Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz Life Insurance Co. Ltd., one of India’s leading private life insurers, is a joint venture between Bajaj Finserv Limited, one of the most diversified non-banking financial institutions in India, and Allianz SE, one of the world’s leading global insurer and asset manager. We began operations in August 2001 from our Pune, Maharashtra (India) headquarters.

With a focus on getting Life Goals DONE. Bajaj Allianz Life is committed to offering value-packed and innovative products, which are simple to understand and purchase. They are designed to meet the long-term life goals of customers, ranging from protection, wealth creation to retirement solutions and more. These are backed by a suite of tech-enabled services and service touchpoints to ensure we are always available for our customers to manage their Life Goals with us.

To ensure enhanced customer engagement, Bajaj Allianz Life has built an extensive distribution network across the country. With 511 branches, over 1,25,374 agents (as on 30 April 2023), along with several partnerships with key banks, including AXIS, Bandhan, and IDFC First amongst others, and a large network of Corporate Agents, we are present where our customers are. The Company’s digital eco-system is also built and strengthened over time to ensure customers have access easy access to its insurance solutions.

With innovation and customer-centricity as Bajaj Allianz Life’s guiding values, the Company has transformed to being one of the fastest-growing life insurers in India. Today, Bajaj Allianz Life is the life goals enabler to over 2.82 crore# individuals and has over Rs. 92,123 crore Assets Under Management (as on 30 April 2023), with an AAA$ Rating that signifies the highest degree of safety regarding timely servicing of financial obligations and Claims Settlement Ratio at 99.04%~.

Over the last five years, Bajaj Allianz Life has disrupted the life insurance industry in several ways, to ensure that our customers enjoy several benefits their life insurance policy(ies) provides. From introducing first-of-their-kind product features to innovative services for customers, ICs, and partners alike (e.g., SmartAssist, a comprehensive set of services on WhatsApp Business account, QR-code enabled branch services, etc.), several milestones mark the Company’s transformation journey this far.

As a brand, Bajaj Allianz Life has also strengthened the trust quotient it enjoys amongst its stakeholders and customers. Endearing campaigns built on deep customer insights and the right marketing analytics have helped in building a strong brand recall. Bajaj Allianz Life has been recognized thrice for the mega Plankathon event where it broke records for the most number of people performing the abdominal plank, simultaneously. All these achievements have been possible due to the passion of over 20K team members working towards enabling the life goals of our customers.

At the heart of innovation and development of products at Bajaj Allianz Life, is customer centricity. We have created a diverse portfolio of life insurance solutions that cater to a large breadth of the market, with varying preferences, requirements, ages, and income groups. At Bajaj Allianz Life, there is something for everyone – and we continue to build new products that are value-packed, easy to understand, more flexible, and customized to the needs of our customers.

Life insurance products are often packaged as death benefit financial solutions only. However, at Bajaj Allianz Life we are changing this narrative and focusing on also bringing to the customers the living benefits of life insurance. We’re reorienting our strategies and consequently, our products, to focus on the living benefits of life insurance. Since Bajaj Allianz Life Insurance is a firm believer in innovative and customer-centric approaches, we have come up with distinctive products, which are first of their kind in the market, like the Diabetic Term Plan that caters to the life goals of the diabetic customers, Return Of Charges as provided by many of our Unit Linked Insurance Plans and Systematic In Systematic Out (SISO) with which one can start investing with the nominal amount.

Our motto, simply put, is to help customers achieve their life goals with our life insurance products.

Term Insurance Policy
Term insurance offers financial protection to the nominee mentioned in the plan if the insured person passes away. This financial protection is the sum assured under the term insurance policy. The life cover offered by a term plan is valid for a specified period of time known as the policy term. So, if the insured person survives the policy term, they will not earn any returns in the case of a pure-term plan. However, if the insured person passes away during the policy term, the life insurance provider pays out the sum assured under the plan.

Unit Linked Insurance Plans (ULIP)
A ULIP is a kind of life insurance plan that gives the policyholder the dual benefit of enjoying a life cover as well as investing in select market-linked funds. You need to pay premiums to the insurance provider in order to enjoy the benefit of the life cover, where your premium gets invested in market-linked funds. A unique feature of ULIPs is that you can invest in a variety of funds such as equity funds, debt funds, or even a mix of both. At the time of purchasing your Unit Linked Insurance Plan, you can decide on the kind of funds you wish to invest in.

Investment Plans
Investment plans allow you to invest in a disciplined manner in different investment vehicles, including equity, debt, or a combination of both, to help you to meet your long-term financial goals.
You can choose from an array of investment plans based on your unique requirements. Your age, risk appetite, life goals, and the time frame in which you want to achieve your financial goals, are some of the factors to consider before deciding on the right investment plan for you and your family.

Health Plans
With the onset of any critical illness, most of the Indian population generally utilizes the accumulated savings or other investments to meet the expenses arising due to this illness. One may even need to take loans. This is why you need a provision for financial protection and support in case of medical emergencies. Critical illness health insurance plans can protect your and your family’s life goals from getting derailed due to unanticipated health emergencies. Such plans offered by life insurance companies provide Lump sum benefits on the detection of covered critical illnesses.

Retirement Plans
Retirement plans from life insurance companies work in two ways – help you build a corpus during your earning years when you are able to save, and invest towards building your retirement corpus, in a way that it provides you with financial support throughout your retired years. During the accumulation phase, a retirement plan invests your money, which over the long term generates appropriate returns and helps you build a significant corpus for retired life. In the post-retirement phase, through an annuity product, you can get regular income for life.

Child Insurance Plans
A child plan provides payouts at milestones of your child’s life and is designed to meet the financial requirements of a growing child. Systematic and disciplined savings through an insurance plan for your child means that you are able to plan for a big goal with small savings.
The life cover attached to it ensures that your child’s financial needs are also taken care of, even if something happens to you.

Group Insurance Plans
As the name suggests, group insurance policies provide insurance cover to a group of people – they may be employees of an organization, members of a society, or a group of borrowers. Under a group insurance policy, members of the group can get a life, annuity, superannuation, gratuity, leave encashment, and loan cover, among others.

Riders
Riders are an add-on to the life insurance policy, which provides additional benefits at a nominal extra cost or charge. As a policyholder, you can add riders to your life insurance plan which comes with rider benefits, including term plan, endowment or ULIP. In addition to life cover through riders, contingencies like critical illness or disability, etc can be covered. You can add a rider to your life insurance policy at the time of purchase of the policy or later depending on the rider’s terms and conditions.

Promoting health care:

• Smile Train: Funding over 3300 cleft surgeries for poor children at selected centers in India
• Hirabai Cowasji Jehangir Medical Research Institute (HCJMRI): Funding medical treatment of over 300 children diagnosed with juvenile diabetes

Promotion of education:

• Globe Mills Passage School: Support for operational expenses of Muktangan school for children from low income community
• Bandhan Konnagar: Funding education of over 11000 children from low income communities in rural areas

Homes and shelters:

• Association for Rural and Urban Needy: Funding expenses of Rainbow Home, which provides shelter and education to erstwhile street children
• Bhartiya Samaj Sewa Kendra: Financial support for children and their birth mothers across multiple orphanages