Bandhan Life Insurance Benefits

Established in 2008, Bandhan Life Insurance (formerly known as Aegon Life Insurance) was initially a joint venture between Aegon India Holding BV, of Dutch origin, and Bennett, Coleman & Company Ltd, the owner and publisher of The Economic Times. However, in February 2024, Bandhan Financial Holdings Limited (BFHL) acquired the shareholdings previously held by Aegon NV and The Times Group and became Bandhan Life Insurance Limited.

The company has so far insured crores of lives with their diverse offerings of life insurance policies, including Term, Savings, Group, and Retirement.

Unique Features Offered by Bandhan Life

Below are some of the unique features of Bandhan Life Insurance that make it one of the leading insurance companies in India.

• Claim Settlement Ratio: Bandhan Life Insurance achieved an impressive claim settlement ratio of 99.66% For FY 2023-24. (1)
• Solvency Ratio: As of 31 March 2024, the Company maintained a solvency margin of 275% as against the regulatory requirement of 150% by IRDAI, which depicts their strong finances. (2)
• Assets Under Management: As of 31 March 2024, the total assets under management of the Company were Rs. 4431 crores.

Benefits of Buying Bandhan Life’s Insurance Policy

• Affordable Premium Rate: The premiums offered by Bandhan Life Insurance are quite affordable. For instance, Bandhan Life Saral Jeevan Bima premiums start at just ₹163/month. This means you can protect yourself and your loved ones with insurance that fits your budget. (3)
• Tax Benefits: Purchasing Bandhan Life Insurance policies allows you to avail of tax benefits u/s 80C and 10(10D) of the Income Tax Act 1961.
• Protection Against Critical Illnesses: “Critical Illness Rider” offered by Bandhan Life helps policyholders stay protected against serious critical illnesses.
• Get Dual Benefits: With Bandhan Life’s Savings plans, you can get dual benefits of life insurance coverage and guaranteed savings for the future along with loyalty boosters at policy maturity.
• Manage Your Policy Online: Managing your policy is easy with i-Assist (4), a self-service portal by Bandhan Life where you can track your policy, update personal details, pay premiums, download policy documents and modify payment options seamlessly.

References

• https://www.bandhanlife.com/
• https://www.bandhanlife.com/staticassets/2024-08/Annual%20Report_2023-24.pdf
• https://www.bandhanlife.com/online-plans/saral-jeevan-bima
• https://iassist.bandhanlife.com/login