New Delhi, 26 October 2020: Undertaking activities for the welfare and sustainable development of the community at large, including healthcare, education and eradication of poverty, Bajaj Allianz General Insurance Company Limited has spent a remarkable amount of Rs 23.93 Crore on various CSR projects in the financial year ending March 31, 2020.
The average net profit of the company for the last three financial years stood at Rs 1,194 Crore. The prescribed expenditure for the company’s CSR activities was thus calculated as Rs 23.88 Crore. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the past three years. However, the company has spent an amount of Rs 23.93 Crore (Rs 5lakh more than the prescribed limit) this year on various CSR projects.
"During FY 2020, Bajaj Allianz General Insurance Company Limited has spent the amount as required by section 135 of the Act on CSR activities / projects in accordance with the CSR policy of the company," the annual report of the company stated.
All the decisions related to the CSR activities are taken by the CSR Committee which is headed by Chairman Sanjiv Bajaj and comprises members Ritu Arora, Ranjit Gupta, Anami Roy and Tapan Singhel. The CSR Committee met thrice during the financial year 2019- 2020 on 17 July 2019, 16 October 2019 and 15 January 2020.
CSR expenditure overview:
| CSR Sectors | Amount spent (in Rs Crore) |
| Promoting healthcare including preventive health care | 15.56 |
| Eradication of poverty, Promotion of education | 6.43 |
| Setting up homes and hostels for women and orphans | 1.88 |
| Overhead Expenses | 0.06 |
| Total expenditure | 23.93 |
The states where the Bajaj Allianz carries out its CSR works are Maharashtra, Jammu & Kashmir, Rajasthan and Odisha.
The compnay carries out its CSR work with the help of various implementation agencies, which include The Akanksha Foundation, Center for Applied Research and People Engagement, Foundation for Excellence India Trust, Janaseva Foundation, Jeevoday Education Society, Lata Mangeshkar Medical Foundation’s Deenanath Mangeshkar Hospital, Lend A Hand India (LAHI), Smile Train India, Snehalaya, Tata Memorial Center etc.
