A STUDY ON CUSTOMER PERCEPTION OF INSURANCE PLANS TOWARDS BAJAJ ALLIANZ, CHENNAI.

A Project Report Submitted to the SRM School of Management

In partial fulfillment of the requirements for the award of the degree Of MASTER OF BUSINESS ADMINISTRATION Submitted by MANU JACOB GEORGE (Reg.No: 35104175)

SRM INSTITUTE OF SCIENCE AND TECHNOLOGY Deemed university Kattankulatur - 603 203 May, 2006

BONAFIDE CERTIFICATE

Certified that this project report titled A Study on customer perception of insurance plans towards Bajaj Allianz is the bonafide work of Mr. Manu Jacob George who carried out the research under my supervision. Certified further, that to the best of my knowledge the work reported herein does not form part of any other project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.

Signature of the Guide (Mrs. K. Vasanthi Kumari)

Signature of the Dean

DECLARATION

I, Manu Jacob George (Reg. No:35104175) a bonafide student of department of management studies, SRM Engineering College,

Kattankulatur would like to declare that the project entitled A study on customer perception of insurance plan towards Bajaj Allianz in partial fulfillment of Master of Business Administration course of the SRM Deemed University is my original work.

Place: Chennai Date: (Manu Jacob George)

ABSTRACT The aim of the study is to understand the perception of the customers towards the insurance policies .the study apart from knowing the customers perception it also focuses on the scope and growth of insurance sector in Chennai where the study is being conducted. The project focusing on Bajaj Allianz insurance companys branch in Chennai ensured to successfully take up the research on knowing the customer and their views about the life insurance sector. The primary aim of the study is to get a deep insight into the perception of the customer towards insurance plans. The very necessity of taking up this case is that life insurance companies are slowly moving away from the usual traditional insurance plan and focusing more on investments plans. This study will help us to get a better picture as to what customers perceive about insurance plans and their awareness about the same. This study will help us in understanding what the customers prefer really through these insurance plans. Also if the customers prefer these insurance plans, the study brings to light the customer expectations about the same. The sample was decided based on simple random sampling method. The responses were recorded by conducting a survey with the help of a questionnaire. The questionnaire has been designed in such a way so as to bring out the most accurate data, which will enable the study to get the closest vicinity of its objectives. The data collected from the survey has been appropriately analyzed and has been interpreted in a meaningful way to offer some consideration suggestions and recommendations. The data has also been put through a series of statistical tools that will close down the distance on the objective of the study. Several measures have been taken to keep the study on course without any deviations. There are certain limitations to the study that involved two primary factors cost and time. Yet the study has been done reaching close to the greatest possible extent of its primary objective.

ACKNOWLEDGEMENT I profusely thank Dr. Mrs. Jayashree Suresh, Dean, SRM School of Management Studies, whose advice and suggestions helped me carry out my project work smoothly I am deeply indebted to my faculty guide Mrs.K.Vasanthi Kumari, for her expert and valuable guidance and whose enthusiastic encouragement helped me complete my project successfully This project would not have been successfully completed by me if not for the kind help, advice and cooperation in addition to the encouragement received by me from Bajaj Allianz life insurance company ltd for taking me under their wings for the project I express my sincere thanks to Mr. Ganesh.V. Aranala, Branch Manager, and Bajaj Allianz Life Insurance at Chennai branch for giving me an opportunity and for initiating me into the project and whose support was very much motivating in doing my project Last but not least my sincere thanks to Mr., Vijay Mohan, Sales Team Manager and all other staffs who patiently helped me in collecting information for my project and helped me in bringing this project to light.

CONTENTS S.NO PARTICULARS PAGE.NO

Chapter I 1.1 Introduction 1.2 Statement of the problem 1.3 Objective of the study 1.4 Scope of the study 1.5 Limitation of the study Chapter II 2.1 Company profile 2.2 Product profile Chapter III 3.1 Research Methodology 3.2 Data Collection 3.3 Research Tools Chapter IV 4.1 Data Analysis and Interpretation 4.4 Hypothesis Testing Chapter V 5.1 Findings Chapter VI 6.1 Suggestions Chapter VII 7.1 Conclusion Questionnaire Bibliography 1 4 6 8 10 12 15 19 20 21 24 60 65 67 69

8 9

71 74

LIST OF TABLES OF EMPLOYED TABLE NO TABLE NAME PAGE NO 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9

Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

4.10 4.11 4.12 4.13

4.14

4.15 4.16

4.17

LIST OF TABLES OF SELF EMPLOYED TABLE NO TABLE NAME PAGE NO 41 42 43 44 45 46 47 48 50 51 52 53 54 56 57 58 59

4.18 4.19 4.20 4.21 4.22 4.23 4.24 4.25 4.26

Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

4.27 4.28 4.29 4.30

4.31

4.32 4.33

4.34

LIST OF FIGURES OF EMPLOYED FIGURE NO FIGURE NAME PAGE NO

4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9

Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

4.10 4.11 4.12 4.13

4.14

4.15 4.16

4.17

LIST OF FIGURES OF SELF EMPLOYED FIGURE NO FIGURE NAME PAGE NO

4.18 4.19 4.20 4.21 4.22 4.23 4.24 4.25 4.26

Occupation of the respondents Income level of the respondents Respondents who have been insured Insurance companies that respondents have insured Performance level of insurance companies Importance of insurance Reason for importance of insurance Insurance companies that the respondents prefer Reasons for the insurance companies that the respondents prefer Awareness of Bajaj Allianz Media through which awareness of Bajaj Allianz Awareness of Bajaj Allianz life insurance plans Forms through which respondents came to know Bajaj Allianz life insurance plans Response of respondents about Bajaj Allianz life insurance plans Respondents associated with Bajaj Allianz Respondents associated with which plans of Bajaj Allianz Response of service provided by Bajaj Allianz

41 42 43 44 45 46 47 48 50 51 52 53 54 56 57 58 59

4.27 4.28 4.29 4.30

4.31

4.32 4.33

4.34

CHAPTER 1

INTRODUCTION

1.1 INTRODUCTION OF THE STUDY The aim of the study is to understand the attitude of the customers towards the insurance policies .the study apart from knowing the customers attitude it also focuses on the scope and growth of insurance sector in Chennai where the study is being conducted. The project focusing on Bajaj Allianz insurance companys branch in Chennai ensured to successfully take up the research on knowing the customer and their views about the life insurance sector. The primary aim of the study is to get a deep insight into the attitude of the customer towards insurance plans. The very necessity of taking up this case is that life insurance companies are slowly moving away from the usual traditional insurance plan and focusing more on investments plans. This study will help us to get a better picture as to what customers perceive about insurance plans and their awareness about the same. This study will help us in understanding what the customers prefer really through these insurance plans. Also if the customers prefer these insurance plans, the study brings to light the customer expectations about the same.

The sample was decided based on simple random sampling method. The responses were recorded by conducting a survey with the help of a questionnaire. The questionnaire has been designed in such a way so as to bring out the most accurate data, which will enable the study to get the closest vicinity of its objectives.

The data collected from the survey has been appropriately analyzed and has been interpreted in a meaningful way to offer some consideration suggestions and recommendations. The data has also been put through a series of statistical tools that will close down the distance on the objective of the study. Several measures have been taken to keep the study on course without any deviations. There are certain limitations to the study that involved two primary factors cost and time. Yet the study has been done reaching close to the greatest possible extent of its primary objective.

1.2 STATEMENT OF THE PROBLEM

The project lays emphasis on the perception level among customers about the insurance plans offered by Bajaj Allianz Life Insurance Company. It further brings into light what the customers feel about these insurance plans. The study focuses on the factors that are related to the objective of the study. The main focus is on the customer perception of insurance and how much they considered insurances important for ones life. To get a deep insight into the research area, the customers perception level along with the awareness factor associated with the life insurance plans are also looked at.

1.3 OBJECTIVES OF THE STUDY

Primary objective To find out the Study on the customer perception of Insurance plans towards Bajaj Allianz Life Insurance

Secondary objective To study the socio economic variables that influences the insuring public to take up the policies. To study the awareness of insurance plans in Bajaj Allianz To study the effectiveness of advertisement of Bajaj Allianz To study the satisfaction level of insuring public about service provided by Bajaj Allianz To study the efficiency of Bajaj Allianz being a private organization.

1.4 SCOPE OF THE STUDY The opening up of the insurance sector to private companies has made available more product and world class service to Indian customer. To quote Mr. N. Rangachari former chairman of IRDA all these years the nationalized insurance have been bleeding us the future for liberalized insurance sector looks bright with a monitoring agency committed to promoting the interest of the customers. According to business world, the sheer size and potential of Indian insurance market has attracted many new players. Even going by govt estimates there are about 312 million middle class customers with financial resources to purchase insurance products, only 2.5 % of this is covered by any form of insurance Sales agents will remain the prime distribution channel, and according to some estimated insurance could finally end up creating over 20,000 jobs for sales representatives alone. The IRDA has already accredited 14 insurance training schools

spread over a few major cities of our country, which would churn out about some 1500 students annually. So the scope of the insurance sector is wide and open where there a lot of opportunities for the sector to grow in the next couple of years. More and more private companies with international experiences are entering into the market with knowing the scope that is available. Moreover each and every individual have started realizing the importance of life insurance in their life as the life is considered to be really unexpected in the world we live today

NEED FOR THE STUDY Growing individualistic ideas are fast penetrating the Indian minds and the joint family and caste system are fast cracking. Insurance has many benefits in store for them. It saves their families from misery, chaos, and destitution. Insurance lays the foundation on which the economic structure of life can be gradually and safely built up and sustained to the end. Uncertainties to the individual are made certainties for the group. 1.5 LIMITATIONS OF THE STUDY The study suffers from a few limitations, which will have to be kept in mind for the findings to be fairly interpreted The recommendations are subjected to time and cost constraint Sampling has its own limitations, which would have resulted in minor errors There can be errors due to bias of respondents The size of the sampling was not big enough to arrive at strong conclusion.

The results should be interpreted with the above limitations in perspective.

CHAPTER II COMPANY & PRODUCT PROFILE

2.1 COMPANY PROFILE

Allianz Group Allianz group is one of the worlds leading insurers and financial service providers. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich, Germany. Allianz group provides more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance Life and Health Insurance Asset Management and Banking

Allianz AG- A Global Financial Powerhouse Worldwide 2nd by the gross written premiums- Rs 4, 46,654 cr. 3rd largest Assets Under Management (AUM) and largest among insurance companies AUM of Rs 51, 96,959 cr. 12th largest corporation in the world 49.8% of global business from life insurance Established in 1890, 110 years of insurance expertise

70 countries, 173,750 employees world wide

Bajaj Group Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two wheelers and three wheelers in India and one of the largest in the world. A household name in India, Bajaj auto has a strong brand image and brand loyalty synonymous with quality and customer focus.

A Strong Indian Brand - Hamara Bajaj One of the largest 2 and 3 wheeler manufacturer in the world 21 million + vehicles on the roads across the globe Managing funds of over Rs 4000 cr. Bajaj Auto finance is one of the largest auto finance cos in India Rs 4,744 cr. Turnover and profits of 538 cr. In 2002 2003 It has joined hands with Allianz to provide the Indian consumers with a distinct option in the terms of life insurance products

As a promoter of Bajaj Allianz Life Insurance Co.Ltd, Bajaj Auto has the following to offer Financial strength and stability to support the insurance business A strong brand equity A good market reputation as a world class organization An extensive distribution network Adequate experience of running a large organization.

Bajaj Allianz Life Insurance Co.Ltd Bajaj Allianz Life Insurance Co.Ltd is a joint venture between two leading conglomerates- Allianz, one of the worlds largest insurance company, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world.

Bajaj Allianz Life Insurance It 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 500 locations with 60000 insurance consultants providing with the finest customer service The leading private life insurance company as per Feb. 06 rankings

2.2 PRODUCT PROFILE

Cash Gain Your needs for insurance protection will vary at different stages of life. Sometimes, you may need to release a part of your savings from insurance commitments and utilize it for other pressing needs. The Bajaj Allianz Cash gain is ideal for those who want to reap and enjoy the benefits of their life insurance policy at regular intervals during their lifetime. Bajaj Allianz Cash gain is a specially designed plan that offers a host of additional benefits you may choose to develop a sound financial portfolio for your family. Among the many unique benefits, the most significant is the Family Income Benefit (FIB) that sustains the family by compensating the loss of regular income due to death or permanent disability.

Available as: Bajaj Allianz Cash gain Economy: The basic package Bajaj Allianz Cash gain Gold: With double protection Bajaj Allianz Cash gain Diamond: With triple protection Bajaj Allianz Cash gain Platinum: With quadruple protection

A Uniform Life Cover Besides giving you regular Cash Benefits, this plan takes care of your life insurance needs also. On death during the term of policy, the following would be paid irrespective of the Cash Benefits already paid: Bajaj Allianz Cash gain Economy: Sum Assured + Bonuses Bajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses Bajaj Allianz Cash gain Diamond: Triple Sum Assured + Bonuses Bajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses

Invest Gain It takes only a moment to make promises and a lifetime to keep them. Keeping promises made to your loved ones is not just a responsibility, but a commitment that you have to live up to. 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. You need to be prepared that even if there ever is an instance that you are not there with them you have saved enough to see them through their entire life. To understand this need, which is why they have developed Bajaj Allianz Invest Gain, the plan that helps you in saying "My family, May you always be happy!

Available as: Bajaj Allianz Invest gain Economy: The basic package

 Bajaj Allianz Invest gain Gold: With double protection Bajaj Allianz Invest gain Diamond: With triple protection Bajaj Allianz Invest gain Platinum: With quadruple protection All these packages participate in the profits of the company by way of bonuses, and therefore, grow with time Child Gain Taking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best, and therefore, this is the time when careful financial planning can help you fulfill the aspirations that you have for your children. The Bajaj Allianz Child gain solutions help you to enjoy the joys of parenthood responsibility, with the reassurance of a secure future for your child.

Common features in the 4 Options of Bajaj Allianz "Child Gain Solutions Limited Premium Payment Term which means that the premiums are payable till your child attains age 18 years. Your contributions grow by the way of compounded annual bonuses, which will be paid to you with the first guaranteed payout (policy anniversary following age 18 of your child), for in-force policies. In addition to the annual bonuses, a terminal bonus may also be paid. You are also eligible for Tax Benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. Assuring Your Child's Future: In an uncertain world, the prime interest of your child cannot be jeopardized in any way. Which is why they have built in some added benefits in all our plans to protect the interests of your child's future, by counter insuring you the policy holder.

Premiums For your convenience we have provided three Premium Payment Modes that can be

Yearly, Half-yearly or Quarterly. We also offer a Monthly Premium Payment Mode under salary deduction schemes. CHAPTER III RESEARCH METHODOLOGY 3.1 RESEARCH METHODOLOGY

Sampling Factors

Sample collection Sample collection of the data is the valuable data that is used for the analysis and interpretation through which a result can be brought out for the purpose of the study. The data required for the study is collected with the help of questionnaire. These questionnaires are handed over to the customers and asked to get it filled up. The data is interpreted from the information that is incurred from the questionnaire

Sample area Sample area is considered to the location where the study has been conducted. The location may comprise of certain boundaries whish the researcher would have been able to easily cover up for the study. The area where the data is collected is in and around Chennai city. The respondents are the people who reside in Chennai

Sample size Sample size is considered to be the quantity of data that has been collected for the study. Due to the limitation of time and scope of the study the number of respondents from which the data is collected is 150.these 150 respondents are categorized into two groups namely employed and unemployed. The information is collected equally from both these categories i.e. 75 respondents are those who are employed and another 75

respondents are those who are self employed. Such a categorization is done because of attaining the most accurate result that is required for the study. 3.2 DATA COLLECTION

Primary data The primary data is considered to be the fresh hand data that is collected to know about the objective of the study. Here in this project the primary data is collected in the form of questionnaire .The primary data for this study is collected with the objective in mind a study on the customer perception of Bajaj Allianz life insurance.

Secondary data The secondary data for the study is collected with the information that is being published in journals and magazines and from the internet. Various kinds of information regarding this study is collected from the various websites of the concerned life insurance companies and moreover a lot of information and surveys conducted in various journals and magazines are taken into account for the analyzing of the known data.

3.3 RESEARCH TOOLS

Tools of Analysis Analytical techniques are used to obtain findings and arrange information in a logical sequence from the data collected. After tabulation of the data, researcher used the following quantitative techniques

1. Percentage Analysis The data that is obtained is from the questionnaire is analyzed through percentage analysis. The results are shown on the percentage basis

2. Chi Square Test The research methodology tool chi square test is being taken as a tool in order to bring out the final result by analyzing the factors. The end result for the study is being derived from the using this research tool. Chi square test is an important non parametric test and as such no test is necessary in respect of the population. We require only the degree of freedom (implicitly of the course the size of the sample) for using this test. As anon parametric test chi square can be used (i) as a test of goodness to fit and (ii) as a test of independence. Since the researcher used test of independence only the details about the independence is given below

Test of Independence The

2 test is used to test whether there is a significant difference between

the observed number of responses in each category and the expected number of responses for such category under the assumption of null hypothesis. It enables us to explain whether or not two attributes are associated with each other. In order that we may apply the chi square test either as a test to judge the significance of association between attributes, it is necessary that the observed as well as theoretical distribution must be adjusted to give the same total frequency as we find in case of observed distribution. Karl Pearson developed a test for testing the significance of discrepancy between experimental values and the theoretical values obtained under some theory of hypothesis. This is known as test of goodness of fit. Karl Pearson proved that the statistics is used to test whether difference between observed and expected frequencies are frequent. Karl Pearson proved that the statistic

2 = (O-E)2 / E
O Observed Frequency E Expected Frequency

 2 is used to test whether difference between observed and expected frequencies are
frequent.

CHAPTER IV DATA ANALYSIS & INTERPRETATION

Table no 4.1

Occupation of the respondents

Occupation Employed Self employed Total

Respondents Percentage 75 75 150 50 50 100

Figure 4.1 Occupation of the respondents

Employed 50% 50% Self employed

Inference 50% of the respondents are employed. 50% of the respondents are self employed

Table no 4.2

Income level of the respondents Income level Respondents Percentage 5000-10000 10000-15000 15000-20000 Above 20000 Total 25 16 21 13 75 33 21 28 17 100

Figure 4.2 Income level of the respondents

30 25 20 15 10 5 0 5000-10000 1000015000 1500020000 Above 20000 RESPONDENTS

INCOME LEVEL

Inference 33% of the respondents have income between 5000 10000 21% of the respondents have income between 10000 - 15000 28% of the respondents have income between 15000 20000 17% of the respondents have income above 20000

Table no 4.3

Respondents who have been insured Insured Respondents Percentage Yes No Total 55 20 75 73 27 100

Figure 4.3 Respondents who have been insured

27%

73%

Yes

No

Inference

73% of the respondents have been insured. 27% of the respondents have not been insured.

Table no 4.4

Insurance companies that respondents have insured Insurance Companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total 18 17 03 16 01 55 33 31 05 29 02 100 Respondents Percentage

Figure 4.4 Insurance companies that respondents have insured

RESPONDENTS

20 15 10 5 0
LIC HDFC ICICI Prudential Max New York Life Bajaj Allianz

INSURANCE COMPANIES

Inference 33% of the respondents have been insured with LIC 32% of the respondents have been insured with Bajaj Allianz 05% of the respondents have been insured with HDFC 29% of the respondents have been insured with ICICI Prudential 02% of the respondents have been insured with Max New York Life

Table no 4.5

Performance level of insurance companies Performance Respondents Percentage Excellent Good Satisfactory Poor Total 10 17 23 05 55 18 31 42 09 100

Figure 4.5 Performance level of insurance companies

9%

18%

Excellent Good Satisfactory 31% Poor

42%

Inference 18% of the respondents feel that the performance level of these companies is excellent.

31% of the respondents feel that the performance level of these companies is good. 42% of the respondents feel that the performance level of these companies is satisfactory. 09% of the respondents feel that the performance level of these companies is poor.

Table no 4.6

Importance of insurance Essential Respondents Percentage Yes No Total 59 16 75 79 21 100

Figure 4.6 Importance of insurance

70 60 50 40 30 20 10 0 Yes
INSURANCE RESPONDENTS

No

Inference 79% of the respondents feel that insurance is essential.

21% of the respondents feel that insurance is not essential.

Table no 4.7

Reason for importance of insurance

Reason Premium Tax Security Others Total

Respondents Percentage 17 15 20 07 59 29 25 34 12 100

Figure 4.7 Reason for importance of insurance

25
RESPONDENTS

20 15 10 5 0 Premium Tax Security Others

REASONS

Inference 29% of the respondents feel insurance is important because of premium. 25% of the respondents feel insurance is important because of tax benefit. 34% of the respondents feel insurance is important because of security. 07% of the respondents feel insurance is important because of other reasons.

Table no 4.8

Insurance companies that the respondents prefer Insurance companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total 15 20 06 15 03 59 25 34 10 25 06 100 Respondents Percentage

Figure 4.8 Insurance companies that the respondents prefer

RESPONDENTS

25 20 15 10 5 0
LIC HDFC ICICI Prudential Max New York Life Bajaj Allianz

INSURANCE COMPANIES

Inference 25% of the respondents would like to further invest in LIC. 34% of the respondents would like to further invest in Bajaj Allianz. 10% of the respondents would like to further invest in HDFC. 25% of the respondents would like to further invest in ICICI Pru. 05% of the respondents would like to further invest in Max New York Life.

Table no 4.9

Reasons for the insurance companies that the respondents prefer Reasons Premium Tax Security Service Others Total Respondents Percentage 10 10 15 18 06 59 17 17 25 31 10 100

Figure 4.9 Reasons for the insurance companies that the respondents prefer
20
RESPONDENTS

15 10 5 0 Premium Tax Security

REASONS

Service

Others

Inference 17% of the respondents like to insure in other companies because of premium. 17% of the respondents like to insure in other companies because of tax. 25% of the respondents like to insure in other companies because of security. 31% of the respondents like to insure in other companies because of service. 10% of the respondents like to insure in other companies because of other reasons. Table no 4.10

Awareness of Bajaj Allianz Awareness Respondents Percentage Yes No Total 65 10 75 87 13 100

Figure 4.10 Awareness of Bajaj Allianz

13% Yes No 87%

Inference 87% of the respondents are aware of Bajaj Allianz Life Insurance. 13% of the respondents are not aware of Bajaj Allianz Life Insurance.

Table no 4.11

Media through which awareness of Bajaj Allianz Media Newspaper Television Radio Hoardings Total Respondents Percentage 21 23 15 06 65 32 35 24 09 100

Figure 4.11 Media through which awareness of Bajaj Allianz

25
RESPONDENTS

20 15 10 5 0 Newspaper Television
MEDIA

Radio

Hoardings

Inference

32% of the respondents are aware through newspaper. 35% of the respondents are aware through television. 23% of the respondents are aware through radio. 06% of the respondents are aware through hoardings.

Table no 4.12

Awareness of Bajaj Allianz life insurance plans

Insurance Plans Respondents Percentage Cash Gain Invest Gain Child Gain Others Total 23 21 19 02 65 35 33 29 03 100

Figure 4.12 Awareness of Bajaj Allianz life insurance plans

25
RESPONDENTS

20 15 10 5 0 Cash Gain Invest Gain Child Gain

INSURANCE PLANS

Others

Inference 35% of the respondents are aware of the cash gain plans of Bajaj Allianz.

32% of the respondents are aware of the invest gain plans of Bajaj Allianz. 29% of the respondents are aware of the child gain plans of Bajaj Allianz. 03% of the respondents are aware of the other plans of Bajaj Allianz.

Table no 4.13

Forms through which respondents came to know Bajaj Allianz life insurance plans Source Insurance Consultants Friends & Relatives Advertisements Newspapers Others Total Respondents Percentage 22 11 17 12 03 65 34 17 26 18 05 100

Figure 4.13 Forms through which respondents came to know Bajaj Allianz life insurance plans
RESPONDENTS

25 20 15 10 5 0
Advertisemen ts Friends & Relatives Insurance Consultants Newspapers Others

FORMS

Inference 34% of the respondents came to know about these plans through insurance consultants. 17% of the respondents came to know about these plans through friends and relatives. 26% of the respondents came to know about these plans through advertisements. 18% of the respondents came to know about these plans through newspapers. 05% of the respondents came to know about these plans through others.

Table no 4.14

Response of respondents about Bajaj Allianz life insurance plans Response Excellent Good Satisfactory Poor Total Respondents Percentage 10 27 25 03 65 15 42 39 04 100

Figure 4.14 Response of respondents about Bajaj Allianz life insurance plans
30
RESPONDENTS

25 20 15 10 5 0 Excellent Good Satisfactory Poor

RESPOSE

Inference 15% of the respondents feel that the insurance plans are excellent.

42% of the respondents feel that the insurance plans are good. 39% of the respondents feel that the insurance plans are satisfactory. 04% of the respondents feel that the insurance plans are poor.

Table no 4.15

Respondents associated with Bajaj Allianz Association Respondents Percentage Yes No Total 17 38 65 31 69 100

Figure 4.15 Respondents associated with Bajaj Allianz

31% Yes No 69%

Inference 31% of the respondents are associated with Bajaj Allianz. 69% of the respondents are not associated with Bajaj Allianz.

Table no 4.16

Respondents associated with which plans of Bajaj Allianz Insurance Plans Respondents Percentage Cash Gain Invest Gain Child Gain Others Total 07 07 03 00 17 41 41 18 00 100

Figure 4.16 Respondents associated with which plans of Bajaj Allianz

0% Cash Gain 41% Invest Gain Child Gain Others 41%

18%

Inference 41% of the respondents are associated with cash gain plan. 41% of the respondents are associated with invest gain plan.

18% of the respondents are associated with child gain plan.

Table no 4.17

Response of service provided by Bajaj Allianz Service Excellent Good Satisfactory Poor Total Respondents Percentage 01 12 04 00 17 06 70 24 00 100

Figure 4.17 Response of service provided by Bajaj Allianz

0% 24% 6% Excellent Good Satisfactory 70% Poor

Inference 06% of the respondents feel that the service provided by Bajaj Allianz is excellent.

70% of the respondents feel that the service provided by Bajaj Allianz is good. 24% of the respondents feel that the service provided by Bajaj Allianz is satisfactory.

Table no 4.18

Occupation of the respondents

Occupation Employed Self employed Total

Respondents Percentage 75 75 150 50 50 100

Figure 4.18 Occupation of the respondents

Employed 50% 50% Self employed

Inference 50% of the respondents are employed.

50% of the respondents are self employed

Table no 4.19

Income level of the respondents

Income level Respondents Percentage 5000-10000 10000-15000 15000-20000 Above 20000 Total 16 23 19 17 75 21 31 25 23 100

Figure4.19 Income level of the respondents

25
RESPONDENT

20 15 10 5 0 5000-10000 1000015000 1500020000 Above 20000

INCOME LEVEL

Inference 21% of the respondents have income between 5000 10000 31% of the respondents have income between 10000 - 15000 25% of the respondents have income between 15000 20000 23% of the respondents have income above 20000

Table no 4.20

Respondents who have been insured

Insured Respondents Percentage Yes No Total 60 15 75 80 20 100

Figure 4.20 Respondents who have been insured

20% Yes No 80%

Inference

80% of the respondents have been insured. 20% of the respondents have not been insured.

Table no 4.21

Insurance companies that respondents have insured

Insurance Companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total

Respondents Percentage 20 18 05 14 03 60 33 30 08 24 05 100

Figure 4.21 Insurance companies that respondents have insured

RESPONDENTS

25 20 15 10 5 0
LIC HDFC ICICI Prudential Max New York Life Bajaj Allianz

INSURANCE COMPANIES

Inference 33% of the respondents have been insured with LIC 30% of the respondents have been insured with Bajaj Allianz 08% of the respondents have been insured with HDFC 24% of the respondents have been insured with ICICI Prudential 05% of the respondents have been insured with Max New York Life

Table no 4.22

Performance level of insurance companies Performance Respondents Percentage Excellent Good Satisfactory Poor Total 10 21 26 03 60 17 35 43 05 100

Figure 4.22 Performance level of insurance companies

5%

17%

Excellent Good Satisfactory 35% Poor

43%

Inference 17% of the respondents feel that the performance level of these companies is excellent. 35% of the respondents feel that the performance level of these companies is good. 43% of the respondents feel that the performance level of these companies is satisfactory. 05% of the respondents feel that the performance level of these companies is poor.

Table no 4.23

Importance of insurance Essential Respondents Percentage Yes No Total 64 11 75 85 15 100

Figure 4.23 Importance of insurance

70 60 50 40 30 20 10 0 Yes
INSURANCE

RESPONDENT

No

Inference 85% of the respondents feel that insurance is essential. 15% of the respondents feel that insurance is not essential.

Table no 4.24

Reason for importance of insurance Reason Premium Tax Security Others Total Respondents Percentage 20 16 23 05 64 31 25 36 08 100

Figure 4.24 Reason for importance of insurance

25
RESPONDENTS

20 15 10 5 0 Premium Tax Security Others

REASON

Inference 31% of the respondents feel insurance is important because of premium. 25% of the respondents feel insurance is important because of tax benefit. 36% of the respondents feel insurance is important because of security. 08% of the respondents feel insurance is important because of other reasons.

Table no 4.25

Insurance companies that the respondents prefer Insurance companies LIC Bajaj Allianz HDFC ICICI Prudential Max New York Life Total 15 21 06 18 04 64 23 33 09 28 07 100 Respondents Percentage

Figure 4.25 Insurance companies that the respondents prefer

RESPONDENTS

25 20 15 10 5 0 Bajaj Allianz ICICI Prudential Max New York Life LIC HDFC

INSURANCE COMPANIES

Inference 23% of the respondents would like to further invest in LIC. 33% of the respondents would like to further invest in Bajaj Allianz. 09% of the respondents would like to further invest in HDFC. 28% of the respondents would like to further invest in ICICI Pru. 07% of the respondents would like to further invest in Max New York Life.

Table no 4.26

Reasons for the insurance companies that the respondents prefer Reasons Premium Tax Security Service Total Respondents Percentage 19 17 20 08 64 30 27 31 12 100

Figure 4.26 Reasons for the insurance companies that the respondents prefer
25
RESPONDENTS

20 15 10 5 0 Premium Tax Security Service

REASONS

Inference 30% of the respondents like to insure in other companies because of premium. 27% of the respondents like to insure in other companies because of tax. 31% of the respondents like to insure in other companies because of security. 12% of the respondents like to insure in other companies because of service.

Table no 4.27

Awareness of Bajaj Allianz Awareness Respondents Percentage Yes No Total 67 08 75 89 11 100

Figure 4.27 Awareness of Bajaj Allianz

11% Yes No 89%

Inference 89% of the respondents are aware of Bajaj Allianz Life Insurance. 11% of the respondents are not aware of Bajaj Allianz Life Insurance.

Table no 4.28

Media through which awareness of Bajaj Allianz

Media Newspaper Television Radio Hoardings Total

Respondents Percentage 17 28 15 07 67 25 43 22 10 100

Figure 4.28 Media through which awareness of Bajaj Allianz

30
RESPONDENTS

25 20 15 10 5 0 Newspaper Television
MEDIA

Radio

Hoardings

Inference 25% of the respondents are aware through newspaper. 43% of the respondents are aware through television. 22% of the respondents are aware through radio. 10% of the respondents are aware through hoardings.

Table no 4.29

Awareness of Bajaj Allianz life insurance plans Insurance Plans Respondents Percentage Cash Gain Invest Gain Child Gain Others Total 26 17 22 02 67 39 25 33 03 100

Figure 4.29 Awareness of Bajaj Allianz life insurance plans

30
RESPONDENTS

25 20 15 10 5 0 Cash Gain Invest Gain Child Gain

INSURANCE PLANS

Others

Inference 39% of the respondents are aware of the cash gain plans of Bajaj Allianz. 25% of the respondents are aware of the invest gain plans of Bajaj Allianz. 33% of the respondents are aware of the child gain plans of Bajaj Allianz. 03% of the respondents are aware of the other plans of Bajaj Allianz.

Table no 4.30

Forms through which respondents came to know Bajaj Allianz life insurance plans Source Insurance Consultants Friends & Relatives Advertisements Newspapers Others Total Respondents Percentage 23 07 20 15 02 67 34 11 30 22 03 100

Figure 4.30 Forms through which respondents came to know Bajaj Allianz life insurance plans

RESPONDENTS

25 20 15 10 5 0 Advertiseme nts Friends & Relatives Newspapers Insurance Consultants Others

FORMS

Inference 34% of the respondents came to know about these plans through insurance consultants. 11% of the respondents came to know about these plans through friends and relatives. 30% of the respondents came to know about these plans through advertisements. 22% of the respondents came to know about these plans through newspapers. 03% of the respondents came to know about these plans through others.

Table no 4.31

Response of respondents about Bajaj Allianz life insurance plans Response Excellent Good Satisfactory Poor Total Respondents Percentage 10 25 29 03 67 15 38 43 04 100

Figure 4.31 Response of respondents about Bajaj Allianz life insurance plans
35 30 25 20 15 10 5 0 Excellent Good Satisfactory Poor
RESPONSE RESPONDENTS

Inference 15% of the respondents feel that the insurance plans are excellent. 38% of the respondents feel that the insurance plans are good. 43% of the respondents feel that the insurance plans are satisfactory. 04% of the respondents feel that the insurance plans are poor.

Table no 4.32

Respondents associated with Bajaj Allianz Association Respondents Percentage Yes No Total 18 42 60 30 70 100

Figure 4.32 Respondents associated with Bajaj Allianz

30% Yes No 70%

Inference 30% of the respondents are associated with Bajaj Allianz. 70% of the respondents are not associated with Bajaj Allianz.

Table no 4.33

Respondents associated with which plans of Bajaj Allianz Insurance Plans Respondents Percentage Cash Gain Invest Gain Child Gain Others Total 10 06 02 00 18 56 33 11 00 100

Figure 4.33 Respondents associated with which plans of Bajaj Allianz

11%

0%

Cash Gain Invest Gain Child Gain Others

33%

56%

Inference 56% of the respondents are associated with cash gain plan. 33% of the respondents are associated with invest gain plan. 11% of the respondents are associated with child gain plan.

Table no 4.34

Response of service provided by Bajaj Allianz

Service Excellent Good Satisfactory Poor Total

Respondents Percentage 01 10 06 01 18 06 55 33 06 100

Figure 4.34 Response of service provided by Bajaj Allianz

6% 33%

6%

Excellent Good Satisfactory 55% Poor

Inference 06% of the respondents feel that the service provided by Bajaj Allianz is excellent. 55% of the respondents feel that the service provided by Bajaj Allianz is good. 33% of the respondents feel that the service provided by Bajaj Allianz is satisfactory. 06% of the respondents feel that the service provided by Bajaj Allianz is poor.

4.4 HYPOTHESIS TESTING

To determine whether there is a significant association between the occupation of respondents and the nature of insurance. Ho: The null hypothesis states that there is significant association between the occupation of respondents and the nature of insurance. H1: The alternate hypothesis would be that there is not a significant association between the occupation of respondents and the choice of insurance.

Level of significance = 0.5

Occupation Employed Self Employed Total

Insured Not Insured Total 55 60 115 20 15 35 75 75 150

Expected Frequencies

115*75/150=57.5 115*75/150=57.5

35*75/150=26.3 35*75/150=26.3

Calculation of Chi-Square

Observed frequency(O) Expected frequency(E) (O-E) (O-E)2 (O-E)2/E 55 20 60 15 57.5 17.5 57.5 17.5 -2.5 2.5 2.5 -2.5 6.25 6.25 6.25 6.25 0.11 0.36 0.11 0.36 0.94

Calculated 2 = (O-E)2 / E O Observed frequency Calculated 2 = 0.94 E- expected frequency

Degree of freedom = (R-1) (C-1) = (2-1) (2-1) = 1 at 5% level of significance Therefore, tabulated 2 = 3.84 Since Tabulated 2 > Calculated
2

The hypothesis Ho is selected Therefore there is significant association between the occupation of respondents and the nature of insurance. To determine whether there is a significant association between the awareness of Bajaj Allianz and media through which it is known

Ho: The null hypothesis states that there is significant association between the awareness of Bajaj Allianz and media through which it is known. H1: The alternate hypothesis would be that there is not a significant association between the awareness of Bajaj Allianz and media through which it is known.

Level of significance = 0.5

Occupation Employed Self Employed Total

Aware Not Aware Total 65 67 132 10 08 18 75 75 150

Expected Frequencies

132*75/150=66 132*75/150=66

18*75/150=9 18*75/150=9

Calculation of Chi-Square Observed frequency(O) Expected frequency(E) (O-E) (O-E)2 (O-E)2/E 65 10 67 08 66 09 66 09 -1 1 1 -1 1 1 1 1 0.02 0.11 0.02 0.11 0.26

Calculated 2 = (O-E)2 / E O Observed frequency Calculated 2 = 0.26 E- Expected frequency

Degree of freedom = (R-1) (C-1) = (2-1) (2-1) = 1 at 5% level of significance Therefore, tabulated 2 = 3.84 Since Tabulated 2 > Calculated
2

The hypothesis Ho is selected Therefore there is significant association between the awareness of Bajaj Allianz and media through which it is known. CHAPTER V FINDINGS 5.1 FINDINGS 73% of the employed are being insured while 80% of the self employed are being insured Still 33% of the employed are associated with LIC which still makes it the number one spot right behind Bajaj Allianz at 30% Almost 80% of the respondents feel that insurance is essential for ones life. Both employed and self employed feel the main reason for insurance as far as they are concerned is due to security purpose. 34% are further interested in insuring in Bajaj Allianz.

Almost 90% of self employed are aware of Bajaj Allianz. Television is considered to be the main source of awareness of Bajaj Allianz among the various media

Insurance plans are known to the respondents mainly through insurance consultants after advertisement

Almost 30% of the respondents are associated with Bajaj Allianz 71% of the employed feel that the service of Bajaj Allianz is goods while only 56% of self employed feel its good.

CHAPTER VI SUGGESTIONS 6.1 SUGGESTIONS

Since only 30% of the respondents are associated with Bajaj Allianz there is an opportunity to make people associated. The penetration level is high and this increase more people to be linked to Bajaj Allianz.

The services that provided are only good to the customers. The services should be improved so that the customers feel excellent about the service

Though most of them are aware of Bajaj Allianz they are not associated. So measure should be implied to pull them being as part of Bajaj Allianz.

Television is the main media through which the company can reach out to the people. So advertisement should be telecasted frequently.

As far as brand is concerned LIC tops the sector, Bajaj Allianz must take intensive publicity efforts to position themselves as a leading life insurance company. So they will have to create feeling of trust among customers.

CHAPTER VII CONCLUSION

7.1 CONCLUSION Insurance happens to be a mega opportunity in India. Yet, nearly 80% of Indian population is without life insurance cover, continue to be below international standards which offer greater opportunities in this sector. With other investments avenues remaining unmoved, insurance and mutual funds offer comparatively better returns to customers. With tax and investment planning as its main targeting tools, insurance is bound to grow at a rapid pace. The project helped the researcher to find out the customer perception and expectations from the various plans offered by insurance companies with specific reference to market linked insurance plans. Appropriate suggestions have been given based on the research findings. It was a great learning experience and the researcher will carry this experience in all his future endeavors.

QUESTIONNAIRE 1. Name 2. Age a) 18 to 25 c) 33 to 40 3. Occupation a) Employed 4. Monthly income a) 5000 10000 c) 15000 20000 : b) 26 to 32 d) Above 40 b) Self Employed b) 10000- 15000 d) Above 20000

5. Have you been insured? a) Yes b) No 6. If yes, with which company are you associated with? a) Life Insurance Corporation of India b) Bajaj Allianz Life Insurance Company Limited c) HDFC Standard Life Insurance Co. Limited d) ICICI Prudential Life Insurance Co. Limited e) Max New York Life Insurance Co. Limited 7. How do you feel about their performance? a) Excellent b) Good c) Satisfactory 8. Do you feel insurance is essential for ones life? a) Yes b) No 9. Tick out the reasons for why you feel insurance is essential? a) Premium is reasonable b) Tax advantage c) Security purpose d) Others 10. Any other insurance company which you feel like further insuring in? a) Life Insurance Corporation of India b) Bajaj Allianz Life Insurance Company Limited c) HDFC Standard Life Insurance Co. Limited d) ICICI Prudential Life Insurance Co. Limited e) Max New York Life Insurance Co. Limited d) Poor

11. The reason why you feel like insuring in these insurance companies? a) Premium is Reasonable b) Tax Advantage c) Security Purpose d) Customer Service e) Others 12. Are you aware of Bajaj Allianz Insurance Company? a) Yes b) No 13. If yes, through which media did you come to know about Bajaj Allianz? a) Newspaper b) Television c) Radio d) Hoardings 14. Which of the insurance plans are you aware of Bajaj Allianz? a) Cash Gain b) Invest Gain c) Child Gain d) Others 15. Are you aware of the various insurance plans offered by Bajaj Allianz? a) Yes b) No 16. How did you came to know about these plans a) Insurance consultants b) Friends and Relatives c) Advertisements d) Newspapers e) Others 17. If yes how do you feel about these particular insurance schemes? a) Excellent b) Good c) Satisfactory d) Poor 18. Are you associated with Bajaj Allianz? a) Yes b) No 19. If yes, which plans are you associated with? a) Cash Gain b) Invest Gain c) Child Gain d) Others 20. Are you satisfied with the service provided by Bajaj Allianz? a) Yes b) No 21. Suggestions -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BIBLOGRAPHY Philip Kotler & Gray Armstrong, Principle of Marketing, Prentice Hall of India, New Delhi, 1999 Donald.S.Tull & Del.I.Howkins, Marketing Research, Prentice Hall of India, New Delhi, 2000 Dr.S.Gupta, Statistical Methods, Sulthan Chand Publications, New Delhi, 2000 Kothari.C.R, Research Methodology, Methods & Techniques, Wishwa Prakesh Publication, New Delhi, 1996 Varhney.R.L & Gupta.S.I, Marketing Management, Sulthan Chand Publications, New Delhi, 1999