bajaj allianz1

7/31/2019 Bajaj AllianZ1

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ON

AT

Submitted to:

Punjab Technical University

In partial fulfillment of the requirement for the degree of Master of Business

Administration (MBA)

Supervised By: Submitted By:

Mrs. Ramandeep Kaur Ishavpreet Singh

H.O.D (Management) Roll no 874

MBA MBA II sem


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WHAT TRAINING MEANS ?

T - TO BE IN TIME ON YOUR SEAT.

R - REMAIN ATTENTIVE ALL THE TIME

A - ACTIVELY PARTICIPATE

I - INTERACT FOR CLARITY

N - NOTE DIFFICULT POINTS TO MEMORISE

I - IMPROVE LISTNING HABITS

N - NEVER NEGLECT THE PERFORMANCE

G - GAIN AS MUCH AS YOU CAN

ACKNOWLEDGEMENT

At the outset I would like to take this opportunity to thanks Mr.Arvinder Pal Singh,

Deputy Area Manager , Bajaj Allianz for making me realize new dimensions which

earlier seemed beyond the scope of vision for me, by allowing me to carry out my

summer training at this rapidly progressing company.


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I also thank Mr. Rajdeep Singh ,Traning Officer, Bajaj Allianz for helping me to carry

out the project successfully through untiring guidance as my project head.

I place on record my deep sense of gratitude to Prof. Ramandeep Kaur H.O.D (M.B.A)

Sai Technology Campus for his warm encouragement towards attending summer

training programme

I would like to express my gratitude to Mr. Jagdeep Singh , Faculaty , for his expert

guidance on the technicalities of the project..

PREFACE

The impor tance of an academic course would gain advantage and

acceptance of the true form, only through practical experience. Hence it is

quite necessary to put the theories into talk. It is rigidly accepted that the

theory widens ones thinking hor izons v iz . Concept s of marketing


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philosophies, but practice indicates the modern marketing and used in

variety of settings of products.

The summer training programmers are designed to give the manager

the future of the corporate happenings and work culture. These real l i fe

situations are entirely different from the stimulated exercise enacted in an

art if ic ia l environment ins ide the summer t ra in ing programmers and

designed, so that the manager of tomorrow do not feel i l l case when the

time comes to shoulder responsibil i t ies . Practical exposure for the MBA

students is very necessary because what they study in the classroom is not

th e rea lity . Situation in th e market is unknown and very much

unpredictable. So the practical experience is very much necessary this is

made poss ible wi th the summer t raining project in Bajaj All ianz Life

Insurance Co. in marketing related to search for the Potential Insurance

Consultants.

All organizations 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 find out the potential Insurance Consultants

through questionnaire for the Bajaj Allianz Life Insurance Co. The product

for the insurance company is i ts policies which company sale through i ts

Insurance Consul tants . So i t i s quite clear that there wil l be as many

Insurance Consultants. There will be increased sales.

TABLE OF CONTENTS

1. About Life Insurance

2. Industry Overview


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3. Company Profile

4. Objectives Of Study

5. Products Of Bajaj Allianz

6. Research Methodology

7. Data Analysis & Interpretation

8. SWOT Matrix

9. Findings

10. Conclusion

11. LimitationRecommendations

Bibliography

Annexure


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WHAT IS LIFE INSURANCE

First of all we should come to know that what Life Insurance is. The

definition describing life insurance is as:-

Insurance in which the r isk insured against i s the death of a

particular person, the insured, upon wh ose death wh ile the policy is in

force, the insurance company agrees to pay a stated sum or income to the

beneficiary. Life Insurance pays a specified su m to the ben eficiaries upon

the death of the insured. It is generally used to provide cash to your familyin the event of your death. There are several types of life insurance whole

l if e insurance provides a l if et ime protect ion as long as you pay the

premi ums to keep the policy active. They also accrue a cash value and thus

offer a savings 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,

addi tional benef it s in event of death or dismemberment by accident or

accidental means, additional benefits for disability, 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 i t is in any other part of the world. The f irst Indian Life Insurance

Company was the Oriental l i fe Insurance Company, which was started in

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

100 in non- li fe) mainly with regional focus f lourished all across the

country. However, the Government of India, concerned by the unethicalstandards adopted by some players against the consumers, nationalized the

industry in two phases in 1956 ( l ife) and 1972 (non-l ife) . The insurance

business of th e country was then bro ught under two public sector

companies , L ife Insurance Corpora tion of India (LIC) and General

Insurance Corporation of India (GIC).

With such a large populat ion and the untapped market area of this

populati on Insurance happen s to be a very big opportunity in In dia. Today

i t s tands as a business growing at the rate of 15-20 percent annually.

Together with banking services, i t adds about 7 percent to the countrys

GDP. In spi te of al l this growth the s tat i s t ics of the penetrat ion 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 for the insurance sector is immense in India. I t was

due to this immense growth that the regulat ions were int roduced in the

i ns ur ance s ec to r and i n con ti nuat ions Malhot ra Commi tt ee was

constituted by the government in 1993 to examine the various aspects of the

industry. The Committee recommended throwing open the sector to private

player s to usher in comp et ition and bring more choice to the consumer. Th e


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objective was to improve the penetration of insurance as a percentage GDP,

which remains low in India even compared to some developing countries in

Asia. The key element of the reform process was Participation of overseas

insurance companies with 26% capi tal . Creating a more ef ficient and

competitive financial system suitable for the requirements of the economy

as the main idea behind the reform.

A BRIEF HISTORY


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The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost 190 years.

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in

the year 1850 in Calcutta by the British.


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Some of the important milestones in the general insurance business in India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and set minimum

solvency margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the

general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the National

Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental

Insurance Company Ltd. and the United India Insurance Company Ltd. GIC

incorporated as a company.


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INTRODUCTION ABOUT THE COMPANY

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance

Company and Bajaj Finance (recently demerged from Bajaj Auto.)


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Allianz SE is a leading insurance conglomerate globally and one of the largest asset

managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000

Crores). Allianz SE has over 115 years of financial experience and is present in over 70

countries around the world.

At Bajaj Allianz Life Insurance, customer delight is guiding principle. The business

philosophy is to ensure excellent insurance and investment solutions by offering

customized products, supported by the best technology. It was started in 2001.

Bajaj Fiserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42

crore for the quarter ended July 31, 2010. It had posted a loss of Rs 36 crore in the

corresponding period last year.

The groups life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest

contributor to the firms income. Bajaj Allianz has posted a profit of Rs 68 crore in the

June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore.

Gross written premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs

1,847 crore in the corresponding period last year. Renewal premium, too, increased to Rs

1,423 crore as against Rs 1,018 crore in the quarter ended July 31, 2010. However, new

business premium fell 42.28 per cent to Rs 577 crore.

ALLIANZ GROUP

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


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Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000

employees. At the top of the international group is the holding company, Allianz AG, with

its head office in Munich.

Allianz Group provides its more than 60 million customers worldwide with a

comprehensive range of services in the areas of

Property and Casualty Insurance,

Life and Health Insurance,

Asset Management and Banking.

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE

Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 crore.

3rd largest Assets under Management (AUM) & largest amongst Insurance cos. -

AUM of Rs.51, 96,959 crore.

12th largest corporation in the world

49.8 % of global business from Life Insurance

Established in 1890, 110 yrs of Insurance expertise

70 countries, 173,750 employees worldwide

BAJAJ GROUP

Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest

manufacturer of two-wheelers and three-wheelers in India and one of the largest in the

world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty

synonymous with quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturer in the world

21 million+ vehicles on the roads across the globe


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Managing funds of over Rs 4000 cr.

Bajaj Auto finance one of the largest auto finance cos. in India

Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

It has joined hands with Allianz to provide the Indian consumers with a distinctoption in terms of life insurance products.

As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the

following to offer -

Financial strength and stability to support the Insurance Business.

A strong brand-equity.

A good market reputation as a world class organization.

An extensive distribution network. Adequate experience of running a large organization.

Mission of the company

As a r espons ib le cus tomer focused market l eader, we s ti ll s tr ive to

understand the insurance needs of the consumers and translate i t into

affordable products that deliver value for money.

Vision of the Company

To be Best Life Insurance company in India to

Buy from.

Work for .

Invest in .

Mr. Kamesh Goel, 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.


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OBJECTIVES OF THE STUDY

To study the sales promotion techniques of insurance consultants of the BajajAllianz.

To study the traditional products of the Bajaj Allianz.


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LIFE INSURANCE POLICIES

Term Care

This plan not only offers the customer life insurance cover at a low

cost, but also provides for return of premiums on maturity. The premiums

returns at maturity will be equal to the single premium or the sum total of

equivalent annual premiums of the Economy Pack (excluding ext ra

premi ums charged if any). In case of premature death the policy term, the

full sum Assured will be paid to the nominee.

How does the plan work?

The Bajaj All ianz Term care Plan o ff er s t he cus tomer the

convenience of choosing between two premium payment options.

Re gular Premium Payme nt: Premium payment throughout the

selected term.

Single Premi um Pa yme nt: One t ime premium payment for the

selected term at commencement.

Apart from covering the risk of natural death, this plan also providesthe customer the option to choose up to 5 additional benefits. The customer

can select a specif ic combination of addi t ional benef it s best sui ted to

his/her needs, available in 4 attractive packages to choose from.

I. Economy : This i s the bas ic plan, which is avai lable for both the

regular and single premium payment options.

II. Protect : This pack comes with the following 3 in-buil t addit ional

benefits :

a) Accidentaldeath Benefit.

b) Accidental Permanent Total/Partial Disability Benefit


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c) Waiver of Premium Benefi t ( in case of accidental permanent

total disability)

The Protect Pack is available with the regular premium payment option

only.

III. Health : This pack comes with the following 2 in built additional

benefits :

a) Critical Illness Benefit.

b) Hospital cash Benefi t . The health Pack is available with the

regular premium payment option only.

IV. Total : This pack comes wi th the following 5 in-buil t addi t ional

benefits :

a) Accidental Death Benefit.

b) Accidental Permanent Total/ Partial Disability Benefit.

c) Waiver of Premium Benefi t ( in case of accidental permanent

total disability)

d) Critical Illness benefit

e) Hospital Cash Benefit

The Total Pack is available with the regular premium payment option only.

Bene fits :

Accidental Death Benefit

Accidental Permanent Total /Partial Disability Benefit

Waiver of premium Benefit

Critical Illness Benefit

Tax Benefits

Surrender


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Loans

LOAN PROTECTOR

The Baj aj A ll ianz Loan Pro tect or p lan i s a mort gage t er m

insurance plan that covers the outstanding principal amount of a loan. It is

an economical way to protect the family from the burden of repayment of

the loan in case of death of the loaner. The plan is designed to pay a sum

insured that will be equal to the outstanding principal amount of the loan

due.


Th e Bajaj Allianz Protector Plan offers the convenience of

choosing between two premium payment options.

I. Re gular Premi um Payment : Premi um payment l im it ed t o

approximately 2/3 r d of loan tenure, while coverage continues for the

full tenure of the loan.

II. Single Premi um Pa yme nt : One time premium payment covering the

customer for the full tenure of the loan.

Joint Li fe Av ailability

The Customer has the option to cover the co-applicant of the loan

under this plan. Under this option, both lives will be covered and the deathbenefit will be payable in case of dea th of either life. Th e policy terminates

on death of either life.

Days of Gr ace


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In case of non-payment of premiums, a grace period of 30 days will

be allowed for th e yearly, half yearly and quarterly mo des (15 days for

monthly mode). After that the policy will lapse.

Revi val Of the Policy

It is possible to revive a policy that has lapse due to non-payment of

premi ums within 5 years from the date of lapse. Th e rev ival will be

effected subject to underwrit ing. In case of joint l i fe, revival would be

subject to underwriting on both lives.

General Exclusion

Within 15 days from the date of receipt of the policy, the customer

have the option to review the terms and conditions and return the policy, if

the customer disagree to any of the term and conditions, stating the reasons

for his /her object ions . The cus tomer wi l l be ent i t led to a refund of the

premi um paid, subject only to a deduction of a proportionate risk premi um

for the period on cover and expenses incurred on medical examination and

stamp duty charges.

Bene fits :

Death Benefit

Premium Payment mode

Tax benefits

Surrender values/ paid up values

CHILD GAIN

Taking care of a child is perhaps the most important job a parent can

have. I t is but natural that a person would l ike to give his/her best , and

therefore, this is the time when careful financial planning can help them to

fulfill the aspirations that the customers have for his/her children.


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Th e Bajaj Allianz Child Gain solutions help the customer to

enjoy the joys of parenthood responsibi li ty, with the reassurance of a

secure future for their child.

Common fea tures in the 4 opt ions of Bajaj All ianz Child gain

Solutions.

I. Limited Premium Payment Term Which means that the p remiums are

payable till the customers child attains age 18 years .

II. The customers contributions grow by way of compounded annual

bonuses, which wil l be paid to him with the f irs t guaranteed payout

(pol icy anniversary following age 18 of your child), for in-force

poli cies. In addition to the annual bonuses, a terminal bonus may also

be paid.

III. The customers are also eligible for Tax benefits under Section 88

and Section 10 (10 D) of the Income Tax Act.

IV. Assuring Your Childs Future In an uncer ta in wor ld , the prime

interest of your child cannot be jeopardized in any way. Which is why

the Bajaj Allianz has built in some added benefits in all their plans to

pro tect th e inte rests of your childs future, by counter insuri ng you-

the policyholder.

Premiums

For the customers convenience they have provided three Premium

Payment Modes can be Yearly, Half yearly or Quarterly.

They also offer a Monthly Premium Payment Mode under salary

deduction schemes.


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Surrender

They offer the cus tomer the choice of sur render ing the pol icy

pro vided three full years premium have been paid (Two years for premium

terms of 5 and 6 years). The guaranteed minimum surrender value is 30% of

al l premiums paid excluding the f i rs t year premium and excluding the

premi ums for premium waiver ben efit and Fami ly In come benefit and

additional benefit opted for. The guaranteed minimum surrender value after

the premium payment term will be the discounted value of the outstanding

installment payments discounted at 10 % p.a. rate of interest.

Loans

Loans are not available with Bajaj Allianz Child Gain solutions.

15 days Free Look Period :

Within 15 days from the date of receipts of the policy, the customer

have the option to review the terms and condit ions return the policy, i f

he/she disagree to any of the terms and conditions, stating the reasons for

his/her objections. The customer will be entitled to a refund of the premium

paid, subjec t only to a deduction of pro portionate ri sk premium for the

period on cover and the expenses incurred on medical examinati on and

stamp duty charges.

Excl usions

The Death Cover is subject to the following Exclusion :

Suicide within one year from commencement of r isk, whether sane or not

this product brochure gives the sal ient feature only. The relevant policy

document is the conclusive evidence of the contract, and provides in detail

al l the condi tions . Exclusion related to each of plans under the Ba jaj

Allianz Chi ld Gain So lut ions.

INVEST GAIN


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It takes only a moment to make promises and a lifetime to keep them.

Keeping promises made to your loved ones is not just a responsibility, but a

commitment that you have to live up to.

When you promise to see your family through thick and thin you

need to make sure that you have planned for all the eventualities that may

befall on them. You need to be prepared that even if there ever is an

instance that you are not there with them you have saved enough to see

them through their entire life.

Ac cidental De ath Be nefit :

Accidents are always sudden and sometimes fatal. You cant lessen

the emotional shock, but you can certainly soften 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 account equal to Sum

Assured. (Subject to a maximum of Rs. 50,00,000/- under all policies with

Bajaj Allianz taken together).

Ac cidental Perma nent Tot al/Partial Di sabili ty Be nefit :

Accidents are unpredictable and so are the consequences. They maylead to a disability partial or total. This benefit provides a financial

cushion against such misfortunes. You will get 50% of the Sum Assured in

case of partial disability and 100% in case of total disability. (Subject to a

maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total

disability under all policies with Bajaj Allianz taken together).

Waiver of Premium Benefit :

An accident may lead to permanent total disabil i ty, l imit ing ones

ability to earn. Bajaj Allianz Waiver of Premium Benefit is a helping

hand when one needs i t most . I t waives off al l future premiums while

keeping the valuable life insurance cover alive, thus enabling you to live up

to your commitments.


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Critical Illness Benefit (CI) :

Some i l lnesses are cri t ical . They not only al ter ones l i fes pattern

but also result in a financial drain. Bajaj Allianz Critical Il lness

benefit softens the impact on the family by paying out the Critical Illness

Benefi t under the plan immediately, while other policy benefi ts continue

(excluding Hospital Cash Benefi t ). We cover 11 cri t ical i l lnesses . The

customer have the f lexibil i ty of choosing Crit ical I l lness cover up to the

basic Sum Assured sel ected by you (Mi nimum Rs . 50,000)

Ho spital Ca sh Be nefit (HC ) :

The worry of settling hospital bills (room charges) adds to the trauma

of hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this

financial burden and helps recovery with peace of mind.

Flexibility in Coverage :

All Bajaj All ianz , they bel ieve I offer ing benef it s and not jus t

pro ducts. They rea lize th at customers are unique and their needs for

insurance vary with time. They therefore offer the customer the flexibility

o f i nc lusi on o f cover age o r exc lusi on o f cover age a t each pol icy

anniversary, subject to conditions relating to such inclusions and exclusion.

Comprehensive Accident Protection can be included and excluded at

each policy anniversary. Family Income Benefit, Critical Illness benefit and

Hospital Cash Benefi t can be taken at inception only. CI and HC can be

reduced or excluded subsequently at any policy anniversary. Once reduced

or excluded, they cannot be increased or included subsequently.

Inc rease In risk Co verage


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Every added responsibi li ty in a persons l ife call for increase in

his/her risk cover. Bajaj Allianz provide the customer the option to increase

coverage up to 505 of the bas ic Sum Assured on each of the fol lowing

happy moments in their life :

Your Marriage.

The Birth of your First Child.

The Birth of the Second Child.

This additional coverage is not subject to underwriting

Bajaj Allianz Cash Gain Platinum

Quadruple Sum Assured + Bonuses

Choice Of Terms

Keeping the customers convenience in mind, Bajaj Allianz offers

the customer the widest range of terms : 15, 20, 25,and 30 years.

Ad ditional Protection Fo r The Cu stome r ne ed Th eir Fami ly

The cus tomers have the opt ion to add the fol lowing addit ional

benefits. Providing total pro tection against uncertainties.

a) Family Income Benefit (FIB) : The Ult imate Protection For your

loved Ones . The customer can select the unique Family Income Benefi t

From Bajaj All ianz that ensures total f inancial protection for their loved

ones. In case of death or accidental total permanent disability, a guaranteedmonthly income 1% of the Sum Assured (12% per annum) is paid t i l l the

end of the policy term or at least for a period of 10 years, whichever is

higher. Moreover, all future premiums are waived.


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b) Comprehensive Accident protect ion : This benef it provides

comprehensive cover in case of an accident. It comprises of :

Ac cidental De ath Be nefit

Accidents are always sudden and sometimes fatal. You cant lessen the

emotional shock, but you can certainly soften the f inancial one. Bajaj

Allianz Accidental Death Benefit gives the loved ones something to start

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 al l polices with

Bajaj Allianz taken together).

Ac cidental Perma nent Tot al/ Pa rtial Di sabi lity Benefit

Accidents are unpredictable, and so are the consequences. They may

lead to a disabil i ty part ial or total . This Benefi ts provides a f inancial

cushion against such misfortunes. You will get 50% of the Sum Assured in

case of part ial disabil i ty. (Subject to a maximum of Rs. 25,00,000/- for

partial Rs. 50,00,000/- for total disability under all policy with Ba jaj

Allianz taken together).

Waiver of Premium Benefit

An accident may lead to permanent total disabil i ty, l imit ing ones to

earn. Bajaj All ianz Waiver of Premium Benefi t is a helping hand when

one needs i t most . I t waives off al l future premiums whi le keeping the

val uabl e l if e i nsu rance cover a li ve , t hus enabl ing you up to your

commitments.

c) Critical Illness Benefit (CI): Some illnesses are critical. They not only

alter ones lifes pattern but also result in a financial drain. Bajaj Allianz

Critical Illness Benefit softness the impact on the family by paying out the

Critical Illness Benefit under the


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plan immediately, wh ile oth er poli cy benef its conti nue (excluding Ho sp ital

Cash Benefi t ). We cover 11 cr it ical i llnesses . The customer have the

flexibility of choosing Critical Illness cover up to the basic Sum Assured

selected by you (Minimum Rs. 50,000).

d) Ho spi tal Ca sh Benefit (HC ): The worry of setting hospital bills (room

charge) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash

Benefi t reduces this f inancial burden and helps recovery with peace of

mind.

Flexibility in Coverage

In Bajaj All ianz, they believe in the offering and not just products .

They realize that the customers are unique and their needs for insurance

vary with t ime. They therefore offer the cus tomer the f lexibi li ty of

inclusion of coverage or exclusion of coverage at each policy anniversary,

s ubjec t to c on di tio ns r ela ti ng to su ch in clu si on s a nd ex clu si on .

Comprehensive Accident Protection can be included and excluded at each

poli cy anniversary. Family In come Benefit, Cr itical Illness Ben efit and

Hospi tal cash Benef i t can be taken at incept ion only. CI & HC can be

reduced or excluded subsequently at any policy anniversary. Once reduced

or excluded, they be increased or included subsequently.

Increase in Ri sk Co verage :

Every added responsibility in a p ersons calls for increase in his/her risk

cover. Bajaj Allianz provide the customer the option to increase coverage

up to 50% of the basic Sum Assured on each of the following :

Happy moments on their life :

Your birth of your first child

The birth of the second child


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This additional coverage is not subject to underwriting. The option should

be exercised within 90 days of the occurrence of th e said event.

.

RISK CARE

This plan offers the customer l ife insurance cover at the lowest

possible cost for a sel ected term. It is an ideal option to cover their near

and dear ones against financial risks arising out of lifes adversities like

death and permanent disability. In the case of pre-mature death during the

term, the Sum Assured i s paid to the nominee . There are no survival

benefits under this plan.

What does this plan offer?

The Bajaj Allianz Risk Care Plan offers the convenience of choosing

between two payment opti ons.

Regular Premium Payment- Premium payment through the selected

term.

Single Premium Payment- One t ime premium for the selected term

at commencement.

Apart from covering the risk of natural death, this plan also provides the

option to choose up to 5 additional benefits. A person can select a specific

combination of additional benefits best suited to his/her needs, available in

4 attractive packages to choose from.

Ec onomy : This is the basic plan, which is available for both the regular and

single premium payment options.

Protect: This pack comes with the following 3 in-buil t addit ional

benefits:


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Accidental Death Benefits.

Accidental Permanent Total/Partial Disability Benefits.

Waiver of Premium Benefi t ( in case of accidental permanent total

disability)

The Protect Pack is available with the regular premium payment option

only.

He alth: This pack comes with the following 2 in-buil t addit ional

benefits:

1. Cri tical I l lness Benef i t.

2. Hospital Cash Benefit. The heath pack is available with the regular

premium paymen t option only .

Total: This pack comes with the following 5 in-built additional benefits:

1. Ac cid en ta l Dea th B en ef it.

2 . Accidental Permanent Total /Par t ial Disabi li ty Benef i t.

3 . Waiver of Premium Benefi t ( in case of acc identa l permanent

total disability).

4 . Cri ti ca l I ll ness Benef it .

5 . Ho sp ita l Cas h Ben ef it.

The total Pack is available with the regular premium payment option only.

Be nefits

Premium Waiver Benefit

Family Income Benefit

Option to Purchase future Insurance

Exclusions


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Suicide within one year from commencement of r isk, whether same

or not . This product gives the sal ient featured only the relevant pol icy

document is the conclusive evidence of the contract, and provides in details

al l the condit ions , exclus ion related to each of plans under the Bajaj

Allianz Child Gain Solutions.


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RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem.

Research methodology constitutes of research methods, selection criterion of

research methods, used in context of research study and explanation of using of a

particular method or technique so that research results are capable of being

evaluated either by researcher himself or by others. Why a research study has been

undertaken, how the research problem has been formulated, why data have been

collected and what particular technique of analyzing data has been used and a best

of similar other question are usually answered when we talk of Research

methodology concerning a research problem or study. The main aim of research is

to find out the truth which is hidden and which has not been discovered as yet.


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AREA OF STUDY

The area of the study related with getting correct information of life insurance

policies of different peoples in the region of Amritsar.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It

refers to the techniques or the procedure the researcher would adopt in selecting

items for the sample. Sample design may as well be drawn from the population to be

included in the sample i.e. the size of the sample. Sample design is determined

before data are collected.

During my study I have taken 50 insurance care consultants as the size of

sample.

TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find

what insurance care consultants think or know, the logical procedure is to ask them.

This has led marketing researchers to use the questionnaire technique for collecting

data more than any other method.

In this method questionnaire were distributed to the respondents and they were

asked to answer the questions in the questionnaire. The questionnaire were

structured non disguised questionnaire because the question which the questionnaire

contained, were arranged in a specific order besides every question asked were

logical for the study, no question can be termed as irrelevant.


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The questionnaire was non-disguised because the questionnaire was constructed so

that the objective is clear to the respondent. The respondents were aware of the

objective. They knew why they were asked to fill the questionnaire.

With the help of following techniques, which are using by Bajaj Allianz I analyse

that the how techniques of sales promotion are useful?


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DATA COLLECTION

PRIMARY DATA SOURCES

Through interaction with insurance care consultant

Through questionnaires filled from the insurance care consultant.

SECONDARY DATA SOURCES:

Through internet, various official sites of the companies.

Through pamphlets and brochures of the companies.

Magazine & News paper


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DATA ANALYSIS AND INTERPRETATION(Based on survey conducted for 50 insurance care consultants)

Q.1 Which technique of sales promotion you prefer?

Options Response in %

Display 40%

Door to Door Demo 14%

Exhibition 16%

Catalogue 20%

Price Off 10%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Display Door to Door

Demo

Exhibit ion Catalogue Price Off

Interpretation:

According to the study 40% insurance care consultants prefer display

technique,20% insurance care consultants prefer catalogues, 16% to the exhibition,

14% to the door to door demo and 10% insurance care consultants prefer price offtechnique.


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Q.2 Which technique is giving good response from customers?


Display 18%


Exhibition 18%Catalogue 16%

Price Off 12%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Demo


Interpretation:

According to the study 36% insurance care consultants say door to door demo

techniques giving good response, 18% insurance care consultants say to the display

& exhibition, 16% to the catalogues & 12% say to the price off technique.


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Q.3 Which technique is economically beneficial?


Display 10%



Price Off 12%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%


Demo


Interpretation:

According to the 46% insurance care consultants, catalogue technique is

economically beneficial. 22% to the door-to-door demo and 12% insurance care

consultants prefer price off technique.10% to the exhibition & display technique.


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Q.4 Which technique requires less time in sales promotion?


Display 22%



Price Off 14%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Demo


Interpretation:

According to the study 38% insurance care consultants say display technique

requires less time in sales promotion. 22% to the display technique, 16% insurance

care consultants vote to the catalogues, 14% insurance care consultants vote to the

10% to the exhibition.


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Q5 Which technique is easily manageable?


Display 18%

Door to Door Demo 30%Exhibition 10%

Catalogue 34%

Price Off 8%

0%

5%

10%

15%

20%

25%

30%

35%


Demo


Interpretation:

According to the study 34% insurance care consultants say that the catalogues is

easily manageable, 30% to the door to door demo,18% insurance care consultants

prefer display technique 10% to the exhibition, and 8% insurance care consultants

say to the price off technique.


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Q.6 Which technique requires less knowledge to execute?


Display 14%

Door to Door Demo 12%Exhibition 12%

Catalogue 22%

Price Off 40%

0%

5%

10%

15%

20%

25%

30%

35%

40%


Demo


Interpretation:

According to the study 40% insurance care consultants vote to the price off

technique is require less knowledge to execute.22% insurance care consultants

prefer catalogues, 14% to the display and 12% to the exhibition & door to door.

Q.7 Which technique requires more knowledge to execute?



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Display 20%


Exhibition 24%

Catalogue 10%

Price Off 4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


Demo


Interpretation:

According to the study 42% insurance care consultants vote to the door-to-door

technique that it requires more knowledge to execute than others. 24% to the

exhibition, 20% to the display technique, 10% insurance care consultants give vote

to the catalogues and 4% insurance care consultants prefer price off technique.


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Q.8 Price off are necessary for sales promotion?

Options Responses in %

Yes 46%

No 40%Cant say 14%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Yes No Cant say

Interpretation:

According to the study 46% insurance care consultants say yes that the price off are

necessary for sales promotion. 40% say no and 14% say cant say.


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Q.9 Do you think that sales promotion program that is presently undertaken by

Bajaj Allianz are satisfactory?


Yes 34%No 46%

Cant say 20%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Yes No Cant say

Interpretation :

According to the study 46% insurance care consultants say No that the salespromotion program that is presently undertaken by Bajaj Allianz are satisfactorily

36% say Yes and 20% say cant say.


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Q.10 Should Bajaj Allianz take up new sales promotion program?


Yes 72%

No 22%

Cant say 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Yes No Cant say

Interpretation :

According to the study 72% insurance care consultants say yes installment offers are

22% say no and 6% say cant say.


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IMPORTANCE OF ADVISORS IN INSURANCE

COMPANY

In the insurance industry the sales team following the typical organization structure:

Hierarchy in Insurance Company

The sales team comprises of the Sales Manager superior to Area

Sales Manager, These ASMs (Area Sales Manager ) have the ir own

individual team of Unit Manager and in turn Unit Managers their own team

of financial advisors.

Each team of ASMs competing with each other in surge of achieving

targets , each Unit Manager depends on their Advisors for their business.

They represent the company in the market to the customers, so nobody can

deny the importance of Advisors in the whole system.

They providing the company with the bus iness and help the ir

respective Unit Manager to achieve their targets. So a unit Manager has to

SALES

MANAGER

AREA SALES

MANAGER

AREA SALES

MANAGER

AREA SALES

MANAGER

UNIT

MANAGER

UNIT

MANAGER

UNIT

MANAGER

ADVISORS ADVISORS ADVISORS


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be really careful wh ile recruiting their Advisors. Du ring th e year of

appointment, new Advisor usually account for a relatively small proportion

of the organizations total production.

The most promising means of achieving profitable production growth

l ies in your sales organizations capacity to give policy owners good

counsel and prompt, cour teous serves to give them value for premium

paid. The best guarantee of having th at capacity comes from retaining large

number of productive advisor.

Consequently, the development needs of your sales organization call

for successful recruiting. Its a necessity. This is why manager who move

to the top of Bajaj Allianz honor roll and stay there are always found to be

manpower-focused.

Before we move to the how to of recruit ing, lets consider some

important philosophies relative to recruiting.

FIVE PERSISTENT CONCERNS:

As an Bajaj Allianz Manager, you are fully committed to building a high

performing, growing agency. This being true, it follows those five concerns

must be constant in your annual planning.

Th e SEARCH for talent

Th e EVALUTION of potential advisors

Th e ATTRACTION of advisors

Th e RETENTION of advisors

Th e PRODUCTIVITY of advisors


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Any manager who attains satisfying results in these five areas will

enjoy

Satisfying sales results

Outstanding persistency of business

Superior policy owner service capabilities

An enviable reputation as a Bajaj Allianz agency builder

A momentum which comes from the synergistic benefit of success

CHART SHOWING HOW TO GET POTENTIAL ADVISOR

Putting it simply in a flow

SEARCHWhere to look for

ATTRACT

How to attract to life Insurance

EVALUATE

How to evaluate

PRODUCTIVITY

RETENTION


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SWOT ANALYSIS

SWOT Matrix

Strengths

Strong brand name

Customer loyalty

Product Quality

Good reputation among customers

Weaknesses

Insufficient product promotion

Unawareness about the product

StrengthThreats

Environmental Scan

Internal Analysis External Analysis

Weaknesses Opportunities


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Opportunity

All ianz Bajaj adds complete sui te of group insurance

products to its pro duct Portfolio

Allianz Bajaj plans to focus on group insurance for i ts

next phase of aggressive growth

An unfilled customer need

Threat

Emergence of substitute products

Resistance to change

Non- response from the target customers


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FINDINGS

This sales promotion process was very much satisfying for me not only

practically and academically but it also helped me in developing my

communication skill and enriched my knowledge also.

I have come to know about the importance of marketing especially with

regard to Sales Promotion on the most renowned organization like Bajaj

Allianz. Especially because of emergence of many competitor with

excellence in services & competitive product. The base of this chapter

conclusion is on the data analysis or what we say findings.

I have finding from the insurance care consultants of the Bajaj Allianz. and

their insurance policies on my topic.

When the insurance care consultant is asked why they are dealing in this

particular insurance policies (product) they mostly stressed on companys

image. They also said that all income and age group of customers are

attracted towards their product but buyers are mainly from higher and

middle-income group.

Insurance care consultants said that their sale is very much increased in the

last years because of an excellent performance of the product. Insurance care

consultants said that the customer are very much satisfied after getting

insurance policies because of its features related with risks of life and also

because of quality of service provide by their company is very good.


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CONCLUSION

The Bajaj Allianz insurance company is entering into booming here. To increase the

market share in insurance time-to-time research projects are undertaken and this prefects

was endeavor in that direction. To conclude their can't be two ways about Bajaj Allianz life

Insurance, commanding a very good brand image people mostly does not go by Bajaj

people still think that Bajaj is partly owned by government. And hence would be more

secure to invest hereGrowing at a breakneck pace with a strong pan Indian presence

BajajAllianz has emerged as a strong player in India.

Characterized by global presence with a local focus driven by customer orientation to

establish high earnings potential and financial strength.


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LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

1. While designing the questionnaire it was kept in mind to gather more and

more information from each target person. For the neither present nor

descriptive questions could have served the purpose. Therefore the

questionnaire contained in the open-ended questions.

2. The study was conducted in Bajaj Allianz in Amritsar city, which has 127 to

170 insurance care consultants only. The sample size was of 50 insurance

care consultants only so that accuracy of data so collected could be absurd

covered by circulation of questionnaire.

3. The accuracy of indications given by the respondents may not be consider

adequate as whether the language used in the questionnaire is understood by

the respondent cannot be taken for granted.

4. The study is based on the information gathered from the insurance care

consultants. Therefore in such case it is possible that the information

supplied might be biased because the insurance care consultant might have

shown partiality towards their insurance policies.

5. Since the survey was limited to 50 insurance care consultants it is rather

difficult to give a precise conclusion but I have tried to the best of my

capability to give the conclusion on a comprehensive manner.

SUGGESTIONS


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Here are some suggestions, which may help to strengthen the firm further

Many of the insurance care consultants of the Bajaj Allianz. Has the lack of

good communication skills and training. So training should be easy.

Bajaj Allianz Should use new techniques of sales promotion.

Customer services should be more comfortable than others.

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

The company should give personal attention to each customer.

Proper assistance should be provided to the customer at the time of claim

settlement.

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

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

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

The company should do frequent analysis of the competitors.

BIBLIOGRAPHY

www.google.com

www.bajajallianz.co.in
http://www.google.com/http://www.bajajallianz.co.in/http://www.google.com/http://www.bajajallianz.co.in/


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www.in.insuranceyahoo.com

www.irdaindia.org

BOOKS WERE CONSIDERED

Marketing management by Mr. Philip Kotler.

Principles of marketing by Mr. Richard Armstrong.

Marketing Strategy and Management by Mr. Michael J. Baker.

Marketing Channels by Mr. Louis Stern

Business Research Methodology by Mr. C.R. Kothari.

BUSINESS MAGAZINE & NEWS PAPER

The Times of India

The Economic Times

4Ps, Pitch, Business & Economy

An nexure

Q.1 To which technique of sales promotion you prefer?

A) Display B) Door to door demonstration

C) Exhibition D) Catalogue
http://www.in.insuranceyahoo.com/http://www.irdaindia.org/http://www.in.insuranceyahoo.com/http://www.irdaindia.org/


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E) Price-off

Q.2 Which technique is giving good response from customers?

A) Display B) Door to door demonstrationC) Exhibition D) Catalogue

E) Price-off

Q.3 Which technique is economically beneficial?



E) Price-off

Q.4 Which technique requires less time in sales promotion?



E) Price-off

Q.5 Which technique is easily manageable?



E) Price-off

Q.6 Which technique requires less knowledge to execute?



E) Price-off

Q.7 Which technique requires more knowledge to execute?




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E) Price-off

Q.8 Price off and installment offers are necessary for sales promotion?

A) Yes B) NoC) Cant say

Q.9 Do you think that sales promotion program that is presently undertaken by

Bajaj Allianz are satisfactory?

A) Yes B) No

C) Cant say

Q.10 Should Bajaj Allianz take up new sales promotion program?

A) Yes B) No

C) Cant say

bajaj allianz1

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