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Acko Life Flexi Term
Acko Life Insurance Flexi Term Plan offers flexible life cover with customizable payout options. You can adjust the sum assured and benefits as your n...
Unique Features
- Will Creation Services
- Flexi Benefit
- Optional Riders
Acko Term Insurance
Acko Life Flexi Term
The Acko Flexi Term Plan offers financial protection to your loved one ...Read More
🛡️ IRDAI Approved
⭐ 5.0/5 · 62 reviews
📊 1.96 solvency ratio
✅ 99.70%% claim settlement ratio
🌐 200+ pan-India
About Acko Life Flexi Term
A quick read on what this Acko Term Insurance term plan covers and why it might be a fit for you.
Acko Life Insurance Flexi Term Plan offers flexible life cover with customizable payout options. You can adjust the sum assured and benefits as your needs change. You can shape the plan around your changing goals, such as loans, education, and long-term security. You can also change how much money your family will receive in your absence.
Acko Life Flexi Term Plan offers you a range of benefits, including:
- Flexible Sum Assured and Policy Tenure
- Affordable Premiums
- Special Exit Value
- Easy and Convenient
- Flexi Benefits
- Optional Rider Benefits
Eligibility Criteria for Acko Life Flexi Term
Entry age
Minimum Age - 18 yearsMaximum Age - 70 years
Maturity age
Maximum maturity age- 85 years
Policy term
Minimum policy term- 5 years, Maximum policy term- 40 years
Sum assured
Base sum assured- Flexible sum assured
Policy loan
Policy loan is not available
Payment Modes
Yearly, half-yearly, quarterly, and monthly
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Annual coverage upgrade option
- Flexible sum assured option
- Quick policy modification system
Cons
- Suicide is not covered in the first year
- Fraud or misstatement
- Death due to alcohol
- war or terrorism.
Who can buy this plan
Eligibility criteria pulled straight from the policy wording.
Entry Age: 18 Years
Max Entry Age: 70 years
Minimum Sum Assured: Adaptable
Maximum Maturity Age: 85 years
Premium Payment Term: RP/SP/LP
How Does Acko Flexi Term Insurance Plan Work?
Let's understand how the Acko Flexi Term Insurance Plan works with a simple premium illustration.
Problem
Mr. Sharma is looking for a term plan that offers financial coverage to his loved ones in case of his unfortunate demise during the policy tenure.
Solution
While browsing, he visited PolicyX.com and booked a free appointment with an expert advisor. The advisor suggested Mr. Sharma consider the Flexi Term Plan.
Mr. Sharma, with an annual income of Rs 10 lakhs, bought the Flexi Term Plan. Let's understand how the plan works for him with a simple premium illustration table.
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
| 30 years | Rs 1,25,928 | 30 years | 12 years | Rs 15,11,136 | Rs 1 crore |
Key Takeaways:
(i) If Mr. Sharma passes away before turning 60, death benefits worth Rs 1 crore will be paid to his nominee, and the policy will lapse.
(ii) If Mr. Sharma passes away after turning 60, death benefits worth Rs 1 crore will be paid to his nominee, and the policy will lapse.
Riders You Can Avail With Acko Flexi Term Plan
You can choose the following riders with your Acko Flexi Term Insurance Plan to enhance your plan coverage:
Acko Life Critical Illness Rider
If the policyholder is diagnosed with critical illnesses, the rider benefits are paid.
ACKO Life Accidental Total Permanent Disability Benefit Rider
This rider offers benefits if the policyholder suffers total permanent disability due to an accident.
ACKO Life Accidental Death Benefit Rider
If the policyholder suffers death due to an accident, rider benefits are paid to either the policyholder or the nominee.
Features of Acko Life Flexi Term
Key features that make Acko Life Flexi Term stand out.
Flexible Sum Assured
The Acko Flexi Term Plan allows you to increase your sum assured once a year and decrease it after 3 years of policy tenure. Adjustments can be made annually thereafter.
Policy Term
You can increase your policy term once a year and decrease it after 5 years, based on your desired coverage duration.
Grace Period
The grace period for premium payment is 15 days for monthly premiums and 30 days for other payment frequencies. The grace period does not apply to single-pay policies.
Payout Options
This option allows you to control how the policy's sum assured will be paid to your nominee. You can choose between partial monthly payments or a one-time full payment for claim settlement.
Benefits of Acko Life Flexi Term
Here are the key benefits of the Acko Life Flexi Term.
Guaranteed Death Benefits
Acko Flexi Term Insurance Plan offers guaranteed death benefits to your loved ones in case anything unfortunate happens to you.
Tax Benefits
This plan is eligible for tax benefits under Section 80 (C) and Section 10 (10D) of the Income Tax Act, 1961.
Will Creation Services
This plan helps you create your will so that you are clear where your assets will go.
Additional Rider Benefits
This plan allows you to choose additional riders with your term insurance plan that helps to increase your coverage.
Flexi Benefit
The flexibility to customise coverage throughout the policy period. You can easily increase or decrease your sum assured and policy tenure.
Exclusions of Acko Flexi Term Insurance Plan
Here is the list of exclusions associated with the plan:
- Policies sold through POS personnel have a 90-day waiting period. If the policyholder passes away during this period, no death benefits are paid; only premiums paid to date (excluding GST) will be returned to the nominee.
- Policy loans are not available under this plan, except for ROP, Early ROP, and Whole Life variants.
- Suicide is covered after the completion of the first policy year.
Conclusion
The Acko Flexi Term Insurance Plan provides financial coverage to your loved ones in the event of your unfortunate demise. It offers multiple benefits, including flexible sum assured, affordable premiums, and flexi benefits.
If you need assistance in determining if the Acko Flexi Term Plan is right for you, contact PolicyX.com. We provide expert insurance advice. Book an appointment with us today.
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FAQs: Acko Life Flexi Term Plan
The 3 most-asked questions about Acko Life Flexi Term, answered.
Acko Flexi term plan is a term insurance plan that provides you death benefits.
Anyone whose age is 18 or more can buy Acko Flexi Term Plan.
Yes, you can adjust your coverage and policy tenure later.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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