Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance [1] is the life Insurance provider in India under government regulation. It was founded in 2001. Some of their plans are popular and studied by major institutions. [2] [3] The Company is a partnership between two large groups, Bajaj Finserv Limited of the Bajaj Group, and Allianz SE. The company has more than 509 branches ,117,000 insurance agents (as on 31st March 2022) , several bank partnerships and online distribution partners as well.

Contents

Bajaj Allianz Life Insurance Company Ltd.
TypePrivate limited company
IndustryBFSI, Life Insurance
Headquarters
Pune
Number of locations
509 branches as on 31st Dec 2022
Key people
Tarun Chugh, MD & CEO

Sampath Reddy, CIO Bharat Kalsi, CFO

Avdhesh Gupta, Appointed Actuary
ServicesLife Insurance products

Savings schemes Retirement plans Child plans

ULIPs
AUM INR 89,446 crores as on 31st Dec 2022
Number of employees
11,000 plus
Parent Bajaj Finserv Allianz SE
Website https://www.bajajallianzlife.com/

History

In 2018 they recorded its name in the Guinness Book Of World Records with the Bajaj Allianz Life Plankathon, and some other awards. [4] During COVID-19 crises, the Organisation has around 10,000+ Employees. [5] In 2023, They partnered with Punjab & Sind Bank for distribution [6] of insurance Products. [7] They have life insurance plan such as Term Plans, Savings Plans, Investment plans, ULIP, Health, Care Plan, Retirement Plans, Child Insurance Plans, [8] Group Insurance Plans, Micro Insurance Plans. [9] The Company has paid more than 2 lakh individual claims between FY 2006-07 and FY 2018-19, with the total claim amount exceeding INR 3,600 crores, and has significant Claim Settlement Ratio, which stood at 95.01% for FY 2018-19. The current MD & CEO of the company is Tarun Chugh.

Controversy

In 2013, IRDA Fines 3 Crore to the organisation for violation of various norms, including those related to early dealth claims and group insurance. [10] Later, IRDA again fines 78 Lakh for rejecting 78 dealth claims for no valid reasons [11] They also ordered it to settle within 180 days.

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References

  1. ↑ "Research and Markets: Bajaj Allianz Case Study: Insurer completes first decade in India". www.businesswire.com. 2012-07-17. Retrieved 2023-03-08.
  2. ↑ "Harvard Business Publishing Education". hbsp.harvard.edu. Retrieved 2023-03-08.
  3. ↑ "Insuring the Poor: Bajaj Allianz Microinsurance Initiatives in India". publishing.insead.edu. Retrieved 2023-03-08.
  4. ↑ www.ETBrandEquity.com. "Bajaj Allianz Life Insurance sets a new Guinness World Record with its Plankathon initiative - ET BrandEquity". ETBrandEquity.com. Retrieved 2023-03-08.
  5. ↑ Sarkar, Brinda (2020-05-07). "Bajaj Allianz Life Insurance retains all 10,000 plus employees in time of crisis". The Economic Times. ISSN   0013-0389 . Retrieved 2023-03-08.
  6. ↑ "Bajaj Allianz Life Insurance partners Punjab & Sind Bank for distribution of insurance products". 12 January 2023.
  7. ↑ Livemint (2023-01-12). "Bajaj Allianz Life Insurance partners Punjab & Sind Bank for distribution of insurance products". mint. Retrieved 2023-03-08.
  8. ↑ "ijsr report" (PDF).
  9. ↑ ltd, Research and Markets. "Hospitalization Insurance Global Market Report 2023". www.researchandmarkets.com. Retrieved 2023-03-08.
  10. ↑ Bhaskaran, Deepti (2013-08-22). "Irda imposes `3.1 cr fine on Bajaj Allianz Life". mint. Retrieved 2023-03-08.
  11. ↑ IANS (2013-08-21). "Bajaj Allianz Life fined Rs.3.10 crore". Business Standard India. Retrieved 2023-03-08.
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