Bandhan Life Insurance, a prominent name in the life insurance sector, has joined hands with Policybazaar.com to introduce the Bandhan Life iInvest Pension Plan—a unique Unit Linked Insurance Plan (ULIP) tailored to help individuals build a robust retirement corpus. Unlike conventional ULIPs, the maturity benefit of this plan is directly utilized to purchase an annuity, ensuring a steady income stream for life during retirement.
This innovative product is packed with customer-centric features such as access to a new fund, zero allocation and administration charges, return of mortality charges, no medical checks, and instant issuance through Policybazaar.com. These features aim to provide a seamless, customized approach to retirement planning, combining financial growth with lifelong stability through an annuity.
Exclusive Fund Options and Launch of New Fund
The Bandhan Life iInvest Pension offers access to three funds: the Pension Enhanced Equity Fund, Pension Debt Fund, and a newly launched fund. The new fund will be available exclusively between January 9 and January 15, 2025, at a NAV of ₹10, offering a fresh investment opportunity.
Key features of this pension plan include building a robust retirement corpus through market-linked returns, converting the corpus into an annuity for lifelong income, and offering tax benefits under Section 80CCC. It provides flexibility in investment options, allowing customers to switch between funds based on their financial goals and risk appetite. Furthermore, the plan includes a life cover that ensures a sum assured of 105% of total premiums paid and offers liquidity through partial withdrawals for emergencies.
To maximize customer benefits, the plan eliminates premium allocation and administration charges, ensuring optimal growth of the retirement corpus. Loyalty additions start from the 10th policy year for annual premiums of ₹60,000 or more, while mortality charges are returned, adding further value. The flexibility to extend the accumulation period beyond the age of 60 provides greater control over retirement planning, while instant issuance with no medical examinations enhances accessibility.
Satishwar B., MD & CEO of Bandhan Life Insurance, commented, “We are thrilled to launch the Bandhan Life iInvest Pension, to address the growing need for retirement planning in India. At Bandhan Life, we understand the importance of financial security in one’s golden years, and this plan offers customers a flexible, reliable, and tax-efficient way to build their retirement corpus. Our exclusive partnership with Policybazaar.com ensures that this innovative product is easily accessible to customers. By offering flexible investment strategies, zero medical assessments, and instant policy issuance, we are empowering individuals to confidently build their retirement corpus and secure a stable income during their latter years.”
Sarbvir Singh, Joint Group CEO, PB Fintech, said, “With changing family structures and rising life expectancy, the need for a structured retirement plan has never been more pressing. Our partnership with Bandhan Life Insurance reflects our shared commitment to offering customers innovative financial products that cater to their long-term needs. This product offers individuals a balanced approach, combining flexibility and long-term financial stability and empowers them to efficiently plan for their post-retirement years.”
The launch of Bandhan Life iInvest Pension marks a significant step in redefining retirement planning in India. With its smart features, tailored financial solutions, and emphasis on accessibility and flexibility, the product is poised to empower individuals to secure their financial future with confidence.
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