Bajaj Allianz Life Insurance Company Ltd.
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.
| Bajaj allianz at Yerwada building.JPG | |
 | |
| Private limited company | |
| ISIN | 🆔 |
| Industry | BFSI, Life Insurance |
| Founded 📆 | |
| Founder 👔 | |
| Headquarters 🏙️ | , Pune |
Number of locations | 509 branches as on 31st Dec 2022 |
Area served 🗺️ | |
Key people | Tarun Chugh, MD & CEO
Sampath Reddy, CIO Bharat Kalsi, CFO Avdhesh Gupta, Appointed Actuary |
| Services | Life Insurance products
Savings schemes Retirement plans Child plans ULIPs |
| 💎 AUM | INR 89,446 crores as on 31st Dec 2022 |
| Members | |
Number of employees | 11,000 plus |
| Parent | Bajaj Finserv Allianz SE |
| 🌐 Website | https://www.bajajallianzlife.com/ |
| 📇 Address | |
| 📞 telephone | |
History[edit]
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[edit]
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.
References[edit]
- ↑ "Research and Markets: Bajaj Allianz Case Study: Insurer completes first decade in India". www.businesswire.com. 2012-07-17. Retrieved 2023-03-08.
- ↑ "Harvard Business Publishing Education". hbsp.harvard.edu. Retrieved 2023-03-08.
- ↑ "Insuring the Poor: Bajaj Allianz Microinsurance Initiatives in India". publishing.insead.edu. Retrieved 2023-03-08.
- ↑ 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.
- ↑ 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.
- ↑ "Bajaj Allianz Life Insurance partners Punjab & Sind Bank for distribution of insurance products". 12 January 2023.
- ↑ Livemint (2023-01-12). "Bajaj Allianz Life Insurance partners Punjab & Sind Bank for distribution of insurance products". mint. Retrieved 2023-03-08.
- ↑ "ijsr report" (PDF).
- ↑ ltd, Research and Markets. "Hospitalization Insurance Global Market Report 2023". www.researchandmarkets.com. Retrieved 2023-03-08.
- ↑ Bhaskaran, Deepti (2013-08-22). "Irda imposes `3.1 cr fine on Bajaj Allianz Life". mint. Retrieved 2023-03-08.
- ↑ IANS (2013-08-21). "Bajaj Allianz Life fined Rs.3.10 crore". Business Standard India. Retrieved 2023-03-08.
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