Bandhan Life: Simplifying Insurance for Every Indian
Since its inception in 2008, Bandhan Life (formerly, Aegon Life) has led the charge in transforming the insurance landscape in India. Focused on innovation and customer-centric solutions, the company aims to make insurance accessible, affordable, and straightforward for everyone.
Why Bandhan Life Stands Out:
Accessibility: Bandhan Life makes insurance available at your fingertips. Cutting edge technology simplifies the process of choosing, managing, and claiming policies.
Simplicity: The company's processes are designed with clarity and ease in mind, offering transparent, hassle-free experiences.
Trust: Bandhan Life commits to delivering reliable financial security and peace of mind. A Claim Settlement Ratio of 99.66% is a testament to this commitment.
Explore the difference with Bandhan Life and join in securing a prosperous future for you and your loved ones.
Bandhan Life Insurance Highlights
| Claim Settlement Ratio |
99.66% |
| Inception |
2008 |
| Solvency Ratio |
3.33% |
| Branches |
0 |
| Customers |
3 Lakhs+ |
| Death Benefit Paid For |
274 Policies |
| Annual Premium Income |
Rs.2.55 Crores |
Bandhan Life Insurance Benefits
- Savings & Loan Facility: Bandhan life insurance is long-term savings and insurance is made mandatory by IRDAI to ensure the safety of the policyholders. The unfortunate financial obligations are covered by a life insurance policy that helps needy people.
- Risk Cover: Life is full of uncertainties and problems which will be covered with life insurance coverage to protect your family from risk factors.
- Guaranteed Income: When you are decided to retire and want to earn after that life insurance is the best policy to save money when you earn at a young age and enjoy when you retired.
- Investment Benefits: Bandhan life insurance plans offer maturity benefits, in-built assured with money-back and cash-back maturity values. Investment benefits such as retirement plans, child insurance plans, whole life insurance plans, etc.
- Wealth Creation & No Risk: Bandhan Life insurance helps savings and gives protection to long-term financial payments. Income from investment in life insurance products
- Tax Benefits: According to section 80c of the Income Tax Act, 1961 premiums are paid through a life insurance policy. Financial implements such as Employee Provident Fund, Equity Linked savings, and health insurance premiums, etc.
- Life Insurance Calculator: Bandhan Life term insurance premium calculator helps you decide what insurance premium you should be paying and for how long to get the payout or sum assured from the term policy that you desire.
Types of Bandhan Life Insurance Plans:
Bandhan Life Term Insurance Plans
The main role of Bandhan Life insurance online term insurance is providing safety measures to your family or loved ones when you are not around, the premiums paid on the Bandhan term insurance policy exclude the income tax act under section 80c. The maturity amount or claim is excluded under section 10(10D) and can benefit from tax exemptions on the sum assured and accrued bonus.
- Coverage: In Bandhan, life insurance Term Plans policyholders can get a life full of coverage.
- Sum Assured: Sum Assured receives the insurer’s death upon the plan.
- Premium: Term Insurance Plans premiums are low compared to all other plans.
- Savings/Profit: Savings or Profits are not received.
- Maturity Benefits: There are no maturity benefits or payouts available.
Bandhan Life iTerm Comfort:
iTerm Comfort is a non-linked individual risk Bandhan life term insurance plan that secures financial protection to the family, in case of the death of the insured person during the policy term. During a waiting period of 45 days or expiry of the waiting period in case of any accidental death or any other issues, the amount is payable.
| Feature |
Eligibility |
| Entry Age (in years) |
Minimum - 18
Maximum - 65 |
| Maturity Age (in years) |
Minimum - 23
Maximum - 70 |
| Policy Term (in years) |
Minimum - 5
Maximum - 70 less entry age
Policy Term is subject to the applicable minimum & maximum Maturity age |
| Premium Payment Term |
Minimum - 5
Maximum - 70 less entry age
Policy Term is subject to the applicable minimum & maximum Maturity age |
| Base Sum Assured |
Minimum - ₹25 Lacs
Maximum - ₹1.25Cr
|
| Premium Payment Frequency |
Annual, Half-Yearly and Monthly |
Bandhan Life iTerm Prime:
iTerm Prime is a non-linked individual risk Bandhan life term insurance plan that secures financial protection to the family, in case of the death of the insured person during the policy term. During a waiting period of 45 days or expiry of the waiting period in case of any accidental death or any other issues, the amount is payable.
| Feature |
Eligibility |
| Entry Age |
Minimum - 18 years
Maximum - 65 years (50 years for limited pay)
For POS Channel:
| Regular Pay |
60 years |
| Limited Pay (10 pay) |
50 years |
| Limited Pay (15 pay) |
45 years |
|
| Maturity Age |
Minimum
| Regular Pay |
23 years |
| Limited Pay (10 pay) |
33 years |
| Limited Pay (15 pay) |
38 years |
| Limited Pay (paytill 60) |
65 years |
|
| Maximum:70 years (For POS Channel:65 years) |
| Policy Term |
Minimum
| Regular Pay |
23 years |
| Limited Pay (10 pay) |
33 years |
| Limited Pay (15 pay) |
38 years |
| Limited Pay (paytill 60) |
(PPT+5) years |
|
| Maximum:70 less entry age (For POS Channel:65 less entry age) |
| Premium Payment Term |
Regular Pay:Same as Policy Term
Limited Pay: 10 years | 15 years | Pay till age 60
|
| Base Sum Assured |
Minimum - INR 25 Lakhs
Maximum: No Limit, subject to Board Approved Underwriting Policy
For POS Channel: Sum Assured shall be in multiple of 50,000
|
| Premium Payment Frequency |
Annual, Half-Yearly and Monthly |
Bandhan Life Saral Jeevan Bima
Jeevan Bima is a non-linked individual risk Bandhan life term insurance plan that secures financial protection to the family, in case of the death of the insured person during the policy term. During a waiting period of 45 days or expiry of the waiting period in case of any accidental death or any other issues, the amount is payable.
| Feature |
Eligibility |
| Entry Age |
18 to 65 years |
| Maturity Age |
70 years |
| Policy Term |
5 to 40 years |
| Sum Assured |
Rs. 5 to 25 lakhs |
| Premium Payment |
Single, regular, and limited payments available/ Yearly, half-yearly, and monthly. |
Bandhan Life Insurance Savings Plans
Bandhan Life insurance is a great saving and investment instrument, to improve your financial growth these plans offer specified returns when they are linked to the market.
- Coverage: In Endowment Insurance Plans policyholders can get a life full of coverage.
- Sum Assured: Sum assured receives upon survival.
- Premium: Premium Payable every month, but has a shorter period as compared to whole life insurance plans.
- Savings/Profit: Long-term goals are achieved with wealth creation.
- Maturity Benefits: Where investments are made the returns depend on market values.
Bandhan Life POS Guaranteed Return Insurance Plan:
Bandhan LIFE POS guaranteed return insurance plan is a non-linked, prevention life insurance plan which offers guaranteed returns in the form of a lump sum payout on maturity not regular income over a fixed period along with life cover for the entire policy term.
Why POS?
- Simple savings plan
- 100% guaranteed returns & maturity benefits
- Loyalty boosters are equal to 25 % basic sum assured at the plan of maturity.
- Quick policy issued within 48 hours of submission of the documents.
- 30 day free look period to review the policy.
| Feature |
Eligibility |
| Entry Age |
1 to 50 years |
| Maturity Age |
65 years |
| Policy Term |
5, 7, 9 Years |
| Sum Assured |
Rs. 10k for yearly, Rs. 7500 for half, and 1500 for monthly. |
| Premium Payment |
Single, regular, and limited payments available/ Yearly, half-yearly, and monthly. |
How to Buy Bandhan Life Insurance Policy Online?
The process of buying an Bandhan life insurance policy online has become simple with PolicyBachat. All you need to do is fill out an application form and then make payment for the premium. The entire process takes less than 15 minutes.
The online Bandhan life insurance calculator tool is used to calculate the premium of the Bandhan life insurance policy. PolicyBachat offers an online tool Premium Calculator to calculate the premium of your insurance plan. You can calculate the amount of premium payable by entering a few details such as mobile number, name, date of birth, email address, occupation, type of policy, sum assured, gender, state, etc.
The premium paid by the customer is depending on many factors. The Factors affecting the premium are the age of the policyholder, type of policy, sum assured required, etc. The premium calculator tool will reflect the estimated premium amount that the policyholder will have to pay for the cover he/she requires based on these factors. Once you provide all the relevant details and then click on the submit tab, you will receive details regarding your monthly premium.
Following steps to purchase the Bandhan life insurance policy online
Step 1:Visit PolicyBachat official website and then enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
Step 2:Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
Step 3:The next step is to select the best Bandhan life insurance policy and then you can calculate your premiums using the Bandhan life insurance premium calculator. You can change your premium by adding riders you want. After deciding the premium, you can purchase a policy from PolicyBachat directly.
Bandhan Life Insurance Renewal
Bandhan Life insurance renewal has never been simple as it is now. With the advent of technology, the term life insurance renewal process is simple. You can renew your life insurance policy online without worrying about the need to go to the insurance company to pay the premium. To renew your life insurance policy online please contact our agent who can assist you in the renewal process. Insurance companies send a payment link to the customer to renew the life insurance policy; once the payment is made renewal intimation will be sent to the customer. Renew term life insurance policy through multiple options using Net banking, Credit card, Debit card, UPI wallets, and bill pay online.
Claim Process of Bandhan Life Insurance
Claim Intimation
In case of death of the Insured, nominee of the policyholder can lodge a claim with the insurance company.
Submission of Documents
Provide all the relevant documents to the insurance company.
Claim Settlement
The insurer is required to settle a claim within 30 days of receipt of all the required documents.
Documents Required to Claim Bandhan Life Insurance
| Claim Type |
Documents Required |
| Natural Death Claim |
- Original Policy Documents
- Duly Filled Claim Form
- Photo ID Proof
- Death Certificate
- Address Proof: Aadhar/ Pan
- Bank Account Details
|
| Accidental/Critical Illness Death Claim |
- Original Policy Documents
- Duly Filled Claim Form
- ID Proof
- Bank Account Details
- Contact Details
- Pan card
- Medical Records
- Medical Attendance Report
- Post Mortem Report/FIR/Punchana
- Hospital Treatment Statement
- Disability Intimation Form
- Critical Illness Form
|
List of Life Insurance Companies:
Bandhan Life Insurance FAQ's:
How to Pay Bandhan Life Insurance Premium Payment Online?
Bandhan Life Insurance online premium payments can be done in various methods. You can pay Bandhan life insurance payments online easily. Every insurance company has multiple payment options to pay premiums online using Net Banking, Credit card, Debit card, UPI wallets, and bill pay, etc. you can pay Bandhan life insurance premium payment through any of the methods as per your convenience.
How to Link Aadhaar to Bandhan Life Insurance?
- Go to the official website of Bandhan Life Insurance
- Bandhan Life Insurance Login page to login to your account
- Enter the required details of your policy, along with the details of your Aadhaar and PAN card
- Select the ‘Submit’ option to link Aadhaar
- After submitting you will receive a message and the process of linking Aadhaar to Bandhan Life Insurance has been successfully completed.
What are the premium payment modes available for Bandhan Life Insurance Plans?
You can pay premium through any of the following
- Net banking
- By cash
- By cheque
- Through Credit Card
- Through Debit Card
- By online payment modes
How to Change Nominee in Bandhan Life Insurance
The nominee is the person who will receive the sum assured in case of policyholders' death. To change nominee in Bandhan life insurance, you are required to fill change of beneficiary form and then submit it or please contact our Bandhan life insurance customer care number.