Bandhan Religare Guaranteed Income Plus Plan

Premium needs to be paid only for a period of 15 or 20 years

Bonus will only accrue if the first three years premiums have been paid but the policy participates in the Bonus from first policy year itself.

Accrued Simple Reversionary Bonus is paid out at the end of the Premium Paying Term and again on Maturity

200% of the Sum Assured + accrued Bonuses is paid to the nominee as Death Benefit if the Life Insured dies within the policy tenure

7.5% of the Sum Assured is paid as Survival Benefit every year after the Premium Paying Term is over till the Life Insured is 85 years old.

There is additional Accidental Death, Disabiliy and Dismemberment Benefit rider available

• Before the Premium Paying Term is over, the nominee would get the higher of (the Capital Sum Assured + accrued simple Reversionary Bonus) or (the Total Premiums Paid till date) as Death Benefit.
• After the Premium Paying Term is over, the nominee would get (the Capital Sum Assured + accrued Bonus after the Premium Paying Term and Terminal Bonus, if any) as Death Benefit.

At the end of the Premium Payment Term, the accrued Simple Reversionary Bonus is paid out and the policy continues. After the Premium Payment Term is over, 7.5% of the Sum Assured will be paid to the Life Insured every year till the Life Assured attains the age of 85. This benefit will be paid on every policy anniversary starting one year after the end of Premium Payment Term.

If the Life Insured is alive when the Policy Matures, i.e. when the Life Insured is 85 years old, Accrued Simple Reversionary Bonus after the Premium Payment Term + Terminal Bonus, if any, is paid as Maturity Benefit and the policy terminates.

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.