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APROJECT REPORT

ON

LIFE INSURANCE

AT

BAJAJ ALLIANZ

(PUNE)

FOR THE PARTIAL FULFILLMENT OF P.G.P PROGRAMME

SUBMITED TO

MAEERS

MIT SCHOOL OF TELECOM

AND

MANAGEMENT STUDIES

2007- 09

SUBMITED BY

SHRADDHA JHARIYA

ROLL NO.L20714

BATCH NO.1

GUIDED BY

MR. MANDAR VAIDYA

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DECLARATION

I have tried to make this project report titled A STUDY OF

INSURANCE PRODUCT AND INSURANCE MARKET successfully

and have provided the accurate information to the best of my

knowledge. The data collected is primary authentic and is evaluated

by myself.

This information is collected through personal interview

and questionnaire with different retailers and consumers and other

reliable resources.

I hereby declare that I have put in my best to make this

project come up to the expectation. The project is a result of my own

efforts.

SHRADDHA JHARIYA

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A cknowledgement

Itis a great privilege and honor to have an opportunity of doing

roject with BAJAJ ALLIANZ LIFE INSURANCE CO.LTD. PUNE, at

the outset, I would like to thank MR.MANDAR VAIDYA(Addl.

Div.Manager in bajaj allianz, pune), who gave me an opportunity to do

my project for providing golden opportunity of undergoing in their

esteem organization and for proving me all kind of facilities guidance

and inspiration in making this project successful.

I am indebted to Bajaj Allianzs retailers and consumers whom

surveyed.

Ifeel great pleasure in submitting this project toMAEERS MIT

SCHOOL OF TELECOM AND MANAGEMENT STUDIES(MITSOT)

PUNE.

SHRADDHA JHARIYA

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BACK GROUND OF THE STUDY

1.1 What is Insurance?

A contract (policy) in which an individual or

entity receives financial protection, or reimbursement, against losses from

an insurance company, which pools client's risks to make payments more

affordable, in exchange for a premium.

1.2 Brief history of Insurance

The business of insurance started with marine

business. Traders, who used to gather in the Lloyds coffee house in

London, agreed to share the losses to their goods while being carried by

ships. The losses used to occur because of pirates who robbed on the high

seas or because of bad weather spoiling the goods or sinking the ship. The

first insurance policy was issued in 1583 in England. In India, insurance

began in 1870 with life insurance being transacted by an English

company, the European and the Albert. The first Indian insurance

company was the Bombay Mutual Assurance Society Ltd, formed in

1870. This was followed by the Oriental Life Assurance Co. in 1874, the

Bharat in 1986 and the Empire of India in 1897.

Later, the Hindustan Cooperative was formed in Calcutta, the

United India in Madras, the Bombay Life in Bombay, the National in

Calcutta, the New India in Bombay, the Jupiter in Bombay and the

Lakshmi in New Delhi. These were all Indian companies, started as a

result of the swadeshi movement in the early 1900s. By the year 1956,

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when the life insurance business was nationalized and the Life Insurance

Corporation of India (LIC) was formed on 1st September 1956, there were

170 companies and 75 provident fund societies transacting life insurance

business in India. After the amendments to the relevant laws in 1999, the

L.I.C did not have the exclusive privilege of doing life insurance business

in India.

1.3 Pension

It can be described as the post-retirement benefit i.e. recurring income

received after the person has retired from the work.

Current Status

The takeout of the amendment made to Section 6(o) of the Banking

Regulation Act, 1949 is this: the current act does not permit banks to

handle insurance products. The proposed change will permit banks to

either distribute or to market insurance products. In addition to this, banks

will also be allowed entry to the insurance sector through the joint

venture route and bank assurance. It is understood that only strong banks

with three-year track records will be allowed to enter the business - entryis a strict no-no to the weaker banks. The Insurance Regulatory and

Development Authority (IRDA) Bill provides for three levels of players -

an insurance company, insurance broker and an agent. Banks will work as

agents and brokers in this proposed structure.

This is an attempt to make the insurance sector more dynamic - this

is likely to happen as banks will use their formidable branch network to

market and distribute the insurance products. This amendment could also

forge alliances in the banking sector. Initial reports indicate that the State

Bank of India and Bank of Baroda have expressed interest in entering

into joint ventures. ING Barings, who already has a 20% stake in Vysya

Bank, plans to broad base its alliance to add on insurance-based activities.

This could be a timely move - one that will allow the domestic

players to prepare for the competition ahead. It would also bring them on

par with international players who are accustomed to operate in a

liberalized environment.

A closer look at the amendment indicates that it is tantamount to creatingstronger public sector monopolies with behemoths like SBI and BOB

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entering the fray. It is unlikely that the private sector banks would

contemplate entering the business, as they may not have the requisite

capital to meet the prescribed capital adequacy for the insurance.

BACKGROUND OF THE TOPIC

INSURANCE MARKET:

Insurance in India started without any

regulation in nineteenth century. It Was a typical story of a colonial era:

a few insurance companies dominating the market serving mostly larger

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

percent 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 dynamic in the game. On July 14, 2000 Insurance

Regulatory and Development Authority bill was passed to protect the

interest of the policyholder from private and foreign players.

The private insurance joint venture have collected

the premium of Rs crore With the investment of just Rs 7000 crore in

five year 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

Rs10707.96 crore for the period under review. Of this, private player

contributed to Rs 1,019.09 crore , accounting for 10 percent. Life

insurance corporation of India (LIC), the public sector giant, continued

to lead with a premium collection of Rs 9,688.87 crore , translating into

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a market share of 90 percent. In terms of policies and schemes sold,

private sector accounted for only 3.77 percent as compared to 96.23

percent share of LIC (The Economics Times,21 March, 2004).

The BAJAJ ALLIANZ 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 percent, followed by 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 percent each.

Unlike their counterpart in the life insurance business, private non-life

insurance companies have not yet started addressing the retail market.

All is 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.

Insurance Market In India

By any yardstick, India, with about 200 million middle class

households, presents a huge untapped potential for players in the

insurance industry. Saturation of markets in many developed economies

has made the Indian market even more attractive for global insurance

majors. Table 1 reflects the low percentage and per capita penetration of

insurance in India compared to other developed and developing countries.

With the per capita income in India expected to grow at over 6%for the next 10 years and with improvement in awareness levels, the

demand for insurance is expected to grow at an attractive rate in India. An

independent consulting company, The Monitor Group has estimated that

the life insurance market will grow from Rs.218 billion in 1998 to

Rs.1003 billion by 2008 (a compounded annual growth of 16.5%).

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12 Private players in the market today:6 Bank owned insurers- HDFC Standard Life, ICICI Prudential, ING Vysya,

Metlife, OM Kotak, SBI Life

6 Independent Insurers- Aviva, Birla Sun Life, Bajaj Allianz, Max New York Life,

TATA Alg

82% market share still held by LIC

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ICICI Prudential

31.8%

Birla Sunlife

14.4%Bajaj Allianz

11.5%

SBI Life

10.2%

HDFC Std. Life

7.7%

MNYL

5.1%Tata AIG

7.3%

MetLife

1.2%Aviva

4.5%

Kotak

2.9% AMP Sanmar

1.5%ING Vysya

2.1%


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INSURANCE COMPANIES OPERATING IN

INDIA

PUBLIC SECTOR PRIVATE PLAYERS

1.LIFEINSURANCE

CORPORATION OF INDIA

1. ICICI Prudential Pvt. Ltd*

2. Birla Sun Life Insurance co. Ltd. (BSLI)

3. Bajaj Allianz Life insurance co. Ltd.

4. SBI Life Insurance co. Ltd. (SBI LIFE)

5. HDFC Standard Life Insurance co. Ltd.(HDFC

STD LIFE )

6. TATA AIG

7. MAX New York Life Insurance co Ltd.

8. AVIVA Life Insurance co. Ltd

9. Kotak Mahindra Old Mutual Life Insurance co.

Ltd**

10. ING Vysya Life Insurance co Pvt. Ltd. (ING

VYSYA)

11. AMP Sanmar Life Insurance co Pvt. Ltd.

12. MET LIFE Insurance co Pvt. Ltd.

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BAJAJ ALLIANZ LIFE INSURANCE CO.LTD Bajaj Allianz life insurance received the Insuranceregulatory and development authority(IRDA) certificate of Registration

on 2nd May 2001 to conduct life insurance in India. The company has an

authorized and paid up capital of Rs.110crores. Bajaj auto Limited holds

74% and the remaining 26% is held by Allianz, SE.

To day has a countrywide network connected

through the latest technology for quick communication and response in

over 200 town spread across the length and breadth of the country.

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Bajaj Allianz life insurance Company boasts of nationwide presence with

900 offices and over 4 million satisfied customers.

As on 31 st march 2008,Bajaj Aliianz Life insurance

maintained its permier in the industry by garnering a premium income of

Rs.2578crore, achieving the Rs.100crores mark in profit after tax bygenerating Rs.105crores.

In the first quarter of 2008-09, the company garnered a

gross premium of Rs.733.53 crores against Rs.573.73 last year for the

same period registering a growth of 28%. BAJAJ ALLIANZ LIFE

INSURANCE CO. LTD is a unique joint venture the among the global

giants Allianz Group (AG) and Bajaj auto. Allianz AGs world ranking

establishes it among the top insurance companies in the world. Bajaj Auto

is one of the biggest two and three wheeler manufacturer in the world.

Allianz is a leading insurance conglomerate globally and one of thelargest asset managers in the world, managing assets worth over a trillion

euros ( over Rs 55,00,000 crores ).Allianz has over 115 years of financial

experience in over 70 countries.

Bajaj auto is one of the most trusted name is Indian auto

for over 55 year. At bajaj alliaz customer delight is our guiding principle.

Ensuring world class solutions by offering customized product with

transparent benefits, supported by best technology is our business

philosophy.\

COMPANY VISION

To be the first choice insurer for customers

To be the preferred employer for staff in the insurance

industry.

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To be the number one insurer for creating shareholder

value.

COMPANY MISSION

As a responsible , customer focused market leader, we willstrive to understand the insurance need of the consumers and translate it

into affordable product that deliver value for money.

ACHIEVEMENTS

Bajaj Allianz life insurance offers technical

excellence in all areas of Health Insurance as well as Risk Management.

This partnership successfully combines Bajaj Autos in-depth

understanding of the local market and extensive distribution network with

the global experience and technical expertise of the Allianz group.

Bajaj Allianz has received iAAA rating, from ICRA

limited, an associate of Moodys Investor Services Claims paying Ability.

This rating indicates highest claims paying ability and a fundamentally

strong position.

TIE-UP WITH BANKS

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Standard Chartered Bank

Contact Number :022 2492 8888

E-mail Address:[email protected]

www.syndicatebank.com

Syndicate Bank

Contact Number :020 4026 742


Placement Sales and Services Ltd.

Contact Number :0487-2388666,2385922 Tele Fax - 2388666


Address: Regency Centre, Kalavary Road,West Fort, Thrissur 4 Kerala, India

www.teamlifecare.in

Team Life Care Co. (India) Ltd.

Contact Number :0427 - 2410707; 2420707; Tele Fax - 2421245

Address: 5/118, Yercaud Main Road,Chinnakollapatti, SALEM - 636008.

www.gemoney.in

GE Money

Address:4A, DLF Corporate Park QutabEnclave, Phase - 3 Gurgaon - 122002, HaryanaIndia

Ernestine Consultants Pvt Ltd.

Contact Number :080- 4034 1999 Fax- 080 - 4034 1920

Address: 1011, Ist Floor 3rd Cross, 13th MainHAL 2nd Stage, Indira Nagar Bangalore-560038

COSMOS Co-op BANK Ltd.

Contact Number : 020 2488051

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mailto:[email protected]://www.syndicatebank.com/mailto:[email protected]:[email protected]://www.teamlifecare.in/http://www.gemoney.in/mailto:[email protected]://www.syndicatebank.com/mailto:[email protected]:[email protected]://www.teamlifecare.in/http://www.gemoney.in/http://www.cosmosbank.com/mailto:[email protected]


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ACCELERATED GROWTH

FISCAL YR NO.OF POLICIES SOLD NEW BUSINESSincr.

2001-02 21,376 7

2002-03 1,15,965 69

2003-04 1,86,443 180

2004-05 2,88,189 8572005-06 7,81,685 2717

2006-07 20,79,217 4270

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PRODUCT

Various Insurance products:

INVIDUALS PLANS

Units Gain Insurance

Term Care Plans

Lifetime Care Insurance Policy

Business Insurance Policies

Savings and Securiy Policies for You and

your family

Rural Insurance plan Healthcare Insurance

Financial Insurance

Pension Plus

Retirement Plans

Childrens Plan

Endowment Plans and many more.

GROUP INSURANCE SCHEMES

Insurance for employee-employer groups

Insurance for non employer-employee

groups

Employees Deposit Linked Insurance

New Group Superannuation Scheme

New Group Gratuity Care Scheme

SPECIAL INSURANCE FOR NRIes

Investgain Endowment Plan

Cashgain Money Back plan

Swarna vishranthi

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NEW PRODUCT:

BAJAJ ALLIANZ LIFE INSURANCE LAUNCHES BAJAJ

ALLIANZ FORTUNE PLUS

Bajaj Allianz life insurance announced the launch of Bajaj

Allianz Fortune Plus A wealth creating ULIP which takes care of all

your investment requirement. This is one of the First ULIPs in the

market, which offers Zero surrender Charges and high allocation from

day one, which is now available at affordable premiums to massem

starting at Rs. 15,00o per annum only.KEY BENEFITS

Zero surrender charges

Best value for money ULIP

Available for three terms 10,15 and 20 year.

Flexibility of withdrawals after 3 years

100% premium for policies 10 yr and above

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

through use of latest technologies. Advice and need based selling is

emerging 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, finalmaturity 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.

PRODUCTS

BAJAJ ALLIANZ Life Insurance offers a range of innovative,

customer-centric products that meet the needs of customers at every life

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stage. Its products can be enhanced to create a customized solution for

each policy holder.

Child Plan

Smart Kid education plans provide guaranteed educational

benefits to a child along with life insurance cover for the parent who

purchases the policy. The policy is designed to provide money at

important milestones in the childs life. Smart Kid plans are also available

in unit-linked form ? both single premium and regular premium.

Retirement Solutions

Forever Life is a retirement product targeted at individuals in

their thirties.

Secure Plus Pension is a flexible pension plan that allows one to select

between 3 levels of cover.

Market-linked retirement products

FUTURE INCOME GENERATOR is a regular premium

market-linked pension plan

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FUTURE SECURE is a single premium market-linked pension

plan that helps one accumulate over the long term and offers an

annuity option at the time of retirement.

NEW UNIT GAIN EASY PENSION PLUS is a regular

premium pension plan with a capital guarantee on the investible

premium and declared bonuses.

SWARNA VISHRANTI: is a limited premium paying retirement

solution that offers tax benefits up to Rs 100,000 u/s 80C, with

flexibility in both the accumulation and payout stages.

Health Solution

Health Assure: Is a regular premium plan, which provides long

term cover against 6 critical illnesses by providing policyholder

with financial assistance, irrespective of the actual medical

expenses.

Health Assure Plus: Is a regular premium plan which provides

long term cover against 6 critical illnesses by providing financial

assistance, irrespective of actual medical expenses, as well as an

equivalent life insurance cover.

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FAMILY CARE FIRST: we offer cash less mediclaim facility

across 2000 hospitals in over 300 towns.

WOMEN INSURANCE:

Today women is an inspiration to her family.we offer

innovative plans which provide investment, savings, retairment solution,

medical insurance, there childerns education and their future.

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UNIT LINKED PLAN: is a suitable product for you, if your objective

is long term targeted wealth creation over 15-20 years, either for your

own retirement or for your children's future, while at the same time providing your family a enhanced protection against unfortunate

incidences in life.

Being a unit-linked plan, it also suits your requirement of deriving

potentially higher returns by assuming the appropriate risks.

Group Insurance Solutions

BAJAJ ALLIANZ LIFE INSURANCE also offers Group Insurance

Solutions for companies seeking to enhance benefits to their employees.

Bajaj allianz Group Gratuity Plan: bajaj allianz group gratuity

plan helps employers fund their statutory gratuity obligation in a

scientific manner. The plan can also be customized to structure

schemes that can provide benefits beyond the statutory

obligations.

Bajaj allianz Group Superannuation Plan: bajaj allianz offers

a flexible defined contribution superannuation scheme to provide

a retirement kitty for each member of the group. Employees have

the option of choosing from various annuity options or opting for

a partial commutation of the annuity at the time of retirement.

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Bajaj allianz Group Term Plan: bajaj allianz flexible group

term solution helps provide affordable cover to members of a

group. The cover could be uniform or based on designation/rank

or a multiple of salary. The benefit under the policy is paid to the

beneficiary nominated by the member on his/her death.

One of the best ways for employers to retain their employees is to

show them that their organization cares not only for them but also

their families.At Bajaj Allianz Life Insurance we offer customised insurance plans,

which safeguard your employees interests and show your

commitment to your employees.

Bajaj Allianz Life Insurance Group Plans offer

Financial stability to employees

Ease of operations and fund management.

Non Employer Employee Credit Shield Group Term Life(Non-Employer Employee) Group Suraksha Swayam Shakti Suraksha

Employer Employee

Group Term Life (Employer Employee) New Group Gratuity Care New Group Superannuation Care Group Save Plus Group Term Life in lieu of EDLI

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Savings And Securites Policy

Secure Plus is a transparent and feature-packed savings plan

that offers 3 levels of protection.

Cash Plus is a transparent, feature-packed savings plan that

offers 3 levels of protection as well as liquidity options.

SavenProtect is a traditional endowment savings plan that

offers life protection along with adequate returns.

Cash back is an anticipated endowment policy ideal for

meeting milestone expenses like a childs marriage, expenses

for a childs higher education or purchase of an asset.

Lifetime Super & Lifetime Plus offer customers the flexibility

and control to customize the policy to meet the changing needs

at different life stages. Each offer 4 fund options ? Preserver,

Protector, Balancer and Maxi miser.

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Lifeline Super is a single premium Market Linked Insurance

Plan which combines life insurance cover with the opportunity

to stay invested in the stock market.

Premier Life is a limited premium paying plan that offers

customers life insurance cover till the age of 75.

LIFETIME CARE POLICY

Lifeguard is a protection plan, which offers life cover at very

low cost. It is available in 3 options ? level term assurance, level

term assurance with return of premium and single premium.

Home Assure is a mortgage reducing term assurance plan

designed specifically to help customers cover their home loans

in a simple and cost-effective manner.

Accident & Disability: if death occurs as the result of an

accident during the term of policy, the beneficiary receives an

additional amount equal to the rider sum assured under the

policy.If the death occurs while traveling in an authorized

transport, the beneficiary will be twice the sum assured as

additional benefit.

Critical Illness: it protects the insured against financial loss in critical

illness.

Distribution

BAJAJ ALLIANZ LIFE INSURANCE has one of the largest distribution

networks amongst private life insurers in India, years, BAJAJ ALLIANZ

LIFE INSURANCE has retained its position as the best private life

insurer in the country, with a wide range of flexible products that meet the

having commenced operations in over 116 cities and towns in India,

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stretching from Bhuj in the west to Guwahati in the east, and Amritsar,UP

in the north to Trivandrum in the south.

The company has bank assurance tie-ups, having agreementsas well as about 290 corporate agents and brokers. It has also tied up with

NGOs, MFIs and corporate for the distribution of rural policies and

organization like RURAL INSURANCE PLAN, a policy for the socially

and economically underprivileged sections of society.

IBAJAJ ALLIANZ LIFE INSURANCE has recruited and trained

more than 65,000 insurance advisors to interface with and advise

customers. Further, it leverages its state-of-the-art IT infrastructure to

provide superior quality of service to customers.

SCOPE OF THE PROJECT

Scope of this project was to find out awareness level, customer

satisfaction level of the products and others.To know the market value

and insurance.

Understanding the company

Understanding the company profile, company business, company

products, distribution network, and customer of the company,

organization chart, market share, market structure, and pricing &

promotion strategy.

Understanding the OJT

OJT gives direct exposure to us and it gives the flavor of team

working org. culture, result orientation, org. pressure, and complexities in

achieving desire result. It is learning experience to us and be aggressive

in achieving the desire results. It provides good scope for developing

necessary managerial skill and positive attitude.

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Conceiving and finalizing project proposal

Project proposal is an important document in which (it indicates)

we are going to complete the project in the remaining week. So, it is

necessary conceiving and finalizing.

Project work

Implementation of project proposal we have to planning,

coordination, and operational discipline. And we have to break the project

in to various components and assign timelines along with desired results.

This is help to understand the progress made from time to time.

Objectives of Project

Investment planning

Investment planning is an alien concept for the Indian

populace. For a country which till now was worried about making ends

meet this emerging trend is definitely a new experience. But, the truth is

that if only they would have been introduced to the Art of Managing

Money, life could have been so much easier. Most of us spend more than

half of our lives working and saving because money is important, in fact

crucial. However, most of us spend almost no time planning to make that

hard-earned money work more effectively for us. So, how do you plan

your financial life?

On the investment Planning Desk will discuss concepts, ideas and

methods of planning, goals, return, risk and various investment options.

Concepts such as inflation, power of compounding, stock market jargonetc will be explained in a phased manner.

What is investment planning?

Financial planning is nothing but an assessment of your

goals and the steps you must take to help make them a reality.

What is it that you want?

Is your wish to retire with a sound lump sum

amount or do you want a steady monthly income. Is your son's educationor daughters' marriage worrying you? The key is to figure out your goals.

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Where is your money going?

The most important thing is that you should

where your money is going. Zero on your monthly and annual expenses.

Why should you invest?

You should invest so that your money grows

and shields you against rising inflation. If prices rise by four per cent

annually it would not be sufficient if your savings only give you a return

of three per cent. It leaves you with a deficit of one per cent. The idea is

that your rate of hreturn on investments should be greater than the rate of

inflation, leaving you with a nice surplus over a period of time.

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RESEARCH METHODOLOGY

Research:

The very common meaning of research is a search for knowledge.

Researches an act of scientific investigation. It is movement from the

known to the unknown fact confronts us; we try to find the meaning and

causes of that fact.

It is a scientific and systematic search for patient

information on a specific topic. It is an organized enquiry. It clarifies

doubtful facts. It corrects the misconceived facts or ideas. It seeks to

find explanations to unexplained phenomenon. In fact, research is an

original contribution to the explanation to unexplained making or its

advancement. It is the pursuit of truth with the help of study,

observation, comparison and experiment. In short, research is nothing

but search for knowledge through objective. It is a systematic method of

finding solution to a problem.

According to Clifford Woody, the research is defined as theprocess, which includes defining and redefining problems, formulating

hypothesis or suggested solutions, collecting, Organizing and evaluating

data; making deductions and reaching conclusion and at last carefully

testing the conclusion to determine whether they fit the formulating

hypothesis .

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RESEARCH METHODOLOGY here includes

1. Main objective

2. Type of research

3. Research problem.

4. Research design

5. Sources of data.

6. Methods of data collection.

Type of research:

1. Qualitative Research as it includes comparative analysis of various

funds house.

2. Descriptive Research as it includes research and description of

various fund houses.

Research Problem;

The first step while conduct Bajaj Allianz life insurance any type of

research is decide bajaj allianz of the problem on which the research has

to be done. find out right person for investment is first challenge.

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Research design:

A research design is the arrangement of condition for

collection and analysis of date in a manner that aims to combine

relevance to research purpose with economy in procedure

SOURCES OF DATA

The respondent has collected the data from different sources. These

sources can be broadly categorized into two:

There are two types of sources of data

Primary data

Secondary data

Primary data

This type of data does not exist; it is originated by primary sources

like personal interaction or field back forms, questionnaires that act as

tools for collecting data.

Secondary data

This type of data already exists, and used to generate information

as required. We collect the secondary data through Internet, books,

journals and magazines of the company, various company broachers,

talking with people.

I have used both primary and secondary data in my study.

Sample Size:

My sample is 50 individuals.

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Sampling Method:

Thebasic idea of sampling is that by selecting some of the elements in a

population who are professionals like salaried person, employee. The

person who have own shops, medical store etc and ladies who have own

shops of like beauty parlour, boutique etc. A population element is the

subject on which measurement is being taken. A population is the total

element about which we wish to make differences.The ultimate test of a

sample design is how to well it represents the characterstics of the

population it supports to represent.In measurement terms the sample must

be valid.

Precautions in the use of questionnaire:

1. Should be simple and easy to understand.

2. clearly defined the objective of enquiry

3. Questionnaire should not hurt feelings of the respondent

Data analysis techniques:

In order to have full coverage of objective, following method are used:

1. Primary Source Interviews, Questionnaires are a simplyformalized schedule to obtain and record specified and relevant

information.

2. Secondary Source annual reports of company on internet, records

and magazines.

Field work:

For collecting the relevant data and information, field work was

essential tool. In field work personal interview with concerned parties

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were conducted and questionnaire is being given to feed relevant

information.

LIMITATIONS:When we call the customer we have to face the following difficulties.

1. Non availability of time

2. Qualification problems

3. Distance problem

4. Lack of affordability

5. Lack of knowledge about insurance

6. Age problem.

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MARKET STUDY: Prepared Questionnaire for the market study. Sample

space used for the market study is 50. The market survey was conductedin Kothrud and Deccan area. This area was selected since there exists

BAJAJ ALLIANZ LIFE INSURANCE branches and awareness among

people was thought to be high. The Questionnaire was mainly focused on

awareness of insurance and insurance companies among common people.

Also the questionnaire was focused on recruitment of

financial advisors. That is whether people know the benefits of becoming

an advisor are they willing to become advisors and so on. They

questionnaire appears in the appendix of the project.

FINDING AND DATA ANALYSIS

1. Do you know about Insurance?

YES- 33%

NO- 67%

33%

67%

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When asked people whether they know about insurance, surprisingly only

33% of the respondent said they actually know about insurance and about

67% said they dont know about insurance . The part of respondents who

were unaware about the insurance I industry do not have a clear idea

about the various new upcoming Insurance companies and policies inparticular.

2. ARE YOU INSURED?

YES- 60%

No- 40%

There are only about 60% of the people who are insured about the rest40% people are not insured. The conceots if insurance though not new

people are not ensured about the genuinty of the insurance policies. 54%

of the people are planning to have an insurance cover on

Pension/Retirement Scheme, with 30% saying they have planned to cover

the Life Insurance okan, and 10% saying they want to cover the Insurance

by way of Child Education.

Awareness of people about BAJAJ ALLIANZ life InsuranceCompany

40%

60%

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Technical Skills 10%

All 40%

Total 100%

This graph shows that company preferred mostly qualification as well as

all combination of all the skills, which includes qualification as well as

experience.

6. Are you satisfied with companies policy?

Options No. of Respondents

Yes 83

No 17

Total 100

0

10

20

30

40

50

60

70

80

90

yes

no

INTERPRETATION:

44

Experience

Qualification

Technical Skills

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This graph shows that 83% says quality claims are true and17% says

false.

7. Do you think the activation and promotion of bajaj allianz is better

then its competitors?

0

10

20

30

40

50

60

yes

no

INTERPRETATION :

This graph shows that 59% think activation and promotion of product is

good and 41% think its not.

Options No. of Respondents

Yes 59

No 41

Total 100

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CONCLUSION

Promotion activities and publicity campaigns of BAJAJ

ALLIANZ LIFE INSURANCE are not up to the mark.

Telephonic appointment fixing and then meeting the client

seems to be the best way to get some valuable time out of

the corporate.

The first and foremost objective was to identify people who

can take up the financial consultant with BAJAJ ALLIANZ

LIFE INSURANCE , so the main focus was to identify the

locations where we can meet a good number of people in

time . As per researcher it is mainly the crowded place like

shopping malls , BSNL office , and corporate

As the entire exercise was mainly limited to identify financial

consultant, the specific guidelines laid by the company where

mainly sex , age , qualification , profile and social contacts.

Lastly, since the researcher used to meet a lot of people it

was quite evident that everybodys profile wont match the

desired qualification for becoming a financial consultant. This

prompted as to identify at least some prospects that can take

various plans available with the company.

BAJAJ ALLIANZ LIFE INSURANCE has

maintained a good reputation for its services and policies. Recruitment

procedure & policy is very important to any organization in todays

business world as it helps to select & recruit the right candidate for the

right work followed properly. It helps to accomplish organizing goals &

objective. Recruitment & Selection is sun function of staffing where

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fitting up of all organizational position with adequate, qualified

competent & efficient personal.

The managerial skills & abilities of a Marketing Manager

are reflected in recruiting & selection the appropriate &

prospective candidates.

Hence the purpose of our choosing the topic on recruitment

is to know the characteristics of a good recruitment policy & to

throw light on the practical implementation of the same. BAJAJ

ALLIANZ LIFE INSURANCE has maintained a best and a biggest

leading company in INDIA.Its product and policies made it one of

the largest insurance company.

BAJAJ ALLIANZ LIFE INSURANCE has developed

insurance solutions that cater to every segment and age income

profiles.WITH a pan INDIA presence and over 950+ towns,

BAJAJ ALLIANZ LIFE INSURANCE has already sold over 5

million policies.

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SUGGESTION

BAJAJ ALLIANZ LIFE INSURANCE should go for a brand

ambassador who can really put across the message of

insurance across the customer and according to me Rahul

dravid would be the ideal brand ambassador as he has a

place in the mind of Indian people as a reliable and a man

for a crisis situation. Rahul dravid could put across the

message of consistent returns and trustworthy products of

BAJAJ ALLIANZ.

To sell a PSP needs great efforts here the client is a

corporate and its could be difficult for alone to handle such a

uphill task hence help in client presentations from

experienced sales managers would be of great help in getting

big corporate into the PSP fold.

Attrition rate of most of the companies were too high but the

PSP does not have what is to be done in case of employee

leaving the organization should be included in the PSP.

BAJAJ ALLIANZ LIFE INSURANCE needs more publicity.

BAJAJ ALLIANZ LIFE INSURANCE should focus more on

young and low aged people that is between 25-35 because

they are more energetic and money oriented.

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BIBLIOGRAPHY

1. Donald R. Cooper, Pamela S.Schindler. Business Research Methods.(New York: Tata McGraw Hill, 2003), 531-537.2. Philip kotler Marketing management

Websites visited:

www.google.com

www.lic-india.com

www.gic-india.com

www.walletwatch.com www.bajajallianzlife.co.in

www.indiabudget.nic.in

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mailto:[email protected]://www.lic-india.com/http://www.gic-india.com/http://www.walletwatch.com/http://www.bajajallianzlife.co.in/http://www.indiabudget/mailto:[email protected]://www.lic-india.com/http://www.gic-india.com/http://www.walletwatch.com/http://www.bajajallianzlife.co.in/http://www.indiabudget/


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QUESTIONNAIRE

1.Personal Information: -

Name: _______________

Age: ______________

Sex: _______________

Address:

________________________

________________________

________________________

________________________

________________________

________________________

Phone No. _____________

2. Family background :

How many members do you have in your family?

________________

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How many dependents do you have?

__________________________

How much of them are earning?

______________________________

3. What is your total family income?

A. Less than Rs. 6000/- B. Between Rs. 6,000 to 10,000/-

C. Between Rs. 10,000 to 15,000/-

D. More than Rs. 15,000/-

4. What is the likely amount you would like to invest?

5. What existing insurance cover do you have?

6. What type of plane you have already purchased?

7. Are you familiar with Bajaj Allianz life insurance ?

1. Yes. 2. No.

8. Do you have any any insurance policy?

A. Yes B. No

C. If yes, which

company_________________________________

9. Has any insurance company ever customized an insurance

product to fulfill your needs?

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A. Yes B. No

10. Do you want some body from our company to meet for your life

insurance, investment planning?

A. Yes B. No

11. Do you feel that owing a life insurance product is necessary.

A. strongly agree B. agree C. disagree

D. strongly Disagree

12. Do you feel that investing in the stock market is risky.


D. strongly disagree

13. Do you feel that every parent should invest for his or her child future.


D. strongly disagree

14. Has any insurance company ever customized an insurance product to

fulfill your needs?

A. Yes B. No

15. Do you want some body from our company to meet for your life

insurance, investment planning?

A. Yes B. No

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shraddha 1

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