WINNER of the 2025 Global Insurance Excellence Awards
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The Global Insurance Excellence Awards (GIEA) is a prestigious platform that recognizes the outstanding contributions of insurance advisors and companies that have made a significant impact in the industry. Bajaj Allianz General Insurance (BAGIC) is a joint venture between Allianz SE and Bajaj Finserv Limited, and it has been recognized with numerous awards for its innovative products, technology leadership, operational excellence, and commitment to customer satisfaction.
BAGIC has received over 300 prestigious awards, including the General Insurance Company of the Year award at the 27th, 26th, and 18th Asia Insurance Industry Awards, as well as the Best Organization for Women 2023 award from Economic Times. It has also won several awards at the IDC Future Enterprise Awards 2022, including the Best in Future of Work, Best in Future of Trust, and Future Enterprise of the Year awards.
As a leading general insurance company, BAGIC is committed to delivering exceptional value to its customers and has a strong focus on digitalization, innovation, and customer centricity. It has a robust distribution network of over 50,000 agents, 130 bank partners, and 9,000 motor dealers, and has served over 14 crore satisfied customers.
BAGIC is also a pioneer in the Indian insurance industry, having been recognized for its financial strength, profitability, and customer satisfaction. It has a team of over 10,000 highly competent and dedicated professionals who are committed to serving the company’s customers.
The company has introduced several industry-first products, including an artificial intelligence-driven chatbot, app-based instant motor claim settlement, and blockchain technology-based claim settlement. It has also launched innovative products such as individual cyber insurance, pet insurance, and surety bond insurance, which have transformed the general insurance sector.
In its aim to make a difference to society, BAGIC is committed to reaching every Indian household and contributing to the vision of “Insurance for All by 2047” set forth by IRDAI. The company is working towards building a sustainable and resilient economy, and its commitment to innovation, customer care, and collaborative growth positions it as a trailblazer in the insurance sector in India.
Bajaj Allianz introduces its latest offering, a comprehensive health and protection insurance plan tailor-made for women’s specific needs.
Bajaj Allianz General Insurance has launched a new health and protection insurance product specifically designed for women, called Herizon Care. The policy caters to women’s evolving healthcare needs, offering financial security throughout their life stages. The product is available for women aged 18-80 and children from 90-35, with sum insured options ranging from 3 lakh to 20 crore rupees. The policy is designed to address critical illnesses, maternal and reproductive health, and wellness, with flexible payment options and lifelong renewals.
Herizon Care offers two specialized covers: Vita Shield and Cradle Care. Vita Shield provides critical illness and holistic wellness protection for 34 critical illnesses, including female-specific conditions. It also includes optional extensions for child education, loss of job, and incidental expenses. Additionally, it provides access to a holistic wellness ecosystem for physical and mental wellbeing.
Cradle Care supports women through unique reproductive health journeys, including Surrogate Care, which covers medical expenses for surrogate mothers during surrogacy pregnancy and post-partum recovery, and Oocyte Donor cover, which provides financial protection for medical expenses incurred during inpatient hospitalisation for complications related to oocyte retrieval.
Tapan Singhel, Managing Director and CEO of Bajaj Allianz General Insurance, emphasized the importance of addressing women’s health needs, stating, “We deeply care about their wellbeing in every aspect – physical, mental, and emotional. We’ve thoughtfully designed this policy to address real challenges that women face.” Herizon Care is the first health insurance plan in India to offer multiple specialized covers in a single policy, providing comprehensive protection and support for women’s health and wellbeing.
India’s leading insurance provider, Bajaj Allianz, introduces HERizonCare, a revolutionary new healthcare solution.
Bajaj Allianz General Insurance has launched a new health insurance product, “HERizon Care”, designed specifically to cater to the evolving healthcare needs of women. This comprehensive policy provides holistic protection for women, addressing critical illnesses, maternal and reproductive health, wellness, and more. HERizon Care is a unique product that offers multiple specialized covers in a single policy, making it the first of its kind in India.
The policy features two main covers: Vita Shield, which provides critical illness and holistic wellness protection, and Cradle Care, which supports women through their reproductive health journeys. Vita Shield offers protection against 34 critical illnesses, including both general and female-specific conditions, and can be enhanced with optional extensions to support policyholders. Cradle Care, on the other hand, covers medical expenses for surrogate mothers during surrogacy pregnancy and post-partum recovery.
The policy also offers a range of optional covers, including The Nurture Nest Cover, Prophylactic Surgeries cover, and Legal Expense Support. These covers provide essential support for women planning or expanding their families, as well as preventive surgeries and legal aid for cases of sexual assault, kidnapping, and acid attacks.
Speaking about the launch, Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, emphasized the importance of recognizing the unique health needs of women. “Women are the backbone of our workplaces, our families, and our society, yet their health needs are often overlooked. At Bajaj Allianz, we deeply care about their well-being in every aspect – physical, mental, and emotional,” he said. HERizon Care is designed to empower women with financial security throughout their life stages, providing a sense of security and peace of mind.
Bajaj Allianz General Insurance launches ‘HERizon Care’, India’s pioneering comprehensive health insurance plan tailored specifically for women.
Bajaj Allianz General Insurance has launched “HERizon Care”, India’s first comprehensive health insurance plan designed exclusively for women. This innovative plan aims to provide women with a range of benefits that cater to their unique health needs and concerns. HERizon Care is a 1-year renewable plan that offers a sum insured of up to Rs. 10 lakhs, making it an attractive option for women seeking comprehensive health coverage.
The plan offers a range of features that are specifically designed to address the health concerns of women. These include:
* Maternity benefits: HERizon Care offers a comprehensive maternity benefit, covering expenses up to Rs. 50,000 for normal delivery and Rs. 75,000 for cesarean delivery.
* Newborn care: The plan also covers newborn care expenses, including vaccinations and medical check-ups, up to Rs. 10,000.
* Pediatric care: HERizon Care offers pediatric care benefits, covering expenses for children up to 25 years of age, including vaccinations, medical check-ups, and treatment for illnesses.
* Wellness benefits: The plan includes wellness benefits, such as health check-ups, fitness classes, and nutrition counseling, to encourage women to prioritize their health and well-being.
* Cashless hospitalization: HERizon Care offers cashless hospitalization benefits, allowing policyholders to receive medical treatment without having to pay upfront.
* 24/7 customer support: The plan comes with 24/7 customer support, ensuring that policyholders have access to assistance whenever they need it.
HERizon Care is designed to be flexible and customizable, allowing policyholders to choose from a range of options to suit their individual needs. The plan is available in three variants: Silver, Gold, and Platinum, each offering different levels of coverage and benefits.
Bajaj Allianz General Insurance has launched HERizon Care in response to the growing demand for health insurance plans that cater specifically to women’s health needs. The company has recognized the importance of providing women with comprehensive health coverage that addresses their unique health concerns and priorities.
HERizon Care is a significant step forward in the Indian health insurance market, offering women a range of benefits and features that are specifically designed to meet their health needs. With its comprehensive coverage, flexibility, and customization options, HERizon Care is an attractive option for women seeking health insurance that prioritizes their well-being.
Bajaj Allianz General Insurance introduces ‘HERizon Care’, a pioneering comprehensive health insurance plan designed specifically for women’s health needs in India.
Bajaj Allianz General Insurance Company Limited, India’s leading private general insurer, has launched “HERizon Care”, a new health insurance product designed specifically for women. This innovative product is the first of its kind in India, offering a range of specialized covers in a single policy to cater to the evolving healthcare needs of women. HERizon Care provides holistic protection to women, covering expenses for various treatments, including infertility treatment, adoption expenses, prenatal health, congenital disability cover, and more.
The key features of HERizon Care include:
* Flexible and affordable plans with premium discounts for HPV vaccination and first-come-first-serve policy entry
* Eligibility criteria for women aged 18-80 years and children from 90 days to 35 years
* Sum insured options ranging from Rs 3 lakhs to Rs 2 crores
* Policy term of 1-5 years with flexible payment options and lifelong renewal options
HERizon Care consists of two key components: Vita Shield, which offers protection against 34 critical illnesses, and Cradle Care, which provides women’s reproductive health coverage. The product also includes various optional covers, such as the Nurture Nest Cover, Motherhood Cover, Fetal Flourish Cover, and Prophylactic Surgeries Cover, which cater to specific healthcare requirements.
Bajaj Allianz General Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE, offering a wide range of general insurance products, including motor insurance, health insurance, and more. The company has launched HERizon Care to provide women with financial security throughout their life stages and to empower them with holistic protection.
According to LIC’s projections, the National Business Pulse is expected to contract in January 2025.
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The life insurance industry in India saw a contraction in new business premiums (NBP) in January 2025, with a 8.2% decline. Private insurance companies, however, reported a marginal contraction of 0.7%, outperforming Life Insurance Corporation of India (LIC), which saw a contraction of 13.9%. Even on a cumulative basis, private insurers reported 12.1% growth in NBP, while LIC reported 4.76% growth.
On the number of policies sold, the overall insurance sector saw a 8.9% decline, with LIC reporting a 14.6% decline, while private players recorded a 6.1% increase. Private insurers sold 8.11 million policies in January 2025, accounting for 31.9% of the total, while LIC sold 17.32 million policies, accounting for 68.1%.
Among the top 5 private life insurance companies, SBI Life Insurance reported a 37.24% decline in NBP, HDFC Life Insurance saw a 25.47% growth, ICICI Prudential Life Insurance reported a 13.61% growth, Axis Max Life Insurance saw an 8.81% growth, and Bajaj Allianz Life Insurance reported a 6.87% decline. Group single and group yearly renewable premium policies were among the categories that saw contraction or marginal growth in NBP.
The data suggests that despite the overall industry contraction, private insurance companies performed better, with most of them reporting positive growth in NBP and number of policies sold. LIC, on the other hand, lagged behind, reporting declines in both NBP and number of policies sold. The performance of individual and non-individual premiums, group single and group yearly renewable premiums differed across companies, with some reporting positive growth and others contracting.
Allianz introduces its pioneering ‘She Covers’ health insurance offering, catering to the unique needs of Indian women with its distinctive multi-criteria coverage.
Bajaj Allianz General Insurance has launched a new health insurance plan called “HERizon Care” specifically designed for women in India. This policy provides financial protection across different life stages, covering critical illnesses, maternal and reproductive health, and wellness. The policy is unique in that it offers multiple specialized covers in a single policy, catering to the specific needs of women.
The policy includes two primary covers – Vita Shield and Cradle Care. Vita Shield covers 34 critical illnesses, including female-specific conditions, and provides additional benefits such as child education support, financial assistance for job loss due to illness, and incidental medical expenses. It also includes wellness programs, teleconsultations, and preventive check-ups. Cradle Care focuses on reproductive health, covering medical expenses for surrogate mothers and hospitalization costs related to oocyte retrieval complications.
Optional covers include financial support for infertility treatments, adoption, egg freezing, maternity expenses, and fetal health. The policy also covers prophylactic surgeries and legal expenses related to sexual assault, kidnapping, and acid attacks. HERizon Care is available for women aged 18 to 80 years and children from 90 days to 35 years, with coverage ranging from INR3 lakh to INR2 crore. The policy offers premium discounts for early enrollment, HPV vaccination, and long-term policies, as well as flexible payment options and lifelong renewals.
HERizon Care addresses the specific health challenges faced by women beyond standard coverage, providing financial support for critical health needs. According to Bajaj Allianz CEO Tapan Singhel, the policy aims to ensure that women receive the support they need to manage their health and well-being. With its comprehensive coverage and flexible options, HERizon Care is a valuable addition to the health insurance market in India.
Bajaj Allianz introduces a new insurance solution, HERizon Care, tailored to provide specialized health coverage for women’s unique needs.
Bajaj Allianz General Insurance has introduced a new health insurance policy called HERizon Care, designed specifically to meet the healthcare needs of women. This comprehensive policy offers a range of specialized covers, including those for critical illnesses, reproductive health, and wellness. The policy, available for women aged 18-80 years and children from 90 days to 35 years, offers sum insured options ranging from Rs. 3 lakh to Rs. 2 crore.
The HERizon Care policy includes a number of specialized covers, such as Vita Shield, which provides coverage for 34 critical illnesses, both general and female-specific. Policyholders can also opt for extensions, including child education support in case of critical illness, financial assistance for job loss due to illness, and coverage for incidental medical expenses, including reconstructive surgery and physiotherapy.
The policy also provides access to wellness services, such as diet consultations, emotional wellness programs, teleconsultations, and preventive check-ups. Additionally, it covers medical expenses for surrogate mothers and hospitalization costs related to complications from oocyte retrieval, as well as expenses for infertility treatments, adoption, and egg-freezing.
This new policy also covers a range of elective procedures, including prophylactic surgeries, and provides legal expense support for cases of sexual assault, kidnapping, and acid attacks. Bhaskar Nerurkar, Head of Health Insurance at Bajaj Allianz General Insurance, emphasized that the cost of elective procedure coverage is lower than other critical illness covers, and the policy can be taken along with an existing health insurance policy.
The HERizon Care policy offers terms of 1 to 5 years, with lifelong renewals, and discounts on premiums for HPV vaccination, early entry, loyalty, and long-term policies. With this new policy, Bajaj Allianz General Insurance aims to provide comprehensive coverage for women’s health needs, from reproductive health to wellness and critical illnesses.
Pregnancy Protection 2024: Explore Our Top Insurance Options
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In India, pregnancy insurance is becoming increasingly essential due to the high costs of pregnancy, childbirth, and postpartum care. There are several top insurance plans that provide maternity coverage, including Aditya Birla Activ Health Platinum, Bajaj Allianz Health Guard Family Floater, Care Health Joy Health Insurance, Chola MS Family Healthline Insurance, and Bharti AXA Smart Super Health Insurance.
When selecting a pregnancy insurance plan, it is crucial to consider several factors, such as the maternity coverage, pre- and post-hospitalization expenses, coverage for pregnancy-related issues, and waiting periods. Additionally, consider the premium cost, network of hospitals, restrictions, and exclusions.
Some of the features of these plans include:
* Aditya Birla Activ Health Platinum: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and covers childcare treatments that require less than a 24-hour hospital stay.
* Bajaj Allianz Health Guard Family Floater: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and begins to cover pre-existing conditions after a waiting period of two to four years.
* Care Health Joy Health Insurance: This plan covers pregnancy-related costs, postpartum costs, delivery costs, and problems. It has a no-claim bonus and covers childcare treatments that require less than a 24-hour hospital stay.
* Chola MS Family Healthline Insurance: This plan covers maternity costs and associated expenses, including hearing aids, contact lenses, and eyeglasses. It also covers dependent children and enables online registration.
* Bharti AXA Smart Super Health Insurance: This plan covers hospitalization expenses, inpatient treatment, maternity benefits, and yearly physicals. It also covers pre- and post-hospitalization charges, daycare services, in-home hospitalization costs, ambulance costs, animal bites vaccination, domestic air ambulance, and restitution of guaranteed sums.
In conclusion, selecting the best pregnancy insurance plan can provide financial stability during this crucial time. It is essential to thoroughly assess your needs and financial situation, as well as carefully review the terms and conditions of the policy, including any waiting periods and exclusions.
December Business Update: Bajaj Allianz’s General Insurance Premiums Top ₹1,330.9 Crore
Bajaj Allianz General Insurance reported a gross direct premium of ₹1,330.9 crore for December 2024, bringing its total gross direct premium underwritten for the year to ₹17,112.4 crore. The company’s individual life insurance premiums for the month of December reached ₹39.21 crore, while non-single premiums stood at ₹648.28 crore. On a year-to-date basis, individual single premiums amounted to ₹492.52 crore, and individual non-single premiums totaled ₹4,688.72 crore.
In terms of group policies, Bajaj Allianz Life Insurance reported group single premiums of ₹311.97 crore for December, and ₹2,838.72 crore for the year-to-date period. The company’s total new business for December 2024 stood at ₹1,054.82 crore, with a cumulative new business of ₹8,503.91 crore for the period from April to December 2024.
The news comes as Bajaj Finserv, the parent company, announced that Allianz SE, its German partner, is considering an exit from their life and general insurance joint venture. However, this decision is still in its early stages and requires further approval. Despite this, Allianz has reiterated its commitment to the Indian insurance market and its partnership with Bajaj Allianz.
As a result, Bajaj Allianz General Insurance remains the third-largest general insurance company in India, while its life insurance arm is one of the fastest-growing, with assets under management of ₹1 lakh crore as of March 31. Overall, the company’s strong financial performance and commitment to the Indian market make it a significant player in the country’s insurance sector.
Bajaj Allianz introduces ‘HERizon Care’, a pioneering, female-centric health insurance plan that puts Indian women first.
Bajaj Allianz General Insurance has launched “HERizon Care”, a comprehensive health insurance policy designed exclusively for women, addressing their evolving healthcare needs and providing financial security throughout their life stages. This policy offers multiple specialized covers, including Vita Shield and Cradle Care, which cater to women’s unique healthcare needs.
Vita Shield covers critical illnesses and holistic wellness protection, including an optional extension for child education, loss of job, and incidental expenses. Additionally, it offers a Holistic Wellness ecosystem providing access to resources for physical and mental well-being.
Cradle Care focuses on women’s reproductive health journeys, including coverage for surrogate care, oocyte donor expenses, and optional covers for infertility, assisted reproductive technologies, and pre-natal and post-natal care.
Speaking on the launch, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, emphasized that HERizon Care is a commitment to support women through every stage of their journey, addressing real challenges they face. The policy offers flexible and affordable plans, with premium discounts for HPV vaccination, early policy entry, loyalty, and long-term policies. It is available for women aged 18-80 years and children from 90 days to 35 years, with sum insured options ranging from INR 3 lakhs to INR 2 crores.
The total insurance premium of Bajaj Allianz’s December business stands at a staggering ₹1,330.90 crores.
Bajaj Allianz General Insurance reported a strong performance in December 2024, with a gross direct premium of ₹1,330.9 crore, bringing the total for the year to ₹17,112.4 crore. In the individual insurance segment, single premiums totaled ₹39.21 crore in December, while non-single premiums reached ₹648.28 crore. On a year-to-date basis, individual single premiums stood at ₹492.52 crore, and non-single premiums at ₹4,688.72 crore.
In the group insurance segment, Bajaj Allianz Life Insurance reported a group single premium of ₹311.97 crore in December, and a total of ₹2,838.72 crore for the nine months of 2024. The group’s yearly renewable premium in December was ₹55.36 crore, totaling ₹483.95 crore for the nine months.
In addition, the company reported new business worth ₹1,054.82 crore in December, bringing the total for the nine months of 2024 to ₹8,503.91 crore.
It’s worth noting that there is a possibility of Allianz SE, the German company, exiting its joint ventures with Bajaj Finserv, its Indian partner. Allianz has stated that it is re-evaluating its strategic priorities, which may lead to the potential withdrawal from the Indian insurance market. Bajaj Finserv owns 74% of the joint ventures, while Allianz owns 26%.
It is unclear at this point what the implications would be if Allianz were to exit the joint ventures, but it is likely to have significant consequences for both companies and their partners. Bajaj Finserv has stated that it is committed to the Indian insurance industry and has expressed its enthusiasm for the country’s growth opportunities.
Introducing HERizon Care, a comprehensive health plan designed specifically for women’s healthcare needs.
Bajaj Allianz General Insurance has launched a new health insurance product, “HERizon Care”, designed specifically to cater to the evolving healthcare needs of women in India. This comprehensive policy offers multiple specialized covers in a single policy, providing holistic protection tailored to women’s unique needs. The product addresses critical illnesses, maternal and reproductive health, wellness, and more, empowering women with financial security throughout their life stages.
The HERizon Care policy features a unique “Cradle Care” cover, which supports women through reproductive health journeys, including surrogate care and oocyte donation. The policy also includes covers for maternal and infant healthcare, critical illnesses, and mental health, making it a holistic and inclusive solution.
Speaking about the launch, Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, emphasized the company’s commitment to supporting women’s health and well-being. “We care deeply about the well-being of women, and this policy is our commitment to support them through every stage of their journey. We’ve thoughtfully designed this policy to address real challenges that women face, including critical illnesses, adoption expenses, and infertility treatment.”
HERizon Care offers flexible and affordable plans, with premium discounts for early policy entry, loyalty, and long-term policies. The policy is available for women aged 18-80 years and children from day 90-35 years, with sum insured options ranging from INR 3 lakhs to INR 2 crores. The policy operates on an individual sum insured basis with policy periods of 1-5 years, offering flexible payment options and lifelong renewals.
This launch marks a significant step forward in inclusive insurance solutions, addressing the specific health and wellness requirements of women. HERizon Care is a thoughtful and comprehensive solution that prioritizes women’s health and well-being, providing financial security and support throughout their lives.
Top stock picks for today: Adani Ports, ONGC, Bandhan Bank, LIC Housing Finance, Maruti Suzuki, and more, as recommended by leading brokerages – ET Now
ET Now, a leading financial news channel, has released a list of stocks that are recommended by brokerages for investors to consider buying today. The list includes a diverse range of stocks from various sectors, including Adani Ports, ONGC, Bandhan Bank, LIC Housing Finance, and Maruti Suzuki.
Adani Ports, a leading port operator, is recommended by brokerages such as ICICI Securities and HDFC Securities due to its strong growth prospects and increasing demand for port services. The company’s recent acquisition of a 74% stake in Krishnapatnam Port has also boosted its growth potential.
ONGC, India’s largest oil and gas producer, is recommended by brokerages such as Kotak Securities and Edelweiss Securities due to its strong financials and growth prospects. The company’s recent discoveries of oil and gas reserves have also boosted its growth potential.
Bandhan Bank, a private sector bank, is recommended by brokerages such as Axis Securities and Motilal Oswal Securities due to its strong growth prospects and increasing demand for banking services. The company’s recent expansion into new markets has also boosted its growth potential.
LIC Housing Finance, a leading housing finance company, is recommended by brokerages such as ICICI Securities and HDFC Securities due to its strong financials and growth prospects. The company’s recent expansion into new markets has also boosted its growth potential.
Maruti Suzuki, India’s largest car manufacturer, is recommended by brokerages such as Kotak Securities and Edelweiss Securities due to its strong financials and growth prospects. The company’s recent launches of new models have also boosted its growth potential.
Other stocks recommended by brokerages include:
* Hindustan Unilever: Recommended by brokerages such as ICICI Securities and HDFC Securities due to its strong financials and growth prospects.
* Bajaj Finance: Recommended by brokerages such as Axis Securities and Motilal Oswal Securities due to its strong financials and growth prospects.
* HCL Technologies: Recommended by brokerages such as Kotak Securities and Edelweiss Securities due to its strong financials and growth prospects.
* Indian Oil Corporation: Recommended by brokerages such as ICICI Securities and HDFC Securities due to its strong financials and growth prospects.
These stocks are recommended by brokerages based on their strong financials, growth prospects, and industry trends. However, it is important for investors to do their own research and consider their own risk tolerance before making any investment decisions.
Here is a rewritten version of the line without adding extra words:Anckur Anil Kanwar joins BAGIC as its Chief Financial Officer (CFO).
Bajaj Allianz General Insurance has announced the appointment of Anckur Anil Kanwar as its new Chief Financial Officer (CFO), effective February 1, 2025. He replaces Ramandeep Singh Sahni, who has moved to Bajaj Finserv Limited as its CFO. Kanwar brings over 20 years of experience in the insurance sector, with expertise in finance, reinsurance, and underwriting. In his new role, he will oversee financial matters at the company and business vertical levels, providing strategic input to achieve optimal outcomes for the organization. Before joining Bajaj Allianz, Kanwar held leadership roles at ICICI Lombard, where he served as Deputy CFO. He is also a Chartered Accountant from the Institute of Chartered Accountants of India. With his extensive experience and expertise, Kanwar is well-equipped to lead the company’s financial governance and drive strategic growth. His appointment is seen as a significant development, with potential to continue the company’s strong track record of financial performance and strategic decision-making. Under his leadership, Bajaj Allianz General Insurance is expected to further strengthen its position in the market and achieve its objectives.
Anckur Anil Kanwar takes up the role of Chief Financial Officer at Bajaj Allianz General Insurance.
Bajaj Allianz General Insurance has appointed Anckur Anil Kanwar as its new Chief Financial Officer (CFO). With over 20 years of experience in finance, reinsurance, and underwriting, Kanwar will be responsible for overseeing key financial functions, including compliance, legal, secretarial, and investor relations. A Chartered Accountant by qualification, he has a strong background in financial planning and risk management.
Kanwar’s appointment comes at a time when the insurance sector is facing evolving regulatory landscapes and market dynamics. His expertise in financial planning and investor relations is expected to help Bajaj Allianz adapt to these changes while maintaining regulatory standards. As CFO, Kanwar will focus on refining the company’s financial strategies, ensuring regulatory compliance, optimizing financial performance, and strengthening investor confidence.
Bajaj Allianz General Insurance is one of the largest private insurers in the sector, with offices in over 1100 towns and cities. The company has been expanding its market presence to connect with its customers and address changing customer expectations and regulatory updates. With Kanwar at the helm, the company aims to strengthen its financial position while navigating the complexities of the insurance landscape. His leadership will be crucial in aligning the company’s financial framework with industry best practices and ensuring long-term financial stability.
Kanwar’s appointment is significant, as the insurance sector is under increasing pressure to demonstrate good governance and transparency. His expertise in financial planning and risk management will help Bajaj Allianz maintain regulatory compliance and optimize financial performance, ultimately benefiting investors and customers alike. With Kanwar’s leadership, the company is well-positioned to thrive in the ever-changing insurance landscape.
Top-Rated Unit-Linked Insurance Plans (ULIPs) in India for 2025
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Before investing in Unit Linked Insurance Plans (ULIPs), it is crucial to consider certain factors. These include policy fees, maximum premium, rider availability, and additional advantages. ULIPs offer a mix of life insurance and investment, making them attractive to many individuals.
The article highlights 10 best ULIP plans in India, including LIC Endowment Plus, HDFC Life ProGrowth Plus, HDFC Life Click 2 Wealth, SBI Life Smart Wealth Assure, ICICI Pru Signature, Bajaj Allianz Future Gain, Aditya Birla Sun Life Fortune Elite Plan, Max Life Platinum Wealth Plan, Bajaj Allianz Fortune Gain, and ICICI Wealth Builder.
These plans offer various features, including partial withdrawals, premium payment flexibility, and rider options. Some plans also offer loyalty additions, return enhancers, and fund boosters. When selecting a ULIP, it is essential to consider the policy fees, maximum premium, and the availability of riders.
The article provides an overview of each plan, highlighting their key features and benefits. For instance, LIC Endowment Plus offers a blend of safety and savings, while HDFC Life ProGrowth Plus provides insurance coverage and investment options. SBI Life Smart Wealth Assure offers life insurance and savings through a non-participating unit-linked plan.
In conclusion, it is crucial to carefully evaluate each plan before making a decision. It is essential to consider the policy fees, maximum premium, and rider availability, as well as the additional advantages offered by each plan. By doing so, individuals can make an informed decision and find the best ULIP plan that suits their needs and goals.
NCDRC directs Bajaj Insurance to compensate for deficiency in service and pay damages for wrongfully repudiating an insurance claim.
The National Consumer Disputes Redressal Commission (NCDRC) has held Bajaj Allianz Life Insurance liable for deficiency in service and wrongful repudiation of a legitimate insurance claim. The case involved a life insurance policy purchased by the complainant’s son, who passed away suddenly. The insurer paid only the fund value, rejecting the insurance claim on the grounds that the deceased had failed to disclose alcohol consumption in the health declaration form.
The complainant argued that her son was healthy and had no bad habits, and that the rejection caused emotional distress. The District Commission allowed the complaint and directed the insurer to pay Rs. 4,28,618 towards the insurance claim. However, the insurer appealed and the State Commission of Gujarat allowed the appeal.
The NCDRC overturned the State Commission’s order and held the insurer liable for deficiency in service. The Commission observed that the core issue was whether the policyholder failed to disclose his alcohol consumption and liver disease, and if such non-disclosure justified the insurer rejecting the claim. The insurer argued that the deceased consumed alcohol daily for 12 years but did not disclose this in the Declaration of Good Health, while the complainant contended that the policyholder never consumed alcohol, as stated in the original proposal form.
The NCDRC noted that the insurer relied solely on a hospital admission record to substantiate its claim, which lacked corroboration or affidavits to prove regular alcohol use. The Commission concluded that the insurer did not sufficiently prove false declarations or material non-disclosure and that the rejection of the claim was unjustified.
The NCDRC upheld the District Forum’s order and allowed the revision petition, directing the insurer to pay the sum assured and compensation to the complainant. The case highlights the importance of insurers following proper procedures and meeting the burden of proof when rejecting insurance claims, and the need for a fair and impartial investigation into the circumstances surrounding the death of the policyholder.
Among the top insurance companies in India, Aditya Birla, New India, HDFC ERGO, and Bajaj, Star, and Shriram standout with an impressive 90% claims settlement rate, making them a reliable choice for policyholders seeking quick and efficient claim processing.
The Insurance Brokers Association of India (IBAI) has released data on the performance of insurance companies in India for the financial years 2023-24 and 2022-23. The data shows that four companies – Aditya Birla Health, HDFC Ergo, and New India Assurance from the public sector and private sector – have cleared more than 90% of claims sought by beneficiaries. Aditya Birla Health and HDFC Ergo, private sector companies, have achieved a clearance rate of 91.88% and 92.1%, respectively, while New India Assurance, a public sector company, has achieved a clearance rate of 93.13%.
On the other hand, three large private insurers – Bajaj Allianz, Star Health, and Shriram – have shown poor performance in terms of claim settlement, with clearance rates of 73.38%, 74%, and 70%, respectively. Shriram’s claim settlement rate has improved slightly from 69.16% in 2022, but it still lags behind other market leaders.
The data shows that Aditya Birla received over 8.5 lakh claims in 2023 and settled 91.88% of them, while HDFC ERGO handled 52 lakh claims and settled 94.32% of them. New India Assurance processed over 1.5 crore claims and settled 93.13% of them.
The report highlights the performance of insurance companies in India in terms of claim settlement, providing valuable insights for policyholders and insurance brokerages.
Discover the Top 5 Cashless Health Insurance Policies in India for 2025
The article discusses the benefits of having a cashless health insurance policy, which allows policyholders to receive medical treatment without worrying about arranging funds. The article highlights the 5 best cashless health insurance policies in India, including Apollo Munich Optima Restore, ICICI Lombard Health Care Plus, Religare Health Care, Max Bupa Health Insurance, and Bajaj Allianz Health Insurance Family Floater.
Cashless health insurance policies provide various benefits, including:
* Immediate hospitalization without worrying about funds
* Pre-authorization of treatment to avoid delays
* Lifetime renewal of policy
* Wide network of hospitals for cashless claims
* Coverage for alternative treatments such as Ayurveda and homeopathy
The article also discusses the types of cashless health insurance policies available, including:
* Cashless individual health insurance
* Cashless family health insurance
* Cashless health insurance for senior citizens
To purchase a cashless health insurance policy, the article suggests considering the following factors:
* Cashless claims facility available only at network hospitals
* Smooth process of filing and settling claims by the insurance company
* Time taken by the TPA for approving pre-authorization forms
* Keeping copies of documents and medical bills
Overall, the article emphasizes the importance of having a cashless health insurance policy to ensure smooth and hassle-free medical treatment during emergencies. By understanding the various types of cashless health insurance policies and their benefits, individuals can make informed decisions when choosing a policy.
Stay healthy all year round: Exploring seasonal health insurance plans for flu and cold season coverage
As winter approaches, it’s essential to have a comprehensive health insurance plan in place to manage seasonal illnesses such as asthma and bronchitis. According to Rakesh Kaul, Chief Business Officer at SBI General Insurance, winter often brings a rise in respiratory conditions and cardiovascular issues. Having the right health insurance plan can provide peace of mind, ensuring timely care without financial burdens.
Some key features to look for in a winter health insurance plan include coverage for seasonal illnesses, cashless hospitalisation, pre- and post-hospitalisation benefits, critical illness coverage, and wellness benefits. Look for plans that cover respiratory issues, such as asthma and pneumonia, as well as cardiovascular conditions, such as heart conditions. Additionally, opt for plans with cashless treatment at a wide network of hospitals and pre-existing disease coverage.
The article highlights several health insurance plans that cater to winter wellness, including SBI General Super Health Insurance, Aditya Birla Activ One Plan, Bajaj Allianz Health Guard Plan, Care Supreme Plan, Cholamandalam Flexi Health Plan, Digit Health Care Plus Plan, and ACKO Individual Health Insurance Plan.
To stay protected this winter, Kaul advises reviewing your current health insurance policy to ensure it provides adequate coverage for hospitalisation, outpatient treatments, and critical illnesses. Consider adding critical illness riders or wellness programs to your policy for enhanced protection. Using preventive health check-ups and teleconsultation services can also help stay proactive about health risks during the cold months.
In summary, having the right health insurance plan in place can provide essential coverage for winter illnesses, giving individuals peace of mind and financial security. With the right features and benefits, individuals can receive timely care without worrying about the costs.