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Tuesday, January 26, 2010

BAJAJ ALLIAZ(COMPARATIVE ANALYSIS OF INSURANCE COMPANIES – SPECIAL EMPHASIS ON BAJAJ ALLIANZ)

A SUMMER TRAINING PROJECT
ON




“COMPARATIVE ANALYSIS OF INSURANCE COMPANIES – SPECIAL EMPHASIS ON BAJAJ ALLIANZ”

SUBMITTED BY
MOHSIN MAHIR
MBA


UNDER THE SUPERVISION OF





JAMIA HAMDARD SCHOOL OF BUSINESS, NEW DELHI







ACKNOWLEDGEMENT

I would like to take this opportunity to express my deep gratitude to all those who, directly or indirectly made this project possible. I have got considerable help and support in making this project report a reality from many people. I also take this opportunity to convey my heart felt thanks to ---- for his constant suggestion, which have resulted in successful completion of the project.
Also I am thankful to Mr --- (Head –loyal enterprises, a franchisee of the BAJAJ ALLIANZ ) the management as well as the whole team of Franklin Templeton for their cooperation and for making my project duration memorable and a fruitful one.


...............










CONTENTS
CHAPTER-I
Introduction 4
Types of Insurance 5
Life Insurance Companies 7
CHAPTER-II
Company Profile 8
Product Knowledge 13
Market Share 14
CHAPTER-III
Objectives & Research Methodology 21
CHAPTER-IV
Study 1 22
Study 2 25
Study 3 33
CHAPTER-V
Conclusion 38
Limitation 39
Suggestions & Recommendations 40
CHAPTER-VI
Annexure 41
References 47

INTRODUCTION

What is Insurance?
Insurance is a means by which a person or company, can transfer insurable risks to an insurance company, against the payment of a premium.
Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss.
"Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."
“Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected.”
For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events. By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death.

TYPES OF INSURANCE
General Insurance
The basis for general insurance is "transfer of risk”. This means that the insurer agrees to compensate you if you suffer a loss. Without the insurance you would have to pay for that loss yourself. Obviously this contract is made on the basis that the insurance company calculates the risk that you, or the total number of people buying insurance, will cost more in payouts than what is received in premiums. This is determined by the use of statistics and the information you disclose on your applications for insurance
This includes:
Home contents. It can either be "defined event" i.e. the policy covers loss or damage from a list of "defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all accidental loss with some exclusions.
Motor vehicle. It can either be "comprehensive" i.e. it covers any damage to your car as well as damage to the other car or another person's property; "third party property" i.e. it covers damage caused by your car to another person's property. This type of insurance will not cover you for the cost of repairs to your own car; "third party fire and theft i.e. it covers damage partly for damage caused by your car to another person's property, and restricted cover for damage to your car cause by theft or fire. Income protection. With this type of insurance the insurer agrees to pay you a specified amount of money, usually in monthly payments, in the event that you become disabled and unable to work. Along the same lines you an purchase "trauma insurance" to cover a medical trauma such as a heart attack.
Also in the modern day world the various players in the insurance market are launching a number of utility specific insurance policies in an effort to stay one step ahead of their competitors. Hence to make the Definition of General Insurance more broad based and inclusive we can say that all the policies that do not fall under “Life Insurance “ category fall under the General Insurance category.

Life Insurance
Life insurance is insurance that will protect your family and/or specified dependents in the event of the policyholder’s death. In general, it is an essential component in planning for the future.
There are many options with coverage, depending on your situation. And there are three main categories of life insurance: term life, universal life, and whole life insurance.
Term life is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whomever you've designated, upon a specific event, your death.
Whole life insurance provides permanent protection for your dependents while building cash value account. With this type of insurance, the insurance company manages the policies various contract.
Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life










LIFE INSURANCE INDUSTRY IN THE YEAR 2000-2001 HAD 10 NEW ENTRANTS
S.
No Registration
Number Date of Reg. Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited

5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7 111 30.03.2001 SBI Life Insurance Company Limited.

8 114 02.08.2001 ING Vysya Life Insurance Company Private Limited

9 116 03.08.2001 Bajaj Allianz Life Insurance Company Limited

10 117 06.08.2001 Met life India Insurance Company Pvt. Ltd.














COMPANY PROFILE




















COMPANY PROFILE

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates-, Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies.

Bajaj Allianz Life Insurance
• Is the fastest growing private life insurance company in India
• Currently has over 4,40,000 satisfied customers
• We have a presence in more than 550 locations with 60,000
Insurance Consultant providing the finest customer service.
• One of India's leading private life insurance companies

Bajaj Allianz General Insurance Company:
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and Allianz, AG, holds the remaining 26% Germany.
In its first year of operations, the company has acquired the No. 1 status among the private non-life insurers. As on 31st March 2003, Bajaj Allianz General Insurance maintained its leadership position by garnering a premium income of Rs.300 Crores. Bajaj Allianz also became one of the few companies to make a profit in its first full year of operations. Bajaj Allianz made a profit after tax of Rs.9.6 crores.
Bajaj Allianz today has a network of 42 offices spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the head office at Pune.
In the first half of the current financial year, 2004-05, Bajaj Allianz garnered a premium income of Rs. 405 crores, achieving a growth of 84% and registered a 52% growth in Net profits of Rs.20 Crores over the last year for the same period. In the financial year 2003-04, the premium earned was Rs.480 Crores, which is a jump of 60% and the profit zoomed by 125% to Rs. 21.6 Crores
Vision
•To be the first choice insurer for customer’s
•To is the preferred employer for staff in the insurance industry.
•To be the number one insurer for creating shareholder value
Mission
As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money.
Allianz Group
Allianz Group is one of the world's leading insurers and financial services providers.
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.
Easy access and reach across the country –
Bajaj Allianz Life has offices now in over 510 towns across the country-enabling customer to buy our products and get quality efficient service almost anywhere across the country

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE
• Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr.
• 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. - AUM of Rs.51, 96,959 cr.
• 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
Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. For companies it provides comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Superannuation, Keyman Insurance and more); for the individual Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), Unit Gain (Unit Linked Plan), Unit Gain Single Premium, Unit Gain Plus, Unit Gain Plus SP, Lifelong Gain Plan, Unit Gain Single Pension & Unit Gain Easy Pension Plans
















PRODUCT KNOWLEDGE

UNIT GAIN PLAN
Bajaj Allianz Unit Gain offers the unique option of combining the protection of life insurance with the attractive prospects of investing in securities. You have the choice of 6 investment funds with flexible investment management; you can change funds at any time. You also benefit from attractive tax advantages and unmatched flexibility -to match your changing needs. And the advantage of low fund management & fund administration costs. This plan gives you the unmatched flexibility to match your needs.
Minimum sum assured: 5 times the annual premium
Maximum sum assured: Y times the annual premium where Y is---
Age 0-30 31-35

36-40 41-45 46-55 56-60
Y 125 105 75 55 30 20

Key Features: -
• Guaranteed death benefit
• Choise of 6 investment funds
• Provision of full &partial withdrawal after full 3 years
premium is paid.
• Unmatched flexibility to match your changing needs




MARKET SHARE


COMPANIES MARKET SHARE (%)
Bajaj Allianz 26.5
ICICI Pru 25.7
HDFC 10.04
SBI life 8.09
Birla Sun Life 6.61
Tata AIG 4.51
Max New York 4.3
Aviva 4
Kotak Mahindra 3.88
Others 6.37






































DATA ANALYSIS
From the data collected by me on different insurance companies we can analyse the position of different companies as fellows:

RETURN WISE RANKING
If we see from the point of view of returns on different fund option of different companies then we can find the following data:
If we see from the point of view of returns the we can say that BAJAJ ALLIANZ is at the top with 48.16 % of return in its Equity Plus Fund.

















GROWTH
THE OTHER COMPARISION IS ON THE BASIC OF GROWTH OF DIFFERENT FUNDS OF A PARTICULAR COMPANY:
PRIVATE LIFE PLAYERS MARKET PREMIUM INCOME GROWTH (%)
Share (%) (Rs Crore)
BAJAJ ALLIANZ 26.49 2,715 216
ICICI PRUDENTIAL LIFE 25.72 2,637 66
HDFC STANDARD LIFE 10.04 1,028 111







Bajaj Allianz Life clearly the market leader grew by 216 per cent and clocked in new business premium of Rs 2,715.6 crore. The company cornered a market share of 7.56 per cent. ICICI Prudential on the other hand garnered premium of Rs 2,637 crore and holds a market share of 7.35 per cent. The other private player that registered significant growth in the fiscal 2005-06 was HDFC Standard Life. The company's new
Business has grown by 112 per cent to Rs 1,029 crore. The market share of HDFC Standard Life has jumped from 1.92 per cent in 04-05 to 2.97per cent in 05-06. Of the total pie, individual regular premium policies contributed 55 per cent at Rs 19,889 crore. Individual single premium policies were 31 per cent of the total portfolio at Rs 10,999 crore. Individual policies have registered an overall growth of 39 per cent against the previous year. Despite the FBT on group superannuation, business registered a growth of 14 per cent to Rs 5,009 crore.

NET PROFIT
The company's new business has grown by 112 per cent to Rs 1,029 crore. The market share of HDFC Standard Life has jumped from 1.92 per cent in 04-05 to 2.97per cent in 05-06. Of the total pie, individual regular premium policies contributed 55 per cent at Rs 19,889 crore. Individual single premium policies were 31 per cent of the total portfolio at Rs 10,999 crore. Individual policies have registered an overall growth of 39 per cent against the previous year. Despite the FBT on group superannuation, business registered a growth of 14 per cent to Rs 5,009 crore.





GROWTH IN PROFIT OF DIFFERENT INSURANCE COMPANIES

S.NO NAME OF THE COMPANY GROWTH
IN %
1 BAJAJ ALIANZ 112
2. ICICI PRU 64
3. HDFC 29
4. BIRLA SUN LIFE 26
5. KOTAK LIFE 39
6. TATA AIG 19
7. MAX NEW LIFE 14



PROJECT BRIEF

During the summer training period I did a project which includes three studies:-
My first study is a sort of comparative study amongst different LIFE INSURANCE COMPANIES on the basis of some predetermined criteria and the type of policy that is to be compared is not the well known and old but it is the new concept that the LIFE INSURANCE companies has come up with whose name is Unit Linked Insurance Policy (ULIP).

The criteria on which the ULIP is to be compared are Entry Age & Maturity date, Premium value & Term, Death Benefit, Surrender Benefit, Withdrawal, Switches & Allocation of Equities and in the last the comparison of the return of their respective best funds.













OBJECTIVE:

• To do a comparative analysis of the insurance sector.
• To map customer satisfaction level of Bajaj Allianz.
• To study the customer buying behavior, when comes to purchasing an insurance policy.

RESEARCH METHODOLOGY

The Research methodology adopted in the study is descriptive in nature and the collection of the data is done through the primary & secondary source i.e. internet, companies broachers etc.

STUDY 1- The study 1 dealt with the comparative analysis of the insurance companies with in their industry. This could be better done with the help of secondary data. I took the help of secondary data and designed my comparative analysis on life insurance sector.

STUDY 2- The study 2 dealt with the people who are not insured and their future perspective . Weather they are planning for getting insured and if so, with what policies, what premium, what time etc the research was done with the help of questionnaire.

STUDY 3- The study dealt with the knowing of customers satisfaction of Bajaj Allianz customers. This too was done with the help of primary data i.e Questionnaire.



STUDY 1:
DESCRIPTIVE RESEARCH STUDY:.
In this type of research study the researcher must able to define clearly, what he wants to measure and must find adequate methods measuring it along with the clear cut definition of population he wants to study. Since the aim of study is to obtain complete and accurate information, the procedure must be carefully planned .The design in such studies must be rigid and rigid.In planning and designing a specific research project it is necessary to anticipate all the steps that must be under taken if the project is to be successful in collecting valid & reliable information. If it were broken down into very small parts or activities, the marketing research process would consist of a great no of steps ----

 Specifying research objectives.
 Preparing a list of the needed information.
 Designing the data collection project.
 Selecting a sample type.
 Determining a sample size.
 Organizing and carrying out the fieldwork.
 Analyzing the collected data and reporting the findings.
The comparison is shown through the table on the next page
In that study-1 what we found is that there is no restriction in the entry age of the ULIP offered by the BAJAJ ALLIANZ life insurance company but on all other ( except ICICI PRU ) there is some restriction on the lower age.

The maturity period of the ULIP is differs from company to company but it is highest in case of Birla sun life as far as the payment of premium is concerned BAJAJ ALLIANZ life insurance has all the option whereas Birla sun life doesn’t want any type of flexibility in the payment of premium and ICICI has only yearly premium payment term.

Particular Bajaj
Allianz Birla
Sun Life HDFC
Life Kotak
Life ICICI
Pru
Guaranteed Benefits Tax relief benefits u/s 80( C), Hospital cash benefits (sec 80 D), death benefit or withdrawals are tax free sec 10( 10 D ) of income tax
Guaranteed addition at the end of 10, 15, 20 years and so on.
Tax Benefits u/s 80(C), Tax free benefits u/s 10 (10 D).
Section 80C, 10(10D) of income tax would be apply.
After 3 yrs surrender value is 100% of total value of investment.
Switch b/w Fund 3 free switches in a year 2 free switches in a year 2 free switches in a year Depending on your appetite of risk or your expectation of return. 4 free switches in a year
The Ceiling on the lower level of premium is low in case of all except icici prudential. On account of death benefit all the companies is giving different types of benefits to their ULIP holders. The pre-matured withdrawal is also allowed in all the cases but in case of Birla sun life the customer needs to pay some charges on account of pre-matured withdrawal which they called as surrender charges. In case of Bajaj Allianz life Insurance and Birla sun life, policy fund is given to the policy holder on maturity.

The guaranteed benefits of Bajaj Allianz Life Insurance Company have no other substitute. The hospital cash benefit make the company different from others and also some tax benefits are also their u/s 80(C) and 10 10(D) of income tax act. Now comes the switch between various funds offered by the company, in that case 3 free




switches have been provided by the Bajaj Allianz life insurance company and icici Pru is providing the most ( i.e. 4 ) free switches between the funds whereas both Birla sun life and HDFC life are providing only 2 free switches.

Now comes the last part of the study-1 that is to compare the returns of best fund option of each of the life insurance company and this time again BAJAJ ALLIANZ life insurance Equity Plus and Equity Mid Cap Plus has outperformed all the fund option provided by all other life insurance company.
INSURANCE COMPANIES FUND OPTION RETURNS (%)
ICICI PRU MAXIMISER 30.70
PENSION MAXIMISER 35.79
TATA AIG AIG GROWTH 19.70
AIG EQUITY 30.91
BAJAJ ALLIANZ EQUITY PLUS 48.16
EQUITY MIDCAP PLUS 38.25
HDFC STD. GROWTH FUND 23.48
BALANCED FUND 13.55
BIRLA SUN LIFE MAGNIFIER 25.26
ENHANCER 19.70



STUDY-2

OBJECTIVE:-
The objective of this study is to collect the data or information from the prospective customers and use the information to formulate the new policy which can cater to the need of that segment so that the company can capture the target market.

RESEARCH METHODOLOGY
The methodology used in this study is of Exploratory in nature. Research methodology is all of the techniques, methods and procedures adopted in terminology work to carry out terminology research. It is a way to systematically solve the research problem.
ANALYSES OF DATA
To analyses the data simple statistical tools such as pie chart, bar charts and MS Excel’s functions have been used.
DATA COLLECTION
The data are collected from both the primary and the secondary sources.

Primary: - Questionnaire

Secondary: - The details about the prospective customers is obtained from
the report of Mr. Avdesh Verma who had done his summer training in BAJAJ ALLIANZ life insurance company.



The question was asked to the sample size of 150 customers and the questionnaire was having close ended questions. The questionnaire consisits of 13 questions. The responses that I got from the customers are represented through graphs. The graphical represented of the questionnaire is according to the sequence of the questions. The representation of the responses are shown :-









I




It was asked the respondent about the importance that they give to the life insurance and found that around 140 respondent (i.e. 93% of the respondent) think that it is important for them ant the same is shown through the above diagram.






The next question asked was the main crietaria for selecting the life ionsurance policy. In that case the main importance is given to the amount of premium paid yearly. 33% of the respondent shown their importance in annual premium amount whereas 27% was concerned about the brand name of the company and one-fourth respondent given importance to the policy’s term.















The next question that I asked to the respondent was that what they think weather the life insurance is enough to cover the life or not and in that case I get the response in favor of the question. About 68% of the respondent said that life insurance is important for all and 32% respondent said that it is not necessary for all to get the life insurance policy.





The next question that I asked to the respondent is related to their future buying behaviour or in other words weather they are going to take the life insurance policy in the near future ( less than 6 months). Most of the respondent ( 86% ) said that they are going to buy insurance policy in the near future whereas the remaining will thing to buy the policy.






















The next question in the questionnaire was about the suitable term of the premium that they will pay when they buy the insurance policy. 52% of the respondent said that they prefer quaterlly term premium for their life insurance policy. The single premium system is not liked by the respondent and only 4% respondent opted for that. The response percentage for the half-yearly and annually premium paid policy is opted by the 26% and 18% respectively.






















The minimum premium that the respondent wants to pay ranging between Rs 12000-15000 and around 59% response comes in the favour of that. While higher amount of premium as well as lower amount of premium is not that much attracting to these respondent. The response for 8000-12000 was 18% and least for the more than Rs 20000 i.e. 11%.






















Now the question for the brand is asked to the respondent. In that case the respondent thought that BAJAJ ALLIANZ life insurance company is the fastest growing insurance company and get 40% of the respondent in his favour. ICICI Pru has got 17%, Kotak Mahindra 21% and the remaning responses goes to the other life insurance companies like Birla sun life, HDFC life etc.

STUDY-3

OBJECTIVE:-

The objective of this study is to know about satisfactory level of the policy holders of Bajaj Allianz life insurance company and to know about the brand Image of the company and also asking about any steps ( if any ) so as to improve their service.

RESEARCH

The data is collected from both the primary and the secondary sources.
Primary: - Data collected directly through Questionnaire
Secondary: - Collected by the company record. ( List of the
Existing customers)METHODOLOGY

The methodology used in this study is of Exploratory in nature.

DATA COLLECTION

SAMPLE SIZE
The sample size of that study was 50 customers.

The first question that I asked to the existing customer was about the maturity age of their policy that is wheather they are satisfied with that or they buy that policy because they don’t have the preffered maturity age of the policy. Most of the customers was satisfied with the maturiey age of the policy ( 67% ) and the reasons for the others for non-satisfaction is that they didn’t had the preffered option at that time and they buy that policy due to the brand name of the company.



The next question that was asked to the existing customers was about the purpose of buying the insurance policy. The response in that case was the same that I was expecting. 385 policy holders had taken it for income security purpose and 18% policy holders took it for tax benefits and for life cover the percentage was 19%. The others section includes high returns etc. was responded by 25% of the policy holders.

















The policy holders of BAJAJ ALLIANZ life insurance company thinks that the maturity period of 15-20 years is sufficient as far as they concenerd and responded by 43% policy holders. 15% of the policy holders thinks that the maturity period should be more than 20 years and approxmatelt the same percentage of people thinks in other way round i.e the term should should be less than 10 years.















BAJAJ ALLIANZ life insurance company has the handsome percentage of satisfied customers. The percentage of the satisfied customers is 85 % and only 15 % of the customers are not satisfied with the services of the company and I had also taken their suggestion to improve the service so that the company can increase the percentage of satisfied customers.

• Committed towards commitment.

• Able to fulfill the need of the Existing policy holders.

• Difficulties were quickly removed.

• People Preferred 15-20 years of policy.

• Highest satisfactory level ( 85%).

• Policies are taken as a source of income also.

• Most Trusted Insurance Company in private sector

• Giving highest return to their policy holders and also more flexibility to pay premium and switching

• Premium amount is the main criteria for selecting the policy.

• They preferred Quarterly premium payment and that amount preferably be under Rs 3500.

LIMITATIONS


• The customers was not that much attentive towards answering
the questions.

• The customers became bias at the time of answering.

• The customers didn’t want to answer.

• The pre-image of the company had the affect on their responses.

• The customers was not available during the afternoon time.

• The weakness of BAJAJ ALLIANZ as told by most of the people
is it’s NIL promotion campaign and regular visits the sales
executives











• Should concentrate on the media publicity for advertising.

• Should release weekly/monthly report.

• Motivate their agents to improve the customer base and also pay proper attention on their needs & requirements.

• Regular meeting of the seniors with agents.

• Policies should be made Keeping in mind the collected data.

• Should focus on the after sale service so as to develop competitive advantage.

• The company should formulate a policy whose annual premium will be Rs 14000 has maturity of 17 years and mode of premium payment is quaterly.

• There should be easy ways to give the premium by the insurer.







ANNEXURES
(Study-2)
QUESIONAAIRE
1. NAME:
2. AGE:
3. Phone No. (O) : (R) :
4. OCCUPATION:
5. ADDRESS:
_____________________________________________________
6. DO YOU THINK LIFE INSURANCE COVER IS IMPORTANT FOR ALL?
a) Yes b) No

7. WHAT IS THE PREFFERED CRIETRIA FOR SELECTING THE LIFE INSURANCE POLICY?
a) Term/ Duration of the policy b)Annual Premium
c) Brand Name of the company d)others(Plzspec.)

8. DO YOU THINK THAT LIFE INSURANCE POLICY IS ENOUGH TO COVER YOUR LIFE?
a) Yes b) No
9) Are you going to take insurance policy in the near future ( with in 6 months) ?
a) Yes b) No
9. WHICH PREMIUM TERM IS SUITABLE FOR YOU?
a) Quarterly b) Half Yearly
c) Annualy d) Single Premium
10 .HOW MUCH MINIMUM PREMIUM AMOUNT YOU ARE READY
TO PAY?
a) 8000 -12000 b) 13000-15000
c) 16000-18000 d) More than 18000
11 WHAT SHOULD THE APPROPRIATE MATURITY AGE OF THE POLICY?
a) Less than 10 years b) 10-15 years
c) 15-20 years d) more than 20 years
12 ACCORDING TO YOU WHICH IS THE MOST GROWING INSURANCE
COMPANY?
a) Bajaj Allianz b) ICICI Pru
c) Kotak Mahendra d) Other(Plz specify)
13 DO YOU THINK THAT AFTER SALES SERVICES ARE IMPORTANT ?
a) Yes b) No


MOHSIN MAHIR














( Study- 3)
QUESIONAAIRE
1. NAME:
2. AGE:
3. Phone No. (O) : (R) :
4. OCCUPATION:
5. ADDRESS:
6. DO YOU THINK LIFE INSURANCE COVER IS IMPORTANT FOR YOU?
a) Yes b) No
7. WHAT AMOUNT OF LIFE INSURANCE POLICY YOU HAVE ?
a) Less than Rs 10000 b) Rs 10000-15000
c) Rs 15000-20000 d) More than Rs 20000
8. DO YOU THINK THE POLICY YOU HAVE TAKEN IS ENOUGH TO COVER
YOUR LIFE?
a) Yes b) No
9 .HOW MUCH PREMIUM AMOUNT YOU ARE
PAYING?
a) 8000 -12000 b) 13000-15000
c) 16000-18000 d) More than 18000
10 ARE YOU SATISFIED WITH YOUR MINIMUM PREMIUM AMOUNT?
a) Yes b) No
11 ARE YOU SATISFIED WITH THE MATURITY AGE OF THIS POLICY?
a) Yes b) No

12 WHY YOU HAVE TAKEN THIS INSURANCE POLICY( FUTURE GOAL)?
a) Money b) Life cover
c) CHILD EDUCATION d) Other ( Plz specify )

13 ACCORDING TO YOU WHICH IS THE MOST GROWING INSURANCE COMPANY?
a) Bajaj Allianz b) ICICI Pru
c) Kotak Mahendra d) Other (Please Specify)

14 Are you satisfied with the services of Bajaj Allianz ?
a) Yes d) No

MOHSIN MAHIR





















REFERENCES

 WEBSITS

www.bajajallianzlifeinsurance.com
www.IRDA.com
www.birlasunlife.com
www.hdfclife.com

 Reports

Bajaj Allainz annual Report.
Project report of Mr. Avdesh Verma
Company records.

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