Bandhan Life Insurance Company Limited

Bandhan Life Insurance Company Limited, previously known as Aegon Life Insurance Company Limited, is one of the renowned insurance companies founded in 2008. Initially, it was a joint venture between Aegon NV, a global leader in life insurance, pensions, and asset management services, and Bennett, Coleman and Company Limited, India’s largest media conglomerate, known as The Times Group. Recently, Bandhan Financial Holdings Limited (BFHL) acquired the ownership stakes previously held by Aegon NV and The Times Group, making them the new promoter of Bandhan Life Insurance.

They aim to safeguard the lives of individuals through reliable financial products and services. With a resolute mission to transform the life insurance landscape in India, they want every household in the country to be financially safe. Bandhan Life Insurance Company (formerly Aegon Life Insurance Company) has an impressive track record of promoting affordability and innovation in the insurance sector. Their commitment is to simplify the complexities of life insurance, making it effortless for individuals to understand, purchase, and make claims.

In the financial year 2022-23, Bandhan Life Insurance Company (formerly Aegon Life Insurance Company) has issued over 3,026 policies and received over 7,505 claims.
 

Awards and Recognitions

Bandhan Life Insurance Company (formerly Aegon Life Insurance Company) has won several notable awards for their exceptional performance and commitment to the insurance sector -

• They received the prestigious 'Express Computer Technology Senate South Award 2022' in recognition of their remarkable achievement in cloud technology.
   
• They were honoured with the 'Best Customer Experience' award at the Banking Frontiers InsureNext Awards 2023, highlighting their exceptional commitment to deliver outstanding customer service.
   
• Analytics India Magazine recognised them as the top choice for data scientists and awarded them with 'Best Firm for Data Scientists' award.
   
• They secured two victories at the Express Computer BFSI Technology Awards 2023 for their best-in-class enterprise security and cloud technology solutions. 
   

Claim Settlement Ratio

The Claim Settlement Ratio is a metric to assess the reliability of an insurance company to handle claims. It is the ratio of total number of claims settled to the total number of claims received by the company in a particular financial year.

Bandhan Life Insurance Company Limited’s Claim Settlement Ratio during the fiscal year 2021-22 was 99.03%. This means they have successfully paid out a vast majority of the claims they received. During the same year, they achieved an impressive Claim Amount Settlement Ratio of 98.76%. This percentage indicates the portion of the claim amount received that they have paid.

By evaluating the Claim Settlement Ratio of an insurance company, you can gauge its proficiency to fulfil the claim obligations. It is also important to review the  insurer’s CSR track record over the past few years to determine their consistency in meeting their obligations.
 

Solvency Ratio

The solvency ratio is a metric that indicates the financial strength and stability of an insurance company. It measures the insurer's capacity to settle claims effectively. In accordance with the guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are required to maintain a minimum solvency ratio of 150%.

Bandhan Life Insurance Company Limited’s solvency ratio for the period that ended on 31st March, 2023 is 275%. This signifies that the insurer has sufficient financial resources to fulfil their financial obligations.
 

Customer Service

• Toll-free Number
  For any queries or information about their services, you can contact Bandhan Life Insurance Company Limited's support team by calling their toll-free number 1800-209-9090.
   
• Email
  If you have any concerns, queries, or require further assistance, you can also reach out to them by sending an email to customer.care@bandhanlife.com.

Bandhan Life Insurance Company (formerly Aegon Life Insurance Company) also provides alternative contact options for your queries, doubts, support, etc -

• Twitter: https://twitter.com/Bandhan_Life
• Facebook: https://www.facebook.com/bandhanlifeinsurance
• WhatsApp: 9867452226
   

Important Links

• You can access your account and manage your policy details via https://iassist.bandhanlife.com/login.

You can track your policy by visiting https://iassist.bandhanlife.com/login/.