Private life insurer Bajaj Allianz Life Insurance would target affluent customers to market its unit linked insurance products (ULIPs) in major metro cities, a company official said today.
ULIPs constituted more than 60 per cent of the company's entire portfolio of insurance products in the last fiscal, MD and CEO of Bajaj Life Insurance, Tarun Chugh, said.
Speaking to reporters here, he said that ULIPs have more potential in the long-term.
"Although mutual funds and ULIPs are similar products, the imposition of long-term capital gains tax (LTCG) on the former has been a boost for us," Chugh said.
Since customers in large metro cities are more market savvy than people in the smaller towns, the company is targeting them for ULIPs.
In the 2017-18 fiscal, Bajaj Allianz Life Insurance collected Rs 1,000 crore from ULIPs only.
The company would also focus more on innovation in new products, he added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app