Bandhan Life Term Insurance Renewal Guide

Bandhan Life Term Insurance Renewal: Quick Overview

You must renew your Bandhan Life (formerly Aegon Life) term insurance before the due date to keep it active and continue enjoying its coverage.

For a quick online renewal, visit the Bandhan Life website. You can review your details, make the premium payment, and download your updated policy document within minutes. For in-person assistance, visit the nearest Bandhan Insurance branch and make the payment through cash or cheque.

Worried about missing your Bandhan Life term insurance renewal date? A delay can mean losing policy benefits and paying more than you should. At Ditto, we simplify this process so you can stay protected and don’t miss important renewal deadlines.

This guide explains the benefits of renewing your Bandhan Life term insurance on time, how to renew it online or offline, and what the grace period means for your policy.

Note: Ditto is not a partner of Bandhan Life. All information in this article is based on details available on Bandhan Life’s official website and other publicly available sources.

Did You Know?

In 2024, IRDAI fined Bandhan Life ₹1 crore for issues like delayed reporting of suspicious transactions and not following anti-money laundering (AML) and policyholder protection rules.

How to Renew Your Bandhan Life Term Insurance Policy Online?

For an online renewal, follow these steps:

1) Go to the website. Next, click “Support” and then “Pay Premium” from the drop-down options.

2) Choose your preferred login option:

In case you choose mobile, enter your registered 10-digit mobile number and click submit.
In case you choose Policy no, input your existing policy number and date of birth to retrieve your policy information, and click submit.

3) Confirm that your name, contact number, and address are correct. You can also modify coverage or add riders if available.

4) Choose your preferred payment mode (debit card, credit card, UPI, or net banking) and pay the renewal premium.

5) Once payment is successful, you can instantly download the payment receipt and receive an email confirmation.

Alternatively, you can also renew your policy through:

Any UPI app. Open your app, go to the billers or payment section, and search for “Bandhan Life Insurance.” Enter your policy details, confirm the biller, and follow the on-screen steps to pay your premium.
Your iAssist customer portal. Log in with your mobile number and OTP, and follow the on-screen instructions to complete the renewal process.

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How to Renew Your Bandhan Life Term Insurance Policy Offline?

If you prefer in-person assistance, you can renew your policy offline through any of the following ways:

Visit the Nearest Bandhan Life Service Center: Carry your existing policy documents and ID proof. The representative will verify the details and help you complete the renewal payment. Locate your nearest branch.
Speak to a Bandhan Life Term Insurance Agent or Advisor: If you bought your policy through an agent, contact them for renewal. They can collect the payment and issue a confirmation receipt.

You can call them at 1800-209-9090 or drop an email at customer.care@bandhanlife.com.

Benefits of Renewing a Bandhan Life Term Insurance Policy

Uninterrupted Financial Protection

Renewing on time ensures your family stays covered. If the policy lapses, your family would not receive the guaranteed sum assured, which defeats the entire purpose of buying term insurance.

Avoidance of High Revival Costs

If your policy lapses, bringing it back to life (revival) can be a complex and costly affair. You might face hefty interest charges on the missed premiums and penalties.

No New Underwriting Hassles

Reviving a lapsed policy may need a medical exam and underwriting approval, and health changes can lead to rejection or higher premiums. Timely Renewal avoids these complications entirely.

Continuity of Original Premium Rate

Your original premium was based on your age and health when purchased and is locked for the policy term. If the policy lapses, a new plan will cost more due to higher age and any health changes.

What is the Bandhan Life Term Insurance Policy Grace Period?

In case you miss the renewal date, Bandhan Life provides a grace period to make the payment and maintain your policy coverage. The grace period is 15 days for monthly premiums and 30 days for yearly, half-yearly, and quarterly premium payments.

Term and life insurance policies generally continue coverage during the grace period. If a claim arises during this time, the insurer typically deducts the pending premium from the final payout.

Note: You can change your premium payment mode during your annual renewal by raising a request through a Bandhan Life branch, customer care, or your portal. The update applies from the next policy anniversary with revised premiums.

Ditto’s Take on Term Plan Renewal

If you renew your life term plan on time, it keeps you worry-free. Set renewal reminders and update your contact details so you never miss important alerts. Use online payments for faster and smoother renewals.

To make things easier, set a reminder a month before your renewal date. You can also pick a limited payment life insurance to stay covered for longer and skip the hassle of renewing every year.

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Vijay below love us:

No-Spam & No Salesmen
Rated 4.9/5 on Google Reviews by 15,000+ happy customers
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Dedicated Claim Support Team
100% Free Consultation

You can book a FREE consultation. Slots are running out, so make sure you book a call now!

Final Thoughts

If you miss your Bandhan Life term insurance renewal, including the grace period, contact your insurer for late renewal options. If unavailable, buy a new policy to maintain continuous life coverage.

Still unsure how to go about renewing your term policy? Book a call with us, and let our experts guide you through the process.

Frequently Asked Questions

What is an E-Mandate in Bandhan Life term insurance?

An E-Mandate is an online feature that lets you automate your premium payments. Your premium is deducted from your bank account on the due date, so you avoid manual payments. You can apply for an E-Mandate through iAssist.

What is UPI AutoPay in Bandhan Life term insurance?

UPI AutoPay lets you set up automatic premium payments through any major UPI app for a maximum limit of 100,000. Your premiums get deducted on time without manual effort. You can apply for UPI AutoPay through iAssist.

How long does it take to revive a lapsed Bandhan Life policy?

It usually takes about 7 days after Bandhan Life receives all the required documents and information from you.

What are Bandhan Life’s customer service hours?

Bandhan Life offers support from Monday to Saturday, between 9 AM and 7 PM IST.

How can I pay the premium to revive my lapsed or discontinued policy?

You can revive your policy through the iAssist portal or the Bandhan Life website. Fill the Certificate of Insurability if required, submit documents or medicals, and pay the pending premium. Bandhan Life will review and confirm the revival. Life/term insurance plans usually provide up to 5 years as a revival period from the date of lapse.

Last updated on: 6 Dec, 2025