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Bandhan Life Insurance

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Bandhan Life Insurance
Highlights
Claim Settlement Ratio99.37%
Death Benefit Paid For274 policies
Total Death Benefit Paid86.14 Crore

Established in 2008, Bandhan Life Insurance (formerly known as Aegon Life Insurance) is one of the leading insurance companies in India that provides various types of term, savings, group, and pension plans.

Initially, it was a joint venture between Aegon India Holding BV, of Dutch origin, and Bennett, Coleman & Company Ltd, the owner and publisher of The Economic Times. But in February 2024, Bandhan Financial Holdings Limited (BFHL) acquired the shareholdings previously held by Aegon NV and The Times Group and became the new promoter of Bandhan Life Insurance.

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Term Life Insurance Premium Calculator

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Why Choose Bandhan Life Insurance?

  • Comprehensive Coverage Options: The policies offered by Bandhan Life Insurance provide comprehensive coverage that ensures financial security for your loved ones in case of unforeseen events.


  • Claim Settlement Ratio: The company has outperformed their own numbers as its claim settlement ratio increased from 99.37% in FY 22-23 to 99.66% in FY 23-24.


  • Affordable Premiums: Bandhan Life plans offer affordable premiums so that all individuals can obtain valuable life insurance coverage without straining their budgets. For instance, the yearly premium of Bandhan Life iTerm Prime is only ₹10,784/- for a life cover amount of ₹1,00,00,000, which is equal to ₹898/-month.


  • Easy Claims Process: The claim process by Bandhan Life is quite straightforward, with minimal paperwork required. This ensures that financial support reaches you or your family when they need it the most. Also, dedicated customer support is available 24*7 to guide you through each step.

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Key Metrics

Metrics

Value

No. of Products

18

No. of Riders

4

Minimum Eligible Age

18 Years

Claim Settlement

99.66%

Starting Premium

Rs. 7,188

Minimum Sum Assured

Rs. 25,00,000

Eligibility To purchase Bandhan Life Insurance Plan

To buy a Bandhan Life Insurance policy, you need to meet the following eligibility criteria:


  • Applicants typically need to be within 18-60 years of age. The exact age limits may vary depending on the specific plan.


  • You must have a steady source of income (salary/business). Also, proof of income will also be required during the application process, 3 months of salary slips or 6 months of bank statements.


  • Some plans might ask for a health check-up or information about your current health.


  • ID proof will be required to complete the KYC verification.

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Types of plans offered by Bandhan Life Insurance

Below are some of the different types of plans offered by Bandhan Life Insurance, designed to meet different financial needs and life stages.


  • Term Insurance Plans

  • Savings Plans

  • Pension/Retirement Plans

  • Group Insurance Plans

  • Money-Back Plans

Top Plans offered by Bandhan Life Insurance

A total of 18 different policies are offered by Bandhan Life Insurance. Among these, the following are some of the most popular and frequently chosen plans.


Plan Name

Plan Type

Starting Premium For 1 Crore Cover (On a Yearly Basis)

Maturity

iTerm Prime

Term Insurance

₹11,903/-

23 to 70 years

Saral Jeevan Bina


Term Insurance

₹8,513/-

70 years

iTerm Comfort

Term Insurance

₹17,216/-


  • 23 to 70 year

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Riders Offered by Bandhan Life Insurance

  • Accidental Death Benefit Rider: Provides lump sum benefit equal to rider sum assured in case of accidental death.


  • Critical Illness Rider: Provides lump sum benefit and/or waiver of premium in case the insured is diagnosed with any of the specified 36 critical illnesses.


  • Bandhan Life AD Rider: Provides a Lump-sum amount equal to the rider Sum Assured in case of the policyholder’s death due to an accident.


  • Bandhan Life CI Care Rider: Provides lump sum benefit and/or waiver of premium on critical illness diagnosis.

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How to Buy Bandhan Life Insurance Policy Online

You can purchase a Bandhan Life Insurance Plan both online and offline through InsuranceDekho or through the insurer's website.

Buy Bandhan Life Insurance Policy Online Through Insurer

You can buy Bandhan life insurance policy directly through the insurer by following the steps mentioned on their website.

Buy Bandhan Life Insurance Policy Offline Through Insurer

You can visit the nearest Bandhan Life Insurance branch office. A representative there will help you understand the different plans and assist you in completing the application process.



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Documents Required

To purchase a Bandhan Life Insurance policy, you will need to provide the following documents:


  • Identity Proof (Aadhar Card/Passport/Voter ID/Driving License/PAN Card)

  • Duly filled and signed proposal form

  • Address Proof

  • Proof of Income

  • Salary slips (last 3 months)

  • Bank statements (last 6 months)

  • Income tax returns (ITR)


  • Medical examination reports, as requested by the insurer for certain policies.

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How to Claim?

To ensure your claim is settled without any hassle, it’s vital to inform the insurer about the situation as soon as possible. In the unfortunate event of the policyholder's death, the nominee can follow the below steps to file a claim.


Step 1: Download the claim form from the insurer’s website, duly fill and submit it with the below documents at the nearest Bandhan Life branch office for a faster claim settlement.

  • Death certificate

  • Aadhaar/PAN/DL

  • A recent colour photo of the nominee

  • Cancelled cheque/bank passbook copy

  • First information report(FIR) and Postmortem report for Accidental Claims.


You can also inform the claim support team of InsuranceDekho and let them know the whole situation so they can initiate the claim process on your behalf.


Step 2: Once the beneficiary registers the claim, the claim experts will examine the claimant statement as well as the submitted documents.


Step 3: After the insurer receives all the required documents, the claim process will be started immediately. If any additional information or documents are needed, the company will contact you.


Step 4: After verifying that all the submitted documents meet the necessary criteria, the company will proceed with the payout of the death or rider benefit as long as all other terms and conditions of the contract are met.


In case you need any assistance with claim settlement, connect to the InsuranceDekho customer support team via call (755 1196 989) or email (support@insurancedekho.com).



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Modes Of Premium Payment Options Offered By Bandhan Life Insurance

Bandhan Life Insurance provides several flexible premium payment options to make it easier for policyholders to pay the premiums.


  • UPI

  • Credit/Debit Cards

  • EMI

What is the Grace Period for Bandhan Life Premium Payments?

Bandhan Life Insurance provides a 30-day grace period for policyholders to pay the premium after the due date. Still, if the insured fails to pay the premium in the specified grace period, their policy will lapse, and all the benefits will immediately cease.


Unfortunately, if the policyholder passes away during the grace period, the claim will still be processed. However, if the premium is not paid and the grace period ends, no claim will be paid out. So, it’s important to pay your premiums on time to keep your policy active and avoid losing benefits.


Steps to Revive Lapsed Bandhan Life Insurance Policy


An active policy automatically lapses if the policyholder doesn’t pay premiums even in the grace period. However, the company offers the choice of reviving the policy within five consecutive years from the due date of the first unpaid premium and

before the expiry of the policy term.


Follow the below steps to revive the lapsed Bandhan Life Insurance policy.


  • Contact Insurer: Get in touch with the Bandhan Life Insurance customer support team. Provide them with your policy details and request to revive your lapsed policy.

Pay Outstanding Premium: If you pay the premium within the 30-day grace period, there will be no extra charges. But if you pay within 6 months after the grace period, interest will be added to your premium. If more than 6 months have passed, you will need to pay both interest and a penalty to revive the policy.

Submit Medical Report: The insurer may ask you to submit a medical report depending on when you are reviving the policy. For instance, If you are reviving your policy within 6 months, you may not need a medical report, but after 6 months, you will likely need to provide a medical report.

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How To Check Bandhan Life Insurance Status Online?

You can check your Bandhan Life Insurance policy status online through InsuranceDekho by following the below steps.


  • Visit our official website, and in the right corner, you’ll find a “Login” option.

  • Enter your registered mobile number and OTP to log in.

  • Once logged in, you will see the dashboard with a list of all your policies. Select the Bandhan Life policy to view its current status.


Below are some of the steps to check Bandhan Life Insurance policy status through offline channels:


  • You can call the company’s toll-free no, 1800-209-9090, from Monday to Saturday | 9 am - 7 pm IST. Provide your policy details to the customer service representative, and they’ll let you know the policy status.


  • Drop a WhatsApp text (1) stating your query about the policy status.

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Bandhan Life Insurance - Awards and Achievement

Since its inception, Bandhan Life Insurance has won many awards that have made it one of the top insurers in India. Below are some of the latest achievements by the company.


  • 'Best Use of AI in Life Insurance' award by Krypton India.

  • 'Express Computer Technology Senate South Award 2022'

  • 'Best Customer Experience' award at the Banking Frontiers InsureNext Awards 2023

  • Best Firm for Data Scientists by Analytics India magazine

  • Award for using analytics for smooth customer service

Two awards for Best-in-class Enterprise Security and Cloud Technology at the Express Computer BFSI Technology Awards 2023.

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Bandhan Life Insurance Customer Service & Support

Customer Care Number: You can call customer support at 1800-209-9090 (toll-free) from Monday to Saturday | 9 am - 7 pm IST.

Email: You can write an e-mail to Bandhan Life customer support at customer.care@bandhanlife.com.

In-Person Visit: You can also locate a service center (2) for in-person assistance.

Use iAssist:iAssist (3) is a self-service portal by Bandhan Life Insurance where you can log in with your registered mobile number to know all the policy details.

Bandhan Life Complaints & Grievance Redressal

If you're not satisfied with the response from customer care, you can escalate your issue to the Bandhan Life grievance redressal team by writing an email to escalation.desk@bandhanlife.com. To push the complaint, write to gro@bandhanlife.com

References

  1. https://api.whatsapp.com/send?phone=919867452226&text=Hi
  2. https://www.bandhanlife.com/locate-service-center
  3. https://iassist.bandhanlife.com/login
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User Reviews

4.6
Rating based on
144 User reviews
Write your review
What users are saying
  • All
  • Personalised Follow-up

    I was impressed by InsuranceDekho's personalized follow-up after I purchased my Aegon Life Insurance policy. Their genuine concern for my well-being stood out, showcasing exceptional customer engagement. Thank you, InsuranceDekho, for delivering such outstanding service.

    Read More

    V
    Bandhan
    By Vishal Tanwar
    On: Mar 05, 2024
  • Nice Features

    Purchasing a life insurance policy from InsuranceDekho was easy and smooth. The InsuranceDekho company provides excellent features like anytime assistance, free consultation at home, a policy tracker, and many more useful features. Through their customer-centric facilities, I was able to purchase an Aegon Life Insurance Plan with ease. Thank you InsuranceDekho team for helping me out with the process.

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    C
    Bandhan
    By Chetna Pandey
    On: Feb 07, 2024
  • Dedicated Customer Team Suppor...

    The team of InsuranceDekho helped me with important information when I was buying the Aegon Life Insurance plan with them. They helped me understand all about the Aegon Life Insurance Plan in a better way.

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    V
    Bandhan
    By Vinod Tiwari
    On: Dec 11, 2023
  • Friendly support team

    The support team of InsuranceDekho was extremely helpful when I was buying the Aegon Life Insurance Policy. They provided me with the right guidance and made it easy for me to buy the same from InsuranceDekho. 

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    R
    Bandhan
    By Rajesh Puri
    On: Nov 22, 2023
  • User-Centric Approach

    I recently switched to the Aegon Life Insurance Policy from  InsuranceDekho. The plan focuses on the user's needs and preferences, which is evident in the way their website is designed and the services they offer.

    Read More

    N
    Bandhan
    By Nitin Kumar
    On: Nov 02, 2023
View All Bandhan Life Insurance Reviews

Life Insurance News

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FAQs

  • What Life Insurance plans are offered by Bandhan India?

    Bandhan Life Insurance offers various insurance plans such as Term Insurance, ULIPs, Health and Savings Plans.

  • Why should I choose Bandhan Life Insurance?

    Bandhan Life Insurance offers various insurance plans such as Term Insurance, ULIPs and Savings Plans. Bandhan Life is a trusted brand and has featured a high claim settlement ratio of 98.01% in the FY 2019-20.

  • What are the benefits of purchasing Bandhan Life Term Insurance Plans?

    Bandhan Life strives to provide the best insurance plans, the benefits offered by Bandhan Life while purchasing term plans are as follows:

    • No paperwork required
    • Hassle-free claim process
    • Get a quote in a matter of seconds
    • The plan provides lifelong coverage
    • 36 optional critical illness cover
    • Availability of 100% cover for Terminal Illness
    • Availability of Accidental Death Cover
    • Availability of Waiver of Premium Option.

  • When will my Bandhan Life Insurance policy get issued?

    Bandhan Life Insurance policies are issued quickly within 2 days after receiving all the required documents and medical records.

  • Can I change my term insurance plan after I purchase it?

    Contact details, payment mode and frequency can be changed in a term insurance plan after your purchase. Although you cannot change the sum assured amount and policy tenure once the policy has been bought.

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