Introduction of Bajaj Allianz Life

Insurance Company –

Bajaj Allianz Life Insurance Company Limited is a joint venture

between Allianz AG, one of the world's largest Life Insurance
companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler
manufacturers in the world. Bajaj Allianz is one of the fastest growing
private Life Insurance Company in India. This has more than 1,200
branches across country and deals in primarily unit linked,
traditional, health, child and pension policies. Bajaj Allianz Life
Insurance Co Ltd was incorporated on 12th March 2001. The
company received the Insurance Regulatory and Development
Authority (IRDA) certificate of Registration (R3) No 116 on 3rd
August 2001 to conduct Life Insurance business in India.
Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with
Bajaj Auto Limited and Allianz AG of Germany holding 74%and
26%stake respectively. It is the largest private player in the
Insurance Industry in India with a market share of around34%
amongst the private companies and second to LIC. The total market
share of Bajaj Allianz as of 31st March 2006 is at 12%.
About Allianz

Allianz (formerly AG, FWB: ALV, NYSE: AZ) is one of the largest
financial services providers in the world, headquartered in Munich,
Germany.

Its core business and focus is insurance. With €92.5 billion of revenue
during 2008, Allianz is the second largest international insurance and
financial services organization in the world.

Allianz has sold Dresdner Bank to Commerzbank, largely for shares in

November 2008. As a result of this merger, Allianz gained a 14%
controlling stake in the new Commerzbank Group.

Allianz Global Investors ranks as a top-five global active investment

manager, having €1443 billion of assets under management (AuM), of
which €1131 billion are third-party assets (as of 2010-09-30), with
specialized asset managers such as PIMCO (Bond fund), RCM(Equity
fund), AAAm(Fund of Hedge fund), Degi(Real estate fund), etc.

Allianz is now present in more than 70 countries with over 180,000

employees. At the top of the international group is the holding
company, Allianz SE, with its head office in Munich. Allianz Group
provides its more than 60 million customers worldwide with a
comprehensive range of services in the areas of
• property and casualty insurance,
• life and health insurance,
• asset management and banking.
About Bajaj auto

Bajaj Auto Limited is the largest manufacturer of two and

three-
Wheelers in India and also one of the largest manufacturers
in the world.
Bajaj Auto has been in operation for over 55 years. As a
promoter of
Bajaj Allianz General Insurance Company Ltd., Bajaj Auto
has the
Following to offer:
 Vast distribution network.
 Knowledge of Indian consumers.
 Financial strength and stability to support the
insurance business.
Bajaj Allianz Life Insurance
Products and Plans–
1. Individual life insurance.
1.Unit Linked Insurance Plans
Market linked insurance plans invest the premium in
to the equity, debt and cash markets by the way of
allocating units, which like any other mutual fund
have a NAV and the customer is free to switch
between one fund class to another depending on the
risk factor he wishes to be in. ULIPs offer a better
return than the traditional endowment plans and
offer a great deal of flexibility along with great
returns making them the finest product offering.
Bajaj Allianz Life Insurance have developed a
number of ULIP products which range from single
premium to a regular premium option along with
investment funds ranging from index funds to mid-
cap funds and debt market linked funds.
In this plan there are two products:
1. Regular Premium:
1. Assured Protection Insurance Plan – It is a unique combination of protection
and prospects of attractive returns with investments in various mix of assets to
make a perfect plan to last you a lifetime of prosperity and happiness.

2. Max Advantage Insurance Plan – This is exciting new ULIP product

gives you the guarantee to en cash your units at maturity, at the highest unit
price achieved by the fund over the 10-year term of your policy.
2. Single Premium:
1. Wealth Insurance Plan - The plan gives you the benefits of paying a single
premium, so you don’t have to worry about due dates, repetitive paperwork
and renewals or continuously make phone calls to your financial advisor.

2. Shield Insurance Plan - This plan also gives you guaranteed unit price at
maturity with Shield Plus Fund III.
2.Pension Plans
Bajaj Allianz Life Insurance offer Pension Plans which will
make sure that they are there to support you in every stage of
your life and your savings today become your wealth and
support for your future years to come.

Pension Products:
1. Swarna Vishranti : Is a plan with an option to take a tax-free lump sum up to
33% of Sum Assured + Accrued Bonuses. Open Market option: Purchase
immediate annuity from Bajaj Allianz Life Insurance or any other Life
Insurance Company. And also additional benefits can be availed of.

2. Pension Guaranteed: Is a plan that assures a regular income after your

retirement for life.

3.Traditional Plans
Saving Plans that offer bonus are completely safe and are ideal for long term
investments. Bajaj Allianz products offer additional benefits including 4 times
life cover at little extra costs, limited premium payment terms and compounded
reversionary bonuses. These features make Bajaj Allianz traditional plans
excellent long term saving instruments.

Traditional plan products:

Endowment Plan
1. Life Time Care : Is a whole life plan, where it helps you financially at the time
when your regular income ends. It provides survival benefits at the age of 80.
The plan also has additional benefits like Waiver of Premium, Accidental Death
Cover & Disability Cover and Critical Illness Cover & Hospital Cash Cover.

2. Super Saver : Is a regular premium endowment plan, which enables the

policyholder to save an amount regularly for the future. The plan also has an
extra benefit of Guaranteed Additions to the sum assured, at the end of each
policy year.
3. Save Care Economy SP : A 10year single premium endowment plan which
provides savings with high risk cover. This plan also participates in the
companies’ profits. It is a high risk policy but has easy liquidity and high
returns.

4. Invest Gain : This plan offers a combination of benefits that help develop a
financial portfolio for your family. At a small extra cost you get 4 times life
cover. Also you have an option of limited premium payment.

Money Back Plan

Money back plan which guarantees 5 easy payouts giving up to 125% +
bonuses. Also 4 times a life cover. The additional benefits offered are

•Family Income Benefit

•Accidental Death Benefit and Disability Benefit.
• Critical Illness Benefit and Hospital Cash Benefit.

1. Cash Gain – Quadruple life cover. Five easy payouts

which give up to 125% + bonuses.

2. Child Gain – It help you to enjoy the joys of parenthood

responsibly, with the comfort of a secure future for your
child.
4.Term Plans
The sole objective of Term plans is to serve the protection needs of the
customers and by doing so, safeguard one's family from the financial
implications of unfortunate circumstances that one cannot foresee.
These plans are pure risk cover plans with or without maturity benefit. These
pure risk plans cover your life at a nominal cost and you may want to take this
plan to cover your outstanding debts like a mortgage, a home loan etc.

1. Term Care : Is a term Assurance plan which provides life cover and return of
premiums paid at the time of maturity. It has the option of single premium
payment. It is the only pure Term Plan which provides Hospital Cash Benefit.

2. New Risk Care II : Is a plan with regular/single premium payment options.

This plan comes with a lowest cost for a Life Insurance cover. With regular
premium plan you get additional rider benefits. Also accidental death benefit
and accidental permanent total/partial disability benefit. Besides that you can
also avail of critical illness benefit and hospital cash benefit.

3. Protector : Is a mortgage reducing term assurance plan. At a low premium

amount you can secure your family from the burden of paying the Home Loan
in your absence. You get an option of both Regular Premium payment and
single premium payment. Also there is an option of Joint life availability, where
the co-applicant can also be covered in the plan.
 5.Products For women
1. Housewives: Housewives need to safeguard their financial independence.
There are additional benefits like the Mahila Gain feature which offers benefits
like.
• Critical Illness Benefits.
• Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
• Congenital Disability Benefits.
• Complications of Pregnancy Benefits.
2. Working Women: This plan helps the working women to protect
themselves, their family and plan for their future. The insurance,
investment, pension and health products have been specially
customized to suite to every specific need of a woman
6.Additional Rider Benefits
Bajaj Allianz offers you the flexibility to enhance your basic insurance policy
by attaching additional benefits that give more protection to you and your
family. You can choose to take all or some of the additional rider benefits. Bajaj
Allianz allows you to redesign your life insurance coverage to suit your needs,
providing total protection against many uncertainties.
Bajaj Allianz offers the following additional rider benefits:-
 Bajaj Allianz Family Income Benefit.
 Bajaj Allianz Comprehensive Accident Protection Benefit.
 Bajaj Allianz Supplementary Death Benefit.
 Bajaj Allianz Critical Illness Benefit.
 Bajaj Allianz Hospital Cash Benefit.
2.Group Life Insurance

One of the best ways for to increase group cohesiveness is to make your group
members feel cared for. Bajaj Allianz group life insurance plans for your group
members, employees and their families show them that their organization cares
not only for them but also their families. At Bajaj Allianz Life Insurance they
offer customized insurance plans, which safeguard your employees' interests and
show your commitment towards them.

Bajaj Allianz Life Insurance Group Plans offer:-

1. Financial stability to employees or group members
2. Ease of operations and fund management.

Non Employer Employee plans-

1. Group Income Protection.
2. Group Loan Protector.
3. Group Term Life.
4. Group Term Life.
4. Group Suraksha.
5. Credit shield.
6. Sarve Shakti Suraksha.
7. Group Credit Protection Plus.

Employer Employee plans-

1. Group Annuity
2. Group Save Plus
3. Group Term Life
4. Group Term Life in lieu with EDLI
5. Group Leave Encashment Scheme
3. Micro Insurance Plans

1. Alp Nivesh Yojana: An endowment plan with Life cover and

Maturity benefit equal to sum assured + vested bonus.

2. Saral Suraksha Yojana: A Term Insurance policy with return of

premium on maturity.

3. Jana Vikas Yojana: A single premium plan with maturity benefit

of 125% of the single premium payable on survival till the end of the
policy term.
WHAT IS
INSURANCE?

The law of insurance is contained in the insurance ordinance 2000. It extends to the whole of
Pakistan. The securities and exchange commission of Pakistan will implement the law.

Insurance is a means to spread the loss caused by particular risk over a number of people against
some amount called premium. Insurance creates a fund under which many persons contribute
some money called the premium, out of which the persons who suffer losses are compensated.

Definition of Insurance:
“A contract of insurance is contract in which one party undertakes,
against premium, to pay to the other party a certain amount on the happening of a certain event.
A contract of insurance is a conditional contract. The general principles
of the law of contract apply to it. It is a valid contract. It comes into existence by the offer in the
form of proposal and its acceptance. The object of the contract must not be immoral or illegal.”

Parties involved in Insurance:

1. Insurer
2. Insured

Insurer:
The party which promises to pay to certain sum of money to the other party is called the
insurer (insurance company).

Insured:
The party of whom a certain some of money is paid is called the insured (Policy-holder)1

Explanation:
Insurance is a risk transfer mechanism hereby the individual or the business
enterprise can shift some of the uncertainties of life on the healthier, comfortable and easy life to
meet this requirement different enterprises produce and provide goods and services. They make
innovation and invention, which take great risk. Large responsibility falls on the shoulder of
innovators and inventors. A small error or lapse may cause numerous side effects and cause
death or disability. These types of risks highlight the importance of insurance. If there had not
been insurance at the back of all innovators the world would have never progressed. After
assuring this in security factor the enterprises started looking for new and more high-tech
machines robots and gargets, atomic technology, space traveling computers, deep sea
exploration, development of concords and jumbos and medical technology for hydro hear led
diseases. All these developments could be possible with support of insurance.
In peace the insurance provides protection to trade and industry, which ultimately contributes
towards human progress. Thus insurance is the most lending force contributing towards

1
Cheema, Khalid Mahmood, Business Law, Published by Syed mobin Mahmud & co, Lahore, 2007, page# 368
economics, social and technological progress of man. Without insurance cover all industrial,
economic and social activity of the world will come to a grinding halt.
An insurer, by nature, tries too split and diversify its risks in many ways a very important way is
to split them horizontally and vertically within reinsurance companies and horizontally to their
competitors.
The following principles apply in insurance:
 Insurable Interest.
 Utmost good faith
 Proximate cause
 Indemnity
 Contribution
 Subrogation
The insurance market comprises the following types of insurers:
 Lloyds.
 Ordinary Life & General Companies
 Industrial Life Assurance companies
 Friendly societies
 Mutual Indemnity Associations
 Captive Insurance companies
 Self Insurance
 The State.

The premium received goes into a fund or pool from which the claims are paid. Because of large
number of clients in any particular fund or pool, the insurers can predict, with reasonable
accuracy by applying the law of large numbers and actuarial calculation methods, the amount of
claims likely to be incurred in the coming year. However, there will be some variation in claim
costs from year to year for which a small margin is to be built up in reserve. As a result of better
performance of insurance company some benefit is paid back to the policyholders in shape of
bonus in life insurance and no claim bonus is motor/property insurance.

HOW INSURANCE IS AGAINST THE PRINCIPLES OF SHARIAH?

Commercial Insurance and all its contracts are relatively new development. The pioneer muslims
neither knew it nor was it ever considered by the earlier Islamic Jurisprudents. It was for the first
time examined by a Hanafi Jurist syed Ibn Abdin (dead 1252 H corresponding to 1836 A.D.) at
the request of some muslim merchants who sought his poinion about the validity of marine
insurance under Islamic laws. He discussed the essence of marine insurance and concluded” I see
that it is not permitted to any merchant to get indemnity for his damaged property against the
payment of a certain sum of money known as insurance premium; because this is a commitment
for what should not be committed to.”
The attitude towards illegality of insurance from Islamic point of view continued for full century
after ibn Abdin. However in view of the tremendous importance assumed by insurance for the
modern finance, trade and industry the contract of insurance has been subject matter of extensive
and in depth studies and discussions amongst the Islamic Jurisprudents during the past several
decades.
In 1396 H (1976) the first international conference on Islamic Economics was held in Makkah,
which was attended by more that 200 Islamic Jurists and Economists. They reached at the
following decision on it:

“The conference sees that the commercial insurance which is practiced by the commercial
insurance companies in this era does not conform to the shariah principle of cooperation
and solidarity because it does not fulfill the shariah conditions which would make it valid
and acceptable”.

This conference also suggested that a committee comprising of shariah Experts & Muslim
Economists should be constituted in order to suggest a system of insurance that will be free of
“Riba”., Usury and gharar the matter continued to receive the attention of numerous groups of
Islamic Jurisprudents in cooperation with eminent and distinguished economists and insurance
experts who came up with different conclusion, views and opinions. Some of them approved all
forms of insurance subject to certain conditions, limitations and qualifications, others totally
disapproved all of them. However an overwhelming majority of Islamic shariah.
The objection is against the existence of the weaknesses in the insurance contract namely:

 Gharar (Uncertainry);
 Mainsir (Gambling);
 Riba (Usury).

Introduction to Islamic Insurance (Takaful):

Muslim jurists acknowledge that the basis of shared responsibility in the system of "aquila" as
practiced between Muslims of Mecca and Medina laid the foundation of mutual insurance.
Islamic insurance was established in the early second century of the Islamic era when Muslim
Arabs expanding trade into Asia mutually agreed to contribute to a fund to cover anyone in the
group that incurred mishaps or robberies along the numerous sea voyages (marine insurance).

Takaful Insurance

Takaful is an Arabic word meaning “guaranteeing each other” or joint guarantee.

The Tabarru' system is the main core of the takaful system making it free from uncertainty and
gambling. Tabarru' means "donation; gift; contribution." Each participant that needs protection
must be present with the sincere intention to donate to other participants faced with difficulties.
Therefore, Islamic insurance exists where each participant contributes into a fund that is used to
support one another with each participant contributing sufficient amounts to cover expected
claims. The objective of takaful is to pay a defined loss from a defined fund.

Muslim jurists conclude that insurance in Islam should be based on principles of mutuality
and cooperation. Encompassing the elements of shared responsibility, joint indemnity,
common interest and solidarity.

The principles of Takaful insurance are as follows:

  Policyholders cooperate among themselves for their common good.
 Every policyholder pays his subscription to help those that need assistance.
 Losses are divided and liabilities spread according to the community pooling system.
 Uncertainty is eliminated in respect of subscription and compensation.
 It does not derive advantage at the cost of others.

Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain

sum of money to a common pool. The purpose of this system is not profits but to uphold the
principle of “bear ye one another’s burden.”

“Commercial insurance is originally haram as agreed upon by most contemporary scholars. It is

well known that in most non-Islamic countries there are cooperative and mutual insurance
companies. There is no harm from the Shari`ah point of view to participate in these services. So,
it is unlawful for a Muslim living in a country where there is such a cooperative insurance
company to make an agreement with a commercial insurance company. But, if a cooperative
insurance company is not found one may enter into a contract with a commercial insurance
company only by way of necessity. If a person is forced by law to insurance or by way of need, it
is obligatory for him to be content with the minimum proportion of insurance that covers his
need or to the minimum of such transaction he’s being forced to carry out.” - European Council
for Fatwa and Research2
Definition of Islamic Insurance (Takaful):

The word Takaful is derived from the Arabic verb

Kafala, which means to guarantee; to help; to take care of one’s needs. Takaful is a system of
Islamic insurance based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary
contribution), where risk is shared collectively by a group of participants, who by paying
contributions to a common fund, agree to jointly guarantee themselves against loss or damage to
any one of them as defined in the pact. Takaful is operated on the basis of shared responsibility,
brotherhood, solidarity and mutual cooperation.

Fatwa on Takaful:

The Islamic Fiqh Academy emanating from the Organization of Islamic conference, meeting in
its Second Session in Jeddah, Saudi Arabia, from 10 to 16 Rabiul Thani, 1406 H (corresponding
to 22-28 December, 1985) issued a resolution which in summary stated the following:

 After reviewing the presentations made by participating scholars during the session on
the subject of ‘Insurance/Re-insurance’;
 And after discussing the same;
 And after closely examining all types and forms of insurance and deeply examining the
basic principles upon which the are founded and their goals and objectives;
 And having looked into what has been issued by the Fiqh Academies and other
instituitions in ths regard;

2
http://www.icmif.org/services/takaful/about.asp , Date 11, Aug 2008
Resolves:

1. The commercial insurance contract…is prohibited (Haraam) according to the Shariah.

2. The alternative contract which conforms to the principle of Islamic dealings is the
contract of cooperative insurance (Takaful), which is founded on the basis of charitable
donation and Shariah compliant dealings.

Muslim jurists therefore concluded that:

 Insurance should be based on the principles of mutuality and cooperation.

 Insurance products should be founded on the basis of Tabarru, an Arabic noun meaning
‘donation, gift, contribution’.
 The insurance company must conduct all its affairs in line with the Shariah
 The participants mutually contribute to the same fund for the purpose of mutual
indemnity in case of risk and harm. 3

Difference between Insurance & Takaful

1.
It is a Risk Transfer mechanism whereby risk is transferred from the policy holder (the Insured)
to the Insurance Company (the Insurer) in consideration of 'insurance premium' paid by the
Insured.

It is based on mutuality; hence the risk is not transferred but shared by the participants who form
a common pool. The Company acts only as the manager of the pool (Takaful Operator).
2.
It contains the element of uncertainty i.e. "gharrar" which is forbidden in Islam. There is an
uncertainty as to when any loss would occur and how much compensation would be payable.

The element of 'uncertainty' i.e. 'gharrar' isbrought down to acceptable levels under Shariah by
making contributions as "Conditional Donations" (tabarru) for a good cause i.e. to mitigate the
loss suffered by any one of the participants.

3.
It contains an element of gambling i.e. "maisir" in that the insured pays an amount (premium) in
the expectation of gain (compensation/payment against claim). If the anticipated loss (claim)
does not occur, the insured loses the amount paid as premium. If the loss does occur, the insurer
loses a far larger amount than collected as premium and the insured gains by the same.

3
http://www.takaful.com.pk/Fatwa.html
The participant pays the contribution (tabarru) in the spirit of Ne'ea (purity) and brotherhood;
hence it obviates the element of 'maisir' while at the same time without losing the benefit of
Takaful in the same way as conventional insurance.
4.
Funds are mostly invested in fixed interest bearing instruments like bonds, TFCs, securities, etc.
Hence these contain the element of "riba" (usury) which is forbidden in Islam.

Funds are only invested in non-interest bearing, i.e. riba-free instruments.

5.
Surplus or profit belongs to the Shareholders. The insured is covered during the policy period but
is not entitled to any return at the end of such period.

Surplus belongs to the participants and is accordingly returned to them (in proportion to their
respective shares of contributions) at the end of the accounting period
 Islam and insurance
As the essence of insurance could be seen in the system of mutual help in
relation to the custom of blood money under the Arab tribal custom, Muslim
jurists generally accepted that the concept of insurance does not contradict
with the Shariah. In fact, the principle of compensation and group
responsibility was accepted by Islam and the Holy Prophet. Muslim jurists
acknowledged that the basis of shared responsibility in the system of
`aqila', as practiced between Muslims of Mecca (muhajirin) and Medina
(ansar) laid the foundation of mutual insurance.
As a complete religion, the teaching of Islam encompasses the essence of
peace, economic well-being and development of the Muslim at the
individual, family social, state and `ummah' levels.
To illustrate the importance of this relationship in a life of a Muslim, Islam
calls for the protection of certain basic rights, viz.: -
 The right to protect the Religion.
 The right to protect the life.
 The right to protect dignity/honour.
 The right to protect the property.
 The right to protect the mind.
It is also a generally accepted view that Islamic insurance was first
established in the early second century of the Islamic era. This was the
time when Muslim Arabs started to expand their trade to India, Malay
Archipelago and other countries in Asia. Due to long journeys/voyages,
they often had to incur huge losses because of mishaps and misfortunes or
robberies along the way. Based on the Islamic principle of mutual help and
cooperation in good and virtuous acts, they got together and mutually
agreed to contribute to a fund before they started their long journey. The
fund was used to compensate anyone in the group who suffered losses
through any mishap. In fact the Europeans copied this, which was later
known as marine insurance.
In view of the above as well as the real need for insurance cover, Muslim
jurists looked further into the Islamic system of insurance. Their conclusion
was that insurance in Islam should be based on the principles of mutuality
and cooperation. On the basis of these principles, Islamic system of
insurance embodies the elements of shared responsibility, joint indemnity,
common interest, solidarity, etc. According to the jurists this concept of
insurance is acceptable in Islam because,
 the policyholders would cooperate among themselves for their common
good;
 every policyholder would pay his subscription in order to assist those of
them who need assistance;
 it falls under the donation contract which is intended to divide losses and
spread liability according to the community pooling system;
 the element of uncertainty will be eliminated insofar as subscription and
compensation are concerned;
 it does not aim at deriving advantage at the cost of other individuals.
The generally accepted view of the Muslim Jurists is that the operation of
the conventional insurance as an exchange transaction under a buy and
sell agreement does not in its present form conform to the rule and
requirements of the Shariah as it embodies the following three elements :-

Al-Gharar
There is the element of al-Gharar (unknown or uncertain factors in the
operation of a contract) in both the life and general insurance policies. This
arises due to the uncertainty of the subject matter of the contract or
`ma'qud'alaih' of which one of the basic rules of contract in Islam is that the
ma'qud'alaih must be clear. In such a contract the insured or the
policyholder agrees to pay a certain sum of premium and in turn the
insurance company guarantees to pay a certain sum of compensation (sum
insured) in the event of a catastrophe or disaster. But the insured or the
policyholder is not informed, for example, of how the amount of the
compensation that the company will pay him is to be derived nor is he
certain of the amount.
In addition, any form of contract which is lopsided in favour of one party at
the expense and unjust loss to the other is also classified as Gharar. This is
prevalent in both the life and general insurance policies. In the former, for
example the loss of premium suffered by the policyholder if he would have
to cancel his policy before the policy acquires the forfeiture status. Similarly
the "double-standard" condition of charging customary short period in
general insurance if the policyholder is responsible for the termination of
the policy whilst a proportional refund of premium is applicable if the
insurance company terminates the cover.

Al-Maisir
There is the element of al-Maisir (or gambling) which arises as a
consequence of the presence of al-Gharar, in particular in the case of life
insurance. When a policyholder dies before the end of the period of his
insurance policy after paying only part of the premium, for example, his
dependents will receive a certain sum of money which the policyholder in
the first place has not been informed and has no knowledge of how and
from where it is to be derived.

Al-Riba
There is the practice of al-Riba (or interest) and other related practices in
the investment activities of the conventional insurance companies which
contravene the rules of the Shariah.

What is the meaning of Takaful?

Takaful is an Islamic insurance concept which is grounded in Islamic
muamalat (banking transactions), observing the rules and regulations of
Islamic law. This concept has been practised in various forms for over 1400
years. [1] Muslim jurists acknowledge that the basis of shared responsibility
in the system of Aquila as practised between Muslims of Mecca and
Medina laid the foundation of mutual insurance.

Can non Muslims join Takaful?

Yes of course! What is important, as participant or user of the product, is
that he must agree to and abide by the terms and conditions of the contract
that are based on the rules of Syariah. The terms and conditions shall be
applicable to both Muslim and non-Muslim participants.
What is the Takaful Contribution?
The Takaful Contribution (premium) is the annual amount you pay for the
Takaful Contract, to provide the cover you select based on the information
you have given us and our assessment of the likelihood of you making a
claim.

Would I need to pay extra if there is a loss made by the Takaful Fund?
No, you will not pay anything more than your contribution and Wakala Fee.
When the Takaful Fund is considered under-funded, then an Advance will
be made by the Takaful Operator to cover any deficit. The Takaful Operator
is entitled to recover any Advance made prior to any Participation Discount
being made available to the Takaful Participants in subsequent years.
Offices of Bajaj Allianz Life
Insurance Company
The head office of Bajaj Allianz life insurance Company is in pune.
Pune Head Office
G.E.plaza, 1st floor, Airport Road,Opp.
Gunjan theatre, Yerwada,Pune - 411 006,",
Address "Bajaj Finserv, 3rd floor, Survey # 208/1-
B,,Behind Weikfield IT-Park,Viman
nagar,Pune
Telephone 020 66026683/43

Other offices
Surat
MZ 38 to 40 , Sreeji Arcade , B/H. Bhulka Bhavan School, Anand
Address
Mahal Road , Adajan ,Surat

Telephone 0261 – 2731712

Delhi Connaught Place

Address C-32, 1st Floor & 2nd Floor, Connaught Place,New Delhi - 110 002,

Telephone 011 – 41490500

Srinagar
Address 3rd Floor,Lake City Plaza, Karan Nagar,,,,,Srinagar - 190010

Telephone 0194 – 2457254

Amritsar
SCO 31, KK Tower, Dist. Shopping Complex, Ranjit Avenue,
Address
Amritsar,

Telephone 0183-5006652

Conclusion:
Bajaj Allianz is the best life insurance company in India and has a
great insurance products which can help the people in their life works.
Bajaj allianz has unique potential which can help them to rise.
BIBLIOGRAPHY:
www.Bajaj Allianz .com
www.wikiphedia.com