BAJAJ ALLIAZ(COMPARATIVE ANALYSIS OF

INSURANCE COMPANIES – SPECIAL EMPHASIS

ON BAJAJ ALLIANZ)
A SUMMER TRAINING PROJECT
ON

“COMPARATIVE ANALYSIS OF INSURANCE

COMPANIES – SPECIAL EMPHASIS ON BAJAJ
ALLIANZ”

SUBMITTED BY
MOHSIN MAHIR
MBA

UNDER THE SUPERVISION OF

JAMIA HAMDARD SCHOOL OF BUSINESS, NEW

DELHI
ACKNOWLEDGEMENT

I would like to take this opportunity to express my deep

gratitude to all those who, directly or indirectly made this
project possible. I have got considerable help and support
in making this project report a reality from many people. I
also take this opportunity to convey my heart felt thanks to
---- for his constant suggestion, which have resulted in
successful completion of the project.
Also I am thankful to Mr --- (Head –loyal enterprises, a
franchisee of the BAJAJ ALLIANZ ) the management as
well as the whole team of Franklin Templeton for their
cooperation and for making my project duration memorable
and a fruitful one.

...............

CONTENTS
CHAPTER-I
Introduction 4
Types of Insurance 5
Life Insurance Companies 7
CHAPTER-II
Company Profile 8
Product Knowledge 13
Market Share 14
CHAPTER-III
Objectives & Research Methodology 21
CHAPTER-IV
Study 1 22
Study 2 25
Study 3 33
CHAPTER-V
Conclusion 38
Limitation 39
Suggestions & Recommendations 40
CHAPTER-VI
Annexure 41
References 47

INTRODUCTION

What is Insurance?
Insurance is a means by which a person or company, can
transfer insurable risks to an insurance company, against
the payment of a premium.
Insurance is not necessarily an investment from which one
expects to get one's money back. Nor is it gambling. A
gambler takes risks, while insurance offers protection
against risks that already exist. Insurance is a way to share
risk with others. Since ancient times, communities have
pooled some of their resources to help individuals who
suffer loss.
"Insurance is a contract between two parties whereby one
party called insurer undertakes in exchange for a fixed sum
called premiums, to pay the other party called insured a
fixed amount of money on the happening of a certain
event."
“Insurance is a protection against financial loss arising on
the happening of an unexpected event. Insurance
companies collect premiums to provide for this protection.
A loss is paid out of the premiums collected from the
insuring public and the Insurance Companies act as trustees
to the amount collected.”
For example, in a Life Policy, by paying a premium to the
Insurer, the family of the insured person receives a fixed
compensation on the death of the insured. It is a system by
which the losses suffered by a few are spread over many,
exposed to similar risks. Insurance is desired to safeguard
oneself and one's family against possible losses on account
of risks and perils. It provides financial compensation for
the losses suffered due to the happening of any unforeseen
events. By taking life insurance a person can have peace of
mind and need not worry about the financial consequences
in case of any untimely death.

TYPES OF INSURANCE
General Insurance
The basis for general insurance is "transfer of risk”. This
means that the insurer agrees to compensate you if you
suffer a loss. Without the insurance you would have to pay
for that loss yourself. Obviously this contract is made on
the basis that the insurance company calculates the risk that
you, or the total number of people buying insurance, will
cost more in payouts than what is received in premiums.
This is determined by the use of statistics and the
information you disclose on your applications for insurance

This includes:
Home contents. It can either be "defined event" i.e. the
policy covers loss or damage from a list of "defined"
events, e.g. storm or fire; or "accidental loss or damage" i.e.
all accidental loss with some exclusions.
Motor vehicle. It can either be "comprehensive" i.e. it
covers any damage to your car as well as damage to the
other car or another person's property; "third party
property" i.e. it covers damage caused by your car to
another person's property. This type of insurance will not
cover you for the cost of repairs to your own car; "third
party fire and theft i.e. it covers damage partly for damage
caused by your car to another person's property, and
restricted cover for damage to your car cause by theft or
fire. Income protection. With this type of insurance the
insurer agrees to pay you a specified amount of money,
usually in monthly payments, in the event that you become
disabled and unable to work. Along the same lines you an
purchase "trauma insurance" to cover a medical trauma
such as a heart attack.
Also in the modern day world the various players in the
insurance market are launching a number of utility specific
insurance policies in an effort to stay one step ahead of
their competitors. Hence to make the Definition of General
Insurance more broad based and inclusive we can say that
all the policies that do not fall under “Life Insurance “
category fall under the General Insurance category.

Life Insurance
Life insurance is insurance that will protect your family
and/or specified dependents in the event of the
policyholder’s death. In general, it is an essential
component in planning for the future.
There are many options with coverage, depending on your
situation. And there are three main categories of life
insurance: term life, universal life, and whole life
insurance.
Term life is the simplest and least expensive type of policy.
It's pure insurance with no cash value account. A term life
policy has only one function: to pay a specific lump sum to
whomever you've designated, upon a specific event, your
death.
Whole life insurance provides permanent protection for
your dependents while building cash value account. With
this type of insurance, the insurance company manages the
policies various contract.
Universal life insurance provides permanent protection for
your dependents and is more flexible than whole or
variable life
LIFE INSURANCE INDUSTRY IN THE YEAR 2000-
2001 HAD 10 NEW ENTRANTS
S.
No Registration
Number Date of Reg. Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance Company
Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance

Company Ltd.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life

Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited.

8 114 02.08.2001 ING Vysya Life Insurance Company

Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company

Limited

10 117 06.08.2001 Met life India Insurance Company Pvt.

Ltd.

COMPANY PROFILE
COMPANY PROFILE

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture

between two leading conglomerates-, Bajaj Auto, one of
the biggest 2 and 3 wheeler manufacturers in the world and
Allianz AG, one of the world's largest insurance
companies.

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

Bajaj Allianz General Insurance Company:

Bajaj Allianz General Insurance Company Limited is a
joint venture between Bajaj Auto Limited and Allianz AG
of Germany. Both enjoy a reputation of expertise, stability
and strength.
Bajaj Allianz General Insurance received the Insurance
Regulatory and Development Authority (IRDA) certificate
of Registration (R3) on May 2nd, 2001 to conduct General
Insurance business (including Health Insurance business) in
India. The Company has an authorized and paid up capital
of Rs 110 crores. Bajaj Auto holds 74% and Allianz, AG,
holds the remaining 26% Germany.
In its first year of operations, the company has acquired the
No. 1 status among the private non-life insurers. As on 31st
March 2003, Bajaj Allianz General Insurance maintained
its leadership position by garnering a premium income of
Rs.300 Crores. Bajaj Allianz also became one of the few
companies to make a profit in its first full year of
operations. Bajaj Allianz made a profit after tax of Rs.9.6
crores.
Bajaj Allianz today has a network of 42 offices spread
across the length and breadth of the country. From Surat to
Siliguri and Jammu to Thiruvananthapuram, all the offices
are interconnected with the head office at Pune.
In the first half of the current financial year, 2004-05, Bajaj
Allianz garnered a premium income of Rs. 405 crores,
achieving a growth of 84% and registered a 52% growth in
Net profits of Rs.20 Crores over the last year for the same
period. In the financial year 2003-04, the premium earned
was Rs.480 Crores, which is a jump of 60% and the profit
zoomed by 125% to Rs. 21.6 Crores
Vision
•To be the first choice insurer for customer’s
•To is the preferred employer for staff in the insurance
industry.
•To be the number one insurer for creating shareholder
value
Mission
As a responsible, customer focused market leader, we will
strive to understand the insurance needs of the consumers
and translate it into affordable products that deliver value
for money.
Allianz Group
Allianz Group is one of the world's leading insurers and
financial services providers.
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 Group provides its 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.
Easy access and reach across the country –
Bajaj Allianz Life has offices now in over 510 towns across
the country-enabling customer to buy our products and get
quality efficient service almost anywhere across the
country

ALLIANZ AG- A GLOBAL FINANCIAL

POWERHOUSE
• Worldwide 2nd by Gross Written Premiums - Rs.4,
46,654 cr.
• 3rd largest Assets Under Management (AUM) & largest
amongst Insurance cos. - 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 yrs of Insurance expertise
• 70 countries, 173,750 employees worldwide

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 & brand loyalty synonymous with quality &
customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

Bajaj Allianz Life Insurance Company has developed
insurance solutions that cater to every segment and age-
income profiles. For companies it provides comprehensive
'Employee Benefit Solutions' (Group Term Life, EDLI,
Gratuity, Superannuation, Keyman Insurance and more);
for the individual Invest Gain (a unique life insurance plan
where sustenance of income is combined in the same plan
that also pays a lump sum), Cash Gain (Money Back),
Child Gain (Children's plan), Risk Care (Pure Term),
Lifetime Care (whole life), Term Care (term with return of
premium), Swarna Vishranti (Retirement Plan), Protector
(Mortgage term insurance plan), Unit Gain (Unit Linked
Plan), Unit Gain Single Premium, Unit Gain Plus, Unit
Gain Plus SP, Lifelong Gain Plan, Unit Gain Single
Pension & Unit Gain Easy Pension Plans

PRODUCT KNOWLEDGE

UNIT GAIN PLAN

Bajaj Allianz Unit Gain offers the unique option of
combining the protection of life insurance with the
attractive prospects of investing in securities. You have the
choice of 6 investment funds with flexible investment
management; you can change funds at any time. You also
benefit from attractive tax advantages and unmatched
flexibility -to match your changing needs. And the
advantage of low fund management & fund administration
costs. This plan gives you the unmatched flexibility to
match your needs.
Minimum sum assured: 5 times the annual premium
Maximum sum assured: Y times the annual premium where
Y is---
Age 0-30 31-35

36-40 41-45 46-55 56-60

Y 125 105 75 55 30 20

Key Features: -
• Guaranteed death benefit
• Choise of 6 investment funds
• Provision of full &partial withdrawal after full 3 years
premium is paid.
• Unmatched flexibility to match your changing needs

MARKET SHARE

COMPANIES MARKET SHARE (%)

Bajaj Allianz 26.5
ICICI Pru 25.7
HDFC 10.04
SBI life 8.09
Birla Sun Life 6.61
Tata AIG 4.51
Max New York 4.3
Aviva 4
Kotak Mahindra 3.88
Others 6.37
DATA ANALYSIS
From the data collected by me on different insurance
companies we can analyse the position of different
companies as fellows:

RETURN WISE RANKING

If we see from the point of view of returns on different fund
option of different companies then we can find the
following data:
If we see from the point of view of returns the we can say
that BAJAJ ALLIANZ is at the top with 48.16 % of return
in its Equity Plus Fund.
GROWTH
THE OTHER COMPARISION IS ON THE BASIC OF
GROWTH OF DIFFERENT FUNDS OF A
PARTICULAR COMPANY:
PRIVATE LIFE PLAYERS MARKET PREMIUM
INCOME GROWTH (%)
Share (%) (Rs Crore)
BAJAJ ALLIANZ 26.49 2,715 216
ICICI PRUDENTIAL LIFE 25.72 2,637 66
HDFC STANDARD LIFE 10.04 1,028 111

Bajaj Allianz Life clearly the market leader grew by 216

per cent and clocked in new business premium of Rs
2,715.6 crore. The company cornered a market share of
7.56 per cent. ICICI Prudential on the other hand garnered
premium of Rs 2,637 crore and holds a market share of
7.35 per cent. The other private player that registered
significant growth in the fiscal 2005-06 was HDFC
Standard Life. The company's new
Business has grown by 112 per cent to Rs 1,029 crore. The
market share of HDFC Standard Life has jumped from 1.92
per cent in 04-05 to 2.97per cent in 05-06. Of the total pie,
individual regular premium policies contributed 55 per cent
at Rs 19,889 crore. Individual single premium policies were
31 per cent of the total portfolio at Rs 10,999 crore.
Individual policies have registered an overall growth of 39
per cent against the previous year. Despite the FBT on
group superannuation, business registered a growth of 14
per cent to Rs 5,009 crore.

NET PROFIT
The company's new business has grown by 112 per cent to
Rs 1,029 crore. The market share of HDFC Standard Life
has jumped from 1.92 per cent in 04-05 to 2.97per cent in
05-06. Of the total pie, individual regular premium policies
contributed 55 per cent at Rs 19,889 crore. Individual
single premium policies were 31 per cent of the total
portfolio at Rs 10,999 crore. Individual policies have
registered an overall growth of 39 per cent against the
previous year. Despite the FBT on group superannuation,
business registered a growth of 14 per cent to Rs 5,009
crore.

GROWTH IN PROFIT OF DIFFERENT INSURANCE

COMPANIES

S.NO NAME OF THE COMPANY GROWTH

IN %
1 BAJAJ ALIANZ 112
2. ICICI PRU 64
3. HDFC 29
4. BIRLA SUN LIFE 26
5. KOTAK LIFE 39
6. TATA AIG 19
7. MAX NEW LIFE 14

PROJECT BRIEF

During the summer training period I did a project which

includes three studies:-
My first study is a sort of comparative study amongst
different LIFE INSURANCE COMPANIES on the basis of
some predetermined criteria and the type of policy that is to
be compared is not the well known and old but it is the new
concept that the LIFE INSURANCE companies has come
up with whose name is Unit Linked Insurance Policy
(ULIP).

The criteria on which the ULIP is to be compared are Entry

Age & Maturity date, Premium value & Term, Death
Benefit, Surrender Benefit, Withdrawal, Switches &
Allocation of Equities and in the last the comparison of the
return of their respective best funds.
OBJECTIVE:

• To do a comparative analysis of the insurance sector.

• To map customer satisfaction level of Bajaj Allianz.
• To study the customer buying behavior, when comes to
purchasing an insurance policy.

RESEARCH METHODOLOGY

The Research methodology adopted in the study is

descriptive in nature and the collection of the data is done
through the primary & secondary source i.e. internet,
companies broachers etc.

STUDY 1- The study 1 dealt with the comparative analysis

of the insurance companies with in their industry. This
could be better done with the help of secondary data. I took
the help of secondary data and designed my comparative
analysis on life insurance sector.

STUDY 2- The study 2 dealt with the people who are not
insured and their future perspective . Weather they are
planning for getting insured and if so, with what policies,
what premium, what time etc the research was done with
the help of questionnaire.

STUDY 3- The study dealt with the knowing of customers

satisfaction of Bajaj Allianz customers. This too was done
with the help of primary data i.e Questionnaire.

STUDY 1:
DESCRIPTIVE RESEARCH STUDY:.
In this type of research study the researcher must able to
define clearly, what he wants to measure and must find
adequate methods measuring it along with the clear cut
definition of population he wants to study. Since the aim of
study is to obtain complete and accurate information, the
procedure must be carefully planned .The design in such
studies must be rigid and rigid.In planning and designing a
specific research project it is necessary to anticipate all the
steps that must be under taken if the project is to be
successful in collecting valid & reliable information. If it
were broken down into very small parts or activities, the
marketing research process would consist of a great no of
steps ----

Specifying research objectives.¬

Preparing a list of the needed information.¬
Designing the data collection project.¬
 Selecting a sample type.¬
Determining a sample size.¬
Organizing and carrying out the fieldwork.¬
Analyzing the collected data and reporting the findings.¬
The comparison is shown through the table on the next
page
In that study-1 what we found is that there is no restriction
in the entry age of the ULIP offered by the BAJAJ
ALLIANZ life insurance company but on all other ( except
ICICI PRU ) there is some restriction on the lower age.

The maturity period of the ULIP is differs from company to

company but it is highest in case of Birla sun life as far as
the payment of premium is concerned BAJAJ ALLIANZ
life insurance has all the option whereas Birla sun life
doesn’t want any type of flexibility in the payment of
premium and ICICI has only yearly premium payment
term.

Particular Bajaj
Allianz Birla
Sun Life HDFC
Life Kotak
Life ICICI
Pru
Guaranteed Benefits Tax relief benefits u/s 80( C), Hospital
cash benefits (sec 80 D), death benefit or withdrawals are
tax free sec 10( 10 D ) of income tax
Guaranteed addition at the end of 10, 15, 20 years and so
on.
Tax Benefits u/s 80(C), Tax free benefits u/s 10 (10 D).
Section 80C, 10(10D) of income tax would be apply.
After 3 yrs surrender value is 100% of total value of
investment.
Switch b/w Fund 3 free switches in a year 2 free switches
in a year 2 free switches in a year Depending on your
appetite of risk or your expectation of return. 4 free
switches in a year
The Ceiling on the lower level of premium is low in case of
all except icici prudential. On account of death benefit all
the companies is giving different types of benefits to their
ULIP holders. The pre-matured withdrawal is also allowed
in all the cases but in case of Birla sun life the customer
needs to pay some charges on account of pre-matured
withdrawal which they called as surrender charges. In case
of Bajaj Allianz life Insurance and Birla sun life, policy
fund is given to the policy holder on maturity.

The guaranteed benefits of Bajaj Allianz Life Insurance

Company have no other substitute. The hospital cash
benefit make the company different from others and also
some tax benefits are also their u/s 80(C) and 10 10(D) of
income tax act. Now comes the switch between various
funds offered by the company, in that case 3 free

switches have been provided by the Bajaj Allianz life

insurance company and icici Pru is providing the most ( i.e.
4 ) free switches between the funds whereas both Birla sun
life and HDFC life are providing only 2 free switches.

Now comes the last part of the study-1 that is to compare

the returns of best fund option of each of the life insurance
company and this time again BAJAJ ALLIANZ life
insurance Equity Plus and Equity Mid Cap Plus has
outperformed all the fund option provided by all other life
insurance company.
INSURANCE COMPANIES FUND OPTION RETURNS
(%)
ICICI PRU MAXIMISER 30.70
PENSION MAXIMISER 35.79
TATA AIG AIG GROWTH 19.70
AIG EQUITY 30.91
BAJAJ ALLIANZ EQUITY PLUS 48.16
EQUITY MIDCAP PLUS 38.25
HDFC STD. GROWTH FUND 23.48
BALANCED FUND 13.55
BIRLA SUN LIFE MAGNIFIER 25.26
ENHANCER 19.70

STUDY-2

OBJECTIVE:-
The objective of this study is to collect the data or
information from the prospective customers and use the
information to formulate the new policy which can cater to
the need of that segment so that the company can capture
the target market.
RESEARCH METHODOLOGY
The methodology used in this study is of Exploratory in
nature. Research methodology is all of the techniques,
methods and procedures adopted in terminology work to
carry out terminology research. It is a way to systematically
solve the research problem.
ANALYSES OF DATA
To analyses the data simple statistical tools such as pie
chart, bar charts and MS Excel’s functions have been used.
DATA COLLECTION
The data are collected from both the primary and the
secondary sources.

Primary: - Questionnaire

Secondary: - The details about the prospective customers is

obtained from
the report of Mr. Avdesh Verma who had done his summer
training in BAJAJ ALLIANZ life insurance company.

The question was asked to the sample size of 150

customers and the questionnaire was having close ended
questions. The questionnaire consisits of 13 questions. The
responses that I got from the customers are represented
through graphs. The graphical represented of the
questionnaire is according to the sequence of the questions.
The representation of the responses are shown :-
I

It was asked the respondent about the importance that they

give to the life insurance and found that around 140
respondent (i.e. 93% of the respondent) think that it is
important for them ant the same is shown through the
above diagram.

The next question asked was the main crietaria for selecting
the life ionsurance policy. In that case the main importance
is given to the amount of premium paid yearly. 33% of the
respondent shown their importance in annual premium
amount whereas 27% was concerned about the brand name
of the company and one-fourth respondent given
importance to the policy’s term.
The next question that I asked to the respondent was that
what they think weather the life insurance is enough to
cover the life or not and in that case I get the response in
favor of the question. About 68% of the respondent said
that life insurance is important for all and 32% respondent
said that it is not necessary for all to get the life insurance
policy.

The next question that I asked to the respondent is related

to their future buying behaviour or in other words weather
they are going to take the life insurance policy in the near
future ( less than 6 months). Most of the respondent ( 86% )
said that they are going to buy insurance policy in the near
future whereas the remaining will thing to buy the policy.

The next question in the questionnaire was about the

suitable term of the premium that they will pay when they
buy the insurance policy. 52% of the respondent said that
they prefer quaterlly term premium for their life insurance
policy. The single premium system is not liked by the
respondent and only 4% respondent opted for that. The
response percentage for the half-yearly and annually
premium paid policy is opted by the 26% and 18%
respectively.

The minimum premium that the respondent wants to pay

ranging between Rs 12000-15000 and around 59%
response comes in the favour of that. While higher amount
of premium as well as lower amount of premium is not that
much attracting to these respondent. The response for
8000-12000 was 18% and least for the more than Rs 20000
i.e. 11%.
Now the question for the brand is asked to the respondent.
In that case the respondent thought that BAJAJ ALLIANZ
life insurance company is the fastest growing insurance
company and get 40% of the respondent in his favour.
ICICI Pru has got 17%, Kotak Mahindra 21% and the
remaning responses goes to the other life insurance
companies like Birla sun life, HDFC life etc.

STUDY-3
OBJECTIVE:-

The objective of this study is to know about satisfactory

level of the policy holders of Bajaj Allianz life insurance
company and to know about the brand Image of the
company and also asking about any steps ( if any ) so as to
improve their service.

RESEARCH

The data is collected from both the primary and the

secondary sources.
Primary: - Data collected directly through Questionnaire
Secondary: - Collected by the company record. ( List of the

Existing customers)METHODOLOGY

The methodology used in this study is of Exploratory in

nature.

DATA COLLECTION

SAMPLE SIZE
The sample size of that study was 50 customers.

The first question that I asked to the existing customer was

about the maturity age of their policy that is wheather they
are satisfied with that or they buy that policy because they
don’t have the preffered maturity age of the policy. Most of
the customers was satisfied with the maturiey age of the
policy ( 67% ) and the reasons for the others for non-
satisfaction is that they didn’t had the preffered option at
that time and they buy that policy due to the brand name of
the company.

The next question that was asked to the existing customers

was about the purpose of buying the insurance policy. The
response in that case was the same that I was expecting.
385 policy holders had taken it for income security purpose
and 18% policy holders took it for tax benefits and for life
cover the percentage was 19%. The others section includes
high returns etc. was responded by 25% of the policy
holders.
The policy holders of BAJAJ ALLIANZ life insurance
company thinks that the maturity period of 15-20 years is
sufficient as far as they concenerd and responded by 43%
policy holders. 15% of the policy holders thinks that the
maturity period should be more than 20 years and
approxmatelt the same percentage of people thinks in other
way round i.e the term should should be less than 10 years.

BAJAJ ALLIANZ life insurance company has the

handsome percentage of satisfied customers. The
percentage of the satisfied customers is 85 % and only 15
% of the customers are not satisfied with the services of the
company and I had also taken their suggestion to improve
the service so that the company can increase the percentage
of satisfied customers.
• Committed towards commitment.

• Able to fulfill the need of the Existing policy holders.

• Difficulties were quickly removed.

• People Preferred 15-20 years of policy.

• Highest satisfactory level ( 85%).

• Policies are taken as a source of income also.

• Most Trusted Insurance Company in private sector

• Giving highest return to their policy holders and also

more flexibility to pay premium and switching

• Premium amount is the main criteria for selecting the

policy.

• They preferred Quarterly premium payment and that

amount preferably be under Rs 3500.

LIMITATIONS

• The customers was not that much attentive towards

answering
the questions.

• The customers became bias at the time of answering.

• The customers didn’t want to answer.

• The pre-image of the company had the affect on their

responses.

• The customers was not available during the afternoon

time.

• The weakness of BAJAJ ALLIANZ as told by most of the

people
is it’s NIL promotion campaign and regular visits the sales
executives

• Should concentrate on the media publicity for advertising.

• Should release weekly/monthly report.

• Motivate their agents to improve the customer base and

also pay proper attention on their needs & requirements.
• Regular meeting of the seniors with agents.

• Policies should be made Keeping in mind the collected

data.

• Should focus on the after sale service so as to develop

competitive advantage.

• The company should formulate a policy whose annual

premium will be Rs 14000 has maturity of 17 years and
mode of premium payment is quaterly.

• There should be easy ways to give the premium by the

insurer.

ANNEXURES
(Study-2)
QUESIONAAIRE
1. NAME:
2. AGE:
3. Phone No. (O) : (R) :
4. OCCUPATION:
5. ADDRESS:
_______________________________________________
______
6. DO YOU THINK LIFE INSURANCE COVER IS
IMPORTANT FOR ALL?
a) Yes b) No

7. WHAT IS THE PREFFERED CRIETRIA FOR

SELECTING THE LIFE INSURANCE POLICY?
a) Term/ Duration of the policy b)Annual Premium
c) Brand Name of the company d)others(Plzspec.)

8. DO YOU THINK THAT LIFE INSURANCE POLICY

IS ENOUGH TO COVER YOUR LIFE?
a) Yes b) No
9) Are you going to take insurance policy in the near future
( with in 6 months) ?
a) Yes b) No
9. WHICH PREMIUM TERM IS SUITABLE FOR YOU?
a) Quarterly b) Half Yearly
c) Annualy d) Single Premium
10 .HOW MUCH MINIMUM PREMIUM AMOUNT
YOU ARE READY
TO PAY?
a) 8000 -12000 b) 13000-15000
c) 16000-18000 d) More than 18000
11 WHAT SHOULD THE APPROPRIATE MATURITY
AGE OF THE POLICY?
a) Less than 10 years b) 10-15 years
c) 15-20 years d) more than 20 years
12 ACCORDING TO YOU WHICH IS THE MOST
GROWING INSURANCE
COMPANY?
a) Bajaj Allianz b) ICICI Pru
c) Kotak Mahendra d) Other(Plz specify)
13 DO YOU THINK THAT AFTER SALES SERVICES
ARE IMPORTANT ?
a) Yes b) No

MOHSIN MAHIR

( Study- 3)
QUESIONAAIRE
1. NAME:
2. AGE:
3. Phone No. (O) : (R) :
4. OCCUPATION:
5. ADDRESS:
6. DO YOU THINK LIFE INSURANCE COVER IS
IMPORTANT FOR YOU?
a) Yes b) No
7. WHAT AMOUNT OF LIFE INSURANCE POLICY
YOU HAVE ?
a) Less than Rs 10000 b) Rs 10000-15000
c) Rs 15000-20000 d) More than Rs 20000
8. DO YOU THINK THE POLICY YOU HAVE TAKEN
IS ENOUGH TO COVER
YOUR LIFE?
a) Yes b) No
9 .HOW MUCH PREMIUM AMOUNT YOU ARE
PAYING?
a) 8000 -12000 b) 13000-15000
c) 16000-18000 d) More than 18000
10 ARE YOU SATISFIED WITH YOUR MINIMUM
PREMIUM AMOUNT?
a) Yes b) No
11 ARE YOU SATISFIED WITH THE MATURITY AGE
OF THIS POLICY?
a) Yes b) No

12 WHY YOU HAVE TAKEN THIS INSURANCE

POLICY( FUTURE GOAL)?
a) Money b) Life cover
c) CHILD EDUCATION d) Other ( Plz specify )

13 ACCORDING TO YOU WHICH IS THE MOST

GROWING INSURANCE COMPANY?
a) Bajaj Allianz b) ICICI Pru
c) Kotak Mahendra d) Other (Please Specify)

14 Are you satisfied with the services of Bajaj Allianz ?

a) Yes d) No
MOHSIN MAHIR

REFERENCES

WEBSITS¬

www.bajajallianzlifeinsurance.com
www.IRDA.com
www.birlasunlife.com
www.hdfclife.com