Bajaj Allianz Life plans 150 branches by Dec

Bajaj Allianz Life Insurance has opened three new branches at Nashik Road, Pimpalgaon Baswant and Satana. The company is planning to open 150 new branches throughout the country, including five in Nashik division, by December 2006.

The company is eyeing a premium income of Rs 8,500 crore for fiscal 2006-07.

"Currently, Bajaj Allianz has 850 branches across the country. The aim is to have 1,000 branches by December 2006," Avinash Patil, company head for Maharashtra, said.

"In fiscal 2005-06, the company clocked a premium income of Rs 2,715 crore via sales of 81,484 policies.  For the current fiscal year 2006-07, the company has set a premium target of Rs 8,500 crore," he added.

The company, which is a joint venture between  Germany-based Allianz AG and Pune-based Bajaj Auto, has one lakh agents and a portfolio of 19 products.