Bandhan Life Flexi Money Back Advantage Insurance Plan

Bandhan Life Flexi Money Back Advantage Insurance Plan is a traditional life insurance plan with the money back facility. The plan provides regular cash inflows thereby meeting the life insurance needs and the liquidity needs of the policyholder.

Read more
Best Investment Plans
  • Save Upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD+

In-built life cover
Buy Online & Get upto 4% extra#
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Key Features of Bandhan Life Flexi Money Back Advantage Insurance Plan

  • As a participating plan, Bandhan Life Flexi Money Back Advantage Insurance Plan has a limited premium payment option.
  • Survival benefits are offered depending on the term chosen.

Benefits

  • On the demise of the insured, a higher of 10x annualized premiums or the sum assured is paid out to the beneficiary along with the vested bonuses, which is subject to 105% of all the premiums paid.
  • At an interval of 4 years, Periodic Survival Benefits accrue as follows:
    • For 14 years PPT: 10%, 20%, and 30%
    • For 17 years PPT: 10%, 20% and 40%
    • For 21 years PPT: 10%, 15%, 25% and 30%
  • On Maturity, 40% of the sum assured plus vested bonuses including Terminal Bonus, if any, is paid
  • This policy offers Income Tax benefits to the insured. Under these benefits, the premiums paid are exempt of the tax deduction as per section 80C of Income Tax Act. The claim received is also free from tax deduction as per section 10(10D) of Income Tax Act.

Product Specification of Bandhan Life Flexi Money Back Advantage Insurance Plan

 

Minimum

Maximum

Age of Entry

7 years

60 years

Age of maturity

-

75 years

Policy Tenure  in years

14, 17, 21

Premium Paying Term in years

10, 12, 15

Premium Paying Mode

Annual, half-yearly, monthly

Premium

Depends on SA, age, term and PPT chosen

Sum Assured

100,000

No limit

Details About Premium

Benefit Illustration and Yearly premium

Age

SA = 100,000

SA= 250,000

SA = 500,000

Term

14 yrs.

17 yrs.

14 yrs.

17 yrs.

14 yrs.

17 yrs.

30 yrs.

14,438

13,414

34,608

31,980

33,555

30,898

40 yrs.

14,747

13,759

35,343

32,795

68,515

63,345

50 yrs.

15,643

14,696

37,480

35,010

72,600

67,555

 

Policy Details of Bandhan Life Flexi Money Back Advantage Insurance Plan

Grace Period: If the insured fails to pay premiums on time, then a grace period of 15 days is given to the policyholder, in monthly premium paying mode and 30 days for other modes. Failing this will result in policy lapse.

Policy termination or Surrender Benefit: In case a yearly premium has been paid by the insured, the policy gets a Surrender Value. The Surrender Value is higher of the Special Surrender Value or the Guaranteed Surrender Value.

Guaranteed Surrender Value = (Guaranteed Surrendered Value % of Premiums paid + Guaranteed Surrendered Value % of vested Bonuses – Survival Benefits already paid) + Guaranteed Surrender Value % of vested Bonuses.

Free Look period: If the policyholder is not satisfied with the coverage as well as the terms and conditions of the policy, then he/she is privileged with an option of free look period of 15 days. This option enables the insured to cancel the policy within this period, provided there hasn’t been a claim filed. 

Inclusions

·     After the completion of 3 years, the plan offers loan subject to a minimum of Rs.5000 and a maximum 60% of the Surrender Value.

Additional Features or Riders

      An add-on benefit as Bandhan Life ADDD Rider is accessible under the plan. This rider provides an additional coverage in case of demise, dismemberment, and disability caused by an accident.

Exclusions

Only 80% of the premiums paid or acquired surrender value is returned to the beneficiary in case the policyholder commits suicide within the first year of the policy inception.

Documents Required for Bandhan Life Flexi Money Back Advantage Insurance Plan

In order to acquire the benefits of the policy, the policyholder needs to fill an ‘Application form’ with correct medical history and the proof of your address and other documents of KYC. On the basis of the sum assured amount and the insured person’s age, a medical examination may be required as well. 

Frequently Asked Questions

1.     What is the claim Process of Bandhan Life Flexi Money Back Advantage Insurance Plan?

The claim process of Bandhan Life Flexi Money Back Advantage Insurance Plan is simple and is described in the following steps:

    • Inform the company.
    • Submit the required documents to the nearest branch of the company.
    • If the claim is bona fide, the benefits of the policy will be immediately paid out to the nominee.

2.     How does Bandhan Life Flexi Money Back Advantage Insurance Plan work?

Once the buyers choose the policy tenure and decide on the sum assured of policy based on their financial requirements, the yearly premium of the policy is calculated.

3.     How can you change the nomination in the policy?

In order to change the nomination in the policy, the policyholder has to submit an endorsement form. Moreover, he/she can call the toll free number and inform the company.

4.     How can you check the claim status?

By emailing or calling to the customer support team of the insurance company, one can check the claim status.

5.     How can you add or remove riders from the policy?

The policyholder can add or remove the rider depending on his/her requirement. In order to add a rider to the plan, a duly signed request letter must be submitted for the same. The insured can remove the rider simply by calling to the hotline number. Always keep your policy number and T-PIN handy, while adding or removing the rider.

6.     What are the riders provided by Bandhan Life Flexi Money Back Advantage Insurance Plan?

This plan offers Bandhan Life ADDD Rider. This rider provides additional benefits to the insured in case of

      • The accidental demise of the policy holder.
      • Due to accidental dismemberment, the policyholder loses a limb, eyes, etc.
      • In case of temporary or permanent disability of the insured due to an accident.

7.     What are the benefits and advantage of Bandhan Life Flexi Money Back Advantage Insurance Plan?

The benefits and advantages offered by this plan are:

      • The insured gets cash back at regular intervals.
      • The plan provides add-on coverage through Bandhan Life ADDD Rider.
      • The plan has limited premium paying tenure.
      • Even after the completion of the premium paying term, the insurance coverage continues.
      • The plan provides income tax benefits to the insured.
      • Loan facility is also provided by the plan.
      • The insured has the flexibility to choose between different policy terms.
      • Through bonus accrual, the benefit amount increases over 

*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
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Investment Plan
Insurers Offering Guaranteed Return Plans

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Invest More Get More!
You Get
₹1 Crores*
You Invest
₹10K/month
You Get
₹80 Lakhs*
You Invest
₹8K/month
You Get
₹50 Lakhs*
You Invest
₹5K/month
Investment Plan 3

Investment plans articles

Recent Articles
Popular Articles
Tips for Single Mothers to Financially Secure Their Future

17 Jul 2024

Being a single mother comes with unique challenges, especially
Read more
Market Linked Investment

17 Jul 2024

Market Linked Investments in India are a mix of traditional
Read more
Money Management Tips

04 Jul 2024

Effective money management is important for achieving financial
Read more
ICICI Prudential Capital Guarantee Solution

27 Jun 2024

ICICI Prudential Capital Guarantee Solution is a specifically
Read more
Difference Between Savings and Investment Plans

17 Jun 2024

Savings and investment plans are important financial tools with
Read more
20 Best Investment Options in India in 2024
  • 04 Apr 2014
  • 1844108
Investing in the best investment options in India helps to maximize your returns and fulfill your immediate and
Read more
Best NRE Savings Accounts for NRIs in 2024
  • 28 Jan 2022
  • 27592
India is a growing economy and is getting a lot of global recognition these days. It has shown immense growth in
Read more
Post Office Senior Citizen Savings Scheme (SCSS) 2024
  • 13 Feb 2020
  • 74032
The Post Office Senior Citizen Savings Scheme (SCSS) is a government-backed scheme designed specifically for
Read more
Short Term Investments Options
  • 10 Feb 2014
  • 474386
Short-term investments are financial assets that can be easily converted to cash within a short period, ranging
Read more
How to Change Mobile Number in Post Office Account Online?
  • 20 Nov 2021
  • 17745
Indian Post Payment Bank (IPPB) is the banking division of the Department of Post (Ministry of Communications)
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL