,000 (monthly) -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: Premium allocation charge is deducted from your basic premium and the amount is then invested with the fund options. The Premium Allocation Charge is 6%/5.5%/5%/4% for 1st policy year/2nd to 3rd policy year/4th to 10th policy year/11th policy year onwards, respectively.

Policy Administration Charge: This policy administration charge is levied at the start of every policy month by cancelling appropriate units from the investment funds. The policy administration charge is Rs 20 per month for the first five policy years. It will increase to Rs 25 per month in the sixth year and inflate at 5% p.a. thereafter, subject to a maximum of Rs 6,000.

Investment Guarantee Charge: The daily unit price of the investment fund is levied with an investment guarantee charge of 0.25% p.a. This charge may be revised up to a maximum of 0.50% p.a, subject to prior approval from IRDAI.

Fund Management Charges: The fund management charge is 1% p.a for Income Advantage Guaranteed and 1.35% p.a. for Maximiser Guaranteed. The fund management charge may be revised to a maximum of 1.35% p.a, subject to approval from IRDAI.

Miscellaneous Charges: A Miscellaneous charge of Rs 50 per request is levied for any additional servicing request. This charge may be increased up to a maximum of Rs 500 per request for additional servicing requests. Any increase in the miscellaneous charges can be done with prior approval from IRDAI.

Taxes: The service tax and cess is levied for charges applicable under this plan.

Is the Plan, eligible for Tax Benefit?

This plan offers tax benefits under Section 80CCC and Section 10(10A) of the Income Tax Act, 1961, subject to prevailing tax laws.

How the Plan Works?

Akhilesh Kumar at 30 years of age, wants to accumulate corpus that can ensure a regular income after his retirement. He thus buys BSLI Empower Pension Plan with the policy term and premium payment term of 30 years with the annual basic premium of Rs 50,000.

Scenario A: Akhilesh Survives till Vesting
On your vesting date, you will receive the higher of your Guaranteed Vesting Benefit or the Fund Value. He has the option to extend the accumulation phase, utilize the entire proceeds to purchase a single premium deferred pension plan, commute the benefits or enter into annuity phase.

Scenario B: Akhilesh dies within the Policy Term
In case of demise of Akhilesh while the policy is in force, the nominee will receive the higher of the Guaranteed Death Benefit or Fund Value as on date of intimation of death. The nominee also has the option to withdraw the death benefit proceeds or utilize the entire proceeds or a part thereof to enter into an income phase.