Bajaj Allianz Life Insurance And Career Plan 18 January 2019


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Bajaj Allianz Life Insurance And Career Plan: As we all know the world we live in is full of uncertainties and risks. These includes risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources. Insurance is a financial product that reduces or eliminates the cost of loss or impact of loss caused by different kinds of risks. This is also very great career pathway for job seekers who look their future in insurance company like Bajaj Allianz. So, In this article we are going to discuss about Bajaj Allianz Life Insurance and its Management, Products, Financial Highlights and News.

Bajaj Allianz Life Insurance – Overview

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a combined venture of Bajaj Finserv and Allianz SE, which is one amongst the leading insurers. Allianz SE enjoys a global positioning not only as an insurance conglomerate and but also as the top asset management service providers in the world. It operates in a minimum of seventy countries across the globe and includes a minimum of 119 years’ experience within the financial industry. At present Allianz SE manages assets whose combined price is more than INR 5500,000 crores.

Bajaj Allianz was incorporated on 12th March 2001 and initiated operations from 03rd August in the same year. At present the insurance company is managing assets worth INR 394.33 billion and it has a solvency ratio of 516.28%. It has won the Bloomberg UTV Award 2011 within the category named best utilization of information technology to transform business. The insurance company has not only received the SKOCH Financial Inclusion Award for its financial inclusion initiatives through the life insurance products but also its micro-insurance program named Sarve Shakti Suraksha recognized at the same event in 2012. The micro-insurance program has also been awarded with several Certificates of Merit.

The channel partners of Bajaj Allianz Life Insurance are Team Life Care Co. (India) Ltd, Dhanlakshmi Bank, and Standard Chartered Bank. Following are its major bankers:

  1. Standard Chartered Bank
  2. HDFC Bank
  3. AXIS Bank
  4. Citi Bank
  5. Deutsche Bank

Bajaj Allianz Life Insurance Management

The Chairman of Bajaj Allianz Life Insurance is Rahul Bajaj and its Managing Director (MD) and Chief Executive Officer is V Philip. The Board of Directors of the organization is formed from the following apart from the above mentioned officials:

  1. Manuel Bauer
  2. Ranjit Gupta
  3. Sanjay Asher
  4. SH Khan
  5. Niraj Bajaj
  6. Suraj Mehta
  7. Sanjiv Bajaj
  8. Manu Tandon
  9. David Fried

Bajaj Allianz Life Insurance Products

The various products of the insurance company may be mentioned as below:

Individual Life Insurance

Unit Linked Insurance Plans

  1. Regular Premium – Smart Insurance Plan III, iGain III, Max Advantage Insurance Plan, Money Secure Insurance Plan and Assured Protection Insurance Plan
  2. Single Premium – Wealth Insurance Plan, Shield Insurance Plan and Flexi Advantage Insurance Plan

Traditional Insurance Plans

  1. Endowment – Life Time Care, InvestGain, SaveCare Economy SP and Super Saver
  2. Money Back – CashGain, CashRich Insurance Plan, Super CashGain Insurance Plan, and ChildGain

Term Insurance Plans

  1. Pure Risk Cover – New Risk Care II, iSecure Insurance Plan, and iSecure More Insurance Plan
  2. Risk Cover with Loan Protection – iSecure Loan Insurance Plan, and Protector
  3. Risk Cover with Return of Premium – Term Care

Pension Plans

  1. Pension Guarantee

Woman Insurance Plans

  1. Women Life Insurance

Life + Health Insurance Plans

  1. Health Care
  2. Family Care First

Additional Rider Benefits

  1. Bajaj Allianz Comprehensive Accident Protection Benefit
  2. Bajaj Allianz Supplementary Death Benefit
  3. Bajaj Allianz Family Income Benefit
  4. Bajaj Allianz Critical Illness Benefit
  5. Bajaj Allianz Hospital Cash Benefit

Group Life Insurance


  1. Sarve Shakti Suraksha
  2. Credit Shield
  3. Group Credit Protection Plus
  4. Group Term Life in lieu of EDLI
  5. Group Leave Encashment Scheme
  6. Group Superannuation Gold
  7. Group Save Plus
  8. Group Suraksha
  9. Group Loan Protector
  10. Group Gratuity Gold
  11. Group Employee Benefit
  12. Group Annuity
  13. Group Income Protection
  14. Group Wealth Insurance
  15. Group Term Life


  1. Group Terminal Illness Rider
  2. Group Accelerated Critical Illness Rider

Micro Insurance

  1. Saral Suraksha Yojana
  2. Jana Vikas Yojana
  3. Alp Nivesh Yojana

Bajaj Allianz Life Insurance Financial Highlights

The financial performance of Bajaj Allianz Life could be gauged through the table given below:

Domain Figures
New business INR 2.72 billion
Gross premium INR 74.8 billion
Profit INR 12.5 billion
Shareholder’s profit after tax INR 13.1 billion
Surplus INR 9.8 billion
Total profits INR 23.5 billion
Shareholder investments INR 36 billion
Traditional policyholder investments INR 58.5 billion
Unit linked investments INR 299.8 billion
Net worth INR 35.6 billion

Bajaj Allianz Life Insurance News

Bajaj Allianz Life Insurance has recently introduced the iSecure an online term plan, which will be providing a sum assured minimum of INR 20 lakhs. The program will be providing a number of additional riders like critical illness, hospital cash, and detailed accidental protection benefits. This will make iSecure Plan the only one of its kind within the Indian Insurance Market as far as the offerings are concerned.

Bajaj Allianz has continuously been at the forefront when it comes to web based ULIPs and iSecure. This has allowed it to complete its portfolio of online products, which currently has term and traditional insurance plans in addition to the unit linked insurance plans. This is the view of Rituraj Bhattacharya, the Head of the Marketing Management department at Bajaj Allianz Life. Some of the main features of the plan could be enumerated as below:

  1. Proper term cover at lower premiums
  2. Various options to decide policy term
  3. Commendably high rebate on sum assured
  4. Capability to include spouse in the program

Since the company is able to connect directly with the policyholders, The major advantage of the web based insurance plans is not only the intermediaries are eliminated but also the organizations can save on the commission to be paid to them. Yet another useful feature of these plans is that the saved money is provided to the end consumers. All these factors have contributed greatly to their growing popularity.

The iSecure plan is providing lower premiums for non-smokers and ones who choose higher coverage amounts are being provided discounts. If a policyholder wants to make consistent income for their family when they are not there they can choose to have the proceeds provided to their family in yearly installments. The term period for paying the premium is from 10 to 30 years and customers can also change their frequency of paying their premiums as per their convenience throughout the term period.

We hope that this article will not only help you to get information about Bajaj Allianz Life Insurance but also to make efforts to get chance to work with the leading insurance company.


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