Bajaj Allianz Life Insurance Company’s Individual New Business Premium Rises by 72% in Punjab and 31% in Haryana

By Tricitynews

Chandigarh 05th December:- Bajaj Allianz Life Insurance Company Ltd., one of the leading private life insurers of the country achieved its new milestone in Punjab by registering a stellar growth of 72% in individual new business premium for the period H1FY2018-19. The individual new business premium was recorded at Rs 25 crore for H1FY2018-19 as compared to Rs 15 crore for the same period last year. In Haryana too, the company witnessed a 31% growth in the individual new business premium from Rs 11 crore for H1FY2017-18 to Rs 15 crore for H1FY2018-19.

The company holds a strong presence in North India and has been one of the leading private life insurers in the region. For H1FY2018-19, the life insurer has covered 7,231 number of lives in Punjab and 14,804 in Haryana. Its average ticket size in Punjab witnessed a 58% growth from Rs 68,722 to Rs 108,300 (including single premium policies) in H1FY2018-19. In Haryana too, Bajaj Allianz Life Insurance recorded a 10% growth in its average ticket size from Rs 51,187 to Rs 56,141 for the same period.

Speaking to the media during his visit to the state, Manish Sangal, Chief Agency Officer, Bajaj Allianz Life Insurance Company, said that Bajaj Allianz Life Insurance has taken several initiatives this year towards insuring the life goals of customers. These include introducing innovative and value-packed products, technological interventions to further increase customer delight, and expanding our customer touch-points. We are confident that these initiatives will enable many more people to enjoy the living benefits of life insurance, and help us strengthen our market position as life goal enablers.

Commenting on the region, he added that Punjab and Haryana continue to be our key markets, clocking a healthy growth over the years. We will further strengthen our presence in the states to insure the life goals of many more Indians. 

Bajaj Allianz Life Insurance continues to grow at a faster rate than the industry with a 12.7% uptick in the individual rated new business premium, while the industry grew by 9.9% and the private life insurers’ growth stood at 11.4% in H1FY2018-19.