Executive Summary: Administrative Management College

EXECUTIVE SUMMARY
This project has been under taken to know the optimization of sales of milk and
optimization of distribution system in sudha dairy. Then we decided to some
parameter for this project and made the questionnaire for customer and retailer.
And doing the survey between customer and retailer through questionnaire then
we got some positive and negative result of sudha milk through customer and
retailers.
As a part of our research analysis according to survey resultant and we used to

graphs, brand, and pie chart for easy to represent fact and figure of analysis data
of sudha dairy. An meet the sudha management team such as management
team such as Manager, Marketing manager, quality department, Dairy
Engeenier, production department, and staffs of sudha dairy, an finding the
profile, financial data production process, quality maintenance, technology and
technical equipment of sudha Patna dairy.
After the research work we finding the some suggestion for optimizing sales of
milk and optimizing distribution system of sudha Patna Dairy and made of
Marketing strategy of optimization process of sales and distribution system for
Sudha dairy.
The research work under taken by us has given practical experience and view of
retailer and customer about the milk and other milk product. Overall service of
the sudha dairy is satisfactory and quality maintenance is also good.
This has given an idea how to deal with customer and retailer involved in the
marketing and distribution activities of the Sudha Milk.
ADMINISTRATIVE MANAGEMENT COLLEGE Page 1

INTRODUCTION
A STUDY ON “OPTIMIZATION OF DISTRIBUTION SYSTEM OF MILK AND

SUGGEST A MKTG. STRATEGY TO INCREASE SALES FROM 153000 ltrs.
To180000ltrs” OF SUDHA PATNA DAIRY, PATNA, BIHAR.
Strategy is a long term plan of action designed to achieve a particular goal, most often
"winning". Strategy is differentiated from tactics or immediate actions with resources at
hand by its nature of being extensively premeditated, and often practically rehearsed.
A marketing strategy is most effective when it is an integral component of corporate

strategy, defining how the organization will engage customers, prospects and competitors
in the market arena for success. It is partially derived from broader corporate strategies,
corporate missions, and corporate goals. They should flow from the firm's mission
statement. They are also influenced by a range of micro environmental factors.
Since marketing of life insurance product is tough because of intangibility, this product is
an effort to understand the problems encountered in selling the product & suggest
suitable technique (if any).
Industry overview
A brief history of the Insurance sector
The business of life insurance in India in its existing form started in India in the year: -
181  With the establishment of the Oriental Life Insurance Company in
8 Calcutta. Some of the important milestones in the life insurance
business in India are:

191  The Indian Life Assurance Companies Act enacted as the first statute to
2 regulate the life insurance business.

192  The Indian Insurance Companies Act enacted to enable the government
8 to collect statistical information about both life and non-life insurance
businesses
193  Earlier legislation consolidated and amended to by the Insurance Act
8 with the objective of protecting the interests of the insuring public

195  By the mid-1950s, there were around 170 insurance companies in the
6 country's life insurance scene. However, in the absence of regulatory
systems, scams and irregularities were almost a way of life at most of
these companies
As a result, the government decided nationalizes the life assurance business in India. The
Life Insurance Corporation of India was set up in 1956 to take over around 250 life
companies. 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.
For years thereafter, insurance remained a monopoly of the public sector. It was only
after seven years of deliberation and debate - after the RN Malhotra Committee report of
1994 became the first serious document calling for the re-opening up of the insurance
sector to private players -- that the sector was finally opened up to private players in
2001.

The Insurance Regulatory & Development Authority, an autonomous insurance regulator
set up in 2000, has extensive powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured.
INSURANCE SECTOR REFORMS
Due to immense growth in the insurance sectors the regulations were introduced. In
1993, Malhotra Committee headed by former Finance Secretary and RBI Governor was
formed to evaluate the Indian insurance industry and give its recommendations. After this
committee the regulatory body for insurance sector was formed with the name of IRDA.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
IRDA has been formed as an authority to protect the interests of insurance policies, to
regulate, promote and ensure orderly growth of insurance Industry and for matters
connected therewith of incidental there.
Composition of Authority under IRDA Act, 1999
As per the section 4 of IRDA Act of 1999, The Authority is a ten-
member team consisting of:
A Chairman
1. 5 Whole team members
2. 4 part time members

Duties, Powers and Functions of IRDA
Section 14 IRDA Act, 1999 lays down the duties, powers and functions of IRDA
1. The Authority has the duty to regulate, promote and ensure orderly growth of the
Insurance business and reinsurance business.
2. This Include -
a) Issue to the applicant a certificate of registration, renew, modify,
Withdraw, suspend or cancel such registration.
b) Protection of interests of the policy holders in matter concerning assigning
of policy, nomination by policyholders, insurable interest, settlement of
insurance claim, surrender value of policy and condition of contracts of
insurance.
c) Specifying the code of conduct and practical training for intermediary or
insurance intermediaries and agents.
3. Specifying the code of conduct for surveyors and loss assessors.
4. Promoting efficiency in the conduct of insurance business.
5. Promoting and regulating professional organization connected with insurance and
reinsurance business.
6. Levying fees and other charges for carrying out the purposes of this act.
7. Calling from information from, undertaking inspection of, conducting enquiries
and investigation including audit of the insurers, intermediaries and other
organization connected with the insurance business.

8. Control and regulation of the rates, advantages, terms and condition
9. Specifying the form and manner in which books of accounts shall be maintained
and statement of account shall be rendered by insurers and other intermediaries.
10. Regulating investment of funds by insurance companies.
11. Regulating maintenance of margin of solvency.
12. Adjudication of disputes between Insurers and intermediaries or insurance
intermediaries.
13. Supervising the functioning of the Tariff Advisory Committee.
14. Specifying the % of Premium, Income of the insurer to finance schemes for
promoting and regulating professional organizations
15. Specifying the % of Life Insurance Business and general Insurance Business to be
undertaken by the Insurer in the rural or social sector.
The IRDA since its incorporation as a statutory body has been framing regulations and
registering the private sector insurance companies. IRDA being an independent statutory
body has put a framework of globally compatible regulations.

INDIAN INSURANCE SECTOR
The Insurance sector in India governed by Insurance Act.1938, the Life Insurance
Corporation Act.1956 and General Insurance Business(Nationalization) Act. 1972,
Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other
related acts.
INSURANCE COMPANIES
In the private sector 12 life insurance and 6 general insurance companies have been
registered.
LIFE INSURERS
 Public Sector
Life Insurance Corporation of India
LIFE INSURANCE CORPORATION OF INDIA (LIC)
An Act of Parliament, viz., Life Insurance Corporation Act formed Life Insurance
Corporation of India (LIC) in September 1956, with capital contribution from the
Government of India.
The objective was to conduct the business with the utmost economy, in a spirit of
trusteeship; to charge premium no higher than warranted by strict actuarial
considerations; to invest the funds for obtaining maximum yield for the policy holders

consistent with safety of the capital, to render prompt and efficient service to policy
holders, thereby making insurance widely popular.
Since nationalization, LIC has built up a vast network of 2,048 branches, 100 divisions
and 7 zonal offices spread over the country. The Life Insurance Corporation of India also
transacts business abroad and has offices in Fiji, Mauritius and United Kingdom.
CURRENT SCENARIO OF THE INSURANCE INDUSTRY
Innovative products and aggressive distribution have become the says of the day. Indian
has always seen life insurance as a tax saving device are now suddenly turning to the
private sector that are providing them new products and variety for their choice.
PRIVATISATION
There were various reasons given by the government to nationalize the insurance sector
was to take insurance to the mass, facilitate the flow of long term funds (which insurance
companies, by virtue of the business they are in, have ready access to) into development
of infrastructure in the country, and safe guard the interest of the policy holders. Towards
this end, state insurers did develop the insurance sector, though most experts believe that
these monopolies could have done much, much more.
In the early nineties is, the government went on a reforms binge and started losing
controls on Indian industry. In 1993 the government appointed the Malhotra committee
headed former RBI governor R.N.Malhotra, to draw up a blue print for insurance sector

reforms. The panel submitted its report a year later, recommending privatization, backed
by stiff entry guidelines and stringent regulations, so as to avoid repeat per
nationalization free for all.
The insurance regulatory and development authority (IRDA) was founded to regulate the
sector and over see the process of privatization. In 2000, the IRDA started giving out
licenses, and a year later, the first of the private players started operation. The wheel had
come full circle.
Under state control, the insurance sector, both life and non-life grew steadily. Still,
Indians are not adequately insured and lag behind most countries. Total insurance
penetration (insurance premium as a percentage of gross domestic product) is dismal
when compared to its economic standing. Just 2% of the population has some of life
insurance.
KEY PLAYERS IN THE INDIAN MARKET
While the public sector LIC dominates the Indian life insurance market with nearly 80
percent of the market share. It has 248 branches, 115,000 employees and over 1 million
agents. It has also been improving internal processes and systems, upgrading skills of its
agency force and managers and developing innovative products. LIC sold 2.69crores
policies during the year compared to 28 lakhs policies sold by all the private players.
ICICI Prudential is the leader among the private players with a market share of 6.69 per
cent after its premium collection totaled Rs 11.54 billion. Bajaj Allianz with sales of Rs

4.9 billion had a market share of 2.86 per cent. Birla Sun Life with sales of Rs 4.8 billion
had a market share of 2.81 per cent and SBI Life with premium collection of Rs 3.9
billion, a market share of 2.29 per cent. With its combination of aggressive marketing
through an agency force and the use of the banking channel, ICICI has emerged as a key
player. Initially, the company drove new business by opening branches in new locations.
The focus has now shifted to penetrating these locations for increasing market share. The
company is also trying to get higher penetration in the High Net Worth segment. The
company has seven branch assurance partners and this is the largest contributor to non-
agency business.
It also has 15 key non-bank partners and 900 financial sales consultants. As of September
2010, it had 100 branches in 60+ locations. It took the initiative in launching non-
traditional products such as life-stage products, retirement solutions and child plans. It
also focused on Unit Linked Plans (ULIPs) to target new consumer segments. It has a
presence in 20 states through partnership arrangements and as of 2010-11, it sold 78,764
policies in rural areas.
HDFC Standard Life has established its branches in 110 locations and is targeting non-
metro towns. It is hoping to leverage its “pedigree/parentage” to gain more customer
acceptance. As a result, it is focusing on quality – not just volume growth. It has
developed some innovative products like the Loan Cover Term Assurance Plan which
provides a lump sum in case of death of the assured life during the term plan. Aimed at
the growing segment of home loan takers, the plan helps the family to repay the
outstanding loan. Given that HDFC has a huge database of home-loan customers; it can
easily tap into this resource to acquire new business. The company is leveraging its large
customer database of home loan and banking clients to cross-sell insurance products.
Bajaj Allianz has been focusing on second tier towns and cities which are yet to witness
the entry of other life insurance players apart from LIC. It is using first mover advantage
by opening an office in the most prominent location in a non-metro town. It hires local

people who are trained. Its mantra is to develop only the indispensable infrastructure so
that it can match the pricing of LIC. Apart from that it claims that it is the only private
player to provide policy servicing at the branch level. Standard Chartered is currently its
biggest partner followed by Syndicate Bank and Centurion Bank. The biggest challenge
that the company faces is the weak infrastructure – particularly transport and
communications – in the smaller cities. It is also facing a challenge in terms of banking
channels, particularly for customers who bank with cooperative banks, where delays in
clearing cheques are inevitable. Tied agencies comprise the biggest channel (68%) of
new business acquisitions for Bajaj Allianz. Bancassurance (27%) is the other significant
channel of growth for the company.
TABLE 1: MARKET SHARES OF KEY PLAYERS
LIC 80%
ICICI Prudential 6.7%
Birla Sun Life 2.3%
Bajaj Allianz 2.8%
SBI Life 2.2%
Tata AIG 1.3%
Max – NYL 0.9%
Met Life 0.2%
Aviva 0.8%
Om Kodak 0.6%
ING Vysya 0.4%
AMP Sanmar 0.3%
No.1 Pvt. Sector Life Insurance co. for this FY (Apr 2010 - Jan 2011 as per latest
IRDA result) with highest market share of 26.2% amongst Pvt. sector companies.

Fastest growing life insurance co. with over 4 folds growth Mumbai, February 2010:
Bajaj Allianz Life Insurance Company, the fastest growing life insurance company with
over 4 fold growth, has consolidated its position in the Life Insurance industry and is now
ranked 1st for new business segment market share as per the IRDA Results announced
for the period of April ’2010 to January ’2011.
Bajaj Allianz life Insurance as per latest IRDA results recorded new business of over Rs
2680 cr. for the period Apr 2010 – Jan 2011 a 4 fold jump over same period last year
wherein the co. recoded Rs 806 cr. new business. With this confidence and leadership
Bajaj Allianz Life Insurance is well on its way to set new benchmarks in the industry.
Market Share as per IRDA (Apr 10 - Jan 11)

2010-11 ( April- 2009-10 ( Apr-
Jan) Jan) Growth
New Business
Rs Cr 4680 1605 192%
Pvt sector Life

Insurance Market
Share 26.2% 12.3%
Life Insurance
Industry Market
Share ( Including
LIC) 7.3% 2.7%

LITERATURE REVIEW
The project report is on “A survey on the marketing strategies adopted in Allianz Bajaj
Insurance Company Ltd”. I under took the project by the help of BAJAJ ALLIANZ Life
Insurance Ltd. Sales team manager Suman Agarwal.
Body of the Report
Primary data was collected by administration questionnaire of 100 customers. The
questionnaire was specially framed to meet the requirement of the survey.
Interview technique
Direct personal interview was conducted throughout project using direct structured and
self-administrative questionnaire.
Conclusion & Recommendation
Analysis was based on the result of the research conducted and the recommendations are
based on the analysis.
STATEMENT OF THE PROBLEM

A study on “Marketing strategies adopted in Bajaj Allianz Life Insurance
Company Limited.”
Management problem
Management is facing training cost more which leads to decrease in profits so
management wants trained agents which is help full to the organization by taking
experience postal workers.
PURPOSE OF THE STUDY
In this study the main purpose is identify marketing strategies in Bajaj Allianz Life
Insurance Company limited.
SCOPE OF THE STUDY

The scope of the envisages a brief study on IRDA, Indian Life Insurance Market, Life
Insurance Companies and competition, among them, various customers, their preference,
various marketing strategies that are determined for life insurance products related to
Bajaj Allianz Life Insurance Company Limited.
The research is done on 100 customers of life insurance products in Guwahati (Assam)
within 30days of given span of dissertation.
OBJECTIVES OF THE STUDY
 Basically to know about the company and their products.

 To know the various strategies adopted by Bajaj Allianz.
 To know the various distribution channels adopted by Bajaj Allianz.
 Perception of the customers towards Bajaj Allianz and their products.

 Differentiate the Bajaj Allianz products with other competitor’s product.
METHODOLOGY
The study is mainly based on the analyzing the marketing strategies adopted in Bajaj
Allianz Life Insurance. Knowing the various distribution channels in Bajaj Allianz Life
Insurance. The research conducted through survey by distributing questionnaire to the
respondents, collecting the questionnaires and knowing the awareness about the
company. Analyzing and tabulating the data based views and perception of the
respondents.
LIMITATIONS OF THE STUDY
 The sample is restricted to 100 respondents.

 The study is restricted to Guwahati city only.
 Getting accurate response from the respondents due to their inherent problem.
 This study only 100 respondents who were selected in randomly hence the
findings and conclusion of the study made may not be 100%accurate.

ORGANISATION PROFILE
Bajaj Group
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.
• Managing funds of over Rs6200crore.
• Bajaj Auto finance one of the largest auto finance companies in India
Rs7934cr turnover and profits after tax of 832cr in 2009-10
• Bajaj group, a Rs. 9,000 crore group, a household name in India with a strong
brand image and brand loyalty.
• Bajaj Group is synonymous with quality and customer focus.
• Bajaj Auto is a Rs.5,000 crore auto giant.

• 4th largest in the world.
• Has over 15,000 employees.
Allianz Group
Allianz Group is one of the world's leading insurers and financial services provider.
 Founded in 1890 in Berlin.
 Allianz is one of the leading global insurance companies headquartered in
Munich, Germany.
 Established in 1890, more than 110 years of experience in insurance.
 Allianz has over 700 subsidiaries and approximately 1,81,000 employees
worldwide.
 Allianz global network extends to over 70 countries in:
o Europe
o South and Northern Americas
o Africa
o Middle East
o Asia Pacific
 World largest insurance company by revenue 590353cr
 Worldwide 2nd gross written premium 497930cr.
 3rd largest assets under management (AUM) and largest insurance companies
AUM of Rs9794200cr.

 11th largest corporation in the world.
 50% global business from life insurance close to 65 million lives insured globally.
 Allianz shares are treated at the 5 leading international stock exchanges:
Frankfurt
London
Paris
Zurich
New York
 Insurance to almost half of the Fortune 500 companies.
Bajaj Allianz life Insurance

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 the remaining 26% is held by Allianz, AG Germany.
Key Achievements in FY 2010-11:
• No.1 Pvt. Life Insurer FY 2010-11. Leading by Rs. 98 Cr.
• No.1 Pvt. Life Insurer in Retail Business. Leading by Rs. 439 Cr.
• Whopping growth of 216% for the FY 2010-11
• Have sold over 13,00,000 policies to satisfied customers.
• Is backed by a network of 550 offices spanning the country
• Accelerated Growth.
Fiscal Year No of policies sold in FY GWP in FY
2006-2007 8,21,376 Rs 17 cr.
2007-2008 8,55,965 Rs 89 cr.
2008-2009 8,96,443 Rs 521 cr.
2009-2010 9,88,189 Rs 2002 cr.
2010-2011 10,81,685 Rs 4134 cr.
• Assets under management Rs 4,324 cr.
• Shareholder capital base of Rs 600 cr.

VALUES
VISION

COMPANY PUNCH LINE
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.

Why Bajaj Allianz Life Insurance?
The Bajaj Allianz Difference
• Business strategy aligned to clients’ needs and trends in Indian and global
economy / industry.
• Internationally experienced core team, majority with local background.
• Fast, decentralized decision making.
• Long-term commitment to market and clients.
SHAREHOLDER IN BAJAJ ALLIANZ LIFE INSURANCE COMPANY
Bajaj Auto Limited
Bajaj Auto Limited is the largest manufacturer of two and three –wheelers in India and
also one of the largest manufacturers in the world. Bajaj Auto has been in operation for
over 55 years. As a promoter of Bajaj Allianz General Insurance Company Ltd., Bajaj
Auto has the following to offer.
• Vast distribution network.
• Knowledge of Indian consumers.
• Financial strength and stability to support the insurance business.

CHANNEL PARTNERS
Bancassurance Vantage

ORGANISATION CHART
Bajaj Allianz Life

BajajInsurance
Allianz Life
Insurance
Bancassurance Group and Alternate

Agency Channel Bancassurance Group and Alternate
Agency Channel Channel
Channel
Standard Chartered Group Employee

Branches StandardBank
Chartered Group Benefit
Employee
Branches
Bank Benefit
Satellite Satellite Satellite Syndicate Bank Corporate Agency

Satellite Satellite Satellite Syndicate Bank Corporate Agency
Centurion Bank Franchisee

Centurion Bank Franchisee
Cosmos Bank Brokers

Cosmos Bank Brokers
Jankalyan Sahakari
Jankalyan Sahakari
Bank
Bank
Jijamata Sahakari
Jijamata Sahakari
Co-op Bank
Co-op Bank

ORGANISATION CHART OF THE
BRANCH
BAJAJALLIANZ
ALLIANZLIFE
LIFEINSURANCE
INSURANCE
BAJAJ
CORPORATE
CHANNEL BANCASSURANCE CORPORATE
CHANNEL BANCASSURANCE
ZONAL SENIOR
ZONAL SENIOR
MANAGER
MANAGER
BRANCH
BRANCH
SATELLITE
SATELLITE
BRANCH
BRANCH
SALES TEAM
SALES TEAM
MANAGER
MANAGER
INSURANCE
INSURANCE
CONSULTATIVE
CONSULTATIVE
BAJAJ ALLIANZ PRODUCTS
Individual Life Plans:
 New Unit Gain Plus: A Unit Linked Plan
Bajaj Allianz Unit Gain Plus offers the unique option of combining the protection
of life insurance with the attractive prospects of investing in securities. You have
the choice of 5 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 and fund administration costs.
 New Unit Gain: A Unit Linked Plan.
This amazingly flexible unit linked life insurance plan provides you the
opportunity to participate in market linked returns while enjoying the valuable
benefits of life insurance.

 Invest Gain: An Endowment Plan.
This savings plan combines high protection (up to quadruple cover) with a
unique family income benefits.
 Child Gain: Children’s Policy.
Right from providing for your child’s education to securing a bright future,
this plan is tailor made to suit your child’s needs.
 Cash Gain :Money Back Plan
This is only money back plan that offers quadruple protection, going up to 4 times
the basic sum assured, and a family income benefit.
 Swarna Vishranti : Retirement Plan.
In addition to life insurance and attractive tax benefits, this plan enables you to
make adequate provisions for your years after retirement as well.
 Term Care: Term Plan with Return-of Premium.
An economic way of providing life cover, this plan also ensures the returns of all
premiums at the time of maturity.
 Lifetime Care: Whole Life Plan.
This whole life plan provides survival benefits at the age of 80 thereby making
sure you are financially secure at a time when you need it the most.
 Save Care Economy SP: Single Premium Endowment Plan.

A single premium investment plan for 10 years, which provides life cover a long
with growth in savings.
 Protector: A Mortgage Reducing Term Insurance Plan.
This is the perfect plan to protect the family from the repayment liability of
outstanding loans, in the unfortunate case of death of the loan. There is also an
option to cover the co-applicant of the loan at a very nominal cost under this plan.
 Key man Insurance: A Promising Business Opportunity.
Key man Insurance is a life insurance cover under a suitable plan, that provides
you with the unique opportunity to protect your business against the unfortunate
loss of key people. It is a vital tool to build employee loyalty and also gain
valuable tax advantages.
 Lifelong Gain Plan: Unit Linked Whole Life Plan.
This is the perfect plan to take care of on going and future family express like debts,
expenses on children, living expenses, etc. It can also take care of unforeseen expenses
like accidents, illnesses, hospitalization, etc and provides you family with a safety net.
Provides whole life protection with only 10 or 15 years of contributions. Guaranteed
Survival Benefits @ 3% are available under this policy. Guaranteed Survival Benefits
that pays 3% of Sum Assured every year after the premium payments are over.

Guaranteed Death Benefits in case of unfortunate premature death, the beneficiaries are
entitled to the greater of (a) sum assured less Partial withdrawls (b) The bid value of
units.
 Risk Care: Pure Term Plan.
The “Bajaj Allianz Risk Care” Plan is a pure term insurance & offers one of the
most economical means to provide financial security to your loved ones. The only
pure term plan in the market to provide hospital cash benefit.
 New Unit Gain Easy Pension: Unit Linked Retirement Plan without Life
Cover.
Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of your
future and ensure a retirement you can look forward to. This is regular premium
investment linked deferred annuity policy. There are two packages to choose
from: Unit Gain Easy Pension Regular Premium & Unit Gain Easy Pension
Single Premium. Gives you the flexibility to purchase units in any /all of the 5
funds available with us.
 New Unit Gain Life Pension: Unit Linked Retirement Plan with life cover.
Bajaj Allianz Unit Gain Life Pension is a plan that helps you take control of your
future and ensure a retirement you can look forward to. This plan has been

designed to take care of your retirement and insurance need; there are two
packages to choose from: Unit Gain Life Pension Regular Premium & Unit Gain
Life Pension Single.
 New Family Gain:
The thumb rule for buying insurance is that your insurance needs are minimal in
your early earning years, increases with added responsibilities (marriage, children,
loans, etc) and taper off by the time you retire. It is difficult to find a single insurance
plan that can take care of all your changing requirements in life- additional protection,
more money to invest, a sudden requirement of cash or a steady post-requirement
income.
 The Bajaj Allianz Family Gain:
The Bajaj Allianz Family Gain comes with a host of features to allow you to have
the best of all words- Protection and Investment. It enables every participant to create
a solid financial protection and savings plan for himself and his family. In this way,
as a participant in the Bajaj Allianz Family Gain Plan, you can secure your well-being
and accumulate savings towards financial independence and a comfortable retirement.
The Key Features of the Family Gain Plan are:
• It is a unit linked plan with maximum maturity age 70.
• Guaranteed death benefit: Sum Assured plus value of units.

• You have the option to choose a host of additional benefits: Accidental Death
Benefits, Accidental Total /Partial Permanent Disability Benefits, Critical
Illness Benefit and Hospital Cash Benefit.
• It provides you with an easy, regular contribution mechanism to assist you in
accumulating funds.
• You can select an investment strategy to grow the funds contributed.
• Choice of 4 investment funds today with flexible investment management:
you can change funds at any time and also invest in the newer funds that
would be introduced from time to time.
How does the Bajaj Allianz Family Gain Pan Work?
The premium paid are invested in a fund/funds of your choice (depending on the
allocation rate) and units are allocated depending on the price of units for the fund/funds.
The cash value of your policy is the total value of units that you hold in the fund/funds.
The insurance cover and administration charges are deducted through cancellation of
units. The Fund Management Charge is priced in the unit value.
Family Gain Plan.
Minimum Sum Assured=5 times the annualized premium or Rs. 50,000 whichever is
higher.

Maximum Sum Assured =Y times the annual premium where Y will be as per the
following table:
Age 0-17 18-35 36-40 41-45 46-49 50-55 56-59 60-65
Group
Y 30 60 50 40 20 15 10 5
In case of unfortunate death, the beneficiaries are entitled to the Sum Assured plus
the value of the units (Account Value). If the age of the insured person is less than 7,
then the value of units is payable.
Maturity Benefit:
On maturity, the value of units in the fund will be paid out and the policy will
terminate.
Additional Benefits Available with Family Gain
You have the option to add the following additional benefits, providing total
protection against uncertainties.
• Accident Death Benefit
• Accidental Total & Partial Permanent Disability Benefit
• Critical Illness Benefit (CI)
• Hospital Cash Benefit(HC)
Assured Protection-even if you miss payment of your premiums: Bajaj Allianz Family
Gain provides you with unique feature of continued protection even if you forget to pay
your premiums. After payment of 3 full years’ premiums (including top up premiums),

when premiums due are not paid the policy will be kept in-force, for maximum period of
three years, with full insurance benefits by way of deducting units for the cost of
Insurance and all other changes, provided there are sufficient units available in the funds
and the value of units does not fall below Rs 5000.
If the policy is not revived within this period or value of the units in the policyholder’s
account falls below Rs. 5000/- or will terminate and the value of the units, if any, would
be paid.
 New Premier SP
You and your investments deserve more… which is why we have designed a unique
plan that really offers you more. Unit Gain Premier SP is a unique increase cum
investment plan that provides your investment a zing from the start, by allocating
105% of the single premium paid from day one, thereby ensuring that you get MORE.
Bajaj Allianz Unit Gain Premier SP is exactly what the name suggests. With a wide
range of high quality investment funds to choose from, coupled with flexible
investment management, you really get the best benefits from all words – investment,
insurance and tax.
With Bajaj Allianz Unit Gain Premier SP, you can invest in one life insurance plan
that can take care of all your changing requirements, be it your investment needs,
children’s education needs or peaceful assistance should anything unfortunate happen

to you. It also provides for flexibility, so that you don’t have to worry about changing
needs.
The Key Features of the Unit Gain Premier SP are:
• A unit linked plan with maximum maturity age of 70
• Convenient single premium payment, with potion to pay top-ups later
• 105% of the single premium is allocated
• 100% of the top ups are allocate
• Guaranteed death benefit
• You can adopt your own investment strategy for the growth of the funds
• Choice of 4 investment funds today. With flexible investment, you can change
funds at any time and time also invest in the newer funds that may be
introduced from time to time
• Partial or full withdrawal facility, after one year from commencement (subject
to surrender penalty, if applicable).
How does the Bajaj Allianz Unit Gain Premier SP plan work?
105% of the single premium paid in invested in a fund/funds of your choice and
the units are allocated depending on the price of units for the fund/funds. The cash
value of your policy is the total value of units that you hold in the fund/funds. The cost of
insurance and funds administration charges are deducted through the cancellation of
units. The Fund Management Charge is priced in the unit value.

Death Benefit: You can choose a Sum Assured (Level of Protection) that you want in
the Unit Gain Premier SP Plan.
Maximum Sum Assured =1.10 times the single premium or Rs (50,000 + single
premium), whichever is higher.
Maximum Sum Assured = Y times the single premium where y will be as per the
following table:
Age 0-17 18-35 36-45 46-50 51-55 56-64
Group
Y 10 10 7 5 3* 2*
*Multiplier may be increased to 5 in special cases on case basis.
In case of unfortunate death, the beneficiaries are entitled to the Sum Assured (less
partial withdrawals, if any, made within 24 months prior to the date of death) or the price
of units, whichever is higher. If the age of the insured person is less than 7 years, than
only the value of units is payable.
Maturity Benefit
On maturity, the value of the units is payable to the life assured/ policyholder.
 New Super Gain SP
You have always achieved the best in life. Now we offer you the best in financial
planning. You can now avail of the twin benefits of risk protection as well as getting
market-linked returns on your investment. An insurance plan that works round the

clock to meet the changing requirement in life – additional protection, more money to
invest, sudden requirement of cash or a steady post-requirement income. With Bajaj
Allianz Unit Gain Super, you can invest in one life insurance plan that can take care
of all your changing requirements. This plan has been designed to provide your
family with higher financial assistance, should anything unfortunate were to happen
to you as well as flexibility, so that you do not have to worry about your changing
needs.
The Bajaj Allianz Unit Gain Super Plan:
The Bajaj Allianz Unit Gain Super comes with a host of features to allow you to have
the best of all worlds – protection and investment. It enables participant to create a
solid financial protection and savings plan for himself and his family. In this way, as
a participant in the Bajaj Allianz Unit Gain Super Plan, you can secure your well-
being and accumulate savings towards financial independence and a comfortable
retirement.
The Key Features of the Unit Gain Super Plan are:
1. It is a unit linked plan with maximum maturity age 70.
2. Guaranteed death benefits.
3. You have the option to choose a host of additional benefits: Accidental
Death Benefits, Accident Total /Partial Permanent Disability Benefits,
Critical Illness Benefit /Hospital Cash Benefits.

4. It provides you with an easy, regular contribution mechanism to assist
you in accumulating funds. Four different options to choose from- Silver,
Gold, Diamond & Platinum.
Options Premium Range

Silver >= Rs 25,000 but < Rs 50,000
Gold >= Rs 50,000 but < Rs 100,000
Diamond >= Rs 100,000 but < Rs 500,000
Platinum >= Rs 500,000 & Above.
5. You can adopt your own investment strategy to grow the funds contributed
choice of 4 investment funds today. With flexible investment management, you can
change funds at any time and also invest in the newer funds that would be introduced
from time to time.
How does the Bajaj Allianz Unit Gain Super Plan work?
The allocated part of the premiums paid are invested in a fund/funds of your choice
(depending on the allocation rate) and units are allocated depending on the price of units
for the fund/funds. The cash value of your policy is the total value of units that you hold
in the fund/funds. The cost of insurance and administration charges are deducted through
cancellation of units. The Fund Management Charge is priced in the unit value.
Death Benefit: You can choose a suitable basic Sum Assured under the Unit Gain Super
Plan.
Minimum Sum Assured =5 times the annualized premium.
Maximum Sum Assured =y times the annualized premium where y will be as per the
following table.
Age 0-10 11-30 31-35 36-40 41-45 46-55 56-60 61-65
Group
Y 20 40 40 30 20 10 8 5
In case of unfortunate death, the beneficiaries are entitled to the Sum Assured (less partial
withdrawals, if any, made within 24 months, prior to date of death) or the value of units
whichever is higher. If the age of the insured person is less than 7 years, than only the
value of units is payable.
Maturity Benefit:
On maturity, the value of units in the fund will be paid out and the policy will terminate.
Additional Benefits Available with Unit Gain Super
You have the option to add the following additional benefits, providing total protection
against uncertainties.
 Accidental Death Benefit
 Accidental Total & Partial Permanent Disability Benefit
 Critical Illness Benefit (CI)
 Hospital Cash Benefit (HC)
Assured Protection –even if you miss payment of your premiums: Bajaj Allianz Unit
Gain Super provides you ‘Premium Holiday’– an unique feature of continued protection
even if you forget to pay your premiums. After payment of at least 2 full years’ premiums

(including top up premiums), even if premiums due are not paid the policy will be kept in
force by cancellation of units at the prevailing unit price to meet the cost of insurance and
the other charges, provided the value of the units in the policy holder’s account does not
fall below Rs 25,000 and is sufficient to meet the cost of insurance and all the other
charges.
Group Life Plans
Bajaj Allianz provides an exciting range of group products which organizations to
provide protection and care to their members/ employees.
 Group Credit Shield:
Available for employer-employee Groups and Non Employer-Employee Group
This scheme insures the loan amount outstanding in the account in case of
premature death or disability.
 Group Term Life:
Available for employer-Employee Groups and Non Employer-Employee Groups
This scheme covers the members of an organization against the risk of death or
disability.
 Group Term Life Scheme in lieu of EDLI (Employees Deposit Linked
Insurance Scheme)

This scheme is better alternative to the Employees Deposit Linked Insurance Scheme,
1976, under sec 17(2) of the employees Provident Fund and Miscellaneous Provisions
Act.
 Group Gratuity Care.
This scheme provides for systematic funding to meet your gratuity liabilities.
 Group Superannuation Care.
A defined contribution scheme that provides for a retirement fund which ensures
financial stability, security and independence in the post retirement years of each
member.
 Small Group Term Life.
Available for Employer-Employee Groups and Non Employer – Employee Groups
This scheme covers small groups between size of 10-49 against the risk of death.
SAMPLING
Data source: Primary (Field Survey)
Secondary Data (Internet)
Area of research: Guwahati City.
Research approach: Survey Method.

Research instrument: Questionnaire.
Sample plan: personal interview.
Sample unit: Insurance holder.
Sample Method: Non Probability, Judgment sampling.
Sample size: 100 customers.
RESEARCH DESIGN
In this research design of this project the study was conducted by the survey method.
Taking sample of 100 commencing sampling using the research instrument as the
questionnaire.
Personal interview is considered as the sample plan.
For this project area of research is Guwahati City.
DATA COLLECTION METHOD

Data collection was both primary and secondary.
 Primary data collection method
Questionnaires were distributed to the respondents to collect their opinion and views.
 Secondary data collection method
Secondary data collected from company records and internet.
SAMPLE TECHNIQUE
The sampling technique adopted for the study is simple random. A process that not only
give to each element chance of being include in the sample but also makes the selection
of every possible combination of cases in the desire size equally likely selected random
sample.

MARKETING STRATEGIES ADOPTED IN BAJAJ ALLIANZ
 Tie-up with banks (having pioneer the phenomenon bank assurance)

 Products are customized to suit specific needs of the bank.
 Tie-up with leading hospitals across 250 towns.
 24*7 help line support across India.
 Reaching out to smaller towns across the country.
ABOUT THE COMPETITORS
1 Life Insurance Corporation of India (LIC).
2 New India Assurances.
3 Oriental insurance.
4 Reliance Life Insurance Company Ltd.
5 Birla Sun Life Insurance Co. Ltd.
6 HDFC Standard Life Insurance Co. Ltd.
7 ICICI Prudential Life Insurance Co. Ltd.
8 ING Vysya Life Insurance Company Pvt. Ltd.
9 Max New York Life Insurance Co. Ltd.
10 Met Life India Insurance Company Pvt. Ltd.
11 Kotak Mahindra Old Mutual Life Insurance Ltd.

12 Tata AIG Life Insurance Company Ltd.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Shriram Life Insurance Co. Ltd
15 Birla Sun Life.
TARGET CUSTOMERS
The person one who likes to save the money and one who wants give benefits to his
family, bellow we mentioned some targeted customers
1 EMPLOYEE
2 BUSINESS PEOPLES
3 MIDDLE CLASS PEOPLE
4 HIGH CLASS PEOPLE
THEORETICAL CONCEPTS
Strategy is a long term plan of action designed to achieve a particular goal, most often
"winning". Strategy is differentiated from tactics or immediate actions with resources at
hand by its nature of being extensively premeditated, and often practically rehearsed.

A marketing strategy is most effective when it is an integral component of corporate
strategy, defining how the organization will engage customers, prospects and competitors
in the market arena for success. It is partially derived from broader corporate strategies,
corporate missions, and corporate goals. They should flow from the firm's mission
statement. They are also influenced by a range of micro environmental factors.
Corporate level strategy: - at the corporate level, strategies are devised in an attempt to
exploit the firm’s distinctive competencies by developing long-term plans for business
operations. To a great extent, attitudes at the corporate level reflect the concerns of the
stakeholders and society at large.
Corporate level strategy deals basically with the selection of the areas of business in
which the company is going to operate. This strategy is concerned with the objectives of
the organization, the ways in which business will be integrated and managed, the
development of the synergies by coordinating and sharing different resources, and
investment of financial resources across business units.
Business level strategy: - It involves making decisions about the competitive position of
single business unit. The managers at this level translate the general statements of
corporate strategy planers into exact, concrete, functional objectives and strategies for
individual business division. Business level managers determine what the companies’
competitive advantage is to be based up on, in a specific product market area.
Functional level strategy: - This level consists of managers from geographic, product
and functional area. These managers design short time strategies and fix annual
objectives in different areas such as research and development finance and accounting,
marketing, production, operations and human resources fuctional level managers address

problems related to the efficiency and effectiveness of production, success of particular
products and services in increasing their market share, and quality of customer service.

Table 1
Age of the Respondents

BELOW ABOVE
25 25-35 35-45 45-55 55
10 28 33 17 12
A G E O F R ESPO D EN T S
40
RESPONDENTS
30
NO OF
20 S e rie s 1
10
0
B E L O W 2 5 -3 5 3 5 -4 5 4 5 -5 5 A B O V E
25 55
AG E
ANALYSIS
In the above table 1, the age groups were, 10 of the respondent age are Below 25, 28 of
the respondent age are 25 – 35, 33 of the respondent age are 35-45, 17 of the respondent
age are 45-55, & 12 of the respondents’ age are above 55.
From the above table and chart, we can infer that most of the 33 respondent ages fall in
between 35 – 45 and least of the 10 respondent ages fall between below 25.
Table 2

Education Qualification of Respondents
SSLC PUC Graduation Post Others

Graduation
10 18 32 26 14
Educa
35
30
25
ANALYSIS
of Respondents
In the above table 2 depicts that the majority of the respondents were graduates. 10 of the
20
respondent were SSLC, 18 of the respondent were PUC, 32 of the respondent were
Graduates, 26 of the respondent were post graduates, and 14 of the respondent were other
than the given option.
15
Table 3
Present Occupation of Respondents
Self Employee Govt Employee Business Retired or VRS

34 16 42 18
Present Occupation of Respondents
45
40
35
No of Respondents
30
25
Series1
20
15
10
5
0
Self Employee Govt Employee Business Retired or VRS
Occupation
Analysis:
In the above table 3, we can depict that 34 of the respondent were self employed, 16 of
the respondent were government employee, 42 of the respondent were, and business
person and 18 of the respondent were retired or voluntary.

Table 4
Annual income of Respondents
<=50000 50000 – 80000 80000 – 100000 Above 100000

13 21 46 20
ANNUA
50
45
40
35
Analysis:
In the above table 4 we can depict that 13 of the respondent annual income falls under
less than or equal to 50000, 21 of the respondent annual income falls under 50000 -
ONDENTS
80000, 46 of the respondent annual income falls under 80000 - 100000, 20 of the
30
respondent annual income falls under above 100000.
25
Table 5
Bajaj allianz LIC ICICI HDFC Others

22 41 14 11 12
respondents taken insurance in

different companies
12 Bajaj Allianz
22
11 LIC
ICICI
14
HDFC
41
OTHERS
Analysis:
In the above table 5 we can depict that 22 of the respondent taken insurance in Bajaj
Allianz, 41 respondents taken in LIC, 14 respondents are taken in ICICI PRODENTIAL,
11 respondents are taken in HDFC, 12 respondents are taken in other than given option.
Most of the respondents are taken in LIC.

Least of the respondents are taken in HDFC

Table 6
Respondents satisfied with Bajaj Allianz
Yes No
22 78
n o o f R e s p o n d e n ts s a tis fie d w ith B A J A J A L L IA N Z

life in s u r a n c e p r o d u c ts
100
78
80
60
Respondents
40 22
20
0
y es no
O p n io n
Analysis:
In the table 6, 22 respondents are satisfied with BAJAJ ALLIANZ.
Remaining 78 respondents are not satisfied with BAJAJ ALLIANZ
Most of the respondents are not satisfied.

Table 7
Respondents opted for the product
Child care New unit Health Capital others

gain care unit gain
9 15 17 49 10
resp o n d en ts o p ted fo r th e p ro d u cts
60 49
respondents
40 15 17
20 9 10
0
Child New unit Health Capital others
c are gain c are unit gain
p ro d u cts
Analysis

9 of the respondents are opted for CHILD CARE plan.
15 Respondents are opted for NEW UNIT GAIN plan.
news paper Magazines television word of Other

mouth
14 10 22 36 18
17 of the Respondents are opted for HEALTH CARE plan.

49 Respondents are opted for CAPITAL UNIT GAIN, because of high returns&
accidental benefit.
10 Respondents are opted for OTHER THAN THE ABOVE.
Table 8

a w a re n e s s o f th e c o m p a n y
36
40 22 18
respondents
30 14 10
20
10
0
paper
news
others
word of
televisio
mouth
magazin
n
es
so u rc e s
Analysis
14 of the respondents are through are aware through news paper
10 of the respondents are through magazines
22 of the respondents are through television.
36 of the respondents are through word of mouth
18 of the respondents are through others

Most of the Respondents are aware from word of mouth.
Least of the Respondents are aware from magazines.
Table 9
Respondents ranked the Bajaj Allianz
RANK 1 RANK 2 RANK 3 RANK 4 RANK 5
22 15 48 10 5

R esp o n d en ts ran ked th e B AJAJ AL L IAN Z
60
48
50
40
Respondents
30 22
20 15
10
10 5
0
rank 1 rank 2 rank 3 rank 4 rank 5
Ra tin gs
Analysis
22 Respondents are given RANK 1 for BAJAJ ALLIANZ.
15 respondents are given RANK 2 for BAJAJ ALLIANZ.
48 respondents are given RANK 3 for BAJAJ ALLIANZ
10 of the respondents are given RANK 4 for BAJAJ ALLIANZ.
05 of the respondents are given RANK 5 for BAJAJ ALLIANZ.
According to Respondents RANK3 in the industry
FINDINGS
This study is aimed to find out the strategies of Bajaj Allianz Life Insurance Company.
For this purpose a questionnaire was given to the Company guide and data was collected
based on the respondents opinions a summary of findings have been mentioned below:

• LIC is public companies more no of people are invested in this COMPANY
because it is a government company and it has a more safety. That’s why private
players are loosing their market shares.
• Including the exclusive agency system, independent agency system,
salaried employee.
• The annual premium is slightly higher than the competitors
• The company is also going to open its own offices in all the areas.
• Awareness of the company due to more no. of agents.
• As they have increased their branches in overall India, so it provides
decentralized service.
• The sector preferred by the respondents is as follows, majority that is 51%
of the respondents prefer Public sectors to invest and the remaining 49% of the
respondents go for private.
SUGGESTIONS
According to me Bajaj Allianz Life Insurance Company is very good company. It
believes in concept selling (direct marketing) by opening new branches all over the India
rather giving advertisement in television or any other media, its good strategy adopted by

the company. But still just I want suggest that it should give advertisements in television
so that general public know better about this company because general public won’t
• The company has to go for deep insight in the insurance sector and even it would
help the company agents to convens the general public easily to invest in the
company.
• The annual premium amount is the high compare to competitors & company has
to come up with quarterly & half yearly payment modes.
• The company has tied up with 7 leading Regional rural banks already. Also the
company is tying up with NGOs and other organizations, which have strong
presence in rural and semi urban areas.
• Company has to go for more advertisement in Tele Media and news papers, so to
reach those people residing in rural area.
• Awareness of the company is due to the agents. So the company has go for the
more training for the agents.
LIMITATIONS
• The annual premium of the proposal is very high. The customers are interested in
installment premium.
• Difficult to get appointment from the corporate.

• Competition from other life insurance company.
• Most of the people were fear to invest in private companies.
• As it is the beginning of financial year, most of the people are not ready to invest.
CONCLUSION
Insurance is a booming sector; the story of insurance is probably as old as the story of
mankind. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial aera. From that day onwards LIC plays a important role by
offering different products In India.
Insurance is generally considered as tax saving device instead of its other implied long
term and short term financial benefits. Indian people are invest in properties and gold
followed by bank deposits. They selectively invest in shares but the percentage is small.
Even to this day, LIC dominates in the mindset of the people with the special reference to
the Indian Insurance sector.
The project carried out at Bajaj Allianz Life Insurance Company was beneficial, where
I could acquire more knowledge of Insurance Industry. Beyond the theoretical concept I
could learn many more things about management, people, procedure, and activities etc.
The project works “A Study on marketing strategies adopted by Bajaj Allianz life
insurance company Ltd.” Customers are the pillars of any organization. Steps should be
taken in this regard in order to meet their demands and expectations. The best co-
operation and mutual understanding among them leads to success.

Questionnaire
Respected sir/ madam

I am MD. SANOWAR HUSSAIN, a student of Administrative Management
College, Bangalore, and pursuing MBA Degree under Bangalore University. I am

undergoing 4th Semester Project Program in Bajaj Allianz Life Insurance Company
Limited, as a part of our curriculum. I am doing my survey on “TO STUDY THE
MARKETING STRATEGY ADOPTED BY BAJAJ ALLIANZ LIFE INSURANCE
COMPANY LTD”. I kindly request you to spend a few minutes to fill this questionnaire
and make my project successful.
1. NAME:
2. ADDRESS:
3. AGE:
4. EDUCATIONALN QUALIFICATION
SSLC PUC Graduation
Post Graduation Other
5. OCCUPATION:
Self employee Govt. employee Business

Retire &other
6. ANNUAL INCOME
<=50000 50000-80000 80000-100000
Above 100000
7. NO.OF MEMBERS IN YOUR FAMILY
1-3 3-6 6-9 Above 9
8. HAVE YOU TAKEN INSURANCE IN BAJAJ ALLIANZ
Yes No
9. Are you satisfied by service offered by the BAJAJ ALLIANZ
Yes No
10. In which insurance company are you interested to invest?
BAJAJ ALLIANZ LIC ICICI

HDFC OTHERS
11. In which insurance product do you invest
Child care New unit gain Health care
Capital unit gain Others
12. How do you come to know about BAJAJ ALLIANZ?
Newspaper Magazines Television
Word of mouth Other
13 finally we would like to know rating of BAJAJ ALLIANZ in insurance sector
Rank1 Rank2 Rank3
Rank4 Rank5
Target v/s Achievement
Week Schedule Target Per Week Achievement Percentag

e

1 25th Mar to 31st March 10000 10000 100%
2 1st April to 7th April 10000 ---- --------
3 8th April to 14th April 10000 10000 100%
4 15th April to 21st April 10000 ----- ------
5 22nd April to 28th April10000 10000 100%
6 29th April to 5th May 10000 ------- -------
7 5th May to 12th May 10000 ------- -------

8 13th May to 19th May 10000 ----- ----
9 20th May to 26th May 10000 10000 100%
10 27th May to 2nd June 10000 ----- ------
11 3rd June to 9th June 10000 ------- --------
12 10th June to 16th June 10000 10000 100%
13 17th June to 23rd June 10000 ------ ------
14 24th June to 30th June 10000 ------ ------
15 1st July to 7th July 10000 ------ ------

BIBILOGRAPHY
BOOKS
MARKETING MANAGEMENT
BUSINESS STRATEGY
WEBSITES
www.irda.com
www.bajajallianz.com
www.insurance.com
www.salesandmarketing.com
www.marketingpower.com


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EXECUTIVE SUMMARY

As a part of our research analysis according to survey resultant and we used to

ADMINISTRATIVE MANAGEMENT COLLEGE Page 1

A STUDY ON “OPTIMIZATION OF DISTRIBUTION SYSTEM OF MILK AND

A marketing strategy is most effective when it is an integral component of corporate

181  With the establishment of the Oriental Life Insurance Company in

8 Calcutta. Some of the important milestones in the life insurance

business in India are:

2 regulate the life insurance business.

ADMINISTRATIVE MANAGEMENT COLLEGE Page 3

8 to collect statistical information about both life and non-life insurance

8 with the objective of protecting the interests of the insuring public

6 country's life insurance scene. However, in the absence of regulatory

systems, scams and irregularities were almost a way of life at most of

ADMINISTRATIVE MANAGEMENT COLLEGE Page 4

manner that will safeguard the interests of the insured.

INSURANCE SECTOR REFORMS

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

connected therewith of incidental there.

Composition of Authority under IRDA Act, 1999

As per the section 4 of IRDA Act of 1999, The Authority is a ten-

member team consisting of:

1. 5 Whole team members

2. 4 part time members

ADMINISTRATIVE MANAGEMENT COLLEGE Page 5

Insurance business and re- insurance business.

a) Issue to the applicant a certificate of registration, renew, modify,

Withdraw, suspend or cancel such registration.

b) Protection of interests of the policy holders in matter concerning assigning

of policy, nomination by policyholders, insurable interest, settlement of

insurance claim, surrender value of policy and condition of contracts of

c) Specifying the code of conduct and practical training for intermediary or

insurance intermediaries and agents.

3. Specifying the code of conduct for surveyors and loss assessors.

4. Promoting efficiency in the conduct of insurance business.

5. Promoting and regulating professional organization connected with insurance and

7. Calling from information from, undertaking inspection of, conducting enquiries

and investigation including audit of the insurers, intermediaries and other

organization connected with the insurance business.

ADMINISTRATIVE MANAGEMENT COLLEGE Page 6

and statement of account shall be rendered by insurers and other intermediaries.

10. Regulating investment of funds by insurance companies.

11. Regulating maintenance of margin of solvency.

12. Adjudication of disputes between Insurers and intermediaries or insurance

13. Supervising the functioning of the Tariff Advisory Committee.

promoting and regulating professional organizations

undertaken by the Insurer in the rural or social sector.

body has put a framework of globally compatible regulations.

ADMINISTRATIVE MANAGEMENT COLLEGE Page 7

Corporation Act.1956 and General Insurance Business(Nationalization) Act. 1972,

Life Insurance Corporation of India

LIFE INSURANCE CORPORATION OF INDIA (LIC)

trusteeship; to charge premium no higher than warranted by strict actuarial

ADMINISTRATIVE MANAGEMENT COLLEGE Page 8

holders, thereby making insurance widely popular.

CURRENT SCENARIO OF THE INSURANCE INDUSTRY

these monopolies could have done much, much more.

ADMINISTRATIVE MANAGEMENT COLLEGE Page 9

by stiff entry guidelines and stringent regulations, so as to avoid repeat per