Bandhan Life

What Bandhan Life does

Bandhan Life Insurance Limited is a digital-first life insurance company headquartered in Mumbai, India, and a wholly-owned subsidiary of Bandhan Financial Holdings. Originally incorporated in 2007 as Aegon Life Insurance, the entity was acquired by Bandhan Financial Holdings in 2024 and rebranded to its current form, marking the Bandhan Group's entry into the life insurance sector. The company sells term insurance, ULIPs, savings, retirement and group insurance products to individual and corporate customers across India, primarily through its own website, partner agents and a bancassurance partnership with Bandhan Bank announced in October 2024.

Name

Bandhan Life

Legal name

Bandhan Life Insurance Limited

Website

https://bandhanlife.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

Bandhan Life Insurance is a Mumbai-based digital-first life insurer, serving over 3 lakh individual and group customers across India with term, ULIP, savings, retirement and group products via its website, partner agents and Bandhan Bank's bancassurance network.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311)

akta.pro primary industry

Level Term Life Insurance (FSAIAAAA)

akta.pro secondary industries

Whole Life Insurance (FSAIABAA), Group Term Life Insurance (FSAIAAAJ), Basic Group Term Life (Employer-Paid) (FSAIADAA)

Keywords

• Life insurance
• Term insurance plans
• ULIP investment plans
• Savings and retirement plans
• Group insurance plans

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Life Insurance Premiums: Primary revenue from life insurance premiums including term insurance, ULIPs, savings plans, retirement plans, and group insurance. Premium payment modes include yearly, half-yearly, quarterly, and monthly. Revenue is recurring through policy renewals and new business premiums.
2. New Business Premium: FY26 new business premium approximately ₹500 crore, representing 107% year-on-year increase. Growth driven by expansion of own sales force and diversified product portfolio.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Bandhan Life Insurance Limited is a digital-first life insurance provider in India offering term insurance, unit-linked insurance plans (ULIPs), savings plans, retirement/pension solutions, and group insurance products to individual and corporate customers. The company sells directly through a 100% online platform with AI-powered paperless underwriting (including 15-second video selfie verification), and distributes through a strategic bancassurance partnership with Bandhan Bank, partner agents, and corporate channels. Revenue is generated primarily from recurring insurance premiums across product categories with pricing based on age, sum assured, policy term, and payment frequency.

Product overview

Bandhan Life offers a comprehensive portfolio of life insurance products across multiple categories: term insurance plans (iTerm Elite, iTerm Prime, iTerm Return of Premium, iTerm Comfort) providing pure risk protection; ULIP plans (iInvest Advantage, iInvest Ultima, ULIP Plus, iInvest II) combining investment with life cover across equity, debt, and hybrid funds (Accelerator, Blue Chip Equity, Flexi Cap, Secure, Mid-Cap); savings plans (Secure N Grow, iGuarantee Assurance, iIncome Wealth, Guaranteed Income Plan, Shubh Samriddhi, iGuarantee Vishwas) offering guaranteed and participating returns; 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 as a digital-first insurer with paperless underwriting, AI-powered customer service via Bandhan Bandhu chatbot, and real-time fraud detection capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• iTerm: Term insurance product line including iTerm Elite, iTerm Prime, iTerm Return of Premium, and iTerm Comfort
• iInvest
• iGuarantee
• iRetire
• iIncome Wealth
• Bandhan Bandhu

Products and services

• iTerm Elite A Non-Linked, Non-Participating, Individual Pure Risk Life Insurance Plan providing term life cover with multiple benefit options for individuals seeking pure protection.
• iTerm Prime A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan offering affordable term coverage up to ₹1 crore starting at ₹886/month for young individuals.
• iTerm Return of Premium A term insurance plan that returns all premiums paid if the policyholder survives the policy term, combining pure protection with a savings/return element.
• iTerm Comfort A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan featuring zero documentation options and video medical examination facility.
• Saral Jeevan Bima An entry-level standardized term insurance plan for individual customers, e.g., ₹163/month for an 18-year-old healthy female for ₹5 lakh cover over 20 years.
• Akhil Bharat Term Plan A term insurance plan designed for pan-India coverage, including rural and semi-urban markets.
• Rural Term Insurance Plan A term insurance plan tailored for rural customers to address accessibility and affordability in underserved markets.
• iInvest Advantage A unit-linked non-participating individual life insurance savings plan offering multiple fund options including Flexi Cap Fund, Accelerator Fund, and Secure Fund, with investment risk borne by the policyholder.
• iInvest Ultima A Unit Linked Insurance Plan offering market-linked wealth creation with life insurance coverage, launched in February 2026 with an accompanying mid-cap fund.
• ULIP Plus A unit-linked non-participating individual life insurance savings plan offering up to 50x life cover with market-linked wealth creation.
• iInvest II A unit-linked life insurance savings plan for individual investors seeking wealth creation with insurance protection.
• iIncome Wealth A Non-linked Participating Life Insurance Individual Savings Plan providing early or deferred income options with guaranteed income and cash bonuses for wealth accumulation.
• Guaranteed Income Plan A Non-linked Non-Participating Life Insurance Individual Savings Plan offering guaranteed income payouts with flexible start options and an income offset feature after 3 years of premium payment.
• iGuarantee Assurance A guaranteed savings insurance plan offering assured returns with life insurance protection.
• iGuarantee Vishwas A guaranteed savings insurance plan providing assured returns combined with life insurance cover.
• Secure 'N' Grow A savings insurance plan offering guaranteed returns combined with life insurance protection.
• Shubh Samriddhi A savings insurance plan for individuals seeking guaranteed returns with life insurance protection.
• iRetire A retirement solution plan designed to provide financial security and steady income during retirement years.
• iInvest Pension A non-participating Linked Pension Individual Savings Plan with investment risk borne by the policyholder, offering partial withdrawal facility up to 25% of fund value.
• Insta Pension Insurance Plan An instant pension insurance plan for individuals seeking immediate retirement income with life cover.
• Saral Pension Plan A simple retirement/pension insurance plan for individuals seeking straightforward pension benefits.
• Group Care Micro Insurance Plan A Non-Linked Non-Participating Group Pure Risk Premium Micro Life Insurance Plan designed for underserved populations.
• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) A government-sponsored group life insurance scheme offered through Bandhan Life for affordable life cover.
• Group iCredit Insurance Plan A group credit life insurance plan for borrowers, covering outstanding loans in case of death.
• Group Credit Protection Insurance Plan A group credit protection insurance plan providing life cover for loan borrowers of partner banks and financial institutions.
• Group Term Plus Insurance Plan A group term life insurance plan for employers covering employees with sum assured and competitive group premiums.

Quantifiable outcome

• 99.73% claim settlement ratio for FY 2024-25, up from 99.66%
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

One partnership is on record.

• Bandhan BankcoreChannel Partner/ Reseller/ Distributor · 9 October 2024Strategic bancassurance partnership announced October 2024. Bandhan Bank distributes Bandhan Life insurance products through its extensive branch network across India. Partnership targets ₹300 crore premium in first year. Leverages Bandhan Bank's strong presence in East India and focus on financial inclusion.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• TATA AIA Life Insurance: Indian life insurance JV combining Tata brand strength with AIA's global expertise. Offers term, ULIP, savings, and retirement products with strong digital focus, competing directly for similar mass-affluent and self-employed segments.
• SBI Life Insurance: One of India's top private life insurers leveraging SBI's massive branch network for bancassurance distribution. Comparable in leveraging bank partnerships but with substantially larger scale and customer base.
• Bajaj Allianz Life Insurance: Private Indian life insurer with comprehensive term, ULIP, and savings products distributed through bancassurance (Bajaj Finserv) and direct channels. Comparable in product breadth and growing digital capabilities.
• Kotak Mahindra Life Insurance: Private Indian life insurer leveraging Kotak Mahindra Bank's branch network and digital channels to offer term, ULIP, and savings products. Comparable bancassurance-led model with similar scale aspirations.
• Max Life Insurance: Private Indian life insurer offering term, ULIP, savings, and retirement products through bancassurance (Axis Bank) and proprietary channels. Similar mid-sized competitor profile with focus on protection and digital initiatives.
• HDFC Life Insurance: One of India's largest private life insurers offering term, ULIP, savings, pension, and group insurance products through bancassurance (HDFC Bank) and digital channels. Directly comparable in product mix and distribution strategy, though at materially greater scale.
• ICICI Prudential Life Insurance: Major private Indian life insurer with strong bancassurance ties to ICICI Bank, comprehensive term and ULIP offerings, and aggressive digital transformation. Competes head-to-head across all customer segments Bandhan Life targets.

Emerging players

• Go Digit Life Insurance: Newer Indian digital-first insurance entrant with similar technology-led approach and online underwriting. An emerging competitor targeting the same underinsured self-employed and digital-native segments as Bandhan Life, though at an earlier stage.
• Acko Life Insurance: Digital-native Indian insurance brand best known for health and motor insurance that has expanded into life insurance. Competes in the same digitally savvy, self-employed segment with a strong D2C and online-first approach.

Broad incumbents

• LIC of India: The state-owned Indian life insurance behemoth with dominant market share, massive agent network, and full product suite. While not a direct competitor in digital-first segments, LIC sets the competitive baseline and trust benchmark for the entire industry.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/highlights
• Facebookfacebook.com/bandhanlifeinsurance
• LinkedInlinkedin.com/company/bandhanlife

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

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 Bandhan Life