What is the minimum sum assured in iTerm Elite?

For regular and limited pay policies the minimum sum assured is ₹50 lakh, with no stated maximum (subject to underwriting). Single pay policies range from ₹25 lakh to ₹50 lakh.

Can I cover my spouse under iTerm Elite?

If your sum assured is ₹1 crore or more, you can buy an additional policy for your spouse during the policy term (except the last 10 years). The spouse sum assured can be up to 50% of yours, capped at ₹50 lakh, and the spouse policy is medically underwritten.

How can the death benefit be paid to my family under iTerm Elite?

The death benefit can be paid as a lump sum, as monthly income over 5 or 10 years, or as a 50:50 mix. The option can be chosen when buying the policy or by the nominee at claim stage.

Bandhan Life iTerm Elite – Features, Benefits and Eligibility

iTerm Elite Overview

Bandhan Life iTerm Elite is a non-linked, non-participating individual pure-risk life insurance plan that provides a death benefit during the selected policy term, subject to the policy wording and underwriting. Its product information describes an option to increase or decrease the sum assured twice during the premium-payment term, subject to applicable rules. The maximum policy term is described as extending up to age 85, subject to eligibility and the selected option. Premiums, cover and availability depend on age, health and lifestyle declarations, policy term, premium-payment term and underwriting. Optional benefits, if available and selected, are subject to their own terms and charges.

The insurer describes an option to increase or decrease sum assured twice during the premium-payment term, subject to policy rules.

Expert Review of iTerm Elite

iTerm Elite may suit customers who value the ability to adjust their sum assured during the premium-payment term. This flexibility is subject to the product's limits and should be checked in the current policy wording. The insurer identifies iTerm Elite as UIN 138N095V01. Compare the total premium and chosen cover options, and do not treat any online premium example as a guaranteed quote.

Pros

Product information describes the ability to increase or decrease sum assured twice during the premium-payment term.
Maximum policy term is described as up to age 85, subject to product rules.
Insta Claim Assurance pays 1% of the death benefit (maximum ₹1 lakh) within one working day of claim registration, once the policy has completed 3 years.
Includes Gift to Mothers (10% of premiums paid on childbirth or adoption, up to twice), Special Exit Value and a Cover Continuance option to defer premiums for up to 12 months.

Cons

Sum-assured changes are subject to limits and product conditions.
Final acceptance and premium depend on underwriting.
Minimum sum assured is ₹50 lakh for regular and limited pay policies, which is higher than entry-level term plans.

About Bandhan Life (Insurer Profile)

Bandhan Life

Key Insights

Founded

2008

Bandhan Life was established 18 years ago and has built strong credibility over time, backed by its long-standing presence in the market.

Claims Experience

98.2% CSR, calculated as a 3-year average

Bandhan Life settles 98.2% of all claims it receives, demonstrating strong credibility.

Contact Details

1800 209 9090

Headquarters: A - 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India

iTerm Elite Features and Benefits

Adjustable sum assured

The insurer describes an option to increase or decrease sum assured twice during the premium-payment term.

Subject to product rules, timing, limits and eligibility.

Death benefit

The nominee may receive the applicable death benefit if death occurs during the policy term.

Subject to the policy contract and claim assessment.

Death benefit payout options

The death benefit can be taken as a lump sum, as monthly income over 5 or 10 years, or as 50% lump sum and 50% monthly income. The option can be chosen at purchase or at claim stage.

Insta Claim Assurance

After 3 policy years, 1% of the death benefit (maximum ₹1 lakh) is paid within one working day of claim registration, provided mandatory documents are submitted. The amount is deducted from the final death benefit.

Spouse and homemaker cover

Where the sum assured is ₹1 crore or more, an additional policy for the spouse can be bought during the policy term (except the last 10 years), up to 50% of the sum assured and capped at ₹50 lakh, subject to medical underwriting. Riders are not available on the spouse policy.

Add-ons of iTerm Elite

Enhanced Accidental Death Benefit Rider

Pays a lump sum of up to 3 times the base sum assured, in addition to the base death benefit, if the life assured dies because of an accident. Death must occur within 180 days of the incident.

Available at extra cost. It can be attached at purchase or any time during the premium payment term (subject to underwriting) and detached from the next premium due date. Rider term and premium payment term must match the base plan.

What iTerm Elite Does Not Cover (Exclusions)

Conditions or treatments that the policy clearly says it will not cover.

Death by suicide within 12 months of commencement of risk or revival: the claimant receives 100% of total premiums paid (or the surrender value if higher) instead of the sum assured.
Fraud or non-disclosure: the insurer can question a policy on grounds of fraud within 3 years of issuance, commencement of risk or revival (Section 45 of the Insurance Act), so health, lifestyle and income details must be disclosed accurately.
If death occurs during the grace period, the outstanding unpaid instalment premium is deducted from the death benefit.
Insta Claim Assurance is available only after 3 completed policy years, and the amount paid early is deducted from the final death benefit.

Disclaimer: For illustration purposes only - exact terms are in the policy wording.

Insurer

Bandhan Life plans and claim process

iTerm Elite FAQs

What is Bandhan Life iTerm Elite?

It is a non-linked, non-participating individual pure-risk life insurance plan providing life cover during the policy term, subject to policy conditions.

Can I change the sum assured in iTerm Elite?

The insurer describes an option to increase or decrease the sum assured twice during the premium-payment term, subject to product rules.

What is the maximum policy term?

The insurer describes a maximum policy term up to age 85, subject to eligibility and the selected option. Check the current brochure.

Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official Bandhan Life website before purchasing.