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Bandhan Life iTerm Prime is a term insurance plan that helps secure your family’s future and lets you live your life free of stress today.The plan offers assured protection with lump sum payment in case of an unfortunate event. Let’s discuss the plan in detail.
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Note: Know more about what is term insurance first before reading this article.
Plan provides assured life cover with lump sum payout
Offers coverage at low premium rates through your years of earning
Flexible modes of premium payment at the frequency you select
Option to receive all your premium amounts back in case you no longer need cover through special exit value.
Option to select additional riders for critical illness and accidental death to enhance the coverage of policy.
Get tax benefits on the premium amount paid and received benefits.
Term Plans
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | Regular Pay : 23 years Limited Pay (10 years) : 33 years Limited Pay (till 60) : 65 years |
70 years |
| Policy Term | Regular Pay: 5 years Limited Pay (10 years): 15 years Limited Pay (till 60): (PPT+5) years |
70 years less entry age |
| Premium Payment Term | Regular Pay : Same as policy term Limited Pay: 10 years/Pay till 60 |
|
| Base Sum Assured | 25 Lakhs | No Limit |
| Premium payment frequency | Yearly/Half-yearly/Monthly | |
Note: You can easily calculate the term insurance premium by using the term insurance calculator online tool.
Raju, a non-smoker of 30 years is a web developer who wants to protect the financial goals of his family in case he is not with them. He buys this plan with the following policy details:
Sum assured - 50 Lakhs
Policy Term - 40 years
Premium Payment Term: 40 years for regular pay
Annualized Premium - Rs. 7249
In case of Raju’s death at 65 years, death benefit of Rs. 50 Lakhs will be paid to the claimant subject to all the due premium amounts under the plan being paid. The plan will terminate after paying the premium after death and no other benefits will be paid.
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In case of policyholder’s death for an active policy, when all the due premium amounts have been paid, the death benefit is paid as a lump sum to the claimant.
Death benefit received is the highest of:
11 X Annual premium
105 percent X Total amount of premium paid as on the death date
Base Sum Assured
In case of policyholder’s death during the grace time, the death benefit will be decreased by the unpaid premium in form of installments as on death date. The plan will terminate on paying the above-mentioned benefit and no further benefits are paid.
In this option, the total premium amount paid along with underwriting additional premium amount paid plus the loadings of modal premiums shall be paid to the life assured, in case policyholder opts special exit option during the time of 1 year once they attain 55 years of age.
Below are the conditions that for special exit feature:
The plan should be active at the time of buying the SEV feature
This value is available for plans where policyholder’s entry age at starting of policy is up to 40 years and the plan matures at 70 years of age.
The plan will be terminated after buying SEV.
Upon policyholder’s survival till maturity date, no further benefits are paid and the plan will terminate.
Tax Benefits
Get tax benefit as per the prevailing laws of Income Tax Act, 1961.
This rider provides a lump sum benefit equivalent to the sum assured of the rider in case of death because of the life assured accident.
This rider offers lump sum payout or premium waiver in case of diagnosis of any critical illness.
In case you are not satisfied with any of T&Cs of the plan, you can request the insurer to cancel the policy within 15 days and 30 days, if bought through distance mode or electronic policy) from the policy receipt date through email or physical (whichever is sooner).
In case of such cancellations, the insurer will return the total premium received involving any additional premium and taxes towards the plan.
No Surrender benefit payable under this plan
A grace period of 15 days is available for plans under monthly premium payments and 30 days for plans under all other payments from the due date of premium.
You have the option to revive the plan within 5 consecutive years from the 1st unpaid premium’s due date and before the expiration of policy tenure.
In case of policyholder’s death because of suicide within 12 months from the commencement risk date under the plan or from the revival date of plan, the beneficiary/nominee of the policyholder shall be liable to 100% of the total premium amount paid till death date or the surrender value available on death date, whichever is higher.
Note: Check out the term insurance plan in India and choose one that suits your requirements.
†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
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