Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance- Overview



Bajaj Allianz Life Insurance is a combined venture of Bajaj Finserv and Allianz SE, which is one of the leading insurers. Allianz SE enjoys a global positioning as an insurance conglomerate and is among the top asset management service providers in the world as well.

It operates in at least 70 countries across the world and has a minimum of 119 years' experience in the financial industry. At present Allianz SE manages assets whose combined worth is more than INR 5500,000 crores.

Bajaj Allianz was incorporated on March 12, 2001 and initiated operations from August 3 in the same year. At present the insurer is managing assets worth INR 394.33 billion and it has a solvency ratio of 516.28%. It has won the Bloomberg UTV Award 2011 in the category named best utilization of information technology to transform business.

The insurer has also received the SKOCH Financial Inclusion Award 2012 for its financial inclusion initiatives through the life insurance products. Its micro-insurance program named Sarve Shakti Suraksha has also been recognized at the same event. The micro insurance program has also been awarded several Certificates of Merit.

The channel partners of Bajaj Allianz Life Insurance are Standard Chartered Bank, Team Life Care Co. (India) Ltd, and Dhanlakshmi Bank. Following are its major bankers:

  • Standard Chartered Bank
  • HDFC Bank
  • AXIS Bank
  • Citi Bank
  • Deutsche Bank

Bajaj Allianz Life Insurance Management



The chairman of Bajaj Allianz Life Insurance is Rahul Bajaj and its Managing Director and Chief Executive Officer is V Philip. The board of directors of the organization is made up of the following apart from the above mentioned officials:

  • Manuel Bauer
  • Ranjit Gupta
  • Sanjay Asher
  • SH Khan
  • Niraj Bajaj
  • Suraj Mehta
  • Sanjiv Bajaj
  • Manu Tandon
  • David Fried

Bajaj Allianz Life Insurance Products



The various products of the insurer may be mentioned as below:

Individual Life Insurance

Unit Linked Insurance Plans

  • Regular Premium - iGain III, Smart Insurance Plan III, Money Secure Insurance Plan, Max Advantage Insurance Plan, and Assured Protection Insurance Plan
  • Single Premium - Shield Insurance Plan, Wealth Insurance Plan, and Flexi Advantage Insurance Plan
Traditional Insurance Plans

  • Endowment - InvestGain, Life Time Care, SaveCare Economy SP, and Super Saver
  • Money Back - CashRich Insurance Plan, CashGain, Super CashGain Insurance Plan, and ChildGain
Term Insurance Plans

  • Pure Risk Cover - iSecure Insurance Plan, New Risk Care II, and iSecure More Insurance Plan
  • Risk Cover + Loan Protection - iSecure Loan Insurance Plan, and Protector
  • Risk Cover + Return of Premium - Term Care
Life + Health Insurance Plans

  • Family Care First
  • Health Care
Pension Plans
  • Pension Guarantee
Woman Insurance Plans

  • Women Life Insurance
Additional Rider Benefits

  • Bajaj Allianz Family Income Benefit
  • Bajaj Allianz Critical Illness Benefit
  • Bajaj Allianz Comprehensive Accident Protection Benefit
  • Bajaj Allianz Hospital Cash Benefit
  • Bajaj Allianz Supplementary Death Benefit

Group Life Insurance

Products

  • Group Credit Protection Plus
  • Group Save Plus
  • Credit Shield
  • Group Term Life in lieu of EDLI
  • Group Suraksha
  • Group Leave Encashment Scheme
  • Sarve Shakti Suraksha
  • Group Annuity
  • Group Loan Protector
  • Group Superannuation Gold
  • Group Income Protection
  • Group Gratuity Gold
  • Group Wealth Insurance
  • Group Employee Benefit
  • Group Term Life
Riders

  • Group Accelerated Critical Illness Rider
  • Group Terminal Illness Rider

Micro Insurance

  • Alp Nivesh Yojana
  • Saral Suraksha Yojana
  • Jana Vikas Yojana

Bajaj Allianz Life Insurance Financial Highlights



The financial performance of Bajaj Allianz Life may be gauged through the following table:

Domain Figures
New business INR 2.72 billion
Gross premium INR 74.8 billion
Profit INR 12.5 billion
Shareholder's profit after tax INR 13.1 billion
Surplus INR 9.8 billion
Total profits INR 23.5 billion
Shareholder investments INR 36 billion
Traditional policyholder investments INR 58.5 billion
Unit linked investments INR 299.8 billion
Net worth INR 35.6 billion


Bajaj Allianz Life Insurance News



Bajaj Allianz Life Insurance has recently introduced the iSecure, which is an online term plan. The plan will be providing a sum assured of at least INR 20 lakhs.

The program will be providing a number of extra riders like critical illness, hospital cash, and detailed accidental protection benefits. This will make the online term plan the only one of its kind in the Indian insurance market as far as the offerings are concerned.

Bajaj Allianz has always been at the forefront when it comes to web based ULIPs and iSecure has allowed it to complete its portfolio of online products, which now has term and conventional insurance plans in addition to the unit linked insurance plans. This is the opinion of Rituraj Bhattacharya, the Head of the Marketing Management department at Bajaj Allianz Life.

Some of the major features of the plan may be enumerated as below:

  • Proper term cover at lower premiums
  • Various options to decide policy term
  • Commendably high rebate on sum assured
  • Capability to include spouse in the program


A major advantage of the web based insurance plans is that since the company is able to connect directly with the policyholders the intermediaries are eliminated and the organizations can save on the commission to be paid to them.

Yet another beneficial feature of these plans is that the saved money is provided to the end consumers. All these factors have contributed greatly to their growing popularity.

The iSecure plan is offering lower premiums for non-smokers and ones who go for higher coverage amounts are being provided discounts. If a policyholder wants to make consistent income for their family when they are not there they can choose to have the proceeds provided to their family in yearly installments.

The term period for paying the premium is from 10 to 30 years and customers can change their frequency of paying their premiums as per their convenience throughout the term period.

Bajaj Allianz Life Insurance Office Details



The headquarters of Bajaj Allianz Life Insurance are at Pune and it also has 1044 offices across the country.

Bajaj Allianz Life Insurance Contact Details



The contact details of the insurer may be mentioned as below:

Bajaj Allianz Life Insurance Company Limited

Ground Floor, G.E. Plaza,
Airport Road, Yerawada,
Pune- 411006

Telephone number: 020-6602 6777
Fax: 020-6602 6789
E-mail address: life@bajajallianz.co.in
Toll free number: 1800-209-5858.

Last Updated on 09/07/2012

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