Bajaj Allianz Life Insurance, one of the leading private life insurers has garnered new business premium income of Rs. 502 crore under the ‘guarantee product’ portfolio. Bajaj Allianz Life Insurance has recently launched 3 products viz. Bajaj Allianz Invest Plus, Bajaj Allianz Max Gain and Bajaj Allianz Shield Plus, which promised “guaranteed benefits”.
The various guaranteed benefits that the various products offered were –
* Bajaj Allianz Invest Plus – a traditional product which had the intelligibility of ULIPs guaranteed 7% return for the current financial year 2009-10. The guarantee return would be declared at the beginning of each financial year based on the performance of the fund
* Bajaj Allianz Max Gain – ULIP product which guarantees the highest NAV recorded for the entire policy period of 10 years and the NAV is monitored daily.
* Bajaj Allianz Shield Plus – a single premium 10-yr term ULIP product guarantees a return of 170% in a special fund – Shield Plus Fund.
The company used innovative media to propagate the concept, besides TV and Radio advertisements. An innovative roadshow - “Guarantee Express” was devised in 137 cities, which educated people on the concept of guaranteed returns as well as protection of their investments in a volatile market. The campaign was innovative as it was for the first time in the insurance industry that street theatre was used to communicate the concept and the products. Till date, the Guarantee Express has been held at over 130 cities across the country.
Akshay Mehrotra, Head-Marketing, Bajaj Allianz said, “Customers today are looking for products which offer guarantees and market participation along with upside advantages. Our current marketing initiatives are aimed to reach out to customers who preferred such products. We used our extensive distribution network of 1200 branch across 1000+ towns and almost 2 lac agents to create awareness of such benefits. Marketing campaigns with support of TV, Print and innovative guarantee express campaign helped to educate customers about products with guarantee from our company.”
The ‘Bajaj Allianz Guarantee Express’ will be running till 9th March 2010, visiting prominent areas in each city, wherein the plays will be performed to bring out the ‘guarantee’ aspect of each of the products. The 360-degree activation includes radio activities in the city where the bus will be visiting along with TV advertisements on the theme.
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