New Delhi: Private sector Bajaj Allianz Life Insurance Friday said there is no plan of raising capital through initial public offer as it does not requires funds at the moment.
"Our solvency margin is 740 percent at the end of September as against stipulation of 150 percent percent. So there is no capital requirement at the moment," Bajaj Allianz Life Insurance CEO Anuj Agarwal said here.
"Our sharesholders are waiting for Insurance Amendment Bill to be passed by Parliament, then it will take decision on raising foreign stake," he said.
At present, Allianz of Germany holds 26 percent stake in the insurance firm.
The Insurance Amendment Bill, which is pending before Parliament, seeks to raise foreign direct investment in the insurance sector to 49 percent from existing 26 percent.
Meanwhile, the company launched unit linked deferred pension plan Retire Rich with regular or limited premium option.
This is the first deferred pension plan from the company keeping in mind increasing life expectancy, he said.
"While the minimum entry age for the policy is set at 30 years, the maximum entry age has been capped at 73 years," he said, adding, the plan offers one fund option, the pension builder fund which provides capital appreciation by investing in a suitable mix of debt and equities.
On surviving till the vesting date, the fund value will be available as vesting benefit. The vesting or maturity benefit will not be less than the guaranteed vesting benefit of 101 percent of the total premium paid, he added.
This plan also offers death benefit of higher of the total fund value or guaranteed death benefit of 105 percent of the total premium paid, he said.
