Market Reaserch and Customer Satisfaction1987
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Transcript of Market Reaserch and Customer Satisfaction1987
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A
PROJECT REPORT ON
MARKET RESEARCH AND CUSTOMER
SATISFACTIONAT
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. AKLUJSUBMITTED TO
UNIVERSITY OF PUNE
In Partial Fulfillment of Requirement for the Award of Degree of
MASTER OF BUSINESS ADMINISTRATION
Submitted by
Mr.RohanRajendraBorawake
Under the Guidance of
Prof. AmbarBehary
Sankalp Business School
AMBEGAON, PUNE-4110041
(2011-2012)
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DECLARATION
I,the undersigned, hereby declare that the project report entitled
MARKETRESEARCH AND CUSTOMER SATISFACTION Written and
submitted by me to the university of pune in partial fulfillment of the requirement for the
award of degree of master of business administration under the guidance of Prof.
AmbarBeharyis my Original Work and Conclusions Drawn Therein are based on the
material collected by myself.
Place: Pune RohanBorawake
Date: Research Student
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Acknowledgement
The successful completion of this internship report would be incomplete without mention
of thepeople who made it possible, whose guidance and encouragement served as a path
of success. Firstly I express my gratitude to MrAmeyPaslkar Secretary of Sankalp
Business School Forproviding necessary support and facilities to carry out thisinternship
report work
.
I am also thankful to Our Project Guide Prof. Ambar Behary, Prof. Atul Savle, And All
The Staff Members Of Sankalp Business School for their constant support and
substantial suggestions for time to time.I am thankful to Miss. Paslkar Madam Librarian
Of Sankalp Business School ,Mr.Sandip Gaikwad For providing valuable information
and their well-timed support.
I am thankful to Mr.Manoj Pote, Branch manager Bajaj Allianz Life Insurance Company
limited, Akluj for their guidelines and allowing me to carry the internship work in their
organization. I would like to express my heartfelt gratitude to Mr. Kalpesh Pandhre, Sales
Manager Bajaj Allianz Life Insurance Akluj Branchfor their expensive guidelines without
which mystudy would not have been successfully completed.
I am thankful to my parents, all the faculty members, friends, and all the persons who
directlyand indirectly supported me in carrying out this internship report.
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CONTENTS
SR number Particulars Pg number
1 Executive Summary 1
2 Introduction to insurance 2
3 Industry profile 3
4 Company profile 5
5 Objectives, Scope, Limitations of Study 13
6 Research Methodology 31
7 Data Interpretation And Analysis 35
8 Observations And Findings 48
9 Limitations And Recommendations 49
10 Conclusion 52
11 Bibliography 53
12 Annexure 55
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EXECUTIVE SUMMARY.
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Executive Summary.
The internship report is under taken at Bajaj Allianz Life Insurance Company Limited.
Internship deals with functions, services and also how they are providing the most
suitable insurance plan to different category of people in Bajaj Allianz Life Insurance
Company Limited.
Indian insurance industry has witnessed cosmic change in post detariffing era. Insurance
which happened to be the monopoly of PSUs earlier has experienced a total shift from
public to private hands. This is evident from the fact that Private Life Insurance players
have grown rapidly to capture more than one third of the market and have helped
pushing the industry growth rate to over 16% creating mass awareness.
The organization study helps to understand and make factual observation about the
services of an organization and activities of the corporate environment. Helps to know
about the industry. Background, IRDA guidelines and functions, company profile,
functions of various departments, organization structure, and spot analysis to get an
insight about the VISION, MISSION, UNDERWRITING PHILOSAPHY and
VALUES.
Apart from organization study micro scope study was also done, the internship report
titledMarket Research And customer SatisfactionFor Bajaj Allianz Life Insurance
Company Limited InAklujcityand why people are investing in unit linked insurance
plans, and how the insurance companies are providing different plans to different
category of people in the market.
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My research aims to fulfill both companys and customers requirements.
My research covered study of different life insurance policies of Bajaj Allianz life
insurance Company, and their customer satisfaction level in the market, which is crucial
from companies point of view.
The research sample size consists of 100samples covering investors of Bajaj Allianz life
Insurance Company Limited. The primary data was collected through questionnaire,
direct interaction, and Observations.The secondary data was collected through company
broachers, Company annual report, variousmagazines, news papers and websites, finally
report ends with findings, suggestions and conclusion.
Conclusion and recommendation have been drawn on the basis of these inputs. This will
not only help the company concerned in designing a new product but also in retention of
customer for whole life.
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INTRODUCTION
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INTRODUCTION TO INSURANCE
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (
Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings
talk in terms of pooling of resources that could be re-distributed in times of calamities
such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day
insurance. Ancient Indian history has preserved the earliest traces of insurance in the
form of marine trade loans and carriers contracts. Insurance in India has evolved over
time heavily drawing from other countries, England in particular.
1818 saw the advent of life insurance business in India with the establishment of the
Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In
1829, the Madras Equitable had begun transacting life insurance business in the Madras
Presidency. 1870 saw the enactment of the British Insurance Act and in the last three
decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and
Empire of India (1897) were started in the Bombay Residency. This era, however, was
dominated by foreign insurance offices which did good business in India, namely Albert
Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian
offices were up for hard competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance Companies in
India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to
regulate life business. In 1928, the Indian Insurance Companies Act was enacted to
enable the Government to collect statistical information about both life and non-life
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business transacted in India by Indian and foreign insurers including provident insurance
societies. In 1938, with a view to protecting the interest of the Insurance public, the
earlier legislation was consolidated and amended by the Insurance Act, 1938 with
comprehensive provisions for effective control over the activities of insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there
were a large number of insurance companies and the level of competition was high.
There were also allegations of unfair trade practices. The Government of India, therefore,
decided to nationalize insurance business.
An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector
and Life Insurance Corporation came into existence in the same year. The LIC absorbed
154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian and foreign
insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was
reopened to the private sector.
The insurance Regulatory and Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objectives of the IRDA include
promotion of competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial security of the
insurance market.
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The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The Authority
has the power to frame regulations under Section 114A of the Insurance Act, 1938 and
has from 2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of policyholders interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India were
restructured as independent companies and at the same time GIC was converted into a
national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in
July, 2002.
Today there are 24 general insurance companies including the ECGC and Agriculture
Insurance Corporation of India and 23 life insurance companies operating in the country.
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OBJECTIVES
SCOPE
LIMITATIONS
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OBJECTIVE OF THE STUDY:
1) To determine Present Market Position Andthe customer satisfaction level inBajajAllianz Life Insurance.
2) To check the market share of different life insurance companies in Akluj Market.3) To Know about Insurance Awareness Among The people.4) To Know about Different Services Provided By Bajaj Allianz Life Insurance.5) To Know The Reasons Why Customers Are Preferred Bajaj Allianz Life
Insurance.
.6) Identify pros and cons of Insurance Policies Of Bajaj Allianz Life Insurance.
SCOPE OF THE STUDY
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1) This project provides me with learning insight about insurance plans and alsolittle bit about investment.
2) Study indented to help Bajaj Allianz life insurance with the clear understandingof them consumer behavior pattern and customer preferences
3) Benefits derived by assessing consumer satisfaction are:- Feedback to organization regarding product.
- Understanding customer s requirements.
- Providing superior service to customer.
- Strengthen the relationship with customers.- Formulating sales strategies
4) It Helps to analyze the response of an individual towards Buying any InsuranceProduct for the company
INDUSTRY PROFILE
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Insurance benefits society by allowing individuals to share the risks faced by many
people. But it also serves many other important economic and societal functions.
Because insurance is available and affordable, banks can make loans with the assurance
that the loans collateral (property that can be taken as paymen if a loan goes unpaid) is
covered against damage.
It benefits the country by increasing the Gross Domestic Product (GDP),
controlsInflation, economical value etc.
Insurance provides the capital that communities need to quickly rebuild and recover
economically from natural disasters, such as tornadoes, earthquakes or hurricanes.
Insurance has become a significant economic force in most industrialized countries.
Employers buy insurance to cover their employees against work-related injuries
andhealth problems.
Businesses also insure their property, including technology used in production,
againstdamage and theft. Because it makes business operations safer, insurance
encouragesbusinesses to make economic transactions, which benefits the economies of
countries.
Millions of people work for insurance companies and related businesses, thus insurance
is a form of employment.
Insurance Investments help businesses and governments finance their operations, and
profit from those investments support the operations of insurance companies.
With these investment earnings, insurance companies can keep rates much lower
thanwould otherwise be possible.
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Insurance helps at times of having liability i.e., a duty one person owes another, or is
liable for, for some special reason. Liability insurance pays an individual or a business
forliabilities that result from unforeseen situations.
Insurance helps you to protect your automobile. The standard automobile policy
includescollision insurance, covering property damage to a car when it is struck by
anothervehicle.
Marine insurance covers protection for ships, trucks, railroads, and
aircraft.Underwritergenerally divide it into two types: ocean marine, which deals with
every kind of waterconveyance, and inland marine for truck and rail cargo. Insurance acts
as a major tool for tax deduction under Sec. 80 C.
Insurance encourages savings. It inculcates the habit of saving compulsorily, unlike
othersaving instruments, wherein the saved money can be easily withdrawn.
TYPES OF INSURANCE
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The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.
Together withbanking services, insurance services add about 7% to the countrys GDP.
A well-developed and evolved insurance sector is a boon for economic development as it
provides long- term funds for infrastructure development at the same time strengthening
the risk taking ability of the country.
Insurance, in its purest form, is a risk management tool, a security blanket It provides you
financial protection against unexpected events. When you buy insurance you effectively
transfera portion of your risk to your insurer. This protection comes at a price but its a
fraction of what you might otherwise find yourself burdened with whatever stage of life
you are at, chances areand you do need insurance.
There are two types of insurance covers:
1. Lifeinsurance
2. Generalinsurance
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PRINCIPLES OF INSURANCE
Insurance is a specialized type of contract. Apart from the usual essentials of a valid
contract,
insurance contracts are subject to some additional principles. These principles provide the
framework within which the product and all the contracts of insurance operate.
Principle of Cooperation.
Principle of Probability.
Principle of Insurable Interest.
Principle of Utmost Good Faith.
Principal of Warranties.
Principle of Caused Proxima.
FUNCTIONS OF INSURANCE:
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The functions of Insurance can be bifurcated into three parts:
1. Primary Functions
2. Secondary Functions
3. Other Functions `
1. The Primary Functions Of Insurance Include The Following:
Provide Protection
Collective Bearing of Risk
Assessment of Risk Provide Certainty
2. The Secondary Functions Of Insurance Include The Following:
Prevention of Losses Small Capital to Cover Larger Risks Contributes towards the Sales of larger industries
3. The Other Functions Of Insurance Include The Following:
Means of savings and investmentInsurance serves as savings and investment, insurance is a compulsory way of savings
and it restricts the unnecessary expenses by the insured's For the purpose of availing
income-taxexemptions also, people invest in insurance.
Source of Earning Foreign ExchangeInsurance is an international business. The country can earn foreign exchange by way of
issue ofmarine insurance policies and various other ways.
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Risk Free TradeInsurance promotes exports insurance, which makes the foreign trade risk free with the
help of different types of policies under marine insurance cover.
BENEFITS OF INSURANCE:
Insurance is the instrument of security & savings. It provides several benefits to the
insured and their family just by paying a small amount of premium against the policy as a
contribution to an insurance company as:
1. Tax Relief:
Pension plans are taxable
.
2. Encourages Savings:
Earlier under Section 88 of Income Tax Act, a portion of premiums paid for life
insurance policies were deducted from tax liability. In their place has come Section 80C -
"u/s 80CCC, &u/s 80CCD", as the Finance Bill puts it.
Thus, the new Section 80C of the Income Tax Act proposed in Union Budget gives a
bigger tax break than what the current regime offers.
Deduction in respect of Life Insurance Premier, Contribution to Provident Fund, etc.Rs.
1.5 lakh can be invested under this section without any individual sub-limits except in the
case of Rs.10,000 in pension funds.
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Sections 88, 80L, 80CCC and 80CCD are clubbed in. Similarly, exemption is available
for Health Insurance Policy premiums. Money paid as claim including Bonus under a life
policy is exempted from payment of Income Tax.
However annuities received under certain insurance scheme encourages thrift among
individuals.
It inculcates the habit of savingCompulsorily, unlike other saving instruments, wherein
the saved money can be easily withdrawn.
The beneficiaries to an insurance claim amount are protected from the claims of
Creditors by affecting a valid assignment. For a policy taken under the MWP Act 1874,
(Married Womens Property Act), a trust is created for wife and children as beneficiaries.
Life Policies areaccepted as a security for a loan. They can also be surrendered for
meeting unexpected emergencies.
Life insurance companies in India
1. Life Insurance Corporation of India
2. MetLife India Life Insurance
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/w/index.php?title=MetLife_India_Life_Insurance&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=MetLife_India_Life_Insurance&action=edit&redlink=1http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India -
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3. ICICI Prudential
4. Bajaj Allianz Life Insurance
5. Max New York Life Insurance
6. Sahara Life Insurance
7. TATA AIG Life Insurance
8. HDFC Standard Life
9. Birla Sunlife
10. SBI Life Insurance Company Limited
11. Kotak Life Insurance
12. Aviva Life Insurance
13. Reliance Life Insurance Company Limited - Formerly known as AMP Sanmar LIC
14. ING Vysya Life Insurance
15. Shriram Life Insurance
16. Bharti AXA Life Insurance Co Ltd
17. Future Generali Life Insurance Co Ltd
18. IDBI Fortis Life Insurance
19. AEGON Religare Life Insurance
20. DLF Pramerica Life Insurance
21. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE
22. Star Union Dai-ichi Life Insurance and23.IndiaFirst Life Insurance Company
http://en.wikipedia.org/wiki/ICICI_Prudentialhttp://en.wikipedia.org/wiki/Bajaj_Allianz_Life_Insurancehttp://en.wikipedia.org/wiki/TATA_AIG_Life_Insurancehttp://en.wikipedia.org/wiki/SBI_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/Dai-ichi_Lifehttp://en.wikipedia.org/wiki/Dai-ichi_Lifehttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/SBI_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/TATA_AIG_Life_Insurancehttp://en.wikipedia.org/wiki/Bajaj_Allianz_Life_Insurancehttp://en.wikipedia.org/wiki/ICICI_Prudential -
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COMPONY PROFILE
About Bajaj Allianz Life Insurance Company Ltd.
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Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading
conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj
Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.
Bajaj Allianz Life Insurance
No.1 Private Life Insurance Company in India for 2005-06 Growth rate of 216%for financial year 2005-2006 Over 15,00,000 satisfied customers
A countrywide network of 700+ offices
Assets under management Rs. 3,324 cr. Shareholder capital base of Rs. 500 cr.
Bajaj Allianz Life Insurance
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IndianOperations
Bajaj Allianz Life Insurance Company Limited is a joint venture between two leading
conglomerates Allianz AG and Bajaj Auto Limited.
Characterized by global presence with a local focus and driven by customer orientation to
establish high earnings potential and financial strength, 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- THE PRESENT
Product tailored to suit your needs Decentralisedorganisation structure for faster response Wide reach to serve you bettera nationwide network of 700 + branches Specialised departments for Bancassurance, Corporate Agency and Group Business Well networked Customer Care Centres (CCCs) with state of art IT systems Highest standard of customer service & simplified claims process in the industry Website to provide all assistance and information on products and services, online
buying and online renewals.
Toll-free number to answer all your queries, accessible from anywhere in the country Call Now 1800 22 5858 and a strong tele-marketing and Direct marketing team
Swift and easy claim settlement process.
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Focused Sales Network
Tie Ups With Banks
Pioneers of Bank assurance in India...
Having pioneered the phenomenon, Bancassurance is one our core business strategies. Two of our
strong Bancassurance tie-ups are:
Standard Chartered Bank Syndicate Bank
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Bajaj Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of
two-wheelers and three-wheelers in India and one of the largest in the world.
A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with
quality & customer focus.
A STRONG INDIAN BRAND- HAMARA BAJAJ
One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India
Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03
It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms
of life insurance products.
As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer - Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization.
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National Network
BALIC has a Pan India presence with
The Head Office located at P1200+ branches 5 Zonal Offices located at Kolkata, Luck now, New Delhi, Ahmadabad,
Bangalore
28 Regional/ state Offices Over 10,000 Sales Managers Over 3,00,000 Insurance Consultants More than 170 Banc assurance partners across country Strong alternate channel with over 2000 Franchisees, over 200 corporate agents, more than 70 brokers and over 100 Direct Marketing Branches to be launched this year
.
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DEPARTMENTS & FUNCTIONS:
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DEPARTMENTS & FUNCTIONS:
The organization is mainly divided into two parts i.e. Marketing & Administration.
In Marketing, the Branch Manager performs the staff functions & he assists to the Sales
Manager and Insurance Advisor in performing their functions. The Sales Manager
performs both the Line and Staff functions as their task involves sales and recruitment of
Insurance Advisors.
In Administration, the Branch Manager and the Branch Supervisor performs the staff
functions as they help the Customer Support Executive and the Customer Representative
in performing their duties, they also measure organizational effectives and they help in
selection and training of CSE and CSR. The Customer Support Executive & Customer
Support Representative perform the line functions. The Customer Support Executive
functions involve handling of the Cash
Counters, Initial Underwriting and Agency Margins like maintenance of accounts, agency
related book, customer relations bank transactions etc. All the employees complement
each other in their work in order to accomplish the organizational objective. A healthy
competition is encouraged among the employees to improve the performance of the
organization.
The Operations department oils the work process between the customer & the company
to ensure consistent & quality service to the customer. To streamline the operations, the
operations department interfaces between the clients & the advisors, the branches & the
underwriters, and manages work processes.
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Finance function in Bajaj Allianz is committed to create an infrastructure that is aligned
to shareholder expectations. Finance basically comprises of 4 functions. Corporate
planning and MIS provide feedback on business strategies. This includes driving the
budgeting process, providing strategic inputs for decision-making & management
Reporting & analysis. The Accounts function includes preparation & maintenance of
financial records, funds management, and expense processing & treasury operations.
Compliance ensures that every action is within the regulatory framework. This includes
reviewing compliance requirements & supporting the ethical framework of Reliance.
Internal audit provides assurance over organizations control overframework & includes
process management, information security assessment & business continuity assessment.
.
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SWOT ANALYSIS:
STRENGTH:
Good Brand Name
The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches
over a wide range of industries, spanning automobiles (two-wheelers and three-wheelers),
home appliances, lighting, iron and steel, insurance, travel and finance.
Handsome Deposit with IRDA
Bajaj Allianz Life Insurance has a minimum deposit of total 1000 cores with IRDA. This
will assure that the claimants will get their money back on time without any delay.
Superior Technology
In order to ensure speedy and accurate processing of customers needs, Bajaj Allianz has
established world class technology, with renowned insurance software, which networks
all our offices and intermediaries Using the Web, policies can be issued from any office
across the country for retail products
Latest Technology
All the branches and the offices of the company are connected through intranet and all
the modern means in the technology that helps in giving its customers impromptu
services.
A Complete and Diversified Product Portfolio
The company has a total number of products on offer to the general public, keeping in
mind the requirements of the public at different age levels. This is one of the vital
strengths of the company.
Fast and Accurate Service to the Customer
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The mission statement of the company promises to provide superior products and
services to the customer by understanding their needs. The use of latest technology helps
the company to give toots customer fast & accurate service.
A Highly Trained and Professional Sales Force
All employees who are associated with Bajaj Allianz Life Insurance are highly trained
and professional in attitude. This qualify staff ensures high quality pre and post sales
services.
Investment in Secured Sector
Of the total premium collected in the last financial year, company has invested 85% of
that amount in government Security.
High Reach
Since the company has started its operations recently its reach is very limited. It has
offices across the country while its rival LIC has a reach in almost every part of the
country.The company will have to think over expanding its operations as soon possible as
the company does not insures the public if that city does not have its office.
WEAKNESS
Too Much Dependent on Government
The main reason behind the general public to buy insurance is the tax benefits that the
assess gets. If the government reduces the exemption given under different sections the
general public may think it otherwise to buy the policy. Though the company aims to
change the midst of the public but still it is the biggest weakness in all-insurance
companies.
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OPPORTUNITIES
To Tap the Potential Market
One of the survey that was carried out it was discovered that very few of the total
insurable public has taken some or the other insurance. Thus, it is a great opportunity for
the company to capture a good market share.
Capping In RBI Bonds
The RBI offers a medium return tax saving bonds. But from this financial year in the
recent amendments there has been a capping unlimited investment that a person can
invest. This is a good opportunity for the company to sell its products that promise more
tax benefits.
THREATS
Coming Up Of Many Private Players
After opening of this sector, there are many companies who have aligned with some or
the other foreign partner. Many banks are also coming up in this sector with the plan of
giving the risk cover to the account holders at a very cheap price.
Government
If the government comes up with an amendment where in it plans to reduce the
exemption under different sections, the company may find it difficult to sell it products.
This as of now is the biggest threat to the company.
VISION STATEMENT:
to be the first choice insurer for customers.
to the preferred employer for staff in the insurance industry.
to be the number one insurer for creating shareholder value.
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MISSION STATEMENT:
As a responsible, customer focused market leader, the company strives to understand
theinsurance needs of the consumers and translates it into affordable products that deliver
value for money.
TRUST
At Bajaj Allianz, we realize that you seek an insurer whom you can trust. Bajaj Auto
Limited is trusted name for over 55 years in the Indian market and Allianz SE has
over110 years of global experience in financial services. Together we are committed to
provide you with time tested and trusted financial solutions that provide you all the
security you need for your investments. And more.
UNDERWRITING PHILOSOPHY
our underwriting philosophy focuses on:
Understanding the customer's needs
underwriting what we understand
Meeting the customer's requirements
Ensuring optimal coverage at lowest cost
CLAIMS PHILOSOPHY
The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims
processing. We pride ourselves on a friendly and open approach. We are focused towards
providing you hassle free and speedy claims processing.
Our claims philosophy is to:
Be flexible and settle fast
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BOARD OF DIRECTORS :
Bajaj Allianz Life Insurance Company Limited
Mr. Rahul Bajaj (Chairman)
Mr. KameshGoyal (CEO)
Dr. Werner Zedelius
Mr. Sanjay Asher
Mr. Niraj Bajaj
Mr. Sanjiv Bajaj
Mr. Heinz Dollberg
Mr. Ranjit Gupta
Mr. S. H. Khan
Mr. Suraj Mehta
Mr. DietmarRaich
Mr. Manu Tandon
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DIFFERENT PRODUCTS
OF
BAJAJ ALLIANZ LIFE
INSURANCE
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Various Types of Insurance Plans Avilable in Bajaj Alianz Life Insurance
1 Traditional Plans : Following are the traditional plans offered by Bajaj Allianz Life
Insurance
A Endowment Plan - Currently available products to purchase
1. Life Time Care : Is a whole life plan, where it helps you financially at the time when
your regular income ends. It provides survival benefits at the age of 80. The plan also
has additional benefits like Waiver of Premium , Accidental Death Cover & Disability
Cover and Critical Illness Cover & Hospital Cash Cover.
2. Super Saver : Is a regular premium endowment plan, which enables the policyholder
to save an amount regularly for the future. The plan also has an extra benefit of
Guaranteed Additions to the sum assured, at the end of each policy year.
3. Save Care Economy SP : A 10year single premium endowment plan which provides
savings with high risk cover. This plan also participates in the companies profits. It is a
high risk policy but has easy liquidity and high returns.
4. Invest Gain : This plan offers a combination of benefits that help develop a financial
portfolio for your family. At a small extra cost you get 4 times life cover. Also you have
an option of limited premium payment.
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B Money Back Plan - Currently available products to purchase
A 1. CashGain Quadruple life cover. Five easy payouts which give up to
125%+bonuses.
2. ChildGain It help you to enjoy the joys of parenthood responsibly, with
thecomfortofasecurefutureforyourchild.
3. Cash Rich Insurance PlanBajaj Allianz CashRich Insurance is a plan that provides
you cash benefits at three important stages of your life cycle to meet your different goals
of life.
C Term Plans - Currently available products to purchase
1. Term Care : Is a term Assurance plan which provides life cover and return of
premiums paid at the time of maturity. It has the option of single premium payment. It is
the only pure Term Plan which provides Hospital Cash Benefit.
2. New Risk Care II : Is a plan with regular/single premium payment options. This plan
comes with a lowest cost for a Life Insurance cover. With regular premium plan you get
additional rider benefits. Also accidental death benefit and accidental permanent
total/partial disability benefit. Besides that you can also avail of critical illness benefit
and hospital cash benefit.
3. Protector : Is a mortgage reducing term assurance plan. At a low premium amount you
can secure your family from the burden of paying the Home Loan in your absence. You
get an option of both Regular Premium payment and single premium payment. Also
there is an option of Joint life availability, where the co-applicant can also be covered.
http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-cashgain/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-childgain/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-cash-rich-insurance-plan/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/term-care-bajaj-allianz-life-insurance/http://www.bimadeals.com/term-plan-quote.phphttp://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/new-risk-care-bajaj-allianz-life-insurance/http://www.bimadeals.com/life-insurance-india/life-insurance.phphttp://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/protector-of-bajaj-allianz-life-insurance/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/protector-of-bajaj-allianz-life-insurance/http://www.bimadeals.com/life-insurance-india/life-insurance.phphttp://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/new-risk-care-bajaj-allianz-life-insurance/http://www.bimadeals.com/term-plan-quote.phphttp://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/term-care-bajaj-allianz-life-insurance/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-cash-rich-insurance-plan/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-childgain/http://www.bimadeals.com/insurance/bajaj-allianz-life-insurance/bajaj-allianz-cashgain/ -
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D Unit Linked Plans (Regular premium & Single Premium)
A Regular Premium - Currently available products to purchase
1. Assured Protection Insurance Plan It is a unique combination of protection and
prospects of attractive returns with investments in various mix of assets to make a perfect
plan to last you a lifetime of prosperity and happiness.
2. Max Advantage Insurance Plan This is exciting new ULIP product gives you the
guarantee to encash your units at maturity, at the highest unit price achieved by the fund
over the 10-year term of your policy.
Regular Premium - Old products not available for fresh purchase
1. New Unit Gain : Is an investment plan where you get value for your funds invested.
2. New Gain Super : Is a flexible unit linked plan with partial & full withdrawals after 3
years. It offers additional benefits like UL Accidental Death Benefit and UL Disability
Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose
from & flexibility to pay top-up any time.
3. New Unit Gain Plus : This plan gives you 5 investment funds to choose from. With the
option of 3 free switches every year. Also, partial or full withdrawal option after 3 years.
This plan offers flexibility to meet ones changing lifestyle and insurance needs. It offers
guaranteed life cover.
4. Unit Gain plus Gold : A unique investment plan with the combination of protection
and prospects of earning attractive returns. It has a high allocation upto 85%. You have a
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choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are
also available with this plan.
5. New Family Gain-R : It is Life Insurance Plan that can take care of all the changing
requirements of the family. It has maximum flexibility, so that you are provided for all
the changing needs you may have.
6. Young Care : This investment plan is a Gift of a lifetime to a loved one. It offers a
guaranteed Sum Assured and continued pay premium on your behalf, in case of your
unfortunate death.
7. Young Care Plus : It offers the same benefit as the above plan but in addition offers a
critical illness benefit.
B Single Premium - Currently available products to purchase
1. Wealth Insurance Plan - The plan gives you the benefits of paying a single premium,
so you dont have to worry about due dates, repetitive paperwork and renewals or
continuously make phone calls to your financial advisor.
2. Shield Insurance Plan - This plan also gives you guaranteed unit price at maturity with
Shield Plus Fund III.
Single Premium - Old products not available for fresh purchase
1. New Unit Gain Premier SP : It is a unique insurance cum investment plan as it starts
investing 105% of the single premium paid from day one, thereby ensuring that you get
more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D.
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2. New Unit Gain plus SP : Is a single premium plan that gives you 98% allocation with
guaranteed life cover. Minimum premium is Rs. 10,000 only. A choice of 5 investment
funds to choose from. And 3 free switches every year. Partial & full withdrawals after 3
years.
E Retirement Plans - Currently available products to purchase
1. SwarnaVishranti : Is a plan with an option to take a tax-free lump sum upto 33% of
Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity
from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also
additional benefits can be availed of.
2. Pension Guaranteed : Is a plan that assures a regular income after your retirement for
life.
Retirement Plans - Old products not available for fresh purchase
1. New Unit Gain Easy Pension plus RP : A unit linked pension plan without life cover. It
has regular premium payment mode. An option to take a tax-free lump sum up to 33% of
Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open
market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any
other life insurer.
2. New Unit Gain Easy Pension plus SP : A unit linked pension plan without life cover. It
has single premium payment mode. An option to take a tax-free lump sum up to 33% of
Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also open
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market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any
other life insurer.
3 Future Secure : It is a plan which secures your future.
4. Future Income Generator : It h elps you maintain the same lifestyle you lead now ,after
your retirement. The saving today becomes your wealth and support to help secure your
future. The plan is about wealth creation, smart savings and peace of mind along with a
corpus, which secures your life, post retirement.
F Women Insurance Plan - Currently available products to purchase
1. Housewives : Housewives need to safeguard their financial independence. There are
additional benefits like the Mahila Gain feature which offers benefitslike.
CriticalIllnessBenefits.
Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
CongenitalDisabilityBenefits.
Complications of Pregnancy Benefits.
Women Insurance Plan - Old products not available for fresh purchase
2. Working Women : This plan helps the working women to protect themselves, their
family and plan for their future. The insurance, investment, pension and health products
have been specially customized to suite to every specific need of a woman.
Children Plans - Old products not available for fresh purchase
Child Gain : Is a plan where it creates funds for critical stages in your Child's life like
education, marriage or even to start a business. It has the benefit of low premium rates.
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G Health Plans - Currently available products to purchase
1. Health care : Is a plan with 6- in-1 Health Insurance that offers:for the whole family. This unique hospitalisation plan gives you health cover for
your entire family. You can secure your family with one plan.
3. Care First : A Medical Insurance plan till the age of 65years. And you can renew the
policy every 3 years. The premium rate is level and guaranteed for the length of each
policy term of 3 years with extra benefits like day care treatment and pre and post
hospitalization treatment.
H Group Plans - Currently available products to purchase
Employer Employee - Old products not available for fresh purchase
Employer Employee - Old products not available for fresh purchase
I Micro Insurance Plans - Currently available products to purchase
1. Alp NiveshYojana : An endowment plan with Life cover and Maturity benefit equal to
sum assured + vested bonus.
2. SaralSurakshaYojana : A Term Insurance policy with return of premium on maturity.
3. Jana VikasYojana : A single premium plan with maturity benefit of 125% of the single
premium payable on survival till the end of the policy term.
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RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying now research is done systematically. In that various
steps, those are generally adopted by a research in studying his /her problem along with
the logic behind them.
It is important for research to know not only the research method but also know
methodology. The procedure by which researcher goes about their work of describing,
explaining and predicting phenomenon are called methodology. Methods comprise the
procedures used for generating, collecting and evaluating data. All this means that it is
necessary for the researcher to design his /her methodology for his problem as the
same way differ from problem to problem.
Data collection is important step in any project and success of any project will be largely
depend upon now much accurate you will be able to collect and how much time, money
and effort will be required to collect that necessary data , this is also important step.
Data collection plays an important role in research work. Without proper data available
for analysis you cant do the research work accurately.
DATA COLLECTION METHOD -
1. PRIMARY DATA COLLECTION2. SECONDARY DATA COLLETION
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PRIMARY DATA:
The primary data is that data which is collected fresh of first hand, and for first time
which is original in nature. Primary data can collect through personal interview,
questionnaire etc. to support the secondary data.
The primary data is collected for this study, from business men, consumers and
customer in the market. The primary data was in the form of questionnaire and
personal interviews.
SECONDARY DATA:
The secondary data is which have already collected and stored. Secondary data easily
get those secondary data from records, journals, annual reports of the company etc. It
will save the time, money and efforts to collect the data. Secondary data also made
available through trade magazines, books, catalogues.
The secondary data is collected from books, internet mostly.
Method of sample selection:
The method of sample selection is random sample selection means sample is selected or
collected from any person.
Sample size:
For the study of market research, sample size is 100.
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Sample unit:
The sample units are from any person mostly at Akluj.
Sample analysis:Tables are used for the analysis of the collected data. The data is neatly
presented with the help of statistical tools such as graphs, pie charts; percentage &
average have also been used to represent the data clearly and effectively.
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DATA INTERPRETATION AND ANALYSIS
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Personal Details:
INTERPRETATION:
Above diagram consist four classes of different age groups. Here customer38 customerbiloges to 25-35 age groups, 32 customers fall in the age group
35-45 years.Other 16 customer comes are in the class 45-55 years the age group of 18 To
24consists 14 customer reaming customer is in age group 55-65 years. Here majority ofcustomer belong to the group 25-35 years, because People are aware about importance ofinsurance and it in future need.
14%
38%32%
16%
No.Of Respondance
18-24
25-35
35-45
45-55
Class (Age) No. Of respondant18-24 14
24-35 38
35-45 32
45-55 16
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Do You Have A Life Insurance?
INTERPRETATION:
To this question 90 consumers reported YES and 10 consumers reported
NO, because of people are knowing importance of different insurance policy and
its importance to make their future safe and secure while 10 people gives negative
response because they dont have any kind knowledge about the insurance.
90%
10%
no of respondants
yes
no
Yes No Total
No of respondant 90 10 100
% of respondants 90 10 100
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Q Which are the companies you invested your money for Life Insurance?
22%
50%
10%
5%
11%
2%
no of respondants
Bajaj Alianz
LIC
HDFC
Tata AIGReliance
ICICI
SBI
CompaniesNo of respondants % of respondants
Bajaj Allianz life insurance 22 22
Life Insurance Carporation 50 50
HDFC Standard life Insurance 10 10
Tata AIG - -
Reliance life Insurance 5 5
ICICI Prudential life Insurance 11 11
SBI standard life Insurance 2 2
INTERPRETATION: From the above figure we come to know that customer arealso investingmoney in other life insurance companies. The major player in insurance is
LIC holding 50% of total sample. The second major player Bajaj is
holding22%. ICICI having 11% market shares HDFC are having equal share of 10% &
theReliance contain 5% & SBI are having 2% of market share, LIC shows more sharebecause of Govt sector and also brand in the market
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Which of the following planed you is insured?
Health Plans 24 24Retirement Plans 38 38
Money back plans 12 12
ULIP Plans 6 6
Traditional Plans 20 20
INTERPRETATION:
From the total 100respondents maximum i.e. 38% customers have opted for
Retirement Plan, whereas 24% have gore for Health plans and remaining 38%Have customer are having Moneyback, ULIP and Traditional Plans
Respectively. People gives more responses to retirement plan, reason behind this is
people are becoming more aware about their future need.
24%
38%
12%
6%
20%
No of Respondant
Health Plans
Retirement Plas
Moneyback Plans
ULIP Plans
Traditional Plans
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Q 6 What kind of services you expect from insurance provides
No of Respondands % of respondants
Bonus and Other schemes 40 40
Time to time premium collection 24 24
Provision in dues 16 16
Easy access to deposite centers 20 20
INTERPRETATION:
Out of total 100 respondents 40% like to have bonus and other service as a
Prime concern, 16% like to have provision in case of dues and remaining
24% & 20% respondents say, They need time-to-time premium collection
and easy accessibility to deposit center as a concern before choosing
Insurance provider.
40%
24%
16%
20%
No of Respondands
Bonus and Other schemes
Time to time premium collection
Provision in dues
Easy access to deposite centers
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Q 7 How will you rate the services given by Bajaj Allianz Life Insurance?
No of respondants % of respondants
Poor - -
Average 32 32Good 56 56
Excellent 12 12
Total 100 100
INTERPRETATION:
Out of 100 respondents 56% have ratted Bajaj Allianz Life Insurance
Services as good and 32% have ratted as average, And remaining 12% haveratted as Excellent because of proper and time to time service provide by company
to increase satisfaction level of the customers.
32%
56%
12%
No of respondants
poor
avrage
good
excllent
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Q8 What difference you find between Bajaj Allianz& your previous Insurance
Provider
No of respondant % of respondants
Good Returns 24 24
Effective Service/Liquidity 20 20
Tax planning 40 40
Security safety Benifit 16 16
Total 100 100
INTERPRETATION:
40 % investors are invest there money for tax planning, 24% for good returns 20%
for effective service, And remaining 16% are for security sefty benefits. Bajaj
Allianz provides more beneficial tax planning policies and Bajaj Allianz settled its
claim more fast than other life insurance provider.
no of respondants
good returns
effective service liquidity
tax planning
security sefty benefits
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Q10 In future, will you purchase policies from Bajaj Allianz Life Insurance?
Yes No Total
No of respondants 64 36 100
% of respondants 64 36 100
INTERPRETATION:
To this question 64 consumers reported YES and 36 consumers reported
NO. it means customer satisfaction level for Bajaj Allianz life insurance is more as
compare to other life insurance provider.
64%
36%
No Of Respondants
yes
no
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OBSERVATION
AND
FINDINGS
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OBSERVATIONS
Majority of the customer s belonged to age group of 25-35Years that is 38 consumers.
90 consumers think Life Insurance is essential for them. Number Of people are investing in life insurance companies like
Bajaj Allianz Life Insurance, LIC, Reliance Max New York,
HDFC ICICI and SBI.
36 percentages of the total respondents invest in Bajaj Allianz Life Insurance forgetting high ROI.
Most of respondent s preferred Pension Guaranteed Plan. 40percentage respondents expect bonus and other schemes
FromBajaj Allianz Life Insurance.
56 percentage respondents satisfied with services given byBajaj Allianz Life Insurance.
As per 40% of despondence Bajaj Allianz Life InsuranceProvides good tax benefits to the Investors.
64% of respondents are willing to purchased policies fromBajaj Allianz Life Insurance in future.
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LIMITATION
AND
RECOMMENDATIONS
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LIMITATIONS
Research is restricted only to MalshirasTaluka Time constraints
RECOMMENDATIONS
1) There is scope to sale insurance policy by concentrating on age group
18-24 years here potential of customers are there.(Example. Softwareprofessional, BPO employees, and professionals) Retirement plan can be soldby
concentrating on age group 35-45 years. (Example. Government
employees, executives and businessman)
2) As major respondents think to have life insurance policy is very
essential there is lot of scope for insurance company.
3Bajaj Allianz Life Insurance should try to build trust among the
public by making people aware of their investment is safe, high return on
investment, Tax Benefits.
4) As more respondents are investing in Bajaj Allianz Life Insurance
for getting high return on investment the company should try to provide
attractive returns on investments in future.
5) Bajaj Allianz Life Insurance should introduce attractive policies &
Alsoattractive bonus on policies to attractive more potential customers.
6) Approx 36% of respondents differ with their previous insurance
provider, they field that Bajaj Allianz Life Insurance providing good
tax benefit for there investment so Bajaj Allianz Life Insurance ifPossible try to provided more tax benefit customer.
7) 64% respondents are willing to purchases Bajaj AllianzLife
Insurance policies in future this benefit Bajaj AllianzLife Insurance
Asmort potential customer in future.
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CONCLUSION
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CONCLUSION
After conducting market research for Bajaj AllianzLife Insurance
Company we came to know different needs of consumers, their valuable
Suggestions, responses to the different questions. With this information we
can conclude that there is good market awareness about Bajaj Allianz
Life Insurance Company in the market
Customer satisfaction level of most respondents is higher for BajajAllianz Life Insurance
Company, which is provided by survey. Higher
Satisfaction level of Bajaj Allianz life insurance company was monthly
due to Bajaj Allianz provides good tax benefit for the consumers also ROI, securityetc.
Bajaj Allianz Pension Guaranteed plan is the best-sold plan in market by Bajaj Allianz
Life Insurance. This conveys that the customer s are switching to retirement plan.
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BIBLIOGRAPHY
.
.
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BIBLIOGRAPHY:
Reference Books:Risk and insurance-The ICFAI Journal
Magazines & News papers
Insurance chronicleThe ICFAI University press
MagazineBusiness & Economy Magazine
COMPUTER WEBSITEwww.balic.co.in
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.comwww.maxnewyorklife.com
www.brandonline.comwww.iciciprulife.com
http://www.balic.co.in/http://www.balic.co.in/http://www.balic.co.in/ -
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ANNEXURE
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ABBREVIATIONS.
1. IRDA-Insurance Regulatory and Development Authority2. ULIP-Unit Linked Insurance Plans.
3. ADB-Accidental Death Benefit.
4. NAV- Net Asset Value.
5. GDP-Gross Domestic Product.
6. NSC-National Saving Certificate.
7. ELSS- Equity Linked Saving Scheme.
8. MWP- Married Womens Property Act.
9. CSE-Customer Support Executive.
10. CRS- Customer Support Representative..
11. MIS- Management Information System.
12. ULIP- Unit Linked Insurance Plans.
13. SP-Single Premium.
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QUESTIONNAIRE
1.
Personal detail
Name:
Age:
18-24 25-35
35-45 45-55 55 and above
Phone No.:
Email.:
Office Address: -
Residential Address: -
Income per Annum:
2. Do you think is it essential to have Life Insurance?YES
NO
3. Which are the companies you invested your money for Life Insurance?a) Bajaj Allianz Life Insuranceb) LICc) Kotak Mahindra Life Insuranced) Tata AIGe) Max New York Life Insurance
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f) HDFC Life Insuranceg) ICICI Prudential Life Insuranceh) SBI
4. Why did you choose Bajaj Allianz Life Insurance?a) ROIb) Peer Pressure
c) Tax Benefit
d) Security /safetye) Low Premium
5. Which of the following planed you is insured?
a) Bajaj Allianz Health plan
b Bajaj Allianz retirement Plan
c) Bajaj Allianz Endowment Plan
d Bajaj Allianz ULIP Plan
e) Bajaj Allianz Child Advantage Plan
6. What kind of services you expect from insurance provides?
a) Easy access ability to Deposit Centerb) Time to time premium collection
c) Provision in case of Dues(Policy Lapse)
d) Bonus & other schemes
7. How will you rate the services given by Bajaj Allianz Life Insurance?
a) Poor
b) Average
c) Good
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d) Excellent
8. What difference you find between Bajaj Allianz & your previous Insurance
provider.
a)
Good Returns (HIGHEST)
b) Effective Service/Liquidityc) Tax Planningd) Security/ Safety Benefit & Protection on your Capital
9. Do have any suggestion for Bajaj Allianz Life Insurance
YES NO
10. In future, will you purchase policies from Bajaj Allianz Life
Insurance?
YES NO