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(As on Jun 14, 2018, 15:40)

Bajaj Allianz Life to focus on affluent customers for ULIPs

Private life insurer Bajaj Allianz Life Insurance would target affluent customers to market its unit linked insurance products (ULIPs) in major metro cities, a company official said today.

ULIPs constituted more than 60 per cent of the company's entire portfolio of insurance products in the last fiscal, MD and CEO of Bajaj Life Insurance, Tarun Chugh, said.

Speaking to reporters here, he said that ULIPs have more potential in the long-term.

"Although mutual funds and ULIPs are similar products, the imposition of long-term capital gains tax (LTCG) on the former has been a boost for us," Chugh said.

Since customers in large metro cities are more market savvy than people in the smaller towns, the company is targeting them for ULIPs.

In the 2017-18 fiscal, Bajaj Allianz Life Insurance collected Rs 1,000 crore from ULIPs only.

The company would also focus more on innovation in new products, he added.

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