Bajaj Life Insurance to apply for Pension Fund Manager and GIFT City licences

New Delhi, Feb 6 (PTI) Bajaj Life Insurance on Friday said its board has granted approval for setting up a 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, Bajaj Life said in a statement.

Leveraging over 20 years of fund management expertise and a robust Assets Under Management (AUM) exceeding Rs 1.3 lakh crore, Bajaj Life Insurance will seek necessary regulatory approvals to undertake Pension Fund Management services for NPS subscribers through a subsidiary, it said.

By securing this approval, the company 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, it said.

To facilitate this, it said, 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, it said. PTI DP DP MR