Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between two entities - Bajaj Finserv Ltd. and Allianz SE. The company commenced its operations in 2001. With the help of 80000+ agents, the company is serving millions of customers. It has a PAN India presence in over 638 cities and towns. The company offers several life insurance products from term plans, ULIP plans, retirement, and child insurance plans to cater to the different needs of its customers.

Awards and Recognitions

Some of the recent awards are:

awards
  • "Best Use of Innovation to enhance Customer Experience" at the Customer FEST Leadership Awards 2021
  • "Best Digital Customer Experience Initiative" at the Customer FEST Leadership Awards 2021
  • #SAMMIE Award for the "Best Social Media Brand" at the Best Social Media Brands Award 2020
  • Red Hat APAC Innovation Awards 2020
  • "Most Innovative Best Practice in Customer Experience" at the CII DX Summit & Awards 2020
  • "Best Fraud Intelligence" award at the 5th Annual Insurance India Summit & Awards 2020
  • Awarded as Leading Life Insurance Company 2017 by Golden Globe Tiger

Key Features of Bajaj Allianz Life Insurance Company

Before buying an Insurance policy, one must read about important parameters like Market share, Claim Settlement Ratio which shall provide insights into its business volume, financial soundness etc.

Let us explore more about Bajaj Allianz Life Insurance Company.

1 Market Share

Market share is the percentage of the total revenue or sales in the market that a company makes up. It gives you an idea of the financial background of the company. Bajaj Allianz Life Insurance has reported annual premium of 5179.01 crores in 2019-20.

Below is a graphical representation of the company's annual premiums from 2016 to 2020.

Annual Premium Of Bajaj Allianz Life Insurance Company for FY 2016-2020

Annual Premium Of Bajaj Allianz Life Insurance for FY 2016-2020

*Data from IRDAI Annual Reports

As per IRDAI Annual Reports 2018-19, the annual gross premium was Rs. 4922.83 crores In 2019-20, it has been increased to Rs. 5179.01 Crores. At the end of March 2020, Bajaj Allianz held a market share of 1.99% in the life insurance industry.

2 Solvency Ratio

The solvency ratio measures the ability of a company to meet its debt and other obligations by determining the actual cash flow rather than the net income. IRDAI has mandated to maintain a solvency ratio of 1.5 for every life insurer. The solvency ratio of Bajaj Allianz Life Insurance is 7.65, indicating its financial soundness.

The following graph illustrates the solvency ratios of Bajaj Allianz Life Insurance from FY 2016-17 to FY 2019-20.

Solvency Ratio of Bajaj Allianz Life Insurance Company 2019-20

Solvency Ratio of Bajaj Allianz Life Insurance Company 2019-20

*Data from IRDAI Annual Reports

3 Claim Settlement Ratio

Claim Settlement ratio is a very crucial element of an insurance company as it shows the number of claims settled, out of the total claims received by the insurer. This ratio helps in assessing the insurer's reliability in terms of settling claims.

As per IRDAI Annual Report 2019-20, the Claim Settlement Ratio of Bajaj Allianz Life Insurance company is 98.02%.

Claim Settlement Ratio Of Bajaj Allianz Life Insurance (2016- 2020)

Claim Settlement Ratio Of Bajaj Allianz Life Insurance

*Data from IRDAI Annual Reports

4 Operating Network

Bajaj Allianz Life Insurance has a multichannel distribution of insurance products across 689 offices PAN India. It has 9000 employees, 80,000 agents & 240 bank partners.

What Are The Different Types of Bajaj Allianz Life Insurance Plans?

Bajaj Allianz Life Insurance offers life insurance products to protect you and your family against uncertainties in life. From ULIP plans to child plans, the company provides coverage for every stage of life.

Here's a quick lay down of all the plans mentioned under different categories offered by the Bajaj Allianz Life Insurance company:

Product CategoriesNames of Plans
ULIP PlansBajaj Allianz Life Goal Assure
Bajaj Allianz Life Smart Wealth Goal
Bajaj Allianz Future Gain
Bajaj Allianz Fortune Gain
Bajaj Allianz Life Future Wealth Gain
Bajaj Allianz Life LongLife Goal
Term InsuranceBajaj Allianz Life Smart Protect Goal
Bajaj Allianz Life eTouch Online Term
Bajaj Allianz Life Saral Jeevan Bima
Bajaj Allianz iSecure
Savings planBajaj Allianz Flexi Income Goal
Guaranteed Saving Goal
POS Goal Suraksha
Guaranteed Income Goal
Bajaj Allianz Save Assure
Investment PlansBajaj Allianz Invest Assure
Bajaj Allianz Elite Assure
Retirement PlansBajaj Allianz Guaranteed Pension Goal
Bajaj Allianz LongLife Goal
Bajaj Allianz Retire Rich
Child Insurance PlansYoung Assure
Lifelong Assure
Group Insurance PlansBajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Bajaj Allianz Life Group Superannuation Secure
Bajaj Allianz Life Group Annuity Plan

How To File A Claim For Bajaj Allianz Life Insurance?

Bajaj Allianz Life Insurance offers a simple and hassle-free claim process. Follow the below-mentioned steps and file your claim:

Claim For Bajaj Allianz Life Insurance

Documents Required to File a Claim Under Bajaj Allianz Life Insurance

Documents Required to File a Claim Under Bajaj Allianz Life Insurance

How To Contact Bajaj Allianz Life Insurance Company?

Corporate Office Address: Bajaj Allianz House , Airport Rd, Yerawada, Pune, Maharashtra - 411006.

Contact Number: 1800 209 7272.

E-mail Address: customercare[at]bajajallianz[dot]co[dot]in

FAQs

1. How to report death claims when there is no nomination or in case of a beneficiary's demise?

In such a case, you have to provide proof of the title/succession certificate issued by a court. If the company has accepted the claim and is waiting for the proof, it will hold the money as directed by the IRDAI.

2. Can NRIs purchase term insurance plans?

Yes, an NRI can invest in a term insurance policy in India by abiding by the applicable underwriting guidelines of the company and other applicable laws.

3. When can I remove or add riders from the base policy?

You are allowed to add or remove riders only on policy anniversaries, or at the time of renewing the policy.

4. Are there any tax exemptions on benefits received?

Yes, life insurance policies are also liable for tax deductions under Section 10(10D) of the Income Tax Act, 1961.

5. How can I get the Bajaj Allianz Life Insurance premium receipt?

You have to visit Bajaj Allianz's portal to download Bajaj Allianz Life Insurance Premium Receipt. You can also visit the insurer's mobile app.

6. What are the documents you need to submit for policy surrender?

  • Policy surrender form
  • A self-attested copy of your ID proof
  • Policy bond
  • Any canceled cheque/bank attested bank statement/bank attested passbook copy

7. What are the different reasons behind claim rejection?

Claims can be rejected because of a few reasons such as:

  • Withholding information
  • Fraud
  • If the claim is linked with any exclusion
  • Losses which are not liable to get the cover under the plan
  • Lapsed policies

8. How can someone check policy details under Bajaj Allianz Life Insurance?

The policy document has all the details related to your Bajaj Allianz Life Insurance. You can check the document for any information you may need.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (28 Total Rating)

October 6, 2021

Kaneeka Joshi

Chandigarh

good service during claims settlement recently. Now bought another cover from Bajaj for their service

October 5, 2021

Shubham Sharma

Delhi

grateful! good plans! I m planning to renew my policy now with them. the features are pretty impressive

October 5, 2021

Saksham Patani

Bhopal

it s a good company. i was offered a term plan and the premiums in my budget! Also thankful to policyx for their inputs and suggestions

October 4, 2021

Kopil Dev

Mumbai

amazing service! like truly amazing! i mean I have always been so skeptical about insurance...but Bajaj was so professional and dealt with my queries wonderfully!

October 4, 2021

Sanam Makheeja

Chandigarh

good team the company has created...very very helpful and quick with query resolution! I am grateful to be a customer of this company!

Last updated on August, 2021

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