Group Members

Sumeet Punjabi Sagar Karnani Juhi Hasija Ritu Valecha Juhi makhija Priyanka Talreja

WHAT IS INSURANCE?
Future is always uncertain and full of risk . It is not certain that what is going to happen tomorrow. Therefore a man is always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties According to PattersonInsurance is an agreement between two parties under which one party undertakes specified future risk of another party and compensate the loss from that risk on payment of some consideration known as premium payable by the

insurance provides
Protection to investor Habit of saving Accumulation of savings Tax Benefit Value of risk Sharing of risk

Bajaj allianz
Bajaj allianz is a joint venture between Allianz SE and Bajaj fin serv. It was formed on 28th August,2001. it has around 1200 Branches across India. All offices are inter-connected & the head office is in Pune.

The division is in to various departments and this makes the company specialised with help of well Qualified staff it becomes easier for the company to serve policies to its customers. This company is second largest insurance company in the world.

The working of Bajaj Allianz is divided in various departments namely: 1.Sales 3.Policy serving 5.Under writing 7.Procurement 2.Back office 4.Helpline 6.Administration 8.Printing & Dispatch

TYPES OF INSURANCE provided by bajaj allianz

ENMDOWMENT TRADITIONAL LIFE INSURANCE ULIP TERM PLAN MONEY BACK

INSURANCE

MARINE

VEHICLE NON-LIFE / GENERAL INSURANCE TRAVEL

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PROCEDURE OF LIFE INSURANCE

Period AND PAYMENT OF POLICY

Period : The minimum period of policy starts with 5 years and it goes up to 40 years depending upon the choice & preference of the policy holder.

Payment :
The minimum amount paid for the policy is Rs.50,000 and maximum is Rs. 50 Lakhs. If this amount goes beyond Rs. 50 Lakhs then it enters into the process of re-insurance.

Concept of reinsurance
o Started 4 years ago o First to introduce re-insurance was ALLIANZ SE o As being part of ALLIANZ SE, BAJAJ also entered into this concept o If the amount of policy goes beyond 50 Lakhs then reinsurance process starts o The partners of BAJAJ ALLIANZ in this process are :
SWIZ RE ALLIANZ SE & GENERAL INSURANCE CORPORATION OF INDIA

contribution of banking sector towards bajaj allianz

The banks that support BAJAJ ALLIANZ in carrying out transactions are axis bank and standard chartered , they provide following facilities : Online payment. Payment through cheques. Email alerts. ECS. Online transaction.

Benefits
Tax relief Living Saving habit Security Provision for future Availability of loan protection Mortgage redemption Maturity benefit Death benefit

DISTRIBUTION Channels
Agency channels Electronic media Bank as a channel

Bajaj Allianz Advt. channels Corporate agents

Direct sales channels

Group channels

MARKET SHARE
BAJAJ ALLIANZ HAS 13.2% MARKET SHARE

ACCERELATED GROWTH OF BAJAJ ALLIANZ

Accelerated Growth Fiscal Year 2001-2002 (6months) 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 No of policies Sold in FY 21,376 1,15,965 1,86,443 2,88,189 7,81,685 20,79,217 37,44,742 New Business in FY Rs 7 cr. Rs 69 cr. Rs 180 cr. Rs 857 cr. Rs 2717 cr. Rs 4270 cr. Rs 6491.72

WHAT IS Claim Settlement

Settlement of claim is necessary in both the cases i.e; life and non life insurance policies. To settle the claim means to demand insurance amount and to collect this amount from insurance company. In life insurance when the policy becomes due for payment because of death of insured or the expiry of period mentioned in the policy. The amount of policy should be claimed by the nominee or the insured himself. Procedure to be followed in case of claim settlement of life insurance policy: proof of death Proof of legal title Proof of age Making payment

OTHER POLICIES OFFERED BY BAJAJ ALLIANZ

Wedding Insurance:
Bajaj Allianz is first to launch wedding insurance policy. This unique product covers the specific risks related to weddings. Wedding insurance safeguards you financially against unforeseen events that could postpone or cancel your wedding.

Coverage:
The insurance policy covers wedding cancellation /postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within 7 days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function. This scheme has four insurance options Rs.2 lakhs,Rs.4 lakhs,Rs.6 lakhs and Rs.8 lakhs. The premium for given four options ranges from Rs.3770 to Rs.14276.

Bajaj Allianz Child Plan

Bajaj Allianz Child Gain Plan is a child money back policy with 4 variants. The Survival Benefits are spaced out differently according to the plan selected. There are 4 variants of this plan namely Child Gain 21, Child Gain 21 Plus, Child Gain 24 and Child Gain 24 Plus. In Child Gain 21 and Child Gain 21 Plus, is paid out after the child attains 18 years, 19 years, 20 years and 21 years. And in Child Gain 24 and Child Gain 24 Plus, the money is paid out after the child attains 18 years, 20 years, 22 years and 24 years. However, if the child dies after the risk commencement but before the entire money is paid out, then the remaining Sum Assured is paid in a lump sum and the policy is terminated. But if the parent dies during the policy tenure, the future premiums are waived and the policy is continued such that the future Survival Benefits are paid whenever due.

Conclusion
Bajaj Allianz Life Insurance Company is the second largest insurance company in India. The study reveals that the company has achieved this position because of its efficient market operation & the ethics and transparency policies adopted by it. The company should concentrate more on advertisement, technology up gradation & also improve the efficiency of its workforce & has to have better offices. The Marketing Communication of Bajaj Allianz has to focus on creating knowledge of the company and its products. The study also reveals that misleading advertisements, hidden charges etc are some of the aspects with which Customers do not prefer.