The Bajaj Allianz Life Insurance said that its aiming Rs 3,000-crore new business in the present financial year and will focus on raising its individual business to 50 percent.
“We are aiming for Rs 3,000 crore new businesses in FY16′. As on Q3 period ended December 15, we have achieved Rs 1,672 crore, a six per cent y-o-y growth,” Marketing Head of Bajaj Allianz, Subrat Mohanty, said. The share of individual business presently stands at 32 percent which slipped over in the last few years from 50 per cent, he informed.
IRDA regulations in 2010 on ULIPs and snapping on ties with Standard Chartered, that offered enormous business, are the main factors for decline in individual share of business, Mohanty said.
However, he said, the life insurance company has taken up a three-year plan that will help the company to crawl back to the desired 50 percent level.
The plan includes forming dedicated individual sales team who will offer products precisely to their requirements among other measures to push retail customers.