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Bandhan Life iTerm Insurance Plan

Bandhan Life iTerm Insurance Plan is an online term insurance plan which aims to fulfill the protection needs of the policyholder at minimal costs for a secured future.

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Key Features OF Bandhan Life Term Insurance

This is a purely online term plan
It is a term insurance plan with Single Pay and Regular Pay premium paying options
There is an inbuilt Terminal Illness Benefit under the plan

Benefits of Bandhan iLife Term Insurance

On diagnosis of any Terminal Illness, future premiums are waived off and 25% of the Sum Assured is paid immediately to a maximum of 100 lakhs.
On death of the policyholder, the Sum Assured less any Terminal Benefit already paid is paid to the nominee
There is no maturity benefit in this plan
There are 4 additional riders available in this plan
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18 years	65 years
Maturity Age (Last Birthday)	-	75 years
Policy Term (PT) in years	5	57
Premium Paying Term (PPT) in years	Single Pay or equal to the policy term
Premium Paying Frequency	Single, Annual, Semi-Annually and Monthly
Sum Assured	25 lakhs	No limit

Details about Premium

Premium in Rupees for a term of 30 years

Age / Sum Assured	50 lakhs	1 crore
30 years	4617	8208
35 years	5871	10,830
40 years	8322	15,618

Policy Details

Grace period: 30 days grace period is allowed for payment of premium

Policy termination or Surrender Benefit: the policy does not acquire Surrender Value for Regular Pay plans. For Single Pay plans, Surrender Value is available only after completion of 3 policy years.

Surrender Value = 70% * Single Premium * (outstanding term / total term)

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Exclusions

In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.
For the Terminal Illness Benefit, illnesses arising out of self-inflicted injuries, alcohol abuse, failure to follow medical advice, HIV and AIDS infection, war, aviation, etc. are excluded.

Additional Features or Riders

The following riders are available under the plan:

Bandhan Life AD Rider
Bandhan Life iCI Rider
Bandhan Life WoP on CI Rider
Bandhan Life Women CI Rider
Bandhan Life Disability Rider

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.

You May like to Read: Bandhan Life Term Insurance Plans

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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