• Life coverage for the policyholder during the policy term
• Guaranteed maturity benefits if the policyholder survives the term
• Bonuses or additional benefits declared by the insurance company
• Optional riders for critical illness, accidental death, or disability
• Tax benefits on premiums paid and maturity proceeds under applicable laws

Benefits Of ABSLI Akshaya Plan

Bonus

a. Cash Bonus: Non-guaranteed Cash Bonus (if declared) shall be payable from the end of 1st policy year or as per the Cash Bonus payout frequency chosen except ‘Annually in Advance’ mode wherein payout is done at start of the policy year, till the earlier of death of the Life Insured if such death results in termination of the Policy, Surrender or Maturity Date. The bonus may be declared in the form of a Cash Bonus rate every year. Cash Bonus rate is expressed as per 1000 Sum Assured and once declared shall be payable on the next policy anniversary. The effective date for the annual bonus rates declared shall be 1st July of every year. You have the option to receive the Cash Bonus (if declared)in Annually in Advance, Annually in Arrears, Semi-Annual, Quarterly or Monthly frequency The cash bonus is payable at the start of the year in case of Annually in Advance frequency and at the end of the year for Annually in Arrears, Semi-Annual, Quarterly or Monthly, as the case may be. The chosen Cash Bonus pay-out frequency can be changed during the term of the Policy by providing a written notice at least 30 days before the policy anniversary. The change shall be applicable from the next policy anniversary.

• You shall have the flexibility to defer the declared Cash Bonus (if declared) and accrue them instead in the form of Accumulated Cash Bonus (if declared)
• The Cash Bonus (if declared) shall be accumulated monthly at reverse repo rate published by Reserve Bank of India (RBI) on its website. This rate will be reviewed at the beginning of every quarter and will be aligned with the latest reverse-repo rate published on RBI’s website.
• You can withdraw the Accumulated Cash Bonus (if declared) partly or fully at any point during the Policy Term. The withdrawal can only be made if the lump sum amount payable is at least Rs. 1,000. If the unpaid Survival Benefits are not taken by You during the Policy Term, the same shall be payable along with benefits payable at the time of termination of the Policy in the form of death, maturity or surrender.
• You can choose to opt in or opt out of this feature at any point during the Policy Term by giving a written notice to Us at least 30 days before the policy anniversary and the same shall be applicable from the next policy anniversary.

b. Interim Bonus: We may pay an Interim Bonus (if declared), in case of death of the Life Insured, surrender, survival or maturity happens before the latest declared bonus rates would have come into effect.

c. Terminal bonus: Terminal Bonus (if declared) may be payable on earlier of death of the Life Insured or surrender or maturity.

Death Benefit

In the event of death of the Life Insured during the Policy Term, provided that the Policy is in-force and not under Lapsed or Reduced Paid-Up mode, We will pay the following to Your nominee(s)/beneficiary(ies):

a. Sum Assured on Death; and,
b. Accumulated Cash Bonus (if declared); and,
c. Terminal Bonus (if declared)

Survival Benefit

Provided the policy is in-force and all due premiums under the policy have been paid, We will pay the Cash Bonus (if declared), at the start of the year in case of Annually in Advance frequency and at the end of the year for Annually in Arrears, Semi-Annual, Quarterly or Monthly, as the case may be starting from the first policy year until Policy Maturity. You shall have the flexibility to defer the declared Cash Bonus (if declared) and accrue them instead in the form of Accumulated Cash Bonus (if declared).

Maturity Benefit

On survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Installment Premiums under the Policy have been paid, the following will be payable:

a. Sum Assured; and,
b. Accumulated Cash Bonus (if declared); and
c. Terminal Bonus (if declared)

Policy Loan

You may take a loan against Your policyafter completion of first Policy Year, once the Policy has acquired Surrender Value . The minimum loan amount is Rs.5,000 and the maximum is 80% of the then applicable Surrender Value less any outstanding policy loan plus all accrued but unpaid loan interest as on that date. On exercising this option, Your policy shall automatically get assigned to the company to the extent of the outstanding policy loan balance.

For more details, refer to the product prospectus.

Tax Benefits

You may be entitled to certain applicable tax benefits on premiums paid and on benefit(s) received under Your policy. Please note that all the tax benefits¹ are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you.

How Does ABSLI Vision LifeIncome Plan Work?

Some benefits are guaranteed and some benefits are variable with bonuses based on the future performance of the participating business and economic conditions. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. In the illustration below, the Sum Assured is fully guaranteed. The Total Death Benefit is not guaranteed and is determined using assumed future investment returns of 4% and 8% as set by the Life Insurance Council.

* Premiums exclude underwriting extra premium, frequency loadings on premiums, the premiums paid towards the riders, if any and Goods and Service Tax. This is not a benefit illustration. Please visit our website or ask your financial advisor for the complete benefit illustration for your policy. **Exclusions**: We will pay the total premiums paid till date or surrender value available on the date of death, if higher in the event the life insured dies due to suicide, within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as may be applicable provided the policy is inforce.