ULIP Plans

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Key Features of Bandhan Life iMaximize

It is a unit linked insurance plan with Limited Pay and Regular Pay option of premium payment

There is no Premium Allocation charge under the plan

The Death Benefit can be availed in two Benefit Options 1 & 2

Under option 2, Death Benefit, Additional Savings Benefit and Income Benefit is also payable

The following 3 funds are available for investment

Blue chip Fund
Debt Fund
Secure Fund

Benefits of Bandhan Life iMaximize

The insured will get the total Fund Value on Maturity

On death of the policyholder, under Benefit Option 1, higher of the Sum Assured including the top-up SA net of any partial withdrawals made in the last 2 years or Fund Value including the Top-up Fund Value or 105% of premiums paid is payable to the nominee

Under Benefit Option 2, higher of the SA including the top-up SA 105% of all premiums paid is payable immediately on death. All future premiums are waived off and paid for by the company under the Additional Savings Benefit, an amount equal to an annual premium is paid every year till the end of the term under the Income Benefit and on Maturity, total Fund Value including the top-up Fund Value which was automatically allocated to the Secure Fund on death is paid

Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification of Bandhan Life iMaximize

Minimum

Maximum

Entry Age (Last Birthday)

7 years

55 years

Maturity Age (Last Birthday)

70 years

Policy Term (PT) in years

15, 20, 25

Premium Paying Term (PPT) in years

Premium Paying Frequency

Yearly, monthly

Yearly Premium

24,000

No limit

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Policy Details

Grace period: 15 days grace period is allowed for monthly mode and 30 days for other modes

Policy termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinuance Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Inclusions

4 Free Partial withdrawals are allowed every year with a maximum of 20% of the Fund Value
4 Free switches are allowed every year for switching between funds
Future premiums can be redirected to a new fund via the Premium Redirection option of which 2 are free
Top-ups with a minimum of Rs.5000 are allowed for increasing the Fund Value
The corresponding top-up SA will be 10 *top-up premium if age is up to 35 years, 1.25 * top-up premium if age is up to 44 years and 1.10*top-up premium if age is greater than equal to 45 years