- A first-of-its-kind plan designed to enhance financial stability for the future despite increasing expenses
Bajaj Allianz Life Insurance, one of the leading private life insurers, has unveiled an industry-first variant of its flagship participating savings plan. Bajaj Allianz Life Ace - Increasing Income, A Non-linked, Participating, Individual Life Insurance Savings Plan, empowers customers with a steady flow of rising income and safeguards against escalating costs. This plan is designed for a wide range of customers who can save as per their needs and affordability towards a financially secure future.
Bajaj Allianz Life Ace - Increasing Income not only aligns with individual financial goals but also focuses on adaptability in the evolving economic landscape by providing income increasing every year. It empowers customers with a reliable mechanism and a shield against the growing demands of daily life through increasing income options. As one ages, planning for healthcare, long-term care, and post-retirement funds becomes a necessity, and this plan may be one of the preferred solutions for it.
On the launch of Bajaj Allianz Life Ace - Increasing Income, Mr. Tarun Chugh, MD and CEO Bajaj Allianz Life Insurance said, "In a dynamic economic environment with rising inflation, we understand that customers seek opportunities to create long-term wealth to help them meet their financial goals. Aligned with this we’ve launched Bajaj Allianz Life Ace - Increasing Income, which offers and provides unparalleled control in the hands of customers to decide when they want to receive their income and maturity benefit. We are happy to bring this distinctive combination that was previously unavailable in the life insurance landscape, for our customers. The remarkable rising income, and flexibility, backed by consistent bonus by the Company, makes our latest product a powerful investment tool to meet various life goals for customers.”
Moreover, addressing the specific needs of a diverse segment of customers like young professionals, newlyweds, parents with children, and self-employed individuals, Bajaj Allianz Life Ace presents a spectrum of choices. Policyholders can opt for the Early Income option, which caters to immediate expenses, wealth option to leave a legacy for your future generations or the Increasing Income option, strategically crafted for retirement planning. Alongside the choice to create and control income flow, Bajaj Allianz Life Ace ensures that customers have a single plan to meet all their diverse financial goals.
Key Features of Bajaj Allianz Life Ace - Increasing Income Plan:
· Increasing Income every year
· Flexibility to decide your policy term from a wide range, i.e. 10 years to 100 years of age
· Pay as you like with a choice of premium payment terms from 5 to 12 years
· Deferment of income up to 5 years to enhance income
· Life Cover with Tax benefit
Bajaj Allianz Life Ace was launched earlier this year. The unique features of this distinctive product led to a rise in the company’s participating products mix from 15% to 35%. To further enhance this offering, the company has introduced the increasing income variant, making the product even more value-packed and powerful.
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 4.56 crore (as on 31st October 2023) individual and group customers. The Company has a large distribution network of 503 branches (as on 31st October 2023), over 1,38,079 agents (as on 31st October 2023), a comprehensive set of trusted partners, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 97,800 crores (as on 31st October 2023) with an Individual Claim Settlement Ratio of 99.04% and a Solvency Ratio of 516% (as on 31st March 2023).
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