Tarun Chugh, MD & CEO, Bajaj Life Insurance, said, “The Board’s approval for seeking approvals from PFRDA, IFSCA and IRDAI is a pivotal step as there is a pressing need for dedicated pension solutions in India, and a PFM company will allow us to offer a complete suite of NPS and retirement products.The GIFT City initiative is tailored for global citizens and Non- Resident Indians (NRIs) seeking global exposure for their wealth creation and life insurance needs.”
Pune: Bajaj Life Insurance, one of the leading private life insurers in India,announced that its Board of Directors has granted approval for setting up of Pension Fund Management company and an International Financial Services Centre (IFSC) Insurance Office (IIO) at GIFT City, Gandhinagar.
This strategic expansion is designed to enhance the company’s ability to offer comprehensive financial solutions, specifically focusing on bridging the retirement gap in India and providing insurance avenues for the global Indian.
Leveraging over 20 years of fund management expertise and a robust Assets Under
Management (AUM) exceeding ₹1.3 lakh crore, Bajaj Life Insurance will seek necessary
regulatory approvals to undertake Pension Fund Management services for NPS subscribers through a subsidiary.
By securing this approval, the insurer intends to transition from a premier annuity provider to an end-to-end retirement solutions architect, ensuring that innovative pension products are accessible to citizens across all socio-economic strata.
Simultaneously, the company is moving to establish a presence within GIFT City. To facilitate this, Bajaj Life Insurance will engage with the International Financial Services Centres Authority (IFSCA), Insurance Regulatory Development Authority of India (IRDAI) and GIFT SEZ to obtain the necessary approvals.
This initiative is tailored for global citizens and Non- Resident Indians (NRIs) seeking global exposure for their wealth creation and life insurance needs. The GIFT City operations will enable customers to invest in foreign currency denominated life insurance products to meet their life goals across a variety of needs.
Tarun Chugh, MD & CEO, Bajaj Life Insurance, said, “The Board’s approval for seeking approvals from PFRDA, IFSCA, IRDAI and GIFT SEZ is a pivotal step as there is a pressing need for dedicated pension solutions in India, and a PFM Company will allow us to offer a complete suite of NPS and retirement products.”
Furthermore, GIFT City presents a significant opportunity for us to serve the global Indian community with the same trust and innovation that defines Bajaj Life. We look forward to working closely with the regulators to bring these specialized capabilities
to our customers.”