Aditya Birla Sun Life Insurance launches ABSLI Akshaya Plan
By Pinkerala News Desk | Sep 23, 2022
~ Provides a regular income from the end of 1st policy year ~
Key Features of ABSLI Akshaya Plan:
Kochi, 22nd 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 solutionABSLI 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.
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.
About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company
Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a part of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.
ABSLI offers a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).
As of June 30 2022, total AUM of ABSLI Stood at Rs.606, 600 million (12% Increase YOY). ABSLI recorded a gross premium income of Rs. 26200 million in Q1 FY23 and registering a y-o-y growth of 49% in Gross Premium with Individual Business FYP at Rs 4090 Mn. ABSLI has a nation-wide distribution presence through 340+ branches, 8 bancassurance partners, 6 distribution channels, over 49500+ direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 19000 employees and 18.36 lacs active customers.
Aditya Birla Capital Limited (ABCL) is the holding company for the financial services businesses of the Aditya Birla Group.
ABCL’s subsidiaries have a strong presence across Protecting, Investing and Financing solutions, ABCL is a universal financial solutions group catering to diverse needs of its customers across their life stages. Powered by more than 33,500 employees, the subsidiaries of ABCL have a nationwide reach with 1,094 branches and more than 2,00,000 agents / channel partners and several bank partners.
As of June 30th, 2022, Aditya Birla Capital Limited manages aggregate assets under management over Rs. 3,550 billion, has a consolidated lending book of approx. Rs. 699 billion, and an active customer base of approx. 39 million, through its subsidiaries and joint ventures.
Aditya Birla Capital Limited is a part of the Aditya Birla Group, in the league of Fortune 500. Anchored by an extraordinary force of over 140,000 employees, belonging to 100 nationalities. Today, over 50% of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa, Asia, and Europe.
About Sun Life Financial Inc, Canada
Sun Life Financial is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2022, Sun Life Financial had total assets under management of CAD 1,352 billion. For more information please visit www.sunlife.com. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
For media queries, please connect with:
Aditya Birla Sun Life Insurance
Rakesh Kr Jha | Siddhesh Jamsandekar
+91 98739 04595 | +91 88797 39097
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