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Overview
The Bandhan iTerm Prime Plan is a pure protection term insurance plan that comes with affordable premiums. The plan has a minimum sum assured of ₹25 lakhs with no upper limit on the maximum sum assured. The Bandhan iTerm Prime policy also comes with a 'Special Exit Value,' which lets you withdraw your policy mid-term and get your premiums back if you no longer need the term plan.
The Bandhan i-Term Prime Plan is available online for a hassle-free purchase and offers a 5% discount on the first-year premium. You can attach two riders to your plan: Bandhan Life Accidental Death Rider and Bandhan Life Critical Illness Care Rider.
The Bandhan Life i-Term Prime offers a range of benefits, including:
- Special exit value
- Terminal illness cover
- Accidental death benefit cover
- 5% discount on first-year premium
- Affordable premiums
- Flexible policy term
Key Features and Benefits
Special Exit Value
Once you reach the age of 55 years, the policy gives you 1 year to avail this feature, wherein you can withdraw your policy and get your paid premiums back after the deduction of GST. The plan will terminate after you avail this feature.
Affordable Premiums
The premiums of the Bandhan iTerm Prime plan are easy on your pockets, making it a high-coverage but budget-friendly plan.
Tax Benefits
The plan offers tax benefits under Section 80(C) of the Income Tax Act, where you can save up to ₹1.5 lakhs per financial year.
Discounts
You get a 5% discount on your first-year premium with the Bandhan iTerm Prime plan.
Lumpsum Payout
The plan offers a lump sum death benefit payout on the demise of the policyholder.
Joint Life Cover
You can include your spouse in the same policy at a later date during the policy tenure.
Benefits in Installments
Plan to meet the recurring expenses of your loved ones by opting for payment of benefits in installments.
Choose Your Premium Payment Term
You can choose your premium payment term at the policy's inception; it cannot be changed later during the policy tenure.
Policy Loan
Under the Bandhan iTerm Prime plan, you cannot avail a loan against your policy.
Riders Associated with Bandhan Life i-Term Prime Term Plan
You can add the following riders to your i-Term Prime plan:
Bandhan Life Accidental Death Benefit Rider
This rider provides an additional payout in case of the policyholder's death due to an accident. The payout amount is usually a multiple of the sum assured chosen at the time of policy purchase.
Exclusions
- Suicide during the first 12 months of policy inception will not be covered.
- Death due to a pandemic is not covered under this plan.
- Death caused by any type of adventure sports is not covered.
- Death due to consumption of drugs or alcohol is not covered.
- Death due to any pre-existing disease not declared at policy inception will not be covered.
