Bandhan Life Insurance, the life insurance arm of the Bandhan Group, expects ULIPs to continue to account for around 30 per cent of its annualised premium equivalent (APE) going forward.
The private sector insurer announced a new Unit Linked Insurance Plan (ULIP), along with a Mid Cap new fund launch on Tuesday.
“In APE terms, broadly, ULIPs come close to 30 per cent, Par (participating insurance policy) is another 30-35 per cent, and non-Par, which includes protection, is another say one-third of the overall product mix,” said Satishwar B, MD & CEO, Bandhan Life Insurance.
In terms of the number of insurance policies, close to 50 per cent of the insurer’s policies are pure protection plans.
“Pure protection plans have an average ticket size of close to ₹10,000-12,000, whereas the average ticket size of a savings product is ₹40,000-50,000. So, in terms of the number of policies, close to 50 per cent are still pure protection. But from the APE perspective, pure protection will come down to close to 5-10 per cent, and that should be true for most insurance companies,” Satishwar said.
Bandhan Life Insurance would like to maintain the contribution of ULIPs to its overall APE at around one-third going forward as well. “That is the way we would like to keep it. But it will depend upon how market movements happen, because what we have seen is, whenever the equity market goes up, normally, ULIPs’ share starts increasing, and whenever it goes down, the traditional (plans) share starts increasing,” said Maneesh Mishra, Chief Product and Marketing Officer.
The life insurer said its new ULIP product — iInvest Ultima — is designed to help customers grow their wealth while protecting their loved ones. In addition to the new fund launch, iInvest Ultima gives customers access to Bandhan Life’s other top performing 5-star and 4-star rated funds that have outperformed industry benchmarks.
The insurance company’s first mid-cap fund opens at ₹10 NAV and is available until February 18. Women customers get an exclusive 0.5 per cent additional premium allocation from Day 1 for the first five policy years, thus getting a higher investment benefit without any additional premium.
“Mid-cap actually captures the India growth story very well. We are growing and emerging leaders will come in, and mid-cap as a category, specifically, kind of tries and gets us to that one. So, insurance allows customers to participate in India’s growth story by having structured mechanisms and combines protection with purpose-driven investing,” Satishwar added.
Published on February 10, 2026
