Policybazaar and Bandhan Life Launch ULIP Pension Plan for Retirement
Bandhan Life iInvest Pension, a ULIP plan by Policybazaar and Bandhan Life Insurance, designed for tax-efficient retirement planning with lifelong income.
Deepanjali
Policybazaar.com has joined hands with Bandhan Life Insurance to introduce the Bandhan Life iInvest Pension, a unique ULIP pension plan tailored to help individuals build a retirement corpus. Unlike traditional ULIPs, this plan uses the maturity benefit to purchase an annuity, ensuring a steady lifelong income during retirement.
With innovative features such as zero allocation and administration charges, return of mortality charges, access to a new fund, and instant policy issuance without medical assessments, the plan offers a flexible and tax-efficient approach to secure financial stability in the golden years.
Key highlights include:
- Building a Robust Corpus: Generate market-linked returns to grow retirement funds.
- Retirement Income with Tax Benefits: Convert the corpus into a lifetime annuity while enjoying tax savings under Section 80CCC.
- Market-Linked Growth: Choose from funds like the Pension Enhanced Equity Fund, Pension Debt Fund, and an exclusive New Fund available from January 09–15, 2025, at an NAV of ₹10.
- No Hidden Charges: Maximize growth with zero premium allocation or administration charges.
- Life Cover and Loyalty Additions: Includes a 105% sum assured of total premiums paid and loyalty additions starting from the 10th policy year for annual premiums of ₹60,000 or more.
- Partial Withdrawals and Flexibility: Access emergency funds or extend the accumulation period beyond 60 years.
Sarbvir Singh, Joint Group CEO of PB Fintech, emphasized the importance of retirement planning amidst changing family structures and rising life expectancy. He stated, “This product empowers individuals to plan efficiently for their post-retirement years with a balanced approach.”
Satishwar B., MD & CEO of Bandhan Life Insurance, highlighted the plan’s role in addressing the growing demand for financial security during retirement, adding, “Our exclusive partnership with Policybazaar.com ensures accessibility and offers customers a flexible, tax-efficient way to build a secure future.”
With its smart, customer-centric features, Bandhan Life iInvest Pension is poised to redefine retirement planning in India, helping individuals confidently secure a stable income during their later years.
