Pavan Paliwauyl
Pavan Paliwauyl
Pavan Paliwauyl
Comparative analysis of the LIC & Bajaj Allainz Life Insurance products with reference to customer
SUBMITTED IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF MBA PROGRAMME 2011-2012
SUBMITTED BY :
SUBMITTED TO:
PREFACE
For a management student theoretical knowledge as well as practical orientation expose one self experiences, one can again be mastering it is best possible time, MBA curriculum has been finding tuned in such a way that a student not apply the theoretical knowledge but also gain in a practical since. These electives can be attend through application of theory tools concepts and techniques of managements. Balanced theoretical and practical knowledge are essential for every MBA student. Sometime I felt that theoretical knowledge is not enough on the field, so practical Knowledge is more important than theoretical. As a student of MBA, I have undergone a practical training at Bajaj Allianz life insurance Company of Udaipur and the objective of the research is to compare the companys credibility with other insurance companies prevailing in the market and to study companys plan.
ACKNOWLEDGEMENT It gives me an immense pleasures to acknowledgment gratefully that debt of all those persons who have been kind enough for rending there helps and valuable guidance in the preparation of BAJAJ ALLIANZ. This assistance was offered to me in different form like dissemination of information regarding activities in the Insurance in which proved helpful in completing this project report. I shall always be indebted for giving me opportunity to undergo this summer training in such a prestigious and professional organization and also for their immense contribution towards execution and completion of this project. I am thankful especially ASHUTOSH DAGA SIR, for their guidance support in accomplishing this summer training successfully. Last but not least, I am thankful to God, my parents and all those who supported & encouraged me.
(PAWAN PALIWAL)
CONTENTS
01-05
INSURANCE
06-07
PLANS OF COMPANY
23-29
5 6 7 8
COMPARISION OF THE PLAN MARKET SHARE OF THE COMPANY FINDING & ANALYSIS CONCLUSION, SUGGESTION & LIMITATIONS
48-51 51-52
BIBLIOGRAPHY
CHAPTER 1 INTRODUCTION OF BAJAJ ALLIANZ THE COMPANY Bajaj Allianz Life Insurance Company is a joint venture between two leading conglomerates, Bajaj Auto Limited, one of largest manufactures of motorcycles and scooters in the world, and Allianz AG of Germany one of the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest private player in the Insurance Industry in India with a market share of around 34% amongst the private companies and second to LIC. The total market share of Bajaj Allianz as of 31st March 2012 is at 12%. During the financial year 2011-2012, Bajaj Allianz has sold over 15 lakh policies and collected about Rs. 4543 crore as premium income. Whopping growth of 216% for the FY 2011-12, Assets under management of Rs. 3524 crore. It has paid up Rs 950 crores with IRDA as a caution deposit. Bajaj Allianz has
CHAPTER 2
INSURANCE
Insurance is an integral part of everyones life in present scenario. Insurance or assurance is a device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called PREMIUMS. Payments for an individual loss, divided among many, do not fall heavily upon the actual loser. The essence of the contract of insurance, called a POLICY is mutuality. The entity that is transferring the risk, which may be an individual or association of any type, including a government or government agency-, is called INSURED. The entity accepting the risk is called the INSURER. The agreement between the two by which the risk is transferred is called the POLICY. This is a legal contract that sets out exactly the terms and conditions of the coverage. The fee paid by the insured to the insurer for assuming the risk is called PREMIUM. This is usually determined by the insurer to fund estimated future claims paid, administrative costs and profits. The major operations of an insurance company are
underwriting, the determination of which risks the insurer can take on; and rate making, the decisions regarding necessary prices for such risks. The underwriter is responsible for guarding against adverse selection, wherein there is excessive coverage of high risk candidates in proportion to the coverage of low risk candidates. In preventing adverse selection, the underwriter must consider physical, psychological, and moral hazards in relation to applicants. Physical hazards include those dangers, which surround the individual or property, jeopardizing the well being of the insured. The amount of the premium is determined by the operation of the law of averages as calculated by the actuaries. By investing premium payments in a wide range of revenue-producing projects, insurance companies have become major suppliers of capital and they rank among the nations largest institutional investors.
In India, insurance started with life insurance. It was the early 19th Century. It started with English Companies like. "The European the Albert". The first Indian insurance company was the Bombay Mutual Assurance Society Ltd. formed in 1870.
Nationalization of life insurance in India In 1956, Life insurance business was nationalized and LIC of India came into being on 01.09.1956. The government took over the business of 245 companies. Relevant laws were amended in 1999 and LIC's monopoly right to transact life insurance business in India came to end.
To understand the new unit gain plan and child care plan. Comparative analysis of the life insurance products available in the market which is done by the help of following:Research methodology used : Primary data collected by visiting the leading life insurance companies like LIC, ICICI Prudential, Aviva, Birla Sun Life Insurance, HDFC Standard Life, Tata AIG Educare, OM KOTAK Mahindra.
Data Collection: Questionnaires filled by various income groups. Internet (by searching about the investment plans of other companies).
magazines like Economic Times, Financial Express, Business India, The Times of India, and Internet.
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Secondly, getting the questionnaires filled (about 50) to find out which company they prefer for life insurance policies, what are the specific features of their policies, whether they treat insurance as an investment option or a security option.
insurance companies to show the market credibility of BAJAJ Allianz among other private life insurance companies.
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RESEARCH: AN INTRODUCTION
Research is defined as human activity based on intellectual application in the investigation of matter. The primary aim for applied research is discovering, interpreting, and the development of methods and systems for the advancement of human knowledge on a wide variety of scientific matters of our world and the universe. Research can use the scientific method, but need not do so. The word research derives from the French recherch, from recherch, to search closely where"chercher"means "to search"; its literal meaning is 'to investigate thoroughly'. Definition of Research Research is an ORGANIZED and SYSTEMATIC way of FINDING ANSWERS to QUESTIONS. SYSTEMATIC because there is a definite set of procedures and steps which you will follow. There are certain things in the research process which are always done in order to get the most accurate results. ORGANIZED in that there is a structure or method in going about doing research. It is a planned procedure, not a spontaneous one. It is focused and limited to a specific scope.
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FINDING ANSWERS is the end of all research. Whether it is the answer to a hypothesis or even a simple question, research is successful when we find answers. Sometimes the answer is no, but it is still an answer. QUESTIONS are central to research. If there is no question, then the answer is of no use. Research is focused on relevant, useful, and important questions. Without a question, research has no focus, drive, or purpose.
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OBJECTIVE OF RESEARCH The purpose of research is to discover answer to question through the application of scientific procedures .the main aim of research is to find out the truth which is hidden and which has not been discovered as yet. Though each research study has its own specific purpose, we may think of research objective as falling into a number of following broad groupings:1. To gain familiarity with a phenomenon or to achieve new insights into it (studies with this object in view are term as exploratory or formulative research studies). 2. To portray accurately the characteristics of a particular individual, situation or a group (studies with this object in view are known as descriptive research studies). 3. To determine the frequency with which something occurs or with which it is associated with something else (studies with this object in view are known as diagnostic research studies). 4. To test a hypothesis of a casual relationship between variables (such studies are known as hypothesis-testing research studies). Types of research:1.
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Empirical research, which tests the feasibility of a solution using empirical evidence
Action research Case study Classification Delphi method Experience and intuition Experiments Interviews Mathematical models
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RESEARCH APPROACHES
There are two basics approaches of research approaches viz: Quantitative approach and qualitative approach.
1.
be subjected you rigorous quantitative analysis in a formal and rigid fashion. This approach can be further classified into:(a) Inferential approach. (b) Experimental approach. (C) Simulation approach. 2. Qualitative approach :It is concerned with subjective assessment of attitudes, opinions and behavior. Research in such a situation is a function of researchers insights and impressions. Such an approach to research generates results either in non- quantitative form or in the form which are not subjected to rigorous quantitative analysis. Generally the techniques of focus group interviews, projective techniques and depth interviews are used.
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RESEARCH PROCESS
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Allianz AG
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz AG is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset
Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operations in over 70 countries. Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world's largest infrastructure projects (including Hong Kong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE
Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr. 3rd largest Assets under Management (AUM) & largest amongst Insurance cos. - AUM of Rs.51, 96,959 cr.
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49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise
Achievements
Bajaj Allianz have till date got the competitive pricing and quick, honest response and has earned the customers trust and the leadership in the market place of general insurance. The advantageous benefits of Bajaj Allianz The main advantage of Bajaj Allianz is the overall global expertise which it has and the market experience the company has achieved ion order to gain the trust of the members. The added advantage of Bajaj Allianz is that it has a well knowledge of the local market and has gained the added benefit through its alliance experience. The Bajaj Allianz offers the best services and the best in the industry innovative insurance packages to match the individual needs. According to the customer talk the claims period is very much less when compared to the other insurance companies which are prevailing in India. Benefits offered by a health guard policy The Bajaj Allianz general insurance policy offers the best in the market as it covers the most expensive medical care through its healthy guard policy. The health guard policy offered by the Bajaj Allianz group also covers the costs incurred during the pre
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and post hospitalization resulting from serious accident and illness and also covers the emergency ambulance service up to a limit of 1050 Rs. CHAPTER 4
New Unit Gain Plus It is a unit linked plan of Bajaj Allianz that takes care of a persons wealth by providing flexibilities in savings and
investments and options for protection needs. HOW TO GET STARTED This gets started by opening an account with a minimum premium of : Rs 15000/- p.a. for annual mode. Rs 7500/- p.a. for half-yearly mode. Rs 5000/- p.a. for quarterly mode. HOW DOES THE PLAN WORK The premiums paid are invested in fund/funds of your choice (depending on the allocation rate) & units are allocated depending on the price of units for the fund/funds. The value of your policy is
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the total value of units that you hold in the fund/funds. The insurance cover charges are deducted through monthly
cancellation of units. The fund Administration Charge and Fund Management Charge are priced in the unit value
BENEFITS
DEATH BENEFIT : In case of unfortunate death the beneficiaries are entitled to the Sum Assured less withdrawals or the bid price of units, whichever is higher. If the age of the life assured is less than 7 or above 70, then the bid price of the units is paid. LIQUIDITY OPTION : There is no maturity date for this plan. . Anytime after payment of 3 full years premiums, you may withdraw the money, depending on your requirements, through partial or complete surrender of units. Additional Protection for You and Your Family : You have the option to add the following four additional benefits, providing total protection against uncertainties. Accidental Death Benefit. Accidental Benefit. Critical Illness Benefit (CI). Permanent Total/Partial Disablement
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Hospital Cash Benefit (HC). AGE LIMITS Age at entry : Minimum age of entry: 0 years (Completed years) Maximum age of entry: 60 years (Completed years)
CHILD CARE PLAN Taking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best, and therefore, this is the time when careful financial planning can help you fulfill the aspirations that you have for your children. The Bajaj Allianz Child Care Solutions help you to enjoy the joys of parenthood responsibly, with the reassurance of a secure future for your child. CHILD CARE PLAN OFFERS Child Care plan is a children money back plan with profit. Bajaj Allianz Child Care offers a wide array of solutions that allows you to plan for your childs future by providing you with as many as 4 distinct and unique options.
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Child Care 21 Child Care 24 Child Care 21 Plus Child Care 24 Plus
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the policy holder. B) FAMILY INCOME BENEFIT: In case of death or accidental total permanent disability of the policy holder during the term of the policy, a monthly income benefit of 1% of the sum assured (12% per annum) becomes payable till the end of the policy term (subject to a maximum of Rs. 1,20,000 per annum). This benefit will not be available in the event of accidental permanent total disability after age 65 of the policyholder C) OPTION TO PURCHASE FURTHER INSURANCE AT MATURITY: For ensuring continuity of the valuable insurance protection that the child was enjoying, we offer the child and option to purchase a with profits endowment or an equivalent plan from Bajaj Allianz Life Insurance Company for twice the amount of face value of this policy, without any medical examination, on the premium rates prevailing at that time. (The application must be made at least 6 months prior to maturity of this policy). PAYOUT STRUCTURE For Child Care 21 and Child Care 21 Plus: The minimum guaranteed payouts are as follows:
Policy Anniversary following completion of Age 18 19 20 21
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25%
25%
35%
For Child Care 24 and Child Care 24 Plus: The minimum guaranteed payouts are as follows:
Policy Anniversary following completion of Age
Payout as % of Sum Assured
20
22
24
25%
25%
40%*
interest during the payout period. DEATH PAYOUT In the event of unfortunate death of the child during the policy terms, the payouts shall be as under
Age
Payout Premiums paid will be refunded without interest and the policy will terminate. Sum assured with accrued bonuses will be paid and the policy will terminate. Outstanding payouts will be paid as one lump sum and the policy will terminate.
Below 7 years
Above 7 years and below 18 years Above 18 years and below 24 years
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This gets started by opening an account with a minimum premium of: Rs.5000/- p.a. for annual mode. Rs 2500/- p.a. for half-yearly mode. Rs 2000/- p.a. for quarterly mode. Rs.700/- p.a. for monthly mode.
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AGE LIMITS
Eligibility Conditions Minimum age of the policyholder Maximum age of policyholder Minimum age of child
13 Rs.4850 5
18 21 Rs. 50,00000
13 Rs.4850 5
18 24 Rs. 50,00000
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CHAPTER 5
COMPARISION OF PLANS
NEW UNIT GAIN PLUS Vs LIFE TIME (ICICI Pru.)
FEATURES NEW UNIT GAIN PLUS LIFE TIME
Age Term
0-60 Years Choice rests with a minimum period of payment of 3 years. Choice of choosing the sum assured subject to a minimum sum assured of Rs. 1 Lakh.
Sum Assured
Minimum Sum Assured is 5 times the premium paid. Maximum Sum Assured is as per the limits set per age bands. Value of fund at Bid Price. Higher the Sum Assured or value of units. However, the value of units will treated as death benefit if the Life Assured is > 7 years or < 70 years. Partial or complete withdrawals at bid price after 3rd year. Minimum: Rs. 15,000 p.a
Value of units (3rd year onwards) Higher the Sum Assured or value of units. However, the value of units will treated as death benefit if the Life Assured is > 7 years or < 70 years. Partial or complete withdrawal are available from 3rd year onwards.
Withdrawal Benefit
Contribution
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Age Term
18-60 Years Choice rests with investor ,he needs to specify at the time of purchasing policy. The investor has to choose the death benefit from 3 levels (minimum, standard and maximum). Unit value(after adjustment of 5% bid offer price).
Sum Assured
Minimum sum assured is 5 times the premium paid. Maximum sum assured is as per the limits set per age bands. Value of Fund at Bid Price.
Survival Benefit
Death Benefit
Higher the Sum Assured or value of units. However, the value of units will treat as death benefit if the Life Assured is > 7 years or < 70 years.
Higher of fund value or Sum Assured. However, the value of units will be treated as death benefit if the Life Assured is > 7 years. Partial or complete withdrawal after 3rd year after adjusting for 5% bidoffer spread. Minimum withdrawal is Rs. 5,000.
Withdrawal Benefit
Contribution
Not specified.
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Matures when the child reaches the Matures between 22-25 age of 21 or 24. Premium paid till childyears of child. Term is 10reaches age 18. 25 tears. 1-13 Years. 20-50 Years. All regular premiums. Child is insured. But premium waiver rider available for parent. Child 0-12 Years. 20-60 Years. All regular premiums. Parent. Child.
Min Max Age of Child Min Max Age of Parent Payment Modes Life Assured Beneficiary
Min Max Age of Child Min Max Age of Parent Payment Modes Life Assured Beneficiary
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CHAPTER 6
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FINDING AND ANALYSIS OF PROJECT The project titled, as MARKET CREDIBILITY OF BAJAJ ALLIANZ AMONG OTHER PRIVATE LIFE INSURANCE
COMPANIES required research to be done. The market credibility required the collection of Primary Data as well as the Secondary data. The credibility literally means the market value and the market positioning of a particular brand or a company among its competitors. BAJAJ Allianz is one of the private life insurance companies, which came into existence in 2001. Market credibility can be checked by seeing the awareness of people about a particular company and its share in the market. Comparing the products of term policies as well as the endowment policies Primary data :
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available of the life insurance companies. (ii) Data collected from newspapers and the various policies of BAJAJ Allianz and other private life insurance companies. Sample size Analysis tools : : Fifty (50) Pie Charts, Bar Charts.
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CHAPTER 7
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1.
company/companies?
PEOPLE HAVING INSURANCE POLICIES
6% 3%
6% 0% 28%
Bajaj Allianz LIC Max Newyork ICICI Pru TATA AIG Birla sun life AVIVA
32%
17%
8%
Out of the 50 insurable people interviewed nearly 72% people have taken insurance policy. Out of this population being interviewed nearly 32 %
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had LIC policy, 28 % had BAJAJ Allianz, followed by ICICI Pru. (17 %), Max New York Life (8 %) , TATA AIG(3%), Birla Sun Life (6%), Aviva and HDFC having 6% shares each in the interviewed population.
2.
Out of the 50 people interviewed 78 % people term/see insurance policy as a security option while only 22 % see it as an investment option.
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3.
Please rank the following as per your preference to investment in a financial year:
Out of 50 being interviewed, 18 people invest in life insurance policies, 16 people invest in shares, 12 people invest in mutual funds and 4 people invest in government bonds.
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4.
Out of 50 people being interviewed, 15 people select an insurance company on the criterion of security, 5 people select an insurance company on the criterion of time span, 2 people select an insurance company on the criterion of market share, 8 people select an insurance company on the basis of return and 20 people select an insurance company on the basis of all the above mentioned reasons.
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5.
BAJ AJ Allianz
16% 14%
ICICI Prudential
46%
MaxNew york
24%
HDFC
Out of 50 people interviewed, 46% had BAJAJ Allianz as their first preference for a pvt. Life insurance company followed by ICICI Prudential having 24 % preference followed by HDFC Life insurance having 16% market share and lastly Max New York Life Insurance.
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6. Do you think that private life insurance companies are as safe as LIC for taking a policy?
Out of 50 people being interviewed, 62 % of people do not find private life insurance companies to be safe for buying a life insurance policy whereas 38 % people find them safe for buying a life insurance policy from a private life insurance company.
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7.
Out of 50 people interviewed, 16 % people perceive policies of BAJAJ Allianz make it a famous company while 20% think it is due to the parent companies, 24% take it as marketing and advertising strategies which appeal to the mass population while 40 % think it is all due to the above mentioned reasons that BAJAJ ALLIANZ is a famous company.
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8.
Out of 50 interviewed, 69% of the people were satisfied with their life insurance policies while only 31% of people were not satisfied.
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(B) ANALYSIS OF PROJECT Analysis of a research project is based on the primary data which is being collected from various sources to take out some conclusions of the research study being taken. In my project my purpose was to find the market credibility of BAJAJ Allianz among various other private life insurance companies. For this a population of 50 people was being interviewed having different lifestyles, different incomes, different occupations yet the point which was kept in mind was that this interviewed population was insurable. The questionnaire filled up by people revealed that nearly 36 people i.e. about 72% people have life insurance policies. This is due to the fact that people now have started realizing that life is very uncertain and it is advisable to have a life insurance policy. Nearly, 24 % people had LIC policy and 20% people have BAJAJ Allianz as their life insurance policy. The reason that people have more LIC policy is that it is an old company for life insurance and secondly it is a government-controlled organization. Secondly,when enquired about the perception of people about insurance policies, nearly 39 people i.e. about 78% people see it as a security option for their families financially so that if they are not alive some day, their family does not go in vain. While 11 people i.e. about 22% people see it an investment option to save taxes and get returns.
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Thirdly, when asked about their investments in various alternatives, 18 people gave life insurance policies their first preference for investment whereas 16 gave shares as their first preference followed by mutual funds (12) and lastly government bonds. This clearly shows that people are risk averse to a large extent as largest numbers of people like to invest in life insurance policies to make sure that there is security. Fourthly, when they were asked about the criterion of choosing a life insurance company 15 people replied that they see the security point of view to buy a life insurance company. 5 people chose time span as the criteria to choose a life insurance company. 2 people chose the market share of the company as the preferred criteria of choosing the life insurance company. 8 people chose the returns of life insurance companies as the criteria for choosing a life insurance company. Nearly, 20 people chose all the above mentioned reasons to choose a life insurance company. When the sample population was interviewed about their 1st preference among the Pvt. Players, nearly 46% people chose BAJAJ Allianz as the 1st insurance company, 24% people chose ICICI Prudential as the 1st preference, and 16% chose HDFC as the 1st insurance company and 14% people chose Birla Sun life as the 1st preferred company. When sample size was asked about safetyness of an insurance policy as compared to LIC policy nearly 62 % people
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replied that they do not find private life insurance companies as safe as LIC, this is due to the fact that LIC had monopoly into life insurance till 2000. Only after 2000, private companies have come in the field of Life Insurance Company. Proceeding further, when sample population was asked to recognize the punch line of BAJAJ Allianz nearly 60 % of the population was able to recognize the punch line of BAJAJ Allianz which clearly indicates that BAJAJ Allianz is a well known life insurance company among the people. Followed by it, when sample size was interviewed about the reasons of famousness of BAJAJ Allianz 16% of people chose its policies as the reason for its famousness, 20% people chose its parent companies as the reason for its popularity, 24% agreed for its marketing and advertising strategies to be the prime cause of its popularity among masses. Whereas 40% population agreed to all of the above mentioned reasons to be causes of the popularity of BAJAJ Allianz. When asked about the satisfaction with the existing insurance policies nearly 69% people said that they are satisfied with their policy whereas only 31% people were not satisfied with their policy. They wanted the additional features of transparency about the returns after when they have stopped paying the premiums. Also they wanted higher rate of returns at the end of payment of premiums.The questionnaire being filled by the
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people clearly indicated that BAJAJ Allianz has a better standing in the field of life insurance in India among other private life insurance companies. As we all know that India provides a great potential for all the life insurance companies to grow provided they adopt the right kind of marketing & distribution strategy. Although BAJAJ Allianz is a market leader among the private life insurance companies but it is way behind LIC because LIC is a government organization and also it is a much older life insurance company.
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CHAPTER 8
COMPANIES enabled to understand the competition among the various life insurance companies, which have entered Indian market of life insurance after 2000 when private life insurance companies were allowed to enter the Life insurance sector in India. BAJAJ Allianz is one of the companies in the private sector which are doing exceptionally good in this sector due to their policies to which people find very attracting according to their needs. When people were interviewed about the first preference among the private life insurance companies nearly 46% replied for BAJAJ Allianz, this clearly indicates that BAJAJ Allianz is quite a household name. The reasons for this are many like it is a company with very strong brand names : BAJAJ Auto Limited which is the no. 1 Automotive Manufacturer in India also Allianz AG is 3rd largest life insurance company in the world. The market share of BAJAJ Allianz also around 34% among private life insurance companies
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which is quite high among private life insurance companies. It is only second to LIC in the life insurance sector.
But if there are people accepting BAJAJ Allianz, there are people who are still hesitant to take up private insurance companys policy this is due to the fact that LIC is a government organization. It can be seen from the study that people have started recognizing BAJAJ Allianz as a life insurance and hence it will grow at a much faster pace in the future. LIMITATIONS Following were the difficulties faced during the completion of project: 1. Non-filling up of certain questions of the questionnaire, which led to the cancellation of that particular questionnaire. 2. Non-understanding of certain parameters in the questionnaire. 3. Taking a sample size of 50 people does not reflect the mindset of all kinds of people from different backgrounds, different age groups and income groups. 4. Again research study of 2 months is a time constraint and covering whole of Nathdwara population by taking a sample size of 50 is not feasible.
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SUGGESTIONS BAJAJ ALLIANZ, in the present scenario is growing at an aggressive pace. The company does a lot of survey & analysis in the market to discover customers needs & expectations & tries to improvise on its existing market linked plans along with insurance policies. In addition to this , the company from time to time keeps on introducing various new policies & tailor made plans exclusively to cater peoples financial needs. This has enabled BAJAJ Allianz to become market leader in the sector of insurance & investment companies since 2001 when it came into existence. Since, now many other companies are joining the field of insurance & investments, it will be necessary for BAJAJ Allianz to vigorously pursue & update its survey & analysis policy to remain market leader. Simultaneously, it should discover & rediscover its strength by introducing new plans better suited to the people at large. India is a very big market & it can provide sustenance to all the companies in the field of insurance & investments but to remain one of the leading companies, BAJAJ Allianz has to adopt new strategies earlier than others. This could include widening the distribution networks to all parts of the country & catering to every
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income group.
Furthermore, it can improvise on its advertisements & promotion campaigns by becoming more appealing & making them touches the hearts of millions & billions of Indians who are the hot prospects. Lastly, the students in the professional courses, apprentices, trainees may be good targets to approach in times ahead.
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CHAPTER 9
BIBLIOGRAPHY
Philip Kotlar, Marketing Management, New Delhi, Pearson Education (P) Ltd., Indian Branch, 2004. C.R. Kothari, research Methodology, New Delhi, New Age International (P) Ltd.
WEBSITES
www.bajajallianzlife.co.in www.icici.com www.lic.gov.in www.hdfc.com www.kotak.com www.birlasunlife.com www.aviva.com
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