Bajaj Allianz General InsuranceIncurred Claim Ratio - 72*
Bajaj Allianz General Insurance Company Overview
Bajaj Allianz General Insurance Company Limited is the joint venture of Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE- Germany’s financial services provider. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE.
Registered on 2nd May 2001, Bajaj Allianz General Insurance Company has become one of the top general insurance brands in India. It is the only general insurance company in India to cross the Rs. 100 crore mark in profit in the last two years. The company is headquartered in Pune, Maharashtra. Bajaj Allianz General Insurance is led by Mr. Anuj Agarwal who serves as its Managing Director and CEO.
Allianz SE, a German multinational financial services company is the world’s largest insurance company, according to the composite measure by Forbes magazine. Founded in 1890, this leading general insurance provider now serves customers in more than 70 countries.
Bajaj Allianz general Insurance Company has received iAAA rating from ICRA Limited for seven consecutive years, which indicates highest claims paying ability and strong position of the company. It is one of the top insurers in India providing better quality consumer experience and good returns to shareholders and maintaining the reliability of Bajaj.
In 2014, Bajaj Allianz General Insurance has been adjudged as the “Best General Insurance Company in the Private Sector” by ABP News. In the same year, Bajaj Allianz was conferred with the Golden Peacock Award 2014 in the category of Innovative Products/Services.
Bajaj Allianz Product Portfolio
Bajaj Allianz Health Insurance Plans:
In the times of rising medical costs, health insurance becomes a necessity. Health insurance plans are the perfect solution and provide health protection for you and your family. They take care of medical treatment costs incurred during hospitalisation due to serious accidents or critical illnesses.
- Health Guard Individual Policy: The Health Guard Individual Policy is designed to take care of all healthcare needs and offers covers against medical expenses including hospitalisation
- Health Guard Family Floater Option: The Health Guard Family Floater Option provides perfect health protection for the entire family against medical expenses including hospitalisation, doctor consultations, diagnostic tests, medicines and ambulance services
- Surgical Protection Plan: The Surgical Protection Plan offers a surgical benefit cover and optional add-on covers for hospital cash daily allowance, critical illness and personal accident. It is available as an individual policy and also as a group plan
- Premium Personal Guard: The Premium Personal Guard cover is a personal accident insurance policy that ensures financial security and protection from unforeseen risks and accidents
- Extra Care: Extra Care is a health insurance policy that allows you to extend your existing health insurance cover by 2-3 times at a significantly low cost and take care of extra hospitalisation expenses
- Critical Illness: The Critical Illness plan as the name suggests is an insurance policy providing cover against critical illnesses like cancer, tumours and strokes, illnesses that have high treatment costs
- Health Care Supreme: The Health Care Supreme policy is a comprehensive plan that takes care of medical expenses at every stage of life
- Hospital Cash Daily Allowance: The Hospital Cash Daily Allowance insurance policy offers a cover in the event of hospitalisation by providing daily cash to help one focus on treatment rather than managing funds for incidental expenses
- Sliver Health: The Silver Health Plan is a health insurance cover designed especially for senior citizens to cover pre and post hospitalisation expenses, pre-existing illnesses, and ambulance charges
- Star Package: The Star Package policy is an all-in-one family floater plan that provides cover against health risks, household contents, education grant, travel baggage, and public liability. It also insures family members against death or injury resulting in permanent or temporary disability
- Health Ensure: The Health Ensure policy takes care of all medical treatment costs incurred during hospitalisation due to serious accidents or illnesses
- Tax Gain: The Tax Gain policy is a unique floater health plan that covers outpatient and hospitalisation expenses and also helps in tax management through a single policy
- Critical Illness for Women: The Critical Illness for Women plan is designed for women and provides protection against eight critical illnesses. A guaranteed sum of cash is paid in case the insured is diagnosed with one of the eight critical illnesses
- Top Up Health Plan: The Top Up Health Plan takes care of increasing hospitalisation expenses by providing additional cover over and above the existing cover
Bajaj Allianz Car insurance plans provide you comprehensive coverage against physical damage, bodily injury and cover against third-party liability in case of any damage to your car due to accident or any other unforeseen event.
Two-wheeler insurance is just not about monetary compensation being doled out to you if something happens to your ride. Insurance is more about the peace, security and independence that it brings along. Get your vehicle insured and enjoy the pleasure of safe ride!
Travel insurance plans let you travel overseas with your loved ones and without worries. It covers expenses due to medical emergencies while abroad or non-medical contingencies like loss of passport or checked in baggage and many more. It takes care of anything wrong that might happen to you while you are travelling.
- Individual Travel Insurance: The Individual Travel Insurance plan covers all medical eventualities and other travel-related incidental expenses for a nominal amount
- Family Travel Insurance: The Family Travel Insurance plan is an international travel insurance policy that covers expenditure towards hospitalisation, loss of baggage, trip cancellation and other incidental expenses for a nominal amount
- Senior Citizen Travel: As the name suggests, this is a travel insurance policy aimed at senior citizens to make their travels a pleasant experience. It covers expenses related to hospitalisation, loss of baggage and other incidental expenses
- Student Travel Insurance: A travel insurance policy for students studying abroad, Student Travel Insurance provides cover for a wide range of contingencies at a fraction of the amount of cover provided
- Corporate Travel Insurance: The Corporate Travel Insurance policy is a comprehensive plan providing complete medical and health cover for the international business traveller making his or her journey risk and tension free
- Travel Asia: The Travel Asia plan from Bajaj Allianz is a comprehensive travel insurance plan providing complete medical and health cover to international travellers visiting countries in Asia
Home insurance plans are designed for your convenience and they cover various risks and contingencies faced by home owners. Home insurance is an important tool to safeguard the sweat and blood of your life, your dream house.
- My Home Insurance: The My Home Insurance plan is an all-risk home insurance policy protecting not only the home, but also the contents and belongings inside it, against risks such as fire, burglary and natural calamities
- House Holders Package Policy: The House Holders Package policy offers all-round protection of the home (property), its contents, and interests of the insured and their family members through a single protection plan
- Easy House Holders Package Policy: The Easy House Holders Package policy is a simplified home insurance plan designed to cover various risks and contingencies faced by home owners
While we cannot do much about the uncertain nature of life, what we can surely do is to secure financial independence to deal with various unforeseen situations the journey of life throws at us. The Bajaj Allianz Personal Accident cover is a unique insurance plan offering multiple benefits such as medical benefits, education benefits to children or spouse and giving up to 125% compensation in case of disability.
Compare all Bajaj Allianz general insurance plans with plans from other general insurance companies in India to get the best insurance plan that suits you most.
Bajaj Allianz General Insurance Distribution Network:
Since its inception in 2001, Bajaj General Insurance has come a long way in penetrating the Indian market. Bajaj Allianz has a pan-India presence in over 200 towns across the country. Bajaj Allianz policies are also available online through their website and from insurance aggregators.
Bajaj Allianz General Insurance - Latest News
Bajaj Finserv Limited is planning to purchase some additional shares of its Germany-based partner, Allianz SE into its 2 insurance units, namely, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company Limited. The deal is expected to be valued at about Rs. 10,000 Crores, said 3 officials familiar with this development.
Bajaj Finserv Limited, the financial service providing unit of the Bajaj Holdings and Investments Limited, possesses 74 per cent, while, the Allianz SE is holding 26 per cent in both of the joint ventures. Allianz, since quite a long duration, has been discussing with Bajaj regarding the increase of its shareholding in both the joint ventures to 49 per cent after the govt. increased the limit for the foreign investments in the Indian insurance sector from 26% to 49% in the financial year 2015.
The negotiations were unsuccessful in yielding any outcome because both the parties weren’t able to adjust on the price side. To raise the shareholding by 23 per cent in the 2 JVs, Allianz would be required to expend a much higher sum according to the method of fair-valuation in comparison with the pre-determined rates as per the call-option clause.
Bajaj Allianz General Insurance along with two other public sector general insurers recently awarded the contract to offer crop insurance to the farmers under the Pradhan Mantri Fasal Bima Yojna. Keeping the current Kharif season in mind, the government of Haryana looks aims at issuing crop insurance to the farming community to save them from weather vagaries.
The process has been initiated already and the insurer would soon hear from the state government. Once implementation stated, the scheme would offer coverage to four crops – cotton, maize, bajra, and paddy while the sum assured per hectare for an individual crop is fixed at Rs. 60, 000 for cotton, Rs, 25, 000 for maize, Rs. 27, 500 for bajra, and Rs. 62, 500 for paddy for the Kharif season.
The state government has divided Haryana into three clusters for effective as well as efficient implementation of the insurance scheme while each cluster is to be served by individual insurer.
Both loanee and non-loanee farmers can benefit from this crop insurance scheme issued by the government of Haryana, which has designated Bhiwani, Kurukshetra, Kaithal, Panchkula, Rewari, Sirsa, and Faridabad in cluster 1, whereas Ambala, Mohindergarh, Gurgaon, Hisar, Karnal, Jind, and Sonepat comes under cluster 2. Further, cluster 3 includes Panipat, Mewat, Fatehabad, Yamunanagar, Rohtak, Jhajjar, and Palwal.
Bajaj Allianz General Insurance Company, in the financial year 2015-16 attained considerable financial outcome. The net profit of the insurer for the years amounted to Rs. 564 Crores. By attaining such great profits, the provider preserved its tag of the most profit-making Indian general insurance provider in the private sector.
GWP or Gross Written Premium of the firm, from Rs. 5,301 Crores in the financial years 2014-15 rose to Rs. 5,901 Crores in the financial years 2015- 16; which is almost an increase of 11%. In spite of 7000 claims for Chennai floods worth Rs. 470 Crores made on the insurer this year, Bajaj Allianz General Insurance Company declared a collective percentage of 99.3%, maintaining its good financial wellbeing in the insurance industry.
During the previous financial year, the insurer reached out to more than 400 new cities across the nation. The solvency ratio of the insurer shot up to 251% from 182% in the financial year 2014-15. The rise clearly signified the claim paying ability of the insurer. However, the previous solvency ratio was also a substantial figure above the solvency ratio demanded by the Indian regulations, which is 150%.
Bajaj Allianz General Insurance recently launched #TweetInsurance, the first in the insurance industry of India, which is aimed at providing insurance-related information to the people. People can now get the information they need by simply sending a tweet at the Twitter handle of the company with one or more relevant hashtags included.
To send a tweet to Bajaj Allianz (@BajajAllianz), the user needs to include #TweetInsurance, and then it will be posted on the Twitter handle of Bajaj Allianz General Insurance. Correspondingly, the user will get a list of services offered by the insurer on Twitter. Meanwhile, the conversation can go on through DM or Direct Message between the company and the user.
One can get information regarding premium quotes, branches, network hospitals, including any update on policy or claim status. This also eases buying insurance policies online, policy soft copy, and details required for filing a claim.
Bajaj Allianz has successfully registered over 96 percent claim settlement ratio in fiscal 2016. Max Life Insurance Company also claims to have hit a claim paid ration of over 96 percent. As per a report, Max Life recorded 96.23 percent claims as paid out in fiscal 2016, which in comparison to that of the previous fiscal is a bit less.
This reached to an outstanding claim settlement ratio of 0.04 percent as recorded on 31st March 2016. The number of claims pending with the company is not more than 4 out of 9, 224 received during the FY’16.
At the same time, the claim settlement ratio of Bajaj Allianz stood at 98.7 percent in fiscal 2016. The number of claims received by the company is 1, 68,501 out of which 1, 65,244 have been successfully settled, thereby paying Rs. 839 Crore to its customers globally.
Bajaj Allianz General Insurance recently publicized that they have successfully settled about 98 percent (worth 110 crore) of motor insurance claims they received post the Chennai Floods. In total, the count of motor claims settled was over 5, 300, while an average amount paid to an individual was Rs. 1.74 lakh.
On the report, Bajaj Allianz said that most of the damaged vehicles were submerged for over three days, causing corrosion to the exposed parts of the vehicles because of delay in attending for repair. The claims settled by the company referred to damages to engine seizure due to the mud of water deposits, electrical fittings etc.
Mr. Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said that the company has approached its customers individually at their doorstep for offering them high-speed claim settlement experience, aiming at streamlining the procedures of settlement.
Bajaj Finserv recently unveiled its net profit rise at Rs. 437 crore at the end of the third quarter of FY’15-16. This considerable growth in company’s profit includes the corresponding growth in Bajaj Finance.
Having a look on the consolidated net profit of Bajaj Finserv at the end of Q3 last year brings Rs. 347 crore in light, which is a holding company of Bajaj Allianz General Insurance, Bajaj Finance Limited, and Bajaj Allianz Life Insurance. S Sreenivasan, CFO Bajaj Finserv quoted "The quarter was good for us, primarily supported by a 58 percent jump in net profit of Bajaj Finance."
The profit of Bajaj Life Insurance is reported Rs. 191 crore at the end of Q3, which stood at Rs. 99 crore last year, at the same time. The gross revenue of Bajaj Finserv stood at Rs. 5,396 crore with a hike of 12 percent.
January 6, 2016: Bajaj Allianz General Insurance is hosting regular sessions on Google+ to demystify insurance. According to Sasikumar Adidamu, chief technical officer, non-motor, these Google+ Hangouts are aimed at building awareness about insurance and inviting healthy discussions between the audience/customers and the top management of Bajaj Allianz General Insurance.
The insurer has held 8 Google+ Hangouts thus far, to explain the finer points of various insurance policies and how to manage them for steady protection. Sasikumar further added that the company runs contests and campaigns to educate policyholders about insurance products such as health, motor, travel, and home insurance through social media handles, such as Facebook, Twitter and YouTube. The company has also produced many one-minute films for increasing insurance awareness.
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Reviews for Bajaj Allianz General Insurance
My two wheeler insurance policy for my new bike is awesome. Policy coverage is high and except tires whole bike is insured through it. The tow bike service is for free of cost at any location. Renewal of the insurance policy get simple by online portal and it is really easy to use.
I purchased travel insurance policy from bajaj allianz general insurance company. Premiums are less but the returns are much more. This plan i found on internet after long time searching. The all information and details are mailed to me regularly on my email address.
Health is Wealth
Bajaj health insurance i have bought in normal premium is good. Service is superb with on time surety. Policy cover maximum expenditure with ambulance service which is absolutely free. Claiming is easy. Updates are simple to get through website of the company which is very easy to access.
Good car insurance which has more facilities than others. Policy coverage is good and claims are high. Car tow service is available at any location for free. The large number of garages are there which facilitate services 24X7. The accidental benefits are there for driver/owner of the insurance policy.
Two Wheeler Insurance
Bajaj allianz general insurance provide me two wheeler insurance policy. I took it in very low premium and the benefits are much more. Services given by the each and every person in the company is superb. Updates are mailed regularly and easy online renewal option.
The travel insurance given by the bajaj allianz general insurance is very good insurance policy. The policy coverage is high and the claims are good. The luggage lost is reimbursable and many other benefits are too.
Normal Insurance Plan
I took my father's advice and buy home insurance plan from bajaj allianz insurance. Policy coverage is high approx. ninty percent. Claims are high and premiums are less. Reimbursement is there for lost items from natural calamities or theft, burglary etc.
Good Insurance Policy
The two wheeler insurance policy i buy is bajaj allianz general insurance. It has fantastic service and the claiming is easily sanctioned. The renewal of the insurance plan is simple just few clicks on online portal website page.
The travel insurance policy i have taken for my trip is from bajaj allianz general insurance. The policy is good and services is perfectly served. Good policy coverage and premiums are less. The luggage lost or any other valuable belonging is reimbursed by the insurance policy.
Bajaj allianz health insurance plan i have taken for my whole family because it's service is fast and the premium is less. The policy coverage is also good and covers maximum expenditures and bills. Claiming is simple and hassle free documentations.
Bajaj allianz personal accident insurance policy is very good which i purchased and it's premium is less. Service provided by the team members is quick and due to that the claiming is become very easy. The policy cover maximum amount and the ambulance is facilitated for free.
Bajaj home insurance is the one which facilitate the best facilities. Premium is less but the returns are high. Policy covers maximum expenditure at any loss or recoveries. The burglary, theft, etc are reimbursable by the company. Good insurance policy which reduces tax also.
I have purchased bajaj two wheeler insurance plan in low investment but the benefits are unimaginable. The whole vehicle is insure except tires. Accidental benefits also there for the vehicle and the owner of the insurance plan.
Allianz travel plan
I purchase travel insurance from bajaj general insurance in very low premiums and the policy is great. Service is fantastic but the refund of ticket amount is not possible. The lost belongings are reimbursed by the insurance plan.
Bajaj health plan
I have health insurance like everyone does in this risky time. Bajaj allianz insurance provides me the best deal in less investment. Service is super fast and online renewals are also possible. Thanks you for this great premium benefits and claiming is very simple.
Personal Accident Policy
My personal accident plan is awesome, it gives me the relax and tension free from future upcoming problems. Policy have low investment but the paybacks are much more. Fabulous customer service given by company members.
Power Insurance Plan
The home insurance policy plan i have which is gifted by my grandfather. The terms and conditions are really very good and flexible. Policy coverage is high and premium is very low. The valuable items and belongings are insured in the plan. Good security for my family and for the house.
The two wheeler insurance plan of mine is fantastic with good number of benefits. The policy premium is less and the policy coverage is high. Service is fast from your company members. Tow facility and number of garages are there which works 24X7.
Got travel insurance plan for my safe flight and journey. Policy cover maximum scenarios and reimbursed the lost of the belongings and many valuable items. Service is really very nice with good responses from your side. Just the refund of money of the tickets is not possible. Please do improve this.
The health insurance policy is very much important as any other things for tension free living. The plan i bought is very good one and it has low premiums as well as investments. Policy coverage and claims are high and the internet web portal service is fantastic which is easy to use.
The personal accident insurance plan is very good, it has low premiums. Policy coverage is high and claims are even better. the executives gave fantastic service to the policy holders. Web services are easy to use and anyone can access it.
My home insurance plan is the best which come's in low premium. The policy cover's many belongings like valuable items, and yes house is included too. Service is fantastic which given by executives and staff members. The internet renewal is also there and easy to operate.
My two wheeler insurance plan is for my new bike and it work's for me perfectly. The policy coverage is high and premium is low. Service is fantastic and tow facility is at any location for free. The insurance is not for fiber parts and tire. Updates are mailed regularly.
Travel Insurance Plan
My travel insurance plan is very good insurance policy which come's in low premium. The policy provide's reimbursement for luggage lost, even the medical care also pre-inbuilt in the plan. The service facilitate by the members of the company is very nice. Updates of the insurance policy is mailed to me regularly.
Health Care Insurance
My colleague introduce me a health insurance plan. The policy is good so I purchased it. The premium is low and claims are high. Service provided is good. Good number of hospitals and free ambulance service is the best. Updates are also mailed regarding insurance policy.