Bajaj Allianz Life Insurance is betting big on traditional plans as these are back in favour among customers, according to Akshay Mehrotra, Head, Marketing. The company had sold more than one lakh policies of its recently launched traditional product “Invest Plus Premier”, he said. “The popularity of this plan also goes to show that customers seek ‘simplified' insurance solutions, with an element of guarantee,” Mr. Mehrotra said. “Invest Plus Premier is available in a kit form that offers guaranteed investment returns that is declared at the beginning of each financial year. For the current financial year, it is 7.05 per cent,” he said.
InvestGain was another traditional product specially designed to offer a unique combination of benefits that help develop a sound financial portfolio for a family. It has four times life cover at a little extra cost, offering additional benefits such as accidental death benefit and disability benefit, critical illness and hospital cash benefit and family income benefit.
Currently the consumer has a product portfolio of over 30 flexible products catering to all kinds of customer needs.
The life insurance venture has posted a profit of Rs. 169 crore in the first quarter ended June 30, 2010, against Rs. 68 crore in the year –ago period. Bajaj Allianz General Insurance was also doing well offering products such as motor insurance, home insurance, health insurance besides unique insurance plans such as wedding insurance, event insurance, film insurance.