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

Bajaj Life Insurance has received board approval to apply for a Pension Fund Management (PFM) licence and set up an Financial Services Centre (IFSC) Insurance Office (IIO) at GIFT City, Gandhinagar.

The company will seek regulatory approvals from the relevant authorities, including the Pension Fund Regulatory and Development Authority (PFRDA), the Financial Services Centres Authority (IFSCA), and the Insurance Regulatory and Development Authority of India (IRDAI).

The company plans to offer Pension Fund Management services for Pension System (NPS) subscribers through a subsidiary. In addition, the GIFT City operations would provide life insurance products denominated in foreign currency for global clients and Non-Resident Indians (NRIs).

Tarun Chugh, MD & CEO of Bajaj Life Insurance, said the company will work with regulators to bring these services to customers.

Bajaj Life Insurance, a subsidiary of Bajaj Finserv, operates in India since 2001. As of December 2025, it served over 3.49 crore customers through 597 branches, 1.65 lakh agents, and multiple institutional partners. The company reported total AUM of ₹1,38,027 crore, an individual claim settlement ratio of 99.29%, and a solvency ratio of 333%.