Bandhan Life Future Protect Insurance Plan

Bandhan Life Future Protect is a unit linked insurance plan that enables the policyholder to earn the capital market return and also enjoy life insurance protection.

4.8^~ Rated
7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

ULIP Plans

Plan starting from ₹1,000/month
Save upto ₹46,800 in Tax under section 80C^{^}
Zero LTCG Tax^¶
In built life cover

Top performing plans with High Returns^**

Invest ₹10K/month & Get ₹1 Crore^# on Maturity

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

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.

Bandhan Life Future Protect - Key Features

Regular Premium Payment
Invest Protect Option
Or, below are the funds available

Accelerator Fund
Stable Fund
Secure Fund
Debt Fund

Bandhan Life Future Protect - Benefits

Death Benefits: In case of death of insured,

Higher of, The Sum Assured plus the top-up Sum Assured the net of any partial withdrawals done in the last 2 years if age is less than 60 years or withdrawals made after attaining 58 years if age is more than 60 years or Fund Value including the Top-up Fund Value subject to a minimum of 105% of premiums is paid to the nominee.

Maturity Benefits: Under this option, the funds are managed by the company to protect them against market volatility towards maturity. The allocated premium is initially invested in Accelerator Fund and in the last 3 policy years the fund value is systematically transferred first to Stable Fund, then to Debt Fund and in the last year to Secure Fund. The investments in each fund are also switched monthly to the subsequent fund @ 10%.

The insured shall get the Total Fund Value including Top-up Fund Value on Maturity which can be taken in lump sum or under the Settlement Option where the proceeds can be taken in equal installments over a period of 5 years post maturity

Tax Benefits: All the premiums paid and income received under this plan are eligible for tax deductions Under Section 80C and 10(10D) of Income Tax Act.

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Bandhan Life Future Protect - Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	7 years	50 years
Maturity Age (Last Birthday)	-	65 years
Policy Term (PT) in years	15	35
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Yearly, half-yearly, monthly
Yearly Premium	20,000	No limit
Sum Assured	Higher of 10annual premium or 0.5termannual premium for ages<45 years and higher of 7annual premium or 0.25termannual premium for ages>=45 years	20*annual premium

Details About Premium

Illustration for a policy term and PPT of 30 years

Age	30 years
Premium	50,000
SA	10,00,000
Maturity Benefit @ 4%	20,45,495
Maturity Benefit @ 8%	41,37,781

Bandhan Life Future Protect - Policy Details

Grace period: In case the insured is not satisfied with his monthly premium plan then he is free to cancel it within 15 days since inception. And, in the case of other premium payment mode, he is allowed to cancel his plan within 30 days since inception.

Policy termination or Surrender Benefit: On completion of 5 years of his plan, a surrender value gets enabled. In case the insured surrenders his plan before completing 5 years, then the fund value net discontinuation charges shall be credited to his Discontinuation Policy Fund where it shall yearly grow at a minimum of 4%.

In a case, if the insured chooses to discontinue his plan after completing 5 years, then the entire fund value as on the date of surrender shall be paid to the insured without any additional charges applicable.

Free look period: In a case, the insured is not satisfied with his unit linked plan or the features and benefits provided by it, then he has the choice to cancel his policy within 15 days since inception, given no claims have been done yet.

Inclusions

Partial Withdrawals: Every year Partial withdrawals are allowed for free with a maximum of 20% of the Fund Value
Systematic Partial Withdrawals: Periodically units are redeemed and the proceeds are transferred to the bank account of the insured
No Premium Allocation Charges: Every year four Free switches are allowed for switching between funds
Premium Redirection Option: The future premiums can be redirected to a new fund via this option which has no cost associated with it
Rider Top-up Covers: With a minimum of Rs.5,000 top up covers are allowed for increasing the Fund Value

Additional Features or Riders

Rider Covers: Under the rider covers, sum assured amount can be increased by up to 50% of the base SA or 10 lakhs whichever is lower without any extra medical requirements within 3 months of marriage or childbirth
Auto Rebalancing feature: Under this, the fund is rebalanced every year according to the ratio chosen at inception

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exclusions

Suicide: In case the insured commits suicide within the first year of the plan inception or renewal, then the settlements are done by paying the total fund value as on the date of death.

Note: In case the insured commits suicide within the first 12 months of increasing the sum assured then the increased sum assured shall not be applicable with the benefits.

Required Documents

Below are the documents which are required to be insured under Bandhan Life Future Protect 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 assured sum amount chosen and the premiums paid for it.

You may also Compare: Bandhan Life ULIP Plans

FAQ's

Q. When can I make partial withdrawals against the units?

A. Future Protect provides liquidity through partial withdrawals after 5 years with his plan.
Q. How does Future Protect work?
A. The plan works around following steps:
- Decide the premium amount based on your requirements
- Choose the amount of coverage required
- Decide the policy term
- Choose the funds you wish to invest on
- Or, Invest Protect Option
Q. What is the investment share of every fund available?
A. The investment shares of every fund available are stated below:
Accelerator Fund:
- The fund has the flexibility to invest into fixed interest asset and money market instruments:
- Equity Fund: 20%
- Fixed Interest and Money Market Instruments: 0% - 20%
Debt Fund:
- Fixed Interest: 60% - 100%
- Money Market Instrument: 0% - 40%
Stable Fund:
- Equity Fund: 20% - 80%
- Fixed Interest and Money Market Instruments: 20% - 80%
Secure Fund:
- Fixed Interest: 60% - 100%
- Money Market Instrument: 0% - 40

†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*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
^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