Bandhan Life iTerm Prime Term Insurance Plan

• Optional Riders: Some term insurance plans, including Bandhan Life iTerm Prime, offer optional riders (at an additional cost) that can be added to the base policy for additional coverage. These riders are the Accidental Death Benefit and Critical Illness riders.

• Tax Benefits: Premiums paid for term insurance plans are eligible for tax benefits under Section 80C of the Income Tax Act, and the death benefit is usually tax-free under Section 10(10D) of the Act.

2. Exclusions

• Suicide Clause: Most term insurance plans have a suicide clause, which means that if the policyholder dies by suicide within a specified period (usually within the first year of the policy), the nominee/beneficiary may not receive the total sum assured. Instead, the insurer may refund the premiums paid.

• Material Misrepresentation: If it is discovered that the policyholder provided false or misleading information while applying for the policy, the insurer may have the right to reject claims or modify the terms of the policy.

• Exclusions for Certain Activities: Some policies may have exclusions for high-risk activities such as participation in hazardous sports or activities, illegal activities, or acts of war or terrorism.

• Policy Lapse: If the policyholder fails to pay the premiums on time, the policy may lapse, and the coverage will cease. Some policies offer a grace period during which premiums can be paid to reinstate the policy.

• Waiting Period: Certain critical illness riders or add-ons may have a waiting period before they become effective. This means that the policyholder may not be eligible for a critical illness claim during the initial waiting period.

• Sum Assured: The predetermined amount of money that the insurance company pays to the nominee or beneficiary in case of the policyholder's death.

• Premium: The regular payments made by the policyholder to the insurance company to maintain the term insurance coverage.

• Policy Term: The duration for which the term insurance plan provides coverage. It can typically range from 5 years to many decades.

• Nominee: The person designated by the policyholder to receive the death benefit, in case of the policyholder's demise.

• Beneficiary: An alternate term for the nominee, referring to the individual or entity entitled to receive the death benefit.

• Maturity Benefit: In term insurance plans, there is usually no maturity benefit, as it is a pure protection plan. Therefore, there is no payout if the policyholder’s demise does not occur during the policy term.

• Riders: Optional add-ons or supplementary insurance coverage that can be attached to the base term life insurance plan to enhance protection. Such riders include the critical illness cover, accidental death benefit, waiver of premium cover, etc.

• Waiver of Premium Rider: A rider that forsakes future premium payments in the case of the policyholder’s disability or the diagnosis of a critical illness during policy term. The coverage remains in force even if premiums are not paid.

• Accidental Death Benefit Rider: A rider that provides an additional payout over and above the base sum assured if the policyholder's death occurs due to an accident.

• Critical Illness Rider: A rider that offers a lump-sum payout if the policyholder finds that they have a critical illness specified in the policy terms.

• Surrender Value: The amount that a policyholder may receive if they choose to terminate or surrender the term insurance policy before the completion of the policy term. Term insurance plans typically do not have a surrender value.

• Grace Period: A specified period after the premium due date during which the policyholder can make premium payments without the policy lapsing. This period varies from insurer to insurer.

• Policy Lapse: When the policyholder fails to pay the premium within the grace period, and the policy coverage terminates due to non-payment.

• Claim Settlement Ratio: A measure that indicates the claims settled by an insurance company compared to the total claims received. A high claim settlement ratio is generally preferred, as it indicates a company's commitment to settling valid claims.

• Free Look Period: A short period (usually 15 to 30 days) after purchasing the policy during which the policyholder can review the terms and conditions and choose to cancel the policy if not satisfied, receiving a refund of the premium paid.

• Policy Revival: The process of reinstating a lapsed policy by paying the outstanding premiums and fulfilling the insurer's requirements.

 

Tax benefits are subject to changes in tax laws. The Company does not assume responsibility on tax implication mentioned anywhere in this page. It is recommended to obtain professional advice for applicability of tax benefits.

 

All ages above are applicable as on last birthday

 

As per the latest annual audited figures, Individual Death Claim Settlement ratio for FY 2022-23 is 99.37%.

 

Annualized premium for first year is including first year premium discount, if any

 

Total Premiums means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

 

Special Exit Value (SEV) is available for policies where age at entry of the life assured at inception of the policy is up to 40 years (age last birthday) and the policy matures at the age of 70 years (age last birthday), and can be availed at Age 55 only.

 

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

 

Participation to buy insurance is purely voluntary. The contract of Insurance is between Bandhan Life Insurance Limited, and the Insured and not between Bajaj Finserv and the Insured.

 

This policy is underwritten by Bandhan Life Insurance Limited,. This is a non-linked non - participating term insurance plan. All terms and conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for sub-standard lives, smokers or people having hazardous occupations, etc. The insurance cover for the life insured will commence on the policy issue date.

 

Life Insurance Coverage is available in this product. Please know the associated risk and applicable charges from your insurance agent or the intermediary or policy document of the insurer

 

For any information including cancellation, claims and complaints, please contact our Insurance Advisor/Intermediary or call 1800-209-9090 (9am to 7pm, Mon to Sat) or write to us at customer.care@bandhanlife.com. Visit us at: www.bandhanlife.com.

 

Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Bandhan Life Insurance Limited, does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

 

The brochure is not a Contract of Insurance. The precise terms and conditions of this plan are specified in the Policy contract

 

Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs and the Surrender Value payable may be less than the all the Premiums Paid.

 

This plan is also available for sale through online mode. This product brochure should be read along with Benefit Illustration.

 

Bajaj Finserv Direct Limited is a registered corporate agent of Bandhan Life Insurance Limited, For Bajaj Finserv Direct Limited, IRDAI Registration Number CA0551 and does not underwrite the risk or act as an insurer.

 

c.         * mark needs to be added along with the premium in the table.

d.        ^ mark needs to added along with the CSR in the table. Also, a disclaimer along with ^ needs to be added below the table along with the existing disclaimer- As per the latest annual audited figures, Individual Death Claim Settlement ratio for FY 2022-23 is 99.37%.