Bajaj Allianz Life Insurance Company
Bajaj Allianz Life is one of the leading private life insurance companies in India. The Company is a partnership between two powerful and successful entities in their own right – 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.
Commencing its operations in 2001, Bajaj Allianz Life Insurance has in less than two decades expanded its presence across the entire country. It serves millions of customers through its 509 branches, 96,000+ agents (as of 31 March 2022), and a comprehensive set of trusted partners via its online sales channel. The Company's brand promise of Life Goals Done drives it to launch innovative insurance solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature in some of its new-age ULIPs and thereby becoming the first company to do so. Bajaj Allianz Life has constantly transformed to offer tech-enabled state-of-the-art services to enhance customer delight. The Company continues to engage with customers through several unique platforms and has secured a place in the Guinness Book of World Records with the Bajaj Allianz Life Plankathon 2020.
Awards and Recognitions
Some of the recent awards are:
- 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
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.
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 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 an annual premium of Rs. 12,024.84 crores in 2020-21.
Below is a graphical representation of the company's annual premiums from 2018 to 2021.
Annual Premium Of Bajaj Allianz Life Insurance Company for FY 2018-2021
*Data from IRDAI Annual Reports
As per IRDAI Annual Reports 2020-21, the annual gross premium has increased to Rs. 12, 024.84 crores from Rs 9,752.53 in the last financial year of 2020-2021.
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 7.16, indicating its financial soundness.
3 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 in assessing the insurer's reliability in terms of 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 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
What Are The Different Types of Bajaj Allianz Life Insurance Plans?
Bajaj Allianz Insurance Company comes with a range of plans that allows 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