ULIP Launched for Exclusive Online Sale by Bandhan Life Insurance

Financial scenario in India has been looking up with the Sensex gaining 29.89% in the year 2014. This positive environment encouraged Bandhan Life Insurance to introduce unit-linked insurance product (ULIP) and a return-of-premium term product which  is a term plan offering a return of premium after maturity. The USP of this product is the exclusive online sales channel launch.

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We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

The reason behind this is the increase of online sales of insurance products as compared to the past year. Even though the increase is marginal and still accounts for just 1% of total policies sold.

Yateesh Shrivastava, the chief operating officer at Bandhan life Insurance, said, “Ulip was launched to cash in on investor interests in the equity markets, which had performed well over the past six months. The Sensex had gained 29.89% in 2014 making India one of the top-performing markets in the world”.

In the April-June quarter, total premium collected by ULIP has shown a significant growth of 33% Y-O-Y. Yateesh strongly believes that the future lies in online sales channel thus the exclusive online launch.

20% of the policies sold by Bandhan life Insurance are through online sales channel.

According to their Press Release, “The Ulip has no premium allocation charge and offers three investment fund options — Blue Chip Equity Fund, Secure fund and Debt fund”.

The features of Bandhan life’s iReturn Insurance Plan is an in-built terminal illness benefit. According to this clause the policy holder gets 25% of the base policy sum assured if diagnosed with a terminal illness.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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