Bajaj Allianz Life to focus on enhancing insurance adoption within Indian and NRI customers

Chandigarh, September 22, 2023: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, strengthens its footprint across India and particularly in the northern market to better serve diverse insurance needs and tap into new customer segments. With a focus on Indians as well as the Non-Resident Indian (NRI) diaspora from Punjab and Chandigarh, Bajaj Allianz Life Insurance offers a range of value-packed products to enable all customers secure their families, building wealth, and establishing enduring financial security for the future. These are backed by tech-enabled servicing options, to ensure customers’ Life Goals journey with the Company is effortless, effective, and seamless.
 
Speaking with the media in Chandigarh, Dheeraj Sehgal, Chief Distribution Officer – Institutional Business, Bajaj Allianz Life Insurance, said, “Today, Bajaj Allianz Life has a strong presence across the country through its own 503 branches, over 1,31,743 agents and branches of out partners. I’m happy to share that we are becoming partners of choice for banks, financial institutions, and customers alike, by offering innovative products with first-of-their kind features, innovative services and solutions. Along with the Indian customers, we are equally aligned to deliver to the needs of all NRIs who are keen to leverage the economic advantage India offers, via investments in the country. Life insurance solutions from us are designed to help NRIs fulfil their multiple long-term financial goals in a systematic and disciplined manner.”

Speaking about insurance landscape in India, Punjab and Chandigarh, he said while importance of life insurance for financial stability has gained more importance, there is still a significant gap in its coverage in India including Punjab and Chandigarh. According to the Economic Survey 2022-23, the penetration level of life insurance in the country was at 3.2% in 2021, indicating significant untapped potential in reaching the last mile. Data also suggests that additional efforts are required to spread awareness about the importance of insurance penetration in Punjab and Chandigarh to secure families’ financial future.
 
In Punjab and Chandigarh, Bajaj Allianz Life maintains a strong presence with an extensive network of advisors, numerous key partners. With a robust multi-channel distribution network and a wide range of insurance products, the Company is committed to bolstering insurance accessibility in the region empowering customers to secure their financial future.