Bajaj Allianz Life Insurance on Wednesday said that its policyholders have an opportunity to revive their lapsed life insurance policies subject to certain conditions. The window is open from October 14 to November 30, 2016 and is applicable to traditional life insurance policies only.
"During this campaign, Bajaj Allianz Life Insurance customers will be given a 50% waiver on the interest amount on traditional policies lapsed. Revival of a life insurance policy will ensure continuance of life cover, tax advantages and bonus for the period during which policy was lapsed," the company said in a statement.
A similar initiative rolled out last year netted Rs 95.84 crore in premium for the company from the revival of 66,826 policies, it added.
"The campaign is aimed at extending a helping hand to those who were unable to continue their policies due to some financial crisis," Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said.
Bajaj Allianz Life Insurance collected Rs 442.70 crore in first-year premium in September 2016.
Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the European insurer and Bajaj Finserv Limited, the demerged entity of Bajaj Auto Limited.
There are 24 life insurance companies in the country, including the state-run Life Insurance Corporation of India (LIC). Private sector insurers include ICICI Prudential Life Insurance, HDFC Max Life Insurance and SBI Life Insurance.
Bajaj Finserv Limited is the holding company for the businesses dealing with financial services of the Bajaj Group. Bajaj Finserv shares closed at Rs 3,352.50 a piece on the BSE on Wednesday.