Private insurer Bajaj Allianz Life is aiming at 14 per cent growth in new premium income this financial year, a company official said.

During the first nine months, individual business grew by 14 per cent (Rs 1053 crore) and renewal premium by 22 per cent (Rs 2464 crore).

"We hope to grow 14 per cent in new business during the current financial", chief institutional business officer Dheeraj Sehgal said.

Talking to reporters at a product launch here on Wednesday, Sehgal said gross weighted premium stood at Rs 5567 crore in the first nine months.

He said that the new ULIP product positioned as a retirement plan with life cover would return mortality charges at periodic intervals.

Bajaj Life aims at targeting the number game by launching this product.