Bandhan Life Shubh Samriddhi Plan

Eligibility Criteria for Bandhan Life Shubh Samriddhi Plan

Features of Bandhan Life Shubh Samriddhi Plan

Here are the key features of the Bandhan Life Shubh Samriddhi Plan:

• Cash bonuses (if declared) may be paid from the first policy year.
• You can choose to receive bonuses regularly or accumulate them.
• The plan provides life cover for the entire policy term.
• Flexible premium payment terms are available.
• A lump sum is payable at maturity along with a terminal bonus (if declared).
• Premium payment frequency can be changed during the premium payment term.

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Benefits of the Bandhan Life Shubh Samriddhi Plan

Below are the benefits of the Bandhan Life Shubh Samriddhi Plan:

• Survival Benefit: Cash Bonus (if any) is payable in arrears from the first policy year. You may opt for monthly, quarterly, half-yearly, or annual payouts. Alternatively, you may choose to accumulate the bonuses and withdraw them when needed.
• Maturity Benefit: On survival till maturity, the policyholder receives:
  • Sum Assured on Maturity
  • Accrued Cash Bonuses (if not already paid)
  • Terminal Bonus (if declared)
• Death Benefit: Sum Assured on Death is highest of:
  • 11 × Annualised Premium
  • Sum Assured on Maturity
  • Death Benefit Multiple × Annualised Premium

The death benefit will not be reduced to less than 105% of the total amount of premiums paid, as stipulated by the policy.

Policy Details of Bandhan Life Shubh Samriddhi Plan

The following are the policy details of Bandhan Life Shubh Samriddhi Plan:

• Grace Period: A grace period of 15 days (monthly mode) and 30 days (other modes) is allowed from the premium due date. The policy is still applicable at this period.
• Revival: The policy can be revived within five consecutive years from the due date of the first unpaid premium, subject to payment of all outstanding premiums with interest and underwriting approval.
• Free Look Period: In case you are not happy with the terms of the policies, you can cancel the policy within 30 days of receiving the policy document. Relevant deductions can be applicable.
• Surrender: The surrender can be made upon the expiry of the first year of the policy, subject to the condition that at least one year of full premiums is paid. Surrender Value is the higher of:
  • Guaranteed Surrender Value 
  • Special Surrender Value 
• Loan: Once the policy gains a surrender value, it may be availed as a policy loan.

This plan falls under Bandhan Life Traditional Plans, which integrate long-term savings and life insurance cover.

Exclusions Under the Bandhan Life Shubh Samriddhi Plan

Suicidal Cover: 

If death due to suicide within 12 months, the nominee receives the higher of:

• 100% of Total Premiums Paid
• Surrender value (if any)