Bajaj Allianz Life Insurance
Started its operations in 2001, Bajaj Allianz Life Insurance company is the joint venture between- Bajaj Finserv Limited, one of India's most diversified non-banking financial institutions, and Allianz SE, one of the world's leading asset managers and insurers.
Bajaj Allianz Life Insurance company ensures to look after your insurance needs by offering Term Insurance plans, Unit-linkes plans, savings plan, investment plan, retirement plan and many more.
The company offers customized products with transparent benefits and ensures to make life insurance easy for every individual. With several years of hard work, the company is able to achieve several awards and accolades.
Let's take a look at some of the company's achievements:
- Bajaj Allianz Life has won the "Achromic Point Anti-Fraud Award" at the 4th Annual Anti-Fraud Conclave & Awards 2022.
- Bajaj Allianz Life has won the "Best Risk Management Initiative - Life Insurance" at the InsureNext Awards & Summit 2022
- "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
What are the Key Features of Bajaj Allianz Life Insurance Company?
Buying a Life insurance policy without doing proper research can cause stress and tension at the time of claim settlement. Thus it is always important for you to check the important parameters like Annual Premium, and Claim Settlement Ratio which shall provide insights into its business volume, financial soundness etc.
In the below section we have evaluated Bajaj Allianz Life Insurance Company Ltd. on the factors mentioned above. These factors will assist you to make an informed decision and will help you to choose an ideal Baja Allianz Bajaj Life insurance policy.
1 Bajaj Allianz Life Insurance Annual Premium
Bajaj Allianz Life Insurance company has witnessed growth in their Annual Premium. In FY 2019-20, the Annual Premium of the company was 9,752.53 crores, whereas, in the FY 2020-21, the annual premium is 12,024.84 Crores.
Annual Premium Of Bajaj Allianz Life Insurance Company for FY 2018-2021
*Data from IRDAI Annual Reports
2 Bajaj Allianz Life Insurance 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 7.16, indicating its financial soundness.
3 Bajaj Allianz Life Insurance Claim Settlement Ratio
CSR 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 assess the insurer's reliability in settling claims.
As per IRDAI Annual Report 2020-21, the Claim Settlement Ratio of Bajaj Allianz Life Insurance company is 98.48%.
Claim Settlement Ratio of Bajaj Allianz Life Insurance (2018-2021)
*Data from IRDAI Annual Reports
4 Bajaj Allianz Life Insurance Company Operating Network
Bajaj Allianz Life has in less than two decades expanded its presence in PAN India and serves millions of customers through its 509 branches, 96,000+ agents, and a comprehensive set of trusted partners via its online sales channel.
|Annual Premium||Rs. 12,024.84 Crores|
|Claim Settlement Ratio||98.48%|
|Operating Network||509 Branches|
Bajaj Allianz Life Insurance Plans
Bajaj Allianz Insurance Company comes with a range of plans that allow the customers to choose their ideal plan as per their and their family's requirement. The company ensures to offer a plan for everyone. 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 Categories||Names of Plans|
|ULIP Plans||Bajaj Allianz Goal Assure|
Bajaj Allianz Smart Wealth Goal
Bajaj Allianz Future Gain
Bajaj Allianz Fortune Gain
Bajaj Allianz Future Wealth Gain
|Term Insurance||Bajaj Allianz Smart Protect Goal|
Bajaj Allianz eTouch Online Term
Bajaj Allianz Saral Jeevan Bima
Bajaj Allianz iSecure
|Savings plan||Bajaj Allianz Flexi Income Goal|
Bajaj Allianz Guaranteed Saving Goal
Bajaj Allianz POS Goal Suraksha
Bajaj Allianz Guaranteed Income Goal
|Investment Plans||Bajaj Allianz Assured Wealth Goal- Wealth creation|
Bajaj Allianz Invest Assure
Bajaj Allianz Elite Assure
|Retirement Plans||Bajaj Allianz Guaranteed Pension Goal|
Bajaj Allianz LongLife Goal
Bajaj Allianz Retire Rich
Bajaj Saral Pension
|Child Insurance Plans||Young Assure|
Assured Wealth Goal- StepUp Income
|Group Insurance Plans||Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana|
Bajaj Allianz Life Group Superannuation Secure
Bajaj Allianz Life Group Sampoorna Suraksha Kavach
Bajaj Allianz Life Group Credit Protection Plus
Bajaj Allianz Life Group Employee Care
Bajaj Allianz Life Group Term Life
Bajaj Allianz Life Group Employee Benefit
Bajaj Allianz Life Group Sampoorna Jeevan Suraksha
Why Choose Bajaj Allianz Life Insurance?
Secure and Transparent Methodology:
Bajaj Allianz Life Insurance is accredited with CARE AAA (IS), which shows that the company offers the highest degree of safety regarding timely servicing of financial obligations.
Enhanced protection with Multiple Add-ons:
Bajaj Allianz Life Insurance provides the option of adding riders to the insurance policy to increase the life cover. In the event of a financial emergency, riders give additional advantages. Critical Illness Rider, Accidental Death/Total Permanent Disability Rider, Waiver of Premium Rider, and more riders are available via Bajaj Allianz Life.
Excellent Customer Service:
Bajaj Allianz Life provides digital customer support 24 hours a day, seven days a week, and the insurance firm has a strong customer service department both online and offline, that is constantly available to answer clients' questions, allowing them to provide the finest service possible.
One Day Claim Approval
As per the records, 95.49% of non-investigative individual claims were approved in one working day for FY 2021-22.
Bajaj Allianz Life has received several awards for providing unparalleled services. At the Annual Insurance India Summit and Awards 2020, Bajaj Allianz Life received the prize for 'Best Fraud Intelligence.' At the Customer Fest Leadership Awards 2020, the firm won 'The best Digital Customer Experience Initiative.' and many more