Introduction on Insurance fund

management
Insurance is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a
loss, from one entity to another, in exchange for payment. An insurer is a company
selling the insurance; an insured or policyholder is the person or entity buying the
insurance policy. The insurance rate is a factor used to determine the amount to be
charged for a certain amount of insurance coverage, called the premium. Risk
management, the practice of appraising and controlling risk, has evolved as a discrete
field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the insurer in exchange for the insurer's promise to
compensate (indemnify) the insured in the case of a large, possibly devastating loss. The
insured receives a contract called the insurance policy which details the conditions and
circumstances under which the insured will be compensated.

Introduction of bajaj allianz

Bajaj Allianz Life Insurance Co Ltd is a unique joint venture among the global giants
Allianz Group (AG) and Bajaj Auto. Allianz AG's world ranking establishes it among the
top insurance companies in the world. Bajaj is the biggest two and three wheeler
manufacturer in the world. Bajaj Allianz Life Insurance Company boasts of a nationwide
presence with 876 offices and over 4 million satisfied customers. Bajaj Auto India’s
leading two wheeler manufacturer and Allianz
AG worlds largest General Insurance Company have come together
To form Bajaj Allianz General Insurance Company Limited. The Bajaj
Group brings with it a very strong corporate philosophy and work
Ethics. A household name today Bajaj has an extensive
Understanding of the local market; with an expansive distribution
Network catering to a huge retail pool in the two wheeler & consumer goods section.
Allianz brings the insurance skills as the largest General Insurance
Company in the world and an understanding of the insurance needs
of over 60 million customers across the world. With over 110 years
of experience Allianz AG services majority of the Fortune 500
Companies’ Automotive insurance comprises the bulk of the company's annual revenue.
History of the company
With one of the world's leading insurers and one of India's leading makers of motorcycles
as its investors, Bajaj Allianz knows a thing or two about property insurance. The
company is a joint venture between Allianz and Bajaj Auto subsidiary Bajaj Finserv.
Bajaj Allianz provides an array of general insurance services via a domestic network of
some 200 offices. Since its founding in 2001, Bajaj Allianz has grown to become one of
the leading general insurance agencies in the country. Bajaj Auto owns about 75% of the
company. Allianz SE is a leading insurance corporation globally and one of the largest
asset managers in the world, that manage assets worth over a Trillion. With over 115
years of financial experience, Allianz SE is present in over 70 countries around the world.
Bajaj Allianz is into both life insurance and general insurance. Today, Bajaj Allianz is
one of India's leading and fastest growing insurance companies. It has 1200 branches and
a main office is at Pune. Currently, it has presence in more than 550 locations with over
60,000 Insurance Consultants.
In June 2008, Bajaj Allianz entered into partnership with Thomas Cook India to provide
travel finance. Bajaj Allianz Life Insurance ensures excellent insurance and investment
solutions by offering customized products, supported by the best technology.

Turnover of company
Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate (group or
corporation formed by the merging of separate and diverse firms) globally and one of the
largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55,
00,000 Crores). Turnover of this financial year was 33,000 crores and last financial year
i.e. 2008-2009 was 4,500 crores
Various plans of bajaj allianz
Unit Linked Plans

ULIP stands for Unit Linked Insurance Plans. As we know that insurance is for
protecting our life from the any uncertain events like death or accident. The purpose of
the normal insurance plan is just protecting the life but not ensuring any savings for the
future. The example for the pure insurance plans is term insurance. Many people wanted
plan which gives protection also gives the returns for their investment. So, insurance
companies come up with the ULIP plan where the premium amount is invested in the
stock market and returns better income on the maturity period.

ULIPs have gained high acceptance due to attractive features they offer. These include:

Flexibility
1. Flexibility to choose Sum Assured.
2. Flexibility to choose premium amount.
3. Option to change level of Premium /Sum Assured even after the plan has
started.
4. Flexibility to change asset allocation by switching between funds

Transparency:-
5. Charges in the plan & net amount invested are known to the customer
6. Convenience of tracking one’s investment performance on a daily basis.

Liquidity
7. Option to withdraw money after few years (comfort required in case of
exigency)
8. Low minimum tenure.
9. Partial / Systematic withdrawal allowed

Fund Options
10. A choice of funds (ranging from equity, debt, cash or a combination)
11. Option to choose your fund mix based on desired asset allocation
Traditional Plans
These are the oldest types of plans available. These plans cater to customers with a low
risk appetite. Some of the common features of traditional plans are:

Steady Investment:-
1. Major chunk of investible funds are in debt instruments
2. Steady and almost assured returns over the long term

Features:-
3. Death benefit is Sum Assured + guaranteed & vested bonus
4. Helps in asset creation as they are for a long tenure
5. Premium to Sum Assured ratios are fixed for each plan and age.
6. Generally withdrawals are not allowed before maturity
Product of the company
Traditional Plans:

Endowment Plan
1. Life Time Care : Is a whole life plan, where it helps you financially at the time when
your regular income ends. That is it provides survival benefits at the age of 80. The plan
also has additional benefits like Waiver of Premium , Accidental Death Cover &
Disability Cover and Critical Illness Cover & Hospital Cash Cover.

2. Super Saver: Is a regular premium endowment plan, which enables the policyholder
to save an amount regularly for the future. The plan also has an extra benefit of
Guaranteed Additions to the sum assured, at the end of each policy year.

3. Save Care Economy SP: A 10year single premium endowment plan which
provides savings with high risk cover. This plan also participates in the companies
profits. It is a high risk but has easy liquidity and high returns.

Money Back Plan

A money back plan which guarantees 5 easy payouts giving upto 125% + bonuses. Also 4
times a life cover. The additional benefits offered are
• Family Income Benefit
• Accidental Death Benefit and Disability Benefit.
• Critical Illness Benefit and Hospital Cash Benefit.

Term Plans
1. Term Care: Is a term Assurance plan which provides life cover and return of
premiums paid at the time of maturity. It has the option of single premium payment. It is
the only pure Term Plan which provides Hospital Cash Benefit.

2. New Risk Care: Is a plan with regular/single premium payment options. This plan
comes with a lowest cost for a Life Insurance cover. With regular premium plan you get
additional rider benefits. Also accidental death benefit and accidental permanent
total/partial disability benefit. Besides that you can also avail of critical illness benefit
and hospital cash benefit.

3. Protector: Is a mortgage reducing term assurance plan. At a low premium amount

you can secure your family from the burden of paying the Home Loan in your absence.
You get an option of both Regular Premium payment and single premium payment. Also
there is an option of Joint life availability, where the co-applicant can be also covered in
the plan.

Unit Linked Plans (Regular premium & Single Premium)

Regular Premium
1. New Unit Gain: Is an investment plan where you get value for your funds invested.

2. New Gain Super: Is a flexible unit linked plan with partial & full withdrawals after
3 years. It offers additional benefits like UL Accidental Death Benefit and UL Disability
Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose
from & flexibility to pay top-up any time.

3. New Unit Gain Plus: This plan gives you 5 investment funds to choose from. With
the option of 3 free switches every year. Also partial or full withdrawal after 3 years. It
plan offers flexibility to meet ones changing lifestyle and insurance needs. It offers
guaranteed life cover.

4. Unit Gain plus Gold: A unique investment plan with the combination of protection
and prospects of earning attractive returns. It has a high allocation upto 85%. You have a
choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are
also available with this plan.

5. New Family Gain-R: It is Life Insurance Plan that can take care of all the changing
requirements of the family. It has maximum flexibility, so that you are provided for all
the changing needs you may have.

6. Young Care: This investment plan is a Gift of a lifetime to a loved one. It offers a
guaranteed Sum Assured and continued pay premium on your behalf, in case of your
unfortunate death.

7. Young Care Plus: It offers the same benefit as the above plan but in addition offers
a critical illness benefit.

Single Premium
1. New Unit Gain Premier SP: It is a unique insurance cum investment plan as it
starts investing 105% of the single premium paid from day one, thereby ensuring that you
get more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D.

2. New Unit Gain plus SP: Is a single premium plan that gives you 98% allocation
with guaranteed life cover. Minimum premium is Rs. 10,000 only. A choice of 5
investment funds to choose from. And 3 free switches every year. Partial & full
withdrawals after 3 years.
Pension (Annuity & Retirement)

Annuity
Pension Guaranteed: Is a plan that assures a regular income after your retirement for life.

Retirement

1. New Unit Gain Easy Pension plus RP: A unit linked pension plan without life
cover. It has regular premium payment mode. An option to take a tax-free lump sum up
to 33% of Sum Assured. You can invest in any 6 funds. With 3 free switches every year.
Also open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance
or any other life insurer.

2. New Unit Gain Easy Pension plus SP: A unit linked pension plan without life
cover. It has single premium payment mode. An option to take a tax-free lump sum up to
33% of Sum Assured. You can invest in any 6 funds. With 3 free switches every year.
Also open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance
or any other life insurer.

3. Swarna Vishranti: Is a plan with an option to take a tax-free lump sum upto 33% of
Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity
from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also
additional benefits can be availed of.

4. Future Secure: It is a plan which secures your future.

5. Future Income Generator: It helps you maintain the same lifestyle you lead now
,after your retirement. The saving today becomes your wealth and support to help secure
your future. The plan is about wealth creation, smart savings and peace of mind along
with a corpus, which secures your life, post retirement.

Women Insurance Plans

1. Housewives: Housewives need to safeguard their financial independence. There are

additional benefits like the Mahila Gain feature which offers benefits like.
• Critical Illness Benefits.
• Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
• Congenital Disability Benefits.
• Complications of Pregnancy Benefits.

2. Working Women: This plan helps the working women to protect them self, their
family and plan for their future. The insurance, investment, pension and health products
have been specially customized to suite to every specific need of a woman.
Children Plans

Child Gain: Is a plan where it creates funds for critical stages in your Childs life like
education, marriage or even to start a business. It has the benefit of low premium rates.

Health Plans

1. Health care: Is a plan with 6- in-1 Health Insurance that offers:

• Life Cover
• Hospital Cash benefit
• Surgical benefit
• Post Hospitalization Benefit
• Critical Illness Cover
• Accidental Permanent Total / Partial Disability (APT/PD)

2. Family Care First: It is a plan for the whole family. This unique hospitalisation plan
gives you health cover for your entire family. You can secure your family with one plan.

3. Care First: A Medical Insurance plan till the age of 65years. And you can renew the
policy every 3 years. The premium rate is level and guaranteed for the length of each
policy term of 3 years with extra benefits like day care treatment and pre and post
hospitalization treatmen

Micro Insurance Plans

1. Alp Nivesh Yojana: An endowment plan with Life cover and Maturity benefit equal
to sum assured + vested bonus.

2. Saral Suraksha Yojana: A Term Insurance policy with return of premium on

maturity.

3. Jana Vikas Yojana: A single premium plan with maturity benefit of 125% of the
single premium payable on survival till the end of the policy term.
Scheme of premium payment
The scheme of premium payment is mainly quarterly basis, half-yearly basis, and yearly
basis. It depends upon the policy and customers what they prefer for.

How they manage the premium

Premium paid by customers of bajaj allianz mainly invested in nifty-50. They also
deposit in sensex-100, mutual funds and other investment. Its manage by the managing
department.

How they handled the complain &

suggestion
There is a complain department which handled complain it may be online or manually.
Complain from various branches are send to main offices then it is answers it nearly take
week.