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Bajaj Allianz Life Insurance plans to push the share of individual business to 50 per cent of its total over a three-year period.
Individual business refers to a kind of life insurance policy where one contract covers a single person who is insured or his family.
As of now it accounts for 32 per cent of the total business, the remaining 68 per cent is mostly group insurance.
According to Subrat Mohanty, Head of Marketing & Sales Quality, Bajaj Allianz Life, a change in regulations in Unit Linked Insurance Plans (ULIPs) and snapping of ties with Standard Chartered Bank saw the share of individual business go down.
However, he said, the life insurance company has taken up a three-year plan which will help improve individual business.
Bancassurance tie-upIt is in talks with two or three private sector banks for tie-ups and sale of insurance products through bank branches.
It already has such tie-ups with Maharashtra-based Cosmos Bank, Mumbai-headquartered Shamrao Vithal Co-operative Bank, Karnataka-based Vijaya Bank and Kerala-based Dhanlaxmi Bank.
“We are in talks with two to three new banks to push the bancassurance model,” Mohanty told reporters on the sidelines of the launch of ULIP product Principal Gain and micro insurance policy Bima Dhan.
Premium collectionFor the first nine months of the current fiscal (ending December 2015), its new business premium collection stood at ₹1,672 crore, a six per cent growth over ₹1,575 crore reported in the same period last fiscal.
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