Bandhan Life Insurance T&Cs

The terms and conditions of Bandhan Life Insurance plans are as follows:

1. Loan: Loan is not available under the Bandhan Life insurance policy.
2. Suicide Exclusion: If the policyholder dies due to suicide within 12 months from the date of inception or the date of revival of the policy, then the policy will be discontinued immediately. In case of the date of reinstatement, the nominee will be entitled to 80% of the premium paid.
3. Death Benefit: Death benefit will be payable in the event the policyholder dies before the maturity date. The insurance company will pay the nominee an amount equal to the sum assured, and the policy shall terminate. If death occurs during the grace period, the death benefit will be reduced by the amount of outstanding policy premium.
4. Free Look Period: The policyholder has an option to review the policy document. If he/she is not satisfied or agreeable with the terms and conditions of the Bandhan Life Insurance policy, then he/she can return the policy document to the insurance company, with reasons for cancellation within 15 days from the date the policyholder received it. On cancellation of the policy during the free look period, Bandhan Life Insurance will return the premium paid subject to the following deductions: a) Stamp duty under the policy b) Expenses incurred by the company on medical examination, c) Proportionate risk premium for the period of policy cover.
5. Maturity Benefit: Upon survival of the policyholder up to the maturity date, no benefit will be payable and the policy shall cease to exist.
6. Surrender Benefit: No surrender benefit will accrue under the Bandhan Life insurance Policy.
7. Change in Sum Assured: Change in sum assured is not allowed once the policy is purchased.
8. Policy Termination: The Bandhan Life insurance policy will terminate on the earliest of the following:

• The date on which the life policy is surrendered.
• On the maturity date of the policy.
• Date of intimation of the demise of the policyholder
• On the expiry of the reinstatement period.

1. Assignment: Assignment will be followed as per Section 38 of the Insurance Act 1938 as amended from time to time.
2. Nomination: Nomination will be followed as per Section 39 of the Insurance Act 1938 as amended from time to time.
3. Fraud and Misrepresentation: Fraud, forfeiture, Misrepresentation would be followed in accordance with provisions of Sec 45 of the Insurance Act 1938 as amended from time to time.
4. Payment of Claim: The Insurance Company would require the following documents in support of a claim to enable processing of the life claim:

• For death benefit: A policy document, certificate of the Medical Officer/ Doctor certifying the cause of death;
• In the case of unnatural Death: Post mortem report, First Information Report, death certificate issued by the local authority

1. Tax Benefits: The policyholder may be entitled to certain tax benefits on his premiums and benefits. All the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by the policyholder.
2. Accidental Death Benefit: If the policyholder dies due to an accident, the nominee or the beneficiary will be paid an amount equal to the sum assured subject to a maximum of Rs. 1 Crore. The accidental death benefit will not be paid if the death results from or is caused by

• Service in the armed forces while under orders for warlike operations or restoration of public order.
• Self-destruction or any self-inflicted harm
• Accident occurring while or because the policyholder was under the influence of alcohol or any non-prescribed drug.
• Taking part or engaging in any hazardous sports like motorized racing of any kind
• Arising or resulting from the policyholder committing any breach of law with criminal intent.
• War, invasion, terrorism, an act of a foreign enemy, hostilities, martial law, rebellion, revolution, civil war, insurrection, military or usurped power, riot or civil commotion.