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PROJECT REPORT ON

COMPARATIVE ANALYSIS OF CHILD PLAN WITH SPECIAL REFERENCE TO BAJAJ ALLIANZ LIFE LTD. CONDUCTED AT
BAJAJ ALLIANZ LIFE INSURANCE COMPANY, JAGADHRI.

BAJAJ ALLIANZ

LIFE INSURANCE
Submitted to: Kurukshetra University, Kurukshetra In the partial fulfillment of MBA (Master of Business Administration) Session (2004-2006) Submitted By: Gaurav Grover Roll No 156/04 MBA- (F)

INDEX
Sr. No. 1. 2. 3. 4. C o n t e nt s Certificates Acknowledgement P r ef a c e Introduction 5. 6. 7. 8. Introduction to insurance B r i e f h i s t o r y of i n s u r a n c e Page no.

IRDA ACT 1999 Objectives of study Research Methodology I n d u s t r y Pr o f i l e HDFC AVIVA LIFE INSURANCE BIRLA SUN LIFE OM KOTAK MAHINDRA I C I C I P R U D E NT I A L

9.

C o m p a n y Pr o f i l e I C I C I pr u d e n t i a l Partners P a r e n t a g e o f I CI C I B a n k P a r e n t a g e o f Pr u d e n t i a l P L C . Distribution Network P r e s e n t S c e n a r i o o f I CI C I P r u d e n t i a l

10. 11. 12. 13.

P r u d e n t i a l N or m s

C h i l d G a i n p l a n of B a j a j A l l i a n z C o m p a r i s o n of C h i l d G a i n p l a n of B a j a j A l l i a n z with other players Findings and Limitations Swot analysis About Company About Product

14. 15. 16. 17.

Conclusion Suggestions Bibliography Annexure

ACKNOWLEDGEMENT
D u r i n g t h e c o u r s e o f s t u d ie s o n e ha s t o u n d e r g o t h e t r a i n i n g w h i c h i s c o n s i d e r e d t o be t h e s te p p i n g s t o n e o n a m o ve m a d e towards ones professional career. I w is h t o e x p r e s s m y g r a t i t u d e t o t h e f o l l o w i n g p r o f e s s i o n a ls o f B a ja j A l l i a nz w h o w e r e i n s t r u m e n t a l i n p r o v i d i n g m e t h i s t r a i n i n g r e l a t e d t o t he c h i l d r e n e d u c a t i o n p l a n n i n g. M y s p e c i a l t ha n k s t o e s t e e me d M r . A s h i s h S h a r m a ( S . D . M . ) f o r h i s i n va l u a b l e s u p p o r t a n d g u i d a nc e d u r i n g t r a i n i n g p e r i o d a n d s u pe r v i s i n g m y w o r k ve r y e a r n e s t l y. H e p r o v i d e d m e a m p l e o p p o r t u n i t i e s t o i n t e r a c t w i t h p e o p l e , w h i c h h e l pe d m e t o l e a r n t h e s k i l l s s u c h a s C o n v i n c i n g pe o p l e . L e t m e a t t h e o u ts e t e x p r e s s m y s i n c e r e t h a n ks t o M r . A m i t M i t t a l, W h os e g u i d a n c e h e l pe d m e i n p r e pa r i n g m y p r o j e c t. G a u r a v G r o ve r (MBA)

PREFACE
P r a c t i c a l t r a i n i n g i s a l w a ys i m p o r t a n t a s c l a s s r o o m t r a i n i n g . D u r i n g the practical training a person is actually face the real situations in a c t ua l w o r k i n g l i f e w h i c h he / s h e c a n n o t e x pe r i e n c e d i n c la s s r o o m I t he l p s t o u n d e r s ta n d t h e c o m p l e x i t i e s o f la r g e s c a le o r g a n i z a t i o n s . I t p r o v i d e t h e i n v a l u a b le t r e a s u r e o f e x p e r i e n c e t o s t u d e n t. D u r i n g m y t r a i n i n g, I g o t o p p o r t u n i t y t o w o r k i n g o f B a j a j A l l i a n z L i f e I n s u r a n c e c o m pa n y L t d . , r e g i o n a l b r a n c h J a ga d h r i . M y t o p i c o f p r o j e c t i s C o m p a r i s o n o f C h i l d G a i n P l a n w i t h o t he r c o m p a n i e s p l n a w i t h s pe c i a l r e f e r e n c e t o B a j a j A l l ia n z . I w o r k e d o n t h e f o l l o w i n g a s pe c t s : Brand Awareness C o m p a r i s o n o f B a ja j A l l i a nz w i t h o t h e r p r i v a t e p l a y e r s i n Life Insurance sector. Investment Criteria

INTROCUTION TO INSURANCE
Wh at i s In su ran ce?
" I n s u r a n c e i s a c o n t r a c t b e t w e e n t w o p a r t i e s w h e r e b y o n e pa r t y c a l le d i n s u r e r u n d e r t a k e s i n e x c h a n ge f o r a f i x e d s u m c a l l e d p r e m i u m s , t o pa y t h e o t h e r pa r t y c a l le d i n s u r e d a f i x e d a m o u n t o f m o n e y o n t h e h a p p e n i n g o f a c e r t a i n e v e n t. " I n s u r a n c e is a p r o t e c t i o n a g a i n s t f i n a n c ia l l o s s a r is i n g o n t h e h a p p e n i n g o f a n u ne x p e c te d e v e n t. I n s u r a n c e c o m p a n i e s c o l l e c t p r e m i u m s t o p r o v i d e f o r t h i s p r o t e c t i o n . A l os s i s p a i d o u t o f t h e p r e m i u m s c o l l e c t e d f r o m t h e i ns u r i n g p u b l ic a n d t h e I n s u r a nc e C o m p a n i e s a c t a s t r u s t e e s t o t h e a m o u n t c o l le c t e d. F o r E x a m p l e , i n a L i f e P o l i c y , b y pa y i n g a p r e m i u m t o t he Insurer, the family of the insured pe r s o n r e c e i ve s a fixed c o m p e ns a t i o n o n t h e d e a t h o f t h e i n s u r e d . Similarly, in car insurance, in the event of the car meeting with an a c c i d e n t , t h e i n s u r e d r e c e i v e s t he c o m pe n s a t i o n t o t h e e x t e n t o f d a m a ge . I t is a s ys t e m b y w h i c h t he l o s s e s s u f f e r e d b y a f e w a r e s p r e a d o v e r m a n y, e x p o s e d t o s i m i l a r r i s k s .

Wh y sh ou l d you tak e Insurance ?


I n s u r a n c e i s d e s i r e d t o s a f e g u a r d o n e s e l f a n d o n e ' s f a m i l y a g a i ns t p o s s i b l e l os s e s o n a c c o u n t o f r i s ks a n d p e r i l s . I t p r o v i d e s

financial

c o m p e ns a t i o n

for

the

losses

suffered

d ue

to

the

h a p p e n i n g o f a n y u n f o r e s e e n e ve n t s . B y ta k i n g l i f e i ns u r a n c e a p e r s o n c a n h a ve p e a c e o f m i n d a n d ne e d n o t w o r r y a b o u t t he f i n a n c i a l c o ns e q u e nc e s i n c a s e o f a n y u n t i m e l y de a t h . Certain Insurance c o n t r a c ts a re a ls o ma d e compulsory by

l e g i s la t i o n . F o r e x a m p l e , M o t o r V e h i c l e s A c t 1 9 8 8, s t i p u l a t e s t h a t a p e r s o n d r i v i n g a ve h i c l e i n a p u b l i c p l a c e s h o u l d h o l d a v a l i d i n s u r a n c e p o l i c y c o ve r i n g " A c t " r i s k s . A n o t he r e x a m p le o f c o m p u l s o r y i n s u r a nc e p e r t a i ns t o t he E n v i r o n m e n t a l P r o t e c t i o n A c t, w h e r e i n a pe r s o n u s i n g o r c a r r y i n g h a z a r d o u s s u b s ta n c e s ( a s d e f i n e d i n t h e A c t ) m u s t h o l d a v a l i d p u b l i c l ia b i l i t y ( A c t ) p o l i c y.

Wh o p rovi d es In su ran ce?


I n I n d i a , p r i o r t o l i b e r a l i z a t i o n I n s u r a n c e p r o t e c t i o n w a s m a de a v a i la b l e t h r o u g h P u b l i c s e c t o r I n s u r a n c e C o m pa n i e s , na m e l y , Life Insurance Corporation of India (LIC) and the four s u bs i d i a r i e s o f G e n e r a l I n s u r a n c e C o r p o r a t i o n o f I n d i a ( G I C ) . B y t h e pa s s i n g o f t h e I R D A B i l l, t h e I n s u r a n c e s e c t o r ha s be e n o p e n e d u p f o r p r i v a t e c o m p a n ie s t o c a r r y o n I n s u r a n c e b us i n e s s .

Wh at i s t h e p roced u re t o obt ai n i nsurance?


T h e s i m p le s t p r o c e d u r e t o o b t a i n i ns u r a n c e i s : 1. Approach the I n s u r a nc e C o m pa n i e s directly or t h r o u g h I n s u r a n c e a ge n t s o f t h e c o n c e r n e d c o m pa n i e s o r through Intermediaries.

2. Complete a proposal form giving full details. 3. Submit Date of Birth Certificate and other relevant documents. I n s u r a n c e c o n t r a c t s a re b a s e d o n g o o d f a i t h i . e . t h e d e ta i l s f u r n i s h e d b y t h e p r o p os e r a r e a c c e p t e d i n g o o d f a i t h a n d t h i s w i l l f o r m t he ba s i s o f t h e c o n t r a c t.

Wh at are t h e ot h er al t ernat i ves t o Insurance ?


O n e a l te r n a t i v e t o I n s u r a n c e is t o p r o v i d e s e l f - I n s u r a n c e i. e . t h e i n d i v i d u a l ha s t o c r e a t e a f u n d t o m e e t r i s k e x i g e n c i e s . S p e c i f i e d t r u s ts ha v e a l s o t r i e d t o p r o v i d e i n s u r a n c e b y a s c he m e o f s e l f - i n s u r a nc e . H o w e ve r , t he s e a r e n o t v e r y p o p u l a r . T h e p o s t a l de p a r t m e n t p r o v i d e s I n s u r a n c e c o v e r a ge t o a l l w o r k i n g people. T h e r e a r e m a n y f i n a n c ia l i n s t r u m e n t s w h i c h a d v o c a te s a v i n gs a n d p r o v i d e f u t u r e r e t u r n s a t s p e c i f i c i n te r v a l s s uc h a s t he p r o v i d e n t f u n d a n d p e n s i o n p l a ns . H o w e v e r, n o n e o f t h e s e p r o v i d e f o r l i f e c o v e r a ge .

Wh at are t h e ot h er b enef it s of taki ng Insurance?


1 . Tax Rel i ef : U n d e r S e c t i o n 8 8 o f I n c o m e T a x A c t , a p o r t i o n

o f p r e m i u ms p a i d f o r l i f e i n s u r a nc e p o l i c i e s a r e d e d uc t e d f r o m

t a x l ia b i l i t y . S i m i l a r l y , e x e m p t i o n is a v a i l a b l e f o r H e a l t h Insurance Policy premiums. a . M o n e y pa i d a s c l a i m i n c l u d i n g B o n us u n d e r a l i f e p o l i c y is exempted from payment of Income Tax. However annuities t a x a b le .
2 . En cou rages

received

u n de r

certain

p e ns i o n

plans

a re

S avings : A n i ns u r a n c e s c h e me e n c o ur a g e s

t h r i f t a m o n g i n d i v i d u a l s . I t i n c u l c a te s t h e ha b i t o f s a v i n g c o m p u l s o r i l y , u n l i k e o t he r s a v i n g i n s t r u m e n ts , w h e r e i n t he s a ve d m o ne y c a n be e a s i l y w i t h d r a w n. 3 . T h e b e ne f i c i a r i e s t o a n i n s u r a nc e c l a i m a m o u n t a r e p r o t e c t e d f r o m t he c la i m s o f c r e d i t o r s b y a f f e c t i n g a va l i d a s s i g n m e n t. 4 . F o r a p o l ic y t a ke n u n d e r t h e M W P A c t 1 8 7 4, ( M a r r i e d W o m e n ' s P r o p e r t y A c t ) , a t r u s t i s c r e a te d f o r w i f e a n d c h i l d r e n a s b e ne f i c i a r i e s . 5 . L i f e P o l i c i e s a r e a c c e p t e d a s a s e c u r i t y f o r a l oa n . T h e y c a n a l s o b e s u r r e n d e r e d f o r me e t i n g u ne x p e c te d e me r g e n c i e s . 6 . B a s e d o n t h e c o n c e p t o f s h a r i n g o f l os s e s , t h e s o c ie t y w i l l b e n e f i t a s c a ta s t r o p h i c l os s e s a re s p r e a d g l o ba l l y .

INSURANCE REGULAYTORY & DEVELOPMENT AUTHORITY (IRDA) ACT, 1999.


U n d e r t h is A c t a n a u t h o r i t y c a l l e d I R D A h a s b e e n s e t u p. T h i s i s a c o r p o r a t e b o d y e s t a b l i s he d f o r t h e p u r p o s e f o r t he p u r p o s e a n d o b je c t s a s s e t o u t i n t h e e x p l a na t i o n t o t h e title. The 1938. T h e f i r s t s c h e d u le a me n d s I n s u r a n c e A c t 1 9 3 8 . It s t a te s that if authority is superceded by Central authority r e p la c e s c o n t r o l l e r u n d e r I n s u r a nc e Act

G o v e r n m e n t , t he C o n t r o l l e r o f i n s u r a nc e m a y be a p p o i n t e d t i l l s uc h t i m e a s a u t h o r i t y i s r e c o n s t i t u t e d.

CO NS TITU TIO N OF IRDA :


T h e I n s u r a n c e R e g u l a t o r y D e ve l o p m e n t A u t h o r i t y c o ns i s ts o f t h e f o l l o w i n g me m b e r s : Chairperson Less than five whole time members Less than four part time members a ) M e m be r s s h o u l d b e p e r s o ns o f a b i l i t y i n t e g r i t y a n d standing

b ) T h e y s h o u l d h a ve a n e x pe r i e n c e i n t h e f i e l d s o f 1) Life insurance 2) General Insurance 3) Actuarial Science 4) Finance 5) Economics 6) Law 7 ) A c c o u n ta n c y 8) Administration C h a i r p e r s o n, me m b e r s o f f i c e r s a n d o t h e r e m p l o ye e s o f Authority shall be public servant.

F UNCTIO NS OF IRDA
1 . T o p r o t e c t t he i n t e r e s t o f p o l i c y h o l d e r s i n t he m a t t e r o f insurance contract with the company. 2 . T o s p e c i f y r e q u i s i t e q ua l i f i c a t i o n , c o d e o f c o n d u c t a n d t r a i n i n g f o r i n s u r a n c e i n t e r m e d ia r i e s a n d a g e n t s . 3 . T o s pe c i f y c o de o f c o n d u c t f o r s u r v e y o r s / l o s s a s s e s s o r s . 4 . T o p r o m o t e e f f i c i e nc y i n t h e c o n d u c t o f i n s u r a n c e b u s i ne s s .

5. To

promote

and

r e g u la t e

p r o f e s s i o na l

organization

c o n n e c t e d w i t h t h e i n s u r a n c e a n d r e i n s u r a nc e b us i n e s s . 6 . T o u n d e r t a k e i n s pe c t i o n , c o n d u c t e n q u i r e s a n d i n v e s t i ga t i o n i n c l u d i n g a u d i t o f i n s u r e rs a n d i n s u r a nc e i n te r m e d i a r i e s . 7 . T o c o n t r o l a n d r e g u l a r t he r a t e s , t e r m s a n d c o n d i t i o n s t o b e o f f e r e d b y t he i n s u r e r r e g a r d i n g g e ne r a l i n s u r a nc e b u s i n e s s not so controlled by Tariff Advisory Committee u/s 604 of I n s u r a n c e A c t, 1 9 3 8. 8. To r e g u la t e i n v e s t me n t of funds by t he insurance

c o m p a n ie s . 9 . T o a d j u d i c a t e d is p u t e be t w e e n i n s u r e r s a n d i n t e r m e d i a r i e s o f i n s u r a nc e .

LIFE INSURANCE CORPORATION OF INDIA ACT,1956 L i f e i n s u r a n c e b us i n e s s w a s n a t i o n a l i z e d i n I n d i a w i t h e f f e c t f r o m 1 9 t h J a n u a r y 1 9 5 6. T h e l i f e i ns u r a n c e b u s i ne s s o f 1 5 4 I n d i a n l i f e o f f i c e r s constituted by 16 non-Indian insurers operation in Indian a n d 7 5 p r o v i d e n t s o c i e t ie s w a s t a k e n o v e r b y t h e G o v t o f India. L I C o f I n d i a A c t w a s p a s s e d b y t he P a r l i a m e n t o n 1 6 t h J u n e 1 9 5 6 a n d i t c a m e i n t o e f f e c t f r o m 1 s t J u l y 1 9 5 6.

LIFE INSURANCE IN INDIA


Life Insurance in its existing form came to India form the United Kingdom with the establishment of a British from Oriental Life Insurance Company in Calcutta in 1818 followed by Bombay Life Assurance Company in 1823. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life insurance business transacted in India by Indian and foreign insurers including provident insurance societies. In 1948 with a view to protecting the interest of insuring public earlier legislation was consolidated and effective control over the activities of insurers. The Act was amended in 1950 resulting in far reaching changer in the insurance sector. These included a statutory requirement of equity capital for companies carrying on life insurance business, ceiling on share holdings in such companies, stricter control on investments, submission of periodical returns relation to investments and such other information to the controller. The controller could also call for appointment of administrators and put a ceiling on expenses of management and agency commission for mismanaged companies.

By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were carrying on life insurance business in India. Life Insurance business was concentrated in urban areas and confined to the higher strata of the society. On January 19,1956 the management of Life Insurance business of 245 Indian and foreign insurers and provident societies then operating in India was taken over was by the Central in Government. Life an Insurance Act of Corporation million. Then the Finance Minister MR C.D. Deshmukh while piloting the bill for nationalization outlined the objectives of LIC thus: TO ECONOMY STRICT FUNDS CONDUCT WITH THE BUSINESS OF ; WITH UTOMOST TO THE THE THE SPIRIT TRUSTEESHIP; TO INVEST FOR formed September 1956by

Parliament, viz. LIC Act 1956 with a capital contribution of Rs 50

CHARGE PREMIUM NO HINNER THAN WARRANTED BY ACTURAL FOR CONSIDERTION OBTAINING MAXIMUM YIELD

POLICY HOLDERS CONSISTENT WITHSAFETYOF CAPITAL; TO RENDER PROMPT AND EFFICIENT SERVICE TO POLICY HOLDERS POPULAR. THERBY MAKING INSURANCE WIDELY

OBJECTIVES OF STUDY
1. To explore the concept of insurance linked policy towards

education. 2. 3. To study how insurance benefits children education. To study the level of awareness about child education with

special reference in Panipat. 4. To compare the child plans with other competitors.

RESEARCH PROCESS 1) DEFINE OBJECTIVE: There are two types of research problem viz: those which relate to states of nature and those which relate to relationships between variables. In this project the basic objective of study was to study the Child plan offered by Bajaj Allianz. I also aimed at making a comparative study between various private market players. This task of formulating, or defining, a research problem is a step of greatest importance in the entire process. The problem in the project needs to be unambiguously defined for that helps discriminating relevant data from irrelevant data. In the research I study the need of insurance for children. Why people want an insurance cover for their kids? THE RESEARCH PROBLEM AND ITS

2)

REVIEW CONCEPTS AND THEORIES : The general information regarding insurance was studied to know the various principles applied in insurance sector. The following features characterize the insurance contracts:

RULES OF INSURABLE INTEREST : An insurance contract is legally binding only if the insured has an interest in the subject matter of insurance. The following principles are accepted in life insurance:

Husband has an insurable interest on the life of his wife and vice versa.

Parents have insurable interest in the life of the child. Creditors have insurable interest on the lives of the debtors. Business partners have insurable interest in the lives of other partners to the extent of their financial interest in the partnership.

Employers have insurable interest in the lives of employees who are key to the profitability of the business.

DOCTRINE OF UTMOST GOOD FAITH : In life insurance a contract, a very high degree of good faith is required to exist between the parties to the contract viz, the insurer and the insured. This is called principle of utmost good faith. In other words it is the duty of the propose to disclose all material information for proper assessment of risk by the insurer.

PRINCIPLE OF INDEMNITY : It states that the amount payable by the insurer in case of contingency stated in the policy occurring is limited to the loss that the insured will suffer.

3)

RESEARCH DESIGN INCLUDING SAMPLE DESIGN: Research design is the arrangement of conditions for collection and analysis of data in a matter that aims to combine relevance to the research purpose with economy in procedure. It constitutes the blue print for the collection , measurement and analysis of data. The design was like: Sources of data: Primary source: The fresh data which is purely collected for the purpose of the project. It included methods like:

A. B.

Personal interview Questionnaire

Secondary source: Data that are available i.e. they refer to the data which have already been collected and analyzed by someone else. When one utilizes secondary data, then he has look into various sources from where he can obtain them. These are like: A. B. C. D. E. Product manual Annual reports Published articles Brochure Training handbook

Sampling: It is a technique of collecting information by enquiring a part of population. This was done due to the scarcity of funds, time and other resources.

TECHNIQUE USED

Convenience Sampling

SAMPLE SIZE

100Respondents

4)

DATA COLLECTION: Data for the purpose of calling the clients was generated through Direct marketing, in Yamuna Nagar s were hence forth made to various persons in order to generate reference.

The customer was required to bring following documents: Age proof of kid and life assured Salary slip of proposer Signature on application form Cheque in favors of ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD. If the customer was eligible for policy he was given policy. 5) ANALYSIS OF DATA: It involves editing, coding,

classification and tabulation of collected date.

Editing: possible.

It is process of examining the collected raw data

to detect errors and omissions and to correct these when

Coding: It refers to the process of assigning numerals or other symbols to answers so that responses can be put into a limited number of categories or classes. Classification: It means arranging the homogenous

information at one place. Here, I arranged the data in groups or classes on the basis of common characteristics. Tabulation: It means arranging the large data in some kind of logical order. It is a process of summarizing raw data and displays the same in compact form for further analysis. Interpretation and report writing: It refers to the task of drawing inferences from the collected facts after an analytical or experimental study. It is a search for broader meaning of research findings.

Introduction of major players in insurance industry HDFC STANDARD LIFE


The Partnership:
HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. Around this time Standard Life purchased a 5% stake in HDFC, further strengthening the relationship. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the

HDFC Treasury department to advise them upon their investments in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai.

AVIVA LIFE INSURANCE

Aviva launched a life insurance and long-term savings joint venture in June 2002 with Dabur Group, one of Indias oldest and most respected business houses.

SIZE Among the top 10 life insurers in the Indian market and employs about 220 staff. Products Unitised and unit-linked with-profit policies . Distribution The majority of sales - about 70% - come through our pioneering bancassurance partnerships with ABN AMRO Bank, American Express Bank, Canara Bank, Lakshmi Vilas Bank, the Bank of Bahrain & Kuwait and Punjab & Sind Bank in towns across India.

A network of 4,600 financial planning advisers locations across the country.

in 25

An insurance broking business in partnership with Bajaj Capital, a leading financial planning and investment advisory company. Locations Through our bancassurance partners, corporate agents and brokers, Aviva products are now available in more than 130 locations around the country.

History Commercial Union and Norwich Union established agencies in India in the 1860s. General Accident appointed its first agents in 1902. Life insurance operations were nationalised in 1956.

KOTAK LIFE INSURANCE


A Lifetime of Value
Kotak Mahindra one of India's leading financial institutions was born in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Mr. Uday Kotak , Mr. Sidney A. A. Pinto and Kotak & Company. Industrialists Mr. Harish Mahindra and Mr. Anand Mahindra took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. It's been a steady and confident journey to growth and success. 1986 Kotak Mahindra Finance Limited starts the activity of Bill Discounting 1987 Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market 1990 The Auto Finance division is started 1991 The Investment Banking Division is started. Takes over FICOM, one of Indias largest financial retail marketing networks 1992 Enters the Funds Syndication sector 1995 Brokerage and Distribution businesses incorporated into a

separate company - Kotak Securities. Investment Banking division incorporated into a separate company - Kotak Mahindra Capital Company 1996 The Auto Finance Business is hived off into a separate company Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Groups entry into information distribution. 1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. 2000 Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. Kotak Securities launches kotakstreet.com - its on-line broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. 2001 Matrix sold to Friday Corporation Launches Insurance Services 2003 Kotak Mahindra Finance Ltd. converts to bank Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of around Rs.1,700 crore and employs over 4,000 employees in its various businesses. With a presence in 74 cities in India and offices in New York, London, Dubai and

Mauritius, it services a customer base of over 5,00,000.

BIRLA SUN LIFE


Birla Sun Life Financial Services offers a range of financial services for resident Indians and Non Resident Indians. Brought together by two large, powerful and reputed business houses, the Aditya Birla Group and Sun Life Financial , it is our aim to offer diverse and top quality financial services to customers. provide The Mutual Fund and Insurance companies products to wealth management and protection

customers while the Distribution and Securities companies provide brokerage and trading services for investment in equities, debt securities, fixed deposits, etc. Birla sunlife Insurance company Birla sun life insurance compoany limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun life Financial Inc., a leading The local international knowledge of financial services organization.

the Aditya Birla Group, coupled with the Life Financial Inc., Offers a formidable

expertise of Sun

protection for your future. The Aditya Birla Group has a turnover close to Rs.33,000 crores with amarket capitalization of Rs. 30,500 crores (31 st March 2005). It has over 72,000 employees across all its units worldwide. It is led by Its chairman-Mr.Kumar Mangalam Birla. Sun life Financial and its partners today have operations in key markets worldwide, Kingdom, Including United Indonesia, India, Canada,United Kingdom, China and Stated,United

Hongkong,Philippines,Japan,

Bermuda.Sunlife Financial Inc.had assets under managemant of over US$298 billions , as on 31 st Dec. 2004. Birla sun life insurace, in just over 4 years of its launch, has catapulted itself and cemented its position as a leading player in the private life insurance industry with an annualized new business premium of Rs.915.5 crores. It has covered in excess o9f 6,50,000 lives with a total sum assured of over Rs.22,000

ICICI PRUDENTIAL LIFE INSURANCE ICICI was formed in 1955. In 1992, ICICI was divided into two parts: ICICI Bank ICICI Ltd. In December 2000, ICICI limited had a joint venture with prudential of U.K. and ICICI prudential Life Insurance Company was formed.(Prudential is 150 yrs. Old company of U.K)In 2003, ICICI Bank and ICICI Prudential Life. Insurance was merged under ICICI Bank Ltd.

PARANTAGE OF PRUDENTIAL Started operations in 1848 and is now of the largest life insurance companies in the world. Presence in U.K., Europe, U.S. and throughout Asia. Insurance & Investment Funds under management exceeds Rs. 11,00,000 crores. Already established as one of the biggest mutual fund company in India (Prudential ICICI AMC ). A truly global brand. ICICI PRUDENTIAL

joint

venture

between

one

of

the

Indias

leading

financial institution and one of the worlds largest life insurance companies. Today we are the No.1 private life insurance company in India. Professional, highly trained and competent advisors.

BAJAJ ALLIANZ LIFE INSURANCE COMPANY ABOUT US


Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Insurance Is the fastest growing private life insurance company in India Currently has over 3,00,000 satisfied customers. We have customer care centers in 155 cities with 28000 Insurance Consultant providing the finest customer service.

One of India's leading private life insurance companies Allianz Group Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance,

Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4,46,654 cr. 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. - AUM of Rs.51,96,959 cr. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890

70 countries, 173,750 employees worldwide

Bajaj Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and threewheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. A STRONG INDIAN BRAND- HAMARA BAJAJ One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03 It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj

Auto has the following to offer Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.

Bajaj Allianz General Insurance


Bajaj Allianz is the fastest growing general insurance company in India Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has

an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. In its first year of operations, the company has acquired the No. 1 status among the private non-life insurers. As on 31st March 2003, Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores.

Bajaj Allianz today has a network of 42 offices spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

In the first half of the current financial year, 2004-05, Bajaj Allianz garnered a premium income of Rs. 405 crores, achieving a growth of 84% and registered a 52% growth in Net profits of Rs.20 Crores over the last year for the same period. In the financial year

2003-04, the premium earned was Rs.480 Crores, which is a jump of 60% and the profit zoomed by 125% to Rs. 21.6 Crores Vision To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry. To be the number one insurer for creating shareholder value Mission As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.

A Partnership Based on Synergy Bajaj Allianz General Insurance Company offers technical excellence in all areas of General and Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Auto's in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is Fully licensed to underwrite all lines of general insurance business including health With management control by Allianz AG NEWS HEADLINES Aug. 2005 Silver Health Plan, 22 August 05, The Economic Times -More

Bajaj Allianz provides insurance to Bangalore Airport, 10 August 05, Times of India. Bajaj Allianz to cash in on civil aviation market , 2 August 05, The Economic Times. Huge Claims also ring in sales for insurance companies , 1 August 05, Times of India.

July 2005
Bajaj Allianz gears up for claims deluge, 31 July 05, Business Line. Bajaj Allianz plans to double premium collection in state, 28 July 2005, Business Standard. Bajaj Allianz offers Senior Citizen Health Cover, 28 July 2005, Business Standard. Flood claims settled, 28 July 2005, Rajasthan Patrika. Bajaj Allianz-Yes Bank bancassurance tie-up, 21 July 2005, Sakal. Game, Set & Cover Drive, 20 July 2005, The Economic Times. Interview of Kamesh Goyal on Business Standard , July 2005. Insurers hit by Gujarat jinx again, 4 July 2005, Business Standard-Insurers.

Jun. 2005
Six of eight pvt general insurers post profit - 5 June 2005, Business Standard.

Insurers prefers corporate agency tie-ups to referrals -1 June 2005, Business Line.

May. 2005
Interview of Kamesh Goyal on Asia Insurance Post -May 2005. Bajaj Allianz tops private insurers' charts.2004-05 - 7 May 2005, The Economic Times, Mumbai. Bajaj Allianz declared result for..,- 7 May 2005, Business Standard, Mumbai. Bajaj Allianz net up 117%- 6 May 2005, The Financial Express, Mumbai.

Apr. 2005
HAT in house, OutlookMoney, 30 April 2005. Heinz Dollberg-Director Allianz talks about the business performance--21st April 2005......WirtschaftsWoche. Bajaj Allianz tops in Asian Market, 20 April 2005- The Economic Times. New Bajaj Allianz schemes for travellers to Asia , April 12 The Hindu Business Line. Bask in the sun, but take cover , April 11 - The Economic Times. Bajaj Allianz turns outsourcing arm,mans Lanka operations.... April 8 2005- The Financial Express.

ICICI Lombard and Bajaj Allianz bags Kingfisher insurance account, April 6 2005.

Mar. 2005
The tariffs acts as a hindrance for insurance companies who.... Mar 2005 - Asia Insurance Post. Bajaj Allianz goes 'in-house' for mediclaim servicing , 31 Mar. - The Economic Times , Pune. Protect your most valued possession, - 30 Mar. 2005 - The Financial Express , Mumbai. Bajaj Allianz shifts health insurance mgmt in-house, - 28 Mar. 2005 - Economic Times, Mumbai - More You're IT sawy, HQ tells Bajaj Allianz - 28 Mar. 2005 - The Indian Express. Cos travel the extra mile to offer innovative covers- 19 Mar. 2005 - Economic Times. Bajaj Allianz is IT Centre of Competence -12 Mar.2005 -The Financial Express, Mumbai.

Feb. 2005
UBI ,Bajaj Allianz inks bancassurance tie-up -23 Feb.2005 -Deccan Chronicle Hyderabad. UBI tie up -22 Feb.2005 - The Statesman -Kolkata- More UBI ties up with Bajaj Allianz -22 Feb.2005 - The Assam Tribune Guwahati.

UBI ties up with Bajaj Allianz -22 Feb,2005 - Hindustan Times Kolkata. Deliverance from TPAs at hand., 15 Feb. 2005, Businee Standard, Mumbai. Abiding alliance , 14 Feb. 2005, Businee India - More Article on Wedding Insurance policy in "Eenadu"., 11 Feb. 2005, Eenadu.

Jan. 2005
Wet paint: Art insurance policies not well defined, 30 Jan. 2005, Times of India - Mumbai,India. Thanks to Bajaj Allianz , bank....., The Hindu Business Line Jan22 ,2005. Insuring wedding celebrations... , Dalal Street Jan 10-23, 2005.

HEAD OFFICE OF BAJAJ ALLIANZ LIFE INSURANCE


Head Office Add. : GE Plaza 1 st Floor, Airport Road, Yerawada,Pune 411006 Tel : +91-020-56026666 Fax : +91-020-56026667 Email : info@bajajallianz.co.in

The top management of Bajaj Allianz General Insurance consists of people having domain knowledge of insurance as well as specialists in their respective field. Kamesh Goyal is the CEO of Bajaj Allianz General Insurance Company Limited, who was elevated from his earlier position of COO.

Sam Ghosh, who was the CEO of Bajaj Allianz earlier has taken over as Country Manager and is also the CEO of Bajaj Allianz Life Insurance Company Limited.

Child Gain

Policy Plan
Taking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best, and therefore, this is the time when careful financial planning can help you fulfill the aspirations that you for your children. The Policy Plan ChildGain Solutions help you to enjoy the joys of

parenthood responsibly, with the reassurance of a secure future for your child. Policy Plan ChildGain offers a wide array of solutions that allows you to plan for your childs future by providing you with as many as 4 distinct and unique options.

Op tion s 1 : C h ild Gain 21 Op tion s 1 : C h ild Gain 24 Op tion s 1 : C h ild Gain 21 Plu s Op tion s 1 : C h ild Gain 24 Plu s

Benefits of Child Care Solutions


1. Limited Premium Payment Term which means that the
premiums are payable till your child attains age 18 years .

2. Your contributions grow by the way of compounded annual


bonuses, which will be paid to you with the first guaranteed payout (policy anniversary following age 18 if your child), for in-force policies. In addition to the annual bonuses, a terminal bonus may also be paid .

3. You are also eligible for Tax Benefits under Section 88 and
Section 10 (10 D) of the Income Tax Act.

4. Assuring Your Childs Future : In an uncertain world, the


prime interest of your child cannot be jeopardized in any way. Which is why we have built in some added benefits in all our plans to protect the interests of your childs future, by counter insuring you the policyholder.

In-Built Benefits
a) Premiu m Waiver Ben efit:

In case of death or Accidental Total Permanent Disability of the policyholder during the premium payment term, all future premium payments are waived. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policyholder.
b) Family I n come Ben efit:

In case of death or accidental total permanent disability of the policyholder during the term of the policy, a monthly income benefit of 1% of the sum assured (12% per annum) subject to a maximum of Rs. 10,000 p.m. becomes payable till the end of the policy term. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policy holder.

5. Option to Purchase Further Insurance at Maturity: For


ensuring continuity of the valuable insurance protection during that the child was enjoying, we offer the child an option to purchase a with profits endowment or an equivalent plan Bajaj Allianz Life Insurance Company for twice the amount of face value of this policy, without any medical examination, on the premium rates prevailing at that time (The application must be made at least 6 months prior to maturity of this policy).

Payout Structures under this plan are :


For ChildGain 21 and ChildGain 21 Plus : The minimum guaranteed payouts are as follows :

Policy

Anniversary 18

19

20

21

following completion of Age Payout Assured as % Sum 20%+ Accrued 25% 25% 35%

Bonuses

For

ChildGain

24

and

ChildGain

24

Plus

: The

minimum

guaranteed payouts are as follows:

Policy

Anniversary 18

20

22

24

following completion of Age Payout Assured as % Sum 25%+ Accrued 25% 25% 40%

Bonuses

Start of Life Benefit


U n iq u e Featu re of Bajaj A llian z C h ild Gain 21 Plu s an d 24 Plu s .

These packages offer you the choice of providing a unique Start of Life Benefit for your child. For a nominal amount, an additional Sum Assured subject to a maximum limit of Rs. 10 lacs will become payable to enable the child start his/her professional life smoothly, in case of an unfortunate death or Accidental Permanent Total Disability of the Policyholder 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 policyholder.

D eath Payou t:

In the event of unfortunate death of the child during the policy term, the payouts shall be as under.

Age
Below 7 years

Payout
Premiums terminate. paid will be refunded without interest and the policy will

Above 7 years and below 18 years Above years below years 18 and 24

Sum assured with accrued bonuses will be paid and the policy will terminate. Outstanding payouts will be paid as one lump sum and the policy will terminate.

Important details of Bajaj Allianz ChildGain Solutions.


E ligib ility Con d ition C h ild Gain 21 an d C h id Gain 21 Plu s C h ild Gain 24 an d

C h ild Gain 24 Plu s

Minimum

age

of

20

20

the policyholder Maximum age of 50 50

the policyholder Minimum of Child Maximum Child Minimum Premium Payment Term Maximum Premium 18 Payment Term Maximum age of 21 24 18 5 5 age of 13 13 age 0 0

Child at maturity Minimum Assured Maximum Sum Assured Rs.50,00,000 Rs.50,00,000 Sum Rs.100, 000 Rs.100, 000

Min imu m Premiu m

Minimum Premium Rs. 5000 for yearly mode Rs. 2500 for half year mode Rs. 2000 for quarterly mode and Rs. 700 form monthly mode.

( Monthly mode available under salary deduction scheme only and

minimum proposal deposit should be Rs. 2100 i.e. three months payment in advance ).

Premiu ms :

For your convenience we have provide three Premium payment modes that can be Yearly, Half-yearly or Quarterly. We also offer a Monthly Premium Payment Mode under salary deduction schemes.
S u rren d er:

We offer you the choice of surrendering the policy provided three full years premiums have been paid (Two years for premium payment terms of 5 and 6 years). The guaranteed minimum surrender value is 30% of all premiums paid excluding the first year premium and excluding the premiums for premium waiver benefit and Family Income Benefit and Additional Benefit opted for. The guaranteed minimum surrender value after the premium payment term will be the discounted value of the outstanding installment payments discounted at 10% p.a. rate of interest.
L oan s :

Loans are not available with Bajaj Allianz ChildGain plan.


15 D ays Free Look Period :

Within 15 days from the date of receipt of the policy, you have the option to review the terms and conditions and return the policy, if you disagree to any of the terms & conditions, stating the reason for your

objections. You will be entitled to a refund of the premiums paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges.

Features of Child Care Plan .


1. Payment of premium limited till age 18 of the child. 2. Options to choose maturity at age 21 of age 24 of the child. 3. Payouts begin at age 18, when money is required for entry into courage. In case the maturity age is 21, the payouts are made at 18, 19, 20 and 21. In case the maturity age is 24, the payouts are made at 18, 20, 22, and 24. 4. In case of death or accidental permanent total disability of the policyholder during the premium payment them. All future premiums are waived. 5. In this policy the company given the money to you when the policy holder will be died, and this policy also gives you a money when your baby will die. This is the only policy which given the risk cover of both the policy holder and the baby. 6. In addition a family Income Benefit that pays 1% of Sum Assured per month is paid till the end of the policy term. 7. The start of Life Benefit is also available that pays an additional sum assured with the final payout in case of death

or accidental permanent total disability of the policyholder during the policy term.

BAJAJ ALLIANZ CHILD GAIN V/S HDFC CHILD PLAN

Sr. No 1) 2) 3) 4) 5)

Features Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility

HDFC CHILD PLAN

BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums 1) SA + Bonus 2) Family Income Benefit

18-60 Years Policy Holder Child The customer has to choose amongst 3 plans, with different premiums. 1)SA + Bonuses paid upfront 2) SA + Bonuses paid on maturity 3) SA paid on death + bonuses They give nothing . None

6)

Death of Parent

7) 8)

Death of Children Riders Available

SA with accrued bonuses will be paid FIB, PWB

BAJAJ ALLIANZ CHILD GAIN V/S ICICI SMARK KID


Sr. No 1) 2) 3) 4) 5) FEATURES Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility ICICI SMART KID 10-25 22-25 Years Policy Holder Child Two structures-when the child reaches his critical mile stones. Last 4 years before maturity. SA is paid up front. All future premiums are waived. Policy continues as it is. ADBR/IBR/WOP BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums

6)

Death of Parent

1) SA + Bonus 2) Family Income Benefit SA with accrued bonuses will be paid FIB, PWB

7) 8)

Death of Children Riders Available

BAJAJ ALLIANZ CHILD GAIN V/S ING-VSYAYA

Sr. No 1) 2) 3) 4) 5)

FEATURES Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility

ING-VSYAYA (creating life) No age bar 18-55 Years Policy Holder Child Maturity benefit to be taken either as lump sum or in 3-5 equal annual instalments. SA+ Bonus paid upfront, amount is given with bonuses. (if any) Policy continues as it is. ADBR/ABR/WOP

BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums 1) SA + Bonus 2) Family Income Benefit

6)

Death of Parent

7) 8)

Death of Children Riders Available

SA with accrued bonuses will be paid FIB, PWB

BAJAJ ALLIANZ CHILD GAIN V/S SBI LIFE-SCHOLAR

Sr. No 1) 2) 3) 4) 5)

FEATURES Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility

SBI LIFE-SCHOLAR 0-25 20-60 Years Policy Holder Child Two structures-As a lump sum or in equal installments of 25% each form the child age of 18-21. SA is paid up front. 25% paid out every year. Policy continues as it is. ADBR

BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums

6)

Death of Parent

1) SA + Bonus 2) Family Income Benefit SA with accrued bonuses will be paid FIB, PWB

7) 8)

Death of Children Riders Available

BAJAJ ALLIANZ CHILD GAIN V/S OM KOTAK MAHINDRA


Sr. No 1) 2) 3) 4) 5) FEATURES Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility Policy Holder Child ONE structures- only lump sum payment made on maturity which consist of SA or AB which ever is higher. If the child is 18 then SA or accumulation paid which ever is higher Policy continues as it is. ADBR/WOP OM KOTAK 0-17 BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums

6)

Death of Parent

1) SA + Bonus 2) Family Income Benefit

7) 8)

Death of Children Riders Available

SA with accrued bonuses will be paid FIB, PWB

BAJAJ ALLIANZ CHILD GAIN V/S KOMAL JEEVAN ( LIC )

Sr. No 1) 2) 3) 4) 5)

FEATURES Min. Max child age Min.Max Age of parents Life Assured Beneficiary Flexibility

KOMAL JEEVAN (LIC) 0-26 Not Age Policy Holder Child 20% of SA at 18 years of age 20% of SA at 20 years of age 30% of SA at 22 years of age 30% of SA at 24 years of age GA at 70 per 1000 at age 26 NA SA+GA ADBR/IBR/WOP and upto 20% of SA

BAJAJ ALLIANZ CHILD GAIN 0-13 Years 20-50 Years Policy Holder and Children Policy Holder and Children The customer has to choose amongst 3 plans, with different premiums

6) 7) 8)

Death of Parent Death of Children Riders Available

1) SA + Bonus 2) Family Income Benefit SA with accrued bonuses will be paid FIB, PWB

SWOT ANALYSIS

ABOUT COMPANY
Bajaj Allianz is one of the most powerful, world class Life Insurance Co, gaining appreciation for their strong word ethics, excellent performance, professionalism and team work which lead them to progress in todays challenging environment. Though with the its excellence performance every efforts has been made to present the most authentic and truly representative findings, but some uncontrollable factors do affect the performance and thus bring about some deviations and hurdles in progress. So, with its strengths and good quality, the company is having some weakness, and threats and opportunities. Its SWOT analysis is as below: Strengths: Bajaj Allianz is the Second larges private player in the insurance industry. Excellent Services. Brand Image is the strongest point of Bajaj Allianz Insurance Company. Business Experience. Strong Financial Base. Innovative Products. The company has a large network on branches which is helped to customer for the payment. Weaknesses Lot of competitors are in the market offer same product by the different title and different in their premium and offering. A premium is high as compared to other companies.

Targets for financial advisors and for the sales department are high. Clients face problems to get insured due to large number of formalities. Opportunities Huge market is literally untapped. Out of estimated 320 million insurable markets only 20% of the population is insured. Indian people are more emotional toward their child thats why children plans are selling like hot cakes. Threats: Weak perception of private players in the minds of Indian people due to frequent financial scams. Large number of insurance players. Players like Birla sun life and HDFC with low premium for the similar plans. Entry of many other private companies with equally strong experience and financial strength for foreign partners making the competition difficult and saturating the urban markets. For the insurance sector Government set the authority that is IRDA (Insurance Regulatory and Development Authority) which is undertaken to track record of all the companies and change rules day by day more rigid which is very difficult for the companies.

SWOT ANALYSIS (ABOUT PRODUCT STRENGTHS) 1) GUARANTEED EDUCATIONAL BENEFITS: Bajaj Allianz is so designed that it provides money at important mile stones whatever be the uncertainty, these payments will be made to your child at the critical milestones in your childs Life. Bajaj Allianz recognize that Graduation and Post Graduation are important milestones and hence Bajaj Allianz Child Gain provides money at these junctures. 2) DEATH OF PARENT/ CHILD: Bajaj Allianz is the only company who gives you the risk cover of both the policy holder and the children. 3) FAMILY INCOME BENEFIT: In case of death or accidental total permanent disability of the policy holder during the term of the policy, a monthly income benefit 1% of the sum assured (12% per annum) subject to a maximum of Rs. 10,000 p.m. becomes payable till the end of the policy term. This benefit will not be available in the event of accidental permanent total disability after age 65 of the policy holder. WEAKNESS NO MEDICAL RIDERS: Under this plan no medical rider are provided. GROWTH RATE: Growth rate of invested money is limited at compare to money invested in share market.

LIQUIDITY:

Under this plan parent cannot get the money

when they want. Instead it will be provided at fixed predetermined intervals. AGE LIMIT: of 0-13 years. OPPORTUNITES Bajaj Allianz should provide financial benefits to children above 13 yrs of age. Child Gain plan can enhance its market by catering the rural area. THREATS Policies with no age limit of children are the main threat to Child Gain. Premium rate is so high as compare to other private companies. The main drawback of this plan is that financial benefits can be availed for the child in the age group

FACTS AND FINDINGS


1. 2. 3. In urban area of the city only 12% people had invested in the name of their children. There is a lot of scope for the policy of Child Gain as it is in reach of almost all individual in middle class of urban society. A lot of initiative needs to be taken in schools especially private and administration undertaking institutions to wide spread the awareness about the product and to create the need for investment. 4. A lot more awareness campaigns has to be mobilized in the urban areas like shopping plaza, Govt. offices, Corporate sectors where people could invest into this product. 5. Aggressive marketing for Child Gain plan not yet taken, so this policy should be so aggressively taken that it should cover all segments of population. 6. Company should put hoardings at important public places.

SUGGESTIONS
1. There is a very good market for Insurance companies in India, companies must have to spent money on Marketing Strategies. 2. The survey shows less than 20% have their Insurance policy, more than 80% persons dont have a Insurance policy. This shows a good opportunity for Insurance. 3. Companies must have to open their branches in every city and gives complete information about company and company schemes. 4. Companies must have to convenience the persons that, this is not a fraud company.

Q1.Do you know about Bajaj Allianz Life Insurance Company Ltd?

Customer Awareness
Yes No

Response
5% 95%

Response

Yes 5% Yes No No 95%

The above data and graph represents that

maximum number of

people i.e., 95% of the people dont know about the Bajaj Allianz Life Insurance Company and only 5% of the people know about the Bajaj Allianz Life Insurance Company. Its shows that company must have to spent money on marketing strategy.

Q2. Do you have any Insurance Policy?

Customers Having Life Insurance Yes


No

Response
12% 88%

Response

Yes 12%

No 88%

The data above and the graph represent that maximum number of people i.e. 12% peoples having life insurance policy & rest of peoples dont have life insurance policy. Its shows that there is a great market for a insurance companies.

Q3.Which company policy you are having?

Company Name
LIC

Respondents
90%

Bajaj Allianz ICICI Pru. HDFC Std. Tata Aig

2% 4% 2% 2%

100% 80% 60% 40% 20% 0% Respontents

LIC Alianz Bajaj ICICI Pru. HDFC Std. OM Kotak Life Insurance

The data above and the graph represent that maximum number of people i.e. 90% of respondents have the policy from L.I.C, 4% respondents have policy from ICICI and 2% customer have the policy from Allianz, Birla and HDFC. Itss shows that mostly people trusted on Government companies.

Q4. If you have a Insurance policy, then for how much amount? For How Much Amount
Less that 1,00,000 More than 1,00,000

Response
88% 12%

Response

More than 1,00,000 12%

Less than 1,00,000 88%

The data above and the graph represent that maximum number of people that 88% have a Insurance policy but they are secured less than 1,00,000 Rs and only 12% are secured for more than 1,00,000 Rs. Its shows a great opportunity for the insurance companies.

Q6. Why you invest your money in Insurance?

Benefits of Life Insurance Tax Risk Saving

In% age 53 27 20

In%age 60 40 20 0 In%age

Tax

Risk

Saving

The data above and the graph represent that maximum number of people i.e, 53% of people invest their money in insurance because they are trying to save Income Tax and only 27% people thinks about a risk cover and 20% people thinks this is just an investment .

Q7. Which policy you are having? Policies Planning Money Back Endowment Children Unit Link %Age 62 22 12 4

%age 70 60 50 40 30 20 10 0
Ba ck En do w m C hi ld re n U ni t Li nk en t

%age

The da ta above and the gra ph re pres e nt tha t ma ximum numbe r of pe ople ha ving M one y ba c k Pla n and the y a re not inte res te d to de pos it the ir mone y a t long time. The y a re looking for a re turns a t re gula r inte rva ls .

M on ey

LIMITATIONS OF THE STUDY


1. Availability of time.

2.

This survey in just based on 100 respondents in Yamuna Nagar and Jagadhri.

3.

Bajaj

Allianz

staff

remaining

extremely

busy

in

their

professional assignments, little time areas available for me.

CONCLUSIONS

In its first year of operations, the company has acquired the No. 1 status among the private non-life insurers. As on 31st March 2003, Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores. According to market survey following facts were analyzed. Bajaj is a most reliable brand. Life insurance is most preferable for saving Income Tax. Children education and Pension Plan is the most important criteria in Life Insurance. There is a great opportunity of the Insurance companies to establish themselves.

BIBLIOGRAPHY

Books: Research Methodology Websites: www.irda.com www.hdfcbank.com www.google.com www.bimaonline.com www.icicipru.com By Kothari, C.R.

CUSTOMERS QUESTIONNAIRE

Respected Sir, We are hereby conducting the marketing survey on Bajaj Allianz Life Insurance us. Personal Information Name:-_______________ Address:______________ Occupation:____________ Q1. To which Income group do you belong? _________________________________ Q2. Do you know about Bajaj Allianz Life Insurance Company Ltd? Yes No Company Ltd. So please share some time for filling the questionnaire. We will be heartily thankful for your precious time gives to

Q3 . Do you have any Insurance Policy? Yes No

Q4. Which companies policies you are having? LIC ICICI Tata Aig Bajaj Allianz HDFC Dont Have

Q5. If you have a Insurance policy, then for how much amount? Less than 1,00,000 More than_____________

Q6. Should Insurance sector be privatized? Yes No

Q7. Why you invest your money in Insurance?

Tax Benefit Risk Cover

Saving Other Reason

Q8. Which policy you are having? Money Back Childrens Plan Endowment Unit Gain