Compare Bandhan Life Insurance and Tata AIA Life Insurance in order to evaluate how the two companies are performing in their provision of term insurance and other life insurance policies in India. This is a comprehensive comparison of the two life insurance companies in order to enable you to choose the best for your financial protection needs.
Both Bandhan Life and Tata AIA Life are IRDAI-approved and offer trustworthy term insurance schemes. It all depends upon the needs.
Select Bandhan Life Insurance if you are looking for simple and affordable term plans, high claim settlement ratios, value for money, and online term insurance plans with simple features and easy online purchase.
Select Tata AIA Life Insurance if you are looking for a highly reputable brand name, comprehensive term insurance coverage with unique wellness benefits (Vitality), and fast express claim settlement options.
Both companies offer reliable term insurance policy coverage. Bandhan Life Insurance offers cost-effective and accessible online term insurance plans. On the other hand, Tata AIA Life Insurance offers premium features, riders, and a wellness plan to its customers.
The below table shows a clear comparison between Bandhan Life Insurance and Tata AIA Life Insurance on their different policy features and eligibility criteria:
| Features | Bandhan Life Insurance | Tata AIA Life Insurance |
| Claim Settlement Ratio (FY 2024–25) | 99.73% | 99.41% |
| Solvency Ratio | 2.52 | 1.93 |
| Entry Age (Term Plans) | 18 – 65 years | 18 – 65 years |
| Maturity Age | Up to 85 years | Up to 100 years |
| Riders Available | Accidental Death Benefit Accidental Death & Dismemberment Rider Critical Illness Rider Premium Waiver Terminal Illness Benefit |
Accidental Death Benefit Accidental Death & Dismemberment Rider Critical Illness Rider Premium Waiver Terminal Illness 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.
The following is a list of term insurance plans offered by Tata AIA Life Insurance and Bandhan Life Insurance:
Bandhan Life Term Insurance Plans
Bandhan Life iTerm Prime: This is a pure protection term insurance plan that is easy to use and allows for limited period or whole life insurance, and optional benefits.
Bandhan Life iTerm Comfort: It is a basic, simple term insurance plan, IRDAI-regulated, which offers basic life insurance protection for all classes of income.
Bandhan Life iTerm Return of Premium: This plan is ideal for risk-averse people who are looking for a pure term plan.
Tata AIA Life Term Insurance Plans
Tata AIA Sampoorna Raksha Promise: Ideal for women who want more personalised and flexible term insurance coverage.
Tata AIA Maha Raksha Supreme: Best for those seeking high-value term coverage at affordable premiums.
Tata AIA Saral Jeevan Bima: Ideal for buyers who prefer a simple and standard life insurance plan.
Tata AIA InstaProtect Solution: A good fit for individuals looking to combine life cover with health-related benefits.
Tata AIA Shubh Shakti: Designed for women who want dedicated financial protection with added advantages.
Tata AIA Shubh Shakti Select: An enhanced version of Tata AIA Life Insurance’s Shubh Shakti policy available for women, seeking broader flexibility and enhanced rider choices.
With respect to the online facilities available as of now for premium calculation for term insurances, the above comparison would give a rough idea regarding the premiums for the customer profile considered:
Age: 23 years
Gender: Male
Smoker: No
Sum Assured: ₹1 Crore
Policy Term: 60 years (Coverage till age 83)
Salary: 8-10 lacs
| Insurer | Approx. Monthly Premium |
| Bandhan Life iTerm Prime | ₹658 |
| Tata AIA Sampoorna Raksha Promise | ₹671 |
Note: The real premium varies depending on factors like age, health, policy duration, among others. The information was obtained from Policybazaar’s website. The premium for Tata AIA could be a little on the higher side due to additional benefits such as the Vitality wellness program and express claims services.
The claim settlement ratio is the percentage of claims an insurance company has settled during a financial year.
The claim settlement ratio of Tata AIA Life Insurance alone is 99.41% during FY 2024-25. They are known for their "Express Claims" service, wherein the eligible claims will be settled within 4 hours.
Bandhan Life, earlier known as Aegon Life, has fared equally well with a claim settlement ratio of 99.73% during FY 2024-25. The claim settlement process at the company is all but digital, hence the processing and approval of documents are speedy.
The following are general factors that might help in identifying which insurer is best suited for different preferences regarding coverage:
Choose Bandhan Life if:
You are searching for the lowest premiums available in the market.
You want a completely digital, paperless purchase process.
You are interested in a simple "buy and forget" term insurance without any complicated riders.
Choose Tata AIA Life if:
You want an insurer with a massive legacy and trust component (Tata Group).
You are interested in wellness rewards (rewards for staying healthy through the Vitality program).
You want coverage that goes up to the age of 100 (whole life coverage options).
You want a fast claim settlement (4-hour express promise).
In India, Bandhan Life and Tata AIA Life are both good options for term insurance. Bandhan Life is a great option for those who are budget-conscious and not averse to online transactions. Tata AIA Life is the best option for those who want a comprehensive plan, the brand name, and additional services such as health rewards, even if it is slightly more expensive. A comparison of premiums, terms, and specific requirements for riders will help in making the right choice.
˜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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