The Indian Navy has signed a Memorandum of Understanding (MoU) with Bajaj Allianz Life Insurance, one of India’s leading private insurers, to provide customized life insurance solutions for its civilian personnel. The MoU, signed on 08 October 2024, is part of the Navy’s ‘Year of Naval Civilians’ initiative, aimed at enhancing the welfare of its civilian workforce.
Bajaj Allianz Life will offer a range of life insurance products under this partnership, designed to meet the unique needs of Indian Navy civilians. Vice Admiral Sanjay Bhalla, Chief of Personnel, praised the insurer for providing affordable and comprehensive solutions tailored specifically for naval civilians.
Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance, emphasized the significance of this collaboration in bridging the insurance penetration gap in India, while ensuring seamless service for the Navy’s civilian personnel. In Guwahati, this partnership is likely to create new opportunities in the growing life insurance market. Bajaj Allianz Life has seen increasing demand in the city, with more civilians opting for customized coverage. This collaboration is expected to further boost awareness of life insurance solutions in Guwahati, contributing to a surge in financial planning among local civilians.
