Calcutta, May 22: Bajaj Allianz Life Insurance Co is planning another round of capital infusion in September. Bajaj Auto and Allianz, the two promoters of the joint venture, had pumped in Rs 132 crore taking the private life insurer’s total capital base to Rs 500 crore.

“But, going by our business growth, we may need further capital infusion after September,” said Sam Ghosh, chief executive of Bajaj Allianz Life Insurance. “As of now, we don’t have to worry about the solvency margin requirement. But we may need Rs 100-150 crore additional capital beyond September.”

In 2005-06, Bajaj Allianz Life Insurance shot to the top position among private life insurers in the country by registering a 215 per cent year-on-year growth in new business premium income at Rs 2,715 crore.

In the domestic life insurance market, the company’s shares more than doubled to 7.56 per cent. Among private players, Bajaj Allianz Life Insurance increased its market share to 26.5 per cent overtaking ICICI Prudential Life Insurance Co. Life insurers in the country underwrote policies worth Rs 35,897.95 crore in 2005-06, up 41 per cent over 2004-05.

Bajaj Allianz is planning to open 60-70 new offices in Assam, Bengal, Bihar and Orissa and have 400 offices across the country this year. “We want to go to every district headquarters in the country,” said Ghosh. “The move aims at doubling business to Rs 6,000 crore in 2006-07.”

The company will launch two unit-linked products ? a pension plan and a capital guaranteed plan ? in the next two months. “The products are awaiting IRDA’s approval,” Ghosh said and added that the company would launch more products during this fiscal.

Nearly 24 per cent of the life insurance plans sold by Bajaj Allianz are traditional products and the rest are unit-linked.

However, to comply with IRDA guidelines on Ulips, Bajaj Allianz will have to modify a number of its existing unit-linked products.

“We will modify 10 out of a portfolio of 32 unit-linked products,” Ghosh said.

A few of these may see a significant change in the sum assured.

“But the existing policyholders will not get the benefit of higher sum assured under the restructured plans, only new customers will get it,” he said. “However, an increase in the sum assured will come with a lower return for new investors.”