Aditya Birla Sun Life Insurance (ABSLI) on September 22, 2022 announced the launch of a savings-oriented insurance plan.
Named Akshaya Plan, it is a non-linked participating individual savings life insurance plan that offers immediate liquidity option through cash bonus facility. According to the insurer, the plan provides the benefit of a comprehensive life insurance cover along with a regular source of income.
The maximum entry age is 55 years, while the minimum age is 30 days. The minimum annualised premium is Rs 24,000.
Policyholders can choose from multiple premium payment term options ranging from six, eight, 10, 12, and 15 years. Along with cash bonus (if declared), a terminal bonus (if declared) would be payable on the death of the life insured or surrender, or maturity, whichever is earlier. Policyholders can also avail the benefits of the plan on a long-term basis (25, 30, 35, 40 years) or whole life basis (till the age of 85 or 100 years), the insurer announced in a press release.
According to the insurance company, the new product will allow policyholders to draw cash bonus from the end of the first policy year, thus providing them with a regular source of income. Further, policyholders will also have the option to receive cash bonus (if declared) on an 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.
Policyholders will also have the flexibility to defer the declared cash bonus (if declared) and accrue them in the form of accumulated cash bonus. They can withdraw the same partly or fully at any point during the policy term. The policyholders can also switch between the bonus options according to their convenience.
Kamlesh Rao, managing director and CEO, Aditya Birla Sun Life Insurance, said, “ABSLI Akshaya Plan will enable our policyholders to enjoy liquidity from the end of first 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.”
