Latest news with #BajajAllianzLifeInsurance
Indian Express
28-05-2025
- Business
- Indian Express
‘That's when I realised how expensive treatment can get': Why more young Indians are buying insurance
Not long ago, insurance was that thing your dad mentioned once a year right before tax-filing season, somewhere between muttering about LIC and rummaging for receipts. It wasn't urgent, it wasn't sexy, not even cool. And unless you were buying a house or getting married, it wasn't even on the radar. But, that's changing. Among young professionals, conversations about cashless claims and term plans are slowly replacing ones about weekend plans. What used to be a parental afterthought and met with glazed eyes is now an adulting milestone, right up there with investing in a mattress more expensive than the bed frame, bought with your hard-earned money. According to a 2015 report by NatHealth, 70 per cent of the Indian population had no health insurance, and out of those aged 24 to 30, around 75 per cent relied solely on employer-provided coverage. Ask a 28-year-old today, and you'll likely hear: 'I'm getting a separate health cover this year. My company's policy won't cut it.' Data proves it too. A March 2025 survey by Bajaj Allianz Life Insurance, conducted with NielsenIQ, found that the average age at which Indians are buying life insurance for the first time has dropped from 33 to 28. The study sees this as a positive trend, suggesting that younger people are becoming more aware of the need for financial protection and are taking action earlier in life. This newfound curiosity isn't random. It's driven by lived experiences: rising treatment costs, unpredictable job markets, pandemic trauma, and a wider awareness of how fragile stability can be. Indians in their mid to late 20s and early 30s are taking insurance seriously –– not just as an afterthought, not as a tax hack, but as a solid layer of protection for themselves, their families and their peace of mind. For Elena Amolik, 25, the insurance journey began in a hospital ward. 'I was admitted for malaria while interning with a wealth management firm in 2019. That's when I realised how expensive treatment can get,' she told The jargon was initially intimidating, but with some help, she chose a plan that made sense. 'There's peace of mind in knowing you're covered.' She also said that while her peers mostly relied on corporate health covers, that trend is starting to shift: 'Only recently have my friends started buying personal health policies.' For Amey Desai, 31, a marketing professional, insurance is about stability. 'I see it as a safety net for my family. Working in this sector gave me an inside view; insurance is not about making money, it's about protecting it.' He's wary of insurance-linked investment products, which often promise more than they deliver. 'The key is understanding your needs and reading the fine print, not just going for the most advertised policy.' He's not alone in making this distinction. Many older Gen Z and millennials now understand that insurance and investment should be kept separate. This is one of the most common questions people ask — and the answer isn't 'as much as you can afford.' Santosh Joseph, CEO of Germinate Investor Services, said, 'Life insurance is generally calculated as 10 to 15 times your annual income.' If you're earning Rs 10 lakh annually, you should ideally be insured for Rs 1 to Rs 1.5 crore. However, you must also consider what your dependents will need if you're not around. 'Too little means your family isn't protected. Too much, and you might be paying unnecessarily high premiums,' he said. Gauri Mehta, CFA and chief growth officer at Basic Financial Services, advised against opting for whole-life term policies (till age 90/100), unless you really need them. 'The longer the term, the higher your premium. If you believe your assets will cover your family after 60, there's no need to stretch the policy beyond that.' It might sound like a newbie question, but it's actually very relevant. The answer is yes, at least in the case of health insurance. 'Health policies in India are portable. If you've been with one insurer for a few years and want to move to another with better features or service, you can do that at renewal. Even the waiting period benefits can be carried over,' said Santosh. Life insurance, however, is not portable. If you want better coverage or newer pricing, you must buy a new policy. And given how insurers have become more competitive lately, it's sometimes worth it. 'Do a fresh comparison every four to five years. Your income and family needs will likely have changed by then anyway,' Santosh said. Many young professionals assume their company policy will protect them –– until they read the fine print. 'Employer-provided insurance usually covers only you and sometimes your spouse,' said Santosh. 'There's often a co-pay for family members, and the coverage limits can be inadequate.' Worse, you lose the cover when you quit. That's why Santosh and Gauri recommend getting a separate, personally-paid health policy as early as possible. 'The younger and healthier you are, the cheaper and more comprehensive your coverage. You can lock in lower premiums for life,' said Gauri. Gauri also said that young buyers 'should prioritise comprehensive health insurance that includes no room rent caps, critical illness riders, and fast claim settlements.' So how do you choose the right plan? Both experts suggest a checklist: ✅ For life insurance: ✅ For health insurance: 'The claim process is just as important as the policy itself,' Gauri said. 'You don't want to be stranded with paperwork while someone's in a hospital bed.' Young Indians are moving towards consciousness, from simply being covered to becoming active participants in protecting their futures. This generational shift is about ownership more than financial literacy. And if that means asking 'noob' questions, all the better. Because when it comes to insurance, ignorance is far more expensive than curiosity.
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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.
Fashion Value Chain
29-04-2025
- Business
- Fashion Value Chain
Bajaj Allianz Life Insurance Simplifies Claims Process for Policyholders Affected by Pahalgam Tragedy
Special claims settlement desk established to support affected families Process has been simplified to settle claims with minimal documentation Claims will be settled promptly, as they will receive the highest priority Bajaj Allianz Life Insurance, one of Indias leading private life insurance providers, expresses its deepest condolences to the families affected by the unfortunate terror attack in Pahalgam, Jammu & Kashmir on April 22, 2025. In response to this tragic incident, the Company has implemented special provisions to address the needs of the affected lives assured's families. Understanding the immense challenges faced by the affected lives assured's families during this difficult time, Bajaj Allianz Life Insurance has established a dedicated special claims settlement desk to prioritize the processing of death and disability claims for its customers impacted due to this tragedy. With utmost urgency, an expeditious process has been established to swiftly settle these policy claims. To simplify the process, Bajaj Allianz Life Insurance has listed a minimal documentation process that nominees, legal heirs or policyholders need to submit to process their claims through any of the following convenient modes: Call the company's toll free number 1800-209-7272 Visit one of the nearest branches among the 578 branches across the country Email at: claims@ Bajaj Allianz Life Insurance remains committed to supporting its policyholders through challenging circumstances and will continue to provide prompt assistance to those affected by the Pahalgam tragedy. About Bajaj Allianz Life Insurance Bajaj Allianz Life Insurance is one of India's leading and fastest growing private life insurers. The Company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India's most diversified non-banking financial institutions and Allianz SE, one of the world's leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life Goals. DONE. through innovative value-packed insurance products that are backed by a robust tech and digital ecosystem. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight. Bajaj Allianz Life now serves over 3.93 crore* individual and group customers. The Company has a large distribution network of 578 branches* 1,60,294 agents*, 407 institutional partners, including 33 bank partners across India and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 1,18,350 crores*. It has an Individual Claim Settlement Ratio of 99.23 % and a strong Solvency Ratio of 432% (as on 31st March 2024). *as on 28th February, 2025.
