Bajaj Allianz Life expects biz from pension to jump to 15-18

Bajaj Allianz Life Insurance will push pension products in the current fiscal and expects its share to increase to 15-18 per cent out of total first premium income in the current fiscal.

Pension currently contributes mere one per cent now in the total first premium income.

"Retirement related goal is one of the top priorities among the people cutting across age profile. We are focusing on products like pension and expect its share will jump to 15 -18 per cent from almost nil now," Bajaj Allianz Life MD & CEO Tarun Chugh said Wednesday.

He was talking to reporters on the sidelines of unveiling of the life goal preparedness survey conducted by the company.

Based on the findings of the survey, Chugh said, the company will now work on new or upgraded products for specific needs for women, millennials, entrepreneurs and health.

Bajaj Allianz gets almost half of its business through non-agency channels and was actively working on the India Post Payment tie up to expand its footprint.

"We are still working on it but will not comment on the timeline on roll out with India Post," Chugh said.

ULIP consists of 48 per cent of Bajaj Allianz Life. Its gross written premium was Rs 8500 crore and first premium was Rs 4500 crore last year.