Bandhan Life Insurance Company, formerly known as Aegon Life Insurance Company, offers a term insurance policy called the Bandhan Life iTerm Comfort Plan. If you unfortunately pass away within the policy term, this plan pays your family a death benefit. Term insurance is renowned for providing substantial coverage at a reasonable price; the cover amount often comes close to 1,000 times the yearly premium. Because of this, it is an ideal addition to the financial portfolio of people who have dependents who depend on their income to settle any remaining debts, sustain their existing lifestyle, or cover their essential needs.

Nevertheless, this plan offers fewer customisation possibilities and comes at a higher cost compared to similar insurance products available on the market. Options like increasing coverage, limited pay, or providing nominee(s) with customisable claim payout structures are not included. Additionally, research findings reveal a higher number of grievances concerning the policy purchase and claim settlement process. This points to possible issues with both claim processing and customer service standards from the insurer.

Here’s the term plan review-

Key Product Features of Bandhan Life iTerm Comfort Plan

Among the main features of the Bandhan Life iTerm Comfort Plan are:

Life Cover Benefit: The plan offers the family a predetermined amount guaranteed as a death benefit in the event that the insured individual passes away within the policy's term. Additionally, it provides tax advantages under the Income Tax Act's Section 80C.
Early Exit Option: Some term insurance plans offer an early exit option, giving you the flexibility to cancel your coverage within a specific timeframe, even while the plan remains active. This feature can be useful if your circumstances change and you no longer need the coverage. The Bandhan Life iTerm Comfort Plan provides for the refund of premiums in the event of an early exit, which could be advantageous in some situations.
Increasing Coverage: The Increasing Cover option allows your cover amount to grow at predetermined intervals until it reaches a set maximum limit. Unlike several other policies, the plan does not offer the option to regularly raise coverage in order to accommodate shifting financial circumstances.
Coverage Duration: Unlike many products that provide coverage only until the age of 60-65, this plan extends your protection until you turn 70 years. As a result, you can continue enjoying coverage even after you retire.
Limited Pay Options: This insurance policy does not provide a Limited Pay option, in which premiums can be paid off before the full policy term, as compared to certain other policies.
Claim Payout Options: The nominee receives the death benefit as a one-time payment in the case of a claim.

What are the Riders Available with Bandhan Life iTerm Comfort Plan?

By adding riders, you can improve your coverage and receive further advantages suited to your needs:

Critical Illness Rider: A sum of money is provided by the Critical Illness Rider in the event that the individual is diagnosed with a listed critical illness during the term. Even so, this rider is not included in the Bandhan Life iTerm Comfort Plan.
Accidental Death Benefit Rider: This rider adds a payout to the base life insurance benefit in the event that an accident results in death during the policy term. This rider is offered under the Bandhan Life iTerm Comfort Plan, which can help enhance your coverage. You can be covered up to a maximum age of 70 years, with the maximum cover amount matching the base coverage.
Waiver of Premium Rider: This rider lessens the financial burden by ensuring that future premium payments are waived in the event that the insured individual is found to have a covered critical illness or becomes disabled due to an accident. However, this rider isn't available with the Bandhan Life iTerm Comfort Plan.

Every rider has a distinctive function. To ascertain whether any riders meet your demands, it is crucial to evaluate your family's financial objectives and existing situation thoroughly.

Why should you choose Bandhan Life Insurance Company?

The claims experience of Bandhan Life Insurance Company is outlined as follows:

Speed of Claim Settlement: The company ensures the timely processing of claims, with 100% of claims resolved within 30 days after receiving all required documentation. This prompt settlement provides crucial financial support to the individual’s family.
Online Claim Tracking: Claimants can monitor the status and progress of their claims through the company’s online tracking facility, enhancing accessibility and transparency.
Claims Settlement Ratio: Bandhan Life Insurance Company has a claims settlement ratio of 99.66%.
Short Death Claim Form: The company offers a comparatively shorter death claim form than other insurers, which may simplify the process for nominees and reduce the time required for claim submissions.

What are the drawbacks of buying from Bandhan Life Insurance Company?

The potential drawbacks of Bandhan Life Insurance Company include the following:

Absence of a Personal Relationship Manager: Unlike some insurers, Bandhan Life Insurance Company does not assign a personal relationship manager to assist nominees during the claim settlement process. This may result in less personalized support and guidance for claimants.
No Home Pickup Service of Claims Document: The company does not provide a document pickup service for claim-related paperwork. This requires nominees to visit a branch to submit the necessary documents, which may be inconvenient for some families.
Claim Complaints: The claim complaint rate is 0.29%, which is higher compared to some other insurers. This suggests room for improvement in the claims process to address customer concerns more effectively.

How is the customer service quality of Bandhan Life Insurance Company?

Here’s an overview of Bandhan Life Insurance Company's customer service quality:

Toll-Free Support: The company’s toll-free helpline has an average response time compared to other insurers. This may impact the overall customer service experience for individuals seeking prompt assistance.
X (Twitter) Response: Customer service through the company’s X (Twitter) handle is slower, with room for improvement in responsiveness and engagement on social media platforms.
Percentage of Complaints Received for After-Sales Service: Research indicates that 0.81% of customers report dissatisfaction with the after-sales service provided.

About the Insurer - Bandhan Life Insurance Company

Bandhan Life Insurance Company Limited, formerly known as Aegon Life Insurance Company Limited, is an Indian life insurance provider established in 2008. The company began as a joint venture between Aegon NV, a global leader in life insurance, pensions, and asset management, and Bennett, Coleman and Company Limited, widely recognized as The Times Group, India’s largest media conglomerate.

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. Headquartered in Mumbai, the company is led by Mr. Satishwar Balakrishnan, who serves as its CEO and CMD.

Final Review on Bandhan Life iTerm Comfort Plan

Based on an evaluation of over 100 factors, including product benefits, customer service, and claims experience, the Bandhan Life iTerm Comfort Plan has received an overall Beshak⭐Rating of 2.0 out of 5, as assessed by our in-house research team.