ABSLI Assured FlexiSavings Plan ABSLI Akshaya Plan
Whole Life Insurance with Cash Bonus
- Flexible Bonus Payouts
- 2 Benefit Options: Long Term Income & Whole Life Income
Invest ₹1,00,000 for 6 years and Get ₹14.48 lakhs#
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Why Choose the ABSLI Akshaya Plan?
The Aditya Birla Sun Life Insurance Akshaya Plan offers comprehensive life insurance coverage paired with a consistent income stream to meet the evolving needs of your family.
Key Features:
- 2 Benefit Options: Choose between Long Term Income and Whole Life Income for tailored financial security.
- Flexible Bonus Payouts: Opt to receive the Cash Bonus (if declared) immediately for liquidity or accumulate it for long-term wealth creation until policy maturity.
- Financial Security: Enjoy life coverage up to 100 years, ensuring your loved ones’ well-being.
- Flexible Payment Options: Select from various premium payment and policy terms to suit your financial plans.
- Customizable Benefits: Enhance your coverage with additional riders at a nominal cost.
Benefits of the ABSLI Akshaya Plan
Bonus Options:
- Cash Bonus: A non-guaranteed Cash Bonus (if declared) is payable from the end of the 1st policy year, provided the policy is active, and all due premiums have been paid. The policyholder can choose to defer and accumulate the declared Cash Bonus for long-term benefits.
- Interim Bonus: May be paid in the event of death, surrender, survival, or maturity before the latest declared bonus rates take effect.
- Terminal Bonus: This may be payable upon death, surrender, or maturity, depending on the situation.
Death Benefit:
In case of the life insured’s death during the policy term, the nominee(s)/beneficiary(ies) will receive:
- The Sum Assured on Death
- Accumulated Cash Bonus (if declared)
- Terminal Bonus (if declared)
Maturity Benefit:
Upon survival until the policy term ends, provided all due premiums are paid, the following will be payable:
- The Sum Assured
- Accumulated Cash Bonus (if declared)
- Terminal Bonus (if declared)
Policy Loan:
Policyholders can take a loan once the policy acquires a Surrender Value. The loan amount ranges from a minimum of ₹5,000 to a maximum of 80% of the applicable Surrender Value, minus any outstanding loans and interest.
Tax Benefits:
Enjoy potential tax benefits on premiums paid and benefits received, subject to prevailing tax laws at the time of payment or receipt.
Insurance Riders
Eligibility Criteria
- Type of Plan: Non-Linked Participating Individual Savings Life Insurance Plan
- Coverage: Available for all individuals (Male | Female | Transgender)
- Benefit Options: Choose from Long Term Income or Whole Life Income at policy inception. This choice is irreversible.
Premium Payment Term (PPT):
- 6 years
- 8 years
- 10 years
- 12 years
- 15 years
Policy Term (PT):
Long Term Income:
- 6 years: 25 | 30 | 35 | 40 years
- 8 years, 10 years, 12 years, 15 years
Whole Life Income:
Choose coverage until age 85 or 100 years.
- 6 years, 8 years, 10 years, 12 years, 15 years
Policy Term cannot be changed after inception.
Age Criteria:
- Minimum Age at Entry: 30 days*
- Maximum Age at Entry: 55 years
- Minimum Maturity Age: 18 years
- Maximum Maturity Age: 100 years depending on chosen Benefit Option and Premium Payment Term.
Minimum Annualized Premium: ₹24,000
Maximum Annualized Premium: No limit (subject to Board Approved Underwriting Policy)
Premium Payment Frequency and Loadings:
- Annual
- Semi-Annual
- Quarterly
- Monthly
Modal Factors:
- Annual: 0.0%
- Semi-Annual: 2.0%
- Quarterly: 3.0%
- Monthly: 4.0%
Cash Bonus Payout Frequency:
- Annual
- Semi-Annual
- Quarterly
- Monthly
Note: The default option is Cash Bonus (if declared). Policyholders can switch to accumulating bonuses with a 30-day advance notice.
Sum Assured:
- Minimum: ₹1,54,560
- Maximum: 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, opts for the ABSLI Akshaya Plan under the ‘Long Term Income’ Benefit Option. He pays an annual premium of ₹1,00,000 for 10 years and chooses a policy term of 30 years with annual Cash Bonus payouts. If Mr. Sharma survives through the policy term, he receives a total Cash Bonus (if declared) of ₹11,19,456 @8% p.a. or ₹5,26,608 @4% p.a. At maturity, he will receive the Sum Assured and a Terminal Bonus (if declared) of ₹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 policy commencement or revival, the policy terminates immediately. The company will pay either the Surrender Value or the total of premiums paid, underwriting extras, and modal loadings, whichever is higher, depending on the policy’s surrender value status.