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Slowdown Blues for Life Insurance Sector, says Bajaj Allianz Life MD

Bajaj Allianz chief expects company’s pure term plan to emerge a blockbuster

In a welcome contrast to the general feeling of gloom that has gripped all sectors, Bajaj Allianz Life Insurance, a leading private life insurer, has said that it is not experiencing any adverse impact due to the economic slowdown.

Tarun Chugh, Managing Director & CEO, Bajaj Allianz Life Insurance, said: “We are seeing no impact and the growth of individual weighted premium during April-November 2019 was 30 per cent, much higher than the private industry’s growth. The life insurance industry is seeing good growth this fiscal.”

Reflecting its buoyant outlook, the company expects its newly-launched ‘Bajaj Allianz Smart Protect Goal’, a pure term plan, to emerge as a “blockbuster” product in its product portfolio in the coming days.

“We do expect this comprehensive ‘Smart Protect Goal’ term plan — the most value-for-money product in the life insurance industry — to emerge as a blockbuster product for us in the coming days. I don’t think we are late in bringing this term plan which is packed with benefits and true value-for-money,” Tarun Chugh, Managing Director & CEO, Bajaj Allianz Life Insurance said. He was here for the launch of the term plan that offers customers a host of benefits at competitive premium of ₹13 per day, for a life cover of ₹1 crore (for a 25-year-old male who is a non-smoker and buys the policy online with a policy term and premium term of 30 years).

Outlining the benefits of ‘Smart Protect Goal’, Chugh said this is the first time in India that a term plan with child education extra cover is being introduced in the market.

It covers 55 critical illnesses; has return of premium option; covers spouse; you pay for five years and get cover till the age of 99, among other benefits.

Budget wish

Chugh expressed hope that the government would, in the coming Budget, address the tax anomaly on pension products sold by life insurers. While withdrawals under the National Pension System (NPS) have been made tax exempt (up to ₹ 50,000) and provided the exempt-exempt-exempt status, there is no similar dispensation at the withdrawal stage (on retirement) for pension products of private life insurers, he said.

“This has clearly put us in a disadvantage vis-a-vis NPS,” he said.

Main Source - BusinessLine