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Bajaj Allianz Life to focus on affluent customers for ULIPs

Press Trust of India  |  Kolkata 

Bajaj Life would target affluent customers to market its unit linked products (ULIPs) in major metro cities, a said today.

ULIPs constituted more than 60 per cent of the company's entire portfolio of products in the last fiscal, MD and 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 collected Rs 1,000 crore from ULIPs only.

The company would also focus more on innovation in new products, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 15:05 IST