Bandhan Life

Bandhan Life Insurance Limited
FormerlyAegon Life Insurance Company
Company typePrivate company
IndustryFinancial services
Insurance
Founded2008; 17 years ago (2008)
Founders
  • Aegon N.V.
  • Times Group
Headquarters
Mumbai, India
Area served
India
Key people
Satishwar Balakrishnan (MD and CEO)[1]
ProductsInsurance
Owner
Websitewww.bandhanlife.com

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.

Until 2024, it was a joint venture between Dutch Aegon N.V., a multinational insurance, pensions and asset management company and The Times Group (also called Bennett, Coleman & Co.)[4]

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.

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

Aegon 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]

Recognition

  • In 2019, Aegon Life Insurance was awarded as eBusiness Leader – Medium & Small at World BFSI Award by World BFSI Congress.[20]
  • Aegon Religare Life Insurance awarded as E-Business Leader by Indian Insurance Award in 2013.[21]

See also

References

  1. ^ Sarkar, Brinda. "Aegon Life Insurance elevates Satishwar Balakrishnan as MD and CEO". The Economic Times.
  2. ^ Saraswathy, M (21 September 2018). "After going 100% online, Aegon Life Insurance looks at slow, but steady growth path". Moneycontrol.com.
  3. ^ Ray, Atmadip (23 July 2018). "Aegon Life to focus on term insurance for growth". The Times of India.
  4. ^ a b "Aegon Religare Life Insurance renamed as Aegon Life Insurance". The Economic Times. 7 December 2015.
  5. ^ "Bandhan Financial Holdings completes acquisition of Aegon Life". CNBC TV 18. Retrieved 16 March 2024.
  6. ^ www.ETBFSI.com. "Exclusive: Aegon Life to soon become Bandhan Life Insurance - ET BFSI". ETBFSI.com. Retrieved 19 April 2024.
  7. ^ "Get Term Life Insurance Policy Online | Bandhan Life". www.bandhanlife.com. Retrieved 19 April 2024.
  8. ^ "Aegon Life Insurance gets new identity, will now be called "Bandhan Life'". The Economic Times. 19 April 2024. ISSN 0013-0389. Retrieved 19 April 2024.
  9. ^ "BCCL to buy out Religare stake in life insurer". Business Standard. 13 May 2015.
  10. ^ "Religare to exit life insurance venture with Aegon". VCCircle. 26 September 2014.
  11. ^ "BCCL to buy Religare's 44% stake in life insurer Aegon Religare". VCCircle. 14 May 2015.
  12. ^ Sanghvi, Disha (29 September 2019). "Aegon Life to sell insurance through Paytm to strengthen digital presence". Livemint.
  13. ^ "Flipkart teams up with Aegon to sell life insurance policies". Business Today. 16 March 2020.
  14. ^ "AEGON Religare ties up with Asia's largest co-op bank". Business Standard. 21 January 2013.
  15. ^ R, Venkatesan (23 May 2018). "Aegon 'iTerm' plan offers life cover up to 100 years". The Hindu Business Line.
  16. ^ Kulkarni, Preeti (16 December 2019). "New life, health insurance products launched. Find out if they work for you". The Economic Times.
  17. ^ "Aegon Life Launches First-Ever Term Plan With Protection And Monthly Income #Notermplanlikethis". BusinessWorld. 4 November 2019.
  18. ^ Kulkarni, Preeti (16 December 2019). "New life, health insurance products launched. Find out if they work for you". The Economic Times.
  19. ^ "Aegon Life offers cover till 100 years". The Times of India. 5 November 2019.
  20. ^ "World BFSI Award Winners 2019". Worldbfsicongress.com.
  21. ^ "AEGON Religare Life Insurance awarded as E-Business Leader by Indian Insurance Award". Myinsuranceclub.com. 20 July 2013.

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