B.V.

Patel Institute of Management, Uka Tarsadia University

Subject: - Introduction to Banking & Insurance

An assignment on Bajaj Allianz Insurance co. ltd.

Subject Teacher: Dr. Vijay Gondaliya

Submission Date: 11th July, 2019

Team Member Details:

Shivam Patel (201703100310195)

Nishant Joshi (201703100310164)

Pankaj Rawat (201703100310058)

Group No. : 8
Bajaj Allianz Insurance Co. ltd.

History of Bajaj Allianz

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited
(recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability
and strength.

Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of
Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India.
The Company has an authorized and paid up capital of Rs 110 Crore. Bajaj Finserv Limited holds 74% and
the remaining 26% is held by Allianz.

As on 31st March 2019, Bajaj Allianz continues to be one of the most financially robust insurers in the
industry by maintaining its growth as well as profitability. The company has made a net profit of Rs. 780
Crore. The company reported a revenue of Rs. 11,097 Crore, which has grown by 17% compared to the last
fiscal year.

For the 13thconsecutive year, Bajaj Allianz General Insurance has received iAAA rating from ICRA,
indicating the highest claims paying ability and a fundamentally strong position in the industry. The first
accreditation was received in 2005-06 and the company has maintained this rating since then. The
organization's Operational Risk Management process is ISO 9001:2015 certified, which signifies our quality
objective to proactively manage risks and to ultimately deliver & exceed customer expectations. The
Company has embraced digitalization as a primary enabler and has been working continuously on
automation and digitization of its service offerings. It offers real time solutions to its customers and partner
via mobile applications and dedicated portals. The industry first initiatives by the company like cashless
claim settlements, in-house health management team (HAT) and image based policy as well as claim
processing, digital offices and mobile applications such as Ease Tab and Insurance Wallet have set a
benchmark in the industry.

The organization received the prominent Digital Insurer Award twice at the prestigious Asia Insurance
Industry Awards 2017 & 2018. The company was recognized as The Iconic Brand of India 2018 by The
Economic Times and received the prestigious National Award for Excellence in Cost Management from
premier cost and management accounting body, Institute of Cost Accountants of India (ICAI). The company
was also honored as India's Leading Private General Insurance Company by Dun & Bradstreet. It also won
the prestigious Money Today Awards for the Best Motor Insurance Provider of the Year.

Bajaj Allianz General Insurance has also been recognized as the AON Best Employers in India 2018 for its
employee centric work culture and is listed among the Top 15 BFSI Great Workplaces to Work in India by
the esteemed Great Place to Work Institute.

They provide two types of insurances to the client:

1. Life Insurance
 Term Insurance
 Investment Plans
 Retirement Plans
 ULIP -Goal Assure
2. General Insurance
 Motor Insurance
 Travel Insurance
 Health Insurance
 Home Insurance
1. Life Insurance
Term Insurance:
Entry Age Minimum age is 18 years

Maximum age is 65 years

Maturity Age Minimum age of maturity 28 years

Maximum age of maturity 75 years

Premium amount Minimum Premium- 5,000 per annum

Premium payment frequency Yearly, Half yearly, Quarterly, Monthly

Premium Payment Term 5 to 30 years
Sum assured Minimum sum
Maximum sum assured
assured
Life ADB, ACI
50,00,000 Benefit ATPDB Benefit
No `2crores~ `75,00,000~~
Limit

Investment Plans:

Entry Age Minimum age is 01 year

Maximum age is 60 years

Maturity Age Minimum age at maturity 18 years

Maximum age at maturity 70 years

Minimum Policy Term 10 years

Premium Payment Term 5 to 30 years
Minimum Premium Yearly 25000
Half yearly 12500
Monthly 2500
Sum assured Top up sum assured
Age
multipliers
Less than 45 years 1.25 times
Greater than or equal to 45
1.1 times
years
Minimum Sum Assured

Age Higher of
Less than 45 years 10 times Annualized 0.5 *policy term *Annualized Premium
Premium
Greater than or equal to 45 7 times Annualized Premium 0.25 *policy term *Annualized
years Premium

For example, for an age less than 45 years and policy term of

 15 years the minimum sum assured available will be 10 times Annualized Premium
 22 years the minimum sum assured available will be 11 times of Annualized Premium i.e,
(0.5*22*Annualized Premium)

Retirement Plans:

Entry Age Minimum age is 30 years

Maximum age is 73 years

Policy term Minimum Policy Term 7 years

Maximum Policy Term 30 years

Deferment periods available: 7 years to 30 years
(both inclusive) only

Premium paying term Minimum Premium Payment

5 years
Term (Regular/ Limited
Premium Payment option)

Maximum Premium
Payment Term (Regular/
Up to the Policy
Limited Premium Payment Term chosen
option)

Minimum regular premium Yearly Less than 7 50000

Monthly years 9500
ULIP- Goal Assure:
Entry Age
Minimum age is 0 years

Risk will commence immediately on issuance of

policy. In case of a minor life, the policy will vest on
the Life Assured on attainment of age 18 years

Maximum age is 60 years

Maturity Age
Maximum age of maturity 75 years

Minimum Policy Term 5 / 10 / 15 / 20 years

Premium Payment Term Premium Paying Term Policy term
5 years 5 years
5, 7 or 10 years 10 years
10 or 15 years 15 years
15 or 20 years 20 years
Minimum Premium Yearly 36000
Half yearly 18000
Monthly 3000
Sum assured Top up sum assured
Age
multipliers
Less than 45 years 1.25 times
Greater than or equal to
1.1 times
45 years
General Insurance

Motor Insurance:

Car Insurance

Coverage’s:

Section 1: Own Damage We will cover the accidental loss or damage to your car caused by any of the
following: Fire, explosion, self-ignition or lightning; Burglary housebreaking or theft; Riot and strike;
Earthquake (fire and shock damage); Flood, typhoon, hurricane, storm, tempest, inundation, cyclone,
hailstorm, frost; Accidental external means; Malicious act; Terrorist activity; Whilst in transit by road, rail,
inland waterway, lift, elevator or air; Landslide/ rockslide.

Section 2: Liability to Third Parties We will cover your legal liability arising out of bodily injury to and/or
property damage of third parties caused due to an accident involving your car.

Section 3: Personal Accident Cover In the unfortunate event of your (owner-driver) death and/or permanent
total disability arising out of an accident while traveling in your car, we will pay the specified Sum Insured
to you/ your legal heir.

Main Exclusions

We will not be liable to pay for the following cases:

1. Any loss or damage caused outside the geographical area

2. Any loss or damage arising out of your car not being used as per the limitations to use

3. Any claim arising out of any contractual liability

4. Any consequential loss

5. Other exclusions as listed in the policy wordings

Claims Process

• Call our Toll Free No. 1-800-209-5858

• Submit completely filled claim form at the nearest Bajaj Allianz General Insurance office.
Health Insurance

Health Guard Individuals Policy:

What are the Plans available under Health Guard policy?

There are two plans available

• Silver Plan

• Gold Plan

What are the Sum Insured options available under the policy?

• Health Guard –Silver Plan: Rs.1.5/2lacs

• Health Guard –Gold Plan: 3/4/5/7.5/10/15/20/25/30/35/40/45/50lacs

What is the entry age?

• Proposer /Spouse /Parents/Sister/ Brother/ Father In law/ Mother In law/ Aunt/ Uncle 18 yrs to 65 years

• Dependent Children/Grandchildren: 3 months – 30 yrs

What is the renewal age?

• The policy is renewable for lifetime.

• For Dependent Children/ Grand Children- Renewal up to 35 years. After the completion of maximum
renewal age of dependent children, the policy would be renewed for lifetime; subject to separate proposal
form should be submitted to us at the time of renewal with the insured member as proposer. Suitable credit
of continuity/waiting periods for all the previous policy years would be extended in the new policy, provided
the policy has been maintained without a break

What is the Policy Period?

• Policy can be taken for 1year/2years OR 3years.

What is premium paying term?

• Annual premium payment for 1 year policy. For long term policies one time premium will be collected at
the time of risk inception and for renewal at the end of the policy term.
 Home Insurance

My home Insurance Policy:

Basis of loss settlement under My Home Insurance Policy

The loss settlement under My Home Insurance Policy can be listed down to four different basis - Indemnity
basis, Reinstatement basis, New for Old basis and Agreed Value basis, which have been further explained
below:

 Indemnity basis : When a property or item is insured on Indemnity basis, the insured will get a
compensation for the item damaged after a deduction for wear and tear

 Reinstatement basis: When a property or item is insured on Reinstatement basis, the insurer will settle the
loss by replacing the damaged property or item with a new one, which is equal to but not better than the one
damaged

 New for Old basis : This basis means that when an item is damaged beyond repair, the insurer will pay out
for the replacement for the same in full

 Agreed Value basis : Agreed value basis means the loss will be settled by the insurer on the value of the
property or content agreed by the insured at the time of purchasing the insurance policy

Key benefits of Bajaj Allianz My Home Insurance Policy

 All Risk Cover for Building, Contents, Jewellery, Valuables, Works of Art, Curios & Paintings under a
single Policy

 No list of Contents required where Sum Insured of contents is above Rs. 5 Lakhs

 Worldwide Coverage Extension for Jewellery, Valuables and Portable Equipment available on payment of
additional premium

 Automatic Reinstatement of Sum Insured for Contents

 Wavier of Condition of Average for Contents & Jewellery, Valuables, Painting, Curios & Works of Art on
Agreed Value Basis

 Policy can be issued for a period starting from 1 day to 5 years.

 Coverage under My Home Insurance Policy

Building

 Loss or damage to building: We will indemnify you in respect of the accidental loss or damage to building
based on the plan selected by you.

 Sum insured options for Flat/Apartment

o Reinstatement Value Basis

o Indemnity Basis

 Emergency expense cover: Expenses incurred towards emergency purchase of food, clothing, medicines
and similar daily essentials up to Rs. 20,000 will be covered in case a claim is admissible under the Building
section of the policy

 Loss of or damage to curios, works of art and paintings whilst stored or lying in your Building : We
will indemnify you in respect of the accidental loss or damage to curios, works of art and paintings" whilst
stored or lying in your building. The valuation of the same shall be done by the government approved valuer
and approved by us

Content, Jewellery/Valuables & Paintings

 Loss or damage to content : You will be compensated in case of loss/damage to your furniture and
fixtures, electronic items, kitchen items, clothing and personal belongings as well as other products, which
you have insured at the time of purchasing the policy

 Loss or damage to portable equipment anywhere in India: We will indemnify you in respect of the
accidental loss or damage to portable equipment anywhere in India. However, on payment of additional
home insurance premium, the coverage for portable equipment may be extended to worldwide

 Loss or damage to jewellery and valuables: We will indemnify you in respect of the accidental loss or
damage to jewellery and valuables anywhere in India. However, on payment of additional home insurance
premium, the coverage for jewellery and valuables may be extended to worldwide

 Loss of or damage to "curios, works of art and paintings" whilst stored or lying in your Building: We
will indemnify you in respect of the accidental loss or damage to curios, works of art and paintings whilst
stored or lying in your building. The valuation of the same shall be done by the government approved value
and approved by us
Documents are required

 ID proof
 Age Proof
 Recent Photography
 Address Proof

How is Bajaj Allianz Life e-Touch Online Term different from other online term plans?
Unlike other term plans, Bajaj Allianz Life e-Touch Online Term Plan not just covers your life but also
protects your family against any financial stress caused because of your death, critical illness or permanent
disability due to an accident. What sets Bajaj Allianz Life e-Touch Online Term plan apart, is the
intertwining of both health and term insurance in one plan.

Future generally

General insurance from one of the top-notch general insurance companies in India, Future Generali has a
record settlement of more than 16.7 lakh claims. General insurance from one of the top-notch general
insurance companies in India, Future Generali has a record settlement of 14.2 lakh claims and is currently
serving over 12 lakh customers and 2000+ active corporate clients.

Claims Settlement Ratio

The claim settlement ratio of 91.67% is the indicator of the number of death claims settled by Bajaj Allianz
Life against the total claims 16239 reported for the FY 2016-17.

Claim Settlement Ratio = Total claims settled / Total claims received

where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the
year)