“Our research indicates that the percentage of individuals who have planned their retirement is very low. The Flexi SecureLife retirement plan is structured on the unit-linked platform providing the customer with efficient returns in the long term,” says Birla Sun Life Insurance CEO Nani Javeri.

The plan is designed in two phases — the build-up or accumulation phase, and the annuity or the payout phase. In the accumulation phase, one makes regular contributions towards retirement. On the vesting date, one can utilise this amount to buy an annuity, which can take care of one’s post-retirement needs.

The customer can choose from three investment options depending on the risk appetite during the accumulation phase of the plan. All the investment fund options provide minimum net-guaranteed overall return of 3 per cent at vesting and on death, but not on surrender. The three investment options are Nourish, Growth and Enrich.