Bandhan Life iRetire Plan

Eligibility Criteria for Bandhan Life iRetire Plan

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.