A STUDY ON CUSTOMER PERCEPTIONS ON INSURANCE PLANS AT BAJAJ ALLIANZ, GUNTUR

A project report submitted to the GITAM UNIVERSITY in partial fulfilment of the requirements for the award of

INTEGRATED MASTER OF BUSINESS ADMINISTRATION

SUBMITTED BY

I.ESWAR (1234109114)

Under The Guidance Of

Prof. B.S.P. NARAYANA

GITAM INSTITUTE OF MANAGEMENT, GITAM UNIVERSITY, VISAKHAPATNAM. 2009-2014

STUDENT DECLARATION

I, I.ESWAR, a student of GITAM INSTITUTE OF MANAGEMENT, declare that this project report titled STUDY ON CUSTOMER PERCEPTIONS ON INSURANCE PLANS AT BAJAJ ALLIANZ IN GUNTUR is submitted in partial fulfilment of the requirement for the internship project for the award of INTEGRADED MASTER OF BUSINESS ADMINISTRATION degree. This is my original work and has not been previously submitted as part of another degree or diploma of another Business School or University. The findings and conclusions of this report are based on my personal study and experience, during the tenure of my Industry Internship at BAJAJ ALLIANZ.

STATION: Visakhapatnam

(I.ESWAR) IMBA-IVTH YEAR

DATE:

Regd no: 1234109114

CERTIFICATE BY GUIDE

This is to certify that the Industry Internship Project titled STUDY ON CUSTOMER PERCEPTIONS ON INSURANCE PLANS AT BAJAJ ALLIANZ IN GUNTUR. a bonafide work of I.ESWAR a bonafide student of IMBA in GITAM INSTITUTE OF MANAGEMENT OF GITAM UNIVERSITY Visakhapatnam, is original and has been done under my supervision in partial fulfilment of the requirement for the award of INTEGRADED MASTER OF BUSINESS ADMINISTRATION for the period of 40 days from 5TH May to JUNE 15th 2013. This report neither full nor in part has ever before been submitted for awarding of any degree of either this university or any other university. I am pleased to say that his performance during the period was Good.

Name of faculty: Prof B.S.P Narayana GITAM Institute of Management Visakhapatnam

Signature of faculty guide

PREFACE

THIS PROJECT IS DONE AS PART OF MY FOURTH YEAR IMBA WHERE I WAS GIVEN AN
OPPORTUNITY TO WORK WITH

BAJAJ ALLIANZ. THE TOPIC I HAVE CHOSEN IS BASED ON

THE CUSTOMER PERCETIONS TOWARDS BAJAJ ALLIANZ INSURANCE PRODUCTS.

IN

MY DETAILED

STUDY, I

HAVE DESCRIBED THE MAIN SUBJECT THAT

HAVE

CHOSEN AND THE TOPICS RELATED TO IT.

THE

IMPORTANCE OF INSURANCE INDUSTRY

AND THE BAJAJ ALLIANZ ROLE IN THE PRESENT SCENARIO. THIS STUDY WILL HELP US TO GET A BETTER PICTURE AS TO WHAT CUSTOMER PERCEIVE ABOUT INSURANCE PLANS AND THEIR AWARENESS ABOUT IT.

I HAVE TAKEN

A SAMPLE OF SIXTY RESPONDENTS AND SURVEYED THE

PREFERENCES ALONG WITH TABLES AND GRAPHICAL REPRESENTATION OF DATA AND ALSO MADE A LIST OF FINDINGS AND POSSIBLE SUGGESTIONS THAT CAN SOLVE THE PROBLEM.

THIS STUDY WILL DEFINITELY CREATE AN IMPACT WITHIN THE ORGANIZATION WHICH CAN
LEAD TO NEW IDEAS AND CONCEPTS TO INCREASE SATISFACTION LEVELS OF THEIR PRODUCTS AMONG THE CUSTOMERS.

ACKNOWLEDGEMENT

I would like to express my sincere gratitude to PROF. K. SIVARAMA KRISHNA, principal of GITAM INSTITUE OF MANAGEMENT, VISAKHAPATNAM, for giving the opportunity to work in this project. I am grateful to PROF. K. KUSMA, HOD, Dept. of IMBA, GITAM INSTITUTE OF MANAGEMENT, VISAKHAPATNAM, for giving me opportunity to work in this project and for her valuable advice. I take this opportunity to record my everlasting thanks and hearty feelings of gratitude to my project guide, PROF. B.S.P. NARYANA, GITAM INSTITUTE OF MANAGEMENT, VISAKHAPATNAM for his constant encouragement and guidance for the successful completion of the project work. I would like to express my sincere gratitude to Mr. GANESH, BRANCH MANAGER OF BAJAJ ALLIANZ LIFE INSURANCE, for his valuable support and guidance during the entire course of project work.

(I.ESWAR) IMBA-IVTHYEAR Regd no: 1234109114

CONTENTS
CHAPTER -1 THEORITICAL FRAMEWORK
1.0 1.1 MAIN SUBJECT TOPIC RELATED CONCEPTS

PAGE NO

CHAPTER 2 METHODOLOGY
2. O 2.2 2.3 2.4 NEED OF STUDY OBJECTIVES OF THE STUDY SCOPE OF STUDY RESEARCH DESIGN

CHAPTER -3 ORGANIZATION PROFILE

3.1 3.2 INDUSTRY PROFILE ORGANIZATION PROFILE

CHAPTER -4 ANALYSIS OF CUSTOMER PERCEPTION

4.1 DATA ANALYSIS AND INTERPRETATION

CHAPTER -5 FINDINGS, SUGGESTIONS AND CONCLUSIONS

5.1 5.2 5.3 FINDINGS SUGGESTIONS CONCLUSION

BIBLIOGRAPHY ANNEXURE - QUESTIONNAIRE

LIST OF TABLES

TABLE NO 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.1 4.11 4.12 4.13 4.14 4.15 4.16 4.17

TABLE NAME Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

PAGE NO

LIST OF CHARTS

CHART NO 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.1 4.11 4.12 4.13 4.14 4.15 4.16 4.17

CHART NAME PAGE NO Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

CHAPTER 1
INTRODUCTION MAIN SUBJECT TOPIC RELATED CONCEPTS REVIEW OF LITERATURE

INTRODUCTION
After the globalization of India economy in 1991 the insurance sector remained one of the most happening sectors in India. The recent years witnesses rapid and dramatic changes in the field of insurance services. In the last few years more and more companies both foreign, domestic, came into insurance service, service market and offers large number of services to the people. A consumer may be referred to anyone engaged in evaluating, acquiring, using or disposing of services which he expects will satisfy his wants. If any producer makes out the marketing programmer ignoring the consumer preferences, he cannot possibly achieve his ultimate objectives. A manufacturer must plan his production and distribution to suit the consumers convenience rather than his own. Therefore a marketer must know more and more about the consumers so that the products can be produced in such a fashion to give satisfaction to them.

1.1 MAIN SUBJECT

CONSUMER PREFERENCES
The underlying foundation of demand, therefore, is a model of how consumers behave. The individual consumer has a set of preferences and values whose determinations are outside the realm of economics. They are no doubt dependent upon culture, education, and individual tastes, among a plethora of other factors. The measure of these values in this model for a particular good is in terms of the real opportunity cost to the consumer who purchases and consumes the good. If an individual purchases a particular good, then the opportunity cost of that purchase is the forgone goods the consumer could have bought instead. We develop a model in which we map or graphically derive consumer preferences. These are measured in terms of the level of satisfaction the consumer obtains from consuming various combinations or bundles of goods. The consumers objective is to choose the bundle of goods which provides the greatest level of satisfaction as they the consumer define it. But consumers are very much constrained in their choices. These constraints are defined by the consumers income, and the prices the consumer pays for the goods. We will formally present the model of consumer choice. As we go along, we will
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establish a vocabulary in order to explain the model. Development of the model will be in three stages. After a formal statement of the consumers objectives, we will map the consumers preferences. Secondly, we present the consumers budget constraint; and lastly, combine the two in order to examine the consumers choices of goods.

THE THEORY OF THE CONSUMER

Consumer makes decisions by allocating their scarce income across all possible goods in order to obtain the greatest satisfaction. Formally, we say that consumers maximize their utility subject to budget constraint. Utility is defined as the satisfaction that a consumer derives from the consumption of a good. As noted above, utilitys determinants are decided by a host of non- economic factors. Consumer value is measured in terms of the relative utilities between goods.

THEORY OF CONSUMER PREFERENCES

Consumer preferences are defined as the subjective (individual) tastes, as measured by utility, of various bundles of goods. They permit the consumer to rank these bundles of goods according to the levels of utility they give the consumer. Note that preferences are independent of income and prices. Ability to purchase goods does not determine a

consumers likes or dislikes. One can have a preference for Porsches over Fords but only have the financial means to drive a Ford. These preferences can be modelled and mapped through the use of indifference curves. In order to graphically portray consumer First, since we will be working in two

preferences, we need to define some terms.

dimensions (2-d graphs); we assume a two good world. These could be any two goods. One common treatment is to define one good, say food, and let the other good be a composite of all other goods. For expository simplicity (making things easier for me), lets define the two goods as Good X and Good Y. The axes of the graph then measure amounts of Good X on the horizontal, and amounts of Good Y on the vertical. Each point in this Cartesian space then defines some combination of goods X and Y. We call these combinations commodity bundles. The goal of the theory of preferences is for the consumer to be able to rank these commodity bundles according to the amount of utility obtained from them. In other words,
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the consumer has different preferences over the different combinations of goods defined by the set of commodity bundles.

Concepts and Definitions

Financial Institutions: a financial institution acts as an agent that provides financial Services for its clients or members. Common types of financial institutions include Insurance companies, banks, building societies, credit unions, stock brokerages, asset Management firms and similar businesses11. Insurance Companies: Companies whose primary activity concerns issuing of insurance services and providing of reimbursements in the case of damage or accidents. Bundling: - Practice of packaging two or more products and/or services together, and selling them at one combined price which is usually different from the sum of their individual prices. Competitive advantage: strategic benefits over competitors gained through cost cutting, Diversification, efficiency, attaining customer loyalty etc. In short, everything that leads to better competitive possibilities. Organizational restructuring : changes made to the structural properties of the organization usually with an aim to increase efficiency and effectiveness. Portfolio restructuring: reconfiguration of the firms main lines of business, but also refers to smaller diversifications and changes in the products and services offered.

CUSTOMER SATISFACTION THE PROCESS of development along with the expanding globalization and liberalization process has increased the number of customer related issues. Customer protection has earned an important place in the political, economic and social agendas of many nations. In India, the Government has taken many steps including legislative, to protect customers. Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four of a Balanced Scorecard. In a

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competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy From the beginning of the customer service revolution almost 20 years ago, a body of business research has focused on customer satisfaction and customerfocused organizations. Business consultants, corporations and others have worked to identify the characteristics of organizations that consistently please their customers, to develop tools for monitoring customer satisfaction, and to build continuous, quality improvement systems that respond to consumer feedback. Although much of the research has been conducted by and for the corporate world, customer service and satisfaction is not limited to the private sector. Publicly funded organizations that are incorporating practices developed in the business world provide a growing body of experience and study. Increasingly, federal, state and local government agencies are attempting to gauge their performance and the effect on those they directly serve. Throughout the public sector, initiatives to reinvent governmentincluding education reform, privatization, and managed carehave elevated customer service and satisfaction to new priorities. Within the European Union, a shift is underway to re-think and reform social services with social inclusion and user involvement as driving forces in quality improvement. Businesses monitor customer satisfaction in order to determine how to increase their customer base, customer loyalty, revenue, profits, market share and survival. Although greater profit is the primary driver, exemplary businesses focus on the customer and his/her experience with the organization. They work to make their customers happy and see customer satisfaction as the key to survival and profit. Customer satisfaction in turn hinges on the quality and effects of their experiences and the goods or services they receive. The definition of customer satisfaction has been widely debated as organizations increasingly attempt to measure it. Customer satisfaction can be experienced in a variety of situations and connected to both goods and services. It is a highly personal assessment that is greatly affected by customer expectations. Satisfaction also is based on the customers experience of both contact with the organization (the moment of truth as it is called in business literature) and personal outcomes. Some researchers define a satisfied customer within the private sector as one who receives significant added value to

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his/her bottom linea definition that may apply just as well to public services. Customer satisfaction differs depending on the situation and the product or service. A customer may be satisfied with a product or service, an experience, a purchase decision, a salesperson, store, service provider, or an attribute or any of these. Some researchers completely avoid satisfaction as a measurement objective because it is too fuzzy an idea to serve as a meaningful benchmark. Instead, they focus on the customers entire experience with an organization or service contact and the detailed assessment of that experience. For example, reporting methods developed for health care patient surveys often ask customers to rate their providers and experiences in response to detailed questions such as, How well did your physicians keep you informed?

These surveys provide actionable data that reveal obvious steps for improvement. Customer satisfaction is a highly personal assessment that is greatly influenced by individual expectations. Some definitions are based on the observation that customer satisfaction or dissatisfaction results from either the confirmation or disconfirmation of individual expectations regarding a service or product. To avoid difficulties stemming from the kaleidoscope of customer expectations and differences, some experts urge companies to concentrate on a goal thats more closely linked to customer equity. Instead of asking whether customers are satisfied, they encourage companies to determine how customers hold them accountable. In the public sector, the definition of customer satisfaction is often linked to both the personal interaction with the service provider and the outcomes experienced by service users. For example, the Urban Institute and Mathematical conducted customer satisfaction surveys for the federal child support enforcement system. The definition they developed addresses three aspects of customer satisfaction:

satisfaction with client-worker interaction, whether in-person, by phone, or by mail; satisfaction with the support payment (e.g., its accuracy and timeliness); and Satisfaction with the effect of child support enforcement on the child.

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Another example that has particular implications for vulnerable individuals and neighbourhoods is the Shaping Our Lives National Users Network in the United Kingdom. This includes both national and local research and development projects to examine what service users see as good outcomes for services and support.

Research identifies many characteristics that are associated with service quality. Business researchers Benjamin Schneider and David Bowen assert that service organizations must meet three key customer needs to deliver service excellence: security, esteem, and justice. Research identifies an array of service quality factors that are important for customers, including: Timeliness and convenience, Personal attention, Reliability and dependability, Employee competence and professionalism, Empathy, Responsiveness, Assurance, Availability, and Tangibles such as physical facilities and equipment and the appearance of the personnel. Research shows that these characteristics also apply to citizen satisfaction with public service quality. Timely service is an especially strong determinant of quality across different types of public services. Fairness and outcomes are additional factors important to public service customers. Public sector quality improvement initiatives are on the rise worldwide as contracting and private service provision has become more common. At the same time, European researcher Dr. Jane Pillinger notes that consumer demand for more transparent, equitable, and consumer-oriented services has produced a quality gap: a gulf in perceptions of quality and the impact of services on the end user. She calls for rethinking quality initiatives to interlink quality improvement with user involvement and participation and with social equality and inclusion. The experiences of successful businesses both support this perspective and offer experiences, tools and lessons for putting customers first.
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1.2 TOPIC RELATED CONCEPTS

MARKETING MANAGEMENT Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges with target groups that satisfy customer and organizational objectives. Inbound Marketing Includes Market Research to Find Out: 1. What specific groups of potential customers/clients (markets) might have which specific needs (nonprofits often already have a very clear community need in mind when starting out with a new program -- however, the emerging practice of nonprofit business development, or earned income development, often starts by researching a broad group of clients to identify new opportunities for programs) 2. How those needs might be met for each group (or target market), which suggests how a product might be designed to meet the need (nonprofits might think in terms of outcomes, or changes, to accomplish among the groups of clients in order to meet the needs) 3. How each of the target markets might choose to access the product, etc. (its "packaging") 4. How much the customers/clients might be willing pay and how (pricing analysis) 5. Who the competitors are (competitor analysis) 6. How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition) 7. How the product should be identified -- its personality -- to be most identifiable (its naming and branding) Outbound Marketing Includes: 1. Advertising and promotions (focused on the product) 2. Sales 3. Public and media relations (focused on the entire organization) 4. Customer service
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5. Customer satisfaction Too often, people jump right to the outbound marketing. As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective -- and less difficult -- outbound marketing and sales. Need, Wants and Demands: A human need is a state of felt deprivation of some basic satisfaction. People require food, clothing, shelter, safety, belongings and a few other things for survival. These needs are not created by their society or by marketers; they exist in the very texture of human biology and human condition. Wants are desires for specific satisfiers of these deeper needs. Demands are wants for specific products that are backed by an ability and willingness to buy them. Product, Offering and Brand: Companies address needs by putting forth a Value proposition, a set of benefits they offer to customers to satisfy their needs. The intangible value proposition is made physical by an Offering, which can be a combination of products, services, information, and experiences. A Brand is an offering from a known source. All companies strive to build strength that is, a strong, favourable brand image. Value and Satisfaction Value is defined as a ratio between what the customer gets and what he gives. The customer gets benefits and assumes costs. The benefits include functional benefits and emotional benefits. The costs include monetary costs, time costs, energy costs and psychic costs.

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Competition: Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider. Competition may be of different types. They are, Brand competition Industry competition Form competition Generic competition These environments contain forces that can have a major impact on the actors in the task environment. CUSTOMER ORIENTATION A firm in the market economy survives by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm's future viability and even existence as a going concern. Many companies today have a customer focus (or market orientation). This implies that the company focuses its activities and products on consumer demands. Generally there are three ways of doing this: the customer-driven approach, the sense of identifying market changes and the product innovation approach. In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is that there is no point spending R&D funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs. A formal approach to this customer-focused marketing is known as SIVA (Solution, Information, Value, and Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer
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centric version alternative to the well-known 4Ps supply side model (product, price, placement, promotion) of marketing management. If any of the 4Ps had a problem or were not there in the marketing factor of the business, the business could be in trouble and so other companies may appear in the surroundings of the company, so the consumer demand on its products will become less.

ORGANIZATIONAL ORIENTATION In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization. Information from an organization's marketing department would be used to guide the actions of other departments within the firm. As an example, a marketing department could ascertain (via marketing research) that consumers desired a new type of product, or a new usage for an existing product. With this in mind, the marketing department would inform the R&D department to create a prototype of a product/service based on consumers' new desires. The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc. of the product. Additionally, a firm's finance department would be consulted, with respect to securing appropriate funding for the development, production and promotion of the product. Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. NEW PRODUCT DEVELOPMENT (NPD) Improving and updating product lines is crucial for the success for any organization. Failure for an organization to change could result in a decline in sales and with competitors racing ahead. The process of NPD is crucial within an organization. Products go through the stages of their lifecycle and will eventually have to be replaced There are eight stages of new product development. These stages will be discussed briefly below:

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Stage 1: Idea generation New product ideas have to come from somewhere. But where do organizations get their ideas for NPD? Some sources include: Within the company i.e. employees Competitors. Customers Distributors, Supplies and others. Stage 2: Idea Screening This process involves shifting through the ideas generated above and selecting ones which are feasible and workable to develop. Pursing non feasible ideas can clearly be costly for the company. Stage 3: Concept Development and Testing The organization may have come across what they believe to be a feasible idea; however, the idea needs to be taken to the target audience. What do they think about the idea? Will it be practical and feasible? Will it offer the benefit that the organization hopes it will? Or have they overlooked certain issues? Note the idea and concept is taken to the target audience not a working prototype at this stage. Stage 4: Marketing Strategy and Development How will the product/service idea be launched within the market? A proposed marketing strategy will be written laying out the marketing mix strategy of the product, the segmentation, targeting and positioning strategy sales and profits that are expected. Stage 5: Business Analysis The company has a great idea, the marketing strategy seems feasible, but will the product be financially worthwhile in the long run? The business analysis stage looks

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more deeply into the cash flow the product could generate, what the cost will be, how much market shares the product may achieve and the expected life of the product. Stage 6: Product Development Finally it is at this stage that a prototype is finally produced. The prototype will clearly run through all the desired tests, and be presented to the target audience to see if changes need to be made. Stage 7: Test Marketing Test marketing means testing the product within a specific area. The product will be launched within a particular region so the marketing mix strategy can be monitored and if needed, be modified before national launch. Stage 8: Commercialization If the test marketing stage has been successful then the product will go for national launch. There are certain factors that need to be taken into consideration before a product is launched nationally. These are timing, how the product will be launched, where the product will be launched, will there be a national roll out or will it be region by region.

1.3 REVIEW OF LITERATURE

A considerable body of literature in a range of different disciplines exists on consumption, consumer behaviour, and consumer decision-making process. Research in economics, business, marketing, psychology and sociology domains studies consumer behaviour from different theoretical premises: for economists, consumption is used to produce utility; for sociologists, it is a means of stratification; for anthropologists a matter of ritual and symbol; for psychologists the means to satisfy or express physiological and emotional needs; and for business, it is a way of making money (Fine 1997). For more than a decade now, a range of studies that address environmentally sound consumer behaviour, e.g. car use, waste sorting, minimisation and recycling practices have been conducted. However, few studies evaluated consumer acceptance of the PSS

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concept a consumption based on non-ownership of physical products, see, for example, studies on car sharing schemes (Schrader 1999; Meijkamp 2000), ski rental and washing services (Hirschl, Konrad et al. 2001). One reason explaining the lack of studies in the area could be that, there are still not many PSS schemes in place to serve as test grounds. Another reason could be uniformity of research focus. Most of consumer research focused on adopter categories, habits, attitudes and intentions, rather than on actually measuring the satisfaction level with the service. The reason is probably that PSS ideas have been promoted by researchers from the environmental management, marketing, design and engineering fields, and to a lesser extent by sociologists, who hold the banner of research in customer satisfaction. CONSUMER SATISFACTION PROCESS The paramount goal of marketing is to understand the consumer and to influence buying behaviour. One of the main perspectives of the consumer behaviour research analyses buying behaviour from the so-called information processing perspective" (Holbrook and Hirschman 1982). According to the model, customer decision-making process comprises a need-satisfying behaviour and a wide range of motivating and influencing factors. The process can be depicted in the following steps (Engel, Blackwell et al. 1995): Need recognition realisation of the difference between desired situation and the current situation that serves as a trigger for the entire consumption process. Search for information - search for data relevant for the purchasing decision, both from internal sources (one's memory) and/or external sources. Pre-purchase alternative evaluation - assessment of available choices that can fulfil the realised need by evaluating benefits they may deliver and reduction of the number of options to the one (or several) preferred. Purchase - acquirement of the chosen option of product or service. Consumption utilisation of the procured option. Post-purchase alternative re-evaluation - assessment of whether or not and to what degree the consumption of the alternative produced satisfaction.

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 Divestment - disposal of the unconsumed product or its remnants. Besides the information processing perspective, marketing analyses consumer behaviour by employing a psychologically grounded concept of attitudes (Balderjahn 1988; Ronis, Yates et al. 1989; Luzar and Cosse 1998). It is consumer attitudes that are usually named as the major factor in shaping consumer behaviour and a wealth of Studies is available on the topic of how attitudes can predict behaviour.

INTER-DISCIPLINARITY OF CONSUMER RESEARCH Different research disciplines diverge in their presuppositions about the human nature, factors influencing consumer behaviour, market response, etc. Therefore, they naturally employ different research approaches. However, despite that seemingly insurmountable abyss between disciplines, we see that many research topics and methods overlap, and that there is no clear-cut line between different domains of consumer research. Many consumption-related issues are being increasingly addressed from interdisciplinary or multidisciplinary perspectives. Many interdisciplinary concepts and factors are of interest for research on consumer satisfaction with eco-efficient services and PSS. Contrary to the suggestions from many traditional neoclassical theories, consumption patterns are much more flexible and prone to various influences. Today consumer behaviour is increasingly dynamic as the choice of alternatives increases with the growth of global markets. The complexity of the decision-making process and a large number of influencing factors suggest that changing consumer behaviour towards more sustainable consumption is a challenging process, which requires coordination at individual and societal level. The area of PSS and eco-efficient services is still developing. Further efforts are required in order to understand relations between functional and emotional needs of customers. DIFFERENT LEVELS OF COMPLEXITY When evaluating satisfaction with a product, customers initially assess tangible features of the product. In the service context, the features, though observable, are considerably less tangible and are thus more difficult to assess. A product service system comprises four components (products, services, infrastructures, and
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networks, rendering the evaluation process of consumer satisfaction even more complex. Here the part of the system, with which customer comes into direct contact, is larger than in the case of a pure product or service, which has implications for customer evaluation process. In the case of PSS or eco-services, customers are exposed to both dimensions: product and service. In addition, due to closer relations with the service provider customers can even become exposed to infrastructure and networks that support PSS delivery. Therefore, in the PSS context, an evaluation of all four PSS components becomes relevant: Product evaluation is conducted by assessment of products or technologies. Person-based or other types of services (technical, information and knowledge services) that are included into PSS may be evaluated. Infrastructure can be evaluated when the customer comes into contact with enabling supporting technology, or by evaluation of ambient conditions, spatial layout or by evaluating signs and artifacts of the PSS. Networks, usually are not exposed to the eyes of the customer, but in some cases may be evaluated when they come into contact with the customers.

RESEARCH FRAMEWORKS AND METHODS A great variety of methods and frameworks for

understanding and evaluating consumer acceptance and satisfaction are used in different disciplines. The study has discussed the following frameworks: Kano model of customer satisfaction, the Innovation diffusion of Rogers, the service quality model of Grnsroos, and SERVQUAL model by Parasuraman. The study has also surveyed a range of tools used for evaluating and measuring consumer satisfaction. These included surveys, in-depth interviews, focus group interviews, observations, mystery shopping, and psychographic portrait of customers. A number of drawbacks and benefits pertaining to the tools have been pointed out and discussed. Both the research models and the tools, while diverse to different extent, were found to be useful for application in the PSS research area.

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CHAPTER - 2
METHODOLOGY SIGNIFICANCE OF STUDY NEED FOR THE STUDY OBJECTIVES OF THE STUDY SCOPE OF THE STUDY RESEARCH DESIGN PRESENTATION OF THE STUDY LIMITATIONS OF THE STUDY

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2.0 METHODOLOGY
Research Methodology is a way to systematically solve the research problem. It may be understood as a science of study how research is done scientifically. In it which study the various steps that are generally adopted by a researcher in studying the research problem along with the logic. It is necessary for the researcher to know not only the research methods / techniques but also the methodology. Researchers need to understand the assumption under lying various and they need to know the criteria by which decide that criteria techniques and procedures which will be applicable to certain problems. This indicates that it is necessary for the research to design this methodology for the problem as the same may differ from problem to problem. Research methodology has many division and research methods to constitute a part of methodology. The scope of research methodology is wider than that of research methods. By considering the logic behind the methods we use in the context of our research study. We should explain why we are using a particular methods a technique and why we are not using others so that researcher himself or by any others.

2.1 SIGNIFICANCE OF THE STUDY

The project lays emphasis on the perception level among customers about the insurance plans offered by Bajaj Allianz Life Insurance Company. It further brings into light what the customers feel about these insurance plans. The study focuses on the factors that are related to the objective of the study. The main focus is on the customer perception of insurance and how much they considered insurances important for ones life. To get a deep insight into the research area, the customers perception level along with the awareness factor associated with the life insurance plans are also looked at.

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2.2 NEED FOR THE STUDY

The need of the study is to understand the attitude of the customers towards the insurance policies apart from knowing the customers attitude it also focuses on the scope and growth of insurance sector in Guntur where the study is being conducted. The project focusing on Bajaj Allianz insurance companys branch in Guntur ensured to successfully take up the research on knowing the customer and their views about the life insurance sector. The primary aim of the study is to get a deep insight into the attitude of the customer towards insurance plans. This study will help us to get a better picture as to what customers perceive about insurance plans and their awareness about the same. This study will help us in understanding what the customers prefer really through these insurance plans.

2.3 OBJECTIVES OF THE STUDY

Primary objective
To find out the Study on the customer perception of Insurance plans towards Bajaj Allianz Life Insurance

Secondary objective
To study the socio economic variables that influences the insuring public to take up the policies. To study the awareness of insurance plans in Bajaj Allianz To study the effectiveness of advertisement of Bajaj Allianz To study the satisfaction level of insuring public about service provided by Bajaj Allianz To study the efficiency of Bajaj Allianz being a private organization.

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2.4SCOPE OF STUDY
The opening up of the insurance sector to private companies has made available more product and world class service to Indian customer. The scope of the insurance sector is wide and open where there a lot of opportunities for the sector to grow in the next couple of years. More and more private companies with international experiences are entering into the market with knowing the scope that is available. Moreover each and every individual have started realizing the importance of life insurance in their life as the life is considered to be really unexpected in the world we live today

2.5 RESEARCH DESIGN

Marketing research, as a sub-set aspect of marketing activities, can be divided into the following parts:

Primary research (also known as field research), which involves the conduction and compilation of research for the purpose it was intended.

Secondary research (also referred to as desk research), is initially conducted for one purpose, but often used to support another purpose or end goal. Primary research is often expensive to prepare, collect and interpret from

data to information. Nonetheless, while secondary research is relatively inexpensive, it often can become outdated and outmoded, given it is used for a purpose other than for which was intended. Primary research can also be broken down into quantitative research and qualitative research, which as the labels suggest, pertain to numerical and nonnumerical research methods, techniques. The appropriateness of each mode of research depends on whether data can be quantified (quantitative research), or whether subjective, non-numeric or abstract concepts are required to be studied (qualitative research).

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2.6 PRESENTATION OF THE STUDY

This whole project report has been divided in to five chapters. In first chapter introduction part has been given. That consists of review of literature and topic related concepts. The second chapter consists of Scope, significance and need for the study and research design. In third chapter, Industry profile and company profile has been included in brief. Forth chapter consists of Data analysis and interpretations part by the help of graph and pie chart, bar chart. Before every graph the details of the data represented is placed which easily helps the graph result can be understood easily. In fifth chapter all findings have been given. In the last chapter Recommendations and conclusions part has been given, Followed by bibliography and questionnaire.

2.7 LIMITATIONS OF THE STUDY

1) A period of 40 Days is not adequately sufficient to obtain a thorough picture of the organizations performance and customers opinion. 2) Not all customers could spare the time required for proper answering of the questionnaire. 3) That study is confined to only residents at Guntur, There can be errors due to bias of respondents 4) The number of respondents is only 75, due to the time and cost difficulties and the resulting findings may not be totally be relevant from the organization point of view. 5) Customers looks and preferences are constantly changing and hence prediction regarding future market trend may not be accurate. 6) Some of the respondents were reluctant in giving factual information. 7) The recommendations are subjected to time and cost constraint

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CHAPTER 3
INDUSTRY PROFILE ORGANIZATION PROFILE

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3.0 INDUSTRY PROFILE

The world insurance industry expanded by more than 4.5% in 2010 to reach close to $4.1 trillion, according to research from Market Line. The market is forecast to reach over $5.1 trillion in 2015, representing a 26% increase in five years. Life insurance represents the leading market segment with almost 58% of the overall market in terms of value. The EU represents just over 35% of the overall global insurance market. Developed markets dominate the global insurance industry, with the US, the UK, Germany, France and Japan holding the largest combined share, reports Global Industry Analysts. The internet is occupying an increasingly important place as businesses interface in the insurance market, helping insurance institutions attract customers and cutting down on marketing and administrative spending as sales agents become unnecessary.

Key Market Segments

The world health and life insurance market reached almost $2.9 trillion in 2010, reports Market Line. The market grew at a yearly rate of close to 4.5% between 2006 and 2010, and is expected to grow at a yearly rate of more than 7% until 2015, hitting close to $4.1 trillion. Life insurance represented the leading market segment in 2010 at almost $2.56 trillion, or about 90% of the overall market.

The world motor insurance industry expanded by almost 3.5% in 2010 to reach over $525 billion, reports Market Line. The market is expected to be worth $614 billion in 2015, a 17% increase in five years. Personal insurance represents almost 80% of the overall market, and the Americas account for close to 45% of the global market.

The world reinsurance industry was worth almost $166 billion in 2009, reports Market Line. The market is expected to record yearly growth of almost 2.5% up until 2015. Property reinsurance represented the leading market segment in 2010, generating more than $66 billion, or almost 40% of the overall market in terms of value.

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Regional Market Share

Insurance industry growth in developed regions like North America is relatively slow due to an unsteady long-term savings market and ground lost to high-earnings oriented financial services, according to research from Global Industry Analysts. Japans insurance market is stronger largely due to financial reforms. Insurance companies continue to roll out their business activity in emerging Asian markets like China. Growth is expected to be strongest in the private and public pension plans market segment due to an aging global population.

Asia Pacific is benefiting from rising interest rates, which are helping insurer investment returns, reports AM Mind Power Solutions. However, inflation may become an obstacle to market growth.

Africas insurance market has witnessed growing demand through banc assurance, reports AM Mind Power Solutions. Other distribution channels, such as through brokers and agents, have not lost ground either. South Africas life insurance industry has well established distribution channels, and is supported by strong expertise and technological innovation.

Indias insurance market is led by the health insurance segment, according to research from RNCOS. Strategies for market expansion being deployed by public and private insurers will help to expand the countrys insurance market. Indias health insurance segment is one of the worlds leading health insurance markets due to rising health awareness and healthcare costs. The segment is forecast to record yearly growth of almost 33% between 2010 and 2014. The government has set in place and sponsored health insurance schemes that are helping to fuel the market. Private and public health insurers are also offering a widening array of schemes from individual to family and covering prevalent conditions such as kidney failure, stroke and heart failure.

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Market Outlook
The global insurance industry is likely to see its life insurance segment grow through innovation and improved processing methods, according to Global Industry Analysts. Consolidation will continue to benefit companies operating in the life insurance market by bolstering companies against competition from alternative long-term savings products. Competition will increase as insurers seek to attract more customers through financial engineering, advanced investment and risk management practices. In addition, customers will demand greater flexibility and portability, seeking options allowing them to switch from one insurer to another without losing their no-claims benefit. Insurance Industry in India The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more risky for coverage. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance. The (non-life) insurance business continued to thrive with the private sector till 1972.Their operations were restricted to organized trade and industry in large cities. The general insurance industry was nationalized in 1972. With this, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company and

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United Insurance Company. These were subsidiaries of the General Insurance Company (GIC)

3.1 ORGANIZATION PROFILE

Allianz Group
Allianz group is one of the worlds leading insurers and financial service providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich, Germany. Allianz group provides 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 Allianz AG- A Global Financial Powerhouse Worldwide 2nd by the gross written premiums- Rs 4, 46,654 cr. 3rd largest Assets under Management (AUM) and largest among insurance Companies AUM of Rs 51, 96,959 cr. 12th largest corporation in the world 49.8% of global business from life insurance Established in 1890, 110 years of insurance expertise 70 countries, 173,750 employees world wide

Bajaj Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two wheelers and three wheelers in India and one of the largest in the world. A household name in India, Bajaj auto has a strong brand image and brand loyalty synonymous with quality and customer focus. A Strong Indian Brand - Hamara Bajaj One of the largest 2 and 3 wheeler manufacturer in the world 21 million + vehicles on the roads across the globe
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 Managing funds of over Rs 4000 cr. Bajaj Auto finance is one of the largest auto finance cos in India Rs 4,744 cr. Turnover and profits of 538 cr. In 2002 2003 It has joined hands with Allianz to provide the Indian consumers with a distinct option in the terms of life insurance products As a promoter of Bajaj Allianz Life Insurance Co.Ltd, Bajaj Auto has the following to offer Financial strength and stability to support the insurance business A strong brand equity A good market reputation as a world class organization An extensive distribution network Adequate experience of running a large organization.

Bajaj Allianz Life Insurance Co.Ltd Bajaj Allianz Life Insurance Co.Ltd is a joint venture between two leading conglomeratesAllianz, one of the worlds largest insurance company, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Insurance o o o o It is the fastest growing private life insurance company in India Currently has over 4,40,000 satisfied customers We have a presence in more than 500 locations with 60000 insurance consultants providing with the finest customer service The leading private life insurance company as per Feb. 10 rankings

PRODUCT PROFILE
Cash Gain Your needs for insurance protection will vary at different stages of life. Sometimes, you may need to release a part of your savings from insurance commitments and utilize it for other pressing needs. The Bajaj Allianz Cash gain is ideal for those who want to reap and enjoy the benefits of their life insurance policy at regular intervals during their lifetime. Bajaj Allianz Cash gain is a specially designed plan that offers a host of additional benefits you may choose to develop a sound financial portfolio for your family. Among the many
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unique benefits, the most significant is the Family Income Benefit (FIB) that sustains the family by compensating the loss of regular income due to death or permanent disability.

Available as: Bajaj Allianz Cash gain Economy: The basic package Bajaj Allianz Cash gain Gold: With double protection Bajaj Allianz Cash gain Diamond: With triple protection Bajaj Allianz Cash gain Platinum: With quadruple protection

A Uniform Life Cover

Besides giving you regular Cash Benefits, this plan takes care of your life insurance needs also. On death during the term of policy, the following would be paid irrespective of the Cash Benefits already paid: Bajaj Allianz Cash gain Economy: Sum Assured + Bonuses Bajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses Bajaj Allianz Cash gain Diamond: Triple Sum Assured + Bonuses Bajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses

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. To understand this need, which is why they have developed Bajaj Allianz Invest Gain, the plan that helps you in saying "My family, May you always be happy! Available as: Bajaj Allianz Invest gain Economy: The basic package Bajaj Allianz Invest gain Gold: With double protection Bajaj Allianz Invest gain Diamond: With triple protection
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 Bajaj Allianz Invest gain Platinum: With quadruple protection all these packages participate in the profits of the company by way of bonuses, and therefore, grow with time

Child Gain
Taking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best, and therefore, this is the time when careful financial planning can help you fulfill the aspirations that you have for your children. The Bajaj Allianz Child gain solutions help you to enjoy the joys of parenthood responsibility, with the reassurance of a secure future for your child. Common features in the 4 Options of Bajaj Allianz "Child Gain Solutions Limited Premium Payment Term which means that the premiums are payable till your child attains age 18 years. Your contributions grow by the way of compounded annual bonuses, which will be paid to you with the first guaranteed payout (policy anniversary following age 18 of your child), for in-force policies. In addition to the annual bonuses, a terminal bonus may also be paid. You are also eligible for Tax Benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. Assuring the Childs Future: In an uncertain world, the prime interest of the child cannot be jeopardized; which is why they have built in some added benefits in all the plans to protect the interests of the child's future, by counter insuring the policy holder.

Premiums
For customer convenience they have provided three Premium Payment Modes that can be Yearly, Half-yearly or Quarterly. They also offer a Monthly Premium Payment Mode under salary deduction schemes.

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CHAPTER 4
DATA ANALYSIS AND INTERPRETATION

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1. Data gives the information about the Occupation of the respondents TABLE NO-4.1: Occupation of the respondents

SNAME A B

OCCUPATION

Employed Self employed

Total

RESPONDENTS 30 30 60

PERCENTAGE% 50 50 100

CHART NO-4.1: Occupation of the respondents

OCCUPATION OF RESPONDENTS

50%

50% Employed Self employed

INTERPRETATION: The table-4.1 shows the data about the occupation of respondents and the chart shows the respective percentage of respondents. It can be seen from the data that about 50% of the respondents are employed and 50% self employed.

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2. Data below represents about the income level of respondents TABLE NO-2.2: Income level of the respondents

Income level 5000-10000 10000-15000 15000-20000 Above 20000 Total

Respondents 20 15 15 10 60

Percentage 33 25 25 17 100

CHART NO -2.2: Income level of the respondents

INCOME LEVEL
17% 33% 5000-10000 25% 10000-15000 15000-20000 25% Above 20000

INTERPRETATION: The table -2.2 shows the data about income level of the respondents. As seen from the table and chart it was noted that major portion of respondents are of income level group 5000-10000 and 33%, rest are of other range.

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3. Data below gives the information about number of respondents who have been insured. TABLE NO-4.3: Information about respondents who have been insured
Insured yes no total Respondents 40 20 60 Percentage 67 33 100

CHART NO-4. 3: Information about respondents who have been insured

INSURED
33%

yes 67% no

INTERPRETATION: The table-4.3 shows the data about the respondents number who have insured. It has been observed from the data that about 33% havent insured and 67% have insured.

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4. Data below gives the information about the insurance companies that respondents have chosen.

TABLE NO-4.4: insurance companies that respondents have chosen

Insurance Companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total Respondents 15 20 7 10 8 60 Percentage 25 33 12 17 13 100

CHART NO-4.4: insurance companies that respondents have chosen

COMPAINES CHOSEN
13% 17% 12% 33%

25%

LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life

INTERPRETATION: The table-4.4 shows the data about the respondents selection of insurance companies. It has been observed from the data that about 33% know about the Bajaj Allianz Company and next LIC with 25%, 12% HDFC, and 17% ICICI Prudential and rest 13%.

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5. Data below represents about the performance level of insurance companies. TABLE NO-4.5: Information about performance level of insurance companies
Performance Excellent Good Satisfactory Poor Total Respondents 15 15 25 5 60 Percentage 25 25 42 8 100

CHART NO-4.5: Information about Performance level of insurance companies .

PERFORMANCE
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table -4.5 shows the data about the performance of insurance companies. As seen from the table and chart it was noted that major portion of respondents feel that it is satisfactory 42% and 25% feel that it is excellent and good and rest 8% say it is poor.

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6. Data below shows the respondents response on importance of insurance TABLE NO-4.6: Information about respondents response on importance of insurance
Essential Yes No Total Respondents 45 15 60 Percentage 75 25 100

CHART NO-4.6: Information about respondents response on importance of insurance

IMPORTANCE
25%

Yes 75% No

INTERPRETATION: The table-4.6 shows the data about the respondents response on importance of insurance. It has been observed from the data that about 75% of the respondents feel that it is important and rest 25% feel it unnecessary.

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7. Data below shows about the reason for importance of insurance. TABLE NO-4.7: Information about the reason for importance of insurance
Reason Premium Tax Security Others Total Respondents 15 15 25 5 60 Percentage 25 25 42 8 100

CHART NO-4.7: Information about the reason for importance of insurance

REASON FOR IMPORTANCE

0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table -4.7 shows the data about the respondents reasons for importance of insurance. As seen from the table and chart it was noted that major portion of respondents 42% Say that it is for security and 25% each say it is for tax and premium and rest 8% say for other reasons.

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8. Data below shows about insurance companies that the respondents prefer TABLE NO-4.8: Information about Insurance companies that the respondents prefer
Insurance companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total Respondents 15 20 14 6 5 60 Percentage 25 34 23 10 8 100

CHART NO-4.8: Information about Insurance companies that the respondents prefer

PREFERNCE
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table -4.8 shows the data about the respondents preference about which kind of insurance. As seen from the table and chart it was noted that major portion of respondents36% prefer Bajaj Allianz and 27% prefer LIC and 26% prefer HDFC and rest 11% prefer ICICI Prudential.

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9. Data below shows Reasons for the insurance companies that the respondents prefer. TABLE NO-4.9: Information about the Reasons for the insurance companies that the respondents prefer.
Reasons Premium Tax Security Service Others Total Respondents 10 10 14 20 6 60 Percentage 27 33 25 13 100 100

CHART NO-4.9: Information about the Reasons for the insurance companies that the respondents prefer.

REASONS FOR PREFERENCE

17% Excellent 50% 25% Good Satisfactory Poor Total

8%

0%

INTERPRETATION: The table -4.9 shows the data about the respondents reasons for prefering the insurance company. As seen from the table and chart it was noted that major portion of respondents 33% say it is for service and 23% say it is for security and 17% each say it for premiums and tax and rest 10% say it for other reasons.

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10. Data below represents about the Awareness of Bajaj Allianz. TABLE NO-10: Information about the Awareness of Bajaj Allianz.
Awareness Yes No Total Respondents 50 10 60 Percentage 83 17 100

CHART NO-10: Information about the Awareness of Bajaj Allianz.

AWARENESS
17%

Yes 83% No

INTERPRETATION: The table-4.10 shows the data about the respondents awareness about Bajaj Allianz. As seen from the table and chart it was noted that major portion of respondents 83% are aware of Bajaj Allianz and rest 17% are unaware of it.

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11. Data below shows the Media through which awareness of Bajaj Allianz. TABLE NO-4.11: Information about Media through which awareness of Bajaj Allianz
Media Newspaper Television Radio Hoardings Total Respondents 16 20 14 10 60 Percentage 27 33 23 17 100

CHART NO-4.11: Information about Media through which awareness of Bajaj Allianz

MEDIA
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table-4.11 shows the data about the media through which awareness has been made. As seen from the table and chart it was noted that major portion of respondents 33% know through television and 27% through newspaper and 23% through radio and rest 17% through Hoardings.

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12. Data below shows the Awareness of Bajaj Allianz life insurance plans TABLE NO-4.12: Information about the Awareness of Bajaj Allianz life insurance plans
Insurance Plans Cash Gain Invest Gain Child Gain Others Total Respondents 25 18 15 2 60 Percentage 34 20 25 13 100

CHART NO-4.12: Information about Awareness of Bajaj Allianz life insurance plans

AWARENESS OF PLANS
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table-4.12 shows the data about the respondents awareness of Bajaj Allianz life insurance plans. As seen from the table and chart it was noted that major portion of respondents 42% know about cash gain plan and 30% know about invest gain plan and 25% know about child gain plan and rest 3% know about other plans.

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13. Data below shows how the respondents came to know Bajaj Allianz life insurance plans. TABLE NO-4.13: Information about how they came to know Bajaj Allianz life insurance plans.
Source Insurance Consultants Friends & Relatives Advertisements Newspapers Others Total Respondents 20 12 15 8 5 60 Percentage 34 20 25 13 8 100

CHART NO-4.13: Information about how they came to know Bajaj Allianz life insurance plans.

MEANS OF KNOWING PLANS

17% Excellent 50% 25% Good Satisfactory Poor Total

8%

0%

INTERPRETATION: The table -4.13 shows the data about the respondents how they came to know Bajaj Allianz life insurance plans. As seen from the table and chart it was noted that major portion of respondents 34% know through insurance consultants and 25% through advt and 20% through friends and 13% through news papers and rest 8% through other ways.
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14. Data below shows how the respondents responded about Bajaj Allianz life insurance plans. TABLE NO-4.14: Information about the response about Bajaj Allianz life insurance plans.
Response Excellent Good Satisfactory Poor Total Respondents 20 25 15 0 60 Percentage 33 42 25 0 100

CHART NO-4.14: Information about the response about Bajaj Allianz life insurance plans.

RESPONSE
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table-4.14 shows the data about the respondents response about Bajaj Allianz life insurance. As seen from the table and chart it was noted that major portion of respondents 42% say it is good and 33% say it is excellent and rest 25% say it is satisfactory.

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15. Data below shows how the respondents came are associated with Bajaj Allianz TABLE NO-4.15: Information about Respondents associated with Bajaj Allianz
Association Yes No Total Respondents 25 35 60 Percentage 42 58 100

CHART NO-4.15: Information about Respondents associated with Bajaj Allianz

ASSOCIATION

40% Excellent Good

60%

INTERPRETATION: The table-4.15 shows the data about the respondents association with Bajaj Allianz. As seen from the table and chart it was noted that major portion of respondents 42% are associated with Bajaj Allianz and rest 58% arent associated with it.

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16. Data below shows how the respondents associated with plans of Bajaj Allianz TABLE NO-4.16: Information about them associated with plans of Bajaj Allianz
Insurance Plans Cash Gain Invest Gain Child Gain Others Total Respondents 25 25 10 0 60 Percentage 41 42 17 0 100

CHART NO-4.16: Information about them associated with plans of Bajaj Allianz

ASSOCITATION WITH PLANS

0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table-4.16 shows the data about the respondents association with plans of Bajaj Allianz. As seen from the table and chart it was noted that major portion of respondents 42% are associated with invest plan and 41% associated with cash gain and rest 17% associated with child plan.

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17. Data below shows how the respondents responded about Bajaj Allianz life insurance plans. TABLE NO-4.17: Information about Response of service provided by Bajaj Allianz
Service Excellent Good Satisfactory Poor Total Respondents 20 30 10 0 60 Percentage 33 50 17 0 100

CHART NO-4.17: Information about Response of service provided by Bajaj Allianz

RESPONSE
0% 17% 33% Excellent Good Satisfactory 50% Poor

INTERPRETATION: The table -4.17 shows the data about the respondents response about services of Bajaj Allianz. As seen from the table and chart it was noted that major portion of respondents 50% say it is good and 33% say it is excellent and rest 17% say it is satisfactory.

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CHAPTER 5
FINDINGS SUGGESTIONS CUNCLUSION

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5.1 FINDINGS
1) 73% of the employed are being insured while 80% of the self employed are being insured 2) Still 33% of the employed are associated with LIC which still makes it the number one spot right behind Bajaj Allianz at 30% 3) Almost 80% of the respondents feel that insurance is essential for ones life. 4) Both employed and self employed feel the main reason for insurance as far as they are concerned is due to security purpose. 5) 34% are further interested in insuring in Bajaj Allianz. 6) Almost 90% of self employed are aware of Bajaj Allianz. 7) Television is considered to be the main source of awareness of Bajaj Allianz among the various media 8) Insurance plans are known to the respondents mainly through insurance consultants after advertisement 9) Almost 30% of the respondents are associated with Bajaj Allianz 10) 71% of the employed feel that the service of Bajaj Allianz is goods while only 56% of self employed feel its good.

5.2 SUGGESTIONS
1) Since only 30% of the respondents are associated with Bajaj Allianz there is an opportunity to make people associated. The penetration level is high and this increase more people to be linked to Bajaj 2) The services that are provided are only good to the customers. The services should be improved so that the customers feel excellent about the service. 3) Though most of them are aware of Bajaj Allianz they are not associated. So measure should be implied to pull them being as part of Bajaj Allianz. 4) Television is the main media through which the company can reach out to the people. So advertisement should be telecasted frequently.

5) As far as brand is concerned LIC tops the sector, Bajaj Allianz must take intensive publicity
efforts to position themselves as a leading life insurance company. So they will have to create feeling of trust among customers.
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5.3 CONCLUSION
Insurance happens to be a mega opportunity in India. Yet, nearly 80% of Indian population is without life insurance cover, continue to be below international standards which offer greater opportunities in this sector. With other investments avenues remaining unmoved, insurance and mutual funds offer comparatively better returns to customers. With tax and investment planning as its main targeting tools, insurance is bound to grow at a rapid pace. The project helped the researcher to find out the customer perception and expectations from the various plans offered by insurance companies with specific reference to market linked insurance plans. Appropriate suggestions have been given based on the research findings. It was a great learning experience and the researcher will carry this experience in all his future endeavors.

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BIBLIOGRAPHY

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BIBLIOGRAPHY
BOOKS
1) Philip Kotler & Gray Armstrong, Principle of Marketing, Prentice Hall of India,New Delhi, 1999 2) Donald.S.Tull & Del.I.Howkins, Marketing Research, Prentice Hall of India, New Delhi, 2000 3) Dr.S.Gupta, Statistical Methods, Sulthan Chand Publications, New Delhi, 2000 4) Kothari.C.R, Research Methodology, Methods & Techniques, Wishwa Prakesh Publication, New Delhi, 1996 5) Varhney.R.L & Gupta.S.I, Marketing Management, Sulthan Chand Publications.

WEBSITES 1) www.google.com 2) www.bajajallianz.com

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ANNEXURE QUESTIONNAIRE

1. Name: 2. Age a) 18 to 25 b) 26 to 32 c) 33 to 40 d) Above 40 3. Occupation a) Employed b) Self Employed 4. Monthly income a) 5000 10000 b) 10000- 15000 c) 15000 20000 d) Above 20000 5. Have you been insured? a) Yes b) No 6. If yes, with which company are you associated with? a) Life Insurance Corporation of India b) Bajaj Allianz Life Insurance Company Limited c) HDFC Standard Life Insurance Co. Limited d) ICICI Prudential Life Insurance Co. Limited e) Max New York Life Insurance Co. Limited 7. How do you feel about their performance? a) Excellent b) Good c) Satisfactory d) Poor 8. Do you feel insurance is essential for ones life? a) Yes b) No 9. Tick out the reasons for why you feel insurance is essential? a) Premium is reasonable b) Tax advantage c) Security purpose d) others 10. Any other insurance company which you feel like further insuring in? a) Life Insurance Corporation of India b) Bajaj Allianz Life Insurance Company Limited c) HDFC Standard Life Insurance Co. Limited d) ICICI Prudential Life Insurance Co. Limited

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e) Max New York Life Insurance Co. Limited 11. The reason why you feel like insuring in these insurance companies? a) Premium is Reasonable b) Tax Advantage c) Security Purpose d) Customer Service e) Others 12. Are you aware of Bajaj Allianz Insurance Company? a) Yes b) No 13. If yes, through which media did you come to know about Bajaj Allianz? a) Newspaper b) Television c) Radio d) Hoardings 14. Which of the insurance plans are you aware of Bajaj Allianz? a) Cash Gain b) Invest Gain c) Child Gain d) Others 15. Are you aware of the various insurance plans offered by Bajaj Allianz? a) Yes b) No 16. How did you came to know about these plans a) Insurance consultants b) Friends and Relatives c) Advertisements d) Newspapers e) Others 17. If yes how do you feel about these particular insurance schemes? a) Excellent b) Good c) Satisfactory d) Poor 18. Are you associated with Bajaj Allianz? a) Yes b) No 19. If yes, which plans are you associated with? a) Cash Gain b) Invest Gain c) Child Gain d) Others 20. Are you satisfied with the service provided by Bajaj Allianz? a) Yes b) No 21. Suggestions -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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