7/31/2019 Bajaj AllianZ1
1/60
ON
AT
Submitted to:
Punjab Technical University
In partial fulfillment of the requirement for the degree of Master of Business
Administration (MBA)
Supervised By: Submitted By:
Mrs. Ramandeep Kaur Ishavpreet Singh
H.O.D (Management) Roll no 874
MBA MBA II sem
7/31/2019 Bajaj AllianZ1
2/60
WHAT TRAINING MEANS ?
T - TO BE IN TIME ON YOUR SEAT.
R - REMAIN ATTENTIVE ALL THE TIME
A - ACTIVELY PARTICIPATE
I - INTERACT FOR CLARITY
N - NOTE DIFFICULT POINTS TO MEMORISE
I - IMPROVE LISTNING HABITS
N - NEVER NEGLECT THE PERFORMANCE
G - GAIN AS MUCH AS YOU CAN
ACKNOWLEDGEMENT
At the outset I would like to take this opportunity to thanks Mr.Arvinder Pal Singh,
Deputy Area Manager , Bajaj Allianz for making me realize new dimensions which
earlier seemed beyond the scope of vision for me, by allowing me to carry out my
summer training at this rapidly progressing company.
7/31/2019 Bajaj AllianZ1
3/60
I also thank Mr. Rajdeep Singh ,Traning Officer, Bajaj Allianz for helping me to carry
out the project successfully through untiring guidance as my project head.
I place on record my deep sense of gratitude to Prof. Ramandeep Kaur H.O.D (M.B.A)
Sai Technology Campus for his warm encouragement towards attending summer
training programme
I would like to express my gratitude to Mr. Jagdeep Singh , Faculaty , for his expert
guidance on the technicalities of the project..
PREFACE
The impor tance 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 ones thinking hor izons v iz . Concept s of marketing
7/31/2019 Bajaj AllianZ1
4/60
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 l i fe
situations are entirely different from the stimulated exercise enacted in an
art if ic ia l environment ins ide the summer t ra in ing programmers and
designed, so that the manager of tomorrow do not feel i l l case when the
time comes to shoulder responsibil i t ies . Practical exposure for the MBA
students is very necessary because what they study in the classroom is not
th e rea lity . Situation in th e market is unknown and very much
unpredictable. So the practical experience is very much necessary this is
made poss ible wi th the summer t raining project in Bajaj All ianz Life
Insurance Co. in marketing related to search for 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 i ts policies which company sale through i ts
Insurance Consul tants . So i t i s quite clear that there wil l be as many
Insurance Consultants. There will be increased sales.
TABLE OF CONTENTS
1. About Life Insurance
2. Industry Overview
7/31/2019 Bajaj AllianZ1
5/60
3. Company Profile
4. Objectives Of Study
5. Products Of Bajaj Allianz
6. Research Methodology
7. Data Analysis & Interpretation
8. SWOT Matrix
9. Findings
10. Conclusion
11. LimitationRecommendations
Bibliography
Annexure
7/31/2019 Bajaj AllianZ1
6/60
7/31/2019 Bajaj AllianZ1
7/60
WHAT IS LIFE INSURANCE
First of all we should come to know that what Life Insurance is. The
definition describing life insurance is as:-
Insurance in which the r isk insured against i s the death of a
particular person, the insured, upon wh ose death wh ile the policy is in
force, the insurance company agrees to pay a stated sum or income to the
beneficiary. Life Insurance pays a specified su m to the ben eficiaries upon
the death of the insured. It is generally used to provide cash to your familyin the event of your death. There are several types of life insurance whole
l if e insurance provides a l if et ime protect ion as long as you pay the
premi ums 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,
addi tional benef it s in event of death or dismemberment by accident or
accidental means, additional benefits for disability, and annuities.
7/31/2019 Bajaj AllianZ1
8/60
7/31/2019 Bajaj AllianZ1
9/60
LIFE INSURANCE INDUSTRY IN INDIA
Many may not be aware that the life insurance industry of India is as
old as i t is in any other part of the world. The f irst Indian Life Insurance
Company was the Oriental l i fe Insurance Company, which was started in
India in 1818 at Kolkata. A number of players (over 250 in life and about
100 in non- li fe) mainly with regional focus f lourished all across the
country. However, the Government of India, concerned by the unethicalstandards adopted by some players against the consumers, nationalized the
industry in two phases in 1956 ( l ife) and 1972 (non-l ife) . The insurance
business of th e country was then bro ught under two public sector
companies , L ife Insurance Corpora tion of India (LIC) and General
Insurance Corporation of India (GIC).
With such a large populat ion and the untapped market area of this
populati on Insurance happen s to be a very big opportunity in In dia. Today
i t s tands as a business growing at the rate of 15-20 percent annually.
Together with banking services, i t adds about 7 percent to the countrys
GDP. In spi te of al l this growth the s tat i s t ics of the penetrat ion 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. I t was
due to this immense growth that the regulat ions were int roduced in the
i ns ur ance s ec to r and i n con ti nuat ions Malhot ra Commi tt ee was
constituted by the government in 1993 to examine the various aspects of the
industry. The Committee recommended throwing open the sector to private
player s to usher in comp et ition and bring more choice to the consumer. Th e
7/31/2019 Bajaj AllianZ1
10/60
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% capi tal . Creating a more ef ficient and
competitive financial system suitable for the requirements of the economy
as the main idea behind the reform.
A BRIEF HISTORY
7/31/2019 Bajaj AllianZ1
11/60
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 190 years.
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
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.
7/31/2019 Bajaj AllianZ1
12/60
Some of the important milestones in the general insurance business in India are:
1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
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.
1968 - The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1st January 1973.
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. and the United India Insurance Company Ltd. GIC
incorporated as a company.
7/31/2019 Bajaj AllianZ1
13/60
INTRODUCTION ABOUT THE COMPANY
Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Finance (recently demerged from Bajaj Auto.)
7/31/2019 Bajaj AllianZ1
14/60
Allianz SE is a leading insurance conglomerate globally and one of the largest asset
managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000
Crores). Allianz SE has over 115 years of financial experience and is present in over 70
countries around the world.
At Bajaj Allianz Life Insurance, customer delight is guiding principle. The business
philosophy is to ensure excellent insurance and investment solutions by offering
customized products, supported by the best technology. It was started in 2001.
Bajaj Fiserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42
crore for the quarter ended July 31, 2010. It had posted a loss of Rs 36 crore in the
corresponding period last year.
The groups life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest
contributor to the firms income. Bajaj Allianz has posted a profit of Rs 68 crore in the
June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore.
Gross written premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs
1,847 crore in the corresponding period last year. Renewal premium, too, increased to Rs
1,423 crore as against Rs 1,018 crore in the quarter ended July 31, 2010. However, new
business premium fell 42.28 per cent to Rs 577 crore.
ALLIANZ GROUP
Allianz Group is one of the world's leading insurers and financial services providers.
7/31/2019 Bajaj AllianZ1
15/60
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000
employees. At the top of the international group is the holding company, Allianz AG, with
its head office in Munich.
Allianz 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.
ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE
Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 crore.
3rd largest Assets under Management (AUM) & largest amongst Insurance cos. -
AUM of Rs.51, 96,959 crore.
12th largest corporation in the world
49.8 % of global business from Life Insurance
Established in 1890, 110 yrs of Insurance expertise
70 countries, 173,750 employees worldwide
BAJAJ GROUP
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest
manufacturer of two-wheelers and three-wheelers in India and one of the largest in the
world.
A household name in India, Bajaj Auto has a strong brand image & brand loyalty
synonymous with quality & customer focus.
A STRONG INDIAN BRAND- HAMARA BAJAJ
One of the largest 2 & 3 wheeler manufacturer in the world
21 million+ vehicles on the roads across the globe
7/31/2019 Bajaj AllianZ1
16/60
Managing funds of over Rs 4000 cr.
Bajaj Auto finance one of the largest auto finance cos. in India
Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03
It has joined hands with Allianz to provide the Indian consumers with a distinctoption in terms of life insurance products.
As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the
following to offer -
Financial strength and stability to support the Insurance Business.
A strong brand-equity.
A good market reputation as a world class organization.
An extensive distribution network. Adequate experience of running a large organization.
Mission of the company
As a r espons ib le cus tomer focused market l eader, we s ti ll s tr ive to
understand the insurance needs of the consumers and translate i t into
affordable products that deliver value for money.
Vision of the Company
To be Best Life Insurance company in India to
Buy from.
Work for .
Invest in .
Mr. Kamesh Goel, 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.
7/31/2019 Bajaj AllianZ1
17/60
7/31/2019 Bajaj AllianZ1
18/60
OBJECTIVES OF THE STUDY
To study the sales promotion techniques of insurance consultants of the BajajAllianz.
To study the traditional products of the Bajaj Allianz.
7/31/2019 Bajaj AllianZ1
19/60
7/31/2019 Bajaj AllianZ1
20/60
LIFE INSURANCE POLICIES
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 ext ra
premi ums 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 All ianz Term care Plan o ff er s t he cus tomer the
convenience of choosing between two premium payment options.
Re gular Premium Payme nt: Premium payment throughout the
selected term.
Single Premi um Pa yme nt: One t ime premium payment for the
selected term at commencement.
Apart from covering the risk of natural death, this plan also providesthe customer the option to choose up to 5 additional benefits. The customer
can select a specif ic combination of addi t ional benef it s best sui ted to
his/her needs, available in 4 attractive packages to choose from.
I. Economy : This i s the bas ic plan, which is avai lable for both the
regular and single premium payment options.
II. Protect : This pack comes with the following 3 in-buil t addit ional
benefits :
a) Accidentaldeath Benefit.
b) Accidental Permanent Total/Partial Disability Benefit
7/31/2019 Bajaj AllianZ1
21/60
c) Waiver of Premium Benefi t ( 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 Benefi t . The health Pack is available with the
regular premium payment option only.
IV. Total : This pack comes wi th the following 5 in-buil t addi t ional
benefits :
a) Accidental Death Benefit.
b) Accidental Permanent Total/ Partial Disability Benefit.
c) Waiver of Premium Benefi t ( 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.
Bene fits :
Accidental Death Benefit
Accidental Permanent Total /Partial Disability Benefit
Waiver of premium Benefit
Critical Illness Benefit
Tax Benefits
Surrender
7/31/2019 Bajaj AllianZ1
22/60
Loans
LOAN PROTECTOR
The Baj aj A ll ianz Loan Pro tect or p lan i s a mort gage t er m
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?
Th e Bajaj Allianz Protector Plan offers the convenience of
choosing between two premium payment options.
I. Re gular Premi um Payment : Premi um payment l im it ed t o
approximately 2/3 r d of loan tenure, while coverage continues for the
full tenure of the loan.
II. Single Premi um Pa yme nt : One time premium payment covering the
customer for the full tenure of the loan.
Joint Li fe Av ailability
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 deathbenefit will be payable in case of dea th of either life. Th e policy terminates
on death of either life.
Days of Gr ace
7/31/2019 Bajaj AllianZ1
23/60
In case of non-payment of premiums, a grace period of 30 days will
be allowed for th e yearly, half yearly and quarterly mo des (15 days for
monthly mode). After that the policy will lapse.
Revi val Of the Policy
It is possible to revive a policy that has lapse due to non-payment of
premi ums within 5 years from the date of lapse. Th e rev ival will be
effected subject to underwrit ing. In case of joint l i fe, 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 object ions . The cus tomer wi l l be ent i t led to a refund of the
premi um paid, subject only to a deduction of a proportionate risk premi um
for the period on cover and expenses incurred on medical examination and
stamp duty charges.
Bene fits :
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. I t is but natural that a person would l ike 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.
7/31/2019 Bajaj AllianZ1
24/60
How does the plan work?
Th e Bajaj Allianz Child Gain solutions help the customer to
enjoy the joys of parenthood responsibi li ty, with the reassurance of a
secure future for their child.
Common fea tures in the 4 opt ions of Bajaj All ianz Child gain
Solutions.
I. Limited Premium Payment Term Which means that the p remiums are
payable till the customers child attains age 18 years .
II. The customers contributions grow by way of compounded annual
bonuses, which wil l be paid to him with the f irs t guaranteed payout
(pol icy anniversary following age 18 of your child), for in-force
poli cies. 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 Childs Future In an uncer ta in wor ld , 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
pro tect th e inte rests of your childs future, by counter insuri ng you-
the policyholder.
Premiums
For the customers 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.
7/31/2019 Bajaj AllianZ1
25/60
Surrender
They offer the cus tomer the choice of sur render ing the pol icy
pro vided 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
al l premiums paid excluding the f i rs t year premium and excluding the
premi ums for premium waiver ben efit and Fami ly In come 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 condit ions return the policy, i f
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, subjec t only to a deduction of pro portionate ri sk premium for the
period on cover and the expenses incurred on medical examinati on and
stamp duty charges.
Excl usions
The Death Cover is subject to the following Exclusion :
Suicide within one year from commencement of r isk, whether sane or not
this product brochure gives the sal ient feature only. The relevant policy
document is the conclusive evidence of the contract, and provides in detail
al l the condi tions . Exclusion related to each of plans under the Ba jaj
Allianz Chi ld Gain So lut ions.
INVEST GAIN
7/31/2019 Bajaj AllianZ1
26/60
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.
Ac cidental De ath Be nefit :
Accidents are always sudden and sometimes fatal. You cant 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).
Ac cidental Perma nent Tot al/Partial Di sabili ty Be nefit :
Accidents are unpredictable and so are the consequences. They maylead 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 disabil i ty, l imit ing ones
ability to earn. Bajaj Allianz Waiver of Premium Benefit is a helping
hand when one needs i t most . I t waives off al l future premiums while
keeping the valuable life insurance cover alive, thus enabling you to live up
to your commitments.
7/31/2019 Bajaj AllianZ1
27/60
Critical Illness Benefit (CI) :
Some i l lnesses are cri t ical . They not only al ter ones l i fes pattern
but also result in a financial drain. Bajaj Allianz Critical Il lness
benefit softens the impact on the family by paying out the Critical Illness
Benefi t under the plan immediately, while other policy benefi ts continue
(excluding Hospital Cash Benefi t ). We cover 11 cri t ical i l lnesses . The
customer have the f lexibil i ty of choosing Crit ical I l lness cover up to the
basic Sum Assured sel ected by you (Mi nimum Rs . 50,000)
Ho spital Ca sh Be nefit (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 All ianz , they bel ieve I offer ing benef it s and not jus t
pro ducts. They rea lize th at customers are unique and their needs for
insurance vary with time. They therefore offer the customer the flexibility
o f i nc lusi on o f cover age o r exc lusi on o f cover age a t each pol icy
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 Benefi t 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.
Inc rease In risk Co verage
7/31/2019 Bajaj AllianZ1
28/60
Every added responsibi li ty in a persons l ife call for increase in
his/her risk cover. Bajaj Allianz provide the customer the option to increase
coverage up to 505 of the bas ic Sum Assured on each of the fol lowing
happy moments in their life :
Your 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 customers convenience in mind, Bajaj Allianz offers
the customer the widest range of terms : 15, 20, 25,and 30 years.
Ad ditional Protection Fo r The Cu stome r ne ed Th eir Fami ly
The cus tomers have the opt ion to add the fol lowing addit ional
benefits. Providing total pro tection against uncertainties.
a) Family Income Benefit (FIB) : The Ult imate Protection For your
loved Ones . The customer can select the unique Family Income Benefi t
From Bajaj All ianz that ensures total f inancial protection for their loved
ones. In case of death or accidental total permanent disability, a guaranteedmonthly income 1% of the Sum Assured (12% per annum) is paid t i l l the
end of the policy term or at least for a period of 10 years, whichever is
higher. Moreover, all future premiums are waived.
7/31/2019 Bajaj AllianZ1
29/60
b) Comprehensive Accident protect ion : This benef it provides
comprehensive cover in case of an accident. It comprises of :
Ac cidental De ath Be nefit
Accidents are always sudden and sometimes fatal. You cant lessen the
emotional shock, but you can certainly soften the f inancial 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 al l polices with
Bajaj Allianz taken together).
Ac cidental Perma nent Tot al/ Pa rtial Di sabi lity Benefit
Accidents are unpredictable, and so are the consequences. They may
lead to a disabil i ty part ial or total . This Benefi ts provides a f inancial
cushion against such misfortunes. You will get 50% of the Sum Assured in
case of part ial disabil i ty. (Subject to a maximum of Rs. 25,00,000/- for
partial Rs. 50,00,000/- for total disability under all policy with Ba jaj
Allianz taken together).
Waiver of Premium Benefit
An accident may lead to permanent total disabil i ty, l imit ing ones to
earn. Bajaj All ianz Waiver of Premium Benefi t is a helping hand when
one needs i t most . I t waives off al l future premiums whi le keeping the
val uabl e l if e i nsu rance cover a li ve , t hus enabl ing you up to your
commitments.
c) Critical Illness Benefit (CI): Some illnesses are critical. They not only
alter ones lifes 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
7/31/2019 Bajaj AllianZ1
30/60
plan immediately, wh ile oth er poli cy benef its conti nue (excluding Ho sp ital
Cash Benefi t ). We cover 11 cr it ical i llnesses . The customer have the
flexibility of choosing Critical Illness cover up to the basic Sum Assured
selected by you (Minimum Rs. 50,000).
d) Ho spi tal Ca sh Benefit (HC ): The worry of setting hospital bills (room
charge) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash
Benefi t reduces this f inancial burden and helps recovery with peace of
mind.
Flexibility in Coverage
In Bajaj All ianz, they believe in the offering and not just products .
They realize that the customers are unique and their needs for insurance
vary with t ime. They therefore offer the cus tomer the f lexibi li ty of
inclusion of coverage or exclusion of coverage at each policy anniversary,
s ubjec t to c on di tio ns r ela ti ng to su ch in clu si on s a nd ex clu si on .
Comprehensive Accident Protection can be included and excluded at each
poli cy anniversary. Family In come Benefit, Cr itical Illness Ben efit and
Hospi tal cash Benef i t can be taken at incept ion 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 Ri sk Co verage :
Every added responsibility in a p ersons calls for increase in his/her risk
cover. Bajaj Allianz provide 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
7/31/2019 Bajaj AllianZ1
31/60
This additional coverage is not subject to underwriting. The option should
be exercised within 90 days of the occurrence of th e said event.
.
RISK CARE
This plan offers the customer l ife insurance cover at the lowest
possible cost for a sel ected term. It is an ideal option to cover their near
and dear ones against financial risks arising out of lifes adversities like
death and permanent disability. In the case of pre-mature death during the
term, the Sum Assured i s 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 opti ons.
Regular Premium Payment- Premium payment through the selected
term.
Single Premium Payment- One t ime 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.
Ec onomy : 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-buil t addit ional
benefits:
7/31/2019 Bajaj AllianZ1
32/60
Accidental Death Benefits.
Accidental Permanent Total/Partial Disability Benefits.
Waiver of Premium Benefi t ( in case of accidental permanent total
disability)
The Protect Pack is available with the regular premium payment option
only.
He alth: This pack comes with the following 2 in-buil t addit ional
benefits:
1. Cri tical I l lness Benef i t.
2. Hospital Cash Benefit. The heath pack is available with the regular
premium paymen t option only .
Total: This pack comes with the following 5 in-built additional benefits:
1. Ac cid en ta l Dea th B en ef it.
2 . Accidental Permanent Total /Par t ial Disabi li ty Benef i t.
3 . Waiver of Premium Benefi t ( in case of acc identa l permanent
total disability).
4 . Cri ti ca l I ll ness Benef it .
5 . Ho sp ita l Cas h Ben ef it.
The total Pack is available with the regular premium payment option only.
Be nefits
Premium Waiver Benefit
Family Income Benefit
Option to Purchase future Insurance
Exclusions
7/31/2019 Bajaj AllianZ1
33/60
Suicide within one year from commencement of r isk, whether same
or not . This product gives the sal ient featured only the relevant pol icy
document is the conclusive evidence of the contract, and provides in details
al l the condit ions , exclus ion related to each of plans under the Bajaj
Allianz Child Gain Solutions.
7/31/2019 Bajaj AllianZ1
34/60
RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem.
Research methodology constitutes of research methods, selection criterion of
research methods, used in context of research study and explanation of using of a
particular method or technique so that research results are capable of being
evaluated either by researcher himself or by others. Why a research study has been
undertaken, how the research problem has been formulated, why data have been
collected and what particular technique of analyzing data has been used and a best
of similar other question are usually answered when we talk of Research
methodology concerning a research problem or study. The main aim of research is
to find out the truth which is hidden and which has not been discovered as yet.
7/31/2019 Bajaj AllianZ1
35/60
AREA OF STUDY
The area of the study related with getting correct information of life insurance
policies of different peoples in the region of Amritsar.
SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from a given population. It
refers to the techniques or the procedure the researcher would adopt in selecting
items for the sample. Sample design may as well be drawn from the population to be
included in the sample i.e. the size of the sample. Sample design is determined
before data are collected.
During my study I have taken 50 insurance care consultants as the size of
sample.
TOOLS USED
To know the response, I have used the questionnaire method. If one wish to find
what insurance care consultants think or know, the logical procedure is to ask them.
This has led marketing researchers to use the questionnaire technique for collecting
data more than any other method.
In this method questionnaire were distributed to the respondents and they were
asked to answer the questions in the questionnaire. The questionnaire were
structured non disguised questionnaire because the question which the questionnaire
contained, were arranged in a specific order besides every question asked were
logical for the study, no question can be termed as irrelevant.
7/31/2019 Bajaj AllianZ1
36/60
The questionnaire was non-disguised because the questionnaire was constructed so
that the objective is clear to the respondent. The respondents were aware of the
objective. They knew why they were asked to fill the questionnaire.
With the help of following techniques, which are using by Bajaj Allianz I analyse
that the how techniques of sales promotion are useful?
7/31/2019 Bajaj AllianZ1
37/60
DATA COLLECTION
PRIMARY DATA SOURCES
Through interaction with insurance care consultant
Through questionnaires filled from the insurance care consultant.
SECONDARY DATA SOURCES:
Through internet, various official sites of the companies.
Through pamphlets and brochures of the companies.
Magazine & News paper
7/31/2019 Bajaj AllianZ1
38/60
7/31/2019 Bajaj AllianZ1
39/60
DATA ANALYSIS AND INTERPRETATION(Based on survey conducted for 50 insurance care consultants)
Q.1 Which technique of sales promotion you prefer?
Options Response in %
Display 40%
Door to Door Demo 14%
Exhibition 16%
Catalogue 20%
Price Off 10%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 40% insurance care consultants prefer display
technique,20% insurance care consultants prefer catalogues, 16% to the exhibition,
14% to the door to door demo and 10% insurance care consultants prefer price offtechnique.
7/31/2019 Bajaj AllianZ1
40/60
Q.2 Which technique is giving good response from customers?
Options Response in %
Display 18%
Door to Door Demo 36%
Exhibition 18%Catalogue 16%
Price Off 12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 36% insurance care consultants say door to door demo
techniques giving good response, 18% insurance care consultants say to the display
& exhibition, 16% to the catalogues & 12% say to the price off technique.
7/31/2019 Bajaj AllianZ1
41/60
Q.3 Which technique is economically beneficial?
Options Response in %
Display 10%
Door to Door Demo 22%
Exhibition 10%Catalogue 46%
Price Off 12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the 46% insurance care consultants, catalogue technique is
economically beneficial. 22% to the door-to-door demo and 12% insurance care
consultants prefer price off technique.10% to the exhibition & display technique.
7/31/2019 Bajaj AllianZ1
42/60
Q.4 Which technique requires less time in sales promotion?
Options Response in %
Display 22%
Door to Door Demo 38%
Exhibition 10%Catalogue 16%
Price Off 14%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 38% insurance care consultants say display technique
requires less time in sales promotion. 22% to the display technique, 16% insurance
care consultants vote to the catalogues, 14% insurance care consultants vote to the
10% to the exhibition.
7/31/2019 Bajaj AllianZ1
43/60
Q5 Which technique is easily manageable?
Options Response in %
Display 18%
Door to Door Demo 30%Exhibition 10%
Catalogue 34%
Price Off 8%
0%
5%
10%
15%
20%
25%
30%
35%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 34% insurance care consultants say that the catalogues is
easily manageable, 30% to the door to door demo,18% insurance care consultants
prefer display technique 10% to the exhibition, and 8% insurance care consultants
say to the price off technique.
7/31/2019 Bajaj AllianZ1
44/60
Q.6 Which technique requires less knowledge to execute?
Options Response in %
Display 14%
Door to Door Demo 12%Exhibition 12%
Catalogue 22%
Price Off 40%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 40% insurance care consultants vote to the price off
technique is require less knowledge to execute.22% insurance care consultants
prefer catalogues, 14% to the display and 12% to the exhibition & door to door.
Q.7 Which technique requires more knowledge to execute?
Options Response in %
7/31/2019 Bajaj AllianZ1
45/60
Display 20%
Door to Door Demo 42%
Exhibition 24%
Catalogue 10%
Price Off 4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Display Door to Door
Demo
Exhibit ion Catalogue Price Off
Interpretation:
According to the study 42% insurance care consultants vote to the door-to-door
technique that it requires more knowledge to execute than others. 24% to the
exhibition, 20% to the display technique, 10% insurance care consultants give vote
to the catalogues and 4% insurance care consultants prefer price off technique.
7/31/2019 Bajaj AllianZ1
46/60
Q.8 Price off are necessary for sales promotion?
Options Responses in %
Yes 46%
No 40%Cant say 14%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Yes No Cant say
Interpretation:
According to the study 46% insurance care consultants say yes that the price off are
necessary for sales promotion. 40% say no and 14% say cant say.
7/31/2019 Bajaj AllianZ1
47/60
Q.9 Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz are satisfactory?
Options Responses in %
Yes 34%No 46%
Cant say 20%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Yes No Cant say
Interpretation :
According to the study 46% insurance care consultants say No that the salespromotion program that is presently undertaken by Bajaj Allianz are satisfactorily
36% say Yes and 20% say cant say.
7/31/2019 Bajaj AllianZ1
48/60
Q.10 Should Bajaj Allianz take up new sales promotion program?
Options Responses in %
Yes 72%
No 22%
Cant say 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Yes No Cant say
Interpretation :
According to the study 72% insurance care consultants say yes installment offers are
22% say no and 6% say cant say.
7/31/2019 Bajaj AllianZ1
49/60
IMPORTANCE OF ADVISORS IN INSURANCE
COMPANY
In the insurance industry the sales team following the typical organization structure:
Hierarchy in Insurance Company
The sales team comprises of the Sales Manager superior to Area
Sales Manager, These ASMs (Area Sales Manager ) have the ir own
individual team of Unit Manager and in turn Unit Managers their own team
of financial advisors.
Each team of ASMs competing with each other in surge of achieving
targets , each Unit Manager depends on their Advisors for their business.
They represent the company in the market to the customers, so nobody can
deny the importance of Advisors in the whole system.
They providing the company with the bus iness and help the ir
respective Unit Manager to achieve their targets. So a unit Manager has to
SALES
MANAGER
AREA SALES
MANAGER
AREA SALES
MANAGER
AREA SALES
MANAGER
UNIT
MANAGER
UNIT
MANAGER
UNIT
MANAGER
ADVISORS ADVISORS ADVISORS
7/31/2019 Bajaj AllianZ1
50/60
be really careful wh ile recruiting their Advisors. Du ring th e year of
appointment, new Advisor usually account for a relatively small proportion
of the organizations total production.
The most promising means of achieving profitable production growth
l ies in your sales organizations capacity to give policy owners good
counsel and prompt, cour teous serves to give them value for premium
paid. The best guarantee of having th at capacity comes from retaining large
number of productive advisor.
Consequently, the development needs of your sales organization call
for successful recruiting. Its a necessity. This is why manager who move
to the top of Bajaj Allianz honor roll and stay there are always found to be
manpower-focused.
Before we move to the how to of recruit ing, lets consider some
important philosophies relative to recruiting.
FIVE PERSISTENT CONCERNS:
As an Bajaj Allianz Manager, you are fully committed to building a high
performing, growing agency. This being true, it follows those five concerns
must be constant in your annual planning.
Th e SEARCH for talent
Th e EVALUTION of potential advisors
Th e ATTRACTION of advisors
Th e RETENTION of advisors
Th e PRODUCTIVITY of advisors
7/31/2019 Bajaj AllianZ1
51/60
Any manager who attains satisfying results in these five areas will
enjoy
Satisfying sales results
Outstanding persistency of business
Superior policy owner service capabilities
An enviable reputation as a Bajaj Allianz agency builder
A momentum which comes from the synergistic benefit of success
CHART SHOWING HOW TO GET POTENTIAL ADVISOR
Putting it simply in a flow
SEARCHWhere to look for
ATTRACT
How to attract to life Insurance
EVALUATE
How to evaluate
PRODUCTIVITY
RETENTION
7/31/2019 Bajaj AllianZ1
52/60
SWOT ANALYSIS
SWOT Matrix
Strengths
Strong brand name
Customer loyalty
Product Quality
Good reputation among customers
Weaknesses
Insufficient product promotion
Unawareness about the product
StrengthThreats
Environmental Scan
Internal Analysis External Analysis
Weaknesses Opportunities
7/31/2019 Bajaj AllianZ1
53/60
Opportunity
All ianz Bajaj adds complete sui te of group insurance
products to its pro duct Portfolio
Allianz Bajaj plans to focus on group insurance for i ts
next phase of aggressive growth
An unfilled customer need
Threat
Emergence of substitute products
Resistance to change
Non- response from the target customers
7/31/2019 Bajaj AllianZ1
54/60
FINDINGS
This sales promotion process was very much satisfying for me not only
practically and academically but it also helped me in developing my
communication skill and enriched my knowledge also.
I have come to know about the importance of marketing especially with
regard to Sales Promotion on the most renowned organization like Bajaj
Allianz. Especially because of emergence of many competitor with
excellence in services & competitive product. The base of this chapter
conclusion is on the data analysis or what we say findings.
I have finding from the insurance care consultants of the Bajaj Allianz. and
their insurance policies on my topic.
When the insurance care consultant is asked why they are dealing in this
particular insurance policies (product) they mostly stressed on companys
image. They also said that all income and age group of customers are
attracted towards their product but buyers are mainly from higher and
middle-income group.
Insurance care consultants said that their sale is very much increased in the
last years because of an excellent performance of the product. Insurance care
consultants said that the customer are very much satisfied after getting
insurance policies because of its features related with risks of life and also
because of quality of service provide by their company is very good.
7/31/2019 Bajaj AllianZ1
55/60
CONCLUSION
The Bajaj Allianz insurance company is entering into booming here. To increase the
market share in insurance time-to-time research projects are undertaken and this prefects
was endeavor in that direction. To conclude their can't be two ways about Bajaj Allianz life
Insurance, commanding a very good brand image people mostly does not go by Bajaj
people still think that Bajaj is partly owned by government. And hence would be more
secure to invest hereGrowing at a breakneck pace with a strong pan Indian presence
BajajAllianz has emerged as a strong player in India.
Characterized by global presence with a local focus driven by customer orientation to
establish high earnings potential and financial strength.
7/31/2019 Bajaj AllianZ1
56/60
LIMITATIONS OF THE STUDY
Following limitations were faced during the study:
1. While designing the questionnaire it was kept in mind to gather more and
more information from each target person. For the neither present nor
descriptive questions could have served the purpose. Therefore the
questionnaire contained in the open-ended questions.
2. The study was conducted in Bajaj Allianz in Amritsar city, which has 127 to
170 insurance care consultants only. The sample size was of 50 insurance
care consultants only so that accuracy of data so collected could be absurd
covered by circulation of questionnaire.
3. The accuracy of indications given by the respondents may not be consider
adequate as whether the language used in the questionnaire is understood by
the respondent cannot be taken for granted.
4. The study is based on the information gathered from the insurance care
consultants. Therefore in such case it is possible that the information
supplied might be biased because the insurance care consultant might have
shown partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather
difficult to give a precise conclusion but I have tried to the best of my
capability to give the conclusion on a comprehensive manner.
SUGGESTIONS
7/31/2019 Bajaj AllianZ1
57/60
Here are some suggestions, which may help to strengthen the firm further
Many of the insurance care consultants of the Bajaj Allianz. Has the lack of
good communication skills and training. So training should be easy.
Bajaj Allianz Should use new techniques of sales promotion.
Customer services should be more comfortable than others.
People must be made aware of the benefits of the policies of Bajaj Allianz.
The company should give personal attention to each customer.
Proper assistance should be provided to the customer at the time of claim
settlement.
All the details about the company should be given to the customers.
Regular advertisement of the company should be given TV and Newspaper.
The company must try to find new markets especially in the rural areas.
The company should do frequent analysis of the competitors.
BIBLIOGRAPHY
www.google.com
www.bajajallianz.co.in
http://www.google.com/http://www.bajajallianz.co.in/http://www.google.com/http://www.bajajallianz.co.in/7/31/2019 Bajaj AllianZ1
58/60
www.in.insuranceyahoo.com
www.irdaindia.org
BOOKS WERE CONSIDERED
Marketing management by Mr. Philip Kotler.
Principles of marketing by Mr. Richard Armstrong.
Marketing Strategy and Management by Mr. Michael J. Baker.
Marketing Channels by Mr. Louis Stern
Business Research Methodology by Mr. C.R. Kothari.
BUSINESS MAGAZINE & NEWS PAPER
The Times of India
The Economic Times
4Ps, Pitch, Business & Economy
An nexure
Q.1 To which technique of sales promotion you prefer?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
http://www.in.insuranceyahoo.com/http://www.irdaindia.org/http://www.in.insuranceyahoo.com/http://www.irdaindia.org/7/31/2019 Bajaj AllianZ1
59/60
E) Price-off
Q.2 Which technique is giving good response from customers?
A) Display B) Door to door demonstrationC) Exhibition D) Catalogue
E) Price-off
Q.3 Which technique is economically beneficial?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.4 Which technique requires less time in sales promotion?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.5 Which technique is easily manageable?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.6 Which technique requires less knowledge to execute?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
E) Price-off
Q.7 Which technique requires more knowledge to execute?
A) Display B) Door to door demonstration
C) Exhibition D) Catalogue
7/31/2019 Bajaj AllianZ1
60/60
E) Price-off
Q.8 Price off and installment offers are necessary for sales promotion?
A) Yes B) NoC) Cant say
Q.9 Do you think that sales promotion program that is presently undertaken by
Bajaj Allianz are satisfactory?
A) Yes B) No
C) Cant say
Q.10 Should Bajaj Allianz take up new sales promotion program?
A) Yes B) No
C) Cant say