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Bandhan Life Insurance

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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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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What Is Bandhan Life Insurance?

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.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Why Should You Buy Bandhan Life Insurance Plan?

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 best 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.

What Are The Types Of Life Insurance Plans Offered By Bandhan Life Insurance?

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

Bandhan Term Insurance 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: 

  1. Bandhan iTerm Prime Plan

    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

  2. Bandhan iTerm Comfort Plan

    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

  3. Bandhan Saral Jeevan Bima Plan

    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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Bandhan Savings Plans

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: 

Bandhan iGuarantee Max Savings Plan

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

 Bandhan Group Plans

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
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: 

  1. Bandhan Group Care Micro Insurance Plan

    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.

  2. Bandhan Group iCredit Insurance Plan

    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.

  3. Bandhan Group Credit Safety Insurance Plan

    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.

Bandhan Other Plans

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: 

  1. Bandhan Akhil Bharat Term Plan

    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.

What Are The Exclusions In Bandhan Life Insurance?

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.

How To Buy Bandhan Life Insurance From Policybazaar?

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.




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Bandhan Life Insurance Reviews & Ratings

4.3 / 5 (Based on 169 Reviews)
(Showing Newest 10 reviews)
Angad
Agra, April 09, 2021
Hassle free services
I like the policybazaar as they suggested me the Bandhan Life insurance policy and wonderful services. By sitting at home I got great services and got my life insurance soft copy in few minutes of purchase.
Vishal
Machavaram, April 08, 2021
Great options
I have recently bought a Bandhan Life insurance plan from the website of the policybazaar. I really like the services which has been provided by the policybazaar. The whole team is good and quite helpful in nature. Thanks team.
Pallav
Paliganj, March 31, 2021
Protective coverage
The Bandhan Life insurance plan has been a protective coverage for me and my family. I find a good feature plan under it and it has been a great plan for me and my family. Thanks team.
Niranjan
Kollidam, March 30, 2021
Customer care team
The customer care team of policybazaar is very good and understanding in nature. I bought the Bandhan Life insurance policy from them and have been the best thing ever. Thanks a lot team.
Amal
Medchal, March 26, 2021
Customer care team
The customer care team of policybazaar is very good and understanding in nature. I bought the Bandhan Life insurance policy from them and have been the best thing ever. Thanks a lot team.
Kajal
Mahabubnagar, March 25, 2021
Easy to renew
I like the Bandhan Life insurance policy which I have bought from the policybazaar. I renew it every year with the help of mobile application of policybazaar. Thanks a lot policybazaar and Bandhan.
Divyansh
R.k.nagar, March 24, 2021
Compare and buy
I compared a lot many plans when I bought the life insurance plan from policybazaar. I checked few plans and sort myself to buy Bandhan Life insurance plan. It is easy to compare and easy to buy a best life insurance policy.
Manish
Badlapur, March 23, 2021
Online purchase of policy
I purchase the life insurance plan online. It is yet useful plan and I have recommended many of friends to get this plan online. It is a suitable plan for me and my family.
Amit
Kukarvada, March 22, 2021
Tax benefits
I have got the tax benefits when I bought the life insurance plan from the policybazaar. It was the plan of Bandhan and has been wonderful to me. I like the plan a lot and also got the tax benefits under the same. Thanks team.
Sushil
Kosi Kalan, March 17, 2021
Secure my family
I have secured my family as I bought a life insurance plan from the policybazaar and that is of Bandhan Life insurance. I like work and services provided by them. Thanks team.
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