On October 10, 2024, the Indian Navy officially signed a Memorandum of Understanding (MoU) with Bajaj Allianz Life Insurance Company. This partnership’s primary objective is to provide a comprehensive life insurance program aimed at enhancing the financial security of naval civilians and their families. This initiative is part of a broader effort by the Indian Navy, which has declared 2024 as the ‘Year of Naval Civilians,’ emphasizing the importance of welfare, inclusivity, and improved working conditions for its civilian workforce.
The MoU with Bajaj Allianz is designed to offer a diverse range of insurance products, which includes, but is not limited to, Term Insurance. The program allows naval civilians to voluntarily opt into various insurance options at affordable premium rates. A significant aspect of this initiative is to provide immediate financial support to the families of employees in the unfortunate event of death during service, thus ensuring a safety net for their dependents.