THE recent Covid-19 pandemic has completely changed the way the world functioned. All sectors have been majorly hit by the crisis. The outbreak has caused widespread concern among consumers and has increased economic hardship for them, businesses, and communities. The insurance sector has taken the necessary steps to stay well connected with the consumers and help them in these unprecedented times while preparing for a post-COVID-19 world.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance said, “The role of life insurance providers has become indispensable more than everto help customers meet their financial goals. I believe, the key obligation now is to continue providing financial guidance to customers across the board and empathetic communication is the way to go. Ourcommitment towards our customers continue to remain the key focus, and the company is doing everything to ensure their safety. We have our employees with cutting-edge tech set-up to enable them to be at the customers’ constant beck and call from the safety of their homes.”
For the customers, the insurer is ensuring to stay in touch with them and encouraging them to leverage the company’s digital access points to either pay their premium or check their fund value or manage any other query that they may have. There has been a surge of engagement in its digital assets like WhatsApp, BOING – chatbot on Bajal Allianz’s website, Life Assist mobile app and customer portal. The inbound call centre service is also available to customers through IVR.
When the pandemic hit, insurance regulator – IRDAI was prompt enough to issue a circular for insurers to help the consumers and their interests by offering a grace period of 60 days for premium payments. This move, of extending the grace period for payment of renewal premiums, generated goodwill amongst the customers to stay invested in their policies to meet their long term life goals. Bajaj Alliance followed this circular to the last word and has encouraged the consumers to pay via digital access points provided by the insurer.
Bajaj Allianz stands with the regulator for the betterment of the customers and acknowledges the step taken by IRDAI, who has permitted life insurers to offer settlement option on maturity payouts for all ULIPs maturing before May 31, 2020. This is irrespective of the original policy having this feature or not. As ULIP fund values would have seen a negative impact in the current volatile market conditions, to protect the interests of policyholders the regulator has given them the option to receive their maturity benefits as staggered payments over the next five years.