Pune: The Indian Navy has signed a Memorandum of Understanding (MoU) with Bajaj Allianz Life Insurance to provide life insurance solutions to its civilian workforce.
The agreement, formalized on October 8, 2024, offers a range of life insurance products designed to offer comprehensive coverage at affordable rates, marking a significant step in enhancing the welfare of the Indian Navy's civilian personnel.
The MoU was signed as part of the activities commemorating the "Year of Naval Civilians," an initiative that focuses on the well-being and contributions of civilians working with the Indian Navy.
Vice Admiral Sanjay Bhalla, Chief of Personnel, underscored the importance of this collaboration, acknowledging Bajaj Allianz Life for customizing insurance solutions that cater specifically to the unique needs of Navy civilians.
"We recognize the critical role that our civilian staff plays in supporting the Indian Navy’s operations. This partnership with Bajaj Allianz Life ensures they receive the life insurance coverage they deserve, tailored to meet their specific needs," said Vice Admiral Bhalla.
Tarun Chugh, Managing Director and CEO of Bajaj Allianz Life Insurance, expressed his company's commitment to serving the Indian Navy’s civilian workforce.
"This is a proud moment for us at Bajaj Allianz Life. Through this partnership, we aim to offer life insurance products that not only provide security but also help fulfill the long-term goals of the Indian Navy’s civilians. This collaboration also aligns with our broader mission of closing the insurance gap in India," said Chugh.
The life insurance offerings under this partnership will cater to various needs, including term insurance and life coverage, aimed at helping Indian Navy civilians secure their financial futures.
To ensure that the personnel fully understand their coverage options, Bajaj Allianz Life will conduct educational seminars and sessions focusing on the importance of life insurance. The company also plans to introduce customized processes that address the specific requirements of naval civilians.
