Bandhan Life Insurance Annuity Plans

What is a Bandhan Life Insurance Annuity Plan?

A Bandhan Life Insurance Annuity Plan is a financial product that turns a large retirement savings account into a consistent stream of income. The payouts can be made every month, quarter, half-year, or year, depending on investor preferences. These annuity plans are designed to provide guaranteed payouts, generally insulated from stock market volatility, giving retirees peace of mind about their income stream.

These plans are non-linked and non-participating, meaning returns are unaffected by market performance or company profits. Investors can secure financial independence post-retirement by choosing either:

• Lump-sum payment for immediate annuity plans starting soon after purchase.
• A deferred annuity where income payments begin after a chosen waiting period, facilitating gradual retirement planning.

Types of Bandhan Life Annuity Plans

Bandhan Life Insurance offers several annuity options, each with specific features to cater to varying investor requirements. Below is a concise overview of all types of annuities currently available through Bandhan Life Annuity plans:

• Bandhan Life iRetire Plan: Bandhan Life iRetire is a newly launched annuity plan that offers retirees guaranteed and steady lifetime income with flexible pay options. It is designed for investors between the ages of 45 and 80 who want to enjoy their golden years with peace of mind and confidence.
• Bandhan Life Insta Pension Insurance Plan: The Bandhan Life Insta Pension Plan provides immediate lifetime income from a single premium paid at the start. It is a suitable choice for people who wish to start getting their pension right away after they retire.

• Bandhan Life Saral Pension Plan: It is an IRDAI-standardised immediate annuity plan that offers two options, Life Annuity with 100% Return of Purchase Price and Joint Life Last Survivor with 100% Return of Purchase Price.

Bandhan Life iRetire Plan

Bandhan Life iRetire is a non-linked, non-participating individual savings general annuity plan that helps you turn your retirement planning savings into a lifetime income. The plan offers flexibility to build your retirement corpus. It provides guaranteed payouts through two annuity options: Life Annuity, which ensures regular income for life, and Life Annuity with Return of Purchase Price (ROP), where the purchase price is returned to your nominee after your lifetime.

Key Features of Bandhan Life iRetire Plan

Sample Illustration – Bandhan Life iRetire

For a 60-year-old annuitant (Limited Pay for 5 years) investing ₹10,00,000, the approximate annual annuity payouts are shown below:

Note:

Monthly, quarterly, and half-yearly payouts are available at 96%, 97%, and 98% of the annual annuity value.

Payouts vary by entry age, deferment period, and annuity type. Loan and CI/TI benefits apply only under the Return of Purchase Price option. Taxes are extra.

Bandhan Life Insta Pension Plan

Bandhan Life Insta Pension Plan is a non-linked, non-participating immediate annuity plan that offers lifelong guaranteed income through a single premium payment. The plan begins annuity payments immediately after purchase and allows flexible payout frequency, including monthly, quarterly, half-yearly, or yearly. It is suitable for individuals who want assured post-retirement income with fixed returns and no market exposure.

Key Features of Bandhan Life Insta Pension Plan

Sample Illustration – Bandhan Life Insta Pension Plan

For a 60-year-old annuitant investing ₹10,00,000 (Single Pay), the approximate annual annuity payouts are shown below:

Note:

Monthly, quarterly, and half-yearly payouts are available at 96%, 97%, and 98% of the annual annuity value.

Provides immediate and fixed lifetime income through a one-time premium payment. No loan or surrender benefits. Taxes apply as per current regulations.

Bandhan Life Saral Pension Plan

Bandhan Life Saral Pension Plan is a non-linked, non-participating immediate annuity plan that guarantees lifelong income with simple terms and easy access. It provides regular pension payouts and returns the full purchase price to the nominee after death. Monthly, quarterly, and half-yearly payouts are available at 96%, 97%, and 98% of the annual annuity value, offering flexibility to choose the preferred income frequency.

Key Features of Bandhan Life Saral Pension Plan

Sample Illustration – Bandhan Life Saral Pension Plan

For a 65-year-old investing ₹10,00,000, the approximate monthly annuity payouts before taxes are as follows:

Note: Provides lifetime income with 100% return of purchase price and allows loan and critical illness surrender facilities. Taxes apply as per prevailing laws.

Key Takeaways

Bandhan Life Insurance offers three main annuity plans that provide guaranteed lifelong income: iRetire, Insta Pension, and Saral Pension. All Bandhan Life Annuity Plans are non-linked and non-participating, ensuring stable payouts unaffected by market changes. Investors can opt for immediate or deferred income, single or joint life coverage, and multiple payout modes. With entry ages from 40 to 85 years and a minimum investment of ₹2.5 lakh, these annuity plans convert savings into steady post-retirement income, helping individuals maintain financial independence and stability throughout their retirement years.