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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 leading 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. Tapan Singhel 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 Limited has received iAAA rating from ICRA Limited for seven consecutive years, which indicates the highest claims-paying ability and strong position of the company. It is one of the splendid 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.
The general insurance company envisions being-
The insurer follows a customer-centric approach and thrives to the market leader by offering affordable insurance products that ensure value for money.
The insurance company offers technical excellence in all the insurance sectors including General Insurance, Risk Management, and Health Insurance. Both Bajaj Finserv and Allianz work in synergy to as Bajaj Allianz General Insurance Company, which is a registered Indian Insurer with a capital base of Rs. 110 crores.
Bajaj Allianz General Insurance has bagged various awards:
Bajaj Allianz General Insurance is the first choice for consumers among the leading insurance companies in India as the insurer treats its customers with warmth and respect.
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.
*Tax benefit is subject to changes in tax laws
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.
This car insurance policy covers the legal liabilities in case of injury, death, and/or property damage caused to a third party in the event of an accident caused by or arising out of the use of the vehicle. This includes:
It compensates for loss or damage caused to the insured car in case of natural calamities such as storm, cyclone, self-ignition, flood, rockslide, earthquake, etc. It also covers man-made perils such as burglary, accident by external means, theft, terrorist activity, riots, malicious act, etc.
It includes Personal Accident Cover up to 15 lakh and an optional cover for paid driver/driver/passenger. Apart from own-damage cover it also includes third-party legal liabilities.
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 a 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.
Home insurance plans are designed for your convenience and they cover various risks and contingencies faced by homeowners. Home insurance is an important tool to safeguard the sweat and blood of your life, your dream house.
Compare all Bajaj Allianz general insurance plans with plans from other general insurance companies in India to avail the insurance plan that suits you most.
The Cyber Safe Insurance Policy by Bajaj Insurance makes sure that you receive an optimum safety against the potential cyber risks and threats. This plan covers cyber stalking, phishing, malware attacks and other cyber threats and risks.
Bajaj Allianz General Insurance offers solutions for all the sectors of the industry including Aviation, Automotive, Chemicals, Construction, Pharmaceuticals, Oil & Gas, Foods and Beverages, Technology, Manufacturing, Telecom, Logistics and Transport.
Bajaj Allianz provides commercial property insurance for the most challenging and complex exposures. Focusing on major national risk portfolio, Bajaj Allianz Insurance provides tailor-made business interruption and property damage insurance catering to the requirement and needs of all small and medium along with large entities and mega risks. The property insurance by Bajaj Allianz includes:
Suitable local solutions are delivered by the Marine Insurance Policy by Bajaj Allianz General Insurance against the marine cargo risks. Bajaj Allianz has one of the most experienced and largest networks of marine underwriters, risk consultants and claims specialists.
The marine insurance includes the comprehensive insurance for all levels of the distribution chain and offers the coverages mentioned below:
The marine insurance services are offered to the following sectors of the industry:
Liability Insurance Policy by Bajaj Allianz typically offers cover against property damage and bodily or personal injury. Bajaj Allianz General Insurance liability insurance can be offered via individual primary plans, via umbrella and excess layers policies, or via international insurance plans for several risks in various locations.
The services of Bajaj Allianz Insurance include:
Financial Lines Insurance Policy by Bajaj Allianz General Insurance caters to the needs of companies from small and medium scale entities to the largest global multi-national enterprises. The services of Bajaj Allianz Financial Lines Insurance Policy include:
Engineering Insurance by Bajaj Allianz General Insurance offers specialised cover for all the facets of construction and engineering insurance. The insurer ensures the close liaison among all the parties, not only within their own claims, underwriting and risk consulting teams but also with the client and their professional team via their key management philosophy.
The services of the Engineering Insurance Policy by Bajaj Allianz include:
Bajaj Allianz offers a tailor-made and flexible approach for the energy insurance challenges across off-shore and onshore oil & gas industries. The services of the Energy Insurance Policy of Bajaj Allianz General Insurance include:
Bajaj Allianz Employee Benefits Insurance Policy
Bajaj Allianz General Insurance Company offers a wide variety of health insurance solutions that match the footprints and the needs of their clients:
Bajaj Allianz General Insurance offers protection for the employees and their kins. Extensive medical procedures incurred during the hospitalisation due to illness or accident is taken care of under the Bajaj Allianz Group Mediclaim Policy. The policy covers:
Bajaj Allianz General Insurance Company Ltd offers Group Personal Accident Policy, which provides cover against disability or accidental death. The policy covers:
The International Insurance Solutions by Bajaj Allianz General Insurance offers insurance solutions for various multi-national corporations. The international insurance solutions intend to offer security and safety for the global business clients. Bajaj Allianz has its global network spread in over 160 countries of the world.
Since its inception in 2001, Bajaj General Insurance Company Limited 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 Insurance Renewal involves the following steps:
You can switch or port your insurance plan from another insurance provider to Bajaj Allianz Insurance and keep the ‘No Claim Bonus’ cover. Also, the waiting will not get reset zero for pre-existing ailments.
The services by Bajaj Allianz can be availed by regular payment of premiums. Baja Allianz Insurance offers various options to make payment of the premiums online. Preferred Bajaj Allianz online premium payment options include Net Banking, EMI, debit cards, credit cards, cash cards/wallets, etc. You can also avail Bajaj Allianz General Insurance quotes free of cost. You just have to select the mode of payment and pay your premiums online.
Bajaj Allianz Insurance offers you services where you can make the payment of policy premiums online. Once you choose the policy, you will get various options to make payment of premiums online. Preferred payment gateways will be EMI, wallets, cash cards, internet banking, debit cards, credit cards etc. Choose your payment mode and pay online.
In order to make payment offline, you have to visit Bajaj Allianz General Insurance’s branch office. You will be required to fill a form with the details of your policy. After filling in the form, you can pay the premium amount either by cheque, in cash or any other mode of payment allowed by the branch office.
You can claim for your insurance policy online. You just have to visit the official website of the insurance provider and register a claim. There are different claims processes for different insurance products. You can register a claim, fill-in the Bajaj Allianz Claim form, upload the necessary documents and know Bajaj Allianz General Insurance Claim Status.
You can also check Bajaj Allianz Policy Status online by filling Bajaj Allianz Claim Form online on the official portal of the insurance provider.
The Bajaj Allianz General Insurance Company has launched the facility of paying the premium for its ‘Health Guard’ plan through the instalment options. The plan will now come with the option of paying the premium on monthly, quarterly, half-yearly and annual instalments, the private sector health insurer said in a statement.
Health Guard is a health insurance plan offered by Bajaj Allianz that can be purchased by both individuals and families. The sum insured under the plan is available on floater basis for families.
The premium instalment facility has been introduced with an aim to make health insurance more affordable for the customers, said Tapan Singhel, CEO of Bajaj Allianz General Insurance.
However, different instalment options will be available to customers based on their net premiums. The monthly instalment option would be available to customers with a net premium of Rs 12,000 or more. On the other hand, the quarterly and half-yearly instalment option would be available to customers with a net premium of Rs 6000 or more. However, customers buying long-term policies will have the option to pay the premium on annual instalments only.
To register for the premium instalment facility under the Health Guard plan, the customer will have to request his/ her bank for an e-mandate. This will ensure that the premium amount is debited from the customer’s account and paid to the insurer.
The instalment facility also comes with a grace period of 15 days in case the customer is unable to pay the instalment by the due date. But if the instalment is paid during the grace period, the customer will lose his/ her accumulated continuity benefits, such as cumulative bonus or waiting periods under the plan.
Bajaj Allianz Health Insurance has commenced the sale of affordable coronavirus policy - Corona Kavach with premiums as low as Rs 417. This policy is a short-term health insurance policy that deals with only COVID-19 related claims.
This specialized coronavirus policy is available for a limited policy tenure ranging from 3.5 months to 9.5 months only and cannot be sold for the period beyond March 2021. The shorter tenure of the policy gives rise to its affordable pricing in comparison to a regular health insurance policy.
Bajaj Allianz offers the Corona Kavach policy with premiums starting from Rs 417, which is charged to applicants up to 35 years with a sum insured of Rs 50,000 and a policy tenure of 3.5 months. The premium for the policy will rise with the increase in policy tenure, the sum insured and the age of the person.
For instance, the same person with the same sum insured will be required to pay Rs 745 if he opts for a policy tenure of 9.5 months. If he opts for the highest sum insured of Rs 5 lakh, he will have to pay a premium of Rs 1320. In case a person above 60 years opts for a sum insured of Rs 5 lakh, he will have to pay a premium of Rs 5630.
As per the Gurdeep Singh Batra from Bajaj Allianz, the Corona Kavach policy can be purchased by everyone without a medical examination, except for applicants with advanced age and comorbidities. Such people will be required to undergo a medical check through telemedicine. He also specified that the policy can be purchased online as well as offline through banks.
The Corona Kavach policy has been designed by the Insurance Regulatory & Development Authority (IRDA) who has mandated all health insurers in India to sell this product. It provides coverage for hospitalization due to COVID-19 along with AYUSH treatments, home treatments and pre & post-hospitalization expenses. It also comes with an add-on cover of hospital daily cash. The policyholders can make a claim after a waiting period of 15 days.
Others insurers that have released their sale prices for Corona Kavach policy so far are Max Bupa Health Insurance, Bharti AXA Health Insurance and HDFC ERGO Health Insurance.
As per the pricing of Max Bupa Health Insurance, it will charge a premium of approximately Rs 2200 for a sum insured Rs 2.5 lakh to a person between 31-55 years. The same person will have to pay Rs 4700 if he opts for family floater cover with coverage for up to 2 children.
The idea is to address the key issues that the policyholders faced in terms of out of pocket expenses and mis selling of indemnity-based medical plans.
The directions were issued through three circulars on June 18, 2020 by IRDAI and the insurers shall implement them on new health products filed after October 2020 and modify all existing plans before they are due for renewal by the end of the current financial year. For example, if you are buying Bajaj Allianz health insurance policy and it expires on October 2020 then on renewal the insurer will compensate the out-of-pocket expenses as well.
Moreover, the regulatory authority has asked the insurers for standardisation of health products to bring uniformity across the industry. In addition to these guidelines, there are various other aspects that are covered including portability, termination, penalty rates and fraudulent claims.
The regulator has further asked the insurer to not disproportionately charge policyholders on ICU expenses and clearly define the out of pocket expenses in its scope of coverage.
This was in the wake of contention with some hospitals charging exorbitant prices from patients for medical devices, PPE kits, and additional beds for COVID-19 positive patients, by classifying ‘associate medical expenses.’
Separately, the insurers will also have to treat coverage of treatment through telemedical facilities under the scope of coverage as per the guidelines issued by
And as per the guidelines issued by the Medical Council of India on March 25th the coverage shall also be provided for telemedical facilities. However, the sub-limits shall apply without any relaxation.