A

PROJECT REPORT
ON
LIFE INSURANCE
AT
“BAJAJ ALLIANZ”
(PUNE)

FOR THE PARTIAL FULFILLMENT OF P.G.P PROGRAMME

SUBMITED TO
MAEER’S
MIT SCHOOL OF TELECOM
AND
MANAGEMENT STUDIES
2007- 09

SUBMITED BY
SHRADDHA JHARIYA
ROLL NO.L20714
BATCH NO.1

GUIDED BY
MR. MANDAR VAIDYA

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 DECLARATION

I have tried to make this project report titled A STUDY OF

INSURANCE PRODUCT AND INSURANCE MARKET successfully
and have provided the accurate information to the best of my
knowledge. The data collected is primary authentic and is evaluated
by myself.
This information is collected through personal interview
and questionnaire with different retailers and consumers and other
reliable resources.

I hereby declare that I have put in my best to make this

project come up to the expectation. The project is a result of my own
efforts.

SHRADDHA JHARIYA

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 A cknowledgement

It is a great privilege and honor to have an opportunity of doing

project with BAJAJ ALLIANZ LIFE INSURANCE CO.LTD. PUNE, at
the outset, I would like to thank MR.MANDAR VAIDYA(Addl.
Div.Manager in bajaj allianz, pune), who gave me an opportunity to do
my project for providing golden opportunity of undergoing in their
esteem organization and for proving me all kind of facilities guidance
and inspiration in making this project successful.
I am indebted to Bajaj Allianz’s retailers and consumers whom I
surveyed.
I feel great pleasure in submitting this project to MAEER’S MIT
SCHOOL OF TELECOM AND MANAGEMENT STUDIES(MITSOT)
PUNE.

SHRADDHA JHARIYA

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BACK GROUND OF THE STUDY

1.1 What is Insurance?

A contract (policy) in which an individual or
entity receives financial protection, or reimbursement, against losses from
an insurance company, which pools client's risks to make payments more
affordable, in exchange for a premium.
1.2 Brief history of Insurance
The business of insurance started with marine
business. Traders, who used to gather in the Lloyd’s coffee house in
London, agreed to share the losses to their goods while being carried by
ships. The losses used to occur because of pirates who robbed on the high
seas or because of bad weather spoiling the goods or sinking the ship. The
first insurance policy was issued in 1583 in England. In India, insurance
began in 1870 with life insurance being transacted by an English
company, the European and the Albert. The first Indian insurance
company was the Bombay Mutual Assurance Society Ltd, formed in
1870. This was followed by the Oriental Life Assurance Co. in 1874, the
Bharat in 1986 and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the
United India in Madras, the Bombay Life in Bombay, the National in
Calcutta, the New India in Bombay, the Jupiter in Bombay and the
Lakshmi in New Delhi. These were all Indian companies, started as a
result of the swadeshi movement in the early 1900s. By the year 1956,

8
when the life insurance business was nationalized and the Life Insurance
Corporation of India (LIC) was formed on 1st September 1956, there were
170 companies and 75 provident fund societies transacting life insurance
business in India. After the amendments to the relevant laws in 1999, the
L.I.C did not have the exclusive privilege of doing life insurance business
in India.
1.3 Pension
It can be described as the post-retirement benefit i.e. recurring income
received after the person has retired from the work.

Current Status

The takeout of the amendment made to Section 6(o) of the Banking

Regulation Act, 1949 is this: the current act does not permit banks to
handle insurance products. The proposed change will permit banks to
either distribute or to market insurance products. In addition to this, banks
will also be allowed entry to the insurance sector through the joint
venture route and bank assurance. It is understood that only strong banks
with three-year track records will be allowed to enter the business - entry
is a strict no-no to the weaker banks. The Insurance Regulatory and
Development Authority (IRDA) Bill provides for three levels of players -
an insurance company, insurance broker and an agent. Banks will work as
agents and brokers in this proposed structure.

This is an attempt to make the insurance sector more dynamic - this

is likely to happen as banks will use their formidable branch network to
market and distribute the insurance products. This amendment could also
forge alliances in the banking sector. Initial reports indicate that the State
Bank of India and Bank of Baroda have expressed interest in entering
into joint ventures. ING Barings, who already has a 20% stake in Vysya
Bank, plans to broad base its alliance to add on insurance-based activities.

This could be a timely move - one that will allow the domestic
players to prepare for the competition ahead. It would also bring them on
par with international players who are accustomed to operate in a
liberalized environment.

A closer look at the amendment indicates that it is tantamount to creating

stronger public sector monopolies with behemoths like SBI and BOB

9
entering the fray. It is unlikely that the private sector banks would
contemplate entering the business, as they may not have the requisite
capital to meet the prescribed capital adequacy for the insurance.

BACKGROUND OF THE TOPIC

INSURANCE MARKET:

Insurance in India started without any

regulation in nineteenth century. It Was a typical story of a colonial era:
a few insurance companies dominating the market serving mostly larger
urban centers. After the independence, the life insurance company was
nationalized in 1956. and then the general insurance business was
nationalized in 1972. only in 1999 private insurance companies were
allowed back into the business of insurance with a maximum of 26
percent of foreign holding ( World Bank Economic Review 2000 ). The
entry of the state bank of India with its proposal of bank assurance
brings a new dynamic in the game. On July 14, 2000 Insurance
Regulatory and Development Authority bill was passed to protect the
interest of the policyholder from private and foreign players.
The private insurance joint venture have collected
the premium of Rs crore With the investment of just Rs 7000 crore in
five year of liberalization. The private insurance players have
significantly improving their market share when compared to 50 years
old corporation (i.e. LIC). As per the figures compiled by IRDA, the life
insurance industry recorded a total premium underwritten of
Rs10707.96 crore for the period under review. Of this, private player
contributed to Rs 1,019.09 crore , accounting for 10 percent. Life
insurance corporation of India (LIC), the public sector giant, continued
to lead with a premium collection of Rs 9,688.87 crore , translating into

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a market share of 90 percent. In terms of policies and schemes sold,
private sector accounted for only 3.77 percent as compared to 96.23
percent share of LIC (The Economics Times,21 March, 2004).
The BAJAJ ALLIANZ topped among the private
players in terms of premium collection. It recorded a premium of Rs
364.9 crore and a market share of 25 percent, followed by Sun Life
with a premium under – written Rs 170 crore and a market share of 15
percent, HDFC Standard with 132.7 crore and Max New York Life with
Rs 76.8 crore with a market share of approximately 15 percent each.
Unlike their counterpart in the life insurance business, private non-life
insurance companies have not yet started addressing the retail market.
All is to change in the coming years. Like in the banking sector, non-life
insurance companies will soon have no choice but to focus on individual
buyers.
Insurance Market In India
By any yardstick, India, 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. Table 1 reflects the low percentage and per capita penetration of
insurance in India compared to other developed and developing countries.
With the per capita 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 from Rs.218 billion in 1998 to
Rs.1003 billion by 2008 (a compounded annual growth of 16.5%).

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 Kotak
2.9% AMP Sanmar
ING Vysya 1.5%
2.1% MetLife
Aviva
MNYL 4.5% 1.2% ICICI Prudential
5.1% 31.8%
Tata AIG
7.3%

HDFC Std. Life

7.7%

SBI Life Birla Sunlife

10.2% Bajaj Allianz 14.4%
11.5%

12 Private players in the market today: 

6 Bank owned insurers- HDFC Standard Life, ICICI Prudential, ING Vysya,
Metlife, OM Kotak, SBI Life
6 Independent Insurers- Aviva, Birla Sun Life, Bajaj Allianz, Max New York Life,
TATA Alg
82% market share still held by LIC

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 INSURANCE COMPANIES OPERATING IN
INDIA

PUBLIC SECTOR PRIVATE PLAYERS

1.LIFEINSURANCE 1. ICICI Prudential Pvt. Ltd*
CORPORATION OF INDIA
2. Birla Sun Life Insurance co. Ltd. (BSLI)
3. Bajaj Allianz Life insurance co. Ltd.
4. SBI Life Insurance co. Ltd. (SBI LIFE)
5. HDFC Standard Life Insurance co. Ltd.(HDFC
STD LIFE )
6. TATA AIG
7. MAX New York Life Insurance co Ltd.
8. AVIVA Life Insurance co. Ltd
9. Kotak Mahindra Old Mutual Life Insurance co.
Ltd**
10. ING Vysya Life Insurance co Pvt. Ltd. (ING
VYSYA)
11. AMP Sanmar Life Insurance co Pvt. Ltd.
12. MET LIFE Insurance co Pvt. Ltd.

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BAJAJ ALLIANZ LIFE INSURANCE CO.LTD
Bajaj Allianz life insurance received the Insurance
regulatory and development authority(IRDA) certificate of Registration
on 2nd May 2001 to conduct life insurance in India. The company has an
authorized and paid up capital of Rs.110crores. Bajaj auto Limited holds
74% and the remaining 26% is held by Allianz, SE.
To day has a countrywide network connected
through the latest technology for quick communication and response in
over 200 town spread across the length and breadth of the country.

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Bajaj Allianz life insurance Company boasts of nationwide presence with
900 offices and over 4 million satisfied customers.
As on 31 st march 2008,Bajaj Aliianz Life insurance
maintained its permier in the industry by garnering a premium income of
Rs.2578crore, achieving the Rs.100crores mark in profit after tax by
generating Rs.105crores.
In the first quarter of 2008-09, the company garnered a
gross premium of Rs.733.53 crores against Rs.573.73 last year for the
same period registering a growth of 28%. BAJAJ ALLIANZ LIFE
INSURANCE CO. LTD is a unique joint venture the among the global
giants Allianz Group (AG) and Bajaj auto. Allianz AG’s world ranking
establishes it among the top insurance companies in the world. Bajaj Auto
is one of the biggest two and three wheeler manufacturer in the world.
Allianz is a leading insurance conglomerate globally and one of the
largest asset managers in the world, managing assets worth over a trillion
euros ( over Rs 55,00,000 crores ).Allianz has over 115 years of financial
experience in over 70 countries.
Bajaj auto is one of the most trusted name is Indian auto
for over 55 year. At bajaj alliaz customer delight is our guiding principle.
Ensuring world class solutions by offering customized product with
transparent benefits, supported by best technology is our business
philosophy.\

COMPANY VISION

• To be the first choice insurer for customers

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

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 • To be the number one insurer for creating shareholder
value.

COMPANY MISSION
As a responsible , customer focused market leader, we will
strive to understand the insurance need of the consumers and translate it
into affordable product that deliver value for money.

ACHIEVEMENTS
Bajaj Allianz life insurance offers technical
excellence in all areas of 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.

Bajaj Allianz has received “iAAA rating, from ICRA

limited, an associate of Moody’s Investor Services Claims paying Ability.
This rating indicates highest claims paying ability and a fundamentally
strong position.

TIE-UP WITH BANKS

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 Standard Chartered Bank

Contact Number :
022 2492 8888
E-mail Address:
[email protected]

Syndicate Bank

Contact Number :
020 4026 742
E-mail Address:
[email protected]
www.syndicatebank.com

Placement Sales and Services Ltd.

Contact Number :
0487-2388666,2385922 Tele Fax - 2388666
E-mail Address:
[email protected]
Address: Regency Centre, Kalavary Road,
West Fort, Thrissur –4 Kerala, India

Team Life Care Co. (India) Ltd.

Contact Number :
0427 - 2410707; 2420707; Tele Fax - 2421245
Address: 5/118, Yercaud Main Road,
Chinnakollapatti, SALEM - 636008.
www.teamlifecare.in

GE Money

Address:4A, DLF Corporate Park Qutab

Enclave, Phase - 3 Gurgaon - 122002, Haryana
India
www.gemoney.in

Ernestine Consultants Pvt Ltd.

Contact Number :
080- 4034 1999 Fax- 080 - 4034 1920
Address: 1011, Ist Floor 3rd Cross, 13th Main
HAL 2nd Stage, Indira Nagar Bangalore-560038

COSMOS Co-op BANK Ltd.

Contact Number : 020 2488051

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 ACCELERATED GROWTH

FISCAL YR NO.OF POLICIES SOLD NEW BUSINESSincr.

2001-02 21,376 7
2002-03 1,15,965 69
2003-04 1,86,443 180
2004-05 2,88,189 857
2005-06 7,81,685 2717
2006-07 20,79,217 4270

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PRODUCT
Various Insurance products:

INVIDUALS PLANS

• Units Gain Insurance

• Term Care Plans
• Lifetime Care Insurance Policy
• Business Insurance Policies
• Savings and Securiy Policies for You and
your family
• Rural Insurance plan
• Healthcare Insurance
• Financial Insurance
Pension Plus
• Retirement Plans
• Children’s Plan
• Endowment Plans and many more.

GROUP INSURANCE SCHEMES

• Insurance for employee-employer groups

• Insurance for non employer-employee
groups
• Employees Deposit Linked Insurance
• New Group Superannuation Scheme
• New Group Gratuity Care Scheme

SPECIAL INSURANCE FOR NRI’es

• Investgain Endowment Plan

• Cashgain Money Back plan
• Swarna vishranthi

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NEW PRODUCT:

BAJAJ ALLIANZ LIFE INSURANCE LAUNCHES BAJAJ

ALLIANZ FORTUNE PLUS

Bajaj Allianz life insurance announced the launch of “Bajaj

Allianz Fortune Plus –A wealth creating ULIP which takes care of all
your investment requirement”. This is one of the First ULIPs in the
market, which offers Zero surrender Charges and high allocation from
day one, which is now available at affordable premiums to massem
starting at Rs. 15,00o per annum only.

KEY BENEFITS
• Zero surrender charges
• Best value for money ULIP
• Available for three terms 10,15 and 20 year.
• Flexibility of withdrawals after 3 years
• 100% premium for policies 10 yr and above

Customer Service:
Not unexpectedly, this was one area that witnessed the most
significant change with the entry of new players. There is an attempt to
bring in international best practices in service and operational efficiency
through use of latest technologies. Advice and need based selling is
emerging through much better trained sales force and advisors. There is
improvement in response and turnaround times in specific areas such as
delivery of 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.

PRODUCTS
BAJAJ ALLIANZ Life Insurance offers a range of innovative,
customer-centric products that meet the needs of customers at every life

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stage. Its products can be enhanced to create a customized solution for
each policy holder.

Child Plan

Smart Kid education plans provide guaranteed educational

benefits to a child along with life insurance cover for the parent who
purchases the policy. The policy is designed to provide money at
important milestones in the child’s life. Smart Kid plans are also available
in unit-linked form ? both single premium and regular premium.

Retirement Solutions

• Forever Life is a retirement product targeted at individuals in

their thirties.
• Secure Plus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
• Market-linked retirement products

• FUTURE INCOME GENERATOR is a regular premium

market-linked pension plan

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 • FUTURE SECURE is a single premium market-linked pension
plan that helps one accumulate over the long term and offers an
annuity option at the time of retirement.
• NEW UNIT GAIN EASY PENSION PLUS is a regular
premium pension plan with a capital guarantee on the investible
premium and declared bonuses.
• SWARNA VISHRANTI: is a limited premium paying retirement
solution that offers tax benefits up to Rs 100,000 u/s 80C, with
flexibility in both the accumulation and payout stages.

Health Solution

• Health Assure: Is a regular premium plan, which provides long

term cover against 6 critical illnesses by providing policyholder
with financial assistance, irrespective of the actual medical
expenses.

Health Assure Plus: Is a regular premium plan which provides

long term cover against 6 critical illnesses by providing financial
assistance, irrespective of actual medical expenses, as well as an
equivalent life insurance cover.

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 • FAMILY CARE FIRST: we offer cash less mediclaim facility
across 2000 hospitals in over 300 towns.

WOMEN INSURANCE:

Today women is an inspiration to her family.we offer

innovative plans which provide investment, savings, retairment solution,
medical insurance, there childern’s education and their future.

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UNIT LINKED PLAN: is a suitable product for you, if your objective
is long term targeted wealth creation over 15-20 years, either for your
own retirement or for your children's future, while at the same time
providing your family a enhanced protection against unfortunate
incidences in life.

Being a unit-linked plan, it also suits your requirement of deriving

potentially higher returns by assuming the appropriate risks.

Group Insurance Solutions

BAJAJ ALLIANZ LIFE INSURANCE also offers Group Insurance

Solutions for companies seeking to enhance benefits to their employees.

• Bajaj allianz Group Gratuity Plan: bajaj allianz group gratuity

plan helps employers fund their statutory gratuity obligation in a
scientific manner. The plan can also be customized to structure
schemes that can provide benefits beyond the statutory
obligations.
• Bajaj allianz Group Superannuation Plan: bajaj allianz offers
a flexible defined contribution superannuation scheme to provide
a retirement kitty for each member of the group. Employees have
the option of choosing from various annuity options or opting for
a partial commutation of the annuity at the time of retirement.

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 • Bajaj allianz Group Term Plan: bajaj allianz flexible group
term solution helps provide affordable cover to members of a
group. The cover could be uniform or based on designation/rank
or a multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on his/her death.

One of the best ways for employers to retain their employees is to

show them that their organization cares not only for them but also
their families.
At Bajaj Allianz Life Insurance we offer customised insurance plans,
which safeguard your employees’ interests and show your
commitment to your employees.

Bajaj Allianz Life Insurance Group Plans offer

• Financial stability to employees
• Ease of operations and fund management.

Non Employer Employee

Credit Shield
Group Term Life(Non-Employer Employee)
Group Suraksha
Swayam Shakti Suraksha

Employer Employee
Group Term Life (Employer Employee)
New Group Gratuity Care
New Group Superannuation Care
Group Save Plus
Group Term Life in lieu of EDLI

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Savings And Securites Policy

• Secure Plus is a transparent and feature-packed savings plan

that offers 3 levels of protection.
• Cash Plus is a transparent, feature-packed savings plan that
offers 3 levels of protection as well as liquidity options.
• Save’n’Protect is a traditional endowment savings plan that
offers life protection along with adequate returns.
• Cash back is an anticipated endowment policy ideal for
meeting milestone expenses like a child’s marriage, expenses
for a child’s higher education or purchase of an asset.
• Lifetime Super & Lifetime Plus offer customers the flexibility
and control to customize the policy to meet the changing needs
at different life stages. Each offer 4 fund options ? Preserver,
Protector, Balancer and Maxi miser.

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 • Lifeline Super is a single premium Market Linked Insurance
Plan which combines life insurance cover with the opportunity
to stay invested in the stock market.
• Premier Life is a limited premium paying plan that offers
customers life insurance cover till the age of 75.

LIFETIME CARE POLICY

• Lifeguard is a protection plan, which offers life cover at very

low cost. It is available in 3 options ? level term assurance, level
term assurance with return of premium and single premium.
• Home Assure is a mortgage reducing term assurance plan
designed specifically to help customers cover their home loans
in a simple and cost-effective manner.
• Accident & Disability: if death occurs as the result of an
accident during the term of policy, the beneficiary receives an
additional amount equal to the rider sum assured under the
policy.If the death occurs while traveling in an authorized
transport, the beneficiary will be twice the sum assured as
additional benefit.
• Critical Illness: it protects the insured against financial loss in critical
illness.

Distribution

BAJAJ ALLIANZ LIFE INSURANCE has one of the largest distribution

networks amongst private life insurers in India, years, BAJAJ ALLIANZ
LIFE INSURANCE has retained its position as the best private life
insurer in the country, with a wide range of flexible products that meet the
having commenced operations in over 116 cities and towns in India,

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stretching from Bhuj in the west to Guwahati in the east, and Amritsar,UP
in the north to Trivandrum in the south.

The company has bank assurance tie-ups, having agreements

as well as about 290 corporate agents and brokers. It has also tied up with
NGOs, MFIs and corporate for the distribution of rural policies and
organization like RURAL INSURANCE PLAN, a policy for the socially
and economically underprivileged sections of society.

IBAJAJ ALLIANZ LIFE INSURANCE has recruited and trained

more than 65,000 insurance advisors to interface with and advise
customers. Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.

SCOPE OF THE PROJECT

Scope of this project was to find out awareness level, customer

satisfaction level of the products and others.To know the market value
and insurance.

Understanding the company

Understanding the company profile, company business, company
products, distribution network, and customer of the company,
organization chart, market share, market structure, and pricing &
promotion strategy.
Understanding the OJT
OJT gives direct exposure to us and it gives the flavor of team
working org. culture, result orientation, org. pressure, and complexities in
achieving desire result. It is learning experience to us and be aggressive
in achieving the desire results. It provides good scope for developing
necessary managerial skill and positive attitude.

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Conceiving and finalizing project proposal
Project proposal is an important document in which (it indicates)
we are going to complete the project in the remaining week. So, it is
necessary conceiving and finalizing.
Project work
Implementation of project proposal we have to planning,
coordination, and operational discipline. And we have to break the project
in to various components and assign timelines along with desired results.
This is help to understand the progress made from time to time.

Objectives of Project
Investment planning
Investment planning is an alien concept for the Indian
populace. For a country which till now was worried about making ends
meet this emerging trend is definitely a new experience. But, the truth is
that if only they would have been introduced to the Art of Managing
Money, life could have been so much easier. Most of us spend more than
half of our lives working and saving because money is important, in fact
crucial. However, most of us spend almost no time planning to make that
hard-earned money work more effectively for us. So, how do you plan
your financial life?
On the investment Planning Desk will discuss concepts, ideas and
methods of planning, goals, return, risk and various investment options.
Concepts such as inflation, power of compounding, stock market jargon
etc will be explained in a phased manner.

What is investment planning?

Financial planning is nothing but an assessment of your
goals and the steps you must take to help make them a reality.

What is it that you want?

Is your wish to retire with a sound lump sum
amount or do you want a steady monthly income. Is your son's education
or daughters' marriage worrying you? The key is to figure out your goals.

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Where is your money going?
The most important thing is that you should
where your money is going. Zero on your monthly and annual expenses.

Why should you invest?

You should invest so that your money grows
and shields you against rising inflation. If prices rise by four per cent
annually it would not be sufficient if your savings only give you a return
of three per cent. It leaves you with a deficit of one per cent. The idea is
that your rate of hreturn on investments should be greater than the rate of
inflation, leaving you with a nice surplus over a period of time.

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34
 RESEARCH METHODOLOGY

Research:
The very common meaning of research is “a search for knowledge”.
Researches an act of scientific investigation. It is movement from the
known to the unknown fact confronts us; we try to find the meaning and
causes of that fact.

It is a scientific and systematic search for patient

information on a specific topic. It is an organized enquiry. It clarifies
doubtful facts. It corrects the misconceived facts or ideas. It seeks to
find explanations to unexplained phenomenon. In fact, research is an
original contribution to the explanation to unexplained making or its
advancement. It is the pursuit of truth with the help of study,
observation, comparison and experiment. In short, research is nothing
but search for knowledge through objective. It is a systematic method of
finding solution to a problem.
According to Clifford Woody, the research is defined as “the
process, which includes defining and redefining problems, formulating
hypothesis or suggested solutions, collecting, Organizing and evaluating
data; making deductions and reaching conclusion and at last carefully
testing the conclusion to determine whether they fit the formulating
hypothesis .

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 RESEARCH METHODOLOGY here includes

1. Main objective

2. Type of research

3. Research problem.

4. Research design

5. Sources of data.

6. Methods of data collection.

Type of research:

1. Qualitative Research as it includes comparative analysis of various

funds house.

2. Descriptive Research as it includes research and description of

various fund houses.

Research Problem;

The first step while conduct Bajaj Allianz life insurance any type of
research is decide bajaj allianz of the problem on which the research has
to be done. find out right person for investment is first challenge.

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Research design:

A research design is the arrangement of condition for

collection and analysis of date in a manner that aims to combine
relevance to research purpose with economy in procedure

SOURCES OF DATA
The respondent has collected the data from different sources. These
sources can be broadly categorized into two:
There are two types of sources of data
• Primary data
• Secondary data
Primary data
This type of data does not exist; it is originated by primary sources
like personal interaction or field back forms, questionnaires that act as
tools for collecting data.
Secondary data
This type of data already exists, and used to generate information
as required. We collect the secondary data through Internet, books,
journals and magazines of the company, various company broachers,
talking with people.

I have used both primary and secondary data in my study.

Sample Size:

My sample is 50 individuals.

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Sampling Method:

The basic idea of sampling is that by selecting some of the elements in a

population who are professionals like salaried person, employee. The

person who have own shops, medical store etc and ladies who have own
shops of like beauty parlour, boutique etc. A population element is the
subject on which measurement is being taken. A population is the total
element about which we wish to make differences.The ultimate test of a
sample design is how to well it represents the characterstics of the
population it supports to represent.In measurement terms the sample must
be valid.

Precautions in the use of questionnaire:

1. Should be simple and easy to understand.

2. clearly defined the objective of enquiry
3. Questionnaire should not hurt feelings of the respondent

Data analysis techniques:

“In order to have full coverage of objective, following method are used:

1. Primary Source – Interviews, Questionnaires are a simply

formalized schedule to obtain and record specified and relevant
information.
2. Secondary Source – annual reports of company on internet, records
and magazines.

Field work:

“For collecting the relevant data and information, field work was
essential tool. In field work personal interview with concerned parties

38
were conducted and questionnaire is being given to feed relevant
information.”

LIMITATIONS:
When we call the customer we have to face the following difficulties.
1. Non availability of time
2. Qualification problems
3. Distance problem
4. Lack of affordability
5. Lack of knowledge about insurance
6. Age problem.

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MARKET STUDY:
Prepared Questionnaire for the market study. Sample
space used for the market study is 50. The market survey was conducted
in Kothrud and Deccan area. This area was selected since there exists
BAJAJ ALLIANZ LIFE INSURANCE branches and awareness among
people was thought to be high. The Questionnaire was mainly focused on
awareness of insurance and insurance companies among common people.
Also the questionnaire was focused on recruitment of
financial advisors. That is whether people know the benefits of becoming
an advisor are they willing to become advisors and so on. They
questionnaire appears in the appendix of the project.

FINDING AND DATA ANALYSIS

1. Do you know about Insurance?

YES- 33%

NO- 67%

33%

67%

41
When asked people whether they know about insurance, surprisingly only
33% of the respondent said they actually know about insurance and about
67% said they don’t know about insurance . The part of respondents who
were unaware about the insurance I industry do not have a clear idea
about the various new upcoming Insurance companies and policies in
particular.

2. ARE YOU INSURED?

YES- 60%
No- 40%

40%

60%

There are only about 60% of the people who are insured about the rest
40% people are not insured. The conceots if insurance though not new
people are not ensured about the genuinty of the insurance policies. 54%
of the people are planning to have an insurance cover on
Pension/Retirement Scheme, with 30% saying they have planned to cover
the Life Insurance okan, and 10% saying they want to cover the Insurance
by way of Child Education.

Awareness of people about BAJAJ ALLIANZ life Insurance

Company

42
 about 90% of the respondents are aware bajaj allianz Company by
many advertisement that they watch, have heard the name of the
company from their family members and friends. Bajaj allianz as in the
market for not more than 6 Years but the popularity found in the survey
was tremendous , so the way publicity done by bajaj allianz is very
effective.

3. Are you aware of the various company policies?

1) Yes 2) No Konwledge of Company Policies

Yes 95%
No 5% Yes
No

Almost all the employees are

aware of the company policies.
Some people who are trainees and on contract basis don’t have idea about
all the policies.

4. Are your doubts regarding the work are cleared urgently?

1) Yes 2) No
Doubt Status
Yes 89
No 21
Yes
Doubts regarding the work are cleared No

on very urgent basis as to complete the

work within the given time span.

5. Which criteria are given more importance at the time of

interview?

Options Given Percentage

Experience 5%
Qualification 45%

43
 Technical Skills 10%
All 40%
Total 100%

Experience

Qualification

Technical Skills

All
This graph shows that company preferred mostly qualification as well as
all combination of all the skills, which includes qualification as well as
experience.
6. Are you satisfied with companies policy?

Options No. of Respondents

Yes 83
No 17
Total 100

90
80
70
60
50 yes
40 no
30
20
10
0

INTERPRETATION:

44
This graph shows that 83% says quality claims are true and17% says
false.
7. Do you think the activation and promotion of bajaj allianz is better
then its competitors?

Options No. of Respondents

Yes 59
No 41
Total 100

60

50

40
yes
30 no

20

10

INTERPRETATION :
This graph shows that 59% think activation and promotion of product is
good and 41% think its not.

45
46
 CONCLUSION
• Promotion activities and publicity campaigns of BAJAJ
ALLIANZ LIFE INSURANCE are not up to the mark.
• Telephonic appointment fixing and then meeting the client
seems to be the best way to get some valuable time out of
the corporate.
• The first and foremost objective was to identify people who
can take up the financial consultant with BAJAJ ALLIANZ
LIFE INSURANCE , so the main focus was to identify the
locations where we can meet a good number of people in
time . As per researcher it is mainly the crowded place like
shopping malls , BSNL office , and corporate
• As the entire exercise was mainly limited to identify financial
consultant, the specific guidelines laid by the company where
mainly sex , age , qualification , profile and social contacts.
• Lastly, since the researcher used to meet a lot of people it
was quite evident that everybody’s profile won’t match the
desired qualification for becoming a financial consultant. This
prompted as to identify at least some prospects that can take
various plans available with the company.
BAJAJ ALLIANZ LIFE INSURANCE has
maintained a good reputation for its services and policies. Recruitment
procedure & policy is very important to any organization in today’s
business world as it helps to select & recruit the right candidate for the
right work followed properly. It helps to accomplish organizing goals &
objective. Recruitment & Selection is sun function of staffing where

47
fitting up of all organizational position with adequate, qualified
competent & efficient personal.

The managerial skills & abilities of a Marketing Manager

are reflected in recruiting & selection the appropriate &
prospective candidates.

Hence the purpose of our choosing the topic on recruitment

is to know the characteristics of a good recruitment policy & to
throw light on the practical implementation of the same. BAJAJ
ALLIANZ LIFE INSURANCE has maintained a best and a biggest
leading company in INDIA.Its product and policies made it one of
the largest insurance company.

BAJAJ ALLIANZ LIFE INSURANCE has developed

insurance solutions that cater to every segment and age income
profiles.WITH a pan INDIA presence and over 950+ towns,
BAJAJ ALLIANZ LIFE INSURANCE has already sold over 5
million policies.

48
49
 SUGGESTION

• BAJAJ ALLIANZ LIFE INSURANCE should go for a brand

ambassador who can really put across the message of
insurance across the customer and according to me Rahul
dravid would be the ideal brand ambassador as he has a
place in the mind of Indian people as a reliable and a man
for a crisis situation. Rahul dravid could put across the
message of consistent returns and trustworthy products of
BAJAJ ALLIANZ.
• To sell a PSP needs great efforts here the client is a
corporate and its could be difficult for alone to handle such a
uphill task hence help in client presentations from
experienced sales managers would be of great help in getting
big corporate into the PSP fold.
• Attrition rate of most of the companies were too high but the
PSP does not have what is to be done in case of employee
leaving the organization should be included in the PSP.
• BAJAJ ALLIANZ LIFE INSURANCE needs more publicity.
• BAJAJ ALLIANZ LIFE INSURANCE should focus more on
young and low aged people that is between 25-35 because
they are more energetic and money oriented.

50
51
 BIBLIOGRAPHY

1. Donald R. Cooper, Pamela S.

Schindler. “Business Research Methods.”
(New York: Tata McGraw Hill, 2003), 531-
537.
2. Philip kotler – Marketing management
Websites visited:
 www.google.com
 www.lic-india.com
 www.gic-india.com
 www.walletwatch.com
 www.bajajallianzlife.co.in
 www.indiabudget.nic.in

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53
 QUESTIONNAIRE

1.Personal Information: -

Name: _______________

Age: ______________

Sex: _______________

Address:

________________________

________________________

________________________

________________________

________________________

________________________

Phone No. _____________

2. Family background :

How many members do you have in your family?

________________

54
 How many dependents do you have?

__________________________

How much of them are earning?

______________________________

3. What is your total family income?

A. Less than Rs. 6000/- B. Between Rs. 6,000 to 10,000/-

C. Between Rs. 10,000 to 15,000/-

D. More than Rs. 15,000/-

4. What is the likely amount you would like to invest?

5. What existing insurance cover do you have?

6. What type of plane you have already purchased?

7. Are you familiar with Bajaj Allianz life insurance ?

1. Yes. 2. No.

8. Do you have any any insurance policy?

A. Yes B. No

C. If yes, which

company_________________________________

9. Has any insurance company ever customized an insurance

product to fulfill your needs?

55
 A. Yes B. No

10. Do you want some body from our company to meet for your life

insurance, investment planning?

A. Yes B. No

11. Do you feel that owing a life insurance product is necessary.

A. strongly agree B. agree C. disagree

D. strongly Disagree

12. Do you feel that investing in the stock market is risky.

A. strongly agree B. agree C. disagree

D. strongly disagree

13. Do you feel that every parent should invest for his or her child future.
A. strongly agree B. agree C. disagree
D. strongly disagree

14. Has any insurance company ever customized an insurance product to

fulfill your needs?
A. Yes B. No

15. Do you want some body from our company to meet for your life

insurance, investment planning?

A. Yes B. No

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