Why Buy ABSLI Akshaya Plan?
The Aditya Birla Sun Life Insurance (ABSLI) Akshaya Plan offers a comprehensive life insurance cover along with a consistent income stream to ensure that your family’s growing needs are met.
Key Features:
- 2 Benefit Options: Choose between two Benefit Options – Long Term Income and Whole Life Income.
- Flexible Bonus Payouts: Enjoy the flexibility to receive a Cash Bonus (if declared) for immediate liquidity, or accumulate the Cash Bonus (if declared) until policy maturity for long-term wealth creation.
- Financial Security: Benefit from a comprehensive life cover available for up to 100 years.
- Flexibility: Select from various premium payment terms and policy terms to suit your needs.
- Customizable Benefits: Enhance your insurance cover with riders available at a nominal additional cost.
Benefits of ABSLI Akshaya Plan:
- Bonus:
- Cash Bonus: A non-guaranteed Cash Bonus (if declared) is payable provided the policy is in force, and all due premiums have been paid. It can be received from the end of the 1st policy year or according to the Cash Bonus payout frequency chosen until the earlier of death, surrender, or maturity. The policyholder has the flexibility to defer and accrue the declared Cash Bonus (if declared) as an Accumulated Cash Bonus (if declared).
- Interim Bonus: An Interim Bonus (if declared) may be payable in case of the insured’s death, surrender, survival, or maturity before the latest declared bonus rates take effect.
- Terminal Bonus: A Terminal Bonus (if declared) may be payable upon the earlier of death, surrender, or maturity.
- Death Benefit:
- In the event of the insured’s death during the policy term, provided the policy is in force and not in Lapsed or Reduced Paid-Up mode, the following will be paid to the nominee(s)/beneficiary(ies):
- Sum Assured on Death
- Accumulated Cash Bonus (if declared)
- Terminal Bonus (if declared)
- In the event of the insured’s death during the policy term, provided the policy is in force and not in Lapsed or Reduced Paid-Up mode, the following will be paid to the nominee(s)/beneficiary(ies):
- Maturity Benefit:
- Upon survival until the end of the policy term, provided the policy is in force and all due premiums have been paid, the following will be payable:
- Sum Assured
- Accumulated Cash Bonus (if declared)
- Terminal Bonus (if declared)
- Upon survival until the end of the policy term, provided the policy is in force and all due premiums have been paid, the following will be payable:
- Policy Loan:
- You can take a loan against your policy once it has acquired a Surrender Value. The minimum loan amount is ₹5,000, and the maximum loan amount is 80% of the applicable Surrender Value, less any outstanding policy loan plus all accrued but unpaid loan interest as of that date.
- Tax Benefits:
- You may be entitled to certain applicable tax benefits on premiums paid and benefits received under your policy. Please note that all tax benefits are subject to prevailing tax laws at the time of premium payment or benefit receipt. It is advisable to consult your tax advisor for more details.
Eligibility Criteria:
- Type of Plan: A Non-Linked Participating Individual Savings Life Insurance Plan
- Coverage: Available for all individuals (Male, Female, Transgender)
- Benefit Options:
- At policy inception, you can choose between:
- Long Term Income
- Whole Life Income
- Once chosen, the Benefit Option cannot be changed thereafter.
- At policy inception, you can choose between:
- Premium Payment Term (PPT): Choose from 6, 8, 10, 12, or 15 years.
- Policy Term (PT):
- Long Term Income:
- For a 6-year PPT, the policy term options are 25, 30, 35, or 40 years.
- For an 8-year PPT, the options are 30, 35, or 40 years.
- For a 10-year PPT, the options are 30, 35, or 40 years.
- For a 12-year PPT, the options are 35 or 40 years.
- For a 15-year PPT, the term is 40 years.
- Whole Life Income:
- Choose coverage till age 85 or age 100 at inception.
- For a 6-year PPT:
- Coverage till age 85 is 85 years less the age at entry.
- Coverage till age 100 is 100 years less the age at entry.
- For 8, 10, 12, or 15-year PPT, the policy term is 85 or 100 years less the age at entry.
- Once chosen, the policy term cannot be changed thereafter for both Benefit Options.
- Long Term Income:
- Age of the Life Insured at Entry (age as on last birthday):
- Minimum: 30 days (for minors, the policy automatically vests when the insured attains the age of majority).
- Maximum: 55 years
- Maturity Age of the Life Insured (age as on last birthday):
- Minimum: 18 years
- Maximum:
- For Long Term Income:
- 6 years PPT: 84 years
- 8 years PPT: 84 years
- 10 years PPT: 84 years
- 12 years PPT: 84 years
- 15 years PPT: 84 years
- For Whole Life Income:
- Coverage till age 85: 85 years
- Coverage till age 100: 100 years
- For Long Term Income:
- Minimum Annualized Premium: ₹24,000
- Maximum Annualized Premium: No limit (subject to Board Approved Underwriting Policy)
Premium Payment Frequency and Frequency Loadings:
- Premium Payment Frequency: Annual, Semi-Annual, Quarterly, Monthly
- Frequency Loadings:
- Annual: 0.0%
- Semi-Annual: 2.0%
- Quarterly: 3.0%
- Monthly: 4.0%
Cash Bonus Payout Frequency:
- You can choose to receive the Cash Bonus (if declared) annually, semi-annually, quarterly, or monthly. The Cash Bonus (if declared) is payable at the end of the year, half-year, quarter, or month, depending on the chosen frequency.
- The default option is Cash Bonus (if declared). You can opt to accumulate the Cash Bonus (if declared) anytime during the policy term by giving a 30-day advance notice, applicable from the next policy anniversary.
Minimum and Maximum Sum Assured:
- Minimum Sum Assured: ₹1,54,560
- Maximum Sum Assured: No limit (subject to Board Approved Underwriting Policy)
Premium Bands:
- Band 1: ₹24,000 to ₹49,999
- Band 2: ₹50,000 to ₹99,999
- Band 3: ₹1,00,000 to ₹1,99,999
- Band 4: ₹2,00,000 to ₹2,99,999
- Band 5: ₹3,00,000 to ₹4,99,999
- Band 6: ₹5,00,000+
How Does ABSLI Akshaya Plan Work?
Example 1:
- Mr. Sharma, aged 35 years, invests in the ABSLI Akshaya Plan and selects the Long Term Income Benefit Option.
- He pays a premium of ₹1,00,000 annually for 10 years.
- He opts for an annual Cash Bonus payout and a policy term of 30 years.
- Mr. Sharma survives through the policy term and receives a total Cash Bonus (if declared) of ₹11,19,456 @8% p.a. or ₹5,26,608 @4% p.a. throughout the policy term.
- At age 65, Mr. Sharma will receive the Sum Assured along with any Terminal Bonus: ₹13,80,000 @8% p.a. or ₹11,70,240 @4% p.a.
What’s Not Covered?
Suicide Exclusion:
- If the insured dies by suicide within 12 months of the effective date of risk commencement or policy revival, the policy terminates immediately. In such cases, the company will pay the higher of the Surrender Value or the sum of (Total Premiums Paid, underwriting extra premiums paid, loadings for modal premiums paid) if the policy has acquired a Surrender Value, or the total premiums paid plus underwriting extra premiums and loadings for modal premiums if the policy has not acquired a Surrender Value.
How to Initiate a Claim?
- Step 1: Fill in basic details.
- Step 2: Claim intimation.
- Step 3: Document submission.
More About Claims: Learn about the process in detail.
Akshaya Plan FAQs:
- What are the key features of ABSLI Akshaya Plan?
- Flexible Bonus Payouts: Choose to receive Cash Bonus (if declared) for immediate liquidity or to accumulate it for long-term wealth creation.
- Liquidity: Gain instant liquidity through the Cash Bonus (if declared) from the end of the first month/year or according to the chosen payout frequency.
- Benefit Options: Flexibility to choose between Long Term Income and Whole Life Income (Till Age 100 or Till Age 85), catering to your family’s needs across all life stages.
- Financial Security: Comprehensive life cover available for up to 100 years.
- Customizable Benefits: Enhance the