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Summer training Project Report

On

Consumer Perception and Attitude towards

Submitted in partial fulfillment of the award of the

Degree of Bachelor of Business Administration2010-2013

Under the guidance of : Submitted by:Dr. Amit Gupta Devanshi Kashyap

05514701710BBA (Gen) V

Maharaja Agrasen Institute of Management Studies

Affiliated to Guru Gobind Singh Indraprastha University,


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PSP Area, Plot No. 1, Sector 22, Rohini, Delhi 110086

STUDENT DECLARATION

This is to certify that I have completed the Summer Project titled Consumer Perception

and Attitude towards Bajaj Allianz Life Insurance under the guidance of Dr. Amit

Gupta in partial fulfillment of the requirement for the award of Degree of Bachelor of

Business Administration at Maharaja Agrasen Institute of Management Studies, Delhi.

This is an original piece of work & I have not submitted it earlier elsewhere.

Date: DEVANSHI KASHYAP

Roll no.: 05514701710

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CERTIFICATE FROM THE INSTITUTE GUIDE

This is to certify that the summer project titled Consumer Perception and Attitude

towards Bajaj Allianz Life Insurance is an academic work done by DEVANSHI

KASHYAP submitted in the partial fulfillment of the requirement for the award of the

degree of Bachelor of Business Administration at Maharaja Agrasen Institute of

Management Studies, Delhi, under my guidance & direction. To the best of my

knowledge and belief the data & information presented by him/her in the project has not

been submitted earlier.

DR. AMIT GUPTA

Faculty, MAIMS

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ACKNOWELEDGEMENT

I , Devanshi Kashyap, student of Bachelor of Business Administration, Maharaja

Agrasen Institute of Management Studies ,Guru Gobind Singh Indraprastha

University(GGSIPU) with great sense of satisfaction I would like to express profound

sense of gratitude and respect those who helped me throughout the duration of this

project report

Certainly, this project could not have completed without the valuable suggestions

from various sources. I would like to express my earnest gratefulness to Dr. Amit

Gupta, faculty, Maharaja Agrasen Institute of Management Studies, Rohini for giving

me an opportunity to undertake this research project under hisexpert guidance and for

helping me in understanding and completing the same in a fruitful manner.

This acknowledgement is incomplete without thanking and expressing a profound and

earnest gratitude to all the respondents who gave me their time and patience for carrying

out this research and helped me in finding out conclusion in a better and significant

manner.

I would also like to thank my institute Maharaja Agrasen Institute of Management

Studies for giving me an opportunity to work on this project. I would also like to thank

my friends for their support.

Devanshi Kashyap

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EXECUTIVE SUMMARY

Over the last few decades the role of insurance sector has undergone a paradigm shift. It

is widely recognized as an important aspect of the source of security for the policyholder

and considered it as a short and long-term investment.

After zeroing down on my research area, I have collected information through primary

and secondary sources .The objective of this report is to study Customer Perception and Attitude towards

Bajaj Allianz Life Insurance Company. For this survey was conducted through

structured Questionnaire.

In todays competitive business world every customer is significant for the

leading insurance sector like Bajaj Allianz Life insurance with competitive strategies, the

customer expectations are very high so it should be kept in mind and offer them best

possible service.

The report deals with the conceptual background of insurance and over view of

the company, the next part deals with research design of the study that is problem

identification, objectives and how the research was carried out. The outcome of the study

shows that the level of customer awareness towards Bajaj Allianz is good with the

benefits and service what they are giving and most of the people wants to go for

investments where there is above average risk and high return.

Company can start some good promotional activities to build its brand and to

make recognition by all the peoples in the market .The effective marketing channel with

the personal selling is an essential factor in influencing insurance companys growth

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INDEX

S.No Particulars PageNo

1 Chapter 1: INTRODUCTION 3-6

Industry Profile

Company Profile

Need For the Study

Objectives of the study

Scope of the study

Methodology

Findings and Recommendations

Conclusion

Part-2

2 Introduction of the Study 8-14

Theoretical Background 15

Industrial profile 16-26

IRDA Introduction 27-28

Company profile 29-493 Part-3

Objectives 51

Scope of the study 51

Methodology 52-55

4 Part-4

Data analyses and Interpretation 57-68

Findings and suggestion 69-70Conclusion 71

Limitation 72

Annexure

Questionnaire 74-78

Bibliography 79

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CHAPTER 1

INTRODUCTION

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OBJECTIVES

RESEARCH PROBLEM

The research problem is to study the Customer Perception and Attitude towards

Bajaj Allianz Life Insurance Company .

OBJECTIVES:

To Study the Awareness of customer towards Bajaj Allianz Life Insurance

Company.

To know which source has made them aware about Bajaj Allianz Life

Insurance.

To determine which factors customer look for while investing in Bajaj Allianz

Life Insurance.

To determine the Customer Perception towards different Private Life Insurance.

To Study the Attitude of the Existing customers of Bajaj Allianz Life Insurance.

Scope of the study :

1. The study has based on the survey to be conducted in Delhi & will focus on the Delhi

people.

2. The study covers the information about,

a) The various investment plans in life insurance available.

b) The awareness level of consumer about Insurance.

c) The perception and attitude of the people.

3. The study is confined to Delhi only.

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INTRODUCTION OF THE STUDY

Introduction to Insurance

The business is related to the protection of the economic values of the assets. Every asset

has a value; the asset would have been created through the efforts of the owner. The asset

is valuable to the owner because he expects to get some of the benefits from it. Insurance

is a mechanism that helps to reduce the effect of such adverse situation.

Purpose And Need of Insurance

Assets are insured; because they are likely to be destroyed through accidental

occurrences such possible occurrences are called perils. Fire floods breakdowns, lighting,

and earth quakes etc. If such perils can cause damage to the asset the asset is exposed to

that risk.

The risk only means that there is a possibility of loss or damage. The damage may or

may not happen. Insurance is done against the contingency that it may happen. There has

to be an uncertainty about the risk. Insurance is relevant only if there are uncertain. In the

case of a person who is terminally ill the time of death is not uncertain though not exactly

known.

Insurance does not protect the asset. It does not prevent its loss due to the peril .The peril

can sometimes be avoided, through better safety and damage control management.

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Insurance only tries to reduce the impact of the risk on the owner of the asset and those

who depend on that asset.

It only compensates the looses and that too, not fully. Only economic consequences can

be insured. If the loss is not financial insurance may not be possible.

The Business of Insurance:

The business of the insurance is to:

Collect the share or contribution

Pay out compensations (called claims) both those who suffer.

Bring together persons with common insurance interests (sharing the same risks)

In India insurance is classified primarily as life and non-life or general. Life insurance

includes all risks related to the lives of human beings and general insurance covers the

rest. General insurance has three classifications; Fire, Marine, Miscellaneous. Personal

accident and sickness insurance, which are related to human beings is classified as non

life in India, but is classified as life in many other countries.

The business of the insurance is nothing but one of sharing. It spreads loose of an

individual over the group of individuals who are exposed to similar risks.

People who suffer loss get relief because their loss is made good. People who do not

suffer loss are relieved because they were spared the loss.

INSURANCE BUSINESS

:

Nature of insurance business

Limitations of insurance

Types of insurance

Principles of insurance

Insurance is sharing of Risks.

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RISKS:RISKS:

1. The term risk may be defined as the possibility of a financial loss flowing from any

occurrence

2. In insurance it is essential that the risk should be measurable in financial terms

Risk sharing and risk transfer:

Insurance is a complex mechanism, it has two fundamental characteristics:

1. Transferring or shifting of a risk from one individual to a group;

2. Sharing losses, on some equitable basis, by all members of the group.

Elements of an Insurable Risk:

Large numbers of exposure units

Definite and measurable loss

The loss must be fortuitous

The loss must not be catastrophic

Randomness-adverse selection

Economic feasibility

Limitations of Insurance:

All risks cannot be insured

There must be insurable interest

Insurance is limited to the financial value

There must be large number of similar risks

It must be possible to calculate the risk of loss

Losses should not be catastrophic

Losses must not be too small

Losses must be reasonably unexpected

Losses must be accidental

It must be consistent with public policy

Insurance business is classified into four sections

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1. Life Insurance Business

2. Marine Insurance Business

3. Fire Insurance Business

4.Miscellaneous Insurance Business

Life Insurance Business:

Life insurance originally conceived to protect a mans family when his death left them

without income has developed into a variety of policy plans.

Marine Insurance Business:

Marine insurance protects shipping companies against the loss of a ship or its cargo, as

well as many other items, and so-called inland marine insurance covers a vast miscellany

of items, including tourist baggage, express and parcel post packages, trucks cargoes,goods in transit, and even bridges and tunnels.

Fire Insurance Business:

Fire Insurance usually includes damage from lightning other insurance against the

elements includes hail, tornado, flood, and drought.

Miscellaneous Insurance Business:

Special casualty forms are issued to cover the hazards of sudden explosions from

equipment such as steam boilers, compressors, electric motors, flywheels, air tanks,

furnaces and engines. Boilers and machinery insurance has several distinctive features. A

substantial portion of the collected is used for inspection services rather than loss

protection.

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The business if insurance started with marine business. Traders, who used to gather in the

Lloyds coffee house in London, agreed to share the losses to their goods while being

carried by ships .the losses used to occur because of pirates who robbed on the high seas

of bad weather spoiling the goods or sinking the skip. The first insurance policy was

started in 1583 in England .In India, insurance began in 1870.

The business of the insurance is the protection of economic values of the assets. Every

asset is expected to last for a certain period of time during which it will perform.

Insurance is a mechanism that helps to reduce the effect of such adverse situation.

Insurance is relevant only if there are uncertainties.

Life Insurers transact life insurance business the rest is transacted by General Insurers.

No composites are permitted as per law.

The business of insurance essentially means defraying risks attached to any activity over

time and sharing the risks between various entities both persons and organizations.

Insurance companies are important players in financial markets as they collect and invest

large amounts of the premium. Insurance products are multi purpose and offer the

following benefits.

1) Protection to the investors

2) Accumulative savings

3) Canalize savings into sectors needing huge long-term investments.

Insurance companies receive without much default a steady cash stream of premium or

contributions to pensions plans. Various actuary studies and models enable them to

predict, relatively accurately, their expected cash outflows. Liabilities of insurance

companies being long term or contingent in nature, liquidity is excellent and their

investments are also long term in nature. Since they offer more than the return on savings

in the shape of life covers to the investors the rate of the return guaranteed in their

insurance policies is relatively low. Consequently the need to seek high rates of returns

on their investments is also low.

The risk return trade off is heavily tilted in favors of risk .As a combined result of all this,

investments of insurance companies have been largely in bonds floated by GOI, PSUs,

state governments, local bodies, corporate bodies and mortgages of long term nature. The

last place where insurance companies are expected to be over active is bourses.

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Lately insurance companies have ventured into pension schemes and mutual funds also.

However, life insurance constitutes the major the major share of insurance business. Life

insurance depends upon the laws of mortality and there lies the difference between life

and general insurance businesses. Life has to extinguish sooner or later and the claim in

respect of life is certain. In case of general insurance, however, there may never be a

claim and the amount can never be ascertained in advance. Hence, Life insurance

includes, besides covering the risk of early happening of an event, an element of savings

also for the beneficiaries. Pension business also services from life insurance in as mush

as the pension outgo again depends upon the laws of mortality. The forays made by

insurance in this area are, therefore, natural corollary of their business

Number of Public and Private Life and Non-Life Insurance Companies

Type of Business Number of Public

Sector Companies

Number of

Private Sector

Companies

Total

Life Insurance 1 12 13

Non-

Life(General)Insurance

6 8 14

Reassurance 1 0 1

Total 8 20 28

Role of Insurance In Economic Development

For economic development, investments are necessary. Investments are made out of

Savings .A life insurance Company is a major instrument for the mobilization of saving

of the people, particularly from the middle and lower income groups. These savings are

channeled into investments for economic growth.

All good life insurance companies have huge funds, accumulated through the payments

of small amount of premium of individuals. These funds are invested in ways that

contribute substantially for the economic development of the countries in which they do

business.

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The private insurers in India are new and had not build up funds in 2002. But, in course

of time, they also would be directly and indirectly contributing to the countrys economic

development.

A life insurance company will have large funds. These amounts are collected by way of

premiums. Every premium represents a risk that is covered by that premium .In effect,

therefore, these vast amount represent pooling of risks .The funds are collected and held

in trust for the benefit of the policyholders .The management of the life insurance

companies are required to keep this aspect in mind and make all its decisions in ways that

benefit the community. This applies also to its investments. That is why successful

insurance companies would not be found investing in speculative ventures.

Apart from investments, business and trade benefit through insurance. Without

insurance, trade and commerce will find it difficult to face the impact of major perils like

fire, earthquake, and floods etc. Financiers, like banks would collapse if the factory,

financed by it, were reduced to ashes by a terrible fire. Insurance cover also the loss to

financiers, if their debtors default.

By any yardstick, India with about 200million middle class households presents a huge

untapped potential for players in the insurance industry. Saturation of markets in many

developed economies has made the Indian market even more attractive for global

insurance majors. The low percentage and per capita penetration of insurance in India

compared to other developed and developing countries. With the per capita income in

India expected to grow at over 6% for the next 10 years and with improvement in

awareness levels the demand for insurance is expected to grow at an attractive rate in

India .An independent consulting company .The monitor group has estimated that the life

insurance market will grow from Rs. 218 billion in 1998 to Rs. 1003 billion by 2008(a

compound annual growth of 16.5%). The insurance sector in India has come a full circle

from being an open competitive market to nationalization and back to liberalized market

again. Tracing the development in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost two centuries.

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INDUSTRY PROFILE

Insurance Market In India

By any yardstick, India with about 200million middle class households presents a huge

untapped potential for players in the insurance industry. Saturation of markets in many

developed economies has made the Indian market even more attractive for global

insurance majors. The low percentage and per capita penetration of insurance in India

compared to other developed and developing countries. With the per capita income in

India expected to grow at over 6% for the next 10 years and with improvement in

awareness levels the demand for insurance is expected to grow at an attractive rate in

India .An independent consulting company .The monitor group has estimated that the life

insurance market will grow from Rs. 218 billion in 1998 to Rs. 1003 billion by 2008(a

compound annual growth of 16.5%). The insurance sector in India has come a full circle

from being an open competitive market to nationalization and back to liberalized market

again. Tracing the development in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost two centuries.

A Brief History of the Insurance Sector

The business of life insurance in India in its existing form started in India in the year

1818 with the establishments of the Oriental Life Insurance Company in Calcutta.

Some of the important milestone in the life insurance business in India is:

1912: The Life Assurance Companies Act enacted as the first statue to

regulate the life insurance business.

1928: The Indian insurance companies act enacted to enable the government

to collect statistical information about both life and non life insurance

businesses.

1938: Earlier legislation consolidated and amended to by the insurance act

with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by

the central government and nationalized .LIC formed by an act of parliament,

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viz LIC Act, 1956, with a capital contribution of Rs 5 crore from the

government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd the first general insurance company established in the

year 1850 in Calcutta by the British.

General insurance business in India is

1907: The Indian Mercantile Insurance Ltd set up the first company to

transact all classes of general insurance business.

1957: General Insurance Council, a wing of the insurance Association pf

India, frames a code of the conduct for ensuring fair conduct and sound

business practices.

1968: The Insurance Act amended to regulate investments and set minimum

solvency.

Margins and the Tariff Advisory Committee set up

1972: The general insurance Business Act nationalized the general insurance

business in India with effect from 1 st January 1973.107 insurers amalgamated

and grouped into four companies viz the national insurance company Ltd ,the

New India Assurance Company Ltd ,the Oriental Insurance Company Ltd and

the United India Insurance Company Ltd .GIC incorporated as a company.

Insurance Sector Reforms

In 1993 Malhotra committee headed by former finance secretary and RBI governor

R. N. Malhotra was formed to evaluate the Indian insurance industry and recommend

its future direction.

The Malhotra committee was set up with the objective of complementing the reforms

initiated in the financial sector. The reforms were aimed at creating the reforms

more efficient and competitive financial system suitable for the requirements of the

economy keeping in mind the structural changes currently underway and recognizingthat insurance to address the need for similar reforms.

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In 1994 the committee submitted the report and some of the key recommendations

included.

1. Structure

Government stake in the insurance companies to be brought down to50%.

Government should take over the holdings of GIC and its subsidiaries so that

these subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.

2. Competition

Private companies with a minimum paid up capital of Rs 1 Bn should be

allowed to enter the industry No Company should deal in both Life and

General Insurance through a single entity.

Foreign companies may be allowed to enter the industry in collaboration with

the domestic companies.

Postal Life Insurance should be allowed to operate in the rural market

Only on state level Life Insurance Company should be allowed to operate in

each state.

3. Regulatory Body

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of insurance (currently a part from the finance ministry) should

be made independent.

4. Investments

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Mandatory Investments of LIC Fund in government securities to be

reduced from 75%to50%.

GIC and its subsidiaries are not to hold more than 5 % in any company(there current holdings to be brought down to this level over a period of

time).

5. Customer service

LIC should pay interest on delays in payments beyond 30 days.

Computerization of operations and updating of technology to be carried

out in the insurance industry. The committee emphasized that in order to

improve the customer services and increase the coverage of the insurance

industry should be opened up to competition.

But at the same time the committee felt the need to exercise caution as any

failure on the part of new players could ruin the public confidence in the

industry. Hence, it was decided to allow competition in a limited way by

stipulating the minimum capital requirements of Rs 100 crores.

The committee felt the need to provide greater autonomy to insurance

companies in order to improve their performance and enable to act as

independent companies with economic motives. For this purpose, it had

proposed setting up an independent regulatory body.

Bank And Insurance

Bank assurance symbolizes the convergence of banking and insurance has its origins in

France and involves distribution of insurance products through a banks branch network.

While banc assurance has developed into a tremendous success story in Europe, it is a

relatively new concept in Australia and Asia.

Most new insurers have entered into memoranda of understanding with banks to use their

branches as outlets for marketing standard products. State Bank of India, Vysya Bank

and J&K Bank already have joint ventures in life insurance. Vijaya Bank and Punjab

National Bank are in the midst of finalizing life and non-life ventures.

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The Insurance Act allows only those companies registered under the companies Act to

become corporate agents. This gives the new generation and old private sector banks a

head start over public sector banks, which are technically not eligible to sell risk

products.

IRDA, IBA&RBI are in discussions to iron out the various issues, as public sector banks

will play a key role in the distribution of products.

Major Markets Players

1) Birla Sun Life Insurance Company:

Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun

Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla

Group, a multinational conglomerate has over 75 business units in India and

overseas with operations in Canada, USA, UK, Thailand, Malaysia, Egypt to

name a few.

Foreign Partner:

Sun Life Assurance, Sun Life Financials primary insurance business, has

excellent ratings with the worlds top rating agencies. With assets under

management as on September 30,2000 totaling more than CDN billion, it ranks

amongst the largest international financial services organizations in the world.

Today, the Sun Life Financial Group of companies and partner are represented

globally in Canada the united states the Philippines Japan Indonesia India and

Bermuda.

2) HDFC- Standard Life:

HDFC Standard Life Insurance Company is a joint venture between Indias

largest housing finance provider, HDFC and Europes largest mutual life

assurance company The Standard Life Assurance Company. HDFC Standard

Life Insurance Company Limited is the First Private Sector Life Insurance

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Company to be granted license. Aviva is UKs largest and the worlds sixth

largest insurance Group. It is one of the leading providers of life and pensions

products to Europe and has substantial businesses elsewhere around the world.

With a history dating back to 1696, Aviva has a 30 million-customer base

worldwide. It has more than 317 billion of assets under management.

Avivas Fund management operation is one of its key differentiators. Operating

from Mumbai, Aviva has an experienced team of fund managers and the range of

fund options includes Unitized With-Profits Fund and four Unit Linked funds: -

Protector Fund, Secure Fund, Balanced Fund and

Foreign Partner:

Standard Life, UK- founded in 1825, has been at the forefront of the UK

insurance industry for 175 years by combining sound financial judgment with

integrity and reliability. It is the Largest Mutual Life Company in Europe and has

total assets of Rs 5, 50,000 crore. It is one of the very few insurance companies in

the world to have received AAA rating from two of the leading international

credit rating agencies.

Monodys and standard & Poors standard life was recently voted company of the

Decade in UK by the independent Brokers called IFAs.

3) Life Insurance Corporation of India (LIC):

The Life Insurance Corporation Of India was established about 44 years ago with

a view to provide an insurance cover against various risks in life .A monolith

then, the corporation, enjoyed a monopoly status and became synonymous with

life insurance .Its main asset is its staff strength of 1.24 lakh employees and 2,048

branches and over 6 lakh agency force .LIC has hundred divisional offices and

has established extensive training facilities at all levels. At the apex, is the

Management Development Institute, seven Zonal Training Centers and 35 sales

Training Centers .At the industry level, along with the government and the GIC,

has helped establish the national insurance academy.

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It presently transacts individual life insurance businesses, group insurance

businesses, social security schemes and pensions, grants housing loans through its

subsidiary; and markets savings and investment products through its mutual

fund .Its pays off about Rs 6,000 crore annually to5.6million policyholders.

4) Om Kotak Mahindra Life Insurance:

Established in 1985 as Kotak Capital Management Finance promoted by Uday

Kotak the company has come a long way since its entry into corporate finance .It

has dabbled in leasing, autofinance, investment banking, consumer banking, and

broking. The company got its name Kotak Mahindra as Industrialists Harish

Mahindra and Anand Mahindra pickes a stake in the company. Kotak Mahindra is

today one of Indias leading financial institutions.

Old Mutual:

Old mutual plc is an international financial services group based in London with

expanding operations in life assurance, asset management, banking and general

insurance .Old mutual is listed on the London stock exchange (where it is

included anon the FTSE 100 index) and also on the south African, Namibian

Malawi stock exchange .It has 156 years of experience in the life insurance

business

5) Max New York Life:

Max India:-

It is a multi business corporation that has business interests in telecom

services ,bulk pharmaceuticals ,electronic components and specialty products .It

is also the service oriented businesses of health care ,life insurance and

information technology.

New York Life:

New York Life has grown to be a fortune 100 company and an expert in life

insurance .It was the first insurance company to offer cash dividends to policyholders .In 1894, New York Life pioneered the then unheard of concept of

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insuring women at the same rate as men. Thereafter, it continued to introduce a

series of firsts a disability clause in 1920.unemployment insurance in 192 and

complete customer care on the web in 1998. Today New York Life has over US

billion in assets under management and over 30,000 agents and employees

worldwide. With over 3 million policyholders, New York Life Insurance is a

leading provider of insurance in a host of countries worldwide.

6) Aviva Life Insurance India:

It is joint venture between Dabur, one of India s oldest and largest groups of

companies and Aviva. Aviva plc is UKs largest insurer .In accordance with

government regulations, Aviva holds a 26% stake in the new venture and Dabur

holds a 74%share.

Aviva:

It is the worlds seventh largest insurance group (based on gross worldwide

premiums) and the biggest in the UK .It is one of the leading providers of life and

pensions products to Europe and has substantial businesses elsewhere around the

world .Its main activities are long term savings, fund management and general

insurance.

7) ING Vysya Life Insurance:

ING Group:

ING Vysya Life Insurance is a joint venture between three pioneers, ING

Insurance, ING Vysya Bank and GMR group. Over the last 150 years .ING group

has grown to become one of the largest life insurance organizations in the world.

Today is touches the lives of over 50 million people across 65 countries .It offers

a ranges of financial services including insurance ,pensions ,banking and asset

,management .In the year markets ,which require substantial investments

underlying INGs long-term commitment .In the last 20 years ,ING group has

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established successful life insurance companies in 15 countries contributing to the

development of insurance services in these countries .

ING Vysya Bank Limited:

It is one of the Indias premier private sector banks with a heritage of over 70

years. With 1.5 million customers, 480 outlets and 6000 employees it is known

for its innovative banking.

Services and for pioneering several products and services. ING Vysya bank has a

long-standing relationship with its customers and deep understanding of the

Indian market

GMR Group:

It has a solid track record of over two decades of growth and has wide-ranging

interests in field such as power generation, infrastructure, manufacturing,

software and banking. GMR group has an excellent reputation of being able to

successfully develop ventures from scratch.

8) Met Life Insurance Pvt Company:

It was corporate as a joint venture between Met Life International Holdings,

Jammu & Kashmir, and other private investors. MetLife is headquartered in banglore with offices and presence in major Indian cities, and additional 1000

outreach points through its channel partners.

Met Life:

It ranked 38 on the fortune 500 list, Met Life, Inc is one of the worlds largest,

strongest and most respected financial organizations .Met Life, through its

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affiliates, is the number 1 life insurer in the US with approximately $2.4 trillion

of life insurance in force and has been delivering reliable serve approximately 12

million individuals in the US as well as the employees of 88 of the fortune 100

companies. Headquartered in New York, Met Life operates through its affiliates

and subsidiaries in 12 countries across the Americas, Europe and Asia.

9) Allianz Bajaj Life Insurance Company :

It is also a joint venture between two leading conglomerates Allianz AG, one of the

worlds largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3

wheeler manufacturers in the world.

Foreign Partner:

I t is one of the worlds leading insurers and financial service providers. Founded

in 1890 in Berlin, Allianz is now present in over 70 countries with almost

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

area of

Property and casualty Insurance

Life and Health Insurance

Asset Management and Banking

10). SBI Life Insurance Company Ltd:

SBI Life Insurance Company Ltd is a joint venture between Indias largest banks,

State Bank Of India & Cardiff S A, a leading life insurance company in France

State Bank of India is a household name, and it stands as the last word for

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financial strength and security in the country. SBIs illustrations background

dates back to the year 1806 when it started business, as a presidency bank, known

as bank of Bengal Over the long journey, it has learnt to combine the best of

banking practices handed down from the imperial management with the more

dynamic ways of doing banking in the modern India. It has grown as a

responsible giant in the banking field over the years.

The Market Share of each company

Name of the Player Market Share (%)

LIC 74.26

ICICI Prudential 7.24

Birla Sun life 1.84

Bajaj Allianz 5.68

SBI Life 1.49

HDFC std 3.11

TATA Aig 1.67

Max New York 1.33Aviva 1.13

Om Kotak Mahindra 0.73

Ing Vysya 0.60

AMP Sanmar 0.49

MetLife 0.38

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COMPANY PROFILE

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz Life insurance company limited is a union between Allianz SE, the worlds

leading insurer and Bajaj Auto, one of Indias most respected names. Allianz SE is a

leading insurance conglomerate globally and one of the largest asset managers in the

world, managing assets worth over a Trillion Euros (over RS 55, 00,000 crores). At Bajaj

Allianz, we realize that you seek an insurer you can trust your hard earned money with.

Allianz SE has more than 110 years in the Indian market, are committed to offering you

financial solutions that provide all the security you need for your family and yourself.

At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class

solutions by offering you customized products with transparent benefit supported by the

best technology is our business philosophy.

OUR VISION

To be the best insurance co. in India to buy from, work for and invest in.

OUR VALUES

Our core values :

o Customer delight the guiding principle

o Ensuring world class solution and services

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o Offering customized product

o Transparent benefits

ALLIANZ SE

Worlds Largest Insurance Co. by revenue Rs 5,20,353 Cr (Euro 96,9 billion)

Worldwide 2nd by gross written premiums Rs 4,77,930 Cr (Euro 89 billion)

3rd largest assets under management (AUM) and largest amongst insurance cos.

AUM of Rs 95,94,200 Cr (Euro 1078 billion)

11th largest corporation in the world

50% of global business form life insurance, close to 60 million lives insured

globally

Established in 1890, 110 yrs of insurance expertise

More than 70 countries, 173,750 employees worldwide

Insurance to almost half of the fortune 500 cos.

BAJAJ AUTO

One of the largest 2 and 3 wheeler manufacturer in the world

21 million+ vehicles on the roads across the globe

Managing funds of over s 5,329 cr.

Bajaj Auto finances one of the largest auto finance cos. In India

Rs. 6,340 Cr. Turnover and Profits after tax of 767 Cr. in 2004-05

About Bajaj

The Bajaj Group is amongst the top 10 business houses in India. Its footprint stretches

over a wide range of industries, spanning automobiles (two-wheelers and three-

wheelers), home appliances, lighting, iron and steel, insurance, travel and finance.

The groups flagship company, Bajaj Auto, is ranked as the worlds fourth largest two-

and three- wheeler manufacturer and the Bajaj brand is well-known in over a dozen

countries in Europe, Latin America, the US and Asia.

Founded in 1926, at the height of India's movement for independence from the British,

the group has an illustrious history. The integrity, dedication, resourcefulness and

determination to succeed which are characteristic of the group today, are often tracedback to its birth during those days of relentless devotion to a common cause. Jamnalal

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Bajaj, founder of the group, was a close confidant and disciple of Mahatma Gandhi. In

fact, Gandhiji had adopted him as his son. This close relationship and his deep

involvement in the independence movement did not leave Jamnalal Bajaj with much time

to spend on his newly launched business venture.

His son, Kamalnayan Bajaj, then 27, took over the reins of business in 1942. He too was

close to Gandhiji and it was only after Independence in 1947, that he was able to give his

full attention to the business. Kamalnayan Bajaj not only consolidated the group, but also

diversified into various manufacturing activities.The present Chairman and Managing

Director of the group, Rahul Bajaj, took charge of the business in 1965. Under his

leadership, the turnover of the Bajaj Auto the flagship company has gone up from Rs.72

million to Rs.46.16 billion (USD 936 million), its product portfolio has expanded from

one to and the brand has found a global market. He is one of Indias most distinguished

business leaders and internationally respected for his business acumen and

entrepreneurial spirit.

GROUP COMPANIES

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Bajaj Allianz Life Insurance

Most Profitable Pvt. Life insurance Co Rs.63cr (US $ 15.3 mn.) profit for FY 06-

07

Over 2 million (20,79,217) policies in this year highest amongst all pvt. Sector

Have sold over 3.4 million policies (34,72,875) issued till date

Largest distribution network to reach the customer across the country with

2,13,000 agents, 900 offices in 840 towns, 200 corporate agents and Banc

assurance partners

Accelerated Growth

Fiscal Year No of policies sold in FY New Business in FY

2001-02(6 mths) 21,376 Rs 7 cr

30

Bajaj Auto Ltd. Mukand International Ltd.

Mukand Ltd. Mukand Engineers Ltd.

Bajaj Electricals Ltd. Mukand Global Finance Ltd.

Bajaj Hindustan Ltd. Bachhraj Factories Pvt. Ltd.

Maharashtra Scooters Ltd. Bajaj Consumer Care Ltd.

Bajaj Auto Finance Ltd. Bajaj Auto Holdings Ltd.

Hercules Hoists Ltd. Jamnalal Sons Pvt. Ltd.

Bajaj Sevashram Pvt Ltd. Bachhraj & Company Pvt. Ltd.

Hind Lamps Ltd. Jeevan Ltd.

Bajaj Ventures Ltd. The Hindustan Housing Co Ltd.

Bajaj International Pvt Ltd. Baroda Industries Pvt Ltd.

Hind Musafir Agency Pvt Ltd. Stainless India Ltd.

Bajaj Allianz General Insurance Company Ltd. Bombay Forgings Ltd.
http://www.bajajauto.com/aboutbajaj/group.asp#bajajhttp://www.bajajauto.com/aboutbajaj/group.asp#13http://www.bajajauto.com/aboutbajaj/group.asp#1http://www.bajajauto.com/aboutbajaj/group.asp#14http://www.bajajauto.com/aboutbajaj/group.asp#2http://www.bajajauto.com/aboutbajaj/group.asp#15http://www.bajajauto.com/aboutbajaj/group.asp#3http://www.bajajauto.com/aboutbajaj/group.asp#17http://www.bajajauto.com/aboutbajaj/group.asp#4http://www.bajajauto.com/aboutbajaj/group.asp#18http://www.bajajauto.com/aboutbajaj/group.asp#5http://www.bajajauto.com/aboutbajaj/group.asp#19http://www.bajajauto.com/aboutbajaj/group.asp#6http://www.bajajauto.com/aboutbajaj/group.asp#20http://www.bajajauto.com/aboutbajaj/group.asp#8http://www.bajajauto.com/aboutbajaj/group.asp#21http://www.bajajauto.com/aboutbajaj/group.asp#9http://www.bajajauto.com/aboutbajaj/group.asp#22http://www.bajajauto.com/aboutbajaj/group.asp#10http://www.bajajauto.com/aboutbajaj/group.asp#23http://www.bajajauto.com/aboutbajaj/group.asp#11http://www.bajajauto.com/aboutbajaj/group.asp#24http://www.bajajauto.com/aboutbajaj/group.asp#12http://www.bajajauto.com/aboutbajaj/group.asp#25http://www.bajajauto.com/aboutbajaj/group.asp#27http://www.bajajauto.com/aboutbajaj/group.asp#26http://www.bajajauto.com/aboutbajaj/group.asp#bajajhttp://www.bajajauto.com/aboutbajaj/group.asp#13http://www.bajajauto.com/aboutbajaj/group.asp#1http://www.bajajauto.com/aboutbajaj/group.asp#14http://www.bajajauto.com/aboutbajaj/group.asp#2http://www.bajajauto.com/aboutbajaj/group.asp#15http://www.bajajauto.com/aboutbajaj/group.asp#3http://www.bajajauto.com/aboutbajaj/group.asp#17http://www.bajajauto.com/aboutbajaj/group.asp#4http://www.bajajauto.com/aboutbajaj/group.asp#18http://www.bajajauto.com/aboutbajaj/group.asp#5http://www.bajajauto.com/aboutbajaj/group.asp#19http://www.bajajauto.com/aboutbajaj/group.asp#6http://www.bajajauto.com/aboutbajaj/group.asp#20http://www.bajajauto.com/aboutbajaj/group.asp#8http://www.bajajauto.com/aboutbajaj/group.asp#21http://www.bajajauto.com/aboutbajaj/group.asp#9http://www.bajajauto.com/aboutbajaj/group.asp#22http://www.bajajauto.com/aboutbajaj/group.asp#10http://www.bajajauto.com/aboutbajaj/group.asp#23http://www.bajajauto.com/aboutbajaj/group.asp#11http://www.bajajauto.com/aboutbajaj/group.asp#24http://www.bajajauto.com/aboutbajaj/group.asp#12http://www.bajajauto.com/aboutbajaj/group.asp#25http://www.bajajauto.com/aboutbajaj/group.asp#27http://www.bajajauto.com/aboutbajaj/group.asp#26


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2002-03 1,15,965 Rs 69 cr

2003-04 1,86,443 Rs 180cr

2004-05 2,88,189 Rs 857cr

2005-06 7,81,685 Rs 2717cr

2006-07 20,,79,217 Rs 4270cr

Assets under management Rs 5,500 cr

Shareholder capital base of Rs 700 cr.

Product tailored to suit your needs

Decentralized organization structure for faster response

Wide reach to serve you better a nationwide network of 900 + branches

Specialized departments for Bancessurance, corporate Agency and Group

Business and strong dedicated product teams for pension, health, women and

child.

Well networked customer care centres (CCCs) with state of art IT systems.

Highest standard of customer service & simplified claims process in the industry.

Website to provide all Assistance and information on products and services,

online buying and online renewals.

Toll-free number to answer all your queries, accessible from anywhere in the

country-call Now 1800 23 7272 and a strong tele-marketing and direct marketing

team.

Swift and easy claim settlement process.

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Networked for reach

Allianz Group- Global Bancassurance Experience

Asia Europe

Korea Hana bank Germany Dresdner Bank Hypo Vereinsbank

Raiffeisenbanken

Taiwan Grand Commercial France Credit Lyonnais

Ta Chong Bank Italy Unicredito Italiano

Taipei Bank Rolo Banca

Malaysia Union Bank Casa di Risparmio

Banco di Scicilia

Banco Antoniana Popolare

Banco Regionale Europea

South America

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Brasil Spain Banco Popular

Chile Portugal BPI-SGPS

Maxico Bradesco Austria Bawag

Banco Bice Greece Ergo Bank, Bank of Piraeus

BanCrecer

Europe

Czechlslovakia Croatia Zagrebacka Bank

Hungary Zivnobanka Bulgaria Bulbank

Hypobank Poland Pekao S.A. BPH

Takarekbank

Growing reach through tie-ups

Alternate channels

The Strategic Alliances group at Bajaj Allianz focus Group insurance and

Corporate Agency network.

Corporate Agents, Brokers and Franchisees

o A constantly growing nationwide network of Corporate Agents, Brokers and

Franchisees.

o A decentralized, dedicated team of professionals to recruit, develop and

support Corporate Agents, Brokers and Franchisees.

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Group Business

o A growing product range to meet generic and specific needs of various

groups. Some of them are Group Team Life, Group Gratuity, GroupSuperannuation, Group MRTA, GTL in lieu of EDLI, among many others.

o A dedicated team to ensure nothing but the best in service delivery.

On line Selling and renewals

o Unit Gain plus SP and Unit Gain Easy Pension.

Financial Services Consultants

o A set of expect financial advisors to address comprehensive financial

planning needs of high net worth clients.

o Efficient systems, process and speed of response has ensured lowest number

of complaints from customers to IRDA

Products to suit your needs

Individual Plans

Group Life Plans

Individual Plans

In our constant endeavor to secure a bright and happy future for you and your

family, we offer a range of insurance products that is just perfect for your

investment needs.

Unit linked insurance plans

Traditional insurance plans

Pension plans

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Team plans

Unit Liked Insurance Plans

Offering insurance plans with flexibility and tax benefits

Capital Unit Gain : Big Boss of ULIPs

o This plan offers the highest allocations of 97% for Regular Premium

insurance plans in the market. With a lifetime of protection to match

insurance and investment needs, this Unit linked endowment plan has an

option of unlimited top up to park your windfall gains. Choice of 5 activeinvestment funds, flexi plan to increase / decrease Regular Premium and 4

additional rider benefits for total protection make this plan one of the best

products to invest in.

New UnitGain plus SP : Single Premium plan with maxx allocation

o New UnitGain Plus SP plan is a Single Premium plan with maxx

allocation and gives you a Guaranteed death benefit, it offers you choice

of 5 active investment funds with 3 free switches allowed every year.

Flexi plan allows you to make partial and full withdrawals after 3 years.

New UnitGain Premier : Gives 100 and get 105 Now umeed se Zyaaada

o A simple single premium unit linked investments plan which give to

upfront 105 % allocation of the single premium on day 1.

New Family Gain: Policy as pure as your love for family.

With Bajaj Allianz Family Assure, you can invest in one life insurance plan

that can take care of all your changing requirements. This plan has been

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designed to provide you with maximum flexibility, so that you do not have to

worry about your changing needs.

New Unit Gain Super: Insure fully get MAX Allocation.

o This is a unique combination of protection with the attractive prospects of

investing in securities. With higher allocation up to 93 % and choice of 5

investment funds with flexible investment management. Plus, you have

the options of switching between the funds at any time this works a

wonderful investment cum insurance plan. You also benefit from

attractive tax advantages and unmatched flexibility to match your

changing needs. In addition, you benefit from the advantages of low

charges

New UnitGain Plus : A Unit Linked Plan

o Bajaj Allianz UnitGain Plus offers the unique option of combining the

protection of life insurance with the attractive prospects of investing in

securities. You have the choice of 5 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

and fund management and fund administration costs.

Some of the key features of the plan are :

Guaranteed death benefit

Choice of 5 investment alternative to fixed interest securities.

Attractive investment alternative to fixed interest securities.

Provision for full/partial withdrawals any time after three years from

commencement of the policy provided three full years premium are paid.

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Unmatched flexibility to match your changing needs.

Maturity Benefit equal to the Fund Value payable on date of maturity.

UnitGain Guarantee SP :

o This is a unique Single Premium plan, which gives guaranteed maturity

benefit regardless of market performance. This plan is specifically

designed keeping in mind the uncertainly in the stock market and comes

with a unique 3in-1 capital Gurantee Fund, which gives guaranteed

maturity benefit of upto 112% of allocated premium less charges.

Traditional Insurance Plans

That helps you save tax and earn more interest

InvestGain : An Endowment Plan

o This savings plan combines high protection (up to quadruple cover) with a

unique family income benefit.

ChildGain : Childrens Policy

o Ever wondered why you need an insurance policy for your child?

As a parent, you always dream the best for your child including marriage,

higher education, or that hand holding for a start in life. Whether you are there

to see your child grow up and settled or not, your child feels your love in the

financial support arranged by you through our wide range of Children's

insurance policies taking him from one milestone to another.

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CashGain : Momey Back Plan

o This is the only money back plan that offers quadruple protection, going

up to 4 times the basic sum assured, and a family income benefit.

Protector : A Mortgage Reducing Team Insurance plan

o This is the perfect plan to protect the family the repayment liability of

outstanding loans, in the unfortunate case of death of the loanee. There is

also an option to cover the co-applicant of the loan at a very nominal cost

under this plan.

Save care economy SP : Single Premium Endowment Plan

A single premium investment plan for 10 years, which provides life cover along with

growth in savings.

Bajaj Allianz Super Saver is a regular premium endowment plan, which helps you

save regular amounts for a safer tomorrow. It also provides you with extra benefits of

Guaranteed Additions to your sum assured, at the end of each policy year

Health care

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The 6-in-1 health care plan at just Rs 100/- per month is a wonderful way to secure

health for 3 years term.

New unit Gain Easy Pension Plus : Unit Linked Retirement Plan without life

cover

Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of your future

and ensure a retirement you can look forward to. This is a regular premium investment

linked deferred annuity policy. There are two packages to choose from: New unit Gain

Easy Pension Plan Single Premium. Gives you the flexibility to purchase units in any/all

of the 6 funds available with us

Term Plans

Pure Insurance Plans to protect family

TermCare : Term Plan With Return-of-Premium

o An economic way to providing life cover, this plan also ensures the return

of all premiums at the time of maturity.

RiskCare : Pure Term Plan

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o The Bajaj Allianz Risk Care Plan in a pure term insurance plan & offers

one of the most economical means to provide financial security to your

loved ones. The only pure term plan in the market to provide Hospital

Cash Benefit.

Lifetime Care : Whole Life Plan

o This whole life plan provides survival benefits at the age of 80 thereby

making sure you are financially secure at a time when you need it the

most.

Group Life Plans

Bajaj Allianz provides an exciting range of group products which enable

organization to provide protection and care to their members / employees.

o Group Credit Shield

o Group Term Life

o Group Term Life Scheme in Lieu of EDLI

o Group Gratuity Care

o Group Superannuation Care

o Small Group Term Life

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CHAPTER 2

METHODOLOGY

METHODOLOGY

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Methodology explains the methods used in collecting information to the steps

touch are as follows.

DESCRIPTION OF RESEARCH

Marketing Research design specify the procedure for conducting a research

project. The survey is conducted with the objective to know the Customer Awareness,

Perception and Attitude towards Bajaj Allianz Life Insurance Company.

In this, two types of research methods are used.

1) DESCRIPTIVE RESEARCH.

Descriptive Research is used to collect various information from customer to study

the Awareness, Perception and Attitude, Opinion With the Life Insurance.

2) EXPLORATORY RESEARCH.

Exploratory Research is concerned with discovering the general nature of the

problem and the variables that are related to research study.

TYPES AND SOURCES OF DATA

For the purpose of research study the data from two sources has been collected mainly,

1) Primary Data.

2) Secondary Data.

PRIMARY DATA

Primary Data is the data collected for the first time for the purpose to solve the

problem at hand. In this study the primary data is collected by survey research. i.e.

collection of information directly from the respondents by personal interview, a

questionnaire method is used to collect the information from the respondent.

SECONDARY DATA

The major sources of secondary data are as follows,

Websites

Broachers

SURVEY RESEARCH

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The method used to collect data for the study was through survey research.

Survey Research is the systematic gathering of information from respondents for the

purpose of understanding and predicting some aspect of the behavior of the population of

interest.

MEASUREMENT TECHNIQUES

Measurement may be defined as the assignment of numbers to characteristics of

objects, persons, states or events, according to rules.

Some of the measurement techniques used are,

QUESTIONNAIRE

It represents the most common form of measurement for eliciting information. As

much, its function is measurement. The Questionnaire designed included Open-ended

questions, Multiple-Choice questions, and Dichotomous questions.

OPEN-ENDED QUESTION

These questions leave the respondents free to offer, any replies that seem appropriate in

light of the question. Questionnaire administered included Open-Ended question to find

out respondents Expectations in Life Insurance.

MULTIPLE-CHOICE QUESTION

Multiple-Choice are immediately followed by a list of possible answers from

which the respondents must choose.

Questionnaire included multiple-choice questions to find out the which sources has

made aware about Bajaj Allianz Life Insurance Company.

DICHOTOMOUS QUESTION.

Dichotomous Question represent an extreme form of the multiple-choice question, allow

only two responses such as Yes or No.

This type of questions were used to find out whether respondents aware of Bajaj

Allianz Life Insurance Company and whether respondents happy with the Benefits of

Bajaj Allianz Life Insurance.

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RATING SCALES

The use of Rating Scale requires the rater to place an attribute of the object

being rated at some point along a numerically ordered series of categories. Rating Scale

focus on,

Overall attribute towards an object.

The degree to which an object contains a particular attribute.

Ones feeling towards an attribute.

SAMPLING

SAMPLING PROCEDURE

Descriptive field studies require collection of first hand information or data

pertaining to the units of study from the field. The units of study may include the area

covered under the Delhi.

The process of drawing a sample from large population is called Sampling.

SAMPLING PROCESS

POPULATION: The Aggregate of all units pertaining to the study is called Population.

The population of this project is a survey of Walking Customers and Existing Customer.

SAMPLING FRAME: A Sampling Frame is a means of representing the elements of

the population.

SAMPLING UNIT: The Sampling Unit is basic unit containing the elements of the

population to be sampled.

SAMPLING EXTENT: It is the scope of study Sampling Extent is Delhi .

TIME PERIODS: The Period of study was also limited to 60 days.

SAMPLE SIZE: The total Sample Size is 100 from different locations of delhi.

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Chapter 3

Findings and Analysis

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DATA ANALYSIS AND INTERPRETATION

Data collected is useful only after analysis. Data Analysis involves converting a

series of recorded observations into descriptive statements and inferences about

relationships. The types of analysis that can be conducted depend on the nature of the

measurement instrument and the data collected method.

If the researcher selects the analytical techniques prior to collecting data, the

researcher should generate fictional responses to the measurement instrument, these

dummy data are then analyzed the results of this analysis will provide the informationrequired by the problem at hand.

The results obtained by analyzing such data may not be accurate due to present of

dummy data, so it is preferable to select analytical technique after collection of data,

depending on data collected.

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TABLE.1.Graph Showing the Qualification of Respondents.

QUALIFICATION NO.OF RESPONDENTS PERCENTAGEUNDER GRADUATE 15 25.0%

GRADUATE 28 46.6%

POST GRADUATE 11 18.3%

OTHER 06 10.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1

25%

46.60%

18.30%

10%

QUALIFICATION OF RESPONDENTS

UNDER

GRADUATEGRADUATE

POST GRADUATE

Interpretation:

From the above table , it is clear that out of 60 respondents, 15 respondents

are belong to Under Graduate, 28 respondents are belong to Graduate, 11 respondents arebelong to Post Graduate and 06 respondents belong to other categories, like PUC, SSLC.

So that majority of the respondents are belonging to Graduate.

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TABLE.2.Graph Showing the Occupation of Respondents.

OCCUPATION NO.OF RESPONDENTS PERCENTAGE

BUSSINESSMEN 28 46.6%

PRIVA.EMPLOYEE 06 10.0%GOVT. EMPLOYEE 05 8.3%

PROFESSIONALS 07 11.6%

STUDENTS 11 18.3%

OTHERS 03 05%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

1

46.60%

10.00%8.30%

11.60%

18.30%

5%

OCCUPATION OF RESPONDENTS

BUSSINESSMEN

PRIVA.EMPLOYEE

GOVT. EMPLOYEE

PROFESSIONALS

STUDENTS

OTHERS

Interpretation:

From the graph it has been observed that, 28 out of 60 respondents are belong

to Businessmen, 06 respondents are belong to Private Employee, O5 respondents are

belong to Government Employee, 07 respondents belong to Professionals, 11

respondents are belong to students and 03 respondents are belong to other categories. So

that major respondents are belongs to Businessmen.

TABLE.3.Graph Showing the Age Group of Respondents.

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AGE GROUP NO.OF RESPONDENTS PERCENTAGE

18 TO 25 20 33.3%

26 TO 35 22 36.6%

36 TO 45 13 21.6%46 & ABOVE 5 8.3%

33%

37%

22%

8%

AGE GROUP OF RESPONDENTS

18 TO 25

26 TO 35

36 TO 45

46 & ABOVE

Interpretation:

From the graph it is clear that, out of 60 respondents, 20 respondents are

falls in the Age group of (18 to 25), 22 respondents are falls in the Age Group of (26 to

35), 13 respondents are falls in the Age Group of (36 to 45), And 05 respondents fall in

the Age Group of (46 & above).

TABLE.4. Graph Showing the Family Size of Respondents

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FAMILY SIZE NO.OF RESPONDENTS PERCENTAGE

0 TO 3 10 16.6%

3 TO 5 22 36.6%

5 TO 7 15 25.5%

7 & ABOVE 13 21.6%

s

0.00%

10.00%

20.00%

30.00%

40.00%

1

16.60%

36.60%

25.50%

21.60%

FAMILY SIZE OF RESPONDENTS

0 TO 3

3 TO 5

5 TO 7

7 & ABOVE

Interpretation:

From the graph it has been observed that, out of 60 respondents 10have the

Family size between (0 to3), 22 respondents have the family size between (3 to 5), 15

respondents have the family size between (5 to 7). 13 respondents have the family size

between (7 & above), So that major respondents belong to size of family between (3to 5).

TABLE.5. Graph Showing the Income Group of respondents

INCOME GROUP NO.OF RESPONDENTS PERCENTAGE

3000 TO 5000 /month 06 10.0%

5000 TO 10000/month 17 28.3%

10000 TO5000/month 14 23.3%15000 TO ABOVE 11 18.3%

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10.00%

28.30%

23.30%

18.30%

INCOME GROUP OF RSPONDENTS

3000 TO 5000 /month

5000 TO 10000/month

10000 TO15000/month

15000 TO ABOVE

Interpretation:

From the graph it has been observed that, out of 60 respondents, O6

respondents have the Income between (3000 to 5000), 17 respondents have the income

between (5000 to 10000), 14 respondents have the income between (10000 to 15000) and

11 respondents have the income between (15000 & above).

TABLE.6. Graph Showing respondents Awareness about Life Insurance.

YES 56 93.3%

NO 04 6.6%

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93%

7%

AWARENESS OF RESPONDENTS

YES

NO

Interpretation:

From the graph, it is observed that, out of 60 respondents, 56 respondents

are Aware about Life Insurance, and 06 respondents are not Aware about Life Insurance.

So that majority of the respondents are Aware of Life Insurance.

TABLE.7. Graph showing respondents Awareness about Bajaj Allianz Life

Insurance Company.

YES 32 53.3%

NO 28 46.6%

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53%

47%

AWAREESS ABOUT Bajaj Allianz

YES

NO

Interpretation:

From the graph, it is observed that, out of 60 respondents 32 respondents

are Aware about Bajaj Allianz Life Insurance Company, and 28 respondents are not

Aware about Bajaj Allianz Life Insurance Company. So that most of the respondents are

not Aware of Bajaj Allianz Life Insurance.

TABLE.8.Graph Showing respondents Sources of Awareness.

SOURCES NO.OF RESPONDENTS PERCENTAGE

MEDIA 06 18.7%

AGENT 18 56.2%

FRIENDS 07 21.8%

NEWS PAPER 02 6.25%

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18%

55%

21%

6%

SOURCES OF AWARENESS

MEDIA

AGENT

FRIENDS

NEWS PAPER

Interpretation:

From the graph, it is observed that, out of 32 respondents O6 respondents are

Aware about Bajaj Allianz Life Insurance through Media, 18 respondents are Aware

through Agent, 07 respondents are Aware through Friends, and 02 respondents are

Aware through News Paper. So that major source of Awareness of respondents is Agent.

TABLE.9.Graph Showing respondents Influence Factors

54

FACTORS NO.OF RESPONDENTS PERCENTAGE

SECURITY 55 91.0%

HIGHRETURNS 34 53.1%

RIS COVERAGE 16 26.6%

SERVICE 18 30.0%

OTHERS 01 1.6%


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Interpretation:

From the above graph, 91% of the respondents are look for security while

investing in Bajaj Allianz, 53% of the respondents look for high returns, 26.6% of the

respondents look for risk coverage, 30% of the respondents look for service and 1.6% of

the respondents look for others. So that most of the respondents look for security while

investing in Bajaj Allianz Life Insurance.

55

0%

20%

40%

60%

80%

100%

1

91%

53.10%

26.60% 30.00%

1.60%

INFLUENCE FACTORS

SECURITY

HIGHRETURNS

RIS COVERAGE

SERVICE

OTHERS


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TABLE.10.Graph Showing respondents Happy with the Benefits of Bajaj Allianz

Life Insurance.

YES 36 90%

NO 04 10%

90%

10%

YES

NO

Interpretation:

From the graph it has been observed that, out of 40 respondents, 36

respondents are happy with the Benefits of Bajaj Allianz Life Insurance, And 04

respondents are not happy with the Benefits of Bajaj Allianz Life Insurance. So the major

respondents are happy with the Benefits of Bajaj Allianz Life Insurance.

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TABLE.11. Graph Showing respondents Rating with the Benefits of Bajaj Allianz

Life Insurance.

RATING NO.OF RESPONDENTS PERCENTAGEVERY GOOD 28 70.0%

GOOD 8 20.0%

OK 3 7.5%

NOT GOOD 1 2.5%

0.00%

20.00%

40.00%

60.00%

80.00%

1

70.00%

20.00%

7.50%2.50%

RATING OF RESPONDENTS

VERY GOOD

GOOD

OK

NOT GOOD

Interpretation:

From the graph it has been observed that, out of 40 respondents, 28

respondents have given rate as Very Good, 08 respondents have given Good, 03

respondents have given Ok and 01 respondent has given Not Good, So the Majority of

respondents have satisfied with the Benefits of Bajaj Allianz Life Insurance.

FINDINGS

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From the market research study it has been observed that 90% of the respondents

are Aware of Life Insurance.

From the market research study it has been observed that 53% of the respondents

are Aware of Bajaj Allianz Life Insurance

62% of the respondents are Aware of Bajaj Allianz Life Insurance through

Agent.

About 91% of the respondents are look for security while investing in a Bajaj Allianz

Life Insurance.

It was founded that 63% of the respondents are rate the service of Bajaj Allianz

Life Insurance as very good.

90% of the Existing Customers are Happy with the Benefits of Bajaj Allianz

Life Insurance.

80% of the respondents are Rate the Benefits of Bajaj Allianz Life Insurance as

Very good.

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CHAPTER 4

CONCLUSIONS

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CONCLUSIONS

Following are the Conclusions drawn after analysis of the data collected from the surveyresearch.

Almost, all the population of Delhi is aware about Life Insurance.

Most of the people are not Aware of Bajaj Allianz Life Insurance Company.

From overall study it can be concluded that Almost, all the people are Aware of

Bajaj Allianz Life Insurance through Agent.

It can be concluded that the people Expectations in a Private Life Insurance

Company is Security and Service while purchasing.

From overall study it can be concluded that, almost all Existing Customers are

Happy with the Benefits of Bajaj Allianz Life Insurance.

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CHAPTER 5

SUGGESTIONS

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SUGGESTIONS

The Bajaj Allianz Life Insurance Company should concentrate heavily on attractive

Advertisements and various Promotional Strategies like, giving Pamphlets, put the

hoardings and banners at important locations of Delhi where the movement of the people

is very high, Should be used to bring out the Awareness.

People should be educated by giving seminar in Business Conferences, installing

stalls in Business Exhibitions. And Company should conduct seminars in Educational

Institutions to provide information about company and its products.

Company has to create a sense of security among the customers. Because most of the

people fear about security in Private life Insurance. So Company has to explain and

highlight about IRDA, which will give support to the Private life Insurance.

Whenever company launches a new products company can conduct some functions

for existing policyholders, which ensures direct interaction with exiting costumers. And

create the policyholder clubs that gives sense of belongingness.

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CHAPTER 6

LIMITATIONS

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LIMITATIONS OF THE STUDY

Despite of all possible efforts to make the market research mare comprehensive andscientific, study has certain following Limitations.

The study is confined to Sindhanur only. Any suggestions given by analyzing

data Collected may not be accurate for other locations as people requirements and

Expectations differ from one place to other.

There existed some respondents who refused to respond and these respondentswho

Did not participate in the survey may not be distinct & might have affected the

Result of the study.

The sample size was chosen randomly which might not be appropriate which lead

to few errors in the study.

Many of respondents did not furnish true information, they provided Information

Just to complete the interview, which has affected the study?

Some of the respondents did not furnish all the information required for the study.

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ANNEXURE

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Questionnaires

Dear sir/ madam,

I am a BBA student , as a part of my curriculum, I am conducting a study on

Customer Perception and Attitude towards Bajaj Allianz Life Insurance Company

.

So, I hereby request you kindly spare your valuable time to fill this questionnaire,

which will help me in my project work.

(Please markforthe relevant box)1. Name: _____________________________________

Address: ________________________________________________

_______________________________________________________

Phone-No: ___________________

2. Sex: Male Female

3. Educational Qualification

a) Under Graduate b) Graduate

c) Post Graduate d) Other

4. Occupation

a) Govt Employee b) Private Employee

c) Businessman d) Professional

e) Student f) Other

5. Age

a) 18 to 25 b) 26 to 35

c) 36 to 45 d) 46 & above

6. Family Size

a) 0 to 3 b) 3 to 5

c) 5 to 7 d) 7 & above

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7. Income

a) 3000 to 5000 p.m b) 5000 to 10000 p.m

c) 10000 to 15000 p.m d) 15000 & above

8. Are you aware of Life Insurance?

a) Yes b) No

9. Which are the Life Insurance Companies are you aware of?

a. _ _ _ __ _ _ _ __ _ d. _ _ _ _ _ _ _ __ _ _ _

b. _ _ _ _ __ _ _ _ _ _ e. _ _ _ _ _ _ _ _ _ __ _

c. _ _ _ _ _ _ _ _ _ _ _ f. _ _ _ _ _ _ _ _ _ _ _ _

10. Are you aware of Bajaj Allianz Life Insurance Company?

a) Yes b) No

(If No go to Q.No. 12)

11. If Yes, Which of the fallowing sources has made you aware about Bajaj Allianz

Life Insurance Company?

a) Media b) Agent

c) Friends d) News paper

If any specify _ _ _ _ __ _ _ _ _ _ _ _ __ _

12. Which factors do you looking for while investing in a Bajaj Allianz Life

Insurance? ( More than one)a) Security b) High Returns

c) Risk Coverage d) Service

If any specify _ _ _ _ _ _ _ _ _ _ __ _ .

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13. Rate the fallowing benefits of different Private Insurance Companies.

(1Very Good, 2Good, 3Average, 4Bad, 5Poor

Benefits HDFC

Standard

BAJAJ

Allianz

ICICI

Prudential

MetLife ING

Vysya

1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5

Security

Returns

Service

Coverage

14. Your Expectations Or Preference in a Life Insurance while purchasing.

a. _ _ _ _ _ _ _ _ _ _ c. _ __ __ __ _ _ _ _

b. _ _ _ _ _ _ _ __ _ d. _ _ _ _ _ _ _ _ __

QUESTIONNAIRE FOR EXISTING CUSTOMERS

1. Are you happy with the Benefits of Bajaj Allianz Life Insurance?

a) Yes b) No

1a> If Yes, With respect to, Service, Returns, Life Cover, Charges how would

you rate Bajaj Allianz Life Insurance

a) Very Good b) Good

c) Ok d) Not Good

1b> If No, Please specify the Reasons.

a. _ _ _ _ _ _ _ _ _ _ _

b. _ _ _ _ _ _ _ __ _ _ _

c. _ _ _ _ __ _ _ __ _ _

d. -------------------------

2. Do you like to suggest anything to the

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_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _ __ __ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3. Your Opinion about Bajaj Allianz Life Insurance.

_ _ _ _ _ _ _ __ _ __ __ _ _ __ _

_ _ _ _ _ __ _ _ _ _ _ _ _ _ __ _ _

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

THANK YOU FOR SPARING YOUR VALUABLE TIME AND ESTEEMED CO-

OPERATION.

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BIBLIOGRAPHY

BOOKS:

Kothari C.R., Research Methodology Methods & Techniques, New Delhi,

WISHWA Publications, Second Edition (reprint) 2004

Mcnabb David E., Research Methods of Political Sciences, New Delhi, Prentice

Hall of India, 2005

WEBSITES:

www.google.com

http://www.bajajallianz.com

http://www.fh-

vorarlberg.ac.at/res/weitere/phd/methodology_programme.pdf

MAGAZINES

INDIA TODAY

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