Bandhan Life Insurance
  • Easy online policy renewal
  • Avail of regular monthly payout
  • Coverage for COVID-19
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Bandhan Life Insurance

Bandhan Life Simplifying Insurance for Every Indian. Since its inception in 2008, Bandhan Life (formerly, Aegon Life) has led the charge in transforming the insurance landscape in India. Focused on innovation and customer-centric solutions, the company aims to make insurance accessible, affordable, and straightforward for everyone. Bandhan Life Insuance offers a range of insurance plans such as: Savings, ULIP, Guranteed, Child and so on.

Bandhan Life Insurance Company ensures to look after your insurance needs by offering:

why-choose

  • Tailor-made Plans

  • Digital Excellence

  • Customer Centric

  • Partnered with Bank of Baroda and Union Bank of India

Key highlights of Bandhan Life Insurance

To get more insight into Bandhan Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

Bandhan Life Insurance has a Solvency Ratio of 3.1 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of Bandhan Life Insurance

There are various features to Bandhan Life Insurance Plan. Lets understand each of them in detail:

  • Solvency RatioThe solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Bandhan Life Term Insurance Company for 2022-23 is 3.1 (As per IRDAI, every life insurer must maintain a solvency ratio of 1.5).
  • Claim Settlement RatioThe company has a good and reliable claim-settling process with a CSR of 99.03%. Bandhan Life Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies.
  • Annual PremiumAs per the IRDAI report 2022-23, Bandhan Life Term Insurance recorded an annual premium of Rs. 369.95 Crores.

Benefits of Bandhan Life Insurance Plans

There are multiple benefits of IndiaFirst Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

Fosters Savings for Life:

Bandhan life cover plans help you to invest a regular amount, thereby increasing your future savings, which may come in handy for your family in case you are no longer there to support them.

Income Tax Advantage:

The premiums paid and advantages received under Bandhan life insurance policies are eligible for tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, of 1961.

Security & Satisfaction:

Bandhan life insurance plans are an excellent way to plan your life and execute it in the manner you like. Life Insurance from Bandhan offers peace of mind and satisfaction as well as can help your family to stay financially covered in case something unfortunate happened to you.

Rider Benefits You Can Avail With Bandhan Life Insurance Plans

Here are the rider options you can avail with Bandhan Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

Bandhan Life Accidental Death Benefit Rider

This rider provides an additional payout in case of the policyholder's death due to an accident. The payout amount is usually a multiple of the sum assured chosen at the time of policy purchase.

Maternity Benefit Rider

Bandhan Life Critical Illness Rider

This rider provides a lump sum payout to the policyholder in case of the diagnosis of a listed critical illness.

Documents Required to Purchase Bandhan life insurance Life Insurance Policy

Here is the list of documents required to buy Bandhan Life Insurance Plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Bandhan Life Insurance Plans?

Bandhan Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment.

Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the official website and choose your plan.

  • Step 2

    Fill in your personal details like Name, Gender, DOB, Annual Income, etc and click on "Get a Free Quote".

  • Step 3

    Post this form and you will get a call from the customer service team of the company.

  • Step 4

    Tell the salesperson about your need so that he/she can send you the plan details via email.

  • Step 5

    The salesperson will share a payment link with you so that you can make your payment.

*Once the payment is made, you will get a payment confirmation at your registered email address.

How to File Bandhan Life Insurance Claims?

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at Bandhan Life Insurance involves the following three steps

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to IndiaFirst Life at at- claims@SBILife.com, or calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.

Your Occupation
2

Document Submission

You have to submit the necessary documents requested by the insurer to process the claim.

In case of natural death
Death claim form, Death certificate,Original policy documents, Claimant's identity & residence Proof, Medical records, Account details of nominee.

In case of Accidental Death
Same documents with two additional documents: FIR and Post-mortem report.

Your Occupation
3

Claim Settlement

After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

Offline Process

Bandhan Life insurance claim settlement procedure can be reported by visiting the local Bandhan Life Branch Office. For the details of Bandhan Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of Bandhan Life Insurance Plans

  • Death occurred due to pandemic such as covid-19 or ebola will not covered by the company.
  • Death, due to indulging in any type of adventure sports.
  • Death due to consumption of any type of drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

Bandhan Life Insurance stands out as a trusted provider of life insurance solutions. It offers a wide range of products tailored to meet the diverse needs of individuals and families. With its commitment to customer-centric services, financial security, and innovative offerings, Bandhan Life Insurance plays a significant role in helping people safeguard their future and achieve their long-term financial goals. By focusing on trust, transparency, and convenience, it continues to establish itself as a reliable partner in the financial well-being of its policyholders. For more info related to this, you you can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at helpdesk@policyx.com.

Bandhan Life insurance: FAQs

1. When can I expect to receive my e-welcome kit/policy document?

Online policy - Once the policy is issued, the soft copy of the policy document is sent to your registered email id within 4 working days.

2. How do I check the status of my claim?

The status of your Claim can be identified by calling the Customer Care Helpline at the Toll Free number- 1800 209 9090 or by writing to them at customer.care@bandhanlife.com.

3. How do I communicate my concerns in regards to a claim decision?

In case a claimant has a query regarding claims, they can approach the Customer Care department at 1800 209 9090. In case the claimant finds the response dissatisfactory, he/she may write to the Grievance Redressal Committee at the following address:

4. How I can be able to increase the sum assured of Bandhan insurance policy?

To increase the Sum Assured of Bandhan insurance policy, you need to submit a duly signed request to the Bandhan life insurance company.

5. Is it possible to add or remove a rider from my Bandhan insurance policy?

Yes. you can add or remove riders from your Bandhan Life Insurance plans. You need to submit a duly signed request letter to add a rider to the policy. To remove a rider, you need to call on the hotline number of the Bandhan Life Insurance company. Keep your policy number and T-PIN handy at the time of the call.

6. What are the premium payment modes available for Bandhan Life Insurance plans?

You can pay your Bandhan Life Insurance premium through any of the following options: Net banking. Debit Credit card. Cheque. Cash payment at the branch

7. How can I revive lapsed Bandhan Life Insurance plans?

You can revive a lapsed policy by paying the premium and notifying the company by sending an email/letter.

8. How can I get a copy of my policy document?

You will receive a soft copy of the policy document at your registered email address within 4 working days from the policy being issued.

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varun saxena

Written By: Varun Saxena

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.

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