A STUDY ON INSURANCE PRODUCTS OF BAJAJ ALLIANZ AND TRADITIONAL VERSUS ULIPS PRODUCTS
SUBMITTED BY: GUIDED BY:
SHOBHIT PARASHAR MR. KRISHNA KANT BHARTIY M.B.A 2ND YEAR INTRODUCTION
Significance to the industry:
With the help of my research insurance industry will come to know about why customers are not satisfied with the dematerialized insurance and prefer more normal insurance.
Significance to the employees:
Employees of the company will know about area where they have to work on to satisfy more and more customers and also to attract them towards insurance.
Significance to the researcher:
By conducting this research my knowledge is enhanced regarding insurance industry and research work, exposure to the professional environment and better understanding of an MBA program. OBJECTIVE OF RESEARCH
To analyse the consumer responses about Bajaj
Allianz life Insurance policy. To analyse about the products of Bajaj Allianz Life Insurance. To analyse about the objection of people for not taking the insurance policy. To analyse the need of life insurance for customer. To analyse about the views regarding services and competencies of Bajaj Allianz life insurance company. To analyse the preference of consumers between traditional and unit linked plans. RESEARCH METHODOLOGY Research Problem:- To find out the solution of the market related problems. To find out the new opportunity and threats that prevailing in the market. Research tools used:- Questionnaire Method Survey Method Research types used in the research methodology:- Exploratory Research Descriptive Research Sample size: Sample of 100 peoples are taken into study and their data was collected Sampling techniques: To study the project, a simple random sampling technique is used Data collection: Collection of data is done by secondary data and through questionnaire i.e. primary data was collected through questionnaire Data analysis: After data collection, Im able to analyse customers views, ideas, and opinions related to the investment. Data interpretation: INTERPRETATION.docx Interpretation of data is done by using statistical tools like pie diagram and line graph, and using quantitative techniques accurate information is obtained. Questionnaire QUESTIONNAIRE.docx FINDINGS Most of investors not fully aware about Life insurance policies and their advantage. It was found most of the investor prefer, less risk taking saving scheme or fixed deposits. Some of the people, who were related to rural area, did not know about facility for investment of money in Life Insurance Policy schemes. The proportion of investor and non-investor 80% & 20%. The investors were interested more in Policies of LIC because it is a Government body. Bajaj Allianz has strong brand image for its customers. Maximum of customers are with their policies and overall performance of the company. Most people are interested in traditional products as compared to ulps products. Most people does not have complete information about ulip products and their polices also. People are most comfortable with quality premiums. Payments/charges are bearable for the customers. Customers are satisfied with problem solving ability of Bajaj Allianz life insurance. SUGGESTIONS Service cum awareness camps should be run by the company in remote areas. Distribution channel needs more strength. Improvement in services through feedback from customer is recommended. Boucher in Hindi for customers who are unable to read English because still considerable mass numbers of people dont know third language English. Strict action taken to agent who gives partial or incorrect information about the policies and charges associated with it. Customer should treat gently before and after policy holder. Should concentrate on the media publicity for advertisement. Motivate their agents to improve customer base and also pay proper attention on their need and requirement. Regular meeting of the senior with agents. More awareness in needed for unit link insurance plans and about its advantages. CONCLUSION Private life insurance companies should adopt effective promotional strategies to increase the awareness level among the consumers. Life insurance companies should ask for their consumer feedback to know whether the consumers are really satisfied or dissatisfied with the service and product of the companies. If they are dissatisfied, then the reasons for dissatisfaction should be found out and should be corrected in future. Life insurance products which are suitable for lower income group should also be released so that the market share increases LIMITATION Management of all the activities from one place limited the research with in its self as appropriate data, which was required, was not available. The views of respondent are likely to change as human nature is very dynamic. The result figure may be biased since the subject/investor may provide wrong information. The survey may not give whole scenario of Indian market some subject/investor were not co-operative on their approach. The customer was not that much attentive towards answering the question. The customer became bias at the time of answering. THANK YOU