Bajaj Alliance to infuse Rs 250 cr capital, launch new products

Kolkata, Jun 11 (UNI) In a bid to achieve 100 per cent growth in the current fiscal, Bajaj Alliance Life Insurance Company(BALIC) has planned to infuse around Rs 250 crore as capital and introduce a number of new products including a pension policy and micro insurance.

Speaking to mediapersons here today, Bajaj Alliance Life Insurance Company CEO Sam Ghosh said, ''We have already infused Rs 700 crore as capital so far and aim to infuse another Rs 200 to 250 crore by this year.'' Last year the premium income of the company from the new businesses was Rs 4300 crore.

The company plans to introduce a pension product by this fiscal for people whose age is above 58. This pension-linked whole-life product would offer medical insurance benefits as well as life cover. The customers would get pension benefit starting from the age of 58 till death. The company would be launched this year, he added.

''One more product would be launched for women and children and another micro-insurance product for the rural market,'' he said. The company would also launch unit-linked products as well.

BALIC Head-Health Insurance Ujjaini Dasgupta said the company has also plans to introduce a Family Floater, a group insurance product, which would offer cover for a couple and two dependent children.

Ms Dasgupta said,''The company is targeting 20 to 30 per cent business from its health insurance business and the premium income is likely to be Rs 500 crore in the next two to three years.'' BALIC today launched a medical insurance product, "CARE FIRST", with equivalent amount of life coverage. Any one between 18 to 56 years of age would be eligible for the policy. The policy would be in force till one attains the age of 65.

''The unique feature of this product is that almost all critical illnesses will be covered under this product. Moreover, one time lumpsum payment would be given to the customers who have cancer or renal failure,'' she said adding that the company has started a co-payment clause where at least 20 per cent of the total claim would have to be paid by the insured in the first year, 15 per cent in the next year and 10 per cent in the subsequent years.

UNI