CHAPTER -3
THE BAJAJ ALLIANZ LIFE INSURANCE COMPANY
LIMITED - A COMPANY PROFILE
INTRODUCTION:
In the last chapter growth & development of Life Insurance in India has been
presented. This chapter is concerned with growth & development of Bajaj Allianz Life
Insurance Company. It prvides the objectives products, functions & trend of business of a
Bajaj Allianz Limited.
Bajaj Allianz Life insurance Company is a 74:26 joint venture between Bajaj Auto
limited and Allianz AG, Germany (formerly Allianz Bajaj Life Insurance Company limited).
It is the fastest growing private Life Insurance Company in India. Allianz AG is a leading
insurance conglomerate globally and the largest asset manager in the world, managing assets
worth over 996 billion Euros (Rs. 55,00,000crores). At Bajaj Allianz, ‘customer delight’ is
their guild line principle. It is ensuring world class solutions by offering people customized
products with transparent benefits supported by the best technology is their business
philosophy.
As already stated, Bajaj Allianz Life Insurance Company Limited is a joint venture of Bajaj
Auto limited and Allianz AG Germany.
The details of Allianz Group and Bajaj Group are presented below
ALLIANZ GROUP
Allianz Group is one of the world’s leading insurer and financial service provider.
Founded in 1980 Berlin, Allianz is now present in over 70 countries with almost 1,74,000
employees. At the top of the international group of the holding company, Allianz AG, with its
head office in Munich. Allianz group provides its more than 60 million customers worldwide
with its comprehensive range of:
• Property and Casualty Insurance
• Life and Health Insurance.
• Asset Management and Banking.
• ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE
• Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 crore.
• 3Ld largest Assets under Management (AUM) & largest amongst insurance cos. -
AUM ofRs.51, 96,959 crore
• 12th largest corporation in the world.
• 49.8 % of global business from Life Insurance.
• Established in 1 890, 110 yrs of Insurance expertise
• 70 countries, 173,750 employees worldwide.
BAJAJ GROUP
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest
manufacturers of two-wheelers and three-wheelers in India and one of the largest in
the world. A household name in India, Bajaj Auto has a strong brand image & brand
loyalty synonymous with quality & customer focus.
STRONG INDIAN BRAND- HAMARA BAJAJ:
• One of the largest 2 & 3 wheeler manufacturers in the world
• 2 1 million+ vehicles on the roads across the globe
• Managing funds of over Rs 8000 Cr.
• Bajaj Auto finance one of the largest auto finance cos. in India
• Rs. 4,744 Cr. Turnover &Pmlits of 893 Cr. in 2018-19
• It has joined hands with Allianz to provide the Indian consumers with a distinct
• option in terms of life insurance products.
As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Autohas the following
to offer:
• Financial strength and stability to support the Insurance Business.
• A strong bond-equity.
• A good market reputation as a world class organization.
• An extensive distribution network.
• Adequate experience of running a large organization
History and Development of Bajaj Allianz
Henry Little would hardy recognize the insurance company he started in 1986 as
North American casualty. Henry’s dream grew to become Allianz Life Insurance company of
North America (Allianz Life) after being acquired by Allianz AG of Munich, Germany in
1979, and become a company of Allianz AG. Later Allianz AG is merged with Bajaj Auto
Limited of India, which is the flagship company of the Rs. 8000 crore and which is the
largest manufacturer of two-wheeler and three-wheelers in India and one of the largest in the
world. Allianz AG is now one of the largest integrated financial services organizations with
operations in 70 countries around the Globe.
In June 2008, Bajaj Allianz entered into partnership with Thomas Cook India to
provide travel finance. Bajaj Allianz Life Insurance ensures excellent insurance and
investment solutions by offering customized products, supported by the best technology.
Bajaj Allianz life insurance offers low cost insurance plans which are specially
designed to provide complete protection & financial stability to in case of any unforeseen
events. Bajaj Allianz Life Insurance has a strong life insurance product portfolio ranging
from ULIPs to Term insurance, Child plans to Retirement plans, Group life insurance to
investment plans etc. The Company began its operations in 2001 and today has a pan-India
presence with 722* branches.
Date of Incorporation 12 March 2001
Started Operations on 3 August
Pune, India
Head Office
Brand Statement JiyoBefikar
Chairman Mr. Sanjiv Bajaj
MD & CEO Mr. AnujAgarwal
Total Asset Under Management 36,961 crore
Solvency Ratio 708.9%*
C1aim settlement Ratio 93.12%*
Total no. of offices 911 *
Latest Awards Won 1. ‘Skoch Renaissance Award 2018’, in the
Platinum Category at the Corporate
Leadership and Corporate Citizenship
Awards
2.’Best Insurance Company in Private Sector
Award 2018’ by IPE Banking
Financial Services and Insurance
Total Assets 53,64,456 crores
Employees 30
Website [Link]
Mission of the company:
Company wants to make every person get benefited through investing in Bajaj Allianz
Life Insurance. The Company is focusing on improving employee productivity, policy
persistency. operational processes and service levels.
Vision of the Company
1) To be the first choice insurer for customers.
2) To be the preferred employer for staff in Insurance industry.
3) To be the number one insurer for creating shareholder value
4) To aspire to be a world class organization.
5) Encourage organizational transparency.
6) To value integrity.
“To be the BEST Life Insurance Company, To Buy From, Work For& Invest In”
Objectives of Bajaj Allianz LIC limited:
The following are the important objectives of Bajaj Allianz Ltd:
1. To spread life insurance widely and in particular to the rural areas and to the socially
and economically backward classes with a view to reaching all insurable persons in
the country and providing them adequate financial cover against death at a reasonable
cost.
2. To maximisemobilisation of people’s savings by making insurance linked savings
adequately attractive.
3. Bear in mind, in the investment of funds, the primary obligation to its policyholders,
whose money it holds in trust, without losing right of the interest of the community as
a whole; the funds to be deployed to the best advantages of the investors as well as the
community as a whole, keeping in view national priorities and obligations of
attractive return.
4. Conduct business with economy and with full realisation that the money belong to the
policy holders.
5. Act as trustee of the individual public in their individual and collective capabilities.
6. Meet the various life insurance needs of the community that arise in the changing
social and economic environment.
7. involve all the people working in the corporation to the best of their capability in
furthering the interest of the insured public by providing efficient service with country.
8. Promote amongst all agents and employees of the corporation a sense of participation,
pride and ob satisfaction through discharge of their duties with deduct towards
achievement of the corporate objectives.
Functions:
1. Obtaining detailed information of the clients business and risk management
philosophy
2. Rendering advice and appropriate insurance could and terms.
3. Maintaining detailed knowledge of insurance markets as may be applicable.
4. Submitting quotation received from insures for consideration of a clients.
5. Providing requisites underwriting information as required by an insurer in assessing
the risk to decide price in terms and conditions for losses.
6. Providing services related to insurance consultancy and risk management
7. Assisting in the negotiation of the clients.
8. Maintaining proper records of the clients.
9. Given instructions from clients and providing him written acknowledgement and
progress report.
BOARD OF DIRECTORS:
1. Mr. Rahul Bajaj (Chairman)
2. Dr. Werner Zedelius
3. [Link]
4. [Link] Bajaj
5. [Link]
6. Mr. Heinz Dollberg
7. Mr. Ranjit Gupta
8. Mr.S. H. Khan
9. [Link] Mehta
10. Mr. DietmarRaich
11. Mr. ManuTandon
12. Mr. Kami
13. eshGoyal MD & CEO(Alternate Director to Dr. Werner Zedelius)
14. Mr. Rajesh Vishwanath CFO
15. Sanjay Vishwanathan- marketing head
16. Shashi Krishnan- ClO
Shimoga Branch Profile:
Shimoga city is one of the important structures of insurance industry. The branch was
opened on 1.4.2004 and started its functioning at M.G Palace, 1st floor Nehru Road, under
the branch manager of Mr. shantilal and since then it has been running business successfully.
The branch started its operation with only 48 members including a branch manager.
Then there was no proper ventilation systems and separated cabins. All the works were going
very simple. Within a half year, it got progress by spreading its popularity to all local cities
and within Shimoga city also. Now, within a span of two years it has become one of the
leading insurance companies in Shimoga city.
The central office of Bajaj Allianz Insurance Company Limited is at Pune and the
South Central Office is at Banglore which is having control of 12 branches all over Karnataka
including its main branch of Banglore. The Shimoga branch is technically known as Shimoga
Satellite Branch.
With it day to day expansion the needs of proper working conditions were also
increased. To overcome this problem, it has opened a separate office at 1st floor of M.G
Palace itself exclusively for staff for handling customer grievances.
Branch Structure
Branch Manager
Business Development Manager ( B.D.M )
Assistant Business Development Manager ( A.B.D.M )
Insurance Sales Officer ( ISO)
Products of Bajaj Allianz Life Insurance Company Limited
1) Term Insurance
Term insurance is the purest form of insurance. The policy will be in force for a
particular term (say 30 years or up to the age of 75) and then comes to an end. During the
time the term policy is in force, the insured pays a fixed premium to theinsurance company at
regular intervals. This is called premium, and if during this time the insured dies, the
insurance company pays a guaranteed amount of money, known as sum assured, to the
nominee of the insured. Term insurance is a life insurance which provides coverage for the
policy term decided between the policy holder and insurer at the onset of the policy.
a) iSecure
life comes with risks and unforeseen incidents that can put family’s financial security in
jeopardy. Bajaj Allianz iSecure Insurance Plan; a level cover term assurance plan that secures
a family’s financial needs by giving you a level term cover for high sum assured, but at a low
cost. The policy cover will terminate immediately on death of the life assured. The death
benefit is payable on death of each life, provided the policy is in-force. The benefit payable
will be Sum Assured.
2) Retirement plan:
There is a Guaranteed vesting benefit and guaranteed death benefit to the insured. The
insured have the option to select regular, limited or single benefit plan and also option to
change the premium payment term. The plan has the flexibility to pay top-up premium. On
the death of the life assured before the vesting date, the death benefit is payable to the
nominee will be higher of the total fund value as on the date of receipt of intimation of the
death, or guaranteed death benefit. The nominee can Use the entire or part of the death
benefit proceeds to purchase an annuity from us at the then prevailing annuity rates.
3) ULIP- Unit Link Insurance Plan
Unit Linked Insurance Plan (ULIPs) is insurance plans combined with the features of mutual
fund. The premium paid by policyholders is held in a corpus which is then invested in stocks
and shares of different companies operating at capital market. The total market of corpus
invested is divided by the number of securities purchased give the Net Asset Value (NAV)
which is the price of one unit of the fund. ULIPs promises good returns linked to the market
and also insurance coverage. Different types of ULIPs are:
a) Future Gain
The Future Gains insurance plan offered by Bajaj Allianz is a unit linked plan that offers
policyholders the opportunity to create wealth for the future. It does so by taking the
premiums payed and investing them in the equity and debt markets. It also come sporting
features like flexible premium payment options, choice of various funds, a choice in risk
levels to suit each investor’s appetite for risk and much more. It also provides you with the
double benefits of a chance to grow wealth while enjoying the protection provided by a life
insurance policy. Bajaj Allianz Future Gain provides the policy holder with two portfolio
strategies, which can be chosen at the inception of the policy or on any subsequent policy
anniversary.
• Investor Selectable Portfolio Strategy
• Wheel of Life Portfolio Strategy.
Investor Selectable Portfolio Strategy - If the policyholder want to allocate the premiums
based on his! her personal choice and decision, the policyholder can opt for this strategy and
choose from among the seven (7) funds below to suit his! her investment needs.
Wheel of Life Portfolio Strategy - provides the policyholder with a ‘Years to maturity”
based portfolio management. Under this strategy, on each policy anniversary, fund value
among various funds (as per the below table) in the proportion based on the outstanding years
to maturity are allocated! reallocated.
The maturity benefit will be the regular premium fund value plus top up premium fund value
as on the maturity date, provided the policy is in-force.
b) Fortune Gain
The linked insurance products do not offer any liquidity during the first five years of the
contract. The policy holder will not be able to surrender/withdraw the money invested in
linked insurance products completely or partially till the end of the fifth year.
4) Non-linked whole Endowment plan
A unique plan that provide income & protection till your 100 birthday so that you can live
worry-free for a lifetime. The key features are Cash Bonus starts from the end of 6th year.
There is a guaranteed Cash Back starting from the end of Premium Payment Term. It gives
Life cover up to the age of 100 years. It guaranteed Death Benefit of up to 300% of Sum
Assured depending on the PPT chosen. It has the Option to take policy benefit in monthly
installments. It has more attractive rates for female lives and it has the Option to enhance
coverage with rider benefits.
a) Elite Assure:
A traditional savings plan that offers the most attractive return while protecting your family.
It is a Perfect balance of life cover and great return on investment for you. Accrued
Guaranteed Loyalty Additions of up to 315% of Guaranteed Maturity Benefit, depending on
the premium payment term chosen. It hasthe Choice of 4 policy terms 15, 20, 25 and 30
years. It has the Option of regular and limited premium payment term and Option to enhance
your coverage with rider benefits
b) Invest Assure:
A plan that gives insured an assured protection with financial benefits.
It gives the option to choose I .25 times or 2 times of Sum Assured as life cover.
It has Compound reversionary bonus and terminal bonus.
It have a Limited premium payment term. it has the option to take policy benefit in monthly
instalments. It gives more value for money with high sum assured rebate and attractive
premium rates for female life insured. It has the option to enhance coverage with raider
benefits.
5) Child Insurance Plan
Child plans are regular life insurance policies designed in such a way that they meet the needs
of children financially as and when it arises. The most important benefit in child plan is that
even if the parent were to meet with an unfortunate event the child’s needs would still be
taken care of. Not only does the child plan offer a lump-sum payment on the death of the
policyholder, but it also waives of all future premiums and the insurance company continues
investing this money on behalf of the policyholder.
Bajaj Allianz Life Insurance Child Plans are designed to ensure that they suit all basic
requirements for child’s future. It has multiple premium payment and policy terms options,
Guaranteed Maturity Benefit, cash installment option, inbuilt Total Disability Benefit and
much more. At Bajaj Allianz life insurance believe in helping to build a robust child plan for
a child’s secured future.
a) Bajaj Allianz Young Assure:
Bajaj Allianz Young Assure is a traditional participating regular and limited premium
payment endowment plan to ensure a bright future for the loved ones. The key advantages of
this plan are: Multiple premium payment and policy term options to ensure that money is
available to you during crucial years like child’s education, marriage, etcIt gives Guaranteed
Maturity Benefit (GMB), Guaranteed Additions (GA) and bonuses to ensure a good return.
The Maturity Benefit is Guaranteed Maturity Benefit(GMB) plus Guaranteed Additions (GA)
plus Vested Bonus (VB) plus Interim Bonus(TB), if any, plus Terminal Bonus (TB), if any.
At the end of the policy term. The Maturity Benefit will be payable.
b) Young Assure Pius solution
An innovative solution for building a child education corpus. This Solution is a combination
of two policies of Bajaj Allianz. Young Assure (UIN: 116N128V01), a traditional
participating regular and limited premium payment endowment plan with different policy
terms, premium payment terms and/or cash instalment options.
6) Saving plans (endowment plan)
Any investment in which individual contributes money on a regular basis in order to reach a
financial goal whether short or long term goals is usually termed as savings plan. Large or
small income group everyone should have a sufficient back up of good savings plan to
achieve the desired things they want in life.
a) Save Assure
A traditional endowment plan that not only secures insured and his family but also guarantees
115% of your sum assured. Living worry free is now guaranteed.
Guaranteed maturity/death benefit of 115% of the sum assured. Choice of 2 policy terms, 15
and 17 years. Premium Payment Term of 10 and 12 years. Option to take policy benefit in
monthly instalments over a period of 5 or 10 years. More value for money with high Sum
Assured rebate on premium. Option to enhance your coverage with rider benefits.
b) Guarantee Assure:
Bajaj Allianz Guarantee Assure - a non-linked, non-participating, individual limited premium
endowment plan that helps to live a worry free life. Fixed premium payment term of 5
[Link] of 3 policy terms - 7, 8 and 9 [Link] Addition of up to 63% of Sum
Assured on [Link] more value for money with high sum assured rebate. Attractive
premium rates for female lives. Option to take policy benefit in monthly installments over a
period of 5 or 10 years.
c) Super Life Assure:
A plan that provides the twin benefit of comprehensive protection & compulsory savings for
the targeted financial goals. It also offers an option to select a unique feature - Income
Benefit which will help insured family maintain their standard of living incase anything
unfortunate happens. Insured can ensure a secured future for the loved ones with this Bajaj
Allianz Life Super Life Assure is a non-linked, participating, regular premium payment
endowment plan.
Newly introduced plans
1) New Family Gain
The thumb rule for buying insurance is that your insurance needs are minimal in the early
earning years, increases with added responsibilities(Marriage, children, loans etc.) and taper
off by the time you retire. It is difficult to find a single insurance plan that can take care of all
the changing requirements in life additional protection, more money to invest, sudden
requirement of cash or a steady post-retirement income. With Bajaj Allianz New Family
Gain, insured can invest in one life insurance plan that can take care of all the changing
requirements. This plan has been designed to provide with maximum flexibility, so that
insured do not have to worry about their changing needs. The Bajaj Allianz New Family Gain
comes with a host of features to allow to have the best of all worlds - Protection and
Investments. It enables every participant to create a solid financial protection and savings
plan for himself and his family. In this way, as a participant in the Bajaj Allianz New Family
Gain Plan, insured can secure your well-being and accumulate savings towards financial
independence and a comfortable retirement.
2) NEW UNIT GAIN
This product is similar to New Family Gain but in this product the minimum premium that is
to be paid is Rs. 10, 000 and there is no limit for maximum premium. The Sum assured is five
times the premium amount. Both these products (New Family Gain and New Unit Gain) were
started from Pt July 2006.
3) PENSION GUARANTEE
His date of retirement is closing in. He want something that gives him an assured income
long after he retired. Bajaj Allianz Life Insurance are aware of this need, and have come up
with a plan that lasts he for a lifetime. Invest her savings in the Bajaj Allianz Pension
Guarantee, a plan that gives he a guaranteed income, till her time comes. The “Bajaj Allianz
Pension Guarantee” Plan With Bajaj Allianz Pension Guarantee, he can ensure a regular
income after retirement. The plan offers he a range of immediate annuities to choose from.
1)PENSIONGUARANTEE
His date of retirement is closing in. He want something that gives him an assured income
long after he retired. Bajaj Allianz Life Insurance are aware of this need, and have come up
with a plan that lasts he for a lifetime. Invest her savings in the Bajaj Allianz Pension
Guarantee, a plan that gives guaranteed income ,till her time comes. The―Bajaj Allianz
Pension Guarantee‖ Plan With Bajaj Allianz Pension Guarantee, he can ensure a regular
income after retirement. The plan offers he range of immediate annuities to choose from.
Awards and Achievements.
CITRIX DIGITAL TRANSFORMATION
E4M PRIME TIME AWARDS 2019
AWARDS 2019
9TH BFSI SMART TECH LEADERSHIP BRANDZ TOP 75 MOST VALUABLE
AWARDS 2019 INDIAN BRANDS 2019
53RD SKOCH SUMMIT AND AWARDS
IDC INSIGHTS AWARDS 2018
2018
SKOCH INCLUSION AWARD FOR MICRO CUSTOMER LOYALTY & EXPERIENCE
INSURANCE 2018 AWARDS 2018
“Best Risk Management Initiative – Life “Achromic Point Anti – Fraud Award”-2022
Insurance”-2022
‘Marketing Campaign during Covid 19 Domestic Life Insurer Of The Year -
2020-21 India, Insurance Initiative of the year - India
for Smart Assist and Marketing Initiative Of
The Year - India for Plank challenge -2021
Best Social Media Brands Award 2020 'Best ULIP of the Year'-2020
