In a groundbreaking move, Bandhan Life Insurance has teamed up with Policybazaar to introduce the iInvest Pension Plan, a market-linked pension solution aimed at helping individuals build a robust retirement corpus. The plan combines flexibility, investment options, and tax benefits to ensure a stable income during retirement.
Key Features of the iInvest Pension Plan
The iInvest Pension Plan offers a range of features designed to meet the growing need for structured retirement planning:
- Access to multiple funds: Customers can invest in Bandhan Life’s Pension Enhanced Equity Fund, Pension Debt Fund, and an exclusive new fund, available from January 9 – January 15, 2025.
- No premium allocation or administration charges: This plan ensures greater value for money, with no hidden costs.
- Return of mortality charges: Customers will receive a return on their mortality charges, adding extra value.
- No medical assessments required: The plan is easily accessible without the hassle of medical checks.
Key Benefits of iInvest Pension Plan
- Annuity upon maturity: Upon the plan’s maturity, customers can convert their accumulated corpus into an annuity, offering a reliable source of income.
- Tax benefits: Enjoy tax savings under Section 80CCC of the Income Tax Act.
- Sum assured: The plan guarantees a sum assured of 105% of premiums paid, ensuring peace of mind.
- Loyalty bonuses: Starting from the 10th policy year, premiums over ₹60,000 annually will earn loyalty bonuses.
- Partial withdrawals: Policyholders can make partial withdrawals to meet unforeseen financial needs.
- Extension option: The accumulation period can be extended beyond age 60 for those wishing to continue growing their retirement fund.
- No medical requirements: The plan offers quick policy issuance with no medical assessments needed, making it accessible to a wider range of individuals.
Expert Insights
Sarbvir Singh, Joint Group CEO of PB Fintech, emphasized the growing importance of retirement planning, especially with the changing family dynamics and longer life expectancy. He added, “Our partnership with Bandhan Life provides a balanced, flexible solution for long-term financial stability.”
Satishwar B, MD & CEO of Bandhan Life Insurance, highlighted the increasing demand for retirement solutions in India, saying, “This product offers an accessible, straightforward path to build a retirement corpus, ensuring financial security in one’s later years.”
The Bandhan Life iInvest Pension Plan is designed to meet the needs of India’s evolving retirement planning landscape. With the flexibility to invest in multiple funds, tax benefits, and easy access, this new ULIP plan offers a simple yet effective way to secure a financially stable retirement.
