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Bajaj Allianz General Insurance Company on Monday launched a parametric insurance product ‘ClimateSafe’.
The product is intended to provide financial protection to those significantly vulnerable to the impact of climate change. It will offer quick financial relief based on predefined weather triggers such as extreme high temperatures, cold waves or excessive rainfall, the company said on Monday.
A first-of-its-kind climate risk protection policy in India, the product is a direct response to the urgent and growing need to safeguard livelihoods from the increasing unpredictability caused by climate change, MD and CEO Tapan Singhel said in a release.
The insurance cover is tailored to meet the needs of retail customers, office goers, auto/taxi drivers, retail shop owners, delivery agents, home service professionals, gig workers, home residents and event attendees facing climate-related income loss or increased expenses due to climate-related risks, including extreme heat, cold waves, and excessive rainfall, Bajaj Allianz General Insurance said.
According to the company, customers can buy the cover multiple times during the year with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements. It will have dynamic pricing with predefined triggers and tailored premiums based on real-time climate data. Customers can self-select their risk location, risk period (from 1-30 days), weather risk (excessive rainfall, low temperature, high temperature) and sum insured.
Published – April 28, 2025 09:06 pm IST
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Bajaj Allianz General Insurance launches parametric insurance product
