ACKNOWLEDGEMENT

At the outset I would like to take this opportunity to thanks Mr. S. N. Mahapatra, Assistant Vice President and Mr. Sri Nath Yadav, Deputy Area Manager , Bajaj Allianz for making me realize new dimensions which earlier seemed beyond the scope of vision for me by allowing me to carry out my summer training at this rapidly progressing company.

I also thank Mr. Santosh kumar Srivastava Sr. Sales Manager, Bajaj Allianz for helping me to carry out the project successfully through untiring guidance as my project head.

I place on record my deep sense of gratitude to Prof.(Dr.) Moinuddin Ahmad H.O.D M.B.A Azad Institute Of Engineering & Technology for his warm encouragement towards attending summer training programme I would like to express my gratitude to Mrs. Farida Khan , Faculaty , A.I.E.T. for her expert guidance on the technicalities of the project..

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PREFACE
The importance of an academic course would gain advantage and acceptance of the true form, only through practical experience. Hence it is quite necessar y to put the theories into talk. It is rigidly accepted that the theor y widens one’s thinking horizons viz. Concepts of marketing philosophies, but practice indicates the modern marketing and used in variety of settings of products. The summer training programmers are designed to give the manager the future of the corporate happenings and work culture. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the summer training programmers and designed, so that the manager to tomorrow do not feel ill case when the time comes to shoulder responsibilities. Practical exposure for the MBA students is ver y necessary because what they study in the classroom is not the reality. Situation in the market is unknown and ver y much unpredictable. So the practical experience is ver y much necessar y this is made possible with the summer training project in Bajaj Allianz Life Insurance Co. in marketing related to search for the Potential Insurance Consultants. All organizations involves into business with some objective and one of the objectives is to endorse product or service which they produce. In my marketing project I tried to fid out the potential Insurance Consultants through questionnaire for the Bajaj Allianz Life Insurance Co. The product for the insurance company is its policies which company sale through its Insurance Consultants. So its quite clear that there will be as man y Insurance Consultants. There will be increased sales. Mohd. Altamash Mirza 2 Roll NO. 0605370017 7

TABLE OF CONTENTS

1. About Life Insurance Sector 2. Industry Overview 3. Company Profile 4. About Policies Of Bajaj Allianz 5. Distribution Channel 6. Research Methodology 7. SWOT Matrix 8. Findings 9. Conclusion 10.Limitation 11. Recommendations 12. Bibliography 13. Annexure

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WHAT IS LIFE INSURANCE
First of all we should come to know that what is Life Insurance. The different definitions describing life Insurance are as:“Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiar y. Life Insurance pays a specified sum to the beneficiaries upon the death of the insured. It is generally used to provide cash to your family in the event of your death. There are several types of life insurance whole life insurance provides a lifetime of protection as long as you pay the premiums to keep the policy active. They also accrue a cash value and thus offer a savings component. Term life insurance provides protection only during the term of the policy and the policies are usually renewable at the end of the term. Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities”.

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LIFE INSURANCE INDUSTRY IN INDIA
Many may not be aware that the life insurance industry of India is as old as it is in any other part of the world. The first Indian Life Insurance Company was the Oriental life Insurance Company, which was started in India in 1818 at Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However, the Government of India, concerned by the unethical standards adopted by some players against the consumers, nationalized the industr y in two phases in 1956 (life) and 1972 (nonlife). The insurance business of the country was then brought under two public sector companies, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 percent annually. Together with banking services, it adds about 7 percent to the countr y’s GDP. In spite of all this growth the statistics of the penetration of the insurance in the country is ver y poor. Nearly 80% of Indian populations are without Life Insurance cover and the Health Insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuations “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The Committee recommended throwing open the sector to private players to usher in competition and bring more choice to the consumer. The objective was to improve the penetration of insurance as a percentage GDP, which remains low in India even compared to some developing countries in Asia. The key element of the reform process was Participation of overseas insurance companies with Mohd. Altamash Mirza 6 Roll NO. 0605370017 7

26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy as the main idea behind the reform.

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A BRIEF HISTORY
The origin of insurance is very old. The time when we were not even born; was has sought some sort of protection from the unpredictable calamities of the nature. The basic urge in man to secure himself against any form of risk and uncertainty led to the origin of insurance. The insurance came to India from UK; with the establishment of The Oriental Insurance Corporation in 1818. the Indian Life Insurance company act 1912 was the first statutory body that started to regulate the Life Insurance business in India. B y 1956 about 154 Indian, 16 foreign and 75 provident firms were been established in India. Then the central government took over these companies and as a result the LIC was formed. Since then LIC has worked towards spreading Life Insurance and building a wide network across the length and the breath of the country. After the liberalization the entrance of foreign players has added to the competition in the market. The General Insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd, the first General Insurance Company established in the year 1850 in Calcutta by the British. In 1957 General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. In 1972 the General Insurance Business in India with effect from 1 s t January 1973. it was after this that 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd, the New India Assurance Company Ltd, the Oriental Insurance Company Ltd. GIC incorporated as a company.

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INSURANCE SECTOR REFORMS
In 1993, Malhotra Committee headed by former Finance Secretar y and RBI Governor was formed to evaluate the Indian industr y and give its recommendations. The committee came up with the following major provisions: Private Companies with a minimum paid up capital of Rs. 1 bn should be allowed to enter the industr y.  Foreign companies may be allowed to enter the industr y in collaboration with the domestic companies.  Only one state level Life Insurance Company should allow to operate in each state. Reforms were initiated with the passage of Insurance Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as an independent regulator y authority, which has put in place regulations in line with global norms. IRDA : The IRDA since its incorporation as a statutory body has been framing regulations and registering the private sector insurance companies. IRDA being an independent statutor y body has put a framework of globally compatible regulations.

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INSURANCE MARKET IN INDIA
B y any yardstick, with about 200 million middle class households, presents a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. With the per capital income in India expected to grow at over 6% for the next 10 years and with improvement in awareness levels, the demand for insurance is expected to grow at an attractive rate in India. An independent consulting company, the Monitor Group has estimated that the Life Insurance market will grow. WINDS OF CHANGE Reforms have marked the entry of many of the global insurance majors into the Indian market in the form of joint ventures with Indian companies. Some of the keys names are AIG, New York Life, Allianz, Prudential, Standard Life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC. Which has responded to the competition in an admirable fashion by launching new products and improving service standards. Market Expansion : There has been an overall expansion in the market. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is still unlimited as virtually all the players are concentrating on large cities and towns – except by LIC to an extent there was no significant attempt to tap the rural markets.

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New Product Offering: There has been a plethora of new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money-back policies, which is not considered very appropriate for long-term protection and savings. However, there are still some key new products yet to be introduced – e.g. health products. Custom er Service : Not unexpectedly, this was one area that witnessed the most significant change with the entry of new players. There is an attempt to bring in international best practices in service and operational efficiency though use of latest technologies. Advice and need based selling is emerging through much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc. However, there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels. Channels of Distribution : Till two years back, the only mode of distribution of life insurance products was through Agents. While agents a continue of to be the predominant distribution channel, today number innovative

alternative channels are being offered to customers. Some of them are bancassurance, brokers, the internet and direct marketing. Though it is too early to predict, the wide spread of bank branch network in India could lead to bancassurance emerging as a significant distribution mechanism. Mohd. Altamash Mirza 11 Roll NO. 0605370017 7

The introduction of private players in the industry has added to the colors in the dull industr y. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. LIC market share has decreased from 95% (2002-03) to 82% (2004-05). The following companies has the market share of the life insurance industr y. Insurance Company Market Share (Fig. in %)

LIC ICICI Prudential Bajaj Allianz HDFC Standard Life SBI Life Birla Sun Life Max New York Life` TATA AIG Aviva OM Kotak Mahindra ING Vyasa Reliance MetLife

71.44 11.35 7.06 2.37 1.81 1.49 0.98 0.79 0.89 0.86 0.57 0.37 0.24

Market Share of Life Insurance Companies as of May 2007

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CURRENT SCENARIO OF THE INSURANCE INDUSTRY IN INDIA
India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Innovative products and aggressive distribution have become the say of the day Indians, have always seen Life Insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice. Life Insurance industry is waiting for a big growth as many Indian and Foreign companies are waiting in the line for the green signal to start their operations. The Indian Consumer should be ready now because the market is going to give them all array of products, different in price, features and benefits. How the customer is going to make his choice will determine the future of the industry. CUSTOMER SERVICE Consumers remain the most important centre of the insurance sector. After the entry of the foreign players the industr y is seeing a lot of competition and thus improvement of the customer service in the industr y. Computerization of operations and updating of technology has become imperative in the current scenario. Foreign players an bringing in international best practices in service through use of latest technologies. The one time monopoly of the LIC and its agents are now Mohd. Altamash Mirza 13 Roll NO. 0605370017 7

going through a through revision and training programs to catch up with the other private players. DISTRIBUTION CHANNELS Till date insurance agents still remain the main source through which insurance products are sold. The concept is ver y well established in the countr y like India but still the increasing use of other sources is imperative. It therefore makes sense to look at well – balanced, alternatives channels of distribution. LIC has already well established and have an extensive

distribution channel and presence. New players may find it expensive and time consuming to bring up a distribution channel to have an advantage. At present the distribution channels that are available in the market are:  Direct Selling  Corporate Agents  Group Selling  Brokers and Cooperative Societies  Bancassurance To make all these channels a success the companies have to be ver y alert and skillful to know how to use these channels in a proper way. Bancassurance is on of the most upcoming channels of distribution.

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BANCASSURANCE: India has an extensive bank network established over the years. What Insurance companies have to do is to just take advantage of the customer ’s long-standing trust and relationships with banks. This is a mutually beneficial situation as banks can also expand their range of products on offer to customers, while the insurance company will also earn profits from the exposure. Another advantage is that banks, with their network in rural areas, help to fulfill rural and social obligations stipulated by the Insurance Regulatory and Development Authority (IRDA)

recently. Insurance companies should see banc assurance as a tool for increasing their market penetration in India. It is also good for the one who sees banc assurance in terms of reduced price, high quality product and delivery at doorsteps. Ever ybody is a winner here. The creation of banc assurance operations has made an important impact on the financial services industry at large. This is though a new concept but it has gained a lot of importance in the industry at present and has a great future. PRODUCT INNOVATION Customers have tremendous choice from a large variety of products from pure term insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional moneyback policies, which is not considered ver y appropriate for long-term protection and savings.

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RURAL MARKETING Rural India seems to have an appetite for mobile phones, computers, and cars and to add to it we have insurance. In India with the private players having entered into the insurance industry, the expected explosion in job opportunities may not actually happen but for them the catchments area is the opportunities in the rural India. In India the insurance business can be said to be “a marathon, not a sprint”. This is because of the nature of the business being long term. However it seems that they if not anything, are only increasing their spending, though only out of the capital. As insurance companies go more and more rural in search of business, there will be opportunities in the rural sector. Already United India The Rural consumer is now exhibiting an increasing propensity for Insurance products. A research conducted exhibited that the rural consumers are willing to dole out anything between Rs. 3,500 and Rs. 2,900 as premium each year. In the Insurance the awareness level for Life Insurance is the highest in rural India, but the customers are also aware about motor, accidents and cattle insurance. According to a study nearly one third said that they had purchased some kind of insurance with the maximum penetration skewed in favor of life insurance. The study also pointed out the private companies have huge task to play in creating awareness and creditability among the rural populace. INFORMATION TECHNOLOGY AND INSURANCE: In the insurance industry today, there is a clear trend away from selling a broad range of products to a large volume of customers in a one- size-fits-all manner. Instead of focusing on their different products lines as silos (i.e., life, property and casualty etc) insurers are looking for ways to offer highly targeted insurance products that are tailored to the individuals customers with the highest propensity to buy them. Insurance industr y is a data-rich industr y, and thus, there is desire need to use the data for trend analysis and personalization. Mohd. Altamash Mirza 16 Roll NO. 0605370017 7

With increased competition among insurers, service has become a key issue. People today don’t want to accept the current value propositions, they want personalized interactions and they look for more and more features and add ones and better service. Today managing the customer intelligently is very critical for the insurer especially in the ver y competitive environment. Companies need to apply different set of rules and treatment strategies to different customer segments. With the explosion of Website and greater access to direct or policy information, there is a need to developing better techniques to give customers a truly personalized experience. Personalization helps organizations to reach their customers with more impact and to generate new revenue through cross selling and up selling activities. To ensure that the customers are are receiving personalized information, many of organizations incorporating knowledge database-repositories

content that typically include a search engine and lets the customers locate the all document and information related to their queries of request for services. Customers can hereby use the knowledge database to manage their products or the company information and invoices, claim records, and histories of the service inquiry. These products also may be able to learn from the customer ’s previous knowledge database and to use their information when determining the relevance to the customers search request. The insurance sector remains a very competitive market and those companies that are able to best utilize their data and provide their customer with the most personalized options will have the distinct competitive advantage.

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MERGERS AND ACQUISTIONS: This is an era of mergers and acquisitions. Private companies including MNC’s are amalgamating the world over to get more competitive edge. Currently, the general insurance industry has been opened up. The insurers are doing enough to raise the level of risk awareness or are they merely content to compete in the markets organized and established. The private players in the future would have to turn their attention to working in the unorganized and under served markets. What is likely to happen is that the private players would continue to skim the profitable segments of the already organized business in the urban areas? The time has already come for the government of India to evaluate the performance of private companies. However it is high time for the government to realize that importance of merging the public sector general insurance companies into single entity. The recent scenario calls for a better performance from part of each of the public sector insurance companies against each other. The result what we see is the undercutting to retain or wrest business and quoting an uneconomical rate of premium. While this allows one of the Public Sectors Company to win a business form another in this manner. The others suffer a loss and the resultant effect is a cannibalization with a fall in the average premium of the public sector itself. The purpose of having four companies all subsidiaries of General Insurance Company, Corporation New India of India (GIC) – National Oriental Insurance Insurance Assurance Company,

Company, and The United India Insurance Com pany; at the time of nationalization was to have competition among themselves – in service and products at the same price.

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Now with real competition coming in with most of the global insurance players setting footprints here, it is felt that the time for merger has come and to enjoy the benefits if the size. It is to be stated that size does matter in insurance business. All over the world’s mergers and acquisitions in the risk-underwriting sector is common. The benefits if the four insurance companies merge will be enormous. The merged entity will enjoy higher underwriting and risk retention capacity; increase in reinsurance premium, reduction in reinsurance outflow, healthy solvency margins, setting right the asset-liability mismatch and reduction in cost. The loss of profitable business in view of undeserved competition among the public sector companies is hampering the subsidization of social insurance including the motor third party liability (TPL). It is thus clear that it is good for the public sector companies to merge immediately when they are still strong, lest a merger becomes inevitable later after the independent public sector companies fail one after another. STRATEGIC ALTERNATIVES: If one analyses the history of growth of the insurance industr y since reforms, it is marked by all- round growth of all players. More or less all players have aggressively recruited and trained advisors, appointed agents, launched new products, improved customer service standards and revamped/expanded their distribution networks. Ever y player would like the customers to believe that its service standards are the best or that its agents are the most informed and ethical. In other words, each company is tr ying to be ‘everything to ever ybody’. Some players justif y the above strategy on the basis that the Indian market is huge and it can accommodate everybody. Still, in a market where it is difficult to distinguish oneself sufficiently on service or any other parameter to be able to charge a premium, it will lead to unmitigated Mohd. Altamash Mirza 19 Roll NO. 0605370017 7

price competition to the detriment of all players. In the insurance industr y where large amounts of capital are required, this is risky. While there is room for a few scale players with a finger in ever y pie, it is profitable for the players to focus on different segments to survive and thrive in a multi-firm open environment. While each company has to choose its own unique positioning based on its unique strengths. • Variety-based Positioning This type of positioning is based on varieties in products and services rather than customer segments. It is a sensible strategy for those companies who have distinctive advantages or strengths in offering certain products and services. In the insurance industry too, it is possible to achieve a unique position by focusing on certain category of products. Through its superior fund management capabilities, the insurance company can deliver better returns on it investment-linked products and thereby for itself a leadership position in this segment. Then there is the entire categor y of pension products, which is widely touted to have immense growth potential in India due to imminent pension reforms. It is possible to achieve profitable positioning by focusing and excelling in only pension products. • Needs –based Positioning This is the most commonly understood positioning and is based on the different needs of different groups of consumers. This can be done successfully if a company has unique strengths to service a group of customer needs better than others. The insurance needs of young family with small children will be quite different from that of a family in which the income-earner is close to retirement. However, in India most of the Life Insurance companies Mohd. Altamash Mirza 20 Roll NO. 0605370017 7

have a wide variety of products of different customer needs and there is no company focusing only on a particular customer needs. • Access- based Positioning Positioning of customers can also be done by the way they are accessible that is different groups of customers may be accessible in different ways even though they may have similar needs. Access is typically a function of customer scale. There is excellent opportunity in the insurance industr y to emplo y access-based positioning by targeting the rural insurance sector. The rural market for Life Insurance is ver y different from the urban market in terms of needs, income levels, distribution, penetration of media and so on. Except for LIC, no other player has paid any attention or focus on the rural sector. Contrar y to common perception it is a big opportunity as emphasized repeatedly by such eminent strategies like C.K.Prahlad. Rural market can be a highly profitable position if one is able to carefully plan. CHOOSING THE RIGHT STRATEGY The right strategic choice is not a matter of positioning choice alone. It is the configuration of the entire value chain of the company through a different set of activities to deliver unique value to consumers. The set of activities cover all upstream and downstream activities, from the selection of the product mix. Some Life Insurance companies focusing on rural markets have adopted innovative means of distribution. Instead of appointing agents as is done typically, they have used Gramsevaks in different villages across the countr y to promote Life Insurance and act as their sales arm.

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So we can conclude that, the size of the market has grown and the size of the insurable population in India is indeed vast and the existing players have managed to cover about one-fourth of it. The falling interest rates, the collapse of many small –time financial institutions, the scope for entering related areas like banking and pensions in a bid for s ynergy and the promise of the e-commerce are some of the other opportunities knocking at the doors of the insurance majors. A number of web sites are coming up on insurance, a few financial magazines exclusively devoted to insurance and also a few training institutes being set up hurriedly. Many of the universities and management institutes have already started courses in insurance. Life insurance has today become a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time. A well regulated Life Insurance industry which moves with the times by offering its customers tailor-made products to satisfy their financial needs is, therefore, essential if we desire to progress towards a worry-free future.

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COMPANY PROFILE

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ABOUT BAJAJ ALLIANZ LIFE INSURANCE Mission: As a responsible customers focused market leader, we still strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. Vision: • • • To be the first choice insurer for customers. To be the preferred employee for staff in the insurance industry. To be the number one insurer for creating shareholder value.

SAM GHOSH, who was the CEO of Bajaj Allianz earlier has taken over as countr y Manager and is also the CEO of Bajaj Allianz Life Insurance Company. Bajaj Allianz Life Insurance Company Lim ited Bajaj Allianz Life Insurance Co. Ltd is a joint venture between two leading conglomerates-, and Bajaj Auto, one of the biggest two and three-wheeler manufacturers in the world and Allianz AG, one of the world’s largest insurance companies. Bajaj Allianze Life Insurance • • • • Is the fastest growing private life insurance company in India. Currently have over 300000 satisfied customers. Have Customer care centers in 156 cities with 28000 Insurance Consultant providing the finest customer service. One of India’s leading private life insurance companies.

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Bajaj Allianz General Insurance Company Lim ited 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 2 n d , 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 Allianz holds the remaining 26%. AG, Germany. In its first year of operations the company has acquired the NO. 1 status among the private non-life insurers. As on 31 s t March 2003, Bajaj Allianze General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianze 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 Allianze today has a network of 40 offices spread across the length and breadth of the countr y. From Surat to Sliliguri and Jammu to Thiruvananthapuram, all the 38 offices are interconnected with the Head Office at Pune. In the first half of the current financial year, 2004-05, Bajaj Allianz generated a premium incom e of Rs.405 crores, achieving a growth of 84% and registered a 52% growth in Net profit of Rs. 20 Crores over the last year for the same period. In the financial year 2003Mohd. Altamash Mirza 25 Roll NO. 0605370017 7

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. Shareholders & Prom oters Bajaj Auto Lim ited Bajaj Auto Limited is the largest manufacturer of two and threewheelers in India and also one of the largest manufacturers in the world. Bajaj Auto has been in operation for over 55 years. As a promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Auto has the following to offer:  Vast distribution network.  Knowledge of Indian consumers.  Financial strength and stability to support the insurance business Allianz AG, Germany Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890 in Berlin, Allianz is now present in more than 70 countries with over 177,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of  Property and casualty insurance,  Life and health insurance,  Asset management and banking. In fiscal year 2005, Allianz's total revenues amounted to some 100.9 billion euros. At the end of 2005 Allianz Group had more than 1.26 Mohd. Altamash Mirza 26 Roll NO. 0605370017 7

trillion euros in assets under management. Of this, 743 billion euros were assets managed for third parties. History of Allianz Documenting and researching its corporate histor y is part and parcel of the corporate culture of Allianz AG. The Allianz Center for Corporate History devotes itself to these tasks. As a frequently used information center, it has evolved into the company's "living memory". Global Presence Allianz Group is present on ever y continent and has companies and offices in about 70 countries. More information about our locations throughout the world is available by moving the cursor over the world map.

Business Fields: Property & Casualty Insurance When it comes to property and casualty insurance, Allianz is number one in Germany. Allianz also ranks as one of the world's leading global industrial risk insurers. Life & Health Insurance In life and health insurance, Allianz Group is among the top companies in Europe. Private and corporate retirement provision is emerging as a major market Asset Management & Banking Allianz Group's asset management activities are integrated under one roof at Allianz Global Investors. With Dresdner Bank, the Allianz Group has laid a broad foundation in order to address clients' needs on the investment market. Mohd. Altamash Mirza 27 Roll NO. 0605370017 7

Allianz AG is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurance with operations in over 70 countries. Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world’s largest infrastructure projects (including Honkong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insure, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels. Allianz AG has the follow ing of offer Bajaj Allianz General Insurance Company Ltd.: • • • • • Set up and running of General insurance operations New and improved international products One of the world’s leading insurance companies More than 700 subsidiaries and 2 lac employees in over 70 countries worldwide Provides insurance to almost half the Fortune 500 companies 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 indepth 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:

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Fully licensed to underwrite all lines of general insurance business including health with management control by Allianz AG About Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Its products include Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children’s plan where sustenance of income is combined in the same plan that also pays a lum sum), Cash Gain (Money Back), Child Gain (Children’s Plan), Risk care (Pure Term), Life Time Care (whole Life), term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain (Unit Linked Whole of Life Plan) and Unit Gain Single Premium. Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj Allianz Life Insurance has a wide pan India presence of office network in 156 citied of the country and is aided with a strong and trained Agency network of over 28000 agents. Bajaj Allianz has also forged strong Banc assurance and Corporate Agency relationship and continues to build on new tie-ups for fast track growth and deep market penetration. Bajaj Allianz Life Insurance has launched a slew of need-based products to cater to each varied needs of the customer. Currently Bajaj Allianz Life Insurance has a product portfolio of 19 products and more need-based products are in the pipeline.

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Bajaj Allianz general Insurance: 125 percent profit Increase Bajaj Allianz General Insurance Company Limited is a joint venture company between Bajaj Auto Ltd., India’s leading manufacturer of two and three wheeler vehicles and the Allianz Group. Bajaj Allianz General Insurance offers technical excellence in all areas of general and health insurance and risk management. The partnership successfully combines Bajaj Auto’s extensive understanding of the local market and expansive distribution with Allianz Group’s global experience and technical expertise. Bajaj Allianz General Insurance is headquartered in Pune and has a wide network of 40 offices spanning the countr y. All the offices are fully networked. The compan y received the IRDA registration in may 2001; today, it already has a vast range of 45 products to suit its corporate and retail customers. The company has also pioneered in unique forms of risk cover. In the year 2003-2004, the company garnered a premium income of approximately 4.8 billion Rupees (86 million Euros) with a profit after tax of 220 million Rupees (3.9 million Euros); it sold 1.2 million policies. With this result, it achieved a net profit growth of 125 percent, gross written premiums jumped by over 60 percent. Allianz Bajaj Changed Its Nam e To Bajaj Allianz Life Insurance Allianz Bajaj Life Insurance Co. Ltd., the fastest growing private life insurance co. today announced that it has changed its corporate name to Bajaj Allianz Life Insurance Co. Ltd, effective from August 03, 2004. The change in company name comes in conjunction with research findings from existing customers, 30 business associates, prospective

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customers and other stakeholders indicates higher comfort level and ease of recalling Bajaj name first and then Allianz, and hence the name Bajaj Allianz. Bajaj Allianz General Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited will now have a common logo and branding which will help in increasing our visibility and familiarity, which will create a much larger awareness and a greater mind share. The new logo incorporates the new Bajaj Auto logo. Commenting on this occasion Mr. Sam Ghose Manager, Allianz and CEO, Bajaj Allianz Life Insurance said, “ we are not only acquiring a new name, but have put in motion a new level of energy and commitment to delivering the best products. The name change coupled with aggressive strategic market initiatives to reach service customers better will give us an unbeatable position in the insurance market in this country and both Life and General companies together can unleash the ‘ Power of One’ and be the leader in the insurance industry.” Bajaj Allianz Life Insurance recently launched over 100 satellites branches, new life and non-life group products, which has helped Bajaj Allianz (formerly known as Allianz Bajaj) to log in Rs.100 Cr. Gross Written Premium (GWP) in the first 100 days of this financial year and has leaped to 2 n d position as per IRDA figures ending June 04, from its 7 t h position at the end of last financial year. Bajaj Allianz Life Insurance has also brought in the key executives, to infuse greater thrust, new ideas, efficiency and professionalism to impart state of the art servicing to the customers across the length and breadth of the countr y. CORE COMPETENCIES AT BAJAJ ALLIANZ LIFE INSURANCE

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The Bajaj Allianz Difference  Business strategy aligned to clients’ needs and trends in India and global economy industr y  Internationally background  Fast, decentralized decision making  Long-term commitment to market and clients Trust At Bajaj Allianz, they have realized that the customer seeks an insurer whom he/she can trust. Bajaj Allianz Limited is trusted name for over 55 years in the Indian market and Allianz AG has over 110 years of global experience in financial services. Together they are committed to provide the customer with time tested and trusted financial solutions that provide the customer all the security he/she need for their investments. And more… Underw riting Philosophy Their underwriting philosophy focused on:  Understanding the customer ’s needs  Underwriting what we understand  Meeting the customer ’s requirements  Ensuring optimal coverage at lowest cost experienced core team, majority with local

Claim s Philosophy

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The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. They pride themselves on a friendly and open approach. They are focused towards providing the customer a hassle free and speedy claims processing. Their claims philosophy is to:  Be flexible and settle fast  Ensure no claim file to be seen by more than 3 people  Check processes regularly against the global Allianz OPEX (Operational Excellence) methodology

Custom er Orientation At Bajaj Allianz, the guiding principals are customer service and client satisfaction. All the efforts are directed towards understanding the culture, social environment and individual insurance requirements- so that they can cater to all the customer ’s varied needs. Experienced and Expert Servicing Team Bajaj Allianz is driven by a team of experienced people who understand Indian risks and are supported by the necessar y international expertise requires to analyses and assess them service engineers located in every major city. Superior Technology  In order to ensure speedy and accurate processing o the customer ’s needs, they have established worlds class technology, with renowned insurance software, which networks all our offices and intermediaries  Using the Web, policies can be issued form any office across the countr y for retail products Mohd. Altamash Mirza 33 Roll NO. 0605370017 7

 Unique, user friendly software developed to make the process of issue of policies and claims settlement simpler (e.g. online insurance of marine policy certificate)

Unique Forms of Risk Cover  Special PA cover for Amarnath Yatris  Housing loan cover for people, who are suddenly unemployed  Film insurance  Event management cover Risk Management – Their Expertise Their service methodology is tried, tested and Proven the world over and involves:  Risk identification: Inspection  Risk analysis: Portfolio review and gap analysis.  Risk retention  Risk Transfer: To an insurer as well as reinsurer (as required)  Creation of need based products  Ongoing dialogue and proactively

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PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE

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LIFE INSURANCE POLICIES
LIFE LONG GAIN The Bajaj Allianz Life gain Plan comes with a host of features to allow customer to have the best of all words – regular income for customer and the added benefits of providing for loved ones too. This is the perfect plan to take care of ongoing and future family expenses like debts, expenses on children, living expenses, etc. It can also take care of unforeseen expenses like accidents, illness. Hospitalization etc. and provides a family with a safety net. How does the plan work? The premiums paid are invested in the Lifelong Gain Fund (based on the allocation rate) and units are allocated depending on the offer price of units for the fund. The value of the policy is the bid value of units that a customer holds in the fund. The life insurance cover charges are deducted value. through monthly cancellation of units and the fund administration charge and fund management charge are priced in the unit

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Benefits available under the plan  Death Benefit: In the case of unfortunate premature death the beneficiaries are entitled to the greater of : • • Sum Assured less partial withdrawals The bid value of units

If the age of the insured person is less than 7 or above 70, then the bid value of unit is paid.  Guaranteed Survival Benefits: Guaranteed Survival Benefits are available under this policy. Bajaj Allianz Life Insurance will pay, by cancellation of units in the account of the policy, 3% of the Sum Assured every year after the premium payment are over till the termination of the policy. This guaranteed amount is payable every year provided all premiums have been paid and no partial withdrawal were made, the guaranteed survival benefit would be 3% (Sum Assured less partial withdrawal) for the subsequent policy years. If the partial withdrawals made are equal to the Sum Assured, then the guaranteed survival benefit will become nil and funds in the account will be available to the customer for full/partial withdrawals as and when a customer needs them.

 Maturity Benefits:
On the life assured attaining age 100, the bid value of unit in the fund will be paid out and the policy will terminate.  Full Withdraw al: Mohd. Altamash Mirza 37 Roll NO. 0605370017 7

Life long Gain offers the customer the flexibility of the withdrawals by surrendering all his units, anytime after 3 full years’ premiums paid. The full withdrawals are paid out at the bid value of units. On full withdrawal the policy will terminate.  Partial Withdrawal: Lifelong Gain allows the customer to make partial withdrawals anytime after all the premiums are paid. This gives the customer the liquidity and option to take out additional money over and above the guaranteed survival benefits, as and when required. In case of partial withdrawal, a minimum withdrawal amount is Rs.1000/-. In the case of a partial withdrawal, the subsequent Guaranteed Survival Benefits will be 3% of (Sum Assured less partial withdrawals made). Key Features  Guaranteed death benefits  Whole life protection with only 10 or 15 years of contributions.  Guaranteed survival Benefits that pays 3% of the Sum Assured ever y year after the premium payments are over  Provision for full and partial withdrawals. Benefits  Death benefits  Guaranteed Survival Benefits  Maturity Benefits  Full Withdrawals  Partial Withdrawals UNIT GAIN PLUS Mohd. Altamash Mirza

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With Bajaj Allianz Unit Gain Plus, A customer can invest in one life insurance plan that can take care of all his/her changing requirements throughout their life. This plan has been designed to provide them with maximum flexibility, so that they do not have to worr y about their changing need s. Bajaj Allianz Unit Gain Plus Offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. A person can choose the investment funds that he wants to invest his money, providing an opportunity to have a direct stake in the performance of the financial market. Customer also benefits from attractive tax advantages and can protect loved ones against unfortunate events. How does the plan work? The premiums paid are invested in fund/ funds of customer ’s choice (depending on the allocation rate) and units are allocated depending on the price of units that the customer holds in the fund/funds. The insurance cover and administration charges a deducted through cancellation of units, The Fund Management Charge is priced in the unit value. Minim um Sum Assured = 5 time the annual premium. Maxim um Sum Assured = y t tim es annual premium .

The Five funds offered are as under:

a) Equity

Index Fund :

The investment objective of this Fund is to 39 Roll NO. 0605370017 7

provide capital appreciation through investment in equities. The plan Mohd. Altamash Mirza

is expected to match the returns given by Nifty Index of the National Stock Exchange. This fund will invest at least 85% in equities and maximum 15% in debt and cash.

b) Equity

Plus Fund : The investment objective of this Fund is to

provide capital appreciation through investment in select equities stocks that have the potential for high capital appreciation. This fund will invest at least 85% in equities and maximum 15% in debt and cash instruments.

c)

Debt Plus Fund : The investment objective of this Fund is to provide accumulation of income through investment in high quality fixed income securities like G-Secs, and corporate debt rates AA and above. This fund will be invested fully in Debt Instruments and money market instruments.

d) Balanced

Plus Fund : This fund is a fund of funds. The investment

objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of Bajaj Allianz’s Equity Index and Debt Plus Funds. The balanced fund will invest 30% to 50% in the equity index fund and 50% to 70% in the debt plus fund.

Cash Plus Fund :

The investment objective of this Plan is to have a

fund that guarantees invested capital through investments in liquid money market and short-term instruments like Commercial Papers, Certificate of Deposits, money market, Mutual Funds, Bank FDs etc. The price of units in this fund is guaranteed not to go down.1005 of this fund

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will be invested in money market instruments. The price of the units in this fund is guaranteed never to go down. Flexibilities – to manage customer investm ents Bajaj Allianz offers the flexibility to manage the investments. Initially, the customer can allocate the premium into the 5 funds that are available in a proportion of his/her choice. Subsequently, depending on the performance of funds, customer can switch between funds and also change the allocation of premium to various funds. They allow the customer three switches ever y policy year subject to a minimum switching amount of Rs. 5,000/- or the fund value, whichever is lower. The customer can also change the proportion of premium allocation to various funds at each policy anniversary.

Unmatched Flexibility – to suits the custom er’s changing requirem ents Bajaj Allianz Unit Gain Plus offers unmatched flexibility to suit the policy according to the customer ’s requirements.  Flexibility In Premium Paym ent : The customer has the

flexibility to decide how long he/she wishes to pay the premiums and when he wants to cash out the policy benefits. Customer may choose to cash out the policy benefits at one shot or do it as and when you require cash through partial surrender of units.

 Flexibility to Increase the Sum Assured :
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The Customer have the

option to increase the Sum Assured without any medical tests ever y 3 r d year up to 4 times. The quantum of increase would be 41 Roll NO. 0605370017 7

25% of the original Sum Assured or Rs 1,00,000/- whichever is lower. If the customer does not exercise an option when it is due, it cannot be carried forward. If the age is les than 18 years at the start of policy, all 4 increments will be available from age 18. Apart from exercising the options to increase the Sum Assured without medical tests, he/she can increase the Sum Assured an y time. Subject to medical underwriting (available up to age 60). In either case, the Sum Assured after increase must be equal to or less than the maximum Sum Assured available foe the premium level chosen. The customer should give notice of increase in death benefit 15 days before the yearly policy anniversary.

 Flexibility

to decrease the Sum Assured : The customer can

decrease the Sum Assured (in multiples of 1000) at any time to suit their changing needs. The sum Assured, after decrease, must be at least 5 times the annual premium. After a decrease subsequent increases will be subject to underwriting.  Flexibility to Pay Top ups : The customer may have received a bonus or some lump sum money. The customer can use that to increase his/her investments in their policy.98% of any amount paid as top-up is allocated to their funds.  Flexibility to increase the level of Regular Premium Payment : The customer ’s earnings grow over time, and so does their savings potential. With Bajaj Allianz Unit gain Plus, the customers will have the flexibility to increase their regular premium amount at any time.  Assured Protection even if the custom er misses payment of their premiums : Mohd. Altamash Mirza Bajaj Allianz Unit Gain Plus provides the 42 Roll NO. 0605370017 7

customer with the unique features of continued protection even if they forget to pay their premiums. After payment of three full years premiums, when premiums due are not paid, the policy will stay in force with full benefits so long as there are enough units available for charging the Cost of Insurance and Additional Benefits after deducting all applicable charges. Important Details of the ‘Bajaj Allianz Unit Gain Plus’ Plan  Minimum Age at Entry: 0(Risk commences at age 7, and ceases after age 70)  Maximum Age at Entr y: 60.  The minimum age at entry for all additional benefits is 18 years.  The maximum age at entry for all additional benefits is 50 years.  All additional benefits are available till age 65.

Prem ium Paym ent Mode For the customer ’s convenience, Allianz have provided 3 regular premium payment modes that can be Yearly, Half Yearly, and Quarterly. They also offer a monthly premium payment mode with salar y deduction schemes. In addition, the customer also has the option to pay top-ups to increase his/her investments. The minimum premium is Rs.15000/- for the Annual Mode, Rs.7500/- for Half Yearly, Rs.3750/- for Quarterly, and Rs.1500/- for the Monthly Mode. The minimum top-up premium is Rs.5000/-. Partial and Full Withdraw als UnitGain Plus offers the full flexibility of full as well as partial withdrawals by surrendering units, anytime after 3 full years premium are paid. The surrenders are paid put at the value of units, and there is no

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surrender penalty on partial or full withdrawals after full 3 years premiums are paid. Key Features  Guaranteed death benefit  Choice of 5 investment funds with flexible investment management: you can change funds at any time.  Attractive investment alternative to fixed-interest securities.  Provision for full/partial withdrawals any time after three full year ’s premiums is paid.  Unmatched flexibility- to match your changing needs. Benefits  Death Benefits  Cash withdrawal option Term Care This plan not only offers the customer life insurance cover at a low cost, but also provides for return of premiums on maturity. The premiums returns at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged if any). In case of premature death the policy term, the full sum Assured will be paid to the nominee. How does the plan work? The “Bajaj Allianz Term care” Plan offers the customer the convenience of choosing between two premium payment options.

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 Regular Premium Paym ent : Premium payment throughout the selected term.  Single Prem ium Payment : One time premium payment for the selected term at commencement. Apart from covering the risk of natural death, this plan also provides the customer the option to choose up to 5 additional benefits. The customer can select a specific combination of additional benefits best suited to his/her needs, available in 4 attractive packages to choose from. I. Economy : This is the basic plan, which is available for both the regular and single premium payment options. II. Protect : This pack comes with the following 3 in-built additional benefits :

a) Accidental b) Accidental c)

death Benefit. Permanent Total/Partial Disability Benefit

Waiver of Premium Benefit (in case of accidental permanent total disability)

The Protect Pack is available with the regular premium payment option only. III. Health : This pack comes with the following 2 in –built additional benefits : a) Critical Illness Benefit. b) Hospital cash Benefit. The health Pack is available with the regular premium payment option only. IV. Total : This pack comes with the following 5 in-built additional benefits : Mohd. Altamash Mirza 45 Roll NO. 0605370017 7

a) Accidental Death Benefit. b) Accidental Permanent Total/ Partial Disability Benefit. c) Waiver of Premium Benefit (in case of accidental permanent total disability) d) Critical Illness benefit e) Hospital Cash Benefit The Total Pack is available with the regular premium payment option only. Benefits :  Accidental Death Benefit  Accidental Permanent Total /Partial Disability Benefit  Waiver of premium Benefit  Critical Illness Benefit  Tax Benefits  Surrender  Loans

LOAN PROTECTOR The Bajaj Allianz “Loan Protector” plan is a mortgage term insurance plan that covers the outstanding principal amount of a loan. It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loaner. The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. How does the plan work? The “Bajaj Allianz Protector” Plan offers the convenience of choosing between two premium payment options. Mohd. Altamash Mirza 46 Roll NO. 0605370017 7

I. Regular Premium

Paym ent

:

Premium

payment

limited

to

approximately 2/3 r d of loan tenure, while coverage continues for the full tenure of the loan. II. Single Prem ium Payment : One time premium payment covering the customer for the full tenure of the loan. Joint Life Availability The Customer has the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on death of either life.

Days of Grace In case of non-payment of premiums, a grace period of 30 days will be allowed for the yearly, half yearly and quarterly modes (15 days for monthly mode). After that the policy will lapse.

Revival Of the Policy It is possible to revive a policy that has lapse due to non-payment of premiums within 5 years from the date of lapse. The revival will be effected subject to underwriting. In case of joint life, revival would be subject to underwriting on both lives. General Exclusion Within 15 days from the date of receipt of the policy, the customer have the option to review the terms and conditions and return the policy, if the customer disagree to any of the term and conditions, stating the reasons for his/her objections. The customer will be entitled to a refund Mohd. Altamash Mirza 47 Roll NO. 0605370017 7

of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and expenses incurred on medical examination and stamp duty charges. Benefits :  Death Benefit  Premium Payment mode  Tax benefits  Surrender values/ paid up values CHILD GAIN Taking care of a child is perhaps the most important job a parent can have. It is but natural that a person would like to give his/her best, and therefore, this is the time when careful financial planning can help them to fulfill the aspirations that the customers have for his/her children. How does the plan work? The “Bajaj Allianz Child Gain” solutions help the customer to enjoy the joys of parenthood responsibility, with the reassurance of a secure future for their child. Common features in the 4 options of Bajaj Allianz “Child gain” Solutions. I. Lim ited Premium Payment Term Which means that the premiums are payable till the customer ’s child attains age 18 years. II. The customer’s contributions grow by way of compounded annual bonuses, which will be paid to him with the first guaranteed payout (policy anniversar y following age 18 of your child), for in-force Mohd. Altamash Mirza 48 Roll NO. 0605370017 7

policies. In addition to the annual bonuses, a terminal bonus may also be paid. III. The customers are also eligible for Tax benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. IV. Assuring Your Child’s Future In an uncertain world, the prime interest of your child cannot be jeopardized in any way. Which is wh y the Bajaj Allianz has built in some added benefits in all their plans to protect the interests of your child’s future, by counter insuring you- the policyholder.

Prem iums For the customer ’s convenience they have provided three Prem ium Payment Modes can be Yearly, Half yearly or Quarterly. They also offer a Monthly Premium Paym ent Mode under salary deduction schemes.

Surrender They offer the customer the choice of surrendering the policy provided three full years premium have been paid (Two years for premium terms of 5 and 6 years). The guaranteed minimum surrender value is 30% of 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. Mohd. Altamash Mirza 49 Roll NO. 0605370017 7

Loans Loans solutions. 15 days Free Look Period : Within 15 days from the date of receipts of the policy, the customer have the option to review the terms and conditions return the policy, if he/she disagree to any of the terms and conditions, stating the reasons for his/her objections. The customer will be entitled to a refund of the premium paid, subject only to a deduction of proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges. Exclusions The Death Cover is subject to the following Exclusion : Suicide within one year from commencement of risk, whether sane or not this product brochure gives the salient feature only. The relevant policy document is the conclusive evidence of the contract, and provides in detail all the conditions. Exclusion related to each of plans under the Bajaj Allianz “Child Gain” Solutions. INVEST GAIN It takes only a moment to make promises and a lifetime to keep them. Keeping promises made to your loved ones is not just a responsibility, but a commitment that you have to live up to. When you promise to see your family through thick and thin you need to make sure that you have planned for all the eventualities that may befall on them. You need to be prepared that even if there ever is an instance that you are not there with them you have saved enough to see them through their entire life. are not available with Bajaj Allianz “Child Gain”

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 Accidental Death Benefit : Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but you can certainly soften the financial one. “Bajaj Allianz Accidental Death Benefit” gives the loved ones something to start with after the permanent loss of income by paying an account equal to Sum Assured. (Subject to a maximum of Rs. 50,00,000/under all policies with Bajaj Allianz taken together).  Accidental Perm anent Total/Partial Disability Benefit : Accidents are unpredictable and so are the consequences. They may lead to a disability – partial or total. This benefit provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together).  Waiver of Prem ium Benefit : An accident may lead to permanent total disability, limiting one’s ability to earn. “Bajaj Allianz Waiver of Prem ium Benefit” is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you to live up to your commitments.  Critical Illness Benefit (CI) : Some illnesses are critical. They not only alter one’s life’s pattern but also result in a financial drain. “Bajaj Allianz Critical Illness benefit” softens the impact on the family by paying out the Critical Illness Benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. The customer have the flexibility of choosing Critical Illness

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cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000)  Hospital Cash Benefit (HC) : The worry of settling hospital bills (room charges) adds to the trauma of hospitalization. “Bajaj Allianz Hospital Cash Benefit” reduces this financial burden and helps recovery with peace of mind.  Flexibility in Coverage : All Bajaj Allianz, they believe I offering benefits and not just products. They realize that customers are unique and their needs for insurance var y with time. They therefore offer the customer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversar y, subject to conditions relating to such inclusions and exclusion. “Com prehensive Accident Protection” can be included and excluded at each policy anniversar y. Family Income Benefit, Critical Illness benefit and Hospital Cash Benefit can be taken at inception only. CI and HC can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be increased or included subsequently.  Increase In risk Coverage Ever y added responsibility in a person’s life call for increase in his/her risk cover. Bajaj Allianz provide the customer the option to increase coverage up to 505 of the basic Sum Assured on each of the following happy moments in their life : Your Marriage. The Birth of your First Child. The Birth of the Second Child.

  

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“This additional coverage is not subject to underwriting”

Bajaj Allianz Cash Gain Platinum : Quadruple Sum Assured + Bonuses  Choice Of Terms Keeping the customer ’s convenience in mind, Bajaj Allianz offers the customer the widest range of terms : 15, 20, 25,and 30 years.  Additional Protection For The Custom er need Their Fam ily The customers have the option to add the following additional benefits. Providing total protection against uncertainties. a) Fam ily Income Benefit (FIB) : The Ultimate Protection For your

loved Ones. The customer can select the unique Family Income Benefit From Bajaj Allianz that ensures total financial protection for their loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income 1% of the Sum Assured (12% per annum) is paid till the end of the policy term or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived. b) Comprehensive Accident protection : This benefit provides

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

 Accidental Death Benefit Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but you can certainly soften the financial one. “Bajaj Allianz Accidental Death Benefit” gives the loved ones something to start after the permanent loss of income by paying an amount equal to

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the Sum Assured. (Subject to a maximum of Rs 50,00,000/- under all polices with Bajaj Allianz taken together).  Accidental Perm anent Total/ Partial Disability Benefit Accidents are unpredictable, and so are the consequences. They may lead to a disability – partial or total. This Benefits provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of partial disability. (Subject to a maximum of Rs. 25,00,000/for partial Rs. 50,00,000/- for total disability under all policy with Bajaj Allianz taken together).  Waiver of Prem ium Benefit An accident may lead to permanent total disability, limiting one’s to earn. “Bajaj Allianz Waiver of Premium Benefit” is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you up to your commitments. c) Critical Illness Benefit (CI): Some illnesses are critical. They not only alter one’s life’s pattern but also result in a financial drain. “Bajaj Allianz Critical Illness Benefit” softness the impact on the family b y paying out the Critical Illness Benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. The customer have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000). d) Hospital Cash Benefit (HC): The worry of setting hospital bills (room charge) adds to the trauma of hospitalization. “Bajaj Allianz Hospital Cash Benefit” reduces this financial burden and helps recover y with peace of mind. Mohd. Altamash Mirza 54 Roll NO. 0605370017 7

Flexibility in Coverage In Bajaj Allianz, they believe in the offering and not just products. They realize that the customers are unique and their needs for insurance var y with time. They therefore offer the customer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary, subject to conditions relating to such inclusions and exclusion. “Comprehensive Accident Protection” can be included and excluded at each policy anniversar y. Family Income Benefit, Critical Illness Benefit and Hospital cash Benefit can be taken at inception only. CI & HC can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they be increased or included subsequently. Increase in Risk Coverage : Ever y added responsibility in a person’s calls for increase in his/her risk cover. Bajaj Allianz provide the customer the option to increase coverage up to 50% of the basic Sum Assured on each of the following :  Happy moments on their life :  Your birth of your first child  The birth of the second child “This additional coverage is not subject to underwriting. The option should be exercised within 90 days of the occurrence of the said event.” SAVE CARE ECONOMY As the breadwinner of the family you shoulder several responsibilities. Your spouse’s welfare, your children’s education, buying a house or a car – you have a lot to think about, everyday. We, at Bajaj Allianz, believe that the security and growth of your hard earned money should not add to these. Which is why they have created the “Bajaj Allianz Save Care EconomySingle Premium” the 10-year Single Premium version of our popular Mohd. Altamash Mirza 55 Roll NO. 0605370017 7

“Save Care Economy”. It is an ideal plan for a one-time lump sum investment that provides for saving with high risk-cover. What does “Bajaj Allianz Save Care Economy – SP” offer you? The “Bajaj Allianz Save Care Economy – SP, is a Single Premium investment plan for 10 years that also participates in the profits of the company. The highlights of this plan are:  Minimum Guaranteed Return up to 3.54%(depending on age at entr y).  The Minimum Guaranteed Amount (Sum Assured) would grow further by way of compounded annual bonuses.  A high risk-cover of up to 142% (depending on age at entry) of the sum invested from the beginning of the policy term as a financial safety net to provide for unpredictable adversities.  Eligible for Tax Benefits under Section 88 and Section 10 (10 D) of the Income Tax Act.  At maturity you will receive the Sum Assured (Minimum Guaranteed Amount) along with the accrued bonuses. Death Benefit : In case of death during the term of the plan, the nominee will be paid the Sum Assured (Minimum Guaranteed Amount) plus accrued bonuses. I case of death of a minor (below age 7), the death benefit will be the surrender value or Single Premium whichever is higher.

RISK CARE This plan offers the customer life insurance cover at the lowest possible cost for a selected term. It is an ideal option to cover their near and dear ones against financial risks arising out of life’s adversities – like death and permanent disability. In the case of pre-mature death Mohd. Altamash Mirza Roll NO. 0605370017 56 7

during the term, the Sum Assured is paid to the nominee. There are no survival benefits under this plan. What does this plan offer? The “Bajaj Allianz Risk Care” Plan offers the convenience of choosing between two payment options.  Regular Prem ium Paym entPremium payment through the selected term.  Single Prem ium Payment- One time premium for the selected term at commencement. Apart from covering the risk of natural death, this plan also provides the option to choose up to 5 additional benefits. A person can select a specific combination of additional benefits best suited to his/her needs, available in 4 attractive packages to choose from.  Economy: This is the basic plan, which is available for both the regular and single premium payment options.  Protect: This pack comes with the following 3 in-built additional benefits:  Accidental Death Benefits.  Accidental Permanent Total/Partial Disability Benefits.  Waiver of Premium Benefit (in case of accidental permanent total disability) The Protect Pack is available with the regular premium payment option only.  Health: This pack comes with the following 2 in-built additional benefits: Mohd. Altamash Mirza 57 Roll NO. 0605370017 7

1. Critical Illness Benefit. 2. Hospital Cash Benefit. The heath pack is available with the regular premium payment option only.  Total: This pack comes with the following 5 in-built additional benefits: 1. Accidental Death Benefit. 2. Accidental Permanent Total/Partial Disability Benefit. 3. Waiver of Premium Benefit (in case of accidental permanent total disability). 4. Critical Illness Benefit. 5. Hospital Cash Benefit. The total Pack is available with the regular premium payment option only.  Benefits  Premium Waiver Benefit  Family Income Benefit  Option to Purchase future Insurance

 Exclusions Suicide within one year from commencement of risk, whether same or not. This product gives the salient featured only the relevant policy document is the conclusive evidence of the contract, and provides in details all the conditions, exclusion related to each of plans under the Bajaj Allianz “Child Gain” Solutions. LIFE TIME CARE

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This plan provides you with the comfort that your near and dear ones will continue to live their life without financial worries, even when you are not around.

PENSION PLANS
SWARNA VISHRANTI You have been working hard. You’re going to retire one day, How do you see your retirement? Traveling Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. In retirement, how you choose to spend your time is now up to you. It’s also up to you to ensure your retirement income lasts as long you do. The decisions you make about your money today should be flexible enough to accommodate your changing needs. Taking charge of your olden years are golden years. What does “Bajaj Allianz Sw arna Vishranti” offers? With Bajaj Allianz Swarna Vishranti, a person can take control of his/her future and ensure a retirement he can look forward to. This plan helps a person to prudently play for his retirement today, so that he doesn’t have to worr y about inflation, declining interest rates and rising medical bills in the future as also ensures the financial security of his family. The annuity payable under this plan will ensure that his/her earnings never stop during their lifetime. Packed with a host of innovative features and with flexibility like never before, then the search for the perfect pension ends here with Bajaj Allianz Sw arna Vishranti, they have the option to choose the following additional benefits: a) Family Income Benefit : The customer can select the unique Family Income Benefit from Bajaj Allianz that ensures total Mohd. Altamash Mirza 59 Roll NO. 0605370017 7

financial protection for loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income of 1% of the Sum assured (12% per annum) is paid till the vesting date or at least for period of 10years, whichever is higher. Moreover, all future premiums are waived. This unique regular income benefit can act as important supplement to the pension available to the spouse in the case of death.

b) Comprehensive

Accident

Protection

:This

benefit

provides

comprehensive cover in case of an accident. It comprises of :  Accidental Death Benefit : Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the loved ones something to start with after the permanent loss of income by paying an amount equal to the Sum Assured. (Subject to a maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together).  Accidental Permanent Total/Partial Disability Benefit : Accidents are unpredictable and so are the consequences. They may lead to a disability- partial or total. This benefit provides a financial cushion against such misfortunes. One will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together). Mohd. Altamash Mirza 60 Roll NO. 0605370017 7

 Waiver of Prem ium Benefit : An accident may lead to premium total disability, limiting one’s ability to earn. Bajaj Allianz Waiver of Premium Benefit is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you to live up to your commitments.

c) Term Cover : Additional Protection for Your Fam ily: The customers have an option to include a Term Cover in his/her policy, which will provide an additional life insurance protection at a nominal cost. This also ensures that the pension available to spouse is further supplemented.

d)

Critical Illness Benefit : Some illnesses are critical. They not only alter one’s life’s pattern but also result in a financial drain. “Bajaj Allianz Critical Illness Benefit” softness the impact on the family by paying out the Critical Illness Benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. The customer have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected b y you (Minimum Rs. 50,000).

e)

Hospital Cash Benefit (HC) : The worry of setting hospital bills (room charge) adds to the trauma of hospitalization. “Bajaj Allianz Hospital Cash Benefit” reduces this financial burden and helps recover y with peace of mind.

What are the benefits of Bajaj Allianz Swarna Vishranti? Mohd. Altamash Mirza Roll NO. 0605370017 7

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The plan works in two parts - The deferment period and The annuity period. During the deferment period, the plan provided valuable life cover and builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. The customers are free to choose their age of retirement (vesting date) between 45 and 70 years. Since the Bajaj Allianz Sw arna Vishranti plan participates in the profits of the company, the Sum Assured grows with time through the bonuses declared by the company. The benefits on vesting date (the date you choose to retire) 1. The Sum Assured along with all accrued bonuses will be used to purchase an immediate annuity. The immediate will be purchased at rates prevailing at that point of time. 2. Option to take lump sum: The customers have the option to take upto 33% of Sum Assured plus accrued bonuses on the vesting date as a lump sum. This amount would be tax in their hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. 3. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other compan y. If the immediate annuity is purchased from Bajaj Allianz, the amount available for purchased of annuity will be up to 2% At present, they offer their immediate annuity plan for life, Swarna Raksha, tied to this plan. 4. The minimum installm ent of annuity from Bajaj Allianz is Rs.1000/-. The annuity mode may be changed to make each installment more than the minimum requirement. If it is still below the minimum, the Sum Assured + Accrued Bonuses would be paid.

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Added Assurance – for your fam ily In the unfortunate event of death during the deferent period, your spouse will have the option to take the Sum Assured plus accrued bonuses as a lump sum pr purchase an annuity to get regular income for life. For the immediate annuity, your spouse will have the Open Market Option as well, Bajaj Allianz immediate annuity, with a mark up of 2% will be available only if the spouse is above 45 years of age. In all ages lower than 45, the Sum Assured + A Accrued bonuses would paid out. Flexibility in Coverage At Bajaj Allianz, they believe in offering benefits and not just products. They have realized that the customers are unique and their needs for insurance vary with time. They therefore offer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary till the vesting date, subject to conditions relating to such inclusion and exclusion. “Comprehensive Accident Protection” can be included and excluded at each policy anniversar y. The Term Cover, Family Income Benefit, Critical Illness Benefit and Hospital Cash Benefit can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be increased or included in the policy subsequently. The Family Income benefit, once selected, cannot be removed. The term cover can be excluded at any subsequent policy anniversary. Once removed, it cannot be included in the policy subsequently. UNIT GAIN EASY PENSION You have been working hard. You’re going to retire one day. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more Mohd. Altamash Mirza 63 Roll NO. 0605370017 7

time with your family. In retirement, how you choose to spend your time is now upto you. Its also upto you to ensure your retirement income lasts as long as you do. The decisions you make about your money today should be flexible enough to accommodate your changing needs. Taking charge ensures that your olden years are your golden years. The “Bajaj Allianz Unit Gain Easy Pension” Plan With Bajaj Allianz, you can take control of your future and ensure a retirement you can look forward to. There are two packages to choose from:  UnitGain Easy Pension Regular Prem ium  UnitGain Easy Pension Single Prem ium

What are the benefits available? The plan works in two parts – the deferment period and the annuity period. During the deferment period, the plan builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. The benefits on Vesting Date (the date you choose to retire) 1. The Account Value as on the vesting date will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. 2. Option to take lump sum: You have the option to take up to 1/3 r d of the account value on the vesting date as a lump sum. This amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. 3. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other compan y. If the immediate annuity is purchased from Bajaj Allianz, the Mohd. Altamash Mirza 64 Roll NO. 0605370017 7

amount available for purchase of the annuity will be market up b y 2%. 4. The minimum installment of annuity from Bajaj Allianz is Rs.1000/-. The annuity frequency may be changed to make each installment more than the minimum requirement. If it still below the minimum, the Account Value may be utilized to purchase an immediate annuity from any other company in the a open market as per your choice, or paid in lump sum, if permissible, subject to the prevailing tax laws. Assurance – for your fam ily In the unfortunate event of death during the deferment period, your spouse will have the option to take the Account Value as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, your spouse will have the Open Market Option as well. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. If age were below 45, the Account Value would be paid out. Annuity options: You will be able to choose from all immediate annuity products offered by Bajaj Allianz Life insurance at the vesting date. The annuity products currently available are: Annuity for Life Annuity for Life with 5, 10 or 15 years certain payout Annuity for Life with Return of Capital You also has the open market option to purchase immediate annuity. UNITGAIN LIFE PENSION You have been working hard. You’re going to retire one day. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. In retirement, how you choose to spend Mohd. Altamash Mirza Roll NO. 0605370017 65 7

your time is now up to you. Its also up to you to ensure your retirement lasts as long as you do. The decision you make about your money today should be flexible enough to accommodate your changing needs. Taking charge of your retirement begins with Bajaj Allianz UnitGain Life Pension, a plan that ensures that your olden years are your golden years. The “Bajaj Allianz Unit Gain Life Pension” Plan with Bajaj Allianz, you can take control of your future and ensure a retirement you can look forward to. This plan has been designed to take care of your retirement and insurance needs, thereby providing you with a comprehensive solution for a lifetime. There are two packages to choose from:  UnitGain Life Pension Regular Prem ium  UnitGain Life Pension Single Premium What are the benefits available? The plan works in two parts – the deferment period and the annuity period. During the deferment period, the plan provides valuable life cover and builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years.

The benefits on Vesting Date (the date you choose to retire) 1. The Account Value as on the vesting date will be used to purchase an immediate annuity. The immediate annuity will be purchased at rates prevailing at that point of time. 2. Option to take lump sum: You have the option to take up to 1/3 r d of the account value on the vesting date as a lump sum. This Mohd. Altamash Mirza 66 Roll NO. 0605370017 7

amount would be tax free in your hand, as per current tax laws. The balance amount will be used to purchase an immediate annuity. 3. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other compan y. If the immediate annuity is purchased from Bajaj Allianz, the amount available for purchase of the annuity will be up by 2%. 4. The minimum installment of annuity from Bajaj Allianz is Rs.1000/-. The annuity frequency may be charged to make each installment more than the minimum requirement. If it still below minimum, the Account Value may be utilized to purchase an immediate annuity from any other company in the open market as per your choice, or paid in lumpsum, if permissible, subject to prevailing tax laws. Assurance – for your fam ily In the unfortunate event of death during the deferment period, your spouse will get the greater of the Sum Assured or the Account Value. S/he will have the option to take it as a lump sum or purchase an annuity to get regular income for life. For the immediate annuity, your spouse will have the Open Market Option as well. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. If age were below 45, the amount would be paid out as a lump sum. Annuity Options You will be able to choose from all annuity products offered b y Bajaj Allianz Life insurance at the vesting date. The annuity products currently available are: 1. Annuity for Life Mohd. Altamash Mirza 67 Roll NO. 0605370017 7

2. Annuity for Life with 5,10 or 15 years certain payout 3. Annuity for Life with Return of Capital You also has the open market option to purchase immediate annuity. SWARNA RAKSHA ROC You have been working hard. You’re going to retire one day. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. In retirement, how you choose to spend your time is now up to you. Its also up to you to ensure your retirement income lasts as long as you do. Taking charge of your retirement begins with Bajaj Allianz Swarna Raksha, a plan that ensures that your olden years olden years are you golden years.

The “Bajaj Allianz Swarna Raksha” ROC Plan With Bajaj Allianz Swarna Raksha, you can ensure a regular income after retirement. The plan offers you a Life Annuity with Return of Capital. How does Bajaj Allianz Swarna Raksha work? All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company, and the annuity payments will start after expir y of monthly/quarterly/half yearly/yearly interval corresponding to the payment mode selected by you. Here annuity is payable for life, so you do not have to worr y about your income stopping at any stage. What more, under the return of capital option, the amount used to purchase the annuity is paid to the nominee on the death of the annuity.

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Important details of the “Bajaj Allianz Swarna Raksha ROC” Plan  Minimum Age at Entr y 45  Maximum Age at Entr y 80  Minimum Lump Sum Rs.50,000  Minimum Annuity Installment Rs.1000 How much will you get? For Rs.10, 00,000/- invested in Swarna Raksha at age 60, you will receive Rs.53, 690/- per GERANTEED for life, with return of Rs.10, 00,000/- to your nominee on death. Annuity Frequency Mode for your convenience they have provided 4 Annuity Frequency Modes that can be Yearly, Half yearly, quarterly or monthly. The annuity will be payable one month/quarter/half year/year after the date of purchase depending on the mode selected. Fem ale Lives The annuity rates for female lives shall be the

corresponding annuity rate for a 4 year younger male. 15 days Free Lock 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 premium paid, subject only to a deduction of the expenses incurred.

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DISTRIBUTION CHANNEL

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Bajaj Allianz General Insurance Company Limited is a joint venture company between Bajaj Auto Limited, India’s leading insurance and financial services group. Bajaj Allianz General Insurance Company offers technical excellence in all areas of General & Health insurance and Risk Management. The partnership successfully combines Bajaj Auto’s extensive understanding of the local market and expensive distribution with the global experience and technical expertise of the Allianz Group. Allianz AG, Germany brings its technical expertise of insuring the majority of Fortune 500 companies. Bajaj Allianz General Insurance is headquartered on Pune and has a wide network of 40 offices spanning the countr y. All the offices are fully networked. The company received the IRDA registration May 2001 and today has a vast range of 45 products to suit the corporate and retail customers. The company has also pioneered the issue of unique forms of risk cover, like Special PA cover for Amarnath Yatris, Housing loan cover for people who may become unemployed, Film Insurance, Credit Insurance cover for domestic as well as credit risk. Bajaj Allianz has two main channels of distribution, one is the Agency channel, which is the dominant one, and the other one is bancassurance agreement so far. The first was Standard Chartered Bank. When they started their operations in India, it had a good customer base of HNIs & corporate and therefore they chose that bank. Their next Mohd. Altamash Mirza 71 Roll NO. 0605370017 7

bancassurance arrangement was with Syndicate Bank last year. Recently, we have entered into bancassurance with Centurion Bank. This bank has a vast network of around 100 branches not in metro cities but also in “B” class cities. Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj Allianz Life Insurance has a wide pan India presence of office network in 156 cities of the country and is aided with a strong and trained Agency network of over 28,000 agents. Bajaj Allianz has forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration. Bajaj Allianz has tied up with 6 banks viz. bank of Punjab, Bank of Rajasthan, Jammu & Kashmir bank, Lord Krishna bank, Karur Vys ya Bank and Punjab & Sind Bank – the 1 s t Public Sector bank to tie up with it. Bajaj Allianz is the only private general insurer to have tied up with 6 Bancassurance partners. And so far they are happy with the performance of this channel of distribution for their products. Bajaj Allianz has tied up with Janakalyan Sahakari Bank, schedule urban co-operative bank, for Bancassurance on a referral basis. As per the arrangement, Janakalyan sahakari Bank will distribute Bajaj Allianz life insurance products through its branches. The bank has a network of 25 branches in Mumbai ad its suburbs Thane, Vashi and Panvel. Its area of operation covers entire Maharashtra. Centurion Bank has inked a pact with Bajaj Allianz Life Insurance Company to distribute the latter ’s Bancassurance products through branches in the country as part of plans to grow free-base income. In the first phase the private sector bank would rollout Bancassurance products at 46 branches and 16 extension counters from October one, its managing director Shaliendra told reporters on Wednesday. The distribution set-up Mohd. Altamash Mirza 72 Roll NO. 0605370017 7

would be expanded to 15 more branches and 6 extension counters in second phase. Bajaj Allianz Life Insurance has launched a slew of need-based products to cater to each varied needs of the customer. Currently Bajaj Allianz Life Insurance has a product portfolio of 19 products and more need-based products are in the pipeline. Bajaj Allianz is also targeting tech savvy customers. The banks are in regular touch with their customers anyway either through the ATMs, Internet Banking etc. and hence the bank can at least inform their customers about the insurance products. Once the customer evinces keen interest the product features can be explained to them. Again in order to issue the policy they need not visit their office, but the bank branch can issue the policy from their office itself. Bajaj Allianz Life Insurance Company Ltd recorded Rs.500 crore GWP from April 2004 to Januar y2005and has insured a total of 500,000+ customers, scoring a double-500 this year. The company Recently launched an online sales portal and has been widening its distribution network as well strengthening its market presence, through strategic partnerships with the right distributors and a strong, focused relationship with each of its partners. At present, Bajaj Allianz ranks second amongst private players, with a market share of 12% (as per IRDA results for this financial year, up to December 2004), and 2.03 % amongst overall players. The company’s agents, bancassurance partners, corporate products, have played a major role in its fast paced growth. agents and sales team, apart from its decentralized operations and flexible

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With the authority to think as business managers and build their branches as profit centers. They are encouraged to open satellite branches. This gives branch managers the depth of decision-making and speed required to react to market dynamics and consumer needs. The management has also appointed full-time training personnel for each branch. The fastest growing private Life Insurance company in India, Bajaj Allianz’s portfolio of 19 products includes comprehensive ‘Employee Benefit Solution (Group Term Life, EDLI, Gratuity, Super annuation, Keyman Insurance and More); Invest Gain (a unique Life Insurance plan for the individual, where a regular income is combined in a plan that also pays a lump sum), Cash Gain (money back), Child Gain (children’s plan), Risk Care (pure term), Lifetim e Care (w hole life), Term Care (term with return of premium ), Swarna Vishranti (retirement plan), Protector (m ortgage term insurance plan), Unit Gain (unit-linked plan), UnitGain Single Prem ium, Unit Gain Plus, Unit Gain Plus SP, Lifelong Gain Plus, Unit Gain Single Pension and Unit Gain Easy Pension.

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RESEARCH METHODOLOGY
The approach to the research is considered in this chapter, from the theoretical underpinning to the collection and analysis of the data. It begins with the extent of the research to provide the specific guidelines of studying. The next part is concerned with the method of the research that refers to the data collection and analyzing which is used in the research.

CONCEPTUAL CONTEXT OF THE RESEARCH As the objective of the research focuses on the research of potential Insurance Consultants with special emphasis of Bajaj Allianz. It will help the company to increase its sales, which is the prime objective of the company at this time. The research attempts to generate awareness among the people of Delhi regarding the agency of Bajaj Allianz.

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METHODS
PRIMARY DATA Date collection for this research was done primarily through filling up of questionnaire. The sample for the research including different individuals of various age groups and having different professions and qualifications. Data was collected through the interview of individuals. The questionnaire was containing questions regarding the personal details of individuals and then some light questions regarding their primary knowledge related to private insurance companies. Then there were questions related to their interest in being the Insurance Consultants of company. SECONDARY DATA A large amount of secondary data has been collected from secondary sources. Some of the sources are: Reports on Insurance Sector of India.  Articles from Newspapers and magazines.  Various web sites of the insurance companies and related sites.

DATA ANALYSIS There are some features of analyzing data that need to be borne in mind when choosing the method for analyzing the research. The questionnaire were prepared to explore the ps ychology of individuals about being associated with Bajaj Allianz as Insurance Consultants and to help the company grow by increasing its sales. Instead of testing a Mohd. Altamash Mirza 77 Roll NO. 0605370017 7

h ypothesis, a qualitative analyst may demonstrate evidence showing that a theory, generalizing, or interpretation is plausible.

SAMPLE SIZE :Various areas of Chapra were covered in order to fill the questionnaire. I interacted with 200 individuals in order to know about their interest of being Insurance Consultants of Bajaj Allianz. SAMPLE COMPOSITION  Youth  Executives  Serviceman  Business persons RESEARCH DESIGN : A research design provides the framework to be used as a guide in collecting and analyzing data. Descriptive Research: Market survey is one of the best example of descriptive research. This is a one shot research study at a given point of time, and consists of a sample of the population of interest. Its advantages are that it gives a good overall picture of the position at a given time. It can cover many variables of interest, and is not affected by the movements of elements in the sample, because other elements can be substituted for them.

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AGENTS LICENSED BY THE AU THORITY (2006-2007) (URB AN AND RUR AL) LIFE INSURERS Name Urban BAJAJ ALLIANZ LIFE 28912 INSURANCE CO. LTD TATA AIG LIFE INSURANCE 17590 CO. LTD AMP SANMAR INSURANCE CO.LTD. BIRLA SUN LIFE INSURANCE CO.LTD. AVIVA LIFE INSURANCE CO INDIA PVT. LTD. HDFC STANDARD LIFE INSURANCE CO. LTD. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. ING VYSYA LIFE INSURANCE CO. PVT. LTD. LIFE INSURANCE CORPORATION OF INDIA MAX NEW YORK LIFE INSURANCE CO.LTD METLIFE INDIA INSURANCE CO. PVT. LTD. KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE CO.LTD. SAHARA INDIA LIFE INSURANCE CO. LTD. SBI LIFE INSURANCE CO. LTD. Sub Total 4226 5432 3702 9324 29838 7404 173958 . 6899 3310 2772 1 1908 295,276 Rural 3768 189 787 43 117 1032 92 316 179815 99 64 204 0 267 186,793 Total 32680 17779 5013 5475 3819 10356 29930 7720 353773 6998 3374 2976 1 2175 482,069

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DATA ANALYSIS:After collection of data, the analysis of it was done through various graphs: Doughnut  Pie Diagram  Bar Diagram  Tubes  Cones According to the data collected through survey with the help of questionnaire, the break up with respect to income of individuals is as follows : MONTHLY INCOME 0-5000 5000-10000 10000-15000 15000-20000 20000 AND ABOVE NUMBER OF INDIVIDUALS 43 60 49 32 16

Break up according to monthly income
60 50

Number of individua

40 30 20 10 0 0k-5k 5k-10k 10k-15k 15k-20k 20 and above 0-5

1k=1000

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ANALYSIS FOR THE OVERALL INCOME GROUP Servicem en–32% Businessm en-68%

32 Servicemen Businessmen 68

Graduate – 95%

Beyond Graduate-5%

5
Graduate Non Graduate

95

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Company HDFC Standard Bajaj Allianz ICICI Pru Life Birla Sunlife Tata AIG

Prem ium Incom e (cr) Market Share (%) 352.14 3.11 643.59 5.68 819.75 7.24 207.93 1.84 189.24 1.67

9% 9%

16% HDFC Standard Bajaj Allianz ICICI Pru Life 29% Birla Sunlife Tata AIG

37%

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Q1. Do you know about the Bajaj Allianz Life Insurance companies? Ans. The response of individuals are as :Yes- 60% No-40%

40 Yes No 60

Q2. Would you like to earn some extra money? Ans. The response of individuals is as follows : Yes- 90% No-10%

10 Yes No 90

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Q3. What is desired or expected monthly income? Ans. The response of individuals are as follows :-

MONTHLY INCOME 0-5000 5000-10000 10000-15000 15000-20000 20000 and above

% of people 0 2 10 75 13

13

02

10 0-5000 5000-10000 10000-15000 15000-20000 20000 and above

75

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Q4. How much time you can provide easily besides your job hours? Ans. The response of individuals are as follows:TIME PERIOD 0-2 hrs. 2-4 hrs. 4-6 hrs. Full tim e % people 42 45 11 2

11

2 0-2 hrs. 42 2-4 hrs. 4-6 hrs. Full time

45

Q5. Do you have your own vehicle? Ans. The response of people is as follows :Yes- 96.5% No-3.5%

3.5

Yes No

96.5

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Q6. Do you have your own mobile? Ans. The response of people is as follows : Yes- 98% No-2%

2

Yes No

98

Q7. Would you like to work in market/field and want to interact with people? Ans. The response of individuals is as follows :Yes- 65% No- 35%

35 Yes No 65

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Q8. Would you like to come our company office and spend your some time with our people in a seminar? Ans. The response of people are as follows :Yes- 45% No- 55%

45% 55%

Q9. Do you want that a sales manager should approach you for agency? Ans. The responses of people are as follows : Yes- 64.3% No-35.7%

80 60 40 20 0

64.3

35.7

S1 Yes No

Q10. How many people do you know in Obra? Ans. The responses of people are as follows: MONTHLY INCOME 0-5000 5000-10000 10000-15000 Mohd. Altamash Mirza 87 % of people 15 10 35 Roll NO. 0605370017 7

15000-20000 20000 and above

25 15

S1 0-5000 500010000 1000015000 1500020000 20000 and above

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IMPORTANCE OF ADVISORS IN AN INSURANE COMPANY : In the insurance industry the sales team following the typical organization structure: Hierarchy in Insurance Company
SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

UNIT MANAGER

UNIT MANAGER

UNIT MANAGER

ADVISORS

ADVISORS

ADVISORS

The sales team comprises of the Sales Manager superior to Area Sales Manager, These ASM’s (Area Sales Manager) have their own individual team of Unit Manager and in turn Unit Managers their own team of financial advisors. Each team of ASM’s competing with each other in surge of achieving targets, each Unit Manager depends on their Advisors for their business. They represent the company in the market to the customers, so nobody can deny the importance of Advisors in the whole system. They providing the company with the business and help their respective Unit Manager to achieve their targets. So a unit Manager has to be really careful while recruiting their Advisors. During the year of

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appointment, new Advisor usually account for a relatively small proportion of the organization’s total production. The most promising means of achieving profitable production growth lies in your sales organization’s capacity to give policy owners good counsel and prompt, courteous serves –to give them value for premium paid. The best guarantee of having that capacity comes from retaining large number of productive advisor. Consequently, the development needs of your sales organization call for successful recruiting. It’s a necessity. This is why manager who move to the top of Bajaj Allianz honor roll and stay there are always found to be manpower-focused. Before we move to the “how to” of recruiting, let’s consider some important philosophies relative to recruiting.

FIVE PERSISTENT CONCERNS: As an Bajaj Allianz Manager, you are fully committed to building a high performing, growing agency. This being true, it follows those five concerns must be constant in your annual planning.  The SEARCH for talent  The EVALUTION of potential advisors  The ATTRACTION of advisors  The RETENTION of advisors  The PRODUCTIVITY of advisors Any manager who attains satisfying results in these five areas will enjoy  Satisf ying sales results Mohd. Altamash Mirza 90 Roll NO. 0605370017 7

 Outstanding persistency of business  Superior policy owner service capabilities  An enviable reputation as a Bajaj Allianz agency builder  A momentum which comes from the synergistic benefit of success

CH AR T SHOWING HOW TO GET POTENTI AL ADVISOR: Putting it simply in a flow SE ARCH Where to look for

ATTR AC T How to attract to life Insurance

EVALU ATE How to evaluate

PRODUCTIVITY

RETENTION

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SWOT ANALYSIS:

Environmental Scan

Internal Analysis

External Analysis

Strength

Weaknesses

Opportunities

Threats

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SWOT Matrix Strengths  Strong brand name  Customer loyalty  Product Quality  Good reputation among customers Weaknesses  Insufficient product promotion  Unawareness about the product Opportunity  Allianz Bajaj adds complete suite of group insurance products to its product Portfolio  Allianz Bajaj plans to focus on group insurance for its next phase of aggressive growth  An unfilled customer need Threat  Emergence of substitute products  Resistance to change  Non- response from the target customers

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FINDINGS

People are becoming more & more money conscious as I didn’t find any person who doesn’t want to earn extra money.

People are ver y much aware of ICICI Prudential among private companies and LIC in public sector as they respond me first name of LIC then ICICI prudential and then others.

The overall scenario is that still people trust on LIC more than an y other insurance company. Sometimes when I asked someone to become an agent of Bajaj Allianz they misunderstood with LIC. For them still life insurance means LIC.

Generally people are having leisure time of around 2-3 hrs and still want to utilize this time to earn extra money, if they can.

Contrar y of the prior thinking most of the people don’t hesitate in doing field work an roaming in the market. They know that without hard work they can’t earn money.

There were many respondents who were not interested in attending seminar conducted by Bajaj Allianz among Indian Market.

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CONCLUSION The baja Allianz insurance company is entering into booming here. To increase the market share in insurance time-to-time research projects are undertaken and this prefects was endeavor in that direction. To conclude their can't be two ways about Bajaj Allianz life Insurance, commanding a very good brand image people mostly does not go by Bajaj people still think that Bajaj is partly owned by government. And hence would be more secure to invest here Growing at a breakneck pace with a strong pan Indian presence Bajaj Allianz has emerged as a strong player in India. Characterized by global presence with a local focus driven by customer orientation to establish highearnings potential and financial strength.

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LIMITATION It is well known fact that constraints and limitation are bound to present in any study do this also has some limitation as: 1) It is very difficult to make the people understand the significant of conducting survey. 2) Lack of knowledge of area has also affected the research. 3) Due to shortage of monitory resources the project report does not reach to its perfection. 4) Market share can fluctuate for much minor reason. 5) Sometimes people don't give the clear answer during the survey. The people are much faith on L.I.C.

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RECOMMENDATIONS

There should be focus on advertisements through T.V. or other Electronic Media.

Tr y to make Brand Image, with the help of Bajaj Auto, more & more as it has a strong brand image in Indian market.

Make use of internet banking for increasing sales, and also for promotion.

They should increase their Distribution Channels by more & more tie ups with the locals banks also, because they can help them to penetrate in Indian market easily.

There should be more incentives to IC’s as they are the backbone of the company in order to increase sales they have to do more efforts than others.

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BIBLIOGRAPHY

LIFE INSURERS Life Insurance Corporation of India ICICI Prudential Life Insurance Co. Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Limited ING Vysya Life Insurance Company Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. TATA AIG Life Insurance Company Limited Bajaj Allianz General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Insurance Regulatory Development Authority Life Insurance Corporation of India Ro yal Sundaram Alliance Insurance Co. Ltd. Insurance Regulatory Development Authority

Websites www.licindia.com www.iciciprulife.com www.birlasunlife.com www.hdfcinsurance.com www.ingvysayalife.com www.metlife.com www.omkotakmahnidra.com www.tata-aig.com www.bajajallianz.co.in www.cholainsurance.com www.irdaindia.org www.licindia.com www.royalsun.com www.irdaindia.org

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BOOKS WERE CONSIDERED

 Marketing management by Mr. Philip Kotler.  Principles of marketing by Mr. Richard Armstrong.  Marketing Strategy and Management by Mr. Michael J. Baker.  Marketing Channels by Mr. Louis Stern  Business Research Methodology by Mr. C.R. Kothari.

BUSINESS MAGAZINE & NEWS PAPER

  

The Times of India The Economic Times 4Ps, Pitch, Business & Economy

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Annexure Q1.Do you know about the Bajaj Allianz Life Insurance companies? Yes No Q2. Would you like to earn some extra money? Yes No Q3. What is desired or expected monthly income? 0 – 5000 5000 – 10000 10000 – 15000 15000 – 20000 20000 and Above Q4. How much time you can provide easily besides your job hours? 0-2 4-6 6-8 Full Time Q5. Do you have your own vehicle? Yes Q6. Do you have your own mobile? Yes No No

Q7. Would you like to work in market/field and want to interact with people? Yes No

Q8. Would you like to come our company office and spend your some time with our people in a seminar? Yes No

Q9. Do you want that a sales manager should approach you for agency? Mohd. Altamash Mirza 100 Roll NO. 0605370017 7

Yes

No

Q10. How many people do you know in LIC? Yes No

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