Bandhan Life iTerm Insurance Plan

Benefits of Bandhan iLife Term Insurance

On diagnosis of any Terminal Illness, future premiums are waived off and 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs.

On death of the policyholder, the Sum Assured less any Terminal Benefit already paid is paid to the nominee

There is no maturity benefit in this plan

There are 4 additional riders available in this plan

Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Minimum

Maximum

Entry Age (Last Birthday)

18 years

65 years

Maturity Age (Last Birthday)

75 years

Policy Term (PT) in years

Premium Paying Term (PPT) in years

Single Pay or equal to the policy term

Premium Paying Frequency

Single, Annual, Semi-Annually and Monthly

Sum Assured

25 lakhs

No limit

Policy Details

Grace period: 30 days grace period is allowed for payment of premium

Policy termination or Surrender Benefit: the policy does not acquire Surrender Value for Regular Pay plans. For Single Pay plans, Surrender Value is available only after completion of 3 policy years.

Surrender Value = 70% * Single Premium * (outstanding term / total term)

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.

For the Terminal Illness Benefit, illnesses arising out of self-inflicted injuries, alcohol abuse, failure to follow medical advice, HIV and AIDS infection, war, aviation, etc. are excluded.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.