The Indian Navy has signed a Memorandum of Understanding (MoU) with Bajaj Allianz Life Insurance Company (BALIC), a private life insurer, to provide tailored life insurance solutions to its civilian personnel.
This partnership aligns with the Indian Navy’s “Year of Naval Civilians” initiative, offering affordable, comprehensive coverage and educational sessions on the importance of life insurance.
As part of this collaboration, BALIC will offer a variety of life insurance products, ensuring comprehensive coverage at affordable rates.
Highlighting the importance of the occasion as part of activities for the ‘Year of Naval Civilians,’ Vice Admiral Sanjay Bhalla, Chief of Personnel, appreciated the life insurance solutions offered by Bajaj Allianz Life, which have been specifically tailored to meet the needs of Indian Navy civilians.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “It is indeed a proud moment for all of us at Bajaj Allianz Life, to have an opportunity to offer life insurance services to the Indian Navy Civilians. In line with the Indian Navy’s 2024 – Year of Naval Civilians – we will commence our operations for the Naval Civilians”
This will also be a huge step towards taking the benefits of life insurance to many more Indians and taking critical steps towards bridging the insurance penetration gap within our country, he said.
“We will ensure we deliver only the most effective and seamless solutions to the Indian Navy”, Chugh said.
Bajaj Allianz Life’s offerings under this partnership include a range of life insurance solutions to meet the varied life goals of the civilians associated with the Indian Navy.
Educational seminars and sessions will be conducted to help Indian Navy civilian personnel understand the importance of term insurance and adequate life insurance coverage to secure their life goals. The Company will also introduce unique processes catering specifically to the unique needs of naval civilians.