Aditya Birla Sun Life Insurance (ABSLI) recently launched a new-age savings solution ABSLI Akshaya Plan. It is a non-linked participating individual savings life insurance plan that offers an immediate liquidity option through Cash Bonus (if declared) facility. In a statement, ABSLI said this plan provides the benefit of a comprehensive life insurance cover and a regular source of income to ensure the fulfilment of your family’s growing needs.
“ABSLI Akshaya Plan will enable our policyholders to enjoy liquidity from the end of 1st policy year thereby providing them with necessary financial assurance, as well as covering them suitably in the advent of any eventuality,” said Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance
Rao further said that the plan gives the required cushion of a constant source of income, aiding the policyholder’s goal of creating a secure future and a comfortable lifestyle for themselves and their loved ones. Here are 5 points you should know about the ABSLI Akshaya Plan:
1. Cash Bonus: ABSLI Akshaya Plan policyholders can draw cash bonus from the end of 1st policy year. Policyholders get the option to receive Cash Bonus (if declared) in annual, semi-annual, quarterly or monthly frequency and the same shall be payable at the end of the year, half-year, quarter or month, as the case may be, the insurer said.
2. Long-term Returns: ABSLI Akshaya plan policyholders can avail the benefits of this plan on a long-term basis (25, 30, 35, 40 years) or whole life basis (till the age of 85 or 100). Policyholders will also have the flexibility to defer the declared Cash Bonus (if declared) and accrue them in the form of an Accumulated Cash Bonus and can withdraw the same partly or fully at any point during the policy term.
3. Entry age: The maximum entry age to avail ABSLI Akshaya Plan is 55 years, while the minimum age is 30 days.
4. Premium: The minimum annualized premium is Rs. 24,000 Policyholders can choose from multiple premium payment term options ranging from 6, 8, 10, 12 & 15 years.
5. Terminal Bonus: Along with Cash bonus (if declared), a terminal bonus (if declared) may be payable on the death of the Life Insured or surrender or maturity, whichever is earlier.