Bajaj Allianz Life Insurance Secures Market Leadership in the Online ULIP Space

PUNE:
Bajaj Allianz Life Insurance Company, one of India’s leading private life insurers, became the market leader in the online ULIP space on the back of its new-age ULIP Bajaj Allianz Life Goal Assure that was launched in February 2018. The product comes with a unique feature of ROMC (Return of Mortality charges), which was the first of its kind in the country. The new age ULIP clocked Rs. 120 crore of annualized new premium within only seven months of its launch and sold around 12,000 policies in this time.
Maharashtra accounted for the maximum sale, at over 1200 policies, followed by Karnataka and Andhra Pradesh. The company’s steadfast efforts in reaching out to the millennials clearly seems to have reaped results, with the majority of policyholders (55%) within the age group of 26-35 years.
Commenting on the milestone, Bajaj Allianz Life Managing Director and CEO Tarun Chugh said, “We are delighted at the overwhelming response we have received on our first ROMC-enabled life goal based product. It has helped us set a new course for ourselves, as well as introduced something unique within the industry. This product continues to be popular amongst customers looking for value-packed investment solutions to help them achieve their life goals.”
Bajaj Allianz Life Goal Assure comes with unique benefits such as ‘Return of Mortality Charge’ (ROMC), an industry-first initiative besides other customer-friendly features such as low fund management charges and return enhancer. The ROMC feature, in particular, guarantees that the policyholder gets back the cost of his or her life cover on maturity, thereby enhancing the value of the corpus at the end of term.
Further, any individual who opts for the maturity benefit in installments and not lump-sum, over a period of five years, will get the benefit of return enhancer — an additional 0.5% of each due installment. During this period, the policyholder’s fund value will continue to benefit from participation in the fund(s) of his or her choice.