Bajaj Allianz Life Insurance has introduced a new term insurance policy designed specifically for women, reflecting an effort to align its offerings with changing customer profiles and protection needs.
The plan, titled Bajaj Allianz Life Superwoman Term (SWT), incorporates elements beyond traditional life cover, aiming to address health, child care, and financial planning concerns in a single insurance solution.
The SWT product includes a death benefit payout, a critical illness add-on that features women-specific coverage, and an optional monthly income rider aimed at supporting children’s education. The policy also provides access to health management services that include preventive care, outpatient consultations, maternal health assistance, and wellness support.
According to Mr Tarun Chugh, Managing Director and CEO at Bajaj Allianz Life, the product was created in response to demand from women who are seeking more comprehensive insurance tools.
“It’s designed to empower women with financial confidence as they march ahead to meet their own personal goals. The comprehensive solution can be customised to the varied needs of our women customers – from managing their own health needs or securing the future of their children or loved ones,” he said.
Bajaj Allianz Life, which reported a claim settlement ratio of 99.23% and a solvency margin of 432% for FY 2023-24, continues to diversify its portfolio. Recent product lines include targeted plans for salaried individuals, self-employed professionals, and people living with chronic conditions like diabetes.
The new SWT product marks another step in the company’s strategy to segment its offerings and meet niche market demands, reported APN News.