Bajaj Life Insurance to apply for pension fund manager, GIFT City office licences

Bajaj Life Insurance will seek regulatory approvals to undertake Pension Fund Management services for NPS subscribers through a subsidiary as well as establish an insurance office in the International Financial Services Centre, GIFT City, Gandhinagar.

The expansion is to enhance the 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 Insurance said, announcing its board approval on Friday for both proposals.

The GIFT City operations will enable customers to invest in foreign currency denominated life insurance products, the company said.

Describing the Board nod for seeking approvals from PFRDA, IFSCA, IRDAI and GIFT SEZ as a pivotal step, MD and CEO Tarun Chugh said there is a pressing need for dedicated pension solutions in India. A PFM company will “allow us to offer a complete suite of NPS and retirement products. GIFT City presents a significant opportunity for us to serve the global Indian community.”