A SUMMER TRAINING REPORT ON A STUDY ON PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE (BAJAJ GROUP

)

Submitted in partial fulfillment for the Award of degree of MASTER OF BUSINESS ADMINISTRATION

Submitted TO: Ms.Preeti Aluwalia (Feculty)

Submitted BY:Rahul Goyal Sem.IIIrd (MBA)

2009-2010

Jodhpur institute of management
( .Jodhpur – Raj )

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Preface
There is a large gap between theoretically and practical knowledge about handling and managing a business. Only book’s knowledge can’t help in building up an effective administrator.

In my views everybody have strength and weakness if you have experience your strength power is going high and your weakness going lesser that’s by one year experience is superior to ten year study.

According to its compulsory for every students of MBA- Sem III to take training under any enterprise of the industry for 45 days, to get information, knowledge and practical learning about specific specialized field and of industry at all. I have prepared this report after taking training entitled in “A Study on Products of Bajaj Allianz Life Insurance".

In This Report I Have collected during my project training. I have prepared this report with great interest. Although there may be possibility of mistakes in this report. If there is any mistakes in this report, kindly forgive me.

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ACKNOWLEDGEMENT

First of all I would like to thank the management at Bajaj Life Insurance Company for giving me the opportunity to do my summer training in their esteemed organization. I am highly obliged to Mr. Abhishek Ranjan Dubey (Business Development Manager) and Mr. Rajesh Khanna for granting me an opportunity to undertake training in jaipur Branch.

I express my thanks to all sales managers under whose able guidance and direction, I was able to give shape to my training. Their constant review and excellent suggestions throughout the project are highly commendable.

My sincere thanks to all executives who helped me gain knowledge about the actual working and processes involved in various departments.

I am grateful to Ms. Preeti Aluvalia (faculty of MBA Department) who has helped in making this project. His valuable guidance has helped in preparing this project.

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5 History of the Company 20 3.6 Scope of Study 3.2 Bajaj Group 2.4 Role of Life Insurance in the Growth of the Economy 1. No.5 Kinds of Life Insurance Policies Pg.3 Mission of the Company 2.2 Duration of the Project 3.4 Type of Research 3. Bibliography 70 71 4 . Introduction to the Organization 2.1 Title of the Study 3. SWOT 6.1 Meaning of Insurance 1.3 Objective of Study 3.2 History of Insurance 1. Introduction to the Industry 1.1 Allianz Group 2. Facts and Findings 5.5 Sample Size and method of selecting sample 3.4 Vision of the Company 2. 5 2.CONTENTS 1. Conclusion 7. Recommendation and Suggestions 9. Appendix 57 65 68 69 8. Research Methodology 3.7 Limitation of Study 28 4.3 Meaning of Life Insurance 1.

which may be certain or uncertain. IMPORTANCE OF INSURANCE Insurance constitutes one of the major segments of the financial market. The scope of the study of Insurance industry of India would be very great as there are ongoing developments in the industry after the opening of the sector 5 . as people prefer small fixed liability instead of big. Insurance is a collective bearing of risk. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. uncertain and changing liability. Today insurance industry is one of the most growing sectors in India.1. Insurance is a financial device to spread the risks and losses of few people among a large number of people. There is lot of potential in the Indian Insurance Industry. Insurance can be defined as a “legal contract between two parties whereby one party called insurer undertakes to pay a fixed amount of money on the happening of a particular event. Insurance is desired to safeguard oneself and one’s family against possible losses on account of risks and perils.1 MEANING OF INSURANCE Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. INTRODUCTION TO THE INDUSTRY 1. There are many issues. which require study. Insurance services play predominant role in the process of financial intermediary.” The other party called insured pays in exchange a fixed sum known as premium.

it has improved in terms of efficiency. we have to start with the basics of insurance. insurance brokers’ regulation. new product ranges. the term assurance came to be used only for the risks covered by life insurance and the term insurance was exclusively used to denote the risks covered by marine. Also the penetration of insurance in India is very low in both life and non-life segment so there is lot potential to be tapped. In near future Government may allow 49% FDI in Insurance.The major issue right now is the hike in FDI (Foreign Direct Investment) limit from 26% to 49% in the insurance sector. etc. DIFFERENCE BETWEEN INSURANCE AND ASSURANCE Assurance is older in history and it was used to describe all types of Insurance. This would lead to more capital inflow by foreign partners. fire. incentive scheme of development officers of LIC etc. 6 . Before starting the discussion on insurance industry and related issues. new distribution channels. Another major issue is the effects on LIC after the entry of private players in the market. Right now the insurance industry has great opportunities in countries like India or China which have huge population. So it offers lot of scope for studying the insurance industry. From 1826. So first we understand what is Insurance? How the word ‘insurance’ is different from the word ‘Assurance’? Etc. Rural marketing of insurance. Though market share of LIC has been affected. There are number of other hot topics like penetration of Health Insurance.

(1) Principle of utmost good faith It means “maximum truth”. the insurer is entitled to recover from a negligent third party any loss payments made to the insured. (2) Principle of indemnity This means that if the insured suffers a loss against which the policy has been made. the insured is not entitled to make a profit on his loss. In other words. (3) Principle of subrogation This means the insurer has the right to stand in the place of the insured after settlement of claims in so far as the insured’s right of recovery from an alternative source is involved. he shall be fully indemnified only to the extent of loss. On the other hand the word insurance was used to denote indemnity type of insurance where the insurance company was liable to pay only in case of the loss damage the property. The insured event was bound to happen sooner or later under assurance but the event insured against may or may not happen under insurance.The word assurance indicated certainty. The principle of “indemnity” applies to “insurance contracts” (non-life) only. Both the parties should disclose all material information regarding the subject matter of Insurance. In other words. insurance is wider. The purposes of subrogation are to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss. The scope of the word. In life insurance. PRINCIPLES OF INSURANCE An insurance contract is based on some basic principles of insurance. 7 . The insurer before the settlement of the claim may exercise the right. there is an assurance from the insurance company to make payment under the policy either on the maturity or at earlier death. The concept of ‘Third Party Claims’ is based on the same principle.

The Aryans practiced some form of ‘community insurance’ around 1000 BC.(4) Principle of causa proxima The cause of loss must be direct and an insured one in order to claim of compensation. which were later repaid with interest when the goods arrived safely. 8 . Nicholas Barbon set up in 1967 the first fire insurance company known as the Fire Office. With a view to providing fire insurance facilities. Marine insurance companies came into existence by the end of the eighteenth century. The early history of insurance in India can be traced back to the Vedas. Insurable interest is that interest which considerably alters the position of the assured in the event of loss taking place and if the event does not take placed.2 HISTORY OF INSURANCE The concept of insurance is believed to have emerged almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk of the carvan by giving loans. is found in the Rig Veda. (5) Principle of insurable interest The assured must have insurance interest in the life or property insured. The Great Fire of London in 1966 caused huge loss of property and life. the name of Life Insurance Corporation of India’s corporate headquarters. The concept of insurance as we know today took shape in 1688 at a place called Lloyd’s Coffee House in London where risk bearers used to meet to transact business. These companies were empowered to write fire and life insurance as well as marine. Dr. he remains in the same old position. The Sanskrit term ‘Yogakshema’ (meaning well being). This coffee house became so popular that Lloyd’s became the one of the first modern insurance companies by the end of the eighteenth century. 1.

As a result the government decided to nationalize the life assurance business in India. 16 foreign insurers. By the mid. The insurance companies. 1870: Bombay Mutual Life Assurance Society is the first India owned life insurer. The Oriental Life Insurance Company was the first insurance company to be set up in India to help the widows of European community. TIME LINE IN INSURANCE HISTORY (MAJOR LANDMARKS) 1818: British introduced the life insurance to India with the establishment of the Oriental Life Insurance Company in Calcutta. expenditure and management of these companies. came into existence in 1870 to cover Indian lives at normal rates. treated Indian lives as subnormal and charged an extra premium of 15 to 20 percent. the Bombay Mutual Life Assurance Society. which came into existence between 1818 and 1869.Life insurance in its modern form came to India from England in 1818. The Insurance Act. The Life Insurance Corporation of India (LIC) was set up in 1956. 1938. 9 . The nationalization of life Insurance was followed by general insurance in 1972. the first comprehensive legislation governing both life and non-life branches of insurance were enacted to provide strict state control over insurance business. 1850: Non life insurance started with Triton Insurance Company. and 75 provident societies carrying on life insurance business in India.1950s there were 154 Indian insurers. The first Indian insurance company. irregularities and dubious investment practices by scores of companies. This amended insurance Act looked into investments. Insurance business flourished and so did scams. 1912: The Indian Life Assurance Company Act enacted to regulate the life insurance business.

ICICI Prudential. The policy does not accumulate cash value. 1993: Malhotra committee was constituted under the chairmanship of former RBI chief R. 1956: Nationalization took place. 2000: IRDA started giving license to private insurers. • Term life insurance provides for life insurance coverage for aspecified term of years for a specified premium. 1997: IRDA (Insurance Regulatory and Development Authority) was set up as a regulator of the insurance market in India. The beneficiary is the person or persons who will receive the policy proceeds upon the death of the insured. Government took over 245 Indian and foreign insurers and provident societies. 10 . Malhotra to draw a blue print for insurance sector reforms. 1. 1972: Non-life business nationalized. General Insurance Corporation (GIC) came into being. and the owner of the policy (policyholder).3 MEANING OF LIFE INSURANCE There are three parties in a life insurance transaction: the insurer. the insured. N. insurers start setting non-life claims in the cashless mode. 1994: Malhotra committe recommended reentry of private players. although the owner and the insured are often the same person. 1938: The Insurance Act was enacted. Another important person involved in a life insurance policy is the Beneficiary. HDFC were first private players to sell Insurance Policies. Life insurance may be divided into two basic classes – term and permanent. 2002: Bank allowed selling insurance plans as TPAs enter the scene. 2001: Royal Sundaram was the first non-life private player to sell an insurance policy.

Canceling these policies after only a few years can more than double your Life insurance costs. and a cash value table included in the policy guaranteed by the company. universal life. and emergence of nuclear families. NEED FOR LIFE INSURANCE You need Life Insurance because typically the need for income continues for those who are financially dependent on you. 11 . mortality and expense charges will not reduce the cash value shown in the policy. • Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. Life insurance can help you safeguard the financial needs of your family. fixed and known annual premiums. If you want insurance protection only. The need to protect your family's ever growing needs is why you need Life Insurance. and not a savings and investment product. plan to hold it for at least 15 years. but there is no guarantee of your ability to earn consistently and for the rest of your life. unless the owner fails to pay the premium when it is due. or other cash value policy. This need has become even more important due to steady disintegration of the prevalent joint family system. If you want to buy a whole life. • Whole life insurance provides for a level premium. buy a term life insurance policy. Premiums increase the cash account. guaranteed cash values. A universal life policy includes a cash account. The primary advantages of whole life are guaranteed death benefits.• Permanent life insurance is life insurance that remains in force until the policy matures.

Supposing you suffer an injury that keeps you from earning? Would you like to be a financial burden on your family. Retirement Life insurance makes sure that you have regular income after you retire and also helps you maintain your standard of living. making sure that your family has a means to look after itself after you are gone. it can be used as supplemental retirement income! Tax Benefits 12 . Why would you need Insurance? Simply put. A policy can come in really handy at the time of your child’s education or marriage! Besides. already losing out on your salary? With a life insurance policy. some pleasant and some not so and a Life Insurance Plan ensures that you are better prepared to face uncertainties. It is a thoughtful business concept designed to protect the economic value of a human life for the benefit of those financially dependent on him. you are protected. Life brings with it many surprises. How? In a number of ways: Protection You need life insurance to be there and protect the people you love. Savings and Investments Insurance is a means to Save and Invest. It can ensure that your post-retirement years are spent in peace and comfort.Why Do I Need Life Insurance? That’s a common question. Your family is protected. Your periodic premiums are like Savings and you are assured of a lump sum amount on maturity. That’s a good reason.

nearly 4. 13 .Life insurance is one of the best tax saving options today. and a surcharge to cover the possibility of loss. or freight. a number of ships would carry a portion of another ship's cargo so that if one ship was captured. death. in fact. particularly with merchant and artisan guilds. the Code of Hammurabi granted legal status to the practice. Over 5000 years ago.. most of the concepts of insurance were abandoned. theft. traders used to bear risk of the caravan trade by giving loans that had to be later repaid with interest when the goods arrived safely. the entire shipment would not be lost. and even imprisonment. Money saved is money earned! HISTORY OF LIFE INSURANCE Risk protection has been a primary goal of humans and institutions throughout history. Such contracts contained three elements: a loan on the vessel. cargo. around 450 A. where burial club swere formed to cover the funeral expenses of its members. Piracy. ship owners were the insured and lenders were the underwriters. as well as help survivors monetarily. an interest rate. It formalized concepts of “bottomry” referring to vessel bottoms and “respondent” referring to cargo. but aspects of it did continue through the Middle Ages. in the ancient land of Babylonia. flood.D. Protecting against risk is what insurance is all about. In effect. Your tax can be saved twice on a life insurance policy-once when you pay your premiums and once when you receive maturity benefits. The seprovided forms of member insurance covering risks like fire. With Rome's fall. was so prevalent. that as a way of spreading the risk.500 years ago. In another part of the world. Life insurance came about a little later in ancient Rome. insurance was seen as a preventative measure against piracy on the sea. In 2100 BC. in China. These provided the underpinning for marine insurance contracts. disability.

on May 22. in fact. But it wasn't until 80 years later (after 1840). and insurance would again reemerge Insurance in India can be traced back to the Vedas. The term suggests that a form of" community insurance" was prevalent around 1000 BC and practiced by the Aryans And similar to ancient Rome. And the first life insurance policy for the general public in the United States was issued. The key to its success was reducing the opposition from religious groups. Reacting against such practices. bets were placed at Lloyd’s on their anticipated dates of death. Lloyd's of London. and to protect widows and children. Lloyd's Coffee House. life insurance also appealed strongly to the gambling instincts of England's burgeoning middle class.During the feudal period. 14 . or as they were known then. While serving as a means of risk-avoidance. Insurance Moves to America The U. The Presbyterian Synod of Philadelphia in 1759. insurance industry was built on the British model. early forms of insurance ebbed with the decline of travel and longdistance trade. SC.Yogakshema. transportation. was the location where merchants. The type of insurance we see today owes its roots to 17th century England. burial societies were formed in the Buddhist period to help families build houses. Modern Insurance Illegal almost everywhere else in Europe. the name of Life Insurance Corporation of India's corporate headquarters is derived from the Rig Veda. But during the 14th to 16th centuries. in Philadelphia. that when newspapers published names of prominent people who were seriously ill. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston. commerce.S. 79 merchant underwriters broke away in 1769 and two years later formed a “New Lloyd’s Coffee House” that became known as the “real Lloyd’s. sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. Gambling was so rampant. life insurance in England was vigorously promoted in the three decades following the Glorious Revolution of 1688. 1761. ship owners and underwriters met to discuss and transact business deals. that life insurance really took off in a big way. For instance.” Making wagers on people's deaths ceased in 1774 when parliament forbade the practice.

the infamous New York fire drew people's attention to the need to provide for sudden and large losses. The practice of reinsurance. . KEY FEATURES OF LIFE INSURANCE 1) Nomination: When one makes a nomination. The nominee has only the right to receive the policy money in case of your death within the term of the policy. 15 . if the policy were surrendered before the insured's death. 5) Dividends: Many life insurance companies issue life insurance policies that entitle the policy owner to share in the company's divisible surplus. wherein the risks are spread among several companies. 2) Assignment: If your intention is that your policy monies should go only to a particular person. after any applicable surrender charges.In 1835. you need to assign the policy in favor of that person. 3) Death Benefit: The primary feature of a life insurance policy is the death benefit it provides. Permanent policies provide a death benefit that is guaranteed for the life of the insured. as the policyholder. The great Chicago fire of 1871 further emphasized how fires can cause huge losses in densely populated modern cities. one continues to be the owner of the policy and the nominee does not have any right under the policy as long as he/she is alive. was devised specifically for such situations. 4) Cash Value: The cash value of a permanent life insurance policy is accumulated throughout the term of the policy. Massachusetts became the first state to require companies by law to maintain such reserves. Two years later. provided the premiums have been paid and the policy has not been surrendered. It equals the amount a policy owner would receive.

individuals often purchase term life insurance. This feature allows the policy owner an easily accessible loan in times of need or opportunity. It guarantees that coverage will stay in force and continue to grow. 2) Tax Deduction: Under section 80C of the Income Tax Act of 1961 one can get tax deduction on premiums up to one lakh rupees. 9) Disability Waiver of Premium: Waiver of Premium is an option or benefit that can be attached to a life insurance policy at an additional cost. 8) Conversion from Term to Permanent: When in need of temporary protection. If one owns a term policy. Life Insurance policies thus decrease the total taxable income of an individual. sometimes a provision is available that will allow her to convert her policy to a permanent one without providing additional proof of insurability. called paid-up additions . Either a fixed or variable rate of interest is charged. BENEFITS OF LIFE INSURANCE 1) Risk cover: Life Insurance contracts allow an individual to have a risk cover against any unfortunate event of the future . one of which is toward the purchase of additional coverage.6) Paid-Up Additions: Dividends paid to a policy owner of a participating policy can be used in numerous ways. 7) Policy Loans: Some life insurance policies allow a policy owner to apply for a loan against the value of their policy. 3) Loans: - 16 .

or referee. after the expiry of two years from the date on which it was effected. 5) Educational Needs: Similar to retirement planning the cash values that flow from ones life Insurance schemes can be utilized for educational needs of the insurer or his children.” PROHIBITION OF REBATE: SECTION 41 OF THE INSURANCE ACT. 4) Retirement Planning: What had provided protection against the financial consequences of premature death may now be used to help them enjoy their retirement years. be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer. or friend of the insured. was inaccurate or false. or in any other document leading to the issue of the policy. 1938 “No policy of life insurance effected after the coming into force of this Act shall.An individual can easily access loans from different financial institutions by pledging his insurance policies. unless the insurer shows that such a statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at that time of making it that the statement was false or that it suppressed facts which it was material to disclose. 1. 1938 17 .4 ROLE OF LIFE INSURANCE IN THE GROWTH OF THE ECONOMY SECTION 45 OF THE INSURANCE ACT. Moreover the cash value can be used as an additional income in the old age.

To pay a regular premium he has to save necessarily. At this stage. 18 . LIFE INSURANCE IS INSURANCE AS WELL AS INVESTMENT It is the special characteristic of life insurance that it not only provides security but is also a form of investment. which is a very pitiable stage in old age. That is why. so that he doesn’t have to depend on others for maintaining himself. he wants to retire and lead a peaceful life. Though premium takes a form of compulsory expense yet for depositing regular premiums he has to develop a habit of saving. any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy. Element of Protection: Life insurance is the best way of securing against financial risks. The insured not only wants to secure his family from the risk of his death. or on his attaining a certain age. The member of the family insures his life to provide affixed amount security to his family in case of death and his family been secured against any financial strain. Financial problems not only arise on untimely death of the earning member. but also wants to invest in the long term insurance plan. And if he has no source of income at this time he shall have to depend on others. except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India. a rational man always saves for his old age. Both these elements are possible in life insurance because the insurance company promises to pay a fixed amount on the death of the insured. but also when the earning member becomes old and his energy to work reduces and so does his source of income also reduce. either directly or indirectly.“No person shall allow or offer to allow. In such plans. insurance holds the prime position due to the following reasons1) He makes savings in the form of life insurance. nor shall any person taking out or renewing or continuing a policy accept any rebate.

an amount of investment. on whose security. while determining the amount of net premium. 3) Life insurance is also a kind of indirect saving. In this way. There are three key factors to be considered in term insurance: 19 . The Life insurance companies invest the amount of life fund to earn profits. The life insurance policy cannot be forfeited by Income Tax department. The savings kept in a bank account can be withdrawn anytime for expenses.2) The saving also remains secure in life insurance. The investment in Life insurance policy is superior to other kinds of investments because here there is no risk of loosing money and there is no need to invest the whole amount at one time. Term is generally considered "pure" insurance.free security. where the premium buys protection in the event of death and nothing else. Firstly. And this amount of investment is called Life Fund and represents the element of investment. 1. The amount of premium consists.5 KINDS OF LIFE INSURANCE POLICIES Temporary Term Insurance Term assurance: provides for life insurance coverage for a specified term of years for a specified premium. Then the insurance companies distribute most of the part of their profits (up to 90%) to the policyholders as bonus. lending money is also possible. the insurance policy is guaranteed by the government by which it has become more secure. By nationalization of Life insurance in our country. and give the benefits of such profits to the policy holder also. the element of economic security is present entirely in a life insurance policy. It is both. Life insurance can be called as the best kind of risk. Element of Investment: Life insurance also provides the benefit of investment. an element of protection and a helping hand in the old age. The policy does not accumulate cash value. but the amount paid as premium can be received from the insurance company only on attaining a certain age. This investment constantly increases. the amount of interest is deducted from the cost of insurance that constitutes interest from the investment of premium fund. even after non-payment of income tax. apart from the cost of insurance.

2. managing assets worth over a Trillion (Over INR. 00. customer delight is our guiding principle.1. Our business philosophy is to ensure excellent insurance and investment solutions by offering customized products. INTRODUCTION TO THE ORGANIZATION Bajaj Allianz Life Insurance is a union between Allianz SE. 2. the financial services arm of the Bajaj Group. At Bajaj Allianz Life Insurance.000 Crores). Length of coverage (term). 2009. It started in 2001. one of the largest Insurance Company and Bajaj Finserv. and 3. 2009. supported by the best technology. Financial services arm's profit rises to Rs 42 crore BS Reporter / Mumbai July 16. 20 . Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. 0:40 IST Bajaj Finserv. 55. (Recently demerged from Bajaj Auto. Premium to be paid (cost to the insured). Face amount (protection or death benefit). posted a net profit of Rs 42 crore for the quarter ended June 30.) Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. It had posted a loss of Rs 36 crore in the corresponding period last year.

Asset Management and Banking. new business premium fell 42.8 % of global business from Life Insurance Established in 1890.AUM of Rs. Renewal premium.1 ALLIANZ GROUP Allianz Group is one of the world's leading insurers and financial services providers. 2008. too.28 per cent to Rs 577 crore.51. 12th largest corporation in the world 49. At the top of the international group is the holding company. 46. with its head office in Munich.423 crore as against Rs 1.4. increased to Rs 1. was the biggest contributor to the firm’s income.Rs. 3rd largest Assets under Management (AUM) & largest amongst Insurance cos. However.The group’s life insurance arm. Gross written premium for the quarter rose 40 per cent to Rs 2.654 crore. 173. Bajaj Allianz Life Insurance Company.847 crore in the corresponding period last year.000 employees. 110 yrs of Insurance expertise 70 countries. 2.959 crore. Bajaj Allianz has posted a profit of Rs 68 crore in the June quarter.001 crore as against Rs 1. 96. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of • • • • • • • • • • Property and Casualty Insurance. In the year-ago quarter. Founded in 1890 in Berlin.A Global Financial Powerhouse Worldwide 2nd by Gross Written Premiums . Life and Health Insurance.018 crore in the quarter ended June 30. Allianz AG. it had posted a loss of Rs 3 crore.750 employees worldwide 21 . Allianz Ag. . Allianz is now present in over 70 countries with almost 174.

Adequate experience of running a large organization. of policies sold 21. 22 . Accelerated Growth Fiscal Year 2001-2002(6 months) 2002-2003 2003-2004 No. in 2002-03 It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. 7 cr.37 1. Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus.15.965 1.HAMARA BAJAJ • • • • • • • • • • • • One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. An extensive distribution network. A good market reputation as a world class organization.2. A household name in India. 63.443 New Business in FY Rs. Bajaj Auto finance one of the largest auto finance cos.3 cr. Rs. A strong brand-equity. 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.86. Bajaj Auto has the following to offer Financial strength and stability to support the Insurance Business. in India Rs. Ltd. As a promoter of Bajaj Allianz Life Insurance Co. Rs.744 Cr.2 BAJAJ GROUP Bajaj Auto Ltd. 4. 180 cr. Turnover & Profits of 538 Cr.. A STRONG INDIAN BRAND.

2004-2005 2005-2006 2006-2007 2007-2008

2,88,189 7,81,685 20,79,217 37,44,742

Rs. 857 cr. Rs. 2,717 cr. Rs. 4,302 cr. Rs. 6,674 cr.

2.3 MISSION OF THE COMPANY
India has 102 crore population but only 16 crore people are insured till now. Still 86 crore People are yet to be insured. Also in broader perspective, company wants to make every person get benefited through investing in Bajaj Allianz Life Insurance.

The Company is focusing on improving employee productivity, policy persistency, operational processes and service levels.

2.4 VISION OF THE COMPANY
1) To be the first choice insurer for customers. 2) To be the preferred employer for staff in Insurance industry. 3) To be the number one insurer for creating shareholder value 4) To aspire to be a world class organization. 5) To encourage organizational transparency. 6) To value integrity.

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2.5 HISTORY OF THE COMPANY

Bajaj Allianz Life Insurance Co. Ltd.is a joint venture between two leading conglomeratesAllianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Characterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001.

The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. 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. With over 15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest 2/3-wheeler manufacturer in India and the 4th largest in the world. AAA rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products.

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Details of the Company

Managing Director and CEO – Mr. Kamesh Goyal

Sashi Krishnan, CIO, Bajaj Allianz Life Insurance

C.F.O. – Mr. Rajesh Viswanathan

Head, Marketing- Mr. Sanjay Jain 25

Khan Mr. Heinz Dollberg Mr. Niraj Bajaj Mr. Dietmar Raich Mr. Ranjit Gupta Mr. Sanjay Asher Mr. Suraj Mehta Mr. Werner Zedelius Mr. Pune-411006 Maharashtra Telephone: (+91 20) 66026777 26 . S. Airport Road. Rahul Bajaj (Chairman) Dr. Kamesh Goyal (Alternate Director to Dr. Yerawada.BOARD OF DIRECTORS: Mr. Werner Zedelius) Head Office Address: Bajaj Allianz Life Insurance Company Limited GE Plaza. Sanjiv Bajaj Mr. Manu Tandon Mr. H.

CHANNEL PARTNERS OF BAJAJ ALLIANZ 27 .

M.) V V Assistant Business Development Manager (A. The main aim of research is to find out the truth which is hidden and which has not been discovered as yet. 28 .B. Why a research study has been undertaken. RESEARCH METHODOLOGIES Research methodology is a way to systematically solve the research problem.D. how the research problem has been formulated.) V V Insurance Sales Officer (I.D. 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.S. Research methodology constitutes of research methods.Organizational chart Branch Manager V V Business Development Manager (B.) 3. The area of the study related with informing different people about life insurance policies in the region of jaipur.O. 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. selection criterion of research methods.M.

With Bajaj Allianz New Family Gain. 29 . • You have the option to choose a host of additional rider benefits: UL Accidental Death Benefit. • Guaranteed death benefit: Sum Assured Plus Fund Value of Units. children. you can secure your well-being and accumulate savings towards financial independence and a comfortable retirement. so that you do not have to worry about your changing needs. This plan has been designed to provide you with maximum flexibility. more money to invest. The Key Features of the New Family Gain Plan are: • It is a unit linked Endowment type plan with a minimum term of 10 years and maximum maturity age 70 years. you can invest in one life insurance plan that can take care of all your changing requirements. • It provides you with an easy. increases with added responsibilities (Marriage.3. It is difficult to find a single insurance plan that can take care of all your changing requirements in life additional protection. regular contribution mechanism to assist you in accumulating funds. It enables every participant to create a solid financial protection and savings plan for himself and his family. The Bajaj Allianz New Family Gain comes with a host of features to allow you to have the best of all worlds .Protection and Investments. sudden requirement of cash or a steady post-retirement income.) and taper off by the time you retire. loans etc. UL Accidental Permanent Total/Partial Disability Benefit.1 Title of the Study PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE 1) BAJAJ ALLIANZ NEW FAMILYGAIN The thumb rule for buying insurance is that your insurance needs are minimal in your early earning years. In this way. as a participant in the Bajaj Allianz New Family Gain Plan.

2) On death on or after attaining the age of 7 years: The death benefit will be the sum assured plus the NAV of the units in the policyholder's account (Fund value) as on date of receipt of intimation of death at the office. Death Benefit: The death benefit will be 1) On death before attaining the age of 7 year: The death benefit will be the NAV of the units in the policyholder's account (Fund Value) as on date of receipt of intimation of death at the office. Maturity Benefit On maturity. Additional Rider Benefits available with New Family Gain You have the option to add the following additional rider benefits. The insurance cover charges.• You can select an investment strategy to grow the funds contributed. • Choice of 7 investment funds today with flexible investment management: you can change funds at any time and also invest in the newer funds that would be introduced from time to time. policy administration charges and the additional rider benefit charges are deducted through monthly cancellation of units. providing total protection against uncertainties. The policy terminates on the death of the life assured. 30 . The value of your policy is the total value of units that you hold in the fund/funds. The Fund Management Charge is priced in the unit value. The premiums allocated are invested in fund/funds of your choice (depending on the allocation rate) and units are allocated depending on the price of units for the fund/funds. the NAV of units in the fund will be paid out and the policy will terminate.

As per the current tax laws: Premiums payable are eligible for tax benefits as per Section 80C of the Income Tax Act. Bajaj Allianz New Family Gain offers you a choice of 7 funds. 31 . when premiums due are not paid the policy will be kept in-force. Partial Withdrawals. if any does not falls to an amount equivalent to one annual premium under the policy. You can choose to invest fully in any one fund or allocate your premiums into the various Funds in a proportion that suits your investment needs. with full insurance benefits by way of deducting units for the Cost of Insurance and all other charges. Death Benefit and Maturity Benefit are eligible for tax benefits as per Section 10(10D) of the Income Tax Act. After payment of 3 full years' premiums. In case of change in any tax laws relevant to the policyholder or the fund performance. Surrender Value. provided the Fund Value less surrender charge. TAX BENEFITS Premiums paid and benefits received will be eligible for tax benefits as per applicable tax laws. the same will be applied as per regulations prevailing at that point of time.• UL Accidental Death Benefit • UL Accidental Permanent Total & Partial Disability Benefit (Please refer to the brochure on additional rider benefits for more details.) Assured protection even if you miss payment of your premiums Bajaj Allianz New Family Gain provides you with the unique feature of continued protection even if you forget to pay your premiums.

o Guaranteed Life Cover. 32 . Both these products (New Family Gain and New Unit Gain) were started from 1st July 2006.  Maximum flexibility: • • • • Option to increase the premium Partial withdrawal anytime after 3 years from the commencement of the policy. provided 3 years’ regular premiums have been paid. o A host of additional rider benefits to provide you with additional protection. Three free switches every year. o Three simple terms to choose from: 15. to further enhance your savings.2) NEW UNIT GAIN This product is similar to New Family Gain but in this product the minimum premium that is to be paid is Rs. with flexibility to choose insurance cover to suit your changing needs. Key highlights of Bajaj Allianz New Unit Gain  Your investment. apart from normal allocation receives Loyalty units Equivalent to 51% of the first year’s Annualized Premium over a period of 10 years. even if you are not able to pay 3 full years’ premiums. 10. Option to pay unlimited top-up premiums anytime during the tenure of the policy. The Sum assured is five times the premium amount.  Your Policy continues to participate in the investment performance of the fund(s).  Choice of 2 investment portfolio strategies to manage your investments Better. 000 and there is no limit for maximum premium. 20 and 25 years.

You want something that gives you an assured income long after you’re retired. Under the Return of Capital option (option 6 above). Quarterly or Monthly. 33 . We at Bajaj Allianz Life Insurance are aware of this need. The annuity will be payable one month/quarter/half year/year after the date of purchase depending on the mode selected. and have come up with a plan that lasts you for a lifetime. The immediate annuities available are: • Bajaj Allianz Pension Guarantee. till your time comes. the amount used to purchase the annuity is paid to the nominee on the death of the annuitant. The “Bajaj Allianz Pension Guarantee” Plan With Bajaj Allianz Pension Guarantee. annuity is payable for life. Annuity Frequency Mode For your convenience we have provided 4 Annuity Frequency Modes that can be Yearly. so you do not have to worry about your income stopping at any stage. Invest your savings in the Bajaj Allianz Pension Guarantee. you can ensure a regular income after retirement. The plan offers you a range of immediate annuities to choose from. a plan that gives you a guaranteed income. Under all the options.3) PENSION GUARANTEE Your date of retirement is closing in. Half yearly.Life Annuity: Annuity for Life • Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 5 years and life thereafter • Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 10 years and life thereafter • Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 15 years and life thereafter • Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 20 years and life thereafter • Bajaj Allianz Pension Guarantee-Return of Capital: Annuity for life with Return of Capital (Purchase Price) How does “Bajaj Allianz Pension Guarantee” work? All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company and the annuity payments will start after expiry of monthly/quarterly/half-yearly/ yearly interval corresponding to the payment mode selected by you.

is there a better way to provide for your family’s financial security? The Bajaj Allianz Protector Plan The Bajaj Allianz Protector Plan is a mortgage term 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 loanee. Now. the burden of repayment falls on the family.The Sample Annuity Rate per annum per Rs.we are constantly driven in our pursuit of these. All this at a very nominal cost. With small equated monthly installments. House.Premium payment limited to approximately 2/3rd of the loan tenure.1 lakh of purchase price is given below. The Bajaj Allianz “Protector” Plan offers you the convenience of choosing between two premium payment options • Regular Premium Payment . Consumer Durables. Yet. • Single Premium Payment . who can predict the unfortunate twists and turns in life? And in case of unfortunate death of the loanee. 34 .One time premium payment covering you for the full tenure of the loan. Bajaj Allianz Protector is the perfect plan to protect your family from the repayment liability of outstanding loans. the price is not too heavy. The annuity rate varies between different purchase price bands. And the best way to fulfill them is through easy loans available at today’s low interest rates. The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. while coverage continues for the full tenure of the loan. 4) BAJAJ ALLIANZ PROTECTOR Dreams and Aspirations . visits to exotic locations is some of the dreams we live for.

Tax Benefits Tax benefits under Section 80C and Section 10(10) D available as per applicable tax laws. Rs. Loans Loans are not available under this plan Change of Occupation On change of occupation. the benefits of the plan would not be payable. The revival will be effected subject to underwriting. depending upon the nature of the new occupation. revival would be subject to underwriting on both lives. and the premiums would be refunded. 450 for quarterly mode and Rs.Single Premium. half yearly and quarterly modes (15 days for the monthly mode). After that the policy will lapse. 5) TERM CARE Life Insurance.. Surrender values/Paid up Values There are no surrender values or paid-up values under this plan. the insecurity of not being able to provide adequately for our loved ones. It is life 35 . 700 for the half-yearly mode. either of the life assured) commits suicide within one year from the date of commencement / reinstatement of the policy. All payments due under this plan shall be governed by tax laws applicable at that point of time. the premiums and benefits may be modified. At the back of our minds we are often nagged by certain fears. the fears of an uncertain future. 1000 for the annual mode.. In case of joint life. 175 for monthly. Rs. a grace period of 30 days will be allowed for the yearly. Days of Grace In case of non-payment of premiums. Revival of the Policy It is possible to revive a policy that has lapsed due to non-payment of premiums within 5 years from the date of lapse. Life Insurance is the only complete answer to these fears.. the fear of not being able to save enough.. Rs. General Exclusion In case the life assured (in case of joint life.

One time premium payment for the selected term at commencement. Happiness often sneaks in through a door you didn't know you left open. The 'Bajaj Allianz Term Care' Plan offers you the convenience of choosing between two premium payment options. • Single Premium Payment . • Regular Premium Payment .insurance that provides you with the security of a financial safety net and enables you to plan for unpredictable adversities. b. available in 4 attractive packages to choose from. It is an economical way of providing for one's life cover and at the same time ensuring that the premiums paid are returned at maturity. 36 .Premium payment throughout the selected term. Protect: This pack comes with the following 3 in-built additional benefits: a. c. The premiums returned at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged. Apart from covering the risk of natural death. Waiver of Premium Benefit (in case of accidental permanent total disability). You can select a specific combination of additional benefits best suited to your needs. Economy: This is the basic plan. The 'Bajaj Allianz Term Care' Plan The 'Bajaj Allianz Term Care' Plan is a term insurance plan. Accidental Permanent Total/Partial Disability Benefit. if any). ii. What does the 'Bajaj Allianz Term Care' Plan offer you? This plan not only offers you life insurance cover at a low cost. the full Sum Assured will be paid to the nominee. this plan also provides you the option to choose up to 5 additional benefits. but also provides for return of premiums on maturity. which is available for both the regular and single premium payment options. Accidental Death Benefit. In case of pre-mature death during the policy term. i. Let life insurance be that door for you.

6000/Premium Payment Mode For your convenience we have provided 3 Premium Payment Modes that can be single premium. Rs. yearly or half-yearly.Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Maximum Term Minimum Sum Assured Maximum Sum Assured Minimum Premium 18 Years 50 years 65 years 5 years 40 years Rs.for Half Yearly.000/(Rs. 00. 1.) 1500/. 00. 10.for Yearly. the plan will always stand by you as a pillar of strength. 1500/. Bajaj Allianz New Risk Care helps you to secure your family’s well being. Commitments towards the family are non-measurable and countless. • Rebates on premium in-case of high sum assured (both on regular and single premium mode). It’s our endeavor to keep up your commitments by sharing your burdens and reducing your liabilities. Allow us to take over your financial concerns and worries to rest on us. How does the Bajaj Allianz New Risk Care work? What are the Benefits? 37 . and create a strong financial back up in case of any unforeseen eventualities.000/Rs. a bouquet of happiness. In case of any mishap or unfortunate event. • Higher insurance coverage at Low premium. security and pride for you & your family. 6) BAJAJ ALLIANZ NEW RISK CARE PLAN Bajaj Allianz New Risk Care plan. • Enhanced Protection options available through Additional Rider Benefits. The minimum premium for Single Premium option shall be Rs. • Regular/Single Premium payment options. “Insure your Today with us to ensure your family’s Smiles Tomorrow” The Key Features of Bajaj Allianz New Risk Care: • A non-participating traditional Term Assurance plan.

) 9. Rs. 10.970 25 22. 5. Rs. Rs.000 Yearly/Half yearly /Quarterly/Monthly/Single On Sum Assured of Rs. 00. 00.630 2. 1.You are required to make regular installments or a one-time payment. 500 per Quarterly installment. Age: Gender: Sum Assured: Payment Mode 10 15 Single Premium (in Rs. Rs. In case of any unfortunate happening before maturity of the policy.140 Regular Annual Premium (in Rs. 38 30 Years Male Rs.000 for Single Premium.000 per Half-Yearly installment. There is no maturity benefit. Important Details Minimum Entry Age Maximum Entry Age Maximum Maturity Age Minimum Policy Term Maximum Policy Term Minimum Sum Assured Maximum Sum Assured Premium paying frequency High Sum Assured Rebate (HSAR) 18 years 60 years 65 years 5 years 40 years Rs.4. Rs.065 .840 *Excluding service tax.50. 200 per Monthly installment (through salary deduction or ECS).00.045 13.500 per Yearly installment.) 1. 00. 00. the Death Benefit on the policy will be paid to the nominee.000 Term 20 17.000 or more Indicative Premiums The table below illustrates the premium rates* for New Risk Care. 1.665 1. 5.000 Rs.650 1.

Revival of lapsed Policy You may revive the lapsed policy within two years from first unpaid premium by paying all due regular premiums along with interest compounding half-yearly at such rate as the Company may decide from time to time. 7) CHILD GAIN Are your children destined for greatness? Will they devise the universal currency. where “n” is Policy Term and “t” is elapsed duration in years from Policy Commencement Date to the Policy Anniversary following the date of surrender. Surrender value is not payable on Regular Premium mode. General Exclusion If the Life Assured commits suicide whether sane or insane. Nomination Nomination can be made for receiving policy proceeds in case of death. or keep 39 .Death benefit In case of any unfortunate happening before maturity of the policy. Tax Benefits Premium paid will be eligible for tax benefit under Section 80C. within one year from the Policy Commencement Date or Commencement of Risk. the policy can be surrendered after five years from Policy Commencement Date and the surrender value is equal to 0. The actual date of death will be the basis for determining the validity of the contract of insurance. Surrender Value In case of Single Premium mode. the Company will not entertain any claim by virtue of this Policy except to the extent of the Installment/Single Premium paid. or solve the problem of global warming? Will they make music like we have never heard before.70*(n-t)/n*Single Premium. the Death Benefit equal to the chosen Sum Assured on the policy will be paid to the nominee. The death benefit will be eligible for tax benefit under Section 10(10) D as per the prevailing tax laws.

feed the hungry. or peace to the world? Your children may just be the ones to end wars. For a nominal amount. and care for many. Payout Structures For ChildGain 21 and ChildGain 21 Plus: The minimum guaranteed payouts are as follows: Policy Anniversary following completion of Age Payout as % of Sum Assured 18 19 20 21 20% + Accrued 25% 25% 35%* Bonuses For ChildGain 24 and ChildGain 24 Plus: The minimum guaranteed payouts are as follows: 18 25% + Accrued Bonuses 20 22 24 Policy Anniversary following completion of Age Payout as % of Sum Assured 25% 25% 40% Start of Life Benefit Unique Feature of Bajaj Allianz ‘Child Gain’ 21 Plus and 24 Plus These packages offer you the choice of providing a unique Start of Life Benefit for your child. Your child can dream. for greatness. and immortal fame. in case of an unfortunate death or Accidental Permanent Total Disability of the Policyholder during the term 40 . an additional Sum Assured subject to a maximum limit of Rs.shattering records in sports? Will they bring God to men. But before your child does. Your child can aim for the highest echelons of success. you must. 10 lakhs will become payable to enable the child start his/her professional life smoothly.

the payouts shall be as under: Age Below 7 years Above 7 and Below 18 years Above 18 and Below 24 years Payout Premiums paid will be refunded without interest and the Policy will terminate. after age 65 of the policyholder. Death Payout: In the event of unfortunate death of the child during the policy term. 5000000 Minimum Premium Minimum Premium Rs. Outstanding payouts will be paid as one lump sum and the policy will terminate. Sum assured with accrued bonuses will be paid and the policy will terminate. 100000 Rs.of the policy. 5000 for yearly 41 . This benefit will not be available in the event of accidental permanent total disability. Important details of Bajaj Allianz ‘Child Gain’ Plan Eligibility Conditions Child Gain 21 and Child Gain 24 and Child Gain 21 Plus Child Gain 24 Plus Minimum age of the policyholder 20 20 Maximum age of policyholder 50 50 Minimum age of child 0 0 Maximum age of child 13 13 Minimum Premium Payment Term 5 5 Maximum Premium Payment Term 18 18 Maximum Policy term 21 less age at 24 less age at entry of LA (Child) entry of LA (Child) Maximum age of child at maturity 21 24 Minimum Sum Assured Rs. 100000 Maximum Sum Assured Rs. 5000000 Rs.

Rs. with a wide range of high quality investment funds to choose from coupled with flexible investment management.000 for quarterly mode and Rs.2100 i.mode. three months payment in advance). • 105% of the single premium is allocated. You really have the best of all worlds – investment. 3. The Policy Term + Age of policyholder should not exceed 70 for all plans. by allocating 105% of the single premium paid from day one. • Convenient single premium payment. insurance and tax benefits. Age = Age on last birthday. The Key Features of the New UnitGain Premier SP Plan are: • It is a unit linked plan with minimum term of 10 years and maximum maturity age 70 years. Quarterly and monthly. We also offer a Monthly Premium Payment Mode under salary deduction schemes. Premiums For your convenience we have provided 4 Premium Payment Modes that can be Yearly. THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER” You and Your investments deserve more… This is why we have designed a unique plan that really offers you more? New UnitGain Premier SP is a unique insurance cum investment plan that provides your investment a zing from the start.000 for half year mode. Halfyearly. 42 . 700 for monthly mode (Monthly mode available under salary deduction scheme only and minimum proposal deposit should be Rs. 3. Bajaj Allianz New UnitGain Premier SP is exactly what the name suggests.e. 8) NEW UNITGAIN PREMIER SP “IN THIS POLICY. Rs. thereby ensuring that you get MORE.

• On death after the age of 7 years and before the age of 60 years: The death benefit will be the higher of the sum assured less the value of the units withdrawn by partial withdrawals in the last 24 months prior to the date of death or the NAV of the units in the policyholder’s account (Fund value) as on date of receipt of intimation of death at the office. • Choice of three investment funds today with flexible investment management: You can change funds at any time and also invest in the newer funds that may be introduced from time to time subject to prior approval from IRDA. 43 . Minimum Sum Assured = 1.• Guaranteed death benefit. • Partial or full withdrawal facility.50 51 .55 56 – 60 Group Y 10 10 7 5 3* 2* * Multiplier may be increased to 5 in special cases on case-to-case basis. after three years from commencement (subject to surrender charge.25 times the single premium Maximum Sum Assured = Y times the single premium where Y will be as per the following table: Age 0 . Death Benefit: You can choose a Sum Assured (Level of Protection) that you want in the New UnitGain Premier SP Plan.45 46 . • You can adopt your own investment strategy to grow the funds. How does the Bajaj Allianz New UnitGain Premier SP plan work? 105% of the single premium paid is invested in fund/funds of your choice and units are allocated depending on the price of units for the fund/funds. Benefits available under the plan Death Benefit: • On death before the age of 7 years: The death benefit will be the NAV of the units in the policyholder’s account (Fund Value) as on date of receipt of intimation of death at the office. The fund value of your policy is the total value of units that you hold in the fund/funds.17 18 – 35 36 . The policy terminates on the death of the life assured. if applicable). The mortality charge and policy administration charge are deducted through monthly cancellation of units.

would be paid to the life assured/policyholder upon such termination. Maturity Benefit On maturity. if any. subject to surrender penalty. Unit Price: The unit price of each fund is arrived at by dividing the Net Asset Value (NAV) of the fund by the number of units existing in the fund at the valuation date (before any new unit is allocated or cancelled) Important Details of the ‘Bajaj Allianz New UnitGain Premier SP’ Plan Age at Entry Term Age at Maturity Single Premium Minimum 0 Yrs (Risk commences at age 7) 10 Yrs 18 Yrs Rs. the 44 . 50000 Maximum 60 Yrs 70 Yrs No limit Termination of the Policy The policy will terminate on occurrence of any of the following: a) The units in the policy are fully surrendered b) The account value becomes equal to one tenth of the single premium paid. Fund Value: The Fund Value is equal to the number of units under this policy multiplied by the unit price on the relevant valuation date. if applicable. if settlement option is not taken e) The expiry of the period for the Settlement Option On the occurrence of (a) and (b) above the value of the units.• On death of the life assured on or after attaining the age of 60 years: The benefit will be the higher of the sum assured less the value of the units withdrawn within two years before attaining age 60 years and all the withdrawals made after attaining age 60 years or the value of the units in the policyholder’s account (Fund Value) as on the date of intimation of death at the office. In case of (d) and (e). the value of the units is payable to the life assured/ policyholder. c) The death of the Life Assured d) On maturity. In case of (c). death benefit will be paid as mentioned separately herein.

if any is paid to the life assured/policyholder at maturity or at each installment date. Kamesh Goyal said.value of the units. which offers upfront minimum guaranteed investment returns at the beginning of each year. Minimum guaranteed returns stands for a rate of return which is declared at the beginning of each 45 . Bajaj Allianz Life Insurance has launched Invest Plus. Goyal said. Invest Plus is the first of its kind traditional plan that offers upfront minimum guaranteed investment returns at the beginning of each year and a guaranteed maturity value so that customers can feel protected at all times and plan their investments without any worries. 9) INVEST PLUS Bajaj Allianz Life Insurance launches Invest Plus Press Trust of India / Mumbai June 15. The USP is the transparency of a ULIP product in a traditional product." Bajaj Allianz Life Insurance Country Manager. This would be beneficial irrespective of market conditions as he is equally compensated by guaranteed returns. 17:52 IST Leading private sector life and general insurance company. a company statement said here. as applicable under the settlement option. "Invest Plus offers guaranteed benefits in these uncertain times. 2009. The minimum guaranteed investment returns works towards the benefit of the customer as he gets an upfront minimum guaranteed rate of returns. Allianz & CEO.

Rs. The Ultimate Protection . it said.For Your Loved Ones Minimum Age at Entry 11) BAJAJ ALLIANZ ‘CARE FIRST’ PLAN 46 . Conditions InvestGain Economy InvestGain Gold / Diamond / Platinum Any additional benefit 0 (Risk Commences 18 at age 7) Maximum Age at Entry 65 50 Maximum Age at Maturity 70 70 Minimum Term 5 years Maximum Term 40 years Minimum Sum Assured Rs. 50000 Maximum Sum Assured No Limit Minimum Premium* Rs. 10) THE ‘BAJAJ ALLIANZ INVESTGAIN’ PLAN Bajaj Allianz InvestGain is a specially designed plan that offers a unique combination of benefits to help you develop a sound financial portfolio for your family. your search for the perfect life insurance plan stops here. Among the many unique benefits. Rs. 2500 for Half Yearly. 1250 for quarterly and Rs. In a financial world where choices can drive you crazy. 5000 for Yearly. This is a one-stop shop solution that can keep you and your family financially protected at times when you need it most.financial year itself and promises to offer the customer the same return for the year irrespective of the market scenario. Premium Payment term Equal to the policy term or limited as per the table given *Monthly mode is available under ECS / salary savings scheme only. 700 for monthly. Important details of the ‘Bajaj Allianz InvestGain’ Plan. the most significant is the Family Income Benefit (FIB) that sustains the family by compensating the loss of income due to death or permanent disability.

1 lakh to Rs. Key Benefits _ Hospitalisation Cover _ Day Care Treatment _ Pre-Hospitalisation and Post-Hospitalisation Cover _ Cash Less Service Facility _ Increased proportion of re imbursement of your hospitalisation expenses for every claim-free year _ Death benefit _ Tax Benefit _ Hospitalization Cover Following expenses incurred during hospitalization for continuous period of 24 hours for inpatient treatment would be covered under the policy. The policy shall automatically vest in the life assured as soon as minor life assured attains age 18 years. Unlike ordinary annual Mediclaim policies. and in the event of your unfortunate death your dependent will get balance of any unclaimed sum assured as death benefit. _ Room rent and Boarding expenses _ Nursing expenses 47 . then any one of the parents should be covered under any of the hospitalisation reimbursement plan either with Bajaj Allianz or with any other insurer with at least the same sum assured as chosen for the child. The premium rate is level and guaranteed for the length of the each policy term of 3 years. this is a 3-year risk cover plan that allows you to renew the policy after every 3 years and keeps you covered till the age of 65 years. How does the plan work? The Policy covers hospitalization expenses ranging from Rs. In case the child is the life assured under this policy. This means. if you opt for a sum assured of Rs.Bajaj Allianz Care First is a unique hospitalization-cum-insurance plan that takes care of your hospitalization bills and also provides crucial financial support to your dependents in case of your unfortunate death. 5 lakhs every year to meet your hospitalization expenses. 5 lakhs then you can avail up to Rs. subject to limits on reimbursement of expenses and exclusions as mentioned below. 7 lakhs.

Oxygen. Half-Yearly. Artificial Limb. Day Care Treatment If you require to undergo treatment for the illnesses or procedures like Eye surgery. Medicines and Drugs. Act 1961. Blood. it will be considered as proper hospitalization and the medical expense would be reimbursed. and pacemaker _ Enlisted day care expenses for specified treatments are also covered._ Doctor’s fees _ Operation theatre charges _ Cost of Anesthesia. Quarterly. Dilatation & Curettage. Cataract. wherein you don’t need to be hospitalized for at least 24 continuous hours.000 700. Eligibility Entry Age Sum Assured Maximum Expiry Policy Term Premium Payment Frequency Minimum Maximum 3 months 56 years 100. Cardiac Catheterization. Hernia repair surgery. and the premium paid towards hospitalisation benefit will be eligible for tax benefits under Section 80D of the Income Tax Act 1961. for a period of 15 days prior to the hospitalization and post-hospitalization expenses for a period of 30 days after the discharge from the hospital. Hydrocoele Surgery. Diagnostic Materials and X-Ray. Pre-Hospitalisation and Post-Hospitalisation Cover This plan covers the expenses associated with pre-hospitalization treatment. Lithotripsy (kidney stone removal). Tonsillectomy. Monthly (Monthly mode is available through stem cell transplants are excluded. 48 .000 Age 65 years 3 years Yearly.

Cardiac Pacemaker – one chamber 20% 3. No. Artificial limbs 30% 2._ If hospitalisation has taken place due to Illnesses/Procedures/Group of Illnesses other than those listed in the table then the company will reimburse 80% of following expenses: Room rent and boarding expenses per day Maximum 1. Blood. Cardiac Pacemaker – two chamber 50% 12) BAJAJ ALLIANZ HEALTH CARE What is Bajaj Allianz HealthCare? Bajaj Allianz HealthCare is a three-year health insurance plan. Medicines and Drugs. subject to a maximum multiple of 10. Rs 500 per day and Max.000 % of Sum Assured 1.000 Equal to Room charges (Max.000 50. Rs1000 per 49 . Anesthesia. Oxygen. Sr. providing comprehensive health cover with life insurance benefit.5% of sum assured for non intensive care unit and 3% of sum assured for intensive care unit Doctor’s Fee Maximum 25% of the total medical expenses incurred on in-patient treatment Operation theatre charge Maximum twice of the per day room rent and boarding expenses admissible under the policy on the date of surgery / medical procedure Other Actual expenses on Nursing. Feature Life Cover Hospital Cash (HC) Minimum Cover Rs. Implants The lower of: Lump sum Rs. _ The Company will reimburse 80% of the costs of following implants subject to maximum reimbursement limit as given below in the table. You can choose the amount of cover for each benefit separately in multiples of the minimum cover amount.000 150. 10. Diagnostic Materials and XRay. 100.

Hospital Cash benefit. Surgical Benefit.30. Why should I buy HealthCare if I have other medical insurance policies? Ans. 5.50.e. maximum 5 days in a policy year. Bajaj Allianz HealthCare can be claimed along with other medical insurance policies like Mediclaim. Q. Besides. Q. Benefit for partial and total permanent disability due to accident and Life cover.000 during the policy term Rs.Post Hospitalisation Benefit Surgical Benefit Critical Illness Cover Accidental Permanent Total / Partial Disability ( TPD) day in ICU). Bajaj Allianz HealthCare is a comprehensive Health insurance policy. 000 in a policy year. Who can buy Bajaj Allianz HealthCare? Ans. Max. Q. Yes. Do I have to undergo medical check-up? Ans. Maximum Rs. Rs. Why should I buy Bajaj Allianz HealthCare? Ans. 50. A complete medical examination which will be paid by us may have to be carried out. 3.000 payable on total disability and Rs.i. and our Consultants will get in touch with you and guide you through the required process. HealthCare provides coverage for 3 years instead of one year. Critical Illness Cover. 000 per policy year Rs. Anyone between the age of 18 and 57 can apply for the Bajaj Allianz HealthCare plan. 4. HealthCare Plan – Frequently Asked Questions Q. Q. wherein it offers 6in-1 insurance cover .2. Premiums are guaranteed for 3 years. How can I buy Bajaj Allianz HealthCare? Ans. 50.. thereby giving added protection and coverage. Post Hospitalisation Benefit. 25. Our Consultants will guide you through the required process.000 payable on partial disability The benefits payable for all policies under Bajaj Allianz HealthCare plan put together will not exceed the maximum amount of cover available under Bajaj Allianz Health Care. 1. 50 . Visit any of our branches. 50 % of Claim settled for HC per day. Equal to surgical expenses.

No. the medical bills can severely dent your savings. This unique hospitalisation plan gives you a 3-year health cover for your entire family and allows You to renew the policy after every 3 years to keep Your family covered till the age of 74 years. You and Your family together can avail up to Rs. The hospital need not be in our panel. 7. you can choose your own hospital as per your convenience and belief.Q. subject to limits on reimbursement of expenses. which are in your panel? Ans. The policy can be reinstated within 6 months from the due date of the first unpaid premium subject to the payment of outstanding premiums plus interest. repetitive paperwork or payment adjustments for each member. 1 lakh to Rs. All the life assureds covered under the policy will be referred to as Member(s). waiting period and exclusions as mentioned below. who so ever is of higher age shall be referred to as Primary Member and all other life assureds as dependent Members. How does the plan work? The Policy covers hospitalisation expenses ranging from Rs. • 13) BAJAJ FAMILY CARE FIRST The health of your family is very important to you. Secure Your entire family in one shot. 5 lakhs for Your family. 51 . What if there is a solution that gives you a single tool to cover your entire family – all in one? Bajaj Allianz Family CareFirst presents an innovative yet practical health care plan for everyone in your family including children and parents. provided it is a registered hospital with at least 15 beds. Buying Medical Insurance for each individual family member can be cumbersome and expensive. if you opt for a sum assured of Rs. 10 lakhs. 5 lakhs every year to meet Your hospitalisation expenses. Q. The cost associated with hospitalisation might be very high and you need to be better prepared for such an emergency. subject to underwriting. if included. When faced with hospitalisation for one or more family members. This means. 6. So no separate accounts. Do I need to be treated only in particular hospitals. The proposer or his/her spouse. What if I miss paying the premiums? Ans.

_ 15% discount on premium on every renewal _ No claim bonus in the form of increase in sum assured@5% every year _ Day Care Treatment for 125 day care procedures _ Pre-Hospitalisation and Post-Hospitalisation Benefit Minimum Entry Age • Primary Member and Spouse of Primary Member 18 years Maximum • Parents • Children Sum Assured Maximum Maturity Age at which risk cover expires Policy Term Mode 56 years for a new policy 50 years if health critical illness rider is opted for 71 for a renewed policy 68 years for a new policy 71 for a renewed policy 3 months 18 years 1. Spouse of Primary member and parents 65 years if health critical illness rider is opted for 21 years for children 3 years Yearly. 52 . Quarterly and Monthly Monthly is permitted only by salary deduction and ECS only. 00. Half-Yearly.000 10. Key Benefits _ Coverage from 3 months to age 74 with guaranteed renewals _ 3 year premium guarantee for each policy term _ Hospitalisation Cover in leading hospitals across the country. 00.Children of the Primary Member shall be covered provided they are economically dependent on parent(s) and are not married.000 74 years for Primary Member.

5 Sample Size and method of selecting sample 53 .2 Duration of the Project 45 days 3. Data Collection PRIMARY DATA SOURCES • • Through interaction with customer. To know about the products of Bajaj Allianz Life Insurance. 3. To know the benefits of Life Insurance. But there are always restrictions to that.3. Journals & Magazine 3. To know about the objections of people for not taking the Insurance policy. SECONDARY DATA SOURCES: • • • Through internet. To know the market share of Bajaj Allianz Life Insurance in the Market.4 Type of Research I use descriptive research in my studies because it includes survey and fact finding enquiries of different kinds. Through pamphlets and brochures of the companies. Through questionnaires filled from the customer. To know the need for Life Insurance. Descriptive research deals with everything that can be counted and studied.3 Research Objectives • • • • • • To know the consumer responses about Bajaj Allianz life insurance policy. various official sites of the companies. Your research must have an impact to the lives of the people around you.

In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. Sampling Method Randomly sampling method is used. no question can be termed as irrelevant. the size of the sample. I have used the questionnaire method. 3. Sample design is determined before data are collected.e. The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained. Sample design may as well be drawn from the population to be included in the sample i. It refers to the techniques or the procedure the researcher would adopt in selecting items for the sample. They knew why they were asked to fill the questionnaire. The respondents were aware of the objective. the logical procedure is to ask them.6 Scope of Study To know the response.7 Limitations of the study 54 . This has led marketing researchers to use the questionnaire technique for collecting data more than any other method. 3. were arranged in a specific order besides every question asked were logical for the study. If one wishes to find what prospects think or know.A sample design is a definite plan for obtaining a sample from a given population. During my study I have taken 30 prospects as the size of sample.

For the neither present nor descriptive questions could have served the purpose. What is your Annual income? (In lakhs) (1) <2 (2) 2-4 (3) 4-5 (4) > 5 INTERPRETATION 55 . Facts and Analysis Q1. 4. • 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. • The study was conducted in Bajaj Allianz in jaipur city the sample size was 30 customers only so that accuracy of data so collected could be absurd covered by circulation of questionnaire. Therefore the questionnaire contained in the openended questions.Following limitations were faced during the study: • While designing the questionnaire it was kept in mind to gather more and more information from each target person.

1 2 3 4 (1) <2 .20% (2) 2-4 . Where do you want to invest your surplus money? (1) Fixed deposit (2) Mutual funds (3) Stocks (4 Real Estate INTERPRETATION 56 .30% Q2.20% (4) > 5 .30% (3) 4-5 .

What benefits do you want from your Investments? (1) Savings (2) High returns (3) Tax rebates (4) Risk cover INTERPRETATION 57 .1 2 3 4 (1) Fixed deposit 40% (2) Mutual funds 30% (3) Stocks 10% (4 Real Estate 20% Q3.

What do you expect from the life insurance companies? (1) High return (2) Liquidity (3) Security (4) Low premium INTERPRETATION 58 .1 2 3 4 (1) Savings 40% (2) High returns 35% (3) Tax rebates 15% (4) Risk cover 10% Q4.

Do you know about the product of these Companies? (1) LIC (2) ICICI (3) TATA AIG (4) BIRLA (5) OMKM (6) HDFC (7) Bajaj Allianz 59 .1 2 3 4 (1) High return 20% (2) Liquidity 15% (3) Security 50% (4) Low premium 15% Q5.

INTERPRETATION 1 2 (1)YES 75 (2) NO 25 Q6. At what age have have you taken Life Insurance Policy? (1) 20 – 30 (2) 31 – 40 (3) 41 – 50 (4) Above 50 INTERPRETATION 60 .

What is your occupation group? (1) Government Employee (2) Private Employee (3) Business Professional (4) Others INTERPRETATION 61 .1 2 3 4 (1) 20 – 30 (2) 31 – 40 (3) 41 – 50 (4) Above 50 10% 15% 35% 40% Q7.

Which company’s ULIP have you taken? (1) ICICI Prudential (2) HDFC Standard Life (3) KLI (4) BAJAJ INTERPRETATION 62 .1 2 3 4 (1) Government Employee 40% (2) Private Employee 35% (3) Business Professional 15% (4) Others 10% Q8.

1 2 3 4 (1) ICICI Prudential 30% (2) HDFC Standard Life 30% (3) KLI 20% (4) BAJAJ 20% 5. SWOT STRENGTHS: I. Financial Acumen . 63 .Holds a stable and diversified portfolio and has received some of the highest ratings in financial strength from industry’s independent rating agencies.

regular performance benchmarking. Transparency in Services . Innovativeness . and a strong track record in managing funds III. Disciplined fund management .  Products:. with customer satisfaction as the key driving force .  Very few branches in the country. Unrelenting Customer Focus .Daily declaration of fund performances. » Mortality.Years of experience in asset management.  Not very known among Indian population. with a constant focus on customization and flexibility IV. well regulated asset management.Known for being an innovator in providing world-class pragmatic financial solutions.  Rural areas still not covered. 64 . management and administrative charges are sky scrapping as compared to its competitors. and monthly newsletter on market updates WEAKNESSES:  Industry in nascent stage.  Lack of credibility among the people because bajaj being a private player.a major differentiator V.II. » Product profile is not very comprehensive. » Plan does not offer any guarantee or assured return.  Premiums are high as compared to its competitors.A highly committed sales force.

» Finance minister unveiled a budget favoring consumer spending.  It’s a volume business that is even if the company has few good corporate the turnover cease to increase by manifold. boosting demand and therefore higher economic growth. 65 .  Products: » Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in short-term rate by RBI. THREATS  The government players will become aggressive thus growth is going to be tough.  As the industry is growing the whole market is virgin.  The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies.OPPORTUNITIES:  Liberalization of Indian economy.

CONCLUSIONS • Most of investors not fully aware about Life insurance policies and their advantage. 66 .  Apprehension towards bajaj being a private life insurance company. » The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved. 6.. Entry of other players is not ruled out. » All benefits payable under the policy are subject to tax laws and other financial enactment.  Products: » Past performance of these plans is not indicative of the future performance of the plan. as they exist from time to time.

did not know about facility for investment of money in Life Insurance Policy schemes. less risk taking saving scheme or fixed deposits. Some of the investors were pleased to know about New Family Gain and said that it is a very good plan and is very much affordable by middle class people. • Some of the people. who were related to rural area. 7. The investors were interested more in Policies of LIC because it is a Government body. I always focused my services to full satisfaction whether it would for employer or for customer.• It was found most of the investor prefer. SUGGESTIONS & RECOMMENDATIONS Through out the project work I have tried to my extent to learn more and more so that I enable myself to deliver the best services from my part. • • • The proportion of investor and non-investor 20% & 80%. So during this practical learning process whatever I have realized to improve the division of the company is as follows: 67 .

Brown. Title Basic Marketing Research . 2007 3. Churchill. S. The company should always have proper planning for gifts/incentives for employees on various occasions or on competitions. Edition 7 Publisher Cengage Learning. Digitized 12 Jul 2007 68 .Tapping the up coming market . Author P. Author Joseph Brotherton Maclean. • • • • • • The company always should have proper communication with its front office as well as back office workers to increase the morale and productivity.Publisher READ BOOKS.Semi Urban Market as there is a lot of opportunity. Most of the Life Insurance companies are operating in the metros and big cities as per their present branch office locations. Title Life insurance. Mani . Improvement in services through feedbacks from customers is recommended. Tracy A. Service awareness camps should be run by the company in remote areas. 8.Publisher McGraw-Hill. 2009 2. A.Authors Gilbert A. If they have to increase their market size they have to open more distribution centers at the various urban and semi-urban markets. Distribution channel needs more strength. Suter. Premium and economical class of services should be launched by the company to serve the varied nature of customers. Tom J. Edition 9 . BIBLIOGRAPHY / REFERENCES 1. Title Life Assurance In India.

APPENDICES Appendix-I PERSONAL DETAIL Name: _____________________________________ 69 . Day Edition 3.en.com 9. Title Marketing research. illustrated . 2000 5. Title Marketing Management.lifeinsure.businesstoday.Publisher Wiley. 1986 Web sites:- www.wikipedia. 2006 6.in www.Publisher Pearson/Prentice Hall. Aaker. Malhotra.4. Turner .Publisher Pearson Education Canada. Margaret H.bajajallianzlife.Edition 2.Edition10 . George S. Title Basic marketing research: a decision-making approach.co.org www.in www. Authors Naresh K. Mark Peterson .com. Authors David A. illustrated . Cunningham. Ronald E. Authors Philip Kotler.

Age: ______________________________________ Address: __________________________________ __________________________________ Mobile/Phone No: __________________________ Gender: Male Female Marital Status: Married Unmarried Children: ____________ Employment Status: Employed Self-employed Unemployed DETAIL Saving: Yes No 70 .

Monthly Range: ____________________ Direct your savings: 1) Bank Deposits 2) Stock Market 3) Other Investment If Bank Deposit Why: ________________________________________________________________ __________________________________________________________ ______ Why not: _______________________________________________________________ ________________________________________________________ ________If Stock / Mutual Why: ________________________________________________________________ _______________________________________________________ _________ Other Investment: ________________________________________________________________ ___________________________________________________________ _____ How much money do you need to secure your future? 71 .

_________________ Any Dream: ________________________________________________________________ Do you like the bajaj Life advisor to serve you a beneficial plan? Yes No 72 .Rs.

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