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Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
ABSLI Akshaya Plan
Whole Life Insurance with Cash Bonus
Flexible Bonus Payouts
2 Benefit Options - Long Term Income & Whole Life Income
Give ₹1,00,000 for 6 years
and Get ₹14.48 lakhs#
Why Buy ABSLI Akshaya Plan?
Key Features:
2 Benefit Options : Flexibility to choose amongst two Benefit Options i.e. Long Term Income and Whole Life Income.
Flexible Bonus Payouts : 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.
Whole Life Insurance With Cash Bonus
Buy ABSLI Akshaya Plan
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 payout 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 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)
## Policy Loan:
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.
## 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 benefits¹ 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 amount in case of death due to accident of Life Insured.
Download Brochure
ABSLI Critical Illness Rider
UIN: 109B019V03
Provides lump sum on survival of 30 days from the date of diagnosis of any of the specified critical illnesses.
|
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 |
| |||||||||||||||||
|
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
| |||||||||||||||||
|
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:
| |||||||||||||||||
How Does ABSLI Akshaya Plan Work?
Learn With An Example.
Use Case 1
Use Case 2
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.
How To Initiate Claim?
3 quick steps, everything online.
1
Fill basic details
2
Claim intimation
3
Document submission
Akshaya Plan FAQs
Key features of ABSLI Akshaya Plan are:
- Flexible Bonus Payouts: 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.
- Liquidity: Option to get instant liquidity through Cash Bonus (if declared) from the end of the first month/year or as per the chosen Cash Bonus pay-out frequency.
- Choice of 2 Benefit Options: Flexibility to choose amongst two Benefit Options i.e. Long Term Income and Whole Life Income (Till Age 100 or Till Age 85) to cater to the customers family’s needs across all life stages.
- Financial Security for ones loved ones: Comprehensive life cover available for up to 100 years.
- Customizable Benefits: Option to enhance the insurance cover through riders, which are available at a nominal extra cost.
Anyone meeting the following criteria is eligible for ABSLI Akshaya Plan:
- Age at entry: 30 days to 55 years (age last birthday)
The maximum maturity age for Long Term Income is 84 years and for Whole Life Income it is 85 or 100 years (based on Whole Life Income variant chosen).
The customer has the option to choose from the below mentioned Benefit Options:
- Long Term Income
- Whole Life Income
The minimum Sum Assured is ₹1,54,560. There is no limit on the maximum Sum Assured, however it is subject to the Board Approved Underwriting Policy.
The Policy Terms available under this plan are as below:-
|
Option Name |
Policy Term |
|
Long Term Income |
25, 30, 35 & 40 years |
|
Whole Life Income |
Coverage till Age 85: |
|
Coverage till Age 100: |
The Cash Bonus Payout Frequency available are Annual, Semi-Annual, Quarterly & Monthly and the same shall be payable at the end of the year, half-year, quarter or month, as the case may be.
The plan offers the following Premium Payment Terms:
6 years | 8 years | 10 years | 12 years | 15 years
Yes, 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.
As per extant tax laws, this plan offers tax benefits under Section 80C, 80D (for specific rider premium) and Section 10(10D)** of the Income Tax Act, 1961. 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 policyholder. It is advisable to seek an independent tax advice.
Other Insurance Plans
ABSLI Fixed Maturity Plan
ABSLI Fixed Maturity Plan is a life insurance savings plan which gives you a financial guarantee to fulfil your dreams while providing you with a life cover which safeguards your family in case of an eventuality.
Guaranteed Returns
Loan against policy for emergency situation
Flexibility of Investment Amount and Policy Term
ABSLI Assured Income Plus
Aditya Birla Sun Life Insurance Assured Income Plus provides the benefit of life insurance cover during the Policy Term and guaranteed income for 20, 25 or 30 years to ensure fulfilment of your family’s long term goals and aspirations.
Long term regular income for 20, 25 or 30 years
Fully Guaranteed Returns on your investment
Loyalty Additions
1Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
# 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 Payout 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.
** Sec 10(10D) benefit is available subject to fulfilment of conditions specified therein
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Participating Individual Savings Life Insurance Plan. GST and any other applicable taxes will be added (extra) to Your premium and levied as per extant tax laws. Premium will vary depending upon the Option chosen. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. All the benefits are payable subject to the terms and conditions of the Policy. In all the above scenarios, 4% p.a. and 8% p.a. are only assumed investment returns and are not guaranteed. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.
The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn't construe any indication of future bonuses. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. For further details please refer to the Policy contract. Tax benefits are subject to changes in the tax laws. For other terms and conditions, request your Agent Advisor or intermediaries for giving a detailed presentation of the product before concluding the sale. UIN: 109N136V03.
ADV/10/24-25/1857