Birla Sun Life Insurance today launched a new pension plan, BSLI Empower, which would help customers accumulate their premiums and the investment returns into a corpus for their retirement needs.

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.

The company is a joint venture between Aditya Birla Group and Sun Life Financial, Canada-based international financial services organisation.