Bandhan Life Guaranteed Growth Insurance Plan
Introduction/Overview
Bandhan Life Guaranteed Growth Insurance plan is a traditional insurance plan which provides guaranteed benefits while at the same time giving life insurance protection to ensure a stable financial future.
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Investment Plans
- Guaranteed Tax Savings^Under sec 80C & 10(10D)
- Under sec 80C & 10(10D)Invest ₹10k Per Month*
- Zero LTCG Tax^
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Key Features
- It is a non-participating plan with limited premium payment option.
- There is annual payment from the 10th to the 17th year which equals 150% of the annualized premium paid.
Benefits
- The Maturity benefit is paid yearly @ 150% of the annual premium form the 10th year to 17th year
- On death of the policyholder, guaranteed payouts as mentioned above will accrue as and when they fall due and future premiums are waived off.
- The nominee may avail the Cash value of the death benefit prior to the end of the term where the value will be higher of 10 times the annual premium of 105% of all premiums paid discounted @ 10%.
- 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) |
8 years |
50 years |
|
Maturity Age (Last Birthday) |
- |
60 years |
|
Policy Term (PT) in years |
10 |
|
|
Premium Paying Term (PPT) in years |
8 |
|
|
Premium Paying Frequency |
Annual, monthly |
|
|
Premium |
20,000 |
300,000 |
|
Sum Assured |
10 * Annual Premium |
|
Details About Premium
Annual premium in Rupees and Benefit Illustration
|
Age |
45 years |
|
Term |
10 years |
|
PPT |
8 years |
|
Premium |
100,000 |
|
Annual Payouts after the term |
150,000 |
Policy Details
Grace period: 30 days’ grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses
Policy termination or Surrender Benefit: the policy acquires a Surrender Value if one full year’s premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
GSV = (GSV% * total premiums paid)
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 15 days of receipt of the policy documents, provided there has been no claim.
Inclusions
Loan is not available under the plan
Exclusions
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Documents Required
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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
^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.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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