Bandhan Life Invest Advantage Plan

Eligibility Criteria for the Bandhan Life iInvest Advantage Plan

Features of the Bandhan Life iInvest Advantage Plan

Bandhan Life  iInvest Advantage Plan offers a host of features designed for flexibility and wealth growth:

• Unlimited Fund Switches: This is offered under the Self-Managed Strategy, where investors can switch their fund allocation without extra charges.
• Bonus Loyalty Additions: This addition is given to steady policyholders.
• Flexible Payout Option: Policyholders may choose a five-year settlement option at maturity.
• Return of Mortality Charges: All the mortality charges charged throughout the policy term are paid at maturity.
• Zero Premium Allocation and Policy Administration Charges: This ensures optimal investment efficiency.
• Portfolio Strategy Switch: Change to a Lifestyle or Self-Managed strategy once a year to maximise returns.
• Top-Up Premiums and Partial Withdrawals: Top-ups can be added to life cover, and partial withdrawals can be made after five policy years, providing flexibility to meet short-term requirements.

Benefits of the Bandhan Life iInvest Advantage Plan

The Bandhan Life ULIP Plans have a number of advantages:

• Life Insurance Protection: Sum assured multiples range from 7x to 20x the annual premium.
• Creation of Wealth in the Market by linking: Invest in equity and debt funds depending on risk tolerance.
• Tax benefits: Tax benefits may be available as per prevailing tax laws.
• Flexible Premium Payments: Other Premiums can be changed in terms of payment after 5 years, if needed.
• Formal Financial Planning: Ideal for the salaried, self-employed, or retirement planner.
• Flexibility: Top-ups, Fund switching, and premium redirection give the investor the opportunity to adjust strategy based on market conditions and life stage.

Policy Details of the Bandhan Life iInvest Advantage Plan

Bandhan Life iInvest Advantage Plan comes with the following policy details:

1. Grace Period

   The maximum grace period of policyholders is:

   • 15 days of the monthly premium payment mode.
   • 30 days to all other premium modes (quarterly, half-yearly or annual)

   The policy itself is still in effect during this period, and you still have an opportunity to pay the due premium without forfeiting policy benefits.

2. Revival

   In case the Bandhan Life iInvest Advantage Plan lapses on account of default in making premiums, it can be revived within a revival period of 3 years from the date of the first premium unpaid. To restore the policy, all overdue premiums would be payable, and revival would be subject to the insurer's underwriting rules and their consent.

3. Free Look Period

   The policyholder is given a 30-day free-look period, during which they can review the policy and cancel it if it fails to meet expectations.

4. Surrender

   Surrender charges are applied only during the first 4 years of the policy. There is no charge 5th year onwards.

5. Fund Switching

   The Self-Managed Strategy offers unrestricted, free fund switches, whereas the Lifestyle Strategy rebalances the equity-debt mix automatically over time.

6. Loan

   Loans against policy funds are not usually available under a ULIP plan. Rather, it is possible to make partial withdrawals after five years.

   The best investment plans for higher returns are key to securing your financial future.

Exclusions Under the Bandhan Life iInvest Advantage Plan

Suicide₹ Clause

When the assured commits suicide within a period of 12 months of policy commencement or within 12 months of policy revival, the entire death benefit is not paid.

In that situation, the total fund value will be given to the nominee as on the date of death intimation rather than the sum assured, which is higher than the life cover.