Mumbai: Private sector life insurance major Bajaj Allianz Life Insurance crossed a major milestone 50 lakh individual policies, since inception in October 2001.
Riding on a strong growth momentum this financial year, the insurer issued over 15 lakh polices and collected over Rs2,500 crore in premiums, a company release said.
“We have been focusing on reaching out to the masses across the country with wide range of flexible products and services to suit all segments of the society and this has helped us grow fast and build a strong brand name and customer franchise in a short span of time,” CEO Kamesh Goyal said.
“So far the company has issued 5,026,704 policies. Last year, the total number of policies issued were more than 20 lakh 79 thousand,” Goyal revealed.
Bajaj Allianz entered into business in the second half of financial year 2001-02 after the company received license from the insurance regulator IRDA and issued 21,376 policies.
Bajaj Allianz Life Insurance Company with a profit of Rs63 crore approximately is the most profitable private sector life insurance company in India for 2006-07. In the first quarter of the financial year 2007-08, the profit was Rs 30 crore.