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] In July 2006, AEGON and the Ranbaxy Group announced its intention to enter the insurance business in India.

[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.

[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.