bajaj allianz - 1

8/12/2019 Bajaj Allianz - 1

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CHANNEL

DEVELOPMENT

FOR THEBAJAJ ALLIANZ LIFE INSURANCE

Submitted towards

the partial fulfillment for

award of deree of

Master of !usiness

administration "M#!#A$

Submitted by : -Dilip Kumar Tandi%oll No# & '())*(''+(

M!A "!at,h -''( .-''/$ 0aipuria 1nstitute of Manaement2 )3.C2 Vasundhra2 4ha5iabad

Appro6ed b7 A1CTE "All 1ndia Coun,il of Te,hni,al Edu,ation)

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0A1P8%1A 1NST1T8TE O9 MANA4EMENT

)3.C2 6asundhra2 4ha5iabad "8#P#$

CERTIFICATE

This is to certify that the project report titled

CHANNEL DEVELOPMENT FOR THE

BAJAJ ALLIANZ LIFE INSURANCE is a bonafied

work carried out by Dilip :umar Tandi s;o Sri

Haldhar Tandi in partial fulfillment for award of the

degree of Master of Business Administration (MBA)from !" Technical !ni#ersity $ %ucknow

&''A *+A!,+A- .%A *+AT!/',.

(".* MBA 0rd em) (+2,$ MBA)

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DECLA%AT1ON

. hereby declare that the project report CHANNEL

DEVELOPMENT FOR THE BAJAJ ALLIANZ

LIFE INSURANCEsubmitted for is MASTE% O9 !8S1NESSADM1N1ST%AT1ONmy original work and the project report has

not formed the basis for award of any degree$ diploma$ associate

ship$ or other similar titles

,ate

"lace ignature

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P%E9ACE

The importance of an academic course would gain ad#antage and

acceptance of the true form$ only through practical e4perience +ence i t

is 5uite necessary to put the theories into talk . t is r igidly accepted that

the theory widens one6s thinking hor i7ons #i7 *oncepts of market ing

philosophies$ but practice indicates the modern marketing and used in

#ariety of settings of products

The s ummer t ra in ing p rogr ammers a re des igned t o g i#e t he

manager the future of the corporate happenings and work culture These

real l i fe s i tuations are enti rely di fferent f rom the s t imulated e4ercise

enact ed i n an a rt if ic ia l en# ir onment i ns ide t he s ummer t ra in ing

programmers and designed$ so that the manager to tomorrow do not feel

i ll case when the t ime comes to shoulder r esponsibi li ti es "rac ti ca l

e4posure for the MBA s tudents i s #ery necessary because what they

s tudy in the c lass room i s not the r ea li ty itua tion in the market i s

unknown and #ery much unpredictable o the pract ical e4per ience is

#ery much necessary this i s made poss ible wi th the summer t raining

project in Bajaj Allian7 %ife .nsurance *o in marketing related to searchfor the "otential .nsurance *onsultants

All organi7ations in#ol#es into business with some objecti#e and

one o f t he obj ec ti #es i s t o endor se p roduct o r s er #i ce whi ch t hey

produce .n my marketing project . tried to fid out the potential

.nsurance *onsultants through 5uestionnaire for the Bajaj All ian7 %ife

.nsurance *o The product for the insurance company is i t s policies

which company sale through i ts .nsurance *onsultants o i ts 5uite clear

that there will be as many .nsurance *onsultants There will be increased

sales

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AC:NO


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TABLE OF CONTENTS

)# E=e,uti6e Summar7

-# About Life 1nsuran,e Se,tor

+# 1ndustr7 O6er6iew

3# Compan7 Profile

># About Poli,ies Of !a?a? Allian5

*# Distribution Channel

(# %esear,h Methodolo7

@# S


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EBEC8T1VE S8MMA%

At the present t ime of cut throat compet i t ion in e#ery indust ry

e#ery company want to top the chart and want to show as big as possible

f igure of prof it s in i ts balance sheet . t i s 5uit e c lear today tha t a t

present time the growth of any organi7ation is possible only with the

help of hard working and wel l focused s taf fs that are the backbone of

any organi7ations

. t was my great pleasure that . did my summer training from Bajaj

All ian7 % if e . ns ur ance *o where . got t o know t ha t i n . ns ur ance

industry the skills of the man power matters most and increasing number

of .nsurance *onsultants help the organi7ation to increase its issuance of

policies which in turn result in growth for the organi7ation o it is 5uite

clear that .nsurance *onsultant6s matter most for the Bajaj All ian7 %ife

.nsurance *o

My job was to create the database for the organi7ation so that the

number i f .nsurance *onsul tant 6s could be increased My job was to

approach the indi#iduals who are interested in joining the organi7ation

as .nsurance *onsult ant$ within the l imita tions l ike r elated to age$

r el at ed t o 5ua li fi ca ti on $ and t hen h is ;her det ai ls w it h t he hel p o f

5ues t ionnaire . #is i ted #ar ious areas of ,elhi $


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irst of al l we should come to know that what i s %i fe .nsurance

The different definitions describing life .nsurance are as?@

.nsurance in which the r isk insured agains t i s the death of a

particular person$ the insured$ upon whose death while the policy is in

force$ the insurance company agrees to pay a stated sum or income to the

beneficiary %ife .nsurance pays a specified sum to the beneficiaries

upon the death of the insured .t is generally used to pro#ide cash to your

f amil y i n t he e#ent o f your dea th There a re s e#er al t ypes o f l if e

insurance whole l ife insurance pro#ides a l i fet ime of protection as long

as you pay the premiums to keep the pol icy act i#e They also accrue a

cash #a lue and thus offer a sa#ings component Term l if e insurance

pro#ides protection only during the term of the policy and the policies

are usually renewable at the end of the term .nsurance on human l i#es

including endowment benefi ts $ addit ional benefi ts in e#ent of death or

dismemberment by accident or accidental means$ addit ional benefi ts for

disability$ and annuities


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L19E 1NS8%ANCE 1ND8ST% 1N 1ND1A

Many may not be aware that the l ife insurance industry of .ndia is

a s o ld as i t i s in any o ther par t of the wor ld The f i r s t .ndian %i fe

.nsurance *ompany was the 2riental life .nsurance *ompany$ which was

started in .ndia in 11 at Dolkata A number of players (o#er 39E in life

and about 1EE in non@l i fe) mainly wi th regional focus f lour ished al l

across the country +owe#er$ the


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3:G capital *reating a more efficient and competiti#e financial system

suitable for the re5uirements of the economy as the main idea behind

the reform

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A !%1E9 H1STO%

The or igin of insurance is #ery old The t ime when we were not

e#en bornH was has sought some sort of protection from the unpredictable

calamities of the nature The basic urge in man to secure himself against

any form of risk and uncertainty led to the origin of insurance

The insurance came to .ndia from !DH with the establishment of

The 2riental .nsurance *orporation in 11 the .ndian %ife .nsurance

company act 1C13 was the first statutory body that started to regulate the%ife .nsurance business in .ndia By 1C9: about 198 .ndian$ 1: foreign

and =9 pro#ident f irms were been established in .ndia Then the central

go#ernment took

o#er these companies and as a result the %.* was formed ince then %.*

has worked towards spreading %ife .nsurance and build ing a wide

network across the l ength and the brea th of the country After the

l ib er al i7 at io n th e e ntr an ce o f f or ei gn p la ye rs h as a dd ed t o t he

competition in the market

The


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1NS8%ANCE SECTO% %E9O%MS

.n 1CC0$ Malhotra *ommittee headed by former >inance ecretary

and B.


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1NS8%ANCE MA%:ET 1N 1ND1A

By any yardstick$ with about 3EE mill ion middle class households$

presents a huge untapped potential for players in the insurance industry

aturation of markets in many de#eloped economies has made the .ndian

market e#en more at t ract i#e for global insurance majors Fith the per

capital income in .ndia e4pected to grow at o#er :G for the ne4t 1E years

and with impro#ement in awareness le#els $ the demand for insurance is

e 4p ec te d to g ro w a t a n a tt ra cti #e r at e in .n di a A n i nd ep en de nt

consult ing company$ the Moni tor


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New Produ,t Offerins &

There has been a plethora of new players$ mainly from the stable

of their international partners *ustomers ha#e tremendous choice from a

l ar ge #ar ie ty o f p roduct s f rom pur e t er m i ns ur ance t o uni t@ li nked

in#estment products *ustomers are offered unbundled products with a

#ariety of benefits as riders from which they can choose More customers

are buying products and ser#ices based on their t rue needs and not just

t ra di ti on al mo ne y@ ba ck p oli ci es $ w hic h is n ot c on sid er ed # ery

appropriate for long@term protection and sa#ings +owe#er$ there are still

some key new products yet to be introduced I eg health products

Customer Ser6i,e &

&ot une4pectedly$ this was one area that witnessed the most

signif icant change with the entry of new players There is an at tempt to

bring in international best practices in ser#ice and operational efficiency

though use of l at es t t echnologies Ad#ice and need based sel ling i s

emerging through much better t rained sales force and ad#isors There is

impro#ement in response and turnaround t imes in specif ic areas such as

deli#ery of f irs t policy receipt $ policy document$ premium notice$ f inal

maturity payment$ settlement of claims etc +owe#er$ there is a long way

to go and #arious customer sur#eys indicate that the standards are st i l l

below customer e4pectation le#els

Channels of Distribution &

Till two years back$ the only mode of distribution of life insurance

products was through Agents Fhile agents continue to be the

predominant distribution channel$ today a number of inno#ati#e

al ternat i#e channels are being offered to cus tomers ome of them are

bancassurance$ brokers$ the internet and direct marketing Though it is

too ear ly to predict $ the wide spread of bank branch network in .ndia

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could l ead to bancassurance emerging as a s ignif icant d is tr ibution

mechanism

The introduction of pri#ate players in the industry has added to the

colors in the dull industry The ini t iat i#es taken by the pri#ate players

are #ery competi t i#e and ha#e gi#en immense competit ion to the on t ime

monopoly of the market %.* ince the ad#ent of the pri#ate players in

the market the industry has seen new and inno#ati#e steps taken by the

players in this sector The new playe rs ha#e impro#ed the ser#ice 5uality

of the insurance As a result %.* down the years ha#e seen the declining

phase in its career The market share was distributed among the pri#ate

players %.* market share has decreased from C9G (3EE3@E0) to 3G

(3EE8@E9)

The following companies has the market share of the life insurance

industry

In!"rance Co()an* $ar+e, Share (Fig. in $)

%I& '.

I&I&I *rudential .+,

-ajaj All ian" './

H0F& 1tandard %ife 2.+'

1-I %ife .3

-irla 1un %ife .4

5ax 6ew 7ork %ife8 .43

9A9A AI! .'4

Aviva .34

:5 ;otak 5ahindra .3/I6!


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C8%%ENT SCENA%1O O9 THE

1NS8%ANCE 1ND8ST% 1N 1ND1A

.ndia with about 3EE million middle class household shows a huge

untapped potential for players in the insurance industry aturat ion of

markets in many de#eloped economies has made the .ndian market e#en

more at tract i#e for global insurance majors The insurance sector in

.ndia has come to a posit ion of #ery high potential and competi t i#eness

in the market

.nno#ati#e products and aggressi#e distr ibution ha#e become the

say of the day .ndians$ ha#e always seen %ife .nsurance as a ta4 sa#ing

de#ice$ are now suddenly turning to the pri#ate sector that are pro#iding

them new products and #ariety for their choice

%ife .nsurance industry is wait ing for a big growth as many .ndian

and >oreign companies are wai t ing in the l ine for the green s ignal to

start their operations The .ndian *onsumer should be ready now because

the market is going to gi#e them all array of products $ different in price$

features and benefi ts +ow the customer is going to make his choice wil l

determine the future of the industry

C8STOME% SE%V1CE

*onsumers r emain the mos t important cent re of the insurance

sector After the entry of the foreign players the industry is seeing a lot

of compet it ion and thus impro#ement of the cus tomer ser#ice in the

industry *omputeri7at ion of operations and updating of technology has

become imperati#e in the current scenario >oreign playe rs an bringing

i n in te rn at io na l b es t p ra ct ic es i n s er# ic e t hr ou gh u se o f l at es t

technologies The one t ime monopoly of the %.* and i ts agents are now

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going through a through re#ision and training programs to catch up with

the other pri#ate players

D1ST%1!8T1ON CHANNELS

Till date insurance agents s t il l remain the main source through

which insurance products are sold The concept is #ery well established

in the country l ike .ndia but s t i l l the increasing use of other sources is

i mper at i#e . t t he re fo re makes s ense t o l ook a t wel l I bal anced$

alternati#es channels of distribution

% .* has alre ad y we ll estab lishe d an d h a#e an e 4tensi#e

dis t r ibut ion channel and presence &ew players may f ind i t e4pensi#e

and t ime consumi ng t o b ri ng up a d is tr ibut ion channel t o ha#e an

ad#antage

At present the d is tr ibution channel s tha t a re a#ai lable in the

market are?

,irect elling

*orporate Agents


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!ANCASS8%ANCE

.ndia has an e4tensi#e bank network established o#er the years

Fhat .nsurance companies ha#e to do is to jus t take ad#antage of the

cus tomer6s long@s tanding t rus t and relat ionships wi th banks This i s a

mutual ly benef icial s i tuat ion as banks can also e4pand thei r range of

products on offer to customers$ while the insurance company will also

earn prof i t s f rom the e4posure Another ad#antage is that banks $ wi th

their network in rural areas$ help to fulf i l l rural and social obligations

stipulated by the

1nsuran,e %eulator7 and De6elopment Authorit7 "1%DA$

recent ly .nsurance companies should see ban,assuran,e as a tool forincreasing their market penetrat ion in .ndia . t is also good for the one

who sees bancassurance in terms of reduced price$ high 5uali ty product

and deli#ery at doorsteps '#erybody is a winner here The creation of

bancassurance operations has made an important impact on the financial

ser#ices industry at large This is though a new concept but it has gained

a lot of importance in the industry at present and has a great future

P%OD8CT 1NNOVAT1ON

*us tomers ha#e t remendous cho ice f rom a l ar ge #ar ie ty o f

products from pure term insurance to unit@linked in#estment products

*ustomers are offered unbundled products with a #ariety of benefi ts as

riders from which they can choose More customers are buying products

and ser#ices based on thei r t rue needs and not jus t t radi t ional money@

back policies$ which is not considered #ery appropriate for long@term

protection and sa#ings

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%8%AL MA%:ET1N4

ur al . nd ia s ee ms to h a# e a n a pp eti te f or mo bil e p ho ne s$

computers$ and cars and to add to i t we ha#e insurance .n .ndia with the

pri#ate players ha#ing entered into the insurance industry$ the e4pected

e4plosion in job opportunit ies may not actually happen but for them the

catchments area i s the opportunit ies in the rural .ndia .n .ndia the

insurance business can be said to be a marathon$ not a sprint This is

because of the nature of the business being long term +owe#er it seems

that they if not anything$ are only increasing their spending$ though only

out of the capi tal As insurance companies go more and more rural in

search of bus iness $ there wil l be oppor tunit ies in the rural sec tor

A lr ea dy !n it ed .n di a T he ur al c on su me r i s n ow e 4h ib it in g a nincreas ing propensity for .nsurance products A research conducted

e4hibi ted tha t the rura l consumers are wil ling to dole out anyth ing

between s 0$9EE and s 3$CEE as premium each year .n the .nsurance

the awareness le#el for %ife .nsurance is the highest in rural .ndia$ but

the customers are also aware about motor$ accidents and cattle insurance

According to a s tudy nearly one third said that they had purchased some

kind of insurance with the ma4imum penetrat ion skewed in fa#or of l i fe

insurance The study also pointed out the pri#ate companies ha#e huge

task to play in creat ing awareness and credi tabi li ty among the rural

populace

1N9O%MAT1ON TECHNOLO4 AND 1NS8%ANCE

.n the insurance industry today$ there is a clear trend away from

sell ing a broad range of products to a large #olume of customers in a

one@ si7e@f i ts@al l manner .nstead of focusing on their different products

l ines as s i los ( i e $ l i fe$ property and casualty etc) insurers are looking

for ways to offer highly targeted insurance products that are tai lored to

the indi# idual s customers with the h ighes t propens ity to buy them

.nsurance industry is a data@r ich industry$ and thus$ there is desire need

to use the data for trend analysis and personali7ation

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Fith increased competi t ion among insurers $ ser#ice has become a

k ey i ss ue " eo ple t od ay d on 6t w an t t o a cc ep t t he c ur re nt # alu e

propositions$ they want personali7ed interactions and they look for more

and more features and add ones and better ser#ice Today managing the

cus tomer intel l igent ly i s #ery cr i t ical for the insurer especial ly in the

#ery competi t i#e en#ironment *ompanies need to apply different set of

rules and treatment strategies to different customer segments

Fith the e4plos ion of Febsi te and grea ter access to d irec t or

policy information$ there is a need to de#eloping better techni5ues to

gi#e cus tomers a t ruly personal i7ed e4per ience "ersonali7at ion helps

organi7ations to reach their customers with more impact and to generate

new re#enue through cross sel l ing and up sel l ing act i#i t ies To ensure

that the customers are recei#ing personali7ed

information$ many organi7ations are incorporating knowledge database@

repositories of content that typically include a search engine and lets the

customers loca te the a ll document and information re la ted to the ir

5ueries of re5uest for ser#ices *ustomers can hereby use the knowledge

database to manage the ir products or the company information and

in#oices $ c la im records$ and h is tor ies of the ser# ice in5uiry These

products also may be able to learn from the customer6s pre#ious

knowledge database and to use their information when determining the

rele#ance to the customers search re5uest The insurance sector remains

a #ery compet i t i#e market and those companies tha t a re able to bes t

uti l i7e their data and pro#ide their customer with the most personali7edoptions will ha#e the distinct competiti#e ad#antage

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ME%4E%S AND AC81ST1ONS

This i s an era of mergers and ac5uis it ions "ri#a te companies

i nc lu di ng M& *6s a re a ma lg am at in g th e w or ld o #e r to g et mo re

compet it i#e edge *urrently$ the general insurance industry has been

opened up The insurers a re doing enough to r ai se the l e#el of r isk

awareness o r a re t hey mer el y con tent t o compe te i n t he mar ke ts

organi7ed and established The pri#ate players in the future would ha#e

to turn thei r at tent ion to working in the unorgani7ed and under ser#ed

markets

Fhat is l ikely to happen is that the pri#ate players would continue

to skim the profi table segments of the already organi7ed business in theurban areasJ The t ime has already come for the go#ernment of .ndia to

e#aluate the performance of pri#ate companies

+owe#er i t i s h igh t ime f or t he go#er nment t o r ea li 7e t ha t

impor tance of merging the public sector general insurance companies

into s ingle enti ty The recent scenar io calls for a better performance

from part of each of the public sector insurance companies against each

other The result what we see i s the undercutt ing to r etain or wres t

business and 5uoting an uneconomical rate of premium Fhile this

allows one of the "ublic ectors *ompany to win a business form another

in th i s manner The o ther s suf fer a los s and the r esul t ant e f fec t i s a

cannibali7at ion with a fal l in the a#erage premium of the public sector

itself

The purpose of ha#ing four companies al l subsidiaries of 4eneral

1 ns ur an ,e C or po ra tion o f 1 nd ia " 41 C$ N at io na l 1 ns ur an ,e

Compan72 New 1ndia Assuran,e Compan72 Orienta l 1nsuran,e

Compan72 and The 8nited 1ndia 1nsuran,e Compan7F a t the t ime of

nationali7at ion was to ha#e competi t ion among themsel#es I in ser#ice

and products at the same price

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&ow with real competition coming in with most of the global

insurance p layer s set ting footpr in ts here $ i t i s f el t tha t the t ime for

merger has come and to enjoy the benefi ts i f the si7e . t is to be stated

that si7e does matter in insurance business All o#er the world6s mergers

and ac5uisitions in the risk@underwriting sector is common The benefits

i f the four insurance companies merge wi l l be enormous The merged

enti ty wil l en joy h igher underwr it ing and r isk r etention capacityH

increase in r einsurance premium$ reduct ion in r einsurance outf low$

healthy sol#ency margins$ set t ing r ight the asset@ l iabil i ty mismatch and

reduction in cost The loss of profi table business in #iew of undeser#ed

compe ti ti on among t he pub li c s ec to r compani es i s hamperi ng t he

subsidi7ation of social insurance including the motor third party liability

(T"%)

. t i s thus clear that i t i s good for the publ ic sector companies to

merge immediately when they are s t i l l s t rong$ les t a merger becomes

ine#itable later af ter the independent public sector companies fai l one

after another

ST%ATE41C ALTE%NAT1VES

. f one analyses the his tory of growth of the insurance indust ry

since reforms$ i t is marked by al l@ round growth of al l players More or

l es s a ll p laye rs ha#e aggress i#el y r ec ru it ed and t ra ined ad# is or s$

appointed agents $ launched new products$ impro#ed cus tomer ser#ice

s tandards and re#amped;e4panded thei r dist r ibut ion networks '#ery

player would like the customers to belie#e that its ser#ice standards are

the bes t or that i t s agents are the most informed and ethical .n other

words $ each company is t rying to be Ke#erything to e#erybody6 ome

players justify the abo#e strategy on the basis that the .ndian market is

huge and i t can accommodate e#erybody t i l l $ in a market where i t i s

d if fi cu lt to d is tinguish onesel f suf fi ci ently on ser# ice or any o ther

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parameter to be able to charge a premium$ it will lead to unmitigated

price competit ion to the detriment of all playe rs .n the insurance

industry where large amounts of capital are re5uired$ this is risky

Fhile there is room for a few scale players with a f inger in e#ery

pie$ it is profitable for the players to focus on different segments to

s ur #i #e and t hr i#e i n a mul ti @f ir m open en# ir onment Fhi le each

company has to choose i t s own uni5ue pos i t ioning based on i t s uni5ue

strengths

Variet7.based Positionin

This type of posit ioning is based on #arieties in products and

ser#ices rather than customer segments .t is a sensible strategy for those

companies who ha#e d is tinc ti#e ad#antages or s tr engths in of fer ing

certain products and ser#ices

.n the insurance indust ry too$ i t i s poss ible to achie#e a uni5ue

position by focusing on certain category of products Through its

superior fund management capabil it ies$ the insurance company can

deli#er better returns on i t in#estment@l inked products and thereby for

itself a leadership position in this segment

Then there i s the ent i re category of pens ion products $ which is

widely touted to ha#e immense growth potential in .ndia due to imminent

pension reforms .t is possible to achie#e profitable positioning by

focusing and e4celling in only pension products

Needs based Positionin

This is the most commonly understood positioning and is based

on the different needs of different groups of consumers This can be done

successful ly i f a company has uni5ue s t rengths to ser#ice a group of

customer needs better than others

The insurance needs of young family with small children wil l be

5uite different from that of a family in which the income@earner is close

to ret irement +owe#er$ in .ndia most of the %ife .nsurance companies

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ha#e a wide #ariety of products of different customer needs and there is

no company focusing only on a particular customer needs

A,,ess. based Positionin

"osit ioning of customers can also be done by the way they are

access ible that i s di fferent groups of cus tomers may be access ible in

dif ferent ways e#en though they may ha#e s imilar needs Access i s

typically a function of customer scale

There is e4cellent opportunity in the insurance industry to employ

access@based posi t ioning by targeting the rural insurance sector The

rural market for %ife .nsurance is #ery different from the urban market in

terms of needs$ income le#els $ distr ibution$ penetrat ion of media and so

on '4cept for %.*$ no other player has paid any at tent ion or focus on

the rural sector *ontrary to common perception it is a big opportunity as

emphas i7ed repeatedly by such eminent s tr ategies l ike C#:#Prahlad#

ur al mar ke t can be a h ighl y p ro fi tabl e pos it ion i f one i s abl e t o

carefully plan

CHOOS1N4 THE %14HT ST%ATE4

The r ight s t rategic choice i s not a mat ter of pos i t ioning choice

alone . t i s the conf igurat ion of the ent i re #alue chain of the company

through a different set of acti#ities to deli#er uni5ue #alue to consumers

The set of act i#i t ies co#er al l upstream and downstream acti#i t ies $ from

t he s el ec ti on o f t he p roduct mi4 ome % if e . ns ur ance compani es

focusing on rural markets ha#e adopted inno#ati#e means of distribution

. ns tead o f appoi nt ing agent s a s i s done t yp ical ly$ t hey ha#e used


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o we can conclude that$ the si7e of the market has grown and the

si7e of the insurable populat ion in .ndia is indeed #ast and the e4ist ing

players ha#e managed to co#er about one@fourth of it

The f al li ng i nt er es t r at es $ t he col laps e o f many s ma ll I ti me

financial inst i tut ions$ the scope for entering related areas l ike banking

and pensions in a bid for synergy and the promise of the e@commerce are

some of the other opportunit ies knocking at the doors of the insurance

majors

A number of web sites are coming up on insurance$ a few financial

maga7ines e4clus i#ely de#oted to insurance and a lso a f ew t ra in ing

i ns tit ut es b ei ng s et u p h ur ri ed ly M an y o f t he u ni #e rs iti es a nd

management institutes ha#e already started courses in insurance

% if e i ns ur ance has t oday become a mai ns tay o f any mar ke t

economy s ince i t offer s p lenty of scope for garnering l arge sums of

money for long periods of time A well regulated %ife .nsurance industry

which mo#es with the t imes by offering i ts cus tomers t ai lor @made

products to satisfy their financial needs is$ therefore$ essential if we

desire to progress towards a worry@free future

3:


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COMPAN

P%O91LE

3=


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A!O8T !A0A0 ALL1ANG L19E 1NS8%ANCE

Mission& As a responsible cus tomers focused market leader $ we s t i l ls tr i#e to unders tand the insurance needs of the consumers and

translate it into affordable products that deli#er #alue for money

Vision&

To be the first choice insurer for customers

To be the preferred employee for staff in the insurance

industry

To be the number one insurer for creating shareholder

#alue

SAM 4HOSH $ who was the *'2 of Bajaj Allian7 earlier has taken o#er

as country Manager and is also the *'2 of Bajaj Allian7 %ife

.nsurance *ompany

!a?a? Allian5 Life 1nsuran,e Compan7 Limited

Bajaj Al l ian7 %ife .nsurance *o %td i s a joint #enture between

two leading conglomerates@ $ and Bajaj Auto$ one of the biggest two and

three@wheeler manufacturers in the wor ld and Al l ian7 A


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2ne of .ndia6s leading pri#ate life insurance companies

!a?a? Allian5 4eneral 1nsuran,e Compan7 Li mited

Baja j All ian7


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E8$ the premium earned was s8E *rores$ which is a jump of :EG and

the profit 7oomed by 139G to s 31:G *rores

Shareholders Promoters

!a?a? Auto Limited

Bajaj Auto %imited is the largest manufacturer of two and three@

wheelers in .ndia and also one of the largest manufacturers in the world

Bajaj Auto has been in operation for o#er 99 years As a promoter of

Bajaj Allian7 inancial strength and stability to support the insurance business

Allian5 A42 4erman7

Allian7 ounded in 1CE in Berlin$ Allian7 is now present in more than =E

countries with o#er 1==$EEE employees At the top of the international

group is the holding company$ Allian7 A


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trillion euros in assets under management 2f this$ =80 billion euros

were assets managed for third parties

Histor7 of Allian5

,ocumenting and researching its corporate history is part and

parcel of the corporate culture of Allian7 A


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has laid a broad foundation in order to address clients L needs on the

in#estment market

A ll ian7 A< i s i n t he bus ines s o f rance)$ further

Allian7 insures the majority of the fortune 9EE companies$ besides being

a l arge indust ri al insure $ All ian7 has a substanti al port fo lio in thecommercial and personal l ines sector $ using a wide #ariety of inno#ati#e

distribution channels

Allian5 A4 has the followin of offer !a?a? Allian5 4eneral

1nsuran,e Compan7 Ltd#&

et up and running of


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ul ly l icensed to underwri te al l l ines of general insurance bus iness

including health with management control by Allian7 A per,ent profit 1n,rease

Baja j All ian7


35/105

f indings f rom e4is t ing cus tomers $ bus iness associates$ prospect i#e

cus tomers and other s takeholders indicates higher comfor t le#el and

ease of recall ing Bajaj name first and then All ian7$ and hence the name

Bajaj Allian7

Baja j All ian7


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The !a?a? Allian5 Differen,e

Business strategy al igned to cl ients6 needs and trends in .ndia and

global economy industry

. nt er na ti on al ly e 4p er ie nc ed c or e te am$ ma jo ri ty w ith lo ca l

background

>ast$ decentrali7ed decision making

%ong@term commitment to market and clients

Trust

At Bajaj Al l ian7$ they ha#e real i7ed that the cus tomer seeks aninsurer whom he;she can trust Bajaj All ian7 %imited is t rusted name for

o#er 99 years in the .ndian market and All ian7 A< has o#er 11E years of

global e4perience in f inancial ser#ices Together they are committed to

pro#ide the customer with time tested and trusted financial solutions that

pro#ide the customer all the security he;she need for their in#estments

And moreO

8nderwritin Philosoph7

Their underwriting philosophy focused on?

!nderstanding the customer6s needs

!nderwriting what we understand

Meeting the customer6s re5uirements

'nsuring optimal co#erage at lowest cost

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Claims Philosoph7

The Bajaj Al l ian7 team fol lows a ser#ice that aims at taking the

an4iety out of claims process ing They pr ide themsel#es on a f r iendly

and open approach They are focused towards pro#iding the customer a

hassle free and speedy claims processing Their claims philosophy is to?

Be fle4ible and settle fast

'nsure no claim file to be seen by more than 0 people

*heck p rocess es r egul ar ly aga inst t he g loba l A ll ian7 2"'P

(2perational '4cellence) methodology

Customer Orientation

At Bajaj All ian7$ the guiding principals are customer ser#ice and

client satisfaction All the efforts are directed towards understanding the

cul ture$ social en#ironment and indi#idual insurance re5uirements@ so

that they can cater to all the customer6s #aried needs

E=perien,ed and E=pert Ser6i,in Team

Baja j All ian7 i s dri#en by a t eam of e4perienced people who

understand .ndian r isks and are supported by the necessary international

e4pertise re5uires to analyses and assess them ser#ice engineers located in

e#ery major city

Superior Te,hnolo7

.n order to ensure speedy and accurate processing o the customer6s

needs $ t hey ha#e e st ab li shed wor lds c la ss t echnol ogy$ w it h

renowned insurance sof tware$ which networks al l our of f ices and

intermediaries

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!sing the Feb$ pol icies can be issued form any off ice across the

country for retail products

!ni5ue$ user f r iendly sof tware de#eloped to make the process of

i ss ue o f pol ic ie s and c la ims s et tl emen t s impl er ( eg onl ine

insurance of marine policy certificate)

8niIue 9orms of %is Co6er

pecial "A co#er for Amarnath -atris

+ousing loan co#er for people$ who are suddenly unemployed

>ilm insurance

'#ent management co#er

%is Manaement Their E=pertise

Their ser#ice methodology is t r ied$ tested and "ro#en the world o#er

and in#ol#es?

isk identification? .nspection

isk analysis? "ortfolio re#iew and gap analysis

isk retention

isk Transfer? To an insurer as well as reinsurer (as re5uired)

*reation of need based products

2ngoing dialogue and proacti#ely

0


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P%OD8CTS

O9

!A0A0 ALL1ANG

L19E 1NS8%ANCE

0C


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L19E 1NS8%ANCE POL1C1ES

L19E LON4 4A1N

The Bajaj All ian7 %ife gain "lan comes with a host of features to

a llow customer to ha#e the best of a ll words I r egular income for

customer and the added benefi ts of pro#iding for lo#ed ones too This is

the perfect plan to take care of ongoing and future family e4penses l ike

debts$ e4penses on children$ li#ing e4penses$ etc .t can also take care of

unforeseen e4penses l ike accidents $ i l lness +ospi tal i7at ion etc and

pro#ides a family with a safety net

How does the plan worJ

The premiums paid are in#ested in the %ifelong und (based on the

allocation rate) and units are al located depending on the offer price of

units for the fund The #alue of the policy is the bid #alue of units that a

cus tomer hol ds i n t he f und The l if e i ns ur ance co#er cha rges a re

d edu cted th ro ug h mo nthl y ca nce llat io n of u nits an d th e fun d

administration charge and fund management charge are priced in the unit

#alue

!enefits a6ailable under the plan

8E


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Death !enefit& .n the case of unfor tunate premature death the

beneficiaries are entitled to the greater of &

um Assured less partial withdrawals

The bid #alue of units

. f the age of the insured person is less than = or abo#e =E$ then the

bid #alue of unit is paid

4uaranteed Sur6i6al !enefits&


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Partial


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Fith Bajaj All ian7 !nit und Management *harge is priced in the unit

#alue

Minimum Sum Assured K > time the annual premium#

Ma=imum Sum Assured K 7 t times annual premium#

The 9i6e funds offered are as under&

a$ EIuit7 1nde= 9und & The in#estment objecti#e of this >und is to

pro#ide capital appreciation through in#estment in e5uities The

80


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plan is e4pected to match the returns gi#en by Nift7 1nde= of the

National Sto, E=,hane# This fund wi l l in#es t a t l eas t 9G in

e5uities and ma4imum 19G in debt and cash

b$ EIuit7 Plus 9und & The in#estment objecti#e of this >und is to

pro#ide capital appreciation through in#estment in select e5uities

s tocks that ha#e the potent ial for high capital appreciat ion This

fund wil l in#est at least 9G in e5uit ies and ma4imum 19G in debt

and cash instruments

,$ Debt P lus 9und & The in#estment objec ti#e of thi s >und i s to

pro#ide accumulation of income through in#estment in high 5uality

fi4ed income securi t ies l ike 4.Se,s$ a nd ,orporate debt rates AA

and abo#e This fund wil l be in#ested fully in ,ebt .nstruments and

money market instruments

d$ !alan,ed Plus 9und & T his f un d is a f un d o f f un ds T he

i n# es tme nt o bj ec ti #e o f th is fu nd i s to p ro #i de a b ala nc ed

in#estment be tween long@term capi ta l apprec ia tion and cur rent

income through in#estment in the 8nits of !a?a? Allian5s EIuit7

1nde= and Debt Plus 9unds# The balanced fund wil l in#est 0EG to

9EG in the e5uity inde4 fund and 9EG to =EG in the debt plus fund

Cash Plus 9und & The in#estment objecti#e of this "lan is to ha#e a

fund tha t guarantees in#ested capi ta l through in#estments in l i5uid

money market and short @ te rm ins truments l ike *ommercia l "apers $

*ertificate of ,eposits$ money market$ Mutual >unds$ Bank >,s etc The

price of units in this fund is guaranteed not to go down1EE9 of this fund

88


45/105

will be in#ested in money market instruments The price of the units in

this fund is guaranteed ne#er to go down

9le=ibilities to manae ,ustomer in6estments

Bajaj Al lian7 offers the f le4ibi l ity to manage the in#es tments

.ni t ial ly$ the customer can al locate the premium into the 9 funds that are

a#ailable in a proport ion of his;her choice ubse5uently$ depending on

the performance of funds$ customer can switch between funds and also

change the a lloca tion of premium to #arious funds They a llow the

c us to me r t hr ee sw itc he s e #e ry p ol ic y ye ar s ub je ct t o a minimum

swit,hin amount of %s# >2''';. or the fund #alue$ whiche#er is lower

The customer can also change the proport ion of premium allocation to

#arious funds at each policy anni#ersary

8nmat,hed 9le=ibilit7 to suits the ,ustomers ,hanin

reIuirements

Bajaj All ian7 !nit


46/105

be 39G of the original um Assured or s 1$EE$EEE;@ whiche#er is

lower .f the customer does not e4ercise an option when i t is due$

i t cannot be carried forward .f the age is les than 1 years at the

s tar t of policy$ al l 8 increments wi ll be a#ailable f rom age 1

Apart f rom e4ercising the options to increase the um Assured

without medical tes ts $ he;she can increase the um Assured any

time ubject to medical underwrit ing (a#ailable up to age :E) .n

ei ther case$ the um Assured af ter increase must be e5ual to or

less than the ma4imum um Assured a#ai lable foe the premium

le#el chosen The customer should gi#e notice of increase in death

benefit 19 days before the yearly policy anni#ersary

9le=ibilit7 to de,rease the Sum Assured & The customer

can decrease the um Assured (in multiples of 1EEE) at any time to

suit their changing needs The sum Assured$ af ter decrease$ must

be at least 9 times the annual premium After a decrease

subse5uent increases will be subject to underwriting

9le=ibil it7 to Pa7 Top ups & The customer may ha#e recei#ed a

bonus or some lump sum money The customer can use that to

increase his;her in#es tments in their policyCG of any amount

paid as top@up is allocated to their funds

9le=ibilit7 to in,rease the le6el of %eular Premium

Pa7ment & The customer6s earnings grow o#er t ime$ and so does

their sa#ings potent ial Fith Bajaj Al lian7 !ni t gain "lus$ the

customers wil l ha#e the f le4 ib il ity to increase the ir r egular

premium amount at any time

Assured Prote,tion e6en if the ,ustomer misses pa7ment

of their premiums & Bajaj Allian7 !nit


47/105

customer with the uni5ue features of continued protection e#en if

they forget to pay thei r premiums Af ter payment of three full

years premiums$ when premiums due are not paid$ the policy wil l

s tay in force with full benefi ts so long as there are enough units

a#a il ab le f or cha rg ing t he *os t o f . ns ur ance and Add it iona l

Benefits after deducting all applicable charges

1mportant Details of the !a?a? Allian5 8nit 4ain Plus Plan

Minimum Age at 'ntry? E(isk commences at age =$ and ceases

after age =E)

Ma4imum Age at 'ntry? :E

The minimum age at entry for all additional benefits is 1 years

The ma4imum age at entry for all additional benefits is 9E years

All additional benefits are a#ailable till age :9

Premium Pa7ment Mode

>or the customer6s con#enience$ All ian7 ha#e pro#ided 0 regular

premium payment modes that can be -early$ +alf -early$ and QuarterlyThey also offer a monthly premium payment mode with salary deduction

schemes .n addit ion$ the customer also has the option to pay top@ups to

increase his;her in#estments The minimum premium is s19EEE;@ for

the Annual Mode$ s =9EE;@ for +alf -ear ly$ s 0=9E;@ for Quar ter ly$

and s19EE;@ for the Monthly Mode The minimum top@up premium is

s9EEE;@

Partial and 9ull


48/105

sur render penalty on part ia l or ful l withdrawals af te r ful l 0 year s

premiums are paid

:e7 9eatures


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%eular Premium Pa7ment & "remium payment throughout

the selected term

Sinle Premium Pa7ment & 2ne t ime premium payment for

the selected term at commencement

Apart from co#ering the r isk of natural death$ this plan also pro#ides

the customer the option to choose up to 9 addi tional benefi ts The

customer can select a speci f ic combinat ion of addi t ional benef i t s bes t

suited to his;her needs$ a#ailable in 8 attracti#e packages to choose from

. E,onom7 & This is the basic plan$ which is a#ailable for both the

regular and single premium payment options

.. Prote,t & This pack comes with the following 0 in@built additional

benefits &

a$ Accidental death Benefit

b$ Accidental "ermanent Total;"artial ,isability Benefit

,$ Fai#er of "remium Benefi t ( in case of accidental permanent

total disability)

The "rotect "ack is a#ailable with the regular premium payment option

only

... Health & Thi s pack comes wi th t he f ol lowi ng 3 i n Ibui lt

additional benefits &

a$ *ritical .llness Benefit

b$ +ospital cash Benefi t The health "ack is a#ailable with the

regular premium payment option only

8C


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./ Total & This pack comes with the following 9 in@buil t addit ional

benefits &

a$ Accidental ,eath Benefit

b$ Accidental "ermanent Total; "artial ,isability Benefit

,$ Fai#er of "remium Benefi t ( in case of accidental permanent

total disability)

d$ *ritical .llness benefit

e$ +ospital *ash Benefit

The Total "ack is a#ai lable wi th the regular premium payment opt ion

only

!enefits &

Accidental ,eath Benefit

Accidental "ermanent Total ;"artial ,isability Benefit

Fai#er of premium Benefit

*ritical .llness Benefit

Ta4 Benefits

urrender

%oans

LOAN P%OTECTO%

The Baj aj A ll ian7 %oan "ro tect or p lan i s a mor tgage t er m

insurance plan that co#ers the outstanding principal amount of a loan . t

is an economical way to protect the family from the burden of repayment

of the loan in case of death of the loaner The plan is designed to pay a

sum insured that will be e5ual to the outstanding principal amount of the

loan due


9E


51/105

The !a?a? Allian5 Prote,tor "lan offers the con#enience of

choosing between two premium payment options

. %eular Premium Pa7ment & "remium payment l imi ted to

appro4imately 3;0 r d of loan tenure$ while co#erage continues for

the full tenure of the loan

.. Sinle Premium Pa7ment & 2ne t ime premium payment

co#ering the customer for the full tenure of the loan

0oint Life A6ailabilit7

The *ustomer has the option to co#er the co@applicant of the loan

under this plan !nder this opt ion$ both l i#es wi l l be co#ered and the

death benefi t wil l be payable in case of death of ei ther l i fe The policy

terminates on death of either life

Da7s of 4ra,e

.n case of non@payment of premiums$ a grace per iod of 0E days

will be al lowed for the yearly$ half yearly and 5uarterly modes (19 days

for monthly mode) After that the policy will lapse

%e6i6al Of the Poli,7

. t is possible to re#i#e a policy that has lapse due to non@paymentof premiums within 9 years from the date of lapse The re#i#al wil l be

effected subject to underwrit ing .n case of joint l i fe$ re#i#al would be

subject to underwriting on both li#es

4eneral E=,lusion

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52/105

Fit hi n 19 days f rom t he dat e o f r ecei pt o f t he pol icy$ t he

customer ha#e the option to re#iew the terms and condit ions and return

the pol icy$ i f the cus tomer disagree to any of the term and condi t ions $

stat ing the reasons for his;her objections The customer wil l be enti t led

t o a r ef und o f t he p remi um pai d$ s ub ject onl y t o a deduc ti on o f a

proportionate risk premium for the period on co#er and e4penses

incurred on medical e4amination and stamp duty charges

!enefits &

,eath Benefit

"remium "ayment mode

Ta4 benefits

urrender #alues; paid up #alues

CH1LD 4A1N

Taking care of a child is perhaps the most important job a parent

can ha#e . t is but natural that a person would l ike to gi#e his;her best $

and therefore$ this is the t ime when careful f inancial planning can help

them to ful fi ll t he aspirat ions tha t the customers ha#e for h is ;her

children


T he !a?a? Allian5 Child 4ain solutions help the customer to

enjoy the joys of parenthood responsibi l i ty$ wi th the reassurance of a

secure future for their child

*ommon features in the 8 opt ions of Bajaj Al l ian7 *hi ld gain

olutions

. Limited Premium Pa7ment Term Fhi ch means t ha t t he

premiums are payable till the customer6s child attains age 1 ye ars #

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53/105

..

The ,ustomers ,ontributions row b7 wa7 of ,ompounded

annual bonuses 2 w hi ch w il l b e p ai d to h im w ith t he f ir st

guaranteed payout (policy anni#ersary fol lowing age 1 of your

chi ld) $ for in@ force pol icies .n addi t ion to the annual bonuses $ a

terminal bonus may also be paid

... The customers are also eliible for Ta= benefits under Se,tion @@

and Se,tion )' ")' D$ of the 1n,ome Ta= A,t#

./ Assurin our Childs 9uture .n an uncertain world$ the

prime interest of yo ur child cannot be jeopardi7ed in any way

Fhich is why the !a?a? Allian5 has buil t in some added benefi ts in

al l thei r plans to protect the interes ts of your chi ld6s future$ by

counter insuring you@ the policyholder

Premiums

>or the customer6s con#enience they ha#e pro#ided three Premium

Pa7ment Modes can be earl72 Half 7earl7 or uarterl7#

They also offer a Monthl7 Premium Pa7ment Mode under salary

deduction schemes

Surrender

They offer the cus tomer the choice of sur rendering the poli cy

pro#ided three full ye ars premium ha#e been paid (Two years for

premium terms of 9 and : years) The guaranteed minimum surrender

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54/105

#alue is 0EG of all premiums paid e4cluding the first year premium and

e4cluding the premiums for premium wai#er benefi t and >amily .ncome

benefit and additional benefit opted for The guaranteed minimum

surrender #alue after the premium payment term will be the discounted

#alue of the outs tanding ins tal lment payments discounted at 1E G pa

rate of interest

Loans

%oans are not a#ailable with !a?a? All ian5 Child 4ain

solutions

)> da7s 9ree Loo Period &

Fit hi n 19 days f rom t he dat e o f r ecei pt s o f t he pol icy$ t he

customer ha#e the option to re#iew the terms and condit ions return the

policy$ if he;she disagree to any of the terms and conditions$ stating the

reasons for his;her objections The customer wil l be enti t led to a refund

of the premium paid$ subject only to a deduct ion of propor t ionate r i sk

premium for the period on co#er and the e4penses incurred on medical

e4amination and stamp duty charges

E=,lusions

The ,eath *o#er is subject to the following '4clusion ?

uicide within one year from commencement of risk$ whether sane or not

this product brochure gi#es the sal ient feature only The rele#ant policy

document i s the conclus i#e e#idence of the contract $ and pro#ides in

detai l a l l the condi t ions '4clus ion related to each of plans under the

!a?a? Allian5 Child 4ain Solutions#

1NVEST 4A1N

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. t takes only a moment to make promises and a l i fet ime to keep

th em D ee pin g p ro mi se s m ad e to yo ur lo #e d o ne s is n ot j us t a

responsibility$ but a commitment that you ha#e to li#e up to

Fhen you promise to see your family through thick and thin you

need to make sure that you ha#e planned for al l the e#entual i t ies that

may befall on them -ou need to be prepared that e#en if there e#er is an

instance that you are not there with them you ha#e sa#ed enough to see

them through their entire life

A,,idental Death !enefit &

Accidents are always sudden and sometimes fatal -ou can6t lessen

the emot ional shock$ but you can cer ta in ly sof ten the f inancia l one

!a ?a ? A ll ia n5 A ,, id en ta l D ea th ! en ef it g i#es t he l o#ed ones

something to start with after the permanent loss of income by paying an

account e5ual to um Assured (ubject to a ma4imum of s 9E$EE$EEE;@

under all policies with Bajaj Allian7 taken together)

A,,idental Permanent Total;Partial Disabilit7 !enefit &

Accidents are unpredictable and so are the conse5uences They may

lead to a disability I partial or total This benefit pro#ides a financial

cushion against such misfortunes -ou will get 9EG of the um Assured

in case of partial disability and 1EEG in case of total disability (ubject

to a ma4imum of s 39$EE$EEE;@ for partial and s 9E$EE$EEE;@ for total

disability under all policies with !a?a? Allian5 taken together)


56/105

while keeping the #aluable l i fe insurance co#er al i#e$ thus enabling you

to li#e up to your commitments

Criti,al 1llness !enefit "C1$ &ome i l lnesses are cri t ical They not only al ter one6s l i fe6s pattern

but also result in a financial drain !a?a? Allian5 Criti,al 1l lness

benef it sof tens the impact on the family by paying out the *r i t ical

. l lness Benefi t under the plan immediately$ while other policy benefi ts

cont inue (e4cluding +ospit al *ash Benefi t) Fe co#er 11 cr it ica l

i l lnesses The customer ha#e the f le4ibil i ty of choosing *rit ical . l lness

co#er up t o t he bas ic um Ass ur ed s el ec ted by you ( Mi ni mum s

9E$EEE)

Hospital Cash !enefit "HC$ &

The worry of sett l ing hospi tal bi ll s ( room charges) adds to the

t rauma o f hos pi ta li 7a ti on !a?a? Al lian5 Hospital Cash !enef it

reduces this financial burden and helps reco#ery with peace of mind

9le=ibilit7 in Co6erae &

All Bajaj Al l ian7$ they bel ie#e . of fer ing benef i t s and not jus t

products They reali7e that customers are uni5ue and their needs for

i ns ur ance #ar y wit h t ime They t he re fo re o ff er t he cus tomer t he

f le4ibi l ity of inclusion of co#erage or e4clus ion of co#erage at each

policy anni#ersary$ subject to conditions relating to such inclusions and

e4clus ion Comprehensi6e A,,ident Prote,tion can be included and

e4cluded at each pol icy anni#ersary >amily .ncome Benef i t$ *r it ical

. l lness benefi t and +ospital *ash Benefi t can be taken at inception only

*. and +* can be r educed o r e4c luded s ubse5uen tl y a t any pol icy

anni#er sary 2nce reduced or e4cluded$ they cannot be increased or

included subse5uently

9:


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1n,rease 1n ris Co6erae

'#ery added responsibil i ty in a person6s l i fe cal l for increase in

his ;her r isk co#er Bajaj All ian7 pro#ide the cus tomer the option to

increase co#erage up to 9E9 of the bas ic um Assured on each of the

following happy moments in their life ?

-our Marriage

The Birth of your >irst *hild

The Birth of the econd *hild

This additional co#erage is not subject to underwriting

!a?a? Allian5 Cash 4ain Platinum &

Quadruple Sum Assured + Bonuses

Choi,e Of Terms

Deeping the customer6s con#enience in mind$ Bajaj Allian7 offers

the customer the widest range of terms ? 19$ 3E$ 39$and 0E years

Additional Prote,tion 9or The Customer need Their

9amil7

The customers ha#e the opt ion to add the fol lowing addit ional

benefits "ro#iding total protection against uncertainties

9=


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a$ 9amil7 1n,ome !enefit "91!$ & The !lt imate "rotection >or

your lo#ed 2nes The cus tomer can select the uni5ue >amily .ncome

Benef i t >rom Bajaj Al lian7 that ensures total f inancial protection for

t he ir l o#ed ones . n cas e o f dea th o r acc iden ta l t ot al per manent

disabi l i ty$ a guaranteed monthly income 1G of the um Assured (13G

per annum) is paid till the end of the policy term or at least for a period

of 1E years $ whiche#er i s higher Moreo#er $ al l future premiums are

wai#ed

b$ Comprehensi6e A,,ident prote,tion & This benefi t pro#ides

comprehensi#e co#er in case of an accident .t comprises of ?

A,,idental Death !enefit

Accidents are always sudden and sometimes fatal -ou can6t lessen

the emot ional shock$ but you can cer ta in ly sof ten the f inancia l one

Bajaj Allian7 Accidental ,eath Benefit gi#es the lo#ed ones something

to start af ter the permanent loss of income by paying an amount e5ual to

the um Assured (ubject to a ma4imum of s 9E$EE$EEE;@ under al lpolices with Bajaj Allian7 taken together)

A,,idental Permanent Total; Partial Disabilit7 !enefit

Accidents are unpredictable$ and so are the conse5uences They may

lead to a disabil i ty I part ial or total This Benefi ts pro#ides a f inancial

cushion against such misfortunes -ou wil l get 9EG of the um Assured

in case of part ial disabil i ty (ubject to a ma4imum of s 39$EE$EEE;@

for partial s 9E$EE$EEE;@ for total disability under all policy with Bajaj

Allian7 taken together)


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An accident may lead to permanent total disability$ limiting one6s to

earn Bajaj Al lian7 Fai#er of "remium Benef i t i s a helping hand

when one needs i t most . t wai#es off al l future premiums while keeping

the #aluable l i fe insurance co#er al i#e$ thus enabl ing you up to your

commitments

,$ Criti,al 1llness !enefit "C1$& ome i l lnesses are cri t ical They

not only al ter one6s l i fe6s pat tern but also resul t in a f inancial drain

Bajaj Allian7 *ritical .llness Benefit softness the impact on the family

by payi ng out the *ritical .llness Benefit under the

plan immediately$ while other policy benefits continue (e4cluding

+ospi tal *ash Benef it ) Fe co#er 11 cr it ical i l lnesses The customer

ha#e the fle4ibility of choosing *ritical .llness co#er up to the basic um

Assured selected by you (Minimum s 9E$EEE)

d$ Hospital Cash !enef it "HC$& The worry of sett ing hospi tal bi ll s

( room charge) adds to the t rauma of hospit al i7a tion Bajaj All ian7

+ospital *ash Benefi t reduces this f inancial burden and helps reco#ery

with peace of mind

9le=ibilit7 in Co6erae

.n Bajaj Allian7$ they belie#e in the offering and not just products

They reali7e that the customers are uni5ue and their needs for insurance

#ary with t ime They therefore offer the cus tomer the f le4 ib i li ty of

i nc lu sio n o f c o# er ag e o r e 4c lu sio n o f c o# er ag e a t e ac h p ol ic y

anni#er sary $ subject to condit ions r elat ing to such inc lusions and

e4clus ion *omprehensi#e Accident "rotection can be included and

e4cluded at each pol icy anni#ersary >amily .ncome Benef i t$ *r it ical

. l lness Benefi t and +ospital cash Benefi t can be taken at inception only

*. N +* can be r educed o r e4c luded s ubse5uen tl y a t any pol icy

9C


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anni#ersary 2nce reduced or e4cluded$ they be increased or included

subse5uently

1n,rease in %is Co6erae &

'#ery added responsibil i ty in a person6s cal ls for increase in his;her

r isk co#er Bajaj Al lian7 pro#ide the cus tomer the option to increase

co#erage up to 9EG of the basic um Assured on each of the following ?

+appy moments on their life ?

-our birth of your first child

The birth of the second child

This addit ional co#erage is not subject to underwri t ing The option

should be e4ercised within CE days of the occurrence of the said e#ent

SAVE CA%E ECONOM

A s the b re ad winne r of th e family yo u sh ou ld er se# eral

respons ib il it ies -our spouse6 s welfare$ your chi ldren6s education $

buyi ng a house or a car I you ha#e a lot to think about$ e#eryday Fe$ at

Bajaj All ian7$ belie#e that the securi ty and growth of your hard earned

money should not add to these

Fhich is why they ha#e created the Bajaj All ian7 a#e *are 'conomy@

ingle "remium the 1E@year ingle "remium #ers ion of our popular

a#e *are 'conomy . t i s an idea l p lan for a one@ time lump sum

in#estment that pro#ides for sa#ing with high risk@co#er


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The Bajaj Al l ian7 a#e *are 'conomy I "$ i s a ingle "remium

in#estment plan for 1E years that also part icipates in the profi ts of the

company The highlights of this plan are?

Minimum


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The Ba ja j A ll ian7 is k *ar e " lan o ff er s t he con#eni ence o f

choosing between two payment options

%eular Premium Pa7ment @ "remium payment through the

selected term

Sinle Premium Pa7ment @ 2ne t ime premium for the selected

term at commencement

Apart from co#ering the r isk of natural death$ this plan also pro#ides

the opt ion to choose up to 9 addit ional benef it s A person can select a

specif ic combination of addit ional benefi ts best suited to his;her needs$

a#ailable in 8 attracti#e packages to choose from #

E,onom7&

This is the basic plan$ which is a#ailable for both the regular and

single premium payment options

Prote,t&This pack comes with the following 0 in@built additional

benefits?

Accidental ,eath Benefits

Accidental "ermanent Total;"artial ,isability Benefits

Fai#er of "remium Benefi t ( in case of accidental permanent total

disability)

The "rotec t "ack i s a#ail able with the r egular premium payment

option only

Health& This pack comes with the following 3 in@buil t addit ional

benefits?

1 *r it ical . l lness Benef i t

:3


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3 +ospital *ash Benefi t The heath pack is a#ailable with the regular

premium payment option only

Total& This pack comes with the following 9 in@buil t addit ionalbenefits?

1 Accidental ,eath Benef i t

3 Accidental "ermanent Total ;"art ial ,isabil ity Benefi t

0 Fai#er of "remium Benefit ( in case of accidental permanent total

disability)

8 *r it ical .l lness Benef i t

9 +ospit al *ash Benefi t

The total "ack is a#ailable with the regular premium payment option

only

!enefits

"remium Fai#er Benefit

>amily .ncome Benefit

2ption to "urchase future .nsurance

E=,lusions

uicide within one year from commencement of risk$ whether same

or not This product gi#es the sal ient featured only the rele#ant policy

document i s the conclus i#e e#idence of the contract $ and pro#ides in

detai l s al l the condi t ions $ e4clus ion related to each of plans under the

Bajaj Allian7 *hild


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This plan pro#ides you with the comfort that your near and dear

ones wi l l continue to l i#e thei r l i fe wi thout f inancial worr ies $ e#en

when you are not around

PENS1ON PLANS

S


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a$ 9amil7 1n,ome !enefit & The cus tomer can se lec t the

uni5ue >amily .ncome Benefi t from Bajaj All ian7 that ensures

total f inancial protect ion for lo#ed ones .n case of death or

accidental total permanent disabil i ty$ a guaranteed monthly

income of 1G of the um assured (13G per annum) is paid t i l l

the #est ing date or at least for period of 1Eyears$ whiche#er is

higher Moreo#er$ al l future premiums are wai#ed This uni5ue

regular income benefi t can act as important supplement to the

pension a#ailable to the spouse in the case of death

b$ Comprehensi6e A,,ident Prote,t ion &This benefi t

pro#ides comprehensi#e co#er in case of an accident .t

comprises of ?

A,,idental Death !enefit & Accidents are always

s udden and s omet imes f at al -ou can6t l es sen t he

emoti onal s hock but you can cer ta in ly s of ten t he

financial one !a?a? Allian5 A,,idental Death !enefit

gi#es the lo#ed ones something to s tar t wi th af ter the

permanent loss of income by payi ng an amount e5ual to

th e um A ss ur ed ( u bj ec t t o a ma 4i mu m o f s

9E$EE$EEE;@ under al l policies with Bajaj All ian7 taken

together)

A,,idental Permanent Total;Partial Disabilit7

!enef it & Accidents are unpredictable and so are the

conse5uences They may lead to a disabi l i ty@ par t ial or

total This benef i t pro#ides a f inancial cushion agains t

such misfortunes 2ne wil l get 9EG of the um Assured

in case of partial disability and

:9


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1EEG in case of total disabil i ty (ubject to a ma4imum

of s 39 $EE $EEE; @ for part ia l and s 9E $EE $EEE; @ for

total disability under all policies with Bajaj Allian7 taken

together)


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e$ Hospital Cash !enefit "HC$ & The worry of setting hospital

bills (room charge) adds to the trauma of hospitali7ation Bajaj

All ian7 +ospital *ash Benefi t reduces this f inancial burden

and helps reco#ery with peace of mind


68/105

amount a#ai lable for purchased of annui ty wi l l be up to 3G At

present$ they offer their immediate annuity plan for life$ warna

aksha$ tied to this plan

8 The minimum installment of annuit7 from !a?a? Allian5

is %s#)''';.# The annui ty mode may be changed to make each

installment more than the minimum re5uirement .f it is still below

the minimum$ the um Assured R Accrued Bonuses would be paid

Added Assuran,e for 7our famil7

.n the unfortunate e#ent of death during the deferent period$ your

spouse wil l ha#e the option to t ake the um Assured p lus accrued

bonuses as a lump sum pr purchase an annuity to get regular income for

l ife >or the immediate annuity$ your spouse wil l ha#e the 2pen Market

2ption as well $ Bajaj All ian7 immediate annuity$ with a mark up of 3G

will be a#ailable only if the spouse is abo#e 89 years of age .n al l ages

lower than 89$ the um Assured R A Accrued bonuses would paid out

9le=ibilit7 in Co6erae

At Bajaj Al lian7$ they bel ie#e in offer ing benef i ts and not jus t

products They ha#e reali7ed that the customers are uni5ue and their

needs for insurance #ary with time They therefore offer the fle4ibility of

i nc lu sio n o f c o# er ag e o r e 4c lu sio n o f c o# er ag e a t e ac h p ol ic y

anni#ersary t i l l the #est ing date$ subject to condit ions relat ing to such

inclus ion and e4clus ion *omprehensi#e Accident "rotect ion can be

included and e4cluded at each policy anni#ersary

The Term *o#er$ >amily .ncome Benefi t $ *ri t ical . l lness Benefi t

and +ospi tal *ash Benef i t can be reduced or e4cluded subse5uent ly at

any poli cy anni#ersary 2nce reduced or e4cluded$ they cannot be

:


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increased or included in the pol icy subse5uent ly The >amily .ncome

benefit$ once selected$ cannot be remo#ed The term co#er can be

e4cluded at any subse5uent policy anni#ersary 2nce remo#ed$ i t cannot

be included in the policy subse5uently

8N1T 4A1N EAS PENS1ON

-ou ha#e been working hard -ou6re going to ret ire one day +ow

do you see your ret irementJ Tra#elingJ


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The benefits on Vestin Date "the date 7ou ,hoose to retire$

1 The Account /alue as on the #est ing date wi ll be used to purchase

an immediate annuity The immediate annuity wil l be purchased at

rates pre#ailing at that point of time

3 2ption to t ake lump sum? -ou ha#e the opt ion to t ake up to 1 ;0 r d

of the account #a lue on the #est ing date as a lump sum This

amount would be ta4 f ree in your hand$ as per current ta4 laws

The bal ance amoun t w il l be used t o pur chas e an i mmedia te

annuity

0 2 pe n Ma rk et 2p tion ? -o u h a# e th e o ptio n to pu rcha se an

immediate annuity from Bajaj All ian7 or from any other company

. f the immediate annuity i s purchased f rom Baja j All ian7 $ theamount a#ailable for purchase of the annuity wil l be market up by

3G

8 T he mi ni mu m i ns ta ll me nt o f a nn ui ty f ro m B aj aj A ll ia n7 i s

s 1EEE;@ The annui ty f re5uency may be changed to make each

instal lment more than the minimum re5uirement .f i t s t i l l below

the minimum$ the Account /alue may be ut i l i7ed to purchase an

immediate annuity from any other company in the a open market as

per yo ur choice$ or paid in lump sum$ if permissible$ subject to the

pre#ailing ta4 laws

Assuran,e for 7our famil7

.n the unfortunate e#ent of death during the deferment period$ your

spouse wil l ha#e the option to take the Account /alue as a lump sum

or pur chas e an annui ty t o get r egul ar i ncome f or l if e >or t he

immediate annuity$ your spouse wil l ha#e the 2pen Market 2ption as

well The immediate annuity from Bajaj Allian7 will be a#ailable only

i f the spouse is abo#e 89 . f age were below 89$ the Account /alue

would be paid out

Annuit7 options&

=E


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-ou wi l l be able to choose f rom al l immediate annui ty products

offered by Baja j All ian7 %ife insurance a t the #est ing date The

annuity products currently a#ailable are?

Annuity for %ife

Annuity for %ife with 9$ 1E or 19 years certain payout

Annuity for %ife with eturn of *apital -ou also has the open market

option to purchase immediate annuity

8N1T4A1N L19E PENS1ON

-ou ha#e been working hard -ou6re going to ret ire one day +ow

do you see your retirementJ Tra#elingJ


72/105

The plan works in two parts I the defermen t period and the annuity

period ,uring the deferment period$ the plan pro#ides #aluable life

co#er and bui lds up the funds re5uired to purchase the immediate

annuity The deferment period ends at the #est ing date -ou are free

to choose your age of ret i rement (#es t ing date) between 89 and =E

years

The benefits on Vestin Date "the date 7ou ,hoose to retire$

1 T he A cco un t / alu e as o n the #esting d ate will be use d to

pur,hase an immediate annuit7# The immediate annuity will

be purchased at rates pre#ailing at that point of time

3 Option to tae lump sum& -ou ha#e the option to take up to

1;0 r d of the account #alue on the #est ing date as a lump sum This

amount would be ta4 f ree in your hand$ as per current ta4 laws

The bal ance amoun t w il l be used t o pur chas e an i mmedia te

annuity

0 Open Maret Option& -ou ha#e the option to purchase an

immediate annuity from Bajaj All ian7 or from any other company

. f the immediate annuity i s purchased f rom Baja j All ian7 $ the

amount a#ailable for purchase of the annuity will be up by 3G

8 T he mi ni mu m i ns ta ll me nt o f a nn ui ty f ro m B aj aj A ll ia n7 i s

s 1EEE;@ The annui ty f re5uency may be charged to make each

instal lment more than the minimum re5uirement .f i t s t i l l below

minimum$ the Account /alue may be u ti li 7ed to purchase an

immediate annuity from any other company in the open market as

=3


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per your choice$ or paid in lumpsum$ if permissible$ subject to

pre#ailing ta4 laws

Assuran,e for 7our famil7

.n the unfortunate e#ent of death during the deferment period$ your

spouse wil l get the greater of the um Assured or the Account /alue

;he wi l l ha#e the opt ion to t ake i t as a lump sum or purchase an

annui ty to get regular income for l i fe >or the immediate annui ty$

your spouse will ha#e the 2pen Market 2ption as well The immediate

annui ty f rom Bajaj Al l ian7 wi l l be a#ai lable only i f the spouse is

abo#e 89 . f age were below 89$ the amount would be paid out as a

lump sum#

Annuit7 Options

-ou wi l l be able to choose f rom al l annui ty products of fered by

Bajaj All ian7 %ife insurance at the #est ing date The annuity products

currently a#ailable are?

1 Annui ty f or % if e

3 Annuity for %ife with 9$1E or 19 years certain payout

0 Annui ty for %ife wi th eturn of *api tal -ou also has the open

market option to purchase immediate annuity

S


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warna aksha$ a plan that ensures that your olden years olden

years are you golden years

The !a?a? Allian5 Swarna %asha %OC Plan

Fith Baja j All ian7 warna aksha$ you can ensure a r egular

income after ret irement The plan offers you a %ife Annuity with eturn

of *apital

How does !a?a? Allian5 Swarna %asha worJ

All you ha#e to do is pay a lump sum amount to Bajaj All ian7 %ife

.nsurance *ompany$ and the annuity payments wil l s tart af ter e4piry of

monthly;5uar terly;hal f year ly ;year ly inter#al corresponding to the

payment mode selected by you +ere annuity is payable for life$ so you

do not ha#e to worry about your income s topping at any s tage Fhat

more$ under the return of capital option$ the amount used to purchase the

annuity is paid to the nominee on the death of the annuity

1mportant detai ls of the !a?a? All ian5 Swarna %asha%OC Plan

Minimum Age at 'ntry 89

Ma4imum Age at 'ntry E

Minimum %ump um s9E$EEE

Minimum Annuity .nstallment s1EEE

How mu,h will 7ou etJ

>or s1E$ EE$EEE;@ in#ested in warna aksha at age :E$ you wil l

recei#e s 90$ :CE;@ per 4E%ANTEED for l i fe $ wi th return of s 1E$

EE$EEE;@ to your nominee on death

=8


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Annuit7 9reIuen,7 Mode for your con#enience they ha#e pro#ided

8 Annuity >re5uency Modes that can be -early$ +alf yearly$ 5uarterly

o r mon th ly The annui ty w il l be payab le one month ;5ua rt er ;hal f

year;year after the date of purchase depending on the mode selected

9emale Li6es T he a nn uit y r ate s f or f ema le li #e s sh al l b e t he

corresponding annuity rate for a 8 year younger male

)> da7s 9ree Lo, Period&

Fithin 19 days from the date of receipt of the policy$ you ha#e the

option to re#iew the terms and condit ions and return the policy$ i f you

disagree to any of the terms N condi t ions $ s tat ing the reason for your

objections -ou wil l be enti tled to a refund of the premium paid$ subject

only to a deduction of the e4penses incurred

D1ST%1!8T1ON CHANNEL

Baja j All ian7


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r i sk co#er $ l ike pecial "A co#er for Amarnath -atr is $ +ousing loan

co#er for people who may become unemployed$ >ilm .nsurance$ *redit

.nsurance co#er for domestic as well as credit risk

Bajaj Al l ian7 has two main channels of dis t r ibut ion$ one is the

Agency channel $ whi ch i s t he dominan t one $ and t he o ther one i s

bancassurance agreement so far The first was tandard *hartered Bank

Fhen they started their operations in .ndia$ i t had a good customer base

of +&.s N corpora te and therefore they chose tha t bank Thei r ne4t

bancassurance arrangement was with yndicate Bank last year ecently$

we ha#e entered into bancassurance with *enturion Bank This bank has

a #ast network of around 1EE branches not in metro cities but also in B

class cities

Bajaj Allian7 %ife .nsurance is poised for an accelerated growth in

the market and has a lr eady become the f as test growing pri#a te l if e

insurance company in .ndia Bajaj All ian7 %ife .nsurance has a wide pan

.ndia presence of office network in 19: cities of the country and is aided

with a strong and trained Agency network of o#er 3$EEE agents Bajaj

All ian7 has f or ged s tr ong Bancass ur ance and *or pora te Agency

relat ionships and continues to build on new t ie@ups for fast t rack growth

and deep market penetrat ion Bajaj All ian7 has t ied up with : banks #i7

bank of "unjab$ Bank of ajasthan$ ammu N Dashmir bank$ %ord

Dri shna bank$ Darur /ysya Bank and "unjab N ind Bank I the 1 s t

"ubl ic ector bank to t ie up wi th i t Bajaj Al l ian7 is the only pr i#ate

general insurer to ha#e tied up with : Bancassurance partners And so far

they are happy with the performance of this channel of distr ibution for

their products

Bajaj All ian7 has t ied up with anakalyan ahakari Bank$ schedule

urban co@operati#e bank$ for Bancassurance on a referral basis As per

the arrangement$ anakalyan sahakari Bank wil l distr ibute Bajaj All ian7

life insurance products through its branches

=:


77/105

The bank has a network of 39 branches in Mumbai ad its suburbs Thane$

/ashi and "an#el .ts area of operation co#ers entire Maharashtra

*enturion Bank has inked a pact with Bajaj All ian7 %ife .nsurance

*ompany to d is tr ibute the l at te r 6s Bancassurance product s through

branches in the country as part of plans to grow free@base income .n the

first phase the pri#ate sector bank would rollout Bancassurance products

at 8: branches and 1: e4tension counters from 2ctober one$ its managing

director haliendra told reporters on Fednesday The distr ibution set@up

would be e4panded to 19 more branches and : e4tens ion counter s in

second phase

Bajaj Al l ian7 %ife .nsurance has launched a s lew of need@based

products to cater to each #aried needs of the customer *urrently Bajaj

All ian7 %ife .nsurance has a product portfolio of 1C products and more

need@based products are in the pipeline

Bajaj All ian7 is also targeting tech sa##y customers The banks

are in regular touch wi th their customers anyway ei ther through the

ATMs$ .nternet Banking etc and hence the bank can at least inform their

customers about the insurance products 2nce the customer e#inces keen

interest the product features can be e4plained to them Again in order to

issue the policy they need not #isi t their off ice$ but the bank branch can

issue the policy from their o ffice itself

Bajaj All ian7 %ife .nsurance *ompany %td recorded s9EE crore


78/105

f inancia l year $ up to ,ecember 3EE8)$ and 3 E0 G amongs t o#eral l

playe rs

The company6s agents $ bancassurance partners$ corporate agents

and sales t eam$ apar t f rom i ts decentra li 7ed operat ions and f le4ib le

products$ ha#e playe d a major role in its fast paced growth

=


79/105

=C


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Fith the authori ty to think as bus iness managers and bui ld thei r

branches as profit centers They are encouraged to open satellite

branches This gi#es branch managers the depth of decision@making and

speed re5uired to react to market dynamics and consumer needs The

management has also appointed full @ time t raining personnel for each

branch

The fastest growing pri#ate %ife .nsurance company in .ndia$ Bajaj

Al lian76s por tfolio of 1C products includes comprehensi#e Emplo7ee

!e ne fi t So lu tio n " 4rou p Ter m Li fe2 ED L1 2 4ra tui t7 2 S up er

annuation2 :e7man 1nsuran,e and More$F 1n6est 4ain " a uniIue Life

1nsuran,e plan for the indi6idual2 where a regular income is combined

in a plan that also pays a lump sum $2 Cash 4ain "mone7 ba,$2 Child

4ain ",hildrens plan$2 %is Care "pure term$2 Lifetime Care "whole

life$ 2 Term Care "term with return of premium$2 Swarna Vishranti

"retirement plan$2 Prote,tor "mortae term insuran,e plan$2 8nit

4ain "unit.l ined plan$2 8nit4ain Sinle Premium2 8nit 4ain Plus2

8nit 4ain Plus SP2 Lifelon 4ain Plus2 8nit 4ain Sinle Pension and

8nit 4ain Eas7 Pension#

E


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%ESEA%CH METHODOLO4

The approach to the research is cons idered in this chapter $ f rom

the theoretical underpinning to the collect ion and analysis of the data . t

begins with the e4tent of the research to pro#ide the specific guidelines

of studying The ne4t part is concerned with the method of the research

that r e fer s to the da ta col l ec t ion and analy7ing which i s used in the

research

CONCEPT8AL CONTEBT O9 THE %ESEA%CH

As t he obj ec ti #e o f t he r es ea rch f ocus es on t he r es ea rch o f

potential .nsurance *onsultants with special emphasis of Bajaj Allian7

. t w il l hel p t he company t o i nc reas e i ts s al es $ whi ch i s t he p ri me

objecti#e of the company at this t ime The research at tempts to generate

awareness among the people of ,elhi r egarding the agency of Bajaj

Allian7

1


82/105

METHODS

P%1MA% DATA

,ate collection for this research was done primarily through filling

up of 5uest ionnaire The sample for the research including di fferent

indi#iduals of #arious age groups and ha#ing different professions and

5ualif icat ions ,ata was collected through the inter#iew of indi#iduals

The 5ues tionnai re was containing 5ues tions r egarding the personal

deta il s of indi# idual s and then some l ight 5ues tions r egarding the ir

primary knowledge related to pri#ate insurance companies Then there

w er e 5 ue sti on s r ela te d t o t he ir i nt er es t i n b ein g t he . ns ura nc e

bajaj allianz - 1

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