Bajaj Allianz Life Insurance

Bajaj Allianz is the joint venture of Bajaj Finserv and Allianz SE of Germany. Registered in 2001, Bajaj Allianz Life Insurance Company has become one of the top life insurance brands in India. The head office of the company is located in Pune. For the financial year 2010-2011, Bajaj Allianz has been ranked the second best insurance company of India in terms of number of issued insurance policies and fourth on basis of new business premium.

Bajaj Finserv is one of the top financial service providers in India and currently provides services in life insurance, finance, and general insurance. Allianz SE is a leading life insurance provider serving customers in more than 70 countries. This joint venture Company incorporates global expertise with local experience.

Mr. Tarun Chugh is the MD & Chief Executive Officer of Bajaj Allianz Life Insurance Company Ltd and Mr. Sanjiv Bajaj is the Chairman of the company. Bajaj Allianz Life Insurance has been awarded for "Best Life Insurance Company in the Private Sector" in BFSI Awards 2015.

The company has also been awarded the "SKOCH Financial Inclusion & Deepening Award 2014" in the Platinum Category, for their Excellence in the Life Insurance Industry. The company has total assets under management of Rs. 42,169 crore, as on 30th June, 2014.

Bajaj Allianz Life Insurance Plans

Product Portfolio

Bajaj Allianz Term Plans:

The cheapest yet most vital of life insurance products which provide a lump sum amount to your family in the unfortunate event of your death. Add riders with the term plan to increase financial security.

• iSecure Plan
• iSecure More Plan
• iSecure Loan Plan

Bajaj Allianz ULIP Plans:

These are unit linked insurance plans which invest your money in variable proportion in equity, debt, money market instruments, bank deposits etc.

• Investment Plan - Future Gain
• Investment Plan - Fortune Gain

Bajaj Allianz Pension Plans:

Pension plans help you to save for your old age so, that you maintain the same life style even after you retire.

• Bajaj Allianz Lifelong Assure Plan
• Bajaj Allianz Pension Guarantee Plan
• Bajaj Allianz Retire Rich Plan

Bajaj Allianz Child Plans:

Child plans helps you accumulate good amount of money which you can earmark for your child’s future be it education or marriage.

• Traditional Savings Plan - Bajaj Allianz Young Assure
• Bajaj Allianz Lifelong Assure

Bajaj Allianz Investment Plans:

These are low risk investment plans which provides guaranteed amount on maturity.

• Savings Plan - Save Assure
• Savings Plan - Guarantee Assure
• Investment Plan - Invest Assure

Bajaj Allianz Women Insurance Plans:

Women Insurance Plan caters to the needs of women like medical solutions, savings, retirement solution and investment benefits.

Women Life Insurance

Compare all Bajaj Allianz life insurance plans from other life insurance companies in India to get the best insurance plan that suits you most.

Claims Ratio of Bajaj Allianz Life Insurance Company

Market Share of Bajaj Allianz Life Insurance Company

Bajaj Allianz Distribution Network:

Since its inception in 2001, Bajaj life insurance has come a long way in penetrating Indian market. Bajaj Allianz has pan India presence with 1090 offices across the country. Bajaj Allianz products are also available online through their website and insurance aggregators.

Bajaj Allianz Life Insurance - Latest News

New Individual Cyber Safe Policy Launched By Bajaj Allianz

Always a step ahead of its peers, Bajaj Allianz General Insurance has recently launched its cyber-protection product for the individuals who fall prey to cases of cyber crimes such as cyber stalking, cyber extortion, cyber bullying, cyber attacks, social media liability, etc.

The ‘Individual Cyber Safe Policy’ launched by Bajaj Allianz will cover the individuals against any financial loss, IT theft loss, prosecution cost, defence cost, restoration cost, etc., caused by cyber crime.This policy works exactly like any other policy, where you are required to pay premium instalments at periodic intervals and you receive an insurance cover in return. The ‘Individual Cyber Safe Policy’ can be availed of by any individual above 18 years of age. The range of sum assured in this policy is from Rs 1 Lakh to Rs 1 crore.

Bajaj Allianz Seeks Rs. 3, 000 crore New Business

Bajaj Allianz Life Insurance is expecting Rs. 3000 crore new business in the current financial year while focusing on increasing its own share in the company to 50 percent, which slipped over to 32 percent in the past a few years. Subrat Mohanty, head of marketing, Bajaj Allianz said that the company aims at a profit of Rs. 3, 000 crore in the FY’16 and we have already made it to Rs. 1, 672 crore by the end of Q3 of FY’15, which is a 6 percent annual growth. The company now has switched to a three-year recovery plan to get back to the individual share of 50 percent. To accomplish this goal, the insurance company is about to form multiple dedicated sales teams that will be offering products to the audience who specifically need them, thereby pushing retail customers for them along with the other measures.

Bajaj Allianz Life Insurance introduces Bajaj Allianz Life Principal Gain

One among the top private life insurance companies in India, Bajaj Allianz Life Insurance has launched a ULIP that offers assured returns. The newly launched product has been named as Principal Gain.

The new plan provides assured returns equal to at least 101% of the total premiums paid regardless of the ups and downs of the market. The plan also ensures a guaranteed loyalty bonus for the ones who keep the investment till the policy gets matured. The maturity benefit from the plan is the higher amongst the Fund Value on the date of maturity along with an assured loyalty bonus or 101% of the total premiums paid.

As a benefit of Guaranteed Loyalty Addition feature one can receive higher returns. This is because a growth at the rate of 4% is applied on one year’s premium at the time of maturity, if the duration of the policy is about 10 years and if the term of the policy is over 10 years the growth rate applied is 15 %.

Every single premium will be guaranteed with Bajaj Allianz Life Insurance

January 27, 2016:We all think about our family as a great deal and wish to guarantee their money related security in the most ideal way in case we're abruptly not around to satisfy our obligations towards them. A suitable disaster protection arrangement is a perfect approach to secure our family's future. Bajaj Allianz Life Insurance has dispatched a conventional taking an interest protection arrangement called Young Assure with components to offer one some assistance with ensuring enough reserve for his or her kid's future. Bajaj Allianz Young Assure accompanies an in-fabricated premium waiver highlight if there should be an occurrence of a disastrous occasion. With this element, on death or incidental lasting aggregate handicap of the life guaranteed, every single future premium will be waived and the arrangement will proceed till the development date. Additionally, on the passing of the life guaranteed demise advantage will be paid. The arrangement offers a chance to choose least ensured development at the season of purchasing furthermore gives ensured increases to the development sum and material reward, in this way guaranteeing higher return toward the end of the strategy term.

Low Internet Literacy causes Lesser Online ‘Term Policy’ Sales, Says Bajaj Allianz Life Official

January 19 ,2016 : Term insurance plans are no longer the typical term plans, as the insurance companies have been wooing their customers by providing them exactly the features they ever wanted a term insurance policy to bring to them. Term plans nowadays provide policyholders with the options that protect them against inflation with an assurance to increase the Sum Assured at certain intervals. The same is also applicable to the maturity amount that is to be paid in installments. Term Plans – Offline vs. Online Insurance agents are responsible for selling term plans; however, they have to deal in a competitive environment where prices are different for both online and offline plans. A considerable share of the audience still prefers going online. Offline term plans still have hopes to survive in some cities of the country, which is all because of the less Internet penetration. People choose term insurance plans since they are comparatively easier to understand and purchase. However, the number of people purchasing term insurance policies online still lags behind the term insurance policies sold/purchased offline, the reason being the lack of awareness of the Internet and authenticity issues.

Bajaj Allianz Life Insurance Conducts Jan Jagruti Roadshow in Haryana

Bajaj Allianz Life Insurance recently conducted a roadshow in Haryana, in the name of creating insurance awareness, calling it Jan Jagruti in Haryana. Aiming at making people aware of how beneficial life insurance can be in an unforeseen event, the insurance company conducted a similar roadshow last year as well. Life Insurance is an essential of everyone today and people are still not aware of the benefits such policies bring to them. People in India lack the key information about life insurance policies, which they need in order to protect themselves and their families. Subrat Mohanty, Marketing Head, Bajaj Allianz Life Insurance said, “We are hopeful that such a road show will be able to spread awareness on the importance of having life insurance.” The company has many more roadshows yet to be conducted in multiple cities and towns of Haryana within the first week of February

Bajaj Allianz Parent Company To Sell Upto 26% Stake

Bajaj Capital, a leading financial services company which is the parent company of Bajaj Allianz Insurance Company, plans to sell its stakes upto 26 per cent so as to raise funds for achieving growth in the financial products distribution undertaking, as disclosed by the company’s official spokesperson. They have roped in Avendus Capital as their advisor. In addition, other global insurance organizations and private equity investors have expressed interest. The company is expecting a valuation of about Rs. 1, 200 crore including its stake in Bajaj Allianz Insurance Company. It further added that the process is at a very nascent stage and would consider companies with a sound technological backing to dilute its stake. With the Insurance Amendment Act enabling insurance intermediaries to share the same space with insurance companies under the FDI sphere, a foreign direct investment of upto 49 per cent will be allowed in both intermediaries and insurance companies. Currently Bajaj Capital holds74% stake in Bajaj Allianz Insurance Company, which it may consider selling to the minority stake holder Allianz at a later date.

Bajaj Allianz Life got a new corporate agent to sell life insurance products

Bajaj Allianz Life Insurance has been a partner of Dhanlaxmi bank since the year 2009. They have done business together which has fetched them a profit of nearly Rs.400Crores. Now they have decided to make their bond stronger. Consequently, they have signed a long-term agreement in October 2015. As per the agreement, Bajaj Allianz and Dhanlaxmi bank will continue to be partners for next nine years and Dhanlaxmi bank will be selling the life insurance products offered by Bajaj Allianz Life Insurance.

Bajaj Allianz is one of the leading players in Indian insurance industry while Dhanlaxmi is a private sector bank operating across Kerala, Karnataka, Tamil Nadu, Delhi, Gujarat, Maharashtra and West Bengal. This business tie-up between these two financers will also be beneficial for the customers of Dhanlaxmi bank as all the Bajaj Allianz life insurance products will be easily available for them from now on.

Bajaj Allianz Introduces its First Online Term Plan ‘e-Touch’

Gurugram, India, 15 Dec, 2016: Bajaj Allianz Life Insurance has come up with its first online term plan ‘eTouch’. This plan offers four variants i.e. Shield, Shield Super Shield Plus and Shield Supreme. Under the Shield Supreme variant, an inbuilt premium waiver rider is offered, which is applicable in case of accidental total and permanent disability or on the diagnosis of a critical illness (the policy covers 34 critical illnesses). Bajaj Allianz eTouch online term plan offers the combined benefits of both term and health insurance as the insured gets the life coverage along with the add-on benefits such as accidental death cover, total permanent disability cover, and critical illness cover till the age of 75.

Mr. Vineet Patni, the president and chief business officer of Bajaj Allianz Life Insurance has stated that people want a one-stop solution and a tension-free protection plan in today’s uncertainties of life. The eTouch online term plan is a customizable plan with 3-in-1 protection benefits that cover all the 3Ds of life – death, disease and disability, and that too at a competitive price and pliability to choose from a 40-year long tenure.

FAQs - Bajaj Allianz Life Insurance

Q. Does Bajaj Allianz Life Insurance offers maternity benefit?

A. No. Maternity benefit is not offered by any Life Insurance plan by Bajaj Allianz unless specified in a particular policy.

Q. What is the process of renewing Bajaj Allianz Life Insurance policy?

A. You can renew Bajaj Allianz life insurance in two ways - Online and Offline.

Online:

• To renew online, visit the official website of the insurer
• Go to the ‘Pay Your Premium’ option
• You’ll be required to provide some information like policy number, date of birth of the insured etc.
• After submitting the relevant details, the premium details will appear on the screen.
• Pay the premium by applying various payment modes like credit card, debit card, net banking, bill junction etc. and enjoy policy benefits uninterruptedly.

Offline:

• To renew your policy offline, you need to visit a branch office or Bajaj Allianz Life Insurance and pay the due premium. Otherwise, you may contact your insurance agent to renew your policy.

Q. What is the procedure for changing my address?

A. To change your address in Bajaj Allianz life insurance policy:

• Visit the customer portal of Bajaj Allianz
• Go to the ‘Change Policy Details’
• Provided policy number and click on ‘Change in Address ‘option
• Provide the required changes and update the new address

Q. What add-on covers are available with Bajaj Allianz Life Insurance policies?

A. The following riders are available for traditional individual plans:

• Bajaj Allianz Critical Illness Benefit Rider
• Bajaj Allianz Waiver of Premium Benefit Rider
• Bajaj Allianz Accidental Death Benefit Rider
• Bajaj Allianz Accidental Permanent Total/Partial Disability Rider
• Bajaj Allianz Family Income Benefit Rider

For ULIPs

• Bajaj Allianz ULIP Accidental Death Benefit Rider
• Bajaj Allianz ULIP Family Income Benefit Rider
• Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
• Bajaj Allianz ULIP Waiver of Premium Benefit Rider
• Bajaj Allianz ULIP Critical Illness Benefit Rider

For Group Life Insurance

• Bajaj Allianz Life Group Accelerated Critical Illness Rider
• Bajaj Allianz Life Group Accidental Death Benefit Rider
• Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider

Q. When can riders be added to or removed from the base policy?

A. You can add or remove riders at the time of policy renewal.

Q. How can I check my claim status?

A. You can check your claim status by visiting the official website of Bajaj Allianz and entering the claim reference number provided at the time of claim registration.

Q. What are the reasons for claim rejection in Life Insurance?

The main reasons for claim rejection are:

• If someone presented false information and the insurer knows about it later
• If someone forgets to pay the life insurance premium on time and if the policy lapses
• If the situation is not covered by the policy for which the claim was made
• In case the name of the nominee was not updated in the policy

Q. Is death by natural calamities covered?

A. Coverage is offered for both basic death and accidental death, including when caused by natural calamities.

Q. Is coverage available during foreign travel and stay?

A. No. if the eventuality occurs in a foreign land, the policy does not cover you for the losses.

Q. Can I reclaim if I’m not satisfied with the decision or the amount that is paid by the insurer?

A. Yes, you can re-claim for the same case, in case you’re not satisfied with the decision of the insurer. The case can be taken up to the Claim Review Committee of the insurer again.

Q. Can I avail any tax exemption for the benefits received?

A. As per the Section 10(10D) of the Income Tax Act, 1961, the benefits received are exempted from your tax liability.

Q. If I lose my policy bond, will it affect my claim settlement?

A. No, the claim can be processed with other documents as well.

Q. How do I cancel my Bajaj Allianz policy online?

A. The insurer offers a free-look period of 15 days within which you can cancel your policy, in case you do not find it adequate. If there is no claim, then the insurer will refund your premium on a pro-rata basis.