Bandhan Life offers a diversified portfolio across protection, savings, retirement, and investment-linked insurance solutions.
FinTech BizNews Service
Mumbai, July 15, 2026: According to Bandhan Life Insurance, the life insurance arm of Bandhan Group, while Indian households today may have some level of insurance coverage, the real challenge lies in ensuring adequacy of protection.
More Indians are recognising the importance of life insurance and taking steps to strengthen their financial security. According to IRDAI data, life insurance premium collections grew by 6.73% in FY2024–25. While fewer new policies were purchased during the year, many existing policyholders chose to increase their coverage to better protect their families and future goals.
Even with this progress, a large number of Indian families remain underinsured. On average, spending on life insurance in India is approximately ₹6,200 per person, which is still much lower than the global average of ₹33,300, highlighting the need for greater awareness and wider adoption of adequate life cover. As financial responsibilities continue to grow, ensuring sufficient protection remains an important part of long-term financial planning.
According to Satishwar B, CEO & MD, Bandhan Life Insurance, “The conversation around insurance needs to move beyond ownership and towards sufficiency. Life insurance should fundamentally be seen as an income replacement tool. The question is no longer whether families have insurance, but whether they have enough protection to secure their financial future."
Bandhan Life offers a diversified portfolio across protection, savings, retirement, and investment-linked insurance solutions. Its offerings include term insurance plans such as iTerm Prime, along with ULIP products like iInvest Ultima and iInvest Advantage, designed to support long-term wealth creation and retirement planning.
“India has made significant progress in expanding access to life insurance over the past decade, supported by increasing financial awareness, deeper financial inclusion, and government initiatives such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). With millions of households now covered under some form of life insurance, the industry's focus is gradually shifting from expanding reach to ensuring that families have adequate financial protection,” added Satishwar B.
Industry Actions Towards Improving Financial Protection
Bandhan Life Insurance notes that the industry is also taking steps to strengthen customer trust through greater transparency and education. With claim settlement ratios across the sector at nearly 99.7%, insurers point out that most claim rejections stem from material non-disclosures or identity fraud at the time of policy purchase. To ensure a smoother claims experience, industry is encouraging customers to provide accurate KYC information, correctly disclose income details, and be transparent about their health and lifestyle conditions.
Technology is also playing an increasingly important role in improving customer understanding. Insurers are adopting AI-enabled communication tools, simplified benefit illustrations, personalised videos, and multilingual digital content to help customers better understand premium commitments, policy terms, benefits, and exit conditions before making a purchase decision.
