In spite of its overall life insurance business getting a slight outgrowth, Bajaj Allianz Life Insurance is looking forward to bank on the growth of 60-65% in its specific division of micro-insurance.
The company by the end of this FY intends to report a business of about Rs. 350 crore, specifically in its micro-insurance segment, which was reported to be Rs. 216 crore in the first half of this FY. In the FY (i.e. FY 2015), it stood at Rs. 213 crore, as per Mr. Neeraj Maheshwari, Vice President, Bajaj Allianz Life.
Well, the second half typically comes out to be better for most insurance vendors.
“We expect a high double-digit growth in the segment this year. It will be one of the fastest growing segments for the company,” quoted Neeraj.
Some regional rural banks, common service centres, and cooperative banks are allowed to sell micro-insurance policies and products of the company. And, the micro-insurance products seller is looking forward to collaborating with more and more rural banks in different regions, microfinance institutes, and some self-help groups to achieve its aim of reporting a business of Rs. 350 crore by the end of this FY, according to Neeraj Maheshwari.
Bajaj Allianz is looking forward to launching soon another product under its micro-insurance category that currently has two products while the assured sum at the maturity ranges from Rs. 25000 to 30000 with a premium of Rs. 2000. Nevertheless, the term insurance requires Rs. 100-150 only as the premium.