2010

Bajaj Allianz Life Insurance Company

Subject: Universal Banking.
Introduction Products Offered Channel Partners Business Associates IRDA Certificate Conclusion Recommendations.

Hania Usmani
SY.B.B.I (Roll No: 32)
2/26/2010

Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Company Limited is a joint venture between Allianz AG, one of the world's largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler manufacturers in the world. Allianz AG is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth worldwide with 115 years of financial experience in over 70 countries. Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. Bajaj Auto is one of the most trusted names in Indian auto for over 55 years.

Bajaj Allianz life insurance Corporation of India was incorporated on 12th march 2001.The Company received the Insurance Regulatory And Development Authority (IRDA) Certificate of Registration No.116 on 3rd August 2001 to conduct life insurance business in India. Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Auto limited and Allianz AG of Germany holding 74 % and 26 % stake respectively. It is the largest private player in insurance industry in India with a market share of around 34 % amongst the private companies and second to LIC. Bajaj Allianz Life Insurance is the leading private sector life insurer and has offices in over 900 towns across the country. In FY 2006-07 Bajaj Allianz Life Insurance issued over 2 million policies (highest in Private Sector) and collected over Rs 5300 crores in premiums. At Bajaj Allianz business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology. Speed and growth are the mantras of their success. Their team is young, energetic and motivated with a passion to excel.

Bajaj Allianz today has a countrywide network connected through the latest technology for quick communication and response in over 200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune. It is one of Indias leading and fastest growing insurance companies. Currently, it has presence in more than 550 locations with over 60,000 Insurance Consultants.

Vision of the company

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry To be the number one insurer for creating shareholder value

Mission of the company

As a responsible, customer focused market leader, the company strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

Companys Achievements
Bajaj Allianz has received "iAAA rating, from ICRA Limited, an associate of Moody's Investors Services, for Claims Paying Ability. This rating indicates highest claims paying ability and a fundamentally strong position.

Why Bajaj Allianz?

The Bajaj Allianz Difference Business strategy aligned to clients' needs and trends in Indian and global economy / industry Internationally experienced core team, majority with local background Fast, decentralised decision making Long-term commitment to market and clients

Trust
At Bajaj Allianz, they realise that customer seek an insurer whom he can trust. Bajaj Fiserv(demerged with Bajaj auto) Limited, is a part of Bajaj group ,which is a trusted name for over 55 years in the Indian market and Allianz SE has over 110 years of global experience in financial services. Together they committed to provide customers with time tested and trusted financial solutions that provide all the security customer need for its investments. Underwriting Philosophy The underwriting philosophy focuses on:

Understanding the customer's needs Underwriting what we understand Meeting the customer's requirements Ensuring optimal coverage at lowest cost

Claims Philosophy The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. The company has a friendly and open approach. They focused towards providing customer a hassle free and speedy claims processing. Companys claims philosophy is to:

Be flexible and settle fast Ensure no claim file to be seen by more than 3 people Check processes regularly against the global Allianz OPEX (Operational Excellence) methodology sold over 1 million since inception.

Customer Orientation At Bajaj Allianz, its guiding principles are customer service and client satisfaction. All efforts are directed towards understanding the culture, social environment and individual insurance requirements - so that they can cater to all varied needs of customers.

Products Offered By Bajaj Allianz Life Insurance.

POPULAR PRODUCTS
UNIT LINK TERM PLAN PENSION PLAN CHIDREN'S POLICY SHIELD PLUS MONEY BACK

1) UNIT LINKED
Market linked insurance plans invest the premium in to the equity, debt and cash markets by the way of allocating units, which like any other mutual fund have a NAV and the customer is free to switch between one fund class to another depending on the risk factor he wishes to be in. ULIPs offer a better return than the traditional endowment plans and offer a great deal of flexibility along with great returns making them the finest product offering. We at Bajaj Allianz Life Insurance have developed a number of ULIP products which range from single premium to a regular premium option along with investment funds ranging from index funds to mid-cap funds and debt market linked funds.

Regular Premium

New Family Gain II

The Bajaj Allianz New Family Gain II comes with a host of features to allow you to have the best of all worlds - Protection and Investments. It enables every participant to create a solid financial protection and savings plan for himself and his family. In this way, as a participant in the Bajaj Allianz New Family Gain II

Plan, you can secure your well-being and accumulate savings towards financial independence and a comfortable retirement. New Unit Gain II

Bajaj Allianz Life Insurance presents 'Bajaj Allianz New Unit Gain II, an investment plan that provides the best returns possible for every rupee you invest. The plan is structured to provide a secure life cover and extraordinary benefits aligned with our commitment to give you 'the ultimate investment plan. Family Assure II

Bajaj Allianz Life Insurance presents 'Bajaj Allianz Family Assure II, an investment plan that provides the best returns possible for every rupee you invest. Key Benefits: 1. Loyalty Addition from the 11th year onwards. 2. Choice between Investor Selectable Portfolio Strategy and Wheel of Life Portfolio Strategy. 3. Option of 7 additional riders Century Plus III

Century plus III offers you a unique combination of protection and prospect of attractive returns. With 100% & more allocation after the first year, it ensures that your investment income gets accelerated and you reap benefits from a plan that delivers prosperity and happiness to you. Unit Gain Protection Plus II

With Bajaj Allianz Unit Gain Protection Plus II we have formulated a unique combination of protection and prospects of attractive returns with investment in various mixes of assets to make a perfect plan to last you a lifetime prosperity and happiness.

Smart Investment Plan II

Bajaj Allianz Smart Investment Plan II (SIP II) gives you a unique combination of protection and savings.SIP II helps you plan for your future savings. Key Benefits: 1. High Allocation Rate.
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2. Unlimited Top-up during the policy tenure. 3. Additional Benefit riders for extra protection. 4. Flexibility of monthly payment. Max Gain

Bajaj Allianz Max Gain offers you the guarantee to encash your units at maturity at the highest unit price achieved by the fund over the 10 years term of your policy. You have the flexibility to pay your premiums up to 7 years. Thus the product offers you the opportunity to get upside benefit of units price with complete downside protection from the fall in the equity market.

Single Premium
Unit Linked Single Premium Plans require the premium to be paid only once.

Wealth Gain Bajaj Allianz Wealth Gain offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. You can choose the investment funds you want to invest your money, providing you with an opportunity to have a direct stake in the performance of the financial markets. You also benefit from attractive tax advantages and can protect your loved ones against unfortunate events.

2) Term Plans
The sole objective of Term plans is to serve the protection needs of the customers and by doing so, safeguard ones family from the financial implications of unfortunate circumstances that one cannot foresee. These plans are pure risk cover plans with or without maturity benefit. These pure risk plans cover your life at a nominal cost and you may want to take this plan to cover your outstanding debts like a mortgage, a home loan etc.

Protector
Make sure your family home remains with your family for life. The loan protector plan from Bajaj Allianz Life Insurance is a mortgage reducing term assurance plan, which at low premiums helps you to secure your family against home loan.

It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loanee. The Plan offers you the convenience of choosing between two premium payment options - Regular Premium Payment & Single Premium Payment. Joint Life availability - the option to cover the co-applicant of the loan under this plan.

Term Care
Term Assurance 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.

A term insurance plan with a difference. Dual benefit - Life cover + Return of premiums paid on survival at the end of the term.

Single premium payment option available.

The only pure term plan in the market to provide Hospital Cash
Benefit.

 New Risk Care

Term Assurance plan with Regular/Single Premium payment options to secure your life. Life insurance covers at the lowest possible cost. Additional Rider Benefits with regular premium plan. Accidental Death Benefit and Accidental Permanent Total/Partial Disability Benefit. Critical Illness Benefit and Hospital Cash Benefit.

3) Pension Plans
Annuity Immediate annuity Plans from Bajaj Allianz Life Insurance. We at Bajaj Allianz Life Insurance offer Retirement Plans which will make sure that we are there to support you in every stage of your life and your savings today become your wealth and support for your future years to come.

Pension Guarantee
A Plan that ensures regular Income after Retirement... for Life.

Retirement

We at Bajaj Allianz Life Insurance offer Retirement Plans which will make sure that we are there to support you in every stage of your life and your savings today become your wealth and support for your future years to come. Future Income Generator - Retirement plans we at Bajaj Allianz Life Insurance, help you maintain your lifestyle even after you retire. Your saving today becomes your wealth and support to help secure your future. Retirement and Pension plans suit various needs An alternative to super-annuations and provident fund. Employers do not promise a lifetime pension and everyone does not have a government job. Our flexible retirement plans, help you maintain your lifestyle and create a monthly income that will last you a lifetime. Smart saving: When we ask you to save a regular amount, we intend to secure your future. We at Bajaj Allianz Life Insurance will make sure that you retire you have all the means to enjoy it.

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Financial independence from work, so you dont have to worry about income after you retires. Specialized retirement solutions for housewives, so that, they become financially independent. Wealth creation, smart savings and peace of mind along with a corpus, which secures your life, post retirement is what our Future Income Generator Retirement plans are all about. Our Future Income Generator - Retirement plans offer flexibility like never before

a. An option to avail up to 1/3rd of the Fund Value as tax-free lump sum. b. Open market option to purchase an immediate annuity from Bajaj

c. Allianz or any other life insurer as recognized by IRDA.

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4) Children Plans

Child Gain Funds for critical stages in your Childs life like Graduation Post Graduation Marriage Start a business

Young Care II Bajaj Allianz Young Care II offers you a unique way to reassure yourself that you have taken care of the ones you cherish. This investment plan is a Gift of a lifetime to your loved one, as it offers a guaranteed Sum Assured and continued pay premium on your behalf, in case of your unfortunate death.

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5) Shield plus
Bajaj Allianz Shield Plus, a single premium fixed-term unit linked plan that gives you choice of investment options to achieve your desired objective at maturity. So planning for a target amount is made easy now. Key Benefits: 1. Single Premium plan with fixed -term of 10 years. 2. Sum Assured can be chosen to be equal to 1.1 or 5 times of the Single Premium 3. Shield Plus Fund I offers you guaranteed minimum unit price at maturity 4. Maximum 100% allocation of Single Premium paid.

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6) Money Back Money back plans are Traditional Insurance plans that provide the investor with returns at regular stages of life. Cash Gain
Money back plan which guarantees 125% payout + bonuses. Quadruple life cover. 5 easy payouts which give up to 125% + bonuses. Additional Benefits:

Accidental Death Benefit and Disability Benefit. Critical Illness Benefit and Hospital Cash Benefit. Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.

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Channel Partners of Bajaj Allianz

Standard Chartered Bank Contact Number : 022 2492 8888 E-mail Address:customer.care@in.standardchartered.com

Placement Sales and Services Ltd. Contact Number : 0487-2388666,2385922 Tele Fax - 2388666 E-mail Address: placementss@rediffmail.com Address: Regency Centre, Kalavary Road, West Fort, Thrissur 4 Kerala, India

Syndicate Bank Contact Number : 020 4026 742 E-mail Address:insurancediv@syndicatebank.net www.syndicatebank.com

COSMOS Co-op BANK Ltd.

Contact Number : 020 2488051 E-mail Address : info@cosmosbank.in www.cosmosbank.com

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Business Associates

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IRDA Certificate:

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CONCLUSION
Bajaj Allianz life Insurance Company Limited is a lien between Allianz AG, the world's leading insurer and Bajaj Auto, one of Indias most respected names.

Bajaj Allianz is one of the fastest growing private Life Insurance Company in India. It has more than 1,200 branches across country and deals in primarily unit linked, money back, traditional, health, and child and pension policies.

Bajaj Allianz Life Insurance Company only provides insurance services. It doesnt provide any banking services to the customers and as per Universal Banking Definition Universal Banking is a mixture of banking services, Investment services and Insurance activities. I will like to conclude that Bajaj Allianz Life Insurance Company is not a Universal Bank.

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Recommendations

Bajaj Allianz Life Insurance is one of Indias leading life insurance companies with more then 7.5 million customers. Among all the existing life insurance Companies in India Bajaj Allianz Product have an edge. But according to my observation the company can look forward to following suggestions: Company can launch a investment plan specially designed for students in which they can invest small amount (eg-:500 to 1000)

Since the company has a tie up with Bajaj Auto, syndicate Bank, Standard
Charted Bank it can plan out some schemes with the banks that are beneficiary for the customers. As the company have a good name and customers have faith in the company. They can expand its business and should also look forward to provide banking services.

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