A

Project report
On
Study of brand awareness of

Prepared by:
Vyas. Gaurang. A.
Roll no: 62
Guided by:
Prof. mansi rathod.
-: Submitted to :-
Center for management studies
Dharmsinh desai university
nadiad
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 PREFACE

In our country due to the developing industrialization, companies have

given more and more importance to activities like marketing and marketing management.
Nowadays the success or failure of any company is largely depending on the activities of
the marketing department. This is because of the speedily changing consumer demand
and preferences. To understand the demand of consumer and to increase market share,
companies use various marketing techniques and formulas. This shows the importance of
marketing activities during the business administration course.

But the knowledge of the marketing field can not be complete without
practical experience. Balanced, theoretical & practical knowledge are essential for every
student of master of business administration. So for the better knowledge of application
part of marketing I have undergone training for two months in Bajaj Allianz life
insurance Company limited. This type of practical study can help as a lot to understand
the theoretical topics more deeply.

As a management student at center for management studies, Dharmsinh

Desai University, its a matter of great pleasure for me to do summer training at the Bajaj
Allianz life insurance company limited, Ahmedabad.

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 Acknowledgement

It gives me immense pleasure to present the project on Study on Brand

Awareness of Bajaj Allianz Life Insurance Company limited. It was a totally different &
wonderful experience to be there in BAJAJ ALLIANZ COMPANY, Ahmedabad as a
summer trainee.

I want to express my sincere gratitude to Kamal sir, divisional Sr. (Gujarat &
Rajasthan) at the company for giving me constant guidance and support during the
training.

I am thankful to Head of the department of MBA at Dharmsinh Desai

University, Dr. Naresh Patel sir for giving me opportunity to take part in training.

I especially thankful to Mansi mam who has provide me help and guideline
for the training. I am also thankful to my other friends for helping me.

Vyas. Gaurang A

Roll no: 62

3
 INDEX

Content Page No

Executive summary 5
Company Profile 10
Introduction to the study 37
SWOT Analysis 47
Data analysis and interpretation 51
Findings 78
Recommendations 80
Conclusion 81
References 82

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 Executive summary:

Title: Study on Brand awareness of Bajaj Allianz life insurance limited

Company Guide Name: Kamal Singh, Divisional Sr. (Gujarat & Rajasthan)

Faculty Guide Name: Prof Mansi Rathod

Student Name: Vyas. Gaurang. A.

Summary Of the report:

OBJECTIVES OF THE STUDY

Research objective is the basis theme on which the survey is conducted and on which the
whole report depends.

Primary objective

To study about the Brand Awareness of Bajaj Allianz Life Insurance and
changing investment pattern of people"
Secondary objectives

To study the investment pattern of people in Life Insurance.

To recognize the target groups.
To find out which time period of insurance policy is preferred by the investors.
To study the factors which motivate people for investment in Life Insurance.
To study which company is providing better services of Insurance with higher
returns.
To study the behavior values and beliefs of customers.

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Scope of the study

The study is conducted at Bajaj Allianz Life Insurance Corporation at Ahmedabad,

Nadiad, and Mahemdabad region. The study covers the various marketing techniques to
know about the brand awareness and towards the life insurance industry. The data
collected and interpreted will be useful for the company Scope of study refers to the area
selected for the survey purpose. It includes businessman, employees, household and
retired persons who are interested in investment their money. Various findings,
observations and valuable suggestions, recommendations help the company to materialize
its future plans.

Research Methodology

Research methodology is used to search answers of the research questions. An attempt

has been made to describe the nature of the people of above regions by the study of the
samples.

Methodology in common parlance refers to a search for knowledge. The advanced

learner's dictionary of current English lays down the meaning of research as "a careful
investigation or enquiry especially through search for new facts in any branch of
knowledge"
Methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. Learning more
about the consumer and about marketing is the heart of the research methodology. The
research methodology has many dimensions research methods to constitute a part of the
research methodology.

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Sources of Data

1. PRIMARY DATA

The primary data are the first hand information gathered for research to solve the need
by surveying the sampling units and collections of feedback from them involves the
primary data with structured queries will be prepared for the respondents. There will be
survey within the respondents giving the questionnaire. The questionnaire were
structured non disguised questionnaire because the question which the questionnaire
contained, were arranged in a specific order besides every question asked were logical
for the study, no question can be termed as irrelevant.
Sources of primary data
Personal interview.
Questionnaires.

Personal Interview

This method was the most appropriate way of survey, because by personal interview I
came to know about how the respondents feel about the life insurance companies. The
personal interview is conducting mainly for collecting information for fulfill of the
questionnaire.

Questionnaire

This method proved to be even better because it was not possible to interview every one
and it was less time consuming to fill up the questionnaire rather than answering the
interviewers questions. The questionnaire is to prepare to know the awareness level. The
questionnaire is fully focused for collecting the brand awareness information and finding
the market potential of Bajaj Allianz Life Insurance Corporation.

In this method questionnaire were distributed to the respondents and they were asked
to answer the questions in the questionnaire. The questionnaire were structured non
disguised questionnaire because the question which the questionnaire contained, were

7
arranged in a specific order besides every question asked were logical for the study, no
question can be termed as irrelevant.

2. SECONDARY DATA
The secondary data is collected from the company website and other websites, through
listing by personal observation. The secondary data are collected by some other people
for their work and it is already exist. The researcher started investigation by first
examining the secondary data to see whether the problem can be partly or fully solved
by without collecting primary data. Since the secondary data were not sufficient to solve
the entire problem, so primary data were collected to fill the gap.

SOURCES OF SECONDARY DATA:

Through internet, various official sites of the companies and other search engines.
Through pamphlets and brochures of the companies.

Data collection instruments

Questionnaire was designed as a main instrument to conduct survey. A questionnaire
constraint of 18 set of questions presented to respondents for their answers. The
questionnaire was non-disguised because the questionnaire was constructed so that the
objective is clear to the respondent. The respondents were aware of the objective. They
knew why they were asked to fill the questionnaire. The questionnaire is used for the
purpose of knowing the brand awareness among Life Insurance Company especially in
Nadiad, Mahemdabad and Ahmedabad region.

Market survey
The result of surveys is used to describe and analyses the demand of the Bajaj Allianz life
insurance products. The survey is conducted in the Nadiad, Mahemdabad and
Ahmadabad only.
Field work

Field work is done in this project individually with no biasness. The field work comprises

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of filling of questionnaire by different sector individuals. The framed questionnaire was
presented for approval to college internal guide and company external guide. The study
involved a fieldwork where the consumer contacted individually and were persuaded to
discharge the information through the questionnaire. The respondents were directly
contacted at their house or work place without prior appointment as per the convenience
of the researcher.

RESEARCH PROCESS ADOPTED:

Research Area : Ahmadabad, Nadiad, Mahemdabad
Sample Size : 100

Report research findings:

Final report is prepared according to the work done. This phase will mark
the elimination of the marketing research effort. The report with the research
finding is a formal written document. Research findings and personal
experience will be used to propose recommendation to the Bajaj Allianz Life
Insurance Corporation, which will help the company to develop an effective
strategy to compete against other competitors.

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 COMPANY PROFILE

Name of the company:-

Bajaj Allianz Life Insurance limited.

Address of Regd & Head office:

GE Plaza,

Airport Road,

Yerawada,

Pune 411006

Location of training:

201,202 Times Square Building,

Near Bodyline Cross road,

C.G.Road,

Ahmedabad.

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Competitors of the company:

ICICI prudential life insurance

HDFC standard life insurance

Tata AIG life insurance

Max life insurance

LIC

Birla sun life insurance

Ing vysya life insurance

SBI life insurance

Vision:

To be the first choice insurer for customers.

To be the preferred employer for staff in the insurance industry.

To be number one insurer for creating shareholder value.

Mission:

As a responsible customer focused market leader, we will strive to understand the

insurance needs of the consumers and translate it affordable products that deliver value
for money.

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OWNERSHIP PATTERN

BAJAJ Allianz Life Insurance Company is a joint venture between two leading
conglomerates, Bajaj Auto Limited, one of largest manufactures of motorcycles and
scooters in the world, and Allianz AG of Germany one of the largest insurance
companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001.
The company received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance
business in India.
Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Auto Limited
and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest
private player in the Insurance Industry in India with a market share of around 34%
amongst the private companies and second to LIC. The total market share of Bajaj
Allianz as of 31st March 2006 is at 12%.

SHARED VALUES

Bajaj Allianz will

1. Be a winning team.

2. Have a passion for excellence and avoid bureaucracy.

3. Be empowered, the confidence to take decisions quickly and be

accountable.

4. Be driven to achieve results, to deliver.

5. Be professional and social committed.

6. Be open to ideas, sharing, transparent & trusting.(=boundary less)

7. Focus everything we do on our customer.

8. Make Bajaj Allianz a great place to work.

9. Have a sense of humor.

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Channel Partners:

Dhanlakshmi Bank

Contact Number: 1800 425 1747

E-mail Address: customercare@dhanbank.co.in

Address: Dhanalakshmi Buildings, Corporate Office, Naickanal, Thrissur 680001.

Team Life Care Co. (India) Ltd.

Contact Number: 0427 - 2410707; 2420707; Tele Fax - 2421245

Address: 5/118, Yercaud Main Road, Chinnakollapatti, SALEM - 636008.

Board of Directors

Mr. Rahul Bajaj (Chairman)

Mr. Manuel Bauer
Mr. Sanjay Asher
Mr. Niraj Bajaj
Mr. Sanjiv Bajaj
Mr. Heinz Dollberg
Mr. Kamesh Goyal (Alternate Director to Mr. Manuel Bauer)
Mr. Ranjit Gupta
Mr. S. H. Khan
Mr. Suraj Mehta
Mr. V. Philip (Managing Director & Chief Executive Officer)
Mr. Manu Tandon

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Customer Service:

Policy holders Protection Committee has been constituted by the company in

accordance with the Corporate Governance guidelines notified by Insurance Regulatory
and Development Authority (IRDA) for the resolution of customers complaints.

The Company has introduced various initiatives during the period under
consideration which inter alia included sending of an automated SMS to customers on
closure of query and rating of services by the customer, as a part of customer engagement
facilities. As a part of customer engagement facilities, video conferencing facilities were
provided at some offices for walk in customers facilitating direct communication with the
customer service executives.

Welcome calling for the high net-worth customers was also initiated by your
Company. As a part of improving the processes and servicing of customers, root cause
analysis of the complaints was also done.

Claims Philosophy:

The Bajaj Allianz team follows a service that aims at taking the anxiety out of
claims processing.
We pride ourselves on a friendly and open approach.
We are focused
Towards providing you a hassle free and speedy claims processing.

Be flexible and settle fast

Ensure no claim file to be seen by more than 3 people

Check processes regularly against the global Allianz OPEX (Operational

Excellence) methodology. Sold over 1 million since inception

Office network:

Your Company has a pan India presence in over 1090 offices across all geographies of
India. Operations & Processing Hubs have been formed at various locations to cater to
the operational

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Bajaj Allianz Life Insurance:

Is the fastest growing private life insurance company in India.

Currently has over 4, 40,000 satisfied customers

We have a presence in more than 550 locations with 60,000 Insurance Consultant
providing the finest customer service.

One of India's leading private life insurance companies

Company has a basket of 43 products comprising of 16 Group products & 27

individual products including 12 new Products launched in the year.

Infrastructural Facilities:

Bajaj Allianz life insurance Company limited is providing good

infrastructural facilities which are required for employees to perform their work in a
better way. During the year, the Company has invested in additional infrastructure
capacity and human capital, in terms of offices, technology, staff, financial consultants, in
order to be well positioned to increase the growth momentum in the year ahead. The
company stepped up the recruitment program in the latter part of the year in preparation
for the next year.

Recognition and Awards:

The Company received the Bloomberg UTV Financial Leadership

Awards 2011 in the category Best contribution in Investor Education and Category
Enhancement of the year in Insurance. The trophy was received from the Honorable
Finance Minister, Mr. Pranab Mukherjee.

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The Company:

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the
largest Insurance Company and Bajaj Finserv. Company is at the fourth position amongst
the private life insurers on the basis of new business premium and second in terms of the
number of policies issued, for the financial year 2010-11.

Allianz SE is a leading insurance conglomerate globally and one of the

largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55,
00,000 Crores). Allianz SE has over 119 years of financial experience and is present in
over 70 countries around the world.

At Bajaj Allianz Life Insurance, customer delight is our guiding

principle. Our business philosophy is to ensure excellent insurance and investment
solutions by offering customized products, supported by the best technology.

Renewals:

Your Company has continued to focus on renewals and has undertaken

initiatives for persistency of its existing policies. A separate Renewal Vertical has been in
place for the last three years with a view to focusing on collection of renewal premiums
and servicing policyholders. The initiatives taken by Renewal Vertical include
Automated Calls to Policy holders at defined turn-around time (TAT) to remind them on
the renewal due, sending of SMS, E-Mailers etc.. Company also sends renewal intimation
letters to the customers in English as well as customer preferred vernacular language of
the available 12 different languages. Call recording facility across branches was activated
to monitor the quality of calls. A dedicated service team was also set up to address all
reverts and requests received by customers through Automated Calls & SMSs, Emails
etc..

The policy lapsation ratio of the whole portfolio of the Company for the
current year is 41% compared to 32 % of previous year. This is being calculated by
taking the ratio of current year's renewal premium with the previous year's first year
premium and renewal premium.

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: Bajaj Auto Limited:

Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the
largest manufacturer of two-wheelers and three-wheelers in India and one of the largest
in the world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty
synonymous with quality & customer focus. With over 15,000 employees, the company
is a Rs. 4000 crore auto giant, is the largest 2/3- wheeler manufacturer in India and the
4th largest in the world. AAA rated by Crisil, Bajaj Auto has been in operation for over
55 years. It has joined hands with Allianz to provide the Indian consumers with a distinct
option in terms of life insurance products.

: Allianz AG:

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

almost 174,000 employees. At the top of the international group is the holding company,
Allianz AG, with its head office in Munich.

Allianz AG is in the business of General (Property & Casualty) Insurance; Life &
Health Insurance and Asset Management and has been in operation for over 110 years.
Allianz is one of the largest global composite insurers with operations in over 70
countries. Further, the Group provides Risk Management and Loss Prevention Services.
Allianz has insured most of the world's largest infrastructure projects (including
Hongkong Airport and Channel Tunnel between UK and France), further Allianz insures
the majority of the fortune 500 companies, besides being a large industrial insurer,
Allianz has a substantial portfolio in the commercial and personal lines sector, using a
wide variety of innovative distribution channels.

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Business Performance of the company:

Bajaj Allianz life insurance Company limited is at the fourth position

amongst the private life insurers on the basis of new business premium and
second in terms of the number of policies issued, for the financial year 2010-11.
It wrote new business of Rs. 34.7 billion during 2010-11 compared to Rs. 44.5
billion in the previous year .The market share of the Company reduced to 2.8%
compared to 4.1% in the previous year. The gross premium written for the
financial year 2010-11 was Rs. 96 billion, as compared to Rs. 114 billion in the
previous year registering a negative growth

Bajaj Allianz life insurance Company limited has earned a profit of Rs.
9.6 billion during 2010-11, compared to Rs. 4.2 billion in the previous year. This
has been achieved by focusing on expense management, operational efficiency
and acquisition expenses.

After distribution of current year's surplus of Rs. 8.2 billion (previous

year Rs. 4 billion) and further transfer of Rs. 1.1 billion (previous year Rs. 1.2
billion) from Funds for Future Appropriation, the shareholders' profit after tax
stands at Rs. 10.5 billion (previous year Rs. 5.4 billion). In 2010-11, all
accumulated losses have been set off and as at 31 March 2011 your Company
has accumulated profits of Rs 10.4 billion.

PRODUCTS/SERVICE PROFILE

Product of the company

Traditional Plans:

1. Life Time Care: Is a whole life plan, where it helps you financially at the time when
your regular income ends. That is it provides survival benefits at the age of 80. The plan
also has additional benefits like Waiver of Premium, Accidental Death Cover &
Disability Cover and Critical Illness Cover & Hospital Cash Cover.

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2. Super Saver: Is a regular premium endowment plan, which enables the policyholder
to save an amount regularly for the future. The plan also has an extra benefit of
Guaranteed Additions to the sum assured, at the end of each policy year.
3. Save Care Economy SP: A 10year single premium endowment plan which provides
savings with high risk cover. This plan also participates in the companys profits. It is a
high risk but has easy liquidity and high returns.

Money Back Plan: A money back plan which guarantees 5 easy payouts giving up to
125% plus (+) bonuses. Also 4 times a life cover. The additional benefits offered are
Family Income Benefit
Accidental Death Benefit and Disability Benefit.
Critical Illness Benefit and Hospital Cash Benefit.

Term Plans
1. Term Care: Is a term Assurance plan which provides life cover and return of
premiums paid at the time of maturity. It has the option of single premium payment. It is
the only pure Term Plan which provides Hospital Cash Benefit.
2. New Risk Care: Is a plan with regular/single premium payment options. This plan
comes with a lowest cost for a Life Insurance cover. With regular premium plan you get
additional rider benefits. Also accidental death benefit and accidental permanent
total/partial disability benefit. Besides that you can also avail of critical illness benefit
and hospital cash benefit.
3. Protector: Is a mortgage reducing term assurance plan. At a low premium amount you
can secure your family from the burden of paying the Home Loan in your absence. You
get an option of both Regular Premium payment and single premium payment. Also there
is an option of Joint life availability, where the co-applicant can be also covered in the
plan.

Unit Linked Plans (Regular premium & Single Premium)

A) Regular Premium

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1. New Unit Gain: Is an investment plan where you get value for your funds invested.
2. New Gain Super: Is a flexible unit linked plan with partial & full withdrawals after 3
years. It offers additional benefits like UL Accidental Death Benefit and UL Disability
Benefit, UL Critical Illness Benefit and UL Hospital Cash Benefit and 4 funds to choose
from & flexibility to pay top-up any time.
3. New Unit Gain Plus: This plan gives you 5 investment funds to choose from. With the
option of 3 free switches every year. Also partial or full withdrawal after 3 years. It plan
offers flexibility to meet ones changing lifestyle and insurance needs. It offers guaranteed
life cover.
4. Unit Gain plus Gold: A unique investment plan with the combination of protection
and prospects of earning attractive returns. It has a high allocation up to 85%. You have a
choice of 7 funds to invest in & also a guaranteed life cover. Additional benefit riders are
also available with this plan.
5. New Family Gain-R: It is Life Insurance Plan that can take care of all the changing
requirements of the family. It has maximum flexibility, so that you are provided for all
the changing needs you may have.
6. Young Care: This investment plan is a Gift of a lifetime to a loved one. It offers a
guaranteed Sum Assured and continued pay premium on your behalf, in case of your
unfortunate death.
7. Young Care Plus: It offers the same benefit as the above plan but in addition offers a
critical illness benefit.
B) Single Premium
1. New Unit Gain Premier SP: It is a unique insurance cum investment plan as it starts
investing 105% of the single premium paid from day one, thereby ensuring that you get
more. It has a guaranteed life cover and flexible withdrawal option u/s 10 (10) D.
2. New Unit Gain plus SP: Is a single premium plan that gives you 98% allocation with
guaranteed life cover. Minimum premium is Rs. 10,000 only. A choice of 5 investment
funds to choose from. And 3 free switches every year. Partial & full withdrawals after 3
years.

Pension (Annuity & Retirement)

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A) Annuity
Pension Guaranteed: Is a plan that assures a regular income after your retirement for
life.

B) Retirement
1. New Unit Gain Easy Pension plus RP: A unit linked pension plan without life cover.
It has regular premium payment mode. An option to take a tax-free lump sum up to 33%
of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also
open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or
any other life insurer.
2. New Unit Gain Easy Pension plus SP: A unit linked pension plan without life cover.
It has single premium payment mode. An option to take a tax-free lump sum up to 33%
of Sum Assured. You can invest in any 6 funds. With 3 free switches every year. Also
open market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or
any other life insurer.
3. Swarna Vishranti: Is a plan with an option to take a tax-free lump sum up to 33% of
Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity
from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also
additional benefits can be availed of.
4. Future Secure: It is a plan which secures your future.
5. Future Income Generator: It helps you maintain the same lifestyle you lead now,
after your retirement. The saving today becomes your wealth and support to help secure
your future. The plan is about wealth creation, smart savings and peace of mind along
with a corpus, which secures your life, post retirement.

Women Insurance Plans

1. Housewives: Housewives need to safeguard their financial independence. There are
additional benefits like the Mahila Gain feature which offers benefits like.
Critical Illness Benefits.
Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer.
Congenital Disability Benefits.

21
 Complications of Pregnancy Benefits.
2. Working Women: This plan helps the working women to protect them self, their
family and plan for their future. The insurance, investment, pension and health products
have been specially customized to suite to every specific need of a woman.

Children Plans
Child Gain: Is a plan where it creates funds for critical stages in your Childs life like
education, marriage or even to start a business. It has the benefit of low premium rates.

Health Plans
1. Health care: Is a plan with 6- in-1 Health Insurance that offers:
Life Cover
Hospital Cash benefit
Surgical benefit
Post Hospitalization Benefit
Critical Illness Cover
Accidental Permanent Total / Partial Disability (APT/PD)
2. Family Care First: It is a plan for the whole family. This unique hospitalization plan
gives you health cover for your entire family. You can secure your family with one plan.
3. Care First: A Medical Insurance plan till the age of 65years. And you can renew the
policy every 3 years. The premium rate is level and guaranteed for the length of each
policy term of 3 years with extra benefits like day care treatment and pre and post
hospitalization treatment

Micro Insurance Plans

1. Alp Nivesh Yojana: An endowment plan with Life cover and Maturity benefit equal
to sum assured + vested bonus.
2. Saral Suraksha Yojana: A Term Insurance policy with return of premium on
maturity.
3. Jana Vikas Yojana: A single premium plan with maturity benefit of 125% of the
single premium payable on survival till the end of the policy term.

22
ORGANIZATION STRUCTURE

CHAIRMAN

CEO

ZONAL
MANAGER

REGIONAL
MANAGER

AREA MANAGER

BRANCH
MANAGER

23
MARKETING ADMINISTRATIO PADP
N

SALES BRANCH IC
MANAGER
SUPERVISIOR

INSURANCE
ASISTANT
ADVISOR
BRANCH
SUPERVISOR

CUSTOMER
SUPPORT
EXECUTIVE

CUSTOMER SUPPORT
REPRESENTATIVE

24
 Departments of the company:

Human Resource Department

The success of an organization depends upon the quality of its work force. HR
department is responsible for the recruitment and selection of employees based on
ability, skills and qualification. The HR department is also responsible of certain
activities concerned with the employees.

Objectives of Human Resource Department:

To maintain a healthy relationship and act as a mediator between the employer and
employees.
To recruit and select prospective candidate, arrange for an interview and fill
vacancies in the concerned department.
To take care of the activities done by the other departments.
Personnel department is responsible for all the good and bad works done by the
workers.
HR department has to maintain the good relationship with all the other
departments.

Recruitment:

It handles the recruitment and the appointment of the required staff for various
department of an organization.

Induction:

Later the induction programmed of the employees will be arranged for to introduce
all the department of company by the labor officer as well as the concerned
department head. Therefore, the employees can come in terms with the objectives
of the company and his participation in fulfillment of the company objectives
considering himself as an essential ingredient of the company.

25
Training:

This is also one of the important functions of the department, keeping in view
to update his/her knowledge and to increase his/her efficiency, so after
sometime such programs are arranged by this department and employees of
the company are kept in touch with the least ways of the morale booster and
fondness towards the company is injected in the blood of employees.

On the Job Training:

Employees are couched and instructed by training instructions, they learn

the job by personal observation and practice. It is learning by doing.

HR Policies & Procedures

The policies and procedures laid down here promote the philosophy
of the company with regard to standards of excellence, Terms of employment.
Employee development and employee services. The objective of this section is to
inform you of the polices related to Travel, compensation,Medi claim, and
Transfers etc. We recommend that you make yourself aware of the
entitlements

Compensation Components
The compensation that is given in your appointment letter comprises of base
Salary, FCP (Flexible Compensation Plan), and Employers contribution to
provident Fund and Employers contribution to Gratuity. Base salary is as per
company policy is not flexible amount since a lot of statutory and non-statutory
benefits are linked to the base salary.

Statutory Benefits

26
 The Provident Fund and Gratuity are governed by Acts of Law and are
mandatory.

Provident Fund
The Provident Fund is a one of the mandatory schemes established by
the government of India to provide social security to the service class. It is a
scheme, which is bearing on the employer and the staff member and provides
security to the staff member and / or his dependants on retirement, disability or
death.

Gratuity
The Gratuity Fund is regulated by the gratuity fund Act, 1972. At present,
the following benefit is available. All Permanent staff members of the company,
who have completed five years continuous service, are eligible for payment of
gratuity at the time of retirement.

FINANCE DEPARTMENT CHART

Financial head

Fund Manager

Portfolio Manager

27
 Staff

Financing and Accounting Department

Accounting Department: In this section accounts are maintained. Accounts are

maintained in traditional methods only. This is ledger.

The main functions are recording all the accounts including employees and
workers salary and their PF etc.
It records all the payments of the company.
It records all the transactions of the company.
Accounting process:

Recording the transactions:

Classifying the transactions
Summarizing the transactions
Analyzing and interpreting the results.

Finance Department

Planning & MIS monitoring of organization performance - sales, quality, Trends- on a

continuous basis. With insights into MIS, socio economic factors & competitor
behavioral patterns, we contribute to sales targets, strategic initiatives projected
branches, and projected work force the road ahead.

Internal Audit Risk Management, Business Continuity Plan, Best Practices, policy
manuals are not mere words on paper adhere to them. We ensure Practice what you
preach.

28
Corporate planning and MIS provide feedback on business strategies.
The Accounts function includes preparation and maintenance of financial records,
Funds management, and expense processing and treasury operations. Compliance
ensures that every action is within the regulatory framework. This includes reviewing
compliance requirements and supporting the ethical framework of RIL. Internal audit
provides assurance to the management over the organizations control framework and
includes process risk management, information security assessment and business
continuity assessment.

MARKETING DEPARTMENT

Marketing at Bajaj Allianz Life Insurance covers an array of activities- advertising,

branding, channel support, direct and alliance marketing and corporate
communication. The people in each of these sub-functions perform a unique job.

The advertising and branding section has schedules of advertising campaigns

and a detailed on what BALIC corporate identity stands for, why its important to
be consistent and guidelines that must be adhered to. This section also details
the branding across training, advisor and advertising collaterals with references.

Market development has lucid presentations about our products and how they
compare to those of competition. You will also find an update on the recent happenings
in the life and pensions sector. Channel marketing aims to streamline the design and
development of collaterals across distribution channels. You will find examples of
posters, flyers, banners, danglers sales toolset developed for tied agent, Bank assurance
and corporate agents, as well as for product lunches and campaigns.

29
 Corporate communications handles media relations and is responsible for some
of the news regarding BALIC that you see in the press. You can check out the most
recent clips in the BALIC in the new section.

Customer Service & Operation

The operation department the work process between the customer and the company to
ensure consistent and quality service to the customer. To streamline the Operations, the
operation department interfaces between the claims and the agents, the branches and
underwriters, and manages work processes.

Information Technology Department

The IT function at BALIC is committed to enable business through the use of

technology. It is segmented into 4 groups to enable highest levels of delivery to the
customers: Life Asia Solutions Group - Web that provides real time information to
customers and is responsible for customer relationship management, IT Architecture &
corporate Solutions Group is in charge of developing and maintaining a blueprint for
the IT architecture for the enterprises as a whole. This team works as an in house
R&D Solutions Group, exploring new technological initiatives and also caters to
information needs of corporate functions in the organization.

2. SKILLS

It is a more reputed insurance company, as it is providing financial solution of where to

invest, how to invest and number of products with having more benefits to investors. It
has reputed customers who are loyal to the organization. The service given to the
customers are accomplished as per their requirements. Financial services generally do

30
mass supporting services are rendered to all types (classes) of customers. More over the
people feel their task is in safe hands of the industry. The organization is having various
capabilities over the competitors. These skills are unique from the competitors of BAJAJ
ALLIANZ.

The skills are broadly categorized as follows:-

Market knowledge, analytical skills, Services, Research, Personal/administration, Soft

skills, Supporting, Medical, Finance, Information relations, others.

Most of the employees at BAJAJ ALLIANZ are recruited from management and
technical streams.

3. STYLE

BAJAJ ALLIANZ follows participative management, where in each major decision

regarding the company is taken in tip down fashion and other decision like targets and
growth aspects BAJAJ ALLIANZ follows bottom up style.

We think it is important to distinguish between the basic personality of a top management

team and the way the team comes across to the organization. Organization may listen to
what managers say but they believe what managers do. Not words, but pattern of action is
decisive. The power of style then is essentially manageable.

One aspect of style is symbolic behavior. Typically have more people on board who
understand exploration are have headed exploration department. Typically they fund
exploration more consistently.

4. STRATEGY

By strategy we mean those actions that a company plans in response to or anticipation

of changes in its customers, its competitors. Strategy is the way A Company aims to
improve its position vis--vis competition perhaps through low cost production or

31
delivery, perhaps by providing better value to the customer, perhaps by achieving sales
and service dominance. it is, or ought to be, an organization way of saying: here is how
we will create unique value.

The BAJAJ ALLIANZ has set of objectives, strategies to achieve the objective, the
course of action to be taken to achieve the objective and guidelines for the course of
action.

BAJAJ ALLIANZ adopts low pricing strategy to generate huge returns and good market
share in the industry, since it has well expanded its business all over INDIA.

BAJAJ ALLIANZ charges minimal to its clients for the services. It provides more
benefits to customers compared to its competitor. Hence it is known for the good pricing
strategy in the industry.

5. SYSTEM

The BAJAJ ALLIANZ has various techniques to control this procedure as system like to
improve the back office targets by giving addition support.

Information system: the implementation of computers has made information flow fast
and reliable. The information is versatile. Since BAJAJ ALLIANZ has good backup
system.

Recruitment, training and development system

Recruitment process starts with the identification of the vacancies by the department
head of the respective department. A form requesting for the human resource is sent from
the department to HRD.

6. STAFF

32
Staff (in the sense of people, not line/staff) is often treated in one of two ways. At the
hard end of the spectrum, we talk of appraisal systems, pay scales, formal training
program and the like. At the soft end, we talk about morale, attitudes, motivation and
behavior.

The BAJAJ ALLIANZ is in the course of cutting down the cost of service. If it starts
recruiting, the selection is done based on the education qualification first class degree.

The various training program to the employees are taken like refresher course, job
rotation and job training. The promotion in the organization is taken place based upon the
service, seniority and educational qualification. The performance appraisal is also taken
as a basis for promotion so officers staff makes it. Staffing is a process of acquiring
human resources for the organization and assuring that they have the potential to
achievement of the organizational goal.Staffing necessity for allotting the duties and
responsibility among the employees.

Duties and responsibilities of Manger:

Determine the objectives or goals of the organization.

Framing policies and making plans to achieve the objectives.
Setting up organizational frame work.
Assembling the resources of money, man, materials, machines and methods.
Exercising effective control.
Providing overall leadership.
Duties and responsibilities of staff towards the organization.
To maintain the discipline in the organization.
To obey the order of the supervisor.

33
 To work effectively and efficiently in the organization.
To maintain good relations with all the workers in the organization.

MCKINSEY 7-S MODEL

34
The 7-s model with reference to BAJAJ ALLIANZ life insurance:

The 7s model are a frame work for analyzing organizations and their effectiveness. It
looks at seven key elements that make the organization successful, or not; a structure; a
system, strategy, skills, staff, shared values.

Consultants at McKinseys and company developed by 7s models in the late 1970s to help
managers address the difficulties of the organization change. The model shows that
organizational immune system and the many inter connected variables involved make
change complex, and that an effective change effort must address many of these issues
simultaneously.

The 7s model is a tool for managerial analysis and action that provides structure with
which to consider a company as whole, so that the organizational problems may be
diagnosed and a strategy may be developed and implemented.

The seven diagrams illustrates the multiplicity interconnectedness of elements that

organizations ability to change. The theory helped to managers thinking about how
company could be improved. It says that it is not just a matter of devising a new strategy
and following it through. Nor is it a matter of setting a new system and letting them
generate improvements?

To be effective, your organization must have degree of fit or internal alignment among all
the 7s. Each S must be consistent with the reinforcement of the other S. All S are
interrelated so a change in one has a ripple effect on all others. It is impossible to make
progress on one without making progress on all. Thus, to improve the organization you
have to master system thinking and pay attention to all of the seven elements at the same
time. There is no starting point or implied hierarchy different factors may drive the
business in any one organization.

35
Introduction to the study

36
 Brands are represented in the mind of the consumers through images. Consumers do not
live in an objective and real world. Rather their world is tending to be subjective and
personal. It is the image of the world that mediates between the consumer and the
external real world. A brand is not what actually it is, rather what it perceived as. Hence
image building is crucial task for marketers. It is the brand image which would either
steer away or steer towards a consumer from a brand. Imagery perspective lays stress
on symbolism and imagery aspect of a brand. It is the imagery overhand above the
physical product that may make brand more relevant and meaningful to the consumers in
certain cases.

NEED FOR THE STUDY:

After liberalization large number of Multi National Companies has crossed the
national boundary of our country. Increase in competition and the plan for expansion has
compelled the company to analyse the Brand Image of the company in relation to its
competitors.

As the company plans to increase its sales there is a need to communicate with the
customers through various Medias. For this purpose the companys marketing
communication objectives should be determined.

Bajaj-Allianz Life Insurance Company is required to know the customers

perception towards their product. Today Insurance industry is one of the sectors which
are fast growing. Recently there is a shift in the Insurance Industry that is many private
MultiNational Life Insurance Companies has entered India. This has increased the
competition to a great extend. So the company wants to know the present demand for
Insurance so that they can adjust their market performance accordingly.

Terms used in the report :

Sampling plan
After collecting entire data and deciding on the research approach and instruments, now I
had to decide on the sampling plan which was one of the important task, because from the
bunch of people I had to select only those people ,whom I can target from now onward.
There are three way of sorting the data.

37
Sampling unit

Who is to be surveyed? And now my task was to define the target population, which will

be sampled from the number of people. Population refers to the total items about which

the information is desired. Here in this project I have considered finite population that is

we are taking one single individual as single unit which is fixed to 100 respondents, each

separately by the single individual.

Sample size

Large sample give more reliable result than small sample, so for this reason I had taken
around 100 people with whom the survey was conducted to get an understanding of the
respondents satisfaction level towards the different insurance brands.

Analyze the collected information

Once the date is collected the next task is to analyze it. The raw data should be
classified into some purposeful usable categories. For example: tabulation,
coding, etc. Analysis work, after tabulation, is generally based on the computation
of various percentages, coefficients, etc. by applying various well defined
statistical formulae like frequency distribution, calculation of average and
dispersions. Here in this report it is found that the investment pattern of people in
private insurance companies is not satisfactory.

38
Limitations of the study:

1. The accuracy of indications given by the respondents may not be consider

adequate as whether the language used in the questionnaire is understood by the
respondent cannot be taken for granted.
2. The study is based on the information gathered from the general public. Therefore
in such case it is possible that the information supplied might be biased because
the people might have shown partiality towards their insurance policies.

3. Since the survey was limited to 100 people it is rather difficult to give a precise
conclusion but I have tried to the best of my capability to give the conclusion on a
comprehensive manner.

4. Human behavior is too complex to determine. So the information disclosed by

them may not be very accurate.
5. Due to time constraints and busy schedules of the people it was difficult to
interact with them completely.

INTRODUCTION TO INSURANCE

There is a fundamental relationship between demography and life

insurance business. India is a vast country and its huge population around 100 crores is

39
the second largest in the world. As such, in terms of population, India has immense
potential for extending life insurance cover. But to make a realistic assessment of this
potential, apart from the very important factors like age group, income level, sex wise
distribution, literacy level, etc., it is necessary to consider other relevant factors like
varieties of social structure, composition of urban and rural population, etc., in various
parts of the country as also many invisible factors like various religious faith and social
values.

Real assessment of the life insurance potential of our country is also a

very complex exercise due to wide variance in all aspects of Indian circumstances, and
as such any crude estimate for Indian market without carefully refined analysis can only
be misleading.

The changing economic pattern of our country, changing political

scenario, rapid proliferation of information technology, the resulting changes in the social
values, etc., will also in near future virtually reshape the Indian financial market and
consequently the future potential of life insurance business in this country.

PURPOSE & NEED OF INSURANCE:

Life insurance is one of those products that almost everyone thinks they
need, but almost no one wants to talk about it, let alone go out on the town for a day of
life insurance shopping. For 95% of us life insurance has ONE purpose: to replace an
economic loss. Thats it. Its not for education saving. Its not for retirement savings, or
to provide a tax-free loan later in life. Again, for 95% of us, life insurance is to replace an
economic loss.

So, to buy life insurance you simply need to calculate what the economic loss would
be if you lost a loved one. If there is no economic loss, there is no need for life insurance.
If there is an economic loss, then life insurance is the perfect tool (indeed, it is the only
tool) to protect you and your family against what otherwise could be a financial disaster.

40
 The manner in which the loss is to be shared can be determined before hand.
It may be proportional to the likely loss that each person is likely to suffer. Which is
indicative of the benefit he would receive if the peril befell him? The share could be
collected from the members after the loss has occurred or the likely shares may be
collected in advance, at the time of admission to the group. Insurance companies collect
in advance and create a fund from which the losses are paid.

HOW INSURANCE WORKS:

People facing common risks come together and make their small
contributions to a common fund. The contribution to be made by each person is
determined on the assumption that while it may not be possible to tell beforehand, which
person will suffer, it is possible to tell, on the basis of past experiences, how many
persons, on an average, may suffer losses. The following example explains the above
concept of insurance.

There are 1000 persons who are all aged 50 and are healthy. It is expected
that of 10 persons may die during the year. If the economic value of the loss suffered by
the family of each dying person is taken to be Rs. 20,000 the total loss world work out to
Rs. 2,00,000/- if each person of the group contributes Rs.200/- a year, the common fund
would be Rs.2,00,000/-. This would be enough to pay Rs.20, 000 to the family of each of
the ten persons who die. Thus the risks in cases of 10 persons are shared by 1000 persons.

THE BUSINESS OF INSURANCE:

The business of insurance done by insurance companies, called insurers, is to

bring together persons with common insurance interest (sharing the same risks),
collecting the share or contribution (called premium) from all of them, and paying out
compensations (called claims) to those who suffer. The premium is determined on the
same lines as indicated in the example above with some additions made for the expenses
of administration.

41
 The business of insurance is nothing but one of sharing. It spreads losses of an
individual over the group of individuals who face common risk. People who suffer loss
get relief because their loss is made good. People who do not suffer loss are relieved
because they were spared the loss.

The insurer is in the position of a trustee as it is managing the common fund for
and on behalf of the community. It has to ensure that nobody is allowed to take undue
advantage of the arrangement. That is to say that the management of the business requires
care to prevent entry into the group of people whose risks are not of the same kind as well
as paying claims on losses that are not accidental. The decision to allow entry is the
process of underwriting of risk. Both underwriting and claim settlement have to done
with great care.

TYPES OF INSURANCE:

The insurance can be classified into three categories from business point of view

i) Life insurance

ii) General insurance

iii) Social insurance

LIFE INSURANCE:

Life insurance is different from other insurance in the sense that,

here, the subject matter of insurance is life of human being. The insurer will pay the
fixed amount of insurance at the time of death or at the expiry of certain period. At
present, life insurance enjoys maximum scope because the life is the most important
property of the society or an individual. Each and every person requires the insurance.
This insurance provides protection to the family at the premature death or gives

42
adequate amount at the old age when earning capacities are reduced. Under personal
insurance a payment is made at the accident. The insurance is not only a protection
but is a sort of investment because a certain sum is returnable to the insured at the
death or at the expiry of a period.

According to the US Life Office Management Association inc. (LOMA)

life insurance is defined as follows: Life insurance provides a sum of money if the
person who is insured dies while the policy is in effect. Life insurance today covers a
number of contingencies relating to human life DEATH, DISABILITY, DISEASE,
and DESTITUTION.

A human life is also an income generating asset. This asset also can be
lost through unexpectedly early death or made non-functional through sickness and
disabilities caused by accidents. Accidents may or may not happen. Death will
happen, but the timing is uncertain. If it happens around the time of ones retirement,
when it could be expected that the income will normally cease, the person concerned
could have made some other arrangements to meet the continuing needs. But if it
happens much earlier when the alternate arrangements are not in place, insurance is
necessary to help those dependent on the income.

In the case of a human being, he may have made arrangements for his
needs after his retirement. These would have been made on the basis of some
expectations like he may live for another 15 years, or that his children will look after
him. If any of these expectations do not become true, the original arrangement would
become inadequate and there could be difficulties. Living too long can be as much a
problem as dying too young. These are risks, which need to be safeguarded against.
Insurance takes care.

Insurance does not protect the asset. It does not prevent its loss due to the
peril. The peril cannot be avoided through insurance. Insurance only tries to reduce
the impact of the risk on the owner of the asset and those who depend on the asset. It
compensates, may not be fully, the losses. Only economic or financial losses can be
compensated.

43
INSURANCE SECTOR

The insurance industry worldwide faces challenges in terms of acts of

terrorism, hardening of reinsurance rates and changing global risk architecture. The
opening up of the Insurance sector to private players has led to the introduction of a
number of new products and the Indian market is one of the fastest growing insurance
markets. Insurance business in India is growing at the rate of 15-20%annually and
IRDA has estimated that it is currently of the order of Rs.812.50 cr.5 when combined
with banking services, it adds about 7% of the countrys GDP. In line with the
economic reforms that were ushered in India in early nineties, the Government set up
a Committee on Reforms (popularly called The Malhotra Committee) in April 1993
to suggest reforms in the insurance sector.

PRIVATISATION OF LIFE INSURANCE:

Indian life insurance market was virtually the monopoly of the nationalized
life insurance company, namely the LIFE INSURANCE CORPORATION OF
INDIA. Central Governments postal life insurance is open mainly to govt.
employees only and central govt. has allowed some state govts and some central govt.
departments and organizations to self-insurance their own employees.

Liberalization of financial services in India started in 1991. The

government of India constituted a committee under R.N. Malhotra for suggesting
reforms in the insurance sector. The committee called Malhotra Committee
submitted its report in January 1994. Malhotra committee recommended the opening
up of the insurance sector. It suggested a statutory body called Insurance Regulatory
Authority (IRA) to reflect on the development of the insurance sector.

44
IMPACT OF PRIVATISATION ON INSURANCE SECTOR IN INDIA

Market expansion:

There has been an overall expansion in the market. This has been possible due to
improved awareness levels thanks to the large number of advertising campaigns
launched by all the players. The scope for expansion is till unlimited as virtually all
the players are concentrating on large cities and towns-expect by LIC to an extent
there was no significant attempt to tap the rural markets.

New Product Offerings:

There has been a plethora of new and innovative product offered by the new
players, mainly from the stable of their international partners. Customers have
tremendous choice from a large variety of products from pure term (risk)
insurance to unit-linked investment products. Customers are offered
unbundled products with a variety of benefits as riders from which they can
choose. More customers are buying products and services based on their true
needs and not just traditional money back policies, which is not considered
very appropriate for long-term protection and savings. However, there are till
some key new products yet to be introduced e.g. health products.

Customer Service:

Not unexpectedly, this was one area that witnessed the most significant
change with the entry of new players. There is an attempt to bring in
international best practices in service and operational efficiency through use
of latest technologies. Advice and need based selling is emerging through
much better trained sales force and advisors. There is improvement in
response and turnaround times in specific areas such as delivery of policy
receipt, policy document, premium notice, final maturity payment, settlement
of claims etc. However, there is a long way to go and various customer
surveys indicate that the standards are still below customer expectation levels.

45
Channels of Distribution:

Till four years back, the only mode of distribution of life insurance products
was Through Agents. While agents continue to be the predominant
distribution channel, today a number of innovative alternative channels are
being offered to consumers. Some of them are banc assurance, brokers, the
internet and direct marketing.
The entry of many of the global insurance into the Indian market is
the form of joint ventures with Indian companies. Some of the key names are
Prudential, AIG, New York Life, Allianz, Standard life, Sun Life Canada and
Old Mutual. The entry of new players has rejuvenated the erstwhile monopoly
player LIC, which has responded to the competition in an admirable fashion
by launching new products and improving service standards.

46
 SWOT ANALYSIS:

Environmental Scan

Internal Anal ysis External Anal ysis

Strength Weaknesses Opportunities

Threats

A SWOT anal ysis is a strategic planning tool used to evaluate the

strengths, weakness, opportunities and threats involved in a project or in a
business or in any other situation requiring a decision. It involves
monitoring the marketing environment interna l and external to the
company. The technique is credited to Albert Humphrey, who led a
research project at Stanford Universit y in the 1960s and 1970s using data
from the fortune 500 companies.

Strengths: attribute of the organization that are helpful to ac hieving

the objectives.

47
 Weakness: attributes of the organization those are harmful to
achieving the objectives.

Opportunities: external conditions those are helpful to achieving the

objectives.

Threats: external conditions those are harmful in achieving th e

objectives.

The aim of any SWOT anal ysis is to isolate the key environmental factors
that are important to the plans of the organization. SWOT groups key
pieces of information into two main categories:

Internal factors: The strengths and weakness interna l to the

organization, i.e. its strategies and its relation to its competition.
External factors: the opportunities and threats presented by the
external environment and completion.

STRENGHTS

1. Strong Brand Image

2. Dedicated sales team

3. Value added services.

4. Bajaj Allianz Life Insurance is the first large pvt.sector life insurance co. with a
pan India network and strong retail focus to declare substantial profits for the
financial year.

5. Bajaj Allianz Life is most profitable pvt.life insurer for last year. Company has
achieved profit of more than 1000 crore last year.

48
 6. Largest distribution network to reach the customers across the country with 2,
13,000 agents, 900 offices in 840 towns, 200 corporate agents & Banc assurance
partners.

7. Life insurance industry is a rapid growing and a nobler service industry.

WEAKNESSES

They have to compete with the Government Companies like LIC and UTI who
has been very established in this field. So they will have to attain the same trust of
the public as it is in case of LIC and UTI.

OPPORTUNITIES
1. Life insurance has captured its mere15 20% growth therefore a wide open untapped
market is open to the company to develop, grow and measure its success.

2. Still the numbers of companies are few and company has every capability to grow
and forward its performance areas to the widest.

3. Distinguishable product.

49
THREATS

1. People are hesitant to invest and put their hard earned money to the private life
insurance company with the fear of getting lost.

2. Belief towards LIC as it is a government corporation phobia is continue to surmount

the people of India despite lots of flaws and development and liberalization of life
insurance.

3. Alternative financial services such as mutual fund, banking services, share and
securities also pose problems and threats to the working of the life insurance sector.

4. Illiteracy and unemployment also pose threat.

5. Rising real estate industry also pose threat as people are investing a bulk of their
money over to that industry.

6. Presence of very strong competitors.

50
Data Analysis
&
Interpretation

51
 Distribution of surveyed people as per their age:

Age group of 18-23 24-29 30-35 36-41 42-47 47-52 53 & above
people
Percentage of 32 27 11 4 3 13 10
people
surveyed

Percentage of people surveyed as per age

10% 18-23
13% 32%
24-29
3%
30-35
36-41
4% 11%
42-47
27%
47-52
53 & above

52
Distribution of surveyed people as per city:

Name of Ahmedabad Mahemdabad Nadiad

city
Percentage 38 41 21
of people
surveyed

Percentage of people surveyed as

per city

21%
38%
Ahmedabad
Mahemdabad
41% Nadiad

53
Distribution of surveyed people as per marital status:

Marital status Married Unmarried

Number of respondents 48 52

Number of respondents as per marital

status

48%
52%
Married
Unmarried

54
Educational Background of the respondents:

Educational Background Percentage of respondents

High school 5
10+2 17
graduate 73
Post graduate 5

Percentage of respondents as per

education
5% 5%

17%
High school
10+2
graduate
73%
Post graduate

55
How many people in this survey are earning member of their family?

Income status Percentage of respondents

Earning member 67
Non earning member 33

Percentage of people as per income status

33%

Earning member
67%
Non earning member

56
The source of income of surveyed people:

Source of income Salary Business Manufacturing Other

Percentage of 36 24 1 6
respondents

Percentage of respondents as per source

of income
1%
9%

Salary
36% 54% Business
Manufacturing
Other

57
 Distribution of surveyed people as per their monthly family income:

Monthly family 5000-10000 11000-20000 21000-30000 31000-35000 35000 & above

income group
Percentage of 41 36 20 2 1
respondents

Percentage of respondents as per monthly

family income
2% 1%

5000-10000
20%
41% 11000-20000
21000-30000
31000-35000
36% 35000 & above

58
 Which type of investment people prefer?

Type of investment Life insurance Post office Real estate Other

Percentage of 31 28 22 19
respondents

Percentage of respondents as per investment

prefer

19%
31%
Life insurance
22% Post office
Real estate
28%
Other

59
Range of investment of respondents:

Investment range Below 5000 5000-10000 10000-20000 20000 & above

Percentage of respondents 54 35 8 3

Percentage of respondents as per range of

investment
3%
8%

Below 5000
35% 54% 5000-10000
10000-20000
20000 & above

60
How many people are aware of Life insurance?

Awareness of Life insurance Aware Not aware

Percentage of respondents 98 2

Percentage of respondents as per

awareness of life insurance
2%

Aware
Not aware
98%

61
 From which source of advertise they came to know about life insurance?

Source of Internet TV advertise News paper Radio Magazine

advertise

Percentage of 25 58 15 1 1
respondents

Percentage of respondents as per advertising

source awareness
1% 1%

15% 25%
Internet
TV advertise
News paper

58% Radio
Magazine

62
 How many people are covered by any Life insurance?

Covered or not covered by life Covered Not covered

insurance

Percentage of respondents 82 18

Percentage of respondents whether covered by

insurance

18%

Covered
Not covered
82%

63
 What people expect from insurance policy?

Expectation Security Good return Good service Flexibility Transparency

Percentage of 37 51 6 3 3
respondents

what people expect from insurance policy

3%

6% 3%
37%
Security
Good return
Good service
51%
Flexibility
Transparency

64
 Which company people prefer for Life insurance?

Name of company LIC HDFC ICICI Prudential Bajaj allianz Other

Percentage of respondents 86 3 5 2 4

Percentage of respondents as per

company they prefer for insurance
2% 4%
5%
3%

LIC
HDFC
ICICI Prudential
Bajaj allianz
Other
86%

65
In near future how many people have planned to take Life insurance policy?

Plan to take life insurance Yes No

Respondents in percentage 15 85

How many people want to take

insurance in near future

15%

Yes
No
85%

66
 Factors that mostly motivate people to purchase Bajaj Allianz Life product

Factors Product range advertisement After sale service Performance

Number of 20 19 13 38
respondents

Factors that motivate people to buy

Bajaj allianz product

22%
42%
Product range
advertisement
21%
After sale service
15% Performance

67
 Which performance range people give to Bajaj Allianz life insurance?

Performance range Excellent good Average Below average

Number of 20 56 13 2
respondents

Performance range given by people to

Bajaj allianz
2%

14% 22%
Excellent
good
Average
Below average

62%

68
Out of people who want to take life insurarance in near future, how many people
prefer insurance as an investment?

Prefer insurance as Yes No

investment & want to take
insurance
Number of people 12 3

Number of people who prefer insurance as

investment & want to take life insurance

20%

Yes
No

80%

69
 Findings

The aim of the survey was to find out the "Brand Awareness of Life Insurance and

Changing Investment Pattern with special reference to Bajaj Allianz life insurance All

the due efforts were made to find out the appropriate and confide results. Following are

the various findings of the research.

People still like to invest their money in fixed Deposits although other better

options are available in the financial investment market.

People think that investing their money in fixed Deposits is the safest option

available. It is also true that it is the oldest option available in the investment

market. A mind set is their in the minds of people that no other option is safest or

best in terms of investing their money.

Very less number of people wants to take risk when it comes to investing the

money. They also want to make high profits without taking high risks.

Almost everybody knows about Life Insurance.

L1C is the strongest brand in comparison to the other private insurance company

brands. It is also because L1C is the oldest company when we talk about life

insurance.

Most of the people are concerned about the plan while taking any life insurance

policy. This is the major information they want to know while taking any life

insurance policy.

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 Most of the people prefer short-term investment.

Most of the people want to invest their money in banks and other government

securities.

Very less number of people has shown willingness to invest in Life Insurance in

near future.

Some slot of population doesn't have insurance policy which can be target
population for life insurance companies

People have much faith in Govt. securities than in private companies & it is also
found that people while investing require expert advice.

Large number of people expects good return from insurance policy.

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 RECOMMENDATIONS

Making recommendations assumes considerable knowledge of the picture, including

the resources of the firm and all the alternative courses of action. A Communication

system is necessary to maintain the uniformity & balance in the flow of information

within the fire.

Although is very early to suggest any thing to such a internationally famous

company Bajaj Allianz Life Insurance Company Ltd. in it's mature state of

marketing, interactions and feed backs from various outlets, segments of investor. I

would like to suggest as under:

In the advertisement & promotion of product, company should include one

celebrity as a brand ambassador so that advertisement can become more

effective & eye catching.

Company should sponsor important events like World Cup, Afro Asian games,

IPL and any event related to film awards and other local programs.

Company should promote good and heart felt slogans.

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 Conclusion

After taken a summer training for two months at Bajaj Allianz life insurance
limited and analyzing the questionnaires based on study of brand awareness I came to
conclusion that

Bajaj Allianz life insurance limited having many good qualities. The
product range of the company is very well known in the market. Among the private
players in the insurance sector the market share of the company is very good. Moreover
the profit ratio of the company is rapidly increasing which shows the brilliant efficiency
of marketing department of the company. In short the overall performance of the
company is excellent.

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 References

1. Marketing Management by Philip kotler

2. www.bajajallianz.com

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