Bandhan Life is eyeing a new business premium of ₹300 crore in the first year of operations, while its long term aim is to be one of the top 10 life insurers in the next 4-5 years.

The erstwhile Aegon Life Insurance, which was rebranded as Bandhan Life in April, has clocked a new business premium of ₹50.23 crore up to August 2024, according to the Life Insurance Council data.

“In the next 4-5 years, we should at least be in the top 10. This year itself we are targeting close to ₹300 crore,” Satishwar B., managing director and CEO, Bandhan Life, said on Thursday.

The life insurer, which formally announced a partnership with Bandhan Bank, aims to have a multi product, multi channel strategy to scale up its business.

“We have launched a guaranteed savings product and a unit-linked product. We are also seeing the need for an income product, post which we are also looking at high sum assured ulips,” Satishwar said.

“Child plans and retirement products are something that we are also keen on. Annuities is a space where I see huge opportunities and there is also a need for it,” he said.

The distribution network is also being expanded. “We are starting with Calcutta and will cover entire Bengal this month itself. By November-December, the plan is to have a presence in the entire country,” Satishwar said.

“We are starting with the partnership with Bandhan Bank. We are also looking at multiple channels. Over the next two years, we hope to become a multi channel organisation,” he said.

“This collaboration allows us to offer a comprehensive suite of insurance products alongside our banking services, making it easier for our customers to access vital financial protection,” said Rajinder Kumar Babbar, executive director and chief business officer, Bandhan Bank.