INCREASE & DECREASE IN SUM ASSURED (FAQ)

1. How can policy’s sum assured/ life cover be increased or decreased.

At Bandhan Life, we only accept requests to increase the life insurance cover or sum assured of your policy. It's a good practice to review your life cover at key stages of your life. Here's a blog    that can guide you to make a sound decision about reviewing your life cover.

The increase in sum assured features applies to specific products only. Please refer to your policy document to know the applicability of this feature. 

To increase your life cover at different life stages we would require certain documents such as:

1. Marriage: Documents required:

• Marriage Certificate
• Income Proof (last 3 months' salary slips for salaried individuals, or ITR for the last 3 years with income computation for self-employed individuals)
• Certificate of Insurability (COI)

2. Childbirth:

• • Birth Certificate of Child
  • Income Proof (last 3 months' salary slips for salaried individuals, or ITR for the last 3 years with income computation for self-employed individuals)
  • COI 

3. Applying for a housing Loan (applicable for ALI policies):

• • Loan Sanction Letter and Loan Disbursement Letter, duly stamped by the bank.
  • Income Proof (last 3 months' salary slips for salaried individuals, or ITR for the last 3 years with income computation for self-employed individuals)
  • COI

Click here   to download COI form

Note:  Requests must be submitted within 180 days of the event (marriage, child inclusion, or home loan), and the policy status must be 'In force' at the time of the request.

2. How much time will it take to process the LSBO request.

7 calendar days from the day all requirements are received.

3. How to place the request.

Write to us at customer.care@bandhanlife.com    from your registered email ID or visit our nearest service centre; locate now

• Please note: The addition of any Life Stage Benefit Option will be subject to underwriting decision.
• Self-attested KYC document and consent to update your email address if you submit the request from an unregistered email address. You can get the same updated via iAssist
• You may be asked to undergo a medical examination, if necessary, the company will bear the medical expenses.