Features
Whole Life Insurance with Cash Bonus
Flexible Bonus Payouts
2 Benefit Options - Long Term Income & Whole Life Income
Why Buy ABSLI Akshaya Plan?
Aditya Birla Sun Life Insurance Akshaya Plan provides the benefit of a comprehensive life insurance cover along with a regular source of income to ensure fulfilment of your family’s growing needs.
Key Features
2 Benefit Options: Flexibility to choose amongst two Benefit Options i.e. Long Term Income and Whole Life Income.
Flexible Bonus Pay outs: Complete flexibility to receive Cash Bonus (if declared) – for immediate liquidity or to accumulate the Cash Bonus (if declared) till policy maturity – for long term wealth creation.
Financial Security: Comprehensive life cover available for up to 100 years.
Flexibility: Choice of varied premium payment terms and policy terms.
Customizable Benefits: Option to enhance Your insurance cover through riders at a nominal extra cost.
Benefits of ABSLI Akshaya Plan
Bonus:
a. Cash Bonus: Non-guaranteed Cash Bonus (if declared) shall be payable, provided the policy is in-force and all due premiums under the policy have been paid, from the end of 1st policy year or as per the Cash Bonus pay out frequency chosen, till the earlier of death of the Life Insured if such death results in termination of the Policy, Surrender or Maturity Date. The bonus may be declared in the form of a Cash Bonus rate every year.
The Policyholder shall have the flexibility to defer the declared Cash Bonus (if declared) and accrue them instead in the form of Accumulated Cash Bonus (if declared).
b. Interim Bonus: We may pay an Interim Bonus (if declared), in case of death of the Life Insured, surrender, survival or maturity happens before the latest declared bonus rates would have come into effect.
c. Terminal bonus: Terminal Bonus (if declared) may be payable on earlier of death of the Life Insured or surrender or maturity.
Death Benefit:
In the event of death of the Life Insured during the Policy Term, provided that the Policy is in-force and not under Lapsed or Reduced Paid-Up mode, We will pay the following to Your nominee(s)/beneficiary(ies):
a. Sum Assured on Death; and,
b. Accumulated Cash Bonus (if declared); and,
c. Terminal Bonus (if declared)
Maturity Benefit:
On survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Instalment Premiums under the Policy have been paid, the following will be payable:
a. Sum Assured; and,
b. Accumulated Cash Bonus (if declared); and
c. Terminal Bonus (if declared)
Policy Loan:
You may take a loan against Your policy once it has acquired a Surrender Value. The minimum loan amount is ₹5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding policy loan plus all accrued but unpaid loan interest as on that date.
Tax Benefits:
You may be entitled to certain applicable tax benefits on premiums paid and on benefit(s) received under Your policy. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you.
Riders
ABSLI Accidental Death Benefit Rider Plus (UIN: 109B023V02) provides 100% of Rider Sum Assured as an additional lump sum
ABSLI Critical Illness Rider (UIN: 109B019V03) provides a lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.
ABSLI Surgical Care Rider (UIN: 109B015V03) provides lump sum benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any illness
ABSLI Hospital Care Rider (UIN: 109B016V03 Provides daily cash benefit in case of hospitalization for a minimum period of 24 hours for medically necessary treatment of any Illness or Injury payable from the first day for the duration of hospitalization.
ABSLI Waiver of Premium Rider (UIN: 109B017V03) Waives off all future premiums of the base plan and the attached riders throughout the rest of the premium payment in case of diagnosis of Critical Illness, Disability or Death (only if Life Insured is a minor i.e. below 18 years of age and is different from the Policyholder).
How does ABSLI Akshaya Plan Work?
Case study 1
Mr. Sharma, aged 35 years, invests in ABSLI Akshaya Plan and chooses Benefit Option: ‘Long Term Income’.
Mr. Sharma paid the premium amount of ₹1,00,000 p.a. for a period of 10 years.
He chose to receive Cash Bonus Pay-out annually and Policy Term of 30 years.
Mr. Sharma survives through the Policy Term and receives Total Cash Bonus (if declared) of ₹11,19,456 @8% p.a. | ₹ 5,26,608 @4% p.a. throughout the Policy Term.
At the age of 65 years, Mr. Sharma will receive Sum Assured along with Terminal Bonus if any of ₹13,80,000@8% p.a. | ₹ 11,70,240 @4% p.a.
Case study 2
Mr. Gupta, aged 50 years, invests in ABSLI Akshaya Plan and chooses Benefit Option: ‘Whole Life Income’ (Till Age 100 years).
Mr. Gupta paid the premium amount of ₹2,00,000 p.a. for a period of 10 years.
He chose to receive Cash Bonus Pay-out annually and Policy Term till 100 years.
Mr. Gupta survives through the Policy Term and receives Total Cash Bonus (if declared) of ₹34, 65,500 @ 8%p.a. |₹ 14,47,250 @4% p.a. throughout the Policy Term.
At Maturity, Mr. Gupta will receive Sum Assured along with Terminal Bonus if any of ₹98,88,183@8% p.a. |₹ 21,34,377 @4% p.a.
# Scenario: ABSLI Akshaya Plan, Age 35, Healthy Male, Premium Payment Term: 6 years, Policy Term: 25 years, Benefit Option: Long Term Income, Premium Rs.1lakh p.a. (Rs.100,000X6), Cash Bonus Pay-out Frequency: Annual, Sum Assured: Rs 710,000.
Assumed @8% p.a., Cash Bonus (if declared) p.a. = Rs 23,004, Total Cash Bonus (if declared) (A)= Rs 5,75,100, Terminal Bonus (If declared) + Sum Assured (B) = Rs 8,73,300, Total Benefit (A+B) = Rs 14,48,400. Assumed @4% p.a., Cash Bonus (if declared) p.a. = Rs 8,520, Total Cash Bonus (if declared) (A)= Rs 2,13,000, Terminal Bonus (If declared) + Sum Assured (B) = Rs 7,95,200, Total Benefit (A+B) = Rs 10,08,200.
Eligibility Criteria
Type of Plan | A Non-Linked Participating Individual Savings Life Insurance Plan | |||||||||||||||||
Coverage | All Individuals (Male | Female | Transgender) | |||||||||||||||||
Benefit Options | At policy inception, you will have the option to choose from the below mentioned Benefit Options:
The Benefit Option once chosen cannot be changed thereafter. | |||||||||||||||||
Premium Payment Term (PPT) | 6 years | 8 years | 10 years | 12 years | 15 years | |||||||||||||||||
Policy Term (PT) | Long Term Income:
Whole Life Income: At inception, you have the flexibility to choose coverage till age 85 or age 100 years.
The Policy Term once chosen at inception cannot be changed thereafter for both the Benefit Options. | |||||||||||||||||
Age of the Life Insured at Entry (age as on last birthday) | Minimum | 30 days* * In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. The risk coverage for the minors will start from the policy issue date. | ||||||||||||||||
Maximum | 55 years | |||||||||||||||||
Maturity Age of the Life Insured (age as on last birthday) | Minimum | 18 years | ||||||||||||||||
Maximum |
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Minimum Annualized Premium | Rs. 24,000 | |||||||||||||||||
Maximum Annualized Premium | No Limit (subject to Board Approved Underwriting Policy) | |||||||||||||||||
Premium Payment Frequency and Frequency Loadings | Annual | Semi-Annual | Quarterly | Monthly
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Cash Bonus Pay-out Frequency | You can choose to receive the Cash Bonus (if declared) in annual, semi-annual, quarterly or monthly frequency and the Cash Bonus (if declared) is payable at the end of the year, half-year, quarter or month, as the case may be. Please Note – The default option available for the Policyholder is Cash Bonus (if declared). The Policyholder can also opt to accumulate the Cash Bonus (if declared) anytime during the Policy Term, by giving a 30-day advance notice and shall be applicable from the next policy anniversary. Thus, at Policy inception only Cash Bonus (if declared) can be availed by the Policyholder. | |||||||||||||||||
Minimum Sum Assured | Rs. 1,54,560 | |||||||||||||||||
Maximum Sum Assured | No Limit (subject to Board Approved Underwriting Policy) | |||||||||||||||||
Premium bands | The benefits under this product vary by premium bands as mentioned below:
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What’s Not Covered?
Suicide Exclusion: If the Life Insured dies by suicide within 12 months of the effective date of commencement of risk or the date of revival of policy, the policy shall terminate immediately. In such cases, the Company shall pay higher of Surrender Value or Sum of (Total Premiums Paid, underwriting extra premiums paid, loadings for modal premiums paid) in case the policy has acquired a Surrender Value; or Total premiums Paid plus underwriting extra premiums paid plus loadings for modal premiums paid, in case the policy has not acquired a Surrender Value.
How to initiate Claim?
3 quick steps, everything online.
Fill basic details
Claim intimation
Document submission