Bandhan Life ULIP Plus Plan

Eligibility Criteria for the Bandhan Life ULIP Plus Plan

Features of the Bandhan Life ULIP Plus Plan

Below are the features of Bandhan Life ULIP Plus Plan:

1. Return of Charges:

   At maturity, the plan can repay some of the charges, including mortality charges. This helps increase the total fund value and enhance long-term returns.

2. Loyalty Additions:

   Since the 7th policy year, you have been adding more units to your fund as a loyalty reward. The additions increase the value of your investment in the long term.

3. Partial Withdrawal Facility:

   After 5 policy years, you may withdraw a portion of the value of your funds. This offers financial flexibility in order to cover planned or unplanned expenses.

4. Top-up Investment Option:

   The plan gives you an opportunity to add more to your fund by making top-up premiums. However, the policy conditions may not allow top-ups in the final years of the policy term.

   

5. Discounts to Women:

   Women policyholders can enjoy reduced premium allocation rates, enabling them to invest more effectively and earn higher returns.

6. Tax Benefits:

   The tax benefits on premiums paid and benefits received may also be subject to tax under the laws in effect, in accordance with the existing regulations.

Benefits of the Bandhan Life ULIP Plus Plan

Let’s understand the key benefits of this plan in detail below:

• Maturity Benefit: At the end of the policy term, provided the policyholder is still alive, you will receive the value of the entire fund, including loyalty additions and charges returned. You can also take this value in instalments within a maximum period of five years.
• Death Benefit: In the event of the death of an insured individual, their nominees will receive the fund value or the sum assured (whichever is greater).
• Long-Term Wealth Creation: Some of the best investment plans for higher returns, like this plan, provide the potential to build wealth over time.
• Flexible Income Options: The plan offers systematic withdrawals and settlement options, enabling financing of various financial needs.
• Liquidity Advantages: You can withdraw funds after the 5-year lock-in period to meet your financial requirements. The plan provides providing flexibility throughout the policy term.

Policy Details of the Bandhan Life ULIP Plus Plan

1. Grace Period

   You will have 15 days to pay the outstanding premiums (monthly payments), or 30 days (without monthly payments) to see the end of your grace period. At this period, the policy remains in force.

2. Revival

   The policy ceases due to non-payment; however, you can restart it within 3 years by paying the outstanding premium and undertaking the required measures.

   

3. Free Look Period

   Within 30 days, you may review the policy terms and cancel the policy.

4. Surrender

   A ULIP must remain locked up for 5 years, and you cannot withdraw the money before then.

5. Fund Switching

   You can switch funds or investment strategies to suit your needs. With a self-managed approach, the switching is usually free.

Exclusions Under the Bandhan Life ULIP Plus Plan

Suicidal Cover

The insurer will pay only the existing fund value to the nominee when death happens through suicide within 12 months after the policy begins or after its reinstatement.