Is the following true?
Let $G$ be a finite abelian group with a minimal generating set $S$. By minimal generating set I mean we cannot reduce the cardinality further. Let $S=\{a_1,a_2,\ldots ,a_k\}$ with orders $r_1, r_2, \ldots, r_n$ respectively. Then the group $G$ has $r_1r_2\cdots r_n$ elements.
For example $G=\{e,a,b,c,ab,bc,ca,abc\}$ Take $S=\{a,b,c\}$ Then $|G|=2\times2\times2=8$.
No this is not true in general. Let $G = \langle a \rangle \times \langle b \rangle$ with $|a|=2$, $|b|=4$. Then $\{ ab,b \}$ is a minimal generating set (in any sense), but they both have order $4$, whereas the group has order $8$.
Of course by the Fundamental Theorem, there always exsists a minimal generating set with the property you describe, such as $\{ a, b \}$ in the above example.