Godrej Aadhaar ties-up with Bajaj Allianz Life Insurance

Company News, July 27

MUMBAI

Godrej Aadhaar, the agri services cum retail initiative of Godrej Agrovet Ltd., today signed an agreement with Bajaj Allianz Life Insurance, India’s largest private life insurer to offer life insurance products to the rural community through its outlets. This was announced by Mr. C.K.Vaidya, Managing Director, Godrej Agrovet Ltd. and Mr. Sam Ghosh, Chief Executive Officer, Bajaj Allianz Life Insurance Company and Country Manager, Allianz at a press conference in Mumbai today.

Speaking at the occasion Mr. C.K.Vaidya stated that “We are pleased to announce Godrej Aadhaar’s tie-up with Bajaj Allianz Life Insurance. The rural market in India is vibrant and holds tremendous growth potential for both retail as well as insurance businesses. Through this strategic alliance our consumers can now look forward to getting more value added services from Aadhaar outlets and we could provide the rural community with a reasonable degree of security and assurance.”

According to Mr. Sam Ghosh, “Godrej Aadhaar would give Bajaj Allianz Life Insurance the reach to distribute simple and flexible life insurance products to rural markets which would address highest potential untapped market by private life insurer and provide comprehensive security and wealth creation opportunities to the rural population”

The uniqueness of Godrej Aadhaar lies in their ability to touch the lives of the Indian farmers, their families and their communities by offering great value propositions all under one roof. The new format stores mark the beginning of a chain which shall form the farmer’s Aadhaar for “Unnati, Ghar Sansar and Gaon”, a move from being just a Complete Agricultural Solution Provider to being a multi category service cum retail outlet with wide range of products and services housing a fair mix of brands and private labels. Recently Godrej Aadhaar tied-up with Apollo pharmacy to offer medicine support across Aadhaar outlets in rural India. Insurance is the latest addition to their portfolio of services. Through this tie-up Godrej Aadhaar intends to expand their portfolio of products and services to the rural community.

Rural India primarily has been an untapped market, which was only serviced by the state owned life insurer since the opening up of the insurance sector 5 years back. The Tie-up with Godrej Aadhaar would not only improve the distribution arm of Bajaj Allianz Life Insurance but also make available the much in demand Unit Linked insurance plans to the rural population..

Apart from ULIPs Bajaj Allianz Life also has a few specially designed rural products like InvestGain and CashGain in its kitty which not only have low ticket size but are easier to administer with less stringent underwriting guidelines.

About Godrej Aadhaar

Godrej Agrovet Ltd. belongs to the Rs. 6500 Cr Godrej Group and is a key player in the Indian agricultural sector with a large presence in cattle, poultry, aqua feeds and innovative agricultural inputs. With a turnover of over Rs. 900 Cr, the company employs more than 1600 employees and has over 40 manufacturing and processing facilities across India. Godrej Agrovet is a market leader in animal feeds, innovative agri products & oil palm development in India. Godrej Aadhaar is the agri service cum retailing venture of Godrej Agrovet, an initiative started to strengthen its age old relations with the Indian farmers.

Presently there are 28 Aadhaar Centres across the country in the States of Maharashtra (Mancher, Alephata, Ranjini, Umbraj and Ozar), Gujarat (Prantij, Umreth,Asodhar, Kamrej & Kim), Punjab (Thakthuchak, Wallah, Samrala, Sultanpur Lodhi, Malsian, Jagraon, Tarn Tarn, Ajnala & Doraha), West Bengal (Chanda, Gadamara), Haryana (Hansi, Ladhwa), Orissa (Paga), Tamil Nadu (TN Palyam, Hosur) and Andhra Pradesh (Mangalgiri). The Company plans to set up over 1000 Godrej Aadhaars in the next 5 years across the country.

About Bajaj Allianz:

Bajaj Allianz Life Insurance Company was the No1. pvt. sector Life Insurance co. for the FY 2005-06. With a pan India presence and over 700 + offices, Bajaj Allianz Life Insurance has already has a customer base of 13 lac customers. Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. For companies it provides comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Superannuation, Keyman Insurance and more); for the individual InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), New UnitGain Super, New FamilyGain, New UnitGain Plus, New UnitGain, New UnitGain Premier, New UnitGain Easy Pension Plus, New UnitGain Easy Pension Plus – single premium. Currently Bajaj Allianz has a product portfolio of 26 products and more need-based products are in the pipeline.