ABSLI Akshaya Plan

a. Cash Bonus: Non-guaranteed Cash Bonus (if declared) shall be payable from the end of 1st policy year or as per the Cash Bonus payout frequency chosen except ‘Annually in Advance’ mode wherein payout is done at start of the policy year, 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. Cash Bonus rate is expressed as per 1000 Sum Assured and once declared shall be payable on the next policy anniversary. The effective date for the annual bonus rates declared shall be 1st July of every year. You have the option to receive the Cash Bonus (if declared)in Annually in Advance, Annually in Arrears, Semi-Annual, Quarterly or Monthly frequency The cash bonus is payable at the start of the year in case of Annually in Advance frequency and at the end of the year for Annually in Arrears, Semi-Annual, Quarterly or Monthly, as the case may be. The chosen Cash Bonus pay-out frequency can be changed during the term of the Policy by providing a written notice at least 30 days before the policy anniversary. The change shall be applicable from the next policy anniversary.

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.

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)

Provided the policy is in-force and all due premiums under the policy have been paid, We will pay the Cash Bonus (if declared), at the start of the year in case of Annually in Advance frequency and at the end of the year for Annually in Arrears, Semi-Annual, Quarterly or Monthly, as the case may be starting from the first policy year until Policy Maturity. You 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).

On survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Installment 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)

You may take a loan against Your policyafter completion of first Policy Year, once the Policy has acquired Surrender Value . The minimum loan amount is Rs.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. On exercising this option, Your policy shall automatically get assigned to the company to the extent of the outstanding policy loan balance.

For more details, refer to the product brochure.

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 benefits¹ are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you.