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82
25 lacs / Unlimited
2.59
285,524
18/65
5/62
37,487
96.90%
* - As per IRDAI data - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes | ** - as per L-25 Public Disclosure of Insurance Companies for 2019-20 | *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published.
| Maturity Benefit | There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate. |
| Surrender Benefit | Bandhan Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen. |
| Free Look Period | Distance Marketing Channel – 30 days All Other Channels – 15 days |
| Grace Period | 15 days for Policies under Monthly Frequency 30 days for Policies under Yearly / Half-yearly Frequency |
| Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) | Death Claims | Health Claims |
|---|---|---|
| Raising Claim Requirements | Within 15 days of receipt of claim. | Within 15 days of receipt of claim. |
| Settlement or Rejection or Repudiation of claims wherein Investigation is not required | Within 30 days from the date of receipt of last necessary document. | Within 30 days from the date of receipt of last necessary document. |
| Settlement or Rejection or Repudiation of claims wherein Investigation is required | Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. | Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document. |
Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.
In general, beneficiaries and insured persons can make a life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.
The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).
Yes. The average Indian woman lives longer than the average Indian man, therefore, the premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.
Nicotine use becomes a factor in determining the premium because a non-smoker is expected to live longer than a smoker–in any country.
If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.
If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.
In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.
Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.
Absolutely! But for that, look for a policy with maturity benefits. Most people are unaware of the additional benefits apart from the death and disability benefits. So, check out the various types of life protection plans: Here are a few to consider
The premium paid on a health insurance policy is eligible for deduction under Section 80D of the Income Tax Act. So save with your policy now.
A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:
Yes, the insurer can reject a life insurance claim on grounds of
Claims of death due to drunken driving, accidents while inebriated, self-inflicted wounds, murder, death in a war or known violent area, dangerous hobbies like skydiving, and death due to sexually-transmitted diseases are not entertained.
This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.
Your insurer can reject a life insurance claim on grounds of:
All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy
If you buy term insurance, you are doing it for the financial security of your family, which relies on you, and to get multiple benefits such as tax exemption and planning for your child’s higher education.
In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.
Yes! In fact, if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, it may have severe repercussions such as your policy being considered as null and void or denial of the policy benefits.
Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.
You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.
Term insurance is a life insurance policy that provides coverage for a specific amount of time, say 10, 20 or 30 years, whereas whole life insurance is a type of permanent life insurance that provides a death benefit and accumulates a cash value as long as you are alive.
Some of the key reasons as a customer to opt for Bandhan Life are as follows:
