Bandhan Life vs ICICI Prudential

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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VS
iProtect Smart Plus
Premium starts ₹1,062/month
Max Coverage Upto
99 yrs
Claim Settlement Ratio
99.3%
Average Claim Trend
97.92%
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Compare and review Bandhan Life iTerm Prime Insurance and ICICI Prudential iProtect Smart Plus to assess their performance when providing the best term insurance in India 2026. This comparison page includes the premiums, claim settlement ratio (CSR), solvency ratio, rider availability and more so that you can make an informed decision.

Which is Better - Bandhan Life or ICICI Prudential?

Both insurers are evaluated by the Insurance Regulatory and Development Authority of India (IRDAI) and provide reliable services. The choice of plan is dependent on the financial plans and preferences of the buyer.

  • Choose Bandhan Life Insurance to get a high claim settlement ratio (CSR), the quick 4-hour express settlement and wide coverage with affordable premiums.

  • Choose ICICI Prudential if you are looking for straightforward term insurance with affordable premiums, including competitive rates for smokers and women, along with options like premium break and critical illness cover.

The insurers offer term plans that suit the needs of every customer. Bandhan Life is centred on the simplicity of the plan without compromising access, and ICICI Life offers a wide range of customisations. It is important to select the plan based on your financial goals and coverage needs.

Bandhan Life vs ICICI Prudential - Comparison Table

Features Bandhan Life Insurance ICICI Prudential Life Insurance
Claim Settlement Ratio (FY 2024-25) 99.73% 99.30%
Solvency Ratio 2.52 2.00
Entry Age (Term Plans) 18 to 65 years 18 to 65 years
Maturity Age Up to 85 years Up to 99 years
Riders Available Bandhan Life Accidental Death Rider, Bandhan Life Critical Illness Care Rider Accidental Death Rider, Critical Illness Plus Rider, Permanent & Partial Disability Rider, Income Benefit Rider, Waiver of Premium Rider
Premium Payment Options Yearly/ Half Yearly/Quarterly / Monthly Yearly/Half-Yearly/Monthly
Online Purchase Yes Yes
Presence 130+ locations 506+ locations

Note: This information is taken from publicly accessible disclosures of Bandhan Life iTerm Prime Insurance and ICICI Prudential.

Term Insurance Plans Offered

Below are the plans offered by Bandhan Life and ICICI Prudential:

Bandhan Life Term Insurance Plans

  • Bandhan Life iTerm Prime: This plan is well-suited for self-employed professionals as well as those who want quick online purchase options with direct coverage features.

  • Bandhan Life iTerm Comfort: This plan is designed for those who want high coverage and a flexible duration with a variety of riders.

  • Bandhan Life Saral Jeevan Bima: This plan is mainly for first-time insurance buyers, and it is IRDAI mandated that it provides the same features to all the covered individuals.

ICICI Prudential Term Insurance Plans

  • ICICI Prudential iProtect Smart Plus: Suitable for individuals seeking flexibility in payout structures and premium payment modes, along with additional built-in benefits and optional rider enhancements.

  • ICICI Prudential iProtect Smart: Ideal for those looking for straightforward life cover with the option to strengthen protection through add-on benefits.

  • ICICI Prudential Saral Jeevan Bima: Best suited for first-time buyers who prefer a simple, regulator-mandated term plan with standardised features and easy understanding.

Premium Comparison (Illustrative Example)

The table shows the indicative comparison of monthly premiums for a sample customer profile based on current online term insurance calculators for a sample customer profile:

Sample Profile:

  • Age: 23 years

  • Gender: Male

  • Smoker: No

  • Sum Assured: ₹1 Crore

  • Annual Income: ₹8 lakh to ₹10 lakh

  • Policy Term: 60 years

  • Occupation Type: Salaried

Insurer Approx. Monthly Premium
Bandhan Life iTerm Prime ₹658
ICICI Prudential iProtect Smart Plus ₹669

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

Information sourced from Policybazaar’s website

Claim Settlement Analysis

Claim Settlement Ratio, also known as the CSR, is the percentage of claims settled by an insurer in a financial year:

  • Bandhan Life Insurance has a CSR ratio of 99.73%, which indicates consistency in claim settlement.

  • ICICI Prudential Life has a claim settlement ratio of 99.30%, which indicates consistent claim settlement records.

Who Should Pick Which Insurance Company?

Choose Bandhan Life iTerm Prime if:

  • You need a simpler term plan with just life coverage without any add-ons.

  • You prefer a basic rider set for protection and a benefit structure that has well-defined features without any complex features.

  • You want an affordable/cost-effective plan.

Choose ICICI Prudential iProtect Smart Plus if:

  • You prefer a plan that offers adaptable coverage and optional add-on benefits.

  • You are looking for advanced features such as instant payout and smart exit options.

  • You want control over how and when you pay premiums, with multiple term choices available.

Final Recommendation

In India, Bandhan Life and ICICI Prudential both offer reliable IRDAI-approved plans that can cover the family in times of need. It is necessary to compare the riders, premiums, and benefits before making a choice. Before purchasing, thoroughly review the policy terms and ensure that the plan meets your long-term protection requirements.

FAQs

  • Q: Are iTerm Prime and iProtect Smart Plus pure term insurance plans?

    Ans: The plans offer life cover and a death benefit without any maturity benefit unless specific return or exit features are chosen by the insured.
  • Q: Is Bandhan life insurance good or bad?

    Ans: Bandhan Life is an appropriate option for quick settlements, and it is ideal for those individuals who prefer affordable premiums and good claim settlement ratios.
  • Q: Is the premium the same for all policyholders?

    Ans: Premiums are not the same and vary based on factors such as age, health condition, smoking habits, policy term, and selected riders.
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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