Bandhan Term Insurance
Bandhan Life i-Term Prime is a comprehensive term insurance plan that ...Read More
A quick read on what this Bandhan Term Insurance term plan covers and why it might be a fit for you.
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. 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.
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.
Bandhan Life i-Term Prime offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
Let us understand the plan with an example:
Mr. Purvesh is a 30-year-old male who doesn't smoke. He is looking for a term plan with critical illness cover.
His financial advisor from PolicyX.com advised him to buy the Bandhan Life i-Term Prime term plan.
Let's understand how the Bandhan Life i-Term Prime term plan works for him with a premium illustration table.
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
| 30 years | Rs 7249 | 40 years | 40 years | Rs 2,89,960 | Rs 1 crore |
Key Takeaway: In case of Mr. Purvesh's demise during the policy tenure, Rs. 1 crore will be paid to his nominee.
You can add the following riders to your i-Term Prime plan:
This rider provides a lump sum payout to the policyholder in case of the diagnosis of a critical illness, such as cancer, heart attack, or stroke. The payout amount can be used to cover medical expenses or other financial obligations.
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.
Key features that make Bandhan Life i-term Prime stand out.
Policy Loan
Under the Bandhan iTerm Prime plan, you cannot avail of a loan against your policy.
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.
Affordable Premiums
This policy comes at affordable premiums so that you can take advantage of a high sum assured at pocket-friendly costs.
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.
Here are the key benefits of the Bandhan Life i-term Prime.
Lumpsum Payout
The plan offers a lump sum death benefit payout on the demise of the policyholder.
Affordable Premiums
The premiums of Bandhan iTerm Prime plan are easy on your pockets, making it a high-coverage but budget-friendly plan.
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.
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.
Riders
To make your coverage more wholesome, you can add two riders with this plan: Bandhan Life Accidental Death Rider and Bandhan Life Critical Illness Care Rider.
Here is the list of exclusions associated with the plan:
Bandhan iTerm Prime is a pure-term insurance plan that offers death benefits in case of the policyholder's demise. It is a simple plan that offers additional coverage through riders for situations like accidental death and critical illness. The plan does not offer any flexibility in premium payment terms, surrender benefits, and maturity benefits.
It comes with higher coverage and lower premiums, making it a good option if you are looking for a cost-effective term plan. For any other queries related to the plan or the company, you can talk to our insurance experts at PolicyX.com. Our experts will listen to your unique needs and offer the best possible solution for you. Call us at 1800-420-0269 today!
The 9 most-asked questions about Bandhan Life i-term Prime, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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