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DAYANAND R RATHOD
Internal guide
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Mr. Prakash H S
Mr. Sangamesh
Bajaj Allianz life Insurance Co. Ltd.
DAYA
NAND R RATHOD
TABLE OF CONTENTES
Sr. CONTENTES PAGE NO
NO
1. INTRODUCTION
➢ Objectives of study
➢ Limitation
➢ Research methodology
➢ Data collection
2. COMPANY PROFILE
3. SURVEY
➢ Data interpretation, editing and
Bajaj Allianz life Insurance Co. Ltd.
coding
➢ Graph analysis
4. FINDING AND SUGGESTION
5. CONCLUSION
6. REFERENCES
7. QUESTIONNIARE
INTRODUCTION
The service industry is one of the fastest growing sectors in India today.
The upcoming sectors which are really showing the graph towards
upwards are - Telecom, Banking, and Insurance. These sectors really
have a lot of responsibility towards the economy.
companies was not much in problems but the major problem was with
life insurance. Life Insurance Corporation of India had monopoly for
more than 45 years, but the picture then was completely different.
Previously people felt that “Insurance is only for classes not for
masses” but now the picture is vice-versa.
insurance companies started insuring Indian lives. But Indian lives were
being treated as sub-standard lives and heavy extra premiums were
being charged on them. Bombay Mutual Life Assurance Society
heralded the birth of first Indian life insurance company in the year
1870, and covered Indian lives at normal rates. Starting as Indian
enterprise with highly patriotic motives, insurance companies came into
existence to carry the message of insurance and social security through
insurance to various sectors of society. Bharat Insurance Company
(1896) was also one of such companies inspired by nationalism. The
Swadeshi movement of 1905-1907 gave rise to more insurance
companies. The United India in Madras, National Indian and National
Insurance in Calcutta and the Co-operative Assurance at Lahore were
established in 1906. In 1907, Hindustan Co-operative Insurance
Company took its birth in one of the rooms of the Jorasanko, house of
the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile,
General Assurance and Swadeshi Life (later Bombay Life) were some
of the companies established during the same period. Prior to 1912 India
had no legislation to regulate insurance business. In the year 1912, the
Life Insurance Companies Act, and the Provident Fund Act were
passed. The Life Insurance Companies Act 1912 made it necessary that
the premium rate tables and periodical valuations of companies should
Bajaj Allianz life Insurance Co. Ltd.
Channel partners are those who are going to be into direct selling of
company’s products i.e. the insurance policies. They are the link
between the customers and the management or company. These channel
partners are people with different profiles. They are selected on some
grounds like their network of people, their problem handling ability,
convincing power and lot many things.
The main idea behind company’s Questionnaire Survey is to find out
and analyze the proper profile that can be recruited by company as a
channel partner. Company has been focusing on some of the profile that
can be very beneficial for the company. For example Chartered
Bajaj Allianz life Insurance Co. Ltd.
OBJECTIVES OF STUDY
LIMITATION
Some of the difficulties and limitations faced by me during
my training are as follows:
RESEARCH METHODOLOGY
Research always starts with a question or a problem. Its purpose is to
question through the application of the scientific method. It is a
systematic and intensive study directed towards a more complete
knowledge of the subject studied. Marketing research is the function
which links the consumer, customer and public to the marketer through
information- information used to identify and define marketing
opportunities and problems generate, refine, and evaluate marketing
actions, monitor marketing actions, monitor marketing performance and
improve understanding of market as a process.
DATA COLLECTION
➢ PRIMARY SOURCES:
➢ SECONDARY SOURCES:
COMPANY PROFILE
Since you will be paying premiums for years to come, you don't want
your insurance company to disappear before you or your family receives
the benefit. It is worth asking how long the company has been in
business, how many life insurance policies they manage and their credit
rating. In most cases, you will get a better deal from the smaller life
insurance companies, but you just need to be more careful to research
them and make sure they are stable. Bajaj Allianz is sure to one such life
insurance company Bajaj Allianz life insurance Company limited is a
joint venture between two companies. Bajaj Auto and Allianz AG.
Allianz Group's Indian life insurance joint venture has changed its
name to Bajaj Allianz Life insurance from Allianz Bajaj life
insurance (Bombay), Aug 4, 2004
Allianz AG
Bajaj auto
Vision
➢ 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
Underwriting
Our 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. We pride ourselves on a friendly and open
approach. We are focused towards providing you a hassle free and
speedy claims processing.
Our claims philosophy is to:
Customer Orientation:
At Bajaj Allianz, our guiding principles are customer service and client
satisfaction. All our efforts are directed towards understanding the
culture, social environment and individual insurance requirements - so
that we can cater to all your varied needs.
Superior Technology
In order to ensure speedy and accurate processing of your needs,
we have established world class technology, with renowned
insurance software, which networks all our offices and
intermediaries
Using the Web, policies can be issued from any office across the
country for retail products
Unique, user friendly software developed to make the process of
issue of policies and claims settlement simpler (e.g. online
insurance of marine policy certificate)
Bajaj Allianz life Insurance Co. Ltd.
COMPANY PRODUCTS
“Insurance is a contract between two parties
whereby one party called insurer undertakes the
risk in exchange for a fixed amount of money on
the happening of a certain event.”
1.CASH GAIN
Available as:
Besides giving you regular Cash Benefits, this plan takes care of
your life insurance needs also. On death during the term of policy, the
following would be paid irrespective of the Cash Benefits already paid:
Choice of Terms
Keeping your convenience in mind, we offer you the widest range of
terms: 15, 20, 25 and 30 years.
You can select the unique Family Income Benefit from Bajaj
Allianz that ensures total financial protection for your loved ones. In
case of death or accidental total permanent disability, a guaranteed
monthly income of 1% of the sum assured (12% per annum) is paid till
the end of the policy term or at least for a period of 10 years, whichever
is higher. Moreover, all future premiums are waived.
Some illnesses are critical. They not only alter one’s life's
pattern but also result in a financial drain. Bajaj Allianz Critical Illness
Benefit softens the impact on the family by paying out the Critical
Illness Benefit under benefits continue (excluding Hospital Cash
Benefit). We cover 11 critical illnesses. You have the flexibility of
choosing Critical Illness cover up to the basic Sum Assured selected by
you (Minimum Rs.50, 000). r the plan immediately, while other policy
The worry of settling hospital bills (room charges) adds to the trauma of
Hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this
financial burden and helps recovery with peace of mind.
Flexibility in Coverage
At Bajaj Allianz, we believe in offering benefits and not just products.
We realize that you are unique and your needs for insurance vary with
time. We therefore offer you the flexibility of inclusion of coverage or
Bajaj Allianz life Insurance Co. Ltd.
Which is why Bajaj Allianz has created the “Bajaj Allianz Save Care
Economy - Single Premium”-the 10-year Single Premium version of our
popular product “Save Care Economy”? It is an ideal plan for a one-
time lump sum investment that provides for savings with high risk-
cover.
3.INVESTGAIN
Bajaj Allianz life Insurance Co. Ltd.
The thumb rule for buying insurance is that your insurance needs
are minimal in your early earning years, increase with added
responsibilities (Marriage, 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.
With Bajaj Allianz Unit Gain, you can invest in one life insurance plan
that can take care of all your changing requirements throughout your
life. This plan has been designed to provide you with maximum
flexibility, so that you do not have to worry about your changing needs.
Bajaj Allianz Unit 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.
This plan enables the customers to protect their loved ones, while
making their money grow faster. It provides them the option of
allocating 100% of the Single Premium to purchase units in any/all of
the 6 funds available with company.
Bajaj Allianz life Insurance Co. Ltd.
This is the perfect plan to take care of ongoing and future family
expenses like debts, expenses on children, living expenses, etc. It can
also take care of unforeseen expenses like accidents, illnesses,
hospitalization, etc. and provides customers family with a safety net. It
provides whole life protection with only 10 or 15 years of contributions.
Guaranteed Survival Benefits @3% are available under this policy.
Guaranteed Survival Benefits that pays 3% of the Sum Assured every
year after the premium payments are over
SUITABILITY
This policy is a long-term market linked total protection plan. The plans
offer protections for life at the same time allows the policyholder to get
market linked returns. It is a single product combining the benefits of
both an investment product and insurance plan. This apart, the product
offers a lot of flexibility.
DIFFERENT FUNDS
EQUITY INDEX
Banc assurance
Branches
Satellite Satellite
Bajaj Allianz life Insurance Co. Ltd.
Cosmos Bank
Satellite
Agency channel Group and Alternate Channel
Brokers
Jankalyan Sahakari
Bank
FP + SP ANNUAL(crores
)
AGENCY 1,827
BANCASSURANCE 650
ALTERNATE CHANNELS 523
RENEWALS 500
TOTAL 3500
AGENCY CHANNEL:
Currently the company has some 300 offices made
up of 98 branches and about 239 satellite offices.
The company will continue with the same hub and
spoke structure, but will increase the number of
branches to 150 and satellites to 400.
The number of STMs a branch or a satellite can have
will be between 2 and 8.
Underwriting and processing of business will
continue at the branch level.
The branches will continue to support the banc
assurance and alternate channels for underwriting
and processing of business, as well as offer the office
infrastructure for the other channels staff to operate
from.
Bajaj Allianz life Insurance Co. Ltd.
BANCASSURANCE:
The company has some 6 bank tie ups these will be
managed by the bank assurance team. Following are the
banks with which the company has tied up:
1. Syndicate bank.
2. Centurion bank.
3. Standard chartered bank.
4. indusland ind bank.
ALTERANATE CHANNELS:
The focus will be corporate agency, franchise, brokers, worksite
marketing, NRI business, HNI business, group business and rural social
business
Bajaj Allianz life Insurance Co. Ltd.
CEO
CFO
HOD SALES
ZONAL MANAGER
REGIONAL MANAGER
BRANCH MANAGER
BANK-ASSURANCE/ALTERNATE CHANNEL
CEO
CFO
HOD SALES
AREA MANAGER
DEPUTY MANAGER
Policies sold in Rs
Branch manager
Bajaj Allianz life Insurance Co. Ltd.
Assistant SM Operations
Life advisor
GRAPH ANALYSIS
Q.1 which age group does you belongs to?
AGE No Of Members
18-25 11
Bajaj Allianz life Insurance Co. Ltd.
26-30 22
31-45 44
46 & above 23
Children 21
Parents 18
All 11
Among that 42% people who having insurance, they have insurance
40% for self 28%for spouse 21% for children and 18% for their parents
and 11% for all family member.
Only 42 % people having life insurance but among them 82% people are
underinsurance and only 18% people are fully insured according to them
income
full for insurance sector so they should take necessary step for
capture this potential.
Only 42% people having insurance in Gulbarga in that 42% there
are 82 % people are under insured and other 18% people are fully
insured according to their income so that is also plus point for
insurance sector to capture the market.
CONCLUSION
REFERENCE
Bajaj Allianz life Insurance Co. Ltd.
QUESTIONNAIRE
1} Name ______________________________
2} which age does you belong to?
1) 18-25 2)26 to 30 3) 31 to 45 4) 46 to above
3} Gender 1) male ____) female____
4} how many members do you have in your family?
1) 2-4 2) 5-8 3) 8 to above
5} what is your family annual income?
1) 40k-70k 2) 70-1lakh 3) 1lakh-3lakh 4) 3 to above
6} Occupation
1) Service 2) business 3) professional 4) other
7} Do you have a life insurance?
Yes_______ No_______
If yes,
Bajaj Allianz life Insurance Co. Ltd.
Which is it?
Company’s Term Endowment Whole Money Retirement Child Unit
name plan life back plan link
plan
LIC
ICICI
prudential
Birla sun life
SBI life
HDFC
standard life
Bajaj Allianz
TATA AIG
Kotak
Mahindra
ING vysya
Max new
York life
Met life
Reliance
Shri ram
Sahara
Bajaj Allianz life Insurance Co. Ltd.