Birla Sun Life Insurance introduces ULIP pension plan

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Indian private sector life insurer Birla Sun Life Insurance Monday launched a non-participating ULIP pension plan -- BSLI Empower Pension.

The new plan helps customers accumulate their premiums and the investment returns into a corpus for their retirement needs, Birla Sun Life Insurance said in a statement.

"Increasing trend of nuclear family system in India makes it imperative for individuals to plan their savings towards meeting their post-retirement lifestyle today... Our new product, BSLI Empower Pension, has been designed to cater to these emerging needs effectively," Jayant Dua, managing director and chief executive officer, Birla Sun Life Insurance, said in the statement.

Buyers of the product can avail tax benefits under Section 80CCC and Section 10 (10A) of the Income Tax Act, 1961, it said.

Birla Sun Life Insurance is a joint venture between Indian conglomerate Aditya Birla Group and Canada-based Sun Life Financial Inc.

 

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