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Bandhan Life iTerm Insurance Plan

Bandhan Life iTerm Insurance Plan is an online term insurance plan which aims to fulfill the protection needs of the policyholder at minimal costs for a secured future.

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Key Features OF Bandhan Life Term Insurance

This is a purely online term plan
It is a term insurance plan with Single Pay and Regular Pay premium paying options
There is an inbuilt Terminal Illness Benefit under the plan

Benefits of Bandhan iLife Term Insurance

On diagnosis of any Terminal Illness, future premiums are waived off and 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs.
On death of the policyholder, the Sum Assured less any Terminal Benefit already paid is paid to the nominee
There is no maturity benefit in this plan
There are 4 additional riders available in this plan
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	65 years
Maturity Age (Last Birthday)	-	75 years
Policy Term (PT) in years	5	57
Premium Paying Term (PPT) in years	Single Pay or equal to the policy term
Premium Paying Frequency	Single, Annual, Semi-Annually and Monthly
Sum Assured	25 lakhs	No limit

Details about Premium

Premium in Rupees for a term of 30 years

Age / Sum Assured	50 lakhs	1 crore
30 years	4617	8208
35 years	5871	10,830
40 years	8322	15,618

Policy Details

Grace period: 30 days grace period is allowed for payment of premium

Policy termination or Surrender Benefit: the policy does not acquire Surrender Value for Regular Pay plans. For Single Pay plans, Surrender Value is available only after completion of 3 policy years.

Surrender Value = 70% * Single Premium * (outstanding term / total term)

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 30 days of receipt of the policy documents, provided there has been no claim.

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.
For the Terminal Illness Benefit, illnesses arising out of self-inflicted injuries, alcohol abuse, failure to follow medical advice, HIV and AIDS infection, war, aviation, etc. are excluded.