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One of the leading life insurance companies


in India
Bajaj Allianz Life Insurance Company Limited is one of India's leading Life Insurance
companies. Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both
enjoy a reputation of expertise, stability and strength. This joint venture Company incorporates
global expertise with local experience.
At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Ensuring world class
solutions by offering customized products with transparent benefits supported by the best
technology is our business philosophy.
Bajaj Allianz Life Insurance has developed life insurance solutions that cater to every segment
and age-income profiles. Currently Bajaj Allianz Life Insurance has a strong life insurance
product portfolio with adequate flexible products to cater to all kinds of customer needs from
ULIPs to Child plans, from group insurance to health insurance. The Company began its
operations in 2001 and today has a pan-India presence with 759 branches in India.
Bajaj Allianz Life Insurance has been conferred as the "Best Life Insurance Company - Private
Sector" by LOKMAT Banking, Financial Services & Insurance Awards 2014. The BFSI Awards
2014 is organized to recognize the best performances of various Banking, Finance and Insurance
services.

Bajaj Allianz Life Insurance has been awarded in the "Claims Service Company of the Year"
category at the Indian Insurance Awards 2014. The Indian Insurance Awards have been
conceptualized to honor performance, growth and excellence in the Indian insurance industry,
and raise the benchmark year on year for industry participants
Bajaj Allianz Life Insurance has been awarded the "SKOCH Financial Inclusion & Deepening
Award 2014" in the Platinum Category, for their Excellence in the Life Insurance Industry.
Bajaj Allianz Life Insurance has won the "SKOCH Renaissance Award 2013" in the Platinum
Category at the Corporate Leadership and Corporate Citizenship Awards during the 34th Skoch
Summit.

About Us

Life@BALIC

Careers

Visit Us

About Us
Bajaj Allianz is a joint venture between Allianz SE, one of the largest Insurance
Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate globally
and one of the largest asset managers in the world, managing assets worth over a
Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial
experience and is present in over 70 countries around the world.
What we offer?
The insurance industry is diverse, with many specialized positions and career paths.
We at Bajaj Allianz provide you with unlimited occupational opportunities in

Sales

Operations

Actuarial

Product Development

Accounts & Finance

Audit

Risk management

Administration and Facility Management

Human Resource

Information Technology (IT)

Legal & Compliance

Marketing

Training

Allianz
From Wikipedia, the free encyclopedia
Allianz SE

Type

Societas Europaea

Traded as

FWB: ALV
OTCQX: AZSEY

Industry

Financial services

Founded

1890

Headquarters

Munich, Germany

Area served

Worldwide

Key people

Michael Diekmann (CEO)


Helmut Perlet(Chairman of the
supervisory board)

Maximilian Zimmerer (CFO)


Products

Insurance, banking, asset


management

Revenue

$115.451 billion (2013)[1]

Operating
income

$8.243 billion (2013)[1]

Profit

$5.053 billion (2013)[1]

Total assets

$624.95 billion (end 2013)[1]

Total equity

$46.56 billion (end 2013)[1]

Number of
employees

171,340 (end 2013)[1]

Subsidiaries

Allianz France
Allianz Global Investors
Allianz Global Assistance
Allianz Insurance plc
Allianz Global Corporate and
Specialty
Allianz Life
Fireman's Fund
Club Marine
Hunter Premium Funding
Allianz Marine & Transit
Mondial Assistance Group
PIMCO
risklab

Website

www.allianz.com

Allianz SE[2] (German pronunciation: [aliants] ( listen), AL-i-nts) is a German multinational


financial services company headquartered in Munich. Its core business and focus is insurance. As
of 2013, it is the world's largest insurance company, the 11th-largest financial services group and
25th-largest company according to a composite measure by Forbes magazine,[3] as well as the
largest financial services company when measured by 2012 revenue.
Its Allianz Global Investors division ranks as a top-five global active investment manager,
having 1,770 billion of assets under management (AuM), of which 1,131 billion are thirdparty assets (as of 2010-09-30), with specialized asset managers including PIMCO (bonds),
RCM (equities) and Degi (real estate).
Allianz sold Dresdner Bank to Commerzbank in November 2008.[4] As a result of this merger,
Allianz gained a 14% controlling stake in the new Commerzbank.

Contents

1 History
o

1.1 Foundation

1.2 20th century developments

1.3 Allianz in the 21st century

2 Operations
o

2.1 Australia

2.2 Belgium

2.3 Bulgaria

2.4 Colombia

2.5 Canada

2.6 Germany

2.7 India

2.8 Indonesia

2.9 Italy

2.10 Pakistan

2.11 Slovakia

2.12 United Kingdom

2.13 United States

3 Senior management

4 Sponsorships

5 Controversies

6 See also

7 References

8 External links

History
Foundation

An early Allianz agent's plaque.

Allianz AG was founded in Berlin on 5 February 1890 by then director of the Munich
Reinsurance Company Carl von Thieme (a native of Erfurt, whose father was the director of
Thuringia) and Wilhelm von Finck (co-owner of the Merck Finck & Co bank). The joint
company was listed in Berlin's trade register[5] under the name Allianz VersicherungsAktiengesellschaft.[6] The first Allianz products were marine and accident policies first sold only
in Germany, however in 1893 Allianz opened its first international branch office in London. It
distributed marine insurance coverage to German clientele looking for coverage abroad.[7]
In 1900 the company became the first insurer to obtain a license to distribute corporate policies.
In 1904 Paul Von Naher took over the sole leadership of the company, as it moved into the US
and other markets. Markets entered by 1914 included the Netherlands, Italy, Belgium, France,
the Scandinavian countries and the Baltic States, and Allianz had become the largest maritime
insurer in Germany.[7] The company suffered an early disaster in expansion, when the 1906 San
Francisco earthquake caused the company to sustain 300,000 marks in losses. In 1905 the
company acquired Fides Insurance Company, a firm that had innovated the first form of home
invasion insurance.[8] Other places it would expand into during the 1910s and 1920s included
Palestine, Cyprus, Iraq, China, the Dutch Indies, Ceylon, and Siam.[9]
20th century developments

In 1905 the company began to offer fire insurance, and in 1911 it began to sell machinery
breakdown policies. Allianz remained the only company in the world that sold machine
breakdown insurance until 1924. Then in 1918 it began to offer automobile insurance as well. In
1921 Von Naher passed away, and was succeeded by Kurt Schmitt. The company would begin to

offer life insurance as of 1922, becoming Europe's largest offerer of the policies by the end of the
1920s.

The original Allianz logo, designed in 1923 by Karl Schulpig.

In 1927 Allianz merged with Stuttgarter Verein Versicherung AG and [7] two years later acquired
the insurance businesses of Favag, a large German insurer that declared bankruptcy due to the
onset of the Great Depression.[10] Expansion of the company then slowed until 1938[11] at which
point it employed more than 24,000 people.[12] Christian Stadler wrote of the history of Allianz
that it "shows how important it is to diversify into related areas to hedge against the risk of
fundamental changes in markets and economies".[13]
During World War II the Munich headquarters of Allianz were destroyed by Allied bombing
runs.[14] Following the end of the war in 1945, Hans Heb became head of the company, and
Allianz shifted its headquarters to Munich in 1949 due to the split between East and West
Germany. Heb only held the position until 1948, when he was replaced by Hans Goudefroy.
After World War II, global business activities were gradually resumed. Allianz opened an office
in Paris in 1959, and started repurchasing stakes in former subsidiaries in Italy and Austria. In
1971 Wolfgang Schieren became the head of the company.
These expansions were followed in the 1970s by the establishment of business in the United
Kingdom, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired
Cornhill Insurance PLC, London, and the purchase of a stake in Riunione Adriatica di Sicurit
(RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s.
In 1990, Allianz started an expansion into eight Eastern European countries with establishing a
presence in Hungary. In the same decade, Allianz also acquired Fireman's Fund, an insurer in the
United States, which was followed by the purchase of Assurances Gnrales de France (AGF),
Paris. These acquisitions were followed by the expansion into Asia with several joint ventures
and acquisitions in China and South Korea and the acquisition of Australia's Manufacturers

Mutual Insurance. Around this time Allianz expanded its asset management business as well by
purchasing for example asset management companies in California.[7]
Allianz in the 21st century

Allianz's current head office is located in Munich.

In April 2001, Allianz agreed to acquire the 80 per cent of Dresdner Bank that it did not already
own for US$20 billion. As part of the transaction, Allianz agreed to sell its 13.5 per cent stake in
HypoVereinsbank to Munich Re, and to acquire Munich Re's 40 per cent stake in Allianz Leben.
[15]
Following completion of the acquisition, Allianz and Dresdner Bank combined their asset
management activities by forming Allianz Global Investors. In 2002, Michael Diekmann
succeeded Henning Schulte-Noelle as CEO of Allianz AG. In June 2006, Allianz announced the
layoff of 7,280 employees, about 4 percent of its worldwide work force at the time, as part of a
restructuring program aimed at raising profitability. The reductions comprised 5,000 staff at
Allianz insurance operations and 2,480 at Dresdner Bank. In the same month, Allianz announced
that its Dresdner Kleinwort Wasserstein investment banking operation would be renamed as
simply Dresdner Kleinwort.[16]
In September 2005, Allianz announced that it would convert its holding company into a
European Company (Societas Europaea), becoming one of the first major companies to do so.
The conversion was made in conjunction with Allianz's acquisition of 100 per cent control of its
principal Italian subsidiary Riunione Adriatica di Sicurt (RAS) for around US$7 billion. The
conversion to an SE was completed on 13 October 2006.[17] The Allianz Group also simplified its
brand strategy from 2006 and their previous emblem was replaced by the current combination
mark.[18] By 2008 the company was Europe's largest insurer.[19]
On 31 August 2008, it was announced that Allianz had agreed to sell 60.2 per cent of Dresdner
Bank to Commerzbank for 9.8 billion (US$14.4 billion), with an agreement that Commerzbank
would acquire the remainder of Dresdner Bank by the end of 2009.[20] After renegotiations, it was
announced in November 2008 that Commerzbank would acquire the 100% ownership of
Dresdner Bank earlier (12 January 2009). The sale price was lowered to 5.5 billion Euro. Shortly
after the transaction completed, Commerzbank was partially nationalized by the German
government to save it from bankruptcy. Allianz currently retains a stake of around 14% in
Commerzbank.[21]

Operations

Allianz has operations in over 70 countries and has around 180,000 employees.[22] The parent
company, Allianz SE, is headquartered in Munich, Germany. Allianz has more than 76 million
customers worldwide and its services include property and casualty insurance, life and health
insurance and asset management.[14] In 2013 it was number 25 on the global Forbes 2000 list.[23]

Countries in which Allianz currently has operations.


Australia

Tracing its roots back to 1914, Allianz Australia Insurance Limited operates throughout Australia
and New Zealand and through its subsidiaries offers a range of insurance and risk management
products and services.[24] Subsidiaries of Allianz Australia include Club Marine, Allianz Life and
Hunter Premium Funding.[25] In 2012, Allianz Australia announced a multi-year agreement with
the SCG Trust to rename the Sydney Football Stadium to Allianz Stadium.[26]
Belgium

Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-branded
to Allianz Belgium in November 2007.[27]
Bulgaria

Allianz Bank Bulgaria headquarters in Sofia

Allianz Bank Bulgaria is a universal commercial bank having its headquarters in Sofia. It was
established in 1997. On October 13, 2003 the bank received the name of its principal shareholder
Allianz Bulgaria Holding. Before that the bank was named Bulgaria Invest Commercial Bank.
Allianz Bank Bulgaria offers its products in more than hundred branches and offices all over the

country, as well as through the broad agents network of Allianz Bulgaria Holding. The bank
possesses a full banking license for carrying out banking and financial transactions.[28]
Colombia

Mainly an insurance company


Canada

Allianz entered the Canadian market in the early 1990s through an acquisition of several North
American insurers, namely the American Firemans Fund[29] and the Canadian Surety.[30] Upon the
market exit the personal and commercial lines unit was sold off to the market leader ING Canada
(Now Intact), and Allianz Canada ceased operations in 2004.[31] Its industrial underwriting branch
was bought by Allianz US, which has retained the Toronto office.[32]
Germany

The Allianz complex in Alt-Treptow, Berlin

Allianz offers a wide range of general, life and health insurance products in Germany through its
Allianz Deutschland AG subsidiary. It is the market leader in both the general and life insurance
markets. Allianz products are distributed principally through a network of full-time tied agents.
Since September 2010 Allianz products have also been sold through Commerzbank branches.[1]
India

In India Allianz primarily operates through Bajaj Allianz Life Insurance Company & Bajaj
Allianz General Insurance Company Limited, a joint venture between Allianz and Bajaj Finserv
Limited. Bajaj Allianz has around 1,200 branches across India and offers services including unitlinked, traditional, health, child and pension policies.[33]
Indonesia

Allianz started its operations in Indonesia with a representative office in 1981.[34] In 1989, Allianz
established PT Asuransi Allianz Utama Indonesia, a general insurance company.[35] Furthermore,
Allianz entered the Indonesian life insurance market by opening PT Asuransi Allianz Life
Indonesia in 1996.[36]

Italy

The Allianz Group in Italy is headed by composite insurance company Allianz SpA and it ranks
second in terms of premiums written and fifth in terms of assets under management as well as
fourth for financial advisors.
The Italian parent company, Allianz SpA, resulted from the integration in October 2007 of
three former insurance companies: Ras, established in Trieste in 1838 and based in Milan (part of
the Allianz Group since 1987), Lloyd Adriatico, established in 1836 and based in Trieste (part of
the Allianz Group since 1995) and Allianz Subalpina, established in 1928 and based in Turin
(formerly a subsidiary of Ras).
Pakistan

In Pakistan Allianz primarily operates through EFU Allianz Health Insurance Company Limited,
a joint venture between Allianz and Eastern Federal Union.[37]
Slovakia

The headquarters of Allianz - Slovensk poisova in Bratislava

Allianz started its life and Property & Casualty (P&C) operation in Slovakia in 1993. In 2001
Allianz AG bought the majority ownership in then state-owned Slovensk poisova (SP, Slovak
Insurance Company). Upon the purchase SP held a market share of well over 50%. Upon the
purchase the local Allianz operation was merged with SP creating a new company Allianz Slovensk poisova.[38]
United Kingdom

Allianz owns British insurance company Cornhill Insurance plc, subsequently renamed Allianz
Cornhill Insurance plc. This then simply became Allianz Insurance plc in April 2007.[39] It also
owns the high-net-worth insurance broker Home and Legacy, which it purchased in 2006.[40]
Their IT captive unit in India, ACIS is located at Technopark, Trivandrum in Kerala.[41] Allianz
previously owned Kleinwort Benson, which it inherited when it acquired Dresdner Bank. The

investment bank has subsequently been merged with the corporate bank of Dresdner Bank and
rebranded as Dresdner Kleinwort.[42]
United States

Allianz has a presence within the United States, including Allianz Life Insurance Company of
North America and Allianz Global Corporate & Specialty and Fireman's Fund. Allianz Life
Insurance Company of North America has been ranked among the 100 best companies to work
for by Fortune Magazine.[43] Allianz's investment arm, Allianz Global Investors (AGI), owns
Pacific Investment Management Company, commonly called PIMCO, on the fixed income side,
and RCM Capital Management and NFJ on the equities side.[44]
Senior management

CEOs to date:

2003 Present : Michael Diekmann

1991 2003: Henning Schulte-Noelle

Sponsorships

The Allianz Arena in Munich, Germany.

Allianz provided naming rights for the Allianz Arena, a football stadium in the north of Munich,
Germany. The two professional Munich football clubs Bayern Munich and TSV 1860 Mnchen
have played their home games at Allianz Arena since the start of the 200506 season.[45] Other
stadiums owned by Allianz include the Allianz Parque soccer stadium in Sao Paulo, Brazil, the
Allianz Riviera soccer stadium in Nice, France, the Allianz Park rugby stadium in London, UK,
and the Allianz Stadion, the new home of Rapid Vienna, a club from the Austrian Football
Bundesliga.
Allianz had been in negotiations with the New York Jets and the Giants to buy naming rights to
the New Meadowlands Stadium (now known as MetLife Stadium) in East Rutherford, New
Jersey, but those talks ended due to opposition from Jewish groups and Holocaust survivors.[46]

Allianz has been a key sponsor of Formula One since 2000.

Allianz owned the Polish football team Gornik Zabrze but sold its shares in the club in April
2011.[47] Allianz has been involved in Formula One since 2000, firstly as a sponsor of the AT&T
WilliamsF1 Team,[48] and since 2011 as a sponsor of the Mercedes GP Petronas team.[49] In 2009
Allianz signed an agreement to become the Global Partner of the St. Andrews Links Trust.[50] In
early 2012, Allianz entered an agreement with the Sydney Cricket & Sports Ground Trust which
oversaw the Sydney Football Stadium being renamed Allianz Stadium.[51] 2012 also saw Allianz
partner up with Saracens to be their main shirt sponsor as well as securing an 8m deal for
naming rights to their new Barnet Copthall home to be called Allianz Park.[52]
The company has also been the sponsor of others sports, including the Womens British Open
(golf), Allianz Open de Lyon (golf), Allianz Championship (golf), Allianz Golf Open du Grand
Toulouse (golf), Allianz Suisse Open Gstaad (tennis), Allianz Cup (tennis), Allianz
Championship (golf), La Liga (football) and FINA Swimming World Cup (swimming) events.[53]
[54][55]
The National Football League of Ireland is named the Allianz National Football League for
its sponsorship.
Controversies

The former Allianz Head Office in Berlin.

In 1993 Henning Schulte-Noelle commissioned a new Archive for Corporate History, becoming
the first Allianz CEO to address the company's activities during the Third Reich. In 1997
Schulte-Noelle asked Gerald Feldman, historian from the University of California-Berkeley, if he
would undertake a larger research project on Allianz's past involvement with the Third Reich.[56]

After research began, Jewish World War II survivors and their descendants took Allianz and
other European insurance companies to court, accusing them of unpaid insurance policies.[57]
Allianz and four other insurers supported the creation of the "International Commission on
Holocaust Era Insurance Claims" (ICHEIC).[58]
Furthermore, Allianz became a founding member of the German Foundation "Remembrance,
Responsibility and Future".[59] Feldman published the comprehensive results of his research in
September 2001. Based on these results Allianz established an exhibition in the Archive for
Corporate History and on the Internet.[60] The research concluded that Allianz, as an organization
and through its corporate officers, voluntarily partnered with the Nazi Regime and the Third
Reich, starting as early as the early 1930s and continuing all the way through to the collapse of
the Third Reich.[61]
Feldman summarized his findings stating: "It was just one more piece of business in the Third
Reich, but it demonstrated that such pieces on any large scale made contact at some point with
all that is represented by the name "Auschwitz" from slave labor to extermination virtually
inescapable." They were recorded in a book published by Cambridge University Press.[62]
See also
Bavaria portal
Companies portal

European Financial Services Roundtable

The Geneva Association

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2.

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"Allianz Says It Will Acquire Dresdner Bank for $20 Billion". The New
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"Allianz to Lay Off 7,280 in Germany". The New York Times. 22 June
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Allianz Canadian Division". Bloomberg News. Retrieved July 16, 2013.

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Limited". Businessweek. Retrieved July 16, 2013.

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53.

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54.

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55.

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57.

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58.

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59.

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60.

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61.

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16, 2013.

62.

Gerald D. Feldman: "Allianz and the German Insurance Business, 19331945", Cambridge University Press, 2001

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Types of General Insurance

We hear about so many insurance policies and the


various terms in it. But how many of us truly understand what the different types of general
insurance policies mean and what they protect? There are essentially two types of insurance, life
insurance and general insurance. While life insurance is a coverage that pays out a certain
amount to the beneficiaries in event of death of the insured, general insurance protects against
the unforeseen losses and damages other than those covered by life insurance.
Also known as non-life insurance, general insurance offers a gamut of insurance covers against
eventualities such as illness, property damage, motor accidents, etc. Assets have a value of their
own and are susceptible to damages. The specific general insurance cover can protect the
economic value of the asset and prevent huge financial loses. For example, a home insurance
policy can protect your home and the valuables inside from calamities and theft. In this article,
we look at the different types of general insurance policies and the cover they provide.
General Insurance Types and Features
Motor Insurance
You love long drives and speeding on the highways. But have you secured your lovable ride?
Motor insurance, that includes car insurance and two wheeler insurance, covers all damages and
liability to the vehicle. Moreover, according to the Motor Vehicles Act, 1988, driving a motor
vehicle without insurance in a public place is a punishable offense.

A motor vehicle can be covered either by a Liability Only policy which is a statutory requirement
and covers the legal liability for injury, death, and/or property damage caused to a third party in
the event of an accident caused by or arising out of the use of the vehicle, or a package policy
which includes the Liability Only policy and also covers the damage to owners vehicle, usually
called O.D. Cover.
The common motor insurance plans include:
Car insurance: A comprehensive coverage against physical damage and bodily injury to the car,
and also covers against third-party liability.
Two wheeler insurance: A comprehensive two-wheeler insurance policy provides hassle-free
protection to your bike or scooter against physical damage, theft and third party liability.
Commercial vehicle insurance: Commercial vehicle insurance is a Liability Only policy for
commercial vehicles across the various classes of vehicles like goods carrying vehicles private
and public carrier, passenger carrying vehicles, miscellaneous and special types of vehicles.
Health Insurance
Ill health can result in a major halt in your life and work. Moreover, the escalating price of health
care costs means that you would be shelling out a massive amount of money to bear the brunt of
these costs. This is the reason why you would need health insurance to cover your medical
expenses following hospitalization from sudden illnesses or expenses caused by accidents. This
also includes cashless facility in empanelled hospitals, pre and post hospitalization expenses, and
ambulance charges. Here are some of the common types of health insurance policies:
Individual A health insurance policy, such as Bajaj Allianz Health Guard Individual policy,
provides cover for an individual with cashless hospitalization and other features. In case you feel
that the sum insured of your existing health insurance plan does not suffice for expenses due to
illness or accidents then opt for a cover such as the Extra Care health insurance policy to extend
your health insurance.
Family Floater Policy A policy such as the Health Guard Family Floater Option covers family
members under a single plan. The fixed sum insured can be availed by individual member or as a
sum total for treatment of one person.
Surgery Cover A Surgical Protection Plan provides a fixed benefit amount for specified
surgeries and helps you to take care of the expensive medical treatment in a hospital. This benefit
plan that is used for the surgical treatment of serious illnesses such as cancer, kidney failure, and
heart attack can be availed as a standalone plan or a rider.

Comprehensive Health Insurance A high value comprehensive health insurance policy, such
as Health Care Supreme with a wide range of sum insured, add-on covers, special benefit covers
such as maternity benefits and dental treatments, fulfills all the healthcare needs and ensures
complete peace of mind, regardless of the situation of life you are in.
Other health insurance covers:

Personal Accident

Hospital Daily cash Allowance

Critical Illness

Travel Insurance
Despite all your planning, a trip abroad can go wrong due to medical eventualities, and nonmedical contingencies such as loss of baggage, trip delay and other incidental expenses. Travel
insurance covers the insured against these misfortunes while traveling. Catering to people from
all walks of life, Bajaj Allianz offers three different plans Travel Companion, Travel Elite and
Student Travel. Choose a basic plan or go for extended covers as per your requirements.
The different travel insurance policies include:

Individual travel policy

Family travel policy

Senior citizens travel policy

Student travel insurance

In addition, there are insurance companies that offer special plans such as a corporate travel
policy or a comprehensive policy for travel to a special place such as Asia.
Home Insurance
Your home is a priceless possession and possibly one of the largest financial investments that
you have made. It needs to be safeguarded from unforeseen events. Along with your home,
property insurance also protects the valuables and other assets that are the interest of the insured.
A comprehensive cover, such as My Home, for your house as well as the contents ensures that
your home is well protected.
Commercial Insurance

Commercial insurance offers solutions for all sectors of the industry ranging from automotive,
aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas,
pharmaceuticals, power, technology, telecom, textiles, transport and logistics.
Some common types of commercial insurance include:

Property insurance

Marine insurance

Liability insurance

Financial lines insurance

Engineering insurance

Energy insurance

Employee benefits insurance

International insurance solutions

Terms and Conditions

Bajaj Allianz Declares Bonus Rates FY 2010-11


Various Types of Insurance Plans
Traditional Plans : Following are the traditional plans offered by Bajaj
Allianz Life Insurance

Endowment Plan

Endowment Plan: A form of life insurance that provides for the payment of a
specified sum directly to the policyholder at a designated date or to his
beneficiary if he die before maturity date.

1. Life Time Care : Is a whole life plan, where it helps you financially at the
time when your regular income ends. It provides survival benefits at the age
of 80. The plan also has additional benefits like Waiver of Premium ,
Accidental Death Cover & Disability Cover and Critical Illness Cover &
Hospital Cash Cover.
2. Super Saver: : Is a regular premium endowment plan, which enables the
policyholder to save an amount regularly for the future. The plan also has an
extra benefit of Guaranteed Additions to the sum assured, at the end of each
policy year.

3. Save Care Economy SP : A 10year single premium endowment plan


which provides savings with high risk cover. This plan also participates in the
companies profits. It is a high risk policy but has easy liquidity and high
returns.
4. Invest Gain : This plan offers a combination of benefits that help develop
a financial portfolio for your family. At a small extra cost you get 4 times life
cover. Also you have an option of limited premium payment.

Money Back Plan

An endowment with a liquidity benefit. The Maturity Benefit comes in


installments instead of a lump sum at the end. It is called Survival Benefits A
money back plan which guarantees 5 easy payouts giving upto 125% +
bonuses. Also 4 times a life cover. The additional benefits offered are Family
Income Benefit Accidental Death Benefit and Disability Benefit. Critical
Illness Benefit and Hospital Cash Benefit.

1. CashGain : Quadruple life cover. Five easy payouts which give up to 125%
+ bonuses.
2. ChildGain: : It help you to enjoy the joys of parenthood responsibly, with
the comfort of a secure future for your child.
3. Cash Rich Insurance Plan : Bajaj Allianz CashRich Insurance is a plan
that provides you cash benefits at three important stages of your life cycle to
meet your different goals of life.

Term Plans

1. Term Care : Is a term Assurance plan which provides life cover and return
of premiums paid at the time of maturity. It has the option of single premium
payment. It is the only pure Term Plan which provides Hospital Cash Benefit.
2. New Risk Care II : Is a plan with regular/single premium payment
options. This plan comes with a lowest cost for a Life Insurance cover. With
regular premium plan you get additional rider benefits. Also accidental death
benefit and accidental permanent total/partial disability benefit. Besides that
you can also avail of critical illness benefit and hospital cash benefit.
3. Protector : Is a mortgage reducing term assurance plan. At a low
premium amount you can secure your family from the burden of paying the
Home Loan in your absence. You get an option of both Regular Premium
payment and single premium payment. Also there is an option of Joint life
availability, where the co-applicant can also be covered in the plan.
4. iSecure Term Plan : Bajaj Allianz iSecure Insurance Plan a level cover
term plan that secures your familys financial needs by giving you a level
term cover for high sum assured.

Unit Linked Plans (Regular premium & Single Premium)

Regular Premium

1. Bajaj Allianz igain III : Bajaj Allianz iGain III Insurance Plan offers you a
high allocation, which will make sure that this unit-linked life insurance plan
offers you a great potential for high returns.
2. Assured Protection Insurance Plan : It is a unique combination of
protection and prospects of attractive returns with investments in various mix
of assets to make a perfect plan to last you a lifetime of prosperity and
happiness.
3. Bajaj Allianz Life Assure Plan : Unit linked Insurance Plan(ULIP) that
turns your small and regular savings into a sizeable corpus over time along
with providing protection to you and your family.

Employers Liability Solutions

1. Shield Insurance Plan: This plan also gives you guaranteed unit price at
maturity with Shield Plus Fund III.

Retirement Plans -

1. Swarna Vishranti: Is a plan with an option to take a tax-free lump sum


upto 33% of Sum Assured + Accrued Bonuses. Open Market option: Purchase
immediate annuity from Bajaj Allianz Life Insurance or any other Life
Insurance Company. And also additional benefits can be availed of.

Health Plans -

1. Health care:

Is a plan with 6- in-1 Health Insurance that offers:


Life Cover
Hospital Cash benefit
Surgical benefit
Post Hospitalisation Benefit
Critical Illness Cover
Accidental Permanent Total / Partial Disability (APT/PD)
2. Family Care First : It is a plan for the whole family. This unique
hospitalisation plan gives you health cover for your entire family. You can
secure your family with one plan.
3. Care First : A Medical Insurance plan till the age of 65years. And you can
renew the policy every 3 years. The premium rate is level and guaranteed for

the length of each policy term of 3 years with extra benefits like day care
treatment and pre and post hospitalization treatment.

Registered Office : Bajaj Allianz Life Insurance Company Limited ,


GE Plaza 1st Floor,
Airport Road, Yerawada
Pune 411006

Contact Number (Toll-Free Number):


For any general enquiries please call on toll free number 1800-233-3355 (Toll Free).

Latest Updates -

23 Feb 2015

Disclaimer: Please note that the information provided is collected from


sources publicly available & we believe to be reliable. The website doesnt
warrant the accuracy, reliability & absolute information available on the
website. Participation by site visitors or registered customers is on a
voluntary basis. The policies are offered by various life Insurance & non-life
insurance offering companies and Bimadeals does not seek to, either directly
or indirectly, advise, offer, solicit or recommend that any person who is or
proposes to become its member should purchase the Policy.

Business Insurance Categories

Insuring Your Business

Types of Business Insurance Policies

Agents and Brokers

Choosing an Insurance Company

Business Insurance and the Law

Commercial Property Insurance

Liability Insurance

Commercial Auto Insurance

Workers' Compensation Insurance

Health Insurance

Life and Disability Insurance

A Glossary of Common Insurance Terms

Blog

Business Insurance Basics

Planning to Insure Your Business

Business Insurance Costs can be Controlled and Reduced

Updated Articles and Resources

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When considering what types of policies your business needs, it can quickly become very
confusing to keep the terms straight. An easy way around this dilemma is to keep in mind that all
business insurance and all policy types cover one of four things: property, liability, people or
income.
Property: The property used in your business such as the structure you do business in or the
vehicles used in your business need to be protected. Property and Casualty policies protect
property.
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Liability: No one is perfect, your business may make a mistake and, especially if your business
is open to the public, there is always the chance your business will be held liable for an injury or
error. Liability policies protect against being held liable for an error or injury.
People: At the heart of every business are its people. You and your officers, managers and
employees are the company's greatest assets and must be protected. People are protected by
workers compensation policies, health and life insurance policies.
Income: Without income the business does not survive. In the event of a catastrophe, a business
interruptionpolicy can provide income or allow your business to be set up in a temporary
location to earn income.
By preparing a list of property, potential liabilities, people and income categories for your
business you will be able to wade through most policy descriptions and get a good overall sense
of what types of policies you will need.
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Types of Insurance Policies You Don't Need

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Share this

There are some types of insurance that you absolutely should have but there are just as many that
you are probably better off without. Some of these policies may sound like a good idea when in
reality all you are doing is wasting money on the premiums.

Mortgage Life Insurance

This type of insurance is receiving more media coverage lately but is probably a policy you can
do without. Mortgage Life Insurance is a policy that promises to pay your mortgage payment in
the event you become disabled or die. If you are married this sounds like a pretty good idea,
right?
Well, not exactly. This is really only overlapping your existing life insurance policy that you
likely already have through your employer or through a separate policy. With a standard life
insurance policy the beneficiary receives the benefit that can be used for any reason they choose,
including the mortgage. Why pay an additional premium for something that your life insurance
policy can pay for?
This type of policy is very narrow in its coverage and therefore is probably not the best use of
insurance premiums. You are generally far better to stick with a life insurance policy, or at least
increase your coverage slightly to offset the mortgage if that is something you are concerned
about.
Travel and Flight Insurance

These policies are another area that may simply require you to pay a premium for insurance that
overlaps coverage you already have. First, check your current health and life policies to see how
incidents resulting during travel or flight are covered. More than likely there is some sort of
coverage included.
You will also want to check with your credit card if you use a card to book tickets or
arrangements. Many credit cards automatically come with some basic coverage when they are
used to purchase the tickets. If you find that you still need some additional coverage you can at
least only purchase what you need that is above and beyond what you already have.
Cancer Insurance

Cancer insurance is becoming very popular recently but is it a good idea? The reason this is
generally such a poor insurance choice is that first of all, your primary health insurance generally
covers medical expenses related to cancer treatment.
The most shocking reason this can become a waste of money is that most cancer insurance
doesnt even cover skin cancer, the leading type of cancer. Not only that, but cancer insurance
typically doesnt even cover outpatient expenses related to the cancer treatment.
Unless your health insurance specifically does not cover cancer related expenses or you have a
high likelihood of getting a specific type of cancer that could be covered by a policy, you are
more than likely wasting money on a premium you could be using elsewhere.

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Types of Business Insurance Policies

Business insurance is a broad description that can be broken down into a list of nine types of
insurance policies and here I will briefly explain the coverage and expand on these as individual
topics. For now, these are general descriptions so that we are talking about the same thing when I
use these terms in later articles.

Property Insurance
Property insurance insures against loss or damage to the location of the
business and its contents. It can also insure the property of others in your
control when the loss occurs. Property insurance can be for a specific risk. For
example, a fire insurance policy insures only against a fire loss to the
location. A tornado is not a fire and, therefore, that loss would not be
covered. The insured location can be owned, leased or rented.
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Casualty Insurance
Some insurers will lump property and casualty insurance together and refer
to the coverage as property and casualty insurance. In fact, packaged
policies of property and casualty are often the best purchase a business
owner can make. However, to have an understanding of the difference
between the coverage, I will discuss this as a separate type of insurance.
Casualty insurance insures against loss or damage to the business.

Liability Insurance
Liability insurance insures against liability legally imposed upon your business
because of the negligence of the business or its employees. Put another way,
it protects your business when the business is sued for negligence.

Commercial Auto
Your personal automobile policy does NOT cover vehicles used by your
business. If your business uses vehicles or anything that is required to be
titled by your state, then you need a commercial auto policy. Commercial
auto coverage insures against property damage to vehicles and damage
caused to others by those vehicles.
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Workers Compensation and State Specific Insurance for Employee


Injuries (e.g., Stop-Gap)
You will need to insure your employees against on-the-job injuries. Every
state is different. But, most states have put into place some form of workers
compensation system. Workers compensation is a system where the
employee is not allowed by statute to sue their employer for on-the-job
injuries; but, in return, the employer must participate in a system that
provides nearly automatic payment to the employee in case of injury for
medical bills and damages. There are many options for workers
compensation coverage. Some states allow an employer to opt-out of the
system if the employer is self insured, some run the system through private
insurers while others use state agencies. Finally, some states, by virtue of
case law or statute, require additional insurance above workers
compensation such as stop-gap coverage or scaffolding liability as just
two examples.

Business Interruption Insurance


Business interruption insurance insures against loss or damage to the cash
flow and profit of a business caused by the business being unable to operate
because of interruption. The easiest example is to think about a critical piece
of machinery being struck by lightning. The repairs to the machine may be
covered by other coverage such as property or casualty insurance. But, if you
cant make widgets for three months, then there is no replacement of that
income without this coverage.

Health Insurance
To be competitive, most businesses need to offer their workers health
insurance. This insurance offers a health coverage benefit to your employees
(and you).

Life and Disability


Life and disability insurance protects the business against the death or
disability of key employees. For example, one partner carries a life insurance
policy naming the partnership as a beneficiary. If that partner dies, and the
business has planned properly, the proceeds of the policy can be used by the
business to buy out the share of the decedents partnership interest from the
estate.

Other Insurance or Scripted Policies


It could very well be that your business is so unique to have need for
coverage that is a mixture of some of the coverage listed above or something
written specifically for your particular risk. One can think of some actresses,
actors, or sports stars that have had legs insured at some point in there
careers. This would be an example of a scripted policy.

I have identified, and very briefly described, these different types of business insurance so that
you have a general sense of what each covers. Within each type of insurance policy there can be

a list of risks that are excluded. There can be risks specifically included. Each policy is different
and there may be endorsements one can add to increase coverage (and premiums) or exclusions
which can decrease coverage (and, sometimes, premiums). Well work through each and then
look at strategies you can use to determine what coverage is best for your business.
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b, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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