Bandhan Life Guaranteed Income Plan

Eligibility Criteria for the Bandhan Life Guaranteed Income Plan

All ages are calculated as on the last birthday.

Features of the Bandhan Life Guaranteed Income Plan

Here are the key features of the Bandhan Life Guaranteed Income Plan:

• Two Plan Options: Choose between Flexi Start and Extended Benefit as per your income needs.
• Guaranteed Income Stream: Secured Income is payable from the end of the first policy year.
• Return Of Premium Option: Under Flexi Start, you may opt to receive 100% of total premiums paid along with an additional loyalty addition at the end of the income period. 
• Income Accumulation Facility: You may accumulate secured income payouts to build a savings corpus.
• Premium Offset Feature: Secured Income received can be adjusted against the premium payable, subject to conditions.
• Special Income Payout Date: Option to receive income on a selected special date if annual frequency is chosen.
• Advance Income Option: Income can be received in advance instead of arrears, if selected at inception.

This plan stands out among various Bandhan Life Traditional Plans for its simplicity and guaranteed payout features.

Benefits of the Bandhan Life Guaranteed Income Plan

The Bandhan Life Guaranteed Income Plan provides income benefits along with financial protection. Below are the benefits of this plan:

• Survival Benefit: Secured Income is paid from the end of the first policy year until death or the end of the policy term, whichever occurs earlier.
• Maturity Benefit
  • Flexi Start: After the policy term ends, Guaranteed Income is paid during the chosen income period. If the Return of Premium option is selected, 100% of the total premiums paid, plus a 10% loyalty addition, is payable at the end of the income period.
  • Extended Benefit: Benefits are available as a lump sum on policy expiry, and these benefits are available based on paying 100% of the total premiums.
• Death Benefit: Death Benefit = Higher of:
  • 11 × Annualised Premium
  • 105% of Total Premiums Paid
  • Accrued / Accumulated Secured Income (if applicable)
• Tax Benefits: All premiums paid and benefits received may be subject to tax under applicable tax laws. 

This plan falls under the broader category of the best investment plans for higher returns, enabling you to develop a structured savings pattern with additional financial cover.

Riders Under the Bandhan Life Guaranteed Income Plan

The Bandhan Life Guaranteed Income Plan has a discretionary add-on rider:

This lump sum benefit is given in the event of accidental provision of the life assured. The rider is also offered at a fee and is liable to the underwriting requirements.

Policy Details of the Bandhan Life Guaranteed Income Plan

Understanding the policy terms of Bandhan Life Guaranteed Income Plan helps you make informed decisions.

• Grace Period: Grace is given for 30 days on payment of the renewal premium (15 days when the premium mode is monthly). 
• Revival: The policy can be revived within five years from the date of the first unpaid premium, subject to payment of all due premiums with interest and underwriting approval.
• Free Look Period: If you do not like any of the policy's terms and conditions, you may return the policy within 30 days of receiving the policy document. 
• Surrender: The policy acquires a surrender value after payment of at least one full year’s premium. The higher of the Guaranteed Surrender Value and the Special Surrender Value will be paid upon surrender of the policy, in accordance with the policy terms and conditions.
• Loan: A loan will be availed when the policy gains surrender value. Loan facility is available up to 80% of the surrender value, subject to policy terms.

Exclusions Under the Bandhan Life Guaranteed Income Plan

Suicidal Clause

If death occurs due to suicide within 12 months from policy commencement or revival, the benefit payable will be as per policy terms.