Bandhan Life, (formerly Aegon Life Insurance)

If the life insured passes away during the policy term, the nominee receives the highest of the applicable premium multiple, 105% of the total premiums paid, plus any underwriting extra premium, if any, or the base sum assured. For single pay, the premium multiple is 10 times the single premium for entry ages below 60, and 1.25 times the single premium for entry ages 60 and above. For other premium payment options, it is 11 times the annualized premium.

The nominee can receive the death benefit as a lump sum, monthly income installments, or a combination of 50% lump sum and 50% monthly income. The payout option can be selected at the time of policy purchase or at the claim stage.

After completion of 3 policy years, Bandhan Life pays an immediate amount equal to 1% of the prevailing death benefit, capped at ₹1 lakh, within 1 working day from claim registration, provided all mandatory documents are submitted. This amount is later deducted from the final death benefit.

This benefit lets the policyholder increase or decrease the base sum assured twice during the premium payment term. The sum assured can be increased by 25% to 100% of the original base sum assured, in multiples of 5%, subject to medical underwriting and policy conditions. It can also be decreased by 25% to 50% of the prevailing base sum assured, subject to plan limits.

This feature allows eligible policyholders to exit the plan early and receive a percentage of the premiums paid. It is available only if the entry age is up to 40 years, the policy term is 30 years or more, and the maturity age is 70 years or more. For limited pay, the policyholder may use a dual exit option at ages 55 and 65, or a single exit option at age 65. For regular pay, the policyholder can exit once during the specified exit window and receive 100% of total premiums paid plus any underwriting extra premiums, if any.

This benefit lets the policyholder defer premiums for up to 12 months while the full risk cover under the base plan and riders continues. It can be used after 3 policy years, provided the policy is active, and all due premiums have been paid. The policyholder must inform the insurer in advance before exercising this option.

Female policyholders can claim a benefit on childbirth or legal adoption. This benefit can be claimed up to two times during the policy term, subject to conditions. The first claim pays 10% of total premiums paid, plus any underwriting extra premiums, up to the date of the first childbirth or adoption.

The policyholder can buy an additional policy for their spouse during the policy term, except in the last 10 policy years, without additional financial verification. However, medical underwriting still applies. This benefit is available only if the life assured has a sum assured of ₹1 crore or more. The spouse policy sum assured can be up to 50% of the original policyholder’s sum assured, capped at ₹50 lakh.

The plan also gives access to services such as medical consultations and international medical second opinions through service providers registered with Bandhan Life. These services are optional, complimentary, and available only when the policy or rider is active.

This rider pays an additional lump sum of up to 3 times the base sum assured if the life insured dies due to an accident within 180 days of the incident. The rider is optional, comes at an additional cost, and does not offer any maturity benefit.

The policyholder can receive a refund of eligible premiums paid if they no longer need the policy and meet the plan’s conditions. This benefit can be used by policyholders who enter before age 41 and choose a policy term ending at age 70 or more, allowing them to exit once after attaining age 55.

You can choose regular pay or limited pay, with terms of 10 years, 15 years, or pay until age 60.

This rider pays an additional lump sum if the life insured dies due to an accident, subject to the rider’s policy terms.

This benefit is available to policyholders who enter the policy at age 40 or younger and have a policy that matures at age 70, allowing a one-time exit after attaining age 55 to receive back the total premiums paid under the base policy.

This rider provides an additional lump sum benefit if death occurs due to an accident, subject to the rider’s terms and conditions.

The rider provides a lump-sum benefit and/or a waiver of premium upon diagnosis of a critical illness. The rider covers 36 critical illnesses and is subject to a waiting period of 90 days and a survival period of 30 days.

The plan offers regular pay or limited pay options, including 5, 7, 10, 12, or 15 years, or pay until age 60.