Kolkata: Private life insurer Bajaj Allianz Life Insurance, which is looking to diversify its product basket, will launch a morbidity (health) and pension plan this year keeping mainly the ‘mass affluent’ customers in mind, an official said here on Thursday.
“Our focus will be on providing living benefits, wherein our customers are allowed to live better. We will be looking at health and pension products in a big way,” MD & CEO, Tarun Chugh said on the sidelines of the launch of its unit linked plan (ULIP) – Goal Based Savings.
According to him, life insurance companies have been mostly focusing on mortality business till recently while other verticals such as morbidity (health), pension and wealth creation are gaining traction.
“Life insurance companies have the requisite data required for designing a health product, however, the data has to be properly interpreted and understood. We are working on it,” he said.
Ulip currently contributes over 62 per cent of its total business, he said.
According to him, the life insurer, which was earlier focusing on the mass segment particularly in non-metro cities, is now looking to expand its base in metros.
“The focus would be on mass affluent and affluent customers,” he said.