Bandhan Life vs Bajaj Life Insurance

iTerm Prime
Premium starts ₹992/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.7%
Average Claim Trend
99.37%
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Bajaj Life eTouch II
Premium starts ₹930/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.3%
Average Claim Trend
99.19%
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Compare Bandhan Life Insurance vs Bajaj Life Insurance to check which insurance company offers the best term insurance plans in India 2026. This thorough comparison looks at premiums, claim settlement ratio, available plans, riders, solvency ratio, suitability, and which insurer is right for you.

Which is Better - Bandhan Life or Bajaj Life?

Both providers are approved by the Insurance Regulatory and Development Authority of India (IRDAI). Your selection depends on your coverage needs.

  • Choose Bandhan Life : if you are looking for simple term plans with affordable pricing, return of premium options, guaranteed market linked products, and flexible,tailored options.

  • Choose Bajaj Life: if you are looking for a high claim settlement ratio (CSR), customer reliability, centricity and a platform for online services.

Both insurers offer a wide range of insurance plans that suit the needs of every customer. Bandhan Life focuses on simplicity and accessibility, while Bajaj Life offers broader customisation options. Final selection should depend on your personal protection goals.

Bandhan Life vs Bajaj Life - Comparison Table

This below table compares Bandhan Life Insurance and Bajaj Life Insurance key policy features and its eligibility criteria. Let’s discuss in detail:

Features Bandhan Life Insurance Bajaj Life Insurance
Claim Settlement Ratio (FY 2024–25) ~99.7% ~99.29%
Solvency Ratio ~2.52 ~5.16
Entry Age (Term Plans) 18 – 65 years 18 – 65 years
Maturity Age Up to 85 years Up to 85 years
Riders Available Accidental Death Benefit
Accidental Death & Dismemberment Rider
Critical Illness Rider
Premium Waiver
Terminal Illness Benefit
Accidental Death Benefit Rider
Accidental Permanent Total /Partial Disability Benefit Rider
Critical Illness Rider
Waiver of Premium
Family Income Benefit
Premium Payment Options Yearly/ Half Yearly/Quarterly / Monthly Yearly/ Half Yearly / Quarterly/Monthly
Online Purchase Yes Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

The following section lists the term insurance policies that Bajaj Life Insurance and Bandhan Life Insurance provide:

Bandhan Life Term Insurance Plans

  • Bandhan Life iTerm Prime: Suitable for self-employed individuals, young professionals and those who are looking for a quick online process of buying plans without any medical tests.

  • Bandhan Life iTerm Return of Premium: This plan is ideal for risk-averse people who are looking for a pure term plan.

  • Bandhan Life iTerm Comfort: Ideal for those who are looking for high amount of coverage, and optional riders (add-ons) like accidental death, critical illness, and more.

Bajaj Life Term Insurance Plans

  • Bajaj eTouch II: Right suited for people who are looking for a budget-friendly term insurance plan with return of premium, high coverage and high claim settlement record.

  • Bajaj iSecure II: Ideal for people who are looking for high life cover, such as self-employed and salaried professionals.

  • Bajaj Superwoman Plan: This term plan is specifically designed for homemakers, working women, and professionals who are looking for a high life cover.

  • Bajaj Life Smart Protection Goal: This is best-suited for breadwinners, debt holders, and those who are looking for critical illness coverage riders .

  • Bajaj Life Diabetic Term Plan II Sub 8 HbA1c: Designed for customers with Type 2 diabetes or pre-diabetes, especially those with (HbA1c < 8).

  • Bajaj Saral Jeevan Bima: This plan is ideal for individuals who are first-time buyers and have limited income.

Premium Comparison (Illustrative Example)

Based on current online term insurance calculators, the following comparison presents an indicative view of monthly premiums for the following sample customer profile:

  • Age: 23 years

  • Gender: Male

  • Smoker: No

  • Sum Assured: ₹1 Crore

  • Annual income: ₹8 lakh to ₹10 lakh

  • Policy Term: 60 years

  • Type: Salaried

  • Education: Graduate

Insurer Approx. Monthly Premium
Bandhan Life iTerm Prime ₹834
Bajaj Life eTouch II ₹799

*The real premium varies according to age, health status, policy duration, and chosen riders.

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The claim settlement ratio shows the percentage of claims an insurance company has settled during a financial year.

  • Bajaj Life has shown a strong and consistent claim settlement record across many years, reporting a claim settlement ratio of 99.29%.

  • Bandhan Life has reliable claim settlement results by quickly settling claims, with a reported claim settlement ratio (CSR) of 99.7%.

Who Should Pick Which Insurance Company?

The following general factors may help determine which insurer best matches varying coverage preferences:

Choose Bandhan Life if:

  • You are looking for customer centric service with simple policy buying and servicing

  • You want easy online and offline support.

  • You need flexible premium payment options.

  • You want assistance locally and a supportive advisor network available 24X7.

Choose Bajaj Life if:

  • You want a comprehensive range of insurance plans, like term insurance plan, child plan, endowment, and savings plan.

  • You are looking for high coverage at low premium rates

  • You are looking for digital ease with smooth online buying, and claims support.

  • You value brand strength and extensive market presence.

Final Recommendation

In India, both Bandhan Life and Bajaj Life offer reliable term insurance. Bandhan Life offers clear and uncomplicated plans, while Bajaj Life provides feature-rich options with rider flexibility. Comparing premiums, coverage periods, and rider requirements will aid in making an informed decision. Before purchasing, thoroughly review the policy terms and ensure that the plan meets your long-term protection requirements.

FAQs

  • Q1. Which is suitable for term insurance, Bandhan Life, or Bajaj Life?

    Ans: Both insurers provide reliable term plans. Bandhan Life focuses on simplicity, whereas Bajaj Life offers additional plan options.
  • Q2. Which insurer has a higher claim settlement ratio?

    Ans: Bandhan Life reports a higher claim settlement ratio in recent disclosures of IRDAI.
  • Q3. Are Bajaj Life premiums higher than Bandhan Life?

    Ans: In many cases, Bajaj Life premiums are slightly lower than Bandhan Life.
  • Q4. Is term insurance available online from both insurers now?

    Ans: Yes, both Bandhan Life insurance and Bajaj Life insurance offer online term insurance purchase options.
exclusive-benefit

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

© Copyright 2008-2026 policybazaar.com. All Rights Reserved

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.


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