Bajaj General Insurance Limited has entered into a corporate agency arrangement with Vakrangee Limited, under which the insurer’s general insurance products will be distributed through Vakrangee’s nationwide network of branded retail outlets, known as Vakrangee Kendras.
The partnership will see Vakrangee offer a range of personal lines products, including health, motor, home, and travel insurance, across its network of outlets, which are primarily located in rural, semi-urban, and other underserved markets. Vakrangee, which holds a corporate agency registration with the Insurance Regulatory and Development Authority of India, positions its Kendra network as a last-mile distribution platform.
A significant proportion of Vakrangee’s outlets operate in Tier 4 to Tier 6 geographies, providing banking, insurance, ATM services, assisted e-commerce, e-governance, and healthcare solutions, where access to formal financial services remains limited.
“This strategic engagement reinforces our efforts to deepen the reach of essential financial services across India,” said Vedant Nandwana, Managing Director of Vakrangee. “With a significant proportion of our Kendras located in Tier 4 to Tier 6 geographies, we are well-positioned to facilitate greater insurance penetration and support the broader objective of inclusive growth.”
Bajaj General Insurance, formerly known as Bajaj Allianz General Insurance Company Limited, parted ways with its partner for two decades, Allianz, after the latter sold a 26% stake in both life and general insurance ventures for 241.8bn rupees (US$2.5bn).
The partnership comes against a backdrop of declining insurance penetration in India, with the country’s 2025-26 Economic Survey flagging a drop to 3.7% in FY2025, even as insurance density increased, reflecting higher spending by households already integrated into the financial system.
Since the enactment of the Sabka Bima, Sabki Raksha (Amendment of Insurance Laws) Act, 2025, in December, which raised the FDI limit to 100%, the administration has undertaken various procedural reforms to upgrade the sector, including plans to launch the Public Insurance Registry and Bima Sugam platform.
