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EXECUTIVE SUMMARY

The project report on A study on Customer Awareness To Enhance Market Share Of Bajaj Allianz nit !ink "nsurance #lan$ in %u&li city' " throu(h under took the project &y the help of BA)A) A!!"A*+ !ife "nsurance !td' Sales team mana(er Chandru' A',allana(oudar Objectives: -' To study the awareness le.el of Bajaj Allianz !"#s with .iew to recommend measure to impro.e market share' /' To find .ital communication media' 0' To know the factors that influence in.estors while takin( in.estment decisions' 1' To find potential market for !"#s' Scope of the study:

The research was undertaken to (ather information from the respondent to know e2actly how many people aware of !"#s in %u&li city and the study is restricted within the city'

One of the fast (rowin( city in ,arnataka and represents hu(e market for scope with more than 34 lakhs people'

%u&li is one of the commercial areas ' "t is a place where the small and lar(e industries are located 'with the more increase population and there style more people are conscious a&out the their li.es'

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LIMITATIO S O! T"E STU#Y

*ot sin(le work is e2ception to the limitations e.ery work has (ot its own limitations5 so due to time constraint my study confines only to %u&li city and it is not possi&le to make e2tensi.e study' "t is assumed that the sample selected represents entire population'

RESEARC" MET"O#OLO$Y

'&i(%&y )!i*ed Su&vey+

#%t% sou&ce A&e% of Rese%&ch Rese%&ch i,st&u(e,t S%(p*e p*%, S%(p*e u,it S%(p*i,3 (ethod S%(p*e si4e

: : : : : : :

Seco,d%&y d%t% )i,te&,%*+

"ub*i city -uestio,,%i&es 'e&so,%* i,te&vie.


/usi,ess(%,0s1 jobho*de&s1 p&ofessio,%*s etc2

R%,do( s%(p*i,3 566 custo(e&s

I #EX
'ARTICULAR '%3e ,o

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Chapter-I

5+ I,t&oductio, 8+ Lite&%tu&e Revie. :+ St%te(e,t of the p&ob*e( ;+ 'u&pose of the study <+ Scope of the study =+ Objectives of study

67 59 57 57 8= 8>

Chapter-II 5+ O&3%,i4%tio, '&ofi*e 8+ O&3%,i4%tio, Ch%&t :+ S%(p*i,3 ;+ Rese%&ch #esi3, <+ #%t% Co**ectio, Methods =+ Me%su&i,3 too*s2 Chapter-III 5+ Resu*t ? discussio, .ith 3&%phs ? ch%&ts2 =9 87 =8 =; =; =; =<

8+ Su((%&y1 co,c*usio,1 ? % p&oposed %ctio, p*%, .ith &esou&ce &e@ui&e(e,ts %,d p&ojected be,efits to the o&3%,i4%tio,2 9;

Chapter-IV 5+ Appe,diA -uestio,,%i&e BABASAB #AT"! 99 0

BeeC*y Repo&ts 8+ /ib*io3&%phy 78

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I,dust&y ove&vie.
A &rief history of the "nsurance sector The &usiness of life insurance in "ndia in its e2istin( form started in "ndia in the year6 7

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-99 -3/ -3/ 9 -30 9 -38 ;

:ith the esta&lishment of the Oriental !ife "nsurance Company in Calcutta' Some of the important milestones in the life insurance &usiness in "ndia are6 The "ndian !ife Assurance Companies Act enacted as the first statute to re(ulate the life insurance &usiness' The "ndian "nsurance Companies Act enacted to ena&le the (o.ernment to collect statistical information a&out &oth life and non7life insurance &usinesses Earlier le(islation consolidated and amended to &y the "nsurance Act with the o&jecti.e of protectin( the interests of the insurin( pu&lic By the mid7-384s5 there were around -<4 insurance companies in the country=s life insurance scene' %owe.er5 in the a&sence of re(ulatory systems5 scams and irre(ularities were almost a way of life at most of these companies

As a result5 the (o.ernment decided nationalizes the life assurance &usiness in "ndia' The !ife "nsurance Corporation of "ndia was set up in -38; to take o.er around /84 life companies' /18 "ndian and forei(n insurers and pro.ident societies taken o.er &y the central (o.ernment and nationalized' !"C formed &y an Act of #arliament5 .iz' !"C Act' >or years thereafter5 insurance remained a monopoly of the pu&lic sector' "t was only after se.en years of deli&eration and de&ate 7 after the ?* Malhotra Committee report of -331 &ecame the first serious document callin( for the re7openin( up of the insurance sector to pri.ate players 77 that the sector was finally opened up to pri.ate players in /44-'

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The "nsurance ?e(ulatory @ Ae.elopment Authority5 an autonomous insurance re(ulator set up in /4445 has e2tensi.e powers to o.ersee the insurance &usiness and re(ulate in a manner that will safe(uard the interests of the insured'

I SURA CE SECTOR RE!ORMS Aue to immense (rowth in the insurance sectors the re(ulations were introduced' "n -3305Malhotra Committee headed &y former >inance Secretary and ?B" Bo.ernor was formed to e.aluate the "ndian insurance industry and (i.e its recommendations' After this committee the re(ulatory &ody for insurance sector was formed with the name of "?AA'

I SURA CE RE$ULATORY A # #EVELO'ME T AUT"ORITY )IR#A+


"?AA has &een formed as an authority to protect the interests of insurance policies5 to re(ulate5 promote and ensure orderly (rowth of insurance "ndustry and for matters connected therewith of incidental thereto'

Composition of Authority under "?AA Act5 -333


As per the section 1 of "?AA Act of -3335 The Authority is a ten7mem&er team consistin( of'' -C A Chairman /C 8 :hole team Mem&ers 0C 1 part time mem&ers

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Duties, Powers and Functions of IRDA

Section -1 "?AA Act5 -333 lays down the duties5 powers and functions of "?AA -' The Authority has the duty to re(ulate5 promote and ensure orderly (rowth of the "nsurance &usiness and re7 insurance &usiness' /' This "nclude 7 aC "ssue to the applicant a certificate of re(istration5 renew5 modify , :ithdraw5 suspend or cancel such re(istration' &C #rotection of interests of the policy holders in matter concernin( assi(nin( of policy5 nomination &y policyholders5 insura&le interest5 settlement of insurance claim5 surrender .alue of policy and condition of contracts of insurance' cC Specifyin( the code of conduct and practical trainin( for intermediary or insurance intermediaries and a(ents 0' Specifyin( the code of conduct for sur.eyors and loss assessors' 1' #romotin( efficiency in the conduct of insurance &usiness' 8' #romotin( and re(ulatin( professional or(anization connected with insurance and reinsurance &usiness' ;' !e.yin( fees and other char(es for carryin( out the purposes of this act' <' Callin( from information from5 undertakin( inspection of5 conductin( enDuiries and in.esti(ation includin( audit of the insurers5 intermediaries and other or(anization connected with the insurance &usiness 9' Control and re(ulation of the rates5 ad.anta(es5 terms and condition 3' Specifyin( the form and manner in which &ooks of accounts shall &e maintained and statement of account shall &e rendered &y insurers and other intermediaries'

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-4' ?e(ulatin( in.estment of funds &y insurance companies' --' ?e(ulatin( maintenance of mar(in of sol.ency' -/' Adjudication of disputes &etween "nsurers and intermediaries or insurance intermediaries' -0' Super.isin( the functionin( of the Tariff Ad.isory Committee' -1' Specifyin( the E of #remium5 "ncome of the insurer to finance schemes for promotin( and re(ulatin( professional or(anizations -8' Specifyin( the E of !ife "nsurance Business and (eneral "nsurance Business to &e undertaken &y the "nsurer in the rural or social sector'

The "?AA since its incorporation as a statutory &ody has &een framin( ?e(ulations and re(isterin( the pri.ate sector insurance companies' "?AA &ein( an "ndependent statutory &ody has put a framework of (lo&ally compati&le re(ulations'

I,di%, I,su&%,ce Secto& The "nsurance sector in "ndia (o.erned &y "nsurance Act5 -3095 the !ife "nsurance Corporation Act5 -38; and Beneral "nsurance Business F*ationalizationC Act5 -3</5 "nsurance ?e(ulatory and Ae.elopment Authority F"?AAC Act5 -333 and other related acts'

I SURA CE COM'A IES: "n the pri.ate sector -/ life insurance and ; (eneral insurance companies

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ha.e &een re(istered'

LI!E I SURERS

'ub*ic Secto& !ife "nsurance Corporation of "ndia

LIFE INSURANCE CORPORATION OF INDIA (LIC)

An Act of #arliament5 .iz'5 !ife "nsurance Corporation Act5 formed !ife "nsurance Corporation of "ndia F!"CC in Septem&er -38;5 with capital contri&ution from the Bo.ernment of "ndia'

The objective .%s6 to conduct the &usiness with the utmost economy5 in a spirit of trusteeshipG to char(e premium no hi(her than warranted &y strict actuarial considerationsG to in.est the funds for o&tainin( ma2imum yield for the policy holders consistent with safety of the capitalG to render prompt and efficient ser.ice to policy holders5 there&y makin( insurance widely popular'

Since nationalization5 !"C has &uilt up a .ast network of /5419 &ranches5 -44 di.isions and < zonal offices spread o.er the country' The !ife "nsurance Corporation of "ndia also transacts &usiness a&road and has offices in >iji5 Mauritius and nited ,in(dom'

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CURRE T SCE ARIO O! T"E I SURA CE I #USTRY


"nno.ati.e products and a((ressi.e distri&ution ha.e &ecome the say of the day' "ndians5 ha.e always seen life insurance as a ta2 sa.in( de.ice5 are now suddenly turnin( to the pri.ate sector that are pro.idin( them new products and .ariety for their choice'

'RIVATISATIO : There were .arious reasons (i.en &y the (o.ernment to nationalize the insurance sector was to take insurance to the mass5 facilitate the flow of lon( term funds Fwhich insurance companies5 &y .irtue of the &usiness they are in5 ha.e ready access toC into de.elopment of infrastructure in the country5 and safe (uard the interest of the policy holders' Towards this end5 state insurers did de.elop the insurance sector5 thou(h most e2perts &elie.e that these monopolies could ha.e done much5 much more' "n the early nineties is5 the (o.ernment went on a reforms &in(e and started loosin( controls on "ndian industry' "n -330 the (o.ernment appointed the Malhotra committee headed former ?B" (o.ernor ?'*'Malhotra5 to draw up a &lue print for insurance sector reforms' The panel su&mitted its report a year later5 recommendin( pri.atization5 &acked &y stiff entry (uidelines and strin(ent re(ulations5 so as to a.oid repeat per nationalization free for all' The insurance re(ulatory and de.elopment authority F"?AAC was founded to re(ulate the sector and o.er see the process of pri.atization' "n /4445 the "?AA started (i.in( out licenses5 and a year later5 the first of the pri.ate players started operation' The wheel had come full circle'

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nder state control5 the insurance sector5 &oth life and non7life 5(rew steadily' Still5 "ndians are not adeDuately insured and la( &ehind most countries' Total insurance penetration Finsurance premium as a percenta(e of (ross domestic productC is dismal when compared to its economic standin(' )ust /E of the population has some of life insurance'

LI!E I SURA CE COM'A IES I I #IA ? T"EIR MARDET S"ARE )%s pe& (%&chE6=+:
I #IA 'ROMOTER /%j%j Auto ICICI !OREI$ 'ROMOTER A**i%,4 A$ '&ude,ti%* COU TRY $e&(%,y USA I SURER /%j%j A**i%,4 Life I,su&%,ce ICICI BE/SITE b%j%j%**i%,42co2i, icicip&u*ife2co( MARDET S"ARE >2<= >2:<

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'&ude,ti%* Life "#!C S/I Adity% /i&*% $&oup TATA St%,d%&d Life C%&dif )%&( of / ' p%&ib%s+ Su, Life A(e&ic%, I,te&,%tio,%* M%A I,di% #%bu& I,di% Dot%C M%hi,d&% fi,%,ce Vysy% /%,C Re*i%,ce G%((u ? D%sh(i& b%,C S%h%&% I,di% Sh&i&%( $ove&,(e,t of I,di% $&oup e. Yo&C *ife Aviv% '*c O*d Mutu%* '*c I $ $&oup A(p S%,(%& Met *ife i,su&%,ce o,e S%,*%( o,e ethe&*%,ds Aust&%*i% USA I,di% S2A I,di% USA USA Aust&%*i% UD C%,%d% C%,%d% USA I,su&%,ce "#!C St%,d%&d Life I,su&%,ce S/I Life I,su&%,ce /i&*% Su, Life I,su&%,ce T%t%EAI$ Life I,su&%,ce M%A e. Yo&C *ife i,su&%,ce Aviv% Life M%A,e.yo&C*ife2 co( %viv%i,di%2co( 528 525 525 hdfci,su&%,ce2co ( sbi*ife2co2i, bi&*%su,*ife2co( t%t%F%i32co( 827 82: 527 52:

I,su&%,ce Dot%C M%hi,d&% O(Cot%C(%hi,d O*d Mutu%* !u,ds I $Vysy% Life I,su&%,ce Re*i%,ce *ife i,su&%,ce Met *ife S%h%&% I,di% S&i&%( *ife i,su&%,ce Life i,su&%,ce co&po&%tio, )LIC+ &%2co( i,3vysy%*ife2co( Re*i%,cei,di%2co ( Met*ifei,di%2co( S%h%&% I,di% S&i&%(*ife2co( Lici,di%2co(

629 62< 62; 625 626 >52;

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Lite&%tu&e Revie.: The project report on A study on customer awareness to enhance market share of Bajaj Allianz nit !ink "nsurance #lan$ in %u&li' " throu(h under took the project &y the help of BA)A) A!!"A*+ !ife "nsurance !td' Sales team mana(er Chandru' A',allana(oudar

/ody of the Repo&t6 #rimary data was collected &y administration Duestionnaire of -44 customers' The Duestionnaire was specially framed to meet the reDuirement of the sur.ey and the followin( details' Airect contact was made with the respondents throu(h random sample to collect the needful information with reference to our o&jecti.e as per to meet the sur.ey reDuirement'

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I,te&vie. tech,i@ue: Airect personal inter.iew was conducted throu(hout project usin( direct structured and self7administrati.e Duestionnaire'

Co,c*usio, ? Reco((e,d%tio,: Analysis was &ased on the result of the research conducted and the recommendations are &ased on the analysis'

Li(it%tio, : The major limitation of the project was time frame' STATEME T O! T"E 'RO/LEM HA study o, custo(e& %.%&e,ess to e,h%,ce (%&Cet sh%&e of /%j%j A**i%,4 U,it Li,Ced I,su&%,ce '&oductsI2

M%,%3e(e,t '&ob*e(6 "n the project the mana(ement pro&lem is the !"#Hs is new in the market @ the lot of people are donHt know a&out the !"#Hs the mana(ement wants the impro.e market share of !"#Hs'

Adv%,t%3es of i,vesti,3 i, ULI':

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!"#s ha.e &een sellin( like pro.er&ial Ihot cakes= in the recent past and they are likely to continue to outsell their plain .anilla counterparts (oin( ahead' So what is it that makes !"#s so attracti.e to the indi.idual is5 as follows

-'I,su&%ce cove& p*us s%vi,3s6

!"# ser.e the purpose of pro.idin( life insurance

com&ined with sa.in(s at market7linked returns' To that e2tent5 !"#s can &e termed as a two7in7one plan in terms of (i.in( an indi.idual the twin &enefits of life insurance plus sa.in(s' This is unlike compara&le instruments like a mutual fund for instance5 which does not offer a life co.er'

/'Mu*tip*e i,vest(e,t optio,s6

!"# offer a lot more .ariety than traditional life !"#s

insurance plans' So there are multiple options at the indi.idual=s disposal' ' (enerally come in three &road .ariants6 A((ressi.e de&tC

!"#s Fwhich can typically in.est 94E7-44E in eDuities5 &alance in

Balanced !"#s Fcan typically in.est around 14E7;4E in eDuitiesC Conser.ati.e !"#s Fcan typically in.est up to /4E in eDuitiesC

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Althou(h this is how the

!"# options are (enerally desi(ned5 the e2act de&tJeDuity

allocations may .ary across insurance companies' "ndi.iduals can opt for a .ariant &ased on their risk profile' >or e2ample5 a 047Kr old indi.idual lookin( at &uyin( a life insurance plan that also helps him &uild a corpus for retirement can consider in.estin( in the Balanced or e.en the A((ressi.e !"#' !ikewise5 a risk7a.erse indi.idual who is not

comforta&le with a hi(h eDuity allocation can opt for the Conser.ati.e !"#' 02!*eAibi*ity Mutual >unds also offer hy&ridJ&alanced schemes that allow an indi.idual to select a plan accordin( to his risk profile' The difference lies in the fle2i&ility that !"#s afford the

indi.idual' "ndi.iduals can switch &etween the !"# .ariants outlined a&o.e to capitalize on in.estment opportunities across the eDuity and de&t markets' Some insurance companies allow a certain num&er of Ifree= switches' This is an important feature that allows the informed indi.idualJin.estor to &enefit from the .a(aries of stockJde&t markets' >or instance5 when stock markets were on the &rink of <5444 points FSense2C5 the informed in.estor could ha.e shifted his assets from an A((ressi.e risk Conser.ati.e !"#' Switchin( also helps indi.iduals on another front' They can shift from an A((ressi.e to a Balanced or a Conser.ati.e !"# as they approach retirement' This is a reflection of the !"# to a low7

chan(e in their risk appetite5 as they (row older' 1' Bo&Cs *iCe %, SI'6 ?upee cost7a.era(in( is another important &enefit associated with !"#s' :ith an S"#5 indi.iduals in.est their monies re(ularly o.er time inter.als of a monthJDuarter and don=t ha.e to worry a&out Itimin(= the stock markets' As a matter of

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fact5 e.en the annual premium in a !"# works on the rupee cost7a.era(in( principle' An added &enefit with !"#s is that indi.iduals can also in.est a one7time amount in the

!"# either to &enefit from opportunities in the stock markets or if they ha.e an in.esti&le surplus in a particular year that they wish to put aside for the future' The chart &elow shows how !"# can meet multiple needs at different life sta(es' I,te3&%ted !i,%,ci%* '*%,,i,3 St%&ti,3 % job1 Si,3*e i,dividu%* You& eed !ow protection5 Rece,t*y (%&&ied1 ,o Cids ?easona&le M%&&ied1 .ith Cids %i(her protection5 still hi(h on asset creation &ut steadier options5 increase sa.in(s for child !*eAibi*ity Choose low death "ncrease death &enefit5 choose (rowthJ&alanced option for asset creation &enefit5 choose (rowthJ&alanced option for asset creation "ncrease death &enefit5 choose &alanced option for asset creation' Choose riders for enhanced protection' se top7 ups to increase

hi(h asset creation protection5 still and accumulation hi(h on asset creation

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your accumulation

Dids 3oi,3 to schoo*1 co**e3e %i(her #rotection5 hi(h on asset creation &ut steadier options5 liDuidity for education e2penses

"i3he& studies fo& chi*d1 (%&&i%3e !ump sum money for education5 marria(e' >acility to stop premium for /70 yrs for these e2tra e2penses

Chi*d&e, i,depe,de,t1 ,e%&i,3 the 3o*de, ye%&s Safe accumulation for the (olden yrs'Considera&ly lower life insurance as the dependencies ha.e decreased

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:ithdrawal from

:ithdrawal from the account

Aecrease the death &enefit7 reduce it to the minimum possi&le' Choose the income

the account for the for hi(her educationJmarria(e education e2penses e2penses of the child' #remium of the child

holiday7to stop premium for a in.estment option' Top7ups form period without lapsin( the policy the accumulation Fwith reduced e2pensesC for the (olden yrs cash accumulation

Because of their fle2i&ility to adjust to different life sta(e needs5 with financial plannin( efforts'

!"#s fit in .ery well

Li(it%tio,:
-' "t is prudent to make eDuity7oriented in.estments &ased on an esta&lished track record of at least three years o.er different market cycles' !"#s may not fulfill this criterion in near future'

/' "nsurance and sa.in(s are two different (oals and it is &etter to address them separately rather than &undle them into a sin(le product' A com&ination of a term plan and a mutual

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fund could (i.e &etter results o.er the lon( term'

0'The free hand (i.en to !"#s mi(ht pro.e risky if the timin( of e2it happens to coincide with a &earish market phase5 &ecause of the inherently hi(h eDuity component of these schemes'

1' An initial allocation char(e is deducted from in.estor premiums for sellin(5 marketin( and &roker commissions' These char(es could &e as hi(h as ;8 per cent of the first year premiums' #remium allocation char(es are usually .ery hi(h F87;8 per centC in the first couple of years5 &ut taper off later' The hi(h initial char(es mainly (o towards fundin( a(ent commissions5 which could &e as hi(h as 14 per cent of the initial premium as per "?AA re(ulations'

The char(es are hi(her for a linked plan than a non7linked plan5 as the former reDuire lot more ser.icin( than the latter5 such as re(ular disclosure of in.estments5 switches5 re7 direction of premiums5 withdrawals5 and so on' "nsurance companies ha.e the discretion to structure their e2penses structure whereas a mutual fund does not ha.e that lu2ury' The e2pense ratios in their case cannot e2ceed /'8 per cent for an eDuity plan and /'/8 per cent for a de&t plan respecti.ely' The lack of re(ulation on the e2pense front works to the detriment of in.estors in !"#s'

8' The front7loadin( of char(es does ha.e an impact on o.erall returns as in.estors lose out on the compoundin( &enefit' "nsurance companies e2plain that char(es (et e.ened

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out o.er a lon( term' Thus in.estors are forced to stay with the plan for a lon(er tenure to e.en out the effect of initial char(es as the shorter the tenure5 the lower will &e the in.estor real returns'

;' "n effect5 when in.estor lock in their money in a

!"#5 despite the promise of

fle2i&ility and liDuidity5 in.estor will stuck with one fund mana(ement style' This is all the more reason to look for an esta&lished track record &efore committin( in.estor hard7 earned money'

<' "n.estor life co.er char(es would depend on the accumulation in in.estor in.estment account' As accumulation increases5 the amount at risk for the insurance company decreases' %owe.er5 with increasin( a(e5 the cost per ?s -5444 sum assured increases5 effecti.ely increasin( policy holder o.erall insurance costs'

9' "t would deal with the fact that e2penses on !"#s were on the hi(her side in the initial years and thereforeG the e2it option would hardly pro.e to &e &eneficial for the in.estors'

3'

!"# face tou(h competition from mutual funds5 which are short7term instruments' !"#s as attracti.e &ut &ecause of the hi(h front7end

%ence5 a liDuidity option makes

char(es on policy5 in.estor may not &e left with much to withdraw at the end of 0 years'

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Scope of the study: The research was undertaken to (ather information from the respondent to know e2actly how many people aware of !"#s in %u&li city and the study is restricted within the city'

The reason for confinin( the scope of the research in %u&li were' /C One of the fast (rowin( city in ,arnataka and represents hu(e market for scope with more than 34 lakhs people' 0C %u&li is one of the commercial areas ' 1C "t is a place where the small and lar(e industries are located 'with the more increase population and there style more people are conscious a&out the their li.es'

Objectives: -' To study the awareness le.el of Bajaj Allianz !"#s with .iew to recommend measure to impro.e market share' /' To find .ital communication media' 0' To know the factors that influence in.estors while takin( in.estment decisions'

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1' To find potential market for !"#s'

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52 OR$A ISATIO 'RO!ILE:

/%j%j $&oup

A STRO $ I #IA /RA #E "AMARA /AGAG One of the !ar(est / @ 0 wheeler manufacturer in the world ' /- million L .ehicles on the roads across the (lo&e mana(in( funds of o.er ?s8/44crore

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Bajaj Auto finance one of the lar(est auto finance companies in "ndia ?s8301cr turno.er and profits after ta2 of <0/cr in /441748

Bajaj (roup 5a ?s' 95444 crore (roup 5a household name in "ndia with a stron( &rand ima(e and &rand loyalty'

Bajaj Broup is synonymous with Duality and customer focus' Bajaj Auto is a ?s'15444 crore auto (iant' 1th lar(est in the world' %as o.er -85444 employees'

A**i%,4 $&oup

A**i%,4 $&oup is o,e of the .o&*dJs *e%di,3 i,su&e&s %,d fi,%,ci%* se&vices p&ovide&s

>ounded in -934 in Berlin5

Allianz is one of the leadin( (lo&al insurance companies headDuartered in Munich5 Bermany 2

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Esta&lished in -934 5more than --4 years of e2perience in insurance' Allianz has o.er <44 su&sidiaries and appro2imately -59-5444 employees worldwide'

Allianz (lo&al network e2tends to o.er <4 countries in6 o Europe ' o South and *orthern Americas' o Africa' o Middle East' o Asia #acific'

:orld lar(est insurance company &y re.enue 8/4080cr worldwide /nd (ross written premium 1<<304cr 0rd lar(est assets under mana(ementFA MC and lar(est insurance companies A M of ?s3831/44cr'

--th lar(est corporation in the world

84E (lo&al &usiness from life insurance close to ;4 million li.es insured (lo&ally' AllianzH shares are treated at the 8 leadin( international stock e2chan(es6 >rankfurt' !ondon ' #aris' +urich' *ew Kork' /<

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"nsurance to almost half of the >ortune 844 companies'

/%j%j A**i%,4 *ife I,su&%,ce

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Bajaj Allianz life Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise

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stability and stren!th.

Bajaj Allianz General Insurance received the Insurance "e!ulatory and #evelopment Authority $I"#A% certificate of "e!istration $"&% on 'ay (nd ())* to conduct General Insurance business $includin! +ealth Insurance business% in India. ,he Company has an authorized and paid up capital of "s **) crores. Bajaj Auto holds -./ and the remainin! (0/ is held by Allianz AG Germany.

Key Achievements in FY 2005-06 :

M *o'- #.t !ife "nsurer >K /44;74;' !eadin( &y ?s' <9 Cr' M *o'- #.t !ife "nsurer in ?etail Business' !eadin( &y ?s' 003 Cr'
1 2hoppin! !rowth of (*0/ for the 34 ())56)0 1 +ave sold over *& )) ))) policies to satisfied customers 1 Is bac7ed by a networ7 of 55) offices spannin! the country 1 Accelerated Growth Fiscal Year 200!-2002 "6mths# 2002-200% 200%-200* 200*-2005 2005-2006 No of policies sold in FY 2!$%&6 !$!5$)65 !$+6$**% 2$++$!+) &$+!$6+5 GW in FY

's & cr( 's 6) cr( 's 22! cr( 's !002 cr( 's %!%* cr(

Assets under mana(ement ?s 050/1 cr' Shareholder capital &ase of ?s 844 cr'

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Co(p%,y pu,ch *i,e

Missio,:

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As a responsi&le customer focused market leader5 we will stri.e to understand the insurance needs of the consumers and translate it into afforda&le products that deli.er .alue for money'

Bhy /%j%j A**i%,4 Life I,su&%,ce: The Bajaj Allianz Aifference Business strate(y ali(ned to clientsH needs and trends in "ndian and (lo&al economy J industry' "nternationally e2perienced core team5 majority with local &ack(round' >ast5 decentralized decision7makin(' !on(7term commitment to market and clients'

Sh%&eho*de& i, /%j%j A**i%,4 *ife i,su&%,ce co(p%,y6 /%j%j Auto Li(ited Bajaj Auto !imited is the lar(est manufacturer of two and three Nwheelers in "ndia and also one of the lar(est manufacturers in the world' Bajaj Auto has &een in operation for o.er 88 years' As a promoter of Bajaj Allianz Beneral "nsurance Company !td'5 Bajaj Auto has the followin( to offer' Oast distri&ution network' ,nowled(e of "ndian consumers' >inancial stren(th and sta&ility to support the insurance &usiness'

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C"A

EL 'ART ERS
Bancassurance 8anta!e

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*"T !"*,EA "*S ?A*CE #!A* O? MA?,ET !"*,EA


"*S ?A*CE #!A* F !"#C'

INTRODUCTION TO ULIP !"# came into play in the -3;4s and &ecame .ery popular in :estern Europe and Americas' The reason that is attri&uted to the wide spread popularity of !"# is &ecause of the transparency and the fle2i&ility which it offers' As times pro(ressed the plans were also successfully mapped alon( with life insurance need to retirement plannin(' "n todayHs times5 !"# pro.ides solutions for insurance plannin(5 financial needs5 financial plannin( for childrenHs future and retirement plannin(' >eatures of !"# distin(uish

itself throu(h the multiple &enefits that it pro.ides to the consumer' The plan is a one7 stop solution pro.idin(6 !ife protectionP "n.estment and Sa.in(sP >le2i&ility7 Adjusta&le !ife Co.er7 "n.estment OptionsP TransparencyP Options to take additional co.er a(ainst7 Aeath due to accident7 Aisa&ility7 Critical "llness7 Sur(eriesP !iDuidity'

!"# distin(uishes itself throu(h the multiple &enefits it pro.ides to the policyholders' These plans are desi(ned with a .iew to help the customers to utilize the market opportunities &y in.estin( in the share market5 capital market and at the same time ha.e the facility of Aeath Benefit and Maturity Benefit'

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Me%,i,3 "t is a plan5 which pro.ides !ife "nsurance5 and here policy .alue at any time .aries accordin( to the .alue of the underlyin( asset at that time2 "t is a plan that pro.ides the client with the &enefit of protection and fle2i&ility' An !"# plan works as a one7stop ad.anta(e for the policyholder' "t (i.es the

policyholder a wholesome ad.anta(e of inte(rated financial plannin('

STRUCTURE O! ULI': E !"#

CO*T?"B T"O* T"O* CO*T?"B

!ESS7 C%A?BES !ESS7 C%A?BES

"*OESTME*T "*OESTME*T ?E#?ESE*TEA AS ?E#?ESE*TEA AS *AO *AO

!">E COOE? !">E COOE?

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*AO CO*CE#T "t e2hi&its the .alue For the priceC that one has for his in.estment or one will ha.e to pay for his in.estment' As5 the in.estment made &y different people are different5 the .alue For the priceC is the e2pressed in per unit terms' "t helps in knowin( the .alue of "nsurance at any point of time' Technical Calculation of *AO6 7

*"T Oalue Q FTotal market Oalue of all assets in.ested less e2penses related to "n.estment mana(ement J Total no' of outstandin( unitsC >actors affectin( *AO6 Market Oalue of in.estment portfolio5 *um&er of "ncome' E26 "f /5445444 J7 has &een accumulated in the eDuity fund and the no' of units issued is -45444 J7 then the *AO of the eDuity fund is6 7 /5445444 J -45444 Q ?s /4 J 7 As the eDuity market de.elop the fund (rows from /5445444 J 7 to //45444J7 *ow the *AO Q /5/45444 J -45444 Q ?s // J 7 "f amon( these -45444 units the policyholder has 8444 units then the .alue of in.estment as of now is ?s -5-45444' Thus a unit linked plan actually tells5 what is the .alue of the fund nits5 E2penses and "n.estment

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'/ASIC !EATURES O! ULI'

-' !ife protection /' "n.estment and sa.in(s 0' >le2i&ility 1' Transparency 8' Added Benefits aC Aeath due to accident &C Any kind of disa&ility cC Critical illness dC Sur(eries ;' !iDuidity <' Ta2 #lannin( 9' Adjusta&le !ife Co.er 3' 7 "n.estment Options

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5+ LI!E 'ROTECTIO

Start a Family

Children Establishi ng Career Retiremen t Time

Start Working

The (raph shows the .arious needs of the customer at different point of time5 indi.iduals needs differ and his need for life protection fluctuates' the .aryin( needs of the customer decrease the death &enefit' "t is usually multiple of the contri&ution &ein( paid5 which ensure that the contri&ution is adeDuate enou(h to pro.ide life protection' And is also a&le to maintain a sem &alance &etween protection and sa.in(s' !"# satisfies pro.idin( him with more and more

protection as and when he reDuires5 &y allowin( the policyholder to increase or

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8+ I VESTME TS A # SAVI $S

!"# pro.ides the client with option of in.estin( as per his risk appetite and (ets returns accordin(ly' These .arious options a.aila&le for an indi.idual to make in.estment in comparati.ely hi(h risks instruments and (et hi(h returns' Below shown is a (raph illustratin( the .arious in.estment options for a client'

Equity funds Balance d funds Short term debt funds Debt funds

?isk

E2ample -6 %ere are four types of funds in which a client can in.est' "n each case the risk (oes on increasin( with the type of fund' The client has an option to shift as the risk and return orientation chan(es FSwitchC'

:+ !LEXI/ILITY

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The client has an option to choose the amount of sum assured and the premium amount he is capa&le of payin(' "n case of certain plans of allowed to choose the premium' E(6 !ifetime and !ifetime " the client has a fle2i&ility to decide the life co.er accordin( to his financial needs5 independent of premium selected' !"# the client is

>ollowin( points enumerate the fle2i&ility feature of !"#

%+ I,c&e%se i, de%th be,efit2 As life cycle chan(es of a client he passes throu(h .arious risks and responsi&ilities' %e can increase or decrease the death &enefit accordin(ly' b+ #ec&e%se i, de%th be,efit2 "f the client is una&le to pay the same amount of premium he can decrease the death &enefit with certain conditions applyin( accordin( to the particular plans' c+ '&e(iu( ho*id%y After payin( the premium re(ularly for 0 years from the startin( date of the policy the client can take a premium holiday if he is una&le to pay a particular premium due' On returnin( from the premium holiday the client can pay the pre.ious premiums if he desires or continue from that date' d+ Choice of fu,d2

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There are four kinds of funds a.aila&le for a client of or in.est in all four dependin( on his risk tolerance' #lan Ma2imiser FBrowthC #lan o&jecti.e %i(h (rowth capital o.er a lon( terms ?isk and %i(h

!"#' %e has an

option to switch &etween these four funds' %e can either choose only one

"n.estment pattern EDuity and eDuity related securities6 Ma2 34E5 -4E EDuity 14E5 Ae&t5 money market and cash6 Min

appreciation

Balancer F&alancedC

Balance

of

capital A.era(e and

and Ae&t5

eDuity money

appreciation lon( terms

related securities6 Ma2 market and cash6 Min

study returns o.er a

#reser.er

EDual capital and

&alance study

of !ow

;4E Ae&t instrument6 Ma2 84E Money market and

appreciation returns

#rotector F"ncomeC

o.er a lon( term cash6 Min 84E Study returns o.er a Moderate Ae&t instrument6 Ma2 lon( term' -44E Money market and cash6 Ma2 /8E

eC S.itch bet.ee, the fu,ds The policyholder has a choice two reallocate the premium paid &y him on e.ery premium policy anni.ersary' %e can switch &etween the a&o.e four funds to a.ail the ad.anta(es of market fluctuations' f+ Top ups

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Some times the client may ha.e surplus amount after his e2penses'

!"#

allows him to sa.e that amount &y in.estin( in the insurance he can a.ail the &enefit of top up &y payin( e2tra premium5 which will &e in.ested in the share market &y the insurer company' The client (ets e2pert fund mana(ement' The policyholder is allowed to do as many top ups in the tenure of plan' 3+ '&e(iu( &edi&ectio, The policyholder is allowed to reallocate the premium paid each time to different fund structure' Thus whene.er the premium is due FAs per the premium payment modeC5 he can redirect the current premium into different asset allocations than the pre.ious time' This helps the policyholder to optimize the funds in accordance to market with out usin( the switch option' e+ Assi3,(e,t optio, The policyholder can assi(n the policy to any of the nominees or any &ank in case he has taken a loan on the title of the policy' client to the e2tent of premium paid' 1C T&%,sp%&e,cy !"# products are transparent in terms of5 the policyholder is aware of where his contri&ution is &ein( allocated' The policyholder is aware of the .arious char(es char(ed to him' The Oarious char(es of the !"# are6 7 aC Contri&ution related Char(es7 ?unnin( e2penses of the policy &C Administrati.e Char(es7 "ssuance cost5 distri&ution costs etc nfortunately if somethin( happens to the policyholder then the insurer will repay the loan taken &y the

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cC >und Mana(ement >ee7 cost of &ein( and sellin( the .arious financial instruments for .arious funds' dC Mortality Char(es6 cost of pro.idin( life protection' eC ?ider char(es6 cost of other protection char(es' fC Surrender char(es6 cost to co.er initial e2penses' (C Bid offer char(es6 difference &etween the offer price of units and the sellin( price i'e' &id price of units' "t co.ers the cost of sellin( the policy' hC Transaction specific char(es6 cost of chan(in( funds5 topin( up the in.estment component or withdrawals Aaily *AO6 A feature that lets us know on a daily &ases5 how the money in insurance plan is (rowin(' <+ A##E# /E E!ITS To (et e2tra protection attachments' a' Aeath due to accident FAAB?C &' Aisa&ility FAB?C c' Critical "llness FC"B?C d' Sur(eries FMSA?C F*ow discontinuedC =+ LI-UI#ITY The feature makes !"# a marketa&le plan' The policyholder has an option of !"# pro.ides the policyholder the ad.anta(e of rider

withdrawals in case if need arises' !"# pro.ides easy access to the money as and when the policyholder may reDuires' There are two types of withdrawal options' aC #artial &C complete The .alue of withdrawal reduces the death &enefit &y same amount' This facility can &e a.ail only after three full premium payment years are completed' The minimum worth of this units and a ma2imum where in at least ?s' -4444J7 worth units remain in all the funds put to(ether'

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>+ TAX 'LA

I $ !"# that moti.es the policyholder to in.est in the

This is another feature of

insurance plans' They usually in.est to a.ail the ta2 &enefit' ?e(ulation in "ndia allows ta2 &enefits in the contri&ution paid under section 995 contri&ution paid for health riders critical illness and major sur(ical is allowed ta2 &enefits under section 94A5 as per the pre.ailin( ta2 laws' Maturity &enefits are ta2 free under section -4F-4C A5 pro.ided life come is at least 8 times of the annual contri&ution paid' Aeath &enefit is ta2 free under section -4F-4C d' :ith so many ta2 &enefits a.aila&le in one instrument intelli(ent ta27plannin( tool' Bo&Ci,3 of % ULI' '*%, ife rime regular !remium ife rime regular !remium "llocated "llocated !remium !remium !art of the !remium !art of the !remium to#ards the $olicy to#ards the $olicy E%$enses E%$enses 'nsurance 'nsurance Charges Charges This goes This goes to the to the !rotection !rotection a(c to a(c to $ro)ide $ro)ide against against the *D the *D Effect Effect !"# tends to &e an

"llotment of &nits "llotment of &nits

+arious +arious 'n)estment 'n)estment ,$tionsFacility ,$tionsFacility of #ithdra#als of #ithdra#als and in)esting and in)esting back in the back in the 'n)estment 'n)estment

&nits that build u$ the &nits that build u$ the in)estment )alue in)estment )alue

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>or E2ample A client put in re(ular contri&ution of ?s'/45 444 J7' >rom this amount a E is deducted as contri&ution' Therefore if the contri&ution related e2pense is 14E 7 ?s'9444J7 will &e deducted as contri&ution char(es' The amount that is now a.aila&le is ?s'/444479444Q-/444J7 *ow5 if the client who is a.aila&le is a(ed 04 years were to take a life co.er of 8445444J7 then mortality F-'84J7 per thousand at the a(e of 04C char(e of <84 J7 will &e deducted' This amount will pro.ide life co.er to the policy' The remainin( amount of N--/84J7 will &e in.ested in any one of them or all of them' The "n.estment is shown in terms of units' Thus if client in.ests in de&t fund and the *AO of the de&t fund is ?s' -8J7Fmarket priceC then the no' of units that the client will (et is --5/84J-8Q<84' >or this in.estment7fund mana(ement fee will &e char(ed and the char(es for maintainin( the policy an administrati.e char(e are le.ied'

A&e ULI's si(i*%& to (utu%* fu,dsK2 "n structure5 yesG in o&jecti.e5 no' Because of the hi(h first7year char(es5 mutual funds are a &etter option if you ha.e a fi.e7year horizon' But if you ha.e a horizon of -4 years or more 5 then !"#s ha.e an ed(e'

To e2plain this further a !"# has hi(h first Nyear char(es towards acDuisition Fincludin( a(ents commissionsC' As a result5 they find it difficult to outperform mutual funds in the fi.e years' But in the lon( term5 !"# mana(ers ha.e ad.anta(es o.er mutual funds mana(ers' Since policyholder premium come at re(ular inter.als5 in.estments can &e planned out more e.enly'

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Mutual fund mana(ers cannot take a similar lon( term .iew &ecause they ha.e &ulk in.estors who can mo.e money in and out of schemes at short notice' Bhich is bette&1 u,itE*i,Ced o& LT&%ditio,%* p*%,0K The two stron( ar(uments in fa.or of unit7linked plans are that Nthe in.estor knows e2actly what is happenin( to his money and two 5it allows the in.estor to choose the assets into which he wants his funds in.ested' A traditional Rwith profits5H on the other hands5 is a &lack &o2 and a policyholder has little knowled(e of what is happenin(' An in.estor in a !"# knows how much he is payin( towards mortality5 mana(ement and administration char(es' %e also knows where the insurance company has in.ested the money' The in.estor (ets e2actly the same returns that the fund earns5 &ut he also &ears the in.estment risk' The transparency makes the product more competiti.e 'So if you are willin( to &are the in.estment risk in order to (enerate a hi(her return on your retirement funds5 !"#s are for you' Traditional Rwith profitsH policies too in.est in the market and (enerate the same ?eturns pre.ailin( in the marker' But here the insurance company e.ens out returns to ensure that policyholders do not lose money in a &ad year' "n that sense they are safer' !"#s also offer fle2i&ility' >or instance5 a policyholder can ask the insurance Company to liDuidate units in his account to meet the mortality char(es if he is una&le to pay any premium installment' This eats into his sa.in(s5 &ut ensures that the policy will continue to co.er his life'

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Bhy do i,su&e&s p&efe& ULI'sK "nsurers lo.e !"#s for se.eral reasons' Most important of all5 insurers can sell these policies with less capital of their own than what would &e reDuired if they sold traditional policies' "n traditional Rwith profitsH policies5 the insurance company &ears the in.estment risk to the e2tent of the assured amount '"n !"#s5 the policyholder &ears most of the in.estment risk' Since !"#s are de.ised to mo&ilize sa.in(s5 they (i.e insurance companies an opportunity to (et a lar(e chunk of the asset mana(ement &usiness5 which has &een traditionally dominated &y mutual funds' A&e u,itE*i,Ced i,su&%,ce p*%,s 3oodK Most insurers in the year /441 ha.e started offerin( at least a few unit7linked plans ' nit7linked life insurance products are those where the &enefits are e2pressed in terms of num&er of units and unit price' They can &e .iewed as a com&ination of insurance and mutual funds' The num&er of units that a customer would (et would depend on the unit price when he pays his premium' The daily unit price is &ased on the market .alue of the underlyin( assets FeDuities5 &onds5 (o.ernment securities5 etcC and computed from the net asset .alue' The ad.anta(e of unit Nlinked plans is that they arte simple5 clear5 and easy to understand' Bein( transparent the policyholder (ets the entire upside on the

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performance of his fund 'Besides all the ad.anta(es they offer to the customers5 unit7 linked plans also lead to an efficient utilization of capital' nit Nlinked products are e2empted from ta2 and they pro.ide life insurance' "n.estor welcome these products as they pro.ide capital appreciation e.en as the yields on (o.ernment securities ha.e fallen &elow ; percent 5 which has made the insurers slash payouts' Accordin( to the "?AA5 a company offerin( unit7linked plans must (i.e the in.estor an option to choose amon( de&t5 &alanced and eDuity funds' "f you opt for a unit7linked endowment policy5 you can choose to in.est your premiums in de&t5 &alanced or eDuity plans' "f you choose a de&t plan5 the majority of your premiums will (et in.ested in de&t securities like (ilts and &onds' "f you choose eDuity5 then a major portion of your premiums will &e in.ested in the eDuity market' The plan you choose would depend on your risk profile and your in.estment needs' The ideal time to &uy a unit7linked plan is when one can e2pect lon( term (rowth ahead ' This is especially so if one also &elie.es that current market .alues Fstock .aluations C are relati.ely low' So if you are optin( for a plan that in.ests primarily in eDuity 5 the &uzzin( market could lead to windfall returns' %owe.er 5 should the &uzz die down 5 in.estors could &e left stun(' "f one in.ests in a unit7linked pension plan early on 5 say when one is /85 one can afford to take the risk associated with eDuities 5 at least in the planHs initial sta(es' %owe.er 5as one approaches retirement the Duantum of returns should &e su&ordinated to

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capital preser.ation' At this sta(e 5 in.estin( in plan that has an eDuity tilt may not &e a (ood idea' Considerin( that unit7linked plans are relati.ely new launches5 their short history does not permit an assessment of how they will perform in different phases of the stock market' E.en if one .iews insurance as a lon( term commitment5 in.estments &ased on performance o.er such a short time span may not &e appropriate'

A**i%,4 /%j%j *%u,ches its fi&st u,it *i,Ced po*icy' Allianz Bajaj !ife "nsurance Company has launched nit Bain 5 the companyHs first unit linked policy' nit Bain allows customers to com&ine the &enefits of life insurance with hi(her in.estment returns from eDuity and de&t markets' nit Bain was launched with a choice of four funds to the customer7 eDuity5 de&t5 &alanced and cash funds' The cash funds comes with the (uarantee that the .alue of units in the fund will not (o down' nit Bain is one of the most fle2i&le unit linked plans in the market5 and allows the customer to chan(e the sum assured durin( the term of the policy to match their chan(in( life insurance reDuirements' Also the plan offers a premium holiday feature5 where the policy is kept in7force e.en when premiums are not paid as lon( as there are enou(h units to co.er char(es' The policy pro.ides customers fle2i&ility in payin( additional premium throu(h sin(le premium top7ups5 as well as in increasin( the le.el of re(ular premium in later years Falon( with increase in incomeC' "n addition5 the facility of cash withdrawals allows the Bajaj Allianz !"#HS products'

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/%j%j A**i%,4 ULI'0S p&oducts: -C U,it $%i, Re3u*%& '&e(iu(: The Bajaj Allianz unit comes with a host of features to allow you to ha.e the &est of all words Nprotection and in.estment with fle2i&ility like ne.er &efore' So(e of the fe%tu&es of this p*%, %&e: Buaranteed death &enefits' Choice of ; in.estment funds with fle2i&le in.estment mana(ement you can chan(e funds at any time' Attracti.e in.estment alternati.e to fi2ed in.estment securities' #ro.ision for fullJpartial withdrawal any time after 0 full years premiums are paid' nmatched fle2i&ility Nto match tour char(in( needs'

"o. does the p*%, .o&C: The premiums paid are in.ested in fundJfunds of your choice Fdependin( on the allocation rateC @unit are allocated dependin( on the price of units for the fundJfunds' The .alue of your policy is the .alue of units that you hold in the fundJfunds' The insurance co.er char(es are deducted throu(h monthly cancellation of units ' The funds administration char(e and fund mana(ement char(e are priced in the unit .alue' Minimum sum assuredQ 8 times the annual premium' Ma2imum sum assured Qy times the annual premium where y will &e as per the followin( ta&le'

BABASAB #AT"!

84

A3e $&oup Y

6E:6 58<

:5E:< 56<

:=E;6 ><

;5E;< <<

;=E<< :6

<=E=6 86

"mportant details of H/%j%j %**i%,4 u,it 3%i, R'I p*%, Minimum a(e at entry6 4Frisk commences at a(e <5 and ceases after a(e <4C Ma2imum a(e at entry 6;4 The minimum a(e at entry for all additional &enefits is -9 years' The ma2imum a(e at entry for all additional &enefits is 84 years' All additional &enefits are a.aila&le till a(e ;8' 8+ U,it $%i, Si,3*e '&e(iu(: The &ajaj allianz unit (ain S# comes with a host of features to allow you to ha.e the &est of all worlds7 protection and in.estment with fle2i&ility like ne.er &efore' So(e of the fe%tu&e of this p*%, %&e Con.enient sin(le premium payment5 with option to pay top7ups later' -44E of the sin(le premiumJtop ups are allocated' Buaranteed death &enefits' Choice of ; in.estment funds with fle2i&le in.estment mana(ement you can with &etween funds at any time ' Attracti.e in.estment alternati.e to fi2ed interest securities' #ro.ision for fullJpartial withdrawal any time after the sin(le premium is paid' nmatched fle2i&ility N to match your chan(in( needs'

BABASAB #AT"!

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"o. does the p*%, .o&CsK -44E of the sin(le premium is in.ested in a fundJfunds' The .alue of your choice and unit are allocated dependin( on the price of units for the fundJfunds the .alue of your policy is the total .alue of units that you hold in the fundJfunds ' The insurance co.er chan(es are deducted throu(h monthly cancellation of units' The funds administration char(e and fund mana(ement char(e are pried in the unit .alue' Minimum sum assured Q-'4- times the sin(le premium' Ma2imum sum assures Qy times the sin(le premium where y will &e as per the followin( ta&le' A3e $&oup Y 6E:6 ;< :5E:< ;6 :=E;6 8< ;5E;< 5< ;=E=6 < =5E=> 5265

I(po&t%,t det%i*s of the H/%j%j %**i%,4 u,it 3%i, S'I p*%,:E Minimum a(e at entry 64Frisk commences at a(e <5 and ceases after a(e <4C Ma2imum a(e at entry 6;< Minimum sin(le premium 6?s '/8444' Minimum top7up 6?s -4444'

:+ U,it $%i, '*us Re3u*%& '*%,: The Bajaj allianz unit (ain plus ?# comes with a host of features to allow you to ha.e the &est of all words N protection and in.estment with fle2i&ility like ne.er &efore' BABASAB #AT"! 8/

So(e of the Cey fe%tu&e of this p*%, %&e Buaranteed death &enefit' Choice of si2 in.estment funds with fle2i&le in.estment mana(ement you can chan(e funds at any time ' Attracti.e in.estment alternati.e to fi2ed Ninterest securities' #ro.ision for fullJpartial withdrawals any time after 0 full years premium are paid nmatched fle2i&ility Nto match chan(in( needs'

"o. does the p*%, .o&CK The premium paid are in.ested in a fund or funds of your choice Fdependin( on the allocation rateC and units are allocated dependin( on the price of the units for the fund or funds' The insurance co.er and administration char(es are deducted throu(h cancellation of units' The fund mana(ement char(e is prices in the unit .alue' Minimum sum assured Q 8 times the annual premium' Ma2imum sum assured Q y times the annual premium where y will &e as per the followin( ta&le'

A(e Broup K

4704 -/8

0-708 34

0;714 ;4

1-718 14

1;788 /4

8;7;4 -8

Important details of the /%j%j A**i%,4 U,it $%i, '*us R' plan Minimum a(e at entry 64F?isk commences at a(e < and ceases after a(e <4C

BABASAB #AT"!

80

Ma2imum a(e at entry 6;4 Minimum a(e at entry for all additional &enefits is -9 years' The ma2imum a(e at entry for additional &enefits is 84 years' A** additional &enefits are a.aila&le till a(e ;8'

;+ U,it $%i, '*us Si,3*e '&e(iu( '*%,: The &ajaj allianz unit (ain plus Sp comes with a host of feature to allow you to ha.e the &est of all words N protection and in.estment with fle2i&ility like ne.er &efore' So(e of the Cey fe%tu&e of this p*%, %&e Con.enient sin(le premium payment5 with option to pay top7ups later' 39E of the sin(le or top7ups are allocated' Buaranteed death &enefit' Choice of fi.e in.estment funds with fle2i&le in.estment mana(ement you can chan(e funds at any time' Attracti.e in.estment alternati.e to fi2ed Ninterest securities' nmatched fle2i&ility N to match your chan(in( needs'

#ro.ision for full or partial withdrawal any time after the sin(le premium is paid'

"o. does the p*%, .o&Cs K 39E of the sin(le premium is in.ested in a funds or funds of your choice and units allocated dependin( on the price of units for the fund or funds ' The .alue of your policy is the total .alue of units that you hold in the fund or funds' The insurance

BABASAB #AT"!

81

co.er and fund administration char(es are deducted throu(h cancellation of units' The funds mana(ement char(e is priced in the unit .alue' Minimum assured Q-'4- times the sin(le premium' Ma2imum sum assured Q y times the sin(le premium where y will &e as the followin( ta&le' A3e $&oup Y 6E:6 ;< :5E:< :< :=E;6 86 ;5E;< 56 ;=E=6 < =5E=7 52<

"mportant details of the H/%j%j A**i%,4 U,it $%i, '*us S'I #lan Minimum a(e at entry 64F?isk commence at a(e <5and ceases after a(e <4C Ma2imum a(e at entry 6;3 Minimum sin(le premium 6?s' /8444' Minimum top7up 6?s '8444'

<+U,it $%i, Life 'e,sio, p*%,: :ith Bajaj Allianz 5you can take control of your future and ensure a retirement you can look forward to' This plan has &een &e si(ned to take of your retirement and insurance needs5 there &y pro.idin( you with a comprehensi.e solution for life time' There are two packa(es choose from6

BABASAB #AT"!

88

-' /'

nit (ain life pension re(ular premium' nit (ain life pension sin(le premium'

Aefendin( on the amount of premium you want to pay5 you choose sum assure as per the condition (i.en &elow6 -' Minimum sum assured Q8 times annualJ-'4- times sin(le premium' /' ma2imum sum assured Qy times the annualJsin(le premium where y will &e as per the followin( ta&le6 A3e 3&oup Y fo& &e3u*%& p&e(iu( Y fo& &e3u*%& p&e(iu( ;< :< 86 56 < < 52< 59E:6 58< :5E:< 76 :=E;6 =6 ;5E;< ;6 ;=E<< 86 <<E=6 5< =5E=< 56

"o. does the /%j%j A**i%,4 U,it $%i, Life 'e,sio, '*%, Bo&CK The premium paid are in.ested in funds of your choice Fdependin( on the allocation rateC and unit are allocated dependin( on the price of unit for the fund or funds' The .alue of your policy is the total .alue of units that hold in the fund or funds' The insurance co.er and administration char(es are deducted throu(h cancellation of units' The fund mana(ement char(e is priced in the unit .alue' "mportant details of the H/%j%j A**i%,4 U,it $%i, Life 'e,sio,I #lan6

BABASAB #AT"!

8;

A3e of e,t&y #efe&(e,t pe&iod A3e %t vesti,3 =+ U,it $%i, E%sy 'e,sio, '*%,:

Mi,i(u( 59 < ;<

M%Ai(u( =< ;6 >6

:ith &ajaj allianz 5 you can take control of your future and ensure a retirement you can look for word to' There are two packa(es to choose form6 -' /' nit (ain easy pension re(ular premium' nit (ain easy pension sin(le premium'

"o. does the /%j%j A**i%,4 U,it $%i, E%sy 'e,sio, '*%, .o&CsK The premium paid are in.ested in a fundJfunds of your choice Fdependin( on the allocation rateC and units are allocated dependin( on the price of units for fundJfunds' The .alue of your policy is the total .alue of units that you hold in the fundJfunds' The administration are deducted throu(h cancellation of units' The fund mana(ement is priced in the unitHs .alue'

I(po&t%,t det%i*s of H/%j%j A**i%,4 U,it $%i, Life 'e,sio,I '*%,:

A3e of e,t&y #efe&(e,t pe&iod A3e %t vesti,3

Mi,i(u( 59 < ;<

M%Ai(u( =< ;6 >6

BABASAB #AT"!

8<

Ba.a. "llian/ ife 'nsurance "llian/ ife 'nsurance OR$A Ba.a. ISATIO C"ART 0rou$ and "lternate 0rou$ and "lternate Channel Channel

"gency Channel "gency Channel

Bancassurance Bancassurance

Branches Branches

Standard Chartered Bank Standard Chartered Bank

0rou$ Em$loyee Benefit 0rou$ Em$loyee Benefit

Satellite Satellite

Satellite Satellite

Bank Satellite 82OR$A ISATIO Syndicate C"ART /%j%j A**i%,4 Life I,su&%,ce Co(p%,y Centurion Bank Centurion Bank

Satellite

Syndicate Bank

Cor$orate "gency Cor$orate "gency

Franchisee Franchisee

Cosmos Bank Cosmos Bank

Brokers Brokers

1ankalyan Sahakari Bank 1ankalyan Sahakari Bank

BABASAB #AT"!
1i.amata Sahakari Co2o$ 1i.amata Sahakari Bank Co2o$ Bank

89

/AGAG ALLIA MMLI!E LI!E SURA CE CE /AGAG ALLIA I I SURA

C"A EL EL C"A

/A C C ASSURA CE CE /A ASSURA

COR'ORATE COR'ORATE

OR$A ISATIO C"ART O! T"E /RA C"


MO AL AL SE IOR IOR MA A$ER A$ER MO SE MA

/RA C" C" /RA

SATELLITE /RA C" C" SATELLITE /RA

SALES TAAM MA A$ER A$ER SALES TAAM MA BABASAB #AT"! SURA CE CE CO SULTATIVE SULTATIVE I I SURA CO 83

:2 SAM'LI $:

Samplin(6 we are taken random sample Sample size6 -44 consumers Sample unit6 collection of data was made from customer that is respondents

;2 RESEARC" #ESI$ : The research desi(n chosen was e2ploratory in nature as it in.ol.ed effecti.es study to determine the awareness of !"#s and its products since the population in %u&li city is .ery .ast' "t is difficult to carry out -44E with in a limited time period' %ence

BABASAB #AT"!

;4

sample sur.ey techniDue was adopted for the study' >ieldwork was carried out to collect the necessary data Fthrou(h schedule Duestions Jpersonal inter.iew C'

<2 #ATA COLLECTIO MET"O#S: %+ '&i(%&y d%t% : A structural inter.iew scheduleJ Duestionnaire was used as a tool for primary data collection from respondent' b+ Seco,d%&y d%t%: Books )ournals5 ma(azines and we&sites'

=2MEASURI $ TOOLS:

#%t% code sheet


SN,o 5 8 : ; < = > 9 7 56 55 58 5: -5 # C # C # A C # # C # C / -8 " E $ " E A E C / / # / / -: A # # # # # A A E / # A / -; A A A A A A A A / / / A A -< A A A A A A / / A / / A / -= A / C # A A A -> # / C C A A -9 E # # C C / -7 # / -56 -55 A / C / A # C / / # / A / ! A A A A E -58 A / / / A A / / A A / A A ;-5: E # # A E E A A

A /

A /

C C

BABASAB #AT"!

5; 5< 5= 5> 59 57 86 85 88 8: 8; 8< 8= 8> 89 87 :6 :5 :8 :: :; :< := :> :9 :7 ;6 ;5 ;8 ;: ;; ;< ;= ;> ;9 ;7 <6 <5 <8 <: <;

# # # # C C C C / # # # # C A # # A # C # # # # # # # # # # # # A / C / / C A C /

/ $ E E C C / / " " E E " E " E E $ E A E C / ! E / / / ! ! E " " / $ # E E E $ #

/ # / A E E / C E E E / E E A # E E A / E # / / # / A / A E / C E # E / / # / # A

/ A A A A A / A A A A A A A A A A A / A A A / / A A / / A / A A A / A A A A A A A

/ A / / A A / A A A A A A A A A / A / A A A / / / / / A / / A / / / A / / / / A /

A A A A C A A / / # A / / / / # C

C A E / C # C C C C C # C C # C / E

C / / / A / / / A A / # A # A C / / / C

A A A A A A / / # / / A C C / A A A

# A

A /

A # # A C A C A # A C A A / A

E E

/ / E C # / A / A / A / / / C

A A / A A C A A A A A A A /

E E

A A A / / A

A A A A A ! A A A A A C # A / ! # A ! A A ! / A / / A C A ! A ! C # # A A # / A !

A / A / / / / A A / A / A A A / / A / A A A A / A / / A / A / / / / A / / / / A A ;/

C # C A A

C #

# E A

/ / A C A C # A A A A A

BABASAB #AT"!

<< <= <> <9 <7 =6 =5 =8 =: =; =< == => =9 =7 >6 >5 >8 >: >; >< >= >> >9 >7 96 95 98 9: 9; 9< 9= 9> 99 97 76 75 78 7: 7; 7<

# # C # C / # # C # / C A C # C # C # # C # / C A C A C C # / C # C # C / A / # #

$ / C E A # / / E A # " # ! # A / A / A # E / # " / # A " A E C # # ! " / # $ A C

/ A # E A # A / / / A E E E / / A / / # / A C / E C E / C # E C / / A E C / A C E

/ A / A A A / / A A / A A A / A A A / / A A A A A A / A A A / A / A A A / A A A /

/ A / / A / / A / A A A A / / / / A / / A A A A A A / A A A A / A A A A / / A / A

A A A A

/ A A

C A C C

/ A C A

# A C A A A A A A A A / C A C / / A A C C A A C A A A A

/ / / A A A / A / A A / / A # A

/ A # # C / / # / A A / / A

A C C E / # / A A A # / E / / A

A / C / / C C / C / # / / A A

/ A

A A / C A # A A # A / / # A A / A A A A A / # # / A A / ! A / C / A C A / # / A A

A A / A A A A A / A A / A / / / A / / / A / A / A A A / A / A A / A / A A A A / / ;0

A A A A A / A / C

# C

A # #

A #

BABASAB #AT"!

7= 7> 79 77 566

C # # C /

" E E $ C

E A # # A

A A A A A

A / / A A

C A # A #

E C

# A / / /

# A A A A

/ A C / #

A / / / A

# A #

BABASAB #AT"!

;1

52Bh%t is you& &%tio of s%vi,3 of the tot%* i,co(eK %+ Mo&e the, =6O c+ <6O E 8<O b+ =6O E <6O d+ Less the, 8<O

3 456 4562856 8562:86 ;:86 Total

76 9*6 *96 <=6 955

BABASAB #AT"!

;8

SA!IN"S

856 <86 <56 *86 CUSTO ER *56 :86 RESPONSE :56 986 956 86 56

<=6

*96 Series9 76 9*6

3 456

4562856 8562:86

;:86

"nterpretation6 >rom the a&o.e (raph it is clear that 3E of people sa.in( more than ;4E5 -0E of people sa.in( less than ;4E5 0-E of people sa.in( less than 84E5 1<E of people sa.in( less than /8E' 82You& s%vi,3 co,sist of2 %+ 'ost office c+ Sh%&es e+ Life i,su&%,ce 3+ Mutu%* fu,d
!ost ,ffice Bank FD Shares and ? Building ife 'nsurance 0old 956 :56 >6 9*6 :*6 86

b+ /%,C ! 2 # d+ L%,d N /ui*di,3 f+ $o*d h+ A** the %bove

BABASAB #AT"!

;;

@utual Fund "ll the abo)e Total

>6 9*6 955

SA!IN" CONSIST
:86 :56 CUSTO ER 986 RESPONSE 956 86 56 !ost ,ffice Shares ife 'nsurance :56 9*6 956 >6 86 >6 9*6 Series9

:*6

@utual Fund

"nterpretation6 >rom the a&o.e (raph it is clear that5 -4E of people sa.in( in post office5 /4E of people sa.in(s in Bank >A5 9E of people sa.in(s in shares5 -0E of people sa.in( consist land and &uildin(5 /0E of people sa.in(s in !ife "nsurance5 8E of people sa.in( consist in (old59E of people sa.in( in Mutual >und5 -0E of people sa.in( consist all the a&o.e option'

:2 Bh%t f%cto& co,sist .hi*e (%Ci,3 the po*icy2 %+ Retu&,s b+ S%fety

BABASAB #AT"!

;<

c+ Li@uidity e+ A** the %bove


Returns safety iquidity Risk co)er "ll the abo)e Total :56 :76 >6 976 :<6 955

d+ RisC cove&

FACTOR CONSIST #$ILE


:76 *56 :86 :56 CUSTO ER 986 RESPONSE 956 86 56 Returns safety iquidity >6 :56

A%IN" POLIC&
Series9

:<6 976

Risk co)er

"ll the abo)e

"nterpretation6
>rom the a&o.e (raph

it is clear that /4E of people wants returns5 /3E of people

wants safety59E of people wants liDuidity5 -3E of people wants risk co.er5 /1E of people wants all the a&o.e option'

;2 "%ve you i,vested (o,ey i, *ife i,su&%,ceK %+ Yes b+ o

BABASAB #AT"!

;9

Aes Bo Total

=86 :86 955

ONE& IN!ESTED IN LIFE INSURANCE

>56 =56 456 856 CUSTO ER <56 RESPONSE *56 :56 956 56

=86

:86

Series9

Aes

Bo

"nterpretation6
>rom the a&o.e (raph

it is clear that <8E respondents in.ested their money in life

insurance5 /8E respondents are not in.ested'

<2 A&e you %.%&e of ULI' %+ Yes b+ o )If ,o1 sCip to @ ,o 55+

BABASAB #AT"!

;3

Aes Bo Total

886 <86 955

A#ARENESS OF ULIP

<86
Aes Bo

886

"nterpretation6 A&o.e (raph 88E of respondents are aware of !"#518E of respondents are not aware of !"#'

=2 I, .hich co(p%,y you h%ve i,vested you& (o,eyK %+ LIC c+ ICICI


'C B"1"1 " '"BC 'C'C' ,TDERS B "BE <:6 9=6 >6 76 :<6

b+

/%j%j A**i%,4 2

d+ Othe&s

BABASAB #AT"!

<4

T,T"

9556

PEOPLE IN!ESTED T$EIR ONE& IN DIFFERENT CO PANIES


:<6

<:6

76

>6 9=6

'C B"1"1 " 'C'C' ,TDERS B "BE

'"BC

"nterpretation6 A&o.e (raph shows 1/E respondents in.ested their money in !"C5 -<E in Bajaj Allianz59E in "C"C" prudential5 3E in others and /1E of respondents are not responded well'

>2 "o. do you co(e to C,o. ULI'K %+ !&ie,ds c+ e.sp%pe&sNM%3%4i,es b+ A3e,ts d+ /%,Cs <-

BABASAB #AT"!

e+ Othe&s

Friends "gents Be#s$a$er(maga/ines Banks ,thers Blank Total

9=6 9>6 986 >6 =6 *86 9556

$O# PEOPLE %NO# T$E ULIP'S


9=6

*86

Friends "gents Be#s$a$er(mag/ines Banks 9>6 ,thers Blank

=6 >6 986

"nterpretation6 The a&o.e (raph shows that -<E of respondents know the !"#S throu(h friends5-9E of respondents throu(h A(ents5-8E of respondents throu(h *ews paper and Ma(azines5 9E of respondents know throu(h &anks5 <E of respondents know throu(h others and 08E of respondents are not respondents well'

BABASAB #AT"!

</

92 Bhich p*%, you h%ve t%Ce,K %+ E,do.(e,t c+ Te&( '*%, e+ A** the %bove
Endo#ment @oney Back Term !lan & '! "ll the abo)e B "BE Total 9=6 :76 946 >6 <6 :=6 9556

b+ Mo,ey /%cC d+ ULI'

BABASAB #AT"!

<0

RESPONDENT TA%EN DIFFERENT PLANS

*56 :86 CUSTO ER 986 RESPONSE 956 86 56 Endo#ment :56 9=6

:76

:=6

946 >6 <6 Series9

Term !lan

"ll the abo)e

"nterpretation6 The a&o.e (raph shows that -<E of respondents ha.e taken Endowment policy5/3E of respondents ha.e taken money &ack policy5-;E of respondents ha.e taken term plan59E of respondents ha.e taken !"#51E of respondents ha.e taken others5 /<E of respondents not taken'

72 Bhy you h%ve chose, ULI'K %+ "i3he& Retu&,s c+ Life cove& b+ Li@uidity d+ A** the %bove

BABASAB #AT"!

<1

Digher returns ife co)er iquidity "ll the abo)e Blank Total

<6 96 :6 :6 796 9556

FACTOR CONSIST #$ILE C$OOSIN" ULIP PLAN

9556 >56 CUSTO ER RESPONSE 456 <56 :56 56 <6 Digher returns 96 ife co)er :6 iquidity :6 "ll the abo)e Blank 796

Series9

"nterpretation6 The a&o.e (raph shows that 1E respondents wants %i(her returns5-E liDuidity5 /E life co.er5 /E all the a&o.e and 3-E of respondents are not responded well'

562 Bh%t is the p&e(iu( you %&e p%yi,3 pe& %,,u(K %+ 56666 c+ 8<666E<6666
" B *>6 9=6

b+ 56666E8<666 d+ <6666E566666

BABASAB #AT"!

<8

C D B "BE

996 *6 *96

PRE IU

PA&IN" PER ANNU

<56 *86 *56 :86 CUSTO ER :56 RESPONSE 986 956 86 56

*>6 *96

9=6 996 *6 " B C D B "BE

Series9

"nterpretation6 The a&o.e (raph shows that the 09E of respondents payin( premium per annum less than -454445 -<E respondents payin( per annum &etween -454447 /854445 --E respondents payin( per annum &etween /8544478454445 0E respondents payin( per annum &etween 8454447-4454445 &lank is 0-E'

BABASAB #AT"!

<;

52 Bh%t .i** i,f*ue,ce you& !i,%,ci%* '*%,,i,3K %+ #iscussio, .ith !%(i*y Me(be& b+ T%A Co,su*t%,tN C2 A c+ I,su&%,ce co,su*t%,t NA3e,ts d+ !i,%,ce M%3%4i,es2 e+ Beb site of i,su&%,ce o& !i,%,ce co(p%,y2 f+ A,y othe& Specify
Discussion #ith F@ Ta% consultant(C" 'C ("gents Finance @aga/ine Websites ,thers Total <=6 ::6 =6 9<6 96 76 9556

FACTOR INFLUANCIN" FINANCIAL PLANNNIN"

96 9<6

76

<=6

=6 ::6
Discussion #ith F@ Ta% consultant(C" 'C ("gents Finance @agi/ine Websits ,thers

"nterpretation6

BABASAB #AT"!

<<

The a&o.e (raph factors influencin( financial plannin( 1<E influencin( discussion with family mem&ers5 //E ta2 consultantJCA5 <E "nsurance ConsultantJ A(ents5-1E throu(h finance ma(azines5 -E throu(h we& sites of insuranceJ >inance Company53Ethrou(h others'

582I, futu&e %&e you i,te&ested i,vesti,3 (o,ey o, ULI'K %+ Yes b+ o

" B

8:6 <>6

BABASAB #AT"!

<9

IN FUTURE PEOPLE #ANT TO IN!EST T$EIR ONE& ON ULIPs


8:6 8:6 CUSTO ER RESPONCE 856 <>6 <46

<>6

Series9

"

"nterpretation6 The a&o.e (raph 8/E respondents are interested in.estin( money on !"#s in future5 19E respondents are not interested to in.est money in !"#s'

5:2 If ,o .hyK %+ o I,te&est2 b+ L%cC of Adve&tise(e,t2 c+ /usy schedu*e2 d+Othe&s


" B C D B "BE :*6 46 >6 9:6 896

BABASAB #AT"!

<3

IN FUTURE PEOPLE DONT #ANT TO IN!EST T$EIR ONE&

:*6 " B C D B "BE

896

46 >6 9:6

"nterpretation6 The a&o.e (raph /0E of respondents are no interested5 ;E lack of ad.ertisement5 9E &usy schedule5 -/E of respondent says others and 8-E of respondents are not responded well' !i,di,3s Th&ou3h %** this su&vey %,d %,%*y4i,3 .h%t .e fou,d is th%t "n the sur.ey it was found that 1<E of the respondents are sa.in( less than /8E income this indicates that nearly half of respondent in hu&li city are comin( under middle class'

BABASAB #AT"!

94

As our research we found that 88E of people are aware of !"#Hs and 18E of respondent are not aware of more ad.ertisement a&out the !"#Hs ' Throu(h >riends -<E of people are come to know a&out the !"#Hs 5throu(h A(ents -9E5 -8E throu(h *ewspaper J Ma(azine 5 9E throu(h Banks5 Others <E of respondent are come to know 08E of people are not aware of !"#Hs so compare to all a(ents are playin( important role @ company has to increase more num&er of a(ents' 8/E of respondent are interested to in.est money in !"#Hs and 19E of !"#Hs so company has to (i.e

respondent are not interested to in.est money in !"#Hs so 8/E is a potential customer so company can utilize that opportunity' 1/E of respondent are in.ested their money in !"C5 -<E in Bajaj Allianz5 9E in "C"C" #rudential 5 3E in others and /1E of people not at in.ested' /0E of respondent are not interested to in.est their money in !"#s 5

;E lack of ad.ertisement5 9E &usy schedule5-/E of respondents said others and &lank 8-E'

LI ITATIONS
The limitation of the project was that the study and the sur.ey were conducted in %u&li city only5 the analysis and recommendations may not &e fully applica&le to other cities'

BABASAB #AT"!

9-

The time was not enou(h to study the .ast and (rowin( !ife insurance sector in %u&li city

Co,c*usio, :
>rom the o.er all project and market sur.ey it is clear that Bajaj Allianz !ife "nsurance Co '!td is doin( well &ut most of the people are not aware of !"#Hs '

But in the present threadin( competition they should do more then the present efforts in the followin( fields' -' Ad.ertisin( campai(n' /' Trade promotion acti.ity'

Reco((endations
Most of the respondents are not aware of nit !inked "nsurance #lan so company has to (i.e more ad.ertisement a&out the !"#Hs' 18E of respondents are not aware5 which should &e increased &y different medias like TO5 Ma(azines5 @ *ews #aper'

The company has to pro.ide proper trainin( or marketin( skills to impro.e the marketa&ility of products' Complete information should &e pro.ided re(ularly to the ad.isor as well as to the in.estor'

BABASAB #AT"!

9/

Bajaj Allianz Co should come out with more and more inno.ati.e schemes to meet the reDuirement of e.ery in.estor Company has to conduct meetin( of their a(ents periodically to access the results and pro(ress of the a(ents efforts'

BABASAB #AT"!

90

BABASAB #AT"!

91

-UESTIO
#e%& Si& N M%d%(1

AIRE

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