Life
insurance plays an important part of a family’s future needs and planning. And
this is why it is such a sought-after service, which in turn has seen so many
insurance companies spawn in India, with each enjoying varying degrees of
success.
One
of the organizations that can be categorized
as successful is Bajaj Allianz General Insurance Corporation Limited, a firm headquartered
in Pune. A worldwide general insurance corporation, Bajaj Allianz is a combined
undertaking between the Bajaj Group of India-owned Bajaj Finserv Limited (which
was a part of Bajaj Auto until 2007) and Allianz SE, financial services business
of Germany, which provides the popular Baja Allianz Life Insurance plan.
Some More Details About The Joint
Venture
Bajaj
Finserv, financial services business, is a part of Bajaj Holdings and
Investments Limited which focuses on lending, wealth management, asset
management, and insurance. Allianz SE is
headquartered in Munich, Germany, and its core businesses are asset
management and insurance. It is one among
the largest insurance companies in the world as well.
When
it started off, in 2001, Bajaj Allianz General Insurance had 36 offices and
around 100 employees, with a paid-up
capital of Rs 1.10 billion. While Bajaj Finserv holds 74 percent share, Allianz holds the remaining 26 percent. Currently, the company has offices in
more than 200 Indian cities.
A
gauge of the growth of Bajaj
Allianz Life Insurance since its registration in 2001 is the fact that for
the financial year 2010-11, it was rated the second-best insurance company in
the country in terms of issued insurance
policy numbers, and fourth on the basis of
new business premium.
The Different Plans Available
There
are a variety of Bajaj Allianz Life Insurance plans available to suit the needs
of people with a variety of needs and from different walks of life. They
include ULIPs, Term Life Insurance, Child Life Insurance, Retirement Life
Insurance and Group Life Insurance. We take a look at some of them:
1. iSecure
Plan: A term insurance plan with an entry age between 18 and 60 years. Maturity
age varies between 28 to 70 years, depending on premium and tenure. The four
policy terms that can be chosen are 10,
15, 20 and 25 years, with a minimum annual premium of Rs1,500 to be paid.
2. Future Gain Plan: A unit-linked endowment plan with an
entry age between 1 and 60 years. Maturity age varies between 18 to 70 years,
depending on premium and tenure. The minimum policy term is 10 years, and the annual premium amount is Rs 25,000.
3. Retire Rich Plan: A unit-linked pension plan with an entry
age between 30 and 73 years. Maturity age varies between 37 to 80 years,
depending on premium and tenure. Policy terms range between 7 and 30 years,
with the annual premium being Rs15,000.
4. Young Assure Plan: A traditional child plan with an entry
age between 18 and 50 years. Maturity age varies between 28 to 60 years,
depending on premium and tenure. The three policy terms that can be chosen are 10, 15 and 20 years, and the annual
premium is subject to underwriting.
5. Save Assure Plan: A traditional endowment plan with an
entry age between 1 and 60 years. Maturity age varies between 18 to 75 years,
depending on premium and tenure. The policy term can be between 15 to 17 years,
with the annual premium being Rs 6,620.
6. Life Long Assure Plan: A non-linked whole life plan with
an entry age between 10 and 55 years. There is no maturity age. The policy term
is calculated as 100 minus the entry age,
with the annual premium to be paid set at
Rs 10,811.
7. iSecure Loan Plan: A plan to cover for loan liabilities, with
an entry age between 18 and 60 years. Maturity age varies between 28 to 65 years,
depending on premium and tenure. The four policy terms that can be chosen are 10, 15, 20 and 25 years, with the
annual premium subject to underwriting.
Bajaj
Allianz Life Insurance also provides the policyholder
with the added benefits of tax deductions. In other cases, Bajaj Allianz Life
Insurance acts as a good investment and savings instrument. The service is also
available online, a step many other companies have taken to adapt and keep in
touch with the changing times. What has made Bajaj Allianz Life Insurance so
popular, as said before, is the fact that it provides so many options, which
suit almost everyone’s needs.
Documents Needed
The
documentation one needs to apply for a Bajaj Allianz Life Insurance cover is:
1. ID proof
2. Age proof
3. Income proof
4. Address proof
5. PAN and Aadhaar
Another
key area that Bajaj Allianz Life Insurance has made a mark in is child
insurance plans.
