SUMMER TRAINING REPORT

ON

COMPARATIVE STUDY OF ICICI PRUDENTIAL LIFE INSURANCE WITH BAJAJ ALLIANZ

Conducted at

SUBMITTED TO: Kurukshetra uni ersit!" Kurukshetra in the Partia# $u#%i##&ent %or The De'ree o% Master in Business Ad&inistration( )Session *++,-*+../-MBA 0rd Se&ester

Under Supervision of: Ms. Kalpana Aggarwal Lect. f MBA

Submitted By: Sanjeev Kumar Univ. !egistration "o. #$%!K%&'$ .

TI1AK RA2 C3AD3A INSTITUTE O$ MANAGEMENT 4 TEC3NO1OG5 )5AMUNANAGAR/

. exe i

CONTENTS

()S* !+ , )"SU!A"-. )"*! /U-*) " , )"SU!A"-. - M0A"+ 0! ,)L. )-)-) 0!U/."*)AL L),. )"SU!A"-. - . L*/. BA1A1 ALL)A"2 L),. )"SU!A"-. - . L*/.

B1.-*./ , S*U/+ - M0A!A*)3. S*U/).S !.S.A!-( M.*( / L 4+ S5 * A"AL+S)S A"AL+S)S 6 ,)"/)"4 L)M)*A*) "S , *(. S*U/+ - "-LUS) "S SU44.S*) "S A"".7U!. 8U.S*) ""A)!. B)BL) 4!A0(+

ACKNO61EDGEMENT
My e9perience at )-)-) 0!U/."*)AL was li:e a ride to anot;er world. ) was overw;elmed wit; t;e support and information provided to us by )-)-) 0!U/."*)AL. *o start wit;< ) would li:e to t;an: Mr. 3)KAS 4U0*A< -;annel /istribution Manager< )-)-) 0!U/."*)AL for ;is and inspiring guidance t;roug;out t;e course of t;is ;elped me to bring t;is wor: to its present form. ) owe my t;an: our /irector /r. Sanjeev Marwa; and our *raining -o%ordinator Mr. !ajan vij for t;eir :ind support and 4uidance during t;e w;ole 0roject. ,urt;er< ) would li:e to t;an: all t;e staff members of )-)-) 0!U/."*)AL< w;o provided me cooperation in collecting t;e data and re=uested t;e concerned aut;orities to e9tend t;eir ;elp for t;e completion of t;e project. *;e project was also enric;ed by t;eir valuable suggestions.

San7ee ku&ar MBA *nd SEM

PRE$ACE
PRACTICAL TRAINING IS FAR BETTER THAN ROOM TEACHING8 0ractical training gives a feel of t;e actual difficulties faced during t;e wor:. As part of our summer training< we got an opportunity to wor: wit; )-)-) 0!U/."*)AL. Life )nsurance is a mile stone in growt; to t;e social life of t;e countrymen. ,or millions of )ndia>s wor:ing families< may owning a ;ome ;ave a dream to buy a )nsurance 0olicy to secure t;eir and t;eir c;ildren future. ur nation>s greatest opportunity now is t;e c;ance to build a better life for our people. !ecogni?ing t;is< t;e insurance sector ;as now been regarded as a potent engine to economic growt;. *;e government ;as outlined a substantive and detailed plan< seen first in t;e policy of insurance plans< to reac; t;is goal. Many incentives announced in t;e Union Budget every year ;ave ;elped to improve t;e affordability enormously over t;e past couple of years. All t;is ;as led to an enormous increase in t;e demand for Life )nsurance and t;us< in t;e ban:s@ institutions providing t;is finance. *;e present scenario ;as led to t;e steady evolution of especially Life )nsurance wit; different return plans for different age group of people.

E9ECUTI:E SUMMAR5

*;e objective of t;is project was to assist )-)-) 0rudential Life )nsurance in e9panding t;eir c;annel by recruiting *ied Agents ,or t;e company. ,or t;e company to successfully continue its operations< it needs to undergo c;ange to get some new customers and to get some new ideas. Moreover insurance is suc; a growing sector t;at it ;as full potential to ;ave new customers. so it very essential to ;ave new people in t;e system w;ic; can add new customers to t;e company. *;is was ac;ieved t;roug; a t;ree pronged efforts. .( *( 0( ;( <( =( >( *o :now about t;e financial position of bot; co. *o :now t;e -urrent mar:et position of t;e bot; -o. *o :now t;e impact of Advertisement are )-)-) prudential vs Bajaj Allian?. *o :now t;e preference of t;e customers. *o invite suggestions from t;e customers. *o compare t;e bot; company>s. *o :now about t;e customers awareness regarding t;e company.

*;e researc; met;odology consisted of a survey using simple 8uestionnaire and personal interview wit; t;e general public at e9ib;ition site mostly based in KA!"AL disst. *;e =uestionnaire used is given at t;e end of report.

3ISTOR5 O$ INSURANCE

As wit; so many t;ings in so many facets of our lives< insurance too was born out of a primal need and s;aped by socio%economics realities of t;e time. *;e story goes bac: to around A&## B-< to t;e ancient civili?ation of Babylon and business practice call B?otto&r!@( ,or all practical purpose a form of marine insurance< bottomry enabled s;ip owners to borrow money against t;eir s;ips to pay for t;e trip. 5it; piracy rampant on ;ig; seas< traders and seafarers were reluctant to sail to ot;er t;em some semblance of security. *;e arrangement was t;at only if t;eir s;ip returned did traders ;ave to repay t;e loan< along wit; interest. 5;ic; was pegged at an above%mar:et rate for t;e ris: covered. So< if t;eir s;ip failed to ma:e it bac:< t;ey did not ;ave to repay t;e loan< t;ereby recovering some or all of t;e loss.

ORIGINS
5it; t;e marine route being t;e bedroc: of trade and commerce in t;ose days< t;e practice of bottomry evolved< and spread. 5it; t;e growt; of towns and trade in .urope< medieval guilds Cgroups organi?ed on t;e basis of some common objective< li:e tradersD pooled in money to protect t;eir members from loss by fire and s;ipwrec:< to pay ransom if t;ey were captured by pirates< and to provide burial and support in sic:ness and poverty. By t;e middle of t;e &'t; century< as evidenced by t;e earliest :nown insurance contract a crisis. Several insurers defaulted on t;eir contractual obligations to policy;olders< citing investment losses : some even folded up. *;e )nsurance Act &E$F introduced state controls on insurance< but even t;is failed to safeguard policy;older interests.

INSURANCE SECTOR IN INDIA

*;e origin of insurance is very old .*;e time w;en we were not even bornG man ;as soug;t some sort of protection from t;e unpredictable calamities of t;e nature. *;e basic urge in man to secure ;imself against any form of ris: and uncertainty led to t;e origin of insurance. *;e insurance came to )ndia from UKG wit; t;e establis;ment of t;e riental Life

)nsurance -orporation in &F&F.*;e )ndian life insurance company act &E&A was t;e first statutory body t;at started to regulate t;e life insurance business in )ndia. By &EHI about &H' )ndian< &I foreign and JH provident firms were been establis;ed in )ndia. *;en t;e central government too: over t;ese companies and as a result t;e L)- was formed. Since t;en L)- ;as wor:ed towards spreading life insurance and building a wide networ: across t;e lengt; and t;e breat; of t;e country. After t;e liberali?ation t;e entrance of foreign players ;as added to t;e competition in t;e mar:et. *;e 4eneral insurance business in )ndia< on t;e ot;er ;and< can trace its roots to t;e *riton )nsurance -ompany Ltd.< t;e first general insurance company establis;ed in t;e year &FH# in -alcutta by t;e Britis;. )n &EHJ 4eneral )nsurance -ouncil< a wing of t;e )nsurance Association of )ndia< frames a code of conduct for ensuring fair conduct and sound business practices. )n &EJA *;e 4eneral )nsurance Business C"ationali?ationD Act< &EJA nationali?ed t;e general insurance business in )ndia wit; effect from &st 1anuary &EJ$. )t was after t;is t;at &#J insurers amalgamated and grouped into four companies vi?. t;e "ational )nsurance -ompany Ltd.< t;e "ew )ndia Assurance -ompany Ltd.< t;e riental )nsurance -ompany Ltd. and t;e United )ndia )nsurance -ompany Ltd. 4)- incorporated as a company.

INSURANCE REGU1ATOR5 A DE:E1OPMENT AUT3ORIT5 )IRDA/ ACT" .,,,(

Under t;is Act an aut;ority called )!/A ;as been set up. *;is is a corporate body establis;ed for t;e purpose and objects as set out in t;e e9planation to t;e title. *;e Aut;ority replaces K-ontrollerL under )nsurance Act &E$F. *;e first sc;edule amends )nsurance Act &E$F. )t states t;at if Aut;ority is superceded by -entral 4overnment< t;e -ontroller of )nsurance may be appointed till suc; time as KAut;orityL is reconstituted.

CONSTITUTION O$ IRDA(
*;e )nsurance !egulatory and /evelopment Aut;ority consists of t;e following members: &. -;airperson. A. Less t;an five w;ole time members. $. Less t;an four part time members. Members s;ould be persons of Ability< )ntegrity 6 Standing. *;ey s;ould ;ave e9perience in t;e fields of &. Life )nsurance A. 4eneral )nsurance $. Actuarial Science '. ,inance H. .conomics I. Law J. Accountancy F. Administration -;airperson< members< officers and ot;er employees of Aut;ority s;all be public servants.

$UNCTIONS O$ IRDA
&. *o issue certificate of registration< renew< wit;draw< suspend or cancel suc; registration. A. *o protect t;e interest of policy;olders@insured in t;e matter of insurance contract wit; t;e insurance company. $. *o specify re=uisite =ualification< code of conduct and training for insurance intermediaries and agents. '. *o specify code of conduct for surveyors@loss assessors. H. *o promote efficiency in t;e conduct of insurance business. I. *o promote and regulate professional organi?ations connected wit; t;e insurance and reinsurance business. J. *o underta:e inspection< conduct en=uiries and investigations including audit of insurers and insurance intermediaries. F. *o control and regulate t;e rates< terms and conditions to be offered by t;e insurer regarding general insurance business not so controlled by *ariff Advisory -ommittee u@s I#' of )nsurance Act< &E$F. E. *o regulate investment of funds by t;e insurance companies. &#. *o adjudicate dispute between insurers and intermediaries of insurance.

1I$E INSURANCE CORPORATION O$ INDIA ACT" .,<=

Life insurance business was nationali?ed in )ndia wit; effect from &E t; 1anuary &EHI. *;e life insurance business of &H' )ndian life offices constituted by &I non%)ndian insurers operation in )ndia and JH 0rovident Societies was ta:en over by t;e 4overnment of )ndia.L)- of )ndia Act was passed by t;e 0arliament on &F t; 1une &EHI and it came into effect from &st 1uly &EHI.

INTRODUCTION O$ INSURANCE
63AT IS INSURANCEB
.very asset ;as a value for its owner and also for t;ose w;o are benefited wit; t;e e9istence of t;at asset. )nsurance is concerned wit; t;e protection of economic value of asset. All of us are interested in t;e creation of asset because: &. A. $. '. All assets ;ave value. *;ey yield income to t;e owner. *;ey meet some ot;er needs of t;e owner. *;ey may provide satisfaction of some needs and also yield income to t;e owner.

Under t;e Life )nsurance< t;e insurance company guarantees to pay< in consideration of a regular premium< a certain sum of money to t;e policy ;older on ;is attaining a certain age or to ;is nominee on ;is deat;< w;ic;ever is earlier. Life insurance is also :nown as Assurance because sooner or later t;e amount of t;e policy must be paid.

DE$INITIONS
)n t;e words of /.S. (ansel< K insurance accumulated contributions of all parties participating in t;e sc;eme.L

BRIE$ 3ISTOR5 O$ T3E INSURANCE

The beginning *;e beginning of insurance business is traced to t;e city of London. )t started wit; t;e marine business. Marine traders< w;o used to gat;er at Lloyd>s coffee ;ouse in London< agreed to s;are losses to goods during transportation by s;ip. Marine related losses included:% Loss of s;ip by sin:ing due to bad weat;er in ;ig; seas. 4oods in transit by s;ip robbed by sea pirates. Loss of or damage to t;e goods in transit by s;ip due to bad weat;er in ;ig; seas. *;e first insurance policy was issued in .ngland in &HF$.

ICICI PRUDENTIA1 1I$E INSURANCE CO( 1TD(

ICICI Bank )-)-) Ban: is )ndiaBBs second%largest ban: wit; total assets of about !s.$''I.HFbn and a networ: of about EH# branc;es and offices and about $$## A*Ms as on Marc; $&< A##J. )t offers a wide range of ban:ing products and financial services to corporate and retail customers t;roug; a variety of delivery c;annels and t;roug; its specialised subsidiaries and affiliates in t;e areas of investment ban:ing< life and non%life insurance< private e=uity 6 asset management . )-)-) Ban:BBs e=uity s;ares are listed in )ndia on stoc: e9c;anges at -;ennai< /el;i< Kol:ata and 3adodara< t;e Stoc: .9c;ange< Mumbai and t;e "ational Stoc: .9c;ange of )ndia Limited and its American /epositary !eceipts CA/!sD are listed on t;e "ew +or: Stoc: .9c;ange C"+S.D.

Prudentia# C#c
.stablis;ed in London in &F'F< 0rudential plc< t;roug; its businesses in t;e UK and .urope< t;e US and Asia< provides retail financial services products and services to more t;an A#million customers< policy;older and unit ;olders worldwide. As of $& /ecember A##I< t;e company ;ad over MAH& billion in funds under management. 0rudential ;as broug;t to mar:et an integrated range of financial services products t;at now includes life assurance< pensions< mutual funds< ban:ing< investment management and general insurance. )n Asia< 0rudential is t;e leading .uropean life insurance company wit; a vast networ: of A' life and mutual fund operations in twelve countries % -;ina< (ong Kong< )ndia< )ndonesia< 1apan< Korea< Malaysia< t;e 0;ilippines< Singapore< *aiwan< *;ailand and 3ietnam.

ICICI Prudentia# 1i%e Insurance Co&Can!

. )ndiaBs "umber ne private life insurer< )-)-) 0rudential Life )nsurance -ompany is a joint venture between )-)-) Ban:%one of )ndiaBs foremost financial services companies% and 0rudential plc% a leading international financial services group ;ead=uartered in t;e United Kingdom. *otal capital infusion stands at !s. A#.I# billion< wit; )-)-) Ban: ;olding a sta:e of J'N and 0rudential plc ;olding AIN. 5e began our operations in /ecember A### after receiving approval from )nsurance !egulatory /evelopment Aut;ority C)!/AD. *oday< our nation%wide team comprises of over HF# offices< over A$'<### advisorsG and AA bancassurance partners. )-)-) 0rudential was t;e first life insurer in )ndia to receive a "ational )nsurer ,inancial Strengt; rating of AAA C)ndD from ,itc; ratings. ,or t;ree years in a row< )-)-) 0rudential ;as been voted as )ndiaBs Most *rusted 0rivate Life )nsurer< by *;e .conomic *imes % A- "ielsen !4 Marg survey of BMost *rusted BrandsB. As we grow our distribution< product range and customer base< we continue to tirelessly up;old our commitment to deliver world%class financial solutions to customers all over )ndia ,or t;e past four years< )-)-) 0rudential ;as retained its position as t;e "o. & private life insurer in t;e country< wit; a wide range of fle9ible products t;at meet t;e needs of t;e )ndian customer at every step in life.

DISTRIBUTION
*;e company ;as seven bancassurance tie%ups< ;aving agreements wit; )-)-) Ban:< ,ederal Ban:< Sout; )ndian Ban:< Ban: of )ndia< Lord Kris;na Ban: and some co% operative ban:s< as well as over &H# corporate agents and bro:ers. )-)-) 0rudential ;as recruited and trained about A$'<### insurance advisors to interface wit; and advise customers. ,urt;er< it leverages its state%of%t;e%art )* infrastructure to provide superior =uality of service to customers.

PRODUCTS
Insurance So#utions %or Indi idua# )-)-) 0rudential Life )nsurance offers a range of innovative< customer%centric products t;at meet t;e needs of customers at every stage .

ORGANISATION STRUCTURE

Centra# O%%ice

Dona# O%%ice

Re'iona# O%%ice

Branch O%%ice

O%%ice.

O%%ice *

O%%ice 0

ICICI Prudentia# 1i%e Insurance

PRODUCTS

1I$E TIME SUPER

SMART KID P1AN

1I$E 1INK SUPER

1I$E TIME SUPER PENSION

IN:ESTMENT S3IE1D 1I$E

CANCER CARE

1I$E TIME SUPER

6h! 1i%eTi&e SuCer

-all toll free CM*"L@BS"LD

&F##%AA%A#A# As an individual w;o desires a lot from life%a car< a beautiful ;ome and of course< t;e comfort and contentment of your family%you would undoubtedly want to plan your finances suc; t;at you can ta:e care of all your re=uirements. )nvest in )-)-) 0rudentialBs Life*ime Super policy%a regular%premium unit%lin:ed policy< w;ic; offers potentially ;ig;er returns t;at systematically enable you to meet your long% term financial objectives. )n addition< Life*ime Super also provides t;e protective benefit of an insurance cover< w;ic; :eeps your family secure< always. !ead more about t;e features and benefits of t;is plan.

1i%eTi&e SuCe r at a '#an ce Minimum@Ma9imum .ntry Age Ma9imum Age at 0olicy Maturity Minimum@Ma9imum 0olicy *erm 0remium 0ayment ,re=uency Minimum 0remium Minimum Sum Assured *a9 Benefit CFD # years to IH years JH years &# years to JH years Mont;ly< ;alf%yearly< yearly !s. &F<### per annum Annual 0remium 9 *erm@A. Subject to a minimum of !s. &<##<### 0remium paid for t;e policy and critical illness benefit rider will be eligible for ta9 benefit under Sec. F#- and F#/ respectively. Any amount paid to you will be eligible for ta9 benefits under Sec. &# C&#/D as per prevailing )ncome *a9 laws. -all toll free CM*"L@BS"LD &F##%AA%A#A#

$eatures and ?ene -all toll free CM*"L@BS"LD

%its o% 1i%e Ti& e SuCe r $#eEi?#e Co#ic! ter&: /ecide for ;ow long you want your policy. +ou can invest for a minimum of &# years and a ma9imum of JH years. 0 choices o% Cre&iu& Ca!&ent: pt to pay t;e premium on a mont;ly< bi%annual or an annual basis. = in est&ent %unds: Select among ,le9i%4rowt;< Ma9imiser< ,le9i%Balanced< Balancer< 0rotector< and 0reserver< based on your financial goals and ris: profile. S!ste&atic FithdraFa# o% &one!: 5it;draw money in installments from t;e 't; year onwards. Maturit! ?ene%it: !eceive t;e ,und 3alue w;en your policy matures. -;oose to ta:e t;is value as a single lump%sum amount or in mont;ly< bi%annual or annual installments. Death ?ene%it: +our family receives t;e ;ig;er of ,und 3alue or Sum Assured s;ould somet;ing ;appen to you. SFitch ?ene%it: Switc; between funds anytime to adjust your portfolio< based on your goals and ris: profiles. +ou can switc; funds ' times a year< at no cost. ,or subse=uent switc;es< you will be re=uired to pay a switc; fee of !s. &##. &F##%AA%A#A#

MANAGEMENT
Board o% Directors
*;e )-)-) 0rudential Life )nsurance -ompany Limited Board comprises reputed people from t;e finance industry bot; from )ndia and abroad. Mr. K.3. Kamat;< -;airman Mr. Barry Stowe Mrs. Kalpana Morparia Mrs. -;anda Koc;;ar Mr. (* 0;ong Mr. Ke:i /ediset; Mr. M.0. Modi Mr. ! "arayanan Ms. S;i:;a S;arma< Managing /irector Mr. ".S. Kannan<.9ecutive /irector Mr. B;argav /asgupta< .9ecutive /irector Mana'e&ent Tea& Ms. S;i:;a S;arma< Managing /irector 6 -. Mr. Mr. Sandeep Batra< -;ief ,inancial fficer 6 -ompany Secretary Ms. Anita 0ai< -;ief % -ustomer Service and perations

Mr. 0uneet "anda< -;ief O )nvestments Mr. S;ub;ro 1. Mitra< -;ief % (uman !esources Mr. /ipan B;attac;arya % -;ief )nformation *ec;nology

:ISION
Our ision:
*o ma:e )-)-) 0rudential t;e dominant Life and 0ensions player built on trust by world% class people and service. *;is we ;ope to ac;ieve by: Understanding t;e needs o% custo&ers and offering t;em superior products and service Leveraging techno#o'! to service customers =uic:ly< efficiently and conveniently /eveloping and implementing superior risk &ana'e&ent and in est&ent strate'ies

to offer sustainable and stable returns to our policy;olders 0roviding an enabling environment to foster growt; and learning for our e&C#o!ees And above all< building transparency in all our dealings.

A6ARDS A RECOGNITIONS

AFards A Reco'nitions

AFards

India@s Most Custo&er ResConsi e Insurance Co&Can! Avaya 4lobal-onnect % .conomic *imes -ustomer !esponsiveness Awards Most Trusted Pri ate 1i%e Insurer *;e .conomic *imes % A - "ielsen Survey of Most *rusted Brands O A##$< A##' and A##H

Prudence Custo&er Centricit! AFard *++; A *++<

0rudential -orporation Asia

Best 1i%e Insurer *++0 Out#ook Mone! AFards *++0 A *++;

IMM AFard %or EEce##ence )nstitute of Mar:eting 6 Management

Or'anisation Fith Inno ati e 3R Practices )ndira 4roup of )nstitutes

SuCer?rand *++0-+;

Or'anisation Fith Inno ati e 3R Practices Asia%0acific ( ! -ongress Awards for (! .9cellence

Si# er E%%ie %or E%%ecti eness o% the GRetire %ro& 6ork not #i%eH ad ertisin' ca&Cai'n .ffies A##$

Reco'nitions IMM AFard %or EEce##ence )nstitute of Mar:eting 6 Management Or'anisation Fith Inno ati e 3R Practices )ndira 4roup of )nstitutes Or'anisation Fith Inno ati e 3R Practices Asia%0acific ( ! -ongress Awards for (! .9cellence

BA2A2 A11IAND 1I$E INSURANCE CO( 1TD

BA2A2 GROUP

*;e Bajaj 4roup is amongst t;e top &# business in )ndia. )ts footprints stretc;es over a wide range of industries< spanning automobiles Ctwo%w;eelers and t;ere%w;eelersD< ;ome appliances< lig;ting< iron and steel< insurance< travel and finance. *;e group>s flags;ip company< Bajaj Auto< is ran:ed as t;e worldPs fourt; largest two%and t;ree%w;eeler manufacturer and t;e Bajaj brand is well%:nown in over a do?en countries in .urope< Latin America< t;e US and Asia. (is Son< Kamalnayan Bajaj< t;en AJ< too: over t;e reins of business in &E'A. ;e too was close to 4and;iji and it was only after )ndependence in &E'J< t;at ;e was able to give ;is full attention to t;e business. Kamalnayan Bajaj not only consolidated t;e group< but also diversified into various manufacturing activities. *;e present -;airman and Managing /irector of t;e group< !a;ul Bajaj< too: Auto t;e flags;ip company ;as gone up from !s. JA million to !s. 'I.&I billion CUS/ E$I millionD< its product portfolio ;as e9panded from one to and t;e brand ;as found a global mar:et.

MI1ESTONES
A##' 1anuary Bajaj unveils new brand identity< dons new symbol< logo and brandline A##$ ctober 0ulsar /*S%) is launc;ed. ctober &#J< &&H Motorcycles sold in a mont;.

MANAGEMENT PRO$I1E

-. (ead< (! (ead< Mar:eting 1oint Managing /irector .9ecutive /irector 3ice 0resident C)nsuranceD -ompany Secretary

Sam 4;os; /r. !. Kurane Sanjay 1ain !ajiv Bajaj Sanjiv Bajaj !anjit 4upta 1. Srid;ar

A6ARDS
PRODUCT A6ARD 5EAR B5
C&D BA1A1 AU* Awards A##' /*S%i *ec;nology O Auto *ec; of t;e +ear A##' A##' )-)-) Ban: Awards A##' CAD Bajaj 0ulsar /*S%i Bi:e of t;e +ear A##' A##' )-)-) Ban: 3.!/!)3. Awards A##' 5ind &AH *wo 5;eeler of t;e +ear A##' A##' -"B- AU* -A! Awards A##' 5ind &AH Bi:e of t;e year A##' A##' Business Standard Motoring C&D Bajaj 0ulsar &F# /*S%i BB- 5orld 5;eels 3iewer -;oice *wo 5;eeler of +ear A##$ A##$ BB- 5orld 5;eels Awards A##$ Bajaj 0ulsar &F# /*S%i BB- 5orld 5;eels Awards for Best *wo 5;eeler between !s. HH<### to !s. J#<### A##$ BB- 5orld 5;eels Award A##$ Bajaj 0ulsar &H# /*S%i BB- 5orld 5;eels Award for Best *wo 5;eeler between !s. 'H<### to !s. HH<### A##$ BB- 5orld 5;eels Award A##$ Bajaj Bo9er A* K*.- BB- 5orld 5;eels Award for Best *wo 5;eeler under !s. $#<### A##$ BB- 5orld 5;eels Award A##$ Bajaj 0ulsar O Motorcycle *otal -ustomer Satisfaction Study A##$ ", Automotive CAD Bajaj 0ulsar O Bi:e of t;e year A##$ )-)-) Ban: 3.!/!)3. Awards A##$ Bajaj 0ulsar O Most e9citing bi:e of t;e year A##A 3.!/!)3. Awards C$D Bajaj .liminator O Bi:e of t;e year A##A 3.!/!)3. Awards Bajaj .liminator O Most e9citing bi:e of t;e year A##& 3.!/!)3. Awards C'D -ertificate of Merit &EEH%EI 4overnment of )ndia< Ministry of -ommerce Award for .9port .9cellence &EE'%EH ..03.!/!)3. O Bi:e Ma:er of t;e +ear A##' A##' )-)-) Ban: 3.!/!)3.

ORGANISATION C3ART

CEO Dona# Dona#Mana'er Mana'er Re'iona# Re'iona#Mana'er Mana'er Branch BranchMana'er Mana'er Assistant AssistantBranch BranchMana'er Mana'er Sa#es Sa#esTea& Tea&Mana'er Mana'er Insurance InsuranceCare CareMana'er Mana'er
A11IAND BA2A2 IN:ESTGAIN

PRODUCTS O$ BA2A2 A11IAND

PRODUCTS

A11IAND BA2A2 U1 MA3I1AGAIN

A11IAND BA2A2 C3I1DGAIN

A11IAND BA2A2 UNITGAIN P1US SP

A11IAND BA2A2 UNITGAIN P1US

A11IAND BA2A2 CAPITA1 UNITGAIN

1I$E TIME SUPER-USPs

0artial 5it;drawals allowed after $ years. Minimum fund value post wit;drawal &&#N of annual premium. Surrender 3alue CS3D o o S3 is EFN of t;e ,und 3alue after $ years S3 is EEN of t;e ,und 3alue after ' years

-over continuance option o Allowed after $ years

Additional Allocation of units at regular intervals o 'N of t;e annual premium after every ' years

" )nitial Management -;arges

-ustomer convenience is very ;ig; in L* Super

-apital Unit 4ain OBajaj 0artial 5it;drawals allowed after $ years o Minimum fund value post wit;drawal &H#N of annual premium Surrender 3alue CS3D after $ years o S3 is F#N of t;e ,und 3alue C,or A# years termD -over continuance option o Allowed after $ years Additional Allocation of unit at regular intervals o "ot applicable

)nitial Management -;arge QHN of t;e first premium C-apital UnitD ,und 3alue irrespective of 0remium being paid or not

IRR COMPARISON
$eatures Age *erm 1i%eTi&e SuCer $# years of A# years H##### Ma9imiser H#### !s. AA&AA&A J.#FN 0rotector !s. A'$E'&J J.FEN BA2A2 CAPITA1 UNIT GAIN $# years A# years H##### .=uity ,und H#### !s. A&JIF#F I.E'N Bond ,und !s. A'#FEJE J.JEN

illustration Sum Assured ,und ption 0remium Maturity Amount Maturity )!!sC&#ND ,und ption Maturity Amount Maturity )!!sC&#ND

1i%e Ti&e SuCer suCerior to Ba7a7 CaCita# Unit Gain irresCecti e o% In est&ent ?ein' under De?t or EIuit!( The Surrender char'es under Ba7a7 CaCita# Unit Gain is aCC#ica?#e uCto .,th !ear o% the Co#ic!(

Initia# Mana'e&ent Char'e under Ba7a7 CaCita# Unit Gain is char'ed e en Fhen the Cre&iu& Ca!&ent are stoCCed a%ter 0 !ears(

Surrender :a#ue J 3i'h I&Cact

1i%e Ti&e SuCer

BA2A2 CAPITA1 UNIT GAIN P1AN

Surrender 3alue .nd of $ years EFN

Surrender 3alue

.nd of $ years .nd of ' years .nd of ' years .nd of H years EEN &##N .nd of H years .nd of &# years .nd of &H years .nd of A# years

F#N FHN FFN EHN EFN &##N

In 1T SuCer" Custo&er can tota##! FithdraF a%ter < !ears Fithout an! surrender Cena#t!" Fhereas in Ba7a7 CUG" he has to Ca! surrender Cena#t! uCto .K !ears(

1I$E TIME SUPER :S BA2A2 CAPITA1 UNIT GAIN P1AN

0! /U-* !.LA*./ $eatures 0remium Age at .ntry *erm Age at Maturity Min Sum Assured 1i%eTi&e SuCer Minimum: &F<### p.a. Ma9imum: "o Limit Minimum: # years Ma9imum: IH years Minimum: &# years Ma9imum: JH years Minimum: &F years BA2A2 CAPITA1 UNIT GAIN P1AN Minimum: &#<### p.a. Ma9imum: "o Limit Minimum: # years Ma9imum: I# years Minimum: &# years Ma9imum: J# years Minimum: &F years

Ma9imum: JH years Ma9imum: J# years Annual 0remiumR*erm@A< Subject to (ig;er of S*erm@ARA0< HRA0T min of !s. &<##<###

/eat; Benefit

(ig;er of t;e ,und 3alue or Sum (ig;er of t;e ,und 3alue or Sum Assured< reduced by t;e applicable Assured< reduced by t;e applicable partial wit;drawals. ,und 3alue "ot Applicable "ot Applicable *;e regular premiums in t;e &st yr will be used to allocate -apital Units and t;e regular premiums payable t;ereafter will be used to A/B!< -)B!< 5 0! allocate Accumulations Units UL Accident /eat; Benefit< UL

partial wit;drawals. Maturity Benefit ,und 3alue 0remium 0aying "ot Applicable *erm Annuity ptions t;er Any "ot Applicable

ptions C)f "ot Applicable

IN:ESTMENT RE1ATED
-;oice of ,unds ',unds:Ma9imiser<Balancer<0rotector< H,unds: Li=uid ,und< Bond 0reserver ,und< .=uity 4rowt; ,und< .=uity )nde9 ,und< Accelerator

Mid cap ,und 0artial 5it;drawals Allowed after $ 0olicy +ear. Before age of I#< 5it;drawals made in t;e A' mont;s prior to deat; reduce t;e Sum Assured by t;e w@d amount. After age I#<w@d reduce t;e Sum Assured Allowed after $rd policy year permanently Min 0artial 5dl !s. A<### Amt Settlement ptions Switc; ption Min Switc; Amt Available. Upto 0eriod of H years ' Switc;es free in a policy year !s. A<### from Accumulation Units nly !s. H<### Available. Upto 0eriod of H years ' Switc;es free in a policy year !s. H<###
rd

-over -ontinuance Applicable ption Automatic *ransfer 0lan Additional Applicable Applicable "ot Applicable .very ' year< starting at t;e ends of "ot Applicable
t;

Allocation of Units 't; year Q 'N #f Annual 0remium *ops Ups "ot Applicable )ncrease @ /ecrease "ot Allowed in *erm "ot Allowed

Applicable "ot Allowed "ot Allowed

MARKET POSITION O$ COMPAN5

ICICI PRUDENTIA1(:
)-)-) 0rudential still leads t;e private players wit; t;e new business premium income of !s. &&H'IH.'F lac: and wit; t;e growt; rate of &##.#IN and premium mar:et s;are I.IEN.

BA2A2 A11IAND :
Bajaj Allian? displaces Birla sunlife and ta:e no. A slot wit; t;e under written premium of !s. 'E'#H.&A la:; and wit; t;e growt; rate of $$$.H# growt; rate and premium mar:et s;ares A#FIN.

*;is mar:et position s;ows t;at )-)-) 0rudential still leads t;e private insurance co. t;e growt; rate of Bajaj Allian? C$$$.H#ND is more Allian? out of t;e most fastest growing co. in insurance field.

$INANCIA1 POSITION O$ BOT3 INSU( CO(

ICICI PRUDENTIA1 :
)-)-) prudential life )nsurance co. ltd made a net profit of !s. &I$J crore for t;e first nine mont; of current fiscal compassed wit; AA& cr. 0rofit made in fiscal year A##I. Since A##I < it ;as made total cases of !s. IHF crore.

BA2A2 A11IAND :
Bajaj Allian? life )nsurance co. ltd earned cas; profit of &F.AJ crore !s. in t;e year of A##I. 5it; t;e growt; rate of $$$.H#N.

*;e financial position of t;e bot; co. S;ow t;at t;e Bajaj Allian? life )nsurance co. is better t;an )-)-) prudential Life )nsurance -o. because Bajaj Allian? case of t;e profit of &F.AJ crore but )-)-) prudential made cases of !s. IHF crore.

MARKET S3ARE O$ DI$$ERENT INSURANCE COMPANIES

NAME O$ T3E P1A5ER )-)-) 0!U/."*)AL BA1A ALL)A"2 B)!LA SU" L),. (/,- S*A"/A!/ *A*A A)4 t;ers

MARKET S3ARE )L/ $' AA &$ J E &H

Market Share

15% 9% 13% 7% 22%

ICICI Pru 34% Bajaj Allianz HDFC Birla Sun Tata AI !t"er#

BRAND A6ARENESS O$ BOT3 CO(

M.( Do !ou knoF a?out the ?a7a7 a##ianN #i%e insurance co( 1tdB

$e#% 3&%

'(% 74%

In e!"!e # i$n
The 'raCh shoFs that the on#! 0=L o% Cersons are knoF a?out the Ba7a7 A##ianN(

M*( Do !ou knoF a?out the ICICI Prudentia# 1i%e Insurance Co( 1tdB

'(% 12%

$e#% ))%

In e!"!e # i$n
This 'raCh shoFs that the KKL o% CeoC#e are knoF a?out the ICICI Prudentia# #i%e insurance co(

M0( 6hich co&Can! Po#icies !ou are ha in' B

Bajaj Allianz % )% ICICI Pre+untial % 22% !t"er % 7*%

In e!"!e # i$n
This 'raCh shoFs that the *+L o% CeoC#e ha e ICICI Prudentia# Co#ic!" KL ha e Ba7a7 a##iaN and other ha e >+L insurance co&Can! Co#ic!(

M;( 6hich insurance co&Can!Hs add !ou seeB

'(% 1% B(t" % 3%

Bajaj Allianz % 7%

ICICI Pru+ential % )9%

InterCretation This 'raCh shoFs that the K,L o% CeoC#e seen add o% ICICI Prudentia# Co#ic!" >L ha e seen add o% Ba7a7 a##iaN(

M<( 6hich Insurance Co&Can! !ou Cre%er B

Bajaj Allianz % 12% ICICI Pre+untial % 22%

!t"er % &&%

InterCretation
This 'raCh shoFs that the **L o% CeoC#e Cre%er ICICI Prudentia# Co#ic!" .*L Cre%er Ba7a7 a##iaN and other Cre%er ==L(

6hich t!Ce o% CeoC#e eEists in the corCorate For#d Fho Cre%er the #i%e insurance Co#ic! B ResCondent cate'or! S.!3)-.MA" BUS)".SSMA" S( 0%K..0.! ( US.%5),. *(.! TOTA1 La'e o% Cerson AH $# AH &H H .++

15%

5%

25%

S,-.IC,/A' B0SI',SS/A' SH!P12,,P,-

25%

3*%

H!0S,13IF, !TH,-

InterCretation
The 'raCh shoFs that the &aEi&u& nu&?er o% Cersons are ser ice&an" shoCkeeCer" ?usiness&an" houseFi%eHs and other resCecti e#!(

PEOP1E PRE$RENCE $OR SA:ING TOO1

Sa in' instru&ent Ban: 0ost office 0.0.,. )nsurance t;ers TOTA1

La'e o% Cerson 'HN AHN FN &'N FN .++

Saving Instrument
45% 45% 4*% 35% 3*% 25% 2*% 15% 1*% 5% *%

%age of people

25% 14% )% )%

Ban4

P(#t (55i6e P.P.F. In#uran6e

!t"er#

Saving instrument

InterCretation
This ta?#e shoFs that CeoC#e &ain#! Cre%er ?ankin' %or in est&ent" then Cost o%%ice" then insurance" and #ast#! C(C(% and other oCtion(

AGE COMPOSITION: )n t;is mar:et survey most of t;e people are between t;e age group of AI%HHyrs w;ic; indicates t;at t;is report ;as most of t;e emp;asis CF'ND on t;ose people w;o are well establis;ed in t;eir related field i.e. business< profession< job< etc..

AGE COMPOSITION L.SS *(A" AH+!S AI+!S * $H+!S $I+!S * 'H+!S 'I+!S * HH+!S M !. *(A" HH+!S TOTA1

NO( O$ PEOP1E I AH '# &E &# .++

AGE "OMPOSI#ION
4* 35 3* 25 2* 15 1* 5 * 4*

NO. OF PEOPLE

25 19 &
7,SS THA' 25$-S 2&$-S T! 35$-S 3&$-S T! 45$-S 4&$-S T! 55$-S

1*

/!-, THA' 55$-S

AGE G O!P

MOST IMPORTANT CRITERIA 63I1E IN:ESTMNET:

"owadays people are

e=ually concerned for ta9 benefits< insurance< security< li=uidity and ;ig; returns. (ence life insurance is t;e only source of investment w;ic; cover all t;ese criteria so now people are getting aware of life insurance sector and gradually it will be t;e top most priority for t;e general public to invest MOST IMPORTANT CRITERIA 63I1E IN:ESTMENT (ig; returns Li=uidity Security )nsurance cover *a9 benefits TOTA1 PERCENTAGE &' A# A# AA AI .++

MOS# IMPO #AN# " I#E IA $%ILE IN&ES#MEN#

Hi8" return#% Tax <ene5it#% 14 2& 7i9ui+it:% 2* In#uran6e 6(;er% 22

Se6urit:% 2*

BRAND RE1IABI1IT5 : *;is survey ;as s;own t;at )-)-) prudential wit; '#N of preference votes still and will remain "o.& private life insurance company in year to comes as it offer t;e widest range of products or plans wit; more and more features of fle9ibility< li=uidity < safety< ;ig;er returns< transparency and ta9 benefits. )t also indicates t;at t;is repot ;ave proved t;at now people are aware of private life insurance companies as t;ey are satisfying t;eir needs. BRAND RE1IABI1IT5 )-)-) prudential Bajaj Allian? (/,- Standard Life Ma9 "ew +or: Life *A*A A)4 TOTA1 PERCENTAGE '# A' &H &A E .++

' AN( ELIA'ILI#)

45 4* PE 35 " 3* EN 25 #A 2* GE 15 1* 5 * 4*

24 15 12

ICICI =ru+ential

Bajaj Allianz

HDFC Stan+ar+ /ax 'e> $(r4 7i5e 7i5e

TATA AI

ICICI PRUDENTIA1 1I$E INSURANCE CO( 1TD(

)-)-) 0rudential still lead t;e 0rivate )nsurance -o. ,inancial 0osition of )-)-) prudential are good because since A##I< it ;as made cases of !s. IHF crore but t;e Bajaj Allian? earned profit after &F.AJ crore in A##I. More people :nown about t;e )-)-) 0ru. Life )nsurance -o. t;an Bajaj Allian?. More people prefer )-)-) 0rudential Life )nsurance -o.

BA2A2 A11IAND 1I$E INSURANCE CO( 1TD

Bajaj Allian? are in t;e And 0osition amongst 0rivate )nsurance co. )n unit lin:ed plan Bajaj Allian? leads wit; t;e ;ig;est return of H&.&IN and '$.J&N. 4rowt; rate of )-)-) prudential is more t;an Bajaj Allian? Less emp;asis on t;e advertisement is given by t;e company. Survey s;ows t;at t;e -ustomers are not aware about t;e company.

$E'SI#ES >>>.i6i6i<an4.6(? >>>.i6i6i=ruli5e.6(? >>>."+56#tan+ar+li5e.6(? >>>.allianz<ajaj.6(? >>>.<i?a(nline.6(? >>>.<irla#unli5e.6(? Stu+: /aterial (5 ICICI P-0D,'TIA7 7IF, I'S0-A'C, Stu+: /aterial (5 A77IA'@ BAAAA

RESEARC3 MET3ODO1OG5

!esearc; Met;odology ;as many dimensions< it include not only researc; met;ods but also considers t;e logic be;ind t;e met;ods used in t;e conte9t of t;e study and e9plains w;y only a particular met;od of tec;ni=ue ;ad been used so t;at researc; lend t;emselves to proper evaluations. *;us in a way it is a written game plan for concluding researc; t;erefore in order to solve researc; problem it is necessary to design a researc; met;odology for t;e problem as t;e same differ from problem to problem. A/ Research Desi'n: ScoCe o% Stud! : !esearc; design in t;e conceptual structure wit;in w;ic; t;e researc; is conducted. *;eir function is to provide for t;e collection of relevant evidence wit; minimum e9penditure of effort< time and money. But< ;ow t;is can be ac;ieved depends on t;e researc; purpose. *;e scope ;as been limited to smo:e si?e of &## respondents due to time 6 cost constraints. (owever< t;e area of study wit; respect to geograp;ical city of Ambala.

Data Co##ection
After t;e researc; problem ;as been defied and t;e researc; design ;as been c;al:ed out< t;e tas: of date collection begins. /ata can be collected from ot;er primary or secondary sources. ,or t;e collection of primary data t;e respondents were contacted personally and t;e tool for gat;ering t;e data was t;e =uestionnaire and tally calling. ,or t;e collection of secondary data t;e internet< out loo: maga?ine C&H May A##ID 6 t;e newspaper are used.

Sa&C#in' P#an
*;e following factors ;ave to be decided wit;in t;e scope of sampling plan.

)./

Sa&C#in' unit : )t defines t;e target population t;at will be sampled i.e. it answers w;o is to be surveyed.

)*/

Sa&C#in' siNe: )t indicates t;e no of people to be surveyed t;roug; large sample given more reliable results t;an small samples but due to constraints of time and money t;e sample si?e was restricted to &## w;ic; are related to KA!"AL.

)0/

Sa&C#e techniIue : *;is refers to t;e procedure by w;ic; t;e respondent s;ould be c;osen.

)n t;is study simple random sampling ;as been used a sample of &## respondents.

OB2ECTI:E O$ T3E STUD5

.( *( 0( ;( <( =( >(

*o :now about t;e financial position of bot; co. *o :now t;e -urrent mar:et position of t;e bot; -o. *o :now t;e impact of Advertisement are )-)-) prudential vs Bajaj Allian?. *o :now t;e preference of t;e customers. *o invite suggestions from t;e customers. *o compare t;e bot; company>s. *o :now about t;e customers awareness regarding t;e company.

S6OT ANA15SIS
)ICICI Prudentia# A Ba7a7 A##ianN/ Stren'th :
&. A. $. '. H. I. J. Additional benefits li:e family income benefit. Low premium ,our times ris: cover in one plan. *a9 Benefit Advantages for women in premium calculation. !an:ed "o. & company i.e. )-)-) 0rudential among 0vt. )nsurance. Bajaj Allian? is going to introduce new plans and it is also competing in t;e mar:et wit; "o.A position in 0rivate insurance sector.

6eakness :
&. A. $. '. -redibility. Low Bonus !ate Lac: of Advertisement of )-)-) 0rudential . Bajaj Allian? is introduced to mar:et after )-)-) prudential ;ence its s;are in mar:et is less t;an t;e )-)-) 0rudential.

OCCortunities :
&. A. $. Large 4lobal Mar:et 8uic:er response to customer need 0otential to become a sourcing centre

Threats :
&. A. $. *ouc; competition Lac: of awareness .9pensive

1IMITATION
(ow so ever impeccable a t;ing may see to be t;ere always dwell some possibilities of failure and incompleteness. *;e result of t;is wor: also subject to some of limitations are as follows :% /ue to s;ortage of time t;e studies conducted on very small scale i.e. based upon material and information provided by t;e company. ) ;ave faced a lot of problem in collecting t;e information about t;e company Some of t;e officers were too busy to give a sincere response to investigation and ;ence t;eir response may not relate to real picture. *;e findings of t;e researc; are limited to a particular area 6 can not be applied to all places. As t;e ;uman be;avior is not constant so t;e results collected t;roug; =uestionnaire may or may not apply to future period of time.

SUGGESTIONS

-ompany s;ould emp;asis on insurance plan advertisement< because at present company main focus on conventional product advertisement. -ompany also segment for small income people. Because company mainly plan for middle and ;ig; income people group. )f company enters in t;is segment t;en company can capture a large part of rural mar:et. -ompany s;ould also c;ange t;e commission structure of ,.-.< because in initial year commission is very ;ig; as compare to remaining year. So ,.-. does not focus on remaining year and many policies lapsed. More and more advisor need to made so t;at t;e mar:et can be covered at large. /uring my survey ) contact to people li:e doctors lawyers <ban: manager< and ;ig; profile people. but according to my observation t;ese people are not suitable because t;ey are not interested in suc; :ind of wor:. *;erefore people doing clerical jobs< graduates unemployed people< w;o are in low income group s;ould be ta:en into consideration.

CONC1USION

)-)-) 0rudential Life )nsurance -o. leads t;e 0rivate )nsurance -o. J'N people :now about t;e co. but since A##I< it ;as made t;e total cases of !s. IHF crore because of t;e ;ig; e9penditure in Advertisement.

n t;e ot;er ;and Bajaj Allian? Life )nsurance -o. Ltd. is good in =uality services but t;e :nowledge of people about co. is less only $IN :now about t;e Bajaj Allian? life )nsurance -o. Ltd. *;e reason be;ind it is not regular add and not t;e more relations;ip wit; t;e people but now it is one of t;e fastest.

COMPARISON OF INSURANCE OPPORTINITY IN INDIA WITH OTHER COUNTRIES

Insurance OCCortunit!: 1oF Penetration

12.**% 1*.**% ).**% &.**% 4.**% 2.**% *.**% 1

02 Aa=an S(ut" 4(rea 0SA /ala:#ia In+ia C"ina

It is c#ear %ro& the a?o e 'raCh the U(K is #eadin' countr! in insurance Cenetration %o##oFed ?! 2aCan and South Korea(

PROGRESS SO FAR
B1 Pri;ate 7i5e In#urer in t"e 6(untr: ,9uit: <a#e+ #tan+# at -#.&75 6r(re T"e 6(?=an: i##ue+ nearl: 4% 5*%*** =(li6ie# in a :ear% ta4in8 it t(tal =(li6: t( 6(;er 7% )*%***. T(tal #u? a##ure+ #in6e in6e=ti(n "a# ri#en t( 1&%*** 6r(re T"e 6(?=an:C# t(tal in6(?e re6ei;e+ =re?iu? in6(?e in 5:*4 >a# -#.9)9 6r(re%u= 135% 5r(? la#t :ear ICICI Pru+ential "a# e?er8e+ a# t"e lea+in8 =ri;ate li5e in#urer% 6l(#in8 t"e :ear 31% 2**4 >it" retail ?ar4et #"are a?(n8#t =ri;ate li5e in#urer (5 3&%. !;er 2&*** in#uran6e a8ent#. !;er 15* :ear# (5 ex=erien6e in li5e in#uran6e <u#ine##. 7ea+in8 internati(nal 5inan6ial #er;i6e# 6(?=an: in 0.2. Ar(un+ 0S D27&<n 5un+# un+er ?ana8e?ent% an+ ?(re t"an 1&%***%*** 6u#t(?er# >(rl+>i+e. /ar4et #"are (5 23% in t"e t(tal =en#i(n ?ar4et <et>een all li5e in#urer an+ 7251?ar4et #"are a?(n8 =ri;ate in#urer. 7ar8e#t +i#tri<uti(n net>(r4 a?(n8 =ri;ate =la:er# E &7 <ran6"e# a6r(## 45 l(6ati(n#