Bajaj Allianz

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BAJAJ ALLIANZ
BACKGROUND AND INCEPTION OF THE COMPANY

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates-Allianz AG, one of the world's largest insurance companies, and Bajaj Auto Limited, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Corporation limited was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No. 116 on3rd August 2001 to conduct Life Insurance Business in India. Bajaj Allianz Shareholder Capital base stands at Rs.500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. It is the 2nd largest private player in Insurance industry in India with a market share of 13.2% amongst the private companies as on 25tHFeb, 2009.

Bajaj Auto Limited

Bajaj Auto Ltd, the flagship company of the Rs. 8000 Crore Bajaj Group is the largest manufacturer 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 and customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto giant. AAA rated by Crisil. Bajaj Auto has been in operation for over 55 years. 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 Corporation Ltd., Bajaj Auto has the following to offer –

 Financial strength and stability to support the insurance business.  A strong Brand equity.  A good market reputation as a world class organization.  An extensive distribution network.  Adequate experience of running a large organization.  A 10 million strong base of customers using Bajaj products.  Advanced Information Technology in extensive use.  Experience in the financial services industry through Bajaj Auto Finance Ltd.

Allianz AG Founded in 1890 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. Allianz AG is the business of General (Property and Casualty) Insurance; Life and Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operation in over 70 countries. Further, the group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world’s largest infrastructure projects (including Hong Kong Airport and channel tunnel between UK and France), further Allianz insures the majority of Fortune 500 companies, besides being a large industry insurer, and Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels.  Allianz Ag – A Global Financial Powerhouse  Worldwide second by Gross Written Premiums (GWR) – Rs. 4, 46,654 cr.

 3rdlargest Asset under Management (AUM) & and largest amongst insurance cos.AUM of Rs. 51, 96,959 cr.  12th largest corporation in the world.  49.8% of global business from life insurance.  Established in 1890, 110 years of insurance expertise.

b) NATURE OF THE BUSINESS CARRIED

Bajaj Allianz Life Insurance as the name suggests is into the Insurance sector. Bajaj Allianz Life Insurance Company Limited engages in life insurance business in India. The company offers unit linked regular and single premium plans; pension plans; traditional products, including endowment and money back products; and term plans. It also provides non employer employee and employer employee group insurance products; women insurance; micro insurance; and wealth insurance products.

c) VISION, MISSION AND VALUES

VISION: 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) To encourage organizational transparency. 6) To value integrity.

MISSION: We aim to be the top new life insurance company in the market. This do not just mean being the largest or the most productive company in the market, rather it is a combination of several things like1) Customer service of the highest order. 2) Value for money for customers. 3) Professionalism in carrying out business. 4) Innovative products to cater to different needs of different customers. 5) Use of technology to improve service standards. 6) Increasing market share.

VALUES

Security: Providing long term financial security to our policy holders will be our constant endeavor. We will be doing this by offering life insurance and pension products.

Trust: We a p p r e c i a t e t he t r u s t p l a c e d b y o u r p o l i c y h o l d e r s i n u s . He n c e , w e wi l l a i m t o manage their investments very carefully and live up to this trust.

Innovation: Recognizing the different needs of our customers, we will be offering a range of innovative products to meet these needs.

d) PRODUCTS/SERVICE PROFILE

Product of the company

Traditional Plans:

1. Life Time Care:

Is a whole life plan, where it helps you financially at the time when your regular income will end? That is it provides survival benefits at the age of 80. The plan also has additional benefits like Waiver of Premium, Accidental Death Cover & Disability Cover and Critical Illness Cover & Hospital Cash Cover.

2. Super Saver:

Is a regular premium endowment plan, which enables the policyholder to save an amount regularly for the future? The plan also has an extra benefit of Guaranteed Additions to the sum assured, at the end of each policy year.

3. Save Care Economy SP:

A 10year single premium endowment plan which provides savings with high risk cover. This plan also participates in the company’s profits. It is a high risk but has easy liquidity and high returns.

Money Back Plan:

A money back plan which guarantees 5 easy payouts giving up to 125% plus (+) bonuses. Also 4 times a life cover. The additional benefits offered are • Family Income Benefit • Accidental Death Benefit and Disability Benefit. • Critical Illness Benefit and Hospital Cash Benefit.

Term Plans

1. Term Care:

Is a term Assurance plan which provides life cover and return of premiums paid at the time of maturity? It has the option of single premium payment. It is the only pure Term Plan which provides Hospital Cash Benefit. 2. New Risk Care:

Is a plan with regular/single premium payment options? This plan comes with a lowest cost for a Life Insurance cover. With regular premium plan you get additional rider benefits. Also accidental death benefit and accidental permanent total/partial disability benefit. Besides that you can also avail of critical illness benefit and hospital cash benefit.

3. Protector:

Is a mortgage reducing term assurance plan. At a low premium amount you can secure your family from the burden of paying the Home Loan in your absence. You get an option of both Regular Premium payment and single premium payment. Also there is an option of Joint life availability, where the co-applicant can be also covered in the plan.

Unit Linked Plans (Regular premium & Single Premium)

A) Regular Premium

1. New Unit Gain

Is an investment plan where you get value for your funds invested?

2. New Gain Super:

Is a flexible unit linked plan with partial & full withdrawals after 3years? It offers additional benefits like UL Accidental Death Benefit and UL Disability Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose from& flexibility to pay top-up any time.

3. New Unit Gain Plus:

This plan gives you 5 investment funds to choose from. With the option of 3 free switches every year. Also partial or full withdrawal after 3 years. It plan offers

flexibility to meet ones changing lifestyle and insurance needs. It offers guaranteed life cover.

4. Unit Gain plus Gold:

A unique investment plan with the combination of protection and prospects of earning attractive returns. It has a high allocation up to 85%. You have a choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are also available with this plan.

5. New Family Gain-R:

It is Life Insurance Plan that can take care of all the changing requirements of the family. It has maximum flexibility, so that you are provided for all the changing needs you may have.

6. Young Care:

This investment plan is a Gift of a lifetime to a loved one. It offers guaranteed Sum Assured and continued pay premium on your behalf, in case of your unfortunate death.

7. Young Care Plus:

It offers the same benefit as the above plan but in addition offers a critical illness benefit.

B) Single Premium

1. New Unit Gain Premier SP:

It is a unique insurance cum investment plan as it starts investing 105% of the single premium paid from day one, thereby ensuring that you get more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D. 2. New Unit Gain plus SP:

Is a single premium plan that gives you 98% allocation with guaranteed life cover? Minimum premium is Rs. 10,000 only. A choice of 5 investment fundsto chooses from. And 3 free switches every year. Partial & full withdrawals after 3 years. Pension (Annuity & Retirement)

A) Annuity Pension Guaranteed:

Is a plan that assures a regular income after your retirement for life?

B) Retirement

1. New Unit Gain Easy Pension plus RP:

A unit linked pension plan without life cover. It has regular premium payment mode. An option to take a tax-free lump sum up to 33% of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any other life insurer.

2. New Unit Gain Easy Pension plus SP : A unit linked pension plan without life cover. It has single premium payment mode. An option to take a tax-free lump sum up to 33% of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any other life insurer.

3. Swarna Vishranti:

Is a plan with an option to take a tax-free lump sum up to 33% of Sum Assured + Accrued Bonuses? Open Market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also additional benefits can be availed of.

4. Future Secure:

It is a plan which secures your future.

5. Future Income Generator:

It helps you maintain the same lifestyle you lead now, after your retirement. The saving today becomes your wealth and support to help secure your future. The plan is about wealth creation, smart savings and peace of mind along with a corpus, which secures your life, post retirement.

Women Insurance Plans

1. Housewives:

Housewives need to safeguard their financial independence. There are additional benefits like the Mahila Gain feature which offers benefits like. • Critical Illness Benefits. • Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer. • Congenital Disability Benefits. • Complications of Pregnancy Benefits.

2. Working Women:

This plan helps the working women to protect them self, their family and plan for their future. The insurance, investment, pension and health products have been specially customized to suite to every specific need of a woman.

Children Plans

Child Gain:

Is a plan where it creates funds for critical stages in your Childs life like education, marriage or even to start a business? It has the benefit of low premium rates.

Health Plans

1. Health care:

Is a plan with 6- in-1 Health Insurance that offers? • Life Cover • Hospital Cash benefit • Surgical benefit • Post Hospitalization Benefit • Critical Illness Cover • Accidental Permanent Total / Partial Disability (APT/PD)

2. Family Care First:

It is a plan for the whole family. This unique hospitalization plan gives you health cover for your entire family. You can secure your family with one plan.

3. Care First:

A Medical Insurance plan till the age of 65years. And you can renew the policy every 3 years. The premium rate is level and guaranteed for the length of each policy term of 3 years with extra benefits like day care treatment and pre and post hospitalization treatment

Micro Insurance Plans

1. Alp Nivesh Yojana: An endowment plan with Life cover and Maturity benefit equal to sum assured + vested bonus.

2. Saral Suraksha Yojana:

A Term Insurance policy with return of premium on maturity.

3. Jana Vikas Yojana:

A single premium plan with maturity benefit of 125% of the single premium payable on survival till the end of the policy term.

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