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On “A STUDY ON ULIP PRODUCT”
At BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. AGRA
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE
MASTER OF BUSINESS ADMINISTRATION
By Saurav Kumar Sharma Roll No – 0625170045 (2006-2008)
Institute of Business Management, MATHURA (U.P.)
Affiliated To U.P. Technical University, Lucknow
The importance of an academic course would gain advantage and acceptance of the true form, only through practical experience. Hence it is quite necessary to put the theories into talk. It is rigidly accepted that the theory widens one’s thinking horizons viz. Concepts of marketing philosophies, but practice indicates the modern marketing and used in variety of settings of products. The summer training programmers are designed to give the manager the future of the corporate happenings and work culture. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the summer training programmers and designed, so that the manager to tomorrow do not feel ill case when the time comes to shoulder responsibilities. Practical exposure for the MBA students is very necessary because what they study in the classroom is not the reality. Situation in the market is unknown and very much unpredictable. So the practical experience is very much necessary this is made possible with the summer training project in Bajaj Allianz Life Insurance Co. in marketing related to find out the Potential Insurance Consultants. All organizations involve into business with some objective and one of the objectives is to endorse product or service which they produce. In my marketing project I tried to find out the potential Insurance Consultants through questionnaire for the Bajaj Allianz Life Insurance Co. The product for the insurance company is its policies which company sale through its Insurance Consultants. So its quite clear that there will be as many Insurance Consultants. There will be increased sales.
I want to thank to those people who helped me in this summer training research project. First of all I would like to express my profound gratitude to the Sales Manager of Bajaj Allianz Life Insurance Co. Satna (M.P.) Mr. Sandeep Sharma who gave me this opportunity to do this project. He always remained a wonderful guide and supporter throughout this project. I would like to thank to my institute also where I got all the knowledge and skills required for this research project. At the end I want to say thanks to all persons involved in this project directly or indirectly.
RANDHIR SINGH MBA- III sem.
TABLE OF CONTENTS
1. Introduction 2. Scope & Importance 3. Company Profile 4. About Ulip products Of Bajaj Allianz 5. Distribution Channel 6. Research Methodology 7. SWOT Matrix 8. Limitations 9. Findings
10. Recommendations 11. Conclusion 12. Questionnaire 13. Bibliography
WHAT IS LIFE INSURANCE
First of all we should come to know that what Life Insurance is. The different definitions describing life Insurance are as:“Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary. Life Insurance pays a specified sum to the beneficiaries upon the death of the insured. It is generally used to provide cash to your family in the event of your death. There are several types of life insurance whole life insurance provides a lifetime of protection as long as you pay the premiums to keep the policy active. They also accrue a cash value and thus offer a savings component. Term life insurance provides protection only during the term of the policy and the policies are usually renewable at the end of the term. Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities”.
industries.SCOPE AND IMPORTANCE OF STUDY This report it’s a complete data analysis of two areas of functioning of an organisation which a joint venture between Bajaj Auto and Allianz. The insurance industry is a key sector in the economy of any country. Insurance not only provides protection for individual and industry through risk coverage. and encourages savings. In addition to being a means to protect oneself. Thus an insurance cover is considered an important tool for economic stability. business houses. it is monopolized by two PSU’s in their respective fields of Life and General Insurance. In India.” Insurance is a social device where uncertain risks of individuals may be combined in a group and thus made more certain – small periodic contribution by the individuals provide a fund out of which those who suffer losses may be reimbursed. the Insurance Industry is an effective conduit for the savings of people to be channeled towards economic growth. Insurance plays a very important role in the day-to-day activities of the common man. Today. ltd. the Insurance Industry is more than 150 years old. The liberalization of the financial sector was started in 1991 and carried forward by successive governments. It is “Bajaj Allianz Life insurance co. agriculturists and other service providers. The company is one of the India’s leading private life insurance companies and is ranked 2006 in fortune 500 company. . it also mobilizes funds for economic activity. These reforms were carried out in a phased manner and affected the entire financial sector.
. who till now. the opening up of this sector does not mean that its character will undergo a sea change. the insurance sector had been left out of this reform process. However. The main benefits of this new competitive environment will be to the consumer. With the passage of the IRDA bill in December. The report gives a brief background of the sector and proceeds to highlight the performance of the Sales Manager. It is up to the new players to device innovative strategies to both grab business from the existing companies as well as expand the size of the pie itself. the way has been paved for the entry of private players into this long neglected aspect of the Indian economy.Till now. however. 1999. The benefits of a liberalized sector are enumerated. The report also tried to identify the market potential and gives information to how to convince people for insurance products and the strategies that can be employed to exploit the same. The new entrants will look for new channels of distribution for their products. The public sector behemoths will continue to enjoy a huge market share. has had to put up with shoddy products and even shoddier service. and banks will play a very important part as the likely interfaces between the insurance companies and their prospective customers.
concerned by the unethical standards adopted by some players against the consumers. Today it stands as a business growing at the rate of 15-20 percent annually. The Committee recommended throwing open the sector to private players to usher in competition and bring more choice to the consumer. However. which remains low in India even compared to some developing countries in Asia. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country.LIFE INSURANCE INDUSTRY IN INDIA Many may not be aware that the life insurance industry of India is a s old as it is in any other part of the world. The objective was to improve the penetration of insurance as a percentage GDP. It was due to this immense growth that the regulations continuations were introduced in the insurance was sector and by in the “Malhotra Committee” constituted government in 1993 to examine the various aspects of the industry. . nationalized the industry in two phases in 1956 (life) and 1972 (non-life). Together with banking services. Nearly 80% of Indian populations are without Life Insurance cover and the Health Insurance. which was started in India in 1818 at Kolkata. The first Indian Life Insurance Company was the Oriental life Insurance Company. it adds about 7 percent to the country’s GDP. the Government of India. In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. This is an indicator that growth potential for the insurance sector is immense in India. The insurance business of the country was then brought under two public sector companies. With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).
Creating a more efficient and competitive financial system suitable for the requirements of the economy as the main idea behind the reform. .
can trace its roots to the Triton Insurance Company Ltd. The General Insurance business in India. GIC incorporated as a company. the National Insurance Company Ltd. it was after this that 107 insurers amalgamated and grouped into four companies viz. The time when we were not even born. In 1957 General Insurance Council. The insurance came to India from UK. a wing of the Insurance Association of India. . After the liberalization the entrance of foreign players has added to the competition in the market. Then the central government took over these companies and as a result the LIC was formed. Since then LIC has worked towards spreading Life Insurance and building a wide network across the length and the breath of the country.A BRIEF HISTORY The origin of insurance is very old. the Indian Life Insurance company act 1912 was the first statutory body that started to regulate the Life Insurance business in India. In 1972 the General Insurance Business in India with effect from 1 s t January 1973. with the establishment of The Oriental Insurance Corporation in 1818. By 1956 about 154 Indian. the first General Insurance Company established in the year 1850 in Calcutta by the British. was has sought some sort of protection from the unpredictable calamities of the nature. on the other hand. the Oriental Insurance Company Ltd. the New India Assurance Company Ltd. 16 foreign and 75 provident firms were been established in India. frames a code of conduct for ensuring fair conduct and sound business practices. The basic urge in man to secure himself against any form of risk and uncertainty led to the origin of insurance.
Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Only one state level Life Insurance Company should allow to operate in each state. Malhotra Committee headed by former Finance Secretary and RBI Governor was formed to evaluate the Indian industry and give its recommendations. IRDA being an independent statutory body has put a framework of globally compatible regulations . IRDA: The IRDA since its incorporation as a statutory body has been framing regulations and registering the private sector insurance companies. 1 bn should be allowed to enter the industry. IRDA was set up as an independent regulatory authority.INSURANCE SECTOR REFORMS In 1993. The committee came up with the following major provisions: Private Companies with a minimum paid up capital of Rs. . which has put in place regulations in line with global norms. Reforms were initiated with the passage of Insurance Regulatory and Development Authority (IRDA) Bill in 1999.
Which has responded to the competition in an admirable fashion by launching new products and improving service standards. The entry of new players has rejuvenated the erstwhile monopoly player LIC. with about 200 million middle class households. Allianz. The scope for expansion is still unlimited as virtually all the players are concentrating on large cities and towns – except by LIC to an extent there was no significant attempt to tap the rural markets. WINDS OF CHANGE Reforms have marked the entry of many of the global insurance majors into the Indian market in the form of joint ventures with Indian companies. Standard Life. Sun Life Canada and Old Mutual. With the per capital income in India expected to grow at over 6% for the next 10 years and with improvement in awareness levels.INSURANCE MARKET IN INDIA By any yardstick. An independent consulting company. mainly from the stable . presents a huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. New York Life. New Product Offerings: There has been a plethora of new players. Some of the keys names are AIG. the demand for insurance is expected to grow at an attractive rate in India. Prudential. Market Expansion : There has been an overall expansion in the market. the Monitor Group has estimated that the Life Insurance market will grow.
g.of their international partners. policy document. there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels . . Customers are offered unbundled products with a variety of benefits as riders from which they can choose. While agents continue to be the predominant distribution channel. the wide spread of bank branch network in India could lead to banc assurance emerging as a significant distribution mechanism. Customers have tremendous choice from a large variety of products from pure term insurance to unit-linked investment products. there are still some key new products yet to be introduced – e. Some of them are banc assurance. There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt. brokers. However. There is an attempt to bring in international best practices in service and operational efficiency though use of latest technologies. More customers are buying products and services based on their true needs and not just traditional money-back policies. Though it is too early to predict. settlement of claims etc. the internet and direct marketing. final maturity payment. today a number of innovative alternative channels are being offered to customers. Channels of Distribution: Till two years back. Advice and need based selling is emerging through much better trained sales force and advisors. However. this was one area that witnessed the most significant change with the entry of new players. premium notice. health products. Customer Service: Not unexpectedly. which is not considered very appropriate for long-term protection and savings. the only mode of distribution of life insurance products was through Agents.
35 7. The following companies have the market share of the life insurance industry. in %) 74. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players.56 M ar ket Sh ar e of Li fe I n su r an ce Com pani es as of M ay 2007 . The new players have improved the service quality of the insurance. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Insurance Company LIC ICICI Prudential Bajaj Allianz HDFC Standard Life Other ‘s Market Share (Fig. LIC market share has decreased from 95% (2002-03) to 82% (2004-05).37 3.28 2.44 12.The introduction of private players in the industry has added to the colors in the dull industry.
are now suddenly turning to the private sector that are providing them new products and variety for their choice. .CURRENT SCENARIO OF THE INSURANCE INDUSTRY IN INDIA India with about 200 million middle class household shows a huge untapped potential for players in the insurance industry. Innovative products and aggressive distribution have become the say of the day Indians. Life Insurance industry is waiting for a big growth as many Indian and Foreign companies are waiting in the line for the green signal to start their operations. How the customer is going to make his choice will determine the future of the industry. The Indian Consumer should be ready now because the market is going to give them all array of products. Computerization of operations and updating of technology has become imperative in the current scenario. CUSTOMER SERVICE Consumers remain the most important centre of the insurance sector. The one time monopoly of the LIC and its agents are now going through a through revision and training programs to catch up with the other private players. different in price. Foreign players an bringing in international best practices in service through use of latest technologies. After the entry of the foreign players the industry is seeing a lot of competition and thus improvement of the customer service in the industry. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. have always seen Life Insurance as a tax saving device. features and benefits.
New players may find it expensive and time consuming to bring up a distribution channel to have an advantage.DISTRIBUTION CHANNELS Till date insurance agents still remain the main source through which insurance products are sold. LIC has already well established and have an extensive distribution channel and presence. At present the distribution channels that are available in the market are: Direct Selling Corporate Agents Group Selling Brokers and Cooperative Societies Banc assurance To make all these channels a success the companies have to be very alert and skillful to know how to use these channels in a proper way. The concept is very well established in the country like India but still the increasing use of other sources is imperative. Banc assurance is on of the most upcoming channels of distribution. It therefore makes sense to look at well – balanced. . alternatives channels of distribution.
Insurance companies should see banc assurance as a tool for increasing their market penetration in India. More customers are buying products and services based on their true needs and not just traditional money. help to fulfill rural and social obligations stipulated by the Insurance Regulatory and Development Authority (IRDA) recently. . It is also good for the one who sees banc assurance in terms of reduced price. PRODUCT INNOVATION Customers have tremendous choice from a large variety of products from pure term insurance to unit-linked investment products. This is a mutually beneficial situation as banks can also expand their range of products on offer to customers. which is not considered very appropriate for long-term protection and savings. This is though a new concept but it has gained a lot of importance in the industry at present and has a great future. Another advantage is that banks. The creation of banc assurance operations has made an important impact on the financial services industry at large. high quality product and delivery at doorsteps. while the insurance company will also earn profits from the exposure.back policies. Everybody is a winner here. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. What Insurance companies have to do is to just take advantage of the customer’s long-standing trust and relationships with banks. with their network in rural areas.BANCASSURANCE India has an extensive bank network established over the years.
A research conducted exhibited that the rural consumers are willing to dole out anything between Rs.. though only out of the capital. there will be opportunities in the rural sector. 2. computers. Already United India The Rural consumer is now exhibiting an increasing propensity for Insurance products.500 and Rs. life. The study also pointed out the private companies have huge task to play in creating awareness and creditability among the rural populace. the expected explosion in job opportunities may not actually happen but for them the catchments area is the opportunities in the rural India. not a sprint”.900 as premium each year. In India with the private players having entered into the insurance industry.RURAL MARKETING Rural India seems to have an appetite for mobile phones. As insurance companies go more and more rural in search of business. are only increasing their spending. Instead of focusing on their different products lines as silos (i. This is because of the nature of the business being long term. In India the insurance business can be said to be “a marathon. 3. INFORMATION TECHNOLOGY AND INSURANCE In the insurance industry today. However it seems that they if not anything.e. In the Insurance the awareness level for Life Insurance is the highest in rural India. property and casualty etc) insurers are looking for ways to offer highly targeted insurance products that are . there is a clear trend away from selling a broad range of products to a large volume of customers in a one. accidents and cattle insurance. According to a study nearly one third said that they had purchased some kind of insurance with the maximum penetration skewed in favor of life insurance. and cars and to add to it we have insurance.size-fits-all manner. but the customers are also aware about motor.
there is desire need to use the data for trend analysis and personalization. Insurance industry is a data-rich industry. and histories of the service inquiry. there is a need to developing better techniques to give customers a truly personalized experience. With increased competition among insurers. Companies need to apply different set of rules and treatment strategies to different customer segments. many organizations are incorporating knowledge database-repositories of content that typically include a search engine and let the customers locate the all document and information related to their queries of request for services. Customers can hereby use the knowledge database to manage their products or the company information and invoices. service has become a key issue. With the explosion of Website and greater access to direct or policy information.tailored to the individuals customers with the highest propensity to buy them. claim records. To ensure that the customers are receiving personalized information. they want personalized interactions and they look for more and more features and add ones and better service. Personalization helps organizations to reach their customers with more impact and to generate new revenue through cross selling and up selling activities. Today managing the customer intelligently is very critical for the insurer especially in the very competitive environment. These products also may be able to learn from the customer’s previous knowledge database and to use their information when determining the relevance to the customers search request. The insurance sector remains a very competitive market and those companies that are able to best utilize their data and provide their customer with the most personalized options will have the distinct competitive advantage. People today don’t want to accept the current value propositions. and thus. .
The purpose of having four companies all subsidiaries of General Insurance Corporation of India (GIC) – National Insurance Company. While this allows one of the Public Sectors Company to win a business form another in this manner. and The United India Insurance Company. The others suffer a loss and the resultant effect is a cannibalization with a fall in the average premium of the public sector itself. The result what we see is the undercutting to retain or wrest business and quoting an uneconomical rate of premium. Currently. However it is high time for the government to realize that importance of merging the public sector general insurance companies into single entity. Private companies including MNC’s are amalgamating the world over to get more competitive edge. the general insurance industry has been opened up. The insurers are doing enough to raise the level of risk awareness or are they merely content to compete in the markets organized and established. at the time of nationalization was to have competition among themselves – in service . The private players in the future would have to turn their attention to working in the unorganized and under served markets.MERGERS AND ACQUISTIONS This is an era of mergers and acquisitions. New India Assurance Company. Oriental Insurance Company. The recent scenario calls for a better performance from part of each of the public sector insurance companies against each other. What is likely to happen is that the private players would continue to skim the profitable segments of the already organized business in the urban areas? The time has already come for the government of India to evaluate the performance of private companies.
Every player would like the customers to believe that its service standards are the best or that its agents are the most informed and ethical. it is felt that the time for merger has come and to enjoy the benefits if the size. Still. The loss of profitable business in view of undeserved competition among the public sector companies is hampering the subsidization of social insurance including the motor third party liability (TPL). healthy solvency margins. it is marked by all. appointed agents. It is thus clear that it is good for the public sector companies to merge immediately when they are still strong. Some players justify the above strategy on the basis that the Indian market is huge and it can accommodate everybody. setting right the asset-liability mismatch and reduction in cost.round growth of all players. The benefits if the four insurance companies merge will be enormous. launched new products. It is to be stated that size does matter in insurance business. The merged entity will enjoy higher underwriting and risk retention capacity. lest a merger becomes inevitable later after the independent public sector companies fail one after another. All over the world’s mergers and acquisitions in the risk-underwriting sector is common. In other words. Now with real competition coming in with most of the global insurance players setting footprints here. increase in reinsurance premium.and products at the same price. each company is trying to be ‘everything to everybody’. in a market where it is difficult to distinguish oneself sufficiently on service or any other . STRATEGIC ALTERNATIVES If one analyses the history of growth of the insurance industry since reforms. reduction in reinsurance outflow. improved customer service standards and revamped/expanded their distribution networks. More or less all players have aggressively recruited and trained advisors.
the insurance company can deliver better returns on it investment-linked products and thereby for itself a leadership position in this segment. which is widely touted to have immense growth potential in India due to imminent pension reforms. The insurance needs of young family with small children will be quite different from that of a family in which the income-earner is close to retirement. While there is room for a few scale players with a finger in every pie. However. • Needs –based Positioning This is the most commonly understood positioning and is based on the different needs of different groups of consumers. Through its superior fund management capabilities. It is a sensible strategy for those companies who have distinctive advantages or strengths in offering certain products and services. it is possible to achieve a unique position by focusing on certain category of products.parameter to be able to charge a premium. In the insurance industry where large amounts of capital are required. This can be done successfully if a company has unique strengths to service a group of customer needs better than others. In the insurance industry too. Then there is the entire category of pension products. in India most of the Life Insurance companies have a wide variety of products of different customer needs . It is possible to achieve profitable positioning by focusing and excelling in only pension products. • Variety-based Positioning This type of positioning is based on varieties in products and services rather than customer segments. this is risky. it is profitable for the players to focus on different segments to survive and thrive in a multi-firm open environment. While each company has to choose its own unique positioning based on its unique strengths. it will lead to unmitigated price competition to the detriment of all players.
the size of the market has grown and the size of the insurable population in India is indeed vast and the existing players have managed to cover about one-fourth of it. Access is typically a function of customer scale. Instead of appointing agents as is done typically. CHOOSING THE RIGHT STRATEGY The right strategic choice is not a matter of positioning choice alone. income levels. . So we can conclude that. There is excellent opportunity in the insurance industry to employ access-based positioning by targeting the rural insurance sector.K.based Positioning Positioning of customers can also be done by the way they are accessible that is different groups of customers may be accessible in different ways even though they may have similar needs.and there is no company focusing only on a particular customer needs. no other player has paid any attention or focus on the rural sector. The set of activities cover all upstream and downstream activities. Rural market can be a highly profitable position if one is able to carefully plan. Some Life Insurance companies focusing on rural markets have adopted innovative means of distribution. from the selection of the product mix. Except for LIC. and penetration of media and so on. It is the configuration of the entire value chain of the company through a different set of activities to deliver unique value to consumers.Prahlad. The rural market for Life Insurance is very different from the urban market in terms of needs. distribution. they have used Gramsevaks in different villages across the country to promote Life Insurance and act as their sales arm. Contrary to common perception it is a big opportunity as emphasized repeatedly by such eminent strategies like C. • Access.
A well regulated Life Insurance industry which moves with the times by offering its customers tailormade products to satisfy their financial needs is. A number of web sites are coming up on insurance. a few financial magazines exclusively devoted to insurance and also a few training institutes being set up hurriedly. therefore.The falling interest rates. . the scope for entering related areas like banking and pensions in a bid for synergy and the promise of the e-commerce are some of the other opportunities knocking at the doors of the insurance majors. Life insurance has today become a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time. Many of the universities and management institutes have already started courses in insurance. the collapse of many small –time financial institutions. essential if we desire to progress towards a worry-free future.
we still strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money . Vision: To be the first choice insurer for customers.ABOUT BAJAJ ALLIANZ LIFE INSURANCE Mission: As a responsible customer focused market leader. To be the number one insurer for creating shareholder value. To be the preferred employee for staff in the insurance industry. .
SAM GHOSH. Currently have over 300000 satisfied customers. Germany. The Company has an authorized and paid up capital of Rs. one of the world’s largest insurance companies. Bajaj Allianz Life Insurance Company Limited Bajaj Allianz Life Insurance Co. Both enjoy a reputation of expertise. . 2001 to conduct General Insurance business (including Health Insurance business) in India. 1 status among the private non-life insurers. In its first year of operations the company has acquired the NO. Bajaj Allianz General Insurance Company Limited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. As on 31 s t March 2003. stability and strength.110 crores. and Bajaj Auto. Have Customer care centers in 156 cities with 28000 Insurance Consultant providing the finest customer service. Ltd is a joint venture between two leading conglomerates-. who was the CEO of Bajaj Allianz earlier has taken over as country Manager and is also the CEO of Bajaj Allianz Life Insurance Company . Bajaj Auto holds 74% and Allianz holds the remaining 26%. AG. Bajaj Allianz Life Insurance • • • Is the fastest growing private life insurance company in India. one of the biggest two and three-wheeler manufacturers in the world and Allianz AG. Bajaj Regulatory Allianz and General Insurance Authority received (IRDA) the Insurance of Development certificate Registration (R3) on May 2 n d .
achieving a growth of 84% and registered a 52% growth in net profit. Shareholders & Promoters Bajaj Auto Limited Bajaj Auto Limited is the largest manufacturer of two and threewheelers in India and also one of the largest manufacturers in the world. Germany Allianz Group is one of the world's leading insurers and financial services providers. In the first half of the Current financial year. the premium earned was Rs. As a promoter of Bajaj Allianz General Insurance Company Ltd. Bajaj Allianz today has a network of 40 offices spread across the length and breadth of the country. Bajaj Auto has the following to offer : Vast distribution network. Bajaj Allianz made a profit after tax of Rs. 2006-07.Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs. Financial strength and stability to support the insurance business Allianz AG.6 crores. 5310 crores. all the 38 offices are interconnected with the Head Office at Pune. Knowledge of Indian consumers. From Surat to Sliliguri and Jammu to Thiruvananthapuram. . In the financial year 2005-06. Bajaj Auto has been in operation for over 55 years.3133 Crores.9. which is a jump of 60% and the profit zoomed by 125% . Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations..300 Crores. Bajaj Allianz generated a premium income of Rs.
As a frequently used information center. History of Allianz Documenting and researching its corporate history is part and parcel of the corporate culture of Allianz AG. Life and health insurance. it has evolved into the company's "living memory". More information about our locations throughout the world is available by moving the cursor over the world map.26 trillion euros in assets under management. Allianz is now present in more than 70 countries with over 19. Of this.9 billion euros. In fiscal year 2005. Global Presence Allianz Group is present on every continent and has companies and offices in about 70 countries. with its head office in Munich. At the end of 2005 Allianz Group had more than 1.Founded in 1890 in Berlin. The Allianz Center for Corporate History devotes itself to these tasks.000 employees top of the international group is the holding company. . Allianz AG. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and casualty insurance. Allianz's total revenues amounted to some 100. 743 billion euros were assets managed for third parties. Asset management and banking.
Private and corporate retirement provision is emerging as a major market Asset Management & Banking Allianz Group's asset management activities are integrated under one roof at Allianz Global Investors. Allianz has insured most of the world’s largest infrastructure projects (including Honkong Airport and Channel Tunnel between UK and France).: . Allianz is number one in Germany. using a wide variety of innovative distribution channels. besides being a large industrial insure. Allianz AG is in the business of General (Property & Casualty) Insurance.Business Fields Property & Casualty Insurance When it comes to property and casualty insurance. the Allianz Group has laid a broad foundation in order to address clients' needs on the investment market. Allianz has a substantial portfolio in the commercial and personal lines sector. Allianz AG has the following of offer Bajaj Allianz General Insurance Company Ltd. further Allianz insures the majority of the fortune 500 companies. With Dresdner Bank. Further. Allianz also ranks as one of the world's leading global industrial risk insurers. Allianz Group is among the top companies in Europe. the Group provides Risk Management and Loss Prevention Services. Life & Health Insurance In life and health insurance. Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurance with operations in over 70 countries.
Risk care (Pure Term).110 crores. Cash Gain (Money Back). term Care (term with return of premium).• Set up and running of General insurance operations • New and improved international products • One of the world’s leading insurance companies • More than 700 subsidiaries and 2 lac employees in over 70 countries worldwide • Provides insurance to almost half the Fortune 500 companies A Partnership Based on Synergy Bajaj Allianz General Insurance Company offers technical excellence in all areas of General and Health Insurance as well as Risk Management. Swarna Vishranti (Retirement Plan). Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance . Its products include Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum). As a registered Indian Insurance Company and a capital base of Rs. Life Time Care (whole Life). This partnership successfully combines Bajaj Auto’s indepth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. Protector (Mortgage term insurance plan). Child Gain(Children’s plan where sustenance of income is combined in the same plan that also pays a lum sum). the company is: Fully licensed to underwrite all lines of general insurance business including health with management control by Allianz AG About Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Child Gain (Children’s Plan). Unit Gain (Unit Linked Whole of Life Plan) and Unit Gain Single Premium. Cash Gain (Money Back).
.company in India. Bajaj Allianz Life Insurance has a wide pan India presence of office network in 156 citied of the country and is aided with a strong and trained Agency network of over 28000 agents. India’s leading manufacturer of two and three wheeler vehicles and the Allianz Group. Bajaj Allianz Life Insurance has launched a slew of needbased products to cater to each varied needs of the customer. The partnership successfully combines Bajaj Auto’s extensive understanding of the local market and expansive distribution with Allianz Group’s global experience and technical expertise. Bajaj Allianz general Insurance: 125 percent profit Increase Bajaj Allianz General Insurance Company Limited is a joint venture company between Bajaj Auto Ltd. Bajaj Allianz General Insurance offers technical excellence in all areas of general and health insurance and risk management. Bajaj Allianz has also forged strong Banc assurance and Corporate Agency relationship and continues to build on new tie-ups for fast track growth and deep market penetration. Bajaj Allianz General Insurance is headquartered in Pune and has . Currently Bajaj Allianz Life Insurance has a product portfolio of 19 products and more need-based products are in the pipeline.
Ltd. Ltd. Sam Ghose Manager. 2004. The company has also pioneered in Allianz Bajaj Changed Its Name To Bajaj Allianz Life Insurance Allianz Bajaj Life Insurance Co. business associates. The new logo incorporates the new Bajaj Auto logo. Allianz and CEO. Bajaj Allianz Life Insurance said.8 billion Rupees (86 million Euros) with a profit after tax of 220 million Rupees (3.a wide network of 40 offices spanning the country. All the offices are fully networked. The change in company name comes in conjunction with research findings from existing customers.9 million Euros). gross written premiums jumped by over 60 percent. the company garnered a premium income of approximately 4. “ we are not only acquiring a new name.. a vast range of 45 products to suit its corporate and retail customers. it already has unique forms of risk cover. The company received the IRDA registration in may 2001 . prospective customers and other stakeholders indicates higher comfort level and ease of recalling Bajaj name first and then Allianz. today announced that it has changed its corporate name to Bajaj Allianz Life Insurance Co. effective from August 03. and hence the name Bajaj Allianz. In the year 2003-2004. Bajaj Allianz General Insurance Company Limited and Bajaj Allianz Life Insurance Company Limited will now have a common logo and branding which will help in increasing our visibility and familiarity. it sold 1.2 million policies. it achieved a net profit growth of 125 percent. Commenting on this occasion Mr. but have put in motion a new level of energy and commitment to delivering the best products. which will create a much larger awareness and a greater mind share. the fastest growing private life insurance co.today. The name change coupled with aggressive strategic market initiatives to reach service . With this result.
CORE COMPETENCIES AT BAJAJ ALLIANZ LIFE INSURANCE The Bajaj Allianz Difference Business strategy aligned to clients’ needs and trends in India and global economy industry Internationally background Fast.” Bajaj Allianz Life Insurance recently launched over 100 satellites branches. to infuse greater thrust. efficiency and professionalism to impart state of the art servicing to the customers across the length and breadth of the country.100 Cr.customers better will give us an unbeatable position in the insurance market in this country and both Life and General companies together can unleash the ‘ Power of One’ and be the leader in the insurance industry. new life and non-life group products. decentralized decision making Long-term commitment to market and clients experienced core team. Bajaj Allianz Life Insurance has also brought in the key executives. from its 7 t h position at the end of last financial year. Gross Written Premium (GWP) in the first 100 days of this financial year and has leaped to 2 n d position as per IRDA figures ending June 04. which has helped Bajaj Allianz (formerly known as Allianz Bajaj) to log in Rs. majority with local . new ideas.
Trust At Bajaj Allianz. Together they are committed to provide the customer with time tested and trusted financial solutions that provide the customer all the security he/she need for their investments. Their claims philosophy is to: Be flexible and settle fast Ensure no claim file to be seen by more than 3 people Check processes regularly against the global Allianz OPEX (Operational Excellence) methodology . Bajaj Allianz Limited is trusted name for over 55 years in the Indian market and Allianz AG has over 110 years of global experience in financial services. They are focused towards providing the customer a hassle free and speedy claims processing. And more… Underwriting Philosophy Their underwriting philosophy focused on: Understanding the customer’s needs Underwriting what we understand Meeting the customer’s requirements Ensuring optimal coverage at lowest cost Claims Philosophy The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. They pride themselves on a friendly and open approach. they have realized that the customer seeks an insurer whom he/she can trust.
Experienced and Expert Servicing Team Bajaj Allianz is driven by a team of experienced people who understand Indian risks and are supported by the necessary international expertise requires to analyses and assess them service engineers located in every major city . All the efforts are directed towards understanding the culture.Customer Orientation At Bajaj Allianz. online insurance of marine policy certificate) . social environment and individual insurance requirementsso that they can cater to all the customer’s varied needs. with renowned insurance software. they have established worlds class technology. policies can be issued form any office across the country for retail products Unique. Superior Technology In order to ensure speedy and accurate processing o the customer’s needs.g. the guiding principals are customer service and client satisfaction. which networks all our offices and intermediaries Using the Web. user friendly software developed to make the process of issue of policies and claims settlement simpler (e.
who are suddenly unemployed Film insurance Event management cover Risk Management – Their Expertise Their service methodology is tried. Risk retention Risk Transfer: To an insurer as well as reinsurer (as required) Creation of need based products Ongoing dialogue and proactively IRDA AND ITS GUIDELINES Composition of Authority under IRDA Act. 1999 As per the section 4 of IRDA Act' 1999. which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of . Insurance Regulatory and Development Authority (IRDA.Unique Forms of Risk Cover Special PA cover for Amarnath Yatris Housing loan cover for people. tested and Proven the world over and involves: Risk identification: Inspection Risk analysis: Portfolio review and gap analysis.
code of conduct and practical training for intermediary (e) and promoting or insurance in the intermediaries conduct of and insurance agents. suspend or cancel such registration. powers and functions of IRDA. 1999 lays down the duties. (a) issue to the applicant a certificate of registration. (b) five whole-time members.. efficiency (f) promoting and regulating professional organizations connected with the insurance re-insurance business. promote and ensure orderly growth of the insurance business and re-insurance business. (h) calling for information from. . undertaking inspection of. insurance intermediaries and other organizations connected with the insurance business. insurable interest. the powers and functions of the Authority shall include.(a) a Chairman. (g) levying fees and other charges for carrying out the purposes of this Act. (c) four part-time members. (c) specifying requisite qualifications. (d) specifying the code of conduct for surveyors and loss assessors. intermediaries. (b) protection of the interests of the policy holders in matters concerning assigning of policy. the Authority shall have the duty to regulate. surrender value of policy and other terms and conditions of contracts of insurance. conducting enquiries and investigations including audit of the insurers. (2) Without prejudice to the generality of the provisions contained in sub. (1) Subject to the provisions of this Act and any other law for the time being in force. nomination by policy holders. (all appointed by the Government of India) Duties. renew.section (1). withdraw. Powers and Functions of IRDA Section 14 of IRDA Act. business. modify. settlement of insurance claim.
(n) supervising the functioning of the Tariff Advisory Committee. (p) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector. and (q) exercising such other powers as may be prescribed . (o) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f). (k) (l) regulating regulating investment of funds of by margin insurance of companies. (j) specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. maintenance (m) adjudication of disputes between insurers and intermediaries or insurance intermediaries. 1938 (4 of 1938).(i) control and regulation of the rates. solvency. advantages. terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act.
offering an .ULIP • ULIP is a unique investment scheme from the Unit Trust of India.
• Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of protection and flexibility in investment.Insurance cover along with tax benefits and high returns. ICICI ULIP PRODUCTS: Secure plus etc. Unit gain easy pension plan. The policy value at any time varies according to the value of the underlying assets at the time. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). child gain. unit gain sp. super annotation . premium return plan. child advantage plan. key man insurance and for individual invest gain . on the basis of maximum return since its inception. Employee Benefit solution: Gratuity. KOTAK ULIP PRODUCTS: Capital multiplier plan. LIFE INSURANCE PRODUCTS . The company ULIP funds were placed in ranked 1st. 3rd. swarana vishranti . cash gain . life time care . Risk care. retirement income plan. unit gain. In the earlier six month ago in July BAJAJ ALLIANZ funds were first and second. Latest survey done by leading personal finance magazine outlook.
The value of the policy is the bid value of units that a customer holds in the fund. through monthly cancellation of units and the fund administration charge and fund management charge are priced in the Benefits available under the plan Death Benefit: In the case of unfortunate premature death the beneficiaries are entitled to the greater of : • • Sum Assured less partial withdrawals The bid value of units If the age of the insured person is less than 7 or above 70. illness. expenses on children. This is the perfect plan to take care of ongoing and future family expenses like debts. How does the plan work? The premiums paid are invested in the Lifelong Gain Fund (based on the allocation rate) and units are allocated depending on the offer price of units for the fund. . It can also take care of unforeseen expenses like accidents. and provides a family with a safety net. living expenses. then the bid value of unit is paid. Guaranteed Survival Benefits: Guaranteed Survival Benefits are available under this policy. etc. Hospitalization etc. The life insurance cover charges are deducted unit value.LIFE LONG GAIN The Bajaj Allianz Life gain Plan comes with a host of features to allow customer to have the best of all words – regular income for customer and the added benefits of providing for loved ones too.
a minimum withdrawal amount is Rs.Bajaj Allianz Life Insurance will pay. Partial Withdrawal: Lifelong Gain allows the customer to make partial withdrawals anytime after all the premiums are paid. anytime after 3 full years’ premiums paid. 3% of the Sum Assured every year after the premium payment are over till the termination of the policy. In case of partial withdrawal. the subsequent Guaranteed . then the guaranteed survival benefit will become nil and funds in the account will be available to the customer for full/partial withdrawals as and when a customer needs them. as and when required. Full Withdrawal: Life long Gain offers the customer the flexibility of the withdrawals by surrendering all his units. This gives the customer the liquidity and option to take out additional money over and above the guaranteed survival benefits. the bid value of unit in the fund will be paid out and the policy will terminate. The full withdrawals are paid out at the bid value of units. On full withdrawal the policy will terminate. If the partial withdrawals made are equal to the Sum Assured. In the case of a partial withdrawal. This guaranteed amount is payable every year provided all premiums have been paid and no partial withdrawal were made. the guaranteed survival benefit would be 3% (Sum Assured less partial withdrawal) for the subsequent policy years. Maturity Benefits: On the life assured attaining age 100.1000/-. by cancellation of units in the account of the policy.
Survival Benefits will be 3% of (Sum Assured less partial withdrawals made). Guaranteed survival Benefits that pays 3% of the Sum Assured every year after the premium payments are over Provision for full and partial withdrawals . Benefits Death benefits Guaranteed Survival Benefits Maturity Benefits Full Withdrawals Partial Withdrawals UNIT GAIN PLUS . Key Features Guaranteed death benefits Whole life protection with only 10 or 15 years of contributions.
The Fund Management Charge is priced in the unit value . Minimum Sum Assured = 5 time the annual premium. The insurance cover and administration charges a deducted through cancellation of units. The Five funds offered are as under: . Bajaj Allianz Unit Gain plus Offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. A customer can invest in one life insurance plan that can take care of all his/her changing requirements throughout their life. providing an opportunity to have a direct stake in the performance of the financial market. A person can choose the Investment funds that he wants to invest his money. so that they do not have to worry about their changing need s. Customer also benefits from attractive tax advantages and can protect loved ones against unfortunate events . How does the plan work? The premiums paid are invested in fund/ funds of customer’s choice (depending on the allocation rate) and units are allocated depending on the price of units that the customer holds in the fund/funds.With Bajaj Allianz Unit Gain Plus. Maximum Sum Assured = y t times annual premium. This plan has been designed to provide them with maximum flexibility.
The investment objective of this fund is to provide a balanced investment between long-term capital appreciation and current income through investment in the Units of Bajaj Allianz’s Equity Index and Debt Plus Funds. This fund will invest at least 85% in equities and maximum 15% in debt and cash instruments. The balanced fund will invest 30% to 50% in the equity index fund and 50% to 70% in the debt plus fund. and corporate debt rates AA and above. This fund will invest at least 85% in equities and maximum 15% in debt and cash. Cash plus Fund: The investment objective of this Plan is to have a fund that guarantees invested capital through investments in liquid . The plan is expected to match the returns given by Nifty Index of the National Stock Exchange. d) Balanced Plus Fund : This fund is a fund of funds. This fund will be invested fully in Debt Instruments and money market instruments. c) Debt Plus Fund : The investment objective of this Fund is to provide accumulation of income through investment in high quality fixed income securities like G-Secs.a) Equity Index Fund : to provide capital The investment objective of this Fund is appreciation through investment in equities. b) Equity Plus Fund : The investment objective of this Fund is to provide capital appreciation through investment in select equities stocks that have the potential for high capital appreciation.
Customer may choose to cash out the policy benefits at one shot or do it as and when you require cash through partial surrender of units . whichever is lower.or the fund value. Certificate of Deposits. They allow the customer three switches every policy year subject to a minimum switching amount of Rs. Flexibility In Premium Payment: The customer has the flexibility to decide how long he/she wishes to pay the premiums and when he wants to cash out the policy benefits. Flexibilities – to manage customer investments Bajaj Allianz offers the flexibility to manage the investments. Unmatched Flexibility – to suits the customer’s changing requirements Bajaj Allianz Unit Gain Plus offers unmatched flexibility to suit the policy according to the customer’s requirements. Initially. Subsequently. The customer can also change the proportion of premium allocation to various funds at each policy anniversary.money market and short-term instruments like Commercial Papers.000/. The price of units in this fund is guaranteed not to go down. Bank FDs etc. depending on the performance of funds. Mutual Funds. customer can switch between funds and also change the allocation of premium to various funds. 5. money market.1005 of this fund will be invested in money market instruments. the customer can allocate the premium into the 5 funds that are available in a proportion of his/her choice. The price of the units in this fund is guaranteed never to go down. .
Flexibility to Pay Top ups: The customer may have received a bonus or some lump sum money. Flexibility to increase the level of Regular Premium Payment: The customer’s earnings grow over time. all 4 increments will be available from age 18. The sum Assured. the customers will have the flexibility to increase their regular premium amount at any time. 00. Subject to medical underwriting (available up to age 60). If the customer does not exercise an option when it is due.whichever is lower. With Bajaj Allianz Unit gain Plus. Flexibility to decrease the Sum Assured: The customer can decrease the Sum Assured (in multiples of 1000) at any time to suit their changing needs. and so does their savings potential. Flexibility to Increase the Sum Assured: The Customer have the option to increase the Sum Assured without any medical tests every 3 r d year up to 4 times. the Sum Assured after increase must be equal to or less than the maximum Sum Assured available foe the premium level chosen. If the age is les than 18 years at the start of policy. The customer can use that to increase his/her investments in their policy.000/. The quantum of increase would be 25% of the original Sum Assured or Rs 1. After a decrease subsequent increases will be subject to underwriting. after decrease. . Apart from exercising the options to increase the Sum Assured without medical tests.98% of any amount paid as top-up is allocated to their funds. he/she can increase the Sum Assured any time. In either case. it cannot be carried forward. must be at least 5 times the annual premium. The customer should give notice of increase in death benefit 15 days before the yearly policy anniversary.
for Half Yearly. Rs. and Rs.for the Monthly Mode.for Quarterly. when premiums due are not paid. In addition. and ceases after age 70) Maximum Age at Entry: 60. They also offer a monthly premium payment mode with salary deduction schemes. Half Yearly.5000/-. Allianz have provided 3 regular premium payment modes that can be Yearly.3750/. Assured Protection even if the customer misses payment of their premiums: Bajaj Allianz Unit Gain Plus provides the customer with the unique features of continued protection even if they forget to pay their premiums. The minimum top-up premium is Rs. The minimum premium is Rs. and Quarterly. All additional benefits are available till age 65. After payment of three full years premiums. the customer also has the option to pay top-ups to increase his/her investments.1500/. Premium Payment Mode For the customer’s convenience.7500/.15000/.for the Annual Mode. The maximum age at entry for all additional benefits is 50 years. . Important Details of the ‘Bajaj Allianz Unit Gain Plus’ Plan Minimum Age at Entry: 0(Risk commences at age 7. Rs. the policy will stay in force with full benefits so long as there are enough units available for charging the Cost of Insurance and Additional Benefits after deducting all applicable charges . The minimum age at entry for all additional benefits is 18 years.
thus suiting religious sentiments on investment guidelines.Partial and Full Withdrawals Unit Gain Plus offers the full flexibility of full as well as partial withdrawals by surrendering units. Attractive investment alternative to fixed-interest securities.to match your changing needs. TV etc. entertainment (Films. The surrenders are paid put at the value of units. hotels.). liquor. Key Features Guaranteed death benefit Choice of 5 investment funds with flexible investment management: you can change funds at any time. • • • Partial and full withdrawals after 3yrs. anytime after 3 full years premium are paid. Benefits Death Benefits Cash withdrawal option New Family Gain Family Gain is a flexible investment plan with unique first of its Pure Stock Fund. Provision for full/partial withdrawals any time after three full year’s premiums is paid. Unmatched flexibility. Guaranteed Life Cover: Sum Assured + Value of Units Additional Benefits: o Accidental death and disability o Critical illness and hospital cash . and there is no surrender penalty on partial or full withdrawals after full 3 years premiums are paid. contests. banks and financial institutions. The investment in this ethical fund will specifically exclude companies dealing in gambling.
with 3 free switches every year Partial and full withdrawals after 3yrs. Pay top-ups. Flexibility to increase sum assured and pay top-ups Assured Protection – even if you miss payment of your premium after 3 yrs Additional Benefits: o Accidental death and disability o Critical illness and hospital cash . New Unit Gain Plus Flexible investment were never so easy • • • • • Manage your investments: 6 funds to choose from. Reduce regular premium after 2 yrs. with 3 free switches every year Partial and full withdrawals after 3yrs. Flexibility to increase sum assured and pay top-ups Assured Protection – even if you miss payment of your premium after 3 yrs Additional Benefits: o Accidental death and disability o Critical illness and hospital cash New Unit Gain A low investment flexible investment plan • • • • • Manage your investments: 6 funds to choose from.New Unit Gain Super Insure fully and get MAX allocation up to 93% Flexibility to: • • • • Manage your investments: 4 funds to choose from. with 3 free switches every year Partial and full withdrawals after 3yrs.
Economy: This is the basic plan. The customer can select a specific combination of additional benefits best suited to his/her needs. How does the plan work? The “Bajaj Allianz Term care” Plan offers the customer the convenience of choosing between two premium payment options. I. Single Premium Payment: One time premium payment for the selected term at commencement. The premiums returns at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged if any). but also provides for return of premiums on maturity. Apart from covering the risk of natural death. available in 4 attractive packages to choose from.New Unit Gain Premier A unique single premium product which gives upfront 105% allocation • • • • 105% allocation Guaranteed life cover Manage your investments: 4 funds to choose from. this plan also provides the customer the option to choose up to 5 additional benefits. which is available for both the regular and single premium payment options. with 3 free switches every year Term Care This plan not only offers the customer life insurance cover at a low cost. Regular Premium Payment: Premium payment throughout the selected term. . In case of premature death the policy term. the full sum Assured will be paid to the nominee.
. Permanent Total/Partial Disability Benefit Premium Benefit (in case of accidental permanent total disability) The Protect Pack is available with the regular premium payment option only. c) Waiver of Premium Benefit (in case of accidental permanent total disability) d) Critical Illness benefit e) Hospital Cash Benefit The Total Pack is available with the regular premium payment option only. b) Accidental Permanent Total/ Partial Disability Benefit. Health : This pack comes with the following 2 in –built additional benefits : a) Critical Illness Benefit.II. Total : This pack comes with the following 5 in-built additional benefits : a) Accidental Death Benefit. IV. b) Hospital cash Benefit. Protect : This pack comes with the following 3 in-built additional benefits : a)Accidental b) Accidental c) Waiver of death Benefit. III. The health Pack is available with the regular premium payment option only .
while coverage continues for the full tenure of the loan. It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loaner. Regular Premium Payment : Premium payment limited to approximately 2/3 r d of loan tenure. I.Benefits : Accidental Death Benefit Accidental Permanent Total /Partial Disability Benefit Waiver of premium Benefit Critical Illness Benefit Tax Benefits Surrender Loans LOAN PROTECTOR The Bajaj Allianz “Loan Protector” plan is a mortgage term insurance plan that covers the outstanding principal amount of a loan. II. Single Premium Payment : One time premium payment covering the customer for the full tenure of the loan . The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. . How does the plan work? The “Bajaj Allianz Protector” Plan offers the convenience of choosing between two premium payment options.
a grace period of 30 days will be allowed for the yearly. General Exclusion Within 15 days from the date of receipt of the policy. half yearly and quarterly modes (15 days for monthly mode). subject only to a deduction of a proportionate risk premium for the period on cover and expenses incurred on medical examination and stamp duty charges. In case of joint life. revival would be subject to underwriting on both lives. Under this option. The policy terminates on death of either life.Joint Life Availability The Customer has the option to cover the co-applicant of the loan under this plan. both lives will be covered and the death benefit will be payable in case of death of either life. if the customer disagree to any of the term and conditions. The revival will be effected subject to underwriting. The customer will be entitled to a refund of the premium paid. Days of Grace In case of non-payment of premiums. Benefits : Death Benefit Premium Payment mode Tax benefits . Revival Of the Policy It is possible to revive a policy that has lapse due to nonpayment of premiums within 5 years from the date of lapse. the customer have the option to review the terms and conditions and return the policy. After that the policy will lapse. stating the reasons for his/her objections.
II. Common features in the 4 options of Bajaj Allianz “Child gain” Solutions. with the reassurance of a secure future for their child. for in-force policies. The customers are also eligible for Tax benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. Limited Premium Payment Term Which means that the premiums are payable till the customer’s child attains age 18 years. and therefore. . The customer’s contributions grow by way of compounded annual bonuses. which will be paid to him with the first guaranteed payout (policy anniversary following age 18 of your child). III. How does the plan work? The “Bajaj Allianz Child Gain” solutions help the customer to enjoy the joys of parenthood responsibility. Surrender values/ paid up values CHILD GAIN Taking care of a child is perhaps the most important job a parent can have. I. a terminal bonus may also be paid. In addition to the annual bonuses. this is the time when careful financial planning can help them to fulfill the aspirations that the customers have for his/her children . It is but natural that a person would like to give his/her best.
Assuring Your Child’s Future In an uncertain world.IV. . Which is why the Bajaj Allianz has built in some added benefits in all their plans to protect the interests of your child’s future. Surrender They offer the customer the choice of surrendering the policy provided three full years premium have been paid (Two years for premium terms of 5 and 6 years). Half yearly or Quarterly. the prime interest of your child cannot be jeopardized in any way. The guaranteed minimum surrender value after the premium payment term will be the discounted value of the outstanding installment payments discounted at 10 % p. Premiums For the customer’s convenience they have provided three Premium Payment Modes can be Yearly.the policyholder. The guaranteed minimum surrender value is 30% of all premiums paid excluding the first year premium and excluding the premiums for premium waiver benefit and Family Income benefit and additional benefit opted for. They also offer a Monthly Premium Payment Mode under salary deduction schemes.a. rate of interest. by counter insuring you.
The customer will be entitled to a refund of the premium paid. if he/she disagree to any of the terms and conditions. 15 days Free Look Period : Within 15 days from the date of receipts of the policy. whether sane or not this product brochure gives the salient feature only. subject only to a deduction of proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges. and provides in detail all the conditions. stating the reasons for his/her objections. the customer have the option to review the terms and conditions return the policy. Exclusions The Death Cover is subject to the following Exclusion : Suicide within one year from commencement of risk. Exclusion related to each of plans under the Bajaj Allianz “Child Gain” Solutions. The relevant policy document is the conclusive evidence of the contract. .Loans Loans are not available with Bajaj Allianz “Child Gain” solutions.
Keeping promises made to your loved ones is not just a responsibility. They may lead to a disability – partial or total.INVEST GAIN It takes only a moment to make promises and a lifetime to keep them. Accidental Permanent Total/Partial Disability Benefit Accidents are unpredictable and so are the consequences.00. 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. Accidental Death Benefit : Accidents are always sudden and sometimes fatal.00. 50. You can’t lessen the emotional shock.for partial and Rs.000/.under all policies with Bajaj Allianz taken together). 25. (Subject to a maximum of Rs. (Subject to a maximum of Rs. You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. “Bajaj Allianz Accidental Death Benefit” gives the loved ones something to start with after the permanent loss of income by paying an account equal to Sum Assured.for total disability under all policies with Bajaj Allianz taken together). 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. but a commitment that you have to live up to.00. This benefit provides a financial cushion against such misfortunes.000/. but you can certainly soften the financial one. 50. .000/.
Critical Illness Benefit (CI) : Some illnesses are critical. They realize that customers are unique and their needs for insurance vary with time. Flexibility in Coverage : All Bajaj Allianz. limiting one’s ability to earn. “Bajaj Allianz Critical Illness benefit” softens the impact on the family by paying out the Critical Illness Benefit under the plan immediately. while other policy benefits continue (excluding Hospital Cash Benefit). They not only alter one’s life’s pattern but also result in a financial drain. “Bajaj Allianz Hospital Cash Benefit” reduces this financial burden and helps recovery with peace of mind. They therefore offer the customer the . thus enabling you to live up to your commitments. We cover 11 critical illnesses. “Bajaj Allianz Waiver of Premium Benefit” is a helping hand when one needs it most. 50. The customers have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. they believe I offering benefits and not just products.000) Hospital Cash Benefit (HC) : The worry of settling hospital bills (room charges) adds to the trauma of hospitalization. It waives off all future premiums while keeping the valuable life insurance cover alive.Waiver of Premium Benefit: An accident may lead to permanent total disability.
Additional Protection For The Customer need Their Family .and 30 years.flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary. Once reduced or excluded. Family Income Benefit. The Birth of your First Child. 25. 20. Bajaj Allianz provide the customer the option to increase coverage up to 505 of the basic Sum Assured on each of the following happy moments in their life : You’re Marriage. Increase In risk Coverage Every added responsibility in a person’s life call for increase in his/her risk cover. Critical Illness benefit and Hospital Cash Benefit can be taken at inception only. The Birth of the Second Child. they cannot be increased or included subsequently. Bajaj Allianz offers the customer the widest range of terms : 15. subject to conditions relating to such inclusions and exclusion. CI and HC can be reduced or excluded subsequently at any policy anniversary. “ This additional coverage is not subject to underwriting” Bajaj Allianz Cash Gain Platinum: Quadruple Sum Assured + Bonuses Choice Of Terms Keeping the customer’s convenience in mind. “Comprehensive Accident Protection” can be included and excluded at each policy anniversary.
for partial Rs.The customers have the option to add the following additional benefits. It comprises of: Accidental Death Benefit Accidents are always sudden and sometimes fatal. “Bajaj Allianz Waiver of Premium Benefit” is a helping hand when one needs it most.under all polices with Bajaj Allianz taken together).for total disability under all policy with Bajaj Allianz taken together). You can’t lessen the emotional shock.000/. but you can certainly soften the financial one. It waives off all future premiums while . Accidental Permanent Total/ Partial Disability Benefit Accidents are unpredictable. This Benefit provides a financial cushion against such misfortunes. all future premiums are waived. a) Family Income Benefit (FIB): The Ultimate Protection For your loved Ones. The customer can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for their loved ones. “Bajaj Allianz Accidental Death Benefit” gives the loved ones something to start after the permanent loss of income by paying an amount equal to the Sum Assured. 00. In case of death or accidental total permanent disability. Providing total protection against uncertainties . Moreover. b) Comprehensive Accident protection: This benefit provides comprehensive cover in case of an accident. limiting one’s to earn. (Subject to a maximum of Rs 50. Waiver of Premium Benefit An accident may lead to permanent total disability. 25. 00. and so are the consequences. You will get 50% of the Sum Assured in case of partial disability.000/. They may lead to a disability – partial or total. whichever is higher. 50.000/. (Subject to a maximum of Rs. 00. a guaranteed monthly income 1% of the Sum Assured (12% per annum) is paid till the end of the policy term or at least for a period of 10 years.
c) Critical Illness Benefit (CI): Some illnesses are critical. while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. they believe in the offering and not just products. They not only alter one’s life’s pattern but also result in a financial drain. They realize that the customers are unique and their needs for insurance vary with time. “Bajaj Allianz Hospital Cash Benefit” reduces this financial burden and helps recovery with peace of mind. 50. CI & HC can be reduced or excluded subsequently at any policy anniversary. d) Hospital Cash Benefit (HC): The worry of setting hospital bills (room charge) ads to the trauma of hospitalization.000). Family Income Benefit.keeping the valuable life insurance cover alive. Critical Illness Benefit and Hospital cash Benefit can be taken at inception only. They therefore offer the customer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary. “Comprehensive Accident Protection” can be included and excluded at each policy anniversary. Flexibility in Coverage In Bajaj Allianz. Once reduced or excluded. . thus enabling you up to your commitments. subject to conditions relating to such inclusions and exclusion. they be increased or included subsequently. “Bajaj Allianz Critical Illness Benefit” softness the impact on the family by paying out the Critical Illness Benefit under the Plan immediately. The customer have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs.
Increase in Risk Coverage: Every added responsibility in a person’s calls for increase in his/her risk cover.” SAVE CARE ECONOMY As the breadwinner of the family you shoulder several responsibilities. Bajaj Allianz provides the customer the option to increase coverage up to 50% of the basic Sum Assured on each of the following: Happy moments on their life : Your birth of your first child The birth of the second child “This additional coverage is not subject to underwriting. at Bajaj Allianz. The option should be exercised within 90 days of the occurrence of the said event. It is an ideal plan for a one-time lump sum investment that provides for saving with high risk-cover. is a Single Premium investment plan for 10 years that also participates in the profits of the company. Which is why they have created the “Bajaj Allianz Save Care EconomySingle Premium” the 10-year Single Premium version of our popular “Save Care Economy”. everyday. believe that the security and growth of your hard earned money should not add to these. What does “Bajaj Allianz Save Care Economy – SP” offer you? The “Bajaj Allianz Save Care Economy – SP. Your spouse’s welfare. your children’s education. buying a house or a car – you have a lot to think about. We. The highlights of this plan are: .
It is an ideal option to cover their near and dear ones against financial risks arising out of life’s adversities – like death and permanent disability. Minimum Guaranteed Return up to 3. What does this plan offer? The “Bajaj Allianz Risk Care” Plan offers the convenience of choosing between two payment options. the Sum Assured is paid to the nominee. . 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. the nominee will be paid the Sum Assured (Minimum Guaranteed Amount) plus accrued bonuses. Death Benefit: In case of death during the term of the plan. There are no survival benefits under this plan. At maturity you will receive the Sum Assured (Minimum Guaranteed Amount) along with the accrued bonuses. Regular Premium Payment .Premium payment through the selected term.54 %( depending on age at entry). In the case of premature death during the term. Eligible for Tax Benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. RISK CARE This plan offers the customer life insurance cover at the lowest possible cost for a selected term. the death benefit will be the surrender value or Single Premium whichever is higher. The Minimum Guaranteed Amount (Sum Assured) would grow further by way of compounded annual bonuses. I case of death of a minor (below age 7).
Single Premium Payment .One time premium for the selected term at commencement. . this plan also provides the option to choose up to 5 additional benefits. Critical Illness Benefit. Economy: This is the basic plan. 2. available in 4 attractive packages to choose from . Accidental Permanent Total/Partial Disability Benefits. Apart from covering the risk of natural death. A person can select a specific combination of additional benefits best suited to his/her needs. Waiver of Premium Benefit (in case of accidental permanent total disability) The Protect Pack is available with the regular premium payment option only. Protect: This pack comes with the following 3 in-built additional benefits: Accidental Death Benefits. Health: This pack comes with the following 2 in-built additional benefits: 1. The heath pack is available with the regular premium payment option only . Hospital Cash Benefit. which is available for both the regular and single premium payment options.
Total: This pack comes with the following 5 in-built additional benefits: 1. Accidental Death Benefit. 3. The total Pack is available with the regular premium payment option only. Accidental Permanent Total/Partial Disability Benefit. This product gives the salient featured only the relevant policy document is the conclusive evidence of the contract. exclusion related to each of plans under the Bajaj Allianz “Child Gain” Solutions. LIFE TIME CARE This plan provides you with the comfort that your near and dear ones will continue to live their life without financial worries. 5. 2. Benefits Premium Waiver Benefit Family Income Benefit Option to Purchase future Insurance Exclusions Suicide within one year from commencement of risk. and provides in details all the conditions. 4. whether same or not. Hospital Cash Benefit. even when you are not around. . Waiver of Premium Benefit (in case of accidental permanent total disability). Critical Illness Benefit.
they have the option to choose the following additional benefits: a) Family Income Benefit: The customer can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial protection for loved ones. What does “Bajaj Allianz Swarna Vishranti” offers? With Bajaj Allianz Swarna Vishranti. Packed with a host of innovative features and with flexibility like never before. This plan helps a person to prudently play for his retirement today. It’s also up to you to ensure your retirement income lasts as long you do. You’re going to retire one day. then the search for the perfect pension ends here with Bajaj Allianz Swarna Vishranti.PENSION PLANS SWARNA VISHRANTI You have been working hard. how you choose to spend your time is now up to you. The annuity payable under this plan will ensure that his/her earnings never stop during their lifetime. Taking charge of your olden years are golden years. How do you see your retirement? Traveling Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. In retirement. a guaranteed monthly income of 1% of the Sum assured (12% per annum) is paid till the vesting date or at least for period of 10years. a person can take control of his/her future and ensure a retirement he can look forward to. declining interest rates and rising medical bills in the future as also ensures the financial security of his family. The decisions you make about your money today should be flexible enough to accommodate your changing needs. so that he doesn’t have to worry about inflation. In case of death or accidental total permanent disability. whichever is .
000/. It Accidental Death Benefit: Accidents are always sudden and sometimes fatal. This benefit provides a financial cushion against such misfortunes. (Subject to a maximum of Rs. (Subject to a maximum of Rs.00. One will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability.for partial and Rs. regular income benefit can act as important supplement to the pension available to the spouse in the case b) Comprehensive comprises of : Accident Protection: This benefit provides comprehensive cover in case of an accident. Moreover. Accidental Permanent Total/Partial Disability Benefit: Accidents are unpredictable and so are the consequences.00.partial or total. 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.000/. 25. This unique of death. all future premiums are waived.000/. They may lead to a disability.for total disability under all policies with Bajaj Allianz taken together). 00.higher. . You can’t lessen the emotional shock but you can certainly soften the financial one.under all policies with Bajaj Allianz taken together). 50. 50.
c) Term Cover : Additional Protection for Your Family: The customers have an option to include a Term Cover in his/her policy. e) Hospital Cash Benefit (HC) : The worry of setting hospital bills (room charge) adds to the trauma of hospitalization. They not only alter one’s life’s pattern but also result in a financial drain. while other policy benefits continue (excluding Hospital Cash Benefit). Waiver of Premium Benefit : An accident may lead to premium total disability. limiting one’s ability to earn. The customer have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. thus enabling you to live up to your commitments. 50. which will provide an additional life insurance protection at a nominal cost. This also ensures that the pension available to spouse is further supplemented. It waives off all future premiums while keeping the valuable life insurance cover alive. We cover 11 critical illnesses. Bajaj Allianz Waiver of Premium Benefit is a helping hand when one needs it most. d) Critical Illness Benefit : Some illnesses are critical.000). “Bajaj Allianz Critical Illness Benefit” softness the impact on the family by paying out the Critical Illness Benefit under the plan immediately. “Bajaj Allianz Hospital Cash Benefit” reduces .
During the deferment period.The deferment period and the annuity period. The immediate will be purchased at rates prevailing at that point of time. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. . as per current tax laws. If the immediate annuity is purchased from Bajaj Allianz. The customers are free to choose their age of retirement (vesting date) between 45 and 70 years. the amount available for purchased of annuity will be up to 2% At present. Option to take lump sum: The customers have the option to take up to 33% of Sum Assured plus accrued bonuses on the vesting date as a lump sum. the Sum Assured grows with time through the bonuses declared by the company. they offer their immediate annuity plan for life. The benefits on vesting date (the date you choose to retire) 1. The deferment period ends at the vesting date. The balance amount will be used to purchase an immediate annuity. tied to this plan. What are the benefits of Bajaj Allianz Swarna Vishranti? The plan works in two parts . The Sum Assured along with all accrued bonuses will be used to purchase an immediate annuity. Swarna Raksha. This amount would be tax in their hand. 3. Since the Bajaj Allianz Swarna Vishranti plan participates in the profits of the company.this financial burden and helps recovery with peace of mind. 2. the plan provided valuable life cover and builds up the funds required to purchase the immediate annuity.
For the immediate annuity. Family Income Benefit. Added Assurance – for your family In the unfortunate event of death during the deferent period. The minimum installment of annuity from Bajaj Allianz is Rs. the Sum Assured + Accrued Bonuses would be paid . Critical Illness Benefit and Hospital Cash Benefit can be reduced or excluded subsequently at any policy anniversary. They therefore offer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary till the vesting date. The Family Income . In all ages lower than 45. subject to conditions relating to such inclusion and exclusion. the Sum Assured + A Accrued bonuses would paid out. The Term Cover. they believe in offering benefits and not just products. The annuity mode may be changed to make each installment more than the minimum requirement. your spouse will have the option to take the Sum Assured plus accrued bonuses as a lump sum pr purchase an annuity to get regular income for life. with a mark up of 2% will be available only if the spouse is above 45 years of age. “Comprehensive Accident Protection” can be included and excluded at each policy anniversary.4. Bajaj Allianz immediate annuity. They have realized that the customers are unique and their needs for insurance vary with time. If it is still below the minimum. Flexibility in Coverage At Bajaj Allianz. they cannot be increased or included in the policy subsequently. your spouse will have the Open Market Option as well.1000/-. Once reduced or excluded.
During the deferment period. The term cover can be excluded at any subsequent policy anniversary. Its also upto you to ensure your retirement income lasts as long as you do. how you choose to spend your time is now upto you. There are two packages to choose from: UnitGain Easy Pension Regular Premium UnitGain Easy Pension Single Premium What are the benefits available? The plan works in two parts – the deferment period and the annuity period. cannot be removed.benefit. In retirement. Taking charge ensures that your olden years are your golden years. The “Bajaj Allianz Unit Gain Easy Pension” Plan With Bajaj Allianz. You are free to choose your age of retirement (vesting date) between 45 and 70 years. once selected. The decisions you make about your money today should be flexible enough to accommodate your changing needs. You’re going to retire one day. Once removed. UNIT GAIN EASY PENSION You have been working hard. . the plan builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. it cannot be included in the policy subsequently. you can take control of your future and ensure a retirement you can look forward to.
For the immediate annuity. your spouse will have the Open Market Option as well. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. the amount available for purchase of the annuity will be market up by 2%. as per current tax laws. Option to take lump sum: You have the option to take up to 1/3 r d of the account value on the vesting date as a lump sum. The minimum installment of annuity from Bajaj Allianz is Rs. 2. the Account Value would be paid out. This amount would be tax free in your hand. The annuity frequency may be changed to make each installment more than the minimum requirement. If the immediate annuity is purchased from Bajaj Allianz. or paid in lump sum. The balance amount will be used to purchase an immediate annuity. your spouse will have the option to take the Account Value as a lump sum or purchase an annuity to get regular income for life. If age were below 45. If it still below the minimum. subject to the prevailing tax laws. The Account Value as on the vesting date will be used to purchase an immediate annuity. if permissible. . 4. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. The immediate annuity will be purchased at rates prevailing at that point of time. Assurance – for your family In the unfortunate event of death during the deferment period. 3.1000/-. the Account Value may be utilized to purchase an immediate annuity from any other company in the a open market as per your choice.The benefits on Vesting Date (the date you choose to retire) 1.
The annuity products currently available are: Annuity for Life Annuity for Life with 5. thereby providing you with a comprehensive solution for a lifetime. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family. The decision you make about your money today should be flexible enough to accommodate your changing needs. In retirement. Its also up to you to ensure your retirement lasts as long as you do. UNITGAIN LIFE PENSION You have been working hard. Taking charge of your retirement begins with Bajaj Allianz UnitGain Life Pension. You’re going to retire one day. how you choose to spend your time is now up to you. This plan has been designed to take care of your retirement and insurance needs. The “Bajaj Allianz Unit Gain Life Pension” Plan with Bajaj Allianz.Annuity options: You will be able to choose from all immediate annuity products offered by Bajaj Allianz Life insurance at the vesting date. a plan that ensures that your olden years are your golden years. . you can take control of your future and ensure a retirement you can look forward to. 10 or 15 years certain payout Annuity for Life with Return of Capital You also has the open market option to purchase immediate annuity.
2. The balance amount will be used to purchase an immediate annuity . the plan provides valuable life cover and builds up the funds required to purchase the immediate annuity. The deferment period ends at the vesting date. You are free to choose your age of retirement (vesting date) between 45 and 70 years. Option to take lump sum: You have the option to take up to 1/3 r d of the account value on the vesting date as a lump sum. 3. . The benefits on Vesting Date (the date you choose to retire) 1. If the immediate annuity is purchased from Bajaj Allianz. The Account Value as on the vesting date will be used to purchase an immediate annuity. During the deferment period. the amount available for purchase of the annuity will be up by 2%. Open Market Option: You have the option to purchase an immediate annuity from Bajaj Allianz or from any other company. as per current tax laws. The immediate annuity will be purchased at rates prevailing at that point of time. This amount would be tax free in your hand.There are two packages to choose from: UnitGain Life Pension Regular Premium UnitGain Life Pension Single Premium What are the benefits available? The plan works in two parts – the deferment period and the annuity period.
The minimum installment of annuity from Bajaj Allianz is Rs. Annuity for Life with 5. SWARNA RAKSHA ROC . If it still below minimum.1000/-. Assurance – for your family In the unfortunate event of death during the deferment period. S/he will have the option to take it as a lump sum or purchase an annuity to get regular income for life.10 or 15 years certain payout 3. Annuity for Life with Return of Capital You also has the open market option to purchase immediate annuity . If age were below 45. the amount would be paid out as a lump sum. Annuity Options You will be able to choose from all annuity products offered by Bajaj Allianz Life insurance at the vesting date. The annuity frequency may be charged to make each installment more than the minimum requirement.4. Annuity for Life 2. your spouse will have the Open Market Option as well. The annuity products currently available are: 1. For the immediate annuity. if permissible. the Account Value may be utilized to purchase an immediate annuity from any other company in the open market as per your choice. The immediate annuity from Bajaj Allianz will be available only if the spouse is above 45. your spouse will get the greater of the Sum Assured or the Account Value. subject to prevailing tax laws. or paid in lumpsum.
Taking charge of your retirement begins with Bajaj Allianz Swarna Raksha. In retirement. a plan that ensures that your olden years olden years are you golden years. Here annuity is payable for life. so you do not have to worry about your income stopping at any stage. Important details of the “Bajaj Allianz Swarna Raksha ROC” Plan Minimum Age at Entry 45 Maximum Age at Entry 80 Minimum Lump Sum Rs. What more. How does Bajaj Allianz Swarna Raksha work? All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company. The “Bajaj Allianz Swarna Raksha” ROC Plan With Bajaj Allianz Swarna Raksha. the amount used to purchase the annuity is paid to the nominee on the death of the annuity . Its also up to you to ensure your retirement income lasts as long as you do. How do you see your retirement? Traveling? Golfing? Turning a hobby into a second career or volunteering for a noble cause or simply spending more time with your family.000 Minimum Annuity Installment Rs. you can ensure a regular income after retirement. how you choose to spend your time is now up to you. under the return of capital option.50. The plan offers you a Life Annuity with Return of Capital.1000 . and the annuity payments will start after expiry of monthly/quarterly/half yearly/yearly interval corresponding to the payment mode selected by you. You’re going to retire one day.You have been working hard.
if you disagree to any of the terms & conditions. stating the reason for your objections. 15 days Free Lock Period: Within 15 days from the date of receipt of the policy.000/.10.per GERANTEED for life. Half yearly. you have the option to review the terms and conditions and return the policy. 00.53.000/. you will receive Rs. You will be entitled to a refund of the premium paid. with return of Rs. quarterly or monthly. 690/.invested in Swarna Raksha at age 60.How much will you get? For Rs. Female Lives The annuity rates for female lives shall be the corresponding annuity rate for a 4 year younger male.10. subject only to a deduction of the expenses incurred. The annuity will be payable one month/quarter/half year/year after the date of purchase depending on the mode selected. 00.to your nominee on death. DISTRIBUTION CHANNEL . Annuity Frequency Mode for your convenience they have provided 4 Annuity Frequency Modes that can be Yearly.
Bajaj Allianz has two main channels of distribution. we have entered into bancassurance with Centurion Bank. Recently. The company received the IRDA registration May 2001 and today has a vast range of 45 products to suit the corporate and retail customers. Bajaj Allianz General Insurance is headquartered on Pune and has a wide network of 40 offices spanning the country. This bank has a vast network of around 100 branches not in metro cities but also in “B” class cities. Bajaj Allianz General Insurance Company offers technical excellence in all areas of General & Health insurance and Risk Management. Film Insurance.Bajaj Allianz General Insurance Company Limited is a joint venture company between Bajaj Auto Limited. Germany brings its technical expertise of insuring the majority of Fortune 500 companies. it had a good customer base of HNIs & corporate and therefore they chose that bank. Bajaj Allianz Life Insurance has a wide . Credit Insurance cover for domestic as well as credit risk. The first was Standard Chartered Bank. All the offices are fully networked. and the other one is bancassurance agreement so far. Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. one is the Agency channel. Allianz AG. which is the dominant one. like Special PA cover for Amarnath Yatris. India’s leading insurance and financial services group. Their next bancassurance arrangement was with Syndicate Bank last year. The partnership successfully combines Bajaj Auto’s extensive understanding of the local market and expensive distribution with the global experience and technical expertise of the Allianz Group. The company has also pioneered the issue of unique forms of risk cover. Housing loan cover for people who may become unemployed. When they started their operations in India.
And so far they are happy with the performance of this channel of distribution for their products. Bajaj Allianz has tied up with Janakalyan Sahakari Bank. . Bank of Rajasthan. Bajaj Allianz Life Insurance has launched a slew of need-based products to cater to each varied needs of the customer. Karur Vysya Bank and Punjab & Sind Bank – the 1 s t Public Sector bank to tie up with it. Lord Krishna bank.pan India presence of office network in 156 cities of the country and is aided with a strong and trained Agency network of over 28. Bajaj Allianz is the only private general insurer to have tied up with 6 Bancassurance partners. Currently Bajaj Allianz Life Insurance has a product portfolio of 19 products and more need-based products are in the pipeline.000 agents. schedule urban co-operative bank. The bank has a network of 25 branches in Mumbai ad its suburbs Thane. Centurion Bank has inked a pact with Bajaj Allianz Life Insurance Company to distribute the latter’s Bancassurance products through branches in the country as part of plans to grow free-base income. Bajaj Allianz has tied up with 6 banks viz. The distribution set-up would be expanded to 15 more branches and 6 extension counters in second phase. for Bancassurance on a referral basis. bank of Punjab. Vashi and Panvel. As per the arrangement. its managing director Shaliendra told reporters on Wednesday. Jammu & Kashmir bank. Bajaj Allianz has forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration. Its area of operation covers entire Maharashtra. In the first phase the private sector bank would rollout Bancassurance products at 46 branches and 16 extension counters from October one. Janakalyan sahakari Bank will distribute Bajaj Allianz life insurance products through its branches.
The company Recently launched an online sales portal and has been widening its distribution network as well strengthening its market presence. up to December 2004). The company’s agents. focused relationship with each of its partners. and 2. Again in order to issue the policy they need not visit their office. Once the customer evinces keen interest the product features can be explained to them.03 % amongst overall players. through strategic partnerships with the right distributors and a strong. have played a major role in its fast paced growth.000+ customers. The banks are in regular touch with their customers anyway either through the ATMs. bancassurance partners. but the bank branch can issue the policy from their office itself. Internet Banking etc. corporate agents and sales team. They are encouraged to open satellite branches. With the authority to think as business managers and build their branches as profit centers. This gives branch managers the depth of decision-making and speed required to react to market dynamics and consumer needs. At present.500 crore GWP from April 2004 to January2005and has insured a total of 500. Bajaj Allianz ranks second amongst private players. and hence the bank can at least inform their customers about the insurance products. Bajaj Allianz’s portfolio of 19 products includes comprehensive . with a market share of 12% (as per IRDA results for this financial year. Bajaj Allianz Life Insurance Company Ltd recorded Rs. scoring a double-500 this year. apart from its decentralized operations and flexible products. The management has also appointed full-time training personnel for each branch. The fastest growing private Life Insurance company in India.Bajaj Allianz is also targeting tech savvy customers.
Unit Gain Single Premium. where a regular income is combined in a plan that also pays a lump sum). Term Care (term with return of premium). Unit Gain Plus. Invest Gain ( a unique Life Insurance plan for the individual. Risk Care (pure term). Swarna Vishranti (retirement plan). .‘Employee Benefit Solution (Group Term Life. Super annuation. Protector (mortgage term insurance plan). Unit Gain (unit-linked plan). Cash Gain (money back). Gratuity. Keyman Insurance and More). Lifelong Gain Plus. Unit Gain Plus SP. Lifetime Care (whole life). Unit Gain Single Pension and Unit Gain Easy Pension. Child Gain (children’s plan). EDLI.
Some of the sources are: Reports on Insurance Sector of India. Various web sites of the insurance companies and related sites . Data was collected through the interview of individuals. The next part is concerned with the method of the research that refers to the data collection and analyzing which is used in the research. .RESEARCH METHODOLOGY The approach to the research is considered in this chapter. Then there were questions related to their interest in being the Insurance Consultants of company. The questionnaire was containing questions regarding the personal details of individuals and then some light questions regarding their primary knowledge related to private insurance companies. from the theoretical underpinning to the collection and analysis of the data. It begins with the extent of the research to provide the specific guidelines of studying. Articles from Newspapers and magazines. SECONDARY DATA A large amount of secondary data has been collected from secondary sources. METHODSPRIMARY DATA Date collection for this research was done primarily through filling up of questionnaire. The sample for the research including different individuals of various age groups and having different professions and qualifications.
The questionnaires were prepared to explore the psychology of individuals about being associated with Bajaj Allianz as Insurance Consultants and to help the company grow by increasing its sales. I interacted with 100 individuals in order to know about their interest of being Insurance Consultants of Bajaj Allianz. SAMPLE COMPOSITION Youth Executives Serviceman Business persons RESEARCH DESIGN: A research design provides the framework to be used as a guide in collecting and analyzing data. . a qualitative analyst may demonstrate evidence showing that a theory. generalizing.) were covered in order to fill the questionnaire.P.DATA ANALYSIS There are some features of analyzing data that need to be borne in mind when choosing the method for analyzing the research. or interpretation is plausible . SAMPLE SIZE:Various areas of Satna(M. Instead of testing a hypothesis.
and consists of a sample of the population of interest. Its advantages are that it gives a good overall picture of the position at a given time.Descriptive Research : Market survey is one of the best example of descriptive research. the analysis of it was done through various graphs: Pie Diagram Bar Diagram Tubes Cones . It can cover many variables of interest. This is a one shot research study at a given point of time. and is not affected by the movements of elements in the sample. DATA ANALYSIS:After collection of data. because other elements can be substituted for them.
Do you know about the Bajaj Allianz Life Insurance company? Ans. The response of individuals are as :- Yes.60% No-40% 40 Yes No 60 Q.2.Analysis & Interpretations Q1 .Do you know about the Unit Linked Insurance Product of life insurance companies? Knowledge of ULIP Yes 30% Yes No No 70% .
Does your bank provide solution to your Insurance needs? YES NO No 40% Yes 60% Yes No .Q. 000. 000 b) Rs.Rs. 000 above than 60000. 000 d) Above Rs.60.WHAT IS YOUR MONTHLY INCOME? a) Below Rs.20.20. 30% 20000. 50% 20000 20000-40000 40000-60000 above than 60000 Q. 10% 4000060000. 000.60.3.Rs. 000 c) Rs. 10% 2000040000.40.40.4.
Reliance Tata AIG SBI Life Birla Sun life V Q.5.6.Which of the following policies are you aware of? . 100% 80% Percentage of Respondents 60% 40% 20% 0% I II III IV Place LIC Aviva Sahara Life ICICI Kotak MNYL Bajaj Allianz HDFC Std.Q.Which company comes to your mind while thinking of life insurance? Write any five.7. fourth and fifth. put first which comes first in mind and similarly second and third.Why you invested in life insurance? Sav & ing T Benefit ax 36% Sav ing C hild 15% Education 5% Protection (R isk C erage) ov 17% Protection & Sav ing 27% Sav ing Protection (R C erage) isk ov Sav & T Benefit ing ax C hild Education Protection & Sav ing Q.
Where/ whom do you prefer to buy your policy from? .Whole Life Multiple Risk Cover Endowment Money Back Any other (please specify)____________________________ M oney Back 30% W hole Life 35% M ultiplier 15% Endow ent m 20% W hole Life Endow ent m M ultiplier M oney Back Q.8.
60% DIRECT FROM COMPANY ON LINE POLICIES Q.9. 5% DIRECT FROM COMPAN Y.Agents Online Banks Direct from company Any other (please specify)__________________ ON LINE. 25% AGENTS BANKS AGENTS. 10% BANKS. Do you have life insurance cover? .
No 40% Yes 60% Yes No .
COMPETITIVE ADVANTAGE SWOT ANALYSIS: Environmental Scan Internal Analysis External Analysis Weaknesses Opportunities .
Strength Threats SWOT Matrix Strengths Strong brand name Customer loyalty Product Quality Good reputation among customers Weaknesses Insufficient product promotion Unawareness about the product Opportunity .
response from the target customers . Allianz Bajaj adds complete suite of group insurance products to its product Portfolio Allianz Bajaj plans to focus on group insurance for its next phase of aggressive growth An unfilled customer need Threat Emergence of substitute products Resistance to change Non.
of educated Insurance consultant. Lack of time.LIMITATIONS During my report I found some limitations which are due to following reasons Lack of funds. Mostly Peoples believe in L. The consumer behavior is more attitudes based. Lack of awareness. Wrong perception regarding private players. Already possessing some investment plans. Policies Less No.I.C. . they are unwilling to differentiate between the different insurance providers and they remain biased in their purchasing.
). Bajaj Allianz is the second priority of the customer after LIC in Satna(M.. Bajaj Allianz is one of the insurance companies which is providing better ULIP plan then other.P. • • • A separate customer lodge with full facilities.liquidity. flexibility and transparency and the lack thereof.Findings • It has addressed and overcome several concerns that customers had about life insurance -. .
• Ulip product still not popular in customer because due to lack of awareness. • Create awareness through advertisement in public. • Bus stop, Airport, Railway is the best medium to create awareness relevant to the product. • IC should promote Ulip product by seminars and cultural activities. • Bajaj should start its facility of monthly payment of 1000Rs. • Product should endorse by celebrity.
accidental Claim. pension gain . Other insurance player also have ULIP product but Bajaj Allianz have wide range of product in ULIP like Unit plus. Child gain etc. Customer get rider like critical illness.CONCULUSION Bajaj Allianz is leading insurance company in India. Despite such feature ULIP scheme still not popular so requirement of Advertisement and create customer awareness about Ulip product. Medic gain . hospital claim. . Today customer like to invest in ULIP scheme because today customer are more witty and see insurance as investment and features of ULIP offers unexpected returns.
Do you know about the Bajaj Allianz Life Insurance companies? 1) Yes 2) No .Rs. 000 d) Above Rs.---------------------------- Mobile no.---------------------------- Employments Details Q1. Do you have any insurance policy? 1) Yes 2) No Q2. Do you have more than one policy? 1) Yes 2) No Q3. 000.Rs.60.QUESTIONNAIRE PERSONAL DETAILS Name: . 000 Q4.20.-----------------------------Job: Sex: ----------------------------------------------------------Nationality: . :. 000 2) Rs.20. Are you the sole earner of your family? 1) Yes 2) No 1) Yes 2) No Q5 .40.60. 000. What is your monthly income? 1) Below Rs.40.---------------------------Address : . 000 3) Rs.
Does your bank provide solution to your Insurance needs? 1) YES 2) No Q11. . Do you know about the Unit Linked Insurance Product of life insurance companies? 1) Yes 2) No Q7. Q10. Which Company comes to your mind while thinking of life insurance? 1) ___________ 2) ________ 3) __________ 4) ________ Q12.Q6. Which Type of insurance do you have? 1. . . Why you invested in life insurance? Saving & Tax benefit Saving Child Education . . Which of the following policies are you aware of? Whole Life Multiple Risk Cover Any other (please specify) ____________________________ Endowment Money Back Q12. . Health 3. He /she have a policy? 1) Yes 2) No Q8. Pension Q9. . Life insurance 2. Where/ whom do you prefer to buy your policy from? Agents Online Banks Direct from company Any other (please specify)__________________ Q13. Premium of your policy .
Protection (risk coverage) Protection & Saving .
com www.BIBLIOGRAPHY BOOKS WERE CONSIDERED Business Research Methodology by Mr.bajajallianz.hdfcinsurance. Limited HDFC Standard Life Insurance Co. Marketing Management by Philip Kotler BUSINESS MAGAZINE & NEWS PAPER The Times of India The Economic Times Business Standard The Indian Express LIFE INSURERS Life Insurance Corporation of India ICICI Prudential Life Insurance Co.com www. Limited Websites www. Kothari.R.in . Limited Bajaj Allianz Life Insurance Co.licindia.com www.iciciprulife.co. C.