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2008 2010

A project report submitted in partial fulfillment of the requirements for the degree of Master of Business Administration of Sikkim Manipal University,INDIA.

ABC FOUNDATION
BB - 36,Salt lake City, Kolkata - 700064 Centre Code No: 01831 A PROJECT ON A STUDY ON BRAND IMAGE AND PERCEPTION OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE Sikkim Manipal University COMPANY LIMITED

SMU

Directorate of Distance education

Sikkim-Manipal University of Health, By Medical and technological Sciences Distance Education Wing Arunabha Syndicate House Chowdhury Manipal - 576104 A project report submitted in partial fulfillment of the requirements for the degree of Master of Business Administration of Sikkim Manipal University,INDIA.

SMU
Sikkim Manipal University
Directorate of Distance education

S i kki m -Mani pal Uni versi t y o f He al t h, Medi cal and t e chnol ogi c al S ci ences Di st ance Educ at i on W i n g S yndi cat e House Mani pal - 576104

I here by declare that the project report entitled

A STUDY ON BRAND IMAGE AND PERCEPTION


OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED submitted in partial fulfillment of the requirements for the degree of Masters of business Administration to Sikkim-Manipal University ,India ,is my original work and not submitted for the a ward of any other degree , diploma ,fellowship, or any other similar title or prizes. Arunabha Chowdhury Reg. No. - 510823664

Place : Kolkata Date : 21.05.2010

Arunabha Chowdhury

Sikkim Manipal University

The project report of

Arunabha Chowdhury

A STUDY ON BRAND IMAGE AND PERCEPTION


OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED is approved and is acceptable in quality and form

Internal Examiner

External Examiners

Arunabha Chowdhury

Sikkim Manipal University

SMU
Sikkim Manipal University
Directorate of Distance education

This is to certify that the project report entitled

A STUDY ON BRAND IMAGE AND PERCEPTION


OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED submitted in partial fulfillment of the requirements for the degree of Masters of Business Administration of Sikkim-Manipal University of Health ,Medical and Technological Sciences. Arunabha Chowdhury has worked under my supervision and guida nce and that no part of this report has been submitted for the of any other Degree ,Diploma ,Fellowship or other similar titles or prizes and that the work has not been published in any Journal and Magazine. Reg. No: 510823664 Certified Mr.Debjyoti Dhar Faculty Member ABC Foundation
Un i versi ty L .C. C od e 01831
B B - 3 6 , Se ct o r - I , S al t L a k e C i t y ,K o l ka t a - 7 0 0 0 6 P h o ne : + 9 1 3 3 2 3 5 8 8 0 9 6 / 8 0 9 8 / 9 8 7 40 32 5 0 0 F a x : 2 35 9 2 7 4 0 E - m a i l : e a st . 0 1 8 31 @ s m u d e . e d u . i n

Arunabha Chowdhury

Sikkim Manipal University

This is to certify that Mr.ARUNABHA CHOWDHURY( Reg. - 510823664 ) MBA (Marketing) student of SIKKIM MANIPAL UNIVERSITY, SALTLAKE has successfully completed his two months project work From - 11th February 2010 To - 27th April 2010 with BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED , KOLKATA. We wish him good luck for his success. Authorized Signatory

Name - Debapriya Barat Designation - Assistant Manager ( BALIC )

Macmet House , 10B,O.C.Ganguli Sarani , 4th Floor , Kolkata - 700020 Tel : 033-30580878 / 7361 / 7362 , 30531588 / 89 Fax : 30580874 Regd. & Head office : GE Plaza ,Airport Road ,Yerawada ,Pune - 411006. Tel (+91 20) 66026777. Fax : (+91 20) 66026789 Customer Help Line : 020 - 3058 7888 Toll Free No. : 18002337272

Arunabha Chowdhury

Sikkim Manipal University

Acknowledgement

y deep regards to all those who have helped me in

one way and I take this opportunity to thank all of them .I would like to acknowledge my deep sense of gratitude to my project guide Mr.Debjyoti Dhar , who spend his valuable time in advising and providing me with constant encouragement and inspiration during the course of project work. I would like to thank Ms.Debapriya Barat to inspire and helping me through out this session. I am extremely thankful to the faculties,staff and library personnel of ABC for their kind co-operation and help in completing the project work. Last but not the least,I would like to thank my parents and friends as without their support the completion of the project would not have been possible.

Arunabha Chowdhury

Sikkim Manipal University

PREFACE The importance of an academic course would gain advantage and acceptance of the true form, only through practical experience. Hence it is quite necessary to put the theories into talk. It is rigidly accepted that the theory widens ones thinking horizons viz .Concepts of marketing philosophies, but practice indicates the modern marketing and used in variety of settings of products. This project programme is designed to give the manager the future of the corporate happenings and work culture. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the study programmers and designed, so that the manager to tomorrow do not feel ill case when the time comes to shoulder responsibilities. Practical exposure for the MBA students is very necessary because what they study in the classroom is not the reality. Situation in the market is unknown and very much unpredictable. So the practical experience is very much necessary this is made possible with the summer training project in Bajaj Allianz Life Insurance Co. in marketing related to search for it's brand image and perception of this brand. All organizations involves into business with some objective and one of the objectives is to endorse product or service which they produce. In my project study ,I tried to fid out the brand image and perception of this brand through questionnaire on behalf of Bajaj Allianz Life Insurance Co.

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TABLE OF CONTENTS
Contents Executive Summary
i) Introduction ii) Objective iii) Methodology iv) Analysis v) Conclusion vi) Recommendation
Page No. 10 11 12-14 15 16-20 21 22

PART - I Company Profile


i) Brief introduction of the company ii) History of the Organization

23-47 23-33 24-26 27-33 34-47 35-37 38-39 40-41 42-47 48-116 48-116 49-60 61-63 64-66 67-92 93-94 95-96 97 98-109

Sector Profile
i) Insurance in India ii) Brief history of insurance sector in India iii) Insurance market in India iv) Life insurance market

PART - II Project Overview


i) Introduction ii) Objective iii) Methodology iv) Analysis v) Observations and findings vi) Suggestion vii) limitations of the study viii) Questionnaire
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ix) Conclusion x) Recommendation xi) Swot analysis

110-111 112-113 114-116

PART - III
i) Appendix ii) Bibliography iii) References Thank You

117-121 118-119 120 121

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EX E C U T I V E S U M M A R Y
Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap the market and to make the new challenges in it. Insurance in India is not about India only; it is an open sector for the private players .The name which you would see in Indian insurance market is something like: - BAJAJ (Indian company) + Allianz (foreign player),TATA(Indian company) + Aig (foreign player) and so many like them .Companies now are tapping a lot of ways to capture the market and hence adopting different ways to hold the large portion of the market .My project was to understand the brand image and perception possessing by the general people about the company which will help the company to increase it's market share and along with it meeting it's own targets to achieve the position of no.1 in respective field or segment of the market. My project study helped me a lot to complete my project in order to learn a lot of things of the corporate. .For this I developed a questionnaire and I did my survey in important location of north 24 parganas. Bajaj Group is one of the India's largest and most respected business groups .Bajaj Allianz Insurance Company is one of the leading insurance companies that provide both life insurance as well as general insurance .This pioneer company is a joint collaboration between the Allianz AG, and Bajaj Auto .They own the company in the ratio of 26:74. Bajaj Allianz Insurance Company is having different insurance policies. At the end of the project people will be knowledgeable about various insurance organizations and different products taking into considerations hundred sample sizes in north 24 parganas. Project is Study of insurance sector and competitiveness with the special reference to Bajaj Allianz Life Insurance Company Ltd. to get to know a questionnaire has been prepared which contains open ended and close ended questions .For collecting the data field survey method, personal interview technique has been used. Secondary data has been collected from the company .A quantitative technique like averages, percentages,range, two- way tables, has been applied as per the requirement.

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I) INTRODUCTION
Future is always uncertain and full of risk. It is not certain that what is going to happen tomorrow. Therefore a man i s always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties. Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fi xed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." According to Patterson Insurance is an agreement between two parties under which one party undertakes specified future ri sk of another party and compensates the loss from that risk on payment of some consideration known as premium payable by the later . Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by he unfortunate few, due to accidental events, are made good. Insurance is a tool by which losses of a small number are compensated out of funds collected from plenteous. Gradually as competi tion increased benefits ggiven by industry to i ts customers increased by leaps and bounds.Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets.Person who seeks protection against such loss is termed as insured,and company that promises to honor claim, in case such loss is actually incurred by insured,is termed as Insurer.In order to get insurance,insured is required to pay to insurance company a certain amount called premium.

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II) OBJECTIVE
Main objective of the project is to find out the strategies of different Insurance agencies and evaluate them. Project is about to penetrate the competitors of Bajaj Allianz Life Insurance. Conclusion of this project can give an idea of strategies of different companies which may be helpful to the company.Now days all the insurance companies in India are trying to establish themselves in the competitive market .They are introducing innovative marketing strategies to survive in the market. Many other private companies are looking to enter in the Indian insurance market .so it is very essential to a company to innovate their marketing strategies in terms of Recruiting their advisors To make their advisors active Well educated and capable employee in the agency Marketing of their products Deployment of their products Targeting the right and potential customers Differentiating from other companies Future plan of the company This study consists of to find out the marketing strategies of different insurance companies which are the competitors of Bajaj Allianz Life Insurance. This research requires the interview of branch managers of different insurance companies and find out their branches are working in terms of above mentioned factors. To know the consumer responses about Bajaj Allianz life insurance policy. To know about the products of Bajaj Allianz Life Insurance. To know about the objections of people for not taking the
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Insurance policy. To know the need for Life Insurance. To know the benefits of Life Insurance. To know the market share of Bajaj Allianz Life Insurance in the Market.

An Overview
Insurance business is divided into four classes: Life Insurance business Fire Marine Miscellaneous Insurance. Life Insurers transact life insurance business; the rest is transacted by General Insurers. No composites are permitted as per law. The business of Insurance essentially means defraying risks attached to any activity over time (including life) and sharing the risks between various entities, both persons and organizations. Insurance companies (ICs) are important players in financial markets as they collect and invest large amounts of premium. Insurance products are multi purpose and offer the following benefits: Protection to the investors Accumulate savings Channelise savings into sectors needing huge long term investments. various actuary studies and models enable them to predict, relatively accurately, their expected cash outflows. liabilities of ics being long-term or contingent in nature, liquidity is excellent and their investments are also long-term in nature. since they offer more than the return on savings in the shape of life-cover to the investors, the rate of return guaranteed in their insurance policies is relatively low. consequently, the need to seek high rates of returns on their
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investments is also low. the risk-return trade off is heavily tilted in favor of risk. as a combined result of all this, investments of insurance companies have been largely in bonds floated by goi, psus, state governments, local bodies, corporate bodies and mortgages of long term nature. the last place where insurance companies are expected to be over-active is bourses .lately ics have ventured into pension schemes and mutual funds also. however, life insurance constitutes the major share of insurance business. life insurance depends upon the laws of mortality and there lies the difference between life and general insurance businesses. life has to extinguish sooner or later and the claim in respect of life is certain. in case of general insurance, however, there may never be a claim and the amount can never be ascertained in advance. hence, life insurance includes, besides covering the risk of early happening of an event, an element of savings also for the beneficiaries. pension business also derives from life insurance in as much as the pension outgo again depends upon the laws of mortality. the forays made by insurance companies in this area are, therefore, natural corollary of their business.

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III) METHODOLOGY
To know the consumer responses about Bajaj Allianz life insurance policy. To know about the products of Bajaj Allianz Life Insurance. To know about the objections of people for not taking the Insurance policy. To know the need for Life Insurance. To know the benefits of Life Insurance. To know the market share of Bajaj Allianz Life Insurance in the Market.

Limitations
Time limitation Research has been done only in district town Barasat. Companies did not disclose their secrets data and strategies. Possibility of Error in data collection. Possibility of Error in analysis of data due to small sample size.

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IV) ANALYSIS
FUNCTION OF INSURANCE
Provide protection: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk:


Insurance is an instrument to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Measurement of risk: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also. Provide certainty:Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain. Small capital to cover larger risk:Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of industries:Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to si ck industrial units which have insured their assets including plant and machinery.
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Means of savings and investment:Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance. Source of earning foreign exchange:Insurance i s an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various ways. Risk free trade: Insurance promotes exports insurance, which makes the foreign trade free with the help of different types of policies under marine insurance cover. Insurance business is divided into four classes: Marine Insurance Fire Insurance Miscellaneous Insurance Life Insurance

MARINE INSURANCE:
A STUDY ON BRAND IMAGE AND PERCEPTION OF LIFE INSURANCE COMPANIES WITH A SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY

FIRE INSURANCE:
The Fire Insurance is next important type of insurance. The owner of the factory or ship or a residential house may purchase a fire insurance policy on the payment of nominal premium, and i f unluckily the property is party or wholly destroyed by fire the insurance company will makes good such loss .Thus on payment of a very small sum, we are tremendous safety.

MISCELLLANEOUS INSURANCE:
Besides these fire insurance , marine insurance, & life insurance several other types of insurance have recently come into
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being eg. Motor Insurance, Crop insurance, Bad Debts Insurance, Sickness Insurance. The functions of these type of insurances are very clear form their names

LIFE INSURANCE:
Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on the death of the insured or on the expiry of a specified period of time whichever is earlier. A person may insure his life or the life of a person in whom he i s financially interested so that a certain sum becomes payable by the insurance when death takes place or when the insured attains a certain age according to the terms of agreement In case of life insurance, the payment for life insurance policy is certain .The Event insured against is sure to happen only the time of its happening is not known. So life insurance is known as `Life Assurance`. The subject matter of insurance is life of human being. Life insurance provides risk coverage to the life of a person. On death of the person insurance offers protection against loss of income and compensate the titleholders of the policy. If the life of the bread winner of the family is insured his wife or children will be able to tide over the financial difficulty after his death.

ROLES OF THE LIFE INSURANCE: Life insurance as an investment: - Insurance


products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies.

Life insurance as risk cover: - Insurance is all about


risk cover and protection of life. Insurance provides a unique sense of security that no other form of invest can provide.

Life insurance as tax planning: - Insurance serves


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as an excellent tax saving mechanism too.

IMPORTANCE OF THE LIFE INSURANCE:


Protection against untimely death: -Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death .The dependents or family members get a f ixed sum of money in case of death of the assured. Saving for old age: -After retirement the earning capaci ty of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age.

Promotion of savings: Life insurance encourages


people to save money compulsorily. When life policy is taken, the assured is to pay premiums regularly to keep the pol icy in force and he cannot get back the premiums, only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy.

Initiates investments: - Life Insurance Corporation


encourages and mobilizes the public savings and canalizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings.

Credit worthiness: -Life insurance poli cy can be


used as a security to raise loans. It improves the credit worthiness of business. Social Security: - Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future.

Tax Benefit: -Under the In come Tax Act, premium


paid is allowed as a deduction from the total income under section 80C.

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Stages in Policy Issuance 1) Proposal


A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the appli cation form is received by COPS, but it is pending for issuance due to further clarifications required from the customer.

2) Login
A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login

3) Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion.

4) Issuance
Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status
When a customer refuses to take a policy post login but before Issuance is called a Decline

6) Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy

7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

8) Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period.

9) Surrender
When a customer wants to discontinue with the policy.

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V) CONCLUSION

Insurance companies have forgotten their traditional products . Companies are totally concentrating on selling ULIP products. Insurance companies are not doing enough market researches to know the potential of the market. To increase awareness in rural market Bajaj Life should do some activities in villages and small towns.

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VI) RECOMMENDATION

Through out the project work I have tried to my extent to learn more and more so that I enable myself to deliver the best services from my part. I always focused my services to full satisfaction whether it would for employer or for customer. So during this practical learning process whatever I have realized to improve the division of the company is as follows: Work in Semi urban market will have a lot of opportunity. Most of the Life Insurance companies are operating in the metros and big cities as per their present branch office locations . They can increase their market size,distributing various urban and semi-urban markets. The company can try to increase the morale and productivity. Premium and economical class of services should be launched by the company to serve the varied nature of customers. Service cum awareness camps should be run by the company in remote areas. Improvement in services through feedbacks from customers is recommended.

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PART I

COMPANY PROFILE

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I) Brief Introduction of the Company


Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. (recently demerged from Bajaj Auto.) Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology .It started in 2001. Financial Services arm's profit rises to Rs. 42 Crore
BS Reporter / Mumbai July 16, 2009, 0:40 IST

Bajaj Finserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42 crore for the quarter ended June 30, 2009. It had posted a loss of Rs 36 crore in the corresponding period last year. The groups life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest contributor to the firms income. Bajaj Allianz has posted a profit of Rs 68 crore in the June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore. Gross written premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs 1,847 crore in the corresponding period last year. Renewal premium, too, increased to Rs 1,423 crore as against Rs 1,018 crore in the quarter ended June 30, 2008. However, new business premium fell 42.28 per cent to Rs 577 crore.

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ALLIANZ GROUP
Allianz Group is one of the world's leading insurers and financial services providers.

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich.

Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of crore. 3rd largest Assets under Management (AUM) & largest Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654

amongst Insurance cos. - AUM of Rs.51, 96,959 crore. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide

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BAJAJ GROUP
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and threewheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03 It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network.

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II) History of the organization

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HISTORY OF THE COMPANY


Bajaj Allianz Life Insurance Co. Ltd.is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest 2/3-wheeler manufacturer in India and the 4th largest in the world. AAA rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products.Mission of the company India has 102 crore population but only 16 crore people are insured till now. Still 86 crore People are yet to be insured. Also in broader perspective, company wants to make every person get benefited through investing in Bajaj Allianz Life Insurance. The Company is focusing on improving employee productivity, policy persistency, operational processes and service levels.

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Culture @ Bajaj Allianz


Be a winning team. Have a passion for excellence and hate bureaucracy. Be empowered,have the confidence to take decisions quickly and be accountable . Be driven to achieve results,to deliver . Be professional and socially committed. Be open to ideas,sharing,transparent & trusting. Focus everything we do on our customers . Make BALIC a "Great place to work" . Have a sense of humor .

BAJAJ ALLIANZ Way


Dominate the market - Be decisive & communicate clear goals. Never sit still - Change continuously,change when the going is good & revolutionize . Think service - Service,service - continuous improvement . Make the future - Be flexible & be aware of competitors . Learn to lead and lead to learn . Be prepared to listen .

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Brand Value of Bajaj Allianz Life Insurance Company Limited

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Management team of the company

Mr. Kamesh Goyal Managing Director and CEO

Sashi Krishnan, CIO, Bajaj Allianz Life Insurance

Mr. Rajesh Viswanathan,C.F.O. Bajaj Allianz Life Insurance Arunabha Chowdhury 31 Sikkim Manipal University

BOARD OF DIRECTORS:
Mr. Rahul Bajaj (Chairman) Dr. Werner Zedelius Mr. Sanjay Asher Mr. Niraj Bajaj Mr. Sanjiv Bajaj Mr. Heinz Dollberg Mr. Ranjit Gupta Mr. S. H. Khan Mr. Suraj Mehta Mr. Dietmar Raich Mr. Manu Tandon Mr. Kamesh Goyal (Alternate Director to Dr. Werner Zedelius)

Head Office Address :


Bajaj Allianz Life Insurance Company Limited GE Plaza, Airport Road, Yerawada, Pune-411006 Maharashtra Telephone: (+91 20) 66026777

CHANNEL PARTNERS OF BAJAJ ALLIANZ

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

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

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

Team Life Care Company(India) Ltd. Contact Number : 0427 - 2410707; 2420707; Tele Fax - 2421245 E-mail Address : www.teamlifecare.in

COSMOS Co-op BANK Ltd. Contact Number : 020 2488051 E-mail Address : info@cosmosbank.in

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SECTOR PROFILE

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I)

INSURANCE IN INDIA

Insurance in India started without any regulations in the nineteenth century. It was a typical story of a colonial era: a few British insurance companies dominating the market serving mostly large urban centers. After the independence, the Life Insurance Company was nationalized in 1956, and then the general insurance business was nationalized in 1972. Only in 1999 private insurance companies were allowed back into the business of insurance with a maximum of 26 per cent of foreign holding (World Bank Economic Review 2000). The entry of the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. On July 14, 2000 Insurance Regulatory and Development Authority bill was passed to protect the interest of the policyholders from private and foreign players. The following companies are entitled to do insurance business in India. The private insurance joint ventures have collected the premium of Rs.1019.09 crore with the investment of just Rs.3, 000 crore in three years of liberalization. The private insurance players have significantly improving their market share when compared to 50 years Old Corporation (i.e.LIC). As per the figures compiled by IRDA, the Life Insurance Industry recorded a total premium underwritten of Rs. 10,707.96 crore for the period under review. Of this, private players contributed to Rs.1, 019.09 crore, accounting for 10 percent. Life Insurance Corporation of India (LIC), the public
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sector giant, continued to lead with a premium collection of Rs.9,688.87 crore, translating into a market share of 90 per cent. In terms of number of policies and schemes sold, private sector accounted for only 3.77per cent as compared to 96.23 per cent share of LIC (The Economic Times, 21 March, 2004). The ICICI Prudential topped among the private players in terms of premium collection. It recorded a premium of Rs. 364.9 crore and a market share of 25 per cent, followed by Birla Sun Life with a premium under- written Rs.170 crore and a market share of 15 percent, HDFC Standard with 132.7 crore and Max New York Life with Rs.76.8 crore with a market share of approximately 15 per cent each. Unlike their counterpart in the life insurance business, private non-life insurance companies have not yet started addressing the retail market. All is set to change in the coming years. Like in the banking sector, non-life insurance companies will soon have no choice but to focus on individual buyers. In case of private non-life insurance players, that their market share rose to 14.13 per cent, recording a growth of 70.75 per cent on an annual basis, while the market share of public sector stood at 85.87 per cent, registering a marginal growth of 6.34 per cent. The overall market has recorded a growth of 12.32 per cent by the end of January 2004. Among the private non-life insurance players, ICICI Lombard topped the list with a premium collection of Rs.403.62 crore in one year period with a market share of 3.05 per cent and with an annual 131.6 per cent, followed by Bajaj Allianz with a premium of

Rs.385.02 crore and 2.91 per cent market share and Tata AIG with
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300.49 crore premium and 2.27 per cent market share with an annual growth rate of 62.60 per cent. Among the public sector players, New India garnered a market share of 24.38 per cent, Rs.3,229.49 crore premium and an annual growth rate of 0.38 per cent, followed by National with a market share of 21.43 per cent, Rs.2,839.11 crore premium and an annual growth rate of 19.88 per cent, United India with a market share of 19.47 per cent (Rs.2,578.83 crore premium) and Oriental with a market share of 18.25 per cent, Rs.2,417.17 crore premium and an annual growth rate of 1.86 per cent. It is significant to note that HDFC Chubb and Cholamandalam have registered annual growth rates of 4030.26 per cent and 1101.20 per cent respectively, whereas New India has registered it as 0.38 per cent. If this trend continues, private insurer would dominate the public sector like New India Insurance Corporation. It is obviously reflect the insurance sector has facing the challenges with foreign counter parties as well as private counter parties and lot more opportunities are prevailing to penetrate the insurance business among the uncovered people and area of India. Further, it leads to economic development of the country. In this regard, it assumes greater significance to conduct debate among the inter- disciplinary persons.

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II) BRIEF HISTORY OF INSURANCE SECTOR IN INDIA

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are: 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and provident

societies taken over by the central government and nationalized. LIC


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formed by an Act of Parliament, viz LIC Act, 1956, with a contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are: 1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

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III) INSURANCE MARKET IN INDIA

NON-LIFE INSURANCE MARKET


In December 2000, the GIC subsidiaries were restructured as independent insurance companies. At the same time, GIC was converted into a national reinsurer. In July 2002, Parliamant passed a bill, delinking the four subsidiaries from GIC Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. Although the public sector companies still dominate the general insurance business, the private players are slowly gaining a foothold. According to estimates, private insurance companies have a 10 percent share of the market, up from 4 percent in 2001. In the first half of 2002, the private companies booked premiums worth Rs 6.34 billion. Most of the new entrants reported losses in the first year of their operation in 2001. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementaion, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis. Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long term debt and equity for infrastructure projects. With long term liability, they get a good asset- liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects. Insurance costs constitute roughly around 1.2- 2 percent of the total project costs. Under the existing norms, insurance premium
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payments are treated as part of the fixed costs. Consequently they are treated as pass-through costs for tariff calculations. Premium rates of most general insurance policies come under the purview of the government appointed Tariff Advisory Commitee . For Projects costing up to Rs 1 Billion, the Tariff Advisory Committee sets the premium rates, for Projects between Rs 1 billion and Rs 15 billion, the rates are set in keeping with the committee's guidelines; and projects above Rs 15 billion are subjected to reinsurance pricing. It is the last segment that has a number of additional products and competitive pricing. Insurance, like project finance, is extended by a consortium. Normally one insurer takes the lead, shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the premium. The other companies share the remaining risk and premium. The policies are renewed usually on an annual basis through the invitation of bids. Of late, with IPP projects fizzling out, the insurance companies are turning once again to old hands such as NTPC , NHPC and BSES for business.

RE-INSURANCE BUSINESS
Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them, which can be safely borne from their own funds. The balance risk is reinsured with other insurers. In effect, therefore, re-insurance is insurer's insurance. It forms the backbone of the insurance business. It helps to provide a better spread of risk in the international market, allows primary insurers to accept risks beyond their capacity, settle accumulated losses arising from catastrophic events and still maintain their financial stability. While GIC's subsidiaries look after general insurance, GIC itself has been the major reinsurer. Currently, all insurance companies have to give 20 per cent of their reinsurance business to GIC. The aim is to ensure that GIC's role as the national reinsurer remains unhindered. However, GIC reinsures the amount further with international companies such as Swissre (Switzerland), Muniche (Germany), and Royale (UK). Reinsurance premiums have seen an exorbitant increase in recent years, following the rise in threat perceptions globally.

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IV) LIFE INSURANCE MARKET


The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibility or

transparency in the products. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premiums of the 12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business has fallen.

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Innovative products, smart marketing and aggressive distribution. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatisation was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average. Buoyed by their quicker than expected success, nearly all private insurers are fastforwarding the second phase of their expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to fight back to woo new customers.

WHOLE LIFE INSURANCE PREMIUMS (RS./ YEAR)

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INVESTMENTS OF LIFE INSURERS IN LIFE FUND


(Rs. in crore)
PUBLIC SECTOR 2005 2004

LIC (A) PRIVATE SECTOR HDFC STD LIFE MNYL ICICIPRU BSLI TATA AIG KOTAK LIFE SBI LIFE BAJAJ ALLIANZ METLIFE AMP SANMAR ING VYSYA AVIVA SAHARA LIFE TOTAL (B) TOTAL (A+B)
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361428.87

304436.88

480.77 436.37 970.63 170.06 392.76 200.67 960.89 382.28 157.18 110.71 241.22 144.95 142.48 4790.98 366219.85
44

305.43 241.85 658.45 140.38 220.65 133.43 367.84 221.91 120.18 98.69 75.28 144.65 143.29 2872.03 307308.91
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INVESTMENTS OF LIFE INSURERS IN PENSIONS FUND


(Rs. in crore)
PUBLIC SECTOR 2005 2004

LIC (A) PRIVATE SECTOR HDFC STD LIFE MNYL ICICIPRU BSLI TATA AIG KOTAK LIFE SBI LIFE BAJAJ ALLIANZ METLIFE AMP SANMAR ING VYSYA AVIVA SAHARA LIFE TOTAL (B) TOTAL (A+B)

11462.03

9244.06

151.91 14.03 166.64 0.06 76.78 13.36 78.97 9.28 210 50.45 0 0 0.06 561.75 12033.78

101.68 2.11 127.59 0 39.79 7.54 15.41 3.81 0 9.83 0 0 0 307.77 9551.83

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INVESTMENTS OF LIFE INSURERS IN GROUP FUND


(Rs. in crore)
PUBLIC SECTOR 2005 2004

LIC (A) PRIVATE SECTOR HDFC STD LIFE MNYL ICICIPRU BSLI TATA AIG KOTAK LIFE SBI LIFE BAJAJ ALLIANZ METLIFE AMP SANMAR ING VYSYA AVIVA SAHARA LIFE TOTAL (B) TOTAL (A+B)

42639.42

34068.32

0 7.25 0 0 14.7 2.05 10.77 1.27 2.52 0 0 2.85 0.02 41.43 42680.85

0 1.35 0 0 0 0.9 2.92 0.95 0.44 0 0 0.57 0 7.15 34075.47

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INVESTMENTS OF LIFE INSURERS IN UNIT LINKED PLANS (Rs. in crore)


2005 PUBLIC SECTOR 2004

LIC (A) PRIVATE SECTOR HDFC STD LIFE MNYL ICICIPRU BSLI TATA AIG KOTAK LIFE SBI LIFE BAJAJ ALLIANZ METLIFE AMP SANMAR ING VYSYA AVIVA SAHARA LIFE TOTAL (B) TOTAL (A+B)

2758.67

209.87

290.67 20.44 2337.16 1125.72 80.81 308.33 3.54 369.24 1.74 21.4 78.61 131.13 0 4768.77 7527.45

60.91 0 780.07 474.62 12.75 53.54 0 28.61 0 0 20.81 47.13 0 1478.43 1688.31

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PART II

PROJECT OVERVIEW

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I) INTRODUCTION
WINDS OF CHANGE :
Reforms have marked the entry of many of the global insurance majors into the Indian market in the form of joint ventures with Indian companies. Some of the keys names are AIG, New York Life, Allianz , Prudential, Standard Life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC. Which has responded to the competition in an admirable fashion by launching new products and improving service standards.

Market Expansion :
There has been an overall expansion in the market. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is still unlimited as virtually all the players are concentrating on large cities and towns except by LIC to an extent there was no significant attempt to tap the rural markets

New Product Offering:


There has been a plethora of new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term insurance to unit -linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money-back policies, which is not considered very appropriate for long term protection and savings. However, there are still some key new products yet to be introduced e.g. health products.

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Customer Service :
Not unexpectedly, this was one area that witnessed the most significant change with the entry of new players. There is an attempt to bring in international best practices in service and operational efficiency though use of latest technologies. Advice and need based selling is eme rging through much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt, policy document, premium notice, final maturity payment,

settlement of claims etc. However, there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels.

Channels of Distribution : Till two years back, the only mode of distribution of life insurance products was through Agents. While agents continue to be the predominant distribution channel, today a number of innovative alternative channels are being offered to customers. Some of them are bancassurance, brokers, the internet and direct marketing. Though it is too early to predict, the wide spread of bank branch network in India could lead to bancassurance emerging as a significant distribution mechanism. The introduction of private players in the industry has added to the colors in the dull industry. The initiatives
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taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this s ector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. LIC market share has decreased from 95% (2002 03) to 82% (2004-05). The following companies has the market share of the life insurance industry.
Insurance Company Market Share(Fig.in%)

LIC ICICI Prudential Bajaj Allianz HDFC Standard Life SBI Life Birla Sun Life Max New York Life` TATA AIG Aviva OM Kotak Mahindra ING Vyasa Reliance MetLife

71.44 11.35 7.06 2.37 1.81 1.49 0.98 0.79 0.89 0.86 0.57 0.37 0.24

Market Share of Life Insurance Companies as of May 200 9

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DISTRIBUTION CHANNELS
Till date insurance agents still remain the main source through which insurance products are sold. The concept is very well established in the country like India but still the increasing use of other sources is imperative. It therefore makes sense to look at well balanced,

alternatives channels of distribution.

LIC has already well established and have an extensive distribution channel and presence. New players may find it expensive and time consuming to bring up a distribution channel to have an advantage.

At present the distribution channels that are available in the market are: Direct Selling Corporate Agents Group Selling Brokers and Cooperative Societies Bancassurance

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Distribution Channels of BALIC

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To make all these channels a success the companies have to be very alert and skillful to know how to use these channels in a proper way. Bancassurance is on of the most upcoming channels of distribution.

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Growth story of BALIC

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New Business and Premium

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PRODUCTS
Bajaj Allianz has launched different tupes of product to serve different market throughout the life insurance market of India.The recently operated products are here.

1) Unit Linked
Regular Premium
New Family Gain - II New UnitGain - II Family Assure - II Century Plus - III Unitgain Protection Plus - II Smart Investment Plan - II I gain - II Max Gain Assured Gain

Single Premium
Wealth Gain

2) WOMEN INSURANCE
Products for house wives

3) Group
Non Employer Employee Credit Shield Group Term Life (Non Employer employee)
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Employer Employee
Group Term Life (Employer employee) New Group Gratuity Care New Group Superannuation Care
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Group Suraksha Sarve Shakti Suraksha Group Loan Protecter Group Income Protection
Group Unitgain

Group Save Plus Group Term Life in liu of EDLI Group Leave Encashment Scheme Group Annuity Group Superannuation Gold Group Gratuity Gold

4) Pension
Annuity
Pension Gurantee

Retirement
Future Income Generator Swarna Vishranti Retirement Advantage RP Retirement Advantage SP Future Secure - II

5) HEALTH
Care First Health Care family Care First

6) MICRO INSURANCE
Alp Nivesh Yojana Jana Vikas Yojana Saral Suraksha Yojana

7) TRADITIONAL
Endowment
Invest Gain Save Care Economy SP Life Time Care
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Money Back
Cash Gain

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Super Saver Invest Plus

8) Children Plan
Child Gain Yong Care II

9) ADDITIONAL RIDER BENEFITS


Unit linked
Additional Rider Benefits UL waiver of premium benefit UL family income Benefit Unit linked term Rider UL accelerated critical illness rider

Non Unit linked Addtional Rider benefits

10) TERM PLANS


Protector Term Care New Risk Care II

11) JUST LAUNCHED


Group Seva Plan Group Secure Life

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Allianz AG with over 110 years of experience in over 70countries and Bajaj Auto ,trusted for over 55 years in the Indian market, together are committed to offering you financial solutions that provide all the security you need for your family and yourself. Bajaj Allianz brings to you several innovative products , the details of which you can browse in this section.

Factors affecting pricing

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II) OBJECTIVE
About the project :
This project is mainly concentrating on the various perceptions that each customer has on private life insurance as well as on the value added service offered by BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD .As my project is all about perception and value added service,I have given a brief introduction about it.

Service marketing :
Service is an act of performing or offering that some thing extra which gives some benefits or value to the customers without the ownership of the physical products. Now a days of service is gaining importance due to increasing in demand from economic well being,changing life style of people and complexity of the products .Service differs from physical goods in certain characteristics such as intangibility ,heterogeneity and perishes ability,which makes them unique and poses a challange for marketers to make them separately from goods. This project is mainly concentrating on the perception of customers who have the policy in private life insurance companies and know about the value added service offered by the private life insurances companies.

Perception :
It may be define as the process by which an individual selects,organizes and interprets stimuli into a meaningful and coherent picture of the environment in which he lives.To a person, he perceives the reality,irrespective of the objective trust ,and his behavior is ditermined by his perception.

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Factors influencing perception : The perceiver


The perceiver's personal characteristics play major role in influecing the way he interprets a target .A persons's attitude ,motives,interests ,past experiences and expectation affect his perception.

The Target
Perception is affected by characteristics of the target.The people who are loud or very tall are or attractive are more likely to be noticed in a crowed .The target perceived based on its attributes such as motion,sound,size etc.

The situations
Time,location,climate,person's state of mind and other situational factors influencing his perception.

The Value Added Services Offered By The BALIC LTD. Electronic clearing system :
It is a system where the premium gets directly debited from the bank account on the due dates .This helps the customer to pay the insurance premium with out to the insurance company.

Financial advisors :
Advisos are the back is not just selling of the policies but listen to the customer like what they need,how much they can invest,which policy suits them and what kind of policy expect from us i.e. what kind of policies should be designed for them.

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Ease in renewal of the lapsed policy


Policy holder can easily renew their policy with much more difficulties for these customers can seed the help of financial consultant.

Other services :
Customized products All the information about the companies and its products are available in companies website. Incase a customer wants to pay their premiums through cheque than they can draw them in favours of the insurance company in which he has the policy. Market information : customers can check their policy status through online. Claim settlement : Claim settlement in private life insurance company is faster than the other insurance company. For any queries customer can call to 24 hour help line number..

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III) METHODOLOGY
Research methodology is a way to systematically solve the research problem. Research methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique so that research results are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated, why data have been collected and what particular technique of analyzing data has been used and a best of similar other question are usually answered when we talk of Research methodology concerning a research problem or study. The main aim of research is to find out the truth which is hidden and which has not been discovered as yet. Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data has been collected by meeting with th e branch and agency manager of different insurance agencies and branches in Barasat . Data collection has been done through by giving structured questioner. Research has been done after existing policy holders,probable customers,branch managers or agency manager & agents. This study will be based on judgment sampling and this research is skewed to organization level. This is an exploratory type of research .And this research needs further study also research is a kind of pilot study. The area of the study related with informing different people about life insurance policies at Barasat in North 24 parganas .

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CONCEPTUAL CONTEXT OF THE RESEARCH


As the objective of the research focuses on the research of brand image a with special emphasis of Bajaj Allianz. It will help the company to increase its sales,future plannings,initiatives need to be taken which is the prime objective of the company at this time. The research attempts to generate awareness among the people of North 24 Parganas regarding the brand image and perception of Bajaj Allianz.

METHODS PRIMARY DATA


Date collection for this research was done

primarily through filling up of questionnaire. The sample for the research including different individuals of various age groups and having different professions and

qualifications. Data was collected through the interview of individuals. The questionnaire was containing questions regarding the personal details of individuals and then some light questions regarding their primary knowledge related to private insurance companies. Then there were questions related to their interest in being the Insurance Consultants of company.

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SECONDARY DATA
A large amount of secondary data has been collected from secondary sources. Some of the sources are: Reports on Insurance Sector of India. Articles from Newspapers and magazines. Various web sites of the insurance companies and related sites.

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IV) ANALYSIS
There are some features of analyzing data that need to be borne in mind when choosing the method for analyzing the research. The questionnaire were prepared to explore the pshychology of individuals about being associated with Bajaj Allianz's brand image and perception and to help the company grow by increasing its sales. Instead of testing a hypothesis, a qualitative analyst may demonstrate evidence showing that a theory, generalizing, or interpretation is plausible.

Sampling plan of the study SAMPLE SIZE:-

Various areas of Barasat and were covered in order to fill the questionnaire. I interacted with 100 individuals in order to know about their i nterest of being Insurance Consultants of Bajaj Allianz .

SAMPLE COMPOSITION
Youth Executives Serviceman Business persons

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SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given population. It refers to the techniques or the procedure the researcher would adopt in selecting items for the sample. Sample design may as well be drawn from the population to be included in the sample i.e. the size of the sample. Sample design is determined before data are collected. Sample size has been taken by judgment sampling. Judgment sampling is a process in which the selection of a unit, from the population is based on the pre judgement.This research requires the survey of different insurance agencies in North 24 parganas . So research concentrates on the branch or agency manager of different insurance companies. So the selection of unit for this research has been judged by the researcher. Sample size for this research is 100 . During my study I have taken 100 prospects as the size of sample. The approach to the research is considered in this chapter, from the theoretical underpinning to the collection and analysis of the data. It begins with the extent of the research to provide the specific guidelines of studying. The next part is concerned with the method of the research that refers to the data collection and analyzing which is used in the research.

Sampling method :
The researcher had choice between probability and non probability sampling metho ds .In this study a simple non probability method namely convenience sampling was adopted. For my study I have selected Non -probability method in which I selected convincing sampling method .

Field work :
Survey was done in district town - Barasat .The data was collected over a period of ten weeks within the same area using well structured questionnaire .The
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respondents were contacted at the organization offices .

Descriptive Research:
Market survey is one of the best example of descriptive research. This is a one shot research study at a given point of time, and consists of a sample of the population of interest. Its advantages are that it gives a good overall picture of the position at a given time. It can cover many variables of interest, and is not affected by the movements of elements in the sample, because other elements can be substituted for them.

DATA ANALYSIS AND INTERPRETATION Plan of the data analysis :


Planning and analysis of data can be done through three steps .They are EDITING,CODING, TABULATION.These three very important in analyzing the data.

Editing : Editing is the process of examining errors when there are


some inconsistancy in the responses as entered in the questionaire .or where it contains partial or vague answers.

Coding : Coding is necessary to carryout the subsequent operations


of tabulating and analyzing data .If coding is not done,it will not be possible to reduce a large number of heterogeneous responses into meaningful categories with the result that the analysis of data would be weak and inaffective and without proper focus.

Tabulation: Tabulation comprises sorting of the data into


different categories and counting the number of cases that belong to category . The simplest way to tabulate is to count the number of responses to one question .This is called univariate tabulation .Where two or more variables are involved in tabulation,it is called bivariate or multivariate tabulation .In marketing research projects and generally both types of tabulation are us ed.

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Q.1) What is your average monthly income ?


MONTHLY INCOME 0-5000 5000-10000 10000-15000 15000-20000 20000 AND ABOVE NUMBER OF INDIVIDUALS 18 32 29 12 9

Respondents monthly income break up

Monthly Income Interpretation:


According to the study 18 % peoples' monthly income is 5,000 or less than that.32 % people belongs to the income level of 5,000 - 10,000.29 % people are their whose monthly income is between 10,000 - 15,000.12 % people falls between te income range of 15,000 - 20,000.The study revels that only 9 % people is there whose monthly income is even more than 20,000.

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Q.2) What is your profession ?


Servicemen 32% Businessmen -68%

Break up according to profession

Overall Profession

Interpretation:
According to the study 32 % people are there who are service holder where as 68 % of people are businessman.

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Q.3) What is your qualification ? Graduate - 95 % Beyond Graduate - 5 %

Literacy level

Interpretation:
According to the study of literacy level,95 % of the respondents are graduate and even maximum of them want to go for further study where as 5 % are beyond graduate .According to their response,they do not want to be a graduate.

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Q.4) Which technique of sales promotion you prefer ?

Options
Display Door to door Exhibition Catalogue Price off

Response in %
40 14 16 20 10

Interpretation:
According to the study 40% insurance care consultants prefer display technique,20% insurance care consultants prefer catalogues, 16% to the exhibition, 14% to the door to door demo and 10% insurance care consultants prefer price off technique.

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Q.5) which technique is giving good response from customers?

Options
Display Door to door Exhibition Catalogue Price off

Response in %
18 36 18 16 12

Interpretation:
According to the study 36% insurance care consultants say door to door demo techniques giving good response, 18% insurance care consultants say to the display & exhibition, 16% to the catalogues & 12% say to the price off technique.

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Q.6) Which technique is economically beneficial? Options


Display Door to door Exhibition Catalogue Price off

Response in %
10 22 10 46 12

Interpretation:
According to the 46% insurance care consultants, catalogue technique is economically beneficial. 22% to the door-to-door demo and 12% insurance care consultants prefer price off technique.10% to the exhibition & display technique.

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Q.7) Which technique requires less time in sales promotion ?

Options
Display Door to door Exhibition Catalogue Price off

Response in %
22 38 10 16 14

Interpretation:
According to the study 38% insurance care consultants say display technique requires less time in sales promotion. 22% to the display technique, 16% insurance care consultants vote to the catalogues, 14% insurance care consultants vote to the 10% to the exhibition.

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Q.8) Which technique is easily manageable?

Options
Display Door to door Exhibition Catalogue Price off

Response in %
18 30 10 34 8

Interpretation:
According to the study 34% insurance care consultants say that the catalogues is easily manageable, 30% to the door to door demo,18% insurance care consultants prefer display technique 10% to the exhibition, and 8% insurance care consultants say to the price off technique.

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Q.9) Which technique requires less knowledge to execute?

Options
Display Door to door Exhibition Catalogue Price off

Response in %
14 12 12 22 40

Interpretation:
According to the study 40% insurance care consultants vote to the price off technique is require less knowledge to execute.22% insurance care consultants prefer catalogues, 14% to the display and 12% to the exhibition & door to door.

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Q.10) Which technique requires more knowledge to execute? Options


Display Door to door Exhibition Catalogue Price off

Response in %
20 42 24 10 4

Interpretation:
According to the study 42% insurance care consultants vote to the door-to-door technique that it requires more knowledge to execute than others. 24% to the exhibition, 20% to the display technique, 10% insurance care consultants give vote to the catalogues and 4% insurance care consultants prefer price off technique.
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Q.11) Price off are necessary for sales promotion? Options


Yes No Can not say

Response in %
46 40 14

Interpretation:
According to the study 46% insurance care consultants say yes that the price off are necessary for sales promotion. 40% say no,it is not requird and 14% were not interested not opine.

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Q.12) Do you think that sales promotion program that is presently undertaken by Bajaj Allianz are satisfactory?

Options
Yes No Can not say

Response in %
34 46 20

Interpretation :
According to the study 46% insurance care consultants say No, the sales promotion program that is presently undertaken by Bajaj Allianz are not satisfactory . 36% say Yes,it is satisfactory and 20% could not highlight their view on this point.

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Q.13) Should Bajaj Allianz take up new sales promotion programme? Options
Yes No Can not say

Response in %
72 22 6

Interpretation :
According to the study 72% insurance care consultants say yes Bajaj should take new ideas of sales promotion.22% consultants are not interested Bajaj to take new sales promotions.6% insurance care consultants did not put any opinion about it.

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Q.14) Do you know about the Bajaj Allianz Life Insurance companies?

Ans. The response of individuals are as :Yes - 60% No - 40%

Brand Awareness Interpretation :


This question was asked to general respondents .60% respondents want to know more about this company,where as 40% respondents are not interested to know anything about this company.

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Q.15) Would you like to earn some extra money?

Ans. The response of individuals is as follows


Yes-90% No - 10%

Willingness to earn Interpretation :


This question was asked to sales personnel.90 sales personnel out of 100 want to earn some extra money .10 sales personnel out of 100 do not want to earn extra money.

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Q.16) What is desired or expected monthly income?

Ans. The response of individuals are as follows : MONTHLY INCOME


0-5000 5000-10000 10000-15000 15000-20000 20000 and above

% of people
0 12 26 44 18

Expected monthly income Interpretation :


This question was asked to sales personnel .No one found wants his/her income to be less than 5000. 12 sales personnels expect his /her income to be 5000 to 10000.26% sales personnel expect his / her income to be 10000 to 15000 . 44 sales force staff said that they expect their income to be 15000 to 20000 . 18 sales personnel want their income to be more than 20000.

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Q.17) How much time you can provide easily besides your job hours?

Ans. The response of individuals are as follows: TIME PERIOD


0-2 2-4 4-6 Full hrs. hrs. hrs. time

% people
12 33 31 24

willingness to devote time Interpretation :


This question was asked to sales personnels.12% sales people are ready to spend maximum 2 hours or eve less than that.33% sales peoples are ready to spend 2 hour to 4 hour.31% sales people are ready to spend 4 hour to 6 hour.24% sales people want to work full time.
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Q.18) Do you have your own vehicle?

Ans. The response of people is as follows :Yes-96.5% No-3.5%

Persons owning vehicle Interpretation :


This question was asked to sales personnel.96.5% sales people are having their own vehicle ,where as 3.5 % sales people do not have their own vehicle.

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Q.19) Do you have your own mobile?

Ans. The response of people is as follows :


Yes- 98% No-2%

Persons owning mobile

Interpretation :
This question was asked to sales personnels.98 % sales personnel is having their own cell phones .2% sales personnel is still their who are not having their own cell phones.

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Q.20) Would you like to work in market/field and want to interact with people? Ans. The response of individuals is as fol lows :Yes- 65% No - 35%

willingness to work in market/field Interpretation :


This question was asked to sales personnel .Out of 100 sales personnel 65 respondents are ready to work in market / field . 35 respondents are interested to work being in the office.

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Q.21) Would you like to come our company office and spend your some time with our people in a seminar?

Ans. The response of people are as follows : Yes- 45% No- 55%

Interpretation :
This question was asked to existing and probable customers .Out of 100 respondents 45 respondents are ready to attend our seminer .55 respondents are not at all ready to attend this type of seminer or like so.

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Q.22) Do you want that a sales manager should approach you for agency? Ans. The responses of people are as follows : Yes- 64.3% No -35.7%

Interpretation :
The question was asked to the sales personnel .64.3 % sales personnel said that a sales manager should approach him / her for a agency .But 35.7 % sales personnel were negative .They said that they are not supposed to get offer for a agency.

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Q.23) How many sales personnel ,whose monthly income is as follows ,you know in your branch? Ans. The responses of people are as follows: MONTHLY INCOME 0-5000 5000-10000 10000-15000 15000-20000 20000 and above % of people 15 10 35 25 15

Interpretation :
The question was asked to the sales personnel .As per collected data 15 personnel comes into 0k 5k range ,where as 10 personnel falls in 5k 10k range.35 personnel are their whose monthly income is within 10k 15k and 25 personnel are their whose monthly income is within 15k 20k.15 sales personnel would be their whose monthly income is above even 20k.
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V) OBSERVATIONS & FINDINGS


This study is very much satisfying for me not only practically and academically but it also helped me in developing my communication skill and enriched my knowledge also. I have come to know about the importance of marketing especially with regard to Sales Promotion on the most renowned organization like Bajaj Allianz . Especially because of emergence of many competitor with excellence in services & competitive product. The base of this chapter conclusion is on the data analysis or what we say findings. I have finding from the existing customers ,probable customers insurance care consultants and retailers of the Bajaj Allianz. and their interests on my topic. When the insurance care consultant is asked why they are dealing in this particular insurance company they mostly stressed on companys image. They also said that all income and age group of customers are attracted towards their product but buyers are mainly from higher and middle-income group.

Maximum existing customers have chosen this company due to good brand image and holding policies through out the years.

Probable customers are generally interested in good product and want to invest in a long running reputed company like Bajaj Allianz instead of the recently introduced company.
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Retailers are getting good return from the products of this company and their business volume is also high than that of other companies.

Maximum retailers said that their sale is very much increased in the last years because of an excellent performance of the product. Insurance care consultants said that the employees are very much satisfied after getting opportunity to sell out the products because of its features related with risks of life and also because of quality of service provide by their company is very good.

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VI) SUGGESTION
Here are some suggestions, which may help to strengthen the firm further. The backbone of the company is the brand image of Bajaj Auto .So ,extensive advertisement ,publicity ,sales force and sales promotion is needed to take place in order to to keep this image continue. Many of the insurance care consultants of the Bajaj Allianz. has the lack of good communication skills and training. So training should be easy.

Bajaj Allianz. should use new techniques of sales promotion.

Customer services should be more comfortable than others.

People must be made aware of the benefits of the policies of Bajaj Allianz.

The company should give personal attention to each customer. Proper assistance should be provided to the customer at the time of claim settlement.

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All the details about the company should be given to the customers.

Regular advertisement of the company should be given TV and Newspaper.

The company must try to find new markets especially in the rural areas.

The company should do frequent analysis of the competitors.

TOOLS USED
To know the response, I have used the questionnaire method. If one wishes to find what prospects think or know, the logical procedure is to ask them. This has led marketing researchers to use the questionnaire technique for collecting data more than any other method. In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant. The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire.

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VII) LIMITATIONS OF THE STUDY


Following limitations were faced during my study: While designing the questionnaire it was kept in mind to gather more and more information from each target person. For the neither present nor descriptive questions could have served the purpose. The study was conducted for Bajaj Allianz in District town Barasat , which has 60 to 100 insurance prospects only. The sample size was of 100 insurance care consultants only so that accuracy of data collected could be absurd covered by circulation of questionnaire. The accuracy of indications given by the respondents may not be consider adequate as whether the language used in the questionnaire is understood by the respondent cannot be taken for granted. The study is based on the information gathered from the insurance care consultants ,existing customer , sales force and retailers. Therefore in such case it is possible that the information supplied might be biased because the target respondents might have shown partiality towards their interests. Since the survey was limited to100 prospects it is rather difficult to give a precise conclusion but I have tried to the best of my capability to give the conclusion on a comprehensive manner.

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VIII) QUESTIONNAIRE
QUESTIONNAIRES FOR MARKET SURVEY
I am Arunabha Chowdhury , MBA fourth semester student of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently doing my Project in BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED .As a part of my study,I am collecting information of the existing and probable customer,retailers and insurance care consultants perception on value added services provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED,I kindly request you to fill the following questionnaires. NAME ........................................................................................................... ADDRESS ..................................................................................................... ........................................................................................................... CONTACT NO. ........................................................................................... DATE - ..............................................

QUESTIONNAIRE QUESTIONNAIRES FOR THE EXISTING CUSTOMERS

Please ( tick ) the answer 1) Which age group do you belong to ?


( ) Less than 25 years
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( ) 25 to 35 years
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( ) 35 to 40 Years

( ) Above 45 years

2) Which sector are you working in ?


( ) Education ( ) IT ( ) Finance ( ) Others ( ) Government

3) Are you aware of the all investment options ?


( ) Yes ( ) No ( ) Have some knowledge

4) Why do you want to invest in insurance ?


( ) Retirement ( ) Tax saving ( ) Earning ( ) Liquidity

5) What type of policy do you have ?


( ) Traditional ( ) Unit Linked

6) Which term of investment preferred ?


( ) Short term ( ) Medium term ( ) Long term

7) What made you to invest in Bajaj Allianz Life Insurance ?


( ) Brand image ( ) Value added services ( ) Advertising ( ) Advisor ( ) Policy feature

8) What is your opinion towards the services provided by BALIC ?


( ) Average ( ) Aggressive ( ) Excellent ( ) Professional
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9) Which service you prefer to pay premium ?


( ) Website ( ) Reminding call ( ) Reminding letter ( ) Reminding sms ( ) Ecs

10) If you want to clarify any query to whom you will ask ?
( ) Advisor ( ) Customer care ( ) Company website ( ) Branch

Thank you for your co-operation & your answers would be kept secretly.

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QUESTIONNAIRES FOR THE RETAILLERS

I am Arunabha Chowdhury , MBA fourth semester student of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently doing my Project in BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED .As a part of my study,I am collecting information of the existing and probable customer,retailers and insurance care consultants perception on value added services provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED,I kindly request you to fill the following questionnaires. NAME ........................................................................................................... ADDRESS ..................................................................................................... ........................................................................................................... CONTACT NO. ........................................................................................... DATE - ..............................................

QUESTIONNAIRE
Q.1 To which A) Display C) Exhibition

technique of sales promotion you prefer?


B) Door to door demonstration D) Catalogue

Q.2 which technique is giving good response from customers? A) Display


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B) Door to door demonstration


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C) Exhibition

D) Catalogue

Q.3 Which technique is economically beneficial? A) Display C) Exhibition B) Door to door demonstration D) Catalogue

Q.4 Which technique requires less time in sales promotion? A) Display C) Exhibition B) Door to door demonstration D) Catalogue

Q.5 Which technique is easily manageable? A) Display C) Exhibition B) Door to door demonstration D) Catalogue

Q.6 Which technique requires less knowledge to execute? A) Display C) Exhibition B) Door to door demonstration D) Catalogue

Q.7 Which technique requires more knowledge to execute? A) Display B) Door to door demonstration C) Exhibition D) Catalogue

Q.8 Price off and installment offers are necessary for sales promotion? A) Yes B) No C) Cant say

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Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj Allianz. are satisfactory? A) Yes B) No C) Cant say

Q.10 Should Bajaj Allianz. take up new sales promotion program? A) Yes B) No C) Cant say

Thank you for your co-operation & your answers would be kept secretly

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QUESTIONNARIES FOR PROBABLE CUSTOMERS


I am Arunabha Chowdhury , MBA fourth semester student of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently doing my Project in BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED .As a part of my study,I am collecting information of the existing and probable customer,retailers and insurance care consultants perception on value added services provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED,I kindly request you to fill the following questionnaires. NAME ........................................................................................................... ADDRESS ..................................................................................................... ........................................................................................................... CONTACT NO. ........................................................................................... DATE - ..............................................

QUESTIONNAIRE

Please ( tick ) the answer 1) Which age group do you belong to ?


( ) Less than 25 years ( ) 35 to 40 Years ( ) 25 to 35 years ( ) Above 45 years

2) Which sector are you working in ?


( ) Education
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( ) Finance
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( ) Government
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( ) IT

( ) Others

3) Are you aware of BAJAJ ALLIANZ as an life insurance


company ? ( ) Yes ( ) No ( ) Have some knowledge

4) Will you like to invest in BAJAJ ALLIANZ ?


( ) Yes ( ) No ( ) Will think later

5) What type of policy do you have ?


( ) Traditional ( ) Unit Linked

6) Which term of investment preferred ?


( ) Short term ( ) Medium term ( ) Long term

7) Do you want to invest in Bajaj Allianz Life Insurance ?


( ) Yes ( ) No

8) How is your image and perception about BALIC ?


( ) Average ( ) Aggressive ( ) Excellent ( ) Professional

9) Which service you prefer to pay premium ?


( ) Website ( ) Reminding call
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( ) Reminding letter ( ) Reminding sms


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( ) Ecs

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10) Whom will you believe for any query ?


( ) Advisor ( ) Customer care ( ) Company website ( ) Branch

Thank you for your co-operation & your answers would be kept secretly.

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QUESTIONNAIRES FOR THE INSURANCE CARE CONSULTANTS


I am Arunabha Chowdhury , MBA fourth semester student of SIKKIM MANIPAL UNIVERSITY(Salt lake Branch ) currently doing my Project in BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED .As a part of my study,I am collecting information of the existing and probable customer,retailers and insurance care consultants perception on value added services provided by BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED,I kindly request you to fill the following questionnaires. NAME ........................................................................................................... ADDRESS ..................................................................................................... ........................................................................................................... CONTACT NO. ........................................................................................... DATE - ..............................................

QUESTIONNAIRE

Q.1 Which job ? A) Advertisement C) E-mail

option will you prefer to offer a sales force

B) Reference D) database

E) Existing sales people in the industry


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Q.2 which technique is giving good response from respondents? A) Advertisement C) E-mail B) Reference D) database

E) Existing sales people in the industry

Q.3 Which technique is economically beneficial? A) Advertisement D) database B) E-mail D) Handbill

Q.4 Which technique requires less time to get response ? A) Advertisement D) database B) E-mail D) Handbill

Q.5 What percentage of respondents are interested in this job? A) 5-10 C) 20-30 B) 11-20 D) 30 and above

Q.6 How much is the expected monthly income of them? A) Less than 5K C) 10k-15k B) 5K-10k D) 15k-20k

Q.7 How long they are working in BAJAJ ? A) less than 6 months B) 6 months - 1year C) 1 year - 2 years D) 2 years and above

Q.8 what is the ratio of part timer and full timer in this company?
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A) 20 - 80 C) 40 - 60

B) 30 - 70 D) 50 - 50

Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj Allianz. are satisfactory? A) Yes B) No C) Average

Q.10 Should Bajaj Allianz. take up new sales promotion program? A) Yes B) No C) Cant say

Thank you for your co-operation & your answers would be kept secretly

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IX) CONCLUSION

Based on the market survey, interviewing top level managers, expert opinion ,customer feedback from the sales force, data collection and analysis I can reach a conclusion that there is huge demand of life insurance policies in India and it is growing rapidly. It is mainly because increased rate of population and their interest in investment along with risk coverage of their life. Bajaj is very old and reputed company leading the insurance industry in India now. It may get better marketing opportunity if extend their product line , increase number of advertisement. It will be more effective if the company takes more initiatives to work in the urban sector. As per report of IRDA (Insurance Regulatory and Development Authority) there are a lot of companies in the industry who mare existing in this industry .Only a few of them (7 to12) are major markets players. Most vital conclusion is Insurance market largely depend on

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the economic development ,I can say that demand of Unit Linked Investment Policies are driving the major part of the insurance industry .As the economic growth is very high ,people wants to do invest mostly in insurance to get the tax rebate .Through this concept ,unit linked policies are going to lead all other life insurance products.

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X) Recommendation

1.

People should be made more aware of Bajaj Allianz Life

Insurance Companie's products so that they do not have any negative attitude of the company. 2. Bajaj is already having god brand image and loyalty in the

existing life insurance sector.As this sector is growing very rapidly,it should take initiative to keep it continue through advertisement and brand awareness programmes,mainly in urban area. 3. Bajaj Allianz Life Insurance Company should make social

gathering on its special accessions with local people so that people become more aware and understand the necessity of the products.. 4. Regular department meeting should be organized by

department so that every one of the organization can take part in the decision making process and they can discuss about their problems with each other and with management also. 5. The company should maintain the environment properly in

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order to have no negative impact on people in the market. 6. The company has to continue to evaluate their strategic and

flexible product development programs with the rapidly changing environment to cope up with the latest market scenario. 7. The company should plan for New Product Development ,so

the products suit the policy holders best. 8. There should be focus on advertisements through

T.V. or other Electronic Media. 9. Try to make Brand Image, with the help of Bajaj

Auto, more & more as it has a strong brand image in Indian market. 10. Make use of internet banking for increasing sales,

and also for promotion. 11. They should increase their Distribution Channels by more & more tie ups with the locals banks also, because they can help them to penetrate in Indian market easily. 12. There should be more incentives to ICs as they are the backbone of the company in order to increase sales they have to do more efforts than others.

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XI) SWOT ANALYSIS

The SWOT ANALYSIS has been done on the basis data collection, expert opinions.

STRENGTH
Strong human resources Very strong and good brand image Peoples perception about the company is very strong Good product reputation all over India World class product concepts Proved through application Scope for R&D Huge product demand in the state. Efficient customer service Satisfied customers Rapid growing tendency

WEAKNESS
Small & limited customer base. Using best but old product design . Apparent charges of product is high.
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Long payback period. Slow in flow if cash because of market condition. Inability to utilize full work force. No. of product is limited. Antipathy to extend product line. Low investment tendency for R&D purpose.

OPPORTUNITY
Growing tendency in Indian Life Insurance Industry. Industrialization ratio is very high ,so demand of the product is

also high. Well designed policy creating new market. Urbanization policy of the country creating good business

opportunity for marketing . Impact of change life style also creating market. Increasing the advertisement it can built more brand image

,transparent the brand perception and increase brand loyalty.

THREAT
Multinational companies are capturing the existing market Cheaper product from the competitors. Need huge capital investment as payback period is long Company has to depend on IRDA rules. So there is no
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certainty how much initiatives it can take in a financial year. Difficult to compete with lot of multinational companies. Being a private company general people do not want to trust .

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PART III

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I) Appendix
The current millennium has unfolded new business rules. The most significant of them being that past history or experience in a given product market is no indicator of future success. Market leadership can not be taken for granted because customer loyalty does not exit. In an era of seamless markets, the customer today has a much wider choice. He / She do not have to adhere only to the local available brands /services. Over a period of time, wooing and cajoling the customer will only intensity. Today marketers have pulled out almost every weapon from their armory to retain and expand their brands and share in the consumers mind. Internet has today reduced the gap between different societies. This gap which was in account of physical distance. Information and knowledge has now become redundant. Today we are seeing the emergence of global society and universal value. One such universal value related to the concept of time. It is no more perceived as infinite , and hence time is an indicator of opportunity. An organization, competitiveness is greatly determined by its ability to respond within a time frame, determined by the market forces and not by its own competencies .The Hindu concept of time, which is eternal, and continuing, seems to loose its meaning in this era of information super highways. Another impact of the net revaluation is the new concept of value. More and more customers have and will come to expect global products and services at local prices. In other words, organizations cost structure will have to be globally competitive. Only then will customers get their value for money. Thus the mere fact that an organization is offering a premium quality product will not be a sufficient reason to motivate customers to buy it. Development of telecommunication will further contribute to the emergence of these universal concepts which will affect customers definition of time and value. Mobile telephone also has altered the concept of space time and location.

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The net is also linking to change the concept of nation state. It is that these statuses will not exist but their role will change. The governments of these countries will continue to play a role in maintaining their cultural diversity and sovereignty. They will cooperate with other societies in areas like security, taxation, censorship and ownership etc. one of the direct outcomes of this seamless global society therefore will be the culture of openness and transparency.

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II) BIBLIOGRAPHY

Books :
Research Methodology / Kothari C.R. - Wishwa Prakashan,1999 . Principles of Marketing / Kotler P. and Armstrong G. New Delhi, Prentice Hall of India , 2005. Marketing Management Analysis , Planning, Implementation and Control / Kotler P. - New Delhi , Prentice Hall of India , 1999. Marketing Management / Saxena Rajan - Tata McGra Hill , 1999. IRDA Guideline Books of SMU Business Journal

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III) References
Data collect from :
Official Documents available from BALIC Zonal Office Documents available from Industry Data Collected from different tied Banks Data Collected from IRDA Office Data Collected from Broking Agencies Customer feedback data collected from sales personnel

Important advices and suggestions collected from


1. 2. 3. 4. Ms. Debapriya Barat ( Assistant Manager - Operations ) Mr.Anal Ghosh ( Faculty Member Barasat College ) Interview with territory manager ( Bancassurance ) Interview with territory manager ( Direct Marketing )

Websites:
www.quickmba.com www.bajajallianz.com

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