Business

Bajaj Allianz unveils term plan with return of premium option

Private life insurer Bajaj Allianz Life has unveiled a pure term plan, under which Return of Premium is one of the options made available to customers at an extra cost.

Chief Distribution Officer-Institutional Dheeraj Sehgal, speaking at the launch here on Thursday, said Bajaj Allianz Life Smart Protect Goal is an individual, non-participating, non-linked pure risk term plan.

On the Return of Premium option, he said it is one of the several variants of the plan under which the insurer will “return the premium back net of GST” at the end of the policy term to the insured in case no claim has been made in the policy.

A cover against 55 major and minor critical illnesses (the applicable sum assured will be payable to the policyholder is he or she is diagnosed with any of the listed critical illnesses); a child education extra cover to take care of the education expenses of the children, if something were to happen to the parent (life assured); and a joint life cover for couples were some of the features of the plan.

To queries, Mr. Sehgal said life insurance was yet to feel the heat of the economic slowdown. Bajaj Allianz Life had posted a 19% growth in the new premium business up to November this fiscal at ₹3,242 crore as against ₹2,719 crore in the same period 2018-19.

The company has as many as 56 individual and group life insurance products and adding to the portfolio, he said without divulging details of how many it proposed to launch in near future.

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Printable version | Feb 19, 2020 6:41:25 AM | https://www.thehindu.com/business/bajaj-allianz-unveils-term-plan-with-return-of-premium-option/article30351791.ece

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