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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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Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
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Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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.

Additional Features or Riders

The following riders are available under the plan:

  • Bandhan Life AD Rider
  • Bandhan Life iCI Rider
  • Bandhan Life WoP on CI Rider
  • Bandhan Life Women CI Rider
  • Bandhan Life Disability Rider

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.

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