Summer Training Report

On

“A STUDY ON ULIP PRODUCT”

At

BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD.

AGRA

SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENT FOR THE AWARD OF THE DEGREE

MASTER OF BUSINESS ADMINISTRATION

By

Saurav Kumar Sharma

Roll No – 0625170045

(2006-2008)

GLA

Institute of Business Management,

MATHURA (U.P.)
 Affiliated To U.P. Technical University,
Lucknow

PREFACE

The importance of an academic course would gain advantage and

acceptance of the true form, only through practical experience. Hence
it is quite necessary to put the theories into talk. It is rigidly accepted
that the theory widens one’s thinking horizons viz. Concepts of
marketing philosophies, but practice indicates the modern marketing
and used in variety of settings of products.

The summer training programmers are designed to give the

manager the future of the corporate happenings and work culture. These
real life situations are entirely different from the stimulated exercise
enacted in an artificial environment inside the summer training
programmers and designed, so that the manager to tomorrow do not feel
ill case when the time comes to shoulder responsibilities. Practical
exposure for the MBA students is very necessary because what they
study in the classroom is not the reality. Situation in the market is
unknown and very much unpredictable. So the practical experience is
very much necessary this is made possible with the summer training
project in Bajaj Allianz Life Insurance Co. in marketing related to find
out the Potential Insurance Consultants.

All organizations involve into business with some objective and

one of the objectives is to endorse product or service which they
produce. In my marketing project I tried to find out the potential
Insurance Consultants through questionnaire for the Bajaj Allianz Life
Insurance Co. The product for the insurance company is its policies
which company sale through its Insurance Consultants. So its quite
clear that there will be as many Insurance Consultants. There will be
increased sales.
 ACKNOWLEDGEMENT

I want to thank to those people who helped me in this summer

training research project. First of all I would like to express my
profound gratitude to the Sales Manager of Bajaj Allianz Life
Insurance Co. Satna (M.P.) Mr. Sandeep Sharma who gave me this
opportunity to do this project. He always remained a wonderful guide
and supporter throughout this project.

I would like to thank to my institute also where I got all the

knowledge and skills required for this research project.

At the end I want to say thanks to all persons involved in this

project directly or indirectly.

RANDHIR SINGH
MBA- III sem.
 TABLE OF CONTENTS

1. Introduction
2. Scope & Importance
3. Company Profile
4. About Ulip products Of Bajaj Allianz
5. Distribution Channel
6. Research Methodology
7. SWOT Matrix
8. Limitations
9. Findings
10. Recommendations
11. Conclusion
12. Questionnaire
13. Bibliography
 WHAT IS LIFE INSURANCE

First of all we should come to know that what Life Insurance is.
The different definitions describing life Insurance are as:-

“Insurance in which the risk insured against is the death of a

particular person, the insured, upon whose death while the policy is in
force, the insurance company agrees to pay a stated sum or income to
the beneficiary. Life Insurance pays a specified sum to the
beneficiaries upon the death of the insured. It is generally used to
provide cash to your family in the event of your death. There are
several types of life insurance whole life insurance provides a lifetime
of protection as long as you pay the premiums to keep the policy
active. They also accrue a cash value and thus offer a savings
component. Term life insurance provides protection only during the
term of the policy and the policies are usually renewable at the end of
the term. Insurance on human lives including endowment benefits,
additional benefits in event of death or dismemberment by accident or
accidental means, additional benefits for disability, and annuities”.
 SCOPE AND IMPORTANCE OF STUDY

This report it’s a complete data analysis of two areas of functioning of an

organisation which a joint venture between Bajaj Auto and Allianz. The company is

one of the India’s leading private life insurance companies and is ranked 2006 in

fortune 500 company. It is “Bajaj Allianz Life insurance co. ltd.”

Insurance is a social device where uncertain risks of individuals may be combined

in a group and thus made more certain – small periodic contribution by the individuals

provide a fund out of which those who suffer losses may be reimbursed. In addition to

being a means to protect oneself, the Insurance Industry is an effective conduit for the

savings of people to be channeled towards economic growth. In India, the Insurance

Industry is more than 150 years old. Today, it is monopolized by two PSU’s in their

respective fields of Life and General Insurance.

Insurance plays a very important role in the day-to-day activities of the

common man, business houses, industries, agriculturists and other service providers.

Insurance not only provides protection for individual and industry through risk

coverage; it also mobilizes funds for economic activity, and encourages savings. Thus

an insurance cover is considered an important tool for economic stability. The

insurance industry is a key sector in the economy of any country.

The liberalization of the financial sector was started in 1991 and carried forward by

successive governments. These reforms were carried out in a phased manner and

affected the entire financial sector.

Till now, however, the insurance sector had been left out of this reform process. With

the passage of the IRDA bill in December, 1999, the way has been paved for the entry

of private players into this long neglected aspect of the Indian economy.

However, the opening up of this sector does not mean that its character will undergo a

sea change. The public sector behemoths will continue to enjoy a huge market share.

It is up to the new players to device innovative strategies to both grab business from

the existing companies as well as expand the size of the pie itself.

The main benefits of this new competitive environment will be to the consumer, who

till now, has had to put up with shoddy products and even shoddier service. The new

entrants will look for new channels of distribution for their products, and banks will

play a very important part as the likely interfaces between the insurance companies

and their prospective customers.

The report gives a brief background of the sector and proceeds to highlight the
performance of the Sales Manager. The benefits of a liberalized sector are
enumerated. The report also tried to identify the market potential and gives
information to how to convince people for insurance products and the strategies that
can be employed to exploit the same.
 LIFE INSURANCE INDUSTRY IN INDIA

Many may not be aware that the life insurance industry of India
is a s old as it is in any other part of the world. The first Indian Life
Insurance Company was the Oriental life Insurance Company, which
was started in India in 1818 at Kolkata. A number of players (over 250
in life and about 100 in non-life) mainly with regional focus flourished
all across the country. However, the Government of India, concerned
by the unethical standards adopted by some players against the
consumers, nationalized the industry in two phases in 1956 (life) and
1972 (non-life). The insurance business of the country was then
brought under two public sector companies, Life Insurance Corporation
of India (LIC) and General Insurance Corporation of India (GIC).

With such a large population and the untapped market area of

this population Insurance happens to be a very big opportunity in India.
Today it stands as a business growing at the rate of 15-20 percent
annually. Together with banking services, it adds about 7 percent to the
country’s GDP. In spite of all this growth the statistics of the
penetration of the insurance in the country is very poor. Nearly 80% of
Indian populations are without Life Insurance cover and the Health
Insurance. This is an indicator that growth potential for the insurance
sector is immense in India. It was due to this immense growth that the
regulations were introduced in the insurance sector and in
continuations “Malhotra Committee” was constituted by the
government in 1993 to examine the various aspects of the industry. The
Committee recommended throwing open the sector to private players to
usher in competition and bring more choice to the consumer. The
objective was to improve the penetration of insurance as a percentage
GDP, which remains low in India even compared to some developing
countries in Asia. The key element of the reform process was
Participation of overseas insurance companies with 26% capital.
Creating a more efficient and competitive financial system suitable for
the requirements of the economy as the main idea behind the reform.
A BRIEF HISTORY

The origin of insurance is very old. The time when we were not
even born; was has sought some sort of protection from the
unpredictable calamities of the nature. The basic urge in man to secure
himself against any form of risk and uncertainty led to the origin of
insurance.

The insurance came to India from UK; with the establishment of

The Oriental Insurance Corporation in 1818. the Indian Life Insurance
company act 1912 was the first statutory body that started to regulate
the Life Insurance business in India. By 1956 about 154 Indian, 16
foreign and 75 provident firms were been established in India. Then the
central government took
over these companies and as a result the LIC was formed. Since then
LIC has worked towards spreading Life Insurance and building a wide
network across the length and the breath of the country. After the
liberalization the entrance of foreign players has added to the
competition in the market.

The General Insurance business in India, on the other hand, can

trace its roots to the Triton Insurance Company Ltd, the first General
Insurance Company established in the year 1850 in Calcutta by the
British. In 1957 General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring fair
conduct and sound business practices. In 1972 the General Insurance
Business in India with effect from 1 s t January 1973. it was after this
that 107 insurers amalgamated and grouped into four companies viz.
the National Insurance Company Ltd, the New India Assurance
Company Ltd, the Oriental Insurance Company Ltd. GIC incorporated
as a company.
INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee headed by former Finance

Secretary and RBI Governor was formed to evaluate the Indian industry
and give its recommendations. The committee came up with the
following major provisions:-
 Private Companies with a minimum paid up capital of Rs. 1 bn
should be allowed to enter the industry.
 Foreign companies may be allowed to enter the industry in
collaboration with the domestic companies.
 Only one state level Life Insurance Company should allow to
operate in each state.

Reforms were initiated with the passage of Insurance Regulatory

and Development Authority (IRDA) Bill in 1999. IRDA was set up as
an independent regulatory authority, which has put in place regulations
in line with global norms.

IRDA:
The IRDA since its incorporation as a statutory body has been
framing regulations and registering the private sector insurance
companies. IRDA being an independent statutory body has put a
framework of globally compatible regulations .
INSURANCE MARKET IN INDIA

By any yardstick, with about 200 million middle class

households, presents a huge untapped potential for players in the
insurance industry. Saturation of markets in many developed economies
has made the Indian market even more attractive for global insurance
majors. With the per capital income in India expected to grow at over
6% for the next 10 years and with improvement in awareness levels, the
demand for insurance is expected to grow at an attractive rate in India.
An independent consulting company, the Monitor Group has estimated
that the Life Insurance market will grow.

WINDS OF CHANGE
Reforms have marked the entry of many of the global insurance
majors into the Indian market in the form of joint ventures with Indian
companies. Some of the keys names are AIG, New York Life, Allianz,
Prudential, 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.

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 still unlimited as virtually all the players are
concentrating on large cities and towns – except 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 players, mainly from the stable
of their international partners. Customers have tremendous choice from
a large variety of products from pure term 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 still 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 though 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 first 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 .

Channels of Distribution:
Till two 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 customers. Some of them are
banc assurance, brokers, the internet and direct marketing. Though it is
too early to predict, the wide spread of bank branch network in India
could lead to banc assurance emerging as a significant distribution
mechanism.
 The introduction of private players in the industry has added to
the colors in the dull industry. The initiatives taken by the private
players are very competitive and have given immense competition to
the on time monopoly of the market LIC. Since the advent of the
private players in the market the industry has seen new and innovative
steps taken by the players in this sector. The new players have
improved the service quality of the insurance. As a result LIC down the
years have seen the declining phase in its career. The market share was
distributed among the private players. LIC market share has decreased
from 95% (2002-03) to 82% (2004-05).

The following companies have the market share of the life

insurance industry.
Insurance Company Market Share (Fig. in %)

LIC 74.44
ICICI Prudential 12.35
Bajaj Allianz 7.28
HDFC Standard Life 2.37
Other ‘s 3.56
M ar ket Sh ar e of Li fe I n su r an ce Com pani es as of M ay 2007
 CURRENT SCENARIO OF THE
INSURANCE INDUSTRY IN INDIA

India with about 200 million middle class household shows a

huge untapped potential for players in the insurance industry.
Saturation of markets in many developed economies has made the
Indian market even more attractive for global insurance majors. The
insurance sector in India has come to a position of very high potential
and competitiveness in the market.
Innovative products and aggressive distribution have become the
say of the day Indians, have always seen Life Insurance as a tax saving
device, are now suddenly turning to the private sector that are
providing them new products and variety for their choice.
Life Insurance industry is waiting for a big growth as many
Indian and Foreign companies are waiting in the line for the green
signal to start their operations. The Indian Consumer should be ready
now because the market is going to give them all array of products,
different in price, features and benefits. How the customer is going to
make his choice will determine the future of the industry.

CUSTOMER SERVICE
Consumers remain the most important centre of the insurance
sector. After the entry of the foreign players the industry is seeing a lot
of competition and thus improvement of the customer service in the
industry. Computerization of operations and updating of technology has
become imperative in the current scenario. Foreign players an bringing
in international best practices in service through use of latest
technologies. The one time monopoly of the LIC and its agents are now
going through a through revision and training programs to catch up
with the other private players.
DISTRIBUTION CHANNELS
Till date insurance agents still remain the main source through
which insurance products are sold. The concept is very well established
in the country like India but still the increasing use of other sources is
imperative. It therefore makes sense to look at well – balanced,
alternatives channels of distribution.

LIC has already well established and have an extensive

distribution channel and presence. New players may find it expensive
and time consuming to bring up a distribution channel to have an
advantage.

At present the distribution channels that are available in the

market are:

 Direct Selling
 Corporate Agents
 Group Selling
 Brokers and Cooperative Societies
 Banc assurance

To make all these channels a success the companies have to be

very alert and skillful to know how to use these channels in a proper
way. Banc assurance is on of the most upcoming channels of
distribution.
BANCASSURANCE

India has an extensive bank network established over the years.

What Insurance companies have to do is to just take advantage of the
customer’s long-standing trust and relationships with banks. This is a
mutually beneficial situation as banks can also expand their range of
products on offer to customers, while the insurance company will also
earn profits from the exposure. Another advantage is that banks, with
their network in rural areas, help to fulfill rural and social obligations
stipulated by the Insurance Regulatory and Development Authority
(IRDA) recently. Insurance companies should see banc assurance as a
tool for increasing their market penetration in India. It is also good for
the one who sees banc assurance in terms of reduced price, high quality
product and delivery at doorsteps. Everybody is a winner here. The
creation of banc assurance operations has made an important impact on
the financial services industry at large. This is though a new concept
but it has gained a lot of importance in the industry at present and has a
great future.

PRODUCT INNOVATION

Customers have tremendous choice from a large variety of

products from pure term 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.
RURAL MARKETING

Rural India seems to have an appetite for mobile phones,

computers, and cars and to add to it we have insurance. In India with
the private players having entered into the insurance industry, the
expected explosion in job opportunities may not actually happen but for
them the catchments area is the opportunities in the rural India. In
India the insurance business can be said to be “a marathon, not a
sprint”. This is because of the nature of the business being long term.
However it seems that they if not anything, are only increasing their
spending, though only out of the capital. As insurance companies go
more and more rural in search of business, there will be opportunities
in the rural sector. Already United India The Rural consumer is now
exhibiting an increasing propensity for Insurance products. A research
conducted exhibited that the rural consumers are willing to dole out
anything between Rs. 3,500 and Rs. 2,900 as premium each year. In the
Insurance the awareness level for Life Insurance is the highest in rural
India, but the customers are also aware about motor, accidents and
cattle insurance. According to a study nearly one third said that they
had purchased some kind of insurance with the maximum penetration
skewed in favor of life insurance. The study also pointed out the
private companies have huge task to play in creating awareness and
creditability among the rural populace.

INFORMATION TECHNOLOGY AND INSURANCE

In the insurance industry today, there is a clear trend away from
selling a broad range of products to a large volume of customers in a
one- size-fits-all manner. Instead of focusing on their different
products lines as silos (i.e., life, property and casualty etc) insurers are
looking for ways to offer highly targeted insurance products that are
tailored to the individuals customers with the highest propensity to buy
them. Insurance industry is a data-rich industry, and thus, there is
desire need to use the data for trend analysis and personalization.

With increased competition among insurers, service has become a

key issue. People today don’t want to accept the current value
propositions, they want personalized interactions and they look for
more and more features and add ones and better service. Today
managing the customer intelligently is very critical for the insurer
especially in the very competitive environment. Companies need to
apply different set of rules and treatment strategies to different
customer segments.

With the explosion of Website and greater access to direct or

policy information, there is a need to developing better techniques to
give customers a truly personalized experience. Personalization helps
organizations to reach their customers with more impact and to
generate new revenue through cross selling and up selling activities. To
ensure that the customers are receiving personalized information, many
organizations are incorporating knowledge database-repositories of
content that typically include a search engine and let the customers
locate the all document and information related to their queries of
request for services. Customers can hereby use the knowledge database
to manage their products or the company information and invoices,
claim records, and histories of the service inquiry. These products also
may be able to learn from the customer’s previous knowledge database
and to use their information when determining the relevance to the
customers search request. The insurance sector remains a very
competitive market and those companies that are able to best utilize
their data and provide their customer with the most personalized
options will have the distinct competitive advantage.
MERGERS AND ACQUISTIONS
This is an era of mergers and acquisitions. Private companies
including MNC’s are amalgamating the world over to get more
competitive edge. Currently, the general insurance industry has been
opened up. The insurers are doing enough to raise the level of risk
awareness or are they merely content to compete in the markets
organized and established. The private players in the future would have
to turn their attention to working in the unorganized and under served
markets.

What is likely to happen is that the private players would

continue to skim the profitable segments of the already organized
business in the urban areas? The time has already come for the
government of India to evaluate the performance of private companies.

However it is high time for the government to realize that

importance of merging the public sector general insurance companies
into single entity. The recent scenario calls for a better performance
from part of each of the public sector insurance companies against each
other. The result what we see is the undercutting to retain or wrest
business and quoting an uneconomical rate of premium. While this
allows one of the Public Sectors Company to win a business form
another in this manner. The others suffer a loss and the resultant effect
is a cannibalization with a fall in the average premium of the public
sector itself.

The purpose of having four companies all subsidiaries of

General Insurance Corporation of India (GIC) – National Insurance
Company, New India Assurance Company, Oriental Insurance
Company, and The United India Insurance Company; at the time of
nationalization was to have competition among themselves – in service
and products at the same price.

Now with real competition coming in with most of the global

insurance players setting footprints here, it is felt that the time for
merger has come and to enjoy the benefits if the size. It is to be stated
that size does matter in insurance business. All over the world’s
mergers and acquisitions in the risk-underwriting sector is common.
The benefits if the four insurance companies merge will be enormous.
The merged entity will enjoy higher underwriting and risk retention
capacity; increase in reinsurance premium, reduction in reinsurance
outflow, healthy solvency margins, setting right the asset-liability
mismatch and reduction in cost. The loss of profitable business in view
of undeserved competition among the public sector companies is
hampering the subsidization of social insurance including the motor
third party liability (TPL).

It is thus clear that it is good for the public sector companies to

merge immediately when they are still strong, lest a merger becomes
inevitable later after the independent public sector companies fail one
after another.

STRATEGIC ALTERNATIVES
If one analyses the history of growth of the insurance industry
since reforms, it is marked by all- round growth of all players. More or
less all players have aggressively recruited and trained advisors,
appointed agents, launched new products, improved customer service
standards and revamped/expanded their distribution networks. Every
player would like the customers to believe that its service standards are
the best or that its agents are the most informed and ethical. In other
words, each company is trying to be ‘everything to everybody’. Some
players justify the above strategy on the basis that the Indian market is
huge and it can accommodate everybody. Still, in a market where it is
difficult to distinguish oneself sufficiently on service or any other
parameter to be able to charge a premium, it will lead to unmitigated
price competition to the detriment of all players. In the insurance
industry where large amounts of capital are required, this is risky.
While there is room for a few scale players with a finger in every
pie, it is profitable for the players to focus on different segments to
survive and thrive in a multi-firm open environment. While each
company has to choose its own unique positioning based on its unique
strengths.

• Variety-based Positioning
This type of positioning is based on varieties in products and
services rather than customer segments. It is a sensible strategy for
those companies who have distinctive advantages or strengths in
offering certain products and services.
In the insurance industry too, it is possible to achieve a unique
position by focusing on certain category of products. Through its
superior fund management capabilities, the insurance company can
deliver better returns on it investment-linked products and thereby for
itself a leadership position in this segment.
Then there is the entire category of pension products, which is
widely touted to have immense growth potential in India due to
imminent pension reforms. It is possible to achieve profitable
positioning by focusing and excelling in only pension products.

• Needs –based Positioning

This is the most commonly understood positioning and is
based on the different needs of different groups of consumers. This can
be done successfully if a company has unique strengths to service a
group of customer needs better than others.
The insurance needs of young family with small children will be
quite different from that of a family in which the income-earner is
close to retirement. However, in India most of the Life Insurance
companies have a wide variety of products of different customer needs
and there is no company focusing only on a particular customer needs.

• Access- based Positioning

Positioning of customers can also be done by the way they are
accessible that is different groups of customers may be accessible in
different ways even though they may have similar needs. Access is
typically a function of customer scale.
There is excellent opportunity in the insurance industry to
employ access-based positioning by targeting the rural insurance
sector. The rural market for Life Insurance is very different from the
urban market in terms of needs, income levels, distribution, and
penetration of media and so on. Except for LIC, no other player has
paid any attention or focus on the rural sector. Contrary to common
perception it is a big opportunity as emphasized repeatedly by such
eminent strategies like C.K.Prahlad. Rural market can be a highly
profitable position if one is able to carefully plan.

CHOOSING THE RIGHT STRATEGY

The right strategic choice is not a matter of positioning choice

alone. It is the configuration of the entire value chain of the company
through a different set of activities to deliver unique value to
consumers. The set of activities cover all upstream and downstream
activities, from the selection of the product mix. Some Life Insurance
companies focusing on rural markets have adopted innovative means of
distribution. Instead of appointing agents as is done typically, they
have used Gramsevaks in different villages across the country to
promote Life Insurance and act as their sales arm.

So we can conclude that, the size of the market has grown and
the size of the insurable population in India is indeed vast and the
existing players have managed to cover about one-fourth of it.
 The falling interest rates, the collapse of many small –time
financial institutions, the scope for entering related areas like banking
and pensions in a bid for synergy and the promise of the e-commerce
are some of the other opportunities knocking at the doors of the
insurance majors.

A number of web sites are coming up on insurance, a few

financial magazines exclusively devoted to insurance and also a few
training institutes being set up hurriedly. Many of the universities and
management institutes have already started courses in insurance.

Life insurance has today become a mainstay of any market

economy since it offers plenty of scope for garnering large sums of
money for long periods of time. A well regulated Life Insurance
industry which moves with the times by offering its customers tailor-
made products to satisfy their financial needs is, therefore, essential if
we desire to progress towards a worry-free future.
ABOUT BAJAJ ALLIANZ LIFE INSURANCE

Mission:

As a responsible customer focused market leader, we still strive

to understand the insurance needs of the consumers and translate it

into affordable products that deliver value for money .

Vision:
To be the first choice insurer for customers.
To be the preferred employee for staff in the insurance industry.
To be the number one insurer for creating shareholder value.
SAM GHOSH, who was the CEO of Bajaj Allianz earlier has taken
over as country Manager and is also the CEO of Bajaj Allianz Life

Insurance Company .

Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Co. Ltd is a joint venture between
two leading conglomerates-, and Bajaj Auto, one of the biggest two and
three-wheeler manufacturers in the world and Allianz AG, one of the
world’s largest insurance companies.

Bajaj Allianz Life Insurance

• Is the fastest growing private life insurance company in India.
• Currently have over 300000 satisfied customers.
• Have Customer care centers in 156 cities with 28000 Insurance
Consultant providing the finest customer service.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint

venture between Bajaj Auto Limited and Allianz AG of Germany. Both
enjoy a reputation of expertise, stability and strength.

Bajaj Allianz General Insurance received the Insurance

Regulatory and Development Authority (IRDA) certificate of
Registration (R3) on May 2 n d , 2001 to conduct General Insurance
business (including Health Insurance business) in India. The Company
has an authorized and paid up capital of Rs.110 crores. Bajaj Auto
holds 74% and Allianz holds the remaining 26%. AG, Germany.

In its first year of operations the company has acquired the NO. 1
status among the private non-life insurers. As on 31 s t March 2003,
Bajaj Allianz General Insurance maintained its leadership position by
garnering a premium income of Rs.300 Crores. Bajaj Allianz also
became one of the few companies to make a profit in its first full year
of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores.

Bajaj Allianz today has a network of 40 offices spread across the

length and breadth of the country. From Surat to Sliliguri and Jammu to
Thiruvananthapuram, all the 38 offices are interconnected with the
Head Office at Pune.

In the first half of the Current financial year, 2006-07, Bajaj

Allianz generated a premium income of Rs. 5310 crores, achieving a
growth of 84% and registered a 52% growth in net profit. In the
financial year 2005-06, the premium earned was Rs.3133 Crores, which
is a jump of 60% and the profit zoomed by 125% .

Shareholders & Promoters

Bajaj Auto Limited

Bajaj Auto Limited is the largest manufacturer of two and three-
wheelers in India and also one of the largest manufacturers in the
world. Bajaj Auto has been in operation for over 55 years. As a
promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj Auto
has the following to offer :
 Vast distribution network.
 Knowledge of Indian consumers.
 Financial strength and stability to support the insurance business

Allianz AG, Germany

Allianz Group is one of the world's leading insurers and financial services
providers.
Founded in 1890 in Berlin, Allianz is now present in more than 70
countries with over 19,000 employees top of the international group is
the holding company, Allianz AG, with its head office in Munich.

Allianz Group provides its more than 60 million customers worldwide

with a comprehensive range of services in the areas of
 Property and casualty insurance,
 Life and health insurance,
 Asset management and banking.

In fiscal year 2005, Allianz's total revenues amounted to some 100.9

billion euros. At the end of 2005 Allianz Group had more than 1.26
trillion euros in assets under management. Of this, 743 billion euros
were assets managed for third parties.

History of Allianz
Documenting and researching its corporate history is part and
parcel of the corporate culture of Allianz AG.
The Allianz Center for Corporate History devotes itself to these tasks.
As a frequently used information center, it has evolved into the
company's "living memory".

Global Presence

Allianz Group is present on every continent and has companies

and offices in about 70 countries. More information about our locations
throughout the world is available by moving the cursor over the world
map.
Business Fields

Property & Casualty Insurance

When it comes to property and casualty insurance, Allianz is number one in
Germany. Allianz also ranks as one of the world's leading global industrial risk
insurers.

Life & Health Insurance

In life and health insurance, Allianz Group is among the top
companies in Europe. Private and corporate retirement provision is
emerging as a major market

Asset Management & Banking

Allianz Group's asset management activities are integrated under one
roof at Allianz Global Investors. With Dresdner Bank, the Allianz
Group has laid a broad foundation in order to address clients' needs on
the investment market.

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 insurance 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 Honkong Airport and Channel Tunnel between UK
and France), further Allianz insures the majority of the fortune 500
companies, besides being a large industrial insure, Allianz has a
substantial portfolio in the commercial and personal lines sector, using
a wide variety of innovative distribution channels.

Allianz AG has the following of offer Bajaj Allianz General Insurance

Company Ltd.:
• Set up and running of General insurance operations
• New and improved international products
• One of the world’s leading insurance companies
• More than 700 subsidiaries and 2 lac employees in over 70 countries
worldwide
• Provides insurance to almost half the Fortune 500 companies

A Partnership Based on Synergy

Bajaj Allianz General Insurance Company offers technical
excellence in all areas of General and Health Insurance as well as Risk
Management. This partnership successfully combines Bajaj Auto’s in-
depth understanding of the local market and extensive distribution
network with the global experience and technical expertise of the
Allianz Group. As a registered Indian Insurance Company and a capital
base of Rs.110 crores, the company is:
Fully licensed to underwrite all lines of general insurance business
including health with management control by Allianz AG

About Bajaj Allianz Life Insurance:

Bajaj Allianz Life Insurance Company has developed insurance

solutions that cater to every segment and age-income profiles. Its
products include Invest Gain (a unique life insurance plan where
sustenance of income is combined in the same plan that also pays a lump
sum), Cash Gain (Money Back), Child Gain(Children’s plan where
sustenance of income is combined in the same plan that also pays a lum
sum), Cash Gain (Money Back), Child Gain (Children’s Plan), Risk care
(Pure Term), Life Time Care (whole Life), term Care (term with return
of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage
term insurance plan), Unit Gain (Unit Linked Whole of Life Plan) and
Unit Gain Single Premium.
Bajaj Allianz Life Insurance is poised for an accelerated growth in the
market and has already become the fastest growing private life insurance
company in India. Bajaj Allianz Life Insurance has a wide pan India
presence of office network in 156 citied of the country and is aided with
a strong and trained Agency network of over 28000 agents. Bajaj Allianz
has also forged strong Banc assurance and Corporate Agency relationship
and continues to build on new tie-ups for fast track growth and deep
market penetration.

Bajaj Allianz Life Insurance has launched a slew of need-

based products to cater to each varied needs of the customer.
Currently Bajaj Allianz Life Insurance has a product portfolio of 19

products and more need-based products are in the pipeline.

Bajaj Allianz general Insurance: 125 percent profit

Increase

Bajaj Allianz General Insurance Company Limited is a joint

venture company between Bajaj Auto Ltd., India’s leading
manufacturer of two and three wheeler vehicles and the Allianz Group.

Bajaj Allianz General Insurance offers technical excellence in all

areas of general and health insurance and risk management.
The partnership successfully combines Bajaj Auto’s extensive
understanding of the local market and expansive distribution with
Allianz Group’s global experience and technical expertise.

Bajaj Allianz General Insurance is headquartered in Pune and has

a wide network of 40 offices spanning the country. All the offices are
fully networked. The company received the IRDA registration in may
2001 ;today, it already has a vast range of 45 products to suit its
corporate and retail customers. The company has also pioneered in
unique forms of risk cover.

In the year 2003-2004, the company garnered a premium income

of approximately 4.8 billion Rupees (86 million Euros) with a profit
after tax of 220 million Rupees (3.9 million Euros); it sold 1.2 million
policies. With this result, it achieved a net profit growth of 125
percent, gross written premiums jumped by over 60 percent.

Allianz Bajaj Changed Its Name To Bajaj Allianz Life

Insurance
Allianz Bajaj Life Insurance Co. Ltd., the fastest growing private life
insurance co. today announced that it has changed its corporate name to
Bajaj Allianz Life Insurance Co. Ltd, effective from August 03, 2004.
The change in company name comes in conjunction with research
findings from existing customers, business associates, prospective
customers and other stakeholders indicates higher comfort level and
ease of recalling Bajaj name first and then Allianz, and hence the name
Bajaj Allianz.
Bajaj Allianz General Insurance Company Limited and Bajaj
Allianz Life Insurance Company Limited will now have a common logo
and branding which will help in increasing our visibility and
familiarity, which will create a much larger awareness and a greater
mind share. The new logo incorporates the new Bajaj Auto logo.
Commenting on this occasion Mr. Sam Ghose Manager, Allianz and
CEO, Bajaj Allianz Life Insurance said, “ we are not only acquiring a
new name, but have put in motion a new level of energy and
commitment to delivering the best products. The name change
coupled with aggressive strategic market initiatives to reach service
 customers better will give us an unbeatable position in the
insurance market in this country and both Life and General
companies together can unleash the ‘ Power of One’ and be the
leader in the insurance industry.”

Bajaj Allianz Life Insurance recently launched over 100 satellites

branches, new life and non-life group products, which has helped Bajaj
Allianz (formerly known as Allianz Bajaj) to log in Rs.100 Cr. Gross
Written Premium (GWP) in the first 100 days of this financial year and
has leaped to 2 n d position as per IRDA figures ending June 04, from its
7 t h position at the end of last financial year.

Bajaj Allianz Life Insurance has also brought in the key executives,
to infuse greater thrust, new ideas, efficiency and professionalism to
impart state of the art servicing to the customers across the length and
breadth of the country.

CORE COMPETENCIES AT BAJAJ ALLIANZ LIFE

INSURANCE

The Bajaj Allianz Difference

 Business strategy aligned to clients’ needs and trends in India and
global economy industry
 Internationally experienced core team, majority with local
background
 Fast, decentralized decision making
 Long-term commitment to market and clients
 Trust
At Bajaj Allianz, they have realized that the customer seeks an
insurer whom he/she can trust. Bajaj Allianz Limited is trusted name
for over 55 years in the Indian market and Allianz AG has over 110
years of global experience in financial services. Together they are
committed to provide the customer with time tested and trusted
financial solutions that provide the customer all the security he/she
need for their investments. And more…

Underwriting Philosophy

Their underwriting philosophy focused on:

 Understanding the customer’s needs
 Underwriting what we understand
 Meeting the customer’s requirements
 Ensuring optimal coverage at lowest cost

Claims Philosophy

The Bajaj Allianz team follows a service that aims at taking the
anxiety out of claims processing. They pride themselves on a friendly
and open approach. They are focused towards providing the customer a
hassle free and speedy claims processing. Their claims philosophy is
to:
 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
 Customer Orientation
At Bajaj Allianz, the guiding principals are customer service and
client satisfaction. All the efforts are directed towards understanding
the culture, social environment and individual insurance requirements-
so that they can cater to all the customer’s varied needs.

Experienced and Expert Servicing Team

Bajaj Allianz is driven by a team of experienced people who
understand Indian risks and are supported by the necessary international
expertise requires to analyses and assess them service engineers located
in every major city .

Superior Technology

 In order to ensure speedy and accurate processing o the customer’s

needs, they have established worlds class technology, with
renowned insurance software, which networks all our offices and
intermediaries
 Using the Web, policies can be issued form any office across the
country for retail products
 Unique, user friendly software developed to make the process of
issue of policies and claims settlement simpler (e.g. online
insurance of marine policy certificate)
Unique Forms of Risk Cover

 Special PA cover for Amarnath Yatris

 Housing loan cover for people, who are suddenly unemployed
 Film insurance
 Event management cover

Risk Management – Their Expertise

Their service methodology is tried, tested and Proven the world over
and involves:
 Risk identification: Inspection
 Risk analysis: Portfolio review and gap analysis.
 Risk retention
 Risk Transfer: To an insurer as well as reinsurer (as required)
 Creation of need based products
 Ongoing dialogue and proactively

IRDA AND ITS GUIDELINES

Composition of Authority under IRDA Act, 1999

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development

Authority (IRDA, which was constituted by an act of

parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)

Duties, Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA..

(1) Subject to the provisions of this Act and any other law for the time being in force,

the Authority shall have the duty to regulate, promote and ensure orderly growth of

the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provisions contained in sub- section (1),

the powers and functions of the Authority shall include, -

(a) issue to the applicant a certificate of registration, renew, modify, withdraw,

suspend or cancel such registration;

(b) protection of the interests of the policy holders in matters concerning assigning of

policy, nomination by policy holders, insurable interest, settlement of insurance claim,

surrender value of policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
(d) specifying the code of conduct for surveyors and loss assessors;
(e) promoting efficiency in the conduct of insurance business;
(f) promoting and regulating professional organizations connected with the insurance
and re-insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organizations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be
offered by insurers in respect of general insurance business not so controlled and
regulated by the Tariff Advisory Committee under section 64U of the Insurance Act,
1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance
intermediaries;
(k) regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) specifying the percentage of premium income of the insurer to finance schemes
for promoting and regulating professional organizations referred to in clause (f);
(p) specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector; and
(q) exercising such other powers as may be prescribed
 ULIP

• ULIP is a unique investment scheme from the Unit Trust of India, offering an
 Insurance cover along with tax benefits and high returns.
• Unit linked insurance plan (ULIP) is life insurance solution that provides for the
benefits of protection and flexibility in investment. The investment is denoted as
units and is represented by the value that it has attained called as Net Asset Value
(NAV). The policy value at any time varies according to the value of the
underlying assets at the time.

The company ULIP funds were placed in ranked 1st, 3rd, on the basis of maximum
return since its inception.
Latest survey done by leading personal finance magazine outlook. In the earlier six
month ago in July BAJAJ ALLIANZ funds were first and second.

Employee Benefit solution:

Gratuity, super annotation , key man insurance and for individual invest gain , cash
gain , child gain, Risk care, life time care , swarana vishranti , unit gain, unit gain sp,
Unit gain easy pension plan.

KOTAK ULIP PRODUCTS:

Capital multiplier plan, retirement income plan, child advantage plan, premium return

plan.

ICICI ULIP PRODUCTS:

Secure plus etc.

LIFE INSURANCE PRODUCTS

LIFE LONG GAIN

The Bajaj Allianz Life gain Plan comes with a host of features to
allow customer to have the best of all words – regular income for
customer and the added benefits of providing for loved ones too. This
is the perfect plan to take care of ongoing and future family expenses
like debts, expenses on children, living expenses, etc. It can also take
care of unforeseen expenses like accidents, illness. Hospitalization etc.
and provides a family with a safety net.

How does the plan work?

The premiums paid are invested in the Lifelong Gain Fund (based on
the allocation rate) and units are allocated depending on the offer price
of units for the fund. The value of the policy is the bid value of units
that a customer holds in the fund. The life insurance cover charges are
deducted through monthly cancellation of units and the fund
administration charge and fund management charge are priced in the
unit value.

Benefits available under the plan

 Death Benefit: In the case of unfortunate premature death the

beneficiaries are entitled to the greater of :

• Sum Assured less partial withdrawals

• The bid value of units
If the age of the insured person is less than 7 or above 70, then the
bid value of unit is paid.

 Guaranteed Survival Benefits:

Guaranteed Survival Benefits are available under this policy.

Bajaj Allianz Life Insurance will pay, by cancellation of units in the
account of the policy, 3% of the Sum Assured every year after the
premium payment are over till the termination of the policy. This
guaranteed amount is payable every year provided all premiums
have been paid and no partial withdrawal were made, the guaranteed
survival benefit would be 3% (Sum Assured less partial withdrawal)
for the subsequent policy years. If the partial withdrawals made are
equal to the Sum Assured, then the guaranteed survival benefit will
become nil and funds in the account will be available to the
customer for full/partial withdrawals as and when a customer needs
them.

 Maturity Benefits:
On the life assured attaining age 100, the bid value of unit in the
fund will be paid out and the policy will terminate.

 Full Withdrawal:
Life long Gain offers the customer the flexibility of the
withdrawals by surrendering all his units, anytime after 3 full
years’ premiums paid. The full withdrawals are paid out at the bid
value of units. On full withdrawal the policy will terminate.

 Partial Withdrawal:

Lifelong Gain allows the customer to make partial

withdrawals anytime after all the premiums are paid. This gives
the customer the liquidity and option to take out additional money
over and above the guaranteed survival benefits, as and when
required. In case of partial withdrawal, a minimum withdrawal
amount is Rs.1000/-. In the case of a partial withdrawal, the
subsequent Guaranteed
 Survival Benefits will be 3% of (Sum Assured less partial
withdrawals made).

Key Features

 Guaranteed death benefits

 Whole life protection with only 10 or 15 years of contributions.
 Guaranteed survival Benefits that pays 3% of the Sum Assured
every year after the premium payments are over
 Provision for full and partial withdrawals .

Benefits

 Death benefits
 Guaranteed Survival Benefits
 Maturity Benefits
 Full Withdrawals
 Partial Withdrawals

UNIT GAIN PLUS

 With Bajaj Allianz Unit Gain Plus, A customer can invest in one
life insurance plan that can take care of all his/her changing
requirements throughout their life. This plan has been designed to
provide them with maximum flexibility, so that they do not have to
worry about their changing need s.
Bajaj Allianz Unit Gain plus Offers the unique option of combining
the protection of life insurance with the attractive prospects of
investing in securities. A person can choose the

Investment funds that he wants to invest his money, providing an

opportunity to have a direct stake in the performance of the financial
market. Customer also benefits from attractive tax advantages and can
protect loved ones against unfortunate events .

How does the plan work?

The premiums paid are invested in fund/ funds of customer’s

choice (depending on the allocation rate) and units are allocated
depending on the price of units that the customer holds in the
fund/funds. The insurance cover and administration charges a deducted
through cancellation of units, The Fund Management Charge is priced
in the unit value .

Minimum Sum Assured = 5 time the annual premium.

Maximum Sum Assured = y t times annual premium.

The Five funds offered are as under:

a) Equity Index Fund : The investment objective of this Fund is
to provide capital appreciation through investment in equities.
The plan is expected to match the returns given by Nifty Index of
the National Stock Exchange. This fund will invest at least 85%
in equities and maximum 15% in debt and cash.

b) Equity Plus Fund : The investment objective of this Fund is to

provide capital appreciation through investment in select equities
stocks that have the potential for high capital appreciation. This
fund will invest at least 85% in equities and maximum 15% in debt
and cash instruments.

c) Debt Plus Fund : The investment objective of this Fund is to

provide accumulation of income through investment in high
quality fixed income securities like G-Secs, and corporate debt
rates AA and above. This fund will be invested fully in Debt
Instruments and money market instruments.

d) Balanced Plus Fund : This fund is a fund of funds. The

investment objective of this fund is to provide a balanced
investment between long-term capital appreciation and current
income through investment in the Units of Bajaj Allianz’s Equity
Index and Debt Plus Funds. The balanced fund will invest 30% to
50% in the equity index fund and 50% to 70% in the debt plus
fund.

Cash plus Fund: The investment objective of this Plan is to have a

fund that guarantees invested capital through investments in liquid
money market and short-term instruments like Commercial Papers,
Certificate of Deposits, money market, Mutual Funds, Bank FDs etc.
The price of units in this fund is guaranteed not to go down.1005 of
this fund will be invested in money market instruments. The price of
the units in this fund is guaranteed never to go down.

Flexibilities – to manage customer investments

Bajaj Allianz offers the flexibility to manage the investments.

Initially, the customer can allocate the premium into the 5 funds that
are available in a proportion of his/her choice. Subsequently,
depending on the performance of funds, customer can switch between
funds and also change the allocation of premium to various funds. They
allow the customer three switches every policy year subject to a
minimum switching amount of Rs. 5,000/- or the fund value,
whichever is lower. The customer can also change the proportion of
premium allocation to various funds at each policy anniversary.

Unmatched Flexibility – to suits the customer’s changing

requirements

Bajaj Allianz Unit Gain Plus offers unmatched flexibility to suit the
policy according to the customer’s requirements.

 Flexibility In Premium Payment: The customer has the

flexibility to decide how long he/she wishes to pay the premiums
and when he wants to cash out the policy benefits. Customer may
choose to cash out the policy benefits at one shot or do it as and
when you require cash through partial surrender of units .
 Flexibility to Increase the Sum Assured: The Customer
have the option to increase the Sum Assured without any medical
tests every 3 r d year up to 4 times. The quantum of increase would
be 25% of the original Sum Assured or Rs 1, 00,000/- whichever
is lower. If the customer does not exercise an option when it is
due, it cannot be carried forward. If the age is les than 18 years
at the start of policy, all 4 increments will be available from age
18. Apart from exercising the options to increase the Sum
Assured without medical tests, he/she can increase the Sum
Assured any time. Subject to medical underwriting (available up
to age 60). In either case, the Sum Assured after increase must be
equal to or less than the maximum Sum Assured available foe the
premium level chosen. The customer should give notice of
increase in death benefit 15 days before the yearly policy
anniversary.

 Flexibility to decrease the Sum Assured: The customer

can decrease the Sum Assured (in multiples of 1000) at any time
to suit their changing needs. The sum Assured, after decrease,
must be at least 5 times the annual premium. After a decrease
subsequent increases will be subject to underwriting.

 Flexibility to Pay Top ups: The customer may have received a bonus or some
lump sum money. The customer can use that to increase his/her investments in
their policy.98% of any amount paid as top-up is allocated to their funds.
 Flexibility to increase the level of Regular Premium

Payment: The customer’s earnings grow over time, and so does

their savings potential. With Bajaj Allianz Unit gain Plus, the
customers will have the flexibility to increase their regular
premium amount at any time.
  Assured Protection even if the customer misses
payment of their premiums: Bajaj Allianz Unit Gain Plus
provides the customer with the unique features of continued
protection even if they forget to pay their premiums. After
payment of three full years premiums, when premiums due are
not paid, the policy will stay in force with full benefits so long
as there are enough units available for charging the Cost of
Insurance and Additional Benefits after deducting all applicable
charges .

Important Details of the ‘Bajaj Allianz Unit Gain Plus’

Plan

 Minimum Age at Entry: 0(Risk commences at age 7, and ceases

after age 70)
 Maximum Age at Entry: 60.
 The minimum age at entry for all additional benefits is 18 years.
 The maximum age at entry for all additional benefits is 50 years.
 All additional benefits are available till age 65.

Premium Payment Mode

For the customer’s convenience, Allianz have provided 3 regular
premium payment modes that can be Yearly, Half Yearly, and
Quarterly. They also offer a monthly premium payment mode with
salary deduction schemes. In addition, the customer also has the option
to pay top-ups to increase his/her investments. The minimum premium
is Rs.15000/- for the Annual Mode, Rs.7500/- for Half Yearly,
Rs.3750/- for Quarterly, and Rs.1500/- for the Monthly Mode. The
minimum top-up premium is Rs.5000/-.
Partial and Full Withdrawals

Unit Gain Plus offers the full flexibility of full as well as partial
withdrawals by surrendering units, anytime after 3 full years premium
are paid. The surrenders are paid put at the value of units, and there is
no surrender penalty on partial or full withdrawals after full 3 years
premiums are paid.

Key Features

 Guaranteed death benefit

 Choice of 5 investment funds with flexible investment
management: you can change funds at any time.
 Attractive investment alternative to fixed-interest securities.
 Provision for full/partial withdrawals any time after three full
year’s premiums is paid.
 Unmatched flexibility- to match your changing needs.

Benefits

 Death Benefits
 Cash withdrawal option

New Family Gain

Family Gain is a flexible investment plan with unique first of its Pure Stock Fund.
The investment in this ethical fund will specifically exclude companies dealing in
gambling, contests, liquor, entertainment (Films, TV etc.), hotels, banks and financial
institutions, thus suiting religious sentiments on investment guidelines.

• Partial and full withdrawals after 3yrs.

• Guaranteed Life Cover: Sum Assured + Value of Units
• Additional Benefits:
o Accidental death and disability
o Critical illness and hospital cash
New Unit Gain Super

Insure fully and get MAX allocation up to 93%

Flexibility to:

• Manage your investments: 4 funds to choose from, with 3 free switches every
year
• Partial and full withdrawals after 3yrs.
• Pay top-ups.
• Reduce regular premium after 2 yrs.

New Unit Gain Plus

Flexible investment were never so easy

• Manage your investments: 6 funds to choose from, with 3 free switches every
year
• Partial and full withdrawals after 3yrs.
• Flexibility to increase sum assured and pay top-ups
• Assured Protection – even if you miss payment of your premium after 3 yrs
• Additional Benefits:
o Accidental death and disability
o Critical illness and hospital cash

New Unit Gain

A low investment flexible investment plan

• Manage your investments: 6 funds to choose from, with 3 free switches every
year
• Partial and full withdrawals after 3yrs.
• Flexibility to increase sum assured and pay top-ups
• Assured Protection – even if you miss payment of your premium after 3 yrs
• Additional Benefits:
o Accidental death and disability
o Critical illness and hospital cash
New Unit Gain Premier

A unique single premium product which gives upfront 105% allocation

• 105% allocation
• Guaranteed life cover
• Manage your investments:
• 4 funds to choose from, with 3 free switches every year

Term Care
This plan not only offers the customer life insurance cover at a
low cost, but also provides for return of premiums on maturity. The
premiums returns at maturity will be equal to the single premium or the
sum total of equivalent annual premiums of the Economy Pack
(excluding extra premiums charged if any). In case of premature death
the policy term, the full sum Assured will be paid to the nominee.

How does the plan work?

The “Bajaj Allianz Term care” Plan offers the customer the
convenience of choosing between two premium payment options.
 Regular Premium Payment: Premium payment throughout
the selected term.
 Single Premium Payment: One time premium payment for
the selected term at commencement.

Apart from covering the risk of natural death, this plan also
provides the customer the option to choose up to 5 additional benefits.
The customer can select a specific combination of additional benefits
best suited to his/her needs, available in 4 attractive packages to
choose from.

I. Economy:
This is the basic plan, which is available for both the regular and
single premium payment options.
II. Protect : This pack comes with the following 3 in-built

additional benefits :

a)Accidental death Benefit.

b) Accidental Permanent Total/Partial Disability Benefit

c) Waiver of Premium Benefit (in case of accidental

permanent total disability)

The Protect Pack is available with the regular premium payment option
only.

III. Health : This pack comes with the following 2 in –built

additional benefits :
a) Critical Illness Benefit.
b) Hospital cash Benefit. The health Pack is available with

the regular premium payment option only .

IV. Total : This pack comes with the following 5 in-built additional

benefits :
a) Accidental Death Benefit.
b) Accidental Permanent Total/ Partial Disability Benefit.
c) Waiver of Premium Benefit (in case of accidental
permanent total disability)
d) Critical Illness benefit
e) Hospital Cash Benefit

The Total Pack is available with the regular premium payment option
only.
Benefits :
 Accidental Death Benefit
 Accidental Permanent Total /Partial Disability Benefit
 Waiver of premium Benefit
 Critical Illness Benefit
 Tax Benefits
 Surrender
 Loans

LOAN PROTECTOR

The Bajaj Allianz “Loan Protector” plan is a mortgage term

insurance plan that covers the outstanding principal amount of a loan.
It is an economical way to protect the family from the burden of
repayment of the loan in case of death of the loaner. The plan is
designed to pay a sum insured that will be equal to the outstanding
principal amount of the loan due.

How does the plan work?

The “Bajaj Allianz Protector” Plan offers the convenience of

choosing between two premium payment options.

I. Regular Premium Payment : Premium payment limited to

approximately 2/3 r d of loan tenure, while coverage continues for
the full tenure of the loan.

II. Single Premium Payment : One time premium payment

covering the customer for the full tenure of the loan .

Joint Life Availability
The Customer has the option to cover the co-applicant of the loan
under this plan. Under this option, both lives will be covered and the
death benefit will be payable in case of death of either life. The policy
terminates on death of either life.

Days of Grace
In case of non-payment of premiums, a grace period of 30 days
will be allowed for the yearly, half yearly and quarterly modes (15 days
for monthly mode). After that the policy will lapse.

Revival Of the Policy

It is possible to revive a policy that has lapse due to non-
payment of premiums within 5 years from the date of lapse. The
revival will be effected subject to underwriting. In case of joint life,
revival would be subject to underwriting on both lives.
General Exclusion
Within 15 days from the date of receipt of the policy, the
customer have the option to review the terms and conditions and return
the policy, if the customer disagree to any of the term and conditions,
stating the reasons for his/her objections. The customer will be entitled
to a refund of the premium paid, subject only to a deduction of a
proportionate risk premium for the period on cover and expenses
incurred on medical examination and stamp duty charges.

Benefits :
 Death Benefit
 Premium Payment mode
 Tax benefits
  Surrender values/ paid up values
CHILD GAIN

Taking care of a child is perhaps the most important job a parent

can have. It is but natural that a person would like to give his/her best,
and therefore, this is the time when careful financial planning can help
them to fulfill the aspirations that the customers have for his/her
children .

How does the plan work?

The “Bajaj Allianz Child Gain” solutions help the customer to

enjoy the joys of parenthood responsibility, with the reassurance of a
secure future for their child.

Common features in the 4 options of Bajaj Allianz “Child gain”

Solutions.

I. Limited Premium Payment Term Which means that the

premiums are payable till the customer’s child attains age 18
years.

II. The customer’s contributions grow by way of

compounded annual bonuses, which will be paid to him with
the first guaranteed payout (policy anniversary following age 18 of
your child), for in-force policies. In addition to the annual
bonuses, a terminal bonus may also be paid.

III. The customers are also eligible for Tax benefits under Section 88
and Section 10 (10 D) of the Income Tax Act.
IV. Assuring Your Child’s Future In an uncertain world, the
prime interest of your child cannot be jeopardized in any way.
Which is why the Bajaj Allianz has built in some added benefits
in all their plans to protect the interests of your child’s future, by
counter insuring you- the policyholder.

Premiums
For the customer’s convenience they have provided three
Premium Payment Modes can be Yearly, Half yearly or Quarterly.
They also offer a Monthly Premium Payment Mode under
salary deduction schemes.

Surrender
They offer the customer the choice of surrendering the policy
provided three full years premium have been paid (Two years for
premium terms of 5 and 6 years). The guaranteed minimum surrender
value is 30% of all premiums paid excluding the first year premium and
excluding the premiums for premium waiver benefit and Family Income
benefit and additional benefit opted for. The guaranteed minimum
surrender value after the premium payment term will be the discounted
value of the outstanding installment payments discounted at 10 % p.a.
rate of interest.
Loans

Loans are not available with Bajaj Allianz “Child Gain”

solutions.

15 days Free Look Period :

Within 15 days from the date of receipts of the policy, the
customer have the option to review the terms and conditions return the
policy, if he/she disagree to any of the terms and conditions, stating the
reasons for his/her objections. The customer will be entitled to a refund
of the premium paid, subject only to a deduction of proportionate risk
premium for the period on cover and the expenses incurred on medical
examination and stamp duty charges.

Exclusions

The Death Cover is subject to the following Exclusion :

Suicide within one year from commencement of risk, whether sane or
not this product brochure gives the salient feature only. The relevant
policy document is the conclusive evidence of the contract, and
provides in detail all the conditions. Exclusion related to each of plans
under the Bajaj Allianz “Child Gain” Solutions.
INVEST GAIN

It takes only a moment to make promises and a lifetime to keep

them. Keeping promises made to your loved ones is not just a
responsibility, but a commitment that you have to live up to.
When you promise to see your family through thick and thin you
need to make sure that you have planned for all the eventualities that
may befall on them. You need to be prepared that even if there ever is
an instance that you are not there with them you have saved enough to
see them through their entire life.

 Accidental Death Benefit :

Accidents are always sudden and sometimes fatal. You can’t
lessen the emotional shock, but you can certainly soften the financial
one. “Bajaj Allianz Accidental Death Benefit” gives the loved ones
something to start with after the permanent loss of income by paying an
account equal to Sum Assured. (Subject to a maximum of Rs.
50,00,000/- under all policies with Bajaj Allianz taken together).

 Accidental Permanent Total/Partial Disability Benefit

Accidents are unpredictable and so are the consequences. They
may lead to a disability – partial or total. This benefit provides a
financial cushion against such misfortunes. You will get 50% of the
Sum Assured in case of partial disability and 100% in case of total
disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs.
50,00,000/- for total disability under all policies with Bajaj Allianz
taken together).
 Waiver of Premium Benefit:

An accident may lead to permanent total disability, limiting

one’s ability to earn. “Bajaj Allianz Waiver of Premium Benefit” is a
helping hand when one needs it most. It waives off all future premiums
while keeping the valuable life insurance cover alive, thus enabling you
to live up to your commitments.

 Critical Illness Benefit (CI) :

Some illnesses are critical. They not only alter one’s life’s
pattern but also result in a financial drain. “Bajaj Allianz Critical
Illness benefit” softens the impact on the family by paying out the
Critical Illness Benefit under the plan immediately, while other policy
benefits continue (excluding Hospital Cash Benefit). We cover 11
critical illnesses. The customers have the flexibility of choosing
Critical Illness cover up to the basic Sum Assured selected by you
(Minimum Rs. 50,000)

 Hospital Cash Benefit (HC) :

The worry of settling hospital bills (room charges) adds to the

trauma of hospitalization. “Bajaj Allianz Hospital Cash Benefit”
reduces this financial burden and helps recovery with peace of mind.

 Flexibility in Coverage :
All Bajaj Allianz, they believe I offering benefits and not just
products. They realize that customers are unique and their needs for
insurance vary with time. They therefore offer the customer the
flexibility of inclusion of coverage or exclusion of coverage at each
policy anniversary, subject to conditions relating to such inclusions and
exclusion. “Comprehensive Accident Protection” can be included and
excluded at each policy anniversary. Family Income Benefit, Critical
Illness benefit and Hospital Cash Benefit can be taken at inception
only. CI and HC can be reduced or excluded subsequently at any policy
anniversary. Once reduced or excluded, they cannot be increased or
included subsequently.

 Increase In risk Coverage

Every added responsibility in a person’s life call for increase in
his/her risk cover. Bajaj Allianz provide the customer the option to
increase coverage up to 505 of the basic Sum Assured on each of the
following happy moments in their life :

 You’re Marriage.
 The Birth of your First Child.
 The Birth of the Second Child.

“ This additional coverage is not subject to underwriting”

Bajaj Allianz Cash Gain Platinum:

Quadruple Sum Assured + Bonuses

 Choice Of Terms
Keeping the customer’s convenience in mind, Bajaj Allianz
offers the customer the widest range of terms : 15, 20, 25,and 30 years.
 Additional Protection For The Customer need Their
Family
 The customers have the option to add the following additional
benefits. Providing total protection against uncertainties .

a) Family Income Benefit (FIB): The Ultimate Protection For

your loved Ones. The customer can select the unique Family Income
Benefit from Bajaj Allianz that ensures total financial protection for
their loved ones. In case of death or accidental total permanent
disability, a guaranteed monthly income 1% of the Sum Assured (12%
per annum) is paid till the end of the policy term or at least for a period
of 10 years, whichever is higher. Moreover, all future premiums are
waived.

b) Comprehensive Accident protection: This benefit provides comprehensive

cover in case of an accident. It comprises of:
 Accidental Death Benefit
Accidents are always sudden and sometimes fatal. You can’t lessen
the emotional shock, but you can certainly soften the financial one.
“Bajaj Allianz Accidental Death Benefit” gives the loved ones
something to start after the permanent loss of income by paying an
amount equal to the Sum Assured. (Subject to a maximum of Rs 50,
00,000/- under all polices with Bajaj Allianz taken together).
 Accidental Permanent Total/ Partial Disability Benefit
Accidents are unpredictable, and so are the consequences. They may
lead to a disability – partial or total. This Benefit provides a financial
cushion against such misfortunes. You will get 50% of the Sum
Assured in case of partial disability. (Subject to a maximum of Rs. 25,
00,000/- for partial Rs. 50, 00,000/- for total disability under all policy
with Bajaj Allianz taken together).
 Waiver of Premium Benefit
An accident may lead to permanent total disability, limiting one’s to
earn. “Bajaj Allianz Waiver of Premium Benefit” is a helping hand
when one needs it most. It waives off all future premiums while
keeping the valuable life insurance cover alive, thus enabling you up to
your commitments.

c) Critical Illness Benefit (CI): Some illnesses are critical. They

not only alter one’s life’s pattern but also result in a financial drain.
“Bajaj Allianz Critical Illness Benefit” softness the impact on the
family by paying out the Critical Illness Benefit under the
Plan immediately, while other policy benefits continue (excluding
Hospital Cash Benefit). We cover 11 critical illnesses. The customer
have the flexibility of choosing Critical Illness cover up to the basic
Sum Assured selected by you (Minimum Rs. 50,000).

d) Hospital Cash Benefit (HC): The worry of setting hospital bills

(room charge) ads to the trauma of hospitalization. “Bajaj Allianz
Hospital Cash Benefit” reduces this financial burden and helps
recovery with peace of mind.

Flexibility in Coverage
In Bajaj Allianz, they believe in the offering and not just
products. They realize that the customers are unique and their needs for
insurance vary with time. They therefore offer the customer the
flexibility of inclusion of coverage or exclusion of coverage at each
policy anniversary, subject to conditions relating to such inclusions and
exclusion. “Comprehensive Accident Protection” can be included and
excluded at each policy anniversary. Family Income Benefit, Critical
Illness Benefit and Hospital cash Benefit can be taken at inception
only. CI & HC can be reduced or excluded subsequently at any policy
anniversary. Once reduced or excluded, they be increased or included
subsequently.
Increase in Risk Coverage:
Every added responsibility in a person’s calls for increase in his/her
risk cover. Bajaj Allianz provides the customer the option to increase
coverage up to 50% of the basic Sum Assured on each of the following:
 Happy moments on their life :
 Your birth of your first child
 The birth of the second child

“This additional coverage is not subject to underwriting. The option

should be exercised within 90 days of the occurrence of the said
event.”

SAVE CARE ECONOMY

As the breadwinner of the family you shoulder several
responsibilities. Your spouse’s welfare, your children’s education,
buying a house or a car – you have a lot to think about, everyday. We,
at Bajaj Allianz, believe that the security and growth of your hard
earned money should not add to these.
Which is why they have created the “Bajaj Allianz Save Care Economy-
Single Premium” the 10-year Single Premium version of our popular
“Save Care Economy”. It is an ideal plan for a one-time lump sum
investment that provides for saving with high risk-cover.

What does “Bajaj Allianz Save Care Economy – SP” offer

you?
The “Bajaj Allianz Save Care Economy – SP, is a Single Premium
investment plan for 10 years that also participates in the profits of the
company. The highlights of this plan are:
  Minimum Guaranteed Return up to 3.54 %( depending on age at
entry).
 The Minimum Guaranteed Amount (Sum Assured) would grow
further by way of compounded annual bonuses.
 A high risk-cover of up to 142% (depending on age at entry) of
the sum invested from the beginning of the policy term as a
financial safety net to provide for unpredictable adversities.
 Eligible for Tax Benefits under Section 88 and Section 10 (10 D)
of the Income Tax Act.
 At maturity you will receive the Sum Assured (Minimum
Guaranteed Amount) along with the accrued bonuses.

Death Benefit:
In case of death during the term of the plan, the nominee will be
paid the Sum Assured (Minimum Guaranteed Amount) plus accrued
bonuses. I case of death of a minor (below age 7), the death benefit
will be the surrender value or Single Premium whichever is higher.

RISK CARE
This plan offers the customer life insurance cover at the lowest
possible cost for a selected term. It is an ideal option to cover their
near and dear ones against financial risks arising out of life’s
adversities – like death and permanent disability. In the case of pre-
mature death during the term, the Sum Assured is paid to the nominee.
There are no survival benefits under this plan.

What does this plan offer?

The “Bajaj Allianz Risk Care” Plan offers the convenience of

choosing between two payment options.
 Regular Premium Payment - Premium payment through the
selected term.
  Single Premium Payment - One time premium for the
selected term at commencement.
Apart from covering the risk of natural death, this plan also
provides the option to choose up to 5 additional benefits. A person can
select a specific combination of additional benefits best suited to

his/her needs, available in 4 attractive packages to choose from .

 Economy:
This is the basic plan, which is available for both the regular and
single premium payment options.

 Protect: This pack comes with the following 3 in-built

additional benefits:
 Accidental Death Benefits.
 Accidental Permanent Total/Partial Disability Benefits.
 Waiver of Premium Benefit (in case of accidental permanent total
disability)

The Protect Pack is available with the regular premium payment

option only.

 Health: This pack comes with the following 2 in-built

additional benefits:
1. Critical Illness Benefit.
2. Hospital Cash Benefit. The heath pack is available with the
regular premium payment option only .
 Total: This pack comes with the following 5 in-built additional
benefits:
1. Accidental Death Benefit.
2. Accidental Permanent Total/Partial Disability Benefit.
3. Waiver of Premium Benefit (in case of accidental
permanent total disability).
4. Critical Illness Benefit.
5. Hospital Cash Benefit.

The total Pack is available with the regular premium payment option
only.

 Benefits
 Premium Waiver Benefit
 Family Income Benefit
 Option to Purchase future Insurance

 Exclusions

Suicide within one year from commencement of risk, whether

same or not. This product gives the salient featured only the relevant
policy document is the conclusive evidence of the contract, and
provides in details all the conditions, exclusion related to each of plans
under the Bajaj Allianz “Child Gain” Solutions.

LIFE TIME CARE

This plan provides you with the comfort that your near and dear
ones will continue to live their life without financial worries, even
when you are not around.
PENSION PLANS

SWARNA VISHRANTI
You have been working hard. You’re going to retire one day,
How do you see your retirement? Traveling Golfing? Turning a hobby
into a second career or volunteering for a noble cause or simply
spending more time with your family.
In retirement, how you choose to spend your time is now up to
you. It’s also up to you to ensure your retirement income lasts as long
you do. The decisions you make about your money today should be
flexible enough to accommodate your changing needs. Taking charge of
your olden years are golden years.

What does “Bajaj Allianz Swarna Vishranti” offers?

With Bajaj Allianz Swarna Vishranti, a person can take control

of his/her future and ensure a retirement he can look forward to. This
plan helps a person to prudently play for his retirement today, so that
he doesn’t have to worry about inflation, declining interest rates and
rising medical bills in the future as also ensures the financial security
of his family. The annuity payable under this plan will ensure that
his/her earnings never stop during their lifetime. Packed with a host of
innovative features and with flexibility like never before, then the
search for the perfect pension ends here with Bajaj Allianz Swarna
Vishranti, they have the option to choose the following additional
benefits:

a) Family Income Benefit: The customer can select the

unique Family Income Benefit from Bajaj Allianz that ensures
total financial protection for loved ones. In case of death or
accidental total permanent disability, a guaranteed monthly
income of 1% of the Sum assured (12% per annum) is paid till
the vesting date or at least for period of 10years, whichever is
 higher. Moreover, all future premiums are waived. This
unique regular income benefit can act as important
supplement to the pension available to the spouse in the case
of death.

b) Comprehensive Accident Protection: This benefit

provides comprehensive cover in case of an accident. It
comprises of :

 Accidental Death Benefit: Accidents are always

sudden and sometimes fatal. You can’t lessen the
emotional shock but you can certainly soften the
financial one. Bajaj Allianz Accidental Death
Benefit gives the loved ones something to start with
after the permanent loss of income by paying an
amount equal to the Sum Assured. (Subject to a
maximum of Rs. 50, 00,000/- under all policies with
Bajaj Allianz taken together).

 Accidental Permanent Total/Partial Disability

Benefit: Accidents are unpredictable and so are the
consequences. They may lead to a disability- partial or
total. This benefit provides a financial cushion against
such misfortunes. One will get 50% of the Sum Assured
in case of partial disability and
100% in case of total disability. (Subject to a maximum
of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for
total disability under all policies with Bajaj Allianz
taken together).
  Waiver of Premium Benefit : An accident may
lead to premium total disability, limiting one’s ability
to earn. Bajaj Allianz Waiver of Premium Benefit is a
helping hand when one needs it most. It waives off all
future premiums while keeping the valuable life
insurance cover alive, thus enabling you to live up to
your commitments.

c) Term Cover :

Additional Protection for Your Family: The customers

have an option to include a Term Cover in his/her policy, which
will provide an additional life insurance protection at a nominal
cost. This also ensures that the pension available to spouse is
further supplemented.

d) Critical Illness Benefit : Some illnesses are critical. They

not only alter one’s life’s pattern but also result in a financial
drain. “Bajaj Allianz Critical Illness Benefit” softness the
impact on the family by paying out the Critical Illness Benefit
under the plan immediately, while other policy benefits
continue (excluding Hospital Cash Benefit). We cover 11
critical illnesses. The customer have the flexibility of
choosing Critical Illness cover up to the basic Sum Assured
selected by you (Minimum Rs. 50,000).

e) Hospital Cash Benefit (HC) : The worry of setting

hospital bills (room charge) adds to the trauma of
hospitalization. “Bajaj Allianz Hospital Cash Benefit” reduces
 this financial burden and helps recovery with peace of mind.

What are the benefits of Bajaj Allianz Swarna Vishranti?

The plan works in two parts - The deferment period and the
annuity period. During the deferment period, the plan provided
valuable life cover and builds up the funds required to purchase the
immediate annuity. The deferment period ends at the vesting date. The
customers are free to choose their age of retirement (vesting date)
between 45 and 70 years.

Since the Bajaj Allianz Swarna Vishranti plan participates in

the profits of the company, the Sum Assured grows with time through
the bonuses declared by the company.

The benefits on vesting date (the date you choose to retire)

1. The Sum Assured along with all accrued bonuses will be used
to purchase an immediate annuity. The immediate will be
purchased at rates prevailing at that point of time.
2. Option to take lump sum: The customers have the option to take
up to 33% of Sum Assured plus accrued bonuses on the vesting
date as a lump sum. This amount would be tax in their hand, as
per current tax laws. The balance amount will be used to
purchase an immediate annuity.
3. Open Market Option: You have the option to purchase an
immediate annuity from Bajaj Allianz or from any other
company. If the immediate annuity is purchased from Bajaj
Allianz, the amount available for purchased of annuity will be up
to 2% At present, they offer their immediate annuity plan for
life, Swarna Raksha, tied to this plan.
 4. The minimum installment of annuity from Bajaj
Allianz is Rs.1000/-. The annuity mode may be changed to
make each installment more than the minimum requirement. If it
is still below the minimum, the Sum Assured + Accrued Bonuses
would be paid .

Added Assurance – for your family

In the unfortunate event of death during the deferent period, your

spouse will have the option to take the Sum Assured plus accrued
bonuses as a lump sum pr purchase an annuity to get regular income for
life. For the immediate annuity, your spouse will have the Open Market
Option as well, Bajaj Allianz immediate annuity, with a mark up of 2%
will be available only if the spouse is above 45 years of age. In all ages
lower than 45, the Sum Assured + A Accrued bonuses would paid out.

Flexibility in Coverage

At Bajaj Allianz, they believe in offering benefits and not just

products. They have realized that the customers are unique and their
needs for insurance vary with time. They therefore offer the flexibility
of inclusion of coverage or exclusion of coverage at each policy
anniversary till the vesting date, subject to conditions relating to such
inclusion and exclusion. “Comprehensive Accident Protection” can be
included and excluded at each policy anniversary.
The Term Cover, Family Income Benefit, Critical Illness Benefit
and Hospital Cash Benefit can be reduced or excluded subsequently at
any policy anniversary. Once reduced or excluded, they cannot be
increased or included in the policy subsequently. The Family Income
 benefit, once selected, cannot be removed. The term cover can be
excluded at any subsequent policy anniversary. Once removed, it
cannot be included in the policy subsequently.

UNIT GAIN EASY PENSION

You have been working hard. You’re going to retire one day.
How do you see your retirement? Traveling? Golfing? Turning a hobby
into a second career or volunteering for a noble cause or simply
spending more time with your family. In retirement, how you choose to
spend your time is now upto you. Its also upto you to ensure your
retirement income lasts as long as you do. The decisions you make
about your money today should be flexible enough to accommodate
your changing needs. Taking charge ensures that your olden years are
your golden years.

The “Bajaj Allianz Unit Gain Easy Pension” Plan

With Bajaj Allianz, you can take control of your future and
ensure a retirement you can look forward to.
There are two packages to choose from:
 UnitGain Easy Pension Regular Premium
 UnitGain Easy Pension Single Premium

What are the benefits available?

The plan works in two parts – the deferment period and the
annuity period. During the deferment period, the plan builds up the
funds required to purchase the immediate annuity. The deferment
period ends at the vesting date. You are free to choose your age of
retirement (vesting date) between 45 and 70 years.
The benefits on Vesting Date (the date you choose to retire)
1. The Account Value as on the vesting date will be used to
purchase an immediate annuity. The immediate annuity will be
purchased at rates prevailing at that point of time.
2. Option to take lump sum: You have the option to take up to 1/3 r d
of the account value on the vesting date as a lump sum. This
amount would be tax free in your hand, as per current tax laws.
The balance amount will be used to purchase an immediate
annuity.
3. Open Market Option: You have the option to purchase an
immediate annuity from Bajaj Allianz or from any other
company. If the immediate annuity is purchased from Bajaj
Allianz, the amount available for purchase of the annuity will be
market up by 2%.
4. The minimum installment of annuity from Bajaj Allianz is
Rs.1000/-. The annuity frequency may be changed to make each
installment more than the minimum requirement. If it still below
the minimum, the Account Value may be utilized to purchase an
immediate annuity from any other company in the a open market
as per your choice, or paid in lump sum, if permissible, subject
to the prevailing tax laws.

Assurance – for your family

In the unfortunate event of death during the deferment period,
your spouse will have the option to take the Account Value as a
lump sum or purchase an annuity to get regular income for life. For
the immediate annuity, your spouse will have the Open Market
Option as well. The immediate annuity from Bajaj Allianz will be
available only if the spouse is above 45. If age were below 45, the
Account Value would be paid out.
Annuity options:
You will be able to choose from all immediate annuity products
offered by Bajaj Allianz Life insurance at the vesting date. The
annuity products currently available are:
Annuity for Life
Annuity for Life with 5, 10 or 15 years certain payout
Annuity for Life with Return of Capital You also has the open
market option to purchase immediate annuity.

UNITGAIN LIFE PENSION

You have been working hard. You’re going to retire one day.
How do you see your retirement? Traveling? Golfing? Turning a
hobby into a second career or volunteering for a noble cause or
simply spending more time with your family. In retirement, how you
choose to spend your time is now up to you. Its also up to you to
ensure your retirement lasts as long as you do. The decision you
make about your money today should be flexible enough to
accommodate your changing needs. Taking charge of your
retirement begins with Bajaj Allianz UnitGain Life Pension, a plan
that ensures that your olden years are your golden years.

The “Bajaj Allianz Unit Gain Life Pension” Plan with Bajaj
Allianz, you can take control of your future and ensure a retirement
you can look forward to. This plan has been designed to take care of
your retirement and insurance needs, thereby providing you with a
comprehensive solution for a lifetime.
 There are two packages to choose from:
 UnitGain Life Pension Regular Premium
 UnitGain Life Pension Single Premium

What are the benefits available?

The plan works in two parts – the deferment period and the
annuity period. During the deferment period, the plan provides
valuable life cover and builds up the funds required to purchase the
immediate annuity. The deferment period ends at the vesting date.
You are free to choose your age of retirement (vesting date) between
45 and 70 years.

The benefits on Vesting Date (the date you choose to retire)

1. The Account Value as on the vesting date will be used to

purchase an immediate annuity. The immediate annuity

will be purchased at rates prevailing at that point of time.

2. Option to take lump sum: You have the option to take up to

1/3 r d of the account value on the vesting date as a lump sum. This
amount would be tax free in your hand, as per current tax laws.
The balance amount will be used to purchase an immediate
annuity .

3. Open Market Option: You have the option to purchase an

immediate annuity from Bajaj Allianz or from any other
company. If the immediate annuity is purchased from Bajaj
Allianz, the amount available for purchase of the annuity will be
up by 2%.
 4. The minimum installment of annuity from Bajaj Allianz is
Rs.1000/-. The annuity frequency may be charged to make each
installment more than the minimum requirement. If it still below
minimum, the Account Value may be utilized to purchase an
immediate annuity from any other company in the open market as
per your choice, or paid in lumpsum, if permissible, subject to
prevailing tax laws.

Assurance – for your family

In the unfortunate event of death during the deferment period,
your spouse will get the greater of the Sum Assured or the Account
Value. S/he will have the option to take it as a lump sum or
purchase an annuity to get regular income for life. For the
immediate annuity, your spouse will have the Open Market Option
as well. The immediate annuity from Bajaj Allianz will be available
only if the spouse is above 45. If age were below 45, the amount
would be paid out as a lump sum.

Annuity Options

You will be able to choose from all annuity products offered by

Bajaj Allianz Life insurance at the vesting date. The annuity
products currently available are:
1. Annuity for Life
2. Annuity for Life with 5,10 or 15 years certain payout
3. Annuity for Life with Return of Capital You also has the open

market option to purchase immediate annuity .

SWARNA RAKSHA ROC

 You have been working hard. You’re going to retire one day.
How do you see your retirement? Traveling? Golfing? Turning a hobby
into a second career or volunteering for a noble cause or simply
spending more time with your family. In retirement, how you choose to
spend your time is now up to you. Its also up to you to ensure your
retirement income lasts as long as you do. Taking charge of your
retirement begins with Bajaj Allianz
Swarna Raksha, a plan that ensures that your olden years
olden years are you golden years.
The “Bajaj Allianz Swarna Raksha” ROC Plan
With Bajaj Allianz Swarna Raksha, you can ensure a regular
income after retirement. The plan offers you a Life Annuity with
Return of Capital.

How does Bajaj Allianz Swarna Raksha work?

All you have to do is pay a lump sum amount to Bajaj Allianz
Life Insurance Company, and the annuity payments will start after
expiry of monthly/quarterly/half yearly/yearly interval corresponding
to the payment mode selected by you. Here annuity is payable for life,
so you do not have to worry about your income stopping at any stage.
What more, under the return of capital option, the amount used to
purchase the annuity is paid to the nominee on the death of the annuity .

Important details of the “Bajaj Allianz Swarna Raksha

ROC” Plan
 Minimum Age at Entry 45
 Maximum Age at Entry 80
 Minimum Lump Sum Rs.50,000
 Minimum Annuity Installment Rs.1000
How much will you get?
For Rs.10, 00,000/- invested in Swarna Raksha at age 60, you
will receive Rs.53, 690/- per GERANTEED for life, with return of
Rs.10, 00,000/- to your nominee on death.

Annuity Frequency Mode for your convenience they have

provided 4 Annuity Frequency Modes that can be Yearly, Half yearly,
quarterly or monthly. The annuity will be payable one
month/quarter/half year/year after the date of purchase depending on
the mode selected.

Female Lives The annuity rates for female lives shall be the
corresponding annuity rate for a 4 year younger male.

15 days Free Lock Period:

Within 15 days from the date of receipt of the policy, you have
the option to review the terms and conditions and return the policy, if
you disagree to any of the terms & conditions, stating the reason for
your objections. You will be entitled to a refund of the premium paid,
subject only to a deduction of the expenses incurred.

DISTRIBUTION CHANNEL
 Bajaj Allianz General Insurance Company Limited is a joint
venture company between Bajaj Auto Limited, India’s leading
insurance and financial services group. Bajaj Allianz General

Insurance Company offers technical excellence in all areas of

General & Health insurance and Risk Management. The partnership
successfully combines Bajaj Auto’s extensive understanding of the
local market and expensive distribution with the global experience and
technical expertise of the Allianz Group. Allianz AG, Germany brings
its technical expertise of insuring the majority of Fortune 500
companies.

Bajaj Allianz General Insurance is headquartered on Pune and

has a wide network of 40 offices spanning the country. All the offices
are fully networked. The company received the IRDA registration May
2001 and today has a vast range of 45 products to suit the corporate
and retail customers. The company has also pioneered the issue of
unique forms of risk cover, like Special PA cover for Amarnath Yatris,
Housing loan cover for people who may become unemployed, Film
Insurance, Credit Insurance cover for domestic as well as credit risk.

Bajaj Allianz has two main channels of distribution, one is the

Agency channel, which is the dominant one, and the other one is
bancassurance agreement so far. The first was Standard Chartered
Bank. When they started their operations in India, it had a good
customer base of HNIs & corporate and therefore they chose that bank.
Their next bancassurance arrangement was with Syndicate Bank last
year. Recently, we have entered into bancassurance with Centurion
Bank. This bank has a vast network of around 100 branches not in
metro cities but also in “B” class cities.
Bajaj Allianz Life Insurance is poised for an accelerated growth
in the market and has already become the fastest growing private life
insurance company in India. Bajaj Allianz Life Insurance has a wide
pan India presence of office network in 156 cities of the country and is
aided with a strong and trained Agency network of over 28,000 agents.
Bajaj Allianz has forged strong Bancassurance and Corporate Agency
relationships and continues to build on new tie-ups for fast track
growth and deep market penetration. Bajaj Allianz has tied up with 6
banks viz. bank of Punjab, Bank of Rajasthan, Jammu & Kashmir bank,
Lord Krishna bank, Karur Vysya Bank and Punjab & Sind Bank – the
1 s t Public Sector bank to tie up with it. Bajaj Allianz is the only private
general insurer to have tied up with 6 Bancassurance partners. And so
far they are happy with the performance of this channel of distribution
for their products.

Bajaj Allianz has tied up with Janakalyan Sahakari Bank,

schedule urban co-operative bank, for Bancassurance on a referral
basis. As per the arrangement, Janakalyan sahakari Bank will distribute
Bajaj Allianz life insurance products through its branches.
The bank has a network of 25 branches in Mumbai ad its suburbs
Thane, Vashi and Panvel. Its area of operation covers entire
Maharashtra.

Centurion Bank has inked a pact with Bajaj Allianz Life

Insurance Company to distribute the latter’s Bancassurance products
through branches in the country as part of plans to grow free-base
income. In the first phase the private sector bank would rollout
Bancassurance products at 46 branches and 16 extension counters from
October one, its managing director Shaliendra told reporters on
Wednesday. The distribution set-up would be expanded to 15 more
branches and 6 extension counters in second phase.

Bajaj Allianz Life Insurance has launched a slew of need-based

products to cater to each varied needs of the customer. Currently Bajaj
Allianz Life Insurance has a product portfolio of 19 products and more
need-based products are in the pipeline.
 Bajaj Allianz is also targeting tech savvy customers. The banks
are in regular touch with their customers anyway either through the
ATMs, Internet Banking etc. and hence the bank can at least inform
their customers about the insurance products. Once the customer
evinces keen interest the product features can be explained to them.
Again in order to issue the policy they need not visit their office, but
the bank branch can issue the policy from their office itself.

Bajaj Allianz Life Insurance Company Ltd recorded Rs.500 crore

GWP from April 2004 to January2005and has insured a total of
500,000+ customers, scoring a double-500 this year. The company
Recently launched an online sales portal and has been widening its
distribution network as well strengthening its market presence, through
strategic partnerships with the right distributors and a strong, focused
relationship with each of its partners. At present, Bajaj Allianz ranks
second amongst private players, with a market share of 12% (as per
IRDA results for this financial year, up to December 2004), and 2.03 %
amongst overall players.

The company’s agents, bancassurance partners, corporate agents

and sales team, apart from its decentralized operations and flexible
products, have played a major role in its fast paced growth.

With the authority to think as business managers and build their

branches as profit centers. They are encouraged to open satellite
branches. This gives branch managers the depth of decision-making and
speed required to react to market dynamics and consumer needs. The
management has also appointed full-time training personnel for each
branch.

The fastest growing private Life Insurance company in India,

Bajaj Allianz’s portfolio of 19 products includes comprehensive
‘Employee Benefit Solution (Group Term Life, EDLI, Gratuity,
Super annuation, Keyman Insurance and More); Invest Gain ( a
unique Life Insurance plan for the individual, where a regular
income is combined in a plan that also pays a lump sum), Cash Gain
(money back), Child Gain (children’s plan), Risk Care (pure term),
Lifetime Care (whole life), Term Care (term with return of
premium), Swarna Vishranti (retirement plan), Protector (mortgage
term insurance plan), Unit Gain (unit-linked plan), Unit Gain
Single Premium, Unit Gain Plus, Unit Gain Plus SP, Lifelong Gain
Plus, Unit Gain Single Pension and Unit Gain Easy Pension.
 RESEARCH METHODOLOGY

The approach to the research is considered in this chapter, from

the theoretical underpinning to the collection and analysis of the data.
It begins with the extent of the research to provide the specific
guidelines of studying. The next part is concerned with the method of
the research that refers to the data collection and analyzing which is
used in the research.

METHODS-

PRIMARY DATA

Date collection for this research was done primarily through

filling up of questionnaire. The sample for the research including
different individuals of various age groups and having different
professions and qualifications. Data was collected through the
interview of individuals. The questionnaire was containing questions
regarding the personal details of individuals and then some light
questions regarding their primary knowledge related to private
insurance companies. Then there were questions related to their interest
in being the Insurance Consultants of company.

SECONDARY DATA

A large amount of secondary data has been collected from secondary

sources. Some of the sources are:-
 Reports on Insurance Sector of India.
 Articles from Newspapers and magazines.
 Various web sites of the insurance companies and related sites .
DATA ANALYSIS

There are some features of analyzing data that need to be borne

in mind when choosing the method for analyzing the research. The
questionnaires were prepared to explore the psychology of individuals
about being associated with Bajaj Allianz as Insurance Consultants and
to help the company grow by increasing its sales. Instead of testing a
hypothesis, a qualitative analyst may demonstrate evidence showing
that a theory, generalizing, or interpretation is plausible .

SAMPLE SIZE:-

Various areas of Satna(M.P.) were covered in order to fill the

questionnaire. I interacted with 100 individuals in order to know about
their interest of being Insurance Consultants of Bajaj Allianz.

SAMPLE COMPOSITION

 Youth
 Executives
 Serviceman
 Business persons

RESEARCH DESIGN:
A research design provides the framework to be used as a guide
in collecting and analyzing data.
Descriptive Research :
Market survey is one of the best example of descriptive research.
This is a one shot research study at a given point of time, and consists
of a sample of the population of interest. Its advantages are that it
gives a good overall picture of the position at a given time. It can cover
many variables of interest, and is not affected by the movements of
elements in the sample, because other elements can be substituted for
them.

DATA ANALYSIS:-

After collection of data, the analysis of it was done through

various graphs:-
 Pie Diagram
 Bar Diagram
 Tubes
 Cones
 Analysis & Interpretations

Q1 . Do you know about the Bajaj Allianz Life Insurance company?

Ans. The response of individuals are as :-

Yes- 60% No-40%

40
Yes
No
60

Q.2.Do you know about the Unit Linked Insurance Product of life insurance
companies?

Knowledge of ULIP

Yes
30%
Yes
No
No
70%
Q.3.WHAT IS YOUR MONTHLY INCOME?

a) Below Rs.20, 000 b) Rs.20, 000- Rs.40, 000

c) Rs.40, 000- Rs.60, 000 d) Above Rs.60, 000

above
than
60000.
10% 20000. 20000
50% 20000-40000
40000-
60000. 40000-60000
10% above than 60000
20000-
40000.
30%

Q.4.Does your bank provide solution to your Insurance needs?

 YES  NO

No
40%
Yes
No
Yes
60%
 Q.5.Why you invested in life insurance?

Saving Child
Saving &
15% Education
Tax Benefit
36% 5%
Protection
(Risk
Protection Coverage)
& Saving 17%
27%

Saving Child Education

Protection (Risk Coverage) Protection & Saving
Saving & Tax Benefit

Q.6.Which company comes to your mind while thinking of life insurance? Write
any five, put first which comes first in mind and similarly second and third,
fourth and fifth.

100%
80%

Percentage of 60%
Respondents 40%
20%
0%
I II III IV V
Place

LIC ICICI Bajaj Allianz Tata AIG

Aviva Kotak HDFC Std. SBI Life
Sahara Life MNYL Reliance Birla Sun life

Q.7.Which of the following policies are you aware of?

 Whole Life Endowment Money Back
Multiple Risk Cover
Any other (please specify)____________________________

Money
Back Whole Life
30% 35%

Multiplier Endowment
15% 20%

Whole Life Endowment Multiplier Money Back

Q.8.Where/ whom do you prefer to buy your policy from?

 Agents Banks Direct from company
Online Any other (please specify)__________________

ON LINE.
5%
AGENTS
DIRECT
FROM BANKS
COMPAN
DIRECT FROM
Y. 10%
AGENTS. COMPANY
BANKS. 60% ON LINE
25%

POLICIES

Q.9. Do you have life insurance cover?

 No
40%
Yes
No
Yes
60%
COMPETITIVE ADVANTAGE

SWOT ANALYSIS:

Environmental Scan

Internal Analysis External Analysis

Weaknesses Opportunities
Strength Threats

SWOT Matrix

Strengths

 Strong brand name

 Customer loyalty

 Product Quality

 Good reputation among customers

Weaknesses
 Insufficient product promotion

 Unawareness about the product

Opportunity
  Allianz Bajaj adds complete suite of group insurance
products to its product Portfolio

 Allianz Bajaj plans to focus on group insurance for

its next phase of aggressive growth

 An unfilled customer need

Threat
 Emergence of substitute products

 Resistance to change

 Non- response from the target customers

 LIMITATIONS

During my report I found some limitations which are due to following reasons-

 Lack of funds.

 Lack of awareness.

 Lack of time.

 Already possessing some investment plans.

 Wrong perception regarding private players.

 Mostly Peoples believe in L.I.C. Policies

 Less No. of educated Insurance consultant.

The consumer behavior is more attitudes based, they are unwilling to differentiate

between the different insurance providers and they remain biased in their

purchasing.
 Findings

• It has addressed and overcome several concerns that customers had

about life insurance -- liquidity, flexibility and transparency and the
lack thereof..

• A separate customer lodge with full facilities.

• Bajaj Allianz is one of the insurance companies which is providing

better ULIP plan then other.

• Bajaj Allianz is the second priority of the customer after LIC in

Satna(M.P.).
 RECOMMENDATIONS

• Ulip product still not popular in customer because due to lack of awareness.

• Create awareness through advertisement in public.

• Bus stop, Airport, Railway is the best medium to create awareness relevant to
the product.

• IC should promote Ulip product by seminars and cultural activities.

• Bajaj should start its facility of monthly payment of 1000Rs.

• Product should endorse by celebrity.

 CONCULUSION

Bajaj Allianz is leading insurance company in India. Today customer like to invest
in ULIP scheme because today customer are more witty and see insurance as
investment and features of ULIP offers unexpected returns. Customer get rider like
critical illness, hospital claim, accidental Claim.

Other insurance player also have ULIP product but Bajaj Allianz have wide range
of product in ULIP like Unit plus, Medic gain , pension gain , Child gain etc. Despite
such feature ULIP scheme still not popular so requirement of Advertisement and
create customer awareness about Ulip product.
 QUESTIONNAIRE

PERSONAL DETAILS

Name: - ------------------------------ Nationality: - ----------------------------

Job: - ------------------------------ Address : - ----------------------------

Sex: - ------------------------------ Mobile no. :- ----------------------------

Employments Details

Q1. Do you have any insurance policy?

1) Yes 2) No

Q2. Do you have more than one policy?

1) Yes 2) No

Q3. What is your monthly income?

1) Below Rs.20, 000 2) Rs.20, 000- Rs.40, 000
3) Rs.40, 000- Rs.60, 000 d) Above Rs.60, 000

Q4. Are you the sole earner of your family?

1) Yes 2) No

1)
Yes
2)
No

Q5 .Do you know about the Bajaj Allianz Life Insurance

companies?

1) Yes 2) No
 Q6. Do you know about the Unit Linked Insurance Product of life insurance
companies?

1) Yes 2) No

Q7. He /she have a policy?

1) Yes 2) No

Q8. Which Type of insurance do you have?

1. Health 2. Pension

3. Life insurance

Q9. Premium of your policy . . . . . . .

Q10. Does your bank provide solution to your Insurance needs?

1) YES 2) No

Q11. Which Company comes to your mind while thinking of life insurance?
1) ___________ 2) ________

3) __________ 4) ________

Q12. Which of the following policies are you aware of?

Whole Life Endowment Money Back
Multiple Risk Cover
Any other (please specify) ____________________________

Q12. Where/ whom do you prefer to buy your policy from?

Agents Banks Direct from company
Online Any other (please specify)__________________

Q13. Why you invested in life insurance?

Saving & Tax benefit Saving Child Education
Protection (risk coverage) Protection & Saving
 BIBLIOGRAPHY

BOOKS WERE CONSIDERED

 Business Research Methodology by Mr. C.R. Kothari.

 Marketing Management by Philip Kotler

BUSINESS MAGAZINE & NEWS PAPER-

 The Times of India

 The Economic Times

 Business Standard

 The Indian Express

LIFE INSURERS
Websites
Life Insurance Corporation of
www.licindia.com
India
ICICI Prudential Life Insurance
www.iciciprulife.com
Co. Limited
HDFC Standard Life Insurance
www.hdfcinsurance.com
Co. Limited
Bajaj Allianz Life Insurance Co.
www.bajajallianz.co.in
Limited