CHANNEL

DEVELOPMENT
FOR THE BAJAJ ALLIANZ LIFE INSURANCE

Submitted towards the partial fulfillment for award of de ree of Master of !usiness administration "M#!#A$

Submitted by : Dilip Kumar Tandi

%oll No# & '())*(''+( M!A "!at,h -''( .-''/$
0aipuria 1nstitute of Mana ement2 )3.C2 Vasundhra2 4ha5iabad Appro6ed b7 A1CTE "All 1ndia Coun,il of Te,hni,al Edu,ation)

0A1P8%1A 1NST1T8TE O9 MANA4EMENT

)3.C2 6asundhra2 4ha5iabad "8#P#$

CERTIFICATE

This is to certify that the project report titled CHANNEL DEVELOPMENT FOR THE BAJAJ ALLIANZ LIFE INSURANCE is a bonafied work carried out by Dilip :umar Tandi s;o Sri Haldhar Tandi in partial fulfillment for award of the degree of Master of Business Administration (M B A ) from ! " Technical !ni#ersity $ %ucknow

&''()A *+A!,+A((".* MBA 0rd 1em)

.%A *+AT!(/',.
(+2,$ MBA)

DECLA%AT1ON

. hereby declare that the project report CHANNEL DEVELOPMENT FOR THE BAJAJ ALLIANZ LIFE INSURANCE submitted for is MASTE% O9 !8S1NESS ADM1N1ST%AT1ON my original work and the project report has not formed the basis for award of any degree$ diploma$ associate ship$ or other similar titles

,ate "lace 1ignature

P%E9ACE
The importance of an academic course would gain ad#antage and acceptance of the true form$ only through practical e4perience +ence it is 5uite necessary to put the theories into talk .t is rigidly accepted that the theory widens one6s thinking hori7ons #i7 *oncepts of marketing philosophies$ but practice indicates the modern marketing and used in #ariety of settings of products The summer training programmers are designed to gi#e the manager the future of the corporate happenings and work culture These real life situations are entirely different from the stimulated e4ercise enacted in an artificial en#ironment inside the summer training "ractical programmers and designed$ so that the manager to tomorrow do not feel ill case when the time comes to shoulder responsibilities study in the classroom is not the reality e4posure for the MBA students is #ery necessary because what they 1ituation in the market is unknown and #ery much unpredictable 1o the practical e4perience is #ery much necessary this is made possible with the summer training project in Bajaj Allian7 %ife .nsurance *o in marketing related to search for the "otential .nsurance *onsultants All organi7ations in#ol#es into business with some objecti#e and one of the objecti#es is to endorse product or ser#ice which they produce .n my marketing project . tried to fid out the potential The product for the insurance company is its policies .nsurance *onsultants through 5uestionnaire for the Bajaj Allian7 %ife .nsurance *o which company sale through its .nsurance *onsultants 1o its 5uite clear that there will be as many .nsurance *onsultants There will be increased sales

AC:NO<LED4EMENT
I want to thank to those people who helped me in this summer training research project. First of all I would like to express my profound gratitude to the Branch Head of Bajaj Allian always Life In!"rance Co# Jhan!i# $r% Rah"l a wonderful guide and supporter Anand who gave me this opportunity to do this project. He remained throughout this project. I am extremely grateful to All (Faculty) JAI&URIA INSTITUTE OF $AN'E$ENT !ha"ia#ad) for providing me the proper guidance in preparation of this project report. At the end I want to say thanks to all persons involved in this project directly or indirectly.

TABLE OF CONTENTS
)# E=e,uti6e Summar7 -# About Life 1nsuran,e Se,tor +# 1ndustr7 O6er6iew 3# Compan7 Profile ># About Poli,ies Of !a?a? Allian5 *# Distribution Channel (# %esear,h Methodolo 7 @# S<OT Anal7sis /# 9indin s
)'# %e,ommendations ))# !iblio raph7

)-# Auestionnaire

EBEC8T1VE S8MMA%C

At the present time of cut throat competition in e#ery industry e#ery company want to top the chart and want to show as big as possible figure of profits in its balance sheet .t is 5uite clear today that at present time the growth of any organi7ation is possible only with the help of hard working and well focused staffs that are the backbone of any organi7ations .t was my great pleasure that . did my summer training from Bajaj Allian7 %ife .nsurance *o where . got to know that in .nsurance industry the skills of the man power matters most and increasing number of .nsurance *onsultants help the organi7ation to increase its issuance of policies which in turn result in growth for the organi7ation 1o it is 5uite clear that .nsurance *onsultant6s matter most for the Bajaj Allian7 %ife .nsurance *o My job was to create the database for the organi7ation so that the number if .nsurance *onsultant6s could be increased My job was to approach the indi#iduals who are interested in joining the organi7ation as .nsurance *onsultant$ within the limitations like related to age$ related to 5ualification$ and then his;her details with the help of 5uestionnaire . #isited #arious areas of ,elhi$ <ha7iabad in order to meet different types of people

<HAT 1S L19E 1NS8%ANCE

>irst of all we should come to know that what is %ife .nsurance The different definitions describing life .nsurance are as?@ .nsurance in which the risk insured against is the death of a particular person$ the insured$ upon whose death while the policy is in force$ the insurance company agrees to pay a stated sum or income to the beneficiary %ife .nsurance pays a specified sum to the beneficiaries There are se#eral types of life upon the death of the insured .t is generally used to pro#ide cash to your family in the e#ent of your death insurance whole life insurance pro#ides a lifetime of protection as long as you pay the premiums to keep the policy acti#e They also accrue a cash #alue and thus offer a sa#ings component Term life insurance pro#ides protection only during the term of the policy and the policies are usually renewable at the end of the term .nsurance on human li#es including endowment benefits$ additional benefits in e#ent of death or dismemberment by accident or accidental means$ additional benefits for disability$ and annuitiesA

L19E 1NS8%ANCE 1ND8ST%C 1N 1ND1A

Many may not be aware that the life insurance industry of .ndia is a s old as it is in any other part of the world The first .ndian %ife .nsurance *ompany was the 2riental life .nsurance *ompany$ which was started in .ndia in 1B1B at Dolkata A number of players (o#er 39E in life and about 1EE in non@life) mainly with regional focus flourished all across the country +owe#er$ the <o#ernment of .ndia$ concerned by the unethical standards adopted by some players against the consumers$ nationali7ed the industry in two phases in 1C9: (life) and 1C=3 (non@ life) The insurance business of the country was then brought under two public sector companies$ %ife .nsurance *orporation of .ndia (%.*) and <eneral .nsurance *orporation of .ndia (<.*) Fith such a large population and the untapped market area of this population .nsurance happens to be a #ery big opportunity in .ndia Today it stands as a business growing at the rate of 19@3E percent annually Together with banking ser#ices$ it adds about = percent to the country6s <," .n spite of all this growth the statistics of the penetration of the insurance in the country is #ery poor &early BEG of .ndian populations are without %ife .nsurance co#er and the +ealth .nsurance This is an indicator that growth potential for the insurance sector is immense in .ndia .t was due to this immense growth that the regulations were introduced in the insurance sector and in continuations Malhotra *ommitteeA was constituted by the go#ernment in 1CC0 to e4amine the #arious aspects of the industry The *ommittee recommended throwing open the sector to pri#ate players to usher in competition and bring more choice to the consumer The objecti#e was to impro#e the penetration of insurance as a percentage <,"$ which remains low in .ndia e#en compared to some de#eloping countries in Asia The key element of the reform process was "articipation of o#erseas insurance companies with 1E

3:G capital *reating a more efficient and competiti#e financial system suitable for the re5uirements of the economy as the main idea behind the reform

11

A !%1E9 H1STO%C

The origin of insurance is #ery old The time when we were not e#en bornH was has sought some sort of protection from the unpredictable calamities of the nature The basic urge in man to secure himself against any form of risk and uncertainty led to the origin of insurance The insurance came to .ndia from !DH with the establishment of The 2riental .nsurance *orporation in 1B1B the .ndian %ife .nsurance company act 1C13 was the first statutory body that started to regulate the %ife .nsurance business in .ndia By 1C9: about 198 .ndian$ 1: foreign and =9 pro#ident firms were been established in .ndia Then the central go#ernment took o#er these companies and as a result the %.* was formed 1ince then %.* has worked towards spreading %ife .nsurance and building a wide network across the length and the breath of the country liberali7ation the entrance of foreign players has competition in the market The <eneral .nsurance business in .ndia$ on the other hand$ can trace its roots to the Triton .nsurance *ompany %td$ the first <eneral .nsurance *ompany established in the year 1B9E in *alcutta by the British .n 1C9= <eneral .nsurance *ouncil$ a wing of the .nsurance Association of .ndia$ frames a code of conduct for ensuring fair conduct and sound business practices .n 1C=3 the <eneral .nsurance Business in .ndia with effect from 1 s t )anuary 1C=0 it was after this that 1E= insurers amalgamated and grouped into four companies #i7 the &ational .nsurance *ompany %td$ the &ew .ndia Assurance *ompany %td$ the 2riental .nsurance *ompany %td <.* incorporated as a company After the to the added

13

1NS8%ANCE SECTO% %E9O%MS

.n 1CC0$ Malhotra *ommittee headed by former >inance 1ecretary and (B. <o#ernor was formed to e#aluate the .ndian industry and gi#e its recommendations The committee came up with the following major pro#isions?@ "ri#ate *ompanies with a minimum paid up capital of (s 1 bn should be allowed to enter the industry >oreign companies may be allowed to enter the industry in collaboration with the domestic companies 2nly one state le#el %ife .nsurance *ompany should allow to operate in each state (eforms were initiated with the passage of .nsurance (egulatory and ,e#elopment Authority (.(,A) Bill in 1CCC .(,A was set up as an independent regulatory authority$ which has put in place regulations in line with global norms

1%DA & The .(,A since its incorporation as a statutory body has been
framing regulations and registering the pri#ate sector insurance companies .(,A being an independent statutory body has put a

framework of globally compatible regulations

10

1NS8%ANCE MA%:ET 1N 1ND1A

By any yardstick$ with about 3EE million middle class households$ presents a huge untapped potential for players in the insurance industry 1aturation of markets in many de#eloped economies has made the .ndian market e#en more attracti#e for global insurance majors Fith the per capital income in .ndia e4pected to grow at o#er :G for the ne4t 1E years and with impro#ement in awareness le#els$ the demand for insurance is e4pected to grow at an attracti#e rate in .ndia .nsurance market will grow An independent consulting company$ the Monitor <roup has estimated that the %ife

<1NDS O9 CHAN4E
(eforms ha#e marked the entry of many of the global insurance majors into the .ndian market in the form of joint #entures with .ndian companies 1ome of the keys names are A.<$ &ew -ork %ife$ Allian7$ "rudential$ 1tandard %ife$ 1un %ife *anada and 2ld Mutual The entry of new players has reju#enated the erstwhile monopoly player %.* Fhich has responded to the competition in an admirable fashion by launching new products and impro#ing ser#ice standards

MarDet E=pansion &

There has been an o#erall e4pansion in the market This has been possible due to impro#ed awareness le#els thanks to the large number of ad#ertising campaigns launched by all the players The scope for e4pansion is still unlimited as #irtually all the players are concentrating on large cities and towns I e4cept by %.* to an e4tent there was no significant attempt to tap the rural markets

18

New Produ,t Offerin s &

There has been a plethora of new players$ mainly from the stable of their international partners *ustomers ha#e tremendous choice from a large #ariety of products from pure term insurance to unit@linked in#estment products *ustomers are offered unbundled products with a #ariety of benefits as riders from which they can choose More customers are buying products and ser#ices based on their true needs and not just traditional money@ back policies$ which is not considered #ery appropriate for long@term protection and sa#ings +owe#er$ there are still some key new products yet to be introduced I e g health products

Customer Ser6i,e &

&ot une4pectedly$ this was one area that witnessed the most significant change with the entry of new players There is an attempt to bring in international best practices in ser#ice and operational efficiency though use of latest technologies Ad#ice and need based selling is emerging through much better trained sales force and ad#isors There is impro#ement in response and turnaround times in specific areas such as deli#ery of first policy receipt$ policy document$ premium notice$ final maturity payment$ settlement of claims etc +owe#er$ there is a long way to go and #arious customer sur#eys indicate that the standards are still below customer e4pectation le#els

Channels of Distribution &

Till two years back$ the only mode of distribution of life insurance products was through distribution Agents Fhile agents a continue of to be the predominant channel$ today number inno#ati#e

alternati#e channels are being offered to customers 1ome of them are bancassurance$ brokers$ the internet and direct marketing Though it is too early to predict$ the wide spread of bank branch network in .ndia

19

could lead to bancassurance emerging as a significant distribution mechanism The introduction of pri#ate players in the industry has added to the colors in the dull industry The initiati#es taken by the pri#ate players are #ery competiti#e and ha#e gi#en immense competition to the on time monopoly of the market %.* 1ince the ad#ent of the pri#ate players in the market the industry has seen new and inno#ati#e steps taken by the players in this sector The new players ha#e impro#ed the ser#ice 5uality of the insurance As a result %.* down the years ha#e seen the declining phase in its career The market share was distributed among the pri#ate players %.* market share has decreased from C9G (3EE3@E0) to B3G (3EE8@E9) The following companies has the market share of the life insurance industry

In!"rance Co()an*
%I& I&I&I *rudential -ajaj Allian" H0F& 1tandard %ife 1-I %ife -irla 1un %ife 5ax 6ew 7ork %ife8 9A9A AI! Aviva :5 ;otak 5ahindra I6! <yasa =eliance 5et%ife

$ar+e, Share (Fig. in $)

'(.)) ((.+, '../ 2.+' (.3( (.)4 ..43 ..'4 ..34 ..3/ ..,' ..+' ..2)

Ma rk e t S ha re of Li fe I ns ura nce Compa nie s as of May 20 06

1:

C8%%ENT SCENA%1O O9 THE 1NS8%ANCE 1ND8ST%C 1N 1ND1A

.ndia with about 3EE million middle class household shows a huge untapped potential for players in the insurance industry 1aturation of markets in many de#eloped economies has made the .ndian market e#en more attracti#e for global insurance majors in the market .nno#ati#e products and aggressi#e distribution ha#e become the say of the day .ndians$ ha#e always seen %ife .nsurance as a ta4 sa#ing de#ice$ are now suddenly turning to the pri#ate sector that are pro#iding them new products and #ariety for their choice %ife .nsurance industry is waiting for a big growth as many .ndian and >oreign companies are waiting in the line for the green signal to start their operations The .ndian *onsumer should be ready now because the market is going to gi#e them all array of products$ different in price$ features and benefits +ow the customer is going to make his choice will determine the future of the industry The insurance sector in .ndia has come to a position of #ery high potential and competiti#eness

C8STOME% SE%V1CE
*onsumers remain the most important centre of the insurance sector After the entry of the foreign players the industry is seeing a lot of competition and thus impro#ement of the customer ser#ice in the industry *omputeri7ation of operations and updating of technology has become imperati#e in the current scenario >oreign players an bringing in international best practices in ser#ice through use of latest technologies The one time monopoly of the %.* and its agents are now 1=

going through a through re#ision and training programs to catch up with the other pri#ate players

D1ST%1!8T1ON CHANNELS
Till date insurance agents still remain the main source through which insurance products are sold The concept is #ery well established in the country like .ndia but still the increasing use of other sources is imperati#e .t therefore makes sense to look at well I balanced$ alternati#es channels of distribution %.* has already well established and ha#e an e4tensi#e

distribution channel and presence &ew players may find it e4pensi#e and time consuming to bring up a distribution channel to ha#e an ad#antage At present the distribution channels that are a#ailable in the market are? ,irect 1elling *orporate Agents <roup 1elling Brokers and *ooperati#e 1ocieties Bancassurance To make all these channels a success the companies ha#e to be #ery alert and skillful to know how to use these channels in a proper way Bancassurance is on of the most upcoming channels of distribution

1B

!ANCASS8%ANCE
.ndia has an e4tensi#e bank network established o#er the years Fhat .nsurance companies ha#e to do is to just take ad#antage of the customer6s long@standing trust and relationships with banks This is a mutually beneficial situation as banks can also e4pand their range of products on offer to customers$ while the insurance company will also earn profits from the e4posure Another ad#antage is that banks$ with their network in rural areas$ help to fulfill rural and social obligations stipulated by the 1nsuran,e %e ulator7 and De6elopment Authorit7 "1%DA$

recently .nsurance companies should see ban,assuran,e as a tool for increasing their market penetration in .ndia .t is also good for the one who sees bancassurance in terms of reduced price$ high 5uality product and deli#ery at doorsteps '#erybody is a winner here The creation of bancassurance operations has made an important impact on the financial ser#ices industry at large This is though a new concept but it has gained a lot of importance in the industry at present and has a great future

P%OD8CT 1NNOVAT1ON
*ustomers ha#e tremendous choice from a large #ariety of products from pure term insurance to unit@linked in#estment products *ustomers are offered unbundled products with a #ariety of benefits as riders from which they can choose More customers are buying products and ser#ices based on their true needs and not just traditional money@ back policies$ which is not considered #ery appropriate for long@term protection and sa#ings

1C

%8%AL MA%:ET1N4
(ural .ndia seems to ha#e an appetite for mobile phones$ computers$ and cars and to add to it we ha#e insurance .n .ndia with the pri#ate players ha#ing entered into the insurance industry$ the e4pected e4plosion in job opportunities may not actually happen but for them the catchments area is the opportunities in the rural .ndia .n .ndia the insurance business can be said to be a marathon$ not a sprintA This is because of the nature of the business being long term +owe#er it seems that they if not anything$ are only increasing their spending$ though only out of the capital As insurance companies go more and more rural in search of business$ there will be opportunities in the rural sector Already !nited .ndia The (ural consumer increasing propensity for .nsurance products is now e4hibiting an A research conducted

e4hibited that the rural consumers are willing to dole out anything between (s 0$9EE and (s 3$CEE as premium each year .n the .nsurance the awareness le#el for %ife .nsurance is the highest in rural .ndia$ but the customers are also aware about motor$ accidents and cattle insurance According to a study nearly one third said that they had purchased some kind of insurance with the ma4imum penetration skewed in fa#or of life insurance The study also pointed out the pri#ate companies ha#e huge task to play in creating awareness and creditability among the rural populace

1N9O%MAT1ON TECHNOLO4C AND 1NS8%ANCE

.n the insurance industry today$ there is a clear trend away from selling a broad range of products to a large #olume of customers in a one@ si7e@fits@all manner .nstead of focusing on their different products lines as silos (i e $ life$ property and casualty etc) insurers are looking for ways to offer highly targeted insurance products that are tailored to the indi#iduals customers with the highest propensity to buy them .nsurance industry is a data@rich industry$ and thus$ there is desire need to use the data for trend analysis and personali7ation 3E

Fith increased competition among insurers$ ser#ice has become a key issue "eople today don6t want to accept the current #alue propositions$ they want personali7ed interactions and they look for more and more features and add ones and better ser#ice Today managing the customer intelligently is #ery critical for the insurer especially in the #ery competiti#e en#ironment *ompanies need to apply different set of rules and treatment strategies to different customer segments Fith the e4plosion of Febsite and greater access to direct or policy information$ there is a need to de#eloping better techni5ues to gi#e customers a truly personali7ed e4perience "ersonali7ation helps organi7ations to reach their customers with more impact and to generate new re#enue through cross selling and up selling acti#ities To ensure that the customers are recei#ing personali7ed information$ many organi7ations are incorporating knowledge database@ repositories of content that typically include a search engine and lets the customers locate the all document and information related to their 5ueries of re5uest for ser#ices *ustomers can hereby use the knowledge database to manage their products or the company information and in#oices$ claim records$ and histories of the ser#ice in5uiry These products also may be able to learn from the customer6s pre#ious knowledge database and to use their information when determining the rele#ance to the customers search re5uest The insurance sector remains a #ery competiti#e market and those companies that are able to best utili7e their data and pro#ide their customer with the most personali7ed options will ha#e the distinct competiti#e ad#antage

31

ME%4E%S AND ACA81ST1ONS

This is an era of mergers and ac5uisitions including opened up M&*6s are amalgamating competiti#e edge "ri#ate companies get more the world o#er to

*urrently$ the general insurance industry has been

The insurers are doing enough to raise the le#el of risk

awareness or are they merely content to compete in the markets organi7ed and established The pri#ate players in the future would ha#e to turn their attention to working in the unorgani7ed and under ser#ed markets Fhat is likely to happen is that the pri#ate players would continue to skim the profitable segments of the already organi7ed business in the urban areasJ The time has already come for the go#ernment of .ndia to e#aluate the performance of pri#ate companies +owe#er it is high time for the go#ernment to reali7e that importance of merging the public sector general insurance companies into single entity other The recent scenario calls for a better performance from part of each of the public sector insurance companies against each The result what we see is the undercutting to retain or wrest Fhile this business and 5uoting an uneconomical rate of premium

allows one of the "ublic 1ectors *ompany to win a business form another in this manner The others suffer a loss and the resultant effect is a cannibali7ation with a fall in the a#erage premium of the public sector itself The purpose of ha#ing four companies all subsidiaries of 4eneral 1nsuran,e Compan72 Corporation New 1ndia of 1ndia "41C$ E National Oriental 1nsuran,e 1nsuran,e Assuran,e Compan72

Compan72 and The 8nited 1ndia 1nsuran,e Compan7F at the time of nationali7ation was to ha#e competition among themsel#es I in ser#ice and products at the same price 33

&ow with real competition coming in with most of the global insurance players setting footprints here$ it is felt that the time for merger has come and to enjoy the benefits if the si7e .t is to be stated that si7e does matter in insurance business All o#er the world6s mergers and ac5uisitions in the risk@underwriting sector is common The benefits if the four insurance companies merge will be enormous The merged entity will enjoy higher underwriting and risk retention capacityH increase in reinsurance premium$ reduction in reinsurance outflow$ healthy sol#ency margins$ setting right the asset@liability mismatch and reduction in cost The loss of profitable business in #iew of undeser#ed competition among the public sector companies is hampering the subsidi7ation of social insurance including the motor third party liability (T"%) .t is thus clear that it is good for the public sector companies to merge immediately when they are still strong$ lest a merger becomes ine#itable later after the independent public sector companies fail one after another

ST%ATE41C ALTE%NAT1VES
.f one analyses the history of growth of the insurance industry since reforms$ it is marked by all@ round growth of all players More or less all players ha#e aggressi#ely recruited and trained ad#isors$ appointed agents$ launched new products$ impro#ed customer ser#ice standards and re#amped;e4panded their distribution networks '#ery player would like the customers to belie#e that its ser#ice standards are the best or that its agents are the most informed and ethical .n other words$ each company is trying to be Ke#erything to e#erybody6 1ome players justify the abo#e strategy on the basis that the .ndian market is huge and it can accommodate e#erybody 1till$ in a market where it is difficult to distinguish oneself sufficiently on ser#ice or any other 30

parameter to be able to charge a premium$ it will lead to unmitigated price competition to the detriment of all players .n the insurance industry where large amounts of capital are re5uired$ this is risky Fhile there is room for a few scale players with a finger in e#ery pie$ it is profitable for the players to focus on different segments to sur#i#e and thri#e in a multi@firm open en#ironment strengths Fhile each company has to choose its own uni5ue positioning based on its uni5ue

Variet7.based Positionin
This type of positioning is based on #arieties in products and ser#ices rather than customer segments .t is a sensible strategy for those companies who ha#e distincti#e ad#antages or strengths in offering certain products and ser#ices .n the insurance industry too$ it is possible to achie#e a uni5ue position by focusing on certain category of products Through its superior fund management capabilities$ the insurance company can deli#er better returns on it in#estment@linked products and thereby for itself a leadership position in this segment Then there is the entire category of pension products$ which is widely touted to ha#e immense growth potential in .ndia due to imminent pension reforms .t is possible to achie#e profitable positioning by focusing and e4celling in only pension products

Needs Ebased Positionin

This is the most commonly understood positioning and is based on the different needs of different groups of consumers This can be done successfully if a company has uni5ue strengths to ser#ice a group of customer needs better than others The insurance needs of young family with small children will be 5uite different from that of a family in which the income@earner is close to retirement +owe#er$ in .ndia most of the %ife .nsurance companies 38

ha#e a wide #ariety of products of different customer needs and there is no company focusing only on a particular customer needs

A,,ess. based Positionin

"ositioning of customers can also be done by the way they are accessible that is different groups of customers may be accessible in different ways e#en though they may ha#e similar needs typically a function of customer scale There is e4cellent opportunity in the insurance industry to employ access@based positioning by targeting the rural insurance sector The rural market for %ife .nsurance is #ery different from the urban market in terms of needs$ income le#els$ distribution$ penetration of media and so on '4cept for %.*$ no other player has paid any attention or focus on the rural sector *ontrary to common perception it is a big opportunity as emphasi7ed repeatedly by such eminent strategies like C#:#Prahlad# (ural market can be a highly profitable position if one is able to carefully plan Access is

CHOOS1N4 THE %14HT ST%ATE4C

The right strategic choice is not a matter of positioning choice alone .t is the configuration of the entire #alue chain of the company through a different set of acti#ities to deli#er uni5ue #alue to consumers The set of acti#ities co#er all upstream and downstream acti#ities$ from the selection of the product mi4 1ome %ife .nsurance companies focusing on rural markets ha#e adopted inno#ati#e means of distribution .nstead of appointing agents as is done typically$ they ha#e used <ramse#aks in different #illages across the country to promote %ife .nsurance and act as their sales arm

39

1o we can conclude that$ the si7e of the market has grown and the si7e of the insurable population in .ndia is indeed #ast and the e4isting players ha#e managed to co#er about one@fourth of it The falling interest rates$ the collapse of many small Itime financial institutions$ the scope for entering related areas like banking and pensions in a bid for synergy and the promise of the e@commerce are some of the other opportunities knocking at the doors of the insurance majors A number of web sites are coming up on insurance$ a few financial maga7ines e4clusi#ely de#oted to insurance and also a few training institutes being set up hurriedly Many of the uni#ersities and management institutes ha#e already started courses in insurance %ife insurance has today become a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time A well regulated %ife .nsurance industry which mo#es with the times by offering its customers tailor@made products to satisfy their financial needs is$ therefore$ essential if we desire to progress towards a worry@free future

3:

COMPANC P%O91LE

3=

A!O8T !A0A0 ALL1ANG L19E 1NS8%ANCE Mission& As a responsible customers focused market leader$ we still
stri#e to understand the insurance needs of the consumers and translate it into affordable products that deli#er #alue for money

Vision& To be the first choice insurer for customers To be the preferred employee for staff in the insurance industry To be the number one insurer for creating shareholder #alue
SAM 4HOSH $ who was the *'2 of Bajaj Allian7 earlier has taken o#er as country Manager and is also the *'2 of Bajaj Allian7 %ife .nsurance *ompany

!a?a? Allian5 Life 1nsuran,e Compan7 Limited

Bajaj Allian7 %ife .nsurance *o %td is a joint #enture between two leading conglomerates@$ and Bajaj Auto$ one of the biggest two and three@wheeler manufacturers in the world and Allian7 A<$ one of the world6s largest insurance companies

!a?a? Allian5e Life 1nsuran,e

.s the fastest growing pri#ate life insurance company in .ndia *urrently ha#e o#er 0EEEEE satisfied customers +a#e *ustomer care centers in 19: cities with 3BEEE .nsurance *onsultant pro#iding the finest customer ser#ice

3B

2ne of .ndia6s leading pri#ate life insurance companies

!a?a? Allian5 4eneral 1nsuran,e Compan7 Limited

Bajaj Allian7 <eneral .nsurance *ompany %imited is a joint #enture between Bajaj Auto %imited and Allian7 A< of <ermany Both enjoy a reputation of e4pertise$ stability and strength Bajaj Allian7 <eneral .nsurance recei#ed the .nsurance (egulatory and ,e#elopment Authority (.(,A) certificate of (egistration ((0) on May 3 n d $ 3EE1 to conduct <eneral .nsurance business (including +ealth .nsurance business) in .ndia The *ompany has an authori7ed and paid up capital of (s 11E crores Bajaj Auto holds =8G and Allian7 holds the remaining 3:G A<$ <ermany .n its first year of operations the company has ac5uired the &2 1 status among the pri#ate non@life insurers As on 01 s t March 3EE0$ Bajaj Allian7e <eneral .nsurance maintained its leadership position by garnering a premium income of (s 0EE *rores Bajaj Allian7e also

became one of the few companies to make a profit in its first full year of operations Bajaj Allian7 made a profit after ta4 of (s C : crores Bajaj Allian7e today has a network of 8E offices spread across the length and breadth of the country >rom 1urat to 1liliguri and )ammu to Thiru#ananthapuram$ all the 0B offices are interconnected with the +ead 2ffice at "une .n the first half of the current financial year$ 3EE8@E9$ Bajaj Allian7 generated a premium in,ome of %s#3'> ,rores2 achie#ing a growth of B8G and registered a 93G growth in &et profit of (s 3E *rores o#er the last year for the same period .n the financial year 3EE0@

3C

E8$ the premium earned was (s 8BE *rores$ which is a jump of :EG and the profit 7oomed by 139G to (s 31 :G *rores

Shareholders H Promoters !a?a? Auto Limited

Bajaj Auto %imited is the largest manufacturer of two and three@ wheelers in .ndia and also one of the largest manufacturers in the world Bajaj Auto has been in operation for o#er 99 years As a promoter of Bajaj Allian7 <eneral .nsurance *ompany %td $ Bajaj Auto has the following to offer ? /ast distribution network Dnowledge of .ndian consumers >inancial strength and stability to support the insurance business

Allian5 A42 4erman7

Allian7 <roup is one of the worldLs leading insurers and financial ser#ices pro#iders >ounded in 1BCE in Berlin$ Allian7 is now present in more than =E countries with o#er 1==$EEE employees At the top of the international group is the holding company$ Allian7 A<$ with its head office in Munich Allian7 <roup pro#ides its more than :E million customers worldwide with a comprehensi#e range of ser#ices in the areas of "roperty and casualty insurance$ %ife and health insurance$ Asset management and banking .n fiscal year 3EE9$ Allian7Ls total re#enues amounted to some 1EE C billion euros At the end of 3EE9 Allian7 <roup had more than 1 3: 0E

trillion euros in assets under management 2f this$ =80 billion euros were assets managed for third parties

Histor7 of Allian5
,ocumenting and researching its corporate history is part and parcel of the corporate culture of Allian7 A< The Allian7 *enter for *orporate +istory de#otes itself to these tasks As a fre5uently used information center$ it has e#ol#ed into the companyLs Mli#ing memoryM

4lobal Presen,e
Allian7 <roup is present on e#ery continent and has companies and offices in about =E countries map More information about our locations throughout the world is a#ailable by mo#ing the cursor o#er the world

!usiness 9ields
Propert7 H Casualt7 1nsuran,e
Fhen it comes to property and casualty insurance$ Allian7 is number one in <ermany Allian7 also ranks as one of the worldLs leading global industrial risk insurers

Life H Health 1nsuran,e

.n life and health insurance$ Allian7 <roup is among the top companies in 'urope "ri#ate and corporate retirement pro#ision is emerging as a major market

Asset Mana ement H !anDin

Allian7 <roupLs asset management acti#ities are integrated under one roof at Allian7 <lobal .n#estors Fith ,resdner Bank$ the Allian7 <roup 01

has laid a broad foundation in order to address clientsL needs on the in#estment market

Allian7 A< is in the business of <eneral ("roperty N *asualty) .nsuranceH %ife N +ealth .nsurance and Asset Management and has been in operation for o#er 11E years Allian7 is one of the largest global composite insurance with operations in o#er =E countries >urther$ the <roup pro#ides (isk Management and %oss "re#ention 1er#ices Allian7 has insured most of the world6s largest infrastructure projects (including +onkong Airport and *hannel Tunnel between !D and >rance)$ further Allian7 insures the majority of the fortune 9EE companies$ besides being a large industrial insure$ Allian7 has a substantial portfolio in the commercial and personal lines sector$ using a wide #ariety of inno#ati#e distribution channels

Allian5 A4 has the followin 1nsuran,e Compan7 Ltd#&

of offer !a?a? Allian5 4eneral

1et up and running of <eneral insurance operations &ew and impro#ed international products 2ne of the world6s leading insurance companies More than =EE subsidiaries and 3 lac employees in o#er =E countries worldwide "ro#ides insurance to almost half the >ortune 9EE companies

A Partnership !ased on S7ner 7

Bajaj Management Allian7 <eneral .nsurance *ompany offers technical e4cellence in all areas of <eneral and +ealth .nsurance as well as (isk This partnership successfully combines Bajaj Auto6s in@ depth understanding of the local market and e4tensi#e distribution network with the global e4perience and technical e4pertise of the Allian7 03

<roup As a registered .ndian .nsurance *ompany and a capital base of (s 11E crores$ the company is? >ully licensed to underwrite all lines of general insurance business including health with management control by Allian7 A<

About !a?a? Allian5 Life 1nsuran,e&

Bajaj Allian7 %ife .nsurance *ompany has de#eloped insurance solutions that cater to e#ery segment and age@income profiles .ts products include .n#est <ain (a uni5ue life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum)$ *ash <ain (Money Back)$ *hild <ain(*hildren6s plan where sustenance of income is combined in the same plan that also pays a lum sum)$ *ash <ain (Money Back)$ *hild <ain (*hildren6s "lan)$ (isk care ("ure Term)$ %ife Time *are (whole %ife)$ term *are (term with return of premium)$ 1warna /ishranti ((etirement "lan)$ "rotector (Mortgage term insurance plan)$ !nit<ain (!nit %inked Fhole of %ife "lan) and !nit <ain 1ingle "remium Bajaj Allian7 %ife .nsurance is poised for an accelerated growth in the market and has already become the fastest growing pri#ate life insurance company in .ndia Bajaj Allian7 %ife .nsurance has a wide pan .ndia presence of office network in 19: citied of the country and is aided with a strong and trained Agency network of o#er 3BEEE agents Bajaj Allian7 has also forged strong Banc assurance and *orporate Agency relationship and continues to build on new tie@ups for fast track growth and deep market penetration Bajaj Allian7 %ife .nsurance has launched a slew of need@based products to cater to each #aried needs of the customer *urrently Bajaj Allian7 %ife .nsurance has a product portfolio of 1C products and more need@based products are in the pipeline

00

!a?a? Allian5 eneral 1nsuran,e& )-> per,ent profit 1n,rease

Bajaj Allian7 <eneral .nsurance *ompany %imited is a joint #enture company between Bajaj Auto %td $ .ndia6s leading manufacturer of two and three wheeler #ehicles and the Allian7 <roup Bajaj Allian7 <eneral .nsurance offers technical e4cellence in all areas of general and health insurance and risk management The partnership successfully combines Bajaj Auto6s e4tensi#e understanding of the local market and e4pansi#e distribution with Allian7 <roup6s global e4perience and technical e4pertise Bajaj Allian7 <eneral .nsurance is head5uartered in "une and has a wide network of 8E offices spanning the country All the offices are fully networked The company recei#ed the .(,A registration in may 3EE1 Htoday$ it already has risk co#er .n the year 3EE0@3EE8$ the company garnered a premium income of appro4imately 8 B billion (upees (B: million 'uros) with a profit after ta4 of 33E million (upees (0 C million 'uros)H it sold 1 3 million policies Fith this result$ it achie#ed a net profit growth of 139 percent$ gross written premiums jumped by o#er :E percent a #ast range of 89 products to suit its corporate and retail customers The company has also pioneered in uni5ue forms of

Allian5 !a?a? Chan ed 1ts Name To !a?a? Allian5 Life 1nsuran,e

Allian7 Bajaj %ife .nsurance *o %td $ the fastest growing pri#ate life insurance co today announced that it has changed its corporate name to Bajaj Allian7 %ife .nsurance *o %td$ effecti#e from August E0$ 3EE8 The change in company name comes in conjunction with research 08

findings from e4isting customers$ business associates$ prospecti#e customers and other stakeholders indicates higher comfort le#el and ease of recalling Bajaj name first and then Allian7$ and hence the name Bajaj Allian7 Bajaj Allian7 <eneral .nsurance *ompany %imited and Bajaj Allian7 %ife .nsurance *ompany %imited will now ha#e a common logo and branding which will help in increasing our #isibility and familiarity$ which will create a much larger awareness and a greater mind share The new logo incorporates the new Bajaj Auto logo *ommenting on this occasion Mr 1am <hose Manager$ Allian7 and *'2$ Bajaj Allian7 %ife .nsurance said$ we are not only acquiring a new name, but have put in motion a new level of energy and commitment to delivering the best products. The name change coupled with aggressive strategic market initiatives to reach service customers better will give us an unbeatable position in the insurance market in this country and both Life and General companies together can unleash the !ower of "ne# and be the leader in the insurance industry. Bajaj Allian7 %ife .nsurance recently launched o#er 1EE satellites branches$ new life and non@life group products$ which has helped Bajaj Allian7 (formerly known as Allian7 Bajaj) to log in (s 1EE *r <ross Fritten "remium (<F") in the first 1EE days of this financial year and has leaped to 3 n d position as per .(,A figures ending )une E8$ from its = t h position at the end of last financial year Bajaj Allian7 %ife .nsurance has also brought in the key e4ecuti#es$ to infuse greater thrust$ new ideas$ efficiency and professionalism to impart state of the art ser#icing to the customers across the length and breadth of the country

CO%E

COMPETENC1ES

AT

!A0A0

ALL1ANG

L19E

1NS8%ANCE
09

The !a?a? Allian5 Differen,e

Business strategy aligned to clients6 needs and trends in .ndia and global economy industry .nternationally background >ast$ decentrali7ed decision making %ong@term commitment to market and clients e4perienced core team$ majority with local

Trust
At Bajaj Allian7$ they ha#e reali7ed that the customer seeks an insurer whom he;she can trust Bajaj Allian7 %imited is trusted name for o#er 99 years in the .ndian market and Allian7 A< has o#er 11E years of global e4perience in financial ser#ices Together they are committed to pro#ide the customer with time tested and trusted financial solutions that pro#ide the customer all the security he;she need for their in#estments And moreO

8nderwritin Philosoph7
Their underwriting philosophy focused on? !nderstanding the customer6s needs !nderwriting what we understand Meeting the customer6s re5uirements 'nsuring optimal co#erage at lowest cost

0:

Claims Philosoph7
The Bajaj Allian7 team follows a ser#ice that aims at taking the an4iety out of claims processing They pride themsel#es on a friendly and open approach They are focused towards pro#iding the customer a hassle free and speedy claims processing Their claims philosophy is to? Be fle4ible and settle fast 'nsure no claim file to be seen by more than 0 people *heck processes regularly against the global Allian7 2"'P (2perational '4cellence) methodology

Customer Orientation
At Bajaj Allian7$ the guiding principals are customer ser#ice and client satisfaction All the efforts are directed towards understanding the culture$ social en#ironment and indi#idual insurance re5uirements@ so that they can cater to all the customer6s #aried needs

E=perien,ed and E=pert Ser6i,in Team

Bajaj Allian7 is dri#en by a team of e4perienced people who understand .ndian risks and are supported by the necessary international e4pertise re5uires to analyses and assess them ser#ice engineers located in e#ery major city

Superior Te,hnolo 7
.n order to ensure speedy and accurate processing o the customer6s needs$ they ha#e established worlds class technology$ with renowned insurance software$ which networks all our offices and intermediaries 0=

 !sing the Feb$ policies can be issued form any office across the country for retail products !ni5ue$ user friendly software de#eloped to make the process of issue of policies and claims settlement simpler (e g online insurance of marine policy certificate)

8niIue 9orms of %isD Co6er

1pecial "A co#er for Amarnath -atris +ousing loan co#er for people$ who are suddenly unemployed >ilm insurance '#ent management co#er

%isD Mana ement E Their E=pertise

Their ser#ice methodology is tried$ tested and "ro#en the world o#er and in#ol#es? (isk identification? .nspection (isk analysis? "ortfolio re#iew and gap analysis (isk retention (isk Transfer? To an insurer as well as reinsurer (as re5uired) *reation of need based products 2ngoing dialogue and proacti#ely

0B

P%OD8CTS O9 !A0A0 ALL1ANG L19E 1NS8%ANCE

0C

L19E 1NS8%ANCE POL1C1ES

L19E LON4 4A1N

The Bajaj Allian7 %ife gain "lan comes with a host of features to allow customer to ha#e the best of all words I regular income for customer and the added benefits of pro#iding for lo#ed ones too This is the perfect plan to take care of ongoing and future family e4penses like debts$ e4penses on children$ li#ing e4penses$ etc .t can also take care of unforeseen e4penses like accidents$ illness pro#ides a family with a safety net +ospitali7ation etc and

How does the plan worDJ

The premiums paid are in#ested in the %ifelong <ain >und (based on the allocation rate) and units are allocated depending on the offer price of units for the fund The #alue of the policy is the bid #alue of units that a customer holds in the fund deducted #alue through monthly The life insurance co#er charges are cancellation of units and the fund

administration charge and fund management charge are priced in the unit

!enefits a6ailable under the plan

8E

 Death !enefit& .n the case of unfortunate premature death the beneficiaries are entitled to the greater of & 1um Assured less partial withdrawals The bid #alue of units

.f the age of the insured person is less than = or abo#e =E$ then the bid #alue of unit is paid

4uaranteed Sur6i6al !enefits& <uaranteed 1ur#i#al Benefits are a#ailable under this policy Bajaj Allian7 %ife .nsurance will pay$ by cancellation of units in the account of the policy$ 0G of the 1um Assured e#ery year after the premium payment are o#er till the termination of the policy This guaranteed amount is payable e#ery year pro#ided all premiums ha#e been paid and no partial withdrawal were made$ the guaranteed sur#i#al benefit would be 0G (1um Assured less partial withdrawal) for the subse5uent policy years .f the partial withdrawals made are e5ual to the 1um Assured$ then the guaranteed sur#i#al benefit will become nil and funds in the account will be a#ailable to the customer for full;partial withdrawals as and when a customer needs them

Maturit7 !enefits&
2n the life assured attaining age 1EE$ the bid #alue of unit in the fund will be paid out and the policy will terminate

9ull <ithdrawal&
%ife long <ain offers the customer the fle4ibility of the withdrawals by surrendering all his units$ anytime after 0 full years6 premiums paid The full withdrawals are paid out at the bid #alue of units 2n full withdrawal the policy will terminate 81

 Partial <ithdrawal&
%ifelong <ain allows the customer to make partial withdrawals anytime after all the premiums are paid This gi#es the customer the li5uidity and option to take out additional money o#er and abo#e the guaranteed sur#i#al benefits$ as and when re5uired .n case of partial withdrawal$ a minimum withdrawal amount is (s 1EEE;@ .n the case of a partial withdrawal$ the subse5uent <uaranteed 1ur#i#al Benefits will be 0G of (1um Assured less partial

withdrawals made)

:e7 9eatures
<uaranteed death benefits Fhole life protection with only 1E or 19 years of contributions <uaranteed sur#i#al Benefits that pays 0G of the 1um Assured e#ery year after the premium payments are o#er "ro#ision for full and partial withdrawals

!enefits
,eath benefits <uaranteed 1ur#i#al Benefits Maturity Benefits >ull Fithdrawals "artial Fithdrawals

8N1T 4A1N PL8S

83

Fith Bajaj Allian7 !nit <ain "lus$ A customer can in#est in one life insurance plan that can take care of all his;her changing re5uirements throughout their life worry about their changing need s Bajaj Allian7 !nit <ain "lus 2ffers the uni5ue option of combining the protection of life insurance with the attracti#e prospects of in#esting in securities A person can choose the in#estment funds that he wants to in#est his money$ pro#iding an opportunity to ha#e a direct stake in the performance of the financial market *ustomer also benefits from attracti#e ta4 ad#antages and can protect lo#ed ones against unfortunate e#ents This plan has been designed to

pro#ide them with ma4imum fle4ibility$ so that they do not ha#e to

How does the plan worDJ

The premiums paid are in#ested in fund; funds of customer6s choice (depending on the allocation rate) and units are allocated depending on the price of units that the customer holds in the fund;funds The insurance co#er and administration charges a deducted through cancellation of units$ The >und Management *harge is priced in the unit #alue Minimum Sum Assured K > time the annual premium# Ma=imum Sum Assured K 7 t times annual premium#

The 9i6e funds offered are as under&

a$ EIuit7 1nde= 9und &

pro#ide capital

The in#estment objecti#e of this >und is to The 80

appreciation through in#estment in e5uities

plan is e4pected to match the returns gi#en by Nift7 1nde= of the National Sto,D E=,han e# This fund will in#est at least B9G in e5uities and ma4imum 19G in debt and cash

b$ EIuit7 Plus 9und &

The in#estment objecti#e of this >und is to This

pro#ide capital appreciation through in#estment in select e5uities stocks that ha#e the potential for high capital appreciation and cash instruments fund will in#est at least B9G in e5uities and ma4imum 19G in debt

,$

Debt Plus 9und & The in#estment objecti#e of this >und is to pro#ide accumulation of income through in#estment in high 5uality fi4ed income securities like 4.Se,s $ and ,orporate debt rates AA and abo#e This fund will be in#ested fully in ,ebt .nstruments and money market instruments

d$ !alan,ed Plus 9und &

in#estment objecti#e of

This fund is a fund of funds fund is to pro#ide a

The

this

balanced

in#estment between long@term capital appreciation and current income through in#estment in the 8nits of !a?a? Allian5Ls EIuit7 1nde= and Debt Plus 9unds# The balanced fund will in#est 0EG to 9EG in the e5uity inde4 fund and 9EG to =EG in the debt plus fund

Cash Plus 9und & The in#estment objecti#e of this "lan is to ha#e a
fund that guarantees in#ested capital through in#estments in li5uid money market and short@term instruments like *ommercial "apers$ *ertificate of ,eposits$ money market$ Mutual >unds$ Bank >,s etc The price of units in this fund is guaranteed not to go down 1EE9 of this fund 88

will be in#ested in money market instruments The price of the units in this fund is guaranteed ne#er to go down

9le=ibilities E to mana e ,ustomer in6estments

Bajaj Allian7 offers the fle4ibility to manage the in#estments .nitially$ the customer can allocate the premium into the 9 funds that are a#ailable in a proportion of his;her choice 1ubse5uently$ depending on the performance of funds$ customer can switch between funds and also change the allocation of premium to #arious funds sw it,hin They allow the customer three switches e#ery policy year subject to a minimum amount of %s# >2''';. or the fund #alue$ whiche#er is lower The customer can also change the proportion of premium allocation to #arious funds at each policy anni#ersary

8nmat,hed 9le=ibilit7 E to suits the ,ustomerLs ,han in reIuirements

Bajaj Allian7 !nit <ain "lus offers unmatched fle4ibility to suit the policy according to the customer6s re5uirements 9le=ibilit7 1n Premium Pa7ment &

The customer has the

fle4ibility to decide how long he;she wishes to pay the premiums and when he wants to cash out the policy benefits *ustomer may choose to cash out the policy benefits at one shot or do it as and when you re5uire cash through partial surrender of units

9le=ibilit7

to 1n,rease the Sum Assured &

The *ustomer

ha#e the option to increase the 1um Assured without any medical tests e#ery 0 r d year up to 8 times The 5uantum of increase would 89

be 39G of the original 1um Assured or (s 1$EE$EEE;@ whiche#er is lower .f the customer does not e4ercise an option when it is due$ it cannot be carried forward .f the age is les than 1B years at the start of policy$ all 8 increments will be a#ailable from age 1B Apart from e4ercising the options to increase the 1um Assured without medical tests$ he;she can increase the 1um Assured any time 1ubject to medical underwriting (a#ailable up to age :E) .n either case$ the 1um Assured after increase must be e5ual to or less than the ma4imum 1um Assured a#ailable foe the premium le#el chosen The customer should gi#e notice of increase in death benefit 19 days before the yearly policy anni#ersary

9le=ibilit7

to de,rease the Sum Assured & The customer

can decrease the 1um Assured (in multiples of 1EEE) at any time to suit their changing needs The sum Assured$ after decrease$ must be at least 9 times the annual premium After a decrease subse5uent increases will be subject to underwriting 9le=ibilit7 to Pa7 Top ups & The customer may ha#e recei#ed a bonus or some lump sum money The customer can use that to increase his;her in#estments in their policy CBG of any amount paid as top@up is allocated to their funds 9le=ibilit7 to in,rease the le6el of %e ular Premium

Pa7ment & The customer6s earnings grow o#er time$ and so does
their sa#ings potential Fith Bajaj Allian7 !nit gain "lus$ the customers will ha#e the fle4ibility to increase their regular premium amount at any time Assured Prote,tion e6en if the ,ustomer misses pa7ment

of their premiums & Bajaj Allian7 !nit <ain "lus pro#ides the
8:

customer with the uni5ue features of continued protection e#en if they forget to pay their premiums After payment of three full years premiums$ when premiums due are not paid$ the policy will stay in force with full benefits so long as there are enough units a#ailable for charging the *ost of .nsurance and Additional Benefits after deducting all applicable charges

1mportant Details of the M!a?a? Allian5 8nit 4ain PlusL Plan

Minimum Age at 'ntry? E((isk commences at age =$ and ceases after age =E) Ma4imum Age at 'ntry? :E The minimum age at entry for all additional benefits is 1B years The ma4imum age at entry for all additional benefits is 9E years All additional benefits are a#ailable till age :9

Premium Pa7ment Mode

>or the customer6s con#enience$ Allian7 ha#e pro#ided 0 regular premium payment modes that can be -early$ +alf -early$ and Quarterly They also offer a monthly premium payment mode with salary deduction schemes .n addition$ the customer also has the option to pay top@ups to increase his;her in#estments The minimum premium is (s 19EEE;@ for the Annual Mode$ (s =9EE;@ for +alf -early$ (s 0=9E;@ for Quarterly$ and (s 19EE;@ for the Monthly Mode The minimum top@up premium is (s 9EEE;@

Partial and 9ull <ithdrawals

!nit<ain "lus offers the full fle4ibility of full as well as partial withdrawals by surrendering units$ anytime after 0 full years premium are paid The surrenders are paid put at the #alue of units$ and there is no 8=

surrender penalty on partial or full withdrawals after full 0 years premiums are paid

:e7 9eatures
<uaranteed death benefit *hoice of 9 in#estment funds with fle4ible in#estment management? you can change funds at any time Attracti#e in#estment alternati#e to fi4ed@interest securities "ro#ision for full;partial withdrawals any time after three full year6s premiums is paid !nmatched fle4ibility@ to match your changing needs

!enefits
,eath Benefits *ash withdrawal option

Term Care
This plan not only offers the customer life insurance co#er at a low cost$ but also pro#ides for return of premiums on maturity sum total of e5ui#alent annual premiums of the 'conomy The "ack premiums returns at maturity will be e5ual to the single premium or the (e4cluding e4tra premiums charged if any) .n case of premature death the policy term$ the full sum Assured will be paid to the nominee

How does the plan worDJ

The N!a?a? Allian5 Term ,areO "lan offers the customer the con#enience of choosing between two premium payment options 8B

%e ular Premium Pa7ment & "remium payment throughout

the selected term

Sin le Premium Pa7ment & 2ne time premium payment for

the selected term at commencement

Apart from co#ering the risk of natural death$ this plan also pro#ides the customer the option to choose up to 9 additional benefits The customer can select a specific combination of additional benefits best suited to his;her needs$ a#ailable in 8 attracti#e packages to choose from

E,onom7 & This is the basic plan$ which is a#ailable for both the
regular and single premium payment options

..

Prote,t & This pack comes with the following 0 in@built additional
benefits &

a$ Accidental b$ Accidental ,$ Fai#er

death Benefit "ermanent Total;"artial ,isability Benefit

of "remium Benefit (in case of accidental permanent

total disability)

The "rotect "ack is a#ailable with the regular premium payment option only

...

Health &

This pack comes with the following

3 in Ibuilt

additional benefits & a$ *ritical .llness Benefit b$ +ospital cash Benefit The health "ack is a#ailable with the regular premium payment option only

8C

./ Total & This pack comes with the following 9 in@built additional benefits & a$ Accidental ,eath Benefit b$ Accidental "ermanent Total; "artial ,isability Benefit ,$ Fai#er of "remium Benefit (in case of accidental permanent total disability) d$ *ritical .llness benefit e$ +ospital *ash Benefit

The Total "ack is a#ailable with the regular premium payment option only

!enefits &
Accidental ,eath Benefit Accidental "ermanent Total ;"artial ,isability Benefit Fai#er of premium Benefit *ritical .llness Benefit Ta4 Benefits 1urrender %oans

LOAN P%OTECTO%
The Bajaj Allian7 %oan "rotectorA plan is a mortgage term insurance plan that co#ers the outstanding principal amount of a loan .t is an economical way to protect the family from the burden of repayment of the loan in case of death of the loaner The plan is designed to pay a sum insured that will be e5ual to the outstanding principal amount of the loan due

How does the plan worDJ

9E

The N!a?a? Allian5 Prote,torO "lan offers the con#enience of choosing between two premium payment options

%e ular Premium Pa7ment & "remium payment limited to

appro4imately 3;0 r d of loan tenure$ while co#erage continues for the full tenure of the loan

..

Sin le Premium Pa7ment & 2ne time premium payment

co#ering the customer for the full tenure of the loan

0oint Life A6ailabilit7

The *ustomer has the option to co#er the co@applicant of the loan under this plan !nder this option$ both li#es will be co#ered and the death benefit will be payable in case of death of either life The policy terminates on death of either life

Da7s of 4ra,e
.n case of non@payment of premiums$ a grace period of 0E days will be allowed for the yearly$ half yearly and 5uarterly modes (19 days for monthly mode) After that the policy will lapse

%e6i6al Of the Poli,7

.t is possible to re#i#e a policy that has lapse due to non@payment of premiums within 9 years from the date of lapse The re#i#al will be effected subject to underwriting .n case of joint life$ re#i#al would be subject to underwriting on both li#es

4eneral E=,lusion
91

Fithin 19 days from the date of receipt of the policy$ the customer ha#e the option to re#iew the terms and conditions and return the policy$ if the customer disagree to any of the term and conditions$ stating the reasons for his;her objections The customer will be entitled to a refund of the premium paid$ subject only to a deduction of a proportionate risk premium for the period on co#er and e4penses incurred on medical e4amination and stamp duty charges

!enefits &
,eath Benefit "remium "ayment mode Ta4 benefits 1urrender #alues; paid up #alues

CH1LD 4A1N
Taking care of a child is perhaps the most important job a parent can ha#e .t is but natural that a person would like to gi#e his;her best$ and therefore$ this is the time when careful financial planning can help them to fulfill the aspirations that the customers ha#e for his;her children

How does the plan worDJ

The N!a?a? Allian5 Child 4ainO solutions help the customer to enjoy the joys of parenthood responsibility$ with the reassurance of a secure future for their child *ommon features in the 8 options of Bajaj Allian7 *hild gainA 1olutions

Limited Premium Pa7ment Term Fhich means that the

premiums are payable till the customer6s child attains age 1B years # 93

..

The ,ustomerLs ,ontributions

row b7 wa7 of ,ompounded

annual bonuses2 which will be paid to him with the first

guaranteed payout (policy anni#ersary following age 1B of your child)$ for in@force policies .n addition to the annual bonuses$ a terminal bonus may also be paid

...

The customers are also eli ible for Ta= benefits under Se,tion @@ and Se,tion )' ")' D$ of the 1n,ome Ta= A,t#

./

Assurin

Cour ChildLs 9uture .n an uncertain world$ the

prime interest of your child cannot be jeopardi7ed in any way Fhich is why the !a?a? Allian5 has built in some added benefits in all their plans to protect the interests of your child6s future$ by counter insuring you@ the policyholder

Premiums
>or the customer6s con#enience they ha#e pro#ided three Premium Pa7ment Modes can be Cearl72 Half 7earl7 or Auarterl7# They also offer a Monthl7 Premium Pa7ment Mode under salary deduction schemes

Surrender
They offer the customer the choice of surrendering the policy pro#ided three full years premium ha#e been paid (Two years for premium terms of 9 and : years) The guaranteed minimum surrender 90

#alue is 0EG of all premiums paid e4cluding the first year premium and e4cluding the premiums for premium wai#er benefit and >amily .ncome benefit and additional benefit opted for The guaranteed minimum surrender #alue after the premium payment term will be the discounted #alue of the outstanding installment payments discounted at 1E G p a rate of interest

Loans
%oans solutions are not a#ailable with !a?a? Allian5 NChild 4ainO

)> da7s 9ree LooD Period &

Fithin 19 days from the date of receipts of the policy$ the customer ha#e the option to re#iew the terms and conditions return the policy$ if he;she disagree to any of the terms and conditions$ stating the reasons for his;her objections The customer will be entitled to a refund of the premium paid$ subject only to a deduction of proportionate risk premium for the period on co#er and the e4penses incurred on medical e4amination and stamp duty charges

E=,lusions
The ,eath *o#er is subject to the following '4clusion ? 1uicide within one year from commencement of risk$ whether sane or not this product brochure gi#es the salient feature only The rele#ant policy document is the conclusi#e e#idence of the contract$ and pro#ides in detail all the conditions '4clusion related to each of plans under the !a?a? Allian5 NChild 4ainO Solutions#

1NVEST 4A1N

98

.t takes only a moment to make promises and a lifetime to keep them Deeping promises made to your lo#ed ones is not just a Fhen you promise to see your family through thick and thin you need to make sure that you ha#e planned for all the e#entualities that may befall on them -ou need to be prepared that e#en if there e#er is an instance that you are not there with them you ha#e sa#ed enough to see them through their entire life responsibility$ but a commitment that you ha#e to li#e up to

A,,idental Death !enefit &

Accidents are always sudden and sometimes fatal -ou can6t lessen

the emotional shock$ but you can certainly soften the financial one N!a?a? Allian5 A,,idental Death !enefitO gi#es the lo#ed ones something to start with after the permanent loss of income by paying an account e5ual to 1um Assured (1ubject to a ma4imum of (s 9E$EE$EEE;@ under all policies with Bajaj Allian7 taken together)

A,,idental Permanent Total;Partial Disabilit7 !enefit &

Accidents are unpredictable and so are the conse5uences They may

lead to a disability I partial or total This benefit pro#ides a financial cushion against such misfortunes -ou will get 9EG of the 1um Assured in case of partial disability and 1EEG in case of total disability (1ubject to a ma4imum of (s 39$EE$EEE;@ for partial and (s 9E$EE$EEE;@ for total disability under all policies with !a?a? Allian5 taken together)

<ai6er of Premium !enefit &

An accident may lead to permanent total disability$ limiting one6s N!a?a? Allian5 <ai6er of Premium !enefitO is a

ability to earn

helping hand when one needs it most .t wai#es off all future premiums 99

while keeping the #aluable life insurance co#er ali#e$ thus enabling you to li#e up to your commitments

Criti,al 1llness !enefit "C1$ &

1ome illnesses are critical They not only alter one6s life6s pattern N!a?a? Allian5 Criti,al 1llness

but also result in a financial drain

benefitO softens the impact on the family by paying out the *ritical .llness Benefit under the plan immediately$ while other policy benefits continue (e4cluding +ospital *ash Benefit) Fe co#er 11 critical illnesses The customer ha#e the fle4ibility of choosing *ritical .llness co#er up to the basic 1um Assured selected by you (Minimum (s 9E$EEE)

Hospital Cash !enefit "HC$ &

The worry of settling hospital bills (room charges) adds to the N!a?a? Allian5 Hospital Cash !enefitO

trauma of hospitali7ation

reduces this financial burden and helps reco#ery with peace of mind

9le=ibilit7 in Co6era e &

All Bajaj Allian7$ they belie#e . offering benefits and not just They reali7e that customers are uni5ue and their needs for They therefore offer the customer the

products

insurance #ary with time

fle4ibility of inclusion of co#erage or e4clusion of co#erage at each policy anni#ersary$ subject to conditions relating to such inclusions and e4clusion NComprehensi6e A,,ident Prote,tionO can be included and e4cluded at each policy anni#ersary >amily .ncome Benefit$ *ritical .llness benefit and +ospital *ash Benefit can be taken at inception only *. and +* can be reduced or e4cluded subse5uently at any policy anni#ersary 2nce reduced or e4cluded$ they cannot be increased or included subse5uently 9:

1n,rease 1n risD Co6era e

'#ery added responsibility in a person6s life call for increase in Bajaj Allian7 pro#ide the customer the option to

his;her risk co#er

increase co#erage up to 9E9 of the basic 1um Assured on each of the following happy moments in their life ?

-our Marriage The Birth of your >irst *hild The Birth of the 1econd *hild

N This additional co#erage is not subject to underwritingA

!a?a? Allian5 Cash 4ain Platinum & Quadruple Sum Assured + Bonuses

Choi,e Of Terms
Deeping the customer6s con#enience in mind$ Bajaj Allian7 offers

the customer the widest range of terms ? 19$ 3E$ 39$and 0E years

Additional Prote,tion 9or The Customer need Their

The customers ha#e the option to add the following additional

9amil7
benefits "ro#iding total protection against uncertainties

9=

a$ 9amil7 1n,ome !enefit "91!$

&

The !ltimate "rotection >or

your lo#ed 2nes The customer can select the uni5ue >amily .ncome Benefit >rom Bajaj Allian7 that ensures total financial protection for their lo#ed ones .n case of death or accidental total permanent disability$ a guaranteed monthly income 1G of the 1um Assured (13G per annum) is paid till the end of the policy term or at least for a period of 1E years$ whiche#er is higher wai#ed Moreo#er$ all future premiums are

b $ Comprehensi6e A,,ident prote,tion &

T his benefit pro#ides

comprehensi#e co#er in case of an accident .t comprises of ?

A,,idental Death !enefit

Accidents are always sudden and sometimes fatal -ou can6t lessen the emotional shock$ but you can certainly soften the financial one Bajaj Allian7 Accidental ,eath BenefitA gi#es the lo#ed ones something to start after the permanent loss of income by paying an amount e5ual to the 1um Assured (1ubject to a ma4imum of (s 9E$EE$EEE;@ under all polices with Bajaj Allian7 taken together)

A,,idental Permanent Total; Partial Disabilit7 !enefit

Accidents are unpredictable$ and so are the conse5uences They may lead to a disability I partial or total This Benefits pro#ides a financial cushion against such misfortunes -ou will get 9EG of the 1um Assured in case of partial disability (1ubject to a ma4imum of (s 39$EE$EEE;@ for partial (s 9E$EE$EEE;@ for total disability under all policy with Bajaj Allian7 taken together)

<ai6er of Premium !enefit

9B

An accident may lead to permanent total disability$ limiting one6s to earn Bajaj Allian7 Fai#er of "remium BenefitA is a helping hand when one needs it most .t wai#es off all future premiums while keeping the #aluable life insurance co#er ali#e$ thus enabling you up to your commitments

,$ Criti,al 1llness !enefit "C1$&

1ome illnesses are critical They

not only alter one6s life6s pattern but also result in a financial drain Bajaj Allian7 *ritical .llness BenefitA softness the impact on the family by paying out the *ritical .llness Benefit under the plan immediately$ while other policy benefits continue (e4cluding +ospital *ash Benefit) Fe co#er 11 critical illnesses The customer ha#e the fle4ibility of choosing *ritical .llness co#er up to the basic 1um Assured selected by you (Minimum (s 9E$EEE)

d$ Hospital Cash !enefit "HC$& The worry of setting hospital bills

(room charge) adds to the trauma of hospitali7ation with peace of mind Bajaj Allian7 +ospital *ash BenefitA reduces this financial burden and helps reco#ery

9le=ibilit7 in Co6era e
.n Bajaj Allian7$ they belie#e in the offering and not just products They reali7e that the customers are uni5ue and their needs for insurance #ary with time inclusion e4clusion of They therefore offer the customer the fle4ibility of or e4clusion of co#erage at each policy co#erage

anni#ersary$ subject to conditions relating to such inclusions and *omprehensi#e Accident "rotectionA can be included and >amily .ncome Benefit$ *ritical e4cluded at each policy anni#ersary

.llness Benefit and +ospital cash Benefit can be taken at inception only *. N +* can be reduced or e4cluded subse5uently at any policy

9C

anni#ersary 2nce reduced or e4cluded$ they be increased or included subse5uently

1n,rease in %isD Co6era e &

'#ery added responsibility in a person6s calls for increase in his;her risk co#er Bajaj Allian7 pro#ide the customer the option to increase co#erage up to 9EG of the basic 1um Assured on each of the following ? +appy moments on their life ? -our birth of your first child The birth of the second child This additional co#erage is not subject to underwriting The option

should be e4ercised within CE days of the occurrence of the said e#ent A

SAVE CA%E ECONOMC

As the breadwinner of the family you shoulder se#eral responsibilities -our spouse6s welfare$ your children6s education$

buying a house or a car I you ha#e a lot to think about$ e#eryday Fe$ at Bajaj Allian7$ belie#e that the security and growth of your hard earned money should not add to these Fhich is why they ha#e created the Bajaj Allian7 1a#e *are 'conomy@ 1ingle "remiumA the 1E@year 1ingle "remium #ersion of our popular 1a#e *are 'conomyA .t is an ideal plan for a one@time lump sum in#estment that pro#ides for sa#ing with high risk@co#er

<hat does N!a?a? Allian5 Sa6e Care E,onom7 E SPO offer 7ouJ

:E

The Bajaj Allian7 1a#e *are 'conomy I 1"$ is a 1ingle "remium in#estment plan for 1E years that also participates in the profits of the company The highlights of this plan are? Minimum <uaranteed (eturn up to 0 98G(depending on age at entry) The Minimum <uaranteed Amount (1um Assured) would grow further by way of compounded annual bonuses A high risk@co#er of up to 183G (depending on age at entry) of the sum in#ested from the beginning of the policy term as a financial safety net to pro#ide for unpredictable ad#ersities 'ligible for Ta4 Benefits under 1ection BB and 1ection 1E (1E ,) of the .ncome Ta4 Act At maturity you will recei#e the 1um Assured (Minimum <uaranteed Amount) along with the accrued bonuses

Death !enefit &

.n case of death during the term of the plan$ the nominee will be paid the 1um Assured (Minimum <uaranteed Amount) plus accrued bonuses . case of death of a minor (below age =)$ the death benefit will be the surrender #alue or 1ingle "remium whiche#er is higher

%1S: CA%E
This plan offers the customer life insurance co#er at the lowest possible cost for a selected term .t is an ideal option to co#er their near and dear ones against financial risks arising out of life6s ad#ersities I like death and permanent disability sur#i#al benefits under this plan .n the case of pre@mature death during the term$ the 1um Assured is paid to the nominee There are no

<hat does this plan offerJ

:1

The Bajaj Allian7 (isk *areA "lan offers the con#enience of choosing between two payment options %e ular Premium Pa7ment @ "remium payment through the selected term Sin le Premium Pa7ment @ 2ne time premium for the selected term at commencement Apart from co#ering the risk of natural death$ this plan also pro#ides the option to choose up to 9 additional benefits A person can select a specific combination of additional benefits best suited to his;her needs$ a#ailable in 8 attracti#e packages to choose from

E,onom7&
This is the basic plan$ which is a#ailable for both the regular and single premium payment options

Prote,t& This pack comes with the following 0 in@built additional benefits? Accidental ,eath Benefits Accidental "ermanent Total;"artial ,isability Benefits Fai#er of "remium Benefit (in case of accidental permanent total disability)

The "rotect "ack is a#ailable with the regular premium payment option only

Health& This pack comes with the following 3 in@built additional benefits? 1 *ritical .llness Benefit :3

+ospital *ash Benefit The heath pack is a#ailable with the regular premium payment option only

Total& This pack comes with the following 9 in@built additional benefits? 1 3 0 8 9 Accidental ,eath Benefit Accidental "ermanent Total;"artial ,isability Benefit Fai#er of "remium Benefit (in case of accidental permanent total disability) *ritical .llness Benefit +ospital *ash Benefit

The total "ack is a#ailable with the regular premium payment option only

!enefits
"remium Fai#er Benefit >amily .ncome Benefit 2ption to "urchase future .nsurance

E=,lusions
1uicide within one year from commencement of risk$ whether same or not This product gi#es the salient featured only the rele#ant policy document is the conclusi#e e#idence of the contract$ and pro#ides in details all the conditions$ e4clusion related to each of plans under the Bajaj Allian7 *hild <ainA 1olutions

L19E T1ME CA%E

:0

This plan pro#ides you with the comfort that your near and dear ones will continue to li#e their life without financial worries$ e#en when you are not around

PENS1ON PLANS S<A%NA V1SH%ANT1

-ou ha#e been working hard -ou6re going to retire one day$ +ow do you see your retirementJ Tra#eling <olfingJ Turning a hobby into a second career or #olunteering for a noble cause or simply spending more time with your family .n retirement$ how you choose to spend your time is now up to you .t6s also up to you to ensure your retirement income lasts as long you do The decisions you make about your money today should be fle4ible enough to accommodate your changing needs Taking charge of your olden years are golden years

<hat does N!a?a? Allian5 Swarna VishrantiO offersJ

Fith !a?a? Allian5 Swarna Vishranti2 a person can take control of his;her future and ensure a retirement he can look forward to This plan helps a person to prudently play for his retirement today$ so that he doesn6t ha#e to worry about inflation$ declining interest rates and rising medical bills in the future as also ensures the financial security of his family The annuity payable under this plan will ensure that his;her "acked with a host of earnings ne#er stop during their lifetime

inno#ati#e features and with fle4ibility like ne#er before$ then the search for the perfect pension ends here with !a?a? Allian5 Swarna Vishranti2 they ha#e the option to choose the following additional benefits?

:8

a$

9amil7 1n,ome !enefit & The customer can select the

uni5ue >amily .ncome Benefit from Bajaj Allian7 that ensures total financial protection for lo#ed ones .n case of death or accidental total permanent disability$ a guaranteed monthly income of 1G of the 1um assured (13G per annum) is paid till the #esting date or at least for period of 1Eyears$ whiche#er is higher Moreo#er$ all future premiums are wai#ed This uni5ue regular income benefit can act as important supplement to the pension a#ailable to the spouse in the case of death

b$

Comprehensi6e
comprises of ?

A,,ident

Prote,tion

& This

benefit .t

pro#ides comprehensi#e co#er in case of an accident

A,,idental Death !enefit & Accidents are always

sudden and sometimes fatal -ou can6t lessen the emotional shock but you can certainly soften the financial one !a?a? Allian5 A,,idental Death !enefit gi#es the lo#ed ones something to start with after the permanent loss of income by paying an amount e5ual to the 1um Assured together) (1ubject to a ma4imum of (s 9E$EE$EEE;@ under all policies with Bajaj Allian7 taken

A,,idental Permanent Total;Partial Disabilit7 !enefit & Accidents are unpredictable and so are the
conse5uences They may lead to a disability@ partial or total This benefit pro#ides a financial cushion against such misfortunes 2ne will get 9EG of the 1um Assured in case of partial disability and :9

1EEG in case of total disability (1ubject to a ma4imum of (s 39$EE$EEE;@ for partial and (s 9E$EE$EEE;@ for total disability under all policies with Bajaj Allian7 taken together)

<ai6er of Premium !enefit & An accident may lead

to premium total disability$ limiting one6s ability to earn Bajaj Allian7 Fai#er of "remium Benefit is a helping hand when one needs it most .t wai#es off all future premiums while keeping the #aluable life insurance co#er ali#e$ thus enabling you to li#e up to your commitments

,$

Term Co6er & Additional Prote,tion for Cour 9amil7& The customers
ha#e an option to include a Term Co6er in his;her policy$ which will pro#ide an additional life insurance protection at a nominal cost This also ensures that the pension a#ailable to spouse is further supplemented

d$ Criti,al 1llness !enefit &

drain under

1ome illnesses are critical They

not only alter one6s life6s pattern but also result in a financial Bajaj Allian7 *ritical .llness BenefitA softness the the plan immediately$ while other policy benefits impact on the family by paying out the *ritical .llness Benefit continue (e4cluding +ospital *ash Benefit) Fe co#er 11

critical illnesses The customer ha#e the fle4ibility of choosing *ritical .llness co#er up to the basic 1um Assured selected by you (Minimum (s 9E$EEE)

::

e$

Hospital Cash !enefit "HC$ & The worry of setting hospital

bills (room charge) adds to the trauma of hospitali7ation Bajaj Allian7 +ospital *ash BenefitA reduces this financial burden and helps reco#ery with peace of mind

<hat are the benefits of !a?a? Allian5 Swarna VishrantiJ

The plan works in two parts @ The deferment period and The annuit7 period# ,uring the deferment period$ the plan pro#ided #aluable life co#er and builds up the funds re5uired to purchase the immediate annuity The deferment period ends at the #esting date The customers are free to choose their age of retirement (#esting date) between 89 and =E years 1ince the !a?a? Allian5 Swarna Vishranti plan participates in the profits of the company$ the 1um Assured grows with time through the bonuses declared by the company

The benefits on 6estin date (the date you choose to retire)

The Sum Assured alon

with all accrued bonuses will be used to

pur,hase an immediate annuit7 The immediate will be purchased at rates pre#ailing at that point of time 3 Option to taDe lump sum& The customers ha#e the option to take upto 00G of 1um Assured plus accrued bonuses on the #esting date as a lump sum This amount would be ta4 in their hand$ as per current ta4 laws The balance amount will be used to purchase an immediate annuity 0

Open MarDet Option& -ou ha#e the option to purchase an

immediate annuity from Bajaj Allian7 or from any other company .f the immediate annuity is purchased from Bajaj Allian7$ the :=

amount a#ailable for purchased of annuity will be up to 3G At present$ they offer their immediate annuity plan for life$ 1warna (aksha$ tied to this plan 8

The minimum installment of annuit7 from !a?a? Allian5 is %s#)''';.# The annuity mode may be changed to make each
installment more than the minimum re5uirement .f it is still below the minimum$ the 1um Assured R Accrued Bonuses would be paid

Added Assuran,e E for 7our famil7

.n the unfortunate e#ent of death during the deferent period$ your spouse will ha#e the option to take the 1um Assured plus accrued bonuses as a lump sum pr purchase an annuity to get regular income for life >or the immediate annuity$ your spouse will ha#e the 2pen Market 2ption as well$ Bajaj Allian7 immediate annuity$ with a mark up of 3G will be a#ailable only if the spouse is abo#e 89 years of age .n all ages lower than 89$ the 1um Assured R A Accrued bonuses would paid out

9le=ibilit7 in Co6era e
At Bajaj Allian7$ they belie#e in offering benefits and not just products inclusion They ha#e reali7ed that the customers are uni5ue and their of co#erage or e4clusion of co#erage at each policy needs for insurance #ary with time They therefore offer the fle4ibility of anni#ersary till the #esting date$ subject to conditions relating to such inclusion and e4clusion *omprehensi#e Accident "rotectionA can be included and e4cluded at each policy anni#ersary The Term *o#er$ >amily .ncome Benefit$ *ritical .llness Benefit and +ospital *ash Benefit can be reduced or e4cluded subse5uently at any policy anni#ersary 2nce reduced or e4cluded$ they cannot be :B

increased or included in the policy subse5uently The >amily .ncome benefit$ once selected$ cannot be remo#ed be included in the policy subse5uently The term co#er can be e4cluded at any subse5uent policy anni#ersary 2nce remo#ed$ it cannot

8N1T 4A1N EASC PENS1ON

-ou ha#e been working hard -ou6re going to retire one day +ow do you see your retirementJ Tra#elingJ <olfingJ Turning a hobby into a second career or #olunteering for a noble cause or simply spending more time with your family .n retirement$ how you choose to spend your time is now upto you .ts also upto you to ensure your retirement income lasts as long as you do The decisions you make about your money today should be fle4ible enough to accommodate your changing needs Taking charge ensures that your olden years are your golden years

The N!a?a? Allian5 8nit 4ain Eas7 PensionO Plan

Fith Bajaj Allian7$ you can take control of your future and ensure a retirement you can look forward to There are two packages to choose from? 8nit4ain Eas7 Pension %e ular Premium 8nit4ain Eas7 Pension Sin le Premium

<hat are the benefits a6ailableJ

The plan works in two parts I the deferment period and the annuit7 period# ,uring the deferment period$ the plan builds up the funds re5uired to purchase the immediate annuity The deferment period ends at the #esting date -ou are free to choose your age of retirement (#esting date) between 89 and =E years

:C

The benefits on Vestin Date "the date 7ou ,hoose to retire$

1 The Account /alue as on the #esting date will be used to purchase an immediate annuity The immediate annuity will be purchased at rates pre#ailing at that point of time 3 2ption to take lump sum? -ou ha#e the option to take up to 1;0 r d of the account #alue on the #esting date as a lump sum This amount would be ta4 free in your hand$ as per current ta4 laws The balance amount will be used to purchase an immediate annuity 0 2pen Market 2ption? -ou ha#e the option to purchase an immediate annuity from Bajaj Allian7 or from any other company .f the immediate annuity is purchased from Bajaj Allian7$ the amount a#ailable for purchase of the annuity will be market up by 3G 8 The minimum installment of annuity from Bajaj Allian7 is (s 1EEE;@ The annuity fre5uency may be changed to make each installment more than the minimum re5uirement .f it still below the minimum$ the Account /alue may be utili7ed to purchase an immediate annuity from any other company in the a open market as per your choice$ or paid in lump sum$ if permissible$ subject to the pre#ailing ta4 laws

Assuran,e E for 7our famil7

.n the unfortunate e#ent of death during the deferment period$ your spouse will ha#e the option to take the Account /alue as a lump sum or purchase an annuity to get regular income for life >or the immediate annuity$ your spouse will ha#e the 2pen Market 2ption as well The immediate annuity from Bajaj Allian7 will be a#ailable only if the spouse is abo#e 89 .f age were below 89$ the Account /alue would be paid out

Annuit7 options&
=E

-ou will be able to choose from all immediate annuity products offered by Bajaj Allian7 %ife insurance at the #esting date annuity products currently a#ailable are? Annuity for %ife Annuity for %ife with 9$ 1E or 19 years certain payout Annuity for %ife with (eturn of *apital -ou also has the open market option to purchase immediate annuity The

8N1T4A1N L19E PENS1ON

-ou ha#e been working hard -ou6re going to retire one day +ow do you see your retirementJ Tra#elingJ <olfingJ Turning a hobby into a second career or #olunteering for a noble cause or simply spending more time with your family .n retirement$ how you choose to spend your time is now up to you .ts also up to you to ensure your retirement lasts as long as you do The decision you make about your money today should be fle4ible enough to accommodate your changing needs Taking charge of your retirement begins with Bajaj Allian7 !nit<ain %ife "ension$ a plan that ensures that your olden years are your golden years The Bajaj Allian7 !nit <ain %ife "ensionA "lan with Bajaj Allian7$ you can take control of your future and ensure a retirement you can look forward to This plan has been designed to take care of your retirement and insurance needs$ thereby pro#iding you with a comprehensi#e solution for a lifetime There are two packages to choose from?

8nit4ain Life Pension %e ular Premium 8nit4ain Life Pension Sin le Premium <hat are the benefits a6ailableJ

=1

The plan works in two parts I the deferment period and the annuity period ,uring the deferment period$ the plan pro#ides #aluable life co#er and builds up the funds re5uired to purchase the immediate annuity The deferment period ends at the #esting date -ou are free to choose your age of retirement (#esting date) between 89 and =E years

The benefits on Vestin Date "the date 7ou ,hoose to retire$

The Account /alue as on the #esting date will be used to

pur,hase an immediate annuit7# The immediate annuity will

be purchased at rates pre#ailing at that point of time

Option to taDe lump sum& -ou ha#e the option to take up to

1;0 r d of the account #alue on the #esting date as a lump sum This amount would be ta4 free in your hand$ as per current ta4 laws The balance amount will be used to purchase an immediate annuity

Open MarDet Option& -ou ha#e the option to purchase an

immediate annuity from Bajaj Allian7 or from any other company .f the immediate annuity is purchased from Bajaj Allian7$ the amount a#ailable for purchase of the annuity will be up by 3G

The minimum installment of annuity from Bajaj Allian7 is (s 1EEE;@ The annuity fre5uency may be charged to make each installment more than the minimum re5uirement .f it still below minimum$ the Account /alue may be utili7ed to purchase an immediate annuity from any other company in the open market as

=3

per your choice$ or paid in lumpsum$ if permissible$ subject to pre#ailing ta4 laws

Assuran,e E for 7our famil7

.n the unfortunate e#ent of death during the deferment period$ your spouse will get the greater of the 1um Assured or the Account /alue 1;he will ha#e the option to take it as a lump sum or purchase an annuity to get regular income for life >or the immediate annuity$ your spouse will ha#e the 2pen Market 2ption as well The immediate annuity from Bajaj Allian7 will be a#ailable only if the spouse is abo#e 89 .f age were below 89$ the amount would be paid out as a lump sum #

Annuit7 Options
-ou will be able to choose from all annuity products offered by Bajaj Allian7 %ife insurance at the #esting date The annuity products currently a#ailable are? 1 3 0 Annuity for %ife Annuity for %ife with 9$1E or 19 years certain payout Annuity for %ife with (eturn of *apital -ou also has the open market option to purchase immediate annuity

S<A%NA %A:SHA %OC

-ou ha#e been working hard -ou6re going to retire one day +ow do you see your retirementJ Tra#elingJ <olfingJ Turning a hobby into a second career or #olunteering for a noble cause or simply spending more time with your family .n retirement$ how you choose to spend your time is now up to you .ts also up to you to ensure your retirement income lasts as long as you do Taking charge of your retirement begins with Bajaj Allian7

=0

1warna (aksha$ a plan that ensures that your olden years olden years are you golden years

The N!a?a? Allian5 Swarna %aDshaO %OC Plan

Fith Bajaj Allian7 1warna (aksha$ you can ensure a regular income after retirement The plan offers you a %ife Annuity with (eturn of *apital

How does !a?a? Allian5 Swarna %aDsha worDJ

All you ha#e to do is pay a lump sum amount to Bajaj Allian7 %ife .nsurance *ompany$ and the annuity payments will start after e4piry of monthly;5uarterly;half yearly;yearly inter#al corresponding to the payment mode selected by you +ere annuity is payable for life$ so you do not ha#e to worry about your income stopping at any stage Fhat more$ under the return of capital option$ the amount used to purchase the annuity is paid to the nominee on the death of the annuity

1mportant details of the N!a?a? Allian5 Swarna %aDsha %OCO Plan

Minimum Age at 'ntry 89 Ma4imum Age at 'ntry BE Minimum %ump 1um (s 9E$EEE Minimum Annuity .nstallment (s 1EEE

How mu,h will 7ou etJ

>or (s 1E$ EE$EEE;@ in#ested in 1warna (aksha at age :E$ you will recei#e (s 90$ :CE;@ per 4E%ANTEED for life$ with return of (s 1E$ EE$EEE;@ to your nominee on death

=8

Annuit7 9reIuen,7 Mode for your con#enience they ha#e pro#ided

8 Annuity >re5uency Modes that can be -early$ +alf yearly$ 5uarterly or monthly The annuity will be payable one month;5uarter;half year;year after the date of purchase depending on the mode selected

9emale Li6es The annuity rates for female li#es shall be the
corresponding annuity rate for a 8 year younger male

)> da7s 9ree Lo,D Period&

Fithin 19 days from the date of receipt of the policy$ you ha#e the option to re#iew the terms and conditions and return the policy$ if you disagree to any of the terms N conditions$ stating the reason for your objections -ou will be entitled to a refund of the premium paid$ subject only to a deduction of the e4penses incurred

D1ST%1!8T1ON CHANNEL
Bajaj Allian7 <eneral .nsurance *ompany %imited is a joint #enture company between Bajaj Auto %imited$ .ndia6s leading insurance and financial ser#ices group Bajaj Allian7 <eneral .nsurance *ompany offers technical e4cellence in all areas of <eneral N +ealth insurance and (isk Management The partnership successfully combines Bajaj Auto6s e4tensi#e understanding of the local market and e4pensi#e distribution with the global e4perience and technical e4pertise of the Allian7 <roup Allian7 A<$ <ermany brings its technical e4pertise of insuring the majority of >ortune 9EE companies Bajaj Allian7 <eneral .nsurance is head5uartered on "une and has a wide network of 8E offices spanning the country All the offices are fully networked The company recei#ed the .(,A registration May 3EE1 and today has a #ast range of 89 products to suit the corporate and retail customers The company has also pioneered the issue of uni5ue forms of =9

risk co#er$ like 1pecial "A co#er for Amarnath -atris$ +ousing loan co#er for people who may become unemployed$ >ilm .nsurance$ *redit .nsurance co#er for domestic as well as credit risk Bajaj Allian7 has two main channels of distribution$ one is the Agency channel$ which is the dominant one$ and the other one is bancassurance agreement so far The first was 1tandard *hartered Bank Fhen they started their operations in .ndia$ it had a good customer base of +&.s N corporate and therefore they chose that bank Their ne4t bancassurance arrangement was with 1yndicate Bank last year (ecently$ we ha#e entered into bancassurance with *enturion Bank This bank has a #ast network of around 1EE branches not in metro cities but also in BA class cities Bajaj Allian7 %ife .nsurance is poised for an accelerated growth in the market and has already become the fastest growing pri#ate life insurance company in .ndia Bajaj Allian7 %ife .nsurance has a wide pan .ndia presence of office network in 19: cities of the country and is aided with a strong and trained Agency network of o#er 3B$EEE agents Bajaj Allian7 has forged strong Bancassurance and *orporate Agency relationships and continues to build on new tie@ups for fast track growth and deep market penetration Bajaj Allian7 has tied up with : banks #i7 bank of "unjab$ Bank of (ajasthan$ )ammu N Dashmir bank$ %ord Drishna bank$ Darur /ysya Bank and "unjab N 1ind Bank I the 1 s t "ublic 1ector bank to tie up with it Bajaj Allian7 is the only pri#ate general insurer to ha#e tied up with : Bancassurance partners And so far they are happy with the performance of this channel of distribution for their products Bajaj Allian7 has tied up with )anakalyan 1ahakari Bank$ schedule urban co@operati#e bank$ for Bancassurance on a referral basis As per the arrangement$ )anakalyan sahakari Bank will distribute Bajaj Allian7 life insurance products through its branches =:

The bank has a network of 39 branches in Mumbai ad its suburbs Thane$ /ashi and "an#el .ts area of operation co#ers entire Maharashtra *enturion Bank has inked a pact with Bajaj Allian7 %ife .nsurance *ompany to distribute the latter6s Bancassurance products through branches in the country as part of plans to grow free@base income .n the first phase the pri#ate sector bank would rollout Bancassurance products at 8: branches and 1: e4tension counters from 2ctober one$ its managing director 1haliendra told reporters on Fednesday The distribution set@up would be e4panded to 19 more branches and : e4tension counters in second phase Bajaj Allian7 %ife .nsurance has launched a slew of need@based products to cater to each #aried needs of the customer *urrently Bajaj Allian7 %ife .nsurance has a product portfolio of 1C products and more need@based products are in the pipeline Bajaj Allian7 is also targeting tech sa##y customers The banks are in regular touch with their customers anyway either through the ATMs$ .nternet Banking etc and hence the bank can at least inform their customers about the insurance products 2nce the customer e#inces keen interest the product features can be e4plained to them Again in order to issue the policy they need not #isit their office$ but the bank branch can issue the policy from their office itself Bajaj Allian7 %ife .nsurance *ompany %td recorded (s 9EE crore <F" from April 3EE8 to )anuary3EE9and has insured a total of 9EE$EEER customers$ scoring a double@9EE this year The company (ecently launched an online sales portal and has been widening its distribution network as well strengthening its market presence$ through strategic partnerships with the right distributors and a strong$ focused relationship with each of its partners At present$ Bajaj Allian7 ranks second amongst pri#ate players$ with a market share of 13G (as per .(,A results for this ==

financial year$ up to ,ecember 3EE8)$ and 3 E0 G amongst o#erall players The company6s agents$ bancassurance partners$ corporate products$ ha#e played a major role in its fast paced growth agents and sales team$ apart from its decentrali7ed operations and fle4ible

=B

=C

Fith the authority to think as business managers and build their branches as profit centers They are encouraged to open satellite branches This gi#es branch managers the depth of decision@making and speed re5uired to react to market dynamics and consumer needs The management has also appointed full@time training personnel for each branch

The fastest growing pri#ate %ife .nsurance company in .ndia$ Bajaj Allian76s portfolio of 1C products includes comprehensi#e MEmplo7ee !enefit Solution "4roup Term Life2 EDL12 4ratuit72 Super annuation2 :e7man 1nsuran,e and More$F 1n6est 4ain " a uniIue Life 1nsuran,e plan for the indi6idual2 where a regular income is combined in a plan that also pays a lump sum $2 Cash 4ain "mone7 ba,D$2 Child 4ain ",hildrenLs plan$2 %isD Care "pure term$2 Lifetime Care "whole life$2 Term Care "term w ith return of premium$2 Sw arna Vishranti "retirement plan$2 Prote,tor "mort a e term insuran,e plan$2 8nit 4ain "unit.linDed plan$2 8nit4ain Sin le Premium2 8nit 4ain Plus2 8nit 4ain Plus SP2 Lifelon 8nit 4ain Eas7 Pension# 4ain Plus2 8nit 4ain Sin le Pension and

BE

%ESEA%CH METHODOLO4C
The approach to the research is considered in this chapter$ from the theoretical underpinning to the collection and analysis of the data .t begins with the e4tent of the research to pro#ide the specific guidelines of studying The ne4t part is concerned with the method of the research that refers to the data collection and analy7ing which is used in the research

CONCEPT8AL CONTEBT O9 THE %ESEA%CH

As the objecti#e of the research focuses on the research of potential .nsurance *onsultants with special emphasis of Bajaj Allian7 .t will help the company to increase its sales$ which is the prime objecti#e of the company at this time The research attempts to generate awareness among the people of ,elhi regarding the agency of Bajaj Allian7

B1

METHODS
P%1MA%C DATA

,ate collection for this research was done primarily through filling up of 5uestionnaire The sample for the research including different indi#iduals of #arious age groups and ha#ing different professions and 5ualifications ,ata was collected through the inter#iew of indi#iduals The 5uestionnaire was containing 5uestions regarding the personal details of indi#iduals and then some light 5uestions regarding their primary knowledge related to pri#ate insurance companies Then there were 5uestions related to their interest in being the .nsurance *onsultants of company

SECONDA%C DATA

A large amount of secondary data has been collected from secondary sources 1ome of the sources are?@ (eports on .nsurance 1ector of .ndia Articles from &ewspapers and maga7ines /arious web sites of the insurance companies and related sites

B3

DATA ANALCS1S
There are some features of analy7ing data that need to be borne in mind when choosing the method for analy7ing the research The 5uestionnaire were prepared to e4plore the psychology of indi#iduals about being associated with Bajaj Allian7 as .nsurance *onsultants and to help the company grow by increasing its sales .nstead of testing a hypothesis$ a 5ualitati#e analyst may demonstrate e#idence showing that a theory$ generali7ing$ or interpretation is plausible

SAMPLE S1GE&.
/arious areas of ,elhi were co#ered in order to fill the

5uestionnaire . interacted with 3EE indi#iduals in order to know about their interest of being .nsurance *onsultants of Bajaj Allian7

SAMPLE COMPOS1T1ON
-outh '4ecuti#es 1er#iceman Business persons

%ESEA%CH DES14N &

A research design pro#ides the framework to be used as a guide in collecting and analy7ing data

Des ripti!e Resear " : Market sur#ey is one of the best e4ample of
descripti#e research This is a one shot research study at a gi#en point of B0

time$ and consists of a sample of the population of interest

.ts

ad#antages are that it gi#es a good o#erall picture of the position at a gi#en time .t can co#er many #ariables of interest$ and is not affected by the mo#ements of elements in the sample$ because other elements can be substituted for them

A'ENTS LICENSE- B. THE AUTHORIT. /0112301145 /URBAN AN- RURAL5

LIFE INSURERS Na(e Ur6an BA)A) A%%.A&S %.>' 234(2 .&1!(A&*' *2 %T, TATA A.< %.>' .&1!(A&*' (',4. *2 %T, AM" 1A&MA( .&1!(A&*' *2 %T, B.(%A 1!& %.>' .&1!(A&*' *2 %T, A/./A %.>' .&1!(A&*' *2 .&,.A "/T %T, +,>* 1TA&,A(, %.>' .&1!(A&*' *2 %T, .*.*. "(!,'&T.A% %.>' .&1!(A&*' *2 %T, .&< /-1-A %.>' .&1!(A&*' *2 "/T %T, %.>' .&1!(A&*' *2("2(AT.2& 2> .&,.A MAP &'F -2(D %.>' .&1!(A&*' *2 %T, M'T%.>' .&,.A .&1!(A&*' *2 "/T %T, D2TAD MA+.&,(A 2%, M!T!A% %.>' .&1!(A&*' *2 %T, 1A+A(A .&,.A %.>' .&1!(A&*' *2 %T, 1B. %.>' .&1!(A&*' *2 %T, S"6 To,al )22/ ,)+2 +'.2 4+2) 243+3 ').) ('+4,3 . /344 ++(. 2''2 ( (4.3 074#089 R"ral +'/3 (34 '3' )+ ((' (.+2 42 +(/ ('43(, 44 /) 2.) . 2/' :;9#87< To,al +2/3. ('''4 ,.(+ ,)', +3(4 (.+,/ 244+. ''2. +,+''+ /443 ++') 24'/ ( 2(', 2;0#197

B8

DATA ANALCS1S&.
After collection of data$ the analysis of it was done through #arious graphs?@ ,oughnut "ie ,iagram Bar ,iagram Tubes *ones

According to the data collected through sur#ey with the help of 5uestionnaire$ the break up with respect to income of indi#iduals is as follows ?

MONTHLC 1NCOME
E@9EEE 9EEE@1EEEE 1EEEE@19EEE 19EEE@3EEEE 3EEEE A&, AB2/'

N8M!E% O9 1ND1V1D8ALS
80 :E 8C 03 1:

Break up according to monthly income

91 41

&umber of indi#idua ls

21 <1 01 :1 1 1+34+ 4+3:1+ :1+3:4+ :4+301+ 01 and a6o=e 134

1kT1EEE

B9

ANALCS1S 9O% THE OVE%ALL 1NCOME 4%O8P

Ser6i,emenE+-P

!usinessmen.*@P

+2 1ervicemen -usinessmen /3

4raduate E />P

!e7ond 4raduate.>P

,
!raduate 6on !raduate

4,

B:

Compan7
HD9C Standard !a?a? Allian5 1C1C1 Pru Life !irla Sunlife Tata A14

Premium 1n,ome ",r$

+>-#)3 *3+#>/ @)/#(> -'(#/+ )@/#-3

MarDet Share "P$

+#)) >#*@ (#-3 )#@3 )#*(

4$ 4$

(/$ H0F& 1tandard -ajaj Allian" I&I&I *ru %ife 24$ -irla 1unlife 9ata AI!

+'$

B=

A) # ,o you know about the Bajaj Allian7 %ife .nsurance

companiesJ Ans# The response of indi#iduals are as ?@ Ces. *'P No.3'P

). 7es 6o /.

A-# Fould you like to earn some e4tra moneyJ Ans# The response of indi#iduals is as follows ? Ces. /'P No.)'P

(. 7es 6o 4.

BB

A+# Fhat is desired or e4pected monthly incomeJ Ans# The response of indi#iduals are as follows ?@

MONTHLC 1NCOME
'.>''' >'''.)'''' )''''.)>''' )>'''.-'''' -'''' and abo6e

P of people
' )' (> )+

(+

.2

(. .>,... ,...>(.... (....>(,... (,...>2.... 2.... and a#ove

',

BC

A3# +ow much time you can pro#ide easily besides your job hoursJ Ans# The response of indi#iduals are as follows?@

T1ME PE%1OD
'.-.3 3.* 9ull hrs# hrs# hrs# time

P people
33> )) -

((

2 .>2 hrs. )2 2>) hrs. )>/ hrs. Full time

),

A># ,o you ha#e your own #ehicleJ Ans# The response of people is as follows ?@ Ces. /*#>P No.+#>P

+.,

7es 6o

4/.,

CE

A*# ,o you ha#e your own mobileJ Ans# The response of people is as follows ? Ces. /@P
2

No.-P

7es 6o

43

A(# Fould you like to work in market;field and want to interact with peopleJ Ans# The response of indi#iduals is as follows ?@ -es@ :9G &o@ 09G

+, 7es 6o /,

C1

A@# Fould you like to come our company office and spend your some time with our people in a seminarJ Ans# The response of people are as follows ?@ -es@ 89G &o@ 99G

24> 44>

A/# ,o you want that a sales manager should approach you for agencyJ Ans# The responses of people are as follows ? Ces. *3#+P No.+>#(P

3. /. ). 2. .

/).+

+,.'

1( 7es 6o

C3

A)'# +ow many people do you know in ,elhiJ Ans# The responses of people are as follows? @ MONTHLC 1NCOME
'.>''' >'''.)'''' )''''.)>''' )>'''.-'''' -'''' and abo6e

P of people
)> )' +> -> )>

1( .>,... ,...> (.... (....> (,... (,...> 2.... 2.... and a#ove

C0

1MPO%TANCE COMPANC &

O9

ADV1SO%S

1N

AN

1NS8%ANE

.n the insurance industry the sales team following the typical organi7ation structure?

Hierar,h7 in 1nsuran,e Compan7

SALES MANA4E%

A%EA SALES MANA4E%

A%EA SALES MANA4E%

A%EA SALES MANA4E%

8N1T MANA4E%

8N1T MANA4E%

8N1T MANA4E%

ADV1SO%S

ADV1SO%S

ADV1SO%S

The sales team comprises of the 1ales Manager superior to Area 1ales Manager$ These A1M6s (Area 1ales Manager) ha#e their own indi#idual team of !nit Manager and in turn !nit Managers their own team of financial ad#isors 'ach team of A1M6s competing with each other in surge of achie#ing targets$ each !nit Manager depends on their Ad#isors for their business They represent the company in the market to the customers$ so nobody can deny the importance of Ad#isors in the whole system They pro#iding the company with the business and help their respecti#e !nit Manager to achie#e their targets 1o a unit Manager has to be really careful while recruiting their Ad#isors ,uring the year of C8

appointment$ new Ad#isor usually account for a relati#ely small proportion of the organi7ation6s total production The most promising means of achie#ing profitable production growth lies in your sales organi7ation6s capacity to gi#e policy owners good counsel and prompt$ courteous ser#es Ito gi#e them #alue for premium paid The best guarantee of ha#ing that capacity comes from retaining large number of producti#e ad#isor *onse5uently$ the de#elopment needs of your sales organi7ation call for successful recruiting .t6s a necessity This is why manager who mo#e to the top of Bajaj Allian7 honor roll and stay there are always found to be manpower@focused Before we mo#e to the how toA of recruiting$ let6s consider some important philosophies relati#e to recruiting

91VE PE%S1STENT CONCE%NS&

As an Bajaj Allian7 Manager$ you are fully committed to building a high performing$ growing agency This being true$ it follows those fi#e concerns must be constant in your annual planning The SEA%CH for talent The EVAL8T1ON of potential ad#isors The ATT%ACT1ON of ad#isors The %ETENT1ON of ad#isors The P%OD8CT1V1TC of ad#isors An7 mana er who attains satisf7in en?o7 1atisfying sales results C9 results in these fi6e areas will

 2utstanding persistency of business 1uperior policy owner ser#ice capabilities An en#iable reputation as a Bajaj Allian7 agency builder A momentum which comes from the synergistic benefit of success

CHART SHO?IN' HO? TO 'ET &OTENTIAL A-@ISORA

Putting it simply in a flow

SEARCH
?here to look for

ATTRACT
How to attract to life Insurance

E@ALUATE
How to evaluate

&RO-UCTI@IT.

RETENTION

C:

COMPET1T1VE ADVANTA4E

S<OT ANALCS1S&

En6ironmental S,an

1nternal Anal7sis

E=ternal Anal7sis

Stren th

<eaDnesses

Opportunities

Threats

C=

S<OT ANALCS1S
Stren ths
1trong brand name *ustomer loyalty "roduct Quality <ood reputation among customers

<eaDnesses
.nsufficient product promotion !nawareness about the product

Opportunit7
Allian7 Bajaj adds complete suite of group insurance products to its product "ortfolio Allian7 Bajaj plans to focus on group insurance for its ne4t phase of aggressi#e growth An unfilled customer need

Threat
'mergence of substitute products (esistance to change &on@ response from the target customers

CB

91ND1N4S

"eople are becoming more N more money conscious as . didn6t find any person who doesn6t want to earn e4tra money

"eople are #ery much aware of .*.*. "rudential among pri#ate companies and %.* in public sector as they respond me first name of %.* then .*.*. prudential and then others

The o#erall scenario is that still people trust on %.* more than any other insurance company 1ometimes when . asked someone to become an agent of Bajaj Allian7 they misunderstood with %.* >or them still life insurance means %.*

<enerally people are ha#ing leisure time of around 3@0 hrs and still want to utili7e this time to earn e4tra money$ if they can

*ontrary of the prior thinking most of the people don6t hesitate in doing field work an roaming in the market They know that without hard work they can6t earn money

There were many respondents who were not interested in attending seminar conducted by Bajaj Allian7 among .ndian Market

CC

%ECOMMENDAT1ONS

There should be focus on ad#ertisements through T / or other 'lectronic Media

Try to make Brand .mage$ with the help of Bajaj Auto$ more N more as it has a strong brand image in .ndian market

Make use of internet banking for increasing sales$ and also for promotion

They should increase their ,istribution *hannels by more N more tie ups with the locals banks also$ because they can help them to penetrate in .ndian market easily

There should be more incenti#es to .*6s as they are the backbone of the company in order to increase sales they ha#e to do more efforts than others

1EE

!1!L1O4%APHC
LIFE INSURERS %ife Insurance &orporation of India I&I&I *rudential %ife Insurance &o. %imited -irla 1un>%ife Insurance &ompany %imited H0F& 1tandard %ife Insurance &o. %imited I6! <ysya %ife Insurance &ompany %imited 5et%ife Insurance &ompany %imited :m ;otak 5ahindra %ife Insurance &o. %td. 9A9A AI! %ife Insurance &ompany %imited -ajaj Allian" !eneral Insurance &o. %imited &holamandalam !eneral Insurance &o. %td. Insurance =egulatory 0evelopment Authority %ife Insurance &orporation of India =oyal 1undaram Alliance Insurance &o. %td. Insurance =egulatory 0evelopment Authority ?e6!i,e! www.licindia.com www.iciciprulife.com www.#irlasunlife.com www.hdfcinsurance.com www.ingvysayalife.com www.metlife.com www.omkotakmahnidra.com www.tata>aig.com www.#ajajallian".co.in www.cholainsurance.com www.irdaindia.org www.licindia.com www.royalsun.com www.irdaindia.org

1E1

!OO:S <E%E CONS1DE%ED

Marketing management by Mr# Philip :otler# "rinciples of marketing by Mr# %i,hard Armstron # Marketing 1trategy and Management by Mr# Mi,hael 0# !aDer# Marketing *hannels by Mr# Louis Stern Business (esearch Methodology by Mr# C#%# :othari#

!8S1NESS MA4AG1NE H NE<S PAPE%

The Times of .ndia The 'conomic Times 8"s$ "itch$ Business N 'conomy

1E3

PE%9O%MA O9 A8EST1ONNA1%E A)# ,o you know about the Bajaj Allian7 %ife .nsurance
companiesJ -es &o

A- # Fould you like to earn some e4tra moneyJ

-es &o

A+# Fhat is desired or e4pected monthly incomeJ

E I 9EEE 9EEE I 1EEEE 1EEEE I 19EEE 19EEE I 3EEEE 3EEEE and Abo#e

A3 # +ow much time you can pro#ide easily besides your job
hoursJ E@3 8@: :@B >ull Time

A> # ,o you ha#e your own #ehicleJ

-es &o

A*# ,o you ha#e your own mobileJ

-es &o

1E0

A( # Fould you like to work in market;field and want to

interact with peopleJ &o -es

A@# Fould you like to come our company office and spend
your some time with our people in a seminarJ -es &o

A/# ,o you want that a sales manager should approach you for
agencyJ -es &o

A)'# +ow many people do you know in ,elhiJ

-es &o

1E8

1E9