Bandhan Life iGuarantee Vishwas Plan

Eligibility Criteria for Bandhan Life iGuarantee Vishwas Plan

Age is calculated based on the last birthday, and policies issued to minors automatically vest in the policyholder upon attaining majority.

Features of the Bandhan Life iGuarantee Vishwas Plan

The key features of the Bandhan Life iGuarantee Vishwas Plan are the following:

1.  Guaranteed Maturity Benefit

   If the policyholder survives until maturity, a fixed amount comprising the base sum assured and guaranteed additions is paid.

2. Life Insurance Protection

   If the policyholder survives until maturity, a fixed amount comprising the base sum assured and guaranteed additions is paid.

3.  Flexibility in the premium payment

   The policyholders have the freedom to make payments at the frequency they prefer, which can be monthly, quarterly, half-yearly, or annually, and may change the payment frequency during the premium payment term.

4.  Guaranteed Additions

   Guaranteed additions will be determined by entry age, premium size, policy term, and the payment term, which will generate the maturity value.

5.  Policy Structure Made to Measure

   Policyholders can choose the premium amount, policy term, and payment period based on their financial needs.

Benefits of Bandhan Life iGuarantee Vishvas Plan

The benefits of Bandhan Life iGuarantee Vishwas Plan are as follows:

•  Maturity Benefit: If the policyholder survives until maturity and all premiums are paid, a lump sum maturity benefit is payable.
• Maturity Benefit = Base Sum Assured + Guaranteed Addition
•  Death Benefit: The nominee receives the higher of:
• Sum Assured on Death (higher of 10× annualised premium or 105% of total premiums paid), or
• Surrender value available on the date of death.
•  Tax Benefits: Tax benefits on premiums paid and benefits received are available as per the provisions of the Income Tax Act, subject to prevailing rules.
•  Financial Security in the Family: The lump sum death benefit supports the financial stability of dependents and long-term goals.

Policy Details of Bandhan Life iGuarantee Vishwas Plan

The following are the policy details under Bandhan Life iGuarantee Vishwas Plan:

• Grace Period: A grace period of 15 days is allowed for monthly premiums and 30 days for other payment modes.
• Revival: A lapsed or paid-up policy can be revived within five years from the due date of the first unpaid premium, subject to company underwriting and payment of outstanding premiums with applicable interest.
• Free Look Period: The policyholders may review the policy terms and cancel the policy within 30 days of receiving the document, and discontinue the policy within 30 days of receiving the policy document in case of dissatisfaction with the terms.
•  Surrender: The surrender value is payable after completion of at least one policy year, provided one full year’s premium has been paid. The higher of the Guaranteed Surrender Value or Special Surrender Value is paid.

Exclusions Under the Bandhan Life iGuarantee Vishwas Plan

Suicidal Cover

When a person dies due to a suicide within 12 months of policy commencement or revival, the nominee receives the higher of:

• 100% premiums paid
• Surrender value