Bandhan Life iRetire Plan

Bandhan Life iRetire Plan offers a stable inflow of income in the retirement period to policyholders who are assured of the guaranteed payments of annuity. Bandhan Life iRetire provides a stable financial base, and flexibility of payout strategies. This scheme allows one to amass a retirement fund in the years of deferment and then get a provision as an annuity guarantee in the future.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

  • 4.8++ Rated
  • 13.2 Crore Registered Consumer
  • 53 Partners Insurance Partners
  • 6.29 Crore Policies Sold
Start Investing ₹10k/Month & Build a corpus of ₹1 Crore# on Retirement
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rating
13.2 Crore
Registered Consumer
53
Insurance Partners
6.29 Crore
Policies Sold

Eligibility Criteria for Bandhan Life iRetire Plan

Parameter Details
Entry Age Minimum: 45 years Maximum: 80 years
Age at Vesting Minimum: 46 years Maximum: 87 years
Policy Term Whole Life
Premium Payment Term Single Pay or Limited Pay (5, 6, or 7 years)
Minimum Purchase Price ₹2,50,000 (Single Pay) ₹45,000 per annum (Limited Pay)
Frequency of Annuity Monthly, Quarterly, Half-Yearly, or Yearly
Minimum Annuity Instalment Monthly: ₹1,000 Quarterly: ₹3,000 Half-Yearly: ₹6,000 Yearly: ₹12,000

Features of the Bandhan Life iRetire Plan

The following are the features of the Bandhan Life iRetire Plan:

  1. Lifetime Income Assurance:

    The plan provides a steady stream of income as an annuity throughout the retirement years, thereby promoting financial stability throughout one's life.

  2. Corpus Building Deferment Period:

    This feature enables policyholders to accumulate savings before they start receiving annuity payments.

  3. Flexible Annuity Options:

    Policyholders can choose between: Life Annuity, Life Annuity with Return of Purchase Price

  4. Payout Frequencies:

    The amount of the annuity payment may be monthly, quarterly, half-yearly, or yearly.

  5. Joint Life Coverage Option

    Provides a continued annuity to the surviving annuitant under the joint life option.

  6. Support in Health Difficulties

    Under certain plan options, funds become available upon the occurrence of a critical or terminal illness.

Benefits of Bandhan Life iRetire Plan

The Bandhan Life iRetire Plan comes with the following key benefits:

  1. Annuity Payout (Survival Benefit):

    In such a plan, the payment of annuity is initiated on the expiry of the deferment period, which continues to be paid as long as the annuitant remains alive.

  2. Single Life Option:

    The payment is made till the end of the life of the annuitant.

  3. Joint Life Option:

    The annuity will go on with the life of the primary annuitant and then to the surviving annuitant.

  4. Death Benefit:

    The benefits at death will depend on the kind of annuity selected:

  5. Life Annuity Benefit:

    105% of all total premiums paid out to the nominee is due in case death occurs during the period of paying the premiums or deferment. Benefits are not payable after the onset of the annuity.

  6. Life Annuity With Purchase Price Return:

    In the event of death after the deferment period, the purchase price will be refunded to the nominee.

  7. Critical or Terminal illnesses Benefit:

    In some instances, the policyholders can end the policy and obtain the surrender benefit when they are diagnosed with a covered critical or terminal illness.

Policy Details of Bandhan Life iRetire Plan

Here are the policy details of Bandhan Life iRetire Plan:

  1. Grace Period

    A grace period of 15 days is allowed for monthly premium payments and 30 days for other payment modes.

  2. Revival

    A lapsed policy may be revived within the period specified by the insurer by paying all outstanding premiums along with applicable charges.

  3. Free Look Period

    The policyholders have the right to cancel the policy within 30 days of receiving the document if they do not like the terms and conditions.

  4. Surrender

    The policy may acquire a surrender value subject to policy conditions. On surrender, the higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) is payable.

  5. Loan

    The availability of policy loans is based on the surrender value and policy terms and conditions.

Exclusions Under the Bandhan Life iRetire Plan

  1. Suicidal Cover

    If the annuitant dies due to suicide within 12 months of policy commencement or revival, the nominee receives the applicable benefit as specified in the policy terms.

FAQs

  • What are the available annuity options under Bandhan Life iRetire Plan?

    The plan has two options: Life Annuity and Life Annuity with Return of Purchase Price, which the policyholders can select based on their retirement needs.

  • Am I free to select the rate of my annuity payment?

    Yes, policyholders can pay via annuity on a monthly, quarterly, half-yearly, or annual basis.

  • Is there a maturity benefit to the plan?

    No, there is no maturity benefit provided in the Bandhan Life iRetire Plan. Rather, it is aimed at providing a lifetime annuity income for retirement.

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Bandhan Life Pension Plans Reviews & Ratings

4.6 / 5 (Based on 350 Reviews)
(Showing Newest 10 reviews)
Sunidhi
Kochi, January 20, 2025
Bajaj Allianz pension plan
I got an amazing deal on a Bajaj Allianz pension plan with lifetime income through Policybazaar.
Haritika
Bhopal, January 19, 2025
Easy to find plans
Policybazaar makes it easy to find pension plans with guaranteed income like HDFC.
Jhanvi
Chandigarh, January 18, 2025
ICICI annuity plan
Thanks to Policybazaar I got a great ICICI annuity plan with regular payments.
Shrishti
Surat, January 17, 2025
Understand features of plan
Policybazaar helped me understand the different features of pension plans including Bajaj Allianz.
Prashant
Bahadrabad, January 16, 2025
Great Policy
I have pnb metlife life insurance pension policy plan which has low premiums and payed quarterly per year. Policy coverage is 89% and claims are high and the payback amount is around Rs.41 K per month. Service is very good and fast. The policy is nice investment for future and it is good tax saver too. Nice plan, I like it.
Manish
Mangalore, January 16, 2025
Fair Policy
I got a very good policy plan from pnb metlife life insurance. The policy is great for future investment nice pension policy plan. The coverage is good ~87%, service is great, even the claims are the best. Good behaviour from executives and staff members. Great policy, very happy with it.
Lalit
Mahabaleswar, January 16, 2025
Fine
My friend suggested me to invest money for future so i buy pnb metlife life insurance and have pension policy plan. The policy coverage is high ~89% and the claim is around Rs.39 K per month after policy get mature. Great services with fast interface.
Rahul
Manipal, January 16, 2025
Very Nice
My pension policy plan is with pnb metlife life insurance. The policy has good coverage approx. 97% with low premium. Claims are also high and the returns is Rs.39 K per month after policy end. Service is fantastic and the executives do best work. Good investment for future and taxes are also reduced.
Jitender
Ratlam, January 16, 2025
Normal Policy
I invest my money for my future security with pnb metlife life insurance. I have pension policy plan. Policy coverage is 91% and claims are around 39 K. Service is good and executives behave well. Nice policy plan.
Bhavya
Sonipat, January 16, 2025
Perfect Plan
I buy pension policy for my parents. My parents are happy with the policy due to low premiums. The returns are high ~Rs.45 K per month for each. The policy coverage is high ~92% and service is rapid and on time. The online facilities are simple and easily accessible. Good job guys.


˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. 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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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