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A

PROJECT REPORT

ON

BAJAJ ALLIANZ LIFE INSURANCE COMPANY

SubmittedBy

CH.V.V.C.SIVA.R.K

In the partial fulfillment of the award ofMaster of Business Administration (MBA)

Session 2010-2012


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INDEX

1. Introduction to Insurancei) Introductionii) Advantages of Insuranceiii) Brief history of Insuranceiv) About IRDA

2. Company Profilei) Bajaj Allianz Life Insurance

Companyii) Accelerated Growth of

BALICiii) Organization Structureiv) About Group:

BAJAJ AutoALLIANZ AG

3. Life Insurance Products

i) List of Insurance Productsii) Individual Plansiii) Group Plans

4. Research

5. SWOT Analysis

6. Conclusion

7. Suggestion & Recommendations

13. Limitation

14. Annexure

i) Questionnaireii) Bibliography


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INTRODUCTION TO INSURANCE

The business of insurance is related to the protection of the economic values of

asset. Every asset has value & is expected to last for a certain period of time

during which it will perform, after that, the benefit may not be available but

sometime asset may get lost earlier. An accident or some other unfortune may

destroy it or make it non functional and deprive of the benefits, which may give

rise to an adverse situation. Insurance is a mechanism that helps to reduce the

effect of such adverse situation.

Insurance does not protect the asset; it does not prevent its loss due to the

peril. The peril cannot be avoided through insurance. The peril an sometime

avoided, through better safety and damage control management. Insurance

only tries to reduce the impact of the risk on those who depend on that asset. It

only compensates the losses and that too, nut fully only economic

consequences insured. If the loss is not financial, insurance may not be

possible.


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There are certain principles which make it possible for insurance to remain a

fair arrangement. It is difficult for any one individual to bear the consequences

of the risk that he is exposed to. It will become bearable when the community

shared the Burden. The second is that peril should occur in accidental manner.

Insurance is done against the contingency that is may happen. In the case of

human being, death is certain but the time of death is not uncertain. In the

person who is terminally ill, the time of death is not uncertain, through not

exactly known. He cannot be insured.

A human being is an income generating asset. Ones Manual Labour,

Professional Skill and Business Acumen are the asset. This asset also can be

lost through unexpectedly early death or through unexpectedly early death or

through Sickness and Dis-abilities caused by accidents. So Life Insurance is

necessary to help those who depend on the income which is lost due to

accident.


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ABOUT LIFE INSURANCE

Life Insurance has come from the earlier days when it was originally conceived

as a risk covering medium for short period of time, covering temporary risk

situations, such as sea voyages. As Life Insurance became more established, it

was realized what a use full tool it was for a number of situations, including

A) Temporary Needs / Threats :

The original purpose of Life Insurance remains an important element,

namely providing for replacement of Income on Death etc.

B) Regular Saving:

Providing for ones family and one self, as a medium to long term

Exercise (Through regular payment of premiums). This has become more

relevant in recent times as people seek Finance Independence for their

family.

C) Investment:


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Put simply, the building of savings while safeguarding it from the Ravages

of Inflation. Un like regular Saving Products, Investment Products are

Traditionally Lump Sum Investments, where the individual makes a one

off payments.

D) Retirement:

Provision for later years becomes increasingly necessary, especially in a

changing Cultural and Social Environment.

One can buy a suitable policy, which will provide periodical payments in

ones old age.

ADVANTAGES OF LIFE INSURANCE

Life insurance has no competition from any other business, it has no substitute.

A compression of with other forms of savings will show that Life Insurance has

the following advantages:

1. In the event of death, the settlement is easy. The heirs can collect the

money quicker; because of the facility of nomination and assignment. The

facility of nomination is now available for some bank accounts.


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2. There is certain amount of compulsion to go through the plan of savings.

In other forms, if one changes the original plan of savings, there is no

loss. In Insurance, there is a loss.

3. Creditors can not claim the Life Insurance moneys; it can be protected

against attachment by courts.

4. There are tax benefits, both in Income Tax and in Capital Gains.

5. Marketability and liquidity are better. A Life Insurance Policy is property

and can be Transferred or Mortgaged. Loans can be raised against

policy.

BRIEF HISTORY OF INSURANCE

The business of Insurance is started with Marine Business.

The first Insurance Policy is issued in 1583 in England.

In India insurance begun in 1870 with Life Insurance being transacted by

an English Company European and The Albert.


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The First Indian Insurance Company was the Bombay Mutual Assurance

Society Ltd. Formed in 1870. This was followed by Oriental Life

Assurance Company in 1874, the Bharat in 1896 and the Empire of India

in 1897.

Later, The Hindustan Co-Operative was formed in Calcutta, The United

India in Madras, The Bombay Life in Bombay, The National in Calcutta,

The New India in Bombay, The Jupiter in Bombay and The Lakshmi in

New Delhi.

Life Insurance Corporation of India (LIC) was formed on Ist September,

1956, there were 170 Companies and 75 Provident Fund Societies

transacting Life Insurance Business in India.

By 31/03/2007 Fifteen New insurance had been registered and has begun

to transact life insurance business.


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ABOUT IRDA

Section 14 of IRDA Act, 1999 lays down The Duties, Power and Functions of

IRDA.

A. Subject to the provisions of this act and any other law for the time being in

force, the authority shall have the duty to regulate, promote and ensure

orderly growth of the Insurance Business and Re-Insurance Business.

B. Without prejudice to the generality of the provisions contained in sub-

station (1) The powers and functions of the authority shall include:

1. Issue to the applicant a certificate of Registration, Renew, Modify,

Withdraw, Suspend or Cancel such registration;

2. Protection of the interests of the policy holders in matters

concerning assigning of policy, nomination by Policy Holders,

Insurable Interest, Settlement of Insurance Claim, Surrender Value

of Policy and other terms and conditions of Contracts of Insurance;

3. Specifying Requisite Qualifications, Code of Conduct and Practical

Training for intermediary or Insurance Intermediaries and Agents;


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4. Specifying the code of conduct for surveyors and loss assessors;

5. Promoting efficiency in the conduct of Insurance Business;

6. Promoting and regulating Professional Organizations connected

with the Insurance and Re-Insurance Business;

7. Levying fees and other charges for carrying out the purposes of this

act.

8. Calling for Information from, undertaking Inspection of, Conducing

Enquiries and Investigations including audit of the Insurers,

Intermediaries, Insurance Intermediaries and other organizations

connected with the insurance business.

9. Control and regulation of the Rates, Advantages, Terms and

Conditions that may be offered by insures in respect of General

Insurance Business not so controlled and regulated by the Tariff

Advisory Committee under Section 64U of the Insurance Act, 1938

(4 of 1938);


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10. Specifying the form and manner in which books of account shall

be maintained and statement of accounts shall be rendered by

Insures and other Insurance Intermediaries;

11. Regulating Investment of funds by Insurance Companies;

12. Regulating maintenance of Margin of Solvency;

13. Adjudication of disputes between Insurers and Intermediaries of

Insurance Intermediaries;

14. Supervising the functioning of the Tariff Advisory Committee;

15. Specifying the percentage of premium income of the Insurer of

Finance Schemes for Promoting and Regulating Professional

organizations referred to in Clause (F);

16. Specifying this percentage of Life Insurance Business and General

Insurance Business to be undertaken by the Insurer in the Rural or

Social Section; and

17. Exercising such other powers as may be prescribed.


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COMPANY PROFILE

With the de-regulation of the insurance industry taking place, several

companies have entered into the Indian insurance market .the company profile,

products, services are varied and diverse. This section deals with the BAJAJ

ALLIANZ Life Insurance Co.Ltd. and its specific features.

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

Bajaj Allianz is poised for an accelerated growth in the market and has already

become the fastest growing private life insurance company in India. Bajaj

Allianz has a pan-India presence. Bajaj Allianz has also forged strong Banc

assurance and corporate Agency relationships and continues to build on new

tie-ups for fast track growth and deep market penetration.

BAJAJ ALLIANZ has launched a slew of need-based products to cater to each

varied needs of the customer. Currently Bajaj Allianz has a product portfolio of

20 products and more need-based products are in the pipeline.


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The fastest growing private life insurance company in India, with a growth rateof 400%*. Bajaj Allianz has the following qualities in terms of the servicesoffered which make it one of the major player in the industry:-

Product tailored to suit your needs

Decentralised organisation structure for faster response Wide reach toserve you better a nationwide network of 876 branches

Specialized departments for Bancassurance, Corporate Agency andGroup Business

Well networked Customer Care Centres (CCCs) with state of art ITsystems

Highest standard of customer service & simplified claims process in the

industry

Website to provide all assistance and information on products andservices, online buying and online renewals.

Toll-free number to answer all your queries, accessible from anywhere in

the country Call Now 1800 233 7272 or 020-3058788 and a strong tele-marketing and Direct marketing team

Swift and easy claim settlement process


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Key Achievements:

Have sold over 50,00,000 policies to satisfied customers

Is backed by a network of 876 offices spanning the country

Ranked No.1* among private life insurance companies in India

Over 10, 00,000 satisfied customers

Shareholder capital base of Rs 700 cr

HAT TRICK OF NO.1 AS PER THE FINAL IRDA RESULTS FOR05-06

For fy 05-06 as per IRDA results leading by Rs. 78 cr. In the newbusiness.

For individual life business (retail) as per IRDA results leading by Rs. 339cr. In the new business.

For the key month of MAR 06 as per IRDA results leading by Rs. 94 cr. Inthe new business.


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ACCELERATED GROWTH

Fiscal Year No. of policies

NEWBUSINESS

GROWTH RANK

2001-02

(6 mths)

21,376 Rs. 7 cr.

2002-03 1,15,965 Rs. 61 cr.

2003-04 1,86,443 Rs. 180 cr. 195% 6th

2004-05 2,88,189 Rs. 835 cr. 363% 2nd

2005-06 7,81,484 Rs. 2,715 cr. 215% 1st

IRDA Certificate


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Bajaj Allianz Life Insurance Co. Ltd was granted renewal of IRDA Certificationon 28th March 2006.


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ORGANIZATION STRUCTURE

Tie Ups with Banks

Pioneers of Bancassurance in India...

S a l l iS a l l iS a l l i

B r a n c

A g e n c y l

S t a n d a r d

S y n d i c

C e n t u r i

C o s m o

J a n k a l y a

J i j a m a t a i

B a n c a s

G r o u p E

C o r p o r a

F r a n c h

B r o k e

G r o u p a n

B a j a j A l l i i I


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Having pioneered the phenomenon, Banc assurance is one our core businessstrategies. Three of our strong Banc assurance tie-ups are:

Standard Chartered Bank Syndicate Bank COSMOS Co-op BANK Ltd.

We have developed a range of life insurance products exclusively for our Bancassurance partners. Also, our products are customized to suit specific needs ofbanks.

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


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25 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

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.

Large customer database

Allianz AG


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Allianz Group is one of the world's leading insurers and financial services

providers.

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.

Allianz Group provides its more than 60 million customers worldwide with a

comprehensive range of services in the areas of

Property and Casualty Insurance,

Life and Health Insurance,

Asset Management and Banking

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE

Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr.

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

Insurance cos. - AUM of Rs.51, 96,959 cr.

12th largest corporation in the world


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49.8 % of global business from Life Insurance

Established in 1890, 110 yrs of Insurance expertise

70 countries, 173,750 employees worldwide

List Of Insurance Products

We, at Bajaj Allianz, realize that you seek an insurer who you can trust your

hard earned money with.

Allianz AG with over 110 years of experience in over 70 countries and Bajaj

Auto, trusted for over 55 years in the Indian market, together are committed to

offering you financial solutions that provide all the security you need for your

family and yourself.

Bajaj Allianz brings to you several innovative products, the details of which you

can browse in this section.

Bajaj Allianz Life Insurance products include a broad array of life insurance

coverage to both individual and group.


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For group Bajaj Allianz has life products whereas for individual there are term

products, endowment products as well as money back and ULIP products.

Bajaj Allianz has a gamut of innovative products in life insurance.

Individual Plans

1. Loan Protector

A Mortgage Reducing Term Insurance Plan

This is the perfect plan to protect the family from the repayment liability of

outstanding loans, in the unfortunate case of death of the loaner. There is also

an option to cover the co- applicant of the loan at a very nominal cost under this

plan...

2. Child Gain

Children's Policy

Right from providing for your child's education to securing a bright future, this

plan is tailor- made to suit your child's needs...

3. New Unit Gain Plan


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A Unit Linked Plan

This amazingly flexible Unit linked life insurance plan provides you the

opportunity to participate in market linked returns while enjoying the valuable

benefits of life insurance

3. Cash Gain

Money Back Plan

This is the only money back plan that offers quadruple protection, going up to 4

times the basic sum assured, and a family income benefit...

4. Swarna Vishranti

Retirement Plan

In addition to life insurance and attractive tax benefits, this plan enables you to

make adequate provisions for your years after retirement as well...

5. Invest Gain

An Endowment Plan:This savings plan combines high protection (up to

quadruple cover) with a unique family income benefit...

6. Risk Care


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Pure Term Plan

This plan enables you to provide financial security to your loved ones at the

lowest possible cost...

7. Lifetime Care

Whole Life Plan

This whole life plan provides survival benefits at the age of 80 thereby making

sure you are financially secure at the time when you need it the most...

8. Keyman Insurance

Keyman Insurance provides you with the unique opportunity to protect your

business against the unfortunate loss of key people, while giving you valuable

tax advantage and a lovely tool to help employee loyalty too...

9. Term Plan with Return-of-Premium

An economic way of providing life cover, this plan also ensures the return of all

premiums at the time of maturity...

10.New Unit Gain Plus

The thumb rule for buying insurance is that your insurance needs are minimal in

your early earning years, increase with added responsibilities (Marriage,


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children, loans etc.) and taper off by the time you retire. It is difficult to find a

single insurance plan that can take care of all your changing requirements in life

additional protection, more money to invest, sudden requirement of cash or a

steady post-retirement income...

11. Riders Unit Gain Plus

Bajaj Allianz Additional Benefits Additional protection for you and your family

available with Unit Gain Plus...

12. New Unit Gain Easy Pension Plus

Unit Linked Retirement Plan without life cover

Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of

your future and ensure a retirement you can look forward to. This is a regular

premium investment linked deferred annuity policy. Available as: Unit Gain

Easy Pension Regular Premium & Unit Gain Easy Pension Single Premium.

13. Swarna Raksha ROC


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A fixed annuity for life will be payable, and on death of the annuitant, the

nominee will be entitled to receive an amount that is equal to the lump sum

used to purchase the annuity.

14. HealthCare

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 multiples of the minimum cover amount, subject to a

maximum multiple of 10.

15. Mahila Gain Rider

The unique plan that takes care of you and your loved ones and provides

benefits like

Critical Illness Benefit

Reconstructive Surgery Benefit for Breast(s) due to Breast Cancer

Congenital Disability Benefit

Complications of Pregnancy Benefit.

16. New Unit Gain Premier SP


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Upfront Allocation of 105% of single premium on day 1

Flexi maturity after 6years

17.Bajaj Allianz Samraksha To Secure

Single premium Term Assurance

Convenient terms of 5 & 10 years

Sum Assured options of Rs. 5000 and Rs. 10,000

Minimum & maximum entry age is 18 & 45 respectively

18. New UG Super

High Allocation

Guaranteed life cover

19. Save care Economy SP

An ideal plan for a one-time lump sum investment that provides for savings

with high risk-cover.

An investment that provides financial security and liquidity.

An ideal plan for a one-time lump sum investment that provides for savings with

high risk-cover. This Single Premium investment plan for 10 years is also

participates in the profits of the company.


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20. New Family Gain

The only Unit linked insurance plan with ethical equity fund.

Suits religious investment guidelines as well.

21. New Unit Gain plus SP

A single premium plan with max allocations

Choice of 4 investment funds and 3 free switches allowed each year

Partial and Full withdrawals after 3 years

22.

Capital UG

Big Boss of all ULIPS Capital Unit gain is a unit linked endowment regular premium plan that isdesigned to suit all your insurance & investment needs.

Capital Unit Gain just got a whole deal better with Waiver of premium andFamily Income Benefit

A plan designed for parents to secure their childs present and future

This combination of Family Income Benefit & Waiver of Premium riders withCapital Unit Gain is specially designed for parents to ensure their childs futureand all their financial needs are looked after in all circumstances

Group Plans

1. GROUP SUPERANNUATION SCHEME


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Assure your Employees a financially secured, stable and independent

post retirement life

Group Superannuation Scheme will be established under an irrevocable trust,

with trustees appointed by Company taking care of the administration.

2. GROUP CREDIT SHIELD

Available for Employer- Employee Groups and Non Employer- Employee

Groups

This scheme insures the loan amount outstanding in the account in case of

premature death or disability...

3. GROUP TERM LIFE

Available for Employer- Employee Groups and Non Employer- Employee

Groups

This scheme covers the members of an organization against the risk of

premature death or disability...

4. GROUP TERM LIFE

in lieu of EDLI (Employees Deposit Linked Insurance Scheme)


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This scheme is a better alternative to the Employees Deposit Linked Insurance

Scheme, 1976, under Sec 17 (2) of the Employees Provident Fund and

Miscellaneous Provisions Act..

3. GROUP GRATUITY CARE.

Giving your Employees and their families the heartening reassurance of your

care and financial security

Group Gratuity Care is a Multi Featured Employee Welfare Scheme, which

addresses your Gratuity liability with flexibility like never before.

Insurance for NRI's

You can now easily steer your savings from overseas to convenientlymeet your family's needs - now and in the future.

All Indians have an underlying need to feel secure, to care for the loved onesand to provide for old age. The need is felt more when you are away from yourHomeland. But being away from India doesn't mean you have to compromiseon the safety and security of your loved ones.

In fact, you can now easily steer your savings from overseas to conveniently

meet your family's needs - now and in the future.

We, at Bajaj Allianz Life Insurance understand your need. The need to dosomething fruitful for your loved ones.. The urge to let them know that you care.That's why we introduced the NRI Insurance services. Now, you can invest yourhard earned money in India and in the bargain ensure your family's future.


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OUR CARE SOLUTIONS FOR NRIS: Bajaj Allianz Life Insurance offers a largesuit of products to cater every insurance need that you have. Our care solutionsinclude:

1. InvestGain - Our 'With Profits Endowment Plan'.

2. CashGain - Our 'With Profits Money Back Plan'.

3. ChildGain - Our 'With Profits Money Back Plan' for children.

4. Lifetime Care - Our 'With Profits Whole of Life Plan'.

5. Swarna Vishranti - Our 'With Profits Differed Annuity Plan'

Who Can Apply ?

Foreign Nationals of Indian origin can propose for life insurance during

their stay in India only.

NRIs who are temporarily staying abroad can apply for insurance either

a. During their stay in India , or

b. Through mail order business.

Convenient Premium Payment and Receipt Options

You can pay premiums directly to us through Indian currency cheques, DD'setc. or directly from your FCNR/NRE account. The benefits under the policy, as


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per current laws can be directly credited to your FCNR/NRE account.

Premiums can also be paid through credit card during your visit to our branchoffice. Alternatively standing instructions can be arranged during the term of thepolicy

Title of Research

Title of research is under taken is acceptability and perception in private

insurance sector and Effects of ULIP plan in life Insurance market for BAJAJ

ALLIANZ Life Insurance.

Making business is the main motto of every organization. In Todays Scenario

Insurance sector is emerging with good business opportunities, so all

companies are penetrating in insurance sector to make more profit. Today

Insurance is not Govern by Public Organization but Private Companies are also

coming in a big way.

Although we face various problem regarding seeking information about target or

to whom we had to and how to approach but the Co-Operation from various

Friends, Colleagues and specially the staff we have completed our work with

satisfaction.


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Objective of the Research

Objective of the research is to generate interest in the people to invest in the

ULIP product & to generate leads of prospective customers.

ICS (Insurance consultants) are one who brings business for the company,

they are attached with.

Research is also focus on the acceptability and market perception of the Private

Insurance Sector.

To know the extent to which public rely on private insurance sector.

To know the pitfalls of Private Insurance Company.

It was a descriptive research as it covers both widespread objectives. We

collected data through various seminar, clubs meetings and public joints.

To know acceptability above Private Insurance we interviewed existing ICCS

and some customers.

Significance of Research

Every one put his/her time money and effort because of some significance. My

studies have some significance too:-


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To BAJAJ ALLIANZ Life Insurance Company : As BAJAJ AUTO got valuable

data regarding acceptability of Private Insurance sector and pitfall of private

insurance in the Private Insurance in the Insurance Industry. Now the Insurance

Company can take some significant steps in the direction of increasing its

market share secondly standard life got appropriate ICC, in their team who

work dedicatedly for the company.

The Student : It also has a lot of significance to me we got the previous

knowledge about various function of Insurance Companies, their product, and

data regarding the various services, benefits provided by the companies. It

helps us in identifying, targeting and segmenting the potential area. It will help

us in my future for the practical application in real life.


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Ranking of Bajaj Allianz life insurance for the month of April

2010

(Rupees in lakhs)

Premium- Growth-Market Share

Rank Insurer April2010 April2009 Growth MarketShare

1 ICICI Prudential 14706.41 7168.37 105% 7%

2 BAJAJ Allianz 14600.48 2917.36 400% 7%

3 HDFC Standard 6101.02 3036.56 101% 3%4 Max New York 4239.78 1601.82 165% 2%

5 ING Vysya 3901.35 198.08 1870% 2%

6 TATA AIG 3711.78 2745.75 35% 2%

7 Reliance Life 3690.19 847.65 335% 2%

8 SBI Life 3486.06 1315.74 165% 2%

9 AVIVA 3259.90 1089.05 199% 2%

10 BIRLA Sunlife 2875.28 1815.42 58% 1%

11 KOTAK Mahindra OldMutual

2509.65 642.42 291% 1%

12 MET Life 900.85 347.11 160% 0%

13 Shiram Life 75.73 0.01 757200% 0%

14 Sahara Life 60.56 7.06 758% 0%

16 PRIVATE Total 64119.02 23732.39 170% 32%

15 LIC 135523.79 102297.47 32% 68%

17 GRAND Total 199642.81 126029.86 58% 100%

RESEARCH METHODOLOGY :


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In common parlance research refers to a scientific and systematic search forpertinent information on a specific topic. In fact is at of scientific investigation.Research inculcates scientific and inductive thinking and it prompts thedevelopment of logical habits of thinking and organizations.

In every aspect of marketing and for selling the product, an effective sales teamis required, for the same purpose it is necessary to identify the potentialpersons and recruiting them for organization to sale the products. It is alsobased on research that an organization can sell their insurance productsthrough different professional in society so that the sales volume becomes highwhich results in growth of company. The objective of my project is to identifythose people and recruiting them for company.

Research type : Diagnostic Research

The topic of project EFFECTS OF ULIP PLAN IN LIFE INSURANCEMARKET can be well categorized under the label of diagnostic research.

The characteristic of the diagnostic research are :

It requires a large sample.

The data collected here is related to the behavioral variable of the

respondent.

The research has got very specific objective.

The sample is drawn through the probability sample design.

Data types : Primary and Secondary data

Primary data:

These data were collected by personal observation and/or inquiry with therespondents/clients. These data are not previously collected and is gatheredfresh and for this purpose questionnaire are prepared in such away that all thenecessary data would be collected.


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Secondary data:

Secondary data already exist, they are historical data gathered by people eitherinside or outside the firm to meet the need.

Data collection:

Research tools for primary data collection:

Schedule.

Observation.

Telephone enquiry. Questionnaire

Internal:

Website of Bajaj Allianz

Catalogues.

External :

Newspapers and magazines.

Website of other insurance Companies like ICICI Pru, ING Vysya,TATA AIG etc. Web pages on Research analysis by the economic analyst.

Sampling method :

Since the probability of inclusion of any unit(of population) in a sample isunknown taking in view the size of the population it is better to go for NonProbability Convenience Sampling method. This is also called accidentalsampling as the respondents in the samples are included merely because oftheir presence on the spot.

Sampling place: Jaipur city.


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Sampling size: 100.

SWOT Analysis of Bajaj Allianz Life Insurance Company

STRENGTH

BAJAJ ALLIANZ Life Insurance enjoy good and trusted brand name so as

the BAJAJ Group.

Financial rating of companies.

The company has expertise in managing Big Business.

Product designed for each Age Group & Every Area of Personal.

BAJAJ ALLIANZ Life Insurance provides unique Training Program for

ICCs.

The company enjoys a very high brand Loyalty & recall value among its

customer.

The company has a presence in all metros as well as in most of the Major

Cities in Company.


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Different products offering as per the need of customers are provided.

The quality of service provided by the company is excellent because they

are customer focused.

A very strong group of people to sell the offering all over the country and

has a very strong distribution system

WEAKNESS

Less Coverage in Rural Areas

Lack of Corporate Agent.

Lack of Customer Services.

Lack of Promotional Activities.

Lack of Advertisements in media.

OPPORTUNITY

There is Continuous growth in Insurance Sector.


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People have started turning towards Private Insurance Sector.

Government has also started investing in Private Insurance Sector.

Market is fully vacant to capture because the branch has recently set up

its Business.

Market is increasing at very higher rate which helps company to expandtheir market.

Increase in numbers of working people and they are preferring insurancepolicies for their families.

BAJAJ ALLIANZ is mainly concentrating on urban area of the country

they must explore the opportunities available in rural areas.

THREATS

Competition in insurance sector is increasing with the entry of private

giants HDFC SLIC,ICICI Prudential, Sahara, Reliance, TATA AIG etc.

Selling attitude for the company always has to be maintained in order to

complete other insurance company.

As LIC has strong market position so it is little bit difficult to capture the

market. Customers are still finding risky to in private insurance sector.


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Now, insurance is not considered as a saving or investment product by

most of the families.

To control the franchisees so as to maintain the specified standard of

services is a tough job.

People are confused between various products given by the different

companies

Other competitors are providing better service quality and customized

products to their customers.

RECOMMENDATIONS

In our country LIC has a very strong customer base and present itself as a

dominator in life insurance industry. It has captured almost 80% of the marketshare and leader in insurance industry. To compete to such a competitor everycompany has to provide better services and quality products which cater to allneeds of the customers. BAJAJ ALLIANZ is one of the leading companies in lifeinsurance industry and to increase the market share they are facing variouschallenges from their competitors. Some of the recommendations to capture themarket in all aspects are as under.

Company has to adopt aggressive marketing policy to acquire goodnumber of deals so they can increase their market shares which results inhigh volume profit.

All private companies are mainly concentrating in urban areas, to improvethe market share company must also concentrate in rural areas of thecountry, that can be done by efficient channel management.


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Company must provide products as per the requirement of the customersbecause customers need products as per their choice.

Company has to make its distribution network and all the channel partnersmust be well trained so that they can attract the customers by their skills.

SUGGESTION

FC should be given more training time to time to have better knowledge of

change in market.

Untapped areas should be cover.

FCS target should be supervise regularly so that their work can be improved

and made effective and efficient.

The agent should be keep in constant touch with his policy holders to become

aware of the change in his situation including marriage, death of relatives,

release of mortgages.

Any one of them may necessitate some changes like title to policy moneys or

more insurance. The contact conveys a message that agent and company

cares for the policy holder and the family publicity it increase acceptability.


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Private insurance companies should highlight that they are managed privately

but completely governed by IRDA.

To capture major chunk of business they need to open more branches in

sub Urban and rural areas so they can fulfill all need of customers.

Awareness should be created among the masses through advertising.

CONCLUSION

After completion of research, we conclude that :

Segmentation of target market is best way to work in.

Womens are proving better FC.

ULIP are accepted by public readily.

Private insurance sector making their place in insurance sector.

FC should be approach according to need.

QUESTIONNAIRE

Date:.


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Personal Details: Name: .

Address:..

Tel No. : . Date of Birth:. Qualification: .. Email ID...

Family details:

Name Relationship Date of Birth Insured (Y/N)

Employment Details

Organization: Designation: .Office contact no.:

Are you insured?

1. YES.

2. NO..

Do you believe in private insurance company?

1. YES.

2. NO..


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Which company do you prefer for insurance?

1. BAJAJ ALLIANZ

2. ICICI PRUDENTIAL

3. HDFC

4. LIC

5. OTHER..

Are you aware of the growth of bajaj Allianz?

1. YES

2. NO.

Are you aware of the beneficial returns of bajaj Allianz?

1. YES

2. NO.

Do you think that insurance from multiple company would give you more

returns?

1. YES

2. NO.

Amongst the produt of bajaj Allianz which would you prefer to buy?

How you come to know about the bajaj Allianz life insurance?


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.

Have you ever dealt with bajaj group?

1. YES..

2. NO..

Questionnaire for Customer

1. (a) Name:(b) Age: [ ] 21-30,[ ] 31-45,[ ] Above 45

(c) Sex: [ ] Male, [ ] Female

(d) Educational Qualification

[ ] Matriculation, [ ] Intermediate,

[ ] Graduate, [ ] P.G

(e) Monthly Income

[ ] Less than 10,000 [ ] Rs. 10,000 25,000

[ ] More than 25,000

2. Do you have any investment plan in near future?

a. yesb. No

3. Are you aware of ULIP product?

a. yesb. no

4. If yes, then how do you rate ULIP as an investment?


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a. excellent as investmentb. excellent as insurance coverc. excellent both as investment & insuranced. at par

5, Do you want to invest in any of the plan of Bajaj Allianz?

a. yesb. no

Some General Questionnaire

Are you insured ?

Have your insurance get expired ?

Which company do you prefer for insurance ?

Are you aware of bajaj Allianz life insurance company?

Are you aware of the beneficial returns of bajaj Allianz?

Do you think that insurance from multiple company would gonna give you

more returns?

Amongst the product of bajaj Allianz which would you prefer to buy?

Have you ever dealt with bajaj group?

How do you come to know about bajaj Allianz?

Do you want to be a insurance consultant of bajaj Allianz?

Bibliography

Primary Data:-

Research tools for primary data collection:


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Schedule.

Observation.

Telephone enquiry.

Questionnaire

Secondary Data:-

Website of Bajaj Allianz Catalogues.

Newspapers and magazines.

Website of other insurance Companies like ICICIPru, ING Vysya,TATA AIG etc.

Web pages on Research analysis by the economic analyst.

BOOKS REFERRED:

Kotler Philip Marketing Management, Prentice Hall of India Pvt.Ltd.2000,10th edition.

LIC manuals for agents

R.Majumdar, Marketing Research, 2001,edition.

Gupta & Gupta, Business Statistics

C.R. Kothari Research Methodology, Vishwa prakashan, 2000, edition.

Records available in the company.

Corporate profile of the organisation.

Journals & Manuals available in the company.

kishore ulip

Documents