ABSLI Akshaya Plan
Flexible Bonus Payouts
2 Benefit Options - Long Term Income & Whole Life Income
Why Buy ABSLI Akshaya Plan?
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2 Benefit Options: Flexibility to choose amongst two Benefit Options i.e. Long Term Income and Whole Life Income.
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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.
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Financial Security: Comprehensive life cover available for up to 100 years.
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Flexibility: Choice of varied premium payment terms and policy terms.
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Customizable Benefits: Option to enhance Your insurance cover through riders at a nominal extra cost.
Whole Life Insurance with Cash Bonus
Benefits of ABSLI Akshaya Plan
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.
a. Sum Assured on Death; and,
b. Accumulated Cash Bonus (if declared); and,
c. Terminal Bonus (if declared)
a. Sum Assured; and,
b. Accumulated Cash Bonus (if declared); and
c. Terminal Bonus (if declared)
Insurance Riders
Download Brochure
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Type of Plan |
A Non-Linked Participating Individual Savings Life Insurance Plan |
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Coverage |
All Individuals (Male | Female | Transgender) |
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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. |
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Premium Payment Term (PPT) |
6 years | 8 years | 10 years | 12 years | 15 years |
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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. |
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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. |
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Maximum |
55 years |
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Maturity Age of the Life Insured (age as on last birthday) |
Minimum |
18 years |
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Maximum |
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Minimum Annualized Premium |
Rs. 24,000 |
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Maximum Annualized Premium |
No Limit (subject to Board Approved Underwriting Policy) |
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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. |
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Minimum Sum Assured |
Rs. 1,54,560 |
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Maximum Sum Assured |
No Limit (subject to Board Approved Underwriting Policy) |
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Premium bands |
The benefits under this product vary by premium bands as mentioned below:
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How does ABSLI Akshaya Plan Work?
Learn with an example.
- 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.
- 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.
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
Akshaya Plan FAQs
- 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.
- Age at entry: 30 days to 55 years (age last birthday)
- Long Term Income
- Whole Life Income
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Option Name |
Policy Term |
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Long Term Income |
25, 30, 35 & 40 years |
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Whole Life Income |
Coverage till Age 85: |
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Coverage till Age 100: |
6 years | 8 years | 10 years | 12 years | 15 years
Other Insurance Plans
Guaranteed Returns
Loan against policy for emergency situation
Flexibility of Investment Amount and Policy Term
Long term regular income for 20, 25 or 30 years
Fully Guaranteed Returns on your investment
Loyalty Additions
Loyalty Additions to boost maturity corpus
Comprehensive life insurance cover
Option to cover your spouse by choosing Joint Life Protection
Whole life cover up to age 100
Short premium paying term available
Income for whole life
Commutation Option
Loyalty Additions
Customizable Benefits
Inbuilt accidental death benefit
No medical tests required
Easy and convenient to buy
Comprehensive financial protection of your family
Accrued regular bonuses to augment your savings
Life cover up to a maximum of age 100
Option to enhance your insurance cover through riders
Option to get cash-in-hand even while paying premiums
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Disclaimer
¹ Tax 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.
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: 109N136V02.
ADV/7/23-24/1063
