Bandhan Life Insurance Limited (formerly known as Aegon Life Insurance Company) is an Indian life insurance company offering individual and group insurance online and offline.[2][3] Founded in 2008, it is headquartered in Mumbai, India.
In February 2024, it was announced that the firm was acquired by Bandhan Financial Holdings Ltd.[5] On April 19, 2024, Aegon Life was officially rebranded as Bandhan Life.[6][7][8]
Corporate history
In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance business in India. The partnership of AEGON, Religare & Bennett, Coleman & Company formed AEGON Religare Life Insurance Company Limited and launched in July 2008.[citation needed]
In 2015, Aegon increased its stake in the venture to 49% while Religare Enterprises announced it was exiting the venture[9][10] by selling its entire shareholding in the company, 44%, to Bennett, Coleman and Company, the holding company of the Times Group.[11] This led to the rebranding from Aegon Religare Life Insurance Company to Aegon Life Insurance Company.[4]
In September 2019, it partnered with Paytm to offer comprehensive insurance products.[12] In March 2020, the company entered into partnership with Flipkart to sell paperless life insurance policies on their platform.[13]
Products and services
Bandhan Life Insurance's distribution channels include banks, individual agents, brokers, and corporate agents, bancassurance partners, among others.[14] The company offers term insurance plans, savings and investment plans, child plans, and unit-linked insurance plans (ULIPs). In May 2018, the company launched the 'iTerm' plan, which offers insurance cover up to 100 years.[15] It launched a new version of its 'iTerm' Insurance Plan in November 2019[16] that provides regular monthly income after the age of 60.[17][18][19]
In January 2025, Bandhan Life Insurance and Policybazaar launched iInvest Pension Plan, a market-linked pension plan for building retirement corpus.[20]
In May 2025, Bandhan Life Insurance launched ULIP Plus, a unit-linked insurance plan offering life coverage of up to 50 times the annual premium combined with market-linked investment returns. The plan features flexible investment options across equity and debt funds, return of premium allocation and mortality charges after specified periods, and includes special premium discounts for women policyholders.[21]
In September 2025, Bandhan Life Insurance launched Bandhan Life iRetire, a non-linked, non-participating individual savings annuity plan designed to provide guaranteed lifelong income for individuals aged 45 to 80 years.[22]
Recognition
In 2019, Aegon Life Insurance was awarded as eBusiness Leader – Medium & Small at World BFSI Award by World BFSI Congress.[23]
Aegon Religare Life Insurance awarded as E-Business Leader by Indian Insurance Award in 2013.[24]
In 2025, Bandhan Life was certified as a Great Place to Work®.[25]
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