Bandhan Life Jeevan Riddhi Insurance Plan

Endowment policies are a type of life insurance contract that is meant to pay a lump sum amount after a particular period or on the death of the life assured. Bandhan Life Jeevan Riddhi Insurance is a non-linked participating endowment policy that is offered by Bandhan Life Insurance. This policy is meant for people searching for a savings plus protection plan that can provide a bit of an extra boost to their savings. The insured individuals can avail of 5% guaranteed additions on the sum assured amount during their premium payment term for Bandhan Life Jeevan Riddhi Insurance Plan. This risk management solution also provides financial protection to the family of the life assured, in the scenario of his/her unfortunate demise.

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7.7 Crore

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Bandhan Life Jeevan Riddhi Insurance Plan Details:

Parameters	Details
Policy Tenure	Limited pay plans: 12years to 20 years Single pay plans: 10 years
Premium Paying Term	Single pay / (policy term - 5) years
Premium Paying Mode	Monthly, Semiannually and annually
Entry Age	Min – 18 years last birthday Max- Limited pay option: 55 years Single Pay option: 60 years
Maturity Age	70 years
Grace Period	30 Days (15 Days For Monthly Mode)
Sum Assured	Depends on the age of the life assured, the premium payment term and the annualized premium sum
Liquidity	Loans are available after the plan has acquired a surrender value.

Benefits of the Bandhan Life Jeevan Riddhi Insurance Policy

Below are the core benefits offered by Bandhan Life Jeevan Riddhi Insurance Policy:

Maturity Benefit: The insured individuals surviving the policy period after making all the relevant premium payments shall be paid the sum assured amount, as well as accrued guaranteed additions, accrued reversionary bonus, and terminal bonus (if applicable).
Death Benefit: In case of the insured’s death during the term, the beneficiary or nominee shall receive the sum assured on death, accrued guaranteed additions, reversionary bonus and terminal bonus (if applicable). This amount will be a minimum of 105% of all the premiums paid until death and will be calculated as per the plan.
Policy loan benefit: People can take up a loan against the Bandhan Life Jeevan Riddhi Insurance Plan once it has acquired a surrender value. The minimum loan amount will be Rs.5, 000, while the maximum amount will be up to 60% of the surrender value.
Surrender Benefit: This plan would acquire a guaranteed surrender value in case the policyholder decides to do so:
For single pay option-immediate payment
For 10 or more years premium payment –After payment of premiums for the first three years
For less than 10 years premium payment term – After payment of premiums for the first two years
Tax Benefits: The benefits received through the Bandhan Life Jeevan Riddhi Insurance Plan are eligible for tax benefits, under Section 10(10D) and Sec 80C of the Income Tax Act, 1961.

* Tax benefit is subject to changes in tax laws

The Premiums for Bandhan Life Jeevan Riddhi Insurance

The Bandhan Life Jeevan Riddhi Insurance premium can be paid as either a single payment option or a limited pay option.

The minimum premium payment amount for the single pay option would be *Rs. 1, 00,000, while the maximum amount shall be subject to underwriting.

For the limited pay option, the minimum premium amount would be:

*Rs 15,000/- p.a. for the policy term of 12 to 16 years
*Rs 12,000/- p.a. for the policy term of 17 to 20 years

*Standard T&C Apply

People can use the Bandhan Life Jeevan Riddhi Insurance calculator available online to get an idea about the premium sum to be paid.

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Additional Riders for Bandhan Life Jeevan Riddhi Insurance

Bandhan Life Premium Shield Rider can be brought along with Bandhan Life Jeevan Riddhi Insurance. This rider offers a waiver of premium sum on disability or death due to sickness or accident, loss of eyesight in both eyes and a single eye, hearing in both ears and loss of speech.

Eligibility for Bandhan Life Jeevan Riddhi Insurance

Entry Age: Minimum 18 years, and a maximum of 55 years (Limited pay option) or 60 years (Single Pay option)
Maturity Age: 70 years

What are the Documents Required to Buy this Policy?

To buy Bandhan Life Jeevan Riddhi Insurance policy, people have to provide:

Identity proof, such as Aadhar card, voter's card, or passport
Address proof, such as Aadhar card, driving license, ration card, voter's card, or passport
Income proof, such as Income tax returns or salary slips

How to Buy this Plan Online?

One cannot buy Bandhan Life Jeevan Riddhi Insurance online, as it is an office plan. To purchase this plan, people have to:

Step 1: Visit Policybazaar.com or contact their Life Advisor

Step 2: Select the premium sum and policy term

Step 3: Fill in the application form with the assistance of Policybazaar life advisor

Step 4: Make the payment

Exclusions of Bandhan Life Jeevan Riddhi Insurance

Bandhan Life Jeevan Riddhi Insurance reviews suggest that it is quite a comprehensive plan; it does have suicide exclusion.

If the life assured dies by suicide within a year of the plan in force or from the date of revival of the plan, 80% of the premium amount or the surrender value applicable, is paid as a death benefit.

FAQs

Q. How to check Bandhan Life Jeevan Riddhi Insurance policy status?

Ans: Bandhan Life Jeevan Riddhi Insurance policy status can be checked by emailing the insurer or giving them a call.
Q. How to change the nominee named in this plan?

Ans: The policyholder should call up the insurer's toll-free number, as well as give an endorsement form informing them that the nominee name requires to be changed.
Q. In which scenario can the Bandhan Life Jeevan Riddhi Insurance policy be terminated?

Ans: This policy can be terminated on the date of surrender, date of maturity or the death of the life assured. It can also be terminated after the nonpayment of the 1st 12 monthly premiums of the plan if it has not been reinstated within the particular time frame.
Q. What is the free look period for this plan?

Ans: People purchasing the plan directly from the company are provided with a 15 days free look period, while the ones investing in it through distance marketing get a 30 days free look period.
Q. Can the sum assured amount for the policy be changed later on?

Ans: Yes. This amount can be changed after the submission of a duly signed request to the insurer.
Q. Is it possible to apply for a duplicate policy document for this plan?

Ans: Yes, it is possible to apply for a duplicate policy document for this plan by submitting a duly signed requisition letter or an endorsement form to the insurer, along with a guaranteed bond on a stamp paper of Rs 200.
Q. What is the grace period for premium payments made on a monthly basis?

Ans: 15 days is the grace period for premium payments made on a monthly basis.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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