Bajaj Allianz General Insurance
Bajaj Allianz General Insurance Company Limited is the joint venture of Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE- Germany’s financial services provider. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE.
Registered on 2nd May 2001, Bajaj Allianz General Insurance Company has become one of the top general insurance brands in India. It is the only general insurance company in India to cross the Rs. 100 crore mark in profit in the last two years. The company is headquartered in Pune, Maharashtra. Bajaj Allianz General Insurance is led by Mr. Tapan Singhel who serves as its Managing Director and CEO.
Allianz SE, a German multinational financial services company is the world’s largest insurance company, according to the composite measure by Forbes magazine. Founded in 1890, this leading general insurance provider now serves customers in more than 70 countries.
Bajaj Allianz general Insurance Company has received iAAA rating from ICRA Limited for seven consecutive years, which indicates highest claims paying ability and strong position of the company. It is one of the top insurers in India providing better quality consumer experience and good returns to shareholders and maintaining the reliability of Bajaj.
In 2014, Bajaj Allianz General Insurance has been adjudged as the “Best General Insurance Company in the Private Sector” by ABP News. In the same year, Bajaj Allianz was conferred with the Golden Peacock Award 2014 in the category of Innovative Products/Services.
Bajaj Allianz Product Portfolio
Bajaj Allianz Health Insurance Plans:
In the times of rising medical costs, health insurance becomes a necessity. Health insurance plans are the perfect solution and provide health protection for you and your family. They take care of medical treatment costs incurred during hospitalisation due to serious accidents or critical illnesses.
- Health Guard Individual Policy: The Health Guard Individual Policy is designed to take care of all healthcare needs and offers covers against medical expenses including hospitalisation
- Health Guard Family Floater Option: The Health Guard Family Floater Option provides perfect health protection for the entire family against medical expenses including hospitalisation, doctor consultations, diagnostic tests, medicines and ambulance services
- Surgical Protection Plan: The Surgical Protection Plan offers a surgical benefit cover and optional add-on covers for hospital cash daily allowance, critical illness and personal accident. It is available as an individual policy and also as a group plan
- Premium Personal Guard: The Premium Personal Guard cover is a personal accident insurance policy that ensures financial security and protection from unforeseen risks and accidents
- Extra Care: Extra Care is a health insurance policy that allows you to extend your existing health insurance cover by 2-3 times at a significantly low cost and take care of extra hospitalisation expenses
- Critical Illness: The Critical Illness plan as the name suggests is an insurance policy providing cover against critical illnesses like cancer, tumours and strokes, illnesses that have high treatment costs
- Health Care Supreme: The Health Care Supreme policy is a comprehensive plan that takes care of medical expenses at every stage of life
- Hospital Cash Daily Allowance: The Hospital Cash Daily Allowance insurance policy offers a cover in the event of hospitalisation by providing daily cash to help one focus on treatment rather than managing funds for incidental expenses
- Sliver Health: The Silver Health Plan is a health insurance cover designed especially for senior citizens to cover pre and post hospitalisation expenses, pre-existing illnesses, and ambulance charges
- Star Package: The Star Package policy is an all-in-one family floater plan that provides cover against health risks, household contents, education grant, travel baggage, and public liability. It also insures family members against death or injury resulting in permanent or temporary disability
- Health Ensure: The Health Ensure policy takes care of all medical treatment costs incurred during hospitalisation due to serious accidents or illnesses
- Tax Gain: The Tax Gain policy is a unique floater health plan that covers outpatient and hospitalisation expenses and also helps in tax management through a single policy
- Critical Illness for Women: The Critical Illness for Women plan is designed for women and provides protection against eight critical illnesses. A guaranteed sum of cash is paid in case the insured is diagnosed with one of the eight critical illnesses
- Top Up Health Plan: The Top Up Health Plan takes care of increasing hospitalisation expenses by providing additional cover over and above the existing cover
Bajaj Allianz Car Insurance Plans:
Bajaj Allianz Car insurance plans provide you comprehensive coverage against physical damage, bodily injury and cover against third-party liability in case of any damage to your car due to accident or any other unforeseen event.
Bajaj Allianz Two Wheeler Insurance Plan:
Two-wheeler insurance is just not about monetary compensation being doled out to you if something happens to your ride. Insurance is more about the peace, security and independence that it brings along. Get your vehicle insured and enjoy the pleasure of safe ride!
Bajaj Allianz Travel Insurance Plans:
Travel insurance plans let you travel overseas with your loved ones and without worries. It covers expenses due to medical emergencies while abroad or non-medical contingencies like loss of passport or checked in baggage and many more. It takes care of anything wrong that might happen to you while you are travelling.
- Individual Travel Insurance: The Individual Travel Insurance plan covers all medical eventualities and other travel-related incidental expenses for a nominal amount
- Family Travel Insurance: The Family Travel Insurance plan is an international travel insurance policy that covers expenditure towards hospitalisation, loss of baggage, trip cancellation and other incidental expenses for a nominal amount
- Senior Citizen Travel: As the name suggests, this is a travel insurance policy aimed at senior citizens to make their travels a pleasant experience. It covers expenses related to hospitalisation, loss of baggage and other incidental expenses
- Student Travel Insurance: A travel insurance policy for students studying abroad, Student Travel Insurance provides cover for a wide range of contingencies at a fraction of the amount of cover provided
- Corporate Travel Insurance: The Corporate Travel Insurance policy is a comprehensive plan providing complete medical and health cover for the international business traveller making his or her journey risk and tension free
- Travel Asia: The Travel Asia plan from Bajaj Allianz is a comprehensive travel insurance plan providing complete medical and health cover to international travellers visiting countries in Asia
Bajaj Allianz Home Insurance Plans:
Home insurance plans are designed for your convenience and they cover various risks and contingencies faced by home owners. Home insurance is an important tool to safeguard the sweat and blood of your life, your dream house.
- My Home Insurance: The My Home Insurance plan is an all-risk home insurance policy protecting not only the home, but also the contents and belongings inside it, against risks such as fire, burglary and natural calamities
- House Holders Package Policy: The House Holders Package policy offers all-round protection of the home (property), its contents, and interests of the insured and their family members through a single protection plan
- Easy House Holders Package Policy: The Easy House Holders Package policy is a simplified home insurance plan designed to cover various risks and contingencies faced by home owners
Bajaj Allianz Personal Accident Insurance:
While we cannot do much about the uncertain nature of life, what we can surely do is to secure financial independence to deal with various unforeseen situations the journey of life throws at us. The Bajaj Allianz Personal Accident cover is a unique insurance plan offering multiple benefits such as medical benefits, education benefits to children or spouse and giving up to 125% compensation in case of disability.
Compare all Bajaj Allianz general insurance plans with plans from other general insurance companies in India to get the best insurance plan that suits you most.
Bajaj Allianz General Insurance Distribution Network:
Since its inception in 2001, Bajaj General Insurance has come a long way in
penetrating the Indian market. Bajaj Allianz has a pan-India presence in over 200 towns across the country. Bajaj Allianz policies are also available online through their website and from insurance aggregators.
Bajaj Allianz General Insurance - Latest News
Bajaj Finserv Limited is planning to purchase some additional shares of its Germany-based partner, Allianz SE into its 2 insurance units, namely, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company Limited. The deal is expected to be valued at about Rs. 10,000 Crores, said 3 officials familiar with this development.
Bajaj Finserv Limited, the financial service providing unit of the Bajaj Holdings and Investments Limited, possesses 74 per cent, while, the Allianz SE is holding 26 per cent in both of the joint ventures. Allianz, since quite a long duration, has been discussing with Bajaj regarding the increase of its shareholding in both the joint ventures to 49 per cent after the govt. increased the limit for the foreign investments in the Indian insurance sector from 26% to 49% in the financial year 2015.
The negotiations were unsuccessful in yielding any outcome because both the parties weren’t able to adjust on the price side. To raise the shareholding by 23 per cent in the 2 JVs, Allianz would be required to expend a much higher sum according to the method of fair-valuation in comparison with the pre-determined rates as per the call-option clause.
Bajaj Allianz General Insurance along with two other public sector general insurers recently awarded the contract to offer crop insurance to the farmers under the Pradhan Mantri Fasal Bima Yojna. Keeping the current Kharif season in mind, the government of Haryana looks aims at issuing crop insurance to the farming community to save them from weather vagaries.
The process has been initiated already and the insurer would soon hear from the state government. Once implementation stated, the scheme would offer coverage to four crops – cotton, maize, bajra, and paddy while the sum assured per hectare for an individual crop is fixed at Rs. 60, 000 for cotton, Rs, 25, 000 for maize, Rs. 27, 500 for bajra, and Rs. 62, 500 for paddy for the Kharif season.
The state government has divided Haryana into three clusters for effective as well as efficient implementation of the insurance scheme while each cluster is to be served by individual insurer.
Both loanee and non-loanee farmers can benefit from this crop insurance scheme issued by the government of Haryana, which has designated Bhiwani, Kurukshetra, Kaithal, Panchkula, Rewari, Sirsa, and Faridabad in cluster 1, whereas Ambala, Mohindergarh, Gurgaon, Hisar, Karnal, Jind, and Sonepat comes under cluster 2. Further, cluster 3 includes Panipat, Mewat, Fatehabad, Yamunanagar, Rohtak, Jhajjar, and Palwal.
Bajaj Allianz General Insurance Company, in the financial year 2015-16 attained considerable financial outcome. The net profit of the insurer for the years amounted to Rs. 564 Crores. By attaining such great profits, the provider preserved its tag of the most profit-making Indian general insurance provider in the private sector.
GWP or Gross Written Premium of the firm, from Rs. 5,301 Crores in the financial years 2014-15 rose to Rs. 5,901 Crores in the financial years 2015- 16; which is almost an increase of 11%. In spite of 7000 claims for Chennai floods worth Rs. 470 Crores made on the insurer this year, Bajaj Allianz General Insurance Company declared a collective percentage of 99.3%, maintaining its good financial wellbeing in the insurance industry.
During the previous financial year, the insurer reached out to more than 400 new cities across the nation. The solvency ratio of the insurer shot up to 251% from 182% in the financial year 2014-15. The rise clearly signified the claim paying ability of the insurer. However, the previous solvency ratio was also a substantial figure above the solvency ratio demanded by the Indian regulations, which is 150%.
Bajaj Allianz General Insurance recently launched #TweetInsurance, the first in the insurance industry of India, which is aimed at providing insurance-related information to the people. People can now get the information they need by simply sending a tweet at the Twitter handle of the company with one or more relevant hashtags included.
To send a tweet to Bajaj Allianz (@BajajAllianz), the user needs to include #TweetInsurance, and then it will be posted on the Twitter handle of Bajaj Allianz General Insurance. Correspondingly, the user will get a list of services offered by the insurer on Twitter. Meanwhile, the conversation can go on through DM or Direct Message between the company and the user.
One can get information regarding premium quotes, branches, network hospitals, including any update on policy or claim status. This also eases buying insurance policies online, policy soft copy, and details required for filing a claim.
Bajaj Allianz has successfully registered over 96 percent claim settlement ratio in fiscal 2016. Max Life Insurance Company also claims to have hit a claim paid ration of over 96 percent. As per a report, Max Life recorded 96.23 percent claims as paid out in fiscal 2016, which in comparison to that of the previous fiscal is a bit less.
This reached to an outstanding claim settlement ratio of 0.04 percent as recorded on 31st March 2016. The number of claims pending with the company is not more than 4 out of 9, 224 received during the FY’16.
At the same time, the claim settlement ratio of Bajaj Allianz stood at 98.7 percent in fiscal 2016. The number of claims received by the company is 1, 68,501 out of which 1, 65,244 have been successfully settled, thereby paying Rs. 839 Crore to its customers globally.
Bajaj Allianz General Insurance recently publicized that they have successfully settled about 98 percent (worth 110 crore) of motor insurance claims they received post the Chennai Floods. In total, the count of motor claims settled was over 5, 300, while an average amount paid to an individual was Rs. 1.74 lakh.
On the report, Bajaj Allianz said that most of the damaged vehicles were submerged for over three days, causing corrosion to the exposed parts of the vehicles because of delay in attending for repair. The claims settled by the company referred to damages to engine seizure due to the mud of water deposits, electrical fittings etc.
Mr. Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said that the company has approached its customers individually at their doorstep for offering them high-speed claim settlement experience, aiming at streamlining the procedures of settlement.
Bajaj Finserv recently unveiled its net profit rise at Rs. 437 crore at the end of the third quarter of FY’15-16. This considerable growth in company’s profit includes the corresponding growth in Bajaj Finance.
Having a look on the consolidated net profit of Bajaj Finserv at the end of Q3 last year brings Rs. 347 crore in light, which is a holding company of Bajaj Allianz General Insurance, Bajaj Finance Limited, and Bajaj Allianz Life Insurance. S Sreenivasan, CFO Bajaj Finserv quoted "The quarter was good for us, primarily supported by a 58 percent jump in net profit of Bajaj Finance."
The profit of Bajaj Life Insurance is reported Rs. 191 crore at the end of Q3, which stood at Rs. 99 crore last year, at the same time. The gross revenue of Bajaj Finserv stood at Rs. 5,396 crore with a hike of 12 percent.
January 6, 2016: Bajaj Allianz General Insurance is hosting regular sessions on Google+ to demystify insurance. According to Sasikumar Adidamu, chief technical officer, non-motor, these Google+ Hangouts are aimed at building awareness about insurance and inviting healthy discussions between the audience/customers and the top management of Bajaj Allianz General Insurance.
The insurer has held 8 Google+ Hangouts thus far, to explain the finer points of various insurance policies and how to manage them for steady protection. Sasikumar further added that the company runs contests and campaigns to educate policyholders about insurance products such as health, motor, travel, and home insurance through social media handles, such as Facebook, Twitter and YouTube. The company has also produced many one-minute films for increasing insurance awareness.
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