Bandhan Life iIncome Wealth Plan

Eligibility Criteria for the Bandhan Life iIncome Wealth Plan

Features of the Bandhan Life iIncome Wealth Plan

Here are the key features of the Bandhan Life iIncome Wealth Plan:

• Flexibility to choose between Early Income, Deferred Income, and Wealth options.
• Option to start income from the first policy year or after a deferment period.
• Guaranteed Income along with Cash Bonus (if declared) under income options.
• Lump sum maturity benefit under the Wealth option.
• Life insurance cover is available throughout the policy term.
• Secure Policy Benefit (SPB) option to protect future benefits in case of death.
• Premium Offset feature under the Early Income option.
• Option to accumulate income payouts and withdraw them during the policy term.
• Income can be received in advance or in arrears.

You can also explore some of the best investment plans to compare income, savings, and wealth creation options offered by the insurer.

Benefits of the Bandhan Life iIncome Wealth Plan

The benefits of Bandhan Life iIncome Wealth Plan are as follows:

• Survival / Income Benefit: 
  • Under the Early Income option, Guaranteed Income (4% × Basic Sum Assured) starts from the first policy year and continues until the policy term, death, or surrender.
  • Under the Deferred Income option, income begins after the Premium Payment Term plus the deferment period and continues similarly.
  • The Wealth option does not provide any survival income benefit.
• Maturity Benefit: 

  On survival until maturity, the benefit includes 

  • The Sum Assured on Maturity (at least 105% of Total Premiums Paid), along with accrued bonuses (if declared) and any accumulated unpaid income, as applicable under the chosen option.
  • Bonuses (if declared), plus
  • Accumulated income (if unpaid).

Under the Wealth option, maturity consists of Sum Assured on Maturity as well as Simple Reversionary and Terminal Bonus (in case declared).

• Death Benefit: On death during the policy term, the nominee receives Sum Assured on Death plus applicable bonuses (if declared). The benefit will not be less than 105% of Total Premiums Paid.

Policy Details of the Bandhan Life iIncome Wealth Plan

• Grace Period: 30 days for yearly, half-yearly, and quarterly modes; 15 days for the monthly mode. This is the period when the policy is still in effect.
• Revival: A lapsed or reduced paid-up policy can be revived within 5 consecutive years from the due date of the first unpaid premium, subject to payment of outstanding premiums with applicable interest.
• Free Look Period: A policy may be cancelled within a period of 30 days of policy receipt, and in the event that you are not satisfied, the policy is liable to deductions as per the terms.
• Surrender: The policy can be surrendered after payment of at least one full year’s premium. The amount of the surrender benefit to be discharged will include Guaranteed Surrender Value and Special Surrender Value.
• Loan: Policy loans are available once the policy acquires surrender value, subject to limits and applicable interest rates.

Exclusions Under the Bandhan Life Income Wealth Plan

• Suicidal Cover:In case of death due to suicide within 12 months from the date of commencement of risk or revival, the nominee will receive 100% of Total Premiums Paid, subject to policy terms.
• Total Permanent Disability (TPD):There is no TPD benefit under the base plan.