A Project Report on

Consumer Behaviour and Customer Satisfaction towards BAJAJ ALLIANZ Life Insurance Company Limited BY Kamble Sawan Sanjay Under the guidance of Shir Sunil Mndphane (Divisional Manager) Shri Vinod Gurram (Senior Branch Manager, Bajaj Allianz) Shri Anand Jadhav (Sales Manager, Bajaj Allianz)

Through Vishwakarma Institute of Management, Pune

. Sr. No. TITLE 1 Introduction 2 Industry Profile 3 Company Profile 4 Company Profile 5 Research Methodology 6 Analysis of survey 7 Problems and Suggestions 8 Questionnaire

Page No.

Acknowledgement
It gives me immense pleasure to present the project of Consumer Behaviour and Customer Satifaction to wards BAJAJ ALLIANZLFE INSURANCE COMPANY LTD. It was a totally different & wonderful experience to be there in BAJAJ ALLIANZ COMPANY, Solapur as a summer trainee

I express my sincere gratitude to Mr. Anand Jadhav (Sales manager) my project guide who has been so co-operative & helpful form the first day of training till end. He also helped him a lot in enhancing knowledge about the technicalities of insurance sector. I also thank Mr. Vinod Gurram (Senior Branch Manager) and Mr. Sunil Mndphane (Divisional Mangar) for giving me an opportunity to do my project in the comapny. In all it was a great experience of working on this project.

INTRODUCTIO
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the inureds named beneficiary so long as the insureds premiums are current. With a large population and be untapped market area to 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% annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite of all this growth 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 continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main behind this reform. Since then the insurance industry has gone through many changes. The Liberalization of the industry the insurance

industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run Insurance is the business of providing against financial aspects of risk, such as those to property, life health and legal liability. It is one method of a greater concept known as risk management-which is the need to mange uncertainty on account of exposure to loss, destruction Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. In insurance the insured makes payment called premiums to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Insurance companies also earn investment profits, because they have the use of the premium money form the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of injury, disadvantage or

float are successful they may earn large profits, even if the insurance company pays out in claims every penny received as premiums. In fact, most insurance companies pay out money then they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in Indian can broadly classified in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance. 1. Life Insurance: Life insurance can be defined as Life insurance provides a sum of money if the person who is insured dies while the policy is in effect In 1818 Britiesh introduced to India, with the establishment of the oriental life insurance company is Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set

up in 1870 the life insurance act, 1912 was first statuary measure to regulate the life insurance business in India. In 1983 , the earlier legislation was consolidated and amended by insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union government had opened the insurance sector for private participation in 1999, foreign equity up to 26% Benefits of life InsuranceLife insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term. Fundamental principles of life insurance contract. 1. Principle of almost good faith : A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not. 2. Principle of insurable interest: also allowing the private companies to have

 Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person 3. Indemnity The principle of indemnity is applicable to all types of insurance policies except life insurance. restoring the position before loss. 4. Principle of Contribution. Sometimes a property is insured with more than one company. The insured cannot claim more than total loss from all the companies put together. He cannot claim the same loss from different companies. Indemnity means a promise to compensate in case of loss. The insurer promise to help the insured in

INDUSTRY PROFILE
Insurance in India The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. A Brief history of the Insurance Sector The business of life insurance in Indian in its existing from started in Indian in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance in India are; 1912 : The India Life Assurance For over 50 years, Life insurance in India was defined and driven by only one company-the Life Insurance Corporation of India (LIC). With the Insurance Regulatory and Development Authority ( IRDA) Bill 1999 paving the way for entry of private companies into life and general sectors there was bound to be new-found excitement- and new success stories. Today, just three years since their entry, their cumulative share has crossed 13% (source IRDA), far exceeding expectations. Clearly insurance is on a growth path.

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The percentage of premium income to GDP which was just 2.3 % in 200001 rose to 3.3% in 2002-03; and life insurance has emerged as the dominant contributor to this growth. The industry presented a huge opportunity. Life insurance penetration, for instance, was at an abysmal 22% of the insurable population. However, private players have had to rise to many challenges. They were faced with attitudinal barriers towards the category and the perception that insurance was only a tax saving tool. Insurance per se had lost it basic rationale ; protection. It wasnt surprising then its potential lay frozen and unexploited. Brief Review of Scenario- Insurance Insurance in India started without any Regulation in Nineteenth century. It was story of a typical colonial era. A few British companies dominated the market mostly in large urban centers. Insurance was nationalized mainly on 3 counts First, Indian lives were not insured. Second, even if they were insured, they were treated as substandard lives and extra premium was charged. Third, there were gross irregularities in the functioning of Life insurance was nationalized in the year 1956, and then general insurance was nationalized in the year 1972. In 1999, the private insurance companies were allowed back again into insurance sector with maximum cap of 26 percent foreign holding.

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1818 The British introduce to India, with the establishment of the Oriental Life Insurance company In Calcutta. 1850 Non life insurance debuts, with Triton Insurance Company. 1870 Bombay Mutual Life Assurance Society is the first Indianowned life insurer. 1907 Indian mercantile Insurance is first Indian non-life insurer. 1912 The Indian life assurance companies act enacted to regulate the life insurance business. 1938 The insurance act, which forms the basis for most current insurance laws, replaces earlier act. 1956 Life insurance nationalized, government takes over 245 Indian and foreign insurers and provident societies. 1956 Government sets up LIC. 1972 Non life insurance nationalized, GIC set up. 1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up to draw up a blue print for insurance sector reforms.

1994 Malhotra Committee recommends re-entry of private players, autonomy ot PSU insurers. 1997 Insurance regulator IRDA ( Insurance Regulatory and Development Authority) set up. 2000 IRDA starts giving licensed to private insurers. 2005 BAJAJ ALLLANZ Life Insurance came into the market to sell a policy.

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2002 Banks were allowed to sell insurance plans, as TAPs enter the scene, insurers start settling non-life claims in the cashless mode.

The Insurance Regulatory And Development Authority ( IRDA).: Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector Insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAs online service for issue and renewal of licenses to agents. The approval of institutions for imparting to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered. With the demographic charges and changing life styles, the demand for insurance cover has also evolved taking into consideration the needs of

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prospective policyholder for packaged products.

There have been

innovations in the types of products developed by the insurers, which are relevant to the people of different age groups, and suit their requirements. Continued innovations in product development has resulted in a wide range of flexible products to meet the requirements for cover at different stages of life-today a variety of products are available ranging from traditional to Unit linked providing protection towards child, endowment, capital guarantee, pension and group solutions. introduced in the A number of new products have been which were segment with guaranteed additions,

subsequently withdrawn/toned down; single premium mode has been popularized; unit linked products; and add-on/riders including accidental death; dismemberment, critical illness, fixed term assurance risk cover, group hospital and surgical treatment, hospital cash benefits, etc. Comprehensive packaged products have been popularized with features of endowment, money back, whole life, single premium , regular premuim, rebate in premium for higher sum assured, premium mode rebate, etc. together with riders to has base products. Historical Perspective

Prior to 1956 -

242 companies operating.

1956 Nationalization-LIC monopoly player-Government control. 2001 - Opened up sector.

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Contribution to Indian Economy Life Insurance is the only sector which garners long term savings. Spread of financial services in rural areas and amongst socially less privileged. Long term funds for infrastructure. Strong positive correlation between development of capital markets and insurance/pension structure. Employment generation.

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Insurance Industry prior to de-regulation Prior to deregulation in 2000, market was a public monoply. Public Monopoly - 2000 Offices.. - Over 800,000 agents Distribution through tied agents only. Sales approach primarily on a tax savings platform. Traditional style product offering : Endowment and money back plans. Inadequate and inflexible products. Pensions : Small part of product offer. Limited focus on customer needs. Improving Service Standards Pre Deregulation Limited Distribution Channel Access Advisors Service Points Branch Network Use of IT Limited use of IT

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 Post Deregulation Service through Distribution Multi Channel Access Advisors agents Banc assurance Multiple Service Points Use of IT Call Centers Shorter time around time. Claims Policy Issuance Website Branch Network

Brokers & Corporate Email

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COMPANY PROFILE
BAJAJ Allianz Life Insurance Company is a joint venture between two leading conglomerates, Bajaj Finserv, and Allianz AG of Germany one of the largest insurance companies. Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001. The company received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business in India. Bajaj Allianz Shareholder Capital Base stands at Rs. 500 crore with Bajaj Finsery and Allianz AG of Germany holding 74% and 26% stake respectively. It is the largest private player in the Insurance Industry in India with a market share of around 34% amongst the private companies and second to LIC . The total market share of Bajaj Allianz as of 31st March 2006 is at 12% During the financial year 2005-2006 , Bajaj Allianz has sold over 13 lakh policies and collected about Rs. 4433 crore as premium income. Whopping growth of 216% for the FY 2005-2006, Assets under management of Rs. 3324 Crore. It has paid up Rs 925 crores with IRDA as a caution Bajaj Allianz has insured lives for sum assure of over Rs 8500 crore.

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BAJAJ FINSERV
The financial services and wind energy businesses were transferred to Bajaj FinServ Limited (BFS) as part of the recently concluded demerger of Bajaj Auto Limited, approved by the Hon. High Court of Judicature at Bombay by its order dated December 18, 2007. The demerger is effective from the Appointed Date i.e. closing hours of business of March 31, 2007. Bajaj FinServ will strive to be one of the top financial services businesses in India focused on delivering superior customer experience though competitive products and class leading services while providing consistent and superior returns to our shareholders and maintaining the high levels of integrity of Bajaj. The company is currently engaged in life insurance; general insurance and consumer finance businesses and has plans to expand its business by offering a wide array of financial products and services in India. Apart form financial services, BFS is also active in wind-energy generation. The company controls the functioning of the following companies. Bajaj Auto Finance Limited Bajaj Allianz Life Insurance Co. Ltd. Bajaj Allianz General Insurance Co. Ltd. Bajaj Auto Limited Bajaj Holdings & Investment Limited.

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Alliana AG
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allainz AG is in the business of General (Property & Casuality) Insurance; Life & Health Insurance and Asset Management and has been in operation for over 110 years. Allianz in one of the largest global composite insurers with operations in over 70 countries . Further, the Group provides Risk Management and Loss Prevention Services. Allianz has insured most of the worlds largest infrastructure project (including Hongkong Airport and Channel Tunnel between UK and France), further Allianz insures the majority of the fortune 500 companies, besides being a large industrial insurer, Allianz has a substantial portfolio in the commercial and personal lines sector, using a wide variety of innovative distribution channels. ALLANA AG-A GLOBAL FINANCIAL POWERHOUSE

Worldwide 2nd by Gross Written Premiums- Rs. 446656 cr. 3rd largest Assets Under Management (AUM) & Largest amongst Insurance cos. AUM of Rs. 5196959cr. 12th largest corporation in the world. 49.8% of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise.

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CONCEPTUAL BACKGROUND Satisfaction is defined as .... A persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all wants or wishes, fulfilling conditions or desires, or the state of the mind anything that makes a customer feel pleased or contented. Consumer Behavior: Consumer behavior is defined as the behavior that consumers display in searching for, purchasing, using , evaluating and disposing of products and services that they expect will satisfy their needs. The study of the processes involved when individuals or groups select, purchase, use or dispose of products, services ideas, or experiences to satisfy needs and desires. Customer value : The ration between the customers perceived benefits (economic, functional and psychological ) and the resources (momentary, time effort, psychological)used to obtain those benefits. Customer satisfaction: her expectations. Customer satisfaction is the individuals

perception of the performance of the product or service in relation to his or

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Motivation :

The processes that account for an individuals intensity,

direction, and persistence of effort toward attaining a goal. Personality : can be described ad the psychological characteristics that both determine and reflect how person responds to his or her environment. Perception : is defined as the process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world. Consumer learning : related behavior. THE CONSUMER ADOPTION PROCESS The consumer adoption process in the process by which customers learn about new products, try them, and adopt or reject them. Today many marketers are targeting heavy users and early adopters of new products recognizing that specific media can reach both groups and tend to be opinion leaders. The consumer adoption process influenced by many factors beyond the marketers control, including consumers and organizations willingness to try new products, personal influences and the characteristics of the new products or innovations. is the process by which individuals acquire the

purchase and consumption knowledge and experience they apply to future

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STAGES OF ADOPTIONS PROCESS An innovation refers to any good, service, or idea. That is perceived by someone as new. The idea may have long history, but is in an innovation to the person who sees it as new. Innovation takes time to spread through the special system. The consumer adoption process focuses on the mental Adopters of new products have a moved process though which an individual passes from first hearing about an innovation to final adoption. though the following five stages. 1. AWARENESS : The consumer becomes aware of the innovation but lacks information about it. 2. INTEREST : The consumer is stimulated to see the information about the innovation. 3. EVALUATION : The Consumer considers whether to try the innovation or not,. 4. TRIAL : The consumer tries the innovation to improve his estimate of its value. 5. ADOPTION: The consumer decides to make full and regular use of the innovation.

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STATEMENT OF THE PROBLEM

Study of consumer behavior & customer satisfaction towards BANAJ ALLIANZ LIFE INSURANCE CO. . OBJECTIVE OF THE STUDY Objectives My study based upon some objective and these are as follows : 1. To understand the insurance business. 2. To find out the peoples perception about life insurance. 3. To find out whether people are really aware of life insurance. 4. To find out know people think private life insurance. 5. To find out what respondents expect life insurance. 6. To understand Consumer buying behavior. 7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data.

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SIGNIFICANCE OF THE STUDY

The project is concerned with the STUDY ON CONSUMER BEHAVIOR AND CUSTOMER SATISFACTION TOWARDS BAJAJ ALLIANZ LIFE INSURANCE This study is very useful as the financial market become more sophisticated and complex, investor needs a financial intermediary who provides the required knowledge and professional expertise on successful investing and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insureds named beneficiary so long as the insureds premiums are current.

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RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. FRANCIES REMMER defined Research : verify existing knowledge.. Research is the solution of the problem, (created or generated ) to be solved. RESEARCH DESING : Research Design is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement and analysis of data. The design used for carrying out this research is. Descriptive : In this research the type of data collection is Primary data Secondary data. whether created or already It is a careful inquiry or

examination to discover new information or relationship and to expand or

generated. When research is done, some new out come, so that the problem

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DATA SOURCE : The sources of collection of secondary data are: Questionnaire Books Websites Magazine Brochure

SAMPLING PLAN : It is very difficult to collect information from every member of a population. As time and costs are the major limitation that the researcher faces. A sample of 100 was taken the sample size of 100 individuals were selected on the basis of convenient sampling technique. The individuals were selected in the random manner to form sample and data were collected from them for the research study. ANALYSIS AND INTERPRENTATION : Data collection through questionnaire and personnel interview resulted in availability of the desired information but these were useless until there were analyzed. Various steps required for this purpose were editing, coding and tabulating, Tabulating refers to bringing together similar data and compiling them in an accurate and meaningful manner. pip chart.
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The data collected by

questionnaire was analyzed, interpreted with the help of table, bar chart and

ANALYSIS OF THE SURVEY

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AGE OF RESPONDENTS (IN%)

40 35 30 25 20 15 10 5 0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr LESS TEHAN 25 25-35 35-45 45 and above

From the survey it is clear that24% of respondents are less than 25 28% of respondents are of age 25-35 38% of respondents are of age 35-45 12% of respondents are of age 45 above.

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QUALIFICATION IN (%)

3000% 2500% 2000% 1500% 1000% 500% 0% 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr GRADUATE POST GRADUATE DIPLOMA DISCIPLINE

From the survey it is clear that26% of respondents are Gradutes. 60% of respondents are post graduates 02% of respondents are diplomas 12% of respondents are from other discipline.

QUALIFICATION IN (%)
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50 40 30 20 10 0 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr BUSINESS PROFESSIONAL JOB HODLE OTHER

From the respondents are businessmen 10% of respondents are businessmen. 36% of respondents are professionals 46% of respondents are job holders 08% of respondents are from other discipline

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AVERAGE ANNUAL INCOME IN (%)

45 40 35 30 25 20 15 10 5 0

UP TO 1 LAKH 1 TO 3 LKHS 3 TO 5 LAKHS 5 LAKHS AND MORE 1st Qtr

From the respondents are businessmen 14% of respondents have income upto 1 lakhs. 38% of respondents have income between 1 to 3 lakhs 44% of respondents have income 08% of respondents are from other discipline

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FAMILY SIZE IN (%)

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0

BELOW 5 5 TO 10

80% of respondents have family size below 5 20% of respondents have family size between 5 to 10

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ACCORDING TO YOU LIFE INSURANCE IS? IN (%)

45 40 35 30 25 20 15 10 5 0

TAX SAVING PLAN SAVING SCHEME WITH GOOD RETURN FINANCIAL SECURIT FORFAMILY RISK COVERAGE

ALL OF THE ABOVE

For 08% respondents insurance is a tax saving plan. For 12% of respondents Insurance is saving scheme with good return. For 22% respondents insurance is financial security for the family. For 40% respondents insurance is All the above.

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Do you see insurance policies as an investment alternative or a security option ? (%)

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0

INVESTMENT AL TERNATIVE SECURITY OPTION

Out of the 50 people interviewed 78% people term/see insurance policy as a security option while only 22% see it as an investment option.

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Do you have a life insurance policy ? If yes, then of which company / companies ? In (% )

1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0

Yes No

76 % of respondents have a insurance policy. 24% of respondents do not have a insurance policy.

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80 70 60 50 40 30 20 10 0 LIC BAJAJ ALLIANZ

76 % Respondents have insurance policy of LIC 6% respondents have insurance policy of Bajaj Allianz. 11% respondents have insurance policy of ICICI Prudential. 11% respondent have insurance policy of HDFC. 3% respondents have insurance policy of MAX New York.

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What is your criteria/criterion to select a particular insurance company and a scheme ? In (% )

40 35 30 25 20 15 10 5 0 SECURITY TIME SPAN

Out of 50 people being interviewed, 15 people select an insurance Company on the criterion of security, 7 people select an insurance. Company on the criterion of time span, 3 people select an insurance. company on the criterion of market share, 7 people select an insurance. company on the basis of return and 18 people select an insurance. company on the basis of all the above mentioned resasons.

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Do you think that private life insurance companies are as safe as LIC for taking a policy ? In (% )

Out of 50 people being interviewed, 62% of people do not find private life insurance companies to be safe for buying a life insurance policy whereas 38% people find them safe for buying a life insurance policy from a private life insurance company.

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BAJAJ Allianz is quite a famous company because:

Out of 50 people interviewed, 16% people perceive policies of Bajaj Allian make it a famous company while 20% think it is due to the parent companies, 24% take it as marketing and advertising strategies which appeal to the mass population while 40 % think it is all due to the above mentioned reasons that BAJAJ ALLIANZ is a famous company.

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ARE YOU AWARE OF THE BENETITS IN YOUR POLICY ? IN (%)

60 50 40 30 20 10 0 YES NO

WHAT ARE THEY ?IN (%)

80 70 60 50 40 30 20 10 0
LIC BAJAJ ALLIANZ

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ACCORDING TO YOU WHATARE THE DISADVANTAGES IN AN INSURANCE PLAN? IN (%)

45 LAPSE 40 LIQUIDITY 35 FIXED TERM

30

25

UNABLE TO DECIDE YOUR PREMIUM UNABLE TO DECIDE SUM ASSURED HIGH RISK COVERAGE AT HITH PREMUUMS OTHER DISADVANTAG ES

20

15

10

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PEOPLE INTRESTED IN HAVING BAJAJ ALLIANZ INURANCE POLICIES

35 30 25 20 15 10 5 0 YES NO

12% People are interested in investing in BAJAJ ALLIANZ insurance policies. 88 people are not interested in investing in BAJAJ ALLIANZ insurance policies.

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PEOPLE INTERSTED IN HAVING BAJAJ ALLIANZ NSURANCE POLICIES

35 30 25 20 15 10 5 0 YES NO

12% People are interested in investing in BAJAJ ALLIANZ insurance policies. 88 people are not interested in investing in BAJAJ ALLIANZ insurance policies.

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FUTURE GROWITH & SUGGESTIONS BAJAJ ALLIANZ, in the present scenario is growing at an aggressive pace. The company does a lot of survey & analysis in the market to discover customers needs & expectations & tries to improvise on its existing market linked plans along with insurance policies. In addition to this, the company form time to time keeps on introducing various new policies & tailor made plans exclusively to cater peoples financial needs. This has enable BAJAJ Allianz to become market leader in the sector of insurance & investment companies since 2001 when it came into existence. Since, now many other companies are joining the filed of insurance & investment it will be necessary for BAJAJ Allianz to vigorously pursue & update its survey & analysis policy to remain market leader. Simultaneously,. it should discover & rediscover its strength by introducing new plans better suited to the people at large. India is a very big market & it can provide sustenance to all the companies in the filed of insurance & investments but to remain one of the leading companies, BAJAJ Allianz has to adopt new strategies earlier than others. This could include widening the distribution networks to all parts of the country & catering to every income group Furthermore, it can improvise on its advertisement
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& promotion campaigns by becoming more appealing & making them touches the hearts of millions & billions of Indians who are the hot prospects. Lastly, the students in the professional courses, apprentices, trainees may be good targets to approach in times ahead.

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CONCLUSION
The research project titled as MARKET CREDIBILITY OF BAJAJ ALLIANZ AMONG OTHER LIFE INSURANCE COMPANIES enable to understand the competition among the various life insurance companies which have entered Indian market of life insurance after 2000 when private life insurance companies were allowed to enter the life insurance sector In India. BAJAJ Allianz is one of the companies in the private sector which are doing exceptionally good in this sector due to their policies to which people find very attracting according to their needs. When people were interviewed about the first preference among the private life insurance companies nearly 46% replied for BAJAJA Allianz is quite a household name. The reasons for this are many like it is a company with very strong brand names: BAJAJ Auto Limited which is the no. 1 Automotive Manufacturer in India also Allianz AG is 3rd Largest life insurance company in the world. The market share of BAJAJ Allianz also around 34% among private life insurance companies. insurance sector. But if there people accepting BAJAJ Allianz, there are the people who are still hesitant to take up private insurance companys policy this is due to the fact that LIC is a government organization. It can be seen from the study that people have started recognizing BAJAJA Allianz as a life insurance and hence it will grow at a much faster pace in the future. It is only second to LIC in the life

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ANNEXURE

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QUESTIONNNAIRE
Dear Sir/Madam, I am a student of Vishwakarma Institute of Management, Pune conducting marketing survey on CONSUMER BEHAVIOUR AND CUSTOMER SATISFACTION for Bajaj Allianc LIFE INSURANCE. I request you to fill this questionnaire & I assure that this data will be used only for study purpose & it will be kept confidential. 1. Name 2. Address ____________________________ Contact No. ___________ ______________________________ ______________________________ ______________________________ 3. Age a. Less than 25 b. 25-35 4. Qualification a. Graduate b. Postgraduate 5. Occupation a. Business b. Professional a. Up to 1 lakh. b. 1 lakh to 3 lakhs c. 3 lakhs to 5 lakhs d. 5 lakhs and more c. Job holder d. Other. c. Diploma d. Other discipline c. 35-40 d. 45 and above

6. What is your average annual income?

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7. Your family size. a. Below 5 members b. 5-10 members c. Above 10 members 8. According to you life insurance is? a. A tax saving plan b. A saving scheme with good return c. A financial security for the family. d. Risk coverage. e. All the above. 9. What is the purpose of insurance? a. Investment alternative b. Security 10.Do you have a life insurance policy? a. Yes b. No If yes then which company? Bajaj Allianz LIC ICICI Prudential TATA AIG Birla Sunlife Aviva HDFC

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11.What is your criteria /Criterion to select a particular insurance company and a scheme? a. Security b. Time Span c. Market share d. Returns e. All of the above 12. Rank the life insurance companies in order of your preference a. b. c. d. e. f. g. h. Bajaj Allianz LIC Max New York ICICI Prudential TATA AIG Birla Sunlife Aviava HDFC

13. Do you think that private life insurance companies are as safe as LIC for taking a policy? Yes No

14. BAJAJ Allianz is quite a famous company because. a. Policies b. Marketing and advertising strategies c. Parent companies d. All of the above

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15. Are you aware of the benefits in your policy? Yes IF yes what are they? Sum assured. Additional benefits Maturity date Risk coverage No

16. According to you what are the disadvantages in an insurance plan a. Lapse b. Liquidity c. Fixed term d. Enable to decide your premium. e. Unable to decide the sum assured. f. High risk coverage at high premiums g. Other disadvantages. 17. In which of the following would you like to invest? a. b. c. d. e. f. Equity fund Debt fund Balanced fund Cash fund Mutual fund Recurring deposits

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18.Are you interested in having Bajaj Allianz insurance policy? YES NO

19.Are you interested in pension plans? YES NO 20. Any suggestions for Bajaj Allianz Life Insurance Co? ___________________________________________________________ ___________________________________________________________ Thank you for sparing your valuable time.

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BIBLIOGRAPHY
Philip Kotlar, Marketing Management , New Delhi, Pearson

Education (P) Ltd.,. Indian Branch 2004. C.R. Kothari, research Methodology , New Delhi, New Age

International (P) Ltd.

WEBSITES

www.bajajallianlife.co.in www.lic.gov.in www.wikipedia.com

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