Bajaj Allianz Life to double premium income

Visakhapatnam, Mar 6 (UNI) Bajaj Allianz Life Insurance Company plans to double its total premium income from the present Rs 3000 crore to Rs 6000 crore next year, Chief Executive Officer Sam Ghosh said today.

Speaking to reporters here, Mr Ghosh said the company which clocked a four fold growth in the current fiscal, had recorded new business of Rs 1,680 crore between April 05 and January 06 compared to Rs 406 crore during the same period last year.

The company had cornered a market share of 26.2 per cent among private sector insurance companies as per recent IRDA report and 7.29 per cent share in the insurance industry as a whole.

The company will add 450 more offices in the coming financial year. In Andhra Pradesh alone it proposes to have up to 30 more branches.

Bancassurance comprised 70 per cent of its business and it had on its register reputed banks like Syndicate bank and Standard Chartered Bank besides a host of co-operative banks in the country.

Mr Ghosh said the company offered innovative policies like 6-in-1 Health policy and Rider Policy exclusively for women and single payment products.

The rural coverage is expected to go up to 22 per cent from the current 18 per cent of the turnover, Mr Ghosh added.

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