ii

BONAFIDE CERTIFICATE

Certified that this project report titled “A STUDY ON PERCEPTION

OF LIFE INSURANCE AGENCY AS A CAREER FOR BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED” is the bonafide work of
Mr. D. MURALIMANOKARAN who carried out the research under my
supervision. Certified further, that to the best of my knowledge the work reported
herein does not form part of any other project report or dissertation on the basis
of which a degree or award was conferred on an earlier occasion on this or any
other candidate.

Supervisor Director

Viva–voce held on __________

Internal Examiner External Examiner

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ABSTRACT

The study on “Perception about Life Insurance agency as a career”

was carried out in Chennai City in three phases. The first phase assesses the
perception of the people who have quit their job as life insurance consultant. The
second phase reports about perception of life insurance consultants. Profession
amongst those currently pursuing their career as consultants. The third phases
assesses the awareness about life insurance companies and about life insurance
consultants. All this was done with the main objective of identifying suitable
avenues or was to promote life insurance consultancy of as a career.

Standardized questionnaires were prepared for the three different

phases. Information related to the reason for quitting life insurance consultancy
as a career, the satisfaction level of existing consultants and awareness about
life insurance, their interest in pursuing a career as a life insurance consultant,
etc. also were collected

The research design adopted was descriptive type. The data were
collected using the direct interview method and also through telephonic
interviews. The type of sampling adopted was non-probability convenience
sampling and probability cluster sampling. The sample size of 100 was taken
amongst those who quit their job. 100 each were taken from the existing
consultants of Bajaj Allianz and 100 was taken from other companies. A sample
size of 300 was taken from general public to study about the third phase.
 iv

Descriptive statistics was used to analyse the data. Percentage

analysis, chi-square and ranking methods were used. The research revealed that
many perceive life insurance agency as a difficult job which does not give them
an attractive income. Incentive linked performance seems to disturb them. The
potentiality of life insurance sector and growth opportunities in the sector can be
communicated to enable those aspiring for a good career to join life insurance
agency.
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ACKNOWLEDGEMENT

I extend my hearty thanks to Mr. AJIT THAMPAN, Associate Vice

President Sales of Bajaj Allianz Life Insurance Company, Chennai for granting
me permission to do the project work in their esteemed concern.

I express my sincere gratitude to our honorable Correspondent

Thiru.P.SATHIYAMOORTHY B.E., M.B.A., M.S., and other college trust
members for allowing me to develop the project in their institution.

I am extremely thankful to Dr.A.M.NATARAJAN, B.E., M.Sc.,

Principal, Kongu Engineering College, and Mr. P. SURESH KUMAR, M.Sc.,
M.B.A., Director, Department of management studies, Kongu Engineering
College, Perundurai for giving me the opportunity to feel the corporate
experience through this project.

I express my gratitude to my faculty guide Prof. R. MOHAN,

B.Tech., MSc., Diploma in Management for his scholarly guidance, valuable
suggestions, and encouragement through out the duration of this project.

I also express my gratitude to the respondents, parents and dear

friends without whom the project would not have been successful.
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LIST OF CONTENTS

Chapter Page
Particulars
No. No.
ABSTRACT (ENGLISH) iii
ABSTRACT (TAMIL) v
LIST OF TABLES x
1 INTRODUCTION
1.1 Industry profile 1
1.2 Company profile 3
2 OBJECTIVES, SCOPE AND LIMITATIONS OF 7
THE STUDY
2.1 Objectives of the study 7
2.2 Scope of the study 8
2.3 Limitations of the study 9
3 RESEARCH METHODOLOGY
3.1 Research Design 10
3.2 Data Sources 11
3.3 Sampling Design 11
3.4 Statistical Tools Used 12
3.5 Questionnaire Design 15
4 ANALYSIS AND INTERPRETATION
4.1 Analysis of separated consultants of Bajaj 16
Allianz
4.2 Analysis of existing consultants in Bajaj 24
Allianz
4.3 Analysis of consultants from other 32
companies
4.4 Analysis of data - General public 40
4.5 Hypothesis Testing 51
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Chapter Page
Particulars
No. No.
5 FINDINGS, SUGGESTIONS AND
CONCLUSION
5.1 Findings 55
5.2 Suggestions 59
5.3 Conclusion 60
APPENDICES
REFERENCES
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LIST OF TABLES

Table Page
Particulars
No. No.
4.1 Gender of separated consultants 16

4.2 Marital status of separated consultants 16

4.3 Age of the separated consultants 17

4.4 Duration as a insurance consultant 18

4.5 Perception about selling insurance 18

4.6 Working as a fulltime or part time employee 19

4.7 Main job when working as an insurance consultant 19

4.8 Original reason for selling life insurance 20

4.9 Reasons for discontinuing 21

4.10 Present job of the separated consultants 22

4.11 Rejoining in Bajaj Allianz as insurance consultant 22

4.12 Perception about insurance consultancy job as a career 23

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Table Page
Particulars
No. No.
4.13 Marital status of existing consultants- Bajaj Allianz 24

4.14 Gender of existing consultants – Bajaj Allianz 24

4.15 Age of the existing consultants – Bajaj Allianz 25

4.16 Duration as a insurance consultant – Bajaj Allianz 26

4.17 Perception about selling insurance- Bajaj Allianz 26

4.18 Working as a fulltime or part time employee- Bajaj Allianz 27

27
Main job when working as an insurance consultant- Bajaj
4.19
Allianz

4.20 Previous job of existing consultants – Bajaj Allianz 28

28
Perception about insurance consultancy job as a career-
4.21
Bajaj Allianz

4.22 Satisfaction with career – Bajaj Allianz 29

4.23 Expected support from the company – Bajaj Allianz 30

4.24 Reason for choosing the job – Bajaj Allianz 31

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Table Page
Particulars
No. No.
4.25 Marital status of existing consultants- Other Companies 32

4.26 Gender of existing consultants Other Companies 32

4.27 Age of the existing consultants - Other Companies 33

4.28 Duration as a insurance consultant - Other Companies 34

4.29 Perception about selling insurance- Other Companies 34

Working as a fulltime or part time employee- Other 35

4.30
Companies

Main job when working as an insurance consultant- Other 35

4.31
Companies

4.32 Previous job of existing consultants – Other Companies 36

Perception about insurance consultancy job as a career- 36

4.33
Other Companies

4.34 Satisfaction with career - Other Companies 37

4.35 Expected support from the company - Other Companies 38

4.36 Reason for choosing the job - Other Companies 39

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Table Page
Particulars
No. No.
4.37 Age of the respondents 40
4.38 Education level of the respondents 41
4.39 Gender of the respondents 41
4.40 Linguistic ability of the respondents 42
4.41 Occupation of the respondents 43
4.42 Income level of the respondents 43
4.43 Mode of saving of the respondents 44
4.44 Liabilities of the respondents 45
4.45 Assets of the respondents 45
4.46 Satisfaction with current income 46
4.47 Interest in making more money 46
4.48 Knowledge about insurance consultants 47
4.49 Willingness to take up sale of life insurance 47
4.50 Awareness of private life insurance companies 48
4.51 Awareness about Allianz insurance company 48
4.52 Role of media in company recognition 49
4.53 Recall of private life insurance companies 50
4.54 Willingness to take life insurance sales with Bajaj Allianz 51
4.55 Reason for not joining 51
Income and willingness to take up insurance sales 52
4.56
(Chi- square test)
Income level and satisfaction with current income 53
4.57
(Chi-square test)
Income and interest in insurance sales 54
4.58
(Chi-square test)