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Bandhan Life Insurance launched its operations in India in July 2008. It was formerly called Aegon Life Insurance Company, and in March 2024, Bandhan Financial Holdings acquired Bandhan Life Insurance. This insurance company is one of the leading financial service providers in the country and offers its customers comprehensive life and term insurance plans. Bandhan Life has a CSR (claim settlement ratio) of 99.4% in the financial year 2022-23 and is known for settling claims quickly and efficiently.
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Bandhan Life Insurance is a top insurance company in India, offering a wide range of products like life, savings, wealth, protection, and retirement plans. With a high Claim Settlement Ratio of 99.4% in FY 2022-23, Bandhan Life Insurance is one of the most trustworthy insurers for securing your financial future.
Term Plans
You should buy the Bandhan Life Insurance plan for the following reasons:
Financial Security for Your Loved Ones: Bandhan Life Insurance plans are specially designed to offer financial protection to your loved ones in case of an unfortunate event, like disease or the policyholder’s death. The payout from the life insurance plans can help the family maintain their lifestyle, cover essential expenses, and even achieve long-term financial goals like education and retirement.
Comprehensive Coverage Options: Bandhan Life Insurance offers various insurance products customized to suit various life stages and needs. Whether you are looking for pure protection with term insurance, wealth creation through investment-linked plans, or comprehensive coverage with a whole life policy, Bandhan Life Insurance is one of the life insurance companies to consider buying a plan from. Their diverse portfolio ensures you can find a plan that aligns perfectly with your financial goals and requirements.
Guaranteed Returns: Bandhan Life Insurance, especially savings plans, ensures you receive guaranteed returns when your life insurance plan matures. As you pay your premiums over time, your savings grow. Upon maturity, you can receive this accumulated amount either as a one-time lump sum or as a regular income.
Affordable Premiums: Bandhan Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums so you can financially secure your loved ones without any hassle.
Tax Benefits: Choosing Bandhan Life Insurance plans can also provide tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This means you can secure your financial future and enjoy tax advantages, making Bandhan a smart choice for your insurance needs.
4-Hour Express Claim Settlement: With ‘Express Claims’, Bandhan provides claim settlement to the nominees of the deceased policyholders within 4 hours of claim intimation.
The various life insurance policies in multiple segments offered by Bandhan Life Insurance are as follows:
Term Insurance Plans
Savings Plans
Group Plans
Other Plans
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Bandhan iTerm Prime Plan | 18 to 65 years | 70 years | Rs. 25 Lakhs to No Limit | |
| Bandhan iTerm Comfort Plan | 18 to 65 years | 70 years | Rs. 25 Lakhs to Rs. 1.25 Crores | |
| Bandhan Saral Jeevan Bima Plan | 18 to 65 years | 70 years | Rs. 5 Lakhs to Rs. 25 Lakhs |
Let’s learn more about Bandhan Term Plans in detail:
Here are the key features of this plan:
The plan offers financial security to your family in the event of your absence
You can also receive a critical illness benefit and accidental death benefit cover
The premiums can be paid in regular and limited pay term options
The premiums can be paid in annual, half-yearly, and monthly modes
The limited pay options are available at 10, 15, and 60 years of age
Here are the key features of this plan:
The life cover will be paid on the policyholder’s unforeseen death
The plan offers critical illness and accidental death benefits riders
The premiums can be paid in monthly, half-yearly, and yearly modes
The plan offers tax benefits as per the prevailing tax laws
Here are the key features of this plan:
The Saral Jeevan Bima plan offers a large life cover at affordable premiums
The premiums can be paid in single, limited, or regular payment terms
The plan has a 45-day waiting period during which the sum assured is paid only on accidental death
On non-accidental death during the waiting period, 100% of the premiums paid are returned
You can claim tax benefits as per prevailing laws u/s 80C and 10(10D)
*Note: You can use the term insurance calculator to easily calculate estimate your term insurance premium.
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| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Bandhan iGuarantee Max Savings Plan | 3 months to 50 years | 70 years | As per T&C |
Let’s learn more about Bandhan Savings Plans in detail:
Here are the key features of this plan:
The nominee gets life cover in case of the policyholder’s untimely demise
A guaranteed amount is paid to the policyholder on the maturity of the policy
The premiums can be paid in monthly, half-yearly, or annual modes
You can choose the premium payment term as regular or limited pay
You can claim tax benefits as per the prevailing tax laws of the Income Tax Act, 1961
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Bandhan Group Care Micro Insurance Plan | 18 to 69 years | 70 years | Rs. 1 Thousand to Rs. 2 Lakhs | |
| Bandhan Group iCredit Insurance Plan | 18 to 69 years (14 years for education loan option) | 80 years | Min: Rs. 5 Thousand Max: Insurer T&C |
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| Bandhan Group Credit Safety Insurance Plan | 18 to 69 years (14 years for education loan option) | 80 years | Min: Rs. 5 Thousand Max: Insurer T&C |
Let’s learn more about Bandhan Group Plans in detail:
Here are the key features of this plan:
Comprehensive financial protection, covering death, terminal illness, and accidental death based on individual needs.
Provides flexibility in choosing the sum assured, whether level or decreasing.
Available for credit protection schemes.
Allows flexibility in selecting premium payment term and frequency for convenience.
Offers a quick and seamless purchase process.
Here are the key features of this plan:
Covers death, critical illness (36 conditions), accidental death, and disability.
Covers various loans in case you can't pay due to covered events.
Flexibility of choice of benefit amount (level or decreasing with loan balance) and coverage/payment terms.
Protects you and a partner (e.g., spouse) with the Joint coverage option.
Here are the key features of this plan:
Comprehensive financial protection, covering death, terminal illness, critical illnesses, accidental death, and accidental total and permanent disability.
Covers a wide array of loans, including micro, personal, business, education, and home loans, among others.
Offers flexibility in choosing between two sum assured options: level or decreasing with the loan.
Allows flexibility in selecting cover term, premium payment term, and frequency.
Provides coverage for both single and joint lives.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Bandhan Akhil Bharat Term Plan | 18 to 45 years | 55 years | Rs. 50 Thousand to Rs. 5 Lakhs |
Let’s learn more about other plans of Bandhan Life Insurance in detail:
Here are the key features of this plan:
Choose your coverage duration: Pick your policy term length (5, 7, or 10 years).
Flexible payments: Pay your premium in a way that works for you (different options available).
Easy application: Apply quickly and easily without medical exams upfront.
Here are the exclusions in the Bandhan Life Insurance:
Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.
Here are the steps to buy Bandhan Life Insurance from Policybazaar:
Step 1: Visit the official Policybazaar website and go to the Term Insurance section.
Step 2: Provide your name, contact details, gender, and date of birth.
Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose Bandhan life term insurance plan from the list of term insurance plans that appear.
Step 5: Pay using your preferred mode to complete the process.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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