Bajaj Allianz Life to start 150 branches

To increase its premium income, Bajaj Allianz Life Insurance has opened branches on Nashik Road, Pimpalgaon Baswant and Satana.

The company is planning to start 150 branches, including five in the Nashik division, throughout the country by December 2006. For the fiscal 2006-07, the company is eyeing premium income of Rs 8,500 crore. By December 2006, the number of branches will reach 1,000.

In the Nashik division, new branches will be opened at Sangamner, Shrirampur, Malegaon, Igatpuri and Ambejogai, said Avinash Patil, company's Maharashtra head.

In the financial year 2005-06, the company bagged the first position among private life insurance companies in achieving premium business worth Rs 2,715 core from 81,484 policies.

For the current fiscal, the company has set the target of premium business worth Rs 8,500 crore, Avinash said.