Aditya Birla Sun Life Insurance Akshaya Plan

Eligibility Criteria for the ABSLI Akshaya Plan

If you are exploring an Endowment Policy that combines life insurance with long-term savings, the Akshaya Plan offers participating benefits with income options.

Features of ABSLI Akshaya Plan

The Aditya Birla Sun Life Insurance Akshaya Plan includes several features, including:

• A Non-Linked Participating Individual Savings Life Insurance Plan, offering life insurance protection with bonus potential.
• Choice of Long Term Income or Whole Life Income (coverage till age 85 or 100).
• Death benefit includes Sum Assured plus accrued bonuses, if declared.
• Eligible for Cash, Interim, and Terminal Bonuses, subject to company performance.
• Flexible bonus payout options with multiple frequency choices.
• Premium payment terms of 6 to 15 years with selectable payment modes.
• Option to enhance coverage with additional riders at an extra cost.

Benefits of ABSLI Akshaya Plan

Let’s understand some of the benefits of the ABSLI Akshaya Plan to help you build a steady, guaranteed income under the Aditya Birla Investment Plans:

• Death Benefit: The nominee receives the Sum Assured on Death and all accumulated bonuses when the insured dies during the policy period.
• Income Benefit: The plan begins to provide regular income payments after the premium payment period ends. The chosen option allows payments to continue until the policyholder's death.
• Maturity Benefit: If the policy reaches maturity, any accumulated bonuses that were not paid earlier may be included in the final payout, as in traditional return plans.
• Bonus Benefit: Periodic bonuses are also announced and offered when the company is running smoothly and performing well.

Riders Under the ABSLI Akshaya Plan

You can increase your coverage by adding optional riders at an extra premium. These include:

• Accidental Death Benefit Rider
• Critical Illness Rider
• Waiver Of Premium Rider

Riders are subject to underwriting guidelines and availability.

Policy Details of the ABSLI Akshaya Plan

It is important to know the policy details of the best investment plans for higher returns. Here are Akshaya Plan’s policy details: 

• Grace Period: A 15-day grace period is given for the monthly premium mode and 30 days for other modes to pay the premium after the due date.
• Revival: If the policy lapses due to non-payment, it can be reinstated within 5 years of the first unpaid premium by paying the required amounts and obtaining official permission.
• Free Look Period: You have 15 days (30 days for distance marketing policies) to review the policy after receiving it. You may cancel it if not satisfied.
• Surrender: You can surrender the policy after paying the minimum required premiums. 
• Fund Switching and Loan: Fund switching is not available for this non-linked plan. 

Exclusions Under the ABSLI Akshaya Plan

Some of the best guaranteed return plans come with certain exclusions. The Aditya Birla Sun Life Insurance Akshaya Plan comes with the following exclusions:

• Suicidal Cover: The policy states that if a person commits suicide within 12 months after their policy starts or their policy is reinstated, the insurance company will pay a benefit which equals a specific percentage of the premiums paid.
• Total Permanent Disability (TPD): The base plan does not include TPD. An appropriate rider must be selected to obtain coverage.