Bajaj Life Insurance
Bajaj Life Insurance is an IRDAI-registered private life insurer founded in 2001 and headquartered in Pune, holding registration number 116. It traded as Bajaj Allianz Life until Allianz SE sold its 26% stake to Bajaj Group in 2025, after which the venture came under full domestic ownership and dropped the Allianz name.
Key Facts
| Legal name | Bajaj Life Insurance Co. Ltd. |
| Former name | Bajaj Allianz Life Insurance |
| IRDAI registration number | 116 |
| Licence class | Life insurance |
| Founded | 2001 |
| Headquarters | Pune |
| Ownership | Bajaj Group, following the 2025 Allianz SE exit |
| Claim settlement ratio [2024–25] | 99.29% |
| Claims settled by count [2024–25] | 1,45,464 |
| Solvency ratio [2024–25] | 359% |
| Last verified | September 2, 2026 |
About Bajaj Life
If you are looking for Bajaj Allianz Life, this is the same company. It was renamed Bajaj Life after Allianz SE exited the joint venture. Policies issued as Bajaj Allianz Life remain valid on their original terms and are serviced by the renamed entity. Use the policy number printed on your original document.
Two separate things happened here, and most coverage runs them together. Understanding the difference matters if you hold a policy.
First, an ownership change. The Competition Commission of India approved Bajaj Group’s acquisition of Allianz SE’s 26% stake in Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company on 20 May 2025. The full 26% stake was valued at approximately EUR 2.6 billion, with the first tranche of 23% completed in January 2026 for approximately EUR 2.1 billion. Allianz had been a joint venture partner since the business was founded in 2001 and exited entirely by March 2026.
Second, a rename. The company subsequently dropped Allianz from its name with effect from 7 October 2025, rebranding as Bajaj Life Insurance ahead of the share transfer being completed, but after receiving all requisite regulatory approvals from the Registrar of Companies, the Competition Commission of India, and the IRDAI.
Neither event changed a policy term, a premium or the IRDAI registration. A registration follows the legal entity rather than the trading name.
The company was licensed in 2001 and distributes through an agency force, bank partnerships and online channels. Full domestic ownership gives it strategic autonomy it did not have as a joint venture, though what that means for policyholders will show in product decisions over years rather than immediately.
IRDAI Registration and Licence
Bajaj Allianz Life Insurance Company Ltd. is registered with the IRDAI as a life insurer under Registration No. 116. Its life-insurance portfolio includes term insurance, savings and endowment plans, ULIPs, investment plans, pension plans, child insurance, annuities, and group life insurance. Motor, home and fire insurance are not covered under its life-insurance registration and are offered separately by Bajaj Allianz General Insurance.
Do not confuse this company with Bajaj General Insurance. Bajaj General, formerly Bajaj Allianz General, is a separate company with its own IRDAI registration (113) and a general insurance licence. It offers motor, health and commercial cover, and its financial performance is commonly assessed using the incurred claim ratio. Both companies were affected by the same Allianz exit and dropped the Allianz name, which makes them easy to confuse and worth separating clearly.
Claim Settlement Record
Bajaj Life reported a claim settlement ratio of 99.29% in 2024-25, with 1,45,464 death claims out of 1,45,803 received. IRDAI publishes the figure annually.
| Measure | Bajaj Life FY2024-25 | What it means |
|---|---|---|
| Claim settlement ratio by count | 99.29% | Percentage of death claims settled |
| Claims received | 1,45,803 | The volume the ratio rests on |
| Claims repudiated | 319 | Claims declined outright |
Financial Strength
Bajaj Life reported a solvency ratio of 359% in 2024-25, against the IRDAI minimum of 1.50.
| Measure | Bajaj Life [2024-25] | Benchmark |
|---|---|---|
| Solvency ratio | 3.59 | IRDAI minimum 1.50 |
| Total premium income | ₹27,160 crore | |
| New business premium | ₹12,293 crore | 8.3% |
| Assets under management | ₹1,23,734 crore | |
| Policies in force | 11.71 lakh |
Bajaj Life’s solvency ratio of 3.59 is a comfortable margin, though narrower than the 4.32 the company held twelve months earlier. The decline was mainly due to a ₹497 crore dividend and the capital strain from writing more new business, which took net worth from ₹11,139 crore to ₹10,899 crore.
Products Offered
| Category | Bajaj Life product range |
|---|---|
| Term insurance |
|
| Endowment |
|
| Unit Linked (ULIP) |
|
| Investment |
|
| Pension and annuity |
|
| Child plans |
|
| Group life |
|
| Savings |
|
| Rider |
|
How Bajaj Life Compares
| Parameter | Bajaj Life | HDFC Life | Tata AIA Life |
|---|---|---|---|
| Founded | 2001 | 2000 | 2001 |
| Ownership | Fully domestic, Bajaj Group | Private, Indian and foreign | Indian and foreign joint venture |
| Claim settlement ratio (2024-25) | 99.29% | 99.68% | 99.41% |
| Solvency ratio (2024-25) | 359% | 194% | 180% |
| Primary distribution | Agency, bank partners, online | HDFC Bank, agency, online | Agency, bank partners |
| Recent structural change | Allianz exit and rename, 2025-26 | Absorbed Exide Life, 2022-23 | None |
Verdict:
All three are established private life insurers with mature claim books and comparable claim settlement ratios, so the choice does not turn on safety. Bajaj Life is now the largest fully domestically-owned private life insurer, which matters to some buyers and not to others. Compare the specific product and its rider set, not the ownership structure
How to Contact Bajaj Life and File a Claim
| Channel | Detail |
|---|---|
| Registered office | Bajaj Insurance House, Airport Road, Yerwada, Pune, Maharashtra – 411006 |
| Customer care number | 020 6712 1212 |
| customercare@bajajlife.com | |
| Website | https://www.bajajlifeinsurance.com/ |
To file a death claim: Intimate through the online portal, a branch or customer care using the policy number, including one issued as Bajaj Allianz Life. Submit the claim form, the original policy document, a death certificate, the claimant’s identity proof and the nominee’s bank details.
If a claim is delayed or declined: Raise a grievance and obtain a reference number, escalate to the grievance redressal officer, then to IRDAI through Bima Bharosa, then to the Insurance Ombudsman.
Frequently Asked Questions
What is Bajaj Allianz Life's new name?
Bajaj Allianz Life is now Bajaj Life Insurance. The name changed after Allianz SE sold its 26% stake to Bajaj Group in 2025 and exited the joint venture. The IRDAI registration and all policy terms are unchanged, and policies issued as Bajaj Allianz Life remain fully valid.
Bajaj Life has a high solvency ratio. Does that mean my ULIP's returns are guaranteed?
A high solvency ratio has nothing to do with ULIP or market-linked returns. Solvency measures the insurer’s own capital adequacy, its ability to pay claims and not the performance of a policyholder’s invested fund. On a unit-linked plan, the investment risk sits with the policyholder; the payout moves with the fund’s NAV regardless of how strong Bajaj Life’s balance sheet is.
If a policyholder holds policies with both Bajaj Life and Bajaj General Insurance, are complaints tracked separately?
Bajaj Life and Bajaj General Insurance track complaints separately. The two are independently registered with IRDAI under 116 and 113, respectively, each with its own grievance redressal officer and public disclosure filings. A complaint against one is not the same case file as a complaint against the other, and their grievance counts are reported independently.
How long does it actually take to get a death claim paid by Bajaj Life?
Bajaj Life processed 96% of non-investigative death claims within one working day of intimation in FY2025, provided the claim was raised before 3 PM on a business day. IRDAI’s own rules set the outer limit at 15 days for non-investigative claims and 45 days for those that need investigation; Bajaj Life’s actual turnaround runs well within that ceiling.
What typically causes a death claim to get rejected instead of paid?
Across the life insurance industry generally, the most common reasons for death claim rejection are non-disclosure of a pre-existing medical condition or habit at the time of buying the policy, death occurring within the policy’s waiting period, and a lapsed premium at the time of death.
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