Bandhan Life Term Insurance Plans: Overview
Bandhan Life, formerly known as Aegon Life Insurance, began its operations in India in July 2008. Since its inception, the insurer has served over 5 million customers with its quick and easy buying and claim settlement processes.
Bandhan Life Insurance offers various life insurance products, including term insurance. Their term insurance plans feature affordable premiums and comprehensive benefits such as death, maturity, and return of premiums. They provide digital life insurance solutions designed to cater to the unique needs of customers. You can also check Bandhan Life Term Insurance reviews to help choose the right plan.
Key Benefits of Bandhan Life Term Insurance
- Special exit value
- Affordable premiums
- Tax benefits
- Accidental death benefit
- Flexible premium payment terms
- Critical illness benefit
- Maximum sum assured of up to ₹1.5 Crores
- Special premium discounts for women and non-smokers
Eligibility Criteria for Bandhan Term Insurance Plans
To purchase a Bandhan term insurance plan, certain eligibility criteria must be met. Let's understand them in detail:
Age
Individuals between 18 and 65 years of age are eligible to apply for a term life insurance plan. Age is a key factor in determining the term insurance premium.
Health Condition
As Bandhan term insurance plans cover the policyholder's life, most insurers require a health examination to assess current health and inherent risks. Honesty about your health condition and medical history is crucial to avoid claim settlement issues.
Income
While there's no specified minimum income, insurers may request bank statements and salary slips to determine appropriate coverage for your term plan.
Smoking Habits
Disclosure of smoking habits (past or present) is mandatory, as smokers face higher health risks like lung cancer.
Citizenship
Indian citizens can purchase a Bandhan term insurance plan in India. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can also avail the benefits of a term insurance plan in India.
Additional Benefits Offered by Bandhan Term Plans
Bandhan Life Term Insurance Plans offer several additional benefits to policyholders:
Flexible Premium Payment Terms
Bandhan Life term plans offer flexible premium payment terms, ranging from 10-15 years for limited pay and up to 60 years for regular pay options.
Smart Exit Option
Some Bandhan Life term insurance plans provide a smart exit option, allowing you to receive all your premiums back.
Choice of Policy Tenure
Policyholders can choose a policy tenure that best suits their needs.
10% Discount on Premiums
Bandhan Life term insurance offers a 10% online discount on first-year premiums.
Types of Bandhan Life Term Plans
Bandhan Life offers various term plans, each with distinct features, benefits, and premiums. You can select the one that best suits your requirements:
Basic Term Plan: Bandhan Life Saral Jeevan Bima
This plan provides only a death benefit to the nominee at an affordable cost, with no maturity benefit.
Term Plan with Accidental Death Benefit Cover: Bandhan Life i-Term Prime
This plan offers inbuilt coverage against accidents, disability, and death.
Term Insurance with Affordable Premiums: Bandhan Life iTerm Prime
This plan provides affordable term insurance coverage with flexible policy terms.
Riders Available with Bandhan Term Insurance Plans
Bandhan Term Insurance plans offer riders or add-ons that enhance the scope of your insurance coverage. Riders are extra benefits that can be added to your base policy at an additional, typically minimal, cost. Here are the riders available with Bandhan Life Term Insurance plans:
| Name of the Rider |
Benefits |
| Bandhan Life Accidental Death Benefit Rider |
This rider provides an additional payout if the policyholder's death occurs due to an accident. The payout amount is usually a multiple of the sum assured chosen at the time of policy purchase. |
Documents Required to Buy Bandhan Life Term Insurance
Here are the documents required to buy Bandhan Life Term Insurance:
- Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.
- Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving Licence.
- Address Proof: Any one of the following: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records (if requested).
- Income Proof: Any one of the following: bank statement, last three months' salary slips (for salaried individuals).
How to Buy a Bandhan Life Term Plan
Follow these steps to buy a Bandhan Life Term Plan:
- Visit the official website of Bandhan Life Insurance Company.
- Click on 'Buy Term Plan' in the navigation bar and select 'Term Insurance Plans'.
- Click on the 'Buy Now' button and fill in the required details.
- Tap 'Next' and select a plan as per your requirements.
- Select your desired cover option and proceed to make the payment.
How to File a Bandhan Life Term Insurance Plan Claim
Filing a claim for Bandhan Life Term is a simple and hassle-free task. You can easily file and submit your claims online or offline. To file a claim for a Bandhan Term Plan, follow these steps:
Online Process
-
Claim Reporting
Inform the company about the incident via email at [email protected], by calling the toll-free number (1800-209-9090), by filling out the online claim form on its website, or by visiting the nearest branch.
-
Claim Review
Bandhan's customer support staff will review your claim form and assist you. They will evaluate your claim and notify you if any documents are pending.
-
Claim Approval and Settlement
After receiving all documents and claim forms, the company will verify the details as per their norms. Upon successful completion, the claim will be settled, and the amount will be transferred to the nominee's bank account. Communication will be sent via call or email.
Offline Process
You can submit your Bandhan Life Insurance claim by visiting one of Bandhan Life Insurance's branch offices. You can visit their website to locate the nearest branch. You must submit the essential documents at the branch for your claim to be processed.
How to Buy a Bandhan Life Term Plan on PolicyX
Follow these steps to buy a Bandhan Life Term Plan on PolicyX:
- Fill out the form at the top of this page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium payment period, and any required riders, then proceed to make the payment.
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