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Working of Company
Problems & suggestions
For a management student theoretical knowledge as well as practical orientation expose on self to experience, one can again be mastering it is best possible time. BBA curriculum has been finding turned in such way that a student not apply the theoretical knowledge but also gain it in a practical sense. Thus objective can be attained thought application of theory tools concept & techniques of management. Balanced, theoretical & practical knowledge are essential for every student is conceived in such a way so as to facilitates practical purpose. To procure objective the research under to the project “A STUDY ON
RECRUITMENT OF FINANCIAL ADVISORS IN THE BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED”.
Secondary data were collected from websites, and journal of Bajaj Allianz Life Insurance Company Limited. Researcher has tried to satisfy the topic of report by help of facts & finding.
It gives me immense pleasure to present the project on “Study on how to recruit the financial advisor” in Bajaj Allianz Life Insurance Company. It was a totally different & wonderful experience to be there in BAJAJ ALLIANZ COMPANY, UDAIPUR as a summer trainee. The researchers express his sincere gratitude to Mr. Hemant Joshi, Deep Bhatnager & Amit Mathur (Sales manager) his project guide who has been so co-operative & helpful from the first day of training till end. He also helped him a lot in enhancing knowledge about the technicalities of insurance sector. The researcher confesses deep sense of gratitude towards my parents as well as my friends or Sir for their constant encouragement and timely suggestion. In all it was a great experience of working on this project.
The main focus of my project was on “HOW TO RECRUIT FINANCIAL ADVISOR IN BAJAJ ALLIANZ LIFE INSURANCE COMPANY” In this project I highlighted what are the insurance products, what are the plans? What are the benefits and how so sell them? The methodology adopted by us in selling insurance products was first segment to approach to natural market that is to relatives, Friends or Sir etc. Then next is approach their references and finally to other unknown and common people. After taking a prior appointment we approached them, interviewed them and selected them keeping in mind the criteria as per the company’s requirement IRDA guidelines and also some soft attributes, which were required to be financial advisor, we also have discussed the concept of financial advisor. To sum up, there has been sustained efforts and dedication involve to make this study a comprehensive market study but at the same time the researcher is open to any kind of suggestion that further needs to be considered in respect of the cause of his work.
INTRODUCTION OF INSURANCE
Insurance is an integral part of everyone’s life in present scenario. Insurance or assurance is a device for indemnifying or guaranteeing an individual against loss. Reimbursement Is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called “PREMIUMS”. Payments for an individual loss, divided among many, do not fall heavily upon the actual loser. The essence of the contract of insurance, called a “POLICY” is mutuality. The entity that is transferring the risk, which may be an individual or association of any type, including a government or government agency-, is called “INSURED”. The entity accepting the risk is called the “INSURER”. The agreement between the two by which the risk is transferred is called the “POLICY”. This is a legal contract that sets out exactly the terms and conditions of the coverage. The fee paid by the insured to the insurer for assuming the risk is called “PREMIUM”. This is usually determined by the insurer to fund estimated future claims paid, administrative costs and profits. The major operations of an insurance company are underwriting, the determination of which risks the insurer can take on; and rate making, the decisions regarding
The amount of the premium is determined by the operation of the law of averages as calculated by the actuaries. jeopardizing the well being of the insured. insurance companies have become major suppliers of capital and they rank among the nation’s largest institutional investors. wherein there is excessive coverage of high risk candidates in proportion to the coverage of low risk candidates. and moral hazards in relation to applicants. . psychological.necessary prices for such risks. Physical hazards include those dangers. The underwriter is responsible for guarding against adverse selection. By investing premium payments in a wide range of revenue-producing projects. which surround the individual or property. In preventing adverse selection. the underwriter must consider physical.
4433 crore as premium income.BAJAJ ALLIANZ THE COMPANY BAJAJ Allianz Life Insurance Company is a joint venture between two leading conglomerates. Bajaj Allianz Shareholder Capital Base stands at Rs. The total market share of Bajaj Allianz as of 31st March 2006 is at 12%. During the financial year 2005-2006. Bajaj Auto Limited. Bajaj Allianz has sold over 13 lakh policies and collected about Rs. 3324 . one of largest manufactures of motorcycles and scooters in the world. 500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. and Allianz AG of Germany one of the largest insurance companies. 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. Assets under management of Rs. Whopping growth of 216% for the FY 2005-06. Bajaj Allianz Life Insurance Co. Ltd. It is the largest private player in the Insurance Industry in India with a market share of around 34% amongst the private companies and second to LIC. was incorporated on 12th March 2001.
Ltd. 4000 crore auto giant.000 employees. As a promoter of Bajaj Allianz Life Insurance Co. Bajaj Auto Limited Bajaj Auto Ltd. is the largest 2/3-wheeler manufacturer in India and the 4th largest in the world.Crore. Bajaj Auto has the following to offer • Financial strength and stability to support the Insurance Business. • A strong brand-equity. . the company is a Rs. the flagship company of the Rs. Bajaj Auto has been in operation for over 55 years. AAA rated by Crisil. It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. Bajaj Allianz has insured lives for sum assure of over Rs 8500 crore. A household name in India. Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. With over 15. It has paid up Rs 925 crores with IRDA as a caution deposit. • A good market reputation as a world class organization.. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.
• Adequate experience of running a large organization. • A 10 million strong base of retail customers using Bajaj products.• An extensive distribution network. • Experience in the financial services industry through Bajaj Auto Finance Ltd . • Advanced Information Technology in extensive use.
At the top of the international group is the holding company. Allianz AG. using a wide variety of innovative distribution channels. Allianz is now present in over 70 countries with almost 174. Allianz has insured most of the world's largest infrastructure projects (including Hongkong Airport and Channel Tunnel between UK and France). Allianz is one of the largest global composite insurers with operations in over 70 countries. ALLIANZ AG. the Group provides Risk Management and Loss Prevention Services. Further.000 employees. further Allianz insures the majority of the fortune 500 companies. . with its head office in Munich.4.A GLOBAL FINANCIAL POWERHOUSE • Worldwide 2nd by Gross Written Premiums .46.Allianz AG Founded in 1890 in Berlin. Allianz has a substantial portfolio in the commercial and personal lines sector. besides being a large industrial insurer.Rs. Life & Health Insurance and Asset Management and has been in operation for over 110 years.654 cr. Allianz AG is in the business of General (Property & Casualty) Insurance.
959 cr. HOW TO GET STARTED? This gets started by opening an account with a minimum premium of: . AUM of Rs.51. 110 yrs of Insurance expertise New Unit Gain Plus It is a unit linked plan of Bajaj Allianz that takes care of a person’s wealth by providing flexibilities in savings and investments and options for protection needs.96.8 % of global business from Life Insurance • Established in 1890.• 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. • 12th largest corporation in the world • 49.
OBJECTIVES: Working of the unit-linked plans. what are the specific features of their policies. Tata AIG Educare. Rs 7500/.p.a. Comparative analysis of the life insurance products available in the market. . Aviva. (b)Internet (by searching about the investment plans of other companies). getting the questionnaires filled (about 50) to find out which company they prefer for life insurance policies. OM KOTAK Mahindra. Rs 5000/. The Times Of India. collecting information from newspapers & magazines like Economic Times.p. HDFC Standard Life. Internet. whether they treat insurance as an investment option or a security option. Rs 15000/. Business India. Research methodology used : Primary data collected by visiting the leading life insurance companies like LIC. Birla Sun Life Insurance. Data Collection: (a) Questionnaires filled by various income groups. Financial Express.p. for annual mode. (b)Secondly. TITLE OF THE STUDY: MARKET CREDIBILITY OF BAJAJ ALLIANZ AMONG OTHER PRIVATE LIFE INSURANCE COMPANIES. Action plan: (a) Firstly. for half-yearly mode. ICICI Prudential. for quarterly mode.a.a.
collecting the facts or . hypothesis or suggested solutions. analyzing the data collected and comparing the insurance companies to show the market credibility of BAJAJ Allianz among other private life insurance companies. organizing and evaluating data. Research means the systematic method consisting of enunciating the problem. RESEARCH METHODOLOGY:- MEANING OF RESEARCH: Research is an art of scientific investigation.(c) Finally. making deductions and reaching conclusions and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis”. Research means “a careful investigation or inquiry specially through search for new facts in any branch of knowledge. collecting. formulating a hypothesis.” According to Clifford Woody: - “Research comprises defining and redefining problems. formulating.
Secondary data: (i) Data collected for companies from various sites available of the life insurance companies. as “MARKET CREDIBILITY OF BAJAJ ALLIANZ AMONG OTHER PRIVATE LIFE INSURANCE COMPANIES” required research to be done. Primary data : Questionnaire filled by people interviewed. The market credibility required the collection of Primary Data as well as the Secondary data. BAJAJ Allianz is one of the private life insurance companies. which came into existence in 2001. Market credibility can be checked by seeing the awareness of people about a particular company and its share in the market. The project titled. (ii) Data collected from newspapers and NAVs of the various policies of BAJAJ Allianz and other private life insurance companies. Comparing the products of term policies as well as the endowment policies. analyzing the facts and reaching certain conclusions either in form of solutions towards the concerned problem or in certain generalization for some theoretical formulation. .data. The credibility literally means the market value and the market positioning of a particular brand or a company among its competitors.
To discover answers to questions through the application of scientific procedures.OBJECTIVES OF RESEARCH 1. To gain familiarity with a phenomenon or to achieve new insights into it. To test a hypothesis of a casual relationship between variables. To determine the frequency with which something occurs or with which it is associated with something else. 5. To portray accurately the characteristics of a particular individual tuation or a group. 4. 2. 3. .
TYPES OF RESEARCH 1. 4. DESCRIPTIVE RESEARCH: - It includes surveys and fact-finding enquiries of different kinds. as it exists at present. 2. APPLIED RESEARCH: - Applied research aims at finding solution for an immediate problem facing a society or an industrial/business organization The certain aim of applied research is to discover a solution for some pressing practical problem. FUNDAMENTAL RESEARCH: - . 3. ANALYTICAL RESEARCH: - Analytical research has to use facts or information already available and analyze these to make a critical evaluation of the material. The main purpose of descriptive research is description of the state of affairs.
Philosophers and thinkers to develop new concept or to reinterpret existing once generally use it. 6. Basic research is directed towards finding information that has abroad base of application and adds to the already existing organized body of scientific knowledge. EMPIRICAL RESEARCH: - . It is application to phenomena that can be expressed in terms of quantity That can be expressed in terms of quantity. CONCEPTUAL RESEARCH: - Conceptual research is that related to some abstract ideas or theory. 5. QUALITATIVE RESEARCH: - It is concerned with qualitative phenomenon that is phenomenon relating to or involving quality or kind. QUANTITATIVE RESEARCH: - It is based on the measurement of quantity or amount.It is mainly concerned with generalization and with the formulation of a theory.
often without due regard for system and theory. The insurance cover charges are deducted through monthly cancellation of units.Empirical research relies on experience or observation alone. Anytime after payment of 3 full years’ premiums. then the bid price of the units is paid. The fund Administration Charge and Fund Management Charge are priced in the unit value. coming up with conclusions. The value of your policy is the total value of units that you hold in the fund/funds. by observation or experiment. It is database research. whichever is higher? If the age of the life assured is less than 7 or above 70. BENEFITS DEATH BENEFIT: In case of unfortunate death the beneficiaries are entitled to the Sum Assured less withdrawals or the bid price of units. . . LIQUIDITY OPTION: There is no maturity date for this plan. you may withdraw the money. WORKING OF THE COMPANY:- The premiums paid are invested in fund/funds of your choice (depending on the allocation rate) & units are allocated depending on the price of units for the fund/funds. which are capable of being verified.
depending on your requirements. This fund will invest at least 90% in equities and maximum 10% in cash. This fund will be invested fully in debt instruments.e. All the funds will be managed by the asset managers of Bajaj Allianz. You can choose to invest fully in any one fund or allocate your premiums into the various funds in a proportion that suits your investments needs. through partial or complete surrender of units. . The fund will primarily invest in equities and is expected to match returns given by NSE NIFTY. This Fund Investment is in NSE (National Stock Exchange) NIFTY i. DEBT FUND: This fund provides the scope for steady returns at low risk through investments in high quality fixed income securities. top 50 companies. Choice of investment plan: Bajaj Allianz offers you a choice of 4 funds. OPTIONS a. EQUITY FUND: This fund provides the scope of high appreciation over a long term.
The amount switched should be in multiples of 1000.This Fund Investment is in Govt. 100 whichever is higher. CASH FUND: The cash fund will invest conservatively in money market & short term investments to ensure that return on investments shall never be negative. This Fund Investment is in Govt. 100% of this fund will be invested in money market instruments. b. 5000 or the fund value which ever is lower. . Mutual Funds etc. The price of the units in this fund will never to go down. and Private Companies. Subsequent switches would be charged @ 1% of the switch amount or Rs. IDBI Bonds. The balanced fund will invest 30% to 50% in the equity fund and 50% to 70% in the debt fund. Bonds for e.g. BALANCED FUND: The balanced is primarily for those who prefer mix of steady returns and growth. This Fund Investment is in Call Money Market (operates on the need for cash on hourly basis). Choice to switch between investment options: Policyholder can switch units from one fund to another. and the minimum switching amount is Rs. Three free switches would be allowed every year.
Whichever is lower. depending on his/her changing needs. b.00. the policyholder may choose to increase the death benefit subject to the maximum of Comprehensive Accidental Protection.c. the maximum age till which this option will be allowed is the attained age of 45yrs of the policy holder. The option to increase the death benefit with underwriting ceases at age 60. each time? However. This increase will be subject to underwriting and the cost of underwriting shall be deducted through cancellation of units. Decrease the death benefit: . The additional single premium would be treated as a single premium top-up every year. FLEXIBILITIES a. The policyholder will also have the option to increase the amount invested through top-ups. Apart from the increase in death benefit every 3rd year without underwriting. 1.000. Choice of a Top-up: The policyholder will have the option to increase the regular premium amount at any time. Increase the death benefit: The death benefit may be increased without any underwriting every 3rd year upto 4 times. The increase will be allowed upto 25% of the original sum assured or Rs.
c.Decrease in the death benefit will be allowed any time. The death benefit once reduced can be increased subsequently only subject to underwriting. d. or 80% of the initial chosen contribution. in no circumstances can the contribution be reduced to below the minimum premium allowed under the plan at that time. Premium holiday option: Customers can opt to pay premiums at their convenience after payment of full 3years premiums. the policy will stay in force with full benefits so long as there is enough units available for charging the cost of insurance and additional benefits after deducting all applicable charges. The maximum decrease in the contributions can be upto 20% of the initial contribution chosen by the person at the time of inception of the policy. when premium due are not paid. However. Flexible Contribution: The person can increase/decrease the annual contribution. subject to the minimum death benefit being maintained. Thereafter. The person has the flexibiltity to . whichever is higher.
provided the 1st 3 years’ premiums are paid. Additional Protection for You and Your Family: You have the option to add the following four additional benefits. The Surrender Value is 100% of the value of investments. • Accidental Death Benefit. OTHER BENEFITS a. • Hospital Cash Benefit (HC).increase his/her contribution without any limits. Any such increase or decrease in contribution will only be allowed on policy anniversaries. • Critical Illness Benefit (CI). Surrender value This policy acquires a surrender value after 3 complete years of the policy. Tax Benefits . • Accidental Permanent Total/Partial Disablement Benefit. b. c. providing total protection against uncertainties.
AGE LIMITS Age at entry: Minimum age of entry: 0 years (Completed years) Maximum age of entry: 60 years (Completed years) . the same will be applied as per regulations prevailing at the point of time.Value of Units cancelled for Critical Illness and Hospital Cash Benefit is eligible for tax relief under Section 80(D). if the premiums paid in any year does not exceed 20% of the Sum Assured or Fund Value. Incase of change in any tax laws relevant to the policyholder or the fund performance. whichever is higher. Death Benefit and Withdrawals (partial or full) is tax free under section 10(10) D of the Income Tax Act.
The Bajaj Allianz “Child Care” Solutions help you to enjoy the joys of parenthood responsibly. It is but natural that you would like to give your child your best. with the reassurance of a secure future for your child. and therefore. . Bajaj Allianz Child Care offers a wide array of solutions that allows you to plan for your child’s future by providing you with as many as 4 distinct and unique options.CHILD CARE Taking care of a child is perhaps the most important job a parent can have. CHILD CARE PLAN OFFERS Child Care plan is a children money back plan with profit. this is the time when careful financial planning can help you fulfill the aspirations that you have for your children.
For a nominal amount. in case of an unfortunate death or Accidental Permanent Total Disability of the Policy holder during the term of the policy.10 Lacks will become payable to enable the child start hi/her professional life smoothly. Child Care 21 Plus 4. .1. These packages offer you the choice of providing a unique Start of Life Benefit for your child. Child Care 24 Plus START OF LIFE BENEFIT This is a unique feature of Bajaj Allianz “Child Care” 21 Plus & 24 Plus. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policy holder. Child Care 24 3. Child Care 21 2. an additional Sum Assured subject to a maximum limit of Rs.
B) FAMILY INCOME BENEFIT: In case of death or accidental total permanent disability of the policy holder during the term of the policy. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policy holder. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policy holder. 1. a monthly income benefit of 1% of the sum assured (12% per annum) becomes payable till the end of the policy term (subject to a maximum of Rs.IN-BUILT BENEFITS A) PREMIUM WAIVER BENEFIT: In case of death or Accidental Total Permanent Disability of the policyholder during the premium payment term.20.000 per annum). all future premium payments are waived. C) OPTION TO PURCHASE FURTHER INSURANCE AT MATURITY: .
we offer the child and option to purchase a with profits endowment or an equivalent plan from Bajaj Allianz Life Insurance Company for twice the amount of face value of this policy. PAYOUT STRUCTURE For Child Care 21 and Child Care 21 Plus: The minimum guaranteed payouts are as follows: Policy Anniversary following completion of Age Payout as % of Sum Assured 18 20% + Accrued Bonuses 19 20 21 25% 25% 35% . (The application must be made at least 6 months prior to maturity of this policy). on the premium rates prevailing at that time. without any medical examination.For ensuring continuity of the valuable insurance protection that the child was enjoying.
. DEATH PAYOUT In the event of unfortunate death of the child during the policy terms. the payouts shall be as under Age Below 7 years Above 7 years and below 18 years Above 18 years and below 24 years Payout Premiums paid will be refunded without interest and the policy will terminate. 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.For Child Care 24 and Child Care 24 Plus: The minimum guaranteed payouts are as follows: Policy Anniversary following completion of Age Payout as % of Sum Assured 18 25% + Accrued Bonuses 20 22 24 25% 25% 40%* * refers to probable increase in payout based on higher interest during the payout period.
p. Rs.p.a.HOW TO GET STARTED? This gets started by opening an account with a minimum premium of: Rs. Rs.p. 2000/. Rs. 700/.a. for annual mode. for quarterly mode. for monthly mode.a.p. 2500/.a. for half-yearly mode. 5000/. AGE LIMITS Eligibility Conditions Minimum age of the policyholder Maximum age of policyholder Minimum age of child Maximum age of child Child Care 21 and Child Care 21 Plus 20 Child Care 24 and Child Care 24 Plus 20 50 0 13 50 0 13 .
00000 24 Rs. Maximum sum assured is as per the limits set per age Sum Assured . 2 lakhs.00000 NEW UNIT GAIN PLUS Vs LIC BIMA PLUS FEATURES NEW UNIT GAIN PLUS LIC BIMA PLUS Age Term 0-60 years 12-56 years Choice rests with a minimum 10 years period of payment of 3 years. 50.4850 5 18 18 Maximum age of child at 21 maturity Maximum Sum Assured Rs.4850 5 Rs. paid.Minimum Premium Minimum Premium Payment Term Maximum Premium Payment Term Rs. 50. Minimum sum assured is 5 Maximum limit up to times the premium Rs.
the value of units will treat as death benefit if the Life Assured is > 7 years or < 70 years. Flexibility to Only an increase increase/decrease contribution is allowed. Contribution Minimum: Rs. Death during the 10th year. Not available.000 p.bands. However. Death Benefit Higher the Sum Assured or value of units. next 6 months – 60% of SA + value of units. 15. contribution Investment options Equity Fund.105% of SA + value of units. Death during the 1st 6 months30% of SA + value of units. Cash Fund. Balanced Fund. Survival Benefit Value of Fund at Bid Price Bid value of the fund units along with maturity bonus at 5% of the Sum Assured. of death benefit . Debt Fund. Balanced. complete Premature withdrawal allowed bid price 1 year(after applying bid-offer spread). Withdrawal Benefit Partial or withdrawals at after3rd year. Increase/Decrease Available.a Not specified. Secured & Risk. in Not available. Death after 1st year-SA +value of units.
Continuance year. Admin charges . Automatic Cover Available after the 3rd policy Not available. Annual admin. 100 whichever is higher. Initial charge Charges : Not disclosed st nd 1 Year.3%. Available. 3 free switches every policy No free switches. No charges grom 4th year onwards. switch amount or Rs. Subsequent switches switches is 2% of the fund would be charged @1% of value.Bonus Points Top-up Switch Not Available.24% .25% of net assets. Available (charges: 1. Surrender Value A selling/purchase price spread of 5% will be applicable from the 3rd year onwards. Not available. Cost of year. Partial surrender up to 50% of bid value of units allowed after 3 years from the date of commencement.5% of the top-up). Charges of 1. 2 Year-3% 3rd Year.
5% Not applicable. Cash Benefits. The bid-offer spread is 5% of Not applicable. the offer price. .Other charges Transaction charge of 0. of the equity investment & 0.a. 1% of the fund per annum Riders ABR/ ADBR / CI/Hospital In Built Accident Benefit.1% of the debt investments. Bid-offer spread Fund management Annual investment charge of Charge 1% p. of net assets.
Money is paid on the 18 . 20-60 Years. 20 and 21 year criteria milestones ( Xth.CHILD CARE Vs SMART KID (ICICI Pru. Term is 10-25 tears. When the child reaches the th th st 19 . 1.) nd 22 or 24th year (25%+25%+25% 2. All regular premiums. Money is paid on the 18 . of Child Min Max Age 20-50 Years. Min Max Term Matures when the child reaches theMatures between 22-25 years of age of 21 or 24. Last 4 year before +40%) maturity. 0-12 Years. But premium waiver rider available for parent. in 2 structures : 2 structures : th 1. FEATURES Plan Type CHILD CARE Anticipated Endowment. 20 Grad. Child Parent. Min Max Age 1-13 Years. . Premium paid till child. All regular premiums. Post th 2. SMART KID Anticipated Endowment. child reaches age 18. Beneficiary Flexibility benefit structure Child. Graduation. (20%+25%+25%+35%) XIIth. of Parent Payment Modes Life Assured Child is insured.
Paid after the end of3. annual bonuses declared thereafter. Benefit.All future premiums are waived off.Benefit-Death of Parent None if premium waiver rider is not SA is paid up front.5% of SA compounded the premium paying term. annually for the1st 4 years. Family Income Rider/ Premium Waiver Rider. Child gets the purchased. Years – SA + Bonus > 18 years – Outstanding payments as a lump sum. paying years. Guaranteed payments as chosen earlier.Death of Child < 7 years – Premiums refunded without interest >7 years & <18 Policy continues as it is. ADBR / IBR Riders available Surrender Value Available after 3 premium paying Available after 3 premium years. Bonus Additions & Not guaranteed. .
Endowment. Max Matures when the child reaches the 10-25 Years. with deferring premiums All regular premiums. All regular premiums. Max 0-13 Years. age of 21 or 24 Premium paid till child reaches age 18. 19th. Flexibility in 2 structures : benefit 1. structure 20th and 21st year (20%+25% . Min Age of Child Min Max 20-50 Years. Age of Parent Payment Modes Life Assured Child is insured. The customer has to choose amongst 3 separate plans. 18-60 Years. But premium Parent. Money is paid on the 18th.CHILD CARE Vs HDFC CHILD PLAN FEATURES CHILD CARE HDFC CHILD PLAN Plan Type Min Term Anticipated Endowment. Beneficiary Child. waiver rider available for parent. Child.
Available after 3 premium paying years. BenefitDeath Parent None if premium waiver rider is not purchased. SA + Bonuses paid on maturity. Money is paid on the 18 . for either one of Opt of the plans: 1. SA paid on death & SA + Bonuses paid on maturity. 20 .None. 3. till Riders available Surrender Value Family Income Rider/ Premium Waiver Rider. Paid after the end of the Additions premium Paying term. th th 2. . Simple Reversionary Bonuses paid maturity. SA+ Bonuses paid upfront 2. 22 or 24th year (25%+25%+25%+40%). BenefitDeath Child of < 7 years – Premiums refunded without interest >7 years & <18 Years – SA + Bonus > 18 years – Outstanding payments as a lump sum Policy continues as it is. Available. Bonus & Not Guaranteed.+25%+35%) based on the plans.
0-17 Years. paid. All regular premiums. Child is insured. If the child is 18(then BenefitNone if premium waiver rider is not Sa or Accumulation Death of purchased. But premium waiver Parent. Child Child. Money is paid on the 18 . rider available for parent. whichever is . 22 or or accumulated th 24 year (25%+25%+25%+40%). or 24. Endowment. 20 made on maturity st structure and 21 year (20%+25%+25%+35%) which consists of SA th th nd 2.CHILD CARE Vs OM KOTAK CHILD ADVANTAGE FEATURES CHILD CARE OM KOTAK CHILD ADVANTAGE Plan Type Min Term Anticipated Endowment. Age of Parent Payment Modes Life Assured All regular premiums. 20 . whichever is higher. 19 . Money is paid on the 18 . Max Matures when the child reaches the age of 21 10-30 Years. Beneficiary One structure only. Flexibility in 2 structures : Lump sum payment th th th benefit 1. Premium paid till child reaches age 18. Age of Child Min Max 20-50 Years. bonuses. Min Max 1-13 Years.
Else total premium or SV is paid whichever is higher). . Bonus & Not guaranteed. ADBR.Parent higher. Available after 3 premium paying years. Paid after the end of the Additions premium paying term. Not guaranteed. BenefitDeath Child of < 7 years – Premiums refunded without interest >7 years & <18 Years – SA + Bonus > 18 years – Outstanding payments as a lump sum Policy continues as it is. WOP. Available. Riders available Surrender Value Family Income Rider/ Premium Waiver Rider.
Child. Min Term Max Matures when the child reaches the Matures when the child is Age of 21 or 24. All. the policy will be transferred in the child’s name. But premium reaches the age 18 .till the child Life Assured Child is insured. 19th. 30 days to 8 years of age. the waiver rider available for parent will be the parent. TATA AIG EDUCARE Regular premium endowment planPositioned as a Child Plan. Premium paid till 18 years of age. Min Max 0-13 Years. Age of Child Min Max 20-50 Years.CHILD CARE Vs TATA AIG EDUCARE (18 YEARS) FEATURES SMART KID Plan Type Anticipated Endowment. At 18. Flexibility in 2 structures : benefit 1. Child reaches age 18. Money is paid on the 18th. Age of Parent Payment Modes All regular premiums. . Beneficiary Child Child. policyholder. Single payment structure. Not applicable.
Money is paid on the 18th. if any) provided 3 annual years. premiums have been paid in full. Rider- Riders available Family Income Waiver Rider. Rider/ Premium Payor Benefit premium waiver. 22 or 24th year (25%+25%+25%+40%) BenefitDeath Parent BenefitDeath Child None if premium waiver rider is not Policy lapses in case payer of purchased.structure 20th and 21st year 20%+25% +25%+35%) 2. . 20th. Surrender Value 30% of the premiums paid(excluding the 1st premium & extra premium Available after 3 premium paying . Paid after the Additions End of the premium paying term. Guaranteed – 10% of SA paid at maturity or death provided the policy has been in force for 10 years. of < 7 years – Premiums refunded without interest >7 years & <18 The proceeds are paid to the parent. benefit rider is not opted for. Plus a guaranteed education benefit of 20% of the SA paid at the maturity. Years – SA + Bonus > 18 years – Outstanding payments as a lump sum Bonus & Not guaranteed.
then of which company/companies? PEOPLE HAVING INSURANCE POLICIES 28% Yes No 72% % OF INSURED POPULATION IN VARIOUS COMPANIES 6%0% 28% Bajaj Allianz LIC Max Newyork ICICI Pru TATA AIG Birla sun life 32% 6% 3% 17% 8% AVIVA . There were 50 people being interviewed from different income groups and age groups.FINDINGS AND ANALYSIS There were about 10 questions in the questionnaire on the basis of which the findings were done and the analysis was made. The responses to the questions in the questionnaire are presented in the form of statistical tools such as pie charts and bar charts. Do you have a life insurance policy? If yes. 1.
(17 %). followed by ICICI Pru. Aviva and HDFC having 6% shares each in the interviewed population. Do you see insurance policies as an investment alternative or a security option? PURPOSE OF INSURANCE 22% Investment Alternative Security Option 78% Out of the 50 people interviewed 78 % people term/see insurance policy as a security option while only 22 % see it as an investment option.Out of the 50 insurable people interviewed nearly 72% people have taken insurance policy. 28 % had BAJAJ Allianz. Birla Sun Life (6%). 2. Max New York Life (8 %) . TATA AIG(3%). . Out of this population being interviewed nearly 32 % had LIC policy.
. of people) Shares Mutual Funds Lif e insurance Government Bonds (Investment alternatives) Out of 50 being interviewed. 18 people invest in life insurance policies.Please rank the following as per your preference to investment in a financial year: INVESTMENT PREFERENCES IN VARIOUS ALTERNATIVES 20 15 10 5 0 (No. 16 people invest in shares. 12 people invest in mutual funds and 4 people invest in government bonds.3.
What is your criteria/criterion to select a particular insurance company and a scheme? CRITERIA FOR SELECTING AN INSURANCE COMPANY 20 0 0 0 0 8 0 0 0 0 5 2 15 Security Time span Market share Return All of the above Out of 50 people being interviewed. .4. 5 people select an insurance company on the criterion of time span. 15 people select an insurance company on the criterion of security. 2 people select an insurance company on the criterion of market share. 8 people select an insurance company on the basis of return and 20 people select an insurance company on the basis of all the above mentioned reasons.
5. 46% had BAJAJ Allianz as their first preference for a pvt. Rank the life insurance companies in the your order of preference : FIRST PREFERENCE OF PEOPLE AMONG PVT. LIFE INSURANCE COMPANIES 16% BAJAJ Allianz 14% 46% ICICI Prudential Max Newyork HDFC 24% Out of 50 people interviewed. . Life insurance company followed by ICICI Prudential having 24 % preference followed by HDFC Life insurance having 16% market share and lastly Max New York Life Insurnce.
Do you think that private life insurance companies are as safe as LIC for taking a policy? PERCEPTION OF PEOPLE ABOUT SAFETYNESS : LIC Vs PVT.6. . LIFE INSURANCE COMPANIES Yes 38% Yes No No 62% Out of 50 people being interviewed. 62 % of people do not find private life insurance companies to be safe for buying a life insurance policy whereas 38 % people find them safe for buying a life insurance policy from a private life insurance company.
. AND ADV. 24% take it as marketing and advertising strategies which appeal to the mass population while 40 % think it is all due to the above mentioned reasons that BAJAJ ALLIANZ is a famous company. STRATEGIES All OF THE ABOVE Out of 50 people interviewed. 16 % people perceive policies of BAJAJ Allianz make it a famous company while 20% think it is due to the parent companies. BAJAJ Allianz is quite a famous company because: FAMOUSNESS REASONS OF BAJAJ ALLIANZ POLICIES 16% 40% 20% 24% PARENT COMPANIES MKTG.7.
69% of the people were satisfied with their life insurance policies while only 31% of people were not satisfied.8. Are you satisfied with your existing policy/policies? SATISFACTION LEVEL OF POLICY HOLDERS Not satisfied 31% Satisfied 69% Satisfied Not satisfied Out of 50 interviewed. .
While 11 people i. In my project my purpose was to find the market credibility of BAJAJ Allianz among various other private life insurance companies. different occupations yet the point which was kept in mind was that this interviewed population was insurable. For this a population of 50 people was being interviewed having different lifestyles. nearly 39 people i. different incomes. when enquired about the perception of people about insurance policies.ANALYSIS Analysis of a research project is based on the primary data and secondary data which is being collected from various sources to take out some conclusions of the research study being taken. This is due to the fact that people now have started realizing that life is very uncertain and it is advisable to have a life insurance policy.e.e.e. Thirdly. about 22% people see it an investment option to save taxes and get returns. about 72% people have life insurance policies. The reason that people have more LIC policy is that it is an old company for life insurance and secondly it is a government controlled organization. Nearly. 24 % people had LIC policy and 20% people have BAJAJ Allianz as their life insurance policy. about 78% people see it as a security option for their families financially so that if they are not alive some day. Secondly. 18 people gave life . when asked about their investments in various alternatives. The questionnaire filled up by people revealed that nearly 36 people i. their family does not go in vain.
5 people chose time span as the criteria to choose a life insurance company. private companies have come . Only after 2000. 2 people chose the market share of the company as the preferred criteria of choosing the life insurance company. When sample size was asked about safety ness of an insurance policy as compared to LIC policy nearly 62 % people replied that they do not find private life insurance companies as safe as LIC. nearly 46 % people chose BAJAJ Allianz as the 1st insurance company. Fourthly. This clearly shows that people are risk averse to a large extent as largest numbers of people like to invest in life insurance policies to make sure that there is security. this is due to the fact that LIC had monopoly into life insurance till 2000. 8 people chose the returns of life insurance companies as the criteria for choosing a life insurance company. when they were asked about the criterion of choosing a life insurance company 15 people replied that they see the security point of view to buy a life insurance company.insurance policies their first preference for investment whereas 16 gave shares as their first preference followed by mutual funds (12) and lastly government bonds. 20 people chose all the above mentioned reasons to choose a life insurance company. Players. When the sample population was interviewed about their 1st preference among the pvt. Nearly. and 16 % chose HDFC as the 1st insurance company and 14 % people chose Birla Sun life as the 1st preferred company. 24 % people chose ICICI Prudential as the 1st preference.
20% people chose its parent companies as the reason for its popularity. Also they wanted higher rate of returns at the end of payment of premiums. They wanted the additional features of transparency about the returns after when they have stopped paying the premiums. Followed by it. Proceeding further. when sample population was asked to recognize the punch line of BAJAJ Allianz nearly 60 % of the population was able to recognize the punch line of BAJAJ Allianz which clearly indicates that BAJAJ Allianz is a well known life insurance company among the people. when sample size was interviewed about the reasons of famousness of BAJAJ Allianz 16 % of people chose its policies as the reason for its famousness. Whereas 40 % population agreed to all of the above mentioned reasons to be causes of the popularity of BAJAJ Allianz. 24 % agreed for its marketing and advertising strategies to be the prime cause of its popularity among masses.in the field of Life Insurance Company. . When asked about the satisfaction with the existing insurance policies nearly 69% people said that they are satisfied with their policy whereas only 31% people were not satisfied with their policy.
Non understanding of certain parameters in the questionnaire. Taking a sample size of 50 people does not reflect the mindset of all kinds of people from different backgrounds. Again research study of 2 months is a time constraint and covering whole of Delhi population by taking a sample size of 50 is not feasible.DIFFICULTIES FACED Following were the difficulties faced during the completion of project: Non filling up of certain questions of the questionnaire which led to the cancellation of that particular questionnaire. different age groups and income groups. .
BAJAJ Allianz has to adopt new strategies earlier than others. apprentices. This has enabled BAJAJ Allianz to become market leader in the sector of insurance & investment companies since 2001 when it came into existence. it will be necessary for BAJAJ Allianz to vigorously pursue & update its survey & analysis policy to remain market leader. it should discover & rediscover its strength by introducing new plans better suited to the people at large. Simultaneously. the students in the professional courses. trainees may be good targets to approach in times ahead. the company from time to time keeps on introducing various new policies & tailor made plans exclusively to cater peoples’ financial needs. now many other companies are joining the field of insurance & investments. This could include widening the distribution networks to all parts of the country & catering to every income group. Furthermore. India is a very big market & it can provide sustenance to all the companies in the field of insurance & investments but to remain one of the leading companies.FUTURE GROWTH & SUGGESTIONS BAJAJ ALLIANZ. . In addition to this . Lastly. Since. The company does a lot of survey & analysis in the market to discover customer’s needs & expectations & tries to improvise on its existing market linked plans along with insurance policies. in the present scenario is growing at an aggressive pace. it can improvise on its advertisements & promotion campaigns by becoming more appealing & making them touches the hearts of millions & billions of Indians who are the hot prospects.
there are people who are still hesitant to take up private insurance company’s policy this is due to the fact that LIC is a government organization. When people were interviewed about the first preference among the private life insurance companies nearly 46% replied for BAJAJ Allianz.CONCLUSION The research project titled as “MARKET CREDIBILITY OF BAJAJ ALLIANZ AMONG OTHER LIFE INSURANCE COMPANIES” enabled to understand the competition among the various life insurance companies which have entered Indian market of life insurance after 2000 when private life insurance companies were allowed to enter the Life insurance sector in India. 1 Automotive Manufacturer in India also Allianz AG is 3rd largest life insurance company in the world. But if there are people accepting BAJAJ Allianz. It is only second to LIC in the life insurance sector. this clearly indicates that BAJAJ Allianz is quite a household name. . The market share of BAJAJ Allianz also around 34% among private life insurance companies which is quite high among private life insurance companies. BAJAJ Allianz is one of the companies in the private sector which are doing exceptionally good in this sector due to their policies to which people find very attracting according to their needs. It can be seen from the study that people have started recognizing BAJAJ Allianz as a life insurance and hence it will grow at a much faster pace in the future. The reasons for this are many like it is a company with very strong brand names: BAJAJ Auto Limited which is the no.
hdfc.co.in www.R.com www.BIBLIOGRAPHY Philip Kotlar. New Age International (P) Ltd. C. New Delhi.kotak.gov.com www.birlasunlife..icici. Pearson Education (P) Ltd. Kothari.aviva.com www.com . research Methodology. WEBSITES www. Marketing Management.lic. 2004.com www. Indian Branch.in www. New Delhi.bajajallianzlife.
306 BBA III YEAR .SYNOPSIS OF PROJECT REPORT Submitted By Hemant Sanadhya ROLL No.
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