Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of the successful insurance companies in India. It is a joint venture between two powerful 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. Bajaj Allianz Life Insurance has also reported strong financial performance by posting revenues of Rs 12,624 crore in the Financial year 2020-21. The company offers a wide range of effective 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

In recent years, the company has not only earned significant profits but has also garnered attention and recognition for innovation in its solutions and customer-centricity. Some of these 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

A couple of parameters help the potential customers to understand how an insurer is performing in the market. Market share, claim settlement ratio, and solvency ratio of an insurance company provides insights into its business volume, financial soundness, reliability, and trustworthiness. Analysing all these factors is crucial before deciding to purchase an insurance plan from a particular insurer.

To help you make an informed decision based on reliable data, the research team at PolicyX.com has shortlisted top life insurance companies based on the above-mentioned factors. Let us explore Bajaj Allianz Life Insurance Company based on these key features.

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 and business reputation of the company. Bajaj Allianz Life Insurance has made significant growth in its annual premium over the last few years. To confirm that, here 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 but now 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. The below figure presents a list of annual premiums of private insurers.

Annual Premiums of Private Insurers for FY 2016-20

InsurersPremium (2016-2017) in croresPremium (2017-2018) in croresPremium (2018-2019) in croresPremium (2019-2020) in crores
ICICI Prudential7863.39211.7510364.3612487.52
Max life3666.354348.595160.415583.48
Bajaj Allianz3290.264291.144922.835179.01
Kotak Mahindra2849.743404.213977.115105.77
Aditya Birla Sunlife2534.262662.83917.073657.22

*Data from IRDAI Annual Reports

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

Bajaj Allianz is a financially stable company as it has the highest solvency ratio among all the top 5 life insurance companies.

Solvency Ratio of Top 5 Life Insurance Company

Solvency Ratio of Top 5 Life Insurance Company

*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. Therefore, it is important to select an insurer with a good Claim Settlement Ratio.

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

In the graph below, we have illustrated the yearly trend of the CSR of Bajaj Allianz Life Insurance, over the past four years.

Claim Settlement Ratio Of Bajaj Allianz Life Insurance

Claim Settlement Ratio Of Bajaj Allianz Life Insurance

*Data from IRDAI Annual Reports

4 Operating Network

Bajaj Allianz Life Insurance has an extensive multichannel distribution of a range of insurance products across 689 offices PAN India. On 2nd May 2021, the company gained the trust of 9000 employees along with a strong network of 80,000 agents over 240 bank partners.

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

Bajaj Allianz Life Insurance offers an wide range of 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

Life Insurance Banner

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)

- 4.7/5 (6 Total Rating)

July 9, 2021

Suman Kumar

Allahabad

I bought the Bajaj Allianz plan last year and all the issues got resolved by the company itself. I suggested it to my friends also.

July 9, 2021

Shreya

Chandigarh

My sister suggested me to buy the term plan of Bajaj Allianz and they are providing a good service to their customers.

Last updated on 08-07-2021

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