Bandhan Life Guaranteed Income Advantage Insurance Plan

Bandhan Life Guaranteed Income Advantage Insurance plan is a traditional insurance plan which provides guaranteed life cover till 85 years of age to provide for a comfortable life even after retirement.

  • 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
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Key Features of Bandhan Life Guaranted Income Advantage Insurance

  • As a participating plan, Bandhan Life Guaranteed Income Advantage Insurance takes part in the profits of the company and offers guaranteed bonuses at the end of the policy term.
  • Once the policy term ends, the policyholder receives guaranteed annual payouts up to the age of 85 years.
  • Bonuses declared during the premium paying term are to be paid at maturity or on the death of the policyholder. 

Benefits of Bandhan Life Guaranted Income Advantage Insurance

  • Guaranteed benefit @ 7.5% of the Sum Assured is paid every year, after maturity, till the policyholder attains 85 years of age.
  • On Maturity, when the policyholder attains 85 years of age, accrued bonuses including Terminal Bonus, if any, are paid out.
  • On the demise of the insured during the policy tenure, higher of the sum assured or 10 times the annual premium, along with the bonuses accrued before or after the completion of Premium Paying Term are paid out to the beneficiary.
  • The plan offers income tax benefit under which the premium paid  and the claim received is exempt from income tax deduction as per section 80C and section 10(10D)of Income Tax Act.

Product Specification of Bandhan Life Guaranted Income Advantage Insurance

 

Minimum

Maximum

Age of Entry (Last Birthday)

20 years

55 years

Age of Maturity (Last Birthday)

-

85 years

Tenure of Policy (PT) in years

85 – entry age

Tenure for Premium Payment (PPT) in years

15 or 20

Premium Paying Mode

Annual, half-yearly, monthly

Premium

Depends on age, SA, term and PPT

Sum Assured

100,000

No limit

People also read: best retirement plan

Details About Premium

Benefits illustration and Annual premium in Rupees 

 

SA = 100,000

SA = 250,000

SA = 500,000

Term / Age

15 yrs.

20 yrs.

15 yrs.

20 yrs.

15 yrs.

20 yrs.

30 yrs.

15,174

10,522

33,113

21,808

60,075

38,130

40 yrs.

13,690

9339

30,010

18,878

54,585

32,745

50 yrs.

11,957

7911

25,910

16,800

46,230

26,200

Policy Details of Bandhan Life Guaranted Income Advantage Insurance

  • Grace Period: In case of the policyholder fails to pay the premium on time, a grace period of 15 days (for monthly mode) and 30 days (for other modes) are allowed by the insurance company. During this grace period, the insured has to pay all due premiums. Failing this, the tenure of the policy will lapse
  • Policy Termination or Surrender Benefit: The policy acquires a Surrender Value if one full year’s premium has been paid. The Surrender Value will be higher of the Special Surrender Value or the Guaranteed Surrender Value.
  • GSV if surrendered during PPT= (GSV% * total premiums paid) + (GSV%* accrued bonuses)
  • GSV if surrendered post PPT = (GSV% * Sum Assured) + (GSV % * Accrued bonuses)
  • Free Look Period:  If the customer is dissatisfied with the coverage, terms and conditions of the policy, then he/she is entitled with an option of free look period. It allows him/her to cancel the policy within 15 days of policy issuing.

Inclusions

No Loan facility is available under the plan.

Add-on Benefits or Riders

Bandhan Life ADD Rider is available which provides additional benefits in case of Accidental death, disability and dismemberment of the policyholder.

Exclusions

If the policyholder commits suicide within 12 months of policy inception, then only 80% of the premium paid is repaid to the beneficiary. If the suicide is committed within 12 months of revival, higher of the acquired surrender value or 80% of premium paid is returned to the nominee.

Documents Required for Bandhan Life Guaranted Income Advantage Insurance

The documents required while filling up the application form are accurate medical history, address proof, and other KYC Documents. In some cases, a medical examination may also be required based on the age of the person and sum assured.

*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

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Bandhan Life Guaranteed Income Advantage Insurance Plan 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.
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