Bajaj Allianz life Insurance Co. Ltd.

A Summer Project Report On

“A STUDY ON POTENTIAL OF LIFE INSURANCE INDUSTRY IN GULBARGA MARKET”
Submitted to

SDM COLLEGE OF BUSINESS MANAGEMENT
In the partial fulfillment of the requirement for the award of

“MASTER IN BUSINESS ADMINISTRATOR”
Submitted By: DAYANAND R RATHOD Reg. No. 09769 Under the Guidance of Internal guide External Guide

Mr. Mr. Sangamesh

Prakash

H

S

Bajaj Allianz life Insurance Co. Ltd.

SDM COLLEGE OF BUSINESS MANAGEMENT, POST GRADUATE CENTRE FOR MANAGEMENT STUDIES & RESEARCH, MANGALORE -575 003 ACKNOWLEDGEMENT

To be graceful is the greatest of all virtues in life. All accomplishment requires efforts and assistance of many people, thus I express my sincere gratitude to all those who have helped me in the successful completion of my project.

First of all I am very great full to our principal Dr. DEVRAJ K, for his support and encouragement.

I would like to thank my internal guide Mr. PRAKASH H S, for project guidance.

I Sincere thanks to Mr. SANGAMESH SHETTAR Divisional manager of Bajaj Allianz life insurance who support & guidance in the course of training.

Bajaj Allianz life Insurance Co. Ltd.

I would like to thank my family and friends for helping and motivating me throughout the completion of the project.

DAYA NAND R RATHOD

TABLE OF CONTENTES
Sr. NO 1. CONTENTES INTRODUCTION ➢ ➢ ➢ ➢ Objectives of study Limitation Research methodology Data collection PAGE NO

2. 3.

COMPANY PROFILE SURVEY

Data interpretation, editing and

Bajaj Allianz life Insurance Co. Ltd.

coding Graph analysis

4. 5. 6. 7.

FINDING AND SUGGESTION CONCLUSION REFERENCES QUESTIONNIARE

INTRODUCTION
The service industry is one of the fastest growing sectors in India today. The upcoming sectors which are really showing the graph towards upwards are - Telecom, Banking, and Insurance. These sectors really have a lot of responsibility towards the economy. Amongst the above-mentioned areas insurance is one sector, which took a lot of time in positioning itself. The insurance business of non-life

Bajaj Allianz life Insurance Co. Ltd.

companies was not much in problems but the major problem was with life insurance. Life Insurance Corporation of India had monopoly for more than 45 years, but the picture then was completely different. Previously people felt that “Insurance is only for classes not for masses” but now the picture is vice-versa. The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. The year 1818 Oriental Life Insurance Company started by Life Insurance in its modern form came to India from England in Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and these companies were not insuring Indian natives. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life

and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives. house of the great poet Rabindranath Tagore. Ltd. In 1907. In the year 1912. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras. in Calcutta.Bajaj Allianz life Insurance Co. insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. The Life Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should . The Indian Mercantile. and the Provident Fund Act were passed. Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko. insurance companies started insuring Indian lives. the Life Insurance Companies Act. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870. National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism.

They are the link between the customers and the management or company. be certified by an actuary. Channel partners are those who are going to be into direct selling of company’s products i. the insurance policies. And this was the time when these companies started searching for proper channel partners who can help the organization in expanding its network and business in India. But the Act discriminated between foreign and Indian companies on many accounts.e. their problem handling ability. convincing power and lot many things. compulsory training of Insurance agents etc. For example Chartered . Company has been focusing on some of the profile that can be very beneficial for the company.Bajaj Allianz life Insurance Co. These channel partners are people with different profiles. The main idea behind company’s Questionnaire Survey is to find out and analyze the proper profile that can be recruited by company as a channel partner. putting the Indian companies at a disadvantage. developments started to take place. entrance of private life insurance companies into India with one foreign partner. Ltd. The formation of IRDA. They are selected on some grounds like their network of people.

Postal agents. Accountants. This report includes the key private players in the insurance market such as ICICI Prudential. the main idea behind targeting the above profile is strong client network which is really very important for an insurance company. the market share of LIC has come down to 71. Tax Consultants.Bajaj Allianz life Insurance Co. Ltd. .4% in life insurance market while the private players have captured around 17% market in the general insurance segment. Kotak Life Insurance Bajaj Allianz. The project title is “Potential of Life Insurance Industry in Gulbarga Market”. and TATA AIG. the monopoly of big public sector companies in life insurance market has been broken. New private players have entered the market and with their innovative approaches and better use of distribution channels and technology. It also includes the leading competitors in the life insurance and general insurance segments along with their market shares. Birla Sun life. Since the deregulation has been put in to place. This shows the scope for private insurance companies have great opportunities to cover the market and can insure the customer. Bank’s Daily Collection Agents etc. With the initiation of the deregulation in the Indian insurance market. they are eating in to the shares of established public sector companies in Indian Insurance Market.

➢ Proper understanding and analysis of life insurance industry. ➢ Conduct market survey on a sample selected from the entire population and derived opinion on that research. ➢ To know about brand awareness of Bajaj Allianz Life Insurance and customer’s preference about Bajaj Allianz Life Insurance. . This will give me in more confidence in marketing products given to me. ➢ And base on analysis of the result thus obtained make a report on that research. Ltd. OBJECTIVES OF STUDY The main of the present study of is accomplishing the following objective. ➢ Along with it I will be gaining the thorough knowledge of insurance sector.Bajaj Allianz life Insurance Co. ➢ According the market survey come to know about how much potential of insurance market in our city.

LIMITATION Some of the difficulties and limitations faced by me during my training are as follows: ➢ Lack of awareness among the people ➢ Perception of the people towards Insurance sector ➢ Insurance does not give good returns ➢ Lack of awareness about the earning opportunity in the Insurance sector ➢ Increased competition . Ltd.Bajaj Allianz life Insurance Co.

analyses the results and communicate the findings and their implication. monitor marketing actions. I have prepared our project as descriptive type. as the objective of the study demands the answers of the question related to find the potentiality of life insurance in Gulbarga: How much potential is there in Gulbarga? . Its purpose is to question through the application of the scientific method. Marketing research is the function which links the consumer.Bajaj Allianz life Insurance Co. and the method for collecting information. It is a systematic and intensive study directed towards a more complete knowledge of the subject studied. and evaluate marketing actions. designs. Marketing research specifies the information required to address these issues. monitor marketing performance and improve understanding of market as a process.information used to identify and define marketing opportunities and problems generate. manage and implemented the data collection process. Ltd. customer and public to the marketer through information. refine. RESEARCH METHODOLOGY Research always starts with a question or a problem.

DATA COLLECTION ➢ PRIMARY SOURCES: For my project. I decided on primary data collection method for observing working of company and approaching customers directly in the field. campaigning and through references to know their interest in business with company in my project and also make questionnaire for creating database of business class people is Gulbarga city for company. magazines.Bajaj Allianz life Insurance Co. Ltd. cold calling. . books. ➢ SECONDARY SOURCES: I decided on Secondary data collection method was used by referring to various websites. tele-calling. journals and daily newspapers for collecting information regarding project under study.

Bajaj Allianz is sure to one such life insurance company Bajaj Allianz life insurance Company limited is a joint venture between two companies. In most cases.9billion) . Allianz Group's Indian life insurance joint venture has changed its name to Bajaj Allianz Life insurance from Allianz Bajaj life insurance (Bombay). COMPANY PROFILE Since you will be paying premiums for years to come. Aug 4. Bajaj Auto and Allianz AG. you don't want your insurance company to disappear before you or your family receives the benefit. how many life insurance policies they manage and their credit rating. Ltd. but you just need to be more careful to research them and make sure they are stable. It is worth asking how long the company has been in business. 2004 Allianz AG ➢ World’s largest insurance company by revenue –Rs520353cr (euro96.Bajaj Allianz life Insurance Co. you will get a better deal from the smaller life insurance companies.

Bajaj Allianz life Insurance Co. Worldwide 2nd by gross written premiums-Rs477930cr (euro 89 billion) ➢ 3rd largest assets under management (AUM) and largest amongst insurance companies ➢ 11th largest corporation in the world ➢ 50% of globe business from life insurance. Ltd. with a growth rate of 380% ➢ Have sold over 650000 policies to satisfied customers ➢ Is back by a network of 400 offices spanning the country ➢ Ranked second among private life insurance companies in India ➢ Assets under management Rs936 cr ➢ Shareholder capital base of Rs267cr .173750 employees worldwide ➢ Insurance to almost half of the fortune 500 companies ➢ Bajaj auto ➢ ➢ ➢ ➢ ➢ One of the largest 2 and 3 wheeler manufacturers in the world 21 million + vehicles on the road across the globe Managing fund of over Rs5200cr Bajaj auto finance one of the largest companies in India Rs8934cr turnover and profits after tax of 932cr in 2007-08 Bajaj allianz life insurance ➢ The fastest growing private life insurance company in India. 120 years of insurance expertise ➢ More than 70 countries. close to 60 million lives insured globally ➢ Established in 1890.

accessible from anywhere in the ➢ country and a strong tele-marketing and direct marking team ➢ Swift and easy claim settlement process ➢ Accelerated growth Vision ➢ To be the first choice insurer for customers. ➢ Toll-free number to answer all your queries. we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. online ➢ Buying and online renewals. ➢ To be the number one insurer for creating shareholder value Mission As a responsible. .Bajaj Allianz life Insurance Co. ➢ Product tailored to suit your needs ➢ Decentralized organization structure for faster response ➢ Wide reach to serve you better-a national wide network of 400 branches ➢ Specialized departments for banc assurance. corporate agency and group business ➢ Well networked customer care centers (CCCs) with state of art IT systems ➢ Highest standard of customer service and simplified claims process in the industry ➢ Website to provide all assistance and information on products and services. customer focused market leader. Ltd. ➢ To be the preferred employer for staff in the insurance industry.

Our claims philosophy is to:  Be flexible and settle fast . We pride ourselves on a friendly and open approach. majority with local background  Fast.Bajaj Allianz life Insurance Co. The Bajaj Allianz Difference  Business strategy aligned to clients' needs and trends in Indian and Global economy / industry  Internationally experienced core team. Ltd. We are focused towards providing you a hassle free and speedy claims processing. decentralized decision making  Long-term commitment to market and clients Underwriting Our underwriting philosophy focuses on:  Understanding the customer's needs  Underwriting what we understand  Meeting the customer's requirements  Ensuring optimal coverage at lowest cost Claims Philosophy The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing.

with renowned insurance software. policies can be issued from any office across the country for retail products  Unique.so that we can cater to all your varied needs.  Ensure no claim file to be seen by more than 3 people  Check processes regularly against the global Allianz OPEX (Operational Excellence)methodology Sold over 1 million since inception. which networks all our offices and intermediaries  Using the Web. our guiding principles are customer service and client satisfaction. social environment and individual insurance requirements . Superior Technology  In order to ensure speedy and accurate processing of your needs. Customer Orientation: At Bajaj Allianz. All our efforts are directed towards understanding the culture.Bajaj Allianz life Insurance Co.g. online insurance of marine policy certificate) . we have established world class technology. Ltd. user friendly software developed to make the process of issue of policies and claims settlement simpler (e. Experience and Expert Servicing Team We are driven by a team of experienced people who understand Indian risks and are supported by the necessary international expertise required to analyze and assess them.

Bajaj Allianz life Insurance Co. who are suddenly unemployed Film insurance Event management cover Sports & Entertainment Insurance Package Risk Management – Our Expertise Our service methodology is tried. tested and Proven the world over and involves:       Risk identification: Inspections 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 . Unique Forms of Risk Cover      Special PA cover for Amarnath Yatris Housing loan cover for people. Ltd.

COMPANY PRODUCTS “Insurance is a contract between two parties whereby one party called insurer undertakes the risk in exchange for a fixed amount of money on the happening of a certain event. 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. they may need to release a part of their savings from insurance commitments and utilize it for other pressing needs. 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.Bajaj Allianz life Insurance Co. Ltd. Sometimes.” 1.CASH GAIN People needs for insurance protection will vary at different stages of life. 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 . Among the many unique benefits. 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.

For Your Loved Ones .Bajaj Allianz life Insurance Co. ➢ Bajaj Allianz Cash gain Platinum: With quadruple protection A Uniform Life Cover Besides giving you regular Cash Benefits. 20. we offer you the widest range of terms: 15. 25 and 30 years.The Ultimate Protection . 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 Choice of Terms Keeping your convenience in mind. Ltd. this plan takes care of your life insurance needs also. Family Income Benefit (FIB) . On death during the term of policy. providing total protection against uncertainties. Additional Protection for you and your family You have the option to add the following additional benefits.

Accidental Permanent Total/Partial Disability Benefit Accidents are unpredictable.000/. They may lead to a disability . You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability.for partial and Rs. 50.partial or total. You can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for your loved ones. 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. a guaranteed monthly income of 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. all future premiums are waived. Ltd. whichever is higher. but you can certainly soften the financial one. (Subject to a maximum of Rs.00. You can't lessen the emotional shock.000/. Comprehensive Accident Protection This benefit provides comprehensive cover in case of an accident.for total disability under all policies with Bajaj Allianz taken together).. It comprises of: Accidental Death Benefit Accidents are always sudden and sometimes fatal.Bajaj Allianz life Insurance Co.00. Waiver of Premium Benefit . 25. and so are the consequences. This Benefit provides a financial cushion against such misfortunes. Moreover. In case of death or accidental total permanent disability.

Flexibility in Coverage At Bajaj Allianz. Critical Illness Benefit (CI) Some illnesses are critical. We cover 11 critical illnesses. 000).50. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps recovery with peace of mind. Ltd. Bajaj Allianz Waiver of Premium benefit is a helping hand when one needs it most. We therefore offer you the flexibility of inclusion of coverage or . We realize that you are unique and your needs for insurance vary with time. An accident may lead to permanent total disability. we believe in offering benefits and not just products. while other policy Hospital Cash Benefit (HC) The worry of settling hospital bills (room charges) adds to the trauma of Hospitalization. r the plan immediately. They not only alter one’s life's pattern but also result in a financial drain. thus enabling you to live up to your commitments.Bajaj Allianz life Insurance Co. limiting one’s ability to earn. It waives off all future premiums while keeping the valuable life insurance cover alive. Bajaj Allianz Critical Illness Benefit softens the impact on the family by paying out the Critical Illness Benefit under benefits continue (excluding Hospital Cash Benefit). You have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs.

We provide you the option to increase coverage up to 50% of the basic Sum Assured on each of the following happy moments in life. your children's education. Increase in risk coverage Every added responsibility in your life calls for increase in your risk cover. Family Income Benefit. You have the flexibility to change your package and move to a package that provides lower protection at each policy anniversary (premiums would be adjusted accordingly). Your spouse's welfare. buying a house or a c-a ry ou has a lot to think about. Ltd. . everyday. 2. Critical Illness Benefit and Hospital Cash Benefit can be taken at inception only. FIB. ➢ Marriage ➢ The birth of first child ➢ The birth of second child This additional coverage is not subject to underwriting. exclusion of coverage at each policy anniversary. The option should be exercised within 90 days of the occurrence of the said event. CI & HC can be reduced or excluded subsequently at any policy anniversary. “Comprehensive Accident Protection” can be included and excluded at each policy anniversary.SAVE CARE ECONOMY As the breadwinner of the family you shoulder several responsibilities. they cannot be increased or included subsequently.Bajaj Allianz life Insurance Co. subject to conditions relating to such inclusions and exclusion. believe that the security and growth of your hard earned money should not add to these. Once reduced or excluded. Bajaj Allianz.

Which is why Bajaj Allianz has created the “Bajaj Allianz Save Care Economy . the death benefit will be the surrender value or Single Premium whichever is higher.54% (depending on age at entry).SP".INVESTGAIN . is a Single Premium investment plan for 10 years that also participates in the profits of the company.Bajaj Allianz life Insurance Co. In case of death of a minor (below age 7). The "Bajaj Allianz Save Care Economy . 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.Single Premium”-the 10-year Single Premium version of our popular product “Save Care Economy”? It is an ideal plan for a onetime lump sum investment that provides for savings with high riskcover. 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. 3. The Minimum Guaranteed Amount (Sum Assured) would grow further by way of compounded annual bonuses. Death Benefit: In case of death during the term of the plan. Ltd. The highlights of this plan are: Minimum Guaranteed Return up to 3. the nominee will be paid the Sum Assured (Minimum Guaranteed Amount) plus accrued bonuses.

Moreover. whichever is higher. Popular Products: Endowment Assurance (Participating) and Money Back (Participating). More than 80% of the life insurance business is from these products.Bajaj Allianz life Insurance Co. 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. Ltd. We understand this need. which is why we have developed Bajaj Allianz’s Invest Gain. 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 ➢ Bajaj Allianz Invest gain Platinum: With quadruple protection All these packages participate in the profits of the company by way of bonuses. 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 end of the policy term or at least for a period of 10 years. grow with time Family income benefit You can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for your loved ones. Keeping promises made to your loved ones is not just a responsibility. and therefore. all future premiums are waived. but a commitment that you have to live up to. the plan that helps you in saying "My family. It takes only a moment to make promises and a lifetime to keep 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.

Unit Gain Plus: A Unit Linked Plan Bajaj Allianz Unit Gain Plus offers the unique option of combining th protection of life insurance with the attractive prospects of investing in securities. You also benefit from attractive tax advantages and can protect your loved ones against unfortunate events. you can invest in one life insurance plan that can take care of all your changing requirements throughout your life. Ltd. You can choose the investment funds you want to invest your money. providing you with an opportunity to have a direct stake in the performance of the financial markets.) and taper off by the time you retire. so that you do not have to worry about your changing needs. UNIT INSURANCE POLICY LINKED The thumb rule for buying insurance is that your insurance needs are minimal in your early earning years. increase with added responsibilities (Marriage. This plan has been designed to provide you with maximum flexibility. Bajaj Allianz Unit Gain offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. With Bajaj Allianz Unit Gain. 4. Customers have the choice of 6 investment funds with flexible .Bajaj Allianz life Insurance Co. children. sudden requirement of cash or a steady post-retirement income. more money to invest. loans etc. It is difficult to find a single insurance plan that can take care of all your changing requirements in life – additional protection.

they can change funds at any time. while making their money grow faster.Bajaj Allianz life Insurance Co. Ltd. Unit Gain Plus SP : A Single Premium Unit Linked Plan This plan enables the customers to protect their loved ones. It provides the customers the option of allocating 98% of the single premium to purchase units in any/all of the 6 funds available with company Unit Gain : A Unit Linked Plan This amazingly flexible unit linked life insurance plan provides the customers the opportunity to participate in market linked returns while enjoying the valuable benefits of life insurance Unit Gain SP : A Single Premium Unit Linked Plan This plan enables the customers to protect their loved ones. It provides them the option of allocating 100% of the Single Premium to purchase units in any/all of the 6 funds available with company. . And the advantage of low fund management & fund administration costs. while making their money grow faster with the advantage of low fund management & fund administration costs. Customers also benefit from attractive tax advantages and unmatched flexibility -to match their changing needs. investment management.

This apart. The plans offer protections for life at the same time allows the policyholder to get market linked returns. etc. Guaranteed Survival Benefits that pays 3% of the Sum Assured every year after the premium payments are over SUITABILITY This policy is a long-term market linked total protection plan. the product offers a lot of flexibility. It can also take care of unforeseen expenses like accidents. Guaranteed Survival Benefits @3% are available under this policy. and provides customers family with a safety net. etc. living expenses.Bajaj Allianz life Insurance Co. . This fund will invest at least 85% in equities and maximum 15% in debt and cash. It provides whole life protection with only 10 or 15 years of contributions. expenses on children. hospitalization. illnesses. The plan is expected to match the returns given by NIFTY Index of the National Stock Exchange. DIFFERENT FUNDS EQUITY INDEX The investment objective of this fund is to provide capital appreciation through investment in equities. It is a single product combining the benefits of both an investment product and insurance plan. Lifelong Gain Plan : Unit Linked Whole Life Plan This is the perfect plan to take care of ongoing and future family expenses like debts. Ltd.

The price of unit in this fund is guaranteed not to go down. bank F.D’s etc. 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. The balanced fund will invest 30% to 50% in the equity index fund and 50% to 70% debt fund. This fund is invested fully in debt instrument and money market instrument. EQUITY PLUS FUND The investment objective of this fund is to provide capital appreciation through investment in selected equity stocks that have the potential for high capital appreciation.Bajaj Allianz life Insurance Co. The objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the units of our equity and debt funds. The fund will invest at least 85% in equities and maximum 15% in debt and cash. BALANCE PLUS FUND This fund is a fund of funds. Ltd. 100% of this fund will be invested in money . DEBT PLUS FUND The objective of this fund is to provide accumulation of income through investment in high quality fixed income securities like G-securities and corporate debt rates AA and above.

Ltd. FOCUSED SALES NETWORK Bajaj Allianz Life Insurance Company Banc assurance Branches .Bajaj Allianz life Insurance Co. market instruments. The price of the units in this fund is guaranteed never to go down.

Ltd.Satellite Satellite Bajaj Allianz life Insurance Co. Cosmos Bank Satellite Agency channel Group and Alternate Channel Standard chartered bank Group Employee Benefit Syndicate Bank Centurion Bank Corporate Agency Franchisee Brokers Jankalyan Sahakari Bank Jijamata Sahakari Coop Bank The overall premium target is broken down as follows by distribution channel: .

 The number of STMs a branch or a satellite can have will be between 2 and 8.  The branches will continue to support the banc assurance and alternate channels for underwriting and processing of business. as well as offer the office infrastructure for the other channels staff to operate from.Bajaj Allianz life Insurance Co.  The company will continue with the same hub and spoke structure.827 650 523 500 3500 AGENCY CHANNEL: Currently the company has some 300 offices made up of 98 branches and about 239 satellite offices. Ltd. but will increase the number of branches to 150 and satellites to 400. FP + SP AGENCY BANCASSURANCE ALTERNATE CHANNELS RENEWALS TOTAL ANNUAL(crores ) 1.  .  Underwriting and processing of business will continue at the branch level.

Syndicate bank. ALTERANATE CHANNELS: The focus will be corporate agency.Bajaj Allianz life Insurance Co. HNI business. franchise. NRI business. Standard chartered bank. indusland ind bank. worksite marketing. BANCASSURANCE: The company has some 6 bank tie ups these will be managed by the bank assurance team. 2. 3. 4. brokers. Following are the banks with which the company has tied up: 1. group business and rural social business . Ltd. Centurion bank.

ORGANISATION STRUCTURE OF SALES AGENCYs CEO CFO HOD SALES ZONAL MANAGER REGIONAL MANAGER SENIOR BRANCH MANAGER BRANCH MANAGER ASSISTANT BRANC MANAGER . Ltd.Bajaj Allianz life Insurance Co.

Ltd./ AGENT Bajaj Allianz life Insurance Co. BANK-ASSURANCE/ALTERNATE CHANNEL CEO CFO HOD SALES AREA MANAGER DEPUTY MANAGER FINANCIAL SERVICE\PLANNING CONSULTANTS .CONSULTANTS.

420 1241 198 (227) 228 .3) 1119. Million 3. FINANCIAL HIGHLIGHTS YEAR 2008-2009 Particulars 2008-09 Rs.7 8.998 3.Bajaj Allianz life Insurance Co.792.306 (2.263.2 (4.4 8.808 5.072) 355 2005-06 (11 Months)* Rs.560.798 4. Million 200708 Rs.864 6. Ltd. Million Gross Written Premium Net Written Premium Net Earned Premium Net Incurred Claims Net Commissions 18.541 (2. Million 5.709.542) 564 200607 Rs.9 7.

380 6.7) (998.4 988.9) 609.455. Management Expenses Underwriting Results Income from Investments Others Profit Before Tax Provision for Tax Profit After Tax Claim's Ratio Commission Ratio Management Expenses Ratio Combined Ratio Return on Equity Shareholder's Equity Assets Under Management Number of Employees (5.6 (198.8 38.6 1269.095 6. Ltd.5 1324 (1184) 32 485 44 1018 (501) 717 87% -11% 42% 118% 40% 4.824.7) 71% -13% 60% 120% 64% 5.709 506 (670) (371) 143 (5) (733) 77 (216) 130% -130% 376% 376% -16% 1097 3.486 780 (889) (54) 407 (8) 771 (95) 346 70% -10% 43% 102% 24% 3.688 241 GROWTH OF BAJAJ ALLIANZ LIFE INSURANCE CO Fiscal year 2005-2006 (6months) 2006-2007 2007-2008 No of policies sold in FY 41376 515965 486443 GWP in FY Rs 9cr Rs99cr Rs421cr .Bajaj Allianz life Insurance Co.1 8835.

Toll-free number to answer all your queries. accessible from anywhere in the country and a strong tele-marketing and direct marking team Swift and easy claim settlement process . online buying and online renewals. Ltd.Bajaj Allianz life Insurance Co. corporate agency and group business Well networked customer care centers (CCCs) with state of art IT systems Highest standard of customer service and simplified claims process in the industry Website to provide all assistance and information on products and services. 2008-2009 Policies sold in Rs ➢ ➢ 388189 Rs6002cr ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Assets under management Rs1236 cr Shareholder capital base of Rs667cr Product tailored to suit your needs Decentralized organization structure for faster response Wide reach to serve you better-a national wide network of 400 branches Specialized departments for banc assurance.

➢ To be more customer focused and reduce complexity. ➢ Gross premium achieved over Rs 1000crs GWP ➢ 300 + offices. LIFE TRACK OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD Objectives of the Company for the Year 2007-08: To be one of the top 3 private life insurers in terms of gross premium and achieve a premium target of more than Rs 750 crs. ➢ To be one of the top 2 companies in terms of profitability. 9COTs ➢ 6 banc assurance tie-ups ➢ Intermediaries including franchisees and corporate agents over 400. 2700 + STM’s and 45000 + ICs ➢ 190 MDRTs . up to February 2005.Bajaj Allianz life Insurance Co. ➢ The Company’s Objectives For The Year 2008-09 ➢ To be one of the top 2 private life insurers in terms of premium and profitability . ➢ The Company’s Major Achievements In The Last Financial Year Are: Number 2 amongst the private insurers in terms of new business premium. ➢ A full basket of products approved. Ltd.

 Increase STM strength to3500 and IC strength to 50000  Products for filing and approval women’s plan.Bajaj Allianz life Insurance Co.  Online system to incorporate renewals. switches and withdrawals. health.  Finalization of accounts for 2007-2008  Recruitment of training head and trainers for branches .  Tactful team to be setup. ➢ Conduct business in an ethical manner. ➢ THE KEY INITIATIVES THE COMPANY PLANS TO TAKE IN THIS QUARTER INCLUDE THE FOLLOWING:  Increase branch numbers to 100 and satellite offices to 300.increase number of branches in metro cities.  NRI and HNI teams to be set up to focus on these areas.  Increase franchisee and corporate agents tie up.  Group and broker team to be strengthened.  Target 5 banks/coop banks for tie ups. Ltd. Achieve a minimum premium target of Rs 3500 crs(with less than 30% single premium)each office to look at growing the business from 2007-08levels by 350% to 400% ➢ Improve customer service at all levels. tactful and revised ULIP  Metro city strategy.

Bajaj Allianz life Insurance Co. retail banking. agent and agency managers headed by respective managers  Primary responsibility of all the channels is to meet the targets set by the head office  Policy logins are done here  Underwriting and medical checkups are done here  After the preliminary verification policies are sent to head office for issuance  Training is also held for the newly appointed employees  Certificate for selling insurance is given once employees clear the IRDA exam. Ltd.  There are different channels namely banc assurance. THE VARIOUS RESPONSIBILITIES AND THE CARRIED OUT IN THE GULBARGA BRANCH OFFICE WORK  Gulbarga is the area of office. HIERARCHY OF BAJAJ ALLIANZ LIFE INSURANCE LIMITED (Gulbarga Branch) Branch manager .

1 which age group does you belongs to? AGE 18-25 No Of Members 11 .Bajaj Allianz life Insurance Co. Assistant BM Branch Operations In charge (B Sales manager Operation Executive Assistant SM Operations Life advisor DATA INTERPRETATION OF THE SURVEY GRAPH ANALYSIS Q. Ltd.

Ltd.Bajaj Allianz life Insurance Co. 26-30 31-45 46 & above 22 44 23 Q 2} Gender 1) male ____) female____ Gender Male Female No of member 66 34 Q 3} How many members do you have in your family? .

Ltd.Bajaj Allianz life Insurance Co. Family member 2-4 5-8 8 & above No of member 40 48 12 Q 4} what is your annual income? Income 40k-70k 70k-1lakh 1lakh-3lakh 3lakh & above No of members 17 41 28 14 .

Insurable Member 42% Uninsurable member 58% Only 42%people having insurance in Gulbarga so it is potential for insurance company to capture to all that market Having insurance Self Spouse No of members 40 28 . Ltd.Bajaj Allianz life Insurance Co.

Children Parents All 21 18 11 Among that 42% people who having insurance.Bajaj Allianz life Insurance Co. they have insurance 40% for self 28%for spouse 21% for children and 18% for their parents and 11% for all family member. Ltd. Different policy bought by customers .

Under insurable persons 82% Fully insurable persons 18% Only 42 % people having life insurance but among them 82% people are underinsurance and only 18% people are fully insured according to them income Insurance plan Market share . Ltd.Bajaj Allianz life Insurance Co.

Among that 42% people who having insurance. Ltd. they have insurance 40% for self 28%for spouse 21% for children and 18% for their parents and 11% for all family member.Bajaj Allianz life Insurance Co. Term plan Money back plan Endowment plan Child plan Unit link plan 39% 14% 15% 8% 24% FINDING AND SUGGESTION  According the survey only 42% people are insured in Gulbarga so reaming other part is potential for insurance sector. also its very help  .

full for insurance sector so they should take necessary step for capture this potential. . CONCLUSION  All the insurance company must advertise more in the market because not all people know more about life Insurance policy. Ltd.Bajaj Allianz life Insurance Co.  Only 42% people having insurance in Gulbarga in that 42% there are 82 % people are under insured and other 18% people are fully insured according to their income so that is also plus point for insurance sector to capture the market.

REFERENCE .  Most number of people wants Guaranteed Returns so company must focus on this for the customer investment. Ltd.Bajaj Allianz life Insurance Co.

BOOKS • Insurance chronicle –ICFAI publications • Outlook money – magazine Websites visited: • • • • www.moneycontrol.bajajallianz. the following references were made: - • Insurance chronicle.com www. January 2006 Special issue “Insurance Industry 2006”.com www.com www.Bajaj Allianz life Insurance Co.google. In order to obtain more information regarding the present study and to substantiate it with theoretical proof.outlookmoney.com . Ltd.

.Bajaj Allianz life Insurance Co. QUESTIONNAIRE I am Dayanand R Rathod pursuing MBA from SDM College of business management post graduate centre management studies & research Mangalore. Ltd. 1} Name ______________________________ 2} which age does you belong to? 1) 18-25 2)26 to 30 3) 31 to 45 4) 46 to above 3} Gender 1) male ____) female____ 4} how many members do you have in your family? 1) 2-4 2) 5-8 3) 8 to above 5} what is your family annual income? 1) 40k-70k 2) 70-1lakh 3) 1lakh-3lakh 4) 3 to above 6} Occupation 1) Service 2) business 3) professional 4) other 7} Do you have a life insurance? Yes_______ No_______ If yes. Your response would be kept strictly confidential and would be used only for academic research. As a part of the curriculum I am doing research on “POTENTIAL OF LIFE INSURANCE INDUSTRY” kindly help me in the same by filling the questionnaire.

Bajaj Allianz life Insurance Co. Ltd. Which is it? Company’s name LIC ICICI prudential Birla sun life SBI life HDFC standard life Bajaj Allianz TATA AIG Kotak Mahindra ING vysya Max new York life Met life Reliance Shri ram Sahara Term Endowment Whole Money Retirement Child Unit plan life back plan link plan .

Bajaj Allianz life Insurance Co. . Ltd.

Sign up to vote on this title
UsefulNot useful