final submission of br 2

7/31/2019 Final Submission of Br 2

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A

PROJECT REPORT ON

A study of to measure customer satisfaction level towards Bajaj Alliance

UNDERTAKEN AT

Bajaj Alliance, Place: - Bardoli

SUBMITTED BY

Group No. Id No. Enrollment No. Name of Students

11MBA099 201104100710097 Agaraval Narendra H.

11MBA100 201104100710098 Vishnoi Seema B.

11MBA101 201104100710099 Dholakiya Ashok

11MBA102 201104100710100 Meruliya Ankur

SUBMITTED TO

Dr.Prashant Joshi, Professor, SRIMCA

Mr.JiteshParmar, Assistant Professor, SRIMCA

FOR THE SUBJECT

040070201 - Business Research II (Fieldwork)

MBA Semester II

[2011-2013]

Department of Management

ShrimadRajchandra Institute of Management and Computer Application

Uka Tarsadia University, Tarsadi.


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ACKNOWLEDGEMENTS

We are student of management faculty studying in F.Y.M.B.A in Shrimad

Rajchandra Institute of Management &Computer Application, Tarsadi, Dist-

Surat. We fell great pleasure to prepare this report at this stage, Which is

outcome of we and others who helped throughout the preparation. We hope

that will acknowledge this project.

We are extremely grateful to Director Dr. Shivendra Gupta, We college

mentors (Dr.Prashant Joshi and Mr.JiteshParmar), Mr.Gunjan Shah,

Mr.Gautam Donga who have given necessary guidance at every stage of we

project, so here by we thanking them.

I am sincerely thankful to the manager Mr. Prashant Shah, we company

mentor Ms. Rita Gupta and other officer of the unit for providing we necessary

information about the organization, Which WE have incorporated in this

report.

AGARAVAL NARENDRA (11MBA099)

VISHNOI SEEMA (11MBA100)

DHOLAKIYA ASHOK (11MBA101)

MERULIYA ANKUR (11MBA102)

.


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EXECUTIVE SUMMARY

About the topic:

Insurance provider monetary compensation against a predetermined risk. Aninsurance company offer such protection for a payment (or premium). It is also

the amount the insurance company agrees to pay when an unfortunate event

occurs. Insurance is a benefit to the society at large by allowing individuals to

share the risks faced by many people. An insurance policy is a written

agreement between an insurance company and an individual or organization

that requires insurance. The insurance policy sets out the terms and condition

and specifies the risks that will be compensated for. Online insurance quote

helps you to shop for insurance via the internet. It offer a quick, safe and

convenient method to shop for insurance from the comfort of your home.

Research objective:

To measure consumer satisfaction level towards Bajaj Alliance. To identify different services provided by the company.

.

Research methodology:

Descriptive research design was used and 100 samples was taken. The data are

collected on primary and secondary basis. Primary data were collected with

the help of structured questioner field by respondent. Secondary data were

collected from internet and books.


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TABLE OF CONTENTS

ChapterNo.

Particulars Page Nos.

- Acknowledgements

- Executive Summary

1 Introduction

2 Literature Review

3 Objectives and Research Methodology

4 Data Interpretation and Analysis

5 Findings

6 Conclusion

7 Recommendations

8 References

- ANNEXURES


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INTRODUCTION TO THE ORGANIZATION

Bajaj Allianz Life Insurance Company Limited is a union between worlds

two leading conglomerates Allianz SE, one of the worlds largest insurance

companies and Bajaj Auto, one of the biggest 2 and 3 wheeler manufactures

in the world. Bajaj Allianz Life Insurance co. Ltd. Was incorporated on March

12, 2001. The company received the insurance Regulatory and Development

Authority (IRDA) certificate of Registration (R3) No 116 on August 3, 2001 to

conducted Life Insurance business in India.

ABOUT ALLIANZ GROUP:-Allianz group was founded in 1890 in Berlin and is one of leading

providers of insurance and asset management products and services

worldwide. Allianz se is amongst the largest assets managers in the world

managing worth over 996 billion Eros (Rs. 53, 64,456crore). Allianz SE has 115

years of financial experience in over 70 countries. Allianz Group provides its

more than 60 million customers worldwide with a comprehensive range of

services in the areas of

Property and Casualty Insurance, Life and Health Insurance, Assets Management and Banking.

ABOUT BAJAJ AUTO:-Bajaj Auto Limited is the flagship company of Bajaj Group which was

incorporated in the year 1945 as Bachraj Trading Corporation. It is one of the

Indias largest two and three wheeler manufacturer and the fourth largest

manufacturer of two wheelers in the world with an annual turnover of Rs.

42.16 billion. Bajaj Auto has been in operation for over 55 years. As promoters

of Bajaj Allianz General Insurance Company Ltd., Bajaj Auto has


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The following to offers:

Vast distribution network. Knowledge of Indian consumers. Financial strength and stability to support the insurance business. Visit Bajaj Autos website. A strong brandequity. A good market reputation as a world class organization. Adequate experience of running a large organization. A 10 million strong base of retail customers using Bajaj products. Advanced information technology in extensive use. Experience in the financial services industry through Bajaj Auto

Finance Ltd.

VISION:-To be the BEST Life Insurance Company in India

To Buy from, Work for & Invest in.

BAJAJ ALLIANZ LIFE INSURANCE:- The New leader in Private sector life insurance Bajaj Alliance Life is No. 1 among other private life insurers with over

Rs. 703,478 crore lead.

New Business Premium of Rs.3466 crore a 29% growth over previousyear.

Industry Market share of 8.0%.


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Positive aspects of Bajaj Allianz:- Wide Network and Large Sales Force

Decentralization

Enabling IT Infrastructure Banc assurance Ties-up with UAE Exchange Micro insurance products

IRDA Certificates:-Bajaj Allianz Life Insurance Co. Ltd was granted renewal of IRDA

Certification on 28th

March 2006.

Bajaj Allianz A growing force:- The growing private life insurance company in India, with a growth

rate of 95% as per the IRDA results for financial year 2009-10.

Sales of over 2.6 billion policies to satisfied customers. A country wide network of 1200+ branch Assets under the management Rs. 171,57 crore Shareholders capital base of Rs. 1210 crore


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Years No. of policies sold in

Fiscal year

gwp in Fiscal year

(Rs .in cr.)

2001

2002 21,376 7

2002 2003 1,15,965 69

2003 2004 1,86,443 221

2004 -2005 2,88,189 1002

2005 2006 7,81,685 3134

2006 -2007 20,79,217 4269

2007 2008 3744742 9725

2008 2009 2590765 10,625

2009 2010 2230686 11,420

Bajaj Allianz The Milestones:- One of the fast growing private life insurance Companies in India with over 107% growth for last year in succession. Currently ranked third amongst private sector life insurance

companies as per the IRDA results for April 2009- January 2010 for few

business market shares.

It covers 40, 00,000 satisfied customers. The company was first totouch 1, 00,000 and 2, 00,000 customers mark amongst private

insurance companies.

Present in more than 1163 branches and with 2.50 lacs + insuranceconsultants, providing the finest customer services.

It gross premium collections last financial year2009-10 were Rs. 11420crore or a growth of 99%.


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At present it has a product portfolio of 26 products and a capital baseof Rs.7234 crore, with a market share of 5.2% on premium base and

5.1% on policy base.

Geared to perform:- Product tailored to suit customers needs. Decentralized organizational structure enables faster response. Wide reach to serve customers better- a network of 1100+ branches

across the India.

Specialized departments for Bancassurence, corporate Agency andGroup Business.

Well networked with state of the- art IT systems. High standards of customer services & simplifying claim settlement

process in the industry.

Website to provide assistance and information across all products andservices, online buying and online renewals

Toll-free number to answer customers queries, accessible fromanywhere in the country.

A strong Telemarketing and direct marketing team.

Network to reach:- Strong network in over 840 towns and growing every day. Over 9000+ Sales Team Managers In 2010 , 2 TOT, 8 COT , and 428 MDRT qualifiers Over 40, 00,000 satisfied customers.


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UNDER STANDING THE BUSINESS AND WORKING OF THECOMPANY

In the Bajaj Allianz Life insurance co. Ltd are working in the following

ways:

AGENCY CHANNEL:

A country wide network of 966 total offices. Over 9000 sales managers. Over 2.5 lakhs insurance consultants. Business contribution to BALIC-70%

BANKASSURENCE:

Offices/ hubs: 13 No of employees: 959 Contribution to BALIC Business: 10%ALTERNATE CHANNELES:

Corporate Insurance Consultants:

-Team life care

- ECPL

-Golden Enterprises

-Life sure consultancy

Brokers:-

-Bajaj capital

-SMC insurance

- AR insurance brokers

FRANCHISEES:

V. Aparna Reddy

Dilip Kumar


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LITERATURE REVIEW

P. Muthulakshmi conducted a study on Satisfaction of insured in Private

Insurance Company Ltd.. The objectives were to examine the satisfaction ofthe insured, to study the performance of private insurance company and to

offer suitable suggestions. She found not that, most of the respondents were

of the viewthat, the advertisement about the policies of insurance is

inadequate. Hence it was suggested that, the information regarding the

insurance policies are to be advertised through notices, postures and banners.

She found that the people in rural area are illiterates. The proposal forms and

claim forms were printed only in English. Rural people could not read and

understand it. So it was suggested that the insurance companies should print

the forms in Tamil or both in English and Tamil.

Dr. N. Raman & Ms. C. Gayathri conducted a study on A Study on Customers

Satisfaction towards New Insurance Companies and they concluded that life

insurance is a contract for payment of a sum of money to the person assured

on the happening of the event insured against. Usually the contract provides

for the payment of premium periodically to the corporation by the assured.Life insurance is universally acknowledged to be an institution, which

eliminated risk. It certainly substitutes for uncertainty and comes to the

timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurances civilizations partial solution to the problems

caused by death.

Customer service has become a distinct component of both product and

service sectors and with the developments in information technology many

businesses find demanding and knowledgeable customers. The worldwide

trend toward service quality was initiated in the 1880s when businesses

realized that a quality product, in itself, is not guaranteed to maintain

competitive advantage (van der Wal et al., 2002). Many researchers recognize

that service quality can bring an organization a lasting competitive advantage

(Moore and Lewis). Quality of services can be the difference between success

and failure in both service and manufacturing firms. Service quality, customer

satisfaction and customer value have become the main concern of both


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manufacturing and service organizations in the increasingly intensified

competition for customers in today's customer-cantered era (Wang et al.,

2004).

As a result, many organizations are paying increasing attention to improve

service quality. In some manufacturing industries "service quality" is

considered a more important order winner than "product quality" (Ghobadian

et al., 1994). Service quality improvements will lead to customer satisfaction

and cost management that result in improved profits (Stevenson, 2002).

Contemporary service sector firms are compelled by their nature to provide

excellent service in order to prosper in increasingly competitive domestic and

global marketplaces (Sultan and Simpson, 2000). As service firms findthemselves in an increasingly competitive and complex business environment,

they are inevitably driven to examine their service delivery processes critically.

The focus of such internal analysis is ultimately about customer satisfaction,

and how bottom-line results can be actualized through delivering quality

services to customers via flawless interface platforms This is not only the case

in the private sector, but it also is increasingly so in the public sector. Public

sector firms are trying to make administration more efficient and more citizen-

oriented (Scharitzer and Korunka, 2000).

Source of data: http://www.trikal.org/ictbm11/pdf/ServiceIndustry/D1209-

done.pdf


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Research Methodology

Research Objectives:

1. Primary Objective: To measure consumer satisfaction level towards Bajaj Alliance.

2. Secondary Objective: To identify different services provided by the company. To identify the expectation of the customer.

Research Method:

It means which method researcher is going to use for satisfying hisobjective. Now we will see the method by which the whole research is going to

fulfil.

Research Design:

Descriptive Research Design:Descriptive of phenomena or characteristics associated with the

subject population is description research design. A descriptive study maysimple or complex. It may be done in many setting, whatever the form,

descriptive study can be just as demanding of research skills as the causal

study and we should insist on the same high standards for design and

execution.

Data collection Method:

There are two type of data collection method.

1. Primary Data Collection Method:For this survey primary data collection method was used. The

primary data were collected though a structured questionnaires.

2. Secondary data collection method:I have gained secondary data from magazine, journals,

internet and books.


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Sample Size:

This research includes 100 samples.

Sample Techniques:

In this research convenient sampling from non-probability convenience

sampling technique is used.


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ANALYSIS

FREQUENCY TABLEAge

Frequency Percent Valid Percent

Cumulative

Percent

Valid 20-25 31 31.0 31.0 31.0

26-30 33 33.0 33.0 64.0

31-35 14 14.0 14.0 78.0

36-40 9 9.0 9.0 87.0

>40 13 13.0 13.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in age group of 26-30 year give 33% response to invest in

insurance sector and age group of 20-25 give 31% response to invest ininsurance sector, age group of 31-35 year give 14% response to invest in

insurance sector.

Gender


Cumulative

Percent

Valid male 82 82.0 82.0 82.0

female 18 18.0 18.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in gender group of male give 82% response to invest in

insurance sector, female give only 18% response to invest in insurance sector.


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Income level


Cumulative

Percent

Valid 300000 10 10.0 10.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in 200001-250000 income group of give 26% response to

invest in insurance sector, income group of 150001-200000 give 21% response

to invest in insurance sector, income group of


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Occupation


Cumulative

Percent

Valid professional 8 8.0 8.0 8.0

business 42 42.0 42.0 50.0

service 25 25.0 25.0 75.0

retired 1 1.0 1.0 76.0

agricultural 10 10.0 10.0 86.0

other 14 14.0 14.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in occupation group of business 42% response to invest in

insurance sector, service people are 25% are invest in insurance sector,and

only 1`% response to invest in insurance sector.

Essential of life insurance


Cumulative

Percent

Valid yes 97 97.0 97.0 97.0

no 3 3.0 3.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Investment in insurance sector 97% people are agree with insurance are

necessary , and only 3% people are say no necessary of insurance sector.


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Kotak mahindra life insurance


Cumulative

Percent

Valid n0 87 87.0 87.0 87.0

yes 13 13.0 13.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

People are invest in insurance sector 87% people are say they have not more

preferred kotak Mahindra life insurance, only 13% people are said to invest in

kotak Mahindra life insurance..

LIC


Cumulative

Percent

Valid N0 51 51.0 51.0 51.0

YES 49 49.0 49.0 100.0

Total 100 100.0 100.0

INTERPRETATION:


preferred LIC , only 49% people are said to invest in LIC.

BAJAJ ALLIANCE


Cumulative

Percent

Valid YES 100 100.0 100.0 100.0

INTERPRETATION:

In Bajaj alliance 100% respondents are invest in insurance sector.


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TATA AIG


Cumulative

Percent

Valid NO 91 91.0 91.0 91.0

YES 9 9.0 9.0 100.0

Total 100 100.0 100.0

INTERPRETATION:


preferred Tata AIG , only 9% people are said to invest in Tata AIG.

MAX NEWYORK LIFE INSURANCE


Cumulative

Percent

Valid N0 87 87.0 87.0 87.0

YES 13 13.0 13.0 100.0

Total 100 100.0 100.0

INTERPRETATION:


preferred max newyork life insurance , only 13% people are said to invest in

max newyork life insurance.

HDFC LIFE INSURANCE


Cumulative

Percent

Valid NO 87 87.0 87.0 87.0

YES 13 13.0 13.0 100.0

Total 100 100.0 100.0


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INTERPRETATION:


preferred max HDFC life insurance , only 13% people are said to invest in max

HDFC life insurance.

ICICI PRODENTIAL LIFE INSURANCE


Cumulative

Percent

Valid NO 86 86.0 86.0 86.0

YES 14 14.0 14.0 100.0Total 100 100.0 100.0

INTERPRETATION:


preferred more ICICI prudential life insurance , only 14% people are said to

invest in ICICI prudential life insurance.

SBI


Cumulative

Percent

Valid NO 89 89.0 89.0 89.0

YES 10 10.0 10.0 99.0

3 1 1.0 1.0 100.0

Total 100 100.0 100.0

INTERPRETATION:


preferred SBI life insurance , only 11% people are said to invest in SBI life

insurance.


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RATE OF RETURN


Cumulative

Percent

Valid HIGHLY SATISFIED 49 49.0 49.0 49.0

SATISFIED 44 44.0 44.0 93.0

NEUTRAL 6 6.0 6.0 99.0

DISSATISFIED 1 1.0 1.0 100.0

Total 100 100.0 100.0

INTERPRETATION:Customer who are in insurance sector 49% people rate of return of Bajaj

alliance are highly satisfied, 445%of people are satisfied of the rate of return,

and only 1% people are not interested in rate of return.

MATURITY BENEFIT


Cumulative

Percent

Valid highly satisfied 26 26.0 26.0 26.0

satisfied 45 45.0 45.0 71.0

neutral 28 28.0 28.0 99.0

highly dissatisfied 1 1.0 1.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 45% people maturity benefits of Bajaj

alliance are satisfied, 28% of people are neutral of the maturity benefit, and

only 1% people are highly dissatisfied .


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Surrender benefit


Cumulative

Percent


satisfied 48 48.0 48.0 65.0

neutral 28 28.0 28.0 93.0

dissatisfied 6 6.0 6.0 99.0


Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 48% people surrender benefits of bajaj

alliance are satisfied, 28% of people are neutral of the surrender benefit, and


Tax benefit


Cumulative

Percent


satisfied 41 41.0 41.0 62.0

neutral 27 27.0 27.0 89.0

dissatisfied 11 11.0 11.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 41% people tax benefits of Bajaj alliance

are satisfied, 27% of people are neutral of the maturity benefit, and only 11%

people are highly dissatisfied .


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Tax transparency


Cumulative

Percent

Valid 0 1 1.0 1.0 1.0

highly satisfied 18 18.0 18.0 19.0

satisfied 30 30.0 30.0 49.0

neutral 41 41.0 41.0 90.0

dissatisfied 10 10.0 10.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 41% people are tax transparency of Bajaj

alliance are neutral, 30% of people are satisfied of the tax trsparency, and only

10% people are highly dissatisfied .

Risk


Cumulative

Percent


satisfied 52 52.0 52.0 68.0

neutral 25 25.0 25.0 93.0



Total 100 100.0 100.0

INTERPRETATION:

customer who are in insurance sector 52% people risk of Bajaj alliance are

satisfied, 25% of people are neutral of the risk, and only 2% people are highly

dissatisfied .


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Procedure follow


Cumulative

Percent


satisfied 29 29.0 29.0 46.0

neutral 41 41.0 41.0 87.0



Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 41% people procedure follow of Bajaj

alliance are neutral, 29% of people are satisfied of the procedure follow, and


Procedure money back


Cumulative

Percent


satisfied 42 42.0 42.0 56.0

neutral 37 37.0 37.0 93.0



Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 42% people are procedure for money

back of Bajaj alliance are satisfied, 37% of people are neutral of procedure for

money back, and only 1% people are highly dissatisfied .


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Death benefit


Cumulative

Percent


satisfied 42 42.0 42.0 59.0

neutral 24 24.0 24.0 83.0



Total 100 100.0 100.0

INTERPRETATION:

Customer who are in insurance sector 42% people are death benefit of Bajaj

alliance are satisfied, 24% of people are neutral of procedure for money back,

and 17% people are highly satisfied, only 5% are highly dissatisfied.


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(1)Do you think is it essential to have life Insurance?Essential of life insurance

Frequency Percent Valid PercentCumulative

Percent

Valid yes 97 97.0 97.0 97.0

no 3 3.0 3.0 100.0

Total 100 100.0 100.0

INTERPRETATION:

Investment in insurance sector 97% people are agree with insurance are

necessary , and only 3% people are say no necessary of insurance sector.

(2) Which are the companies you invested your money for life insurance?

Multiple Responses

Case Summary

Cases

Valid Missing Total

N Percent N Percent N Percent

Lifeinsurancea

100 100.0% 0 .0% 100 100.0%

a. Dichotomy group tabulated at value 1.

Case summary table display the number of cases that include the valid, missing

and total value of all media, other additives and brand. Here total number of

valid value is 100 and percent is 100%.


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$Lifeinsurance Frequencies

Responses Percent of

CasesN Percent

Invested

company

Kotak Mahindra life

insurance13 5.9% 13.0%

Lic 49 22.2% 49.0%

BAJAJ ALLIANCE 100 45.2% 100.0%

TATA AIG 9 4.1% 9.0%

MAX NEWYORK LIFE

INSURANCE

13 5.9% 13.0%

HDFC LIFE INSURANCE 13 5.9% 13.0%

ICICI PRODENTIAL LIFE

INSURANCE14 6.3% 14.0%

SBI 10 4.5% 10.0%

Total 221 100.0% 221.0%

a. Dichotomy group tabulated at value

1.

life insurance frequencies table display the people are which companies invest

the money. Here total 221 responses, out of this responses 100people are

prefer a Bajaj alliance , 49 people are prefer a lic, 14 people of response for the

ICICI prudential life insurance, and 13 people are response for respectively

kotak Mahindra, max newyork, HDFC life insurance, and only 9 people are

response for Tata AIG.


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(3)Which of the following plan you have take?

Occupation * PLAN TAKEN

Crosstab

Count

PLAN TAKEN

Total

ULIP

PLAN

CHILD

PLAN

PENSION

PLAN OTHER

occupatio

n

profession

al

2 1 4 1 8

business 11 20 7 4 42

service 10 6 7 2 25

retired 0 0 1 0 1

agricultura

l1 3 6 0 10

other 5 2 2 5 14

Total 29 32 27 12 100

INTERPRETATION:

Customer who are in professional field 4 respondent are taken pension plan,

business field 20 respondents are taken plan for the child plan, in service

sector respondent 10 respondents are take ULIP plan, retired respondent are

taken pension plan, agriculture respondents are 6 respondents take also

pension plan.


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Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)

Pearson Chi-Square 27.825a 15 .023

Likelihood Ratio 26.360 15 .034

Linear-by-Linear

Association1.481 1 .224

N of Valid Cases 100

a. 17 cells (70.8%) have expected count lessthan 5. The minimum expected count is .12.

INTERPRETATION:

Null hypothesis (H0): There is a no significance association between

occupation and plan in Bajaj alliance insurance.

Alternative hypothesis (H1): There is a significance association between

occupation and plan in Bajaj alliance insurance.

INTERPRETATION:I have used 95% level. C.I from the above table we can see that rhe value is

.023 which is less than .05 so, the null hypotheses is rejected and there is

association between occupation and plan.


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Education qualification * PLAN TAKEN

Crosstab

CountPLAN TAKEN

TotalULIP PLAN

CHILD

PLAN

PENSION

PLAN OTHER

education

qualification

school final 10 16 12 0 38

Graduate 7 9 12 3 31

post

graduate 11 7 2 8 28

professional

degree1 0 1 1 3

Total 29 32 27 12 100

INTERPRETATION:

Customer who are in school final 16 respondent are taken child plan, graduate

12 respondents are taken plan for the child pension plan, in post graduate

respondent 12 respondents are take pension plan, professional degree

respondent 1 respectively are taken pension plan, ulip plan, other plan.


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Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)



Linear-by-Linear



a. 7 cells (43.8%) have expected count less than 5.

The minimum expected count is .36.

INTERPRETATION:

Null hypothesis (H0): There is a no significance association between education

level and plan in Bajaj alliance insurance.


education level and plan in Bajaj alliance insurance.

INTERPRETATION:I have used 95% level. C.I from the above table we can see that rhe value is

.007 which is less than .05 so, the null hypotheses is rejected and there is

association between education level and plan.


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Income level * PLAN TAKEN

Crosstab

CountPLAN TAKEN

Total

ULIP

PLAN

CHILD

PLAN

PENSION

PLAN OTHER

income

level

300000 5 2 3 0 10

Total 29 32 27 12 100

INTERPRETATION:

Customer who are in income level < 100000 income 3 respondents are take

other plan,100001-150000, 8 respondents are take pension plan,150001-

200000, 7 respondents are take child plan,200001-250000, 10 respondents are

respectively take ULIP plan and child plan. 250001-300000, 8 respondents are

take child plan, >300000 are taken ULIP plan more.


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Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)



Linear-by-Linear




The minimum expected count is .72.

INTERPRETATION:

Null hypothesis (H0): There is a no significance association between income

level and plan in Bajaj alliance insurance.


income level and plan in Bajaj alliance insurance.

INTERPRETATION:I have used 95% level. C.I from the above table we can see that the value is

.097 which is greater than .05 so, the null hypotheses is accepted and there is

no association between income level and plan.


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Gender * PLAN TAKEN

Crosstab

CountPLAN TAKEN

Total

ULIP

PLAN

CHILD

PLAN

PENSION

PLAN OTHER

gender male 21 28 24 9 82

female 8 4 3 3 18

Total 29 32 27 12 100

INTEORETATION:

Customer who are in gender group male respondent are 28 respondents take

child plan and 24 respondents take pension plan and 21 respondents are take

ULIP plan, others plan take only 9 respondents. and in gender group female

respondents are 8 respondents are take ULIP plan and 4 respondents are take

child plan.

Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)

Pearson Chi-Square 3.728a

3 .292


Linear-by-Linear

Association.593 1 .441



The minimum expected count is 2.16.


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INTERPRETATION:

Null hypothesis (H0): There is a no significance association between gender

and plan in Bajaj alliance insurance.


gender and plan in Bajaj alliance insurance.

INTERPRETATION:

I have used 95% level. C.I from the above table we can see that rhe value is

.292 which is greater than .05 so, the null hypotheses is accepted and there is

no association between gender and plan.

Age * PLAN TAKEN

Crosstab

Count

PLAN TAKEN

Total

ULIP

PLAN

CHILD

PLAN

PENSION

PLAN OTHER

age 20-25 10 6 9 6 31

26-30 10 14 5 4 33

31-35 6 4 3 1 14

36-40 1 4 3 1 9

>40 2 4 7 0 13

Total 29 32 27 12 100

INTERPRETATION:

Customer who are in age group of 26-30, 14 people give response to take child

plan and 10 people response to ULIP plan, 20-25 age, 10 respondent who are

taken ULIP plan, 31-35, 6 age respondent who are taken the also ULIP plan,

>40, 7 respondent give response to take pension plan.


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Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)

Pearson Chi-Square 14.814a

12 .252


Linear-by-Linear

Association.027 1 .871



The minimum expected count is 1.08.

INTERPRETATION:

Null hypothesis (H0): There is a no significance association between age and

plan in Bajaj alliance insurance.

Alternative hypothesis (H1): There is a significance association between age

and plan in Bajaj alliance insurance.

INTERPRETATION:

I have used 95% level. C.I from the above table we can see that the value is

0.252 which is greater than .05 so, the null hypotheses is accepted and there is

no association between age and plan.


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(4) Which criteria you take into consideration while investing in bajaj

alliance policy?

Factor Analysis

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling

Adequacy..619

Bartlett's Test of

Sphericity

Approx. Chi-Square 104.595

Df 36

Sig. .000

KMO & Bartletts test table displays the results for interpreting the adequacy

of data for factor analysis. The P value of Bartletts test of sphericity should be

less than 0.05. In this example the value of KMO test is 0.619 and the p value

of Bartletts test is 0.000.

Communalities

Initial

Extractio

n

RATE OF RETURN 1.000 .623

MATURITY BENEFIT 1.000 .501

surrender benefit 1.000 .275

tax benefit 1.000 .549

tax trasparency 1.000 .599

risk 1.000 .627

procedure follow 1.000 .530

procedure fmoney

back1.000 .450

death benefit 1.000 .664

Extraction Method: Principal

Component Analysis.


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Communalities mean the proportion of variance due to common factors and

shared by several items. Communalities help estimate the variance that is

unique to each variable; this uniqueness is calculated by total variance

explained by the variable minus the communality of that variable.

Total Variance Explained

Compone

nt

Initial Eigenvalues

Extraction Sums of

Squared Loadings

Rotation Sums of

Squared Loadings

Tota

l

% of

Varian

ce

Cumulati

ve %

Tota

l

% of

Varian

ce

Cumulati

ve %

Tota

l

% of

Varian

ce

Cumulati

ve %

1 2.30

225.575 25.575

2.30

225.575 25.575

1.92

821.425 21.425

2 1.38

915.431 41.006

1.38

915.431 41.006

1.45

916.213 37.638

3 1.12

912.540 53.546

1.12

912.540 53.546

1.43

215.908 53.546

4 .951 10.562 64.1085 .844 9.380 73.488

6 .742 8.245 81.732

7 .693 7.705 89.438

8 .523 5.809 95.246

9 .428 4.754 100.000


Component Analysis.

Total variance explained table displays the total variance, percentage variance

and cumulative percentage variance for both rotated and unroasted

components. The cumulative variance for both the unroasted and rotated

components is 53.546 percent. Component 1 accounts for 21.425 percent of

total variance, component 2 accounts for 16.213 percent of total variance, and

component 3 accounts for 15.908 percent for total variance in the model. The

cumulative percentage of variance of unroasted as well as rotated components

is always same.


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Component Matrix

Component

1 2 3

RATE OF RETURN .618 -.106 -.480

MATURITY BENEFIT .537 -.331 -.322

surrender benefit .487 .182 .064

tax benefit .504 -.513 .178

tax transparency .721 -.279 .032

risk .284 .642 -.366

procedure follow .405 .593 -.119procedure money

back.373 .333 .448

death benefit .486 .138 .639

Extraction Method: Principal Component

Analysis.

a. 3 components extracted.

Component matrix table shows the three components that are extracted. Theunroasted component matrix displays the correlation between variables and

extracted components. These correlations are known as factor loadings.


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Rotated Component Matrixa

Component

1 2 3

RATE OF RETURN .705 -.100 .340

MATURITY BENEFIT .702 -.070 .055

surrender benefit .270 .351 .281

tax benefit .599 .276 -.338

tax trasparency .701 .328 -.006

risk .021 .011 .792

procedure follow .058 .263 .676procedure fmoney

back-.028 .644 .189

death benefit .096 .809 -.024

Extraction Method: Principal Component

Analysis.

Rotation Method: Varian with Kaiser

Normalization.

a. Rotation converged in 5 iterations.

Rotated component matrix, each number represents the partial correlation

coefficient between variable and the rotated component. In our example of,

the investing Bajaj alliance policy, variables constituting component 1 are:

Rate of return, Maturity benefits, Surrender benefits, Tax benefits, Tax

transparency, Risk, Procedure followed, Procedure money taking, Death

benefits.

The variables constituting component 2 are:


transparency, Risk, Procedure followed, Procedure money taking, Death

benefits.

The variables constituting component 3 are:


transparency, Risk, Procedure followed, Procedure money taking, Deathbenefits.


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Component Transformation

Matrix

Comp

onent 1 2 3

1 .790 .517 .330

2 -.510 .255 .821

3 -.341 .817 -.465


Component Analysis.

Rotation Method: Varian with

Kaiser Normalization.

The component transformation matrix table displays the specific rotation

applied to the components. Rotated factor loadings are obtained by

multiplying the unroasted factor loadings matrix with component

transformation matrix.

Since factor 1 can be renamed Short term benefits

Since factor 2 can be renamed long term benefits

Since factor 3 can be renamed investment decision.


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FINDINGS

Majority of in age group of 26 -30 age people are more invest in insurance

sector.

Majority of in gender group of male are more invest in insurance sector.

Majority of in income level group of 200001- 250000 income people are more

invest in insurance sector.

Majority of in group of education school final people are more invest in

insurance sector.


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CONCLUSION

From the above analysis and interpretation we can conclude that the customer

are satisfied with the return, tax benefit, procedure for taking money back,

risk covered by the policy. Policy of customer has not matured so we cannot

measure the maturity benefits, death benefits.


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RECOOENDATION

I would like to recommend that company should collect the premium from the

banks also so that customer can easily pay their premium.

A customer of child plan can become their money I lesser time period so

company should keep their maturity period short.


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REFERENCES

BOOK:

-Black k, (2004) businessstatistics, willey India publication.

-SPSS for windows step by step, tenth edition, Darren George, palu mallery.

WEBSITES:

http://www.bajajalliancz.com
http://www.bajajalliancz.com/http://www.bajajalliancz.com/http://www.bajajalliancz.com/


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ANNEXURES

QUESTIONNIRE

We are studying in MBA at SRIMCA , Bardoli conducting this survey on To

measure consumer satisfaction level toward Bajaj Alliance I need some data

from you and it is just for an academic purpose. I ensure you that the data

which are collected by the will remain highly confidential.

Personal Information

Name :______________________________ Contact No. :______________

Place: __________________ Age (In years):_____________

Gender : Male Female

Income Level : (Yearly)

300,000


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Education Qualification:

School Final Graduate Post GraduateProfessional Degree

Occupation:

Professional Business Service Retired

Agricultural Other: _____________________________

-------------------------------------------------------------------------------------------------------

1. Do you think is it essential to have Life Insurance?

YES__________________ NO_____________________

2. Which are the companies you invested your money for Life Insurance?

a) Kotak Mahindra Life Insurance

b) LIC

c) Bajaj Allianz

d) Tata AIG

e) Max New York Life Insurance

f) HDFC Life Insurance

g) ICICI Prudential Life Insurance

h) SBI

3. Which of the following plan you have taken?

ULIP plan child plan

Pension plan other____________


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final submission of br 2

Documents