~ Provides a regular income from the end of 1st policy year ~
Bangalore, 23rd September, 2022: Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announces the launch of a new-age savings solution ABSLI Akshaya Plan, a non-linked participating individual savings life insurance plan offering immediate liquidity option through Cash Bonus (if declared) facility. 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.
Key Features of ABSLI Akshaya Plan:
• Immediate Liquidity: Receive Cash Bonus (if declared) from the end of first policy year or as per the cash Bonus pay-out frequency chosen
• Choice of 2 Benefit Options – Flexibility to choose amongst Long Term Income and Whole-Life Income options.
• Flexible bonus pay-outs – Complete flexibility to receive Cash Bonus (if declared) or to accumulate it
• Agility: Choice of varied premium payment terms and policy terms, to suit one’s requirements
• Customizable Benefits – Option to enhance the insurance cover through riders, which are available at a nominal extra cost
• Financial Security for your loved ones – Comprehensive life cover available for up to 100 years.
ABSLI Akshaya Plan enables the policyholder to draw cash bonus from the end of 1st policy year, providing a regular source of income. Furthermore, policyholders have 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.
Commenting on the launch of ABSLI Akshaya Plan, Mr Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, “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. It 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. It is our constant endeavour at Aditya Birla Sun Life Insurance to help our customers with a life cover while addressing their savings needs as well.”
ABSLI Akshaya plan provides competitive returns with high flexibility. The plan comes with flexible premium payment terms and allows the policyholders to choose from a wide range of policy terms to fit individual needs. Also, they 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 have the flexibility to defer the declared Cash Bonus (if declared) and accrue them in the form of Accumulated Cash Bonus and can withdraw the same partly or fully at any point during the policy term. The policyholders can also switch between the bonus options, as per their convenience.
The maximum entry age to avail ABSLI Akshaya Plan is 55 years, while the minimum age is 30 days. Furthermore, 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.
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.