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Informist, Thursday, Jul. 23, 2026

 

By Priyasmita Dutta and Sagar Sen

 

NEW DELHI – The Pension Fund Regulatory and Development Authority has approved a proposal from Bajaj Life Insurance Ltd. to set up a pension fund business as sponsor, a senior official at the pension sector regulator said. Bajaj Life Insurance, the life insurance subsidiary of Bajaj Finserv Ltd., "has got the letter of approval from the regulator and is likely to start the operations by end of March," the official told Informist.

 

Bajaj Finserv is the holding company of Bajaj Finance Ltd., Bajaj Life Insurance, Bajaj General Insurance Ltd., and Bajaj Finserv Asset Management Ltd. Bajaj Finance, in turn, is the promoter of Bajaj Housing Finance Ltd. and Bajaj Financial Securities Ltd. Bajaj Life Insurance and Bajaj General Insurance were previously Bajaj Allianz General Insurance Co. Ltd. and Bajaj Allianz Life Insurance Co. Ltd., respectively.

 

For the financial year 2025-26 (Apr-Mar), Bajaj Life Insurance reported a net profit of INR 2.26 billion. The life insurance arm's assets under management totalled INR 1.34 trillion at the end of March.

 

Pension fund managers handle the pension fund corpus under the National Pension System and Unified Pension Scheme. The regulator mandates that companies aspiring to be pension fund managers must have a net worth of at least INR 500 million for the preceding five financial years and paid-up capital of at least INR 250 million. The sponsor must also have experience of managing funds for at least five years. The norms also stipulate that the company backing the pension fund should be an entity engaged in financial business activity and regulated by the Reserve Bank of India, the Securities and Exchange Board of India, or the Insurance Regulatory and Development Authority of India. It must also have monthly average assets under management of INR 500 billion.

 

Currently, 10 pension fund managers are actively managing the pension corpus – LIC Pension Fund Ltd., SBI Pension Funds Pvt. Ltd., UTI Pension Fund Ltd., HDFC Pension Fund Management Ltd., ICICI Prudential Pension Funds Management Co. Ltd., Kotak Mahindra Pension Fund Ltd., Aditya Birla Sun Life Pension Fund Management Ltd., Tata Pension Fund Management Pvt. Ltd., Axis Pension Fund Management Ltd., and DSP Pension Fund Managers Pvt. Ltd. Together, they manage a pension corpus of INR 17.27 trillion as on Jun. 30. Since April, PFRDA also allowed Bank of Baroda, Motilal Oswal Asset Management Co. and PPFAS Asset Management Pvt. Ltd. to sponsor pension funds.  End

 

Edited by Avishek Dutta

 

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