Mumbai: Bajaj Allianz is among the first insurers to announce a plan for a product to be filed under the new IRDA regulations for micro-insurance. As per the new micro-insurance regulation, life and general insurance companies can tie up to offer composite products.
Sam Ghosh, CEO, Bajaj Allianz Life, said the company's general insurance counterpart will jointly offer a composite micro-insurance product that will be filed for IRDA approval in 5-6 weeks.

The product will combine property, cattle, health as well as life insurance in a single product, said Ghosh.

The company will enter into more tie-ups with NGOs for distribution of this product.

The company's current product portfolio is tilted towards unit-linked insurance plans (ULIPs), which account for 85 per cent of the business. Bajaj Allianz Life plans to launch more ULIPs directed towards the high-end segment.

The company's strategy is to boost its presence in small towns. The company currently had 45-50 per cent of its business from smaller towns, said Ghosh.

Bajaj Allianz Life has set a target of Rs 2,000 crore of new business premium by the end of the current fiscal. Bajaj Allianz' first year premium till September this fiscal was Rs 643 crore.