Market Reaserch and Customer Satisfaction1987

7/31/2019 Market Reaserch and Customer Satisfaction1987

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A

PROJECT REPORT ON

MARKET RESEARCH AND CUSTOMER

SATISFACTIONAT

BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. AKLUJSUBMITTED TO

UNIVERSITY OF PUNE

In Partial Fulfillment of Requirement for the Award of Degree of

MASTER OF BUSINESS ADMINISTRATION

Submitted by

Mr.RohanRajendraBorawake

Under the Guidance of

Prof. AmbarBehary

Sankalp Business School

AMBEGAON, PUNE-4110041

(2011-2012)


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DECLARATION

I,the undersigned, hereby declare that the project report entitled

MARKETRESEARCH AND CUSTOMER SATISFACTION Written and

submitted by me to the university of pune in partial fulfillment of the requirement for the

award of degree of master of business administration under the guidance of Prof.

AmbarBeharyis my Original Work and Conclusions Drawn Therein are based on the

material collected by myself.

Place: Pune RohanBorawake

Date: Research Student


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Acknowledgement

The successful completion of this internship report would be incomplete without mention

of thepeople who made it possible, whose guidance and encouragement served as a path

of success. Firstly I express my gratitude to MrAmeyPaslkar Secretary of Sankalp

Business School Forproviding necessary support and facilities to carry out thisinternship

report work

.

I am also thankful to Our Project Guide Prof. Ambar Behary, Prof. Atul Savle, And All

The Staff Members Of Sankalp Business School for their constant support and

substantial suggestions for time to time.I am thankful to Miss. Paslkar Madam Librarian

Of Sankalp Business School ,Mr.Sandip Gaikwad For providing valuable information

and their well-timed support.

I am thankful to Mr.Manoj Pote, Branch manager Bajaj Allianz Life Insurance Company

limited, Akluj for their guidelines and allowing me to carry the internship work in their

organization. I would like to express my heartfelt gratitude to Mr. Kalpesh Pandhre, Sales

Manager Bajaj Allianz Life Insurance Akluj Branchfor their expensive guidelines without

which mystudy would not have been successfully completed.

I am thankful to my parents, all the faculty members, friends, and all the persons who

directlyand indirectly supported me in carrying out this internship report.


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CONTENTS

SR number Particulars Pg number

1 Executive Summary 1

2 Introduction to insurance 2

3 Industry profile 3

4 Company profile 5

5 Objectives, Scope, Limitations of Study 13

6 Research Methodology 31

7 Data Interpretation And Analysis 35

8 Observations And Findings 48

9 Limitations And Recommendations 49

10 Conclusion 52

11 Bibliography 53

12 Annexure 55


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EXECUTIVE SUMMARY.


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Executive Summary.

The internship report is under taken at Bajaj Allianz Life Insurance Company Limited.

Internship deals with functions, services and also how they are providing the most

suitable insurance plan to different category of people in Bajaj Allianz Life Insurance

Company Limited.

Indian insurance industry has witnessed cosmic change in post detariffing era. Insurance

which happened to be the monopoly of PSUs earlier has experienced a total shift from

public to private hands. This is evident from the fact that Private Life Insurance players

have grown rapidly to capture more than one third of the market and have helped

pushing the industry growth rate to over 16% creating mass awareness.

The organization study helps to understand and make factual observation about the

services of an organization and activities of the corporate environment. Helps to know

about the industry. Background, IRDA guidelines and functions, company profile,

functions of various departments, organization structure, and spot analysis to get an

insight about the VISION, MISSION, UNDERWRITING PHILOSAPHY and

VALUES.

Apart from organization study micro scope study was also done, the internship report

titledMarket Research And customer SatisfactionFor Bajaj Allianz Life Insurance

Company Limited InAklujcityand why people are investing in unit linked insurance

plans, and how the insurance companies are providing different plans to different

category of people in the market.


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My research aims to fulfill both companys and customers requirements.

My research covered study of different life insurance policies of Bajaj Allianz life

insurance Company, and their customer satisfaction level in the market, which is crucial

from companies point of view.

The research sample size consists of 100samples covering investors of Bajaj Allianz life

Insurance Company Limited. The primary data was collected through questionnaire,

direct interaction, and Observations.The secondary data was collected through company

broachers, Company annual report, variousmagazines, news papers and websites, finally

report ends with findings, suggestions and conclusion.

Conclusion and recommendation have been drawn on the basis of these inputs. This will

not only help the company concerned in designing a new product but also in retention of

customer for whole life.


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INTRODUCTION


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INTRODUCTION TO INSURANCE

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (

Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings

talk in terms of pooling of resources that could be re-distributed in times of calamities

such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day

insurance. Ancient Indian history has preserved the earliest traces of insurance in the

form of marine trade loans and carriers contracts. Insurance in India has evolved over

time heavily drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of the

Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In

1829, the Madras Equitable had begun transacting life insurance business in the Madras

Presidency. 1870 saw the enactment of the British Insurance Act and in the last three

decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and

Empire of India (1897) were started in the Bombay Residency. This era, however, was

dominated by foreign insurance offices which did good business in India, namely Albert

Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian

offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in

India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to

regulate life business. In 1928, the Indian Insurance Companies Act was enacted to

enable the Government to collect statistical information about both life and non-life


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business transacted in India by Indian and foreign insurers including provident insurance

societies. In 1938, with a view to protecting the interest of the Insurance public, the

earlier legislation was consolidated and amended by the Insurance Act, 1938 with

comprehensive provisions for effective control over the activities of insurers.

The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there

were a large number of insurance companies and the level of competition was high.

There were also allegations of unfair trade practices. The Government of India, therefore,

decided to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector

and Life Insurance Corporation came into existence in the same year. The LIC absorbed

154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian and foreign

insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was

reopened to the private sector.

The insurance Regulatory and Development Authority (IRDA) was constituted as an

autonomous body to regulate and develop the insurance industry. The IRDA was

incorporated as a statutory body in April, 2000. The key objectives of the IRDA include

promotion of competition so as to enhance customer satisfaction through increased

consumer choice and lower premiums, while ensuring the financial security of the

insurance market.


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The IRDA opened up the market in August 2000 with the invitation for application for

registrations. Foreign companies were allowed ownership of up to 26%. The Authority

has the power to frame regulations under Section 114A of the Insurance Act, 1938 and

has from 2000 onwards framed various regulations ranging from registration of

companies for carrying on insurance business to protection of policyholders interests.

In December, 2000, the subsidiaries of the General Insurance Corporation of India were

restructured as independent companies and at the same time GIC was converted into a

national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in

July, 2002.

Today there are 24 general insurance companies including the ECGC and Agriculture

Insurance Corporation of India and 23 life insurance companies operating in the country.


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OBJECTIVES

SCOPE

LIMITATIONS


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OBJECTIVE OF THE STUDY:

1) To determine Present Market Position Andthe customer satisfaction level inBajajAllianz Life Insurance.

2) To check the market share of different life insurance companies in Akluj Market.3) To Know about Insurance Awareness Among The people.4) To Know about Different Services Provided By Bajaj Allianz Life Insurance.5) To Know The Reasons Why Customers Are Preferred Bajaj Allianz Life

Insurance.

.6) Identify pros and cons of Insurance Policies Of Bajaj Allianz Life Insurance.

SCOPE OF THE STUDY


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1) This project provides me with learning insight about insurance plans and alsolittle bit about investment.

2) Study indented to help Bajaj Allianz life insurance with the clear understandingof them consumer behavior pattern and customer preferences

3) Benefits derived by assessing consumer satisfaction are:- Feedback to organization regarding product.

- Understanding customer s requirements.

- Providing superior service to customer.

- Strengthen the relationship with customers.- Formulating sales strategies

4) It Helps to analyze the response of an individual towards Buying any InsuranceProduct for the company

INDUSTRY PROFILE


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Insurance benefits society by allowing individuals to share the risks faced by many

people. But it also serves many other important economic and societal functions.

Because insurance is available and affordable, banks can make loans with the assurance

that the loans collateral (property that can be taken as paymen if a loan goes unpaid) is

covered against damage.

It benefits the country by increasing the Gross Domestic Product (GDP),

controlsInflation, economical value etc.

Insurance provides the capital that communities need to quickly rebuild and recover

economically from natural disasters, such as tornadoes, earthquakes or hurricanes.

Insurance has become a significant economic force in most industrialized countries.

Employers buy insurance to cover their employees against work-related injuries

andhealth problems.

Businesses also insure their property, including technology used in production,

againstdamage and theft. Because it makes business operations safer, insurance

encouragesbusinesses to make economic transactions, which benefits the economies of

countries.

Millions of people work for insurance companies and related businesses, thus insurance

is a form of employment.

Insurance Investments help businesses and governments finance their operations, and

profit from those investments support the operations of insurance companies.

With these investment earnings, insurance companies can keep rates much lower

thanwould otherwise be possible.


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Insurance helps at times of having liability i.e., a duty one person owes another, or is

liable for, for some special reason. Liability insurance pays an individual or a business

forliabilities that result from unforeseen situations.

Insurance helps you to protect your automobile. The standard automobile policy

includescollision insurance, covering property damage to a car when it is struck by

anothervehicle.

Marine insurance covers protection for ships, trucks, railroads, and

aircraft.Underwritergenerally divide it into two types: ocean marine, which deals with

every kind of waterconveyance, and inland marine for truck and rail cargo. Insurance acts

as a major tool for tax deduction under Sec. 80 C.

Insurance encourages savings. It inculcates the habit of saving compulsorily, unlike

othersaving instruments, wherein the saved money can be easily withdrawn.

TYPES OF INSURANCE


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The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.

Together withbanking services, insurance services add about 7% to the countrys GDP.

A well-developed and evolved insurance sector is a boon for economic development as it

provides long- term funds for infrastructure development at the same time strengthening

the risk taking ability of the country.

Insurance, in its purest form, is a risk management tool, a security blanket It provides you

financial protection against unexpected events. When you buy insurance you effectively

transfera portion of your risk to your insurer. This protection comes at a price but its a

fraction of what you might otherwise find yourself burdened with whatever stage of life

you are at, chances areand you do need insurance.

There are two types of insurance covers:

1. Lifeinsurance

2. Generalinsurance


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PRINCIPLES OF INSURANCE

Insurance is a specialized type of contract. Apart from the usual essentials of a valid

contract,

insurance contracts are subject to some additional principles. These principles provide the

framework within which the product and all the contracts of insurance operate.

Principle of Cooperation.

Principle of Probability.

Principle of Insurable Interest.

Principle of Utmost Good Faith.

Principal of Warranties.

Principle of Caused Proxima.

FUNCTIONS OF INSURANCE:


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The functions of Insurance can be bifurcated into three parts:

1. Primary Functions

2. Secondary Functions

3. Other Functions `

1. The Primary Functions Of Insurance Include The Following:

Provide Protection

Collective Bearing of Risk

Assessment of Risk Provide Certainty

2. The Secondary Functions Of Insurance Include The Following:

Prevention of Losses Small Capital to Cover Larger Risks Contributes towards the Sales of larger industries

3. The Other Functions Of Insurance Include The Following:

Means of savings and investmentInsurance serves as savings and investment, insurance is a compulsory way of savings

and it restricts the unnecessary expenses by the insured's For the purpose of availing

income-taxexemptions also, people invest in insurance.

Source of Earning Foreign ExchangeInsurance is an international business. The country can earn foreign exchange by way of

issue ofmarine insurance policies and various other ways.


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Risk Free TradeInsurance promotes exports insurance, which makes the foreign trade risk free with the

help of different types of policies under marine insurance cover.

BENEFITS OF INSURANCE:

Insurance is the instrument of security & savings. It provides several benefits to the

insured and their family just by paying a small amount of premium against the policy as a

contribution to an insurance company as:

1. Tax Relief:

Pension plans are taxable

.

2. Encourages Savings:

Earlier under Section 88 of Income Tax Act, a portion of premiums paid for life

insurance policies were deducted from tax liability. In their place has come Section 80C -

"u/s 80CCC, &u/s 80CCD", as the Finance Bill puts it.

Thus, the new Section 80C of the Income Tax Act proposed in Union Budget gives a

bigger tax break than what the current regime offers.

Deduction in respect of Life Insurance Premier, Contribution to Provident Fund, etc.Rs.

1.5 lakh can be invested under this section without any individual sub-limits except in the

case of Rs.10,000 in pension funds.


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Sections 88, 80L, 80CCC and 80CCD are clubbed in. Similarly, exemption is available

for Health Insurance Policy premiums. Money paid as claim including Bonus under a life

policy is exempted from payment of Income Tax.

However annuities received under certain insurance scheme encourages thrift among

individuals.

It inculcates the habit of savingCompulsorily, unlike other saving instruments, wherein

the saved money can be easily withdrawn.

The beneficiaries to an insurance claim amount are protected from the claims of

Creditors by affecting a valid assignment. For a policy taken under the MWP Act 1874,

(Married Womens Property Act), a trust is created for wife and children as beneficiaries.

Life Policies areaccepted as a security for a loan. They can also be surrendered for

meeting unexpected emergencies.

Life insurance companies in India

1. Life Insurance Corporation of India

2. MetLife India Life Insurance
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/w/index.php?title=MetLife_India_Life_Insurance&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=MetLife_India_Life_Insurance&action=edit&redlink=1http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India


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3. ICICI Prudential

4. Bajaj Allianz Life Insurance

5. Max New York Life Insurance

6. Sahara Life Insurance

7. TATA AIG Life Insurance

8. HDFC Standard Life

9. Birla Sunlife

10. SBI Life Insurance Company Limited

11. Kotak Life Insurance

12. Aviva Life Insurance

13. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC

14. ING Vysya Life Insurance

15. Shriram Life Insurance

16. Bharti AXA Life Insurance Co Ltd

17. Future Generali Life Insurance Co Ltd

18. IDBI Fortis Life Insurance

19. AEGON Religare Life Insurance

20. DLF Pramerica Life Insurance

21. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE

22. Star Union Dai-ichi Life Insurance and23.IndiaFirst Life Insurance Company
http://en.wikipedia.org/wiki/ICICI_Prudentialhttp://en.wikipedia.org/wiki/Bajaj_Allianz_Life_Insurancehttp://en.wikipedia.org/wiki/TATA_AIG_Life_Insurancehttp://en.wikipedia.org/wiki/SBI_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/Dai-ichi_Lifehttp://en.wikipedia.org/wiki/Dai-ichi_Lifehttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/SBI_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/TATA_AIG_Life_Insurancehttp://en.wikipedia.org/wiki/Bajaj_Allianz_Life_Insurancehttp://en.wikipedia.org/wiki/ICICI_Prudential


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COMPONY PROFILE

About Bajaj Allianz Life Insurance Company Ltd.


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Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading

conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj

Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.

Bajaj Allianz Life Insurance

No.1 Private Life Insurance Company in India for 2005-06 Growth rate of 216%for financial year 2005-2006 Over 15,00,000 satisfied customers

A countrywide network of 700+ offices

Assets under management Rs. 3,324 cr. Shareholder capital base of Rs. 500 cr.

Bajaj Allianz Life Insurance


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IndianOperations

Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading

conglomerates Allianz AG and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by customer orientation to

establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd.

was incorporated on 12th March 2001. The company received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to

conduct Life Insurance business in India.

Bajaj Allianz- THE PRESENT

Product tailored to suit your needs Decentralisedorganisation structure for faster response Wide reach to serve you bettera nationwide network of 700 + branches Specialised departments for Bancassurance, Corporate Agency and Group Business Well networked Customer Care Centres (CCCs) with state of art IT systems Highest standard of customer service & simplified claims process in the industry Website to provide all assistance and information on products and services, online

buying and online renewals.

Toll-free number to answer all your queries, accessible from anywhere in the country Call Now 1800 22 5858 and a strong tele-marketing and Direct marketing team

Swift and easy claim settlement process.


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Focused Sales Network

Tie Ups With Banks

Pioneers of Bank assurance in India...

Having pioneered the phenomenon, Bancassurance is one our core business strategies. Two of our

strong Bancassurance tie-ups are:

Standard Chartered Bank Syndicate Bank


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Bajaj Group

Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of

two-wheelers and three-wheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with

quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India

Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms

of life insurance products.

As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer - Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.


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National Network

BALIC has a Pan India presence with

The Head Office located at P1200+ branches 5 Zonal Offices located at Kolkata, Luck now, New Delhi, Ahmadabad,

Bangalore

28 Regional/ state Offices Over 10,000 Sales Managers Over 3,00,000 Insurance Consultants More than 170 Banc assurance partners across country Strong alternate channel with over 2000 Franchisees, over 200 corporate agents, more than 70 brokers and over 100 Direct Marketing Branches to be launched this year

.


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DEPARTMENTS & FUNCTIONS:


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DEPARTMENTS & FUNCTIONS:

The organization is mainly divided into two parts i.e. Marketing & Administration.

In Marketing, the Branch Manager performs the staff functions & he assists to the Sales

Manager and Insurance Advisor in performing their functions. The Sales Manager

performs both the Line and Staff functions as their task involves sales and recruitment of

Insurance Advisors.

In Administration, the Branch Manager and the Branch Supervisor performs the staff

functions as they help the Customer Support Executive and the Customer Representative

in performing their duties, they also measure organizational effectives and they help in

selection and training of CSE and CSR. The Customer Support Executive & Customer

Support Representative perform the line functions. The Customer Support Executive

functions involve handling of the Cash

Counters, Initial Underwriting and Agency Margins like maintenance of accounts, agency

related book, customer relations bank transactions etc. All the employees complement

each other in their work in order to accomplish the organizational objective. A healthy

competition is encouraged among the employees to improve the performance of the

organization.

The Operations department oils the work process between the customer & the company

to ensure consistent & quality service to the customer. To streamline the operations, the

operations department interfaces between the clients & the advisors, the branches & the

underwriters, and manages work processes.


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Finance function in Bajaj Allianz is committed to create an infrastructure that is aligned

to shareholder expectations. Finance basically comprises of 4 functions. Corporate

planning and MIS provide feedback on business strategies. This includes driving the

budgeting process, providing strategic inputs for decision-making & management

Reporting & analysis. The Accounts function includes preparation & maintenance of

financial records, funds management, and expense processing & treasury operations.

Compliance ensures that every action is within the regulatory framework. This includes

reviewing compliance requirements & supporting the ethical framework of Reliance.

Internal audit provides assurance over organizations control overframework & includes

process management, information security assessment & business continuity assessment.

.


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SWOT ANALYSIS:

STRENGTH:

Good Brand Name

The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches

over a wide range of industries, spanning automobiles (two-wheelers and three-wheelers),

home appliances, lighting, iron and steel, insurance, travel and finance.

Handsome Deposit with IRDA

Bajaj Allianz Life Insurance has a minimum deposit of total 1000 cores with IRDA. This

will assure that the claimants will get their money back on time without any delay.

Superior Technology

In order to ensure speedy and accurate processing of customers needs, Bajaj Allianz has

established world class technology, with renowned insurance software, which networks

all our offices and intermediaries Using the Web, policies can be issued from any office

across the country for retail products

Latest Technology

All the branches and the offices of the company are connected through intranet and all

the modern means in the technology that helps in giving its customers impromptu

services.

A Complete and Diversified Product Portfolio

The company has a total number of products on offer to the general public, keeping in

mind the requirements of the public at different age levels. This is one of the vital

strengths of the company.

Fast and Accurate Service to the Customer


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The mission statement of the company promises to provide superior products and

services to the customer by understanding their needs. The use of latest technology helps

the company to give toots customer fast & accurate service.

A Highly Trained and Professional Sales Force

All employees who are associated with Bajaj Allianz Life Insurance are highly trained

and professional in attitude. This qualify staff ensures high quality pre and post sales

services.

Investment in Secured Sector

Of the total premium collected in the last financial year, company has invested 85% of

that amount in government Security.

High Reach

Since the company has started its operations recently its reach is very limited. It has

offices across the country while its rival LIC has a reach in almost every part of the

country.The company will have to think over expanding its operations as soon possible as

the company does not insures the public if that city does not have its office.

WEAKNESS

Too Much Dependent on Government

The main reason behind the general public to buy insurance is the tax benefits that the

assess gets. If the government reduces the exemption given under different sections the

general public may think it otherwise to buy the policy. Though the company aims to

change the midst of the public but still it is the biggest weakness in all-insurance

companies.


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OPPORTUNITIES

To Tap the Potential Market

One of the survey that was carried out it was discovered that very few of the total

insurable public has taken some or the other insurance. Thus, it is a great opportunity for

the company to capture a good market share.

Capping In RBI Bonds

The RBI offers a medium return tax saving bonds. But from this financial year in the

recent amendments there has been a capping unlimited investment that a person can

invest. This is a good opportunity for the company to sell its products that promise more

tax benefits.

THREATS

Coming Up Of Many Private Players

After opening of this sector, there are many companies who have aligned with some or

the other foreign partner. Many banks are also coming up in this sector with the plan of

giving the risk cover to the account holders at a very cheap price.

Government

If the government comes up with an amendment where in it plans to reduce the

exemption under different sections, the company may find it difficult to sell it products.

This as of now is the biggest threat to the company.

VISION STATEMENT:

to be the first choice insurer for customers.

to the preferred employer for staff in the insurance industry.

to be the number one insurer for creating shareholder value.


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MISSION STATEMENT:

As a responsible, customer focused market leader, the company strives to understand

theinsurance needs of the consumers and translates it into affordable products that deliver

value for money.

TRUST

At Bajaj Allianz, we realize that you seek an insurer whom you can trust. Bajaj Auto

Limited is trusted name for over 55 years in the Indian market and Allianz SE has

over110 years of global experience in financial services. Together we are committed to

provide you with time tested and trusted financial solutions that provide you all the

security you need for your investments. And more.

UNDERWRITING PHILOSOPHY

our underwriting philosophy focuses on:

Understanding the customer's needs

underwriting what we understand

Meeting the customer's requirements

Ensuring optimal coverage at lowest cost

CLAIMS PHILOSOPHY

The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims

processing. We pride ourselves on a friendly and open approach. We are focused towards

providing you hassle free and speedy claims processing.

Our claims philosophy is to:

Be flexible and settle fast


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BOARD OF DIRECTORS :

Bajaj Allianz Life Insurance Company Limited

Mr. Rahul Bajaj (Chairman)

Mr. KameshGoyal (CEO)

Dr. Werner Zedelius

Mr. Sanjay Asher

Mr. Niraj Bajaj

Mr. Sanjiv Bajaj

Mr. Heinz Dollberg

Mr. Ranjit Gupta

Mr. S. H. Khan

Mr. Suraj Mehta

Mr. DietmarRaich

Mr. Manu Tandon


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DIFFERENT PRODUCTS

OF

BAJAJ ALLIANZ LIFE

INSURANCE


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Various Types of Insurance Plans Avilable in Bajaj Alianz Life Insurance

1 Traditional Plans : Following are the traditional plans offered by Bajaj Allianz Life

Insurance

A Endowment Plan - Currently available products to purchase

1. Life Time Care : Is a whole life plan, where it helps you financially at the time when

your regular income ends. It provides survival benefits at the age of 80. The plan also

has additional benefits like Waiver of Premium , Accidental Death Cover & Disability

Cover and Critical Illness Cover & Hospital Cash Cover.

2. Super Saver : Is a regular premium endowment plan, which enables the policyholder

to save an amount regularly for the future. The plan also has an extra benefit of

Guaranteed Additions to the sum assured, at the end of each policy year.

3. Save Care Economy SP : A 10year single premium endowment plan which provides

savings with high risk cover. This plan also participates in the companies profits. It is a

high risk policy but has easy liquidity and high returns.

4. Invest Gain : This plan offers a combination of benefits that help develop a financial

portfolio for your family. At a small extra cost you get 4 times life cover. Also you have

an option of limited premium payment.
http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/life-time-care-bajaj-allianz-life-insurance/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/super-saver-bajaj-allianz-life-insurance/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/save-care-economy-sp-bajaj-allianz-life-insurance-2/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-invest-gain/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-invest-gain/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/save-care-economy-sp-bajaj-allianz-life-insurance-2/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/super-saver-bajaj-allianz-life-insurance/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/life-time-care-bajaj-allianz-life-insurance/


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B Money Back Plan - Currently available products to purchase

A 1. CashGain Quadruple life cover. Five easy payouts which give up to

125%+bonuses.

2. ChildGain It help you to enjoy the joys of parenthood responsibly, with

thecomfortofasecurefutureforyourchild.

3. Cash Rich Insurance PlanBajaj Allianz CashRich Insurance is a plan that provides

you cash benefits at three important stages of your life cycle to meet your different goals

of life.

C Term Plans - Currently available products to purchase

1. Term Care : Is a term Assurance plan which provides life cover and return of

premiums paid at the time of maturity. It has the option of single premium payment. It is

the only pure Term Plan which provides Hospital Cash Benefit.

2. New Risk Care II : Is a plan with regular/single premium payment options. This plan

comes with a lowest cost for a Life Insurance cover. With regular premium plan you get

additional rider benefits. Also accidental death benefit and accidental permanent

total/partial disability benefit. Besides that you can also avail of critical illness benefit

and hospital cash benefit.

3. Protector : Is a mortgage reducing term assurance plan. At a low premium amount you

can secure your family from the burden of paying the Home Loan in your absence. You

get an option of both Regular Premium payment and single premium payment. Also

there is an option of Joint life availability, where the co-applicant can also be covered.
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D Unit Linked Plans (Regular premium & Single Premium)

A Regular Premium - Currently available products to purchase

1. Assured Protection Insurance Plan It is a unique combination of protection and

prospects of attractive returns with investments in various mix of assets to make a perfect

plan to last you a lifetime of prosperity and happiness.

2. Max Advantage Insurance Plan This is exciting new ULIP product gives you the

guarantee to encash your units at maturity, at the highest unit price achieved by the fund

over the 10-year term of your policy.

Regular Premium - Old products not available for fresh purchase

1. New Unit Gain : Is an investment plan where you get value for your funds invested.

2. New Gain Super : Is a flexible unit linked plan with partial & full withdrawals after 3

years. It offers additional benefits like UL Accidental Death Benefit and UL Disability

Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose

from & flexibility to pay top-up any time.

3. New Unit Gain Plus : This plan gives you 5 investment funds to choose from. With the

option of 3 free switches every year. Also, partial or full withdrawal option after 3 years.

This plan offers flexibility to meet ones changing lifestyle and insurance needs. It offers

guaranteed life cover.

4. Unit Gain plus Gold : A unique investment plan with the combination of protection

and prospects of earning attractive returns. It has a high allocation upto 85%. You have a
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choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are

also available with this plan.

5. New Family Gain-R : It is Life Insurance Plan that can take care of all the changing

requirements of the family. It has maximum flexibility, so that you are provided for all

the changing needs you may have.

6. Young Care : This investment plan is a Gift of a lifetime to a loved one. It offers a

guaranteed Sum Assured and continued pay premium on your behalf, in case of your

unfortunate death.

7. Young Care Plus : It offers the same benefit as the above plan but in addition offers a

critical illness benefit.

B Single Premium - Currently available products to purchase

1. Wealth Insurance Plan - The plan gives you the benefits of paying a single premium,

so you dont have to worry about due dates, repetitive paperwork and renewals or

continuously make phone calls to your financial advisor.

2. Shield Insurance Plan - This plan also gives you guaranteed unit price at maturity with

Shield Plus Fund III.

Single Premium - Old products not available for fresh purchase

1. New Unit Gain Premier SP : It is a unique insurance cum investment plan as it starts

investing 105% of the single premium paid from day one, thereby ensuring that you get

more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D.
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2. New Unit Gain plus SP : Is a single premium plan that gives you 98% allocation with

guaranteed life cover. Minimum premium is Rs. 10,000 only. A choice of 5 investment

funds to choose from. And 3 free switches every year. Partial & full withdrawals after 3

years.

E Retirement Plans - Currently available products to purchase

1. SwarnaVishranti : Is a plan with an option to take a tax-free lump sum upto 33% of

Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity

from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also

additional benefits can be availed of.

2. Pension Guaranteed : Is a plan that assures a regular income after your retirement for

life.

Retirement Plans - Old products not available for fresh purchase

1. New Unit Gain Easy Pension plus RP : A unit linked pension plan without life cover. It

has regular premium payment mode. An option to take a tax-free lump sum up to 33% of

Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open

market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any

other life insurer.

2. New Unit Gain Easy Pension plus SP : A unit linked pension plan without life cover. It

has single premium payment mode. An option to take a tax-free lump sum up to 33% of

Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open
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market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any

other life insurer.

3 Future Secure : It is a plan which secures your future.

4. Future Income Generator : It h elps you maintain the same lifestyle you lead now ,after

your retirement. The saving today becomes your wealth and support to help secure your

future. The plan is about wealth creation, smart savings and peace of mind along with a

corpus, which secures your life, post retirement.

F Women Insurance Plan - Currently available products to purchase

1. Housewives : Housewives need to safeguard their financial independence. There are

additional benefits like the Mahila Gain feature which offers benefitslike.

CriticalIllnessBenefits.

Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.

CongenitalDisabilityBenefits.

Complications of Pregnancy Benefits.

Women Insurance Plan - Old products not available for fresh purchase

2. Working Women : This plan helps the working women to protect themselves, their

family and plan for their future. The insurance, investment, pension and health products

have been specially customized to suite to every specific need of a woman.

Children Plans - Old products not available for fresh purchase

Child Gain : Is a plan where it creates funds for critical stages in your Child's life like

education, marriage or even to start a business. It has the benefit of low premium rates.
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G Health Plans - Currently available products to purchase

1. Health care : Is a plan with 6- in-1 Health Insurance that offers:for the whole family. This unique hospitalisation plan gives you health cover for

your entire family. You can secure your family with one plan.

3. Care First : A Medical Insurance plan till the age of 65years. And you can renew the

policy every 3 years. The premium rate is level and guaranteed for the length of each

policy term of 3 years with extra benefits like day care treatment and pre and post

hospitalization treatment.

H Group Plans - Currently available products to purchase

Employer Employee - Old products not available for fresh purchase

Employer Employee - Old products not available for fresh purchase

I Micro Insurance Plans - Currently available products to purchase

1. Alp NiveshYojana : An endowment plan with Life cover and Maturity benefit equal to

sum assured + vested bonus.

2. SaralSurakshaYojana : A Term Insurance policy with return of premium on maturity.

3. Jana VikasYojana : A single premium plan with maturity benefit of 125% of the single

premium payable on survival till the end of the policy term.
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RESEARCH METHODOLOGY


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RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying now research is done systematically. In that various

steps, those are generally adopted by a research in studying his /her problem along with

the logic behind them.

It is important for research to know not only the research method but also know

methodology. The procedure by which researcher goes about their work of describing,

explaining and predicting phenomenon are called methodology. Methods comprise the

procedures used for generating, collecting and evaluating data. All this means that it is

necessary for the researcher to design his /her methodology for his problem as the

same way differ from problem to problem.

Data collection is important step in any project and success of any project will be largely

depend upon now much accurate you will be able to collect and how much time, money

and effort will be required to collect that necessary data , this is also important step.

Data collection plays an important role in research work. Without proper data available

for analysis you cant do the research work accurately.

DATA COLLECTION METHOD -

1. PRIMARY DATA COLLECTION2. SECONDARY DATA COLLETION


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PRIMARY DATA:

The primary data is that data which is collected fresh of first hand, and for first time

which is original in nature. Primary data can collect through personal interview,

questionnaire etc. to support the secondary data.

The primary data is collected for this study, from business men, consumers and

customer in the market. The primary data was in the form of questionnaire and

personal interviews.

SECONDARY DATA:

The secondary data is which have already collected and stored. Secondary data easily

get those secondary data from records, journals, annual reports of the company etc. It

will save the time, money and efforts to collect the data. Secondary data also made

available through trade magazines, books, catalogues.

The secondary data is collected from books, internet mostly.

Method of sample selection:

The method of sample selection is random sample selection means sample is selected or

collected from any person.

Sample size:

For the study of market research, sample size is 100.


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Sample unit:

The sample units are from any person mostly at Akluj.

Sample analysis:Tables are used for the analysis of the collected data. The data is neatly

presented with the help of statistical tools such as graphs, pie charts; percentage &

average have also been used to represent the data clearly and effectively.


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DATA INTERPRETATION AND ANALYSIS


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Personal Details:

INTERPRETATION:

Above diagram consist four classes of different age groups. Here customer38 customerbiloges to 25-35 age groups, 32 customers fall in the age group

35-45 years.Other 16 customer comes are in the class 45-55 years the age group of 18 To

24consists 14 customer reaming customer is in age group 55-65 years. Here majority ofcustomer belong to the group 25-35 years, because People are aware about importance ofinsurance and it in future need.

14%

38%32%

16%

No.Of Respondance

18-24

25-35

35-45

45-55

Class (Age) No. Of respondant18-24 14

24-35 38

35-45 32

45-55 16


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Do You Have A Life Insurance?

INTERPRETATION:

To this question 90 consumers reported YES and 10 consumers reported

NO, because of people are knowing importance of different insurance policy and

its importance to make their future safe and secure while 10 people gives negative

response because they dont have any kind knowledge about the insurance.

90%

10%

no of respondants

yes

no

Yes No Total

No of respondant 90 10 100

% of respondants 90 10 100


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Q Which are the companies you invested your money for Life Insurance?

22%

50%

10%

5%

11%

2%

no of respondants

Bajaj Alianz

LIC

HDFC

Tata AIGReliance

ICICI

SBI

CompaniesNo of respondants % of respondants

Bajaj Allianz life insurance 22 22

Life Insurance Carporation 50 50

HDFC Standard life Insurance 10 10

Tata AIG - -

Reliance life Insurance 5 5

ICICI Prudential life Insurance 11 11

SBI standard life Insurance 2 2

INTERPRETATION: From the above figure we come to know that customer arealso investingmoney in other life insurance companies. The major player in insurance is

LIC holding 50% of total sample. The second major player Bajaj is

holding22%. ICICI having 11% market shares HDFC are having equal share of 10% &

theReliance contain 5% & SBI are having 2% of market share, LIC shows more sharebecause of Govt sector and also brand in the market


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Which of the following planed you is insured?

Health Plans 24 24Retirement Plans 38 38

Money back plans 12 12

ULIP Plans 6 6

Traditional Plans 20 20

INTERPRETATION:

From the total 100respondents maximum i.e. 38% customers have opted for

Retirement Plan, whereas 24% have gore for Health plans and remaining 38%Have customer are having Moneyback, ULIP and Traditional Plans

Respectively. People gives more responses to retirement plan, reason behind this is

people are becoming more aware about their future need.

24%

38%

12%

6%

20%

No of Respondant

Health Plans

Retirement Plas

Moneyback Plans

ULIP Plans

Traditional Plans


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Q 6 What kind of services you expect from insurance provides

No of Respondands % of respondants

Bonus and Other schemes 40 40

Time to time premium collection 24 24

Provision in dues 16 16

Easy access to deposite centers 20 20

INTERPRETATION:

Out of total 100 respondents 40% like to have bonus and other service as a

Prime concern, 16% like to have provision in case of dues and remaining

24% & 20% respondents say, They need time-to-time premium collection

and easy accessibility to deposit center as a concern before choosing

Insurance provider.

40%

24%

16%

20%

No of Respondands

Bonus and Other schemes

Time to time premium collection

Provision in dues

Easy access to deposite centers


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Q 7 How will you rate the services given by Bajaj Allianz Life Insurance?

No of respondants % of respondants

Poor - -

Average 32 32Good 56 56

Excellent 12 12

Total 100 100

INTERPRETATION:

Out of 100 respondents 56% have ratted Bajaj Allianz Life Insurance

Services as good and 32% have ratted as average, And remaining 12% haveratted as Excellent because of proper and time to time service provide by company

to increase satisfaction level of the customers.

32%

56%

12%

No of respondants

poor

avrage

good

excllent


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Q8 What difference you find between Bajaj Allianz& your previous Insurance

Provider

No of respondant % of respondants

Good Returns 24 24

Effective Service/Liquidity 20 20

Tax planning 40 40

Security safety Benifit 16 16

Total 100 100

INTERPRETATION:

40 % investors are invest there money for tax planning, 24% for good returns 20%

for effective service, And remaining 16% are for security sefty benefits. Bajaj

Allianz provides more beneficial tax planning policies and Bajaj Allianz settled its

claim more fast than other life insurance provider.

no of respondants

good returns

effective service liquidity

tax planning

security sefty benefits


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Q10 In future, will you purchase policies from Bajaj Allianz Life Insurance?

Yes No Total

No of respondants 64 36 100

% of respondants 64 36 100

INTERPRETATION:

To this question 64 consumers reported YES and 36 consumers reported

NO. it means customer satisfaction level for Bajaj Allianz life insurance is more as

compare to other life insurance provider.

64%

36%

No Of Respondants

yes

no


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OBSERVATION

AND

FINDINGS


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OBSERVATIONS

Majority of the customer s belonged to age group of 25-35Years that is 38 consumers.

90 consumers think Life Insurance is essential for them. Number Of people are investing in life insurance companies like

Bajaj Allianz Life Insurance, LIC, Reliance Max New York,

HDFC ICICI and SBI.

36 percentages of the total respondents invest in Bajaj Allianz Life Insurance forgetting high ROI.

Most of respondent s preferred Pension Guaranteed Plan. 40percentage respondents expect bonus and other schemes

FromBajaj Allianz Life Insurance.

56 percentage respondents satisfied with services given byBajaj Allianz Life Insurance.

As per 40% of despondence Bajaj Allianz Life InsuranceProvides good tax benefits to the Investors.

64% of respondents are willing to purchased policies fromBajaj Allianz Life Insurance in future.


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LIMITATION

AND

RECOMMENDATIONS


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LIMITATIONS

Research is restricted only to MalshirasTaluka Time constraints

RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group

18-24 years here potential of customers are there.(Example. Softwareprofessional, BPO employees, and professionals) Retirement plan can be soldby

concentrating on age group 35-45 years. (Example. Government

employees, executives and businessman)

2) As major respondents think to have life insurance policy is very

essential there is lot of scope for insurance company.

3Bajaj Allianz Life Insurance should try to build trust among the

public by making people aware of their investment is safe, high return on

investment, Tax Benefits.

4) As more respondents are investing in Bajaj Allianz Life Insurance

for getting high return on investment the company should try to provide

attractive returns on investments in future.

5) Bajaj Allianz Life Insurance should introduce attractive policies &

Alsoattractive bonus on policies to attractive more potential customers.

6) Approx 36% of respondents differ with their previous insurance

provider, they field that Bajaj Allianz Life Insurance providing good

tax benefit for there investment so Bajaj Allianz Life Insurance ifPossible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases Bajaj AllianzLife

Insurance policies in future this benefit Bajaj AllianzLife Insurance

Asmort potential customer in future.


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CONCLUSION


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CONCLUSION

After conducting market research for Bajaj AllianzLife Insurance

Company we came to know different needs of consumers, their valuable

Suggestions, responses to the different questions. With this information we

can conclude that there is good market awareness about Bajaj Allianz

Life Insurance Company in the market

Customer satisfaction level of most respondents is higher for BajajAllianz Life Insurance

Company, which is provided by survey. Higher

Satisfaction level of Bajaj Allianz life insurance company was monthly

due to Bajaj Allianz provides good tax benefit for the consumers also ROI, securityetc.

Bajaj Allianz Pension Guaranteed plan is the best-sold plan in market by Bajaj Allianz

Life Insurance. This conveys that the customer s are switching to retirement plan.


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BIBLIOGRAPHY

.

.


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BIBLIOGRAPHY:

Reference Books:Risk and insurance-The ICFAI Journal

Magazines & News papers

Insurance chronicleThe ICFAI University press

MagazineBusiness & Economy Magazine

COMPUTER WEBSITEwww.balic.co.in

www.IRDA.com

www.licindia.com

www.hdfcinsurance.com

www.businessindiaonline.comwww.maxnewyorklife.com

www.brandonline.comwww.iciciprulife.com
http://www.balic.co.in/http://www.balic.co.in/http://www.balic.co.in/


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ANNEXURE


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ABBREVIATIONS.

1. IRDA-Insurance Regulatory and Development Authority2. ULIP-Unit Linked Insurance Plans.

3. ADB-Accidental Death Benefit.

4. NAV- Net Asset Value.

5. GDP-Gross Domestic Product.

6. NSC-National Saving Certificate.

7. ELSS- Equity Linked Saving Scheme.

8. MWP- Married Womens Property Act.

9. CSE-Customer Support Executive.

10. CRS- Customer Support Representative..

11. MIS- Management Information System.

12. ULIP- Unit Linked Insurance Plans.

13. SP-Single Premium.


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QUESTIONNAIRE

1.

Personal detail

Name:

Age:

18-24 25-35

35-45 45-55 55 and above

Phone No.:

Email.:

Office Address: -

Residential Address: -

Income per Annum:

2. Do you think is it essential to have Life Insurance?YES

NO

3. Which are the companies you invested your money for Life Insurance?a) Bajaj Allianz Life Insuranceb) LICc) Kotak Mahindra Life Insuranced) Tata AIGe) Max New York Life Insurance


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f) HDFC Life Insuranceg) ICICI Prudential Life Insuranceh) SBI

4. Why did you choose Bajaj Allianz Life Insurance?a) ROIb) Peer Pressure

c) Tax Benefit

d) Security /safetye) Low Premium

5. Which of the following planed you is insured?

a) Bajaj Allianz Health plan

b Bajaj Allianz retirement Plan

c) Bajaj Allianz Endowment Plan

d Bajaj Allianz ULIP Plan

e) Bajaj Allianz Child Advantage Plan

6. What kind of services you expect from insurance provides?

a) Easy access ability to Deposit Centerb) Time to time premium collection

c) Provision in case of Dues(Policy Lapse)

d) Bonus & other schemes

7. How will you rate the services given by Bajaj Allianz Life Insurance?

a) Poor

b) Average

c) Good


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d) Excellent

8. What difference you find between Bajaj Allianz & your previous Insurance

provider.

a)

Good Returns (HIGHEST)

b) Effective Service/Liquidityc) Tax Planningd) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Bajaj Allianz Life Insurance

YES NO

10. In future, will you purchase policies from Bajaj Allianz Life

Insurance?

YES NO

Documents

Market Reaserch and Customer Satisfaction1987