Vijay Final

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A

Project Report on

“ Consumer Behaviour and Customer

Satisfaction towards BAJAJ ALLIANZ Life

Insurance Company Limited”

BY

Kamble Sawan Sanjay

Under the guidance of

Shir Sunil Mndphane

(Divisional Manager)

Shri Vinod Gurram

(Senior Branch Manager, Bajaj Allianz)

Shri Anand Jadhav

(Sales Manager, Bajaj Allianz)

1



Through

Vishwakarma Institute of Management, Pune

2



.

Sr. No. TITLE Page No.

1 Introduction

2 Industry Profile

3 Company Profile

4 Company Profile

5 Research Methodology6 Analysis of survey

7 Problems and Suggestions

8 Questionnaire

3



Acknowledgement

It gives me immense pleasure to present the project of

“Consumer Behaviour and Customer Satifaction to wards BAJAJ

ALLIANZLFE INSURANCE COMPANY LTD”. It was a totally

different & wonderful experience to be there in BAJAJ ALLIANZ

COMPANY, Solapur as a summer trainee

I express my sincere gratitude to Mr. Anand Jadhav (Sales

manager) my project guide who has been so co-operative & helpful

form the first day of training till end. He also helped him a lot in

enhancing knowledge about the technicalities of insurance sector.I also thank Mr. Vinod Gurram (Senior Branch Manager) and

Mr. Sunil Mndphane (Divisional Mangar) for giving me an

opportunity to do my project in the comapny.

In all it was a great experience of working on this project.

4



INTRODUCTIO

Life insurance is a form of insurance that pays monetary proceeds upon the

death of the insured covered in the policy. Essentially, a life insurance policy

is a contract between the named insured and the insurance company wherein

the insurance company agrees to pay an agreed upon sum of money to the

inured’s named beneficiary so long as the insured’s premiums are current.

With a large population and be untapped market area to this population

insurance happens to be a very big opportunity in India. Today it stands as a

business growing at the rate of 15-20% annually. Together with banking

services, it adds about 7 percent to the countries GDP. In spite of all this

growth statistics of the penetration of the insurance in the country is very

poor. Nearly 80% of Indian populations are without life insurance cover and

the health insurance. This is an indicator that growth potential for the

insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in

the insurance sector and in continuation “Malhotra Committee” was

constituted by the government in 1993 to examine the various aspects of the

industry. The key element of the reform process was participation of

overseas insurance companies with 26% capital. Creating a more

competitive financial system suitable for the requirements of the economy

was the main behind this reform. Since then the insurance industry has gone

through many changes. The Liberalization of the industry the insurance

5



industry has never looked back and today stand as one of the most

competitive and exploring industry in India. The entry of the private players

and the increased use of the new distribution are in the limelight today. The

use of new distribution techniques and the IT tools has increased the scope

of the industry in the longer run

Insurance is the business of providing against financial aspects of risk, such

as those to property, life health and legal liability. It is one method of a

greater concept known as risk management-which is the need to mange

uncertainty on account of exposure to loss, injury, disadvantage or

destruction

Insurance is the method of spreading and transfer of risk. The fortunate

many who are exposed to some or similar risk shares loss of the unfortunate.

Insurance does not protect the assets but only compensates the economic or financial loss.

In insurance the insured makes payment called “ premiums” to an insurer,

and in return is able to claim a payment from the insurer if the insured

suffers a defined type of loss. This relationship is usually drawn up in a

formal legal contract.

Insurance companies also earn investment profits, because they have the use

of the premium money form the time they receive it until the time they need

it to pay claims. This money is called the float. When the investments of

6



float are successful they may earn large profits, even if the insurance

company pays out in claims every penny received as premiums. In fact, most

insurance companies pay out money then they receive in premiums.

The excess amount that they pay to policyholders is the cost of float. An

insurance company will profit if they invest the money at a greater return

than their cost of float.

An insurance contract or policy will set out in detail the exact circumstances

under which a benefit payment will be made and the amount of the

premiums.

Classification of insurance

The insurance industry in Indian can broadly classified in two parts. Theyare.

1) Life insurance.

2) Non-life (general) insurance.

1. Life Insurance:

Life insurance can be defined as “Life insurance provides a sum of

money if the person who is insured dies while the policy is in effect”

In 1818 Britiesh introduced to India, with the establishment of the

oriental life insurance company is Calcutta. The first Indian owned Life

Insurance Company; the Bombay mutual life assurance society was set

7



up in 1870 the life insurance act, 1912 was first statuary measure to

regulate the life insurance business in India. In 1983 , the earlier

legislation was consolidated and amended by insurance act, 1938, with

comprehensive provisions for detailed effective control over insurance.

The union government had opened the insurance sector for private

participation in 1999, also allowing the private companies to have

foreign equity up to 26%

Benefits of life Insurance-

Life insurance encourages saving and forces thrift.

It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured.

It can be enchased and facilitates quick borrowing

It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both

in short term and long term.

Fundamental principles of life insurance contract.

1. Principle of almost good faith :

“ A positive duty to voluntary disclose, accurately and fully, all facts,

material to the risk being proposed whether requested or not”.

2. Principle of insurable interest:

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“ Relationships with the subject matter (a person) which is recognized in

law and gives legal right to insure that person ”

3. Indemnity

The principle of indemnity is applicable to all types of insurance

policies except life insurance. Indemnity means a promise to

compensate in case of loss. The insurer promise to help the insured in

restoring the position before loss.

4. Principle of Contribution.

Sometimes a property is insured with more than one company. The

insured cannot claim more than total loss from all the companies put

together. He cannot claim the same loss from different companies.

9



INDUSTRY PROFILE

Insurance in India

The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360

degree turn witnessed over a period of almost two centuries.

A Brief history of the Insurance Sector

The business of life insurance in Indian in its existing from started in Indian

in the year 1818 with the establishment of the Oriental Life Insurance

Company in Calcutta.

Some of the important milestones in the life insurance in India are;

1912 : The India Life Assurance

For over 50 years, Life insurance in India was defined and driven by only

one company-the Life Insurance Corporation of India (LIC). With the

Insurance Regulatory and Development Authority ( IRDA) Bill 1999

paving the way for entry of private companies into life and general sectors

there was bound to be new-found excitement- and new success stories.

Today, just three years since their entry, their cumulative share has crossed

13% (source IRDA), far exceeding expectations. Clearly insurance is on a

growth path.

10



The percentage of premium income to GDP which was just 2.3 % in 2000-

01 rose to 3.3% in 2002-03; and life insurance has emerged as the

dominant contributor to this growth.

The industry presented a huge opportunity. Life insurance penetration, for

instance, was at an abysmal 22% of the insurable population. However,

private players have had to rise to many challenges. They were faced with

attitudinal barriers towards the category and the perception that insurance

was only a tax saving tool. Insurance per se had lost it basic rationale ;

protection. It wasn’t surprising then its potential lay frozen and unexploited.

Brief Review of Scenario- Insurance

Insurance in India started without any Regulation in Nineteenth century. It

was story of a typical colonial era. A few British companies dominated the

market mostly in large urban centers.

Insurance was nationalized mainly on 3 counts First, Indian lives were not

insured. Second, even if they were insured, they were treated as substandard

lives and extra premium was charged. Third, there were gross irregularities

in the functioning of Life insurance was nationalized in the year 1956, and

then general insurance was nationalized in the year 1972. In 1999, the

private insurance companies were allowed back again into insurance sector

with maximum cap of 26 percent foreign holding.

11



• 1818 The British introduce to India, with the establishment of the

Oriental Life Insurance company In Calcutta.

• 1850 Non life insurance debuts, with Triton Insurance Company.

• 1870 Bombay Mutual Life Assurance Society is the first Indian-

owned life insurer.

• 1907 Indian mercantile Insurance is first Indian non-life insurer.

• 1912 The Indian life assurance companies’ act enacted to regulate the

life insurance business.

• 1938 The insurance act, which forms the basis for most current

insurance laws, replaces earlier act.

• 1956 Life insurance nationalized, government takes over 245 Indian

and foreign insurers and provident societies.

• 1956 Government sets up LIC.

• 1972 Non life insurance nationalized, GIC set up.

• 1993 Malhotra committee, headed by former RBI governor

R.N.Malhotra, set up to draw up a blue print for insurance sector

reforms.

• 1994 Malhotra Committee recommends re-entry of private players,

autonomy ot PSU insurers.

• 1997 Insurance regulator IRDA ( Insurance Regulatory and

Development Authority) set up.

• 2000 IRDA starts giving licensed to private insurers.

• 2005 BAJAJ ALLLANZ Life Insurance came into the market to sell a

policy.

12



• 2002 Banks were allowed to sell insurance plans, as TAPs enter the

scene, insurers start settling non-life claims in the cashless mode.

The Insurance Regulatory And Development Authority ( IRDA).:

Reforms in the Insurance sector were initiated with the passage of the IRDA

Bill in Parliament in December 1999. The IRDA since its incorporation as

a statutory body in April 2000 has fastidiously stuck to its schedule of

framing regulations and registering the private sector Insurance companies.

The other decisions taken simultaneously to provide the supporting systems

to the insurance sector and in particular the life insurance companies were

the launch of the IRDA’s online service for issue and renewal of licenses to

agents.

The approval of institutions for imparting to agents has also ensured that the

insurance companies would have a trained workforce of insurance agents in

place to sell their products, which are expected to be introduced by early

next year.

Since being set up an independent statutory body the IRDA has put in a

framework of globally compatible regulations. In the private sector 12 life

insurance and 6 general insurance companies have been registered.

With the demographic charges and changing life styles, the demand for

insurance cover has also evolved taking into consideration the needs of

13



prospective policyholder for packaged products. There have been

innovations in the types of products developed by the insurers, which are

relevant to the people of different age groups, and suit their requirements.

Continued innovations in product development has resulted in a wide range

of flexible products to meet the requirements for cover at different stages of

life-today a variety of products are available ranging from traditional to Unit

linked providing protection towards child, endowment, capital guarantee,

pension and group solutions. A number of new products have been

introduced in the segment with guaranteed additions, which were

subsequently withdrawn/toned down; single premium mode has been

popularized; unit linked products; and add-on/riders including accidental

death; dismemberment, critical illness, fixed term assurance risk cover,

group hospital and surgical treatment, hospital cash benefits, etc.

Comprehensive packaged products have been popularized with features of

endowment, money back, whole life, single premium , regular premuim,rebate in premium for higher sum assured, premium mode rebate, etc.

together with riders to has base products.

Historical Perspective

Prior to 1956 - 242 companies operating.

1956 – Nationalization-LIC monopoly player-Government control.

2001 - Opened up sector.

14



Contribution to Indian Economy

Life Insurance is the only sector which garners long term savings.

Spread of financial services in rural areas and amongst socially less

privileged.

Long term funds for infrastructure.

Strong positive correlation between development of capital markets and

insurance/pension structure.

Employment generation.

15



Insurance Industry prior to de-regulation

Prior to deregulation in 2000, market was a public monoply.

Public Monopoly

- 2000 Offices..

- Over 800,000 agents

Distribution through tied agents only.

Sales approach primarily on a tax savings platform.

Traditional style product offering : Endowment and money back plans.

Inadequate and inflexible products.

Pensions : Small part of product offer.

Limited focus on customer needs.

Improving Service Standards

⇐Pre Deregulation –Limited Distribution

Channel Access Service Points Use of IT

⇒Advisors ⇒Branch Network ⇒Limited use of IT

16



⇒Post Deregulation –Service through Distribution

Multi Channel Access Multiple Service Points Use of IT

⇒Advisors

⇒Brokers & Corporate

agents

⇒Banc

assurance

⇒Call Centers

⇒Email

⇒Website

⇒Branch

Network

⇒Shorter time around

time.

⇒Claims

⇒Policy Issuance

17



COMPANY PROFILE

BAJAJ Allianz Life Insurance Company is a joint venture between twoleading conglomerates, Bajaj Finserv, and Allianz AG of Germany one of

the largest insurance companies. 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 Shareholder Capital Base stands at Rs. 500 crore with Bajaj

Finsery and Allianz AG of Germany holding 74% and 26% stake

respectively. It is the largest private player in the Insurance Industry in India

with a market share of around 34% amongst the private companies and

second to LIC . The total market share of Bajaj Allianz as of 31st March

2006 is at 12%

During the financial year 2005-2006 , Bajaj Allianz has sold over 13 lakh

policies and collected about Rs. 4433 crore as premium income. Whopping

growth of 216% for the FY 2005-2006, Assets under management of Rs.

3324 Crore. It has paid up Rs 925 crores with IRDA as a caution Bajaj

Allianz has insured lives for sum assure of over Rs 8500 crore.

18



BAJAJ FINSERV

The financial services and wind energy businesses were transferred to Bajaj

FinServ Limited (BFS) as part of the recently concluded demerger of Bajaj

Auto Limited, approved by the Hon. High Court of Judicature at Bombay by

its order dated December 18, 2007. The demerger is effective from the

Appointed Date i.e. closing hours of business of March 31, 2007.

Bajaj FinServ will strive to be one of the top financial services businesses in

India focused on delivering superior customer experience though

competitive products and class leading services while providing consistent

and superior returns to our shareholders and maintaining the high levels of

integrity of Bajaj.

The company is currently engaged in life insurance; general insurance and

consumer finance businesses and has plans to expand its business by

offering a wide array of financial products and services in India. Apart form

financial services, BFS is also active in wind-energy generation. The

company controls the functioning of the following companies.

Bajaj Auto Finance Limited

Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz General Insurance Co. Ltd.

Bajaj Auto Limited

Bajaj Holdings & Investment Limited.

19



Alliana AG

Founded in 1890 in Berlin, Allianz is now present in over 70 countries

with almost 174,000 employees. At the top of the international group is

the holding company, Allianz AG, with its head office in Munich.

Allainz AG is in the business of General (Property & Casuality) Insurance;

Life & Health Insurance and Asset Management and has been in operation

for over 110 years. Allianz in one of the largest global composite insurers

with operations in over 70 countries . Further, the Group provides Risk

Management and Loss Prevention Services. Allianz has insured most of the

world’s largest infrastructure project (including Hongkong Airport and

Channel Tunnel between UK and France), further Allianz insures the

majority of the fortune 500 companies, besides being a large industrial

insurer, Allianz has a substantial portfolio in the commercial and personal

lines sector, using a wide variety of innovative distribution channels.

ALLANA AG-A GLOBAL FINANCIAL POWERHOUSE

• Worldwide 2nd by Gross Written Premiums- Rs. 446656 cr.

• 3rd largest Assets Under Management (AUM) & Largest amongst

Insurance cos. AUM of Rs. 5196959cr.

• 12th largest corporation in the world.

• 49.8% of global business from Life Insurance

• Established in 1890, 110 yrs of Insurance expertise.

20



CONCEPTUAL BACKGROUND

• Satisfaction is defined as ....

“ A person’s feeling of pleasure or disappointment resulting from

comparing a product’s perceived performance (or outcome) in relation

to his or her expectations”.

Customer Satisfaction can be defined as supplying or gratifying all

wants or wishes, fulfilling conditions or desires, or the state of the

mind anything that makes a customer feel pleased or contented.

Consumer Behavior:

Consumer behavior is defined as the behavior that consumers display in

searching for, purchasing, using , evaluating and disposing of products and

services that they expect will satisfy their needs.

The study of the processes involved when individuals or groups select,

purchase, use or dispose of products, services ideas, or experiences to satisfy

needs and desires.

Customer value : The ration between the customer’s perceived benefits

(economic, functional and psychological ) and the resources (momentary,

time effort, psychological)used to obtain those benefits.

Customer satisfaction: Customer satisfaction is the individual’s

perception of the performance of the product or service in relation to his or

her expectations.

21



Motivation : The processes that account for an individual’s intensity,

direction, and persistence of effort toward attaining a goal.

Personality : can be described ad the psychological characteristics that both

determine and reflect how person responds to his or her environment.

Perception : is defined as the process by which an individual selects,

organizes, and interprets stimuli into a meaningful and coherent picture of

the world.

Consumer learning : is the process by which individuals acquire the

purchase and consumption knowledge and experience they apply to future

related behavior.

THE CONSUMER ADOPTION PROCESS

The consumer adoption process in the process by which customers learn

about new products, try them, and adopt or reject them. Today many

marketers are targeting heavy users and early adopters of new products

recognizing that specific media can reach both groups and tend to be opinion

leaders. The consumer adoption process influenced by many factors beyond

the marketer’s control, including consumers and organizations willingness to

try new products, personal influences and the characteristics of the new

products or innovations.

22



STAGES OF ADOPTIONS PROCESS

An innovation refers to any good, service, or idea. That is perceived by

someone as new. The idea may have long history, but is in an innovation to

the person who sees it as new. Innovation takes time to spread through the

special system. The consumer adoption process focuses on the mental

process though which an individual passes from first hearing about an

innovation to final adoption. Adopters of new products have a moved

though the following five stages.

1. AWARENESS : The consumer becomes aware of the innovation but

lacks information about it.

2. INTEREST : The consumer is stimulated to see the information about the

innovation.3. EVALUATION : The Consumer considers whether to try the innovation

or not,.

4. TRIAL : The consumer tries the innovation to improve his estimate of its

value.

5. ADOPTION: The consumer decides to make full and regular use of the

innovation.

23



STATEMENT OF THE PROBLEM

“ Study of consumer behavior & customer satisfaction towards BANAJ

ALLIANZ LIFE INSURANCE CO. ”.

OBJECTIVE OF THE STUDY

Objectives

My study based upon some objective and these are as follows :

1. To understand the insurance business.

2. To find out the people’s perception about life insurance.

3. To find out whether people are really aware of life insurance.

4. To find out know people think private life insurance.

5. To find out what respondents expect life insurance.

6. To understand Consumer buying behavior.

7. To come out with conclusion and suggestions based on the analysis and

the Interpretation of data.

24



SIGNIFICANCE OF THE STUDY

The project is concerned with the STUDY ON CONSUMER BEHAVIOR

AND CUSTOMER SATISFACTION TOWARDS BAJAJ ALLIANZ LIFE

INSURANCE This study is very useful as the financial market become more

sophisticated and complex, investor needs a financial intermediary who

provides the required knowledge and professional expertise on successful

investing and Life insurance is a form of insurance that pays monetary

proceeds upon the death of the insured covered in the policy. Essentially, a

life insurance policy is a contract between the named insured and the

insurance company wherein the insurance company agrees to pay an agreed

upon sum of money to the insured’s named beneficiary so long as the

insured’s premiums are current.

25



RESEARCH METHODOLOGY

Research in common parlance refers to a search for knowledge. One can also

define research as a scientific and systematic search for pertinent

information on a specific topic.

FRANCIES REMMER defined “ Research : It is a careful inquiry or

examination to discover new information or relationship and to expand or

verify existing knowledge.”.

Research is the solution of the problem, whether created or already

generated. When research is done, some new out come, so that the problem

(created or generated ) to be solved.

RESEARCH DESING :

Research Design is the conceptual structure within which research is

conducted. It constitutes the blueprint for collection, measurement and

analysis of data. The design used for carrying out this research is.

Descriptive : In this research the type of data collection is

•

Primary data• Secondary data.

26



DATA SOURCE : The sources of collection of secondary data are:

• Questionnaire

• Books

• Websites

• Magazine

• Brochure

SAMPLING PLAN :

It is very difficult to collect information from every member of a population.

As time and costs are the major limitation that the researcher faces.

A sample of 100 was taken the sample size of 100 individuals were

selected on the basis of convenient sampling technique. The individuals

were selected in the random manner to form sample and data were collected

from them for the research study.

ANALYSIS AND INTERPRENTATION :

Data collection through questionnaire and personnel interview resulted in

availability of the desired information but these were useless until there were

analyzed. Various steps required for this purpose were editing, coding and

tabulating, Tabulating refers to bringing together similar data and compiling

them in an accurate and meaningful manner. The data collected by

questionnaire was analyzed, interpreted with the help of table, bar chart and

pip chart.

27



ANALYSIS OF THESURVEY

28



AGE OF RESPONDENTS (IN%)

From the survey it is clear that-

24% of respondents are less than 25

28% of respondents are of age 25-35

38% of respondents are of age 35-45

12% of respondents are of age 45 above.

29

0

5

10

15

20

25

30

35

40

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

LESS TEHAN 25

25-35

35-45

45 and above



QUALIFICATION IN (%)

From the survey it is clear that-

26% of respondents are Gradutes.

60% of respondents are post graduates

02% of respondents are diplomas

12% of respondents are from other discipline.

QUALIFICATION IN (%)

30

0%

500%

1000%

1500%

2000%

2500%

3000%


GRADUATE

POST GRADUATE

DIPLOMA

DISCIPLINE



From the respondents are businessmen

10% of respondents are businessmen.

36% of respondents are professionals

46% of respondents are job holders

08% of respondents are from other discipline

31

0

10

20

30

40

50


BUSINESS

PROFESSIONAL

JOB HODLE

OTHER



AVERAGE ANNUAL INCOME IN (%)

From the respondents are businessmen

14% of respondents have income upto 1 lakhs.

38% of respondents have income between 1 to 3 lakhs

44% of respondents have income

08% of respondents are from other discipline

32

0

5

10

15

20

25

30

35

40

45

1st Qtr

UP TO 1 LAKH

1 TO 3 LKHS

3 TO 5 LAKHS

5 LAKHS AND

MORE



FAMILY SIZE IN (%)

80% of respondents have family size below 5

20% of respondents have family size between 5 to 10

33

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

BELOW 5

5 TO 10



ACCORDING TO YOU LIFE INSURANCE IS? IN (%)

For 08% respondents insurance is a tax saving plan.

For 12% of respondents Insurance is saving scheme with good return.

For 22% respondents insurance is financial security for the family.

For 40% respondents insurance is All the above.

34

0

5

10

15

20

25

30

35

40

45TAX SAVING

PLAN

SAVING SCHEME

WITH GOOD

RETURN

FINANCIAL

SECURIT

FORFAMILY

RISK COVERAGE

ALL OF THE



Do you see insurance policies as an investment alternative or a

security option ? (%)

Out of the 50 people interviewed 78% people term/see insurance policy as

a security option while only 22% see it as an investment option.

35

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

INVESTMENT AL

TERNATIVESECURITY

OPTION



Do you have a life insurance policy ? If yes, then of which

company / companies ? In (% )

76 % of respondents have a insurance policy.

24% of respondents do not have a insurance policy.

36

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

YesNo



76 % Respondents have insurance policy of LIC

6% respondents have insurance policy of Bajaj Allianz.

11% respondents have insurance policy of ICICI Prudential.

11% respondent have insurance policy of HDFC.

3% respondents have insurance policy of MAX New York.

37

0

10

20

30

40

50

60

70

80

LIC

BAJAJ ALLIANZ



What is your criteria/criterion to select a particular insurance

company and a scheme ? In (% )

Out of 50 people being interviewed, 15 people select an insurance

Company on the criterion of security, 7 people select an insurance.

Company on the criterion of time span, 3 people select an insurance.

company on the criterion of market share, 7 people select an insurance.

company on the basis of return and 18 people select an insurance.

company on the basis of all the above mentioned resasons.

38

0

5

10

15

20

25

30

35

40

SECURITY TIME SPAN



Do you think that private life insurance companies are as safe as LIC

for taking a policy ? In (% )

Out of 50 people being interviewed, 62% of people do not find private life

insurance companies to be safe for buying a life insurance policy whereas38% people find them safe for buying a life insurance policy from a private

life insurance company.

39



BAJAJ Allianz is quite a famous company because:

Out of 50 people interviewed, 16% people perceive policies of Bajaj Allian

make it a famous company while 20% think it is due to the parent

companies, 24% take it as marketing and advertising strategies which

appeal to the mass population while 40 % think it is all due to the above

mentioned reasons that BAJAJ ALLIANZ is a famous company.

40



ARE YOU AWARE OF THE BENETITS IN YOUR POLICY ?

IN (%)

WHAT ARE THEY ?IN (%)

41

0

10

20

30

40

50

60

YES

NO

0

10

20

30

40

50

60

70

80

LIC

BAJAJ ALLIANZ



ACCORDING TO YOU WHATARE THE

DISADVANTAGES IN AN INSURANCE PLAN? IN (%)

42

0

5

10

15

20

25

30

35

40

45

LAPSE

LIQUIDITY

FIXED TERM

UNABLE TO

DECIDE YOUR

PREMIUM

UNABLE TO

DECIDE SUM

ASSURED

HIGH RISK

COVERAGE AT

HITH

PREMUUMS

OTHER

DISADVANTAG

ES



PEOPLE INTRESTED IN HAVING BAJAJ ALLIANZ

INURANCE POLICIES

12% People are interested in investing in BAJAJ ALLIANZ

insurance policies.

88 people are not interested in investing in BAJAJ ALLIANZinsurance policies.

43

0

5

10

15

20

25

30

35

YES

NO



PEOPLE INTERSTED IN HAVING BAJAJ ALLIANZNSURANCE POLICIES

12% People are interested in investing in BAJAJ ALLIANZ

insurance policies.

88 people are not interested in investing in BAJAJ ALLIANZ

insurance policies.

44

0

5

10

15

20

25

30

35

YES

NO



FUTURE GROWITH & SUGGESTIONS

BAJAJ ALLIANZ, in the present scenario is growing at anaggressive pace. The company does a lot of survey & analysis in

the market to discover customer’s needs & expectations & tries to

improvise on its existing market linked plans along with insurance

policies. In addition to this, the company form time to time keeps

on introducing various new policies & tailor made plans

exclusively to cater peoples’ financial needs. This has enable

BAJAJ Allianz to become market leader in the sector of insurance

& investment companies since 2001 when it came into existence.

Since, now many other companies are joining the filed of

insurance & investment it will be necessary for BAJAJ Allianz to

vigorously pursue & update its survey & analysis policy to remain

market leader. Simultaneously,. it should discover & rediscover its

strength by introducing new plans better suited to the people at

large. India is a very big market & it can provide sustenance to all

the companies in the filed of insurance & investments but to

remain one of the leading companies, BAJAJ Allianz has to adopt

new strategies earlier than others. This could include widening the

distribution networks to all parts of the country & catering to every

income group Furthermore, it can improvise on its advertisement

45



& promotion campaigns by becoming more appealing & making

them touches the hearts of millions & billions of Indians who arethe hot prospects. Lastly, the students in the professional courses,

apprentices, trainees may be good targets to approach in times

ahead.

46



CONCLUSION

The research project titled as “MARKET CREDIBILITY OF BAJAJ

ALLIANZ AMONG OTHER LIFE INSURANCE COMPANIES” enable to

understand the competition among the various life insurance companies

which have entered Indian market of life insurance after 2000 when private

life insurance companies were allowed to enter the life insurance sector In

India. BAJAJ Allianz is one of the companies in the private sector whichare doing exceptionally good in this sector due to their policies to which

people find very attracting according to their needs. When people were

interviewed about the first preference among the private life insurance

companies nearly 46% replied for BAJAJA Allianz is quite a household

name. The reasons for this are many like it is a company with very strong

brand names: BAJAJ Auto Limited which is the no. 1 Automotive

Manufacturer in India also Allianz AG is 3rd Largest life insurance company

in the world. The market share of BAJAJ Allianz also around 34% among

private life insurance companies. It is only second to LIC in the life

insurance sector.

But if there people accepting BAJAJ Allianz, there are the people who are

still hesitant to take up private insurance company’s policy this is due to the

fact that LIC is a government organization. It can be seen from the study that

people have started recognizing BAJAJA Allianz as a life insurance and

hence it will grow at a much faster pace in the future.

47



ANNEXURE

48



QUESTIONNNAIRE

Dear Sir/Madam,I am a student of Vishwakarma Institute of Management, Pune

conducting marketing survey on “CONSUMER BEHAVIOUR AND

CUSTOMER SATISFACTION for Bajaj Allianc LIFE INSURANCE ”. I

request you to fill this questionnaire & I assure that this data will be used

only for study purpose & it will be kept confidential.

1. Name ____________________________ Contact No. ___________

2. Address ______________________________

______________________________

______________________________

3. Age

a. Less than 25 c. 35-40

b. 25-35 d. 45 and above

4. Qualification

a. Graduate c. Diploma

b. Postgraduate d. Other discipline

5. Occupation

a. Business c. Job holder

b. Professional d. Other.

6. What is your average annual income?

a. Up to 1 lakh.

b. 1 lakh to 3 lakhs

c. 3 lakhs to 5 lakhs

d. 5 lakhs and more

49



7. Your family size.

a. Below 5 members

b. 5-10 members

c. Above 10 members

8. According to you life insurance is?

a. A tax saving plan

b. A saving scheme with good return

c. A financial security for the family.

d. Risk coverage.

e. All the above.

9. What is the purpose of insurance?

a. Investment alternative

b. Security

10.Do you have a life insurance policy?a. Yes

b. No

If yes then which company?

• Bajaj Allianz

• LIC

• ICICI Prudential

•

TATA AIG• Birla Sunlife

• Aviva

• HDFC

50



11.What is your criteria /Criterion to select a particular insurance company

and a scheme?

a. Security

b. Time Span

c. Market share

d. Returns

e. All of the above

12. Rank the life insurance companies in order of your preference

a. Bajaj Allianz

b. LIC

c. Max New York

d. ICICI Prudential

e. TATA AIG

f. Birla Sunlife

g. Aviava

h. HDFC

13. Do you think that private life insurance companies are as safe as LIC for

taking a policy?

Yes No

14. BAJAJ Allianz is quite a famous company because.

a. Policies b. Marketing and advertising strategies

c. Parent companies

d. All of the above

51



15. Are you aware of the benefits in your policy?

Yes No

IF yes what are they?

• Sum assured.

• Additional benefits

• Maturity date

• Risk coverage

16. According to you what are the disadvantages in an insurance plan‘

a. Lapse

b. Liquidity

c. Fixed term

d. Enable to decide your premium.

e. Unable to decide the sum assured.

f. High risk coverage at high premiums

g. Other disadvantages.

17. In which of the following would you like to invest?

a. Equity fund

b. Debt fund

c. Balanced fundd. Cash fund

e. Mutual fund

f. Recurring deposits

52



18.Are you interested in having Bajaj Allianz insurance policy?

YES NO

19.Are you interested in pension plans?

YES NO

20. Any suggestions for Bajaj Allianz Life Insurance Co?

___________________________________________________________

___________________________________________________________

Thank you for sparing your valuable time.

53



BIBLIOGRAPHY

• Philip Kotlar, Marketing Management , New Delhi, Pearson

Education (P) Ltd.,. Indian Branch 2004.

• C.R. Kothari, research Methodology , New Delhi, New Age

International (P) Ltd.

WEBSITES

• www.bajajallianlife.co.in

• www.lic.gov.in

•

www.wikipedia.com

http://www.bajajallianlife.co.in/

http://www.lic.gov.in/

http://www.wikipedia.com/

http://www.bajajallianlife.co.in/

http://www.lic.gov.in/

http://www.wikipedia.com/

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