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 | |
| File: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
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 plans 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 a 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 fined 3 Crore to the organisation for violation of various norms, including those related to early death claims and group insurance.[10] Later, IRDA again fined 78 Lakh for rejecting 78 death claims for no valid reasons[11] They also ordered it to settle within 180 days.
References
- ↑ "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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