Bajaj Allianz targets Rs.1.2 bn premium from health cover

July 11th, 2008 - 8:05 pm ICT by IANS  

Kolkata, July 11 (IANS) Private life and health insurance player Bajaj Allianz Life Insurance is expecting a premium income of Rs.1.2 billion from health cover this fiscal, a senior company official said here Friday. “We are expecting a premium income of Rs.1.2 billion from health insurance in 2008-09 compared to Rs.200 million in 2007-08,” E.C.J. Augustine, the company’s head of sales, said at the launch of a health insurance product.

The premium for each family health insurance would be in the range of Rs.5,500-Rs.6,000. Bajaj Allianz has set a target of selling 200,000 covers this fiscal.

“This fiscal, the focus of the company will remain on areas like family health cover, pension plans, women, children and rural population,” Augustine said.

Bajaj Allianz Life Insurance is a 74:26 joint venture between Germany’s Allianz and Indian auto major Bajaj Auto.

The company Friday launched the ‘Family CareFirst’ cover, which not only covers spouse and children but also parents and in-laws.

This product would have a unique feature of portability. Any similar health policy-holder from other companies can laterally switch to this product.

Bajaj Allianz Life expects to achieve a first premium income (FPI) target of Rs.85 billion on all its products put together this fiscal, which was Rs.65 billion last fiscal.

It expects Rs.70 billion renewal this year, as against Rs.45 billion in previous year.

The company also plans to add 20,000 rural consultants this year to the current strength of 5,000.

“We want to scale up rural business to 27 percent this year from 24 percent at present,” Augustine added.

The company made a profit of Rs.630 million in the last financial year.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |