Sam Ghosh, chief executive officer, Bajaj Allianz Life Insurance, in Calcutta on Tuesday. Picture by Kishor Roy Chowdhury

Calcutta, July 25: Bajaj Allianz Life Insurance Company is planning to infuse fresh capital after September.

“Going by the growth of our business, we may need between Rs 150 crore and Rs 200 crore of additional capital after September,” said Sam Ghosh, chief executive officer, Bajaj Allianz Life Insurance.

The insurer has reported a premium income of Rs 780 crore during the April-June quarter. It is targeting a first premium income of Rs 7,000 crore in 2006-07 against Rs 2,715 crore clocked in 2005-06.

“That’s the goal we have set for ourselves. However, I’m looking at a more realistic figure of Rs 5,000 crore from new business premium and between Rs 1,000 crore and Rs 1,500 crore in renewal premium income,” Ghosh said.

“Whatever be the case, we will need additional capital between Rs 150 crore and Rs 200 crore to maintain the required solvency margin,” he added.

The insurer is planning to launch three products in the next two-three months. “We have filed the prospectus of these new plans with the Insurance Regulatory and Development Authority for its approval,” Ghosh said.

“Of these, two are unit-linked plans and one is a micro-insurance product (non-Ulip). Of the two Ulips, one is a capital guarantee scheme and the other is a pension plan,” he explained.

Ghosh, however, admitted that there has been a noticeable deceleration in the sales of pure equity options (read growth options) in Ulips and a simultaneous increase in the sales of balanced options since the stock markets turned volatile in mid-May.

“The sale of single premium policies has also dropped significantly since July 1,” Ghosh said. “Earlier, single premium policies would comprise 50 per cent of our total Ulip sales. But since the new norms of Ulips were implemented, single premium policy sales have gone down to 30 per cent of our total Ulip sales.”