Bandhan Life Insurance

Bandhan Life Insurance

  • 99.66% Claim Settlement Ratio
  • 3200+ Branches in India
  • 3.12 Solvency Ratio

Overview

In today's fast-paced and uncertain world, having a reliable life insurance policy is essential to protect your loved ones and secure their financial future. Bandhan Life Insurance (Formerly known as Bandhan Life Insurance), a leading insurance company, offers a diverse range of comprehensive life insurance products designed to meet the specific needs of individuals and families.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is an Indian life insurance company started in 2008. The company is situated in Mumbai, India, and provides individual and group life insurance online and offline. Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is a joint venture between Dutch Bandhan N.V. (a multinational company specializing in insurance, pensions, and asset management, and The Times Group (also known as Bennett Coleman & Co. Ltd.), among India's foremost media conglomerates.

With an emphasis on customer-centricity, financial stability and innovative solutions, Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has gained the trust of millions of customers across the country. In this page, we will explore various aspects of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance), including its history, product offerings, key features, customer service and claims process. Ultimately, you will better understand why Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is a reliable partner in ensuring financial security for you and your loved ones. Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has received several notable awards and recognition for its commitment to excellence in the insurance industry. Here are some of the awards and recognition the Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) company won:

  • Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) won two “Best-in-class Enterprise Security and Cloud Technology” awards at the Express Computer BFSI Technology Awards 2023.
  • Analytics India magazine certified Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) as the “Best Firm for Data Scientists” in 2023.
  • Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) was Recognized as an industry leader for “Best Customer Experience” at the Banking Frontiers InsureNext Awards 2023.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Company Specification

Below are the key specifications of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Company.

Particular

Specifications

Claim Paid Percentage (2022-23)

99.66

Group Death Claim Paid Percentage (2021-22)

100

Solvency Ratio (2022-23)

3.33

Market Share (2021-22)

416.46 Crore

*Data has been sourced from the annual report of IRDAI 2021-22

Key Features of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers several key features that make it a reliable and trustworthy option for individuals and families seeking comprehensive life insurance coverage. Some of the key features of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) are:

01

Tailored Coverage Options

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) understands that each individual has unique insurance needs. That's why they offer different life plan options to meet different needs. Whether you are looking for term insurance, ULIP, pension plan, or savings and protection plan, Bandhan offers customizable policies that suit your financial goals and aspirations.

02

Digital-first Approach

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) embraces the digital age to make insurance accessible and convenient for its customers. Their digital-first approach lets you easily search, buy and manage your policies online. From online application processes to instant policy issuance, Bandhan leverages technology to deliver a seamless insurance experience.

03

Comprehensive Riders for Enhanced Protection

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers a variety of riders that allow you to increase your coverage according to your specific needs. These riders protect against critical illnesses, sudden death, disability and more. By adding riders to your policy, you can customize it to provide comprehensive protection for you and your loved ones.

04

Transparent Claim Settlement Process

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is committed to ensuring a transparent claim settlement process. They strive to settle claims hassle-free with a dedicated team that assists policyholders and beneficiaries throughout the process. Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) focuses on quick and efficient claim settlement and providing peace of mind to policyholders, knowing that their loved ones will be cared for when they need it most.

05

Innovative Solutions for Changing Needs

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) continues to innovate to meet the evolving needs of its customers. They develop and offer innovative insurance solutions that adapt to changing times, ensuring that their policies remain relevant and effective in meeting policyholders' growing financial goals and aspirations.

06

Strong Financial Stability

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is part of the Bandhan Group, a multinational insurance, pensions and asset management company with a strong global presence. This association brings financial stability, reliability and expertise to Bandhan Life Insurance (Formerly known as Bandhan Life Insurance). Policyholders can be confident that their insurance needs are well managed by a financially secure and reliable institution.

07

High Claims Settlement Ratio

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has achieved a high claim settlement ratio of 99.66% for FY 2022-23, according to the latest report by the Insurance Regulatory and Development Authority of India (IRDAI). It provides financial assurance to policyholders that their claims will be settled in times of emergencies.

08

Solvency Ratio

Solvency ratios of a life insurance company help you identify the financial health to pay off loans and meet other long-term and short-term financial obligations. As per the latest annual report of the Insurance Regulatory and Development Authority of India (IRDAI), Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has a solvency ratio of 3.33 in the year 2022-23.

Benefits of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers many benefits, making it a preferred choice for individuals seeking comprehensive life insurance coverage. With its customer-centric approach and commitment to financial security, Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers many benefits to policyholders. Here are some of the key benefits:

01

Wide Range of Insurance Products

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers diverse insurance products to meet different needs and financial goals. Whether you are looking for pure protection with term insurance, long-term savings and investment solutions with ULIPs, or retirement planning with pension plans, Bandhan has a wide range of offerings to meet your needs.

02

Financial Protection for Your Loved Ones

One of the primary benefits of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is financial protection for your loved ones in case of an unfortunate event. By taking an Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) policy, you can ensure that your family members are financially secure and can maintain their standard of living even in your absence.

03

Customizable Coverage

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) understands that everyone's insurance needs are different. To address this, they offer customizable coverage options. You can customize your policy by selecting the sum assured, policy term and premium payment frequency to suit your financial situation and future goals. This flexibility allows you to design a policy that suits your specific needs.

04

Additional Riders for Enhanced Coverage

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) allows you to enhance your coverage by adding riders. These riders provide additional benefits like critical illness coverage, accidental death benefits, disability coverage, etc. Choosing these riders can enhance your policy coverage to address specific risks and ensure comprehensive protection.

05

Tax Benefits

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) policies offer tax benefits as per the prevailing tax laws. The premium paid for your policy may be eligible for tax deduction under Section 80C of the Income Tax Act. Additionally, the maturity proceeds or death benefit received from the policy can be tax-free under Section 10(10D). These tax benefits can help you save on your overall tax liability while securing your financial future.

06

Hassle-Free Claim Settlement

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) is committed to ensuring a smooth and hassle-free claim settlement process. Their dedicated claims team assists the beneficiaries and tries to settle the claims promptly. This efficient claim settlement process provides peace of mind to policyholders, knowing their loved ones will receive the financial support they need during challenging times.

07

Online Presence

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has an informative and well-designed website and mobile app that allows customers to buy plans, pay premiums, track policies, raise claims and connect via chatbot anytime, anywhere. It provides convenience and ease, especially for the tech-savvy young generation.

08

Strong Investment Performance

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) has consistently delivered strong investment returns on its Partnership and ULIP plans due to prudent fund management and a strong risk management framework. This helps policyholders to meet their corpus goals.

09

Customer Support

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) places a strong emphasis on customer satisfaction. They have a dedicated customer support team that is immediately available to resolve queries, provide guidance, and assist at every step of the insurance journey. Whether you need help understanding policy features or need assistance with policy servicing, Bandhan's customer support is there to assist you.

10

No Medical Exams

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers some term insurance plans that do not require any medical examination to purchase.

Life Insurance Plans Offered by Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers a range of life insurance plans designed to meet various financial goals and protection needs. Here are some of the key life insurance plans offered by Bandhan Life Insurance (Formerly known as Bandhan Life Insurance):

Bandhan Life Insurance Term Plans

Bandhan Life Insurance Savings Plans

Bandhan Ulip Plans

Bandhan Group Insurance Plans

Other Plans

How to Choose the Right Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Policy?

Choosing the right Life Insurance policy is an important decision that can significantly impact your financial security and the well-being of your loved ones. Here are some important steps to help you choose the right policy for your needs:

  1. Assess Your Coverage Needs

    Evaluate your coverage needs by considering factors such as your current financial obligations, future financial goals, outstanding loans and your dependents' needs. This evaluation will help you determine the appropriate amount of life insurance coverage needed to protect your loved ones adequately.

  2. Understand Policy Types

    Understand the different types of life insurance policies offered by Bandhan Life Insurance (Formerly known as Bandhan Life Insurance), such as Term Insurance, ULIP, Pension Plan, Savings and Protection Plan and Child Plan. Understand each policy type's features, benefits, and limitations to determine which policy best matches your financial goals and risk tolerance.

  3. Evaluate Policy Features

    Carefully review the features and benefits of the policy. Always check the optional riders for enhanced coverage, flexibility in premium payment, maturity benefits, loyalty additions and tax benefits. Consider how these features align with your specific needs and financial objectives.

  4. Consider Premium Affordability

    Evaluate the premium amount of each Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) policy. Make sure the premium payment is affordable and sustainable in the long run. Remember that stopping premium payments may lapse the policy, resulting in loss of coverage. Choose a policy with a premium that comfortably fits into your budget.

  5. Read Policy Terms and Conditions

    Read and understand the terms and conditions of the policy thoroughly before deciding. Pay attention to details like policy terms, exclusions, claim settlement process, surrender value, policy revival option and grace period for premium payment. Ensure you understand what the policy covers and any applicable limitations or conditions.

  6. Seek Professional Advice

    If you're still determining which Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) policy best suits your needs, consider seeking guidance from RenewBuy Partners. They can assess your specific situation, provide personalized recommendations, and help you make an informed decision based on your financial goals and risk tolerance.

  7. Compare Multiple Policies

    It is always recommended to compare multiple Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) policies before making a final decision. Compare the features, benefits, premiums and terms of different policies to identify the best value and match your needs.

  8. Check the Company's Reputation

    Research and evaluate the reputation and reliability of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) as a company. Consider factors such as their claim settlement ratio, customer reviews, financial stability and the quality of their customer service. Choosing a reliable and trustworthy insurance provider is essential for a smooth policy experience.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Tax Benefits

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers a variety of life insurance plans that provide financial protection and security to individuals and their families. These plans offer a lump sum payment to the beneficiaries in the event of the insured person's death and provide various tax benefits under the Income Tax Act of 1961. Here are the significant tax benefits of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) plans:

01

Tax Deduction on Premiums

The Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Plan premium is eligible for tax deduction under Section 80C of the Income Tax Act. This means individuals can claim deductions up to Rs. Rs 1.5 lakh from their taxable income for the premium paid. This deduction can significantly reduce the tax liability of individuals, making life insurance more affordable.

02

Tax-Free Maturity Benefits

Maturity benefits received from Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Plan are completely tax-free under Section 10(10D) of the Income Tax Act. This means that individuals do not have to pay any tax on the amount received at the time of policy maturity. This tax exemption makes Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Plan an attractive investment option for individuals who want to build a corpus for their future financial goals.

03

Tax-Free Death Benefits

Death benefits paid to beneficiaries under the Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Scheme are also exempt from income tax under Section 10(10D) of the Income Tax Act. This means that the beneficiaries do not have to pay any tax on the amount received in the event of the insured person's death. This tax exemption ensures that beneficiaries receive the total death benefit amount without any deduction.

04

Tax Benefits for Critical Illness Riders

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) plans also offer Critical Illness Riders that provide additional coverage against specified critical illnesses. The premium paid for these riders is also eligible for tax deduction under Section 80D of the Income Tax Act. Additionally, lump sum payment received on critical illness diagnosis is tax-free under section 10(10D) of the Income Tax Act.

05

Tax Benefits for Accidental Death Riders

Accidental death riders offered by Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) plans provide additional coverage in case of accidental death. The premium paid for these riders is eligible for tax deduction under Section 80C of the Income Tax Act. The lump sum payment received in case of accidental death is also tax-free under Section 10(10D) of the Income Tax Act.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Buying Process

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers a simple and hassle-free buying process. You can buy Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) in two ways, i.e., from Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)'s official website and RenewBuy. Read below to check the buying process of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) in detail.

Buy from RenewBuy

  • Visit the official site of "RenewBuy."
  • Select the "Life Insurance Plan" tab.
  • Select the "Best Life Insurance Companies in India" tab.
  • The next tab will show you all the life insurance companies.
  • Click on the "Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)" tab.
  • Select the desired Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) plan.
  • Fill in all the required information.
  • Click on "Buy Now".
  • Proceed with the payment.

Buy From the Official Website of Bandhan Life Insurance (Formerly known as Bandhan Life Insurance)

  • Visit the Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) official website.
  • Click on the “All Plans” tab from the menu section.
  • Select the desired Insurance plan.
  • Fill in the required details.
  • Click on the "Buy Now" button.
  • Your life insurance policy document will be sent to your registered e-mail address.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Claim Process

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) offers a quick, simple and hassle-free claim process. You just have to register your claim, and Bandhan’s claim team will verify the claim statement and claim documents. If everything is fine, Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) will settle your claim without any delays. Below, we have mentioned the Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) claim process in detail:

  • Claim Intimation: The policyholder or nominee should immediately inform Bandhan Life Insurance (Formerly known as Bandhan Life Insurance). Contact their customer care helpline or visit their official website to start the claim reporting process. Provide the necessary details like policy number, name of the insured and a brief description of the claim.
  • Documentation: Submit the required documents to support the claim. These typically include the original policy document, claim form(s), death certificate (in case of a death claim), medical records (if applicable), address proof, a cancelled cheque and any other relevant documents as specified by Bandhan Life Insurance (Formerly known as Bandhan Life Insurance).
  • Claim Assessment: Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) will review the submitted documents thoroughly to assess the claim's validity. Their claims team may request additional information or documents to process the claim efficiently if required.
  • Claim Settlement: Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) will initiate the claim settlement process once the claim is validated. The settlement can be in the form of a lump sum payment or per the specific policy's terms and conditions.
  • Claim Disbursement: Once the claim is approved, Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) will disburse the claim amount to the policyholder or nominee through the selected mode of payment, such as bank transfer or cheque.

Bandhan Life Insurance (Formerly known as Bandhan Life Insurance) Contact Details

To contact Bandhan Life Insurance (Formerly known as Bandhan Life Insurance), you can use the following contact details:

Address:
A - 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400059.

Tel:+91 226118 0100

Toll-free no: 1800-209-9090 (9 am to 7 pm, Mon to Sat)

Email:
customer.care@bandhanlife.com

Website:
www.bandhanlife.com