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Nischit Pension

Nischit Pension

People in all professions eventually have to leave their golden years of youth and retire from the professional life, although life moves like a river flowing in the joy of sweet daily hope, financial security is most needed in daily life apart from assurance of social shelter and compassion for seniors in the post retired life. It might not be possible to meet all of your demands if you solely rely on resources and your kids to get through the time of emergency.

Thus, it is essential to develop strong preparations ahead of time for the consistent retirement income. In light of this fact of life, Guardian Life has introduced the Assured Pension Plan.

Eligibility
  • Entry Age: Minimum 20 years to maximum 55 years
  • Exit Age: Maximum 60 Years
  • The policy applicant must have own, valid and regular income
Parameters
  • Tenor/Term: Minimum 5 years to maximum 40 years
  • Pension Receiving Age: Minimum 50 years
  • Yearly Pension: Minimum of BDT 24,000/-
  • Premium Mode: Yearly, Half-yearly, Quarterly and Monthly
Policy Benefits

At Maturity:

  • Upon maturity of the plan or at the retirement age [set by the policyholder], the policyholder will get the set monthly pension for his/her whole life.

At Death:

  • Policyholder:
    • If the policyholder dies while the plan is in force before the expiry of the insurance plan, the policyholder’s nominee will be paid 10 [Ten] times the set annual pension.
  • Pension Recipient:
    • If the pension recipient dies within the first 10 [Ten] years of the pension period, the monthly pension will be paid to the nominee of the pension recipient for the outstanding period; the outstanding period being the time remaining from the completion of the first 10 [Ten] year tenure.

Loan Facility:

Up to 90% of the net cash surrender/surrender value can be taken as insurance-loan.

Income Tax Rebate:

The insured customer will get an income tax rebate on the premium paid as per the income tax policy of the government.

Insurance claim money is completely tax free.

Applicable Riders

Health Insurance

  • Hospitalization benefits up to BDT 5,00,000/- [Five Lac] for self and every family member [Spouse and Child] individually.

Critical Illness Insurance

  • 18 Critical Illness Coverage for self, up to BDT 10,00,000/- [Ten Lac].
Mandatory Documents
  • Copy of the NID of the applicant
  • 1 color passport-size photo of the applicant
  • Copy NID of the proposed nominee
  • 1 color passport-size photo of the proposed nominee
  • Proof of income of the applicant, depending on the sum assured (will be required if sum assured crosses 25 Lacs)
  • Copy of the NID of the legal guardian where the proposed nominee is minor
  • 1 color passport-size photo of the legal guardian where the proposed nominee is minor
City Bank customers can purchase life insurance policies of our insurance partners from City Bank branches & Citygem centers .