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Bandhan Life iReturn Insurance Plan

Bandhan Life iReturn Insurance Plan is a pure term insurance plan with return of premium benefits. This term insurance plan not only aims at making life financially more secure for the family of the policyholder but also provides the advantage of earning back the premiums if the policyholder outlives the policy term.

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Key Features of Bandhan Life iReturn Insurance Plan

Inbuilt Terminal Illness Benefit
Single Premium Payment, Limited Premium & Regular Premium Payment
Premium Return Benefits
Different Policy Terms
Rider Options

Benefits of Bandhan Life iReturn Insurance Plan

Death Benefits: In case of death of the insured, the sum assured is paid with reduced terminal illness benefits to the beneficiary.
Maturity Benefits: In case the insured survives throughout the plan term, she/he is entitled to receive all premiums back as the maturity benefit.
Rider Benefits: In case the insured is diagnosed with a terminal illness, 25% of his/her sum assured is paid back and the future premiums are waived off.
Tax Benefits: All the premiums paid and claims received under this term insurance plan are eligible for tax deductions Under Section 80C and 10(10D) of the Income Tax Act.

Product Specification of Bandhan Life iReturn Insurance Plan

Product Name	Entry Age	Maturity Age	Policy Term	Sum Assured	Premium Paying Term	Premium Paying Frequency
Bandhan Life iReturn Plan	18- 65 years	Up to 75 years	5 - 20 years	30 lakhs- 4 crore	Regular/5 years/Single	Monthly/Half Yearly/Annual

Policy Details of Bandhan Life iReturn Insurance Plan

Grace period: A grace period of 30 days is allowed to the policyholder in case he is not able to make the premium payments on time.

Policy termination or Surrender Benefit:

In case of single premium payment option, the surrender value gets enabled on the completion of the first policy year.
In the case of limited premium payment option, the surrender value gets enabled on the completion of the second policy year.
In the case of regular premium payment option, the surrender value gets enabled on the completion of the third policy year.

Free look period: If the policyholder feels that the plan features and benefits are not satisfactory, he/she is free to cancel the plan within 30 days since the inception of the plan, given no claims have been filed yet.

Additional Rider Covers:

Bandhan Life iReturn plan allows the policyholder to customize their plan with rider covers as per his/her requirements. Below are the Rider Covers available under this plan:

Bandhan Life Accidental Death Benefit Rider: Accidents can have a serious impact on life, ranging from permanent disability to death. Accidental death rider cover guarantees financial security to your family in case of your unforeseen accidental death.
Bandhan Life Critical Illness Rider: There are 4 critical illnesses identified by Bandhan Life. Those diseases can drain the policyholder of a large sum of money. Hence, Bandhan Life offers Critical Illness rider in order to provide financial assistance to the policyholder in case he/she is ever diagnosed with those diseases.
Bandhan Life Waiver of Premium Rider on Critical Illnesses: Bandhan Life understands how difficult it is for the policyholder to continue with the policy once he/she is diagnosed with a critical illness. Hence, the rider offers a distinct benefit under which all future premiums are waived off in case the insured is diagnose with any of the critical illnesses recognized by Bandhan Life. But the policy continues till maturity.
Bandhan Life Women Critical Illness Rider: On being diagnosed with any of the critical illnesses listed as special illness conditions for women, this rider provides the insured with a percentage of the basic sum assured. Special illness conditions listed under this category includes Female Organ Cancer, Birth of Child with Congenital Disorder, Surgeries, and Complications in Pregnancy.

Exclusions

Suicide:

In a case of suicide committed by the insured within the first 12 months of the plan inception, 80% of the premium paid is payable to the beneficiary.
In case of suicide committed by the insured within the first 12 months of the plan renewal, higher of 80% of the premiums paid so far or the surrender value is payable to the beneficiary.

Documents Required

Below are the documents, which are required to get insured by Bandhan Life iReturn Plan:

Duly filled Application form/Proposal form
Address Proof
Age Proof
Other KYC documents; PAN Card, Adhaar Card, Tax Details etc
Medical History

**Documents required are subject to the plan option and the sum assured chosen.

You may also like to read: Bandhan Life Term Insurance

FAQs

Q. Can I attach riders to my base plan anytime I want?

Ans: Yes, the insured has the flexibility to attach riders to his base plan anytime he/she wants. All the insured has to do is to send Bandhan Life a documented notice stating that he/she wants to attach a rider to his/her base plan and make the additional premium payment as required.
Q. What if I want to detach riders from my base plan?

Ans: The insured can detach riders from his base plan anytime he/she wants. He/she has to send a documented notice to Bandhan Life about the rider he wishes to detach. Discontinuance of rider premium will be applicable from the upcoming premium payment due date.
Q. What if I want to discontinue my iReturn plan?

Ans: The insured is provided with a free look period of 30 days from the policy inception date. During this period, the insured gets the option to cancel his/her plan if he/she is not satisfied with the term and conditions. On cancellation within this period, the insured gets back the premiums he/she had already paid. However, stamp and administration charges, pro rata adjustment of life cover and medical expenses (if any) are deducted before returning the premium amount.
Q. What if I miss the payment of my premium within my grace period?

Ans: If the insured fails to pay his/her premium even within the 30 days’ grace period provided under the plan, then the policy cover terminates automatically. However, the policy can be revived again by paying the due premiums so far along with the interest applicable to it.