Mumbai, Nov 28 (UNI) Bajaj Allianz Life Insurance (BALIC) has launched a new initiative by announcing simpler norms for encouraging life insurance cover for housewives.
Bajaj Allianz Life Insurance will be offering life insurance to housewives up to Rs 1 lakh without confirming if their husband has insurance. It is a norm in the industry to give life insurance cover to a housewife only if her husband already has an insurance cover. Now any housewife will be able to take insurance cover of upto Rs 1 lakh without giving details of her husband's insurance cover.
Speaking to reporters, Bajaj Allianz Life Insurance Country Manager and CEO Kamesh Goyal said, ''Housewives add economic value to a household and have their own independent identity. Bajaj Allianz Life Insurance recognizes both these as important factors and keeping this in mind has launched their new initiative to empower the housewives to make independent financial choices for their families.'' ''Over 25 per cent of our policyholders are women and in the current fiscal we have already issued over 4 lakh policies to women. This new initiative will help us reach out to many more housewives/homemakers and help them secure themselves as well as their families' future,'' he added.
BALIC has recently set up an exclusive vertical for Women and Children to reach out to women customers with customized products and servicing needs. The Company offers lower premium rates/mortality charges to women as compared to men, has exclusive women centric health riders, accidental disability riders and would be shortly coming up with insurance solutions coupled with health and investment plans exclusively for women, informed Mr Goyal.