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Peoples Education Society and Trusts

A

Project Report

On

A Study on Customer Perception about Bajaj Allianz Unit Link Insurance Plan Products BAJAJ ALLIANZ LIFE INSURANCE COMPANY

Submitted in partial fulfillmentfor the Award of

Masters of Business Administration

DS Part II Session 2014-15

Submitted to

Center for Entrepreneurship and Small Business Management

Supervised by: Submitted by:

Maam Renuka Sonali Agarwal

Declaration

I hereby certify that the summer training report on Customer Perception about Bajaj Allianz Unit Link Insurance Plan Products submitted in partial fulfillment for the award of Master of Business Administration (Dual Specialization) at Center for Entrepreneurship and Small Business Management, Maharshi Dayanand Saraswati University, Ajmer is an authentic record of work carried out by me. The matter embodied in this summer training report has not been submitted for the award of any other degree or diploma.Date: Signature: (Sonali Agarwal)

ACKNOWLEDGEMENT With the completion of this project report, I would like to express my sincere gratitude to Maharishi Dayanand Saraswati University, Ajmer for providing this opportunity to understand and learn the working of a well known organization.

I humbly record my gratitude to Mr. Amit Gandhi, Chief Branch Manager of Bajaj Allianz Life Insurance Co. Ltd., Ajmer who heartily provided me the great opportunity to undergo this vigorous yet joyous training and completing my project in esteemed organization.

I wish to take this opportunity to extend my sincere thanks to all officials of BAJAJ ALLIANZ LIFE INSURANCE CO.LTD. For their valuable suggestions, welcoming smiles, expression of hostility and humanity as well as their helping nature which always remains in my remembrance throughout my professional life.

Sonali agarwal PREFACE To have an exposure and understanding of practical world, management students

are expected to quench their thrust with zeal problems facing the practical life. For attainment of this, I took the opportunity of developing this project report on A study on customer perception about Bajaj Allianz Unit Link Insurance Plan Products.

My summer project at insurance sector in Bajaj Allianz Life Insurance is a complete experience in itself, which has provided me with understanding.

This research and development project is concerned with Critical Evaluation of how unit linked insurance plans works, study of different ulip monitors, finding satisfaction level of customers. The work done by me on the topic, finding drawn out are presented in this project report along with suggestion for improvement. INDEX PARTICULAR PAGE NO.

1. EXECUTIVE SUMMARY

72. INDUSTRY OVERVIEW

8-11 Brief history of the insurance sector

Insurance sector reforms

IRDA

Composition of authority under IRDA Act 1999

Role of IRDA

Indian Insurance sector

Life Insurance Companies in India & their market share Current scenario of the insurance industry Privatization3. INTRODUCTION ABOUT BAJAJ ALLIANZ 12-14 Company Profile

Bajaj group

Allianz group

About Bajaj Allianz4. INTRODUCTION ABOUT RESEARCH STUDY 15-29 Introduction to Ulip Meaning

Structure of Ulip

Advantages of investing in Ulip

Basic features of Ulip Working of a ULIP Plan

Which is better, Unit-Linked or Traditional Plan?

Why do insurers prefer Ulips?

Allianz Bajaj launches its first Unit-Linked policy

Bajaj Allianz ULIPS Products

Limitation5. RESEARCH MEDHODOLOGY 30-31 Objectives of study

Scope of the study Limitation of the study Sampling

Research Design

Data Collection Methods

6. DATA ANALYSIS & INTERPRETATION 32-447. FINDING & RECOMMENDATIONS & CONCLUSION 45-46 8. REFERENCE

47 9. APPENDIX

48-49 Questionnaire

EXECUTIVE SUMMARY Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap the market and to make the new challenges in it. Insurance in India is not about India only; it is an open sector for the private players. The name which you would see in Indian Insurance market is something like: BAJAJ (Indian company)+ ALLIANZ (Foreign player), TATA (Indian company)+AIG (Foreign player) and so many like them. Companies now are tapping a lot of ways to capture the market and hence adopting different ways to hold the large portion of the market. My project was on A Study on customer perception about Bajaj Allianz Unit Link Insurance Plan Products. My summer training learning helped me a lot to complete my project in order to learn a lot of things of the corporate.

Bajaj Group is one of the Indias largest and most respected business groups. Bajaj Allianz Insurance Company is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the Allianz SE, and Bajaj Auto. They own the company in the ratio of 26:74. Bajaj Allianz Insurance Company is having different insurance policies. At the end of the project people will be knowledgeable about customer perception about Bajaj Allianz Unit Link Insurance Plan and their products taking into considerations 100 sample size in Ajmer city

Project is A Study on customer perception about Bajaj Allianz Unit Link Insurance Plan Products . To get to know a questionnaire has been prepared which contain close ended questions. For collecting the data field survey method, personal interview technique has been used. Secondary data has been collected from the company and from various websites. The data collected are represented into suitable tabular forms for drawing inferences. A quantitative technique like percentages, two ways tables, has been applied as per the requirement. For the representation of data various charts and graphs are used as per requirement. INDUSTRY OVERVIEWA BRIEF HISTORY OF THE INSURANCE SECTORThe business of life insurance in India in its existing form started in India in the year: -

1818 ( With the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are:

1912 (The Indian Life Assurance Companies Act enacted as the first statute 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 (By the mid-1950s, there were around 170 insurance companies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies

As a result, the government decided nationalizes the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act.

For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.

The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured.INSURANCE SECTOR REFORMS

Due to immense growth in the insurance sectors the regulations were introduced. In 1993,Malhotra Committee headed by former Finance Secretary and RBI Governor was formed to evaluate the Indian insurance industry and give its recommendations. After this committee the regulatory body for insurance sector was formed with the name of IRDA.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

IRDA has been formed as an authority to protect the interests of insurance policies, to regulate, promote and ensure orderly growth of insurance Industry and for matters connected therewith of incidental thereto.

COMPOSITION OF AUTHORITY UNDER IRDA ACT, 1999As per the section 4 of IRDA Act of 1999, The Authority is a ten-member team consisting of..1. A Chairman2. 5 Whole team Members

3. 4 part time membersROLE OF IRDA

Protecting the interests of policyholders. Establishing guidelines for the operations of insurers, and brokers. Specifying the code of conduct , qualifications, and training for insurance intermediaries and agents. Promoting efficiency in the conduct of insurance business. Regulating the investment of funds by insurance companies. Specifying the percentage of business to be written by insurers in rural sectors. Handling disputes between insurers and insurance intermediaries.INDIAN INSURANCE SECTORThe Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related acts. INSURANCE COMPANIESLIFE INSURERS Public Sector Life Insurance Corporation of India (LIC)An Act of Parliament, viz., Life Insurance Corporation Act, formed Life Insurance Corporation of India (LIC) in September 1956, with capital contribution from the Government of India.

The objective was: to conduct the business with the utmost economy, in a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the policy holders consistent with safety of the capital; to render prompt and efficient service to policy holders, thereby making insurance widely popular.

Since nationalization, LIC has built up a vast network of 2,048 branches, 100 divisions and 7 zonal offices spread over the country. The Life Insurance Corporation of India also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom.

CURRENT SCENARIO OF THE insurance INDUSTRYInnovative products and aggressive distribution have become the say of the day. Indians, have always seen life insurance as a tax saving device, are now suddenly turning to the private sector that are providing them new products and variety for their choice.PRIVATISATION There were various reasons given by the government to nationalize the insurance sector was to take insurance to the mass, facilitate the flow of long term funds (which insurance companies, by virtue of the business they are in, have ready access to) into development of infrastructure in the country, and safe guard the interest of the policy holders. Towards this end, state insurers did develop the insurance sector, though most experts believe that these monopolies could have done much, much more.

In the early nineties is, the government went on a reforms binge and started loosing controls on Indian industry. In 1993 the government appointed the Malhotra committee headed former RBI governor R.N.Malhotra, to draw up a blue print for insurance sector reforms. The panel submitted its report a year later, recommending privatization, backed by stiff entry guidelines and stringent regulations, so as to avoid repeat per nationalization free for all.

The insurance regulatory and development authority (IRDA) was founded to regulate the sector and over see the process of privatization. In 2000, the IRDA started giving out licenses, and a year later, the first of the private players started operation. The wheel had come full circle.

Under state control, the insurance sector, both life and non-life ,grew steadily. Still, Indians are not adequately insured and lag behind most countries. Total insurance penetration (insurance premium as a percentage of gross domestic product) is dismal when compared to its economic standing. Just 2% of the population has some of life insurance. COMPANY PROFILEBAJAJ GROUP

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the Largest 2 & 3 wheeler manufacturer in the world .

21 million + vehicles on the roads across the globe. Managing funds of over Rs5,329crore. Bajaj Auto finance one of the largest auto finance companies in India Rs5934cr turnover and profits after tax of 732cr in 2011-12 Bajaj group ,a Rs. 8,000 crore group ,a household name in India with a strong brand image and brand loyalty.

Bajaj Group is synonymous with quality and customer focus.

4th largest in the world.ALLIANZ GROUPALLIANZ GROUP IS ONE OF THE WORLD'S LEADING INSURERS AND FINANCIAL SERVICES PROVIDERS Founded in 1890 in Berlin,

Allianz is one of the leading global insurance companies headquartered in Munich, Germany .

Established in 1890 ,more than 121 years of experience in insurance.

Allianz has over 700subsidiaries and approximately 1,81,000 employees worldwide.

Allianz global network extends to over 70 countries in:

Europe .

South and Northern Americas.

Africa.

Middle East.

Asia Pacific. World largest insurance company by revenue 106.5 Euros 22th largest corporation in the worldABOUT BAJAJ ALLIANZBajaj Allianz life Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. VISION

'To be the BEST Life Insurance CompanyTo Buy From,Work For& Invest In'

CULTURE @ BAJAJ ALLIANZ

Bajaj Allianz will be A winning team

Have a passion for excellence & hate bureaucracy

Be empowered, have the confidence to take decisions quickly & be accountable

Be driven to achieve results, to deliver

Be professional & socially committed

Be open to ideas, sharing, transparent & trust

Focus everything we do on our customers

Make BALIC a 'great place to work'

Have a sense of humourMISSION As a responsible customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. ORGANISATION CHART OF THE BRANCH

UNIT LINKED INSURANCE PLAN OR MARKET LINKED

INSURANCE PLAN (ULIP) Introduction to ULIP

ULIP came into play in the 1960s and became very popular in Western Europe and Americas. The reason that is attributed to the wide spread popularity of ULIP is because of the transparency and the flexibility which it offers. As times progressed the plans were also successfully mapped along with life insurance need to retirement planning. In todays times, ULIP provides solutions for insurance planning, financial needs, financial planning for childrens future and retirement planning. Features of ULIP distinguish itself through the multiple benefits that it provides to the consumer. The plan is a one-stop solution providing: Life protection Investment and Savings Flexibility- Adjustable Life Cover- Investment Options Transparency Options to take additional cover against- Death due to accident- Disability- Critical Illness- Surgeries Liquidity.

ULIP distinguishes itself through the multiple benefits it provides to the policyholders. These plans are designed with a view to help the customers to utilize the market opportunities by investing in the share market, capital market and at the same time have the facility of Death Benefit and Maturity Benefit.

MEANINGIt is a plan, which provides Life Insurance, and here policy value at any time varies according to the value of the underlying asset at that time.

It is a plan that provides the client with the benefit of protection and flexibility.

An ULIP plan works as a one-stop advantage for the policyholder. It gives the policyholder a wholesome advantage of integrated financial planning.

Structure Of ULIP: ULIP

ADVANTAGES OF INVESTING IN ULIPULIPs have been selling like proverbial `hot cakes' in the recent past and they are likely to continue to outsell their plain vanilla counterparts going ahead. So what is it that makes ULIPs so attractive to the individual is, as follows1.INSURACE COVER PLUS SAVINGSULIP serve the purpose of providing life insurance combined with savings at market-linked returns. To that extent, ULIPs can be termed as a two-in-one plan in terms of giving an individual the twin benefits of life insurance plus savings. This is unlike comparable instruments like a mutual fund for instance, which does not offer a life cover.2.MULTIPLE INVESTMENT OPTIONSULIP offer a lot more variety than traditional life insurance plans. So there are multiple options at the individual's disposal. . ULIPs generally come in three broad variants:

Aggressive ULIPs (which can typically invest 80%-100% in equities, balance in debt)

Balanced ULIPs (can typically invest around 40%-60% in equities)

Conservative ULIPs (can typically invest up to 20% in equities)

3.FLEXIBILITY Mutual Funds also offer hybrid/balanced schemes that allow an individual to select a plan according to his risk profile. The difference lies in the flexibility that ULIPs afford the individual. Individuals can switch between the ULIP variants outlined above to capitalize on investment opportunities across the equity and debt markets. Some insurance companies allow a certain number of `free' switches. This is an important feature that allows the informed individual/investor to benefit from the vagaries of stock/debt markets. For instance, when stock markets were on the brink of 7,000 points (Sensex), the informed investor could have shifted his assets from an Aggressive ULIP to a low-risk Conservative ULIP.

Switching also helps individuals on another front. They can shift from an Aggressive to a Balanced or a Conservative ULIP as they approach retirement. This is a reflection of the change in their risk appetite, as they grow older.

4.WORKS LIKE AS AN SIPRupee cost-averaging is another important benefit associated with ULIPs. With an SIP, individuals invest their monies regularly over time intervals of a month/quarter and don't have to worry about `timing' the stock markets. As a matter of fact, even the annual premium in a ULIP works on the rupee cost-averaging principle. An added benefit with ULIPs is that individuals can also invest a one-time amount in the ULIP either to benefit from opportunities in the stock markets or if they have an investible surplus in a particular year that they wish to put aside for the future.

The chart below shows how ULIP can meet multiple needs at different life stages.

Integrated Financial Planning

Your NeedFlexibility

Starting a job, Single individualLow protection, high asset creation and accumulationChoose low death benefit, choose growth/balanced option for asset creation

Recently married, no kidsReasonable protection, still high on asset creationIncrease death benefit, choose growth/balanced option for asset creation

Married, with kidsHigher protection, still high on asset creation but steadier options, increase savings for childIncrease death benefit, choose balanced option for asset creation. Choose riders for enhanced protection. Use top-ups to increase your accumulation

Kids going to school, collegeHigher Protection, high on asset creation but steadier options, liquidity for education expensesWithdrawal from the account for the education expenses of the child

Higher studies for child, marriageLump sum money for education, marriage. Facility to stop premium for 2-3 yrs for these extra expensesWithdrawal from the account for higher education/marriage expenses of the child. Premium holiday-to stop premium for a period without lapsing the policy

Children independent, nearing the golden yearsSafe accumulation for the golden yrs. Considerably lower life insurance as the dependencies have decreasedDecrease the death benefit-reduce it to the minimum possible. Choose the income investment option. Top-ups form the accumulation (with reduced expenses) for the golden yrs cash accumulation

.BASIC FEATURES OF ULIP1.Life Protection

The graph shows the various needs of the customer at different point of time, individuals needs differ and his need for life protection fluctuates. ULIP satisfies the varying needs of the customer providing him with more and more protection as and when he requires, by allowing the policyholder to increase or decrease the death benefit.

It is usually multiple of the contribution being paid, which ensure that the contribution is adequate enough to provide life protection. And is also able to maintain a sem balance between protection and savings.

2.Investments and savings

ULIP provides the client with option of investing as per his risk appetite and gets returns accordingly. These various options available for an individual to make investment in comparatively high risks instruments and get high returns. Below shown is a graph illustrating the various investment options for a client.

Risk

Example 1: Here are four types of funds in which a client can invest. In each case the risk goes on increasing with the type of fund. The client has an option to shift as the risk and return orientation changes (Switch).

3.FLEXIBILITY flexibility to choose Sum Assured.

Flexibility to choose premium amount.

Option to change level of Premium even after the plan has started(Top up facility).

Flexibility to change level asset allocation by switching between funds.Following points enumerate the flexibility feature of ULIP

a) INCREASE IN DEATH BENEFIT.

As life cycle changes of a client he passes through various risks and responsibilities.He can increase or decrease the death benefit accordingly.

b) DECREASE IN DEATH BENEFIT.If the client is unable to pay the same amount of premium he can decrease the death benefit with certain conditions applying according to the particular plans.c) CHOICE OF FUND. A choice of funds (ranging from equity, debt, cash or a combination).

Option to choose fund mix based on desired asset allocation4.TRANSPARENCY Changes in the plan & net amount invested are known to the customer. Convenience of tracking ones investment performance on a daily basis.5.ADDED Benefits To get extra protection ULIP provides the policyholder the advantage of rider attachments.

Death due to accident (ADBR)

Disability (ABR)

Critical Illness (CIBR)

Surgeries (MSAR) (Now discontinued)6. LIQUIDITY

Option to withdraw money after few years (comfort required in case of exigency). Low minimum tenure.

Partial / Systematic withdrawl allowed.7.Tax PlanningThis is another feature of ULIP that motives the policyholder to invest in the insurance plans. They usually invest to avail the tax benefit. Regulation in India allows tax benefits in the contribution paid under section 88, contribution paid for health riders critical illness and major surgical is allowed tax benefits under section 80D, as per the prevailing tax laws.

WORKING OF A ULIP PLAN

WHICH IS BETTER, UNIT-LINKED OR TRADITIONAL PLAN? The two strong arguments in favor of unit-linked plans are that the investor knows exactly what is happening to his money and two ,it allows the investor to choose the assets into which he wants his funds invested.

A traditional with profits, on the other hands, is a black box and a policyholder has little knowledge of what is happening. An investor in a ULIP knows how much he is paying towards mortality, management and administration charges.

He also knows where the insurance company has invested the money. The investor gets exactly the same returns that the fund earns, but he also bears the investment risk. The transparency makes the product more competitive .So if you are willing to bare the investment risk in order to generate a higher return on your retirement funds, ULIPs are for you.

Traditional with profits policies too invest in the market and generate the same

Returns prevailing in the marker. But here the insurance company evens out returns to ensure that policyholders do not lose money in a bad year. In that sense they are safer. ULIPs also offer flexibility. For instance, a policyholder can ask the insurance

Company to liquidate units in his account to meet the mortality charges if he is unable to pay any premium installment.This eats into his savings, but ensures that the policy will continue to cover his life.

WHY DO INSURERS PREFER ULIPS? Insurers love ULIPs for several reasons. Most important of all, insurers can sell these policies with less capital of their own than what would be required if they sold traditional policies.

In traditional with profits policies, the insurance company bears the investment risk to the extent of the assured amount .In ULIPs, the policyholder bears most of the investment risk.

Since ULIPs are devised to mobilize savings, they give insurance companies an opportunity to get a large chunk of the asset management business, which has been traditionally dominated by mutual funds.ALLIANZ BAJAJ LAUNCHES ITS FIRST UNIT LINKED POLICY.

Allianz Bajaj Life Insurance Company has launched Unit Gain , the companys first unit linked policy. Unit Gain allows customers to combine the benefits of life insurance with higher investment returns from equity and debt markets.

Unit Gain was launched with a choice of four funds to the customer- equity, debt, balanced and cash funds. The cash funds comes with the guarantee that the value of units in the fund will not go down.

Unit Gain is one of the most flexible unit linked plans in the market, and allows the customer to change the sum assured during the term of the policy to match their changing life insurance requirements. Also the plan offers a premium holiday feature, where the policy is kept in-force even when premiums are not paid as long as there are enough units to cover charges.

The policy provides customers flexibility in paying additional premium through single premium top-ups, as well as in increasing the level of regular premium in later years (along with increase in income). In addition, the facility of cash withdrawals allows the Bajaj Allianz ULIPS products.

LIMITATION:1.It is prudent to make equity-oriented investments based on an established track record of at least three years over different market cycles. ULIPs may not fulfill this criterion in near future.

2.Insurance and savings are two different goals and it is better to address them separately rather than bundle them into a single product. A combination of a term plan and a mutual fund could give better results over the long term.3.The free hand given to ULIPs might prove risky if the timing of exit happens to coincide with a bearish market phase, because of the inherently high equity component of these schemes.4. An initial allocation charge is deducted from investor premiums for selling, marketing and broker commissions. These charges could be as high as 65 per cent of the first year premiums. Premium allocation charges are usually very high (5-65 per cent) in the first couple of years, but taper off later. The high initial charges mainly go towards funding agent commissions, which could be as high as 40 per cent of the initial premium as per IRDA regulations.The charges are higher for a linked plan than a non-linked plan, as the former require lot more servicing than the latter, such as regular disclosure of investments, switches, re-direction of premiums, withdrawals, and so on. Insurance companies have the discretion to structure their expenses structure whereas a mutual fund does not have that luxury. The expense ratios in their case cannot exceed 2.5 per cent for an equity plan and 2.25 per cent for a debt plan respectively. The lack of regulation on the expense front works to the detriment of investors in ULIPs.5. The front-loading of charges does have an impact on overall returns as investors lose out on the compounding benefit. Insurance companies explain that charges get evened out over a long term. Thus investors are forced to stay with the plan for a longer tenure to even out the effect of initial charges as the shorter the tenure, the lower will be the investor real returns.

6. In effect, when investor lock in their money in a ULIP, despite the promise of flexibility and liquidity, investor will stuck with one fund management style. This is all the more reason to look for an established track record before committing investor hard-earned money.

7. Investor life cover charges would depend on the accumulation in investor investment account. As accumulation increases, the amount at risk for the insurance company BAJAJ ALLIANZ ULIPS PRODUCTS1) UNIT GAIN REGULAR PREMIUM The Bajaj Allianz unit comes with a host of features to allow you to have the best of all words protection and investment with flexibility like never before.

SOME OF THE FEATURES OF THIS PLAN ARE: Guaranteed death benefits.

Choice of 6 investment funds with flexible investment management you can change funds at any time.

Attractive investment alternative to fixed investment securities.

Provision for full/partial withdrawal any time after 3 full years premiums are paid.

Unmatched flexibility to match tour charging needs.

Important details of Bajaj allianz unit gain RP plan

Minimum age at entry: 0(risk commences at age 7, and ceases after age 70)

Maximum age at entry :60

The minimum age at entry for all additional benefits is 18 years.

The maximum age at entry for all additional benefits is 50 years.

All additional benefits are available till age 65.2) UNIT GAIN SINGLE PREMIUM The bajaj allianz unit gain SP comes with a host of features to allow you to have the best of all worlds- protection and investment with flexibility like never before.SOME OF THE FEATURE OF THIS PLAN ARE: Convenient single premium payment, with option to pay top-ups later.

100% of the single premium/top ups are allocated.

Guaranteed death benefits.

Choice of 6 investment funds with flexible investment management you can with between funds at any time .

Attractive investment alternative to fixed interest securities.

Provision for full/partial withdrawal any time after the single premium is paid.

Unmatched flexibility to match your changing needs.

IMPORTANT DETAILS OF THE BAJAJ ALLIANZ UNIT GAIN SP PLAN:- Minimum age at entry :0(risk commences at age 7, and ceases after age 70)

Maximum age at entry :67

Minimum single premium :Rs .25000.

Minimum top-up :Rs 100003) UNIT GAIN PLUS REGULAR PLAN: The Bajaj allianz unit gain plus RP comes with a host of features to allow you to have the best of all words protection and investment with flexibility like never before.

SOME OF THE KEY FEATURE OF THIS PLAN ARE: Guaranteed death benefit.

Choice of six investment funds with flexible investment management you can change funds at any time .

Attractive investment alternative to fixed interest securities.

Provision for full/partial withdrawals any time after 3 full years premium are paid

Unmatched flexibility to match changing needs.

IMPORTANT DETAILS OF THE BAJAJ ALLIANZ UNIT GAIN PLUS RP PLAN Minimum age at entry :0(Risk commences at age 7 and ceases after age 70)

Maximum age at entry :60

Minimum age at entry for all additional benefits is 18 years.

The maximum age at entry for additional benefits is 50 years. All additional benefits are available till age 65.

4) UNIT GAIN PLUS SINGLE PREMIUM PLAN: The bajaj allianz unit gain plus Sp comes with a host of feature to allow you to have the best of all words protection and investment with flexibility like never before. SOME OF THE KEY FEATURE OF THIS PLAN ARE: Convenient single premium payment, with option to pay top-ups later.

98% of the single or top-ups are allocated.

Guaranteed death benefit.

Choice of five investment funds with flexible investment management you can change funds at any time.

Attractive investment alternative to fixed interest securities.

Unmatched flexibility to match your changing needs.

Provision for full or partial withdrawal any time after the single premium is paid.

IMPORTANT DETAILS OF THE BAJAJ ALLIANZ UNIT GAIN PLUS SP PLAN Minimum age at entry :0(Risk commence at age 7,and ceases after age 70)

Maximum age at entry :69

Minimum single premium :Rs. 25000.

Minimum top-up :Rs .5000.

5)UNIT GAIN LIFE PENSION PLAN: With Bajaj Allianz ,you can take control of your future and ensure a retirement you can look forward to. This plan has been be signed to take of your retirement and insurance needs, there by providing you with a comprehensive solution for life time.

There are two packages choose from:

Unit gain life pension regular premium.

Unit gain life pension single premium.

Important details of the Bajaj Allianz Unit Gain Life Pension Plan:

MinimumMaximum

Age of entry1865

Deferment period540

Age at vesting4570

6) UNIT GAIN EASY PENSION PLAN: With bajaj allianz , you can take control of your future and ensure a retirement you can look for word to. There are two packages to choose form:

Unit gain easy pension regular premium.

Unit gain easy pension single premium.

IMPORTANT DETAILS OF BAJAJ ALLIANZ UNIT GAIN LIFE PENSION PLAN:MinimumMaximum

Age of entry1865

Deferment period540

Age at vesting4570

RESEARCH METHODOLOGYOBJECTIVES OF THE STUDY:1. To study customer perception about Bajaj Allianz ULIPs Products

2. To know the factors that influence investors while taking investment decisions.3. To study the awareness level of Bajaj Allianz ULIPs with view to recommend measure to improve market share. 4. To find potential market for ULIPs.

SCOPE OF THE STUDY:

1. The research was undertaken to gather information from the respondent to know exactly how many people aware of ULIPs in Ajmer city and the study is restricted within the city.

2. One of the fast growing city in Rajasthan and represents huge market for scope with more than 90 lakhs people.

3. Ajmer is one of the commercial areas .

4. It is a place where the small and large industries are located with the more increase population and their style. More people are conscious about their lives.

LIMITATIONS OF THE STUDY:

No single work is exception to the limitations every work has got its own limitations, so due to time constraint my study confines only to Ajmer city and it is not possible to make extensive study. It is assumed that the sample selected represents entire population.Data source:Primary (Filed Survey)

Secondary data (internal)

Area of Research:Ajmer city

Research instrument:Questionnaires

Sample plan:Personal interview

Sample unit:Businessmans, jobholders, professionals etc.

Sampling method:Convenience sampling

Sample size:100 customers

SAMPLING:Sampling: we are taken random sample

Sample size: 100 consumers

Sample unit: collection of data was made from customer that is respondents

RESEARCH DESIGN:

The research design chosen was exploratory in nature as it involved effectives study to determine the awareness of ULIPs and its products since the population in Ajmer city is very vast. It is difficult to carry out 100% with in a limited time period. Hence sample survey technique was adopted for the study. Fieldwork was carried out to collect the necessary data (through schedule questions /personal interview ).

DATA COLLECTION METHODS: PRIMARY DATA : A structural interview schedule/ questionnaire was used as a tool for primary data collection from respondent.

SECONDARY DATA: Books Journals, magazines and websites DATA ANALYSIS & INTERPRETATION1.What is your ratio of saving of the total income?

a) More then 60%

b) 60% - 50%

c) 50% - 25% d) Less then 25%

> 60%9%

60%-50%13%

50%-25%31%

60%9%

60%-50%13%

50%-25%31%

60%9%

60%-50%13%

50%-25%31%

60%9%

60%-50%13%

50%-25%31%

60%9%

60%-50%13%

50%-25%31%