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ABSLI Akshaya Plan - Eligibility

Type of Plan A Non-Linked Participating Individual Savings Life Insurance Plan
Coverage All Individuals (Male | Female | Transgender)
Benefit Options At policy inception, You will have the option to choose from the below mentioned Benefit Options:

  1. Long Term Income
  2. Whole Life Income
The Benefit Option once chosen cannot be changed thereafter.
Premium Payment Term (PPT) 6 years | 8 years | 10 years | 12 years | 15 years
Policy Term (PT) Long Term Income:

Premium Payment Term Policy Term
6 years

25 | 30 | 35 | 40 years
8 years
10 years
12 years
15 years

Whole Life Income:

At inception, you have the flexibility to choose coverage till age 85 or age 100 years.

Premium Payment Term Policy Term
6 years Coverage till Age 85: 85 years less Age at Entry

Coverage till Age 100: 100 years less Age at Entry
8 years
10 years
12 years
15 years

The Policy Term once chosen at inception cannot be changed thereafter for both the Benefit Options.
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.
Maximum 55 years
Maturity Age of the Life Insured (age as on last birthday) Minimum 18 years
Maximum
Benefit Option Premium Payment Term Maximum Maturity Age
Long Term Income 6 years 84 years
8 years
10 years
12 years
15 years
Whole Life Income 6 years, 8 years, 10 years, 12 years, 15 years 85 years
100 years
Minimum Annualized Premium Rs. 24,000
Maximum Annualized Premium No Limit (subject to Board Approved Underwriting Policy)
Premium Payment Frequency and Frequency Loadings

Annual | Semi-Annual | Quarterly | Monthly

Frequency Annual Semi-annual Quarterly Monthly
Modal Factors 0.0% 2.0% 3.0% 4.0%
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.
Minimum Sum Assured Rs. 1,54,560
Maximum Sum Assured No Limit (subject to Board Approved Underwriting Policy)
Premium bands The benefits under this product vary by premium bands as mentioned below:

Premium Bands Band 1 Band 2 Band 3 Band 4 Band 5 Band 6
Annualized Premium (Rs.) 24,000 to 49,999 50,000 to
99,999		 1,00,000 to 1,99,999 2,00,000 to 2,99,999 3,00,000 to 4,99,999 5,00,000+

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