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Bandhan Life iTerm Return of Premium is a non-linked, non-participating individual term-life insurance plan. It provides life cover during the policy term and includes a maturity benefit for an in-force policy if the life assured survives to the end of the term and all due premiums have been paid. The insurer states that the maturity benefit is 100% of total premiums paid plus underwriting extra premiums and loadings for modal premiums, subject to the policy wording. This is not an investment return or a bonus. Death benefits, eligible premium refunds, policy continuation and exclusions are governed by the contract. Premiums depend on the applicant and selected cover and term.
For an in-force policy with all due premiums paid, the stated maturity benefit is 100% of total premiums paid plus applicable underwriting extra premiums and modal loadings, subject to policy terms.
The key distinction of iTerm Return of Premium is the stated maturity refund alongside term-life protection. Return-of-premium cover can have a higher premium than pure-risk term insurance, so compare the total premiums paid and the precise maturity-benefit definition. The insurer identifies the product as UIN 138N094V01. The refund applies only under the stated in-force policy and premium-payment conditions; check the latest brochure before purchase.
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
For an in-force policy, the nominee receives the highest of: the sum assured chosen at inception, 11 times the annualised premium, 105% of total premiums paid (plus underwriting extra premium and modal loadings), or the surrender value. If death occurs during the grace period, the unpaid instalment premium is deducted.
The policy ends once the death benefit is paid. A paid-up policy has its own reduced benefit.
For an in-force policy where all due premiums have been paid, the stated maturity benefit is 100% of total premiums paid plus applicable underwriting extra premiums and modal loadings.
See the policy document for the exact definition and conditions.
Choose regular pay or limited pay of 5, 7, 10, 12 or 15 years or pay till age 60. For limited pay there must be at least a 5-year gap between premium payment term and policy term.
Entry age is 18 to 60 years (maximum 50 for pay till age 60). Policy term is 10 to 50 years, maturity age 28 to 85 years, and base sum assured starts at ₹25 lakh with no stated maximum.
The policy can be surrendered after the first policy year once one full year of premium is paid. A loan is available once surrender value is acquired, from ₹10,000 and up to 70% of the surrender value.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
Bandhan Life plans and claim process
For an in-force policy with all due premiums paid, the stated maturity benefit is 100% of total premiums paid plus applicable underwriting extra premiums and modal loadings, subject to policy terms.
The maturity benefit applies only when the policy and premium-payment conditions in the contract are met. Lapse, discontinuance and other policy conditions can affect benefits.
It can cost more than pure-risk term insurance because it includes a maturity refund feature. Compare personalised quotes and total premiums payable.
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.
Official Website
bandhanlife.com
Visit the official Bandhan Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Entry age is 18 to 60 years (maximum 50 for pay till age 60). Policy term is 10 to 50 years, with maturity age between 28 and 85 years.
If at least one full year of premium has been paid, the policy becomes paid-up: the death cover reduces in proportion to premiums paid (never below 105% of premiums paid) and 100% of premiums paid is returned at maturity. If less than one full year is paid, the policy lapses and nothing is payable.
Yes. The policy can be surrendered after the first policy year if one full year of premium is paid; the surrender value is the higher of the guaranteed and special surrender value and never exceeds premiums paid. A loan of at least ₹10,000 and up to 70% of surrender value is available once surrender value is acquired.