Bajaj Allianz is essentially recognized as a joint venture between the two companies, which are Bajaj Finserv Limited and a European financial services company named Allianz SE. Generally, the insurer provides a varied insurance product based portfolio with a wide variety of benefits. These benefits are aimed at providing financial protection to their clients. Certain kinds of insurance products provided by the insurer comprise of endowment plans, term insurance plans, child insurance plans, ULIPs, group insurance plans, micro insurance plans, etc. The bajaj life insurance combines international knowledge with local experience. Moreover, it also facilitates clients with personalized products as well as transparent benefits, serving each segment and age-income profile.
Bajaj Allianz Life Insurance Company will open 1000 virtual sales offices:
Bajaj Allianz Life Insurance Company is acknowledged as one of the prominent private life insurers present in India. The company has decided that it will open more than 1,000 virtual sales offices all over India. The offices will be opened in the coming 18 months, as mentioned by the company’s senior executive.
As per the talk with media at a press conference, the Chief Agency Officer named Manish Sangal mentioned something important. He said that their company has started 14 virtual sales offices inside Maharashtra and they have been started on a pilot basis. The officer added that until now the overall experience is good. Moreover, the company has the intention to increase it up to more than 1,000 all over India in coming 12-18 months.
Discussing in detail on the sample initiative, Manish Sangal clarified that a virtual office is a place where sales officers or agents make the use of digital machines. The intention behind this is to offer a wide range of services which covers attaining premium payment certificates, obtaining account statements, payment of insurance renewal premiums and several other services to the client right at their doorsteps. Doing these would remove the requirement of brick-and-mortar branches.
As per the service of bajaj life insurance, firstly the virtual sales offices are expected to be managed by qualified marketing officers. On the other hand, agents will be permitted to work on the digital machine during the upcoming phase. In addition to that, the company even intends to include 35,000 more new agents within its team of 70,000 prevailing agents throughout FY 2018-19.
It is also important to note that Bajaj Allianz Life Insurance Company has marked a rise of 38 percent on the individually charged business premium for the financial year 2017-18. The bajaj life insurance is aiming at 45 percent increment in the present financial year. In addition to that, this company even targets to reach 35 percent growth pace on the full amount of new business premium. It is also known that this company will use upto Rs 25,000-35,000 on every device.
Manish mentioned that this company is enthusiastic about enlarging its business in Odisha. He even added that Cuttack and Bhubaneswar sustain to be their prominent cities in that state. The cities clock a feasible growth rate of 39 percent noted during the previous financial year. The company is also certain that the present growth rate would be greater and the access will be profound in the state. It came to know that for the financial year 2017-18, Cuttack and Bhubaneswar perceived a powerful growth into the market share of 12 percent as well as 39 percent, respectively.
The bajaj life insurance company has allotted Rs 610 crore assets under management (briefly as AUM) inside Odisha, and also carried out the business of Rs 74 crore in this state during the financial year 2017-18. It also aims at Rs 120 crore trades during the present financial year. The company encompassed 16,652 lives along with 17,018 policies within Odisha during the financial year 2017-18.
It came to know that Bajaj Allianz owns 40 different branches as well as 6,360 agents in entire Odisha. This is the company that intends to raise the number of agents to the exciting number i.e., 10,000 by the completion of the present fiscal year. However, it still does not have definite plan to start any more branches.
What are the Bajaj Allianz Term Insurance Plans?
From Bajaj Allianz, protection plans are concentrated at offering monetary security to the loved ones of the policyholder during the instance of his/her unexpected death. For any individual, protecting his/her family against all upcoming misfortunes is the foremost priority. Such plans target to simplify the financial loads on the individual’s dependents, in situations of an adverse eventuality. Let’s have a look at the different term insurance that is presented by the insurer:
- eTouch Online Term-
Bajaj Allianz presents eTouch Online Term Plan which is basically a pure term insurance policy. The same offers coverage for a particular policy term settled on amongst the insurer and policyholder, at the instant of buying the policy.
The iSecure Plan offered by Bajaj Allianz is basically a non-participating kind of term insurance policy. It presents a high amount at a comparatively decreased premium rate. Moreover, the policyholder also owns the option of selecting an individual cover or joint life cover, while purchasing this plan.
- iSecure Loan:
The name of iSecure Loan itself suggests that the insurance policy is intended to cover the loan liabilities of the policyholder during his/her unfortunate death. The plan also guarantees that the family of policyholder need not fight against any loan reimbursement trouble if something bad occurs to him/her.
- iSecure More:
The plan -iSecure More insurance is a kind of non-participating and increasing type of cover. It is identical to the iSecure plan but differs merely in its service of an improved life cover as the years elapse. Therefore, with the help of this plan, a person can obtain an amplified amount assured with every passing year.
- LifeStyle Secure:
The LifeStyle Secure plan offered by Bajaj Allianz is basically a non-participating and non-linked term assurance plan which comes with an inbuilt Terminal Illness risk cover. In this plan, it is known that the death benefit expenditure is provided to the nominee, in form of monthly installments.
- Life Secure:
This plan is a non-linked one and known to be a whole life term type of insurance plan. It offers three coverage options as well as a rebate upon choosing for a high amount assured.
It’s a big achievement for Baja Allianz Life Insurance to open virtual sales offices, in different parts of India. The growth rate is noticed to be really high and it is expected to rise in future.