Bandhan Life i-term Prime
- Affordable Premiums
- High Coverage
- Riders Available
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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 do not need the term plan anymore.
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 2 riders to your plan namely Bandhan Life Accidental Death Rider and Bandhan Life Critical Illness Care Rider.
Bandhan Life i-Term Prime offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 65 years
Minimum term – 5 years Maximum term – 15 years
Base sum assured: 25 lakhs to no upper limit
The policy loan is not available under i-Term Prime
Annual, half-yearly, quarterly & monthly
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 Takeaways: In case of Mr. Purvesh's demise during the policy tenure, Rs. 1 crore will be paid to his nominee.
Here are the benefits associated with the Bandhan Life i-term Prime
The plan offers a lump sum death benefit payout on the demise of the policyholder.
The premiums of Bandhan iTerm Prime plan are easy on your pockets making it a high-coverage but budget-friendly plan.
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.
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
You get a 5% discount on your first-year premium with the Bandhan iTerm Prime plan.
To make your coverage more wholesome, you can add two riders with this plan which are Bandhan Life Accidental Death Rider and Bandhan Life Critical Illness Care Rider.
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.
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 death of the policyholder. It is a simple plan that offers additional coverage through riders. The extra coverage is 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 so it is a good option if you are looking for a cost-effective term plan. For any other queries related 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!
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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