Understanding how a life insurance plan works is essential to make an informed decision. Here's a detailed explanation of how Bandhan Life Saral Jeevan Bima operates:

Policy Commencement:

• Upon purchasing the Bandhan Life Saral Jeevan Bima plan, your policy will commence, and you will be provided with a policy document detailing the terms, conditions, and benefits of the plan

Premium Payment:

•  You are required to pay regular premiums as per the chosen premium payment term (PPT) and policy term. The premium amount is determined based on factors such as age, sum assured, and chosen coverage options.

Accrual of Benefits:

• Throughout the policy term, the plan accumulates benefits, including the base sum assured, accrued guaranteed additions, and loyalty additions, enhancing the overall value and coverage of your plan.

Death Benefit:

• In the unfortunate event of the policyholder's demise during the policy term, the death benefit is payable to the nominee. The death benefit comprises the chosen sum assured, which provides a lump sum payout to the nominee, ensuring financial stability and support to meet various financial obligations.

Accidental Death Benefit (ADB) Rider:

• If opted for, the Accidental Death Benefit (ADB) rider provides an additional sum assured in case of death due to an accident, enhancing the overall coverage and protection of the plan.

Maturity Benefit:

• Upon reaching the policy maturity, a guaranteed lump sum benefit, which includes the base sum assured, accumulated guaranteed additions, and loyalty additions, is provided to the policyholder, offering a substantial corpus to fulfill life goals and financial needs.

Paid-Up Status:

• If you discontinue paying premiums after a certain period, the policy enters a paid-up status. In this status, while the coverage continues, the sum assured is reduced proportionately based on the premiums paid.

Waiting Period:

• A waiting period of 45 days from the date of commencement of risk is applicable under the policy. During this period, only death due to an accident is covered. In case of death due to other reasons during this period, a death benefit equal to 100% of all premiums (excluding taxes) paid shall be payable.