Bajaj Allianz general insurance has launched a new insurance policy on Friday. The new policy is branded as 'Insta Insure'. Bajaj Allianz is a joint venture between the Bajaj Group and German insurer Allianz SE. The new products will cover health segment firstly. It will be expanded under other segment on the later stages.

The new policy will work like a SIM card. The price is fixed different for different for different categories. A special code number would be provided for each new product. The policy will be activated y calling or sending SMS with the code number.

Bajaj Allianz CEO Swaraj Krishnan said that people like a low-cost, fixed-sum insurance product which is easy to understand. The company has launched this product keeping this point in the mind. The customers have to pay the one time premium at a time for one year.

The company is initially selling the product through its sale units but it intends to tie up with grocery stores, retail outlets and pharmacy chains in the near future. Company’s travel, health, student-related insurances would be available over the counter (OTC).