Birla Sun Life launches new pension plan

The plan offers customers a choice to select the premium amount, vesting date and risk profile, the private sector insurer said.

The premium accumulated till the vesting period will be invested in equity or debt depending on the risk appetite of the customer. After the customers decide to vest their policy, they would enter the 'income phase', where the corpus will be used to purchase annuity to ensure a stream of regular income payable for the rest of their lives.

The plan offers guaranteed additions from the sixth policy anniversary onwards. The corpus would be managed by BSLI based on the customer's chosen vesting date and risk profile to meet their retirement objectives.