Bandhan Life and Bandhan Bank Announce Strategic Partnership – A New Era in Life Insurance Begins
- Bank customers can get a policy issued in minutes
- Par product Shubh Samriddhi and new savings products to be launched in the coming weeks
- Nationwide availability of all products by the end of 2024
- Bandhan aims to foster financial inclusion and empower individuals with comprehensive financial solutions
Ambar Bhattacharya, Takmaa News, Kolkata, 28th Sept 2024 : Bandhan Life and Bandhan Bank announced a strategic partnership to distribute life insurance. The partnership was kicked off with the launch of two new products: iGuarantee Vishwas, a savings insurance plan with guaranteed returns, and iInvest II, a unit-linked insurance plan. Starting September 2024, these plans will be available at Bandhan Bank branches across West Bengal, including 259 branches across urban and rural areas of Greater Kolkata. Existing customers of Bandhan Bank can get a policy in a matter of a few minutes, subject to fulfilment of the conditions for insurance. The product portfolio will expand further as new par product ‘Shubh Samriddhi’ and other savings products will be added in the coming weeks. A comprehensive range of products will be available nationwide by the end of 2024, thereby adding strength to Bandhan’s long standing vision of empowering Indians financially.
Bandhan Life iGuarantee Vishwas addresses the financial security needs of Emerging India’s customers. With life cover that is 10 times the premiums paid and with guaranteed returns, the product is designed to help policyholders achieve significant life goals, such as funding a child’s education, making a down payment for a house, or planning a dream vacation. The inclusion of guaranteed additions on maturity further enhances its appeal as a comprehensive financial planning tool for middle-income families.
Bandhan Life iInvest II is A ULIP product that offers market-linked returns along with a substantial life cover of up to 20 times the annual premium. With monthly premiums starting from just ₹3,000, customers can tailor their investment strategy to suit their needs; and get the option to access their funds through partial withdrawal after five years. iInvest II, gives customers a selection of top-performing, 5-star and 4-star rated funds* that have outperformed industry benchmarks, so customers can achieve their financial goals with confidence.
Speaking about the launch, Satishwar B., MD and CEO of Bandhan Life, said, “We are delighted with this partnership and to introduce iGuarantee Vishwas and iInvest II through Bandhan Bank’s extensive network. Bandhan Bank’s established reputation and deep connections with its customers make it an ideal partner for broadening access to life insurance. This partnership will leverage its strong foothold making our insurance products more accessible.”
“At Bandhan Life, we are committed to leveraging advanced technology to simplify life insurance solutions. Our goal is to extend these solutions across India, starting with Kolkata, the birthplace of insurance in India, and empower individuals to realize their dreams. This aligns perfectly with our mission of ‘Bharat Ki Udaan, Bandhan Se’, reflecting our dedication to fostering financial security and growth for all,” he added.
Rajinder Kumar Babbar, Executive Director & Chief Business Officer, Bandhan Bank, commented: “In our pursuit to enhance customer experience, we are excited to announce our new bancassurance partnership. This collaboration allows us to offer a comprehensive suite of insurance products alongside our banking services, making it easier for our customers to access vital financial protection. By integrating these offerings, we not only streamline our services but also expand our reach to a larger customer base, ensuring that more individuals and families can secure their financial futures with convenience and confidence.”
Indranil Dutta, Chief Business Officer-Bancassurance at Bandhan Life, remarked, “Bandhan Bank as an institution started operations from West Bengal; on similar lines, we are initiating our Banca journey from the state of West Bengal with plans to soon be present across East. With a thriving economy, India’s life insurance sector is poised for significant growth. At Bandhan, we are perfectly aligned to cater to the growing need for comprehensive financial solutions. We have built a skilled and trusted team to ensure we offer the right products to customers, enhancing our ability to serve millions of families and contribute to economic development of the region. We are working very closely with the bank to provide a best-in-class and seamless insurance purchase experience.”
Bandhan Life Insurance and Bandhan Bank share a common vision of fostering financial inclusion and empowering individuals. By combining their strengths, they aim to make a meaningful impact on millions of lives in India, simplifying financial planning, and fostering a secure future.
*Rated by Morningstar
