bajaj allianz 2

7/31/2019 BAJAJ ALLIANZ 2

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RESEARCH REPORTON

COMPARATIVE ANALYSIS OF BAJAJ

ALLIANZ VS ICICI PRUDENTIAL

Under the guidance of:

GYAN INSTITUTE OF MANAGEMENTAND TECHNOLOGY KURSI ROAD

LUCKNOW

Submitted By:

AJAY KUMAR

MBA FINAL YEAR

Roll no-0706070003


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ACKNOWLEDGEMENT

I would like to take this opportunity to express my deep gratitude to all

those who, directly or indirectly made this project possible.I have got

considerable help and support in making this project report a reality

from many people.

I would like to thankMR. JYOTI PATHAKwhose endeavor

for perfection, under fatigable zeal, innovation and dynamism

contributed in a big way in completing this project. This work is the

reflection of his thought, ideas, concept and above all his modest effort.


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PREFACE

The impor tance of an academic course would gain

advantage and acceptance of the t rue form, only through

practical experience. Hence it is quite necessary to put the

theories into talk. It is rigidly accepted that the theory widens

one s thinking horizons viz. Concepts of marketing

philosophies, but practice indicates the modern marketing and

used in variety of settings of products.

The research programs are designed to give the manager

the future of the corporate happenings and work cul ture .

These real l ife s ituations are ent irely different f rom the

stimulated exercise enacted in an art if ic ia l environment

inside the research programmers and designed, so that the

manager to tomorrow do not feel i ll case when the t imecomes to shoulder responsibilities. Practical exposure for the

MBA students is very necessary because what they study in

the classroom is not the real i ty. Si tuat ion in the market is

unknown and very much unpredictable . So the pract ical

experience is very much necessary this is made possible with

the research project in Bajaj Allianz Life Insurance Co. in

marke ting rela ted to search for the Poten ti al Insurance

Consultants.

All organizat ions involve into business with some

objective and one of the objectives is to endorse product or

service which they produce. In my marketing project I tried

to f id ou t the poten ti al Insurance Consul tant s th rough

questionnaire for the Bajaj Allianz Life Insurance Co. The


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product for the insurance company is its policies wh ich

company sale through its Insurance Consultants. So its quite

clear that there will be as many Insurance Consultants. There

will be increased sales.


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TABLE OF CONTENTS

1. Executive Summary

2. About Life Insurance Sector

3. Industry Overview

4. Company Profile

5. About Policies Of Bajaj Allianz

6. About ICICI Prudential

7. Research Methodology

8. SWOT analysis

9. Findings

10. Conclusion

11. Recommendations

12. Bibliography

13. Questionnaire


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EXECUTIVE SUMMARY

At the present time of cut throat competition in

every industry every company want to top the chart and

want to show as big as possible f igure of prof i ts in i ts

balance sheet. It is quite clear today that at present time

the growth of any organization is possible only with the

help of hard working and well focused staffs that are the

backbone of any organizations.

It was my great pleasure that I did my research

project on Bajaj All ianz Life Insurance Co. where I got to

know that in Insurance industry the ski l ls of the man

power matters most and increasing number of Insurance

Consu ltants help the organiza tion to increase its

issuance of policies which in turn result in growth for the

organization. So it is quite clear that Insurance

Consultants matter most for the Baja j Al lianz L ife

Insurance Co.


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WHAT IS LIFE INSURANCE

First of all we should come to know that what is LifeInsurance. The d if ferent defini tions descr ib ing l ife

Insurance are as:-

Insurance in which the r isk insured against is the

death of a part icular person, the insured, upon whose

death while the policy is in force, the insurance company

agrees to pay a stated sum or income to the beneficiary.

Life Insurance pays a specified sum to the beneficiaries

upon the death of the insured. I t is general ly used to

provide cash to your family in the event of your death.

There are several types of l ife insurance whole l ife

insurance provides a l ifet ime of protection as long as

you pay the premiums to keep the pol icy act ive. They

also accrue a cash value and thus offer a sav ings

component. Term life insurance provides protection only

during the term of the policy and the policies are usually

renewable at the end of the term. Insurance on human

lives including endowment benefits, addit ional benefits

in event of death or d ismemberment by accident or

accidental means, additional benefits for disabil ity, and

annuities.


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LIFE INSURANCE INDUSTRY IN INDIA

Many may not be aware that the life insurance

industry of India is as old as it is in any other part of the

world. The first Indian Life Insurance Company was the

Oriental life Insurance Company, which was started in

India in 1818 at Kolkata. A number of players (over 250

in life and about 100 in non-life) mainly with regional

focus flourished all across the country. However, the

Government of India, concerned by the unethical

standards adopted by some players against the

consumers, nationalized the industry in two phases in

1956 (life) and 1972 (non-life). The insurance business

of the country was t0hen brought under two public sector

companies, Life Insurance Corporation of India (LIC) and

General Insurance Corporation of India (GIC).

With such a large populat ion and the untapped

market area of this population Insurance happens to be

a very big oppor tuni ty in India. Today i t stands as a

business growing at the rate of 15-20 percent annually.

Together with banking services, it adds about 7 percent

to the country s GDP. In spi te of a ll this growth the

statist ics of the penetration of the insurance in the

country is very poor. Nearly 80% of Indian populations

are without Life Insurance cover and the Health

Insurance. This is an indicator that growth potential forthe insurance sector is immense in India. I t was due to


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this immense growth that the regulations were

introduced in the insurance sector and in continuations

Malhotra Committee was constituted by the

government in 1993 to examine the various aspects of

the industry.

The Committee recommended throwing open the sector

to private players to usher in competition and bring more

choice to the consumer. The objective was to improve

the penetration of insurance as a percentage GDP,

which remains low in Ind ia even compared to some

developing countr ies in Asia. The key element of the

reform process was Participation of overseas insurance

companies with 26% capital. Creating a more eff icient

and compet iti ve financial system sui tab le for the

requirements of the economy as the main idea behind

the reform.


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A BRIEF HISTORY

The origin of insurance is very old. The t ime whenwe were not even born; was has sought some sort of

protection from the unpredictable ca lami ties of the

nature. The basic urge in man to secure himself against

any form of r isk and uncer ta inty led to the or ig in of

insurance.

The insurance came to India f rom UK; with the

establishment of The Oriental Insurance Corporation in

1818. the Indian Life Insurance company act 1912 was

the f irst statutory body that started to regulate the Life

Insurance business in India. By 1956 about 154 Indian,

16 foreign and 75 provident firms were been established

in India. Then the central government took

over these companies and as a resul t the LIC was

formed. Since then LIC has worked towards spreading

Life Insurance and building a wide network across the

length and the breath of the country. After the

liberalization the entrance of foreign players has added

to the competition in the market.

The General Insurance business in India, on the

other hand, can trace its roots to the Triton Insurance

Company Ltd, the f irst General Insurance Company

established in the year 1850 in Calcutta by the British. In

1957 General Insurance Council, a wing of the Insurance

Association of India, frames a code of conduct for


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ensuring fair conduct and sound business practices. In

1972 the General Insurance Business in India with effect

from 1s tJanuary 1973. it was after this that 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. GIC incorporated as a company.


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INSURANCE SECTOR REFORMS

In 1993, Malhotra Commit tee headed by former

Finance Secretary and RBI Governor was formed toevaluate the Indian industry and give its

recommendat ions. The committee came up with the

following major provisions:-

Private Companies with a minimum pa id up

capital of Rs. 1 bn should be allowed to enter the

industry. Foreign companies may be al lowed to enter the

industry in collabora tion wi th the domesti c

companies.

Only one state level Life Insurance Company

should allow to operate in each state.

Reforms were initiated with the passage of

Insurance Regulatory and Development Authority (IRDA)

Bill in 1999. IRDA was set up as an independent

regulatory authority, which has put in place regulations

in line with global norms.

IRDA

The IRDA since its incorporation as a statutory body has

been f raming regulat ions and registering the private

sector insurance companies. IRDA being an independent

statutory body has put a framework of globally

compatible regulations.


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INSURANCE MARKET IN INDIA

By any yardstick, with about 200 mil lion 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. With the per capital income in India expected togrow 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 wil l

grow.

WINDS OF CHANGE

Reforms have marked the ent ry 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,

Prudent ia l, 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 competi t ion in an admirable fashion by launching

new products and improving service standards.


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Market Expansion :

There has been an overa ll expansion in the

market. This has been possible due to improved

awareness levels thanks to the large number of

advert ising campaigns launched by al l the players. The

scope for expansion is st il l unlimited as virtual ly al l the

players are concentrating on large cit ies and towns

except by LIC to an extent there was no s igni ficant

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

f rom pure term insurance to uni t- linked investment

products. Customers are offered unbundled products

with a variety of benefits as r iders from which they can

choose. More customers are buy ing 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 sti l l some key new products yet to be

introduced e.g. health products.

Customer Service :

Not unexpectedly, this was one area that witnessed

the most signi fi cant change with the entry of new

players. There is an attempt to bring in international best

pract ices in service and operat ional eff iciency thoughuse of latest technologies. Advice and need based


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sel l ing is emerging through much better t rained sales

force and advisors. There is improvement in response

and turnaround t imes in specific areas such as delivery

of first policy receipt, policy document, premium notice,

fina l maturi ty payment, settl ement of cla ims etc.

However, there is a long way to go and various customer

surveys ind icate that the standards are st il l below

customer expectation levels.

Channels of Distribution :

Til l two years back, the only mode of distribution of

l ife insurance products was through Agents. Whi le

agents cont inue to be the predominant d is tr ibut ion

channel , today a number of innovat ive a lternative

channels are being offered to customers. Some of them

are bancassurance, brokers, the internet and direct

market ing. Though i t is too ear ly to predict, the wide

spread of bank branch network in India could lead to

bancassurance emerging as a signi ficant distribut ion

mechanism.

The introduction of private players in the industry

has added to the colors in the dull industry. Theinitiatives 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 innovat ive steps taken by the players in this

sector. The new players have improved the servicequality of the insurance. As a result LIC down the years


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have seen the declining phase in its career. The market

share was distr ibuted among the private players. LIC

market share has decreased from 95% (2002-03) to 82%

(2004-05).

The fol lowing companies has the market share of

the life insurance industry.

Insurance Company Market Share (Fig. in %)

LIC 71.44

ICICI Prudential 11.35Bajaj Allianz 7.06

HDFC Standard Life 2.37

SBI Life 1.81

Birla Sun Life 1.49

Max New York Life` 0.98

TATA AIG 0.79

Aviva 0.89

OM Kotak Mahindra 0.86ING Vyasa 0.57

Reliance 0.37

MetLife 0.24

Market Share of Life Insurance Companies as of

May 2008


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CURRENT SCENARIO OF THE

INSURANCE INDUSTRY IN INDIA

India with about 200 mill ion middle class household

shows a huge untapped potential for players in the

insurance industry. Saturation of markets in many

developed economies has made the Indian market even

more attracti ve for global insurance majors. The

insurance sector in India has come to a position of very

high potential and competitiveness in the market.

Innovative products and aggressive distr ibution

have become the say of the day Indians, have always

seen Life Insurance as a tax saving device, are now

suddenly turning to the private sector that are providing

them new products and variety for their choice.

Life Insurance industry is wait ing for a big growth

as many Indian and Foreign companies are wait ing in

the line for the green signal to start their operations. The

Indian Consumer should be ready now because themarket is going to give them all array of products,

di fferent in pri ce, features and benefi ts. How the

customer is going to make his choice will determine the

future of the industry.


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CUSTOMER SERVICE

Consumers remain the most important centre of the

insurance sector. After the entry of the foreign players

the industry is seeing a lot of compet it ion and thus

improvement of the customer service in the industry.

Computerization of operations and updating of

technology has become imperati ve in the current

scenario. Foreign players an bringing in internat ional

best practices in service through use of latest

technologies. The one time monopoly of the LIC and its

agents are now going through a through revision and

training programs to catch up with the other private

players.

DISTRIBUTION CHANNELS

Til l date insurance agents sti ll remain the main

source through which insurance products are sold. The

concept is very well established in the country l ike India

but stil l the increasing use of other sources is

imperat ive. I t therefore makes sense to look at wel l

balanced, alternatives channels of distribution.

LIC has a lready well establ ished and have anextensive d is tr ibut ion channel and presence. New

players may f ind i t expensive and t ime 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


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Group Selling

Brokers and Cooperative Societies

Bancassurance

To make all these channels a success the

companies have to be very alert and skil lful to know how

to use these channels in a proper way. Bancassurance

is on of the most upcoming channels of distribution.

BANCASSURANCE:

India has an extensive bank network establ ished

over the years. What Insurance companies have to do is

to just take advantage of the customers long-standing

trust and relationships with banks. This is a mutual ly

beneficial situation as banks can also expand their range

of products on offer to customers, while the insurance

company wi ll a lso earn profi ts f rom the exposure.

Another advantage is that banks, with their network in

rural areas, help to ful fi l l rural and social obl igat ions

stipulated by the

Insurance Regulatory and Development

Authority (IRDA) recently. Insurance companies should

see banc assurance as a tool for increasing thei r

market penetration in India. I t is also good for the one

who sees banc assurance in terms of reduced price,

high quality product and delivery at doorsteps.

Everybody is a winner here. The creation of banc

assurance operations has made an important impact on

the financial services industry at large. This is though a


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new concept but it has gained a lot of importance in the

industry at present and has a great future.

PRODUCT INNOVATION

Customers have tremendous choice from a large

variety of products from pure term insurance to unit-

l inked investment products. Customers are of fered

unbundled products with a variety of benefits as r iders

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.

RURAL MARKETING

Rural India seems to have an appet i te for mobi le

phones, computers, and cars and to add to i t we have

insurance. In Ind ia wi th the private players having

entered into the insurance industry , the expected

explosion in job opportunit ies may not actually happen

but for them the catchments area is the opportunities in

the rural India. In India the insurance business can be

said to be a marathon, not a sprint. This is because of

the nature of the business being long term. However i tseems that they if not anything, are only increasing their

spending, though only out of the capital. As insurance

companies go more and more rural in search of

business, there will be opportunities in the rural sector.

Already United India The Rural consumer is now

exhibiti ng an increasing propensi ty for Insuranceproducts. A research conducted exhibited that the rural


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consumers are will ing to dole out anything between Rs.

3,500 and Rs. 2,900 as premium each year. In the

Insurance the awareness level for Life Insurance is the

highest in rural India, but the customers are also aware

about motor, accidents and cattle insurance. According

to a study nearly one third said that they had purchased

some kind of insurance with the maximum penetration

skewed in favor of l ife insurance. The study also pointed

out the private companies have huge task to play in

creating awareness and creditabi li ty among the rural

populace.

INFORMATION TECHNOLOGY AND INSURANCE:

In the insurance industry today, there is a c lear

trend away from sell ing a broad range of products to a

large volume of customers in a one- size-fits-all manner.

Instead of focusing on their dif ferent products l ines as

si los ( i .e., l i fe, property and casualty etc) insurers are

looking for ways to of fer high ly targeted insurance

products that are tai lored to the individuals customers

with the h ighest propensi ty to buy them. Insurance

industry is a data-rich industry, and thus, there is desire

need to use the data for trend analysis andpersonalization.

With increased competition among insurers, service

has become a key issue. People today dont want to

accept the current value proposi ti ons, they want

personal ized interact ions and they look for more andmore features and add ones and better service. Today


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managing the customer intel l igently is very crit ical for

the insurer especially in the very competitive

environment. Companies need to apply dif ferent set of

rules and t reatment strategies to dif ferent customer

segments.

With the explosion of Website and greater access

to di rect or poli cy information, there i s a need to

developing better techniques to give customers a truly

personalized experience. Personalization helps

organizations to reach their customers with more impact

and to generate new revenue through cross sel l ing and

up sel l ing activit ies. To ensure that the customers are

receiving personalized information, many organizations

are incorporating knowledge database-repositor ies of

content that typical ly include a search engine and lets

the customers locate the al l document and information

related to their queries of request for services.

Customers can hereby use the knowledge database to

manage their products or the company information and

invoices, c la im records, and histories of the service

inquiry. These products also may be able to learn from

the customers previous knowledge database and to usetheir information when determining the relevance to the

customers search request. The insurance sector remains

a very competitive market and those companies that are

able to best uti l ize their data and provide their customer

with the most personalized options will have the distinct

competitive advantage.


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MERGERS AND ACQUISTIONS:

This is an era of mergers and acquisi tions. Pr ivate

companies including MNCs are amalgamating the world

over to get more competi ti ve edge. Currentl y, the

general insurance industry has been opened up. The

insurers are doing enough to ra ise the level of risk

awareness or are they merely content to compete in the

markets organized and established. The private players

in the future would have to turn their attention to working

in the unorganized and under served markets.

What is l ikely to happen is that the private players

would cont inue to skim the prof i table segments of the

already organized business in the urban areas? The time

has already come for the government of India to

evaluate the performance of private companies.

However i t is high time for the government to

realize that importance of merging the public sector

general insurance companies into s ingle ent ity. The

recent scenario calls for a better performance from part

of each of the public sector insurance companies against

each other. The result what we see is the undercutting toretain or wrest business and quoting an uneconomical

rate of premium. Whi le this allows one of the Public

Sectors Company to win a business form another in this

manner. The others suffer a loss and the resultant effect

is a cannibalization with a fall in the average premium of

the public sector itself.


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The purpose of having four companies all

subsidiaries ofGeneral Insurance Corporation of India

(GIC) National Insurance Company, New India

Assurance Company, Oriental Insurance Company,

and The United India Insurance Company; at the time

of national ization was to have compet it ion among

themselves in service and products at the same price.

Now with real competit ion coming in with most of

the global insurance players setting footprints here, it is

felt that the t ime for merger has come and to enjoy the

benef its i f the size. I t is to be stated that s ize does

matter in insurance business. Al l over the worlds

mergers and acquisitions in the risk-underwriting sector

is common. The benefits if the four insurance companies

merge wi l l be enormous. The merged ent i ty wi l l enjoy

higher underwriting and risk retention capacity; increase

in reinsurance premium, reduction in reinsurance

out flow, healthy solvency margins, set ting r ight the

asset- l iabi l i ty mismatch and reduction in cost. The loss

of profitable business in view of undeserved competition

among the publ ic sector companies is hampering the

subsidization of social insurance including the motorthird party liability (TPL).

It is thus clear that i t is good for the public sector

companies to merge immediately when they are sti ll

strong, lest a merger becomes inevitable later after the

independent public sector companies fai l one after another.


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STRATEGIC ALTERNATIVES:

If one analyses the history of growth of the

insurance industry since reforms, i t is marked by all -

round growth of all players. More or less all players have

aggressively recruited and trained advisors, appointed

agents, launched new products, improved customer

service standards and revamped/expanded their

d ist ribution networks. Every player would l ike the

customers to bel ieve that i ts service standards are the

best or that its agents are the most informed and ethical.

In other words, each company is trying to be everything

to everybody. Some players justi fy the above strategy

on the basis that the Indian market is huge and i t can

accommodate everybody. St i l l , in a market where i t is

diff icult to dist inguish oneself suff iciently on service or

any other parameter to be able to charge a premium, i t

will lead to unmitigated price competition to the

detriment of all players. In the insurance industry where

large amounts of capital are required, this is risky.

While there is room for a few scale players with a

finger in every pie, it is profitable for the players to focus

on different segments to survive and thrive in a mult i-f irm open environment. Whi le each company has to

choose its own unique posit ioning based on its unique

strengths.


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Variety-based Positioning

This type of positioning is based on varieties in

products and services rather than customer segments. It

is a sensible strategy for those companies who have

distinctive advantages or strengths in offering certain

products and services.

In the insurance industry too, i t i s poss ib le to

achieve a unique posi ti on by focusing on certain

category of products. Through its superior fund

management capabi l it ies, the insurance company can

deliver better returns on it investment-l inked products

and thereby for i tse lf a leadership posi tion in th is

segment.

Then there is the entire category of pension

products, which is widely touted to have immense growth

potential in India due to imminent pension reforms. It is

possible to achieve profi table posit ioning by focusing

and excelling in only pension products.

Needs based Positioning

This is the most commonly understood

position ing and is based on the d ifferent needs of

di fferent groups of consumers. This can be done

successfu lly i f a company has unique st rengths to

service a group of customer needs better than others.

The insurance needs of young fami ly with small

chi ldren wi l l be quite di f ferent f rom that of a family in

which the income-earner is close to retirement.

However, in India most of the Life Insurance companieshave a wide variety of products of dif ferent customer


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needs and there is no company focusing only on a

particular customer needs.

Access- based Positioning

Positioning of customers can also be done by

the way they are accessible that is dif ferent groups of

customers may be accessible in dif ferent ways even

though they may have similar needs. Access is typically

a function of customer scale.

There is excel lent oppor tuni ty in the insurance

industry to employ access-based positioning by targeting

the rural insurance sector. The rural market for Life

Insurance is very dif ferent f rom the urban market in

terms of needs, income levels, distribution, penetration

of media and so on. Except for LIC, no other player has

paid any attention or focus on the rural sector. Contrary

to common perception it is a big opportunity as

emphasized repeatedly by such eminent strategies l ike

C.K.Prahlad. Rural market can be a highly profi table

position if one is able to carefully plan.

CHOOSING THE RIGHT STRATEGY

The right strategic choice is not a matter of

posi t ioning choice alone. I t is the conf igurat ion of the

entire value chain of the company through a different set

of activit ies to del iver unique value to consumers. The

set of act iv it ies cover all upstream and downstream

activit ies, from the selection of the product mix. SomeLife Insurance companies focusing on rural markets


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have adopted innovative means of distr ibution. Instead

of appointing agents as is done typically, they have used

Gramsevaks in dif ferent vi l lages across the country to

promote Life Insurance and act as their sales arm.

So we can conclude that, the size of the market has

grown and the size of the insurable population in India is

indeed vast and the exist ing players have managed to

cover about one-fourth of it.

The fal ling interest rates, the col lapse of many

small time financial institutions, the scope for entering

related areas l ike banking and pensions in a bid for

synergy and the promise of the e-commerce are some of

the other oppor tuni ties knocking at the doors of the

insurance majors.

A number of web sites are coming up on insurance,

a few financial magazines exclusively devoted to

insurance and also a few training institutes being set up

hurriedly. Many of the universit ies and management

institutes have already started courses in insurance.

Life insurance has today become a mainstay of anymarket economy s ince i t o ffers plenty of scope for

garnering large sums of money for long periods of time.

A well regulated Life Insurance industry which moves

with the t imes by offer ing i ts customers tai lor-made

products to sat isfy their f inancial needs is, therefore,

essential i f we desire to progress towards a worry-freefuture.


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COMPANY

PROFILE


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ABOUT BAJAJ ALLIANZ LIFE

INSURANCE

Mission: As a responsible customers focused market

leader, we sti l l str ive to understand the insurance

needs of the consumers and translate it into

affordable products that deliver value for money.

Vision:

To be the first choice insurer for customers.

To be the preferred employee for staff in the insurance

industry.

To be the number one insurer for creating shareholder

value.

SAM GHOSH , who was the CEO of Bajaj Allianz earlier

has taken over as country Manager and is also the

CEO of Bajaj Allianz Life Insurance Company.

Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Li fe Insurance Co. Ltd i s a joint

venture between two leading conglomerates-, and Bajaj


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Auto, one of the biggest two and three-wheeler

manufacturers in the world and Al l ianz AG, one of the

worlds largest insurance companies.

Bajaj Allianze Life Insurance

Is the fastest growing private life insurance

company in India.

Currently have over 300000 satisfied customers.

Have Customer care centers in 156 ci ties with

28000 Insurance Consultant prov id ing the finest

customer service.

One of Indias leading private life insurance companies.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is

a joint venture between Bajaj Auto Limited and All ianz

AG of Germany. Both enjoy a reputation of expertise,

stability and strength.

Bajaj All ianz Genera l Insurance received the

Insurance Regulatory and Development Authority (IRDA)

cer ti ficate of Registrat ion (R3) on May 2nd, 2001 to

conduct General Insurance business ( including Health

Insurance business) in Ind ia. The Company has an


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authorized and paid up capital of Rs.110 crores. Bajaj

Auto holds 74% and Allianz holds the remaining 26%.

AG, Germany.

In i ts fi rst year of operations the company has

acquired the NO. 1 status among the private non- li fe

insurers. As on 31s t March 2003, Bajaj All ianze General

Insurance maintained its leadership position by

garnering a premium income of Rs.300 Crores. Bajaj

All ianze also became one of the few companies to make

a profi t in i ts f irst ful l year of operations. Bajaj Al l ianz

made a profit after tax of Rs.9.6 crores.

Bajaj All ianze today has a network of 40 off ices

spread across the length and breadth of the country.

From Surat to Sliliguri and Jammu to

Thiruvananthapuram, all the 38 offices are

interconnected with the Head Office at Pune.

In the f irst half of the current f inancial year, 2004-

05, Baja j Al lianz generated a premium income of

Rs.405 crores, achieving a growth of 84% and

registered a 52% growth in Net profi t of Rs. 20 Crores

over the last year for the same period. In the f inancial

year 2003-04, the premium earned was Rs.480 Crores,


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which is a jump of 60% and the profi t zoomed by 125%

to Rs. 21.6% Crores.

Shareholders & Promoters

Bajaj Auto Limited

Bajaj Auto Limited is the largest manufacturer of

two and three-wheelers in India and also one of the

largest manufacturers in the world. Bajaj Auto has been

in operation for over 55 years. As a promoter of Bajaj

All ianz General Insurance Company Ltd., Bajaj Auto has

the following to offer:

Vast distribution network.

Knowledge of Indian consumers.

Financial st rength and stabi li ty to suppor t the

insurance business

Allianz AG, Germany

All ianz Group is one of the world's leading insurers

and financial services providers.

Founded in 1890 in Berlin, All ianz is now present in

more than 70 countries with over 177,000 employees. At

the top of the international group is the holding

company, Allianz AG, with its head office in Munich.


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All ianz Group provides its more than 60 mi llion

customers worldwide with a comprehensive range of

services in the areas of

Property and casualty insurance,

Life and health insurance,

Asset management and banking.

In fiscal year 2005, Allianz's total revenues amounted to

some 100.9 billion euros. At the end of 2005 Allianz

Group had more than 1.26 trill ion euros in assets under

management. Of this, 743 billion euros were assets

managed for third parties.

History of Allianz

Documenting and researching its corporate history

is part and parcel of the corporate culture of Allianz AG.

The Allianz Center for Corporate History devotes itself to

these tasks. As a frequently used information center, i t

has evolved into the company's "living memory".

Global Presence

All ianz Group is present on every continent and has

companies and offices in about 70 count ries. More

information about our locations throughout the world is

available by moving the cursor over the world map.


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Business Fields:

Property & Casualty Insurance

When it comes to property and casualty insurance,

All ianz is number one in Germany. Allianz also ranks as

one of the world's leading global industrial risk insurers.

Life & Health Insurance

In life and health insurance, Allianz Group is among

the top companies in Europe. Private and corporate

retirement provision is emerging as a major market

Asset Management & Banking

All ianz Group's asset management activities are

integrated under one roof at All ianz Global Investors.

With Dresdner Bank, the All ianz Group has laid a broad

foundat ion in order to address clients ' needs on the

investment market.

All ianz AG is in the business of General (Property &

Casualty) Insurance; Life & Health Insurance and Asset

Management and has been in operation for over 110

years. All ianz is one of the largest global composi te

insurance with operations in over 70 countries. Further,

the Group provides Risk Management and Loss

Prevention Services. All ianz has insured most of the


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worlds largest infrast ructure projects (including

Honkong Airport and Channel Tunnel between UK and

France), fur ther Al lianz insures the majori ty of the

fortune 500 companies, besides being a large industrial

insure, Allianz has a substantial portfolio in the

commercial and personal l ines sector, using a wide

variety of innovative distribution channels.

Allianz AG has the following of offer Bajaj All ianz

General Insurance Company Ltd.:

Set up and running of General insurance operations

New and improved international products

One of the worlds leading insurance companies

More than 700 subsidiaries and 2 lac employees in

over 70 countries worldwide

Provides insurance to almost hal f the Fortune 500

companies

A Partnership Based on Synergy

Bajaj All ianz General Insurance Company offers

technical excellence in al l areas of General and Health

Insurance as well as Risk Management. This partnership

successfully combines Bajaj Autos in-depth

understanding of the local market and extensive


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distr ibut ion network with the global exper ience and

technical expertise of the All ianz Group. As a registered

Indian Insurance Company and a capital base of Rs.110

crores, the company is:

Ful ly l icensed to underwr ite a ll l ines of general

insurance business including health with management

control by Allianz AG

About Bajaj Allianz Life Insurance:

Bajaj Allianz Life Insurance Company has

developed insurance solut ions that cater to every

segment and age-income profi les. I ts products include

Invest Gain (a unique life insurance plan where

sustenance of income is combined in the same plan that

also pays a lump sum), Cash Gain (Money Back), Child

Gain (Childrens plan where sustenance of income is

combined in the same plan that also pays a lum sum),

Cash Gain (Money Back), Child Gain (Childrens Plan),

Risk care (Pure Term), Life Time Care (whole Life), term

Care ( term with return of premium), Swarna Vishrant i

(Retirement Plan), Protector (Mortgage term insurance

plan), UnitGain (Unit Linked Whole of Life Plan) and Unit

Gain Single Premium.


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Bajaj Al l ianz Life Insurance is poised for an accelerated

growth in the market and has already become the fastest

growing private l i fe insurance company in India. Bajaj

All ianz Life Insurance has a wide pan India presence of

of f ice network in 156 ci t ied of the country and is aided

with a strong and trained Agency network of over 28000

agents. Bajaj All ianz has also forged strong Banc

assurance and Corporate Agency relationship and

continues to build on new tie-ups for fast track growth and

deep market penetration.

Bajaj All ianz Life Insurance has launched a slew of

need-based products to cater to each varied needs of the

customer. Current ly Bajaj All ianz Life Insurance has a

product port fol io of 19 products and more need-based

products are in the pipeline.

Bajaj Allianz general Insurance: 125 percent profit

Increase

Bajaj Allianz General Insurance Company Limited is

a joint venture company between Bajaj Auto Ltd., Indias

leading manufacturer of two and three wheeler vehicles

and the Allianz Group.


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Bajaj All ianz General Insurance offers technical

excellence in al l areas of general and health insurance

and risk management.

The partnership successfully combines Bajaj Autos

extensive understanding of the local market and

expansive d ist ribution wi th Al lianz Groups g lobal

experience and technical expertise.

Bajaj All ianz General Insurance is headquartered in

Pune and has a wide network of 40 offices spanning the

country. All the offices are fully networked. The company

received the IRDA registrat ion in may 2001; today, i t

already has a vast range of 45 products to sui t i ts

corporate and retai l customers. The company has also

pioneered in unique forms of risk cover.

In the year 2006-2007, the company garnered a

premium income of approximately 4.8 bil l ion Rupees (86

mi ll ion Euros) wi th a profi t a fter tax of 220 mi ll ion

Rupees (3.9 mil l ion Euros); i t sold 1.2 mil l ion policies.

With this resul t , i t achieved a net prof i t growth of 125

percent , gross wri tten premiums jumped by over 60

percent.


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Allianz Bajaj Changed Its Name To Bajaj Allianz Life

Insurance

All ianz Bajaj Life Insurance Co. Ltd., the fastest growing

private l ife insurance co. today announced that i t has

changed its corporate name to Bajaj Allianz Life

Insurance Co. Ltd, effective from August 03, 2004. The

change in company name comes in conjunction with

research f indings from exist ing customers, business

associates, prospective customers and other

stakeholders indicates higher comfort level and ease of

recall ing Bajaj name f irst and then All ianz, and hence

the name Bajaj Allianz.

Bajaj Al lianz General Insurance Company Limited

and Bajaj Al lianz Life Insurance Company Limited will

now have a common logo and branding which will help in

increasing our visibil ity and familiarity, which will create

a much larger awareness and a greater mind share. The

new logo incorporates the new Bajaj Auto logo.

Comment ing on this occasion Mr. Sam Ghose

Manager, All ianz and CEO, Bajaj All ianz Life Insurance

said, we are not only acquiring a new name, but have

put in motion a new level of energy and commitment to

delivering the best products. The name change coupled


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with aggressive strategic market ini tiat ives to reach

service customers bet ter wi ll g ive us an unbeatable

position in the insurance market in this country and both

Life and General companies together can unleash the

Power of One and be the leader in the insurance

industry.

Bajaj Al lianz Life Insurance recently launched over

100 satel li tes branches, new l ife and non-l ife group

products, which has helped Baja j A ll ianz (formerly

known as Al lianz Baja j) to log in Rs.100 Cr . Gross

Wri tten Premium (GWP) in the f irst 100 days of this

financial year and has leaped to 2nd position as per IRDA

figures ending June 07, from its 7 th position at the end of

last financial year.

Bajaj All ianz Life Insurance has also brought in the key

executives, to infuse greater thrust, new ideas, efficiency

and professionalism to impart state of the art servicing to

the customers across the length and breadth of the

country.

CORE COMPETENCIES AT BAJAJ ALLIANZ LIFE

INSURANCE


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The Bajaj Allianz Difference

Business strategy a ligned to cl ients needs and

trends in India and global economy industry

Internationally experienced core team, majority with

local background

Fast, decentralized decision making

Long-term commitment to market and clients

Trust

At Bajaj Allianz, they have realized that the

customer seeks an insurer whom he/she can trust. Bajaj

All ianz Limited is trusted name for over 55 years in the

Indian market and All ianz AG has over 110 years of

global experience in f inancial services. Together they

are committed to provide the customer with t ime tested

and trusted financial solutions that provide the customer

al l the security he/she need for their investments. And

more

Underwriting Philosophy

Their underwriting philosophy focused on:

Understanding the customers needs

Underwriting what we understand


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Meeting the customers requirements

Ensuring optimal coverage at lowest cost

Claims Philosophy

The Bajaj Al l ianz team fol lows a service that aims

at taking the anxiety out of c la ims processing. They

pride themselves on a friendly and open approach. They

are focused towards providing the customer a hassle

free and speedy claims processing.

Their claims philosophy is to:

Be flexible and settle fast

Ensure no c la im f i le to be seen by more than 3

people

Check processes regu larl y against the global

All ianz OPEX (Operational Excellence)

methodology

Customer Orientation

At Bajaj Allianz, the guiding principals are customer

service and client sa ti sfaction. All the efforts are

directed towards understanding the cu lture, soc ia l

environment and individual insurance requirements- so

that they can cater to all the customers varied needs.


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Experienced and Expert Servicing Team

Bajaj All ianz is driven by a team of experienced

people who understand Indian risks and are supported by

the necessary international expertise requires to analyses

and assess them service engineers located in every major

city.

Superior Technology

In order to ensure speedy and accurate processing o

the customers needs, they have established worlds

class technology, with renowned insurance software,

which networks all our offices and intermediaries

Using the Web, policies can be issued form any

office across the country for retail products

Unique, user f riendly software developed to make

the process of issue of policies and claims

sett lement simpler (e.g. onl ine insurance of marine

policy certificate)

Unique Forms of Risk Cover

Special PA cover for Amarnath Yatris

Housing loan cover for people, who are suddenly

unemployed

Film insurance


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Event management cover

Risk Management Their Expertise

Their service methodology is tr ied, tested and Proven

the world over and involves:

Risk identification: Inspection

Risk analysis: Portfolio review and gap analysis.

Risk retention

Risk Transfer: To an insurer as well as rein surer (as

required)

Creation of need based products

PRODUCTS

OF

BAJAJ ALLIANZ


47/78

LIFE

INSURANCE


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LIFE INSURANCE POLICIES

PENSION PLANS

SWARNA VISHRANTI

You have been working hard. Youre going to retire

one day, How do you see your ret irement? Traveling

Gol fing? Turning a hobby into a second career or

volunteering for a noble cause or simply spending more

time with your family.

In retirement, how you choose to spend your time is

now up to you. Its also up to you to ensure your

retirement income lasts as long you do. The decisions

you make about your money today should be f lexible

enough to accommodate your changing needs. Taking

charge of your olden years are golden years.

What does Bajaj Allianz Swarna Vishranti offers?

With Bajaj AllianzSwarna Vishranti, a person can

take control of his/her future and ensure a retirement he

can look forward to. This plan helps a person to

prudent ly p lay for h is ret irement today, so that he


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doesnt have to worry about inflation, declining interest

rates and rising medical b il ls in the fu ture as a lso

ensures the financial security of his family. The annuity

payable under this plan will ensure that his/her earnings

never stop dur ing their l i fet ime. Packed with a host of

innovative features and with flexibil ity l ike never before,

then the search for the perfect pension ends here with

Bajaj Allianz Swarna Vishranti, they have the option to

choose the following additional benefits:

a) Family Income Benefit : The customer can

select the unique Fami ly Income Benef it f rom

Bajaj Allianz that ensures total financial

protect ion for loved ones. In case of death or

accidental total permanent disability, a

guaranteed monthly income of 1% of the Sum

assured (12% per annum) is paid ti l l the vesting

date or at least for period of 10years, whichever

is higher. Moreover, a ll future premiums are

waived. This unique regular income benefit can

act as impor tant supplement to the pension

available to the spouse in the case of death.


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b) Comprehensive Accident Protection :This

benefit provides comprehensive cover in case of

an accident. It comprises of :

Accidental Death Benefit : Accidents are

always sudden and sometimes fatal. You

cant lessen the emotional shock but you

can certainly sof ten the financial one.

Bajaj Allianz Accidental Death Benefit

gives the loved ones something to start

with after the permanent loss of income by

paying an amount equal to the Sum

Assured. (Subject to a maximum of Rs.

50,00,000/- under all pol icies with Bajaj

All ianz taken together).

Accidental Permanent Total /Parti al

Disability Benefit : Accidents are

unpredictable and so are the consequences.

They may lead to a d isabi li ty - part ia l or

total . This benefi t prov ides a financial

cushion against such misfortunes. One wil l


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get 50% of the Sum Assured in case of

partial disability and

100% in case of total disabili ty. (Subject to

a maximum of Rs. 25,00,000/- for par tial

and Rs. 50,00,000/- for total disabil ity under

all policies with Bajaj All ianz taken

together).

Waiver of Premium Benefit : An accident

may lead to premium total disabil ity, l imiting

ones abil ity to earn. Bajaj All ianz Waiver of

Premium Benef it is a helping hand when

one needs i t most. I t waives off al l future

premiums whi le keeping the valuable l ife

insurance cover al ive, thus enabling you to

live up to your commitments.


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ABOUT US ICICI PRUDENTIAL :

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank , a premier financial powerhouse and

Prudential plc , a leading international financial services group

headquartered in the United Kingdom. ICICI Prudential was

amongst

The first private sector insurance companies to begin operation in

December 2000 after receiving approval from Insurance

Regulatory Development Authority(IRDA).

ICICI Prudentials equity base stands at Rs. 9.25 billion with

ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. In the financial year ended March 31,2005, the

company garnered Rs 1584 crore of new business premium for a

Total sum assured ofRs 13,780 crore and wrote nearly 615,000

policies. The company has a network of about 56,000 advisors;

as well as 7 banc assurance and 150 corporateagent tie-ups.

For the past four years , ICIVI Prudential has retained its position

as the No. 1 private life insurer in the country , with a wide

range of flexible products that meet the needs of the Indian

customer at every step in life.


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VISION :

To make ICICI Prudential the dominant Life and Pensions built on

trust by world class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them

superior products and service.

Leveraging technology to service customers quickly,

efficiently and Conveniently.

Developing and implementing superior risk management

and investment strategies to offer sustainable and stable

returns to our policyholders.

Providing an enabling environment to foster growth and

learning for our employees.

And above all, building transparency in all our dealings.

The success of the company will be founded in its

unflinching commitment to 5 core valuesIntegrity,

customer First, Boundary less, Ownership and

passion.Each of the values describes what the company

stands for, the qualities of our people and the way we work.

We do believe that we are on threshold of an exciting new

opportunity, where we can play a significant role in redefine

and reshaping the sector. Given the quality of our


54/78

parentage and the commitment of our team, there are no

limits to our growth.

PROMOTERS :

ICICI Bank is Indias second- largest bank with total assets

of about Rs.1112,024 crore and a network of about 450

branches and officies and about 1750 ATMs. It offers a

wide range of banking products and financial services to

corporate and retailcustomers through a variety of delivery

channels and through its specialized subsidiaries and

affiliates in the areas of investment banking, life and non-

life insurance, venture capital, asset management and

information technology . ICICI Bank posted a net profit of

Rs.1,637 crore for the year ended march 31, 2004. ICICI

Banks equity shares are listed in India on stock exchanges

at Chennai , Delhi, Kolkata and Vadodara, the stock

Exchange, Mumbai and the National Stock Exchange of

India Limited and its American Depositary Receipts

(ADRs) are listed on the New York Stock Exchange

(NYSE).

THE COMPANY

ICICI Prudential Life Insurance company is a joint venture

between ICICI Bank , a premier financial powerhouse , and

Prudential plc , leading international financial services group


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headquartered in the United Kingdom. ICICI Prudential was

amongst the first private sector insurance companies to begin

operation in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IDRA).

ICICI Prudential ?s equity base stands at Rs. 925 crore with ICICI

Bank and prudential plc holding 74% and 26% stake

respectively. In the financial year ended March 31, 2005, the

company garnered Rs 1584 crore of new business premium

for a total sum assured of Rs 13,780 corer and wrote nearly

615,000 policies. For the past four years , ICICI prudential

has retained its position as the No. 1 private life insurer in

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

that needs of the Indian customer at every step in life.

Prudential plc:

Established in London in 1848, Prudential plc, through its

business in the UK . And Europe, the US and Asia, provides

retail financial services products and Services to more than 16

million customers, policyholder and unit holders worldwide. As of

June 30,2004, the company, had over US$300 billion in funds

under management. Prudential has brought to market an

integrated range of financial services products that now includes

life assurance, pensions, mutual funds, banking , investment

management and general insurance. In Asia, Prudential is the


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leading European life insurance company with a vast network of

24 life and mutual fund operations in twelve countries China ,

Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the

Philippines, Singapore, Taiwan, Thailand and Vietnam


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MANAGEMENT

BROAD OF DIRECTORS :

The ICICI Prudential Life Insurance Company Limited Broad

comprises reputed people from the finance industry both from

India and abroad .

Mr . K.V. Kamath , Chairman

Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs . Kalpana morparia

Mrs. Chandra Kochlar

Mr. Kevin Holmgren

Mrs. M.P. Modi

Mr. R Narayanan

Ms. Shikha Sharma , Managing Director

Savings Plans

ICICI prudential offers a variety of policies that give you the

benefits of protection and the opportunity to save for

important assets or events , like a home , a car or a

wedding.


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Invest Shield Cash

A regular premium unit linked insurance plan with an

assurance of Capital Guarantee# with the added advantage

of flexible liquidity option . An ideal plan for long term

planning with the benefit of liquidity .

The Key features of the plan are:

Flexibility to choose a specific level of protection (Sum

Assured) , based on a multiple of the annual premium

. you can also choose the term of the plan.

At the end of the term , the higher of the value of

units or the guaranteed value* is paid . On death , Sum

Assured along with the higher o value of units or

guaranteed value is payable.

Facility to make withdrawals from the 6th policy year

onwards till the end of the policy term . Every year

withdraw up to 10% of the value of units .

Additional credits payable as a percentage of the

initial annual premium are paid along with the death

maturity benefit .

Additional insurance for 10 year after the maturity , for

an amount of 50% of the Sum Assured.


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Flexibility to make additional investment with the help

of top up facility.

Flexibility to increase / decrease your annual premium

amount

Facility of Automatic premium payment With this

facility you can take a temporary break from premium

payment. **

Total transparency with the premium allocations , and

other charges declared upfront.

The guaranteed value of the unit fund is value of all

invested premiums (premiums net of all charges) along

with the declared bonus interests.


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SWOT ANALYSIS

STRENGTHS:

Multi channel distribution and one of the largest distribution

networks in India.

Customer centric products and serevices.

Superior investment and risk management framework.

Training process of the company is very strong.

Different plan for different peoples.

WEAKNESSES:

Company does not penetrate on the rural market at a time.

There is no plan for the low income group.

Fees for the advisor is high than the other company.

OPPORTUNITY:

Insurance market is very big, where company can expand its

horizon in insurance industry.

Though good investment and insurance it is easy to top indian

customers.

The huge insurance market (96%) is left so company has

opportunity to expand our products.


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THREATS:

OLD HABITS DIE HARD : its still difficult task to win the

confidence of public towards private company.

The company is facing major threats from LIC which is an

only government company.

Plans for all income groups is not available which can create

adverse effect later on the market share of the company.


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RESEARCH METHODOLOGY

Research methodology is a description explanation and

justification of various methods of conducting research.

TYPE OF RESEARCH

APPLIED RESEARCH:It aims at finding a solution for an

immediate problem facing a sociaty or an individual business

organisation. Thus Applied research is to discover a solution

for some pressing practical problem.

SAMPLING:SAMPLING: The sampling plan for the study decides the workThe sampling plan for the study decides the work

area that is the population, which has to be surveyed . A Briefarea that is the population, which has to be surveyed . A Brief

idea about the sampling for this research consisting of its differentidea about the sampling for this research consisting of its different

parameters is given below:parameters is given below:

TYPE OF SAMPLING:TYPE OF SAMPLING:

Connivance SamplingConnivance Sampling

Sample Size: 100Sample Size: 100

Universe: LucknowUniverse: Lucknow

TOOLS USED FOR DATA COLLECTION

The research was carried out through surey method with the help

of a QUESTIONNAIRE consisting of closed ended question.due

to flexibility , questinnairemethod is ideally suited for collection of

primary data.


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Research Problem

Factors affecting the satisfaction of existing advisors.Factors affecting the satisfaction of existing advisors.

Factors affecting the peoples for becoming advisors inFactors affecting the peoples for becoming advisors in

insurance.insurance.


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OBJECTIVE OF THE STUDYOBJECTIVE OF THE STUDY

To studyTo study COMPARATIVE ANALYSIS OF BAJAJCOMPARATIVE ANALYSIS OF BAJAJ

ANALIANZ VS ICICI PRUDENTIALANALIANZ VS ICICI PRUDENTIAL ..

Factors affecting the choice of customer for becomingFactors affecting the choice of customer for becoming

Insurance.Insurance.


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ANALYSIS AND FINDINGS

Reasons of being Consumers with Bajaj Allianz

extra income - 14%

career progression -14%

recognition - 5%

flexibility- 3%

all the above- 64%

extra income

career

progession

recognition

flexibility

all the above


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Annual businessAnnual business

0-35000: 5%

35000-7000: 14%

more than 70000: 81%

0-35000

35000-70000

more than

70000


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Satisfaction level of customersSatisfaction level of customers

Highly satisfied-19%

Satisfied-43%

Highly dissatisfied-8%

Cant say-8% Highly satisfied-19%

highly satisfied

satisfied

dissatisfied

highly

disssatisfied

cant say


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Reason of linking withReason of linking with icici purdential.icici purdential.

Integrity-27%

Good working envt-11%

Customer friendly policies-32%

Can work all over the country-30%

integrity

good workinenvironment

customerfriendlypolicies

can work allover thecountry


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Working environment of companyWorking environment of company

VERY GOOD-32%

GOOD-32%

AVERAGE-24%

POOR-5%

very good

good

average

poor


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PREFERANCE OF INSURANCE COMPANY

ICICI PRU 25%LIC 45%HDFC 10%0M KOTAK 2%BAJAJ ALLIANZ 11%RELIANCELIFEINSURANCE 4%OTHERS 3%

0%

5%

10%15%

20%

25%

30%

35%

40%

45%ICICI PRU

LIC

HDFC

0M KOTAK

BAJAJ

ALLIANZ

RELIANCELIFE

INSURANCE

OTHERS


71/78

HAPPY WITH PRESENT LEVEL OF INCOME

YES-17%

NO-83%

YES

NO


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RECOMMENDATION

The companies have to concentration on the factors

like prevention of loss, Assured Return and long term

investment.

.

The Bajaj allianz can increase its potential through more

advertising.

The company should give more training programs


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LIMITATIONS

The market study and finding are applicable to city of Lucknow

and near by areas.

One other important limitation of the study was that of time

limitation due to which researcher could not make detailed

study.

The sample size was taken only 100; therefore it is difficult to

say any thing concretely.

Absence of professional researcher and team was another

limitation of the study.


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CONCLUSION

The market potential for private insurance companies is found to

be greater in the long run as most of the Indians are of the

opinion that, private insurance companies would be able to

perform well in the future.

The private and foreign insurance companies have to take

immediate steps in appointing more number of agents and/or

advisors in addition to the employees as it has been found out

that agents are the best channel to reach the general public

regarding selling of insurance products.

The private and foreign insurance companies have to concentrate

on the factors like Prevention of Loss , Assured Returns and

Long term Investment. They can also focus on an insurance

amount of Rs. 1 2 lakhs with money back policies. Hence, the

market has potential. The private and foreign insurance

companies that are taking immediate steps can tap it easily &

rapidly.


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BIBLIOGRAPHY

REFFERED BOOK:

RESEARCH METHODOLOGY C. R. KOTHARI

COMPANY SITE:

www.bajajallianzlife.co.in

www.iciciprulife.com
http://www.iciciprulife.com/http://www.iciciprulife.com/


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ANNEXURE

QUESTIONNARIE

1.Name. .

2.Address..

3.Tel no.. .

4.Email.

5.Age ................... Sex..

6.Marital status.

7.No of dependent

8.Qualification

9.Occupation

a) student b)Govt service c)Business

d) Pvt. service e)House wife f) others

10.Annual income

a) less than 10000 b)100000-200000

c)200000-400000

b) d)above

11.are u associated with any club or social organizing

a) yes b)no

12.are u interested in part time work

a) yes b)no
http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/


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13.are u interested in any of these field

a)Insurance b)banking c)IT d)Telecom

14.If u got an opportunity to work with any of these companies

who would u prefer

a) Reliance Insurance b) ICICI pru c)HDFC

d) others specific

15.Are u happy with your present level of income

a) yes b)no
http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/


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http://www.iciciprulife.com/

bajaj allianz 2

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