Bajaj Allianz Life Insurance has settled more than 1,400 Covid-related death claims amounting to around Rs 116 crore by mid-June, informs MD and CEO Tarun Chugh. In an interview with Mithun Dasgupta, Chugh says the company bolstered its additional mortality reserve for Covid claims during Q1FY22. Excerpts:
Bajaj Allianz Life’s new business premium grew 21.90% year-on-year for the last fiscal against 16.29% posted by the entire private sector. What kind of growth do you expect for the company this fiscal?
We will continue to remain steady on our growth path. Our recently launched annuity product is gaining traction and now accounts for a substantial part of our overall sales. I see term and guarantee products continuing to be preferred given the Covid variants emerging. Finally, as the markets are showing some highs, those individuals who have additional income are also investing in ULIPs. Given these trends, I believe the individual business will stay strong. On the group and corporate business, there has been a higher number of inquiries for renewals.
The company’s market share stood at 2.27% at the end of last fiscal compared to 2% in the year before that. What are your strategies to have a bigger pie of market?
India continues to remain insured, and the uninsured population is high. I see that as an opportunity to develop and offer more value-packed products for customers. We are carefully analyzing customer needs, customer segments and offering solutions to them.