A

SUMMER TRAINING PROJECT REPORT

ON
An analysis of Market Competitiveness
IN
Bajaj Allianz Life Insurance Co. Ltd.
Bachelor Of Business Administration
(C.C.S University, Meerut)
(2009-12)


INTEGRATE! ACA!EM" O# MANAGEMENT AN! TEC$NO%OG"
G$A&IA'A!
SU'MITE! TO SU'MITTE! '"
PRO#(S$AS$AN) ANS$U RAI&A!A
PROJECT GUI!E RO%% NO*+,-.-/0
1
AC)NO1%E!GEMENT
The basic aim of this project is to no! an" un"erstan" various princip#es an"
their app#ications in the #ife an" to become a!are of the corporate
environment.
$t the outset, I e%ten" my heart fe#t thans to facu#ty for their &ui"ance an"
supervision. They cooperate" me for present project entit#e" Market
2ompetitiveness of Private %ife Ins3ran2e Companies4 Mainly 'a5a5
Allian64 ICICI Pr37ential4 $!#C Stan7ar7 %ife(
I am especia##y &ratefu# to prof(S8as8ank, 'roject (ui"e, for his
constant &ui"ance an" support "urin& the entire perio" of my project !or. I
sincere#y than him for his co)operation in so#vin& a## my *ueries !hi#e
"eve#opin& this project.
I am thanfu# to a## the e%ecutives of various companies an" or&ani+ations
!ho have sho!n their een interest in respon"in& to my *uestionnaires ,
have been very in" an" co)operative "urin& my project.
I am &ratefu# to a## my teachers !ho he#p me an" so#ve" a## my prob#ems that
I face" "urin& this project.
-
!EC%ARATION
I here by "ec#are that I have un"er &one summer
trainin& at
'AJAJ A%%IAN&E %I#E INSURENCE CO(%T! (
!el8i( an" comp#ete" my summer trainin& project
!or on
An analysis of market competitiveness.
ANS$U RAI&A!A
''A 9T$*SEM
RO%% NO( : +,-.-/0
.
PRE#ACE
$s an inte&ra# part of my aca"emic stu"ies of 'a28elor Of '3siness
A7ministration , I have "one my seven !ees summer trainin& in a
pro&ressive an" esteeme" or&ani+ation 'a5a5 Allian6 %ife Ins3ran2e
Company %t7(
My project is base" on peop#e $!areness. The topic of my project is
/Market 2ompetitiveness of Private %ife Ins3ran2e Companies4 Mainly
'a5a5 Allian64 ICICI Pr37ential4 $!#C Stan7ar7 %ife; in !el8i amon&
the "ifferent cate&ories of peop#e. 0or this I have "one a survey in
1e#hi !ith the he#p of 2uestionnaire prepare" by me.
In the fo##o!in& report , I have trie" to fin" out !hy peop#e &o for #ife
insurance an" a#so I have trie" to fin" the future prospects of 3ajaj
$##ian+ 4ife Insurance Company.
I have trie" my #eve# best to co##ect usefu# information , ana#y+e an"
present an unbiase" an" impeccab#e report.
5
CONTENTS
<( Title of t8e Pro5e2t Report
0( Prefa2e
.( A2kno=le7>ement
,( !e2laration
-( T=o 2ertifi2ates
?a@ Certifi2ate from t8e Pro5e2t G3i7e A !ire2tor of t8e
Instit3te
?B@ Certifi2ate from t8e Or>ani6ation =8ere t8e st37ent
3n7er>one trainin>(
9( TaBle of 2ontent(
PART*<
C( Compre8ensive 28apter aBo3t t8e or>ani6ation4=e s8o3l7
In2orporate:
'rief 8istory of t8e Or>ani6ation(
Or>ani6ation str32t3re(
Dision4Missiom(A P8ilosop8y of t8e Or>ani6ation(
Performan2e(
Pro732t E Servi2es
ProBlem A f3t3re of t8e Or>ani6ation(
S1OT analysis of or>ani6ation
6
PART F II
Intro732tion of Ins3ran2e
Private players ?2ompetitors@
OB5e2tives
Resear28 Met8o7olo>y
Comparison of:*
En7o=ment Plan
C8il7renGs Plan
Money 'a2k Plan
Unit %ink Plan
#in7in>s
Con2l3sion
S3>>estions
%imitation
H3estionnaire
'iBlio>rap8y
7
PART*<
8
$ISTOR" O# T$E ORGNISATION
$#most seven years a&o, the $##ian+ (roup an" 3ajaj $uto teame" up to
foun" t!o companies to offer #ife an" &enera# insurance in In"ia.
bajaj a##ian+ is #ea"in& insurance co. in in"ia !hich offers #ife , &enera#
insurance. it is a joint venture bet!een bajaj auto #t"., in"ia9s #ea"in& -
, . !hee#er manufacturer an" a##ian+ a&, the !or#"9s #ar&est &enera#
insurance company. it operates as /bajaj a##ian+ #ife insurance company
#imite": an" /bajaj a##ian+ &enera# insurance company #imite":.
characteri+e" by &#oba# presence !ith a #oca# focus an" "riven by
customer orientation to estab#ish hi&h earnin&s potentia# an" financia#
stren&th, bajaj a##ian+ #ife insurance co. #t".
;
Risk Mana>ement* O3r EIpertise
<is i"entification= Inspections
<is ana#ysis= 'ortfo#io revie! an" &ap ana#ysis
<is retention
<is Transfer= To an insurer as !e## as reinsures (as re*uire")
Creation of nee" base" pro"ucts
>n&oin& "ia#o&ue an" proc#ivity
OB5e2tives of 0/<<*<0
To be number one private #ife insurance company in terms of
(ross 'remium an" achieve a premium tar&et of more than <s.
;6?? crs.
To be more customer focuse" an" re"uce comp#e%ity.
'a5a5 Allian6 8ave s3rpasse7 every one of t8e oB5e2tives(
The major achievements in the #ast financia# !ere=)
Number one amon&st the private insurers in terms of ne!
3usiness premium, up to 0ebruary -??7.
(ross premium achieve" over <s. .-?? crs. (@'.
66? A offices, 5??? A StemBs an" 66??? A Ices.
C
7 3anc assurance tie)ups.

'a5a5 Allian6 %ife Ins3ran2e Company %imite7 =ins A=ar7 of
EI2ellen2e
3ajaj $##ian+ 4ife Insurance Company 4imite" (3$4IC) has receive"
$n a!ar" of e%ce##ence for its outstan"in& contribution to!ar"s the
promotion of In"o)(erman Dconomic <e#ations, at the 5;
th
$nnua#
(enera# Meetin& of the In"o)(erman Chamber of Commerce (I(CC),
he#" at a city hote# .
The presti&ious a!ar" !as receive" by Mr( Sam Gos84 Co3ntry
Mana>er4 Allian6 A CEO4 3ajaj $##ian+ 4ife Insurance Company
4imite" $s per I<1$ fi&ures up to 0ebruary -??6, 4ICBs sin&#e
premium po#icies accounte" for a#most .7E of its o!n reporte"
premium.
1?
SA%ES PROCESS
The essence of se##in& is a sa#es communication bet!een a sa#es person
(insurance consu#tant) an" a prospect into a customer so the se##in& invo#ves
the fo##o!in& aspects=
<(@ Prospe2tin>* I"entifyin& potentia# customer is a very important aspect of
Se##in& process. The observant person can i"entify prospect throu&h some best
sources #ieF persona# contact, co#" ca##in&, prospectin& services, en"#ess chain
an" so on. >nce sa#esperson or insurance consu#tant has i"entifie" potentia#
customer, heGshe must *ua#ify them to "etermine, if they are va#i" prospect.
0(@Pre*Approa28* It is a fact)fin"in& sta&e of sa#es p#annin&, a""itiona#
Information is &athere" about the pro"uct an" his nee". It is necessary to &o
beyon" prospectin& information to p#an the sa#es ca##. $""itiona# strate&y
he#ps the sa#es representative to choose the best strate&y for the sa#es ca##.
.(@Approa28* In approach, the sa#esperson come face to face !ith the
prospects means verba# transmission of messa&e tae p#ace bet!een the
sa#esperson an" prospect by e%chan&e their i"eas an" facts throu&h speain&
, #istenin&.
11
,(@#a2t fin7in> an7 nee7 analysis* un"er this, sa#espersonGinsurance
consu#tant must i"entify a customer nee" or re*uirement an" so#ve that
prob#em by prescribin& a so#ution to the prospect !hich is suitab#e for him.
-(@Sales presentation* The presentation shou#" be such that the prospect
taes continuous interest in the pro"uct c#earin& presentation. The sa#esperson
shou" "escribe the features an" price of the pro"uct brief#y, he shou" a#so
su&&est the pro"uct (po#icy) benefits , nee" of the customer !hich !i## be
fu#fi##e" by the particu#ar pro"uct.
9(@$an7lin> oB5e2tions* $t any sta&e "urin& the sa#es the sa#esman may be
confronte" by an objection either it may be positive or ne&ative. $ sa#esman
must a#!ays !e#come objections an" consi"er an objection as an in"ication of
ho! the prospect min" is !orin&. The c#ever sa#esman interprets the
objection correct#y an" !i## remove it tactfu##y !ithout ar&uin& !ith the
prospect.
C(@Closin> t8e sale* The a#ert sa#esperson shou#" no! !hen the prospect is
rea"y to mae a commitment. The main in"ication of time !hen to c#ose the
sa#e are #ooin& an" #istenin& for buyin& si&na#. This in"icates that the
prospect is rea"y to buy or not.
+(@Poli2y 7elivery an7 after sales servi2e* $fter "e#iverin& the
pro"uct (po#icy), it is important to fo##o! up the sa#es process, this re"uce
the buyers "issonance or "oubt an" it improves the chance that the person
!i## buy a&ain in the future.
1-
0o##o!in& points shou#" be taen into consi"eration !hi#e fo##o!in& up the
sa#es.
a.) 1eve#opin& customer re#ation.
b.) Maintainin& contact !ith person.
c.) Dnsure post sa#e action.
".) Main& a se#f ana#ysis.
e.) Sho! appreciation.
PRO!UCTS A SERDICES O# T$E ORGANISATION
3ajaj $##ian+ offers a !i"e ran&e of pro"ucts. 'ro"ucts are "esi&ne" accor"in&
to the nee"s , premium payin& capacity of the customers. So the company
fo##o!s the princip#e of Zaisi Zaroorat Vaisa Insurance.
3asica##y the company provi"es t=o types pro"ucts=
($) U4I' (Unit 4ine" Insurance '#an)
(3) TI' (Tra"itiona# Insurance '#an)
U%IPBs are base" on Maret <eturns (3SD , NSD)
1.
TIPGs are pro"ucts !hich have #ess return !ith &uarantee.
S1OT ANA%"SIS O# 'AJAJ A%%IAN&E
STRENGT$
<eputation of e%pertise stabi#ity , stren&th.
Company say that ris mana&ement has been its &reatest stren&th.
0inancia# very stron&.
In case of any mishap or unfortunate event the p#ane !i## a#!ays stan"
by you as a pi##ar of stren&th.
(reat "istribution stren&th.
<eputation of e%pertise , stabi#ity.
Maintain &ro!th ,enhance emp#oyees.
1EA)NESS
The financia# system of 3ajaj $##ian+e is un"er "eve#opment.
@eaness in provi"in& information to the emp#oyees.
@eaness of In"ian <upees.
Interna# !eaness in po#icy process.
15
Increasin& the tren" of financia# !eaness.
OPPORTUNIT"
There is a &reat opportunity for investors.
Create the earnin& opportunity.
3usiness opportunity !hi#e sharin& the insurance.
(ettin& >pportunity for the c#ients.
>pportunity in jobs.
Uni*ue !or stu"y opportunity.
'art time pro&ram for e%tra income opportunity.
>pportunity for stu"ent insurance.
T$REATS
Threats of future competition.
0ear to financia# crisis.
4ac of some roya#ty in emp#oyees.
Much company is in the maret so fear for future.
'ossibi#ity of #ac of fun" in future(
16
PART*II
1$AT IS INSURANCE
The "efinition of insurance can be ma"e from t!o points= (i) 0unctiona#
1efinition an", (ii) Contractua# 1efinition.
#3n2tional !efinition
17
Insurance is a co)operative "evice to sprea" the #oss cause" by a particu#ar
ris over a number of persons, !ho are e%pose" to it an" !ho a&ree to insure
themse#ves a&ainst the ris. Thus, the insurance is)
(a) $ cooperative "evice to sprea" the risF
(b) The system to sprea" the ris over a number of persons !ho are insure"
a&ainst the risF
(c) The princip#e to share the #oss of each member of the society on the basis
of probabi#ity of #oss to their risF an"
(") The metho" to provi"e security a&ainst #osses to the, insure".
Contra2t3al !efinition
Insurance may be "efine" an a>reement as a 2onsistin> one party ?t8e
ins3rer@ =8o a>rees to pay to t8e ot8er party ?t8e ins3re7@ or 8is
Benefi2iary4 a 2ertain s3m 3pon a >iven 2ontin>en2y ?t8e risk@ a>ainst
=8i28 ins3ran2e is so3>8t(
#UNCTIONS O# INSURANCE
The functions of insurance can be stu"ie" into t!o parts)
() 'rimary 0unctions, an"
() Secon"ary 0unctions.
Primary #3n2tions
18
?i@ Ins3ran2e provi7es 2ertainty: Insurance provi"es certainty of payment at
the uncertainty of #oss.
?ii@Ins3ran2e provi7es prote2tion: The main functions of the insurance are
to provi"e protection a&ainst the probab#e chances of #oss.
?iii@Risk* S8arin>: The ris is uncertain, an" therefore, the #oss arisin& from
the ris is a#so uncertain.
Se2on7ary #3n2tions
3esi"es the above primary functions, the insurance !ors for the fo##o!in&
0unctions=
(I)Prevention of loss: The insurance joins han"s !ith those institutions !hich
are en&a&e" in preventin& the #osses of the society because the re"uction in
#oss.
?II@It provi7es Capital( The insurance provi"es capita# to the society. The
$ccumu#ate" fun"s are investe" in pro"uctive channe#. The "earth of capita#
of the society is minimi+e", to a &reater e%tent !ith the he#p of investment of
Insurance.
(I)It improves Effi2ien2y( The insurance e#iminates !orries an" miseries
of #osses at "eath an" "estruction of property. The care) free person can
"evote his bo"y
)IN!S O# INSURANCE
The insurance can be "ivi"e" from t!o an&#esF first, from the business point
of vie! an" the secon", from the ris point of vie!.
1;
'USINESS POINT O# DIE1
The insurance can be c#assifie" into three cate&ories from business point of
vie!=
(i) 4ife Insurance, (ii) (enera# Insurance, an" (iii) Socia# Insurance.
?i@ %ife Ins3ran2e
4ife Insurance is "ifferent from other insurance in the sense that, here,
the subject matter of insurance is #ife of human bein&. The insurer !i## pay
the fi%e" amount of insurance at the time of "eath or at the e%piry of
certain perio".
$t present, #ife insurance enjoys ma%imum scope because the #ife is the
most important property of the society or an in"ivi"ua#. Dach an" every
person re*uires the insurance. This insurance provi"es protection to the
fami#y at the premature "eath or &ives a"e*uate amount at the o#" a&e
!hen earnin& capacities are re"uce".
Un"er persona# insurance a payment is ma"e at the acci"ent. The
insurance is not on#y a protection but is a sort of investment because a
certain sum is returnab#e to the inure" at the "eath or at the e%piry of a
perio".
?ii@ General Ins3ran2e
The &enera# insurance inc#u"es property insurance, #iabi#ity insurance an"
other forms of insurance. 0ire an" marine insurances are strict#y ca##e"
property insurance. Motor, theft, fi"e#ity an" machine insurances inc#u"e the
e%tent of #iabi#ity insurance to a certain e%tent. The strictest form of #iabi#ity
1C
insurance is fi"e#ity insurance, !hereby the insurer compensates the #oss to
the insure" !hen he is un"er the #iabi#ity of payment to the thir" party.
A. Property Ins3ran2e: Un"er the property insurance property of a
personGpersons are insure" a&ainst a certain specifie" ris. The ris may
be fire or marine peri#s, theft of property or &oo"s, "ama&e to property
at acci"ent.
i@ Marine Ins3ran2e: Marine insurance provi"es protection a&ainst
#oss is marine peri#s. The marine peri#s are co##ision !ith roc, or
ship, attacs by enemies, fire, an" capture by pirates, etc. These
peri#s cause "ama&e, "estruction or "isappearance of the ship an"
car&o an" non)payment of frei&ht. So, marine insurance insures ship,
Car&o an" frei&ht. The scope of marine insurance ha" been "ivi"e"
into t!o parts= (i) >cean Marine Insurance an" (ii) In#an" Marine
Insurance.
(iii)#ire Ins3ran2e: 0ire insurance covers riss of fire. In the absence of fire
insurance, the fire !aste !i## increase not on#y to the in"ivi"ua# but to the
society as !e##. @ith the he#p of fire insurance, the #osses arisin& "ue to
fire are compensate" an" the society is not #osin& much.
(iv) Mis2ellaneo3s Ins3ran2e: The property, &oo"s, machine, furniture,
automobi#e, va#uab#e artic#es, etc. can be insure" a&ainst the "ama&e or
"estruction "ue to acci"ent or "isappearance "ue to theft. There are
"ifferent forms of insurances for each type of the sai" property !hereby
not on#y property insurance e%ists but #iabi#ity insurance an" persona#
injuries are a#so insure"
-?
.
'( %iaBility Ins3ran2e: The &enera# insurance a#so inc#u"es #iabi#ity
insurance !hereby the insure" is #iab#e to pay the "ama&e of property or to
compensate the #oss , H persona# injury or "eath. This insurance is seen in the
form of fi"e#ity insurance, automobi#e insurance an" machine insurance, etc.
B. Ot8er #orms: 3esi"es the property an" #iabi#ity insurances, there are
certain other insurances, !hich are inc#u"e" un"er &enera# insurance.
The e%amp#e of such insurances is e%port)cre"it insurances. State
emp#oyees insurance etc, !hereby the insurer &uarantees to pay certain
amount at the certain events. This insurance is e%ten"in& rapi"#y these
"ays.@
So2ial Ins3ran2e
The socia# insurance is to provi"e protection to the !eaer section of the
society !ho are unab#e to pay the premium for a"e*uate insurance. 'ension
p#ans, "isabi#ity benefits, unemp#oyment benefits, sicness insurance an"
in"ustria# insurance are the various forms of socia# insurance. @ith the
increase of the socia#istic i"eas, the socia# insurance is an ob#i&atory "uty of
the nation.
The (overnment of a country must provi"e socia# insurance to its masses.
-1
Ins3ran2e se2tor reforms
In 1CC., Ma#hotra Committee, hea"e" by former 0inance Secretary an" <3
I (overnor <.N. Ma#hotra, !as forme" to eva#uate the In"ian insurance
in"ustry an" recommen" its future "irection.
The Ma#hotra committee !as set up !ith the objective of comp#ementin& the
<eforms initiate" in the financia# sector.
The reforms !ere aime" at Icreatin& a more efficient an" competitive
financia# system suitab#e for the re*uirements of the economy eepin& in min"
structura# chan&es current#y un"er!ay an" reco&ni+in& that insurance is an
important part of the overa## financia# system !here it !as necessary to
a""ress the nee" for simi#ar reforms. . .I
In 1CC5, the committee submitte" the report an" some of the ey
recommen"ations inc#u"e"=
i@ Str32t3re
(overnment stae in the insurance Companies to be brou&ht "o!n to
(overnment shou#" tae over the ho#"in&s of (IC an" its subsi"iaries so
that these subsi"iaries can act as in"epen"ent corporations.
$## the insurance companies shou#" be &iven &reater free"om to operate
ii@ Competition
'rivate Companies !ith a minimum pai" up capita# of <s.1 bn shou#" be
$##o!e" to enter the in"ustry.
--
No Company shou#" "ea# in both 4ife an" (enera# Insurance throu&h a
Sin&#e entity.
0orei&n companies may be a##o!e" to enter the in"ustry in co##aboration
!ith the "omestic companies.
'osta# 4ife Insurance shou#" be a##o!e" to operate in the rura# maret.
>n#y one State #eve# 4ife Insurance Company shou#" be a##o!e" to
operate in each state
iii@ Re>3latory 'o7y
The Insurance $ct shou#" be chan&e".
$n Insurance <e&u#atory bo"y shou#" be set up.
Contro##er of Insurance (Current#y a part from the 0inance Ministry)
shou#" be ma"e in"epen"ent.
Iv@ Investments
Man"atory Investments of 4#C #ife 0un" in &overnment securities to be
<e"uce" from 86E to 6?E.
(IC an" its subsi"iaries are not to ho#" more than 6E in any company
(There current ho#"in&s to be brou&ht "o!n to this #eve# over a perio" of
time).
-.
INSURANCE REGU%ATOR" AN! !EDE%OPMENT AUT$ORIT"
<eforms in the Insurance sector !ere initiate" !ith the passa&e of the I<1$
3i## in 'ar#iament in 1ecember 1CCC. The I<1$ since its incorporation as a
statutory bo"y in $pri# -??? has fasti"ious#y stuc to its sche"u#e of framin&
re&u#ations an" re&isterin& the private sector insurance companies.
The other "ecision taen simu#taneous#y to provi"e the supportin&
systems to the insurance sector an" in particu#ar the #ife insurance companies
!as the #aunch of the I<1$9s on#ine service for issue an" rene!a# of #icenses
to a&ents.
The approva# of institutions for impartin& trainin& to a&ents has a#so
ensure" that the insurance companies !ou#" have a traine" !orforce
insurance a&ents in p#ace to se## their pro"ucts. @hich are e%pecte" to be
intro"uce" by ear#y ne%t year. Since bein& set up as an in"epen"ent
statutory bo"y the I<1$ has put in a frame!or of &#oba##y compatib#e
re&u#ations. In the private sector 161ife insurance an" 16 non)#ife
insurance companies have been registered.
-5
PRIDATE P%A"ERS
The intro"uction of private p#ayers in the in"ustry has a""e" to the
co#ors in the "u## in"ustry. The initiatives taen by the private p#ayers are very
competitive an" have &iven immense competition to the on time monopo#y of
the maret 4#C.
Since the a"vent of the private p#ayers in the maret the in"ustry has
seen ne! an" innovative steps taen by the p#ayers in this sector. The ne!
p#ayers have improve" the service *ua#ity of the insurance
-6
#ollo=in> 2ompanies are present in t8e %ife Ins3ran2e In73stry in In7ia
-7
Name of t8e Players:*
'a5a5 Allian6 %ife Ins3ran2e Company %imite7(
'irla S3n %ife Ins3ran2e Co( %t7
$!#C Stan7ar7 %ife Ins3ran2e Co( %t7
ICICI Pr37ential %ife Ins3ran2e Co( %t7
ING Dysya %ife Ins3ran2e Company Pvt( %t7(
%ife Ins3ran2e Corporation of In7ia
MaI Ne= "ork %ife Ins3ran2e Co( %t7
)otak Ma8in7ra Ol7 M3t3al %ife Ins3ran2e %imite7
S'I %ife Ins3ran2e Co( %t7
Tata AIG %ife Ins3ran2e Company %imite7
Relian2e %ife Ins3ran2e Company %imite7(
O'JECTIDES
To fin" out the maret potentia# for 4ife insurance.
To ana#yses the competition in the 4ife Insurance maret.
To un"erstan" the nee" of #ife insurance.
To un"erstan" the objectives of investment in the #ife insurance maret.
To un"erstan" the various pro"ucts of 3ajaj $##ian+, ICICI 'ru"entia#
an" J10C Stan"ar" 4ife Insurance.
-8
RESEARC$ MET$O!O%OG"
RESEARC$:
<esearch is a nove# contribution to no!#e"&e. 0irst#y it is characteri+e by
nove#s means ne! of somethin& or ori&ina# shou#" be meanin&fu#.
Effe2tive marketin> resear28 involve five step:*
1.1efine the prob#em an" research objective.
-.1eve#op the research p#an
..Co##ection of information
5.$na#ysis of information
6.'resent the fin"in&s
STEP*<
!E#INE T$E PRO'%EM AN! RESEARC$ O'JECTIDE
The tas in han" !as to measure /Comparative stu"y of po#icies of
'rivate 4ife Insurance Companies (Main#y 3ajaj $##ian+, ICICI
'ru"entia# an" J10C Stan"ar" 4ife). K3ase Company L 3ajaj $##ian+
4ife Insurance Company 4t".M. to fin" out the features to emphasis
more an" su&&est to improve sa#es in the se&ment.
-;
STEP*0
P REPARE T$E SAMP%ING P%AN
Samp#in& unit (!ho is too surveye").
Company re&istere" "ea#ers, house !ives, !orin& e%ecutives an"
businessman, !ho purchase po#icies.
STEP*.
CO%%ECT T$E IN#ORMATION
The information !as co##ecte" in the form of=)
2uestionnaire
'ersona# Intervie!
>bservations
STEP*,
ANA%"SE T$E IN#ORMATION
$fter the information !as co##ecte" throu&h the above mentione"
means, an ana#ysis !as "one.
The ana#ysis a#so revea#e" the feature of po#icies of 3ajaj $##ian+ 4ife
Insurance Company 4t". an" its competitors ICICI 'ru"entia# an"
-C
STEP*-
PRESENT T$E #IN!INGS
The fin"in&s of this stu"y !ere presente" in the form of a report.
>bservations !ere e%p#aine" an" conc#usions !ere &iven to research
report.
COMPARISON ON A!! ON RI!ERS 'ET1EEN 'AJAJ A%IAN&4
ICICI PRU!ENTIA% AN! $!#C STAN!AR! %I#E
?i@ Premi3m 1aiver 'enefit
In case of "eath or $cci"enta# tota# 'ermanent "isabi#ity of the po#icy
ho#"er premium payment term a## future premium are !aive". This
benefit !i## not be avai#ab#e in the event of acci"enta# permanent tota#
"isabi#ity after a&e 76 of the po#icy ho#"er.
?ii@ #amily In2ome 'enefit
In case of "eath of acci"ent tota# permanent "isabi#ity of the po#icy
.?
ho#"er "urin& the term of the po#icy, a month#y income benefit of 1E
of S.$. (1-E per annum) subject to a ma%imum of 1?,??? per month.
KIn ICICI 'ru"entia# its 1?E per annumM.
?iii@ Option to p3r28ase f3rt8er ins3ran2e at mat3rity
0or insurin& continuity of the va#uab#e insurance protection that the
chi#" !as enjoyin&, !e offer the chi#" an option to purchase a !ith
profit en"o!ment or an e*uiva#ent p#an from 3ajaj $##ian+ 4ife
Insurance company for t!ice the amount of face va#ue of the po#icy
!ithout any me"ica# e%amination, on the premium rates prevai#in& at
that time.
?iv@%oans
4oans are not avai#ab#e on chi#" &ain po#icy.
?v@ <- 7ays #ree look perio7
@ithin 16 "ays from the "ate of receipt of the po#icy, you have an option to revie! the
term an" con"itions an" return the po#icy, if you "isa&ree any of the term an" con"ition,
statin& the reason for your objections, you !i## be entit#e" to a refun" of the premium pai",
subject on#y to a "e"uction of a proportionate ris premium for the perio" on cover an" the
e%penses incurre" on me"ica# e%amination an" stamp "uty char&es.
?vi@ !eat8 'enefit
In the event of unfortunate "eath of the chi#" "urin& the po#icy term,
the payout sha## be un"er=)
.1
A>e Payo3t
3e#o! 8 years 'remium !i## be refun"e" !ithout interest an" the
po#icy !i## terminate
$bove 8 an" be#o!
1;
Sum assure" !ith accrue" bonuses !i## be pai" an"
the po#icy !i## terminate
$bove 1; an" be#o!
-6
>utstan"in& payouts !i## be pai" as one #umpsum an"
the po#icy !i## terminate
COMPARISON O# MONE" 'AC) P%AN O# 'AJAJ A%%IAN&4 ICICI
PRU!ENTIA% AN! $!#C STAN!AR! %I#E
?i@ Comparison of Money 'a2k
?a@ Cas8 'a2k Poli2y of ICICI Pr37ential ?Cas8 'ook@
Poli2y Term <- years Poli2y Term 0/ years
$t the en" of year Surviva# payment
as a E of 3asic
Sum $ssure"
$t the en" of the
year
Surviva# 'ayment
as a E of basic
Sum $ssure"
. 1?E 5 1?E
7 16E ; 16E
C -?E 1- -?E
1- -6E 17 -6E
16
(Maturity)
6?E
(uarantee"
-?
(Maturity)
6?E A (.$. A
N.3.
.-
a""itions ANeste"
3onuses
ICICI 'ru"entia# &ives on#y t!o po#icies for 16 , -? years.
REMAR):
This po#icy 1-?E of Sum $ssure" an" other 3onuses.
?ii@ Money 'a2k Poli2y of $!#C Stan7ar7 %ife
Total
poli2y
Term
urvival !enefit
!eat8
'enefit
6
th
year 1?
th
year
16
th
year
-?
th
year
-6
th
year
.?
th
year
@ithin
po#icy
term
1? 5?E 7?E A
3onus
16 .?E .?E 5?E A
3onus
1??E
S.$. A
3onus
-? -6E -6E -6E -6E A
3onus
-6 -?E -?E -?E -?E -?E A
..
3onus
.? 16E 16E 16E 16E 16E -6E A
3onus
J10C Stan"ar" 4ife &ives on#y 6 po#icies for 1? years, 16, -?, -6 an" .?
years.
REMAR):
J10C Stan"ar" 4ife provi"es 1??E Sum $ssure" an" other 3onuses
!hich is #ess than others, an" it &ives po#icy for 1? years, !hich is
uni*ue in J10C.
TA'%E O# COMPARISON O# C$ARGES
'asis Unit %ink Pl3s
of 'a5a5 Allian6
%ife Time S3per
of ICICI
Pr37ential
Unit %ink yo3n>
star s3vi78a
$##ocation
char&es
-5E -?E .?E
.5
(i) 1
st
year
(ii) -
n"
year .E 8.6E .?E
(iii) .
r"
year .E 5E 1E
Morta#ity char&es
$&e L -? years
1.1? 1... )
.? years 1.-C 1.57 )
5? years -.-7 -.5; )
6? years 6.88 6.CC )
'o#icy
$"ministration
char&es
6? per month ) -? rupees per
month
#IN!INGS ON T$E 'ASIS O# HUESTIONNAIRE
C.E of the 'eop#e a!are about the purpose of #ife insurance.
CCE of the peop#e a!are about #ife insurance.
6;E of the peop#e a!are about the #ife insurance companies.
8;E of the peop#e no! 3ajaj $##ian+ 4ife Insurance Company 4t".
.6
Most of the peop#e are customer of 4IC.
6-E of the peop#e prefer services of company.
86E of the peop#e "o not have any po#icy of private #ife insurance
company.
CONC%USION
3ajaj $##ian+ 4ife Insurance Company 4t". is number 1 amon& the private
insurers an" has been promote" by one of the #ar&est an" most pro
or&ani+ation in the private sector i.e. /3ajaj $uto 4t".:.
$ccor"in& to survey I con"ucte" for my project , I have ana#y+e" that
a!areness amon& the peop#e for 3ajaj $##ian+ is avera&e i.e. 8; E.
>f !hich on#y C E are !e## a!are an" 7C E are #ess a!are i.e. Jave
#ess no!#e"&e of the company an" its pro"ucts. I have a#so conc#u"e"
.7
that tota# a!areness amon& the must be improve" , so that they cou#"
invest their money in avenues of their choice. The insurance
consu#tants have to p#ay a &reat ro#e for the purpose . They must be
"irecte" to create tota# a!areness of the pro"ucts amon& the peop#e ,
as most of the peop#e are not !e## a!ar"e" of the offers. I have a#so
conc#u"e" that most of the peop#e are a!ar"e" of the tra"itiona#
p#ans on#y an" bit hesitant , investin& in risy avenues.
SUGGESTIONS
Dfforts shou#" be ma"e to &enerate interest in the 4ife Dfforts shou#" be ma"e to &enerate interest in the 4ife
.8
Insurance pro"uct. Insurance pro"uct.
Intention shou#" be pai" in various terms #ife S.$. premium
an" benefits.
Maturity term shou#" be enhance" so that the po#icy can be
ensure" for a #on&er perio".
$!areness about #ife insurance po#icies shou#" be sprea" throu&h
various me"ias to rura# areas.
HUESTIONNAIRE
!ate E*mail i7
In7ivi73al Name MoBile NO(
.;
CompanyGs Name #aI NO(
P8one NO(
SirGMa"am,
I am a mana&ement stu"ent representin& 3ajaj $##ian+ #ife
insurance company 4t". I am un"ertain& a maret research to
access the a!areness about #ife insurance an" #ife insurance
companies.
I will be obliged if you spare few minutes to fill up this questionnaire.
I assure you that the information imparte" by you !i## be ept
confi"entia#.
H3est: * !o yo3 kno= aBo3t life ins3ran2eJ
$ns= ) Oes N>
H3est: * !o yo3 kno= t8e p3rpose of life ins3ran2eJ
.C
$ns= ) Oes N>
H3est: * 18at is t8e p3rpose of life ins3ran2eJ
$ns= ) <is cover Ta% 3enefit
Savin& $##
H3est: * !o yo3 kno= aBo3t life ins3ran2e 2ompaniesJ
$ns= ) Oes No
H3est: * !o yo3 kno= aBo3t 'a5a5 Allian6J
$ns= ) Oes No
H3est: * 18i28 2ompany 7o yo3 prefer mostJ
$ns= ) 3ajaj $##ian+ ICICI 'ru"entia#
J10C Stan"ar" #ife
H3est: * "o3 like t8at 2ompany Be2a3se ofJ
$ns= ) Service 'o#icy features
H3est: * $ave yo3 a poli2y of any private life ins3ran2e
CompanyJ
Ans: * yes No
H3est: * If yes: of =8i28 2ompanyJ
$ns= )
H3est: * Are yo3 satisfie7 =it8 t8e servi2e of t8at 2ompanyJ
5?
$ns= ) Oes No
H3est: * Are yo3 >oin> to p3r28ase neIt life ins3ran2e poli2yP
$ns= ) Oes No
H3est: * If yes: =8i28 2ompany =ill yo3 preferJ
$ns= )H3est: * 18y yo3 =ill prefer t8at 2ompany
$ns=
Any S3>>estions
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
'I'%IOGRAP$"
1. <esearch Metho"o#o&y ) C. <. Rothari
-. 4iterature &iven by 3ajaj $##ian+ 4ife Insurance Company 4t".(#ife
trac)
.. 4iterature from the !ebsites =)
51
!!!.&oo&#e.co.in
!!!.bajaja##ian+#ife.co.in
!!!.icicipru#ife.com
!!!.h"fcsinsurance.com
!!!.ir"ain"ia.or&
DISSION 4 MISSION 4 A P$I%OSOP$"
Dision
STo be the first choice insurer for customers.
S To be the preferre" emp#oyer for staff in the insurance in"ustry.
5-
S To be the number one insurer for creatin& shareho#"er va#ue.
Mission
$s a responsib#e, customer focuse" maret #ea"er, !e !i## strive to
un"erstan" the insurance nee"s of the consumers an" trans#ate it into
affor"ab#e pro"ucts that "e#iver va#ue for money
P$I%OSOP$"
Supporte" best techno#o&y is our phi#osophy.
Safety mana&ement , maintenance is our phi#osophy.
(oin& to se## better pro"uct.
'rovi"e the frien"#y service.
Sho! the a&&ressive approach.
#UTURE AN! PRO'%EM O# T$E ORGANISATION
#UTURE
0uture &ro!th in the insurance sector !i## pre"ominate#y conform
5.
The retai# se&ment
In anticipation of future e%pansion 3$T$T $44I$NUD has forme"
strate&ic
$##iances !ith a numbers of bans that have stron& presence in these
specific
$rea.
Smart savin& !hen !e a#so you too save a re&u#ar amount !e inten" to
secure your purpose
3$T$T $44I$NUD 4I0D INSU<$NCD ne! unit &ain easy pension
p#us sin&#e premium an" future secure
3$T$T $44I$NUD (DND<$4 INSU<$NCD is aimin& for
acce#erate" maret penetration in future &oin& for!ar" the companyBs
focus !i## continue to be &ro!th
4ife insurance super a&ent insurance maes the safe , happy future for
3$T$T $44I$NUD
3$T$T $44I$NUD (DND<$4 INSU<$NCD p#ans to open offices in
6?? to!ns are "efinite#y a boom for every business an" future of
3$T$T $44I$NUD
3$T$T $44I$NUD 4I0D INSU<$NCD has announce simp#er norms
for that !i## he#p them secure themse#ves as !e## as their fami#ies future
PRO'%EMS
$&ent havin& prob#em to catch the insurer "ue to &reat competition .
3ajaj $##iance ha" some tie up !ith stan"ar" chartere" have face" a
simi#ar prob#em.
The company is not &ettin& e%pecte" resu#t "ue to competition.
Company not &ettin& the trust of insurer.
55
3ajaaj $##ian+e(enera# Insurance C>.4t",ro## out.
(ettin& prob#em "ue to its #ar&e space.
Un"er their motor insurance po#icy 3ajaj $##ian+e "oes not mae
payment parts !hich set "epriciation "ue to !ear , fear mechanica#
e#ectrica#.
(ettin& prob#em #atest financia# crisis a## over the
!or#".
56
57