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BAJAJ ALLIANZ LIFE DELIVERS EXCEPTIONAL PERFORMANCE; LAUNCHES ASSURED WEALTH GOAL TO SUSTAIN GROWTH MOMENTUM
- Stellar growth of 34% in Gross Written Premium and 23% rise in Renewal Premium (YTD October FY22)
- Assured Wealth Goal offers 100% guaranteed, tax free income for up to 30 years to help policyholders meet long-term Life Goals
o Also Comes with one of a kind Step-up Income feature to generate increasing guaranteed, tax free income on a periodic basis
Pune, 06 December, 2021: 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 1,374 crore 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 Goal is 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”.
ABOUT BAJAJ ALLIANZ LIFE ASSURED WEALTH GOAL
For the immediate launch, the company is offering the below key variants for customers to choose from:
Bajaj Allianz Life Assured Wealth Goal – Step-Up Income
The world is ever evolving and so are life goals. To keep up with the increasing expenses, one needs an increasing source of income that can assure a comfortable and financially stable future. The Step-Up income variant helps generate increasing guaranteed, tax free income regularly, along with a life cover for customers. The income will increase by 10 percent every 5-years after the completion of the premium payment term. At the end of the income period, the plan also returns all the premiums contributed by the customer.
Bajaj Allianz Life Assured Wealth Goal – Second Income
Focusing on the importance of an additional income to supplement one’s finances, Bajaj Allianz Life has the Second Income variant of Assured Wealth Goal. This plan is designed to be a simple product that provides guaranteed, tax-free income for 25 or 30 years as chosen by the customer. At the end of the income period, the customer has the option to receive all the premiums contributed during the policy.
Key features of Bajaj Allianz Life Assured Wealth Goal
§ Regular guaranteed long term income
§ Increasing guaranteed income
§ Option to defer and get higher income payout
§ Higher benefit at higher ticket sizes
§ Return of premiums
§ Tax-free income
§ Life Cover
For more information on the product terms and conditions, risk factors, exclusions etc. and the full range of BALIC’s insurance portfolio, please visit our website https://www.bajajallianzlife.com/
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