Bandhan Life Insurance recently, has collaborated with Policybazaar to introduce the Bandhan Life iInvest Pension Plan—a Unit Linked Insurance Plan (ULIP) designed to help individuals build a strong retirement corpus. Unlike traditional ULIPs, the plan ensures that the maturity benefit is directly converted into an annuity, offering a guaranteed income stream for life during retirement.
This offering boasts customer-centric features such as access to a new fund, zero allocation and administration charges, return of mortality charges, no medical examinations and instant policy issuance through Policybazaar. The features are designed to provide a seamless and tailored approach to retirement planning, combining financial growth with lifelong stability.
The Pension Plan gives customers access to three funds: the Pension Enhanced Equity Fund, Pension Debt Fund and an exclusive new fund available only from 9th January to 15th January 2025, at a Net Asset Value (NAV) of Rs 10.
Some key highlights of the iInvest pension plan:
- Lifelong Income: Convert the accumulated corpus into an annuity to ensure financial stability during retirement.
- Tax Benefits: Avail deductions under Section 80CCC for tax-efficient savings.
- Life Cover: Provides a sum assured of 105 per cent of total premiums paid.
- Emergency Liquidity: Offers partial withdrawal options for unforeseen expenses.
The plan also eliminates premium allocation and administration charges, allowing the retirement corpus to grow optimally. Additionally, policyholders can extend the accumulation period beyond age 60, providing greater control over their financial planning.
Commenting on the launch, Satishwar B., Managing Director (MD) and Chief Executive Officer (CEO), Bandhan Life Insurance, said, “We are excited to unveil the Bandhan Life iInvest Pension Plan to address India’s growing need for retirement solutions. At Bandhan Life, we prioritise financial security in one’s golden years. This plan offers flexibility, reliability, and tax efficiency, empowering individuals to confidently plan for a secure retirement. Our partnership with Policybazaar.com ensures that this innovative product is easily accessible to our customers.”
The launch of the Bandhan Life iInvest Pension Plan marks a pivotal moment in the retirement planning landscape in India. With its unique features, customer-first approach and focus on accessibility, the product is set to empower individuals to secure their financial future confidently and effectively.
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