Bajaj Life Insurance Set to Expand Pension Fund Business in GIFT City

Bajaj Life Insurance announced that its board has approved plans to apply for a pension fund management licence and to set up an insurance office at GIFT City in Gandhinagar. 

The proposals are subject to approvals from the Pension Fund Regulatory and Development Authority, the International Financial Services Centres Authority, and the Insurance Regulatory and Development Authority of India. 

The approvals relate to the creation of a pension fund management company and an International Financial Services Centre insurance office. 

Plan to Manage NPS Funds 

The insurer intends to offer pension fund management services for subscribers of the National Pension System through a subsidiary. The business will start only after it receives the required clearances from regulators. 

Bajaj Life Insurance said it has more than 20 years of fund management experience. Its assets under management are above ₹1.3 lakh crore. 

Insurance Office at GIFT City 

The company also plans to open an IFSC Insurance Office at GIFT City. The office will offer life insurance products denominated in foreign currencies. 

These products are expected to be targeted at Non-Resident Indians and overseas customers looking for insurance solutions linked to India. 

Read More: India’s GIFT City Becomes Global Reinsurance Hub as Lloyd’s and Peers Move In! 

Existing Operations 

Bajaj Life Insurance, a subsidiary of Bajaj Finserv, has been operating since 2001. As of December 2025, it served over 3.49 crore customers across India. 

Its distribution network included 597 branches and about 1.65 lakh agents, along with institutional partners. The company reported assets under management of ₹1,38,027 crore, an individual claim settlement ratio of 99.29%, and a solvency ratio of 333%. 

Conclusion 

The proposed pension fund business and GIFT City insurance office will be taken forward after the company receives the necessary regulatory approvals. 

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