Signature Pension

What this product is

A market-linked ULIP pension plan (Advantage or Premier variant) for building a retirement corpus, with a Family Secure option to extend coverage to a spouse or other family member.

You might need this if…

• You might need this if you want your retirement savings to grow via equity/debt market exposure rather than a fixed guaranteed rate.
• Useful if you want the option to extend the plan to cover a spouse, sibling, child, or parent (Family Secure), so premiums are waived and the policy continues if you die before retirement.
• Fits if you value flexibility on when you retire — you can postpone vesting (retirement date) up to age 90 in yearly increments.
• Good if you want to eventually convert part of the corpus into a guaranteed lifetime annuity while keeping the option to take up to 60% as a lump sum.

How it actually works

• Two variants: Advantage (4% premium allocation charge, lower admin charge) and Premier (nil allocation charge, higher admin charge); entry age 18-75; policy term 15-72 years; vesting age 40-90.
• Single pay (min ₹10,00,000) or limited pay (5-15 years or term minus 5); 10 pension-specific funds across equity, balanced, and debt risk categories, plus 4 portfolio strategies including a lifecycle option.
• At vesting, you can commute up to 60% as a lump sum and annuitize the rest, buy a full annuity, or take up to 50% annuity from another insurer; default is 60% lump sum + 40% into an annuity with return of purchase price.
• Death benefit (without Family Secure) is the higher of fund value or 105% of premiums paid; with Family Secure, the surviving family member's premiums are waived and the policy continues to their vesting.
• Partial withdrawals allowed after the 5-year lock-in for specific purposes (education, marriage, home purchase, critical illness, disability, business) — up to 25% of fund value per withdrawal, max 3 times.
• Fund management charge 1.35% p.a. (0.75% for Money Market Fund); a QROPS option exists for UK pension transfers.

Worked example

Worth knowing before you decide

• 5-year lock-in, and no liquidity at all during that period.
• Funds don't offer a guaranteed return — this is a market-linked pension plan, unlike GPP Flexi's guaranteed annuities.
• No policy loans available.
• At vesting, you're required to use most of the corpus to buy an annuity (regulatory requirement for pension plans) rather than taking it all as cash.

Official source

⌟ Official product brochure

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