7/31/2019 Bajaj-1.doc

1/33

A Project Report On Fundamentals, Products &

Prices Of

Bajaj Allianz Life Insurance Company Limited.

A Case Study At Bhubaneswar

At

BAJAJ ALLIANZ LIFE INSURANCE

COMPANY LIMITED

Submitted by:- PRAMOD KUMAR MALLIK

AND

SIDHARTH NANDA

Under the guidance of : SUJIT ACHARYA

DECLARATION

I hereby declare that this report entitled FUNDAMENTALS,

PRODUCTS & PRICES OF BAJAJ ALLIANZ LIFE

INSURANCE COMPANY LIMITED, A CASE STUDY AT

BBSR is my original work.

7/31/2019 Bajaj-1.doc

2/33

INTRODUCTION.

1.1. Introduction

1.2. Objectives of the Study

1.3. Significance of the Study

1.4. Research Methodology

1.5. Limitations

7/31/2019 Bajaj-1.doc

3/33

Life is full of

uncertainties due to different types of risks like death, accidents, loss of

health and property, famine, fire, earthquakes and so on. Everyday some

unfavourable events do happen which cause anxiety to our life and disturb

our peace of mind. Human beings always sought protection from such risks.

Insurance is the answer to these types risk and uncertainties. Insurance is

based on the principal that a group of persons exposed to similar type of

risks join together and pool their resources to help the few unfortunate ones

and meet the loss. Insurance is the process in which losses of few are served

by many persons who are equally exposed to some risks. Its basic purpose is

to derive the plans to meet financial consequences of unfavourable

happenings. The unfortunate ones in a group, who suffer from risk, get

compensation out of the pooled resources. In a way, the personal who are

fortunate and dont face any loss, share the burden of the unfortunate

sufferers. As such insurance is a cooperative device to share the sufferings of

unfortunate persons in a group.

Human beings can never live in isolation because man is a

social animal. He always tries to live in community and contributes to

societys well- being and gets substance and protection from the society in

which he lives. The modern concept of insurances is based on this principle.

Insurance is a social device for eliminating or reducing the cost of society

for certain types of risks.

\

7/31/2019 Bajaj-1.doc

4/33

Origin of Life Assurance:

Life Assurance was born in England when the first policy providing

temporary cover for a period of 12 months was issued as early as 1583 A.D.

the Amicable Society started granting fluctuating sum on death since 1705

and a fixed sum since 1757. With the development of mortality tables, Life

Assurance acquired a scientific character. The Equitable Society founded in

1762 was the first Society established on scientific basis.

In India, after failure of two British companies, the European and

the Albert in 1870, which attempted writing business on Indian

lives, first Indian Life Assurance Society was formed in the same

year called Bombay Mutual Assurance Society Ltd. it was

followed by the Oriental Life Assurance Company Limited I 1874,

Bharat in 1896and Empire of India in 1897.

The Swadeshi

Movement of 1905 provided impetus to the formation of several

companies such as the Hindustan Co-operative, the United India,

the Bombay Life, the National. Further in the wake of freedom

movement number of companies such as the New India, the

Jupiter the Lakshmi emerged.

The Government

began to exercise a certain measure of control on insurance

business by passing the Insurance business by passing the

Insurance Act in 1912. For controlling Investment of funds,

7/31/2019 Bajaj-1.doc

5/33

expenditure and management, a comprehensive Act 1938. For

controlling the affirm, the office of Controller of Insurance was

established. The act was extensively amended in 1950.

In the year 1955,

approximately 170 insurance Offices and 80 provident Fund

Societies had been registered for transacting Life Assurance

business in India. There were, however, no full guarantees to the

policyholders. The concept of trusteeship was lacking. Many

Insurance companies went into Liquidation. There were

malpractices in insurance business. For achieving the followingpurposes it was felt necessary to nationalize the insurance business

in India.

To provide security to the policyholders.

To utilize the funds for nation-building activities.

To avoid cut throat competition.

To abolish mal-practices.

To spread the message of Insurance to the rural areas.

Evolution of Life Insurance:

The beginning of Life

Insurance is almost as old as the story of mankind. The term Life

Insurance is, of course, a concept of modern times. But, the searchfor security commenced with the beginning of human life it self.

The recorded beginning of human life itself. The recorded

beginning of concept of Life Insurance is about 6000 years old.

First Life Policy:

7/31/2019 Bajaj-1.doc

6/33

The earliest record

Life Insurance Policy was issued on 18th June, 1583 on the Life of

William Gybbons, a citizen of London. The policy was procured

by Richard Martin. It was under written for 12 months by 16

individuals for an amount of 383-6s-8d with premium @ 8% i.e.

30-13-4. The text of the policy ended with an interesting prayer.

God send the said William Gybbons died on May 29, 1584, that is

within a year. The underwriters disputed the claim pleading that

the insured had survived 12 lunar months of 28 days each. The

claim was finally paid through the Court.DEFINITION OF INSURANCE

There can be two

approaches for defining insurance. One is functional approach

other is contractual approach.

The functional approach

says insurance may be defined as a social device, whereby a large

group of individuals, through a system of equitable contributions

may reduce or eliminate measurable risk of economic loss

common to all member of the group. In similar sense Disnadle has

defined that Insurance is an instrument of distributing loss of few

to many. Allen C. Mayer son states Insurance is device for the

transfer to an insured of certain risks of economic loss that would

otherwise be borne by the insured.

7/31/2019 Bajaj-1.doc

7/33

Insurance can be

mainly classified into two categories.

A) Life Insurance

B) General Insurance

The subject matter of Life Insurance is human life. Most of the

insurance policies are combination of savings and security. The

insured is promised by the insurance company that during the

tenure of insurance in case of his death. His nominee will be paid

the insurance amount. According to section 2 (ii) in Insurance Act

1938. Life Insurance is the business of effecting contracts of

insurance upon human life including any contract. Whereby the

payment of money is assured on death, except death by accident on

the happening of any contingency dependent on human life and

any contract, which is subject to the payment of premium for a

term of the policy, he/she will be paid an amount as per terms of

the policy.

General :

General Insurance covers all different types of activities performed

by human. These are also called as non-life insurance. Types are:

House / Office / Factory or any movable Fire Insurance assets

destroyed in fire.

7/31/2019 Bajaj-1.doc

8/33

Shipment or transportation of goods Marine Insurance by ship,

destroyed in catastrophe.

Jewellery / cash / household goods stolen Burglary Insurance or

robbed.

Goods in transit by road or railwayCarrier Insurance destroyed.

Theft or accident of vehiclesVehicle Insurance.

Financial cover in

ailments / surgery etc. Health Insurance.

Insurance is very

important for modern age. Every human being for his survival

need for food, clothing and shelter. These are known as basic or

essential human wants without which our existence is meaningless.

These human wants give birth to various needs which when

satisfied give a sense of satisfaction, if these wants are not fulfilled

one feel deprived and unhappy.

Insurance is, in fact,

The new insurance

companies used to channels of advertising from newspaper and the

television to insurance agents and direct mailers. The new

companies focussed their campaigns primarily on building an

image of trustworthiness and reliability for themselves. Their

advertisements carried messages like the familys happiness. It has

7/31/2019 Bajaj-1.doc

9/33

been more than 2 years since private insurance company lunched

operations in India, which is depicted in the table.

Company Indian Partner Foreign

Insurer

Area

Birla Sun life Aditya Birla

Group

Sun life,

Canada

Life

Om Kotak Kotak Mahindra

Finance

Old Mutual,

South Africa

Life

HDFC

Standard

Life

HDFC Standard Life,

UK

Life

ICICI

Prudential

ICICI Prudential ,

UK

Life

Max New

York Life

Max India New York Life

USA

Life

Tata AIG Tata Group AIG, USA Life &

non life

ING Vasya Vasya Bank ING

Insurance,

Netherlands

Life

Bajaj Allianz Bajaj Auto Allianz Life

SBI Life

Insurance

SBI Caediff,

France

Life

7/31/2019 Bajaj-1.doc

10/33

History of Bajaj Allianz Life

Insurance

3.1Business Profile

(a) Bajaj Allianz Ranked No. 1 in new business.

(b) Bajaj Allianz issues one million policy

(c) Bajaj Allianz set up Ethical fund to attract minorities

(d) Bajaj Allianz completes four year with 365% growth.

(e) Small Insurance but big on premium.

(f) IRDA Position, Bajaj Allianz at No.1 slot for 2007.

7/31/2019 Bajaj-1.doc

11/33

Keeping up its social commitment, the Bajaj

Allianz Life, the second largest private insurer in India,

which largest private insurer in India, which launched four

new schemes today in the life Insurance sector, has set up

an Ethical Fund, to attract minorities, especially the

Muslim community.

Bajaj at Allianz Life Insurance the fastest growing life

insurance company in India completed its fourth year in October with a

bumper growth of 365% for the month of September 2005. For the month of

August 2007 the growth registered was 1987.

Bajaj Allianz has been sealing new heights month after month.

Bajaj Allianz has grown from strength to strength as on close of financial

year 2003-04 and was ranked 6th. Today the company is ranked No.2.

7/31/2019 Bajaj-1.doc

12/33

Bajaj Allianz Life Insurance is the first and only private sector

life insurance company to have office in 475 towns across the country

offering flexible investment and insurance solutions with world class

service.

First and only private sector Life Insurance Company to have

office in 475 towns across the country offering flexible investment and in

insurance solution with world class service.

In the last 12 months and has the insured closed to one million

lives so far. Bajaj Allianz Life Insurance is consistently working to create

livelihood across the country and have recruited 65,000 insurance consultant

and 10,000 employees. Bajaj Allianz Unit Gain plus Equity Fund and Unit

Gain Equity Fund were rates the 1st and 2nd best performing funds in Life

Insurance Industry by outlook Magazine.

Bajaj Allianz Life Insurance market share rises to 25.5% in the

month of August 05 amongst private sector life insurance.

The Key features of the New Unit Gain Super Plan are:

It is a unit link plan with minimum term of 10 years and maximum

maturity age 70.

Guaranteed death benefit.

You have the option to choose a host of additional benefit: UL

Accidental Death Benefit, UL Accidental Total / Partial Permanent

7/31/2019 Bajaj-1.doc

13/33

Disability Benefit, UL Critical illness Benefit and UL Hospital

Cash Benefit.

It provides you with easy, regular contribution mechanisms to

assist you in accumulating funds. Four different options to choose

from Promising Club, Silver, Gold, Diamond and Platinum.

Shatakveer, DwiShatakveer Club

IC club No of Lives Premium(100%RP

& 10%Spand Top

up)

Rewards

Rs.

Insura

nce

cover

Rs.

Convention

Promising club 15 3,00,000 3,000 2 lakh Branch level

Silver Club 25 6,00,000 6,000 2 lakh Branch level

Gold club 50 12,00,000 15,000 5 lakh Divisional Level

Diamond club 75 25,00,000 25,000 5 lakh Divisional Level

Platinum club 75 50,00,000 50,000 10lakh Regional Level

Shatakveer club 100 25,00,000 30,000 10lakh Regional Level

Dwi- Shatakveer 200 50,00,000 60,000 10lakh Regional Level

You can adopt your own investment strategy to

grow the funds contributed.

Change of 4 investment funds today with flexible

investment management: you can change funds at

7/31/2019 Bajaj-1.doc

14/33

any time and also invest in the newer funds that

would be introduced from time to time.

?

The premiums allocated are invested in a fund/

funds of your choice (depending on the allocation rate) and

units are allocated depending on the price of units for the

fund/ funds. The value of your policy is the total value of

units that you hold in the fund/ funds. The insurance cover

charges and the additional benefit charges are deducted

through monthly cancellation of units. Fund management

charge is priced in the unit value.

Sum Assured: you can choose a suitable basic sum assured

under the New Unit Gain Super plan.

Minimum Sum Assured: 5 times the annualised premium.

Maximum Sum Assured: y times the annualised premium

where y will be as per the following table.

7/31/2019 Bajaj-1.doc

15/33

Age

Group

010 1130 3135 3640 4145 4655 5660

Y(Time) 35 40 40 30 20 12 8

Death Benefit:

On death before the age of 7 years: The death benefit

will be the NAV of the units in the policy holders account

(Fund value) as on the date of receipt of intimation of

death at the office. The policy terminates on the death of

the life assured.

On death after the age of 7 years and before the age of

60 years: The death benefit will be the higher of the sum

assured less the value of the units withdrawn by partial

withdrawals in the last 24 months prior to the date of death

or the NAV of the units in the policyholders

accounT(Fund value) as on the date of receipt of

intimation of death at the office.

On death of the life assured on or after attaining the

age of 60 years: In this case, the death benefit will be the

higher of the NAV of the units in the policy holders

7/31/2019 Bajaj-1.doc

16/33

account (Fund Value), or the sum assured less all partial

withdrawals made within two years before attaining age

60 years, and all the withdrawals made after attaining age

of 60 years.

UNIT PRICE

The unit price of each fund is arrived at by dividing the Net Asset

Value (NAV) of the fund by the number of units existing in the

fund at the valuation date.

The unit price of various funds are as follows:-

a) Equity Index FundRs 30.479

b) Equity Plus FundRs 30.342

c) Balanced Plus FundRs 18.682

d)Income Plus FundRs 12.185

Important Details of the Bajaj Allianz New Unit Gain Super

Plan:

Minimum age at Entry : 0 (risk commences at age 7)

Maximum age of Entry : 60

Minimum age at Maturity : 18 years

Maximum Age at Maturity : 70

Minimum term : 10

7/31/2019 Bajaj-1.doc

17/33

The minimum age at entry for all additional benefits is 18

years.

The maximum age at entry for all additional benefits is 50

years.

Death Benefit:

You can choose a sum assured (Level of Protection)

that you want in the New Unit Gain Premier SP Plan.

Minimum Sum Assured1.25 times the single premium

Maximum sum AssuredY times the single premium where y will be as

per the following table.

Age

Group

017 1835 3645 4650 5155 5660

Y (Time) 10 10 7 5 3* 2*

* Multiplier may be increased to 5 in special cases on caseto-case basis.

The mortality charge would vary according to the attained age

of the life assured at the time of deduction of the monthly cost of insurance

as per the table below. Sample standard rates are given in the table below.

Age Mortality charge per annum per thousand

of sum at risk

20 1.57

7/31/2019 Bajaj-1.doc

18/33

30 1.74

40 2.82

50 6.53

60 15.56

Risk of investment in the Units of the Plan:

The Proposer / Life Assured is aware that the investment in the Units is

subject to the following, amongst other risks and agrees the he is making the

investment in the Units with full knowledge of the same.

Bajaj Allianz New Unit Gain Premier SP is only the name of the product and

does not in any way indicate the quality of the policy, its future prospects or

returns.

What is Bajaj Allianz Health Care?

This is a three year health insurance plan, providing

comprehensive health cover with life insurance benefit. You can choose the

amount of cover for each benefit separately in multiplies of the minimum

cover amount, subject to a maximum multiple of10.

Feature Maximum Cover

Life Cover Rs.10,000

Hospital Cash (HC) Equal to Room Charges (Max. Rs. 500 per day and Max.

Rs.1000 per day in ICU), Maximum Rs.30, 000 in a

policy.

Post Hospitalisation Benefit 50% of claim settled for HC per day, maximum 5 days in

7/31/2019 Bajaj-1.doc

19/33

a policy year.

Surgical Benefit Equal to Surgical Expenses. Rs.50, 000 per policy year.

Critical Illness Cover Rs.50, 000 during the policy term.

Accidental Permanent Total/

Partial Disability ( APT/PD)

Rs.50, 000 payable on total disability and Rs.25, 000

payable on partial disability.

The benefits payable for all policies under Bajaj Allianz Health Care plan

put together will not exceed the maximum available under Bajaj Allianz Health Care.

Indicative premiums (Inclusive of Service Tax)

Age For Minimum Cover

(Male)

For Minimum Cover

(Female)

20 1010 1071

30 1114 1202

40 1593 1484

45 2080 1767

50 2704 2135

Live Cover is payable on death of the life assured.

Minimum sum Assured = 5 times Annualised premium.

Maximum Sum Assured = Y times the annual premium

where y will be as per the following table:

Age

Group

0 30 31

35

36

40

41

45

46

55

56

60

7/31/2019 Bajaj-1.doc

20/33

Y

(Time)

125 90 60 40 20 15

On death before the age of 7 years: The death benefit will be the

NAV of the units in the policy holders account (Fund value) as on

the date of receipt of intimation of death at the office. The policy

terminates on the death of the life assured.

On death after the age of 7 years and before the age of 60

years: The death benefit will be the higher of the sum assured less

the value of the units withdrawn by partial withdrawals in the last

24 months prior to the date of death or the NAV of the units in the

policyholders account (Fund value) as on the date of receipt of

intimation of death at the office.

On death of the life assured on or after attaining the age of 60

years: In this case, the death benefit will be the higher of the NAV

of the units in the policy holders account (Fund Value), or the sum

assured less all partial withdrawals made within two years before

attaining age 60 years, and all the withdrawals made after attaining

age of 60 years.

: There is no maturity date for this

plan. There is no surrender value available before 3 full years

7/31/2019 Bajaj-1.doc

21/33

premium are paid. Anything after payment of 3 full years

premiums. You may withdraw money depending on your

requirements. Through partial of complete surrender of units. In

case of partial withdrawal, a minimum balance of Rs.10, 000/-

across all funds must be maintained and the minimum withdrawal

amount is Rs.1, 000/-.

Premium Apportionment: The policy holder may at any policy

anniversary change the apportionment percentage of his/ her

premium to the Fund he/ she wishes to invest.

The premiumapportionment to any fund in which the policy holder wishes to

invest must be at least 5 % of the premium. The company will

reserve the right to revise the minimum apportionment percentages

upon giving written notice of not less than three months subject to

obtaining clearance from the IRDA.

Fund Value: The fund value is equal to the number of units under

this policy multiplied by the unit price on the relevant valuation

date.

Investment options:

Bajaj Alliance offersyou choice of 6 funds. You can choose to invest fully in anyone

fund or allocate your premiums into the various funds in a

proportion that suits your investment needs. All the funds will be

managed by asset managed of Bajaj Allianz, backed with the rich

7/31/2019 Bajaj-1.doc

22/33

experience of Allianz AG, one of the largest asset managers of

Bajaj Allianz ,backed with the rich experience of Allianz AG , one

of the largest asset managers in the world today, managing assets

worth more than Euro 989 billion (Rs.49,54,560 crore).

:

1. Liquid Fund Risk

Profile Low: The objective of this fund is to have a fund that

guarantees invested capital through investments in liquid money

market and short term instruments. Not more than 20% of the

apportioned premium can be put in this fund.

1. Income Fund - Risk profile Modern: The objective of

this fund is to provide accumulation of income through

investment in high qualify fixed income securities. This

fund will have an exposure of maximum 20% in money

market instruments and minimum 80% in G-Secs, bonds

and fixed deposits.

2. Equity Growth Fund Risk Profile Very High: The

objective of this fund is to provide capital appreciation

through investment in selected equity stocks that have

that have the potential for capital appreciation . This fund

will have an exposure of maximum 20% in bank deposits

7/31/2019 Bajaj-1.doc

23/33

and money market instruments and minimum 80% in

equities.

3. Equity Index Fund Risk Profile High: the objective of

this fund is to provide capital appreciation through

investment in equities forming part of NSE NIFTY. This

fund will have an exposure of maximum 15% in bank

deposits and money market instruments and minimum

85% in equities.

4. Accelerator Mid cap Fund Risk Profile Very High: The

objective of this fund is to achieve capital appreciation by

investing in a diversified basket of mid cap stocks and

large cap stocks. This fund will have an exposure of

maximum 20% in bank deposits and money market

instruments and minimum 80% in equities. Out of the

equity investment at least 50% will be in mid cap stocks.

5. Balancer Fund Risk Profile Moderate: The objective of

this fund is to provide a balanced investment between long

term capital appreciation and current income between

investment in the units of our NIFTY Index Fund and

7/31/2019 Bajaj-1.doc

24/33

Income Fund. Indicative portfolio allocation: Units of

NIFTY Index Fund 30% to 50% Units of Income Fund

50% to 70%.

UNIT PRICE

The unit price of each fund is arrived at by dividing the Net Asset

Value (NAV) of the fund by the number of units existing in the

fund at the valuation date.The unit price of various funds are as follows (as on 15 th may 08):-

a) Liquid Fund- Rs 11.693

b) Income Fund- Rs 12.501

c) Equity Growth FundRs 14.582

d) Equity Index Fund - Rs 16.431

e) Accelerator Midcap Fund - Rs15.604

f) Balanced FundRs 11.501

Important details of the Bajaj Allianz New Unit gain Plus

plan

Minimum age at Entry : 0 (risk commences at age 7)

Minimum term : 10

Maximum age of Entry : 60

Minimum age of entry for all additional benefits: 18 years

7/31/2019 Bajaj-1.doc

25/33

Maximum age of entry for UL Mahila Gain I and II : 40 & 45

years respectively.

Maximum age at entry for all additional benefits: 50 years.

Minimum age at Maturity : 18 years

Maximum Age at Maturity : 70

UL Mahila Gain I & II benefits are available till age 45 and

55 respectively.

All other additional benefits are available till age 65.

Premium Payment Mode

For your convenience, we have provided 3 regular

premium payment modes that can be yearly, half yearly and

Quarterly. We also offer a monthly premium payment mode with

salary deduction scheme and ECS. In addition, you also have the

option to pay top ups to increase your investments. The minimum

regular premium is rs.15, 000/- for the Annual Mode, Rs, 7,500/-

for Half Yearly, Rs. 3750/- for quarterly and Rs.1, 500/- for the

monthly mode. The minimum top up premium is rs.5000/-

Days of Grace

7/31/2019 Bajaj-1.doc

26/33

Before the payment of full 3 years premiums, regular

premiums must be paid when due to keep the police in force. A

grace period of not more than 30 days for all modes other the

monthly and not more the 15 days for monthly mode will be

allowed.

The policy will terminate on occurrence of any of the

following.

The units in the policy are fully surrendered.

The account value becomes equal to one annual premium

under the policy due to non payment of regular premiums.

The death of the Life Assured.

On maturity.

7/31/2019 Bajaj-1.doc

27/33

It is possible to revive a policy that has lapsed due to

non payment of premiums within 2 years from such date of lapse.

You have to give a written application to the company to revive the

policy with only one full year premium. The revival will effected

subject to underwriting.

The regular premiums (other than the charges on

additional benefits for UL Critical illness Benefit, UL Mahila Gain

and UL Hospital Cash benefit) are eligible for tax relief under Sec.

80(C) of IT Act, as of now.

Death Benefit and withdrawals (partial or full) is tax

free under section 10(10) D of the income Tax Act, if the

premiums paid in any year do not exceed 20% of the Sum Assured.

In case of change in any tax laws relevant to the policy

holder or the fund performance, the same will be applied as per

regulation prevailing at that point of time.

7/31/2019 Bajaj-1.doc

28/33

The other products which are offered by Bajaj Allianz Life

Insurance Company Limited are as follows:-

a)Super Saver:

Regular saving is the best tool to protect ones family. We at

BALIC realize the value of your saving & present a non-linked, participating regular premium endowment plan,

which will help you save regular amounts for a safer

tomorrow.

7/31/2019 Bajaj-1.doc

29/33

There is a steady increase in the demand of products at

Sambalpur as well as in the country that has raised the

development of new variety of insurance products.

Due to continue change in the living condition of people

due to rapid industrialisation in the western part of the

state leads to a great demand of its insurance products.

:

With opening of insurance market Bajaj Allianz facing a

stiff competition from life insurance corporation Ltd. And

other private players like ICICI Prudential, HDFC Life,

SBI Life, Birla Sun Life, Reliance Life Insurance etc.

Some of its products like Term care, Risk care, Health

Care, has having its better substitutes in the other

insurance companies.

The CRM (Customer relationship management) strategy

of Bajaj Allianz Life Insurance has to be developed due to

highly competitive insurance market in India as well as at

Sambalpur.

7/31/2019 Bajaj-1.doc

30/33

I obtained the following suggestion during my survey:

Socially and economically backward classes of Sambalpur to be

given due weightage and for this low cost policies to be included in

the product line.

Maximizing the mobilization of saving by offering attractive

policies.

For ensuring adequate safety of investments and steady return on

them, it is necessary to diversify the investment portfolio in terms

of units, industries and regions.

The investment of product to the best advantage of investors,

keeping in view the national priorities.

Steps should be taken for reducing the amount of premium.

To train the agents perfectly regarding the Life Insurance Products.

To improve the advertisement media conspicuously and

technically.

Long term defaulters should be given a chance for under for future

continuing their scheme.

Settlement of claims should be made quickly and loan facilities

should be given with low interest rates.

7/31/2019 Bajaj-1.doc

31/33

All the plans, policies and programs regarding Life Insurance

Schemes should reach everybody especially in rural areas.

The given insurance companies should be frequent interaction

between policy holders, agents, marketing managers and lastly the

management.

Insurance companies should open the branches in the rural areas.

So that the rural people will bet benefits.

To be more friendly, helpful, and careful and target oriented.

7/31/2019 Bajaj-1.doc

32/33

After FDI cap has been removed form the insurance sector up to 26%. Many

foreign companies entered into India and made joint venture with Indian

majors. Bajaj Allianz Life also started its operation in March 2001 in India.

Company also proved itself one of the competent insurance companies.

Because goodwill and faith is very much necessary to get the customers.

Bajaj Allianz also received that goodwill and faith through its efficient sales

force and operation department. In time service, customized products,

flexibility in the products, better technology, and massive network are to key

areas in which Bajaj Allianz Life lead. During my research it is also found

that many people faith on Bajaj Allianz Life because it is a subsidiary of

Bajaj, one of the trusted family name in the field of automobiles.

Better return in investment and flexible products fascinate many people to

go with Bajaj Allianz Life. As now a day people does not only want to do

life Insurance, they want something more that in insurance plus investment.

Which Bajaj Allianz provides through its customized products. Even in

ULIP policies there is a flexibility to change the investment to different

funds as prescribed in the brochure.

It is also found that most of the people come to know about Bajaj Allianz

Life from their friends and relatives. Major respondents rated the company

as GOOD. It is also found that most of the people go for Bajaj Allianz Life

7/31/2019 Bajaj-1.doc

33/33

because of its better return in investment. Followed by better service and

reliability.

BIBLIOGRAPH

BIBLIOGRAPHY

1.Life News of Bajaj Allianz Life Co. Ltd.

2.Hand Book on Life Insurance, Pioneer Institute of Insurance

3.www.bajajallianz.co.in

4.www.google.com

http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.google.com/http://www.google.com/http://www.google.com/http://www.google.com/http://www.bajajallianz.co.in/