Compare Bandhan Life and Kotak Life Insurance to check which insurance company offers the best term insurance plan in India 2026. This comparison guide covers premiums, claim settlement ratios, rider choices, solvency ratios, available plan options, and overall suitability.
Both insurers are governed by the Insurance Regulatory and Development Authority of India (IRDAI) and provide reliable term insurance options. The choice depends on your coverage needs and budget.
Choose Bandhan Life if you want term insurance products that are simple, easy to understand, and have few benefits at a low cost.
Choose Kotak Life if you are looking for strong digital convenience, backed by a reputable financial group with good customer service.
Both companies offer term life insurance policies with full assurance. Bandhan Life provides simple, cost-effective life insurance, but Kotak Life Insurance offers scope for customisation, tailored to each individual’s choice and preferences.
Here is a comparison table for the Bandhan Life and Kotak Life insurance term policies, focusing on their associated features and their respective individual requirements:
| Features | Bandhan Life Insurance | Kotak Life Insurance |
| Claim Settlement Ratio (FY 2025–26) | 99.73% | 98.61% |
| Solvency Ratio | 2.52 | 2.51 |
| 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 Critical Illness Plus Rider Permanent Disability Rider Accidental Disability Guardian benefit rider |
| Premium Payment Options | Yearly / Half Yearly / Quarterly/ Monthly | Yearly / Half Yearly / Quarterly/ Monthly |
| Online Purchase | Yes | Yes |
Note: This information is taken from publicly accessible disclosures of Bandhan Life iTerm Prime Insurance and Kotak Life e-Term.
Bandhan Life Insurance and Kotak Life Insurance both offer term insurance plans. This section goes into more detail about these plans.
Bandhan Life iTerm Prime: Offers term life insurance with basic death benefits and extra riders.
Bandhan Life iTerm Comfort: This plan includes life insurance, rider options, and flexible payment options for premiums.
Bandhan Life Saral Jeevan Bima: This is a simple term life insurance plan that offers basic life insurance cover at low premiums and easy-to-understand policy terms.
Kotak e-Term Plan: It has a lot of options for payouts and is flexible. It also has low premiums for high life coverage.
Kotak Saral Jeevan Bima Plan: A simple, basic term life insurance plan that gives you the minimal protection you need with clear conditions.
Kotak TULIP (Term + ULIP): This is a mix of a term and unit-linked insurance plan that protects your life and lets you grow your money through fund allocation and loyalty bonuses.
Kotak Signature Term Plan: It is a high-coverage term insurance plan that starts at ₹2 Cr and offers extensive life cover, low premiums, special exit and quick claim benefits, health and wellness support, and optional riders for even more benefits.
Premium Comparison (Illustrative Example)
As per the 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
City: Delhi
Sum Assured: ₹1 Crore
Annual income: ₹8 lakh to ₹10 lakh
Policy Term: 60 years (up to age 85)
Occupation Type: Salaried
| Insurer | Approx. Monthly Premium |
| Bandhan Life iTerm Prime | ₹658 |
| Kotak e-Term | ₹669 |
*The real premium varies according to age, health status, policy duration, and chosen riders.
Information sourced from Policybazaar’s website
The claim settlement ratio is the percentage of claims that an insurance company pays within a financial year.
Bandhan Life Insurance has shown a good performance in settling claims, as evidenced by its claim settlement ratio of 99.73%.
Kotak Life Insurance has maintained a solid claim settlement performance, reporting a claim settlement ratio of around 98.61% in recent disclosures.
Here are some tips that might help you choose the right insurance company for you:
You want a term life insurance plan that is easy to understand.
You want long-term coverage features that will keep you safe for a long time.
You are comfortable with having a few rider options.
You need a large number of riders, including additional coverage.
You want plans that have flexible premium payouts.
You want a mix of simple term insurance and more advanced protection plans.
Bandhan Life and Kotak Life Insurance are two good choices for term insurance in India. Both companies offer excellent term life plans that you can trust. Bandhan Life offers basic, low-cost protection, while Kotak Life Insurance lets you choose from more options and make changes as needed. A comparison of premiums, terms of coverage, and riders will help in making the right decision.
˜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.
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