INFINITY MANAGEMENT & ENGINEERING COLLEGE

SAGAR, M.P

A PROJECT REPORT ON

BAJAJ ALIANZ
For The partial fulfillment of the degree Of Master of business
administration
SUBMITTED BY

Mr. Shivshankar Athiya

UNDER GUIDANCE OF

Mr. Ashish Sir

Dr. Hari Singh Gour Vishwavidyalaya Sagar (M.P.)

Session 2013-14
1

PREFACE
In this project report every possible effort has been made to highlight the major aspects related to the topic A
PROJECT REPORT ON BAJAJ ALLIANZ The deals with the introductory part related to the company.

The based on the research carried out for the project. This tells the details of data, how is it collected, what are
the methods have been used over here, and finally also tell the limitations of the company that were found
during the research work besides the limitation found in undertaking the survey.

The analysis and interpretation of all the data which has presented first two chapters. This is the most
important part of the project as it involves the actual working and findings of the project.

ACKNOWLEDGEMENT
Acknowledgement is not merely a formality but a deep expression of gratitude. I have tried my
best to present this information as clearly as possible using basic terms that I hope will be
comprehended by the widest spectrum of researchers, analysts and students for further studies. I
am highly indebted to my institute Infinity Management and Engineering College, Sagar M.P
For providing me apt facilities and support without which this project would no have
accomplished.

I would like to extend a sincere gratitude to Mr. Ashfaq Siddique (H.O.D).I completed this
study under the able guidance and supervision of Mr. Ashish Sir. I will be failed in my duty if I
do not acknowledge her esteemed scholarly guidance, assistance and knowledge. I have received
from her towards fruitful and timely completion of this work.

Mere acknowledgement may not redeemed the debt I owe to my parents for their direct/indirect
support during the entire course of this project. I also thankful to my friend who helped me a lot
in the completion of this project

Shivshankar Athiya
MBA 3rd Sem

DECLARATION
I declare that the project report titled:
A PROJECT REPORT ON BAJAJ ALLIANZ
Is my own work conducted under the supervision of Mr. Ashish Sir at Department of Business Management,
at Infinity Management and Engineering College, Sagar M.P. To the best of my knowledge the report does
not contain any work, which has been, submitted for the award of any degree anywhere.

SIGNATURE OF STUDENT

Name of the Student

Mr. Shivshankar Athiya
MBA 3rd Semester

CERTIFICATE
This is to certify that project report titled
A PROJECT REPORT ON BAJAJ ALLIANZ
has successfully completed by Mr. Shivshankar Athiya M.B.A. 3rd Semester student under the guidance of
Mr. Ashish Jain for the partial fulfillment for the award degree of Master of Business Administration.

Sign Project Incharge

Sign of H.O.D

Sign of Student

CONTENTS

PREFACE
ACKNOWLEDGEMENT
CERTIFICATE
DECLARATION

S.NO

PARTICULARS

1.

Introduction
Why To Have A Life Insurance
Industry Profile

2.

Industry Profile of Bajaj Insurance

Bajaj Life Insurance
Bajaj General Insurance

3.

Bajaj Life Insurance

1. Introduction
2. Vision
3. Mission
4. BOD
5. Product Profile

4.

Bajaj General Insurance

1. Introduction
2. Vision
3. Mission
4. BOD
5. Product Profile

5.

Objectives of the study

6.

Research Methodology

7.

Findings and Analysis

8.

Limitation of the study

9.

Recommendation & Suggestions

10.

Conclusion

11.

Bibliography

12.

Questionnaire

PAGE
NO.

INTRODUCTION
The Indian life insurance industry has its own origin and history, since its inception. It has passed
through many obstacles to attain the present status. The income earning capacity of an individual
citizen of a nation, the eagerness and awareness of general public are the two key determinants
of growth of any insurance industry.Insurance is a social devise where uncertain risks
ofindividuals may be combined in a group and thus made more certain-SmallPeriodic
contributions by the Individuals provide a found out of which those who suffer losses may be
reimbursed. Life insurancemade its debut in India well over 100 years ago. Today, it is widely
accepted as one of the most attractive financial instruments in and individuals part police. That
provides an assurance of security with attractive returns.
WHAT IS LIFE INSURANCE
Life Insurance is a contract for payment of a sum of money to the person assured on the
happening of the event insured against. Usually the contract provides for the payment of an
amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death,
if it occurs earlier. It is concerned with two hazards that stand across the life- path of every
person that of dying prematurely leaving a dependent family to fend itself and that of living to
old age without visible means of support.
It is a form of risk management primarily used to hedge against the risk of potential financial
loss by paying a small sum periodically.

It is a contract between the incurred and the insurers who sells the Policy. Insurance Companies
collect premiums to provide for this protection.

WHY TO HAVE A LIFE INSURANCE

Protection

Liquidity

Tax Relief
Money when
you need it

CONCEPT OF LIFE INSURANCE

Life insurance is a contract under which the insurer (Insurance Company) in consideration
of a premium paid undertakes to pay a fixed sum of money on the death of the insured or on the
expiry of a specified period of time whichever is earlier.
In case of life insurance, the payment for life insurance policy is certain. The event
insured against is sure to happen only the time of its happening is not known. So life insures
finance is known as 'Life Assurance'. The subject matter of insurance is life of human being.
Life insurance provides risk coverage to the life of a person. On death of the person insurance
offers protection against loss of income and compensate the titleholders of the policy.
BASIC PRINCIPLES OF LIFE INSURANCE CONTRACT.
I. Insurable interest
2. Utmost good faith
3. Not a contract of indemnity
INDUSTRY PROFILE
ORIGIN OF LIFE INSURANCE
Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would
meet the funeral expenses of its members as well as help survivors by making some payments.
As European civilization progressed, its social institutions and welfare practices also got more
and more refined. With the discovery of new lands, sea routes and the consequent growth in
trade, medieval guilds took it upon themselves to protect their member traders from loss on
account of fire, shipwrecks and the like.
8

Since most of the trade took place by sea, there was also the fear of pirates. So these guilds even
offered ransom for members held captive by pirates. Burial expenses and support in times of
sickness and poverty were other services offered. Essentially, all these revolved around the
concept of insurance or risk coverage. That's how old these concepts are, really.
The 19th century saw huge developments in the field of insurance, with newer products being
devised to meet the growing needs of urbanization and industrialization.
In 1835, the infamous New York fire drew people's attention to the need to provide for sudden
and large losses. Two years later, Massachusetts became the first state to require companies by
law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires can
cause huge losses in densely populated modern cities.
THE PRIVATE PUBLIC SECTOR LIFE INSURER

Apart from Lite Insurance Corporation. The public sector life insurer, there are 22 other
private sector life insurers, most of themjoint ventures between Indian groups and global
insurance giants.
I-Life Insurance Corporation of India
SB1 Life Insurance
MetLife India Life Insurance
ICIC1 Prudential Life Insurance
Bajaj Allianz Life
Max New York Life Insurance
Sahara Life Insurance
Tata AIG Life
HDFC Standard Lite
Birla Sun life
Kodak Life Insurance

INDUSTRY PROFILE OF BAJAJ ALLIANZ

BAJAJ ALLIANZ COMPANY HAS DIVIDED INTO TWO PARTS:1. BAJAJ LIFE INSURANCE
2. BAJAJ GENERAL INSURANCE
BAJAJ LIFE INSURANCE
Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a
reputation of expertise, stability and strength. This joint venture Company incorporates global
expertise with local experience. The comprehensive, innovative solutions combine the technical
expertise and experience of Allianz SE, and in-depth market knowledge and goodwill of "Bajaj"
brand in India. Competitive pricing and quick honest response have earned the Company the
customer's trust and market leadership in a very short time.
At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by
offering customized products with transparent benefits supported by the best technology is our
business philosophy.
Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and
age-income profiles. Currently Bajaj Allianz has a strong product portfolio and caters to all kinds
of customer needs from ULIPs to Child plans, from group insurance to health insurance.

10

Vision
'To be the BEST Life Insurance Company
To Buy From,
Work For
& Invest In'

Culture @ Bajaj Allianz

Bajaj Allianz will be

A winning team

Have a passion for excellence & hate bureaucracy

Be empowered, have the confidence to take decisions quickly & be accountable

Be driven to achieve results, to deliver

Be professional & socially committed

Be open to ideas, sharing, transparent & trust

Focus everything we do on our customers

Make BALIC a 'great place to work'

Have a sense of humour

The Bajaj Allianz Philosophy

Invest in people - Pay / develop / career planning

Dominate your market - Be decisive / communicate clear goals

Never sit still - change continually / revolutionize

Think service; service; service - continuous improvement

Learn & Lead - Be prepared to listen

Tell the facts are they are - clear communication

Kill bureaucracy - boundary less / idea non management layers / informality /speed
11

The promoters of Bajaj Allianz Life Insurance Company are as follows :

Name of Promoters

% of Holding

Bajaj Finserv Ltd.

74

Allianz SE

26

TOTAL

100

We are also associated with the following companies:

Bajaj Finserv Ltd.

Bajaj Allianz General Insurance Co. Ltd.

Bajaj Allianz Financial Distributors Ltd.

The details about the board members and the management team are as follows
Sr.

Name of Person

Role/Designation

Mr. Sanjiv Bajaj

Chairman

Mr. Sanjay Asher Director

Mr. Niraj Bajaj

Director

Mr. Rahul Bajaj

Director

Mr. Manuel Bauer Director

Mr. Kamesh Goyal Director

Mr. Ranjit Gupta Director

Mr. S H Khan

Director

Mr. Suraj Mehta

Director

No

10 Mr. Anuj Agarwal

Managing Director &

Chief Executive Officer

11 Mr. Manu Tandon Director

12

PRODUCTS
Bajaj Allianz Lifelong Assure
We all wish for regular flow of income at all stages of our life, but most of the time achieving
those over age & time is not possible. Helping you with a solution, we at Bajaj Allianz
developed Lifelong Assure - a unique plan that provides you income & protection till your 100
birthday so that you can live worry-free for a lifetime.
RetireRich Calculator
Are you right insured? Know your worth with Bajaj Allianz RightInsure amount Calculator.

That's not all

Key features

Cash Bonus starting from the end of 6th year.

Guaranteed Cash Back starting from the end of Premium Payment Term.

Life cover up to the age of 100 years.

Guaranteed Death Benefit of up to 300% of Sum Assured depending on the PPT chosen.

Option to take policy benefit in monthly installments.

Choice of 3 premium payment terms, viz., 10, 15 and 20 years.

More value for money with high sum assured rebate.

Attractive rates for female lives.

RightInsure Calculator
Are you right insured? Know your worth with Bajaj Allianz RightInsure amount Calculator.
13

Policy Benefits and Features

What's in it for You?
Survival Benefit
a. You will start receiving Guaranteed Cash Back of 3% of your Sum Assured every year, from
the end of your premium payment term till the age of 99 years
b. You will be entitled for Cash Bonus declared, if any, starting from the end of 6 policy year till
the age of 99 years.
Maturity Benefit
Your policy will mature at the age of 100 years. On the maturity date, if all premiums are paid,
the Maturity Value under your policy, as mentioned in the below table, will be paid and the
policy will terminate.
PPT Sum Assured on Maturity
10 years 200% of Sum Assured
15 years 250% of Sum Assured
20 years 300% of Sum Assured
In addition, terminal bonus, if any, will be paid
Death Benefit
In case of unfortunate death of the life assured during the policy term, provided all the due
premiums have been paid under the policy, the death benefit payable to the nominee shall be as
follows
14

a. For age at entry less than 45 years, higher of

10 times annualised premium*

105% of total premium* paid till date of death

200%, 250% or 300% of sum assured depending on the PPT chosen.

b. For age at entry 45 years & above, higher of

7 times annualised premium*

105% of total premium* paid till date of death

200%, 250% or 300% of sum assured depending on the PPT chosen.

In addition, interim cash bonus & terminal bonus, if any, will be paid.
* Annualized Premium and total premium is exclusive of extra premium and service tax and
cess, if any

Understand Better
Sample Illustration
Ravi aged 30 years has taken a Bajaj Allianz Lifelong Assure policy for a premium paying term
of 20 years. The Sum Assured chosen by him is Rs.5,00,000 for which he is paying an annual
premium of Rs.51,805 after a high sum assured rebate of Rs.4000.

15

The benefits received by Ravi will be as follows.

In case of unfortunate death at age 65 years, the nominee will receive Rs.15,00,000

Premium shown above is exclusive of Service Tax & cess, and any extra premium.
For female lives 3 years age set back is applicable in premium calculation. For substandard and
smokers extra premium shall be charged as per board approved underwriting norms.
Cash bonus mentioned above is not guaranteed and will be based on actual experience.
About
2. Bajaj Allianz Save Assure
We always feel good to get more than what we expect, and even more when it's "guaranteed"*.
Presenting "Bajaj Allianz Save Assure" - a traditional endowment plan that not only secures you
and your family but also guarantees 115% of your sum assured. Living worry free is now
guaranteed.*

16

Tax Benefits
Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and maturity
benefit, death benefit and surrender value are eligible for tax benefits under Section 10(10D) of
the Income Tax Act, subject to the provision stated therein.
That's not all
Key Features
Bajaj Allianz Save Assure is a Limited Premium Payment, Non-Participating, Non Linked,
Individual Endowment Plan. The key features of this plan are:

Guaranteed maturity/death benefit of 115% of the sum assured*

Choice of 2 policy terms, 15 and 17 years.

Premium Payment Term of 10 and 12 years.

Option to take policy benefit in monthly installments over a period of 5 or 10 years.

More value for money with high Sum Assured rebate on premium.

* you will receive 115% of your sum assured as maturity/death benefit, provided all due
premiums have been paid.
RightInvest Calculator
Do you have the right invested amount in order to reach your dream value?
Find out with Bajaj Allianz Right Invest Calculator!

17

Find Out
How Does Your Plan Work?
You can customize your policy to suit your requirement in the following manner:
Step1: Choose your Sum Assured
Step 2: Choose your Policy Term
Your premium will be based on your current age, sum assured and policy term

Not Sure?
Call us now at 1800-209-0144(toll-free) and we will explain all the salient features of the plan to
you.
RetireRich Calculator

18

Learn More
Am I Eligible?
Eligibility

Parameter

Minimum Entry Age

1 year

Maximum Entry Age

60 years

Minimum Age at Maturity 18 years

Maximum Age at Maturity 75 years
Policy Term

15 & 17 years

Premium Paying Term

Policy term selected less than 5 years

Minimum Premium

Frequency

Policy Term 15

Policy Term 17

Yearly

Rs.8,140

Rs.6,620

Half-Yearly

Rs.5,000

Rs.4,200

Quarterly

Rs.2,500

Rs.2,100

Monthly**

Rs.1,000

Rs.800

Maximum Premium

No Limit

Minimum Sum Assured

Rs. 100,000

Maximum Sum Assured

No Limit

Premium

Payment

Frequency

Yearly, Half Yearly, Quarterly and Monthly**

**Monthly premium payment frequency will be available under salary deduction scheme &
ECS.
Policy Benefits and Features
What's in it for You?
Maturity Benefit
On the maturity date 115% of the sum assured chosen will be paid as maturity benefit, provided
all due premiums have been paid.

19

Surrender Benefit
You will have the option to surrender your policy provided at least 3 full years' premiums have
been paid.
The surrender value shall be higher of the Guaranteed Surrender Value(GSV) and the Special
Surrender Value(SSV) will be payable at any time of surrender throughout the term of the policy.
Death Benefit
If all due premiums are paid, then, in case of unfortunate death of the life assured during the
policy term, the Sum Assured on Death as mentioned below will be payable as death benefit to
the nominee :
Entry Age

Sum Assured on Death will be higher of

10 times annualised

105% of total premium*** 115% of sum

premium***

paid

Equal to or greater

7 times annualised

105% of total premium*** 115% of sum

than 45

premium***

paid

Less than 45

assured

assured

*** Annualised premium and total premium taken are excluding any extra premium and/or any
service tax and cess on premium.
Loan
You can avail of Loans under your policy provided at least three(3) full years' premiums have
been paid. The loan amount shall be 90% of the surrender value.
High Sum Assured Rebate(HSAR)
The plan offers an attractive premium discount structure, where you can have a discount of Rs.7
for each complete additional Rs.1,000 sum assured purchased over and above the Sum Assured
of Rs.1,00,000 subject to a maximum amount of HSAR of Rs.70,000.

20

Understand Better
Sample Illustration
Ravi aged 30 years has taken a Bajaj Allianz Save Assure policy for a Policy Term of 17 years.
The

Sum

Assured

chosen

by

him

is

Rs.5,00,000.

He is paying a premium of Rs.30,605 yearly for premium paying term of 12 years. On maturity
date, Ravi will receive 115% of Rs.5,00,000 (the Sum Assured chosen), i.e., Rs.5,75,000

In case of unfortunate death of Ravi in the 7th policy year, his nominee will receive 115% of
Rs.5,00,000

(the

Sum

Assured

chosen),

i.e.,

Rs.5,75,000.

21

* Premium shown above is exclusive of Service Tax and any extra premium.
Know More
What happens if I am unable to pay my premium?

If you have not paid 3 years'premium in full, then, your policy will immidiately lapse
at the expiry of the grace period

if you have paid at least 3 years' premium in full and stopped paying subsequent
premiums, then, your policy will be converted to paid up policy, in which the Sum
Assured will reduce to the Reduced Sum Assured and the Sum Assured on Death will
reduce

to

the

reduced

Sum

Assured

on

Death.

On maturity, 115% of Reduced Sum Assured or, on the death of the life assured, reduced
on Death will be paid and the policy will terminate.

You may revive your lapsed/paid-up policy during the revival period of 2 years from the
due date of first unpaid premium, subject to the revival conditions under the plan.

About
Bajaj Allianz Invest Assure
It takes only a moment to make promises and a lifetime to keep them. When you promise to see
your family through thick and thin, you need to make sure that you have planned for all the
eventualities that may befall on them.
Bajaj Allianz Invest Assure is a plan that gives you assured protection with financial benefits.
Tax Benefits
Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and maturity
benefit, death benefit and surrender value are eligible for tax benefits under Section 10(10D) of
the Income Tax Act, subject to the provision stated therein.

22

That's not all

Key Features
The key features of this plan are:

Option to choose 1.25 times or 2 times of Sum Assured as life cover.

Compound reversionary bonus and terminal bonus.

Limited premium payment term.

Option to take policy benefit in monthly installments.

More value for money with high sum assured rebate.

Attractive premium rates for female life insured.

RightInvest Calculator
Do you have the right invested amount in order to reach your dream value?
Find out with Bajaj Allianz Right Invest Calculator!

Find Out
How Does Your Plan Work?
You can customize your policy to suit your requirement in the following manner:
Step 1: Choose your Plan Variant - Gold or Silver
Step 2: Choose your Sum Assured
Step 3: Choose your Policy Term
Step 4: Choose your Premium Payment Term from available options

23

RetireRich Calculator

Learn More
Am I Eligible?
Eligibility
Minimum Entry Age
Maximum Entry Age

Parameter
Silver Variant - 0 year
Gold Variant - 18 years
50 years

Minimum Age at Maturity 18 years

Maximum Age at Maturity

Minimum Policy Term

Maximum Policy Term

Silver Variant - 70 years

Gold Variant - 65 years
Silver Variant - 17 years
Gold Variant - 15 years
40 years
Premium Paying Terms allowed are as below
Silver Variant
Policy Term Years 17 to 19
Premium

Paying

Terms
Premium Paying Term

20 to 24

25 to 40

7 and Policy
7, 10, 15 and
7, 10 and Policy
Term minus
Policy
Term minus 10
10
Term minus 10

Gold Variant
Policy Term Years 15 to 19
5,
Premium
Terms

PayingPolicy

20 to 24

and
5, 7, 10 and5, 7, 10, 15 and

Term minus
10

25 to 40

Policy

Policy

Term minus 10 Term minus 10

24

Maximum

Premium

Paying Term
Minimum Premium

30 years
Mode

Yearly

Premium Rs.

Rs. 5,000 Rs. 3,000

Maximum Premium

No Limit

Minimum Sum Assured

Rs. 1,00,000

Maximum Sum Assured

No Limit

Premium

Payment

Frequency

Half-Yearly

Quarterly

Monthly*

Rs. 2,000

Rs. 800

Yearly, Half Yearly, Quarterly and Monthly**

**Monthly premium payment frequency will be available under salary deduction scheme &
ECS.
Policy Benefits and Features
What's in it for You?
Maturity Benefit
On the maturity date, if all premiums are paid, the Sum Assured plus vested bonus and terminal
bonus, if any, under your policy, will be paid and the policy will terminate
Surrender Benefit
You will have the option to surrender your policy provided.
The surrender value shall be higher of the Guaranteed Surrender Value(GSV) and the Special
Surrender Value(SSV) will be payable at any time of surrender throughout the term of the policy.

at least 2 years' premium have been paid, for PPTs less than 10 years or

at least 3 years' premium have been paid, for PPTs of 10 years and above.

The surrender value shall be higher of the Guaranteed Surrender Value (GSV) and the Special
Surrender Value.

25

Death Benefit
If all due premiums are paid, then, in case of unfortunate death of the life assured during the
policy term, the Sum Assured on Death plus vested bonus, if any plus terminal bonus, if any, will
be payable. The Sum Assured on Death is the higher of:

10 times of annualised premium* for age at entry less than 45 years or 7 times annualised
premium* for age at entry 45 years and above or

105% of total premium* paid till date of death or

1.25 times or 2 times of Sum Assured.

*Annualized Premium and total premium is exclusive of extra premium and service tax and cess,
if any
Loan
You can avail loan under your policy, provided your policy has acquired a surrender value. The
loan amount shall be up to 90% of the surrender value of your policy.
High Sum Assured Rebate(HSAR)
The plan offers an attractive premium discount, where you can have a discount of 10 on the
annual premium for each complete additional 1,000 Sum Assured purchased over and above the
minimum Sum Assured of 1,00,000.

26

Understand Better
Sample Illustration
Ramesh aged 27 years has taken a Bajaj Allianz Invest Assure policy and has opted the Gold
variant for a policy term of 23 years and premium paying term of 13 years (by selecting a
Premium Paying Terms of 'Policy Term minus 10', i.e., 23-10=13). The Sum Assured chosen by
him is 5,00,000 for which he is paying an annual premium of 28,790 after a high sum assured
rebate of 4,000.
The

maturity

benefits

received

by

Ramesh

will

be

as

follows:

In case of unfortunate death at age 35 years, the nominee will receive 10,85,830

The premiums mentioned above are exclusive of any extra premium loading and/or service tax
and cess.
For female lives 3 year age set back is applicable in premium calculation. For substandard and
smokers extra premium shall be charged as per board approved underwriting norms

27

Why iSecure as a Term Insurance Plan?

You have always tried your best to fulfill all your responsibilities and take care of your family.
However, life comes with risks and unforeseen incidents that can put your family's financial
security in jeopardy. Presenting the Bajaj Allianz iSecure Insurance Plan; a level cover term
assurance plan that secures your family's financial needs by giving you a level term cover for
high sum assured, but at a low cost.
What is Term Insurance
Term insurance is a life insurance which provides coverage for the policy term decided between
the policy holder and insurer at the onset of the policy.
After this policy term expires coverage is no longer valid.If the insured dies during this term, the
death benefit is paid to the nominee.
Know your right Term Insurance Cover
With Bajaj Allianz RightInsure Calculator

That's not all

Key Features

Tax Exemption u/s 80C and 10(10D)*

Get the advantage of a level term cover at low cost, especially for larger sum assured.

Get rewarded for maintaining a healthy life-style, if applicable, with special premium
rates for non-smokers and medically fit non-smokers.

Benefit of attractive high sum assured rebate.

28

Your nominee will have the option to take the death benefit in equal monthly installments
over a period of 5 or 10 years.

Flexibility to
o

Select your policy term of 10, 15, 20, 25 or 30 years depending on your
requirement.

Alter your premium payment frequency.

Include your spouse at a later date in your existing policy, if you are single at
present.

Plan to meet recurring expenses of your loved ones by opting for payment of
benefit in annual installments.

Excellent - Relative Ranking

Read this Bajaj Allianz iSecure Product Review and Scorecard by i-Save Ratings

Learn more
How does the Bajaj Allianz iSecure Plan Work?
Bajaj Allianz iSecure offers you the choice to cover your spouse as well jointly with yourself.
You can customize your policy to suit your requirement by following the steps as follows:

Step 1 : Choose either individual or a joint life cover

Step 2 : Choose your sum assured(s) (Life Cover)

Step 3 : Choose your policy term & premium payment frequency

29

Step 4 : If sum assured chosen is Rs.20,00,000 & above, you may choose your lifestyle
category either "Non-Smoker1" or "Smoker1"

Your premium will be based on your current age(s), sum assured(s), lifestyle category (if
applicable), policy term and premium payment frequency.
In case of unfortunate demise, the death benefit will be the sum assured under the policy.
1

This categorisation is available for sum assureds of Rs.20,00,000 & above and subject to

medical examination/tests as decided by the Company.

A Non-smoker who has no abnormalities in his medical examination/tests or family/personal
history; has no risky avocation and does not have a risky occupation, as decided by the
Company, is classified as a Preferred Non-Smoker.
Policy Benefits and Features
What's in it for you
Tax Benefits

Premiums paid are eligible for tax benefits as per Section 80C of the Income Tax Act

Death benefit(s) are eligible for tax benefits as per Section 10 (10D) of the Income Tax
Act.

Subject to the provision stated therein.

Death Benefit
A. Individual Life

In case of unfortunate death of life assured during the policy term, provided all premiums
are paid up to date, the benefit will be Sum Assured

The policy cover will terminate immediately on death of the life assured

30

B. Joint Life

The death benefit is payable on death of each life, provided the policy is in-force. The
benefit payable will be Sum Assured

On death of any one of the life assureds, the policy will automatically continue on the
surviving life assured with a reduced premium. The reduced premium will be based on
the age, lifestyle category (if applicable), policy term, premium payment frequency and
sum assured of the surviving life assured as at the inception of the policy

The policy cover will terminate immediately on death of the surviving life assured

Understand Better
Sample Illustration
Jai aged 30 has opted for iSecure for a policy term of 20 years. The Sum Assured chosen by him
is Rs.1,00,00,000 for which he is paying an annual premium of Rs.10,465 after a high sum
assured rebate of Rs.5,635

In case of unfortunate death of Jai at 7th policy year, benefits received by the nominee will be
the sum assured of Rs. 1,00,00,000

31

Premium shown are for a non-smoker male life exclusive of service tax and Edu.Cess
Term Insurance

Term Insurance
Insurance, as the name suggests, provides assurance of payment of a fixed sum of money in the
event of unexpected loss against payment of a predictable sum of money, known as premium.
Read Now...

Eligibility Criteria
Parameter Eligibility
Minimum
Entry Age
Maximum
Entry Age

18 years

60 years

Minimum Rs.250,000

for

general

category

and

Sum

Rs.20,00,000 for the categories split by Preferred

Assured

Non-Smoker1 , Non-Smoker1 & Smoker

Maximum
Sum

No Limit

Assured
Policy
Term

10, 15, 20, 25 & 30 years

Minimum Sum
InstallmentAssured

Yearly

HalfYearly

QuarterlyMonthly*

32

Premium Less

than

Rs.2,000,000

Rs.1000Rs.500 Rs.250

Rs.100

Greater than
or equal toRs.3000Rs.1500Rs.750

* For monthly installment, three (3)

installments need to be paid at the
inception of the policy.

Rs.250

Rs.2,000,000
Minimum
Maturity 28 years
Age
Maximum
Maturity 70 years
Age
Group Life Insurance
"One of the best ways for to increase group cohesiveness is to make your group members feel
cared for. Our group insurance scheme for your group members, employees and their families
show them that their organization cares not only for them but also their families. At Bajaj Allianz
Life Insurance we offer customised group insurance policy, which safeguard your employees'
interests and show your commitment towards them.
Bajaj Allianz Life Insurance Group Plans offer:1. Financial stability to employees or group members
2. Ease of operations and fund management.
Product

Group Income Protection

Group Term Life Insurance Plan

Group Employee Benefit Plan

Group Employee Care

Group Credit Protection Plus

Group Term Care

Group Superannuation Secure

33

Group Annuity

Niyamit Sanchay Suraksha

Sarve Saral Suraksha

Product
Group Income Protection
You build Special Economic Zones, which help build industry and the nation. You and your
company buy /undertake land at attractive rates from small land owners or farmers to build but
you have one concern, that the small land owner / farmer might not make best use of this lump
sum they receive from you. At Bajaj Allianz Life Insurance we understand this sincere concern
that you have and introduce a Group Income Protection plan that provides you a method to gift
the land holders (called member) and their families a regular income in the form of annuity and
death benefit in case of unfortunate death of the landholder.

Group Term Life Insurance Plan

Giving your members and their families the heartening reassurance of your care. Giving your
members the complete reassurance of a lasting financial security and peace of mind.

34

Group Employee Benefit Plan

"A complete Employee Benefit Solution" Our Group Employee Benefit Plan allows you to offer
benefits to your employees as part of your statutory or employee welfare requirements. Your
financial obligations towards such requirements increase with increase in number of employees,
their pay scales and tenure of employment. Our Plan helps you to make provisions to meet your
obligations by helping you to set and manage your funds for gratuity and leave encashment
benefits of your employees.

Group Employee Care

Bajaj Allianz Group Employee Care is a traditional variable non-linked, non-participating fund
based group insurance product, which can be taken by you (an employer) to manage employee
benefits like leave encashment and gratuity for your employees. This scheme helps in building a
substantial fund, to ensure hassle free discharge of your liabilities as a responsible employer.

Group Credit Protection Plus

Giving your members and their families the heartening reassurance of your care, and peace of
mind in the event of premature demise of your member. Also an economical way to protect the
member's family from the burden of repayment of any loan in case of death or accidental
permanent total disability or critical illness of the member. We bring you the Bajaj Allianz
Group Credit Protection Plus, a non participating Group Insurance Plan.

35

Group Term Care

In an increasingly uncertain world, providing for adequate cover at an affordable cost is now an
easy task. Your premiums will not only buy you protection but also will be returned to you on
maturity. Presenting Bajaj Allianz Group Term Care a non-linked, nonparticipating single
premium group term assurance product that also provides proportionate return of premium at
maturity.

Group Superannuation Secure

Assure your employees a financially secured, stable and independent post retirement life.
Group Superannuation Secure is a non-linked, non-participating plan, variable fund-based Group
Superannuation Scheme which can be taken by you (an employer) to manage pension fund for
your employees. This scheme helps in building a substantial retirement fund, to ensure a secure
regular income flow after retirement. The plan offers a minimum Guaranteed Interest Rate,
which will be guaranteed for the entire term of the policy and an Additional Interest Rate, which
may be declared by the company at the start of each financial quarter.

36

Group Annuity Plan

A single premium assured immediate annuity income group plan. The "Bajaj Allianz Group
Annuity" - an assured future income for your member. Employers today offer not only a good
salary to their employees but also helps them have a good lifestyle. We at Bajaj Allianz Life
Insurance understand this need of maintaining a lifestyle even after retirement and offer a group
immediate annuity plan that provides assured regular income (pension) to your member after
his/her retirement.

Niyamit Sanchay Suraksha

Bajaj Allianz Niyamit Sanchay Suraksha is a traditional, non-linked, non-participating regular,
limited and single premium, group savings variable insurance plan which gives your group
members the complete reassurance of a lasting financial security and peace of mind. The plan
offers a Guaranteed Interest Rate, which will be guaranteed for the entire term of the policy and
an Additional Interest Rate, which is also guaranteed.

37

Sarve Saral Suraksha

In an increasingly uncertain world, providing for adequate cover at an affordable cost is now an
easy task. Your premiums will not only buy you protection but also will be returned to you on
maturity. Presenting Bajaj Allianz Sarve Saral Suraksha a non-linked, non-participating regular
premium group term assurance product, that also provides return of premiums at maturity.

38

BAJAJ ALLIANZ GENERAL INSURANCE

Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv
Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation
of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority
(IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business
(including Health Insurance business) in India. The Company has an authorized and paid up
capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by
Allianz, SE.
As on 31st March 2010, Bajaj Allianz General Insurance maintained its premier position in the
industry by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax
of Rs. 180 crores and has become the only private insurer to cross the Rs.100 crore mark in profit
before tax in the last four years. The profit after tax was Rs. 121 crores, 27% higher than the
previous year.
Bajaj Allianz today has a countrywide network connected through the latest technology for quick
communication and response in over 200 towns spread across the length and breadth of the
country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are
interconnected with the Head Office at Pune.
At Bajaj Allianz General Insurance, we..

Set new benchmarks of excellence

Are open to new ideas for raising the bar

Take pride in our work and excel in what we do

39

At Bajaj Allianz General Insurance, we..

Treat all customers with warmth and respect

Understand and manage customer expectations

Listen and are empathetic to the customer

At Bajaj Allianz General Insurance, we..

Lead change

Look for opportunities to innovate at every level

Empower others to take responsible decisions

Show tolerance for failure

At Bajaj Allianz General Insurance, we..

Are accessible to all

Are fair and transparent

40

Are open to feedback

Keep commitments

Trust each other to do a good job and give due credit

Own up to mistakes

At Bajaj Allianz General Insurance, we..

Take collective ownership for success and failure

Respect divergent views and own the decisions taken

Put organizational interest above team and individual interests

Consciously include and respect people from different backgrounds

At Bajaj Allianz General Insurance, we..

Set new benchmarks of excellence

Are open to new ideas for raising the bar

Take pride in our work and excel in what we do

41

Vision

To be the first choice insurer for customers

To be the preferred employer for staff in the insurance industry

To be the number one insurer for creating shareholder value

Mission
As a responsible, customer focused market leader, we will strive to understand the insurance
needs of the consumers and translate it into affordable products that deliver value for money.
A Partnership Based on Synergy
Bajaj Allianz offers technical excellence in all areas of General and Health Insurance, as well as
Risk Management. This partnership successfully combines Bajaj Finserv's in-depth
understanding of the local market and extensive distribution network with the global experience
and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a
capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of insurance
business including health insurance.
Our Achievements
Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of Moody's Investors
Service for seven consecutive years. This rating indicates highest claims paying ability and a
fundamentally strong position.
Bajaj Allianz General Insurance has been adjudged as the "Best General Insurance Company
in the Private Sector" by ABP News - Banking, Financial Services Awards in the year 2014.
The Company was awarded in the same category by Indian Insurance Awards in the year 2013,
by Bloomberg UTV Financial Leadership Awards in 2012 and by CNBC TV18 India Best Bank
and Financial Institution Award in 2012 and 2011.
Bajaj Allianz was conferred with the Golden Peacock Award 2014 in the category of
Innovative Products/Service. It was awarded as "Claims Service Company of the Year" by the
Indian Insurance Awards 2013, for its superior claims paying ability. In the same year Bajaj
42

Allianz won an award for "Claims Innovation of the Year" in the Asia Pacific Region at the
Claims Awards Asia 2013.
General Insurance - Awards and Recognition

Insurer Claims Team of the Year at the "Claims Awards Asia 2014"
Bajaj Allianz General Insurance Company has been awarded the "Insurer Claims Team of the
Year" at the "Claims Awards Asia 2014". The ceremony was held in Hong Kong on 19th Nov
2014. This award is a testament to the superior claims management practices of the Health
Claims Team, and recognizes the team's path breaking initiatives to provide the best claim
service to the customers. The prestigious award champions the leaders of General Insurance
claims and risk management sectors across Asia.

Best General Insurance Company of the Year, by Asia Insurance Industry Awards 2014.
Bajaj Allianz General Insurance Co. Ltd. has been conferred with one of the most prestigious
awards - Best General Insurance Company of the Year, by Asia Insurance Industry Awards
2014. The award ceremony was held in Taipei, Taiwan, on 2nd November, 2014.
The company was recognized for its outstanding customer service levels, the innovations in the
field of insurance and the sound financial management which has led to continuous profitability

43

over the years. This award marks the excellence of the Company in the field of insurance not just
in India but across Asia.

Financial Inclusion and Payment Systems Awards 2014

Bajaj Allianz General Insurance has been declared as the winner under the Health Insurance
Category - for the Innovative work in the area of Health Insurance (Value Added Services and
Wellness Initiatives) at the Financial Inclusion and Payment Systems Awards 2014.

Best Travel Insurance Company by CNBC AWAAZ Travel Awards 2014.

Bajaj Allianz General Insurance has been conferred as the Best Travel Insurance Company by
CNBC AWAAZ Travel Awards 2014.

Personal Lines Growth Leader Award at the Indian Insurance Awards 2014.Bajaj Allianz
has won the "Personal Lines Growth Leader" Award at the Indian Insurance Awards
2014.
44

Golden Peacock Award 2014

Bajaj Allianz has been conferred with the Golden Peacock Award in the category- Innovative
Product/Service for EEZEE TAB.

The Golden Peacock Innovative Product/Service Award is given to a product or service which
shows a quantum leap in the utilization of current technology to achieve maximum customer
satisfaction at a minimum cost. The Golden Peacock Awards (GPA) are a set of prestigious
national and global awards, organized by the Institute of Directors, designed to improve
productivity and quality in organizations.

Best Insurance Company in the Private Sector - 2014

Bajaj Allianz General Insurance has won the award for "Best Insurance Company in the Private
Sector - General" by ABP News - Banking, Financial Services & Insurance Awards.
The BFSI Awards 2014 recognizes the best performances of various Banking, Finance &
Insurance Services. The award focuses on the best practices in the BFSI Industry based on their
strategy, security, customer service, and the future technology challenges and innovations. This
award recognizes our organizational values and contribution.

45

1. CARS INSURANCE
Buy Online Car Insurance with Bajaj Allianz
Your car insurance policy is the most important document in your vehicle. Millions of car
owners across India trust Bajaj Allianz to insure their car. Along with comprehensive coverage
against physical damage, bodily injury and cover againts third-party liability, your motor
insurance brings to you confidence and peace of mind. All this is backed by our superior claims
servicing capability and fast settlement record for vehicles insured by us.

Cashless settlement in over 1500 preferred workshops

Hassle free claim settlement

Quick and easy online purchase process

24x7 claims support

Key Benefits of Car Insurance with Us

Our Car Insurance policy provides the following key benefits:

Get your Car Insurance or Car Insurance Renewal in easy steps.

Cashless claims at over 1500 preferred garages. Receive 75% on account payment when
cashless facility is not available.

Transfer up to 50% of your existing No Claim Bonus from any insurance provider.

Avail of our 24x7 telephonic service for claims support and other assistance, even on
holidays.

Towing Facility in an event of a breakdown/accident.

Instant Claims Assistance and SMS updates on your motor claim status through our
24x7 call-centers.

Bajaj Allianz's preferred workshops give you access to hassle-free inspection and bring
to you high service standards.

46

What is Covered?

Loss or damage to your car and two-wheeler against natural calamities

Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm,
tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.

Loss or damage to your car and two-wheeler against man-made calamities

Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity,
any damage in transit by road, rail, inland waterway, lift, elevator or air.

Personal Accident Cover

Coverage of Rs. 1 lakh for the individual owner/driver of the vehicle while driving or
travelling and mounting or dismounting from the two-wheeler. Optional personal
accident covers for co-passengers available.

Third Party Legal Liability

Protection against legal liability due to accidental damages resulting in the permanent
injury or death of a person, and damage caused to the surrounding property.

2. HEALTH INSURANCE

Health Guard Family Floater Option

Health Guard Individual Policy

47

Premium Personal Guard

Surgical Protection Plan

Extra Care
Your life-style choices can make a difference in your health,
and each stage of life brings different...
3. TRAVEL INSURANCE

Individual Travel Insurance

Travelling abroad to a foreign land alone entails a lot of risk. Medical emergencies, losses, and
delays can be expensive and cause great inconvenience to you. Are you covered?

48

Family Travel Insurance

A hundred things can go wrong when you travel. Something that's an inconvenience at home can
ruin your holiday when you're abroad. Is your family covered?

Senior Citizen Travel

Taking a holiday abroad in your golden years is a dream for many. But little inconveniences and
medical problems can sully your enjoyment unless you've got someone to take care of them for
you. Are you covered?

49

Student Travel Insurance

When you go to study abroad, you want a solid support system to care of any troubles for you.
Are you covered?
4. HOME INSURANCE
My Home Insurance - A Complete Home Insurance for You
There is no place like 'Home', it's our most valued possession and our heaven on earth. Few
things in life matter as much to us, as our home does. After all, it's the heart of our family, our
possessions, our priceless investment and our memories. You take good care of your home daily cleaning, regular maintenance, and fresh paint each year to keep it looking beautiful. But
don't stop there - give your home the best possible protection from unforeseen incidents with
Bajaj Allianz My Home Insurance plans.
At Bajaj Allianz, we understand that whatever be the market value of your house, your home is
invaluable. That's why we bring you a comprehensive home insurance cover - "My Home
Insurance All Risk Policy" which will protect not only your home, but also the belongings inside
it.
Why Bajaj Allianz?
Key Benefits of Home Insurance with Us

Provides complete protection for property, contents, interests of the insured and their
family members in a single policy.

Useful add-ons to customize your policy.

Affordable premium

Attractive rebates

Home Security - Secure Your Home before Leaving for Vacation

Hiding everything away under lock and key won't deter a professional burglar while you're on
holiday, so here's what you should do instead
50

What is Covered?

Independent Building/Flat/Apartment

Content

Jewellery and Valuables

Who can buy the policy?

a. Any Owner Occupant of a Flat / Apartment / Independent Building which is less than
30 Years Old and which is not of Kutcha Construction can purchase this insurance policy
for his "Building and/or Contents and Jewellery & Valuables".

b. Any Tenant and other Non-Owners of Residential Structure can insure the "Contents
and Jewellery & Valuables" in the Flat/Apartment/independent Building occupied by
them for residential purpose.

5. COMMERCIAL INSURANCE:- Our Commercial Insurance Solutions

Bajaj Allianz General Insurance has established itself as the leading insurer in India across all
segments of the industry ranging from Small & Medium Scale Enterprises to Large Corporates &
Multinationals. We offer solutions for all sectors of the industry ranging from Automotive,
Aviation, Construction, Chemicals, Foods & Beverages, Manufacturing, Oil & Gas,
Pharmaceuticals, Power, Technology, Telecom, Textiles, Transport & Logistics.
For your quick reference, we have listed down our bouquet of products to cater to your insurance
needs. To know further details on these products, please contact your nearest Bajaj Allianz
Branch Office, Insurance Broker or Insurance Advisor.

51

Property Insurance
Bajaj Allianz General Insurance, specializes in offering commercial property insurance for the
most complex and challenging exposures.

Marine Insurance
Bajaj Allianz General Insurance today provides marine insurance for all types of marine cargo
risks.

Liability Insurance
Modern business liability insurance exposures arise from many sources: from third parties, from
products, from the environment, from emerging risks.

52

Financial Lines Insurance

Protecting Executives and Professionals

Engineering Insurance
Tailor-made solutions for engineering and construction insurance

Energy Insurance
Energy insurance for onshore and offshore risks

53

OBJETIVES OF THE STUDY

To study about Bajaj Allianz Company profile
To study about overall financial schemes provided by Bajaj Allianz.
To study about Life Insurance Product & Policies of Bajaj Allianz.
To study about General insurance Product & Policies of Bajaj Allianz.

54

RESEARCH METHODOLOGY
RESEARCH PROBLEM
1)

To establish an interface between the policy/plans makers and policy takers, that how and

in what manners they show there reaction towards policy and plan.
Through the study we try to study and analysis the different pension plans of the different
company. How people choose the suitable pension plan for them.
2)

We also want to know that how and in what manners the different pension plan attract

different age and salary group.

RESEARCH:Research is an organized and systematic way of finding answers to question.
Research is an enquiry or examination to discover new information or relationship
and to extent and to verify existing knowledge.
Redman &Mory define research as a systematized effort to gain new knowledge.

METHODOLOGY:
This report is based on primary as well as secondary data, however primary data collection was
given more importance since it is overhearing factor in attitude studies. One of the most
important users of Research Methodology is that it helps in identifying the problem, collecting,
analyzing the required information and data and providing an alternative solution to the problem
.
It also helps in collecting the vital information that is required by the top management to assist
them for the better decision making both in day to day activities as well as in long run.
Primary data which are collected directly from the managers and employees and the methods
used are:
Company Financials
Relevant Data records/MIS Reports from the company
Discussion
Secondary data which are collected from the external sources like:

55

Internet
Documents of the Corporation
Magazines
Methodology is define as
The analysis of the principle of methods, rules, and postulates employed by a discipline or
The development of methods, to be applied within a discipline
A particular procedure or set of procedure.
Research design
The framework of conducting research is known as research design.
Research design is the plan, structure, and strategy of investigation conceived so as to
obtain answers to research question and to control variance.
Method
There are two types of data collection method use in my project report.
Primary data
Secondary data.
For my project, I decided on primary data collection method for observing the working of
company and approaching customers directly in the field with the help of questionnaire prepared.
I decided on Secondary data collection method by referring to various websites, books,
magazines, journals and daily newspapers for collecting information regarding project under
study.
SAMPLING DESIGN

Since it is not possible to study whole population, it is necessary to obtain representative

samples from the population to understand its characteristics.
Sampling Area: Sagar (M.P)
Sampling Unit: Individuals respondents for studying consumer buying behavior selected
randomly from different parts of Sagar M.P
Sampling technique: Random sampling
Sample size: 50 respondents through different parts of Sagar city.
Research instrument: Structured Questionnaire
Contact method: Direct Interview

56

Types of research Design:There are three types of Research Design:1. Exploratory Research Design: - The major emphasis in exploratory Research Design is
on discovery of ideas and insights.
2. Descriptive Research Design: - The descriptive Research Design study is typically
concerned with determining the frequency with which something occurs or the
relationship between two variables.
3. Causal Research Design: - A Causal Research Design is concerned with determining
cause and effect relationship.
For the study, Descriptive Research Design was undertaken as it draws the opinion of
employees/workers on specific aspect

57

FINDINGS AND ANALYSIS

1. Do you have a life insurance policy? If yes, then of which company/companies?
PEOPLE HAVING INSURANCE POLICIES

28%
Yes

72%

No

% OF INSURED POPULATION IN VARIOUS

COMPANIES

Bajaj Allianz

6% 0%
3% 5%
28%

LIC
Max Newyork
ICICI Pru

17%
TATA AIG

8%

33%
Birla sun life
AVIVA

Out of the 50 insurable people interviewed nearly 72% people have taken insurance policy. Out
of this population being interviewed nearly 32 % had LIC policy, 28 % had BAJAJ Allianz,
followed by ICICI Pru. (17 %), Max New York Life (8 %) , TATA AIG(3%), Birla Sun Life
(6%), Aviva and HDFC having 6% shares each in the interviewed population.

58

2. Do you see insurance policies as an investment alternative or a security option?

PURPOSE OF INSURANCE

22%

Investment Alternative

78%
Security Option

Out of the 50 people interviewed 78 % people term/see insurance policy as a security option
while only 22 % see it as an investment option.

59

3.Please rank the following as per your preference to investment in a

financial year:

(No. of people)

INVESTMENT PREFERENCES IN VARIOUS ALTERNATIVES

20
18
16
14
12
10
8
6
4
2
0

Shares

Mutual Funds

Life insurance

Government Bonds

(Investment alternatives)

Out of 50 being interviewed, 18 people invest in life insurance policies, 16 people invest in
shares, 12 people invest in mutual funds and 4 people invest in government bonds.

60

4.What is your criteria/criterion to select a particular insurance company and a

scheme?

CRITERIA FOR SELECTING AN

INSURANCE COMPANY
20
20

15

15
8
5

10

2
5
0

Security

Time span

Market
share

Return

All of the
above

Out of 50 people being interviewed, 15 people select an insurance company on the criterion
of security, 5 people select an insurance company on the criterion of time span, 2 people
select an insurance company on the criterion of market share, 8 people select an insurance
company on the basis of return and 20 people select an insurance company on the basis of
all the above mentioned reasons.

61

5. Rank the life insurance companies in the your order of preference :

FIRST PREFERENCE OF PEOPLE AMONG PVT. LIFE INSURANCE COMPANIES

BAJAJ Allianz

16%
14%
24%

46%

ICICI Prudential
Max Newyork
HDFC

Out of 50 people interviewed, 46% had BAJAJ Allianz as their first preference for a pvt.
Life insurance company followed by ICICI Prudential having 24 % preference followed by
HDFC Life insurance having 16% market share and lastly Max New York Life Insurnce.

62

6. Do you think that private life insurance companies are as safe as LIC for taking a
policy?

PERCEPTION OF PEOPLE ABOUT SAFETYNESS : LIC Vs PVT. LIFE

INSURANCE COMPANIES

Yes
38%
No
62%

Yes

No

Out of 50 people being interviewed, 62 % of people do not find private life insurance
companies to be safe for buying a life insurance policy whereas 38 % people find them safe
for buying a life insurance policy from a private life insurance company.

63

7. BAJAJ Allianz is quite a famous company because:

FAMOUSNESS REASONS OF BAJAJ ALLIANZ

POLICIES

16%
PARENT COMPANIES

40%

20%
MKTG. AND ADV. STRATEGIES

24%
All OF THE ABOVE

Out of 50 people interviewed, 16 % people perceive policies of BAJAJ Allianz make it a

famous company while 20% think it is due to the parent companies, 24% take it as
marketing and advertising strategies which appeal to the mass population while 40 % think
it is all due to the above mentioned reasons that BAJAJ ALLIANZ is a famous company.

64

8. Are you satisfied with your existing policy/policies?

SATISFACTION LEVEL OF POLICY HOLDERS

Not satisfied
31%
Satisfied
Not satisfied

Satisfied
69%

Out of 50 interviewed, 69% of the people were satisfied with their life insurance policies
while only 31% of people were not satisfied.

65

DIFFICULTIES FACED/ LIMITATIONS

Following were the difficulties faced during the completion of project:

Non filling up of certain questions of the questionnaire which led to the cancellation of
that particular questionnaire.
Non understanding of certain parameters in the questionnaire.
Taking a sample size of 50 people does not reflect the mindset of all kinds of people from
different backgrounds, different age groups and income groups.

66

RECOMMENDATION & SUGGESTIONS

BAJAJ ALLIANZ, in the present scenario is growing at an aggressive pace. The company
does a lot of survey & analysis in the market to discover customers needs & expectations &
tries to improvise on its existing market linked plans along with insurance policies. In addition
to this , the company from time to time keeps on introducing various new policies & tailor
made plans exclusively to cater peoples financial needs. This has enabled BAJAJ Allianz to
become market leader in the sector of insurance & investment companies since 2001 when it
came into existence.

Since, now many other companies are joining the field of insurance & investments, it will be
necessary for BAJAJ Allianz to vigorously pursue & update its survey & analysis policy to
remain market leader. Simultaneously, it should discover & rediscover its strength by
introducing new plans better suited to the people at large. India is a very big market & it can
provide sustenance to all the companies in the field of insurance & investments but to remain one
of the leading companies, BAJAJ Allianz has to adopt new strategies earlier than others. This
could include widening the distribution networks to all parts of the country & catering to every
income group. Furthermore, it can improvise on its advertisements & promotion campaigns by
becoming more appealing & making them touches the hearts of millions & billions of Indians
who are the hot prospects. Lastly, the students in the professional courses, apprentices, trainees
may be good targets to approach in times ahead.

67

CONCLUSION
The research project titled as enabled to understand the competition among the various life
insurance companies which have entered Indian market of life insurance after 2000 when private
life insurance companies were allowed to enter the Life insurance sector in India. BAJAJ Allianz
is one of the companies in the private sector which are doing exceptionally good in this sector
due to their policies to which people find very attracting according to their needs. When people
were interviewed about the first preference among the private life insurance companies nearly
46% replied for BAJAJ Allianz, this clearly indicates that BAJAJ Allianz is quite a household
name. The reasons for this are many like it is a company with very strong brand names: BAJAJ
Auto Limited which is the no. 1 Automotive Manufacturer in India also Allianz AG is 3rd largest
life insurance company in the world. The market share of BAJAJ Allianz also around 34%
among private life insurance companies which is quite high among private life insurance
companies. It is only second to LIC in the life insurance sector.

But if there are people accepting BAJAJ Allianz, there are people who are still hesitant to take up
private insurance companys policy this is due to the fact that LIC is a government organization.
It can be seen from the study that people have started recognizing BAJAJ Allianz as a life
insurance and hence it will grow at a much faster pace in the future.

68

BIBLIOGRAPHY
Philip Kotlar, Marketing Management, New Delhi, Pearson Education (P) Ltd., Indian
Branch, 2004.
C.R. Kothari, research Methodology, New Delhi, New Age International (P) Ltd.

WEBSITES

www.bajajallianzlife.co.in

www.gogle.com

www.scribd.com

www.pdfdata.com

www.slideshare.com

69

QUESTIONNAIRE
Name:

Address:

Contact No:-

Age:-

Q1. Do you have a life insurance policy?

A. YES

B. NO

Q2. Do you see insurance policies as an investment alternative or a security option?

A. Investment alternative

B. Security option

Q3. Please rank the following as per your preference to investment in a financial year?
A. Shares

B. Mutuals

C. Life Insurance

D. Government Bonds

Q4. What is your criteria/criterion to select a particular insurance company and a scheme?
A. Security

B. Time span C. Market share

D. Return

Q5. Rank the life insurance companies in the your order of preference?
A. Bajaj Allianz B. ICICI Prudential C. Max newyork

D. HDFC

Q6. Do you think that private life insurance companies are as safe as LIC for taking a
policy?
A. YES

B. NO

Q7. BAJAJ Allianz is quite a famous company because?

A. Policies

B. Parent Companies

C. Mkt. & Adv. Strategies

Q8. Are you satisfied with your existing policy/policies?

A. Satisfied

B. Not Satisfied

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