New Delhi (thestates.news)| Bandhan Life Insurance on Friday said it has partnered with an online insurance platform “Policybazaar.com” to launch Bandhan Life iInvest Pension – a ULIP pension plan designed to help customers build a corpus for their retirement years.
Unlike traditional ULIPs, the maturity benefit in this plan is used to purchase an annuity, ensuring a steady income for life during retirement. With features such as access to new fund, zero allocation and admin charges, return of mortality charges, no medicals and instant issuance through Policybazaar.com, this plan is designed to provide individuals with a customized approach to building a retirement corpus and ensuring a stable income during retirement with an annuity plan thereafter.
Bandhan Life iInvest Pension gives access to the company’s Pension Enhanced Equity Fund, Pension Debt Fund, and one New Fund launch which is available through the purchase of iInvest Pension. The New Fund will be available from January 09 – January 15, 2025, at an NAV of Rs 10, a joint press release by Bandhan Life and Policybazaar.com said here.
Key Features of Bandhan Life iInvest Pension include, Building Retirement Corpus via market-linked returns; Retirement Income with Tax Benefits; Market-Linked Growth with Flexible Investment Options; Substantial Life Cover of 105% of total premiums paid; No Hidden Charges; Loyalty Additions and Mortality Charge Return start from the 10th policy year for premiums of Rs 60,000 or more annually; and Emergency Fund Access and Partial Withdrawals providing liquidity with the option for partial withdrawals to meet unforeseen financial needs among others.
Satishwar B., MD & CEO of Bandhan Life Insurance, commented, “We are thrilled to launch the Bandhan Life iInvest Pension, to address the growing need for retirement planning in India. At Bandhan Life, we understand the importance of financial security in one’s golden years, and this plan offers customers a flexible, reliable, and tax-efficient way to build their retirement corpus.
Our exclusive partnership with Policybazaar.com ensures that this innovative product is easily accessible to customers. By offering flexible investment strategies, zero medical assessments, and instant policy issuance, we are empowering individuals to confidently build their retirement corpus and secure a stable income during their later years.”
Sarbvir Singh, Joint Group CEO, PB Fintech, said, “With changing family structures and rising life expectancy, the need for a structured retirement plan has never been more pressing. Our partnership with Bandhan Life Insurance reflects our shared commitment to offering customers innovative financial products that cater to their long-term needs. This product offers individuals a balanced approach, combining flexibility and long-term financial stability and empowers them to efficiently plan for their post-retirement years.” The product, strengthened by this partnership, is all set to transform retirement planning in India with smart and tailored financial solutions to help people secure their future with confidence. (UNI)
