Chandigarh, Sep 18 : Bajaj Allianz Life Insurance Company Limited, one of the leading private life insurance companies in the country, on Wednesday unveiled the first of its kind survey on country's Life Goals Preparedness Survey here which showcased the new age goals of Indian Millennials, as well as provided insights as to how young India is preparing to achieve its unconventional life goals.
Speaking on the occasion Mr. Sameer Joshi, Chief Agency officer, said, “The aim behind doing an in-depth survey was to have a clear understanding what new age India is perceiving as their life goals, and how they are preparing to achieve them. There is no doubt that young India wants to achieve unconventional goals and interestingly for us we have understood that they are keen to achieve early retirement goals, amongst others. We are confident that with our value packed products and strong investment philosophy, we will be able to become a strong partner and life goals enabler for anyone looking at getting their early retirement goals done.”
He said Over 150 life goals of the millennials were mapped in this survey but Indians cited on an average five life goals entrepreneurship, health & fitness, early retirement, travel and giving back to society that they wish to achieve in their lifetime. North India (comprising of three cities, namely Delhi, Ludhiana and Bareilly) reflected a similar trend and interestingly, the survey also highlighted that millennials no longer wanted to play it safe, but were also keen to achieve goals that are unconventional, he added.
Elaborating on the life insurance scenario in the country Mr Joshi said earlier, people used to choose life insurance for tax planning but the perception is now changing however, slow but steady as they are now thinking about insurance keeping in view rising cost of life and risks perceived. However the penetration level of life insurance is quite low and merely about four across the public and private sector insurance companies.
Continuing on its growth trajectory, the company clocked an impressive 25 per cent growth in individual rated new business premium in FY 2018-19 which was higher than the industry which grew by 9 per cent and the private life insurers’ that grew by 12.5 per cent. The Gross Written Premium (GWP) for Bajaj Allianz Life increased by 17 per cent, at Rs 8,857 crore in FY2018-19 from Rs 7,578 crore in FY 2017-18. The insurer’s renewals premium increased to Rs 3,934 crore in FY 2018-19, as compared to Rs 3,287 crore in FY 2017-18, a growth of 20 per cent.
In Punjab the company achieved a milestone by registering 156 per cent growth in New Business Premium in Punjab region in FY18-19 over the corresponding period last year. The company recorded new business premium of Rs. 130 crore in FY18-19 as compared to Rs 51 crore in FY17-18.(UNI)