You are on page 1of 67

PROJECT REPORT

ON
BHARTI AXA LIFE INSURANCE

Submitted in partial fulfillment of


SAVE CONFIDENT
AT
MASTERS OF BUSINESS ADMINISTRATION
2009-2011

SUBMITTED BY:

DEEPAK GHILDIYAL

Internal Guide External Guide


Mrs Baby Moses Mr. Shailesh Saxena
Faculty MBA Officer (Marketing)

INSITUTE OF MANAGEMENT STUDIES


ROORKEE.

UTTARAKHAND TECHNICAL UNIVERSITY,


DEHRADUN
Certificate by the Guide

Certificate that this dissertation is based on an original project study by


DEEPAK GHILDIYAL under my guidance. This has not formed basics for the
award of any Degree/Diploma by any university.

Place : ROORKEE(U.K.) Guide signature:

Faculty IMS-R
EXECUTIVE SUMMARY

This project includes the Recruitment marketing,products profiles,analysis of NAV of


BHARTI-AXA title of the project is “SAVE CONFIDENT” over the area BENARAS.
The first part of the project includes the detail of BHARTI-AXA.This part includes the
history and product profile.
The second part of the project contains about the Product portfolio,Introduction to the
polices.
The forth part of the project includes Research Methodology, SWOT analysis,future growth
of the company and Conclusion. This explains about the real work of the project. This states
about the total analysis and process of Recruitment Marketing.
For my project report I have taken approved informations from the ICICI-PRU.For this
purpose I have taken the following steps-
1.Collected secondary data about the company.
2.Collected data of different plans and polices.
3.Analyse the payments and benifit structure of the advisors.
4. Collected data about the different respondents and analyse them.
5. Collected list of unit values of different latest schemes and comparison with another
insurance company.
6. Finally I get the findings and framed conclusion from that.
ACKNOWLEDGEMENT

I am thankful to management of BHARTI-AXA Life Insurance Company Ltd


for granting the opportunity, corporation and valuable information for
completion of this project.

No words are enough to thank SAILESH SAXSENA(MARKETING


MANAGER,Bharti-AXA), who not only inspired me to work on this project but
also accepted to guide me a lot. In spite of heavy responsibilities and busy
schedules, they always managed time to provide proper guidance.

I am also thankful to our college professors for their constant suggestion which
resulted in successful completion of the project. Last but not the least; we would
like to thank my parents and friends for giving us their constant support and
encouragement in completion of our project.

DEEPAK GHILDIYAL
PREFACE
The competition in the insurance sector is highly volatile in nature. Over the
decade only government undertaking company was operating in India but with
the opening up of the economy several new players like private sector &
multinational insurance entered in Indian horizon.

In the given project we made a comparative analysis of mutual fund & life
insurance among MNC. Comparing their features & services one hand & also
done a research on the interest of investor regarding mutual fund & life
insurance in BHARTI-AXA company limited.

Research design method used was descriptive research. The


sampling method used was simple random sampling. We have taken a size of 60
respondents. I first formed a structure questionnaire to collect data & the
questionnaire is filled by the person, who have one charted insurance company
& or more with any other MNC insurance company.On the basis of filled
questionnaire, coding sheet is formulated & the conclusions drawn
TABLE OF CONTENTS
• Introduction
• Company profile
• Vision,values and strategy
• Promoters
• Group sites
• Bharti-AXA Elite source
• Bharti_AXA life secure
• Wealth creation confidentialnwith protection
• Save Confident
• Research and methodology
• SWOT Analysis
• Findings and Sugguestions
• Conclusion
• Learnings
• Bibliography
INTRODUCTION
Why do you need Life Insurance?
To protect your family financially
You love your family and feel responsible towards them in every
way. A life insurance plan covers your life at nominal costs so that
you can fulfill your responsibility with ease and your family never
has to face financial constraints.

Why do I need to secure my family when I'm there for them?


A life insurance plan will take care of your family in case you are
not around for them.
You need to protect your family against unforeseen events. A life
insurance plan helps you do so very easily.

Isn't securing my family for the future expensive for me now?


Life insurance plans are of different types. Protection plans help
you secure your family's tomorrow at very nominal costs and for a
long time period.
To maximise your savings
Life insurance plans not only ensure your family's security but are
also a healthy investment option. These investments ensure your
money works hard for you by giving you good returns along with
peace of mind, as your family is protected. So whether it is your
own home, the best education for your child or even a comfortable
lifestyle, life insurance plans are the best solutions.

How does a Life Insurance plan maximise my savings?


There are variants of Life Insurance plans available today that can
maximise your savings.
The traditional plans give you definite amount as assured money
back. ULIPs or market-linked plans invest your money in the
markets to help you reap high returns along with life insurance
benefits.
Fund managers are the experts that take care of your investment
plans to ensure you maximise your savings.

Do I need to worry about the safety of my investments?


There are different plans that you can invest in, depending on how
much risk you are ready to take. The plans can be summed up into
- Traditional Plans, ULIPs and Guarantee Plans
Traditional Plans
Traditional Plans give you guaranteed returns on the invested
money. The returns you earn through these plans are pre-decided
and communicated to you at the time of issuance of policy.

ULIPs
Unlike Traditional Plans, Unit Linked Insurance Plans (ULIPs)
invest a part of your premium amount into the financial markets.
The returns under these policies depend on market performance.
Market upswings can ensure you earn high returns. There are
various fund options available under these plans. Basis your risk
appetite, you can opt for the appropriate fund option.

Guarantee Plans
Guarantee Plans are Unit Linked Plans, with an in-built 'guarantee'
feature. These plans safeguard the money invested against any
market downturns. When the market is up, you can enjoy high
returns and in case of market downswings, there is a minimum
guaranteed amount paid to you that ensures you do not lose your
hard earned money.
Do these plans also provide protection to my family?
Yes. While these plans focus on maximising your returns, they
also include the feature of life protection, which takes care of your
family's future

How can a child plan help me?


To fulfill your child's dreams
As a responsible parent, you wouldn’t like to make compromises
when it comes to your child. Child plans help you secure your
child's future in a planned and systematic manner. These plans can
help you fulfill your responsibilities towards your child
conveniently.
You can systematically plan for the finances required for your
child's future with these plans. You can select the term of the plan
depending on your child's requirements at their key life stages-
his/her education, higher studies or even marriage. And through
periodic withdrawals from the policy, you can provide financial
assistance for the key milestones of your child. By investing in this
plan, you can make your money grow over a period of time,
thereby securing your child's dreams.
Will my child get the benefit from this plan, in case I'm not
around?
The unique Waiver of Premium feature takes care of this concern.
During the term of the policy, should anything unfortunate happen
to you, the protection cover is paid out and all future premiums are
waived off. This ensures that the policy continues till maturity and
you need not fear of policy lapse because you are not around to
pay the future premiums. Child plans in that sense will take care of
your child and his future, even in your absence.

Why do I need a Retirement Plan when I am young?


Enjoy a golden retirement
Retirement plans are the best way to systematically plan for your
golden years. By investing in these long-term plans, you can earn a
regular income even after you've stopped working. Without
worrying about rising costs, you can be self-reliant and lead a
comfortable retired life.
These are long-term plans since they aim to provide a regular
income to you post your retirement. The earlier you start, the better
it is, so that when the term of the plan ends, you can enjoy a good
corpus as pension.
By investing in retirement plans today, you can ensure you lead a
comfortable life, even after you've stopped working.
Why should I opt for a Health Plan?
Stay worry-free about your medical expenses
Health problems often hit us suddenly and they bring with them
huge medical bills. To avoid being financially strained, due to
health contingencies, you can opt for a health insurance plan and
stay worry-free.
Health problems can arise anytime. With the help of a health plan,
you can invest systematically today, so that in case of any health
crisis, your hefty medical bills are taken care of.
What’s more, health insurance plans also take care of certain
critical illnesses and disabilities to ensure health problems do not
impact your family's financial security.

INDIVIDUAL PLANS
At Bharti AXA Life, we want to take care of your responsibilities in the
same way as you do for your loved ones, with a range of life insurance
services. Through our life insurance products, you can trust us to take
care of your family at all times. You can select the most suitable plan
from our host of plans and make buying life insurance simple and
convenient. Each of the plans, right from traditional life insurance to
unit linked life insurance, fall in specified segments and fulfill your
specific objectives. You can learn more about the segment and specific
plans within the segment by clicking on the type of plan
Protect your loved ones against financial contingencies at a nominal
costs

You love your family and feel responsible towards them in every way.
But life can be uncertain and unforeseen contingencies can meet you
anytime. At such times, life insurance comes to your rescue. As
someone who wants only the best for their family, we understand your
need to safeguard your family against any crises. Our protection plans
offer you high life cover at nominal costs so that you can fulfill your
responsibility with ease and your family never has to face financial
constraints.
Bharti AXA Life is a life insurance player that was started in 2006. It
brings together strong financial expertise of the Paris-headquartered
AXA Group, and Bharti Enterprises - one of India's leading business
groups with interests in telecom, agricultural business, financial
services, and retail. The joint venture has a 74% stake from Bharti and
26% stake from AXA Asia Pacific Holdings Ltd.(APH).The company
launched national operations in December 2006. Today, Bharti AXA
Life has a national footprint of distributors trained to provide quality
financial advice and insurance solutions to the large Indian customer
base.Bharti AXA Life offers a range of innovative products and
services that cater to specific insurance and wealth management needs
of customers. We undertook an in-depth analysis wherein we identified
the notion of preference was totally related to the trust granted to
various names in insurance and financial services. The level of trust is
very inadequate today, regardless of the brand considered. This is
because the perception of consumers is that we are all evolving only in
"a world of promises." And this is what we have to redefine.Beyond
promises... proofWe don't want to make promises any more. Instead, we
want to demonstrate our ability to respond to client needs with real and
tangible proof and, in so doing, to establish an authentic relationship of
trust with our clients.

These are the three attitudes that clients most expect from an insurance
and financial services company in exchange for their vote of
confidence. These three attitudes stood out from the others in the
consumer research we conducted across markets, regardless of
their level of maturity.
They are at the heart of our actions and our commitments to clients.
To achieve a market position among the top 5 in India through a
multi-distribution, multi-product platform
• To adapt AXA's best practice blueprints as a sound platform for
efficient and profitable growth
• To leverage Bharti's local knowledge, infrastructure and customer
base
• To deliver high levels of shareholder return
• To build long term value with our business partners by enhancing
the proposition to their customers
• To be the employer of choice to attract and retain the best talent in
India
• To be recognised as being close and qualified by our customers.

• Strong partner Bharti - provides access to customer base of more


than 130 million
• Multi channel execution capability
• Current Asia product range which is a strong match to products
sold to the mass and mass affluent
• Global scale providing cost effective and speedy re-use of systems,
products and business capability
• Strong AXA and Bharti brands which can be leveraged to attract
and retain a high quality management team
Glenn Williams is the Chief Executive Officer and Managing Director
for Bharti AXA Life Insurance Co. Ltd. Prior to this, he was the
Regional General Manager, Corporate Development and Strategy for
AXA Asia Life.

Mark Meehan is currently the Chief Marketing and Operations Officer


for Bharti AXA Life Insurance Company Ltd.

Mark’s previous role in AXA was that of CEO of Tynan Mackenzie


P/L, a professional investment services company. His role in Bharti
AXA Life as CMOO includes Marketing,Product Development,
Customer Service, Underwriting, Claims, Channel & Distribution
Operations, Information Technology and Systems, Six Sigma, Business
Continuity and Client Persistency Management.
Mark’s career path spans a range of markets and geographies. He is a
graduate from Royal Military College, Duntroon and has served as a
commissioned Officer in the Australian Army. Mark has also enjoyed a
successful international military career covering high technology and
systems engineering.
In 1994, he transferred his skills to the private telecommunication
market, basing himself in the UK. On his return to Australia in 1997,
Mark was a consultant to public and private sector clients in systems
engineering and outsourcing, after which he moved to Equant in
Singapore as their Asia Pacific Outsourcing Director. In 2000, Mark
was appointed Equant’s General Manager for Australasia. Mark joined
AXA Australia in 2002 and handled major roles in strategy execution,
business turnaround, operations and general management. Mark held
directorships of several AXA subsidiaries. In September 2006, Mark
was appointed CEO and Director of Tynan Mackenzie P/L after leading
the acquisition team to a successful transaction conclusion.
Bharti Enterprises is one of India’s leading business groups with
interests in telecom, agricultural business, financial services, and retail.
Bharti has been a pioneering force in the telecom sector with many
firsts and innovations to its credit. Bharti Airtel Limited, a group
company, is one of India’s leading private sector providers of
telecommunications services with an aggregate of over 110 million
customers, spanning Mobile services, Telemedia services and
Enterprise services.
Bharti Airtel has been ranked amongst the best performing companies
in the world in the BusinessWeek IT 100 list 2007. Bharti Teletech is
the country’s largest manufacturer and exporter of telephone terminals.
Bharti has a joint venture – Bharti Del Monte India (P) Ltd – with Del
Monte Foods India Pvt. Ltd., to offer fresh and processed fruits and
vegetables in the domestic as well as international markets including
Europe, USA and Middle East. Bharti has recently forayed into retail
business under Bharti Retail Pvt. Ltd. It also has a joint venture - Bharti
Wal-Mart Private Ltd. - with Wal-Mart for wholesale cash-and-carry
and back-end supply chain management operations in India.
AXA Group is a worldwide leader in Financial Protection. AXA’s
operations are diverse geographically, with major operations in Europe,
North America and the Asia/Pacific area. In 2009, total revenues
amounted to Euro 90.1 billion and total revenues underlying earnings to
Euro 3.9 billion. AXA had Euro 1,014 billion in assets under its
management as of December 31, 2009.

AXA Asia Life is committed to become a preferred company in


financial protection and wealth management by 2012. AXA Asia Life,
which is part of the AXA Group and AXA Asia Pacific Holdings
Limited, started operating in Asia in 1986. Since then, it has grown
rapidly and is today present in China, Hong Kong, Indonesia, India,
Malaysia, the Philippines, Singapore and Thailand. AXA Asia Life
serves over 2.5 million customers, employs over 4,000 people, and has
about 60,000 agents and advisers across Asia. The Regional office is
based in Hong Kong and is responsible for supporting the Group’s
operations in the 8 markets.
• Airtel
• Bharti AXA General Insurance
• Bharti-Tele Tech Ltd
• Bharti AXA Investment Managers
• Bharti Tele Soft
• Bharti Resources
• Bharti Foundation
• Bharti AXA Life Elite Secure

Pure Life Insurance cover at very competitive premiums


Option to cover your life till 75 years with a unique to age 75 years
term

• You want comprehensive protection for your loved ones


• You want a single product that can take care of all your Insurance
needs

What is the minimum and maximum Insurance cover that I can


opt for in this plan?
The minimum Sum Assured in this plan is Rs 25,00,000/. There is
no limit on the maximum insurance cover that you can opt for
Can I see some sample premium rates for this plan?
Here are some premiums with sample Sum Assured and age.
Sum Age at entry/
5 10 15 20 25 To age
Assured (In Policy Benefit
years years years years years 75
Rs) Period
30 3925 3925 4150 4400 5100 9825
25 Lakh 40 5750 6400 7350 8775 10475 15200
50 11400 13800 16700 20150 24725 24725
30 7100 7100 7500 7950 9200 17850
50 Lakh 40 10400 11800 13700 16350 19550 28200
50 21100 26050 31550 38150 46550 46550
30 12200 12200 13100 14200 17200 33800
1 Crore 40 18700 21200 25800 31000 37300 54200
50 40200 49300 60300 73200 90100 90100
• What are the tax benefits?
You receive tax benefits under section 80C and 10(10D)
Can I add any further protection along with this plan? (Riders)
Bharti AXA Life Insurance gives you enhanced protection in this
plan with the option to add any of the 4 protection enhancers by
paying a nominal amount towards this additional protection:
o Critical Illness Benefit Rider: In case, you are diagnosed of
any one of the six Critical Illnesses at any time during the
term for which the rider is in force, you will receive a lump
sum amount equal to the Critical Illness Benefit Sum Assured
as opted by you
o Accidental Death and Disability Benefit Rider: In the event
of an unfortunate death of Life Insured due to an accident or
an accidental disability, the Sum Assured under the Rider will
be paid to the Policyholder / nominee.

Bharti AXA Life Secure Confident


A simple Life Insurance product
Option to enhance protection with the addition of Riders

• You want comprehensive protection for your loved ones


• You want a single product that can take care of all your Life
Insurance needs

What is the minimum and maximum Insurance cover that I can opt

for in this plan?


The minimum Sum Assured in this plan is Rs 5,00,000/. The
maximum Sum Assured that you can opt for in this plan is
24,99,999
Can I see some sample premium rates for this plan?
Here are some premiums with sample Sum Assured and age.
Age last birthday/ Policy Benefit 5 10 15 20 25
Period years years years years years

25 2440 2450 2600 2620 2660


30 2490 2580 2790 2850 2940
35 2820 3040 3350 3490 3640
40 3680 3960 4450 4980 -
45 4860 5580 6320 - -
50 7220 8300 - - -
• What are the tax benefits?
You receive tax benefits under section 80C and 10(10D)
Can I add any further protection along with this plan? (Riders)
Bharti AXA Life Insurance gives you enhanced protection in this
plan with the option to add any of the 4 protection enhancers by
paying a nominal amount towards this additional protection:
o Critical Illness Benefit Rider: In case you are diagnosed of
any one of the six Critical Illnesses at any time during the
term for which the Rider is in force, you will receive a lump
sum amount equal to the Critical Illness Benefit Sum Assured
as opted by you
o Accidental Death and Disability Benefit Rider: In the event of an
unfortunate death of Life Insured due to an accident or an accidental disability, the Sum
Assured under the Rider will be paid to the Policyholder / nomine

Wealth creation with protection


Ensure your family's security as you maximise your savings

You can make your money work harder with our Wealth Creation with
Protection plans. These plans come with the double advantage of:

• Complete peace of mind as your family is financially protected and


• Good investment option that ensures long-term financial goals are
met

Whether it is a bigger home, a dream vacation or even a comfortable


future, these life insurance plans are the best solutions along with the
surety of financial protection. Our life insurance coverage plans include
'traditional' plans that give guaranteed money on maturity. While, we
also offer market-linked plans that give you the benefit of good market
performance to maximise your savings.
Child plan
Comprehensive financial protection to your loved ones - Sum Assured
+ Waiver of future Premiums
Jumpstart Benefit – Up to 7% of average fund value during the policy
term

• If you want a plan that would completely secure an important


financial goal of your family (e.g. child's education, marriage etc)
• If you are looking for a flexible investment plan that can adapt to
your investment habits

What are the key features?


o Choice of policy terms to suit your financial goals – 7, 10, 15,
20 or 25 year term
o 360 degree protection to your loved ones through
comprehensive protection in case of death
oJumpstart Benefit (Special additions) up to 7% during the
policy term to provide enhanced value to your investments
o Flexible options like partial withdrawal, premium holiday,

decrease in premium, etc


o Option to enhance protection with choice of riders

o 12 free switches every policy year and 6 investment fund

options
What will I get back?
On Death
You get the Sum Assured at the time of death. Additionally, Bharti
AXA Life would pay all the remaining future premiums till
maturity
On Maturity
You receive the policy fund value
Alternatively, you can take the Policy Fund Value at maturity in
installments over the next 5 years (extended maturity period)
Where can I invest my money?
You have the options of investing across 6 funds depending on
your risk appetite and return expectation and make use of the
switch facility to change your asset allocation

What are the tax benefits?


You receive tax benefits for premiums paid and benefits received
as per prevailing tax laws under Section 80C and Section 10(10D)
of the Income Tax Act, 1961
Retirement
Systematically increases investments through Accumulator Option
Regular and single pay options

• A plan that lets you change your retirement age anytime as


required.
• A plan that gives you the flexibility to modify your premium as per
your changing needs.
What are the key features?
o Pay regular premiums or one time lump sum premium
o At inception, choose to systematically increase your
premiums by 5 % or 8% each year with the Accumulator
Option
o Increase / decrease premiums any time after the 2nd year
o Enhance your retirement wealth by paying unlimited top-up
premiums after first year
o Flexibility to change your retirement age any time

o Get liquidity through partial withdrawals after the completion


of 5 years
o 12 free switches every policy year and 6 investment fund
options
o Special additions added to the fund at the end of 10th year
and every 5 years thereafter

What will I get back?


On maturity
oYou can take up to 1/3rd of your Policy Fund Value as a tax-
free lump sum amount (as per prevailing tax laws), while the
balance amount must be used to purchase an annuity, which
will provide regular income to you at your desired mode of
frequency; or
o You have the option to purchase an annuity product with the

entire policy fund value


Where can my money be invested?
You have the option to invest across any of our 6 investment fund
options, ranging from high end equity to short term debt to match
all your requirements
What are the tax benefits?
You receive tax benefits under Section 80 CCC
Also one third of the maturity \ vesting benefit can be commuted
tax-free under Section 10 (10A
Flexible pension plan with benefits till age 90, while you pay for 10
years only
Special additions are added to your fund, in order to boost your fund

• You want a single investment option, which not only takes care of
your sudden requirement but gives you an opportunity to save
systematically for your retirement
• You are looking for pension-cum-investment solution, which gives
you flexibility and control

What are the key features?


o Unmatched flexibility for wealth creation on retirement
 Pay premium for 10 years only and enjoy the benefits till
your retirement
 Flexibility to invest through any of the two investment

options designed for you - Age-based Asset Allocation


and Self Investment option
 Invest in equity through our Systematic Transfer Plan

which helps you average out the risks associated with


equity Markets
 Flexibility to meet unforeseen or planned economic

requirement through partial withdrawals


o Future Secure Pension enhances your retirement kitty by

providing special additions at the end of the 10th and 15th


policy year
o Tax benefits on the premium paid and the benefits received

will be as per the prevailing tax laws


What will I get back?
o Special additions of 3.5% on Average Policy Fund Value at

the end of 10th and 15th policy year


o Policy Fund Value on maturity of your policy

Where can I invest my money?


You have the option to invest across any of our 6 investment fund
options, ranging from high end equity to short term debt to match
all your requirements. Not only this, but under this plan you have
the flexibility to invest through our specially designed Age-based
Asset Allocation facility
What are the tax benefits?
You can avail of the tax benefits on the premiums paid under
Section 80C of the Income Tax Act 1961 (up to Rs. 100,000)
Premium payment for just 3 years
No surrender charges throughout the policy term

• If you are looking for a pension plan that requires a short tem
investment
• If you are looking for a pension plan that gives allows you to
withdraw money without any extra charge
What are the key features?
oPay premium for 3 years only and enjoy the benefits till your
retirement
o Get liquidity through partial withdrawals after the completion

of 3 policy years
o Enhance your retirement wealth by paying top-up premiums

at any point of time


o 12 free switches every policy year and 6 investment fund

options
o No surrender charge applicable throughout the term of the

policy
o Flexibility to change your retirement age any time during the

Policy term
o Special additions added to the fund every 5 years

What will I get back?


On Maturity
oYou can take up to 1/3rd of your policy fund value as a tax-
free lump sum amount (as per prevailing tax laws), while the
balance amount must be used to purchase an annuity, which
will provide regular income to you at your desired mode of
frequency; or
o You have the option to purchase an annuity product with the

entire policy fund value


Where can I invest my money?
You have the option to invest across any of our 6 investment fund
options, ranging from high end equity to short term debt to match
all your requirements
What are the tax benefits?
You receive tax benefits under Section 80 CC(C).
Also one third of the maturity \ vesting benefit can be commuted
tax-free under Section 10 (10A)

Health insurance

Given the fast pace of our lives, we always run the risk of acquiring
lifestyle diseases - be it high blood pressure or various heart diseases.
Add to this the rising medical costs because of which, we end up
spending increasingly large amounts of money. Bharti AXA Life offers
you Health Plans that ensure freedom from stress when it comes to your
health expenses and let you enjoy your life without any worries.
Extremely affordable premiums starting as low as Rs 3 per day
A range of Daily Hospital Cash Benefit options, with additional
benefits in case of accidental hospitalisation in an ICU or otherwise

• You want a product that will cover your incidental hospital


expenses
• You want a product that is easy to buy, simple to understand and
pay premium only once in three years
What are the key features?
o Extremely affordable protection with premiums starting as

low as Rs 3 per day


o Easy health covers you with a single premium at one go for 3

years
o Daily Hospital Cash Benefit options of Rs 500, Rs 750, Rs

1000 and Rs. 1500 per day


o Cover your spouse, children and parents and avail of an

attractive discount of 10% on premium for each family


member added
o Get additional protection in case of hospitalisation due to an

accident and for hospitalisation in an ICU


o Avail of Get Well Soon benefit for continuous hospitalisation

of 7 days or more
o Simple and easy to enroll. No need to fill up lengthy proposal

forms or take any medical tests or medical reports


Is there a waiting period?
There is a waiting period of 90 days except for accidental
hospitalisation.
What are the tax benefits?
You receive tax benefits under section 80D and 10(10D)
Introduction
Bharti AXA Life Insurance presents
“SaveConfident”
a traditional money back insurance product
鄭 financial solution that helps you secure your financial objectives-
like
Children痴 education,
Marriage or
Other intermediate needs
Protection against an unfortunate event

1 07/12/2010 Presentation title


– Pay pre
– Gives s
A
d
Gu
S u r v iv a
P aram eter
Premiums (i

Sum
assured/
RESEARCH DESIGN/METHODOLOGY
Resarch design is defined as a systematic and objective process of gathering, recording and
analyzing data that provides information to guide business decisions. The process of
business strategy can be divided into three phases – planning, execution and report
preparation. The planning phase begins from problem/opportunity identification and leads
to selection of the sampling procedure. Data collection and evaluation can be described as
the execution phase of the business research process, while report generation can be
considered as the last phase.
Steps in the research design process

Identifying and Defining Problem/Opportunity

P
L
A Planning the strategy
N
N
I
N
G Selecting the method of strategy

Selecting a Sampling Procedure

E
X
E
C Data Collection
U
T
I
O
N Evaluating the Data

REPORT Preparing and Presenting the Report


PREPRATION
Marketing research is defined as the formal process of collecting information, analyzing
the result, communicate the findings and implementation in terms of marketing actions.
Analysis of information is used in evolving some marketing and financial decisions.
RESEARCH DESIGN:
Research design is important primarily because of the increased
complexity in the market as well as marketing approaches available to
the researchers. In fact, it is the key to the evolution of successful
marketing strategies and programmers. It is an important tool to study
buyer’s behavior, consumption pattern, brand loyalty, and focus market
changes. A research design specifies the methods and procedures for
conducting a particular study. According to Kerlinger, “Research Design
is a plan, conceptual structure, and strategy of investigation conceived as
to obtain answers to research questions and to control variance.

The General study was converged as a specific study for Videocon.


The study was initiated to find out the consumer profile, brand
perception and cross preference among Videocon and Competitor brands.
Our approach to the research design tasks went through the following
tasks.
Information needed
?
Measurement and scaling Procedures
?
Appropriate Data collection
?
Sampling Process and sample size
?

Data Analysis plan


◊ Research Type Descriptive Research
◊ Data Type Primary and Secondary data
◊ Research Tools Questionnaire
Observation
Type Enquiry
◊ Sampling Units customer/Dealers/ Retailers
◊ Sample Size Customer (100)/Dealers/ Retailers (50)
◊ Sampling Method Random Sampling Method
◊ Sample drawn from Baranasi

The data collection was done through


1. Primary Data Analysis
2. Survey
3. Primary data is obtained by contacting the retailer and dealers.

Scaling Techniques
We asked the customers to rank the various attributes on a scale of very
important, Important and not very important. To find-out the brand
perception of various brands, paired comparison between them is used.
Sampling Techniques
In the survey conducted, the sample was random in nature comprising of
people from different age groups and income strata.

Data Collection
Data collection is the important step after the sample is selected on which
the survey is being conducted. With data that is available in the hard
form we converted that to electronic form, to analyze the data using the
field work. In the data collection customers were approached during the
working hours at dealers point.

The first part of the survey was a disguised survey was there was no
mention of Parag as Organization. It was conducted as a part of
institute project. Purpose of the survey was explained and was asked
whether they are interested to take part in the survey Later Questionnaire was handed
over to them, and necessary instructions were given to complete the questionnaire
.The questionnaires were returned back after filing up on their convince, While receiving
the filled in questionnaire care was taken to check whether there are any unfilled items
in the questionnaire.
Limitations of Survey
Response Errors - These may arise when the
respondents give inaccurate or incomplete answers. For
e.g. in our survey a respondent may not mention that he
had test driven a car before purchasing it A major
problem faced in the survey involved the comparative
ratings of various attributes for all the product and
polices. Many of the respondents were not very willing
to rank so many factors as they perceived it to be time
consuming.

Open Ended Questions – All the questions in the


questionnaire were open-ended to avoid any kind of
bias from the respondents end. But a drawback of this
approach is that there was an incomplete capture of his
responses, as the respondent could not always one out
with the purchase steps and the time taken in them. The
reasons for such inaccuracy could be because of
unfamiliarity, fatigue, boredom, faulty recall and the
Question format.
Random Sampling Errors – This can occur, as the
particular sample selected is an imperfect representation
of the population of interest. The area covered in the
survey was Benaras region and the customer
preferences and tastes in different regions could not be
covered.
SWOT ANALYSIS
Strengths:
 Vast untapped market

In a country of 1 billion people there is a huge potential market


for life insurance products. In India the penetration of the
insurance sector in the rural and semi-urban areas is low. There
is a market of 900 million for life insurance and 200 million for
householder’s insurance policy. In addition to this the affluent
section can be tapped for Overseas Mediclaim and Travel
Insurance policies.

 Huge pool of skilled professionals

Whether it is banks or insurance companies there is no dearth of


skilled professionals in India to carry out a successful
bancassurance venture.

Weakness:

 Lack of networking among branches

In spite of growing emphasis on total branch mechanization


(TBM) and full computerization of bank branches, the rural and
semi-urban banks have still to see information technology as an
enabler. Complete integration of branch network involves huge
investments for creating IT and communication infrastructure.

 Low savings rate

Though we have a huge market for insurance policies, the


middle class who constitutes the bulk of this market is today
burdened under inflationary pressures. The secret lies in
inculcating savings habit but considering the amount of surplus
funds available with the middle class for investing in future
security, the ability to save is very nominal

Opportunities:

 Data mining

Banks have a huge customer database which has to be properly


leveraged. Target segments should be identified and tapped.

 Wide distribution networks of banks provides a great


opportunity to sell insurance products through banks

 Another potential area of growth of bancassurance is


exploiting the corporate customers and tying up for insurance
of the employees of corporate clients

Threats:

 Human Resource Challenges

Success in banc assurance venture requires a change in mindset.


Though we have a large talent pool, the inability to sell complex
insurance products on the part of bank professionals and their
reluctance to learn can be severe setback. There has to be a
change in the thinking, approach and work culture.

 Non-response from the target groups can also pose a


challenge as it happened in the USA in 1980s
RECOMMENDATIONS AND

SUGGESTIONS

During the exposure of 2 months I had in the insurance industry


via Bharti-AXA, it helped me to develop the basic
understanding of how this industry works and the work
experience & knowledge gained has also helped me to give the
recommendations as stated below:

 An insurance policy is a product, which needs a lot of


convincing before it can be sold because what I analyzed in
this internship that there are very few people who have a
basic knowledge about life insurance especially the lower
middle class society. So, it is essential for the advisor to
know what the customer actually needs and then letting the
customer know what benefits he will get out of it.

 The limitation here is how to win the trust of people when so


many companies are offering the same product range. Here,
Bharti-AXA needs to encash its brand name because after the
survey I conducted what I concluded is that after LIC if
people know any other insurance company is then it is
Bharti-AXA life insurance.

 During the calls where I went along with the Unit manager, I
observed that people in general have the perception that
insurance is all about getting discount in tax. People should
be made realize that it is a great way of saving for the future
too.

 Besides doing market research, my other job was also to


increase the advisor base of the company. And company
preferred the profiles of the already established insurance
advisors of the other company especially the LIC ones. What
I suggest is that before approaching these prominent agents
we need to do a SWOT analysis of the co. they are into. Like
LIC Agents usually complain of LOW returns and hence
Bharti-AXA can tap them on this loophole of LIC.

 Instead of approaching these good profile agents personally,


the company can hold Seminars Or Club Meetings because
every one comes for free lunches. Once they come, they can
be given Business Opportunity presentations about the
incentives, commission structure etc Bharti-AXA is offering
to its advisors.

 Since the commission structure has been fixed by the IRDA


only so no insurance company can give more commission on
products but every company has a different mode of
distributing commission, since Bharti-AXA has all kind of
products and policies with it (including the products which
LIC have and even those which LIC do not have) thus every
agent can earn as much (NO UPPER LIMIT ON
EARNINGS) as he wants because he has more choice to
offer to the customer. This can be one of the sales pitch for
the Bharti-AXA.
conclusion

the basis conclusion of this project is to better


understand that what actullay the customer want and
how easily we provide them. Assumptions are basically
not allowed in this sector until and unless we work on
that field.
Learning

• To understand the market


• To understand the custome
• Have transparency with customers
• How to work in industry market
BIBLIOGRAPHY

• google search engine


• askme.com
• bharti-AXA.co.in
• past datas of company
• magazines