Bajaj Allianz Life Insurance Co. Ltd.

With the focused commitment and drive towards the mission to be India’s life goals enabler, Bajaj Allianz Life (the Company) is today one of the leading private life insurers in the country. The Company is a partnership between two household names and powerful entities in their own right – Bajaj Finserv Limited of the Bajaj Group, and Allianz SE, the world’s leading insurance conglomerate.

Bajaj Allianz Life commenced its operations in 2001. In less than two decades, it has expanded its presence across the country, serving large sets of customers through its 582 branches spread across India, 80,000+ agents, a large set of partners and strong presence within the online category. It has been able to do so because the Company innovates, develops, and offers a diverse portfolio of life insurance solutions that are comprehensive, customised, and cater to every segment in the market. The immense trust earned by the Bajaj Allianz Life brand in India, combined with competitive pricing and technical expertise, has allowed the Company to position itself as a one of the market leaders among private life insurer.

Over the past year, Bajaj Allianz Life has continued to nurture this position, while adding more feathers to its cap. The Company also aims to be at the forefront of tech-enabled services and digital disruptions in this space. It has embraced the latest technologies in order to expand presence digitally by enhancing mobility solutions, analytics, and cloud services amongst other tech innovations. It is moving towards the automation of processes in order to foster a competitive edge and impetus for its intermediaries, employees and partners, with a goal to ensure a holistic, enhanced customer experience.

As a life insurer, Bajaj Allianz Life continues to be committed to stand by its customers at their time of need. It’s enhanced processes and automation has helped customers also during the claim process. The Company has paid more than 2 lakh individual claims between FY 2006-07 and FY 2018-19, with the total claim amount exceeding INR 3,600 crores, and has significant Claim Settlement Ratio, which stood at 95.01% for FY 2018-19.

Bajaj Allianz Life is consistently recognized for the value that it generates for the industry and for its customers. In 2018, it was featured amongst the Top 75 Most Valuable Indian Brands in a report by WPP Plc. and Kantar Millward Brown. In the 2019 Nielson and ET Brand Equity’s Most Trusted Brands survey, Bajaj Allianz Life ranked #3 amongst the most trusted private life insurers.

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

ULIPs
One of the results of our innovation was seen within our ULIP category. A Unit-Linked Insurance Plan is a dynamic investment tool that offers you the twin benefits of insurance and wealth creation. A portion of your premium is charged for providing you a life cover, and the remaining amount is invested in a range of market-linked funds based on your goals and risk-appetite. Bajaj Allianz Life was the first in the country to further innovate on this product category and offer return of life cover or return of mortality charges (ROMC), first- of- its- kind making the purchase of a ULIP even more beneficial.

Term Insurance and Savings Plan
We maintain a strong portfolio of traditional insurance products. The purest form of life insurance – Term Plans – is available from Bajaj Allianz Life. Our customers can choose from a varied range of term plans depending on unique requirements, preferences, and financial goals. Similarly, we offer a variety of Savings Plans, where you can receive insurance coverage, as well as returns from the investment of your money in low-risk assets.

Investment Plans
In addition to ULIPs, we also offer non-linked participating endowment plans, which not only provide life insurance but also map out a concrete savings plan for you over a period of time and help you raise a generous corpus. The lump sum benefit, along with an attractive bonuses, will either be paid out to the beneficiary upon the death of the policyholder or be shared to the insured themselves if they survive the term of the policy. This is the preferred type of plan to provide you and your loved ones with a financial cushion while working towards meeting your long-term life goals.

Health Plans
Life insurance is all about planning for unforeseen circumstances – but these do not arise only because of death. They may also arise because of an unanticipated health emergency, and it’s important to protect your family against those as well. With the rising costs of healthcare, safeguarding the financial interests of you and your loved ones is more crucial now than ever before. The rising incidences of diseases also makes having such a contingency plan imperative. Our customers can ensure that health emergencies do not hinder their life goals.

Child Plans
In pursuit of our mission to become India’s life goal enabler, we also have plans that cater specifically to children. Our Child Plans are designed to help parents build a corpus for their children in order to finance their life goals and milestones.

Group Plans
Group Plans provide insurance benefits, such as life insurance, annuity, protection against loan liability and gratuity, to a group of people – such as those provided to members of a workforce by their employer or organization.

Micro-Insurance and Retirement Plans
Micro-insurance, catering to low-income individuals, is a part of our effort to include underserved populations into formal finance, allowing them to secure a better financial future for their families at nominal costs. Finally, our Retirement Plans help you plan and save for your retirement, so you can live your golden years on your terms, the way you envisioned.

Riders
Apart from our portfolio of insurance products, we also offer rider plans that provide additional benefits. You can purchase these riders as add-ons to your insurance policy at a nominal cost, ensuring that you maximize the benefits that you receive from your policy.

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