What are the three plan variants  available under Bandhan Life iIncome Wealth

• Early Income, Deferred Income, and Wealth

  What’s the difference between Early and Deferred Income

• Early Income starts payouts from year 1
• Deferred Income starts after premium payment term ends

What is Secure Policy Benefit (SPB)?

• Secure Policy Benefit is a feature that ensures all the benefits selected by the customer remain intact even after his death. These benefits will be paid to the nominee as originally planned or continue to accumulate in the policy, depending on what the customer had chosen. If the customer had opted for accumulation, the nominee can simply add the bank details and withdraw the accumulated amount.

Can a policyholder change the income frequency or payment timing once the policy is issued

• Income frequency can be changed once every 90 days. Income timing must be selected at inception and cannot be changed later.

How does Premium Offset feature work

• If you have paid 3 full years, income can be used to pay future premiums.

What is the Special Income Date option

• In this option customer can pick a date like birthday for annual payouts. This is only for annual income and can’t be used with advance income.

What bonuses can a policyholder get

• Cash Bonus, Revisionary bonus in case of wealth income, Terminal Bonus, or Interim Bonus, depending on the company’s performance.

What happens if a customer stops paying premiums after the first year.

• After 1 full year of payment, the policy becomes "Reduced Paid-Up" with lower benefits. If less than 1 year is paid, the policy lapses.

How does policy revival work

• If your policy has lapsed, you have up to 5 years from the date of lapse to revive it. To do this, you’ll need to pay all pending premiums, and the revival will be subject to the insurer’s underwriting decision (which may include medical checks or documents, if required).

Can a customer take a loan against this policy? If yes, what is the maximum loan allowed.

• Yes, once the policy acquires surrender value. Max loan is 80% of surrender value.

What are the tax benefits available under this plan.

• Tax benefits may be available under Section 80C and Section 10D as per prevailing tax laws.

Are there any additional benefits for female policyholders under this plan

• Yes, women get 1.5% extra added to the Benefit Sum Assured.

What if the policyholder and life assured are different

• Then Secure Policy Benefit is not allowed. SPB works only if both are the same person.

How is the income pay-out date determined in different scenarios

• If the customer has opted for Advance Income, the pay-out date will remain the same as the first payout date, regardless of the premium payment date.
• If the Premium Payment Frequency is the same as the Income Payout Frequency, then the income payout will be processed only after the premium is realized.