Latest news with #BajajAllianz
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Business Standard
08-05-2025
- Business
- Business Standard
Will travel insurance cover you if war breaks out abroad? Check terms
Worsening ties between India and Pakistan has hit commercial aviation, forcing rerouting of flights and cancellations. Indians planning to travel to politically unstable places of the world are likely asking: Does travel insurance cover war-like situations? 'Standard travel insurance policies generally do not cover war-like situations,' said Adhil Shetty, chief executive officer of 'Events such as armed conflict, civil war, rebellion, or military uprisings are typically excluded from coverage. This is a long-standing norm in the insurance industry, as these situations present extremely high and unpredictable risks.' According to Bajaj Allianz 's website, its international travel plans do not cover 'losses due to war, rebellion, or terrorism.' Similarly, SBI General Insurance's website says claims arising from 'war, invasion, acts of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power' are excluded. Even if a traveller is unintentionally caught in a conflict zone which means if one get caught in war zone/ war like sitution unforseen, 'claims arising from such scenarios are often rejected unless specifically covered by a rare exception or special arrangement,' said Shetty. Limited protection can be availed of through add-ons. 'There are a few specific riders or add-ons that may offer limited protection,' said Shetty. 'These are not standard and must be added to a base travel insurance policy separately. Such add-ons may include coverage for political risk, emergency evacuation, or repatriation in the event of sudden political instability.' Add-ons/riders are rarely offered for destinations under active travel advisories or those already designated as conflict zones at the time of travel. What should travellers do From an insurance perspective, travellers to risky destinations should prepare carefully. 'Read the policy documents thoroughly to understand what is excluded, especially clauses related to war, terrorism and civil unrest,' said Shetty. 'Consult the insurer directly to ask whether any riders are available for high-risk destinations and what conditions apply.' People should check travel advisories of the Indian government or reputed global sources. 'Traveling against these advisories can void insurance claims,' he warned. Additionally, registering with the Indian embassy at your destination and keeping emergency contact plans ready is strongly advisable. Cautious insurers As geopolitical risks rise, insurers are becoming more cautious. 'With geopolitical tensions rising, insurers in India are more cautious,' Shetty said. 'Many are explicitly excluding coverage for civil unrest, strikes, and war-related damages, and some have even withdrawn certain covers for specific high-risk countries.' While a few narrow riders for political risk or evacuation exist, Shetty noted that 'the industry trend is toward limiting exposure rather than expanding coverage in conflict zones.' If you're planning to travel to a high-risk region, don't assume your travel insurance will come to your rescue in case of war or civil unrest. Understand your policy, ask your insurer about rider options, and always heed travel advisories. As Shetty puts it, 'Insurance is a tool for preparedness, but not a blanket cover for every geopolitical risk.'
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Business Standard
07-05-2025
- Business
- Business Standard
Bajaj Allianz Life declares biggest bonus ever: Who will get payout
Bajaj Allianz Life Insurance has declared a bonus of Rs 1,833 crore for FY25, marking the highest such payout by the company. It's a 32 per cent jump from last year's bonus of Rs 1,383 crore and will benefit more than 1.171 million 'participating' policyholders. What the Bonus Means Participating or 'with-profit' policies share a portion of the insurer's surplus with policyholders in the form of bonuses. According to Bajaj Allianz Life, FY25 bonus will apply to traditional participating policies in force as of March 31, 2025. Plans Covered Under the Bonus Bajaj Allianz Life Ace Bajaj Allianz Life Ace Advantage Bajaj Allianz Life Elite Assure Additionally, a special reversionary bonus of 5 per cent, amounting to Rs 206 crore, has been announced for policyholders of high-equity allocation products. These include: Bajaj Allianz Life ACE - Wealth Option Bajaj Allianz Life Flexi Income Goal - Enhanced Benefit When will policyholders receive the bonus? According to the insurer, bonuses are usually paid out at the time of policy maturity or exit. For select plans, cash bonuses may be distributed annually on the policy anniversary, depending on the policy terms. 'We are happy to announce our highest-ever annual participating (PAR) bonus of Rs 1,833 crore this year. It highlights the strength of our prudent investment strategies and strong financial foundation,' said Tarun Chugh, managing director and chief executive officer of Bajaj Allianz Life Insurance. The company said it has an individual claim settlement ratio of 99.29 per cent and a solvency ratio of 359 per cent as of March 31, 2025. It has more than 38.5 million customers and assets under management exceeding Rs 1.23 trillion.
Mint
07-05-2025
- Business
- Mint
Now get insurance coverage for weather-related damages – Here's how
With extreme weather events that include severe cyclonic storms and heatwaves becoming normal now, climate change is real. Climate change can hit people in multiple ways including loss of livelihood and income loss that may last for a few days, weeks or even months. To mitigate the losses arising from climate change, Bajaj Allianz General Insurance has come up with a 'ClimateSafe' insurance policy. Here is a quick guide on its features and benefits: ClimateSafe, which is a parametric insurance policy wherein payouts are triggered when certain specified parameters are met, covers increased living costs due to higher electricity use, unexpected commuting expenses, reduced sales during extreme weather, supply chain delays from flooding, leaks from prolonged rainfall, accidents caused by excessive rain, loss of income for daily wage workers due to severe weather, damage to household items from floods and heat waves, and event cancellations due to adverse weather. Customers can buy Bajaj's climate risk insurance multiple times during the year, with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements. 'This product is designed to provide financial protection to those who are significantly vulnerable to the impact of climate change,' Bajaj Allianz said. ClimateSafe is suitable for individuals who rely on daily earnings, which makes them highly vulnerable to climate risks. It is specifically tailored to meet the needs of retail customers, office goers, auto/taxi drivers, retail shop owners, delivery agents, home service professionals, gig workers, home residents, and event attendees facing climate-related income loss or increased expenses due to climate-related risks, including extreme heat, cold waves, and excessive rainfall. 'Customers can self-select their risk location, risk period (from 1 day to 30 days), weather risk (excessive rainfall, low temperature, high temperature), and sum insured,' Bajaj Allianz said. 'ClimateSafe Insurance offers quick financial relief, as automatic payouts based on predefined triggers provide quick financial support, helping manage immediate needs,' said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance. The insurer analyses historical data, climate models, and various risk factors to determine the likelihood and potential impact of extreme weather events in specific regions. Based on the assessed risk, the insurer calculates premiums that policyholders must pay to obtain coverage. When a covered extreme weather event occurs, policyholders can file claims to receive payouts from the insurance company. ClimateSafe uses historical weather data to calculate the threshold or benchmark temperate/rainfall for specific location and period. Real-time climate data is used to determine payouts. When predefined weather conditions are met, the policyholder receives payout without the need for a lengthy claims process. Currently only excess rainfall, high temperature, and low temperature is covered under ClimateSafe Insurance. Premiums are based on real-time climate data, your specific location, and personal risk profile. 'This dynamic pricing ensures that you pay a fair premium based on your actual risk,' the company said. The payout under this insurance policy is triggered by a specified parameter that is described as a strike point. The strike point is defined as the moment when the insured weather parameter (measured in millimeters of rainfall or degrees of temperature) exceeds the predefined threshold specified in the policy. If this strike point is reached within the policy period, a proportionate percentage of the sum insured is paid to the policyholder. For policies covering periods longer than one day, multiple strike points may occur, and if they do, the claim is paid accordingly. The policy also has something called the exit point when the full sum insured is paid. The exit point is the moment when predefined weather parameters (measured in millimeters of rainfall or degrees of temperature) exceed the maximum threshold defined in the policy. If this exit point is reached within the policy period, the full sum insured is paid to the policyholder. The strike and exit points are unique to each policy, depending on the selected risk, risk location, and risk period. These conditions are displayed on the quotation screen when you purchase the policy and are also detailed in your policy document. Daily weather data is gathered from trusted sources such as the Indian Meteorological Department (IMD) (Gridded) for rainfall and ERA5 (Gridded), the fifth generation European Centre for Medium-Range Weather Forecasts (ECMWF) that provides global climate and weather data, for temperature. This information is utilised to establish triggers based on historical data and to verify if the predefined weather conditions are met using current data for policy period. Climate insurance is great in these uncertain times. But you should buy it only if you are vulnerable to the risks. For instance, if you live in a place where extreme weather events haven't occurred, then you may not need the insurance. But for those who are living in locations where such events happen with alarming frequency, climate insurance can be a good hedge against unforeseen weather conditions. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Campaign ME
27-02-2025
- Business
- Campaign ME
AiVANTA expands to Dubai with AI-powered video solutions offering
Mumbai-based martech provider in AI-powered, personalised video solutions, AiVANTA, has announced its expansion into Dubai in an effort to transform customer engagement through innovative technology in the UAE. The enterprise-grade AI video platform claims the move aligns with the UAE's focus on digital transformation and strengthens AiVANTA's presence in a region recognised for its innovation-driven economy and diverse business landscape. Karan Ahuja, co-founder and CEO of AiVANTA, said the Dubai expansion represents a critical step in the company's growth. 'This expansion allows us to collaborate with companies in a dynamic market and demonstrate how AI-powered videos can transform customer engagement,' he said. Founded in 2023 by Ahuja, Rupak Shah, Rajesh Grover, and Rajat Tyagi, AiVANTA is an AI-powered video platform designed to enhance customer engagement and drive conversions. By delivering hyper-personalised video experiences that combine deep personalisation with localisation, AiVANTA seamlessly integrates with CRMs, marketing automation, and CPaaS tools. Through this technology. AiVANTA hopes to enable enterprises in the UAE to scale customer communication effortlessly, optimising engagement and maximising impact across the entire customer lifecycle. 'Since we are building in India but building for the world, Dubai was our natural extension from India. Plus, its multi-ethnicity allows us to expand our multilingual offerings that we built in India,' Ahuja said. With its ability to create multilingual and culturally relevant content, AiVANTA claims to be able to meet the unique needs of the UAE market. The service aims to enhance customer trust and deepen engagement across various industries such as banking, insurance, healthcare, and telecoms. The expansion builds on AiVANTA's strong foundation, supported by an impressive roster of clients including ICICI Bank, Bajaj Allianz, Canara-HSBC, Tata Mutual Funds, Ajax Engineering, and Aster Healthcare.
