Life insurance plans have always been a preferred choice of investment for NRIs mainly because of the simple buying process, affordability and hassle-free claims process. Those planning on returning to India are keen on exploring options to secure a steady income through annuity plans or a pure life cover through a term plan.

Banking on this, Bajaj Allianz Life Insurance has come out with a diverse range of products to meet the savings, retirement and protection plans of NRIs. A customised segment with tailored life insurance solutions has been charted out for this segment. The company also opened a representative office in Dubai to provide easy and quick assistance for customers, and the response has been encouraging especially from the GCC countries.

A specialised team to cater exclusively to NRI customers, a dedicated NRI desk, an informative NRI section on the website, and assisted and self-service options are some of the initiatives taken for a customer-first approach for the NRI segment. “The hype on the Indian economy is much more among NRIs and we see a significant opportunity in this segment with interest shown to invest in Indian financial markets towards meeting their life goals,” Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life Insurance said. Gulf countries like the UAE, Saudi Arabia and Qatar and countries like the US and UK are focus areas.

Bajaj Allianz Life Insurance Co Ltd – a joint venture between Bajaj Finserv Limited and Allianz SE – is a leading private life insurer which began operations in August 2001 from in Pune, Maharashtra (India). With an extensive distribution network across the country with 503 branches, over 1,36,453 agents and partnerships with key banks, the company ensures it is present where its customers are.

The 4.56 crore customer base and the compound annual growth rate (CAGR) of 24 per cent are admirable. “We hope to continue the growth momentum in the current year, as well,” Rajesh Krishnan said.