A Project report On Study of brand awareness of

Prepared by:
Vyas. Gaurang. A. Roll no: 62

Guided by:
Prof. mansi rathod.

-: Submitted to :Center for management studies

Dharmsinh desai university nadiad
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PREFACE

In our country due to the developing industrialization, companies have given more and more importance to activities like marketing and marketing management. Nowadays the success or failure of any company is largely depending on the activities of the marketing department. This is because of the speedily changing consumer demand and preferences. To understand the demand of consumer and to increase market share, companies use various marketing techniques and formulas. This shows the importance of marketing activities during the business administration course.

But the knowledge of the marketing field can not be complete without practical experience. Balanced, theoretical & practical knowledge are essential for every student of master of business administration. So for the better knowledge of application part of marketing I have undergone training for two months in Bajaj Allianz life insurance Company limited. This type of practical study can help as a lot to understand the theoretical topics more deeply.

As a management student at center for management studies, Dharmsinh Desai University, its a matter of great pleasure for me to do summer training at the Bajaj Allianz life insurance company limited, Ahmedabad.

Acknowledgement
It gives me immense pleasure to present the project on Study on Brand Awareness of Bajaj Allianz Life Insurance Company limited. It was a totally different & wonderful experience to be there in BAJAJ ALLIANZ COMPANY, Ahmedabad as a summer trainee.

I want to express my sincere gratitude to Kamal sir, divisional Sr. (Gujarat & Rajasthan) at the company for giving me constant guidance and support during the training.

I am thankful to Head of the department of MBA at Dharmsinh Desai University, Dr. Naresh Patel sir for giving me opportunity to take part in training.

I especially thankful to Mansi mam who has provide me help and guideline for the training. I am also thankful to my other friends for helping me.

Vyas. Gaurang A Roll no: 62

INDEX
Content Page No

Executive summary Company Profile Introduction to the study SWOT Analysis Data analysis and interpretation Findings Recommendations Conclusion References 80 51 37

5 10

47

78

81 82

Executive summary:

Title:

Study on Brand awareness of Bajaj Allianz life insurance limited

Company Guide Name: Kamal Singh, Divisional Sr. (Gujarat & Rajasthan) Faculty Guide Name: Student Name: Prof Mansi Rathod Vyas. Gaurang. A.

Summary Of the report: OBJECTIVES OF THE STUDY Research objective is the basis theme on which the survey is conducted and on which the whole report depends. Primary objective To study about the Brand Awareness of changing investment pattern of people" Secondary objectives To study the investment pattern of people in Life Insurance. To recognize the target groups. To find out which time period of insurance policy is preferred by the investors. To study the factors which motivate people for investment in Life Insurance. To study which company is providing better services of Insurance with higher returns. To study the behavior values and beliefs of customers. Bajaj Allianz Life Insurance and

Scope of the study The study is conducted at Bajaj Allianz Life Insurance Corporation at Ahmedabad, Nadiad, and Mahemdabad region. The study covers the various marketing techniques to know about the brand awareness and towards the life insurance industry. The data collected and interpreted will be useful for the company Scope of study refers to the area selected for the survey purpose. It includes businessman, employees, household and retired persons who are interested in investment their money. Various findings, observations and valuable suggestions, recommendations help the company to materialize its future plans.

Research Methodology Research methodology is used to search answers of the research questions. An attempt has been made to describe the nature of the people of above regions by the study of the samples. Methodology in common parlance refers to a search for knowledge. The advanced learner's dictionary of current English lays down the meaning of research as "a careful investigation or enquiry especially through search for new facts in any branch of knowledge" Methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. Learning more about the consumer and about marketing is the heart of the research methodology. The research methodology has many dimensions research methods to constitute a part of the research methodology.

Sources of Data 1. PRIMARY DATA The primary data are the first hand information gathered for research to solve the need by surveying the sampling units and collections of feedback from them involves the primary data with structured queries will be prepared for the respondents. There will be survey within the respondents giving the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant. Sources of primary data Personal interview. Questionnaires.

Personal Interview This method was the most appropriate way of survey, because by personal interview I came to know about how the respondents feel about the life insurance companies. The personal interview is conducting mainly for collecting information for fulfill of the questionnaire. Questionnaire This method proved to be even better because it was not possible to interview every one and it was less time consuming to fill up the questionnaire rather than answering the interviewers questions. The questionnaire is to prepare to know the awareness level. The questionnaire is fully focused for collecting the brand awareness information and finding the market potential of Bajaj Allianz Life Insurance Corporation. In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were
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arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant.

2. SECONDARY DATA The secondary data is collected from the company website and other websites, through listing by personal observation. The secondary data are collected by some other people for their work and it is already exist. The researcher started investigation by first examining the secondary data to see whether the problem can be partly or fully solved by without collecting primary data. Since the secondary data were not sufficient to solve the entire problem, so primary data were collected to fill the gap.

SOURCES OF SECONDARY DATA: Through internet, various official sites of the companies and other search engines. Through pamphlets and brochures of the companies.

Data collection instruments Questionnaire was designed as a main instrument to conduct survey. A questionnaire constraint of 18 set of questions presented to respondents for their answers. The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire. The questionnaire is used for the purpose of knowing the brand awareness among Life Insurance Company especially in Nadiad, Mahemdabad and Ahmedabad region.

Market survey The result of surveys is used to describe and analyses the demand of the Bajaj Allianz life insurance products. The survey is conducted in the Nadiad, Mahemdabad and Ahmadabad only. Field work

Field work is done in this project individually with no biasness. The field work comprises
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of filling of questionnaire by different sector individuals. The framed questionnaire was presented for approval to college internal guide and company external guide. The study involved a fieldwork where the consumer contacted individually and were persuaded to discharge the information through the questionnaire. The respondents were directly contacted at their house or work place without prior appointment as per the convenience of the researcher.

RESEARCH PROCESS ADOPTED: Research Area Sample Size : : Ahmadabad, Nadiad, Mahemdabad 100

Report research findings: Final report is prepared according to the work done. This phase will mark the elimination of the marketing research effort. The report with the research finding is a formal written document. Research findings and personal experience will be used to propose recommendation to the Bajaj Allianz Life Insurance Corporation, which will help the company to develop an effective strategy to compete against other competitors.

COMPANY PROFILE

Name of the company:Bajaj Allianz Life Insurance limited.

Address of Regd & Head office: GE Plaza, Airport Road, Yerawada, Pune 411006

Location of training: 201,202 Times Square Building, Near Bodyline Cross road, C.G.Road, Ahmedabad.

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Competitors of the company:

ICICI prudential life insurance HDFC standard life insurance Tata AIG life insurance Max life insurance LIC Birla sun life insurance Ing vysya life insurance SBI life insurance

Vision: To be the first choice insurer for customers. To be the preferred employer for staff in the insurance industry. To be 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 affordable products that deliver value for money.

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OWNERSHIP PATTERN BAJAJ Allianz Life Insurance Company is a joint venture between two leading conglomerates, Bajaj Auto Limited, one of largest manufactures of motorcycles and scooters in the world, and Allianz AG of Germany one of the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest private player in the Insurance Industry in India with a market share of around 34% amongst the private companies and second to LIC. The total market share of Bajaj Allianz as of 31st March 2006 is at 12%.

SHARED VALUES

Bajaj Allianz will 1. Be a winning team. 2. Have a passion for excellence and avoid bureaucracy. 3. Be empowered, the confidence to take decisions quickly and be accountable. 4. Be driven to achieve results, to deliver. 5. Be professional and social committed. 6. Be open to ideas, sharing, transparent & trusting.(=boundary less) 7. Focus everything we do on our customer. 8. Make Bajaj Allianz a great place to work. 9. Have a sense of humor.

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Channel Partners:

Dhanlakshmi Bank Contact Number: 1800 425 1747 E-mail Address: customercare@dhanbank.co.in Address: Dhanalakshmi Buildings, Corporate Office, Naickanal, Thrissur 680001.

Team Life Care Co. (India) Ltd. Contact Number: 0427 - 2410707; 2420707; Tele Fax - 2421245 Address: 5/118, Yercaud Main Road, Chinnakollapatti, SALEM - 636008.

Board of Directors Mr. Rahul Bajaj (Chairman) Mr. Manuel Bauer Mr. Sanjay Asher Mr. Niraj Bajaj Mr. Sanjiv Bajaj Mr. Heinz Dollberg Mr. Kamesh Goyal (Alternate Director to Mr. Manuel Bauer) Mr. Ranjit Gupta Mr. S. H. Khan Mr. Suraj Mehta Mr. V. Philip (Managing Director & Chief Executive Officer) Mr. Manu Tandon

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Customer Service:

Policy holders Protection Committee has been constituted by the company in accordance with the Corporate Governance guidelines notified by Insurance Regulatory and Development Authority (IRDA) for the resolution of customers complaints. The Company has introduced various initiatives during the period under consideration which inter alia included sending of an automated SMS to customers on closure of query and rating of services by the customer, as a part of customer engagement facilities. As a part of customer engagement facilities, video conferencing facilities were provided at some offices for walk in customers facilitating direct communication with the customer service executives. Welcome calling for the high net-worth customers was also initiated by your Company. As a part of improving the processes and servicing of customers, root cause analysis of the complaints was also done.

Claims Philosophy: The Bajaj Allianz team follows a service that aims at taking the anxiety out of claims processing. We pride ourselves on a friendly and open approach. We are focused Towards providing you a hassle free and speedy claims processing. Be flexible and settle fast Ensure no claim file to be seen by more than 3 people

Check processes regularly against the global Allianz OPEX (Operational Excellence) methodology. Sold over 1 million since inception

Office network: Your Company has a pan India presence in over 1090 offices across all geographies of India. Operations & Processing Hubs have been formed at various locations to cater to the operational
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Bajaj Allianz Life Insurance: Is the fastest growing private life insurance company in India. Currently has over 4, 40,000 satisfied customers We have a presence in more than 550 locations with 60,000 Insurance Consultant providing the finest customer service. One of India's leading private life insurance companies Company has a basket of 43 products comprising of 16 Group products & 27 individual products including 12 new Products launched in the year.

Infrastructural Facilities: Bajaj Allianz life insurance Company limited is providing good infrastructural facilities which are required for employees to perform their work in a better way. During the year, the Company has invested in additional infrastructure capacity and human capital, in terms of offices, technology, staff, financial consultants, in order to be well positioned to increase the growth momentum in the year ahead. The company stepped up the recruitment program in the latter part of the year in preparation for the next year.

Recognition and Awards: The Company received the Bloomberg UTV Financial Leadership Awards 2011 in the category Best contribution in Investor Education and Category Enhancement of the year in Insurance. The trophy was received from the Honorable Finance Minister, Mr. Pranab Mukherjee.

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The Company:

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. Company is at the fourth position amongst the private life insurers on the basis of new business premium and second in terms of the number of policies issued, for the financial year 2010-11. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 119 years of financial experience and is present in over 70 countries around the world.

At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology.

Renewals: Your Company has continued to focus on renewals and has undertaken initiatives for persistency of its existing policies. A separate Renewal Vertical has been in place for the last three years with a view to focusing on collection of renewal premiums and servicing policyholders. The initiatives taken by Renewal Vertical include Automated Calls to Policy holders at defined turn-around time (TAT) to remind them on the renewal due, sending of SMS, E-Mailers etc.. Company also sends renewal intimation letters to the customers in English as well as customer preferred vernacular language of the available 12 different languages. Call recording facility across branches was activated to monitor the quality of calls. A dedicated service team was also set up to address all reverts and requests received by customers through Automated Calls & SMSs, Emails etc.. The policy lapsation ratio of the whole portfolio of the Company for the current year is 41% compared to 32 % of previous year. This is being calculated by taking the ratio of current year's renewal premium with the previous year's first year premium and renewal premium.

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: Bajaj Auto Limited:

Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. With over 15,000 employees, the company is a Rs. 4000 crore auto giant, is the largest 2/3- wheeler manufacturer in India and the 4th largest in the world. AAA rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products.

: Allianz AG:

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich.

Allianz AG is in the business of General (Property & Casualty) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz is one of the largest global composite insurers with operations in over 70 countries. Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the world's largest infrastructure projects (including Hongkong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels.

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Business Performance of the company: Bajaj Allianz life insurance Company limited is at the fourth position amongst the private life insurers on the basis of new business premium and second in terms of the number of policies issued, for the financial year 2010-11. It wrote new business of Rs. 34.7 billion during 2010-11 compared to Rs. 44.5 billion in the previous year .The market share of the Company reduced to 2.8% compared to 4.1% in the previous year. The gross premium written for the financial year 2010-11 was Rs. 96 billion, as compared to Rs. 114 billion in the previous year registering a negative growth Bajaj Allianz life insurance Company limited has earned a profit of Rs. 9.6 billion during 2010-11, compared to Rs. 4.2 billion in the previous year. This has been achieved by focusing on expense management, operational efficiency and acquisition expenses.

After distribution of current year's surplus of Rs. 8.2 billion (previous year Rs. 4 billion) and further transfer of Rs. 1.1 billion (previous year Rs. 1.2 billion) from Funds for Future Appropriation, the shareholders' profit after tax stands at Rs. 10.5 billion (previous year Rs. 5.4 billion). In 2010-11, all accumulated losses have been set off and as at 31 March 2011 your Company has accumulated profits of Rs 10.4 billion.

PRODUCTS/SERVICE PROFILE Product of the company Traditional Plans: 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.

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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 companys 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 up to 125% plus (+) 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) A) Regular Premium
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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 up to 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. B) 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)

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

B) 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 up to 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.
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 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 hospitalization plan gives you health cover for your entire family. You can secure your family with one plan. 3. Care First: A Medical Insurance plan till the age of 65years. And you can renew the policy every 3 years. The premium rate is level and guaranteed for the length of each policy term of 3 years with extra benefits like day care treatment and pre and post hospitalization treatment

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.
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ORGANIZATION STRUCTURE

CHAIRMAN

CEO

ZONAL MANAGER

REGIONAL MANAGER

AREA MANAGER

BRANCH MANAGER

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MARKETING

ADMINISTRATIO N

PADP

SALES MANAGER

BRANCH SUPERVISIOR

IC

INSURANCE ADVISOR

ASISTANT BRANCH SUPERVISOR

CUSTOMER SUPPORT EXECUTIVE

CUSTOMER SUPPORT REPRESENTATIVE

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Departments of the company:

Human Resource Department The success of an organization depends upon the quality of its work force. HR department is responsible for the recruitment and selection of employees based on ability, skills and qualification. The HR department is also responsible of certain activities concerned with the employees.
Objectives of Human Resource Department: To maintain a healthy relationship and act as a mediator between the employer and employees. To recruit and select prospective candidate, arrange for an interview and fill vacancies in the concerned department. To take care of the activities done by the other departments. Personnel department is responsible for all the good and bad works done by the workers. HR department has to maintain the good relationship with all the other departments.

Recruitment: It handles the recruitment and the appointment of the required staff for various department of an organization.

Induction: Later the induction programmed of the employees will be arranged for to introduce all the department of company by the labor officer as well as the concerned department head. Therefore, the employees can come in terms with the objectives of the company and his participation in fulfillment of the company objectives considering himself as an essential ingredient of the company.

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Training: This is also one of the important functions of the department, keeping in view to update his/her knowledge and to increase his/her efficiency, so after sometime such programs are arranged by this department and employees of the company are kept in touch with the least ways of the morale booster and fondness towards the company is injected in the blood of employees.

On the Job Training: Employees are couched and instructed by training instructions, they learn the job by personal observation and practice. It is learning by doing.

HR Policies & Procedures The policies and procedures laid down here promote the philosophy of the company with regard to standards of excellence, Terms of employment. Employee development and employee services. The objective of this section is to inform you of the polices related to Travel, compensation,Medi claim, and Transfers etc. entitlements Compensation Components The compensation that is given in your appointment letter comprises of base Salary, FCP (Flexible Compensation Plan), and Employers contribution to provident Fund and Employers contribution to Gratuity. Base salary is as per company policy is not flexible amount since a lot of statutory and non-statutory benefits are linked to the base salary. Statutory Benefits
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We

recommend

that

you

make yourself aware of the

The Provident Fund and Gratuity are governed by Acts of Law and are mandatory. Provident Fund The Provident Fund is a one of the mandatory schemes established by the government of India to provide social security to the service class. It is a scheme, which is bearing on the employer and the staff member and provides security to the staff member and / or his dependants on retirement, disability or death. Gratuity The Gratuity Fund is regulated by the gratuity fund Act, 1972. At present, the following benefit is available. All Permanent staff members of the company, who have completed five years continuous service, are eligible for payment of gratuity at the time of retirement.

FINANCE DEPARTMENT CHART

Financial head

Fund Manager

Portfolio Manager

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Staff

Financing and Accounting Department Accounting Department: In this section accounts are maintained. Accounts are maintained in traditional methods only. This is ledger. The main functions are recording all the accounts including employees and workers salary and their PF etc. It records all the payments of the company. It records all the transactions of the company. Accounting process: Recording the transactions: Classifying the transactions Summarizing the transactions Analyzing and interpreting the results.

Finance Department

Planning & MIS monitoring of organization performance - sales, quality, Trends- on a continuous basis. With insights into MIS, socio economic factors & competitor behavioral patterns, we contribute to sales targets, strategic initiatives projected branches, and projected work force the road ahead. Internal Audit Risk Management, Business Continuity Plan, Best Practices, policy manuals are not mere words on paper adhere to them. We ensure Practice what you preach.
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Corporate

planning

and

MIS

provide

feedback

on

business

strategies.

The Accounts function includes preparation and maintenance of financial records, Funds management, and expense processing and treasury operations. Compliance

ensures that every action is within the regulatory framework. This includes reviewing compliance requirements and supporting the ethical framework of RIL. Internal audit provides assurance to the management over the organizations control framework and includes process risk management, information security assessment and business continuity assessment.

MARKETING DEPARTMENT Marketing at Bajaj Allianz Life Insurance covers an array of activities- advertising, branding, channel support, direct and alliance marketing and corporate

communication. The people in each of these sub-functions perform a unique job. The advertising and branding section has schedules of advertising campaigns and a detailed on what BALIC corporate identity stands for, why its important to be consistent and guidelines that must be adhered to. This section also details the branding across training, advisor and advertising collaterals with references. Market development has lucid presentations about our products and how they compare to those of competition. You will also find an update on the recent happenings in the life and pensions sector. Channel marketing aims to streamline the design and development of collaterals across distribution channels. You will find examples of posters, flyers, banners, danglers sales toolset developed for tied agent, Bank assurance and corporate agents, as well as for product lunches and campaigns.

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Corporate communications handles media relations and is responsible for some of the news regarding BALIC that you see in the press. You can check out the most recent clips in the BALIC in the new section. Customer Service & Operation The operation department the work process between the customer and the company to ensure consistent and quality service to the customer. To streamline the Operations, the operation department interfaces between the claims and the agents, the branches and underwriters, and manages work processes.

Information Technology Department The IT function at BALIC is committed to enable business through the use of technology. It is segmented into 4 groups to enable highest levels of delivery to the customers: Life Asia Solutions Group - Web that provides real time information to customers and is responsible for customer relationship management, IT Architecture & corporate Solutions Group is in charge of developing and maintaining a blueprint for the IT architecture for the enterprises as a whole. This team works as an in house R&D Solutions Group, exploring new technological initiatives and also caters to information needs of corporate functions in the organization.

2. SKILLS It is a more reputed insurance company, as it is providing financial solution of where to invest, how to invest and number of products with having more benefits to investors. It has reputed customers who are loyal to the organization. The service given to the customers are accomplished as per their requirements. Financial services generally do
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mass supporting services are rendered to all types (classes) of customers. More over the people feel their task is in safe hands of the industry. The organization is having various capabilities over the competitors. These skills are unique from the competitors of BAJAJ ALLIANZ. The skills are broadly categorized as follows:Market knowledge, analytical skills, Services, Research, Personal/administration, Soft skills, Supporting, Medical, Finance, Information relations, others. Most of the employees at BAJAJ ALLIANZ are recruited from management and technical streams.

3. STYLE BAJAJ ALLIANZ follows participative management, where in each major decision regarding the company is taken in tip down fashion and other decision like targets and growth aspects BAJAJ ALLIANZ follows bottom up style. We think it is important to distinguish between the basic personality of a top management team and the way the team comes across to the organization. Organization may listen to what managers say but they believe what managers do. Not words, but pattern of action is decisive. The power of style then is essentially manageable. One aspect of style is symbolic behavior. Typically have more people on board who understand exploration are have headed exploration department. Typically they fund exploration more consistently.

4. STRATEGY By strategy we mean those actions that a company plans in response to or anticipation of changes in its customers, its competitors. Strategy is the way A Company aims to improve its position vis--vis competition perhaps through low cost production or
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delivery, perhaps by providing better value to the customer, perhaps by achieving sales and service dominance. it is, or ought to be, an organization way of saying: here is how we will create unique value. The BAJAJ ALLIANZ has set of objectives, strategies to achieve the objective, the course of action to be taken to achieve the objective and guidelines for the course of action. BAJAJ ALLIANZ adopts low pricing strategy to generate huge returns and good market share in the industry, since it has well expanded its business all over INDIA. BAJAJ ALLIANZ charges minimal to its clients for the services. It provides more benefits to customers compared to its competitor. Hence it is known for the good pricing strategy in the industry.

5. SYSTEM The BAJAJ ALLIANZ has various techniques to control this procedure as system like to improve the back office targets by giving addition support. Information system: the implementation of computers has made information flow fast and reliable. The information is versatile. Since BAJAJ ALLIANZ has good backup system. Recruitment, training and development system Recruitment process starts with the identification of the vacancies by the department head of the respective department. A form requesting for the human resource is sent from the department to HRD.

6. STAFF

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Staff (in the sense of people, not line/staff) is often treated in one of two ways. At the hard end of the spectrum, we talk of appraisal systems, pay scales, formal training program and the like. At the soft end, we talk about morale, attitudes, motivation and behavior. The BAJAJ ALLIANZ is in the course of cutting down the cost of service. If it starts recruiting, the selection is done based on the education qualification first class degree. The various training program to the employees are taken like refresher course, job rotation and job training. The promotion in the organization is taken place based upon the service, seniority and educational qualification. The performance appraisal is also taken as a basis for promotion so officers staff makes it. Staffing is a process of acquiring human resources for the organization and assuring that they have the potential to achievement of the organizational goal.Staffing necessity for allotting the duties and responsibility among the employees.

Duties and responsibilities of Manger: Determine the objectives or goals of the organization. Framing policies and making plans to achieve the objectives. Setting up organizational frame work. Assembling the resources of money, man, materials, machines and methods. Exercising effective control. Providing overall leadership. Duties and responsibilities of staff towards the organization. To maintain the discipline in the organization. To obey the order of the supervisor.
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To work effectively and efficiently in the organization. To maintain good relations with all the workers in the organization.

MCKINSEY 7-S MODEL

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The 7-s model with reference to BAJAJ ALLIANZ life insurance:

The 7s model are a frame work for analyzing organizations and their effectiveness. It looks at seven key elements that make the organization successful, or not; a structure; a system, strategy, skills, staff, shared values. Consultants at McKinseys and company developed by 7s models in the late 1970s to help managers address the difficulties of the organization change. The model shows that organizational immune system and the many inter connected variables involved make change complex, and that an effective change effort must address many of these issues simultaneously. The 7s model is a tool for managerial analysis and action that provides structure with which to consider a company as whole, so that the organizational problems may be diagnosed and a strategy may be developed and implemented. The seven diagrams illustrates the multiplicity interconnectedness of elements that organizations ability to change. The theory helped to managers thinking about how company could be improved. It says that it is not just a matter of devising a new strategy and following it through. Nor is it a matter of setting a new system and letting them generate improvements? To be effective, your organization must have degree of fit or internal alignment among all the 7s. Each S must be consistent with the reinforcement of the other S. All S are interrelated so a change in one has a ripple effect on all others. It is impossible to make progress on one without making progress on all. Thus, to improve the organization you have to master system thinking and pay attention to all of the seven elements at the same time. There is no starting point or implied hierarchy different factors may drive the business in any one organization.

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Introduction to the study

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Brands are represented in the mind of the consumers through images. Consumers do not live in an objective and real world. Rather their world is tending to be subjective and personal. It is the image of the world that mediates between the consumer and the external real world. A brand is not what actually it is, rather what it perceived as. Hence image building is crucial task for marketers. It is the brand image which would either steer away or steer towards a consumer from a brand. Imagery perspective lays stress on symbolism and imagery aspect of a brand. It is the imagery overhand above the physical product that may make brand more relevant and meaningful to the consumers in certain cases.

NEED FOR THE STUDY: After liberalization large number of Multi National Companies has crossed the national boundary of our country. Increase in competition and the plan for expansion has compelled the company to analyse the Brand Image of the company in relation to its competitors. As the company plans to increase its sales there is a need to communicate with the customers through various Medias. For this purpose the companys marketing communication objectives should be determined. Bajaj-Allianz Life Insurance Company is required to know the customers perception towards their product. Today Insurance industry is one of the sectors which are fast growing. Recently there is a shift in the Insurance Industry that is many private MultiNational Life Insurance Companies has entered India. This has increased the competition to a great extend. So the company wants to know the present demand for Insurance so that they can adjust their market performance accordingly.

Terms used in the report :

Sampling plan After collecting entire data and deciding on the research approach and instruments, now I had to decide on the sampling plan which was one of the important task, because from the bunch of people I had to select only those people ,whom I can target from now onward. There are three way of sorting the data.

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Sampling unit Who is to be surveyed? And now my task was to define the target population, which will be sampled from the number of people. Population refers to the total items about which the information is desired. Here in this project I have considered finite population that is we are taking one single individual as single unit which is fixed to 100 respondents, each separately by the single individual. Sample size Large sample give more reliable result than small sample, so for this reason I had taken around 100 people with whom the survey was conducted to get an understanding of the respondents satisfaction level towards the different insurance brands.

Analyze the collected information

Once the date is collected the next task is to analyze it. The raw data should be classified into some purposeful usable categories. For example: tabulation, coding, etc. Analysis work, after tabulation, is generally based on the computation of various percentages, coefficients, etc. by applying various well defined statistical formulae like frequency distribution, calculation of average and dispersions. Here in this report it is found that the investment pattern of people in private insurance companies is not satisfactory.

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Limitations of the study: 1. The accuracy of indications given by the respondents may not be consider adequate as whether the language used in the questionnaire is understood by the respondent cannot be taken for granted. 2. The study is based on the information gathered from the general public. Therefore in such case it is possible that the information supplied might be biased because the people might have shown partiality towards their insurance policies. 3. Since the survey was limited to 100 people it is rather difficult to give a precise conclusion but I have tried to the best of my capability to give the conclusion on a comprehensive manner. 4. Human behavior is too complex to determine. So the information disclosed by them may not be very accurate. 5. Due to time constraints and busy schedules of the people it was difficult to interact with them completely.

INTRODUCTION TO INSURANCE

There is a fundamental relationship between demography and life insurance business. India is a vast country and its huge population around 100 crores is
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the second largest in the world. As such, in terms of population, India has immense potential for extending life insurance cover. But to make a realistic assessment of this potential, apart from the very important factors like age group, income level, sex wise distribution, literacy level, etc., it is necessary to consider other relevant factors like varieties of social structure, composition of urban and rural population, etc., in various parts of the country as also many invisible factors like various religious faith and social values. Real assessment of the life insurance potential of our country is also a very complex exercise due to wide variance in all aspects of Indian circumstances, and as such any crude estimate for Indian market without carefully refined analysis can only be misleading. The changing economic pattern of our country, changing political scenario, rapid proliferation of information technology, the resulting changes in the social values, etc., will also in near future virtually reshape the Indian financial market and consequently the future potential of life insurance business in this country.

PURPOSE & NEED OF INSURANCE: Life insurance is one of those products that almost everyone thinks they need, but almost no one wants to talk about it, let alone go out on the town for a day of life insurance shopping. For 95% of us life insurance has ONE purpose: to replace an economic loss. Thats it. Its not for education saving. Its not for retirement savings, or to provide a tax-free loan later in life. Again, for 95% of us, life insurance is to replace an economic loss. So, to buy life insurance you simply need to calculate what the economic loss would be if you lost a loved one. If there is no economic loss, there is no need for life insurance. If there is an economic loss, then life insurance is the perfect tool (indeed, it is the only tool) to protect you and your family against what otherwise could be a financial disaster.

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The manner in which the loss is to be shared can be determined before hand. It may be proportional to the likely loss that each person is likely to suffer. Which is indicative of the benefit he would receive if the peril befell him? The share could be collected from the members after the loss has occurred or the likely shares may be collected in advance, at the time of admission to the group. Insurance companies collect in advance and create a fund from which the losses are paid.

HOW INSURANCE WORKS: People facing common risks come together and make their small contributions to a common fund. The contribution to be made by each person is determined on the assumption that while it may not be possible to tell beforehand, which person will suffer, it is possible to tell, on the basis of past experiences, how many persons, on an average, may suffer losses. The following example explains the above concept of insurance.

There are 1000 persons who are all aged 50 and are healthy. It is expected that of 10 persons may die during the year. If the economic value of the loss suffered by the family of each dying person is taken to be Rs. 20,000 the total loss world work out to Rs. 2,00,000/- if each person of the group contributes Rs.200/- a year, the common fund would be Rs.2,00,000/-. This would be enough to pay Rs.20, 000 to the family of each of the ten persons who die. Thus the risks in cases of 10 persons are shared by 1000 persons.

THE BUSINESS OF INSURANCE: The business of insurance done by insurance companies, called insurers, is to bring together persons with common insurance interest (sharing the same risks), collecting the share or contribution (called premium) from all of them, and paying out compensations (called claims) to those who suffer. The premium is determined on the same lines as indicated in the example above with some additions made for the expenses of administration.
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The business of insurance is nothing but one of sharing. It spreads losses of an individual over the group of individuals who face common risk. People who suffer loss get relief because their loss is made good. People who do not suffer loss are relieved because they were spared the loss.

The insurer is in the position of a trustee as it is managing the common fund for and on behalf of the community. It has to ensure that nobody is allowed to take undue advantage of the arrangement. That is to say that the management of the business requires care to prevent entry into the group of people whose risks are not of the same kind as well as paying claims on losses that are not accidental. The decision to allow entry is the process of underwriting of risk. Both underwriting and claim settlement have to done with great care.

TYPES OF INSURANCE: The insurance can be classified into three categories from business point of view i) ii) Life insurance General insurance

iii)

Social insurance

LIFE INSURANCE: Life insurance is different from other insurance in the sense that, here, the subject matter of insurance is life of human being. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of certain period. At present, life insurance enjoys maximum scope because the life is the most important property of the society or an individual. Each and every person requires the insurance. This insurance provides protection to the family at the premature death or gives
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adequate amount at the old age when earning capacities are reduced. Under personal insurance a payment is made at the accident. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or at the expiry of a period.

According to the US Life Office Management Association inc. (LOMA) life insurance is defined as follows: Life insurance provides a sum of money if the person who is insured dies while the policy is in effect. Life insurance today covers a number of contingencies relating to human life DEATH, DISABILITY, DISEASE, and DESTITUTION. A human life is also an income generating asset. This asset also can be lost through unexpectedly early death or made non-functional through sickness and disabilities caused by accidents. Accidents may or may not happen. Death will happen, but the timing is uncertain. If it happens around the time of ones retirement, when it could be expected that the income will normally cease, the person concerned could have made some other arrangements to meet the continuing needs. But if it happens much earlier when the alternate arrangements are not in place, insurance is necessary to help those dependent on the income. In the case of a human being, he may have made arrangements for his needs after his retirement. These would have been made on the basis of some expectations like he may live for another 15 years, or that his children will look after him. If any of these expectations do not become true, the original arrangement would become inadequate and there could be difficulties. Living too long can be as much a problem as dying too young. These are risks, which need to be safeguarded against. Insurance takes care. Insurance does not protect the asset. It does not prevent its loss due to the peril. The peril cannot be avoided through insurance. Insurance only tries to reduce the impact of the risk on the owner of the asset and those who depend on the asset. It compensates, may not be fully, the losses. Only economic or financial losses can be compensated.

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INSURANCE SECTOR

The insurance industry worldwide faces challenges in terms of acts of terrorism, hardening of reinsurance rates and changing global risk architecture. The opening up of the Insurance sector to private players has led to the introduction of a number of new products and the Indian market is one of the fastest growing insurance markets. Insurance business in India is growing at the rate of 15-20%annually and IRDA has estimated that it is currently of the order of Rs.812.50 cr.5 when combined with banking services, it adds about 7% of the countrys GDP. In line with the economic reforms that were ushered in India in early nineties, the Government set up a Committee on Reforms (popularly called The Malhotra Committee) in April 1993 to suggest reforms in the insurance sector.

PRIVATISATION OF LIFE INSURANCE: Indian life insurance market was virtually the monopoly of the nationalized life insurance company, namely the LIFE INSURANCE CORPORATION OF INDIA. Central Governments postal life insurance is open mainly to govt. employees only and central govt. has allowed some state govts and some central govt. departments and organizations to self-insurance their own employees. Liberalization of financial services in India started in 1991. The government of India constituted a committee under R.N. Malhotra for suggesting reforms in the insurance sector. The committee called Malhotra Committee submitted its report in January 1994. Malhotra committee recommended the opening up of the insurance sector. It suggested a statutory body called Insurance Regulatory Authority (IRA) to reflect on the development of the insurance sector.

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IMPACT OF PRIVATISATION ON INSURANCE SECTOR IN INDIA

Market expansion: There has been an overall expansion in the market. This has been possible due to improved awareness levels thanks to the large number of advertising campaigns launched by all the players. The scope for expansion is till unlimited as virtually all the players are concentrating on large cities and towns-expect by LIC to an extent there was no significant attempt to tap the rural markets.

New Product Offerings: There has been a plethora of new and innovative product offered by the new players, mainly from the stable of their international partners. Customers have tremendous choice from a large variety of products from pure term (risk) insurance to unit-linked investment products. Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money back policies, which is not considered very appropriate for long-term protection and savings. However, there are till some key new products yet to be introduced e.g. health products.

Customer Service: Not unexpectedly, 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 service and operational efficiency through use of latest technologies. Advice and need based selling is emerging through much better trained sales force and advisors. There is improvement in response and turnaround times in specific areas such as delivery of policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc. However, there is a long way to go and various customer surveys indicate that the standards are still below customer expectation levels.

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Channels of Distribution: Till four years back, the only mode of distribution of life insurance products was Through Agents. While agents continue to be the predominant distribution channel, today a number of innovative alternative channels are being offered to consumers. Some of them are banc assurance, brokers, the internet and direct marketing. The entry of many of the global insurance into the Indian market is the form of joint ventures with Indian companies. Some of the key names are Prudential, AIG, New York Life, Allianz, Standard life, Sun Life Canada and Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly player LIC, which has responded to the competition in an admirable fashion by launching new products and improving service standards.

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SWOT ANALYSIS:
Environmental Scan

Internal Anal ysis

External Anal ysis

Strength

Weaknesses

Opportunities

Threats

A SWOT anal ysis is a strategic planning tool used to evaluate the strengths, weakness, opportunities and threats involved in a project or in a business or in any other situation requiring a decision. It involves monitoring the marketing environment interna l and external to the company. The technique is credited to Albert Humphrey, who led a research project at Stanford Universit y in the 1960s and 1970s using data from the fortune 500 companies. Strengths: attribute of the organization that are helpful to ac hieving the objectives.

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 Weakness: attributes of the organization those are harmful to achieving the objectives. Opportunities: external conditions those are helpful to achieving the objectives. Threats: external conditions those are harmful in achieving th e objectives. The aim of any SWOT anal ysis is to isolate the key environmental factors that are important to the plans of the organization. SWOT groups key pieces of information into two main categories: Internal factors: The strengths and weakness interna l to the organization, i.e. its strategies and its relation to its competition. External factors: the opportunities and threats presented by the external environment and completion.

STRENGHTS 1. Strong Brand Image 2. Dedicated sales team 3. Value added services. 4. Bajaj Allianz Life Insurance is the first large pvt.sector life insurance co. with a pan India network and strong retail focus to declare substantial profits for the financial year. 5. Bajaj Allianz Life is most profitable pvt.life insurer for last year. Company has achieved profit of more than 1000 crore last year.

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6. Largest distribution network to reach the customers across the country with 2, 13,000 agents, 900 offices in 840 towns, 200 corporate agents & Banc assurance partners. 7. Life insurance industry is a rapid growing and a nobler service industry.

WEAKNESSES

They have to compete with the Government Companies like LIC and UTI who has been very established in this field. So they will have to attain the same trust of the public as it is in case of LIC and UTI.

OPPORTUNITIES 1. Life insurance has captured its mere15 20% growth therefore a wide open untapped market is open to the company to develop, grow and measure its success.

2. Still the numbers of companies are few and company has every capability to grow and forward its performance areas to the widest.

3. Distinguishable product.

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THREATS 1. People are hesitant to invest and put their hard earned money to the private life insurance company with the fear of getting lost.

2. Belief towards LIC as it is a government corporation phobia is continue to surmount the people of India despite lots of flaws and development and liberalization of life insurance.

3. Alternative financial services such as mutual fund, banking services, share and securities also pose problems and threats to the working of the life insurance sector.

4. Illiteracy and unemployment also pose threat.

5. Rising real estate industry also pose threat as people are investing a bulk of their money over to that industry.

6. Presence of very strong competitors.

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Data Analysis & Interpretation

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Distribution of surveyed people as per their age:

Age group of people

18-23

24-29 27

30-35 11

36-41 4

42-47 3

47-52 13

53 & above 10

Percentage of 32 people surveyed

Percentage of people surveyed as per age

10% 13% 3% 4% 11% 27% 32% 18-23 24-29 30-35 36-41 42-47 47-52 53 & above

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Distribution of surveyed people as per city:

Name of Ahmedabad Mahemdabad Nadiad city Percentage 38 41 21 of people surveyed

Percentage of people surveyed as per city

21% 38% Ahmedabad Mahemdabad 41% Nadiad

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Distribution of surveyed people as per marital status:

Marital status Number of respondents

Married 48

Unmarried 52

Number of respondents as per marital status

48% 52% Married Unmarried

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Educational Background of the respondents:

Educational Background High school 10+2 graduate Post graduate

Percentage of respondents 5 17 73 5

Percentage of respondents as per education

5% 5% 17% High school 10+2 73% graduate Post graduate

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How many people in this survey are earning member of their family?

Income status Earning member Non earning member

Percentage of respondents 67 33

Percentage of people as per income status

33%

Earning member 67% Non earning member

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The source of income of surveyed people:

Source of income Percentage of respondents

Salary 36

Business 24

Manufacturing 1

Other 6

Percentage of respondents as per source of income

1% 9% Salary 36% 54% Business Manufacturing Other

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Distribution of surveyed people as per their monthly family income:

Monthly family income group Percentage of respondents

5000-10000 41

11000-20000 36

21000-30000 20

31000-35000 2

35000 & above 1

Percentage of respondents as per monthly family income

2% 1% 5000-10000 41% 11000-20000 21000-30000 31000-35000 36% 35000 & above

20%

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Which type of investment people prefer?

Type of investment Percentage of respondents

Life insurance

Post office

Real estate

Other

31

28

22

19

Percentage of respondents as per investment prefer

19% 31% Life insurance 22% 28% Post office Real estate Other

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Range of investment of respondents:

Investment range Percentage of respondents

Below 5000 54

5000-10000 35

10000-20000 8

20000 & above 3

Percentage of respondents as per range of investment

3% 8% Below 5000 35% 54% 5000-10000 10000-20000 20000 & above

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How many people are aware of Life insurance?

Awareness of Life insurance Percentage of respondents

Aware 98

Not aware 2

Percentage of respondents as per awareness of life insurance

2%

Aware Not aware 98%

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From which source of advertise they came to know about life insurance?

Source of advertise Percentage of respondents

Internet 25

TV advertise 58

News paper 15

Radio 1

Magazine 1

Percentage of respondents as per advertising source awareness

1% 15% 1% 25% Internet TV advertise News paper 58% Radio Magazine

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How many people are covered by any Life insurance?

Covered or not covered by life insurance Percentage of respondents

Covered

Not covered

82

18

Percentage of respondents whether covered by insurance

18%

Covered 82% Not covered

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What people expect from insurance policy?

Expectation Percentage of respondents

Security 37

Good return 51

Good service 6

Flexibility 3

Transparency 3

what people expect from insurance policy

3% 6% 3% 37% Security Good return Good service 51% Flexibility Transparency

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Which company people prefer for Life insurance?

Name of company Percentage of respondents

LIC 86

HDFC 3

ICICI Prudential 5

Bajaj allianz 2

Other 4

Percentage of respondents as per company they prefer for insurance

5% 3% LIC HDFC ICICI Prudential Bajaj allianz Other 86% 2% 4%

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In near future how many people have planned to take Life insurance policy?

Plan to take life insurance Respondents in percentage

Yes 15

No 85

How many people want to take insurance in near future

15%

Yes 85% No

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Factors that mostly motivate people to purchase Bajaj Allianz Life product

Factors Number of respondents

Product range 20

advertisement 19

After sale service 13

Performance 38

Factors that motivate people to buy Bajaj allianz product

22% 42% 21% 15% Product range advertisement After sale service Performance

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Which performance range people give to Bajaj Allianz life insurance?

Performance range Number of respondents

Excellent 20

good 56

Average 13

Below average 2

Performance range given by people to Bajaj allianz

2% 14%

22% Excellent good Average Below average

62%

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Out of people who want to take life insurarance in near future, how many people prefer insurance as an investment?

Prefer insurance as investment & want to take insurance Number of people

Yes

No

12

Number of people who prefer insurance as investment & want to take life insurance

20%

Yes No 80%

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Findings
The aim of the survey was to find out the "Brand Awareness of Life Insurance and Changing Investment Pattern with special reference to Bajaj Allianz life insurance All the due efforts were made to find out the appropriate and confide results. Following are the various findings of the research.

People still like to invest their money in fixed Deposits although other better options are available in the financial investment market. People think that investing their money in fixed Deposits is the safest option available. It is also true that it is the oldest option available in the investment market. A mind set is their in the minds of people that no other option is safest or best in terms of investing their money. Very less number of people wants to take risk when it comes to investing the money. They also want to make high profits without taking high risks. Almost everybody knows about Life Insurance. L1C is the strongest brand in comparison to the other private insurance company brands. It is also because L1C is the oldest company when we talk about life insurance. Most of the people are concerned about the plan while taking any life insurance policy. This is the major information they want to know while taking any life insurance policy.

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 Most of the people prefer short-term investment.

Most of the people want to invest their money in banks and other government securities.

Very less number of people has shown willingness to invest in Life Insurance in near future.

Some slot of population doesn't have insurance policy which can be target population for life insurance companies

People have much faith in Govt. securities than in private companies & it is also found that people while investing require expert advice. Large number of people expects good return from insurance policy.

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RECOMMENDATIONS
Making recommendations assumes considerable knowledge of the picture, including the resources of the firm and all the alternative courses of action. A Communication system is necessary to maintain the uniformity & balance in the flow of information within the fire. Although is very early to suggest any thing to such a internationally famous company Bajaj Allianz Life Insurance Company Ltd. in it's mature state of marketing, interactions and feed backs from various outlets, segments of investor. I would like to suggest as under:

In the advertisement & promotion of product, company should include one celebrity as a brand ambassador so that advertisement can become more effective & eye catching. Company should sponsor important events like World Cup, Afro Asian games, IPL and any event related to film awards and other local programs. Company should promote good and heart felt slogans.

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Conclusion

After taken a summer training for two months at Bajaj Allianz life insurance limited and analyzing the questionnaires based on study of brand awareness I came to conclusion that

Bajaj Allianz life insurance limited having many good qualities. The product range of the company is very well known in the market. Among the private players in the insurance sector the market share of the company is very good. Moreover the profit ratio of the company is rapidly increasing which shows the brilliant efficiency of marketing department of the company. In short the overall performance of the company is excellent.

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References

1. Marketing Management by Philip kotler

2. www.bajajallianz.com

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