Sunday, May 19, 2024


The life insurance industry has witnessed a major inflection point in the year 2021. The pandemic has led to substantial change in consumer behaviour and their outlook towards life insurance, and at the same time life insurance companies have also accelerated their digital transformation journey during this period. Bajaj Allianz Life launched several digital and tech initiatives that enables the company to meet stakeholders’ requirements, including that of customers and employees.

These sustained interventions have resulted in the company clocking a steady growth through the year. For the YTD Oct FY22 period, Bajaj Allianz Life registered a 34% growth in gross written premium and a 23% rise in renewal premium. It is the fastest growing company amongst the top 10 players and the 4th largest amongst the private life insurers for YTD Oct FY22 on New Business basis. Bajaj Allianz Life has seen a 53% growth for YTD Oct FY22 and 61% growth for FTM Oct FY22 vis-à-vis 31% (YTD Oct’21) clocked by the top 10 players on Individual Rated New Business (IRNB) basis. For YTD Nov FY22, Bajaj Allianz Life registered a growth of 55%on IRNB basis.

The company’s individual claims settlement ratio stood at 98.48% and paid total death claims to the tune of INR 1,374crore during FY21. The company’s solvency ratio is amongst the highest in the industry and stands at 666% (FY21) as compared to the 150% as stipulated by the regulator.

Concluding the calendar year with an innovative initiative, Bajaj Allianz Life today has launched a value-packed plan Bajaj Allianz Life Assured Wealth Goal. The saving with guarantee life insurance plan is designed to offer guaranteed income for securing one’s life goals, such as building a house, going on a foreign vacation, paying for your child’s higher education, buying that luxury car and much more! It comes in two variants for policyholders to choose from based on their financial goals.

Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life, said “Indian insurance industry has witnessed major transformation over the last one year with the pandemic making customers across all-age groups realize the importance of insurance. ”On the new product, he added, “In today’s uncertain times and rising expenses it is imperative to have a guaranteed product in one’s financial portfolio. Bajaj Allianz Life’s Assured Wealth Goalis designed to provide guaranteed tax free income for up to 30 years. I’m confident it will suit the needs of customers who’d like to systematically save and invest towards their long-term life goals, and have an assurance on the amount they’d receive at the end of their policy term”.

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