GROWTH AND DEVELOPMENT OF LIFE

INSURANCE IN INDIA

• Introduction

• Development of Insurance in India

• Types of Insurance in India

• Principle of Insurance

• Major players of Life Insurance in India

 GROWTH AND DEVELOPMENT OF LIFE INSURANCE IN INDIA

Introduction:

This chapter presents growth & development of Life Insurance business in India. It
offers details like types of life insurance, principles & players of Life Ensurance in India.

Future is always uncertain and full of risk. It is not certain that what is going happen
tomorrow. Therefore a man is always worried about security of property and life. 1nsurance
is a means of meeting out ‘loss caused by future risks and uncertainties. “Insurance is a
contract between two parties whereby one party called insurer undertakes in exchange for a
fixed sum called premiums, to pay the other party called insured a fixed amount of money on
the happening of a certain event.”

According to Patterson “Insurance is an agreement between two parties under which

one party undertakes specified future risk of another party and compensates the loss from that
risk on payment of some consideration known as premium payable by the later. Insurance
may be described as a social device to reduce or eliminate risk of life and property. Under the
plan of insurance, a large numbers of people associate themselves by sharing risk, attached to
individual. With the help of Insurance, large number of people exposed to a similar risk
makes contributions to a common fund out of which the losses suffered by the unfortunate
few, due to accidental events, are made good. Insurance is a tool by which losses of a small
number are compensated out of funds collected from plenteous. Gradually as competition
increased benefits given by industry to its customers increased by leaps and bounds.
Insurance is a basic form of risk management which provides protection against possible loss
to life or physical assets. Person who seeks protection against such loss is termed as insured,
and company that promises to honor claim, in case such loss is actually incurred by insured,
is termed as Insurer. In order to get insurance, insured is required to pay to insurance
company a certain amount called premium. Premium is collected by insurance companies
which acts as trustee to pool created through contributions made persons seeking to protect
themselves from common risk. Any loss to the insured in case of happening of an uncertain
event is paid out of this pool.

Development of Insurance in India.

 Life Insurance in its modern form came to India from England in the year 1818.
Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of european community and these
companies were not insuring Indian natives. –low ever, later with the efforts of eminent
people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian
lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums
were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of
first Indian life insurance company in the year 1870, and covered Indian lives at normal rates.
Starting as Indian enterprise with highly patriotic motives, insurance companies came into
existence to carry the message of insurance and social security through insurance to various
sectors of society. Bharat Insurance Company (1896) was also one of such companies
inspired by nationalism.

The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The
United India in Madras, National Indian and National Insurance in Calcutta and the Co-
operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative
Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great
poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and
Swadeshi Life (later Bombay Life) were some of the companies established during the same
period. Prior to 1912 India had no egis1ation to regulate insurance business. In the year 1912,
the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies.

Act 1912 made it necessary that the premium rate tables and periodical valuations of
companies should be certified by an actuary. But the Act discriminated ‘between foreign and
Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force asRs.22.44 Crore, it rose to 176
companies with total business-in-force asRs.298 Crore in 1938. During the mushrooming of
insurance companies many financially unsound concerns were also floated which failed
miserably. The Insurance Act 1938 was the first legislation governing not only life insurance
but also non-life insurance to provide strict state control over insurance business. The demand
for nationalization of life insurance industry was made repeatedly in the past but it gathered
momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the
Legislative Assembly. However, it was much later on the 19th of January 1956 that life
insurance in India was nationalized. About 154 Indian insurance companies,16 non-Indian
companies and 75 provident were operating in India at the time of nationalization.
Nationalization was accomplished in two stages; initially the management of the companies
was taken over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the
19th of June 1956, and the Life Insurance Corporation of India was created on 1St
September, 1956, with the objective of spreading life insurance much more widely and in
particular to the rural areas with a view to reach all insurable persons in the country,
providing them adequate financial cover at a reasonable cost.

Types of Insurance in India

There are mainly 2 types of insurance. They are as follows:

1. Life Insurance

2. General Insurance

1) Life Insurance:

Life Insurance is a contract providing for payment of a sum of money to the person
assured or, following him to the person entitled to receive the same, on the happening of a
certain event. It is a good method to protect family financially, in case of death, by providing
funds for the loss of income.

(2) General Insurance:

General insurance is basically an insurance policy that protects against losses and damages
other than those covered by life insurance. For more comprehensive coverage, it is vital for to
know about the risks covered to ensure that insured and his family are protected from
unforeseen losses. General Insurance includes:

• Vehicle Insurance:
Vehicle insurance (also known as car insurance or motor insurance) is insurance purchased
for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial
protection against physical damage and/or bodily injury resulting from traffic collisions and
against liability that could also arise there from. The specific terms of vehicle insurance vary
with legal regulations in each region. To a lesser degree vehicle insurance may additionally
offer financial protection against theft of the vehicle and possibly damage to the vehicle,
sustained from things other than traffic collisions.

• Marine insurance:

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or
cargo by which property is transferred, acquired, or held between the points of origin and
final destination. Cargo insurance — discussed here — is a sub-branch of marine insurance,
though Marine also includes Onshore and Offshore exposed property, (container terminals,
ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are
transported by mail or courier, shipping insurance is used instead.

• Personal accident insurance:

Accident Insurance helps you handle the medical and out-of-pocket costs that add up after an
accidental injury. This includes emergency treatment, hospital stays and medical exams, and
other expenses you may face, such as transportation and lodging needs.

• Fire insurance:

Fire insurance is a form of property insurance which protects people from the costs incurred
by fires. When a structure is covered by this type of insurance, the insurance policy will pay
out in the event that the structure is damaged or destroyed by fire. Some standard property
insurance policies include fire coverage in their coverage, while in other case, it may need to
be purchased separately.

• Medical insurance:
Medical/health insurance is insurance against the risk of incurring medical expenses among
individuals. By estimating the overall risk of health care and health system expenses, among
a targeted group, an insurer can develop a routine finance structure, such as a monthly
premium or payroll tax, to ensure that money is available to pay for the health care benefits
specified in the insurance agreement. The benefit is administered by a central organization
such as a government agency, private business, or not-for-profit entity. According to the
Health Insurance Association of America, health insurance is defined as “coverage that
provides for the payments of benefits as a result of sickness or injury. It Includes insurance
for losses from accident, medical expense, disability, or accidental death and
dismemberment.

Principles of Insurance:

A) Insurable Interest

Insurable interest means that the person opting for insurance must have pecuniary
interest in the property to get insured and will suffer financial loss on the occurrence of the
insured event. This is one of the essential requirements of any insurance contract. Therefore,
a person can go for insurance of only those properties where he stands to benefit by the safety
of the property, and will suffer loss, damage, injury if any harm takes place to such property.

(B) Principle of utmost Good faith

Like in other contracts, the insurance contract must be based on good faith. If the
insurance contract is obtained by way of fraud or misrepresentation it is void.

(C) Material Facts Disclosure

In the Insurance contract, the proposer is required to disclose to the insurer all the
material facts in respect of the proposed insurance. This duty of disclosing the material facts
not only applies to the material facts which are known but also extends to material facts
which are supposed to know.

(D) Principle of Indemnity

The insurance contract should always be a contract of indemnity only and nothing
more. According to this principle, the insurance contract should be such that in case of loss
due to the eventualities mentioned in the contract, the insured should be neither better off nor
worse off after receiving the insured amount. The main object of this principle is to ensure
that the insured is not able to use this contract for speculation or gambling.

Major players of Life Insurance in India

1. Aviva India
2. INGVysya Life Insurance
3. Met Life Private Insurance
4. Bajaj Allianz Life Insurance
5. ICICI Prudential Life Insurance
6. SBI Life Insurance Company
7. Life Insurance Corporation of India
8. Kotak Mahindra
9. Birla Sun Life
10. HDFC

1. Aviva India:

It is the world’s seventh —largest insurance group (based on gross worldwide

premiums)and the biggest in the UK .It is one of the leading providers of life and pensions
products to Europe and has substantial businesses elsewhere around the world .Its main
activities are long term savings, fund management and general insurance.

2. ING Vysya Life Insurance: ING Group:

ING Vysya Life Insurance is a joint venture between three pioneers, ING Insurance.
ING Vysya Bank and GMR group. Over the last 150 years, ING group has grown to become
one of the largest life insurance organizations in the world. It offers a ranges of financial
services including insurance, pensions ,banking and asset ,management.

3. Met Life Insurance Pvt Company:

It was corporate as a joint venture between Met Life International Holdings, Jammu
&Kashmir, and other private investors. MetLife is headquartered in Banglore with offices and
presence in major Indian cities, and additional 1000 outreach points through its channel
partners.
4. Bajaj Allianz life insurance company.

It is also a joint venture between two leading conglomerates Allianz AG, one of the
world’s largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler
manufacturers in the world. It is one of the world’s leading insurers and financial service
providers. Founded in1890 in Berlin, Allianz is now present in over 70 countries with almost
174,000employees. At the top of the international group is the holding company, Allianz AG,
with its head office in Munich.

5. SBI Life Insurance Company Ltd:

SBI Life Insurance Company Ltd is a joint venture between India’s largest banks,
State Bank Of India & Cardiff S A, a leading life insurance company in France State Bank of
India is a household name, and it stands as the last word for financial strength and security in
the country. SBI’s illustrations background dates back to the year 1806 when it started
business, as a presidency bank, known as bank of Bengal Over the long journey, it has learnt
to combine the best of banking practices handed down from the imperial management with
the more dynamic ways of doing banking in the modern India. It has grown as a responsible
giant in the banking field over the years

6. Life Insurance Corporation of India (LIC):

The Life Insurance Corporation Of India was established about 44 years ago with a
view to provide an insurance cover against various risks in life .A monolith then, the
corporation, enjoyed a monopoly status and became synonymous with life insurance Its main
asset is its staff strength of 1.24 lakh employees and 2,048 branches and over 6lakh agency
force .LIC has hundred divisional offices and has established extensive training facilities at
all levels. At the apex, is the Management Development Institute, seven Zonal Training
Centers and 35 sales Training Centers .At the industry level, along with the government and
the GIC, has helped establish the national insurance academy. It presently transacts individual
life insurance businesses, group insurance businesses, social security schemes and pensions,
grants housing loans through its subsidiary; and markets savings and investment products
through its mutual fund .Its pays off about Rs6,000 crore annually to5.6million policy holders

7. Kotak Mahindra Old Mutual Life Insurance

 Established in 1985 as Kotak Capital Management Finance promoted by Uday Kotak
the company has come a long way since its entry into corporate finance .It has dabbledin
leasing, auto finance, investment banking, consumer banking, and broking. The company got
its name Kotak Mahindra as Industrialists Harish Mahindra and Anand Mahindra picks a
stake in the company. Kotak Mahindra is today one of India’s leading financial institutions.

8. Birla sun life

Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun
Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group, a
multinational conglomerate has over 75 business units in India and overseas with operations
in Canada, USA, UK, Thailand, Malaysia, Egypt to name a few.

Sun Life Financials primary insurance business has excellent ratings with the world’s top
rating agencies. With assets under management as on September 30.2000 totaling more than
CDN billion, it ranks amongst the largest international financial services organizations in the
world. Today, the Sun Life Financial Group of companies arid partner are represented
globally in Canada the United States the Philippines Japan Indonesia India and Bermuda.

9. HDFC Standard Life

HDFC Standard Life insurance Company is a joint venture between India’s largest
housing finance provider, HDFC and Europe’s largest mutual life assurance company — The
Standard Life Assurance Company. HDFC Standard Life Insurance Company Limited is the
First Private Sector Life Insurance Company to be granted license. It has more than £ 3 1 7
billion of assets under management.

10. ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and
Prudential plc, a leading international financial services group headquartered in the United
Kingdom.41 ICICI Prudential was amongst the first private sector insurance companies to
begin operations in December 2000 after receiving approval from Insurance Regulatory and
Development Authority of India (IRDAI).
 BAJAJ ALLIANZ LIFE INSURANCE

COMPANY LIMITED- A COMPANY PROFILE

• Introduction

• Details of Bajaj Group and Allianz Group

• History and Development of Bajaj Allianz

• 1’Slission

• Vision

• Objectives of Bajaj Allianz Life Insurance

• Functions

• Board of Directors

• Branch profile

• Different products of Bajaj Allianz Life Insurance Company

• Newly Introduced Plans of Bajaj Allianz Life Insurance Company

• Trend of Business in Bajaj Allianz Life Insurance Company

• Awards and Achievements

 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. 55,00,000 crores). 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 Baj aj
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 Auto has 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 Jiyo Befikar

Chairman Mr. Sanjiv Bajaj
MD & CEO Mr. Anuj Agarwal
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 www.bajaallianz.co.in

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 maximise mobilisation 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. Mr.SanjayAsher

4. Mr.Niraj Bajaj

5. Mr.SanjivBajaj

6. Mr. Heinz Dollberg

7. Mr. Ranjit Gupta

8. Mr.S. H. Khan
9. Mr.Suraj Mehta

10. Mr. Dietmar Raich

11. Mr. ManuTandon

12. Mr. Kami

13. esh Goyal 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 )

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 the insurance 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 has the 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, etc It 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 years.
Choice of 3 policy terms - 7, 8 and 9 years. Guaranteed Addition of up to 63% of Sum
Assured on Maturity. Ensures 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)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 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 “A chromic 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