Bajaj Allianz to enter rural sector
HAVING BAGGED the top slot among the private life insurance players in the country with a record 467 % growth, Bajaj Allianz Life Insurance Company has now been embarking on a major way in the rural sector, by opening up more number of offices in MP and Chhattisgarh.
Currently having 28 offices in the two states, the company wants to expand it to 60 in another three months. The company has set a target of Rs 380 crore for the state.
“With a four-fold jump, we’ve recorded over Rs 1680 crore in new business for the period April’05 to January’ 06,” mentioned CEO, Bajaj Allianz Life Insurance, Sam Ghosh to the media here today. “It’s our constant endeavour to ensure that the products in our vast portfolio reach each and everyone in the smallest town and remotest areas in the country,” he emphasised.
Currently having 18 % market share in rural sector, the company wants to take it to 22 % in the next fiscal, by opening 1000 odd offices (at present 540) across the country. “Our focus is on new business and we want a 100% growth,” asserts Ghosh.
Later speaking to the Hindustan Times on company’s post-budget plans, the CEO said as the union budget has increased the pensioners’ limit from Rs 10,000 to Rs 1 lakh, Bajaj Allianz would come up with new range of products for the target group. “We’d also bring new product for fixed deposit segment,” he said.
When asked about Bajaj Allianz’s products bearing a resemblance to mutual funds, Ghosh said the IRDA has asked for making few changes, so that the company does not compete with mutual fund market. “In fact we would focus on long-term products,” he added. The company has plans to launch products in micro-insurance segment in days to come.