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Bajaj Allianz Life Insurance will take a call on listing of its shares in bourses only after the proposed insurance law is passed in Parliament, Managing Director and CEO Anuj Agarwal said.
“We will wait for the final wordings of the new law and then decide whether or not to go ahead with listing or an initial public offering,” he told BusinessLine here when asked about his company’s listing plans. The private life insurer is “comfortably” capitalised as on date and there is no immediate need for capital, he added.
Product launchAgarwal was in New Delhi for the launch of ‘Retire Rich’, a unit-linked deferred pension plan. Given the increasing life expectancy, Retire Rich has an increased maximum age limit at entry to help one live a worry-free post retirement life, he said.
While the minimum entry age for the policy is set at 30 years, the maximum entry age has been capped at 73 years.
The plan offers the Pension Builder Fund, which provides capital appreciation by investing in a mix of debt and equities.
Vesting benefitOn surviving till the vesting date, the fund value will be available as vesting benefit.
The vesting benefit will not be less than the guaranteed vesting benefit of 101 per cent of the total premiums paid.
“In India, there has been a substantial change in retirement trends and an increase in life expectancy.
“Retire Rich plan is best suited for customers looking for secure and stable returns over a long term horizon of 10-40 years,” Agarwal said.
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