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Bajaj Allianz is formed on 28th august,2001. There are more over 1200 branches across the country. Bajaj Allianz is a union between Allianz SE , one of the largest insurance company and Bajaj Finserv . At Bajaj Allianz life insurance , customer delight is the guiding principle. The business philosophy of Bajaj Allianz is to ensure excellent insurance and investment solutions. Bajaj Allianz general insurance received the insurance regulatory and development authority (IRDA) certificate of registration on 2nd may , 2001 to conduct general insurance business (including health insurance business) in INDIA. The company has an authorized and paid up capital of Rs. 110 Crores , Bajaj finserv ltd holds 74% and the remaining 26% is held by Allianz , SE. Bajaj Allianz has a country wide network connected through the latest technology for quick communication and response in over 200 towns spread across the length and breadth of country. All the offices of Bajaj Allianz are interconnected with head office at pune.
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financial underwriting
Medical underwriting is a type of underwriting in which the company checks out the physique of the person whether he/she is medically fit or not. Financial underwriting is an type of underwriting in which the company verifies the financial capacity of the person in relation with the payment of the policy amount.
4. Scrutiny of form: The proposal duly filled by the person is verified by the company. The decision to accept or refuse the proposal is based on the scrutiny. If the company is satisfied than the proposal is accepted.
5. Acceptance of form: If the proposal is complete in all respect and if the medical reports are favourable , the company accepts the proposal and ask the proposer to make the payment of the first premium. 6. Payment of premium: After the acceptance of the form the company demands first premium amount from the person. From that moment the company is liable to cover risk. 7. Printing and dispatch of policy papers: In due course i.e after the payment of initial premium, a formal document called life insurance policy is prepare. It is sealed and stamped. The policy is sent to the insured party by registered post. It has to be preserved by the insured because it is necessary at the time of claim settlement. The policy statement contains: 1) The name and address on the insured. 2) The age of the insured. 3) The mode and amount of premium payable. 4) The name of the nominee. 5) The name of the policy and its number. 6) The term and conditions of the policy. 8. Login: Login is process by which the company records all the details of the insured in its databases. It signifies that the person is the permanent customer of the company. These details are recorded for the future reference.
The first company to start the process of reinsurance was Allianz SE four years ago. As being part of Allianz SE Bajaj Allianz also entered into reinsurance. Thus, reinsurance is a form of an insurance cover for the insurance, where several insurance companies come together to issue one single risk. One insurer takes on all or part of the risk cover Under a policy issued by an insurance company in consideration of a premium payment. Reinsurance is an arrangement by which the primary issuer that initially writes the insurance transfers to another issuer part or all of the assumed risk. The primary insurer is the ceding company. The insurer that accepts insurance from the seeding company is the reinsurer.
The minimum amount paid for the policy is Rs.50,000 and maximum is Rs. 50 Lakhs. If this amount goes beyond Rs. 50 Lakhs then it enters into the process of reinsurance.
There is a huge contribution of banking sector towards the insurance companies. The banks acts as backbone of the transactions made by the insurance companies. They provide following facilities-
The banks that helps Bajaj Allianz to provide above mentioned facilities are: 1. Axis bank 2. Standard chartered.
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How bajaj allianz settles the claim under life insurance policy
Settlement of claim is necessary in both the cases i.e; life and non life insurance policies. To settle the claim means to demand insurance amount and to collect this amount from insurance company. In life insurance when the policy becomes due for payment because of death of insured or the expiry of period mentioned in the policy. The amount of policy should be claimed by the nominee or the insured himself. Procedure to be followed in case of claim settlement of life insurance policy: proof of death Proof of legal title Proof of age Making payment
Conclusion
After making overall study, we came to the conclusion that insurance needs depends on factors such as age, marital status, income status etc. Bajaj Allianz helps to satisfy the needs of customers by providing both life as well as non life insurance. Bajaj Allianz also helps in minimizing the financial problems on us or our family because it acts as financial vehicle which helps in managing the risk.
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