Bandhan Life Premier Endowment Insurance Plan

Introduction/Overview
Bandhan Life Premier Endowment Insurance Plan is a traditional
Endowment Assurance Plan which facilitates savings while at the same time providing life insurance benefits.

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  • 4.8 Rated
  • 58.9 Million Registered Consumer
  • 51 Partners Insurance Partners
  • 26.4 Million Policies Sold

Best Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^Unlike 12.5% in Mutual Funds
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*
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rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Key Features

  • It is a participating plan with Single pay, regular pay and limited pay premium payment option
  • Guaranteed Additions are added during the Premium Paying Term (known as PPT)

Benefits

  • Guaranteed Additions @ 5% of the SA are added during the PPT
  • On death of the policyholder, Sum Assured on death + accrued Guaranteed Additions + vested Bonuses are paid to the policyholder subject to a minimum of 105% of all premiums paid
  • SA on death for limited and regular pay plans is higher of 10 times the annual premium paid or SA chosen. In case of Single Pay plans, higher of 1.25 times the premium or SA if age is less than 45 years or higher of 1.10 times the premium or SA if age is greater than equal to 45 years is paid
  • On Maturity, 100% of the SA + accrued Guaranteed Additions + Accrued vested bonuses + Terminal Bonus, if any is paid
  • 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)

18 years

55 years

Maturity Age (Last Birthday)

-

60 years

Policy Term (PT) in years

10

Premium Paying Term (PPT) in years

8

Premium Paying Frequency

Annual, half-yearly, monthly

Premium

Regular & Limited Pay - 20,000

Single Pay – 100,000

300,000

Sum Assured

10 * Annual Premium

 

Details About Premium

Annual premium in Rupees and Benefit Illustration for a male aged 35 years

Term

15 years

PPT

10 years

Premium

50,000

SA

303,232

Accrued Guaranteed Additions

151,616

Maturity Benefit @ 4%

605,099

Maturity Benefit @ 8%

776,426

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. 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 2 / 3 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) + (GSV % * Accrued bonuses + accrued Guaranteed Additions)

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 available under the plan after 3 full years’ premiums have been paid subject to a minimum of Rs.5000 and maximum of 60% of the Surrender Value

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.

*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

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