Bajaj Allianz bets large on child-focused policy

by Simranjeet Singh
It?s catch ?em young for Bajaj Allianz Life Insurance, a part of the Bajaj Allianz group, one of the most important private sector life and general insurance companies in India. The company is locating to thrive on children's plans in the days to approach.

The company has four children-focused policies ? Bajaj Allianz Child Gain, Bajaj Allianz Young Care II, New UnitGain-II and UnitGain Protection Plus-II.

?But there are many more in the pipeline and we are already working on quite a few child-focused plans which will be rolled out in the days to approach,? Akshay Mehrotra, head of marketing at Bajaj Allianz Life Insurance told FC on Monday.

Mehrotra said while the present input of children plans is only 6-8(%) per cent of the company?s total portfolio, it will go up significantly in the days to come for more reasons than one.

?Our experience and regular feedback from customers suggests that people are more and more opting for need-based products, policies and, therefore, we see enormous potential to grow in this area,? he said.

The key features of Bajaj Allianz Child Gain include insurance cover for parents ? with counter life insurance, waiver of premiums, family income benefit and an option to purchase additional insurance at maturity.

Bajaj Allianz Young Care II offers good-looking investment options, loyalty units, flexibility to decrease premiums and tax benefits. Two other policies (New UnitGain and UnitGain Protection Plus) come with new UL Term Rider and are, therefore, attractive for parents.

Significantly, there is amazing for those who cannot afford a policy for their children as well ? a unique initiative called ?Two Bright Futures?. Under this initiative, the company will set aside Rs 100 for every plan sold towards funding the education of under-privileged children. The mopped up corpus will be handed over to select NGOs across the country, which are working for a similar cause.

?There are many children who cannot pursue basic education due to various limitations. Through this initiative we are ensuring a bright future for a child who needs our support the most,? Mehrotra said. The company has teamed up with Mumbai-based Aseema Trust and as the fund grows it will get associated with more NGOs.

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