Bandhan Life Pension Plans

Bandhan Life Insurance Company Limited (formerly Aegon Life Insurance Company Limited) launched its operations in India in July, 2008 and since then has emerged as a strong player in the insurance industry. Bandhan is one of the world’s leading providers of financial services. Currently, the company enjoys a good market share and has launched different types of life insurance products for meeting all the varied needs of individuals at attractive premium rates.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Pension Calculator
Pension Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2024
Edit Done
Your expense go up every year by
Today 2024 Your expenses today in 2023, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
₹14,300/month
Calculated as per past performance of 15%
View Plan Recalculate?

What are Pension Plans?

Pension Plans or annuity plans are plans which are designed to take care of the income flow for the individual after retirement. Post retirement when the income of the individual dries up, the lifestyle expenses continue and there must be a provision to meet such expenses. Retirement plans in India help in providing a regular cash flow to individuals so that they can enjoy their retirement peacefully.

Pension Plans have some unique features which are listed below:

  • There is a concept of vesting which is the date at which the plan terminates or matures

  • Pension plans can be taken as Immediate Annuity Plans or Deferred Annuity Plans. Under Immediate Annuity Plans, a lump sum is paid by the policyholder and the annuity payments start immediately from the next period chosen. Under deferred annuity, premiums are first paid by the policyholder which accumulate into a corpus and thereafter annuity payments start from the vesting date

  • There is no life cover. Annuity payments stop when the annuitant (or his spouse in case of joint life annuity) dies. However, under deferred annuity, death benefit is applicable if the annuitant dies in the deferment period

  • On vesting, either the entire corpus can be used to avail annuity or 1/3rd of it can be withdrawn in cash and the rest 2/3rd can be used to avail annuity. The withdrawn part is called commuted pension.

Why Pension Plans

Being dependent on others, especially financially is a curse. It is always better to provide for one’s finances even when there is no income. Retirement is a period where the expenses remain the same or maybe increase but income either decreases or diminishes completely. Having an insurance plan is prudent in such a scenario as the plan will provide an individual with the necessary finance required in the old age. Pension plans offered by life insurance companies provide a regular stream of income and come in many variants. They can be taken to cover the life of the policyholder’s spouse as well under the joint annuity plans. So, buying a pension plan is a prudent step towards an individual’s retirement planning.

Bandhan Life Pension Plan

Bandhan Life Insurance Company offers one kind of pension plan in the traditional version which offers guaranteed benefits. Let us take a look at the plan in details.

Bandhan Life Guaranteed Income Advantage Insurance Plan –

A traditional pension plan which provides guaranteed benefits. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses declared by the company from time to time

  • Premiums are payable for a limited period only under the Limited Pay option of premium payment.

  • Guaranteed payouts @ 7.5% of the Sum Assured is paid every year after the completion of the Premium Paying Term and till the policyholder attains 85 years of age

  • Bonuses accruing during the premium paying term are paid at the end of the Premium Payment Term. Bonuses accruing post the premium paying term are paid either on death or maturity.

  • On maturity when the policyholder attains 85 years of age, the accrued bonuses along with any Terminal Bonus is paid to the policyholder

  • On death of the insured during the Premium Paying Term, higher of 10 times the annual premium or the chosen Sum Assured is paid. If death occurs after the completion of the Premium Paying Term, the accrued bonuses and any Terminal Bonus is paid to the nominee subject to a minimum of 05% of all premiums paid till the date of death

  • Bandhan Life ADDD Rider can be availed under the plan wherein additional benefit is paid in case of accidental death, dismemberment or disability

  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

20 years

55 years

Maturity Age

-

85 years

Policy Term

85 – entry age

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

Depends on the cover, age, term and PPT

Premium Payment Term

15 or 20 years

Premium Payment Frequency

Yearly, half-yearly or monthly

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Bandhan Life Child Plans - FAQs

  • Q1. How to pay premium? What are the modes of payment available?

    Ans: There are six modes of payment as offered by Bandhan Life Insurance:
    • Online

      • Credit Card

      • Internet banking

    • Pay via phone app

    • ECS

    • EBPP

    • Pay at Bandhan Life branches

    There is also an option of paying via cash or cheque personally in any of the branch offices in your city. IVR method of payment is possible where one needs to keep in handy the credit card information along with date of birth.

  • Q2. How can I check policy status for Bandhan Life pension Plan?

    Ans: You can check policy status via online and SMS.

    For online log into the website with your Customer ID and password to check the policy status.

  • Q3. What is the policy renewal process for Bandhan Life pension Plan?

    Ans: You can renew your policy online by login into the e-portal - with valid details- policy number and policyholder’s date of birth.

    For offline mode, you can approach any of the branch office to drop your cheque.

  • Q4. What is the company’s process to settle claim for Bandhan Life pension Plan?

    Ans: We offer elicit three step processes for claim settlement which includes the following:
    • Claim intimation and registration.

    • Payment of fund value

    • Settlement Payout

    E settlement facility via NEFT mode option is also available with us.

  • Q5. What is the policy cancellation process for Bandhan Life pension Plan?

    Ans: In case you are not satisfied with an existing policy, you can fill the surrender form along with the policy documents and submit it in any of the branch office, along with the cancellation charges. The policy cancellation takes 30 days to process and the refund will be submitted in your bank account.

    You may also like to read What is NPS Scheme

    For new policyholders, a grace period of about 15 days is given, wherein you have the option of cancelling the policy and receiving back the premium.

    In either case the Unit price is calculated as per the current market value of NAV if the documents are submitted before 3:00 PM, else the next day’s NAV value is applied to calculate the refund.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Insurers Offering Pension Plans

Tata AIA

Max Life

Bajaj Allianz

SBI Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

Aditya Birla Sun Life

Aviva

Ageas Federal

Canara HSBC

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 29 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Divyang Pension Yojana

01 Jul 2024

The Divyang Pension Scheme (DPS) is a government initiative in
Read more
Aasara Pension

01 Jul 2024

Aasara Pension is a social welfare scheme by the Government of
Read more
Atal Pension Yojana Statement

25 Jun 2024

Atal Pension Yojana is a government-backed pension scheme aimed
Read more
Madhubabu Pension Scheme

24 Jun 2024

The Madhubabu Pension Scheme is a social welfare initiative by
Read more
e-Pension

20 Jun 2024

e-Pension refers to an electronic pension management system
Read more
Top 15 Pension Plans in India
  • 14 Feb 2023
  • 6387
The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build
Read more
SBI Annuity Deposit Scheme Calculator 2024
  • 08 Jun 2021
  • 21593
SBI Annuity Deposit Scheme Calculator 2024 is an online tool that helps you figure out your fixed annuity
Read more
Vridha Pension
  • 23 Feb 2023
  • 4637
Vridha Pension is a social welfare initiative implemented by the Uttar Pradesh government in India. It aims to
Read more
Sevarth Mahakosh
  • 24 May 2023
  • 10064
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
NPS Calculator for Government Employees
  • 09 Dec 2021
  • 15099
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more

Bandhan Life Pension Plans Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Saurabh
Delhi, March 01, 2018
Good Service
Bought Pension plan few days back so far policybazaar is offering best services wish them best of luck
Neil
Kashipur, October 14, 2016
Superb Plan
Pension insurance plan from Bandhan Life insurance for my parents in low budget. The premium of the insurance policy is less and the return after the policy get matured is a big amount. Service facilitate by the team of the insurance company is quick and always on time.
Abhishek
Fatehpur, September 23, 2016
Pension Insurance Policy
I got my future secured with Bandhan Life insurance. I purchased pension insurance policy, investment is less and returns are high after maturation of insurance policy. Coverage is maximum and claims are simple to sanctioned by the help of executives of the company.
Rohit
Noida, August 24, 2016
Bandhan Insurance
Bandhan life insurance is the best insurer, i buy the pension insurance policy from them. Premium is less and coverage is high. Service you provided is fabulous guys. Claims are easily sanctioned and the amount is big. Updates are also mailed to my email address.
Ashok
Fakirpur, August 04, 2016
Quality Product
The future on mine and my family is secure with Bandhan Life pension insurance plan. The service is fast and the refund are very much amazing. Claiming process is never this easy, all because of good follow ups and on time service given by the staff group of the insurance company.
Chirag
Kurukshetra, August 02, 2016
Retirement plan
After long search i found good policy i.e., Bandhan pension plan in low investment but at the retirement it gives huge returns. Perfect insurance plan for future life. Coverage is high, claims are easily cleared and service is all time favourite because of good behaviour from the company staff.
Nirmal
Nawada, July 15, 2016
Good
My pension plan is very good which i buy from Bandhan Life insurance. Premium is less and the returns are high. Service is good and the documentation is hassle free. Policy coverage is approx. 89% and claims are high. Good plan and investment for future security.
Manveer
Khalilabad, July 04, 2016
Nice Pension Plan
I bought pension plan which reduces my lot of tension for my future. The investment is less but the returns are high. Hassle free documentations and paperwork due to fantastic service given by the staff members. Policy coverage is high approx. 89% and premiums are less.
Gagan
Kaushambi, June 27, 2016
Good Policy
The pension plan I have is good future investment which secure my future. The policy has less investment and the premium is low. Service is good which make's claiming part easier. Policy coverage is excellent which has accidental death benefits, health emergency, etc. Updates of the policy is mailed regularly.
Astha
Navi_mumbai, May 06, 2016
Service Is Bit Slow
Policy coverage is 92%, claims are 39 K per month after policy get mature. Premium is 15 K quarterly per years. Service is bit slow. Bandhan life pension plan is good. The policy is nice future investment and tax saver also. Claims are high and coverage too.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL