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Bandhan Life Insurance Claim Settlement

The Claim Settlement Ratio is the percentage of claims that an insurance company successfully pays out to its policyholders against the total number of claims received in a year. This ratio decides the reliability and efficiency of the insurance company in settling claims.


A consistently good claim settlement ratio means that the insurance provider will keep its promises when the policyholder needs it the most.



Claim settlement Ratio of Bandhan Life Insurance

Bandhan Life Insurance (previously known as Aegon Life Insurance) achieved an impressive claim settlement ratio of 99.66% for FY 2023-24. This high ratio indicates that almost all valid claims submitted to Bandhan Life are paid out to the policyholders without any delay, and the insurer is committed to helping its customers when they need it most.


Financial Year

Insurer Name

CSR

FY 2023-24

Bandhan Life Insurance

99.66%

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Bandhan Life Insurance Claim Initiation

How to File a Claim?

  • In the unfortunate event of the insured’s demise, inform the insurer as soon as possible to initiate the claim process.


  • Fill up the claim form carefully and submit it to the insurer with documents, such as a Death Certificate and valid Government identification.


  • After receiving all the forms and documents, the company will review them and move forward with claim processing.


  • Upon approval, the claim amount will be disbursed.


Details to be Filled in the Bandhan Life Claim Form

The following details need to be filled in the Bandhan Life claim form.

  • Policyholder Information

Personal information such as full name, address, contact details (like phone number and email), age, and policy number.


Important: Make sure your address, phone number and email ID are active, as the insurer will contact you through these mediums only.

  • Claimant Details

Claimant Details need to be filed, including name, DOB, address, contact details, occupation details, monthly income, relation with Life Assured, bank details, etc.

  • Claim Circumstances

Try to describe in a few words why you are filing the claim. Like, in a death claim, mention the date and cause of death. For a critical illness claim, write about the diagnosis and medical treatment received.

  • Supporting Documents

You will need to attach some other documents depending on the type of your claim. This might include a death certificate, medical reports, policy documents, and any other relevant documents.


Claim Process of Bandhan Life Insurance

Follow the below-mentioned steps for the Bandhan Life Insurance claim initiation procedure.


Step 1: Open the Bandhan Life Website

Head to the official website of Bandhan Life and click on the “Claim”> “File a Claim” option. Then, you’ll be redirected to a new webpage where you have to fill in details such as “Type of Claim”, “Policy number”, “Life assured's age”, and “Your mobile number.” Once done, click on “Proceed”.


After clicking on the “Claim” option, you will see another option called “Claim Process”. By clicking on this, you can access various claim forms. Choose the form you need, and it will be downloaded to your device.


Step 2: Gather Your Documents

Make sure you are ready with documents, like the Death certificate, Aadhaar/PAN/DL, Recent colour photo of the nominee, Cancelled cheque/bank passbook copy, First information report(FIR), and Postmortem report for accidental claims.


Note: The insurer may ask for additional documents.


Step 3: Fill in the Claim Form

After the form is downloaded, take a printout and duly fill out the form with the correct details.


Step 4: Submit Your Claim

Once you've filled out the form, submit it at the nearest Bandhan Life branch office. Then, the team will check the claimant statement as well as the submitted documents.


Step 5: Settlement/ Benefit Payout

After verifying all the submitted documents, the company will proceed with the benefit as per the policy terms and conditions.



How to Check the Bandhan Life Insurance Claim Status?

You can check the claim status of Bandhan Life Insurance both offline and online.

Online


Step 1: Go to the "Support" option of the Bandhan Life Insurance portal and click on the “Customer Service” option.


Step 2: A new webpage will open, scroll down through the last, and you’ll see the “Check Status” option. Click on it to view “Unclaimed Amount Status.”


Step 4: Fill in the details such as the Policyholder’s name, DOB, Policy Number, PAN Number, and Mobile Number.


Step 5: Click on the “Get Status” option.


Offline

If you want to know the claim status offline, reach out to the Bandhan Life Insurance support team via their helpline number at 1800-209-9090 (09:00 AM to 7:00 PM IST, Monday to Saturday)or you can also visit the nearest branch office of the insurer.

Alternate Method

Team InsuranceDekho can also help you with checking the claim status if the policy is bought via our website. All you need to do is give us a call at

755 1196 989 or email us at support@insurancedekho.com.



Bandhan Life Insurance Claim Settlement Time

The Bandhan Life Insurance is very reliable in terms of settling claims. They provide the unique service of processing and settling your claim within just 24 hours.

Tips to Get Your Claim Settlement Faster

You can follow the below tips to speed up the claim settlement process.

  • Regular Follow-Up

It’s very important to maintain regular communication with the insurer to learn about the progress of your claim. However, there is a certain timeline that the insurance company needs to follow, but still, if they delay, take regular follow-ups.

  • Policy Understanding

Understand everything about the policy terms and conditions beforehand to avoid misunderstandings.

  • Provide Complete Documentation

When filing your claim, ensure that you include all the necessary documents. Missing any paperwork could lead to delays in processing your claim.

  • Notify the Insurer Immediately

To expedite the claim process, it’s vital you notify your insurer immediately as soon as the incident happens. Because if you delay the claim settlement process will be slower, and you’ll not receive the payout timely.


  • Transparency and Honesty

Always maintain transparency and honesty while filing your claim. No matter what has happened, let the insurer know everything in detail. Any dishonesty will result in complications and delays in claim processing.



Bandhan Life Insurance Claim Assistance & Support

Here’s the claim assistance details for Bandhan Life Insurance:


  1. You can raise a claim through the claim app [1]

  2. Calling on toll-free number 1800-209-9090 from 9 am to 7 pm (Monday to Saturday)

  3. Email - customer.care@bandhanlife.com


At InsuranceDekho, we're dedicated to helping all our Bandhan Life Insurance policyholders with the utmost priority. That’s why our team is just a call or message away in case you have questions about your policy or need help filing a claim.


We are available via the below channels.


  • Call: Our customer support team is available 24*7 at 755 1196 989, except on national and gazetted holidays. Feel free to reach out in case of any queries.




References:

https://www.bandhanlife.com/claims/

Life Insurance News

User Reviews

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What users are saying
  • All
  • Personalised Follow-up

    I was impressed by InsuranceDekho's personalized follow-up after I purchased my Aegon Life Insurance policy. Their genuine concern for my well-being stood out, showcasing exceptional customer engagement. Thank you, InsuranceDekho, for delivering such outstanding service.

    V
    Bandhan
    By Vishal Tanwar
    On: Mar 05, 2024
  • Nice Features

    Purchasing a life insurance policy from InsuranceDekho was easy and smooth. The InsuranceDekho company provides excellent features like anytime assistance, free consultation at home, a policy tracker, and many more useful features. Through their customer-centric facilities, I was able to purchase an Aegon Life Insurance Plan with ease. Thank you InsuranceDekho team for helping me out with the process.

    C
    Bandhan
    By Chetna Pandey
    On: Feb 07, 2024
  • Dedicated Customer Team Suppor...

    The team of InsuranceDekho helped me with important information when I was buying the Aegon Life Insurance plan with them. They helped me understand all about the Aegon Life Insurance Plan in a better way.

    V
    Bandhan
    By Vinod Tiwari
    On: Dec 11, 2023
  • Friendly support team

    The support team of InsuranceDekho was extremely helpful when I was buying the Aegon Life Insurance Policy. They provided me with the right guidance and made it easy for me to buy the same from InsuranceDekho. 

    R
    Bandhan
    By Rajesh Puri
    On: Nov 22, 2023
  • User-Centric Approach

    I recently switched to the Aegon Life Insurance Policy from  InsuranceDekho. The plan focuses on the user's needs and preferences, which is evident in the way their website is designed and the services they offer.

    N
    Bandhan
    By Nitin Kumar
    On: Nov 02, 2023

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FAQs

  • What is the claim settlement ratio of Bandhan Life Insurance?

    Bandhan Life Insurance featured a high claim settlement ratio of 98.37% in the FY 2019-2020.

  • How will I receive my claim amount?

    Aegon Life Insurance makes claim payouts through direct bank transfers or through cheques.

  • Who receives the death claim benefit?

    The nominee/assignee/beneficiary/legal heir as mentioned in the policy by the policyholder is entitled to receive the death claim benefit.

  • What is the ideal time period to report/intimate a claim?

    All types of claims are to be reported immediately to the insurance company for a faster and hassle-free claim settlement process.

  • Do Bandhan Life Insurance policies cover COVID-19?

    Yes, Bandhan Life Insurance policies cover any hospital expenses at the time of diagnosis of COVID-19 and also one can request a claim for death caused due to COVID-19.

  • What is the claim settlement ratio of Bandhan Life Insurance?

    Bandhan Life Insurance featured a high claim settlement ratio of 99.37% in the FY 2021-2022.

  • How will I receive my claim amount?

    Aegon Life Insurance makes claim payouts through NEFT only.

  • Who receives the death claim benefit?

    The nominee as mentioned in the policy by the policyholder is entitled to receive the death claim benefit.

  • What is the ideal time period to report/intimate a claim?

    All types of claims are to be reported as soon as possible to the insurance company for a faster and hassle-free claim settlement process.

  • Do Bandhan Life Insurance policies cover COVID-19?

    Yes, Bandhan Life Insurance policies covers Covid 19 and one can request a claim for death caused due to it.