Aegon Life Insurance

What Aegon Life Insurance does

Bandhan Life Insurance Limited (formerly Aegon Life Insurance) is an IRDAI-registered private life insurance company headquartered in Mumbai, India, operating as a subsidiary of Bandhan Group. Founded in 2007 as Aegon Life Insurance India and acquired by Bandhan Group from Dutch insurer Aegon N.V. in 2020, the company serves over 3 lakh policyholders across India with a portfolio spanning term insurance (iTerm Elite, iTerm Prime, iTerm Return of Premium, Saral Jeevan Bima, Akhil Bharat, Rural Term), ULIPs (iInvest Advantage, iInvest Ultima, ULIP Plus, iInvest II), savings plans (Secure 'N' Grow, iGuarantee Assurance, iIncome Wealth, Guaranteed Income Plan, Shubh Samriddhi, iGuarantee Vishwas), retirement solutions (iRetire, iInvest Pension, Insta Pension, Saral Pension), and group insurance products (PMJJBY, Group Care Micro, Group iCredit, Group Credit Protection, Group Term Plus).

The company operates a digital-first insurance platform anchored by the iAssist self-service portal, Insta Claim Facility (1-working-day claims processing), video medicals for underwriting, and zero-documentation issuance. The platform is ISO 27001:2013 certified and supports online premium payment, policy management, and digital claim filing. The technology stack is positioned as a competitive differentiator against traditional insurer-led distribution models, with the 99.73% Individual Death Claim Settlement Ratio for FY 2024-25 serving as the primary trust signal.

Bandhan Life's revenue model combines recurring insurance premium income with usage-based investment management charges on ULIP assets under management. Distribution spans digital direct, individual and partner agents, POS channel (notably for rural and micro products), and phone/WhatsApp-based expert advisors. The primary customer segments are individual consumers seeking financial protection and long-term savings, with a secondary focus on corporate employer groups and financial institutions for group and credit life coverage. The company is targeting 30% growth in FY27, supported by a refreshed 2025 product portfolio and multi-channel expansion.

Name

Aegon Life Insurance

Legal name

Bandhan Life Insurance Limited

Website

https://aegonlife.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bandhan Life Insurance (formerly Aegon Life Insurance) is a Mumbai-headquartered, IRDAI-regulated private life insurer serving over 300,000 Indian policyholders with term, ULIP, savings, retirement, and group products distributed via digital, agent, and POS channels.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311)

akta.pro primary industry

Level Term Life Insurance (FSAIAAAA)

akta.pro secondary industries

Universal Life (UL) Insurance (FSAIABAB), Participating (Dividend) Whole Life Insurance (FSAIABAI), Basic Group Term Life (Employer-Paid) (FSAIADAA)

Keywords

• Life insurance plans
• Term insurance coverage
• Unit-linked insurance plans
• Retirement pension plans
• Group insurance products

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Life Insurance Premiums: The company earns revenue through collection of insurance premiums from policyholders across various life insurance products including term insurance, ULIPs, savings plans, and retirement plans. Premiums can be paid annually, half-yearly, quarterly, or monthly depending on the product chosen.
2. Investment Management Charges (ULIP): For unit-linked insurance products (ULIPs), the company earns fund management charges on assets under management in the various investment funds offered.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Bandhan Life Insurance (formerly Aegon Life Insurance) is an IRDAI-regulated life insurance company offering individual and group life insurance products in India. Its portfolio spans term insurance, ULIPs, savings plans, retirement/pension plans, and group insurance, distributed through a digital-first channel supplemented by agents, partner agents, POS, and expert advisors. Premiums are collected on annual, half-yearly, quarterly, or monthly cadences, with claims processed via the iAssist portal and an Insta Claim facility.

Product overview

Bandhan Life Insurance (formerly Aegon Life Insurance) operates as a comprehensive life insurance platform offering a diverse portfolio of insurance and investment products. The core offerings include five categories: (1) Term Insurance plans including iTerm Elite, iTerm Prime, iTerm Return of Premium, iTerm Comfort, Saral Jeevan Bima, Akhil Bharat Term Plan, and Rural Term Insurance Plan providing pure risk life coverage; (2) ULIP investment plans including iInvest Advantage, iInvest Ultima, ULIP Plus, and iInvest II combining investment opportunities with life cover; (3) Savings plans including Secure 'N' Grow, iGuarantee Assurance, iIncome Wealth, Guaranteed Income Plan, Shubh Samriddhi, and iGuarantee Vishwas offering guaranteed and participating returns; (4) Retirement solutions including iRetire, iInvest Pension, Insta Pension Insurance Plan, and Saral Pension Plan for retirement corpus planning; and (5) Group insurance products including Pradhan Mantri Jeevan Jyoti Bima Yojana, Group Care Micro Insurance Plan, Group iCredit Insurance Plan, Group Credit Protection Insurance Plan, and Group Term Plus Insurance Plan for employer-employee coverage. Digital tools include iAssist customer portal, various online calculators (ULIP, Life Cover, Life Goal), and iWellness program. The company emphasizes digital-first operations with online purchase, management, and claims processing capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• iTerm Elite Non-Linked, Non-Participating, Individual Pure Risk Life Insurance Plan providing term life coverage with benefits during the policy term and protection always. Targeted at individuals seeking comprehensive life coverage.
• iTerm Prime Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan offering flexible coverage options with optional rider add-ons for individual policyholders.
• iTerm Return of Premium Term insurance plan that returns all premiums paid if the policyholder survives the policy term, combining protection with savings.
• iTerm Comfort Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan with zero documentation option and video medicals available for simplified purchase.
• Saral Jeevan Bima Non-linked non-participating individual pure risk premium life insurance plan providing basic life coverage at affordable rates.
• Akhil Bharat Term Plan Non-Linked, Non-Participating Individual Pure Risk Premium Life Insurance Plan available through POS channel with zero documentation option for individual buyers.
• Rural Term Insurance Plan Non-linked non-participating individual pure risk premium life insurance plan designed for rural population with simplified underwriting.
• iInvest Advantage Unit-linked non-participating individual life insurance savings plan (ULIP) providing wealth creation with life cover. Investment risk is borne by the policyholder.
• iInvest Ultima ULIP plan providing wealth creation opportunities with life cover through linked investment options for individual policyholders.
• ULIP Plus Unit-linked non-participating individual life insurance savings plan with flexibility in fund allocation and premium payments.
• iInvest II Unit-linked non-participating individual life insurance savings plan for long-term wealth creation with life insurance protection.
• Secure 'N' Grow Savings plan combining insurance protection with guaranteed returns for conservative individual investors.
• iGuarantee Assurance Non-linked non-participating life insurance savings plan with guaranteed benefits upon policy maturity for individuals.
• iIncome Wealth Non-linked Participating Life Insurance Individual Savings Plan offering income options (Early and Deferred) with guaranteed income and cash bonuses.
• Guaranteed Income Plan Non-linked Non-Participating Life Insurance Individual Savings Plan providing guaranteed income payouts with flexible income timing options.
• Shubh Samriddhi Non-linked Participating Life Insurance Individual Savings Plan with policy terms from 20-40 years or till age 100, offering cash bonuses.
• iGuarantee Vishwas Non-linked Non-Participating Life Insurance Individual Savings Plan with guaranteed benefits and point of sale product without medical examination.
• iRetire Retirement solution providing corpus planning and regular income during retirement years for individuals.
• iInvest Pension Non-participating Linked Pension Individual Savings Plan where investment risk is borne by the policyholder, providing retirement corpus.
• Insta Pension Insurance Plan Non-linked non-participating individual savings immediate annuity plan providing guaranteed annuity payments for life.
• Saral Pension Plan Non-linked non-participating individual single premium immediate annuity plan with joint life option available.
• Pradhan Mantri Jeevan Jyoti Bima Yojana Non-linked, Non-participating Renewable Pure Risk Premium Group Life Insurance Product offered as a government-backed scheme.
• Group Care Micro Insurance Plan Non-Linked Non-Participating Group Pure Risk Premium Micro Life Insurance Plan for micro insurance coverage offered to groups.
• Group iCredit Insurance Plan Non-linked, non-participating group pure risk premium credit life insurance plan with multiple coverage options including terminal illness and accidental death.
• Group Credit Protection Insurance Plan Non-linked, non-participating group pure risk premium credit life insurance plan protecting credit relationships for lenders and borrowers.
• Group Term Plus Insurance Plan Non-linked non-participating one year renewable group term life insurance plan for employer-employee groups.

Quantifiable outcome

• Claim Settlement Ratio: 99.73% of claims settled in FY 2024-25
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Max Life Insurance: Private-sector life insurer with strong term, savings, and retirement product franchises. Directly competes for individual and group customers using multi-channel distribution similar to Bandhan Life's model.
• Kotak Mahindra Life Insurance: Private-sector life insurer with a strong bancassurance linkage to Kotak Mahindra Bank. Competes directly in term, ULIP, savings, and retirement products targeting urban and semi-urban India.
• Bajaj Allianz Life Insurance: Private life insurer with term, ULIP, and savings plans distributed through bancassurance and agency. Direct competitor to Bandhan Life across mass-market and affluent Indian customer segments.
• Aditya Birla Sun Life Insurance: Private life insurer offering a diversified portfolio of term, savings, ULIP, and group plans. Competes in the same IRDAI-regulated individual life insurance space with similar customer segments.
• SBI Life Insurance: India's largest private life insurer by new business premium, leveraging SBI's banking network. Offers a comparable product mix of term, ULIP, savings, and pension products targeting similar individual and group customers.
• PNB MetLife India Insurance: Bank-led life insurance joint venture leveraging Punjab National Bank's pan-India branch network. Comparable product set (term, ULIP, savings, retirement) and bancassurance distribution model.
• TATA AIA Life Insurance: Tata Group joint venture offering term, ULIP, savings, and pension plans. Comparable in product breadth, digital-first sales push, and IRDAI-regulated individual life insurance positioning.
• ICICI Prudential Life Insurance: Major private-sector life insurer with comprehensive term, ULIP, savings, and retirement offerings. Competes head-to-head with Bandhan Life in digital direct sales and bancassurance-led distribution.
• HDFC Life Insurance: One of India's largest private life insurers offering term, ULIP, savings, pension, and group plans with strong bancassurance distribution. Directly competes with Bandhan Life across the same product categories and target customer segments.

Broad incumbents

• Life Insurance Corporation of India (LIC): India's dominant state-owned life insurer with the largest in-force book and deepest agent network. Operates across every life insurance category, setting the competitive benchmark Bandhan Life must measure against.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/AEGONLife
• Facebookfacebook.com/AegonLifeInsurance

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aegon Life Insurance