A PROJECT REPORT ON BAJAJ ALLIANZ LIFE INSURANCE COMPANY

Submitted By CH.V.V.C.SIVA.R.K

In the partial fulfillment of the award of Master of Business Administration (MBA) Session 2010-2012

INDEX
1. Introduction to Insurance i) Introduction ii) Advantages of Insurance iii) Brief history of Insurance iv) About IRDA Company Profile i) Bajaj Allianz Life Insurance Company ii) Accelerated Growth of BALIC iii) Organization Structure iv) About Group: BAJAJ Auto ALLIANZ AG Life Insurance Products i) List of Insurance Products ii) Individual Plans iii) Group Plans Research SWOT Analysis Conclusion Suggestion & Recommendations Limitation Annexure i) Questionnaire ii) Bibliography

2.

3.

4. 5. 6. 7. 13. 14.

INTRODUCTION TO INSURANCE
The business of insurance is related to the protection of the economic values of asset. Every asset has value & is expected to last for a certain period of time during which it will perform, after that, the benefit may not be available but sometime asset may get lost earlier. An accident or some other unfortune may destroy it or make it non functional and deprive of the benefits, which may give rise to an adverse situation. Insurance is a mechanism that helps to reduce the effect of such adverse situation.

Insurance does not protect the asset; it does not prevent its loss due to the peril. The peril cannot be avoided through insurance. The peril an sometime avoided, through better safety and damage control management. Insurance only tries to reduce the impact of the risk on those who depend on that asset. It only compensates the losses and that too, nut fully only economic consequences insured. If the loss is not financial, insurance may not be possible.

There are certain principles which make it possible for insurance to remain a fair arrangement. It is difficult for any one individual to bear the consequences of the risk that he is exposed to. It will become bearable when the community shared the Burden. The second is that peril should occur in accidental manner. Insurance is done against the contingency that is may happen. In the case of human being, death is certain but the time of death is not uncertain. In the person who is terminally ill, the time of death is not uncertain, through not exactly known. He cannot be insured. A human being is an income generating asset. Ones Manual Labour, Professional Skill and Business Acumen are the asset. This asset also can be lost through unexpectedly early death or through unexpectedly early death or through Sickness and Dis-abilities caused by accidents. So Life Insurance is necessary to help those who depend on the income which is lost due to accident.

ABOUT LIFE INSURANCE

Life Insurance has come from the earlier days when it was originally conceived as a risk covering medium for short period of time, covering temporary risk situations, such as sea voyages. As Life Insurance became more established, it was realized what a use full tool it was for a number of situations, including A) Temporary Needs / Threats : The original purpose of Life Insurance remains an important element, namely providing for replacement of Income on Death etc. B) Regular Saving: Providing for ones family and one self, as a medium to long term Exercise (Through regular payment of premiums). This has become more relevant in recent times as people seek Finance Independence for their family. C) Investment:

Put simply, the building of savings while safeguarding it from the Ravages of Inflation. Un like regular Saving Products, Investment Products are Traditionally Lump Sum Investments, where the individual makes a one off payments. D) Retirement: Provision for later years becomes increasingly necessary, especially in a changing Cultural and Social Environment. One can buy a suitable policy, which will provide periodical payments in ones old age.

ADVANTAGES OF LIFE INSURANCE

Life insurance has no competition from any other business, it has no substitute. A compression of with other forms of savings will show that Life Insurance has the following advantages: 1. In the event of death, the settlement is easy. The heirs can collect the money quicker; because of the facility of nomination and assignment. The facility of nomination is now available for some bank accounts.

2. There is certain amount of compulsion to go through the plan of savings. In other forms, if one changes the original plan of savings, there is no loss. In Insurance, there is a loss. 3. Creditors can not claim the Life Insurance moneys; it can be protected against attachment by courts. 4. There are tax benefits, both in Income Tax and in Capital Gains. 5. Marketability and liquidity are better. A Life Insurance Policy is property and can be Transferred or Mortgaged. Loans can be raised against policy.

BRIEF HISTORY OF INSURANCE The business of Insurance is started with Marine Business. The first Insurance Policy is issued in 1583 in England. In India insurance begun in 1870 with Life Insurance being transacted by an English Company European and The Albert.

 The First Indian Insurance Company was the Bombay Mutual Assurance Society Ltd. Formed in 1870. This was followed by Oriental Life Assurance Company in 1874, the Bharat in 1896 and the Empire of India in 1897. Later, The Hindustan Co-Operative was formed in Calcutta, The United India in Madras, The Bombay Life in Bombay, The National in Calcutta, The New India in Bombay, The Jupiter in Bombay and The Lakshmi in New Delhi. Life Insurance Corporation of India (LIC) was formed on Ist September, 1956, there were 170 Companies and 75 Provident Fund Societies transacting Life Insurance Business in India. By 31/03/2007 Fifteen New insurance had been registered and has begun to transact life insurance business.

ABOUT IRDA
Section 14 of IRDA Act, 1999 lays down The Duties, Power and Functions of IRDA. A. Subject to the provisions of this act and any other law for the time being in force, the authority shall have the duty to regulate, promote and ensure orderly growth of the Insurance Business and Re-Insurance Business. B. Without prejudice to the generality of the provisions contained in substation (1) The powers and functions of the authority shall include: 1. Issue to the applicant a certificate of Registration, Renew, Modify, Withdraw, Suspend or Cancel such registration; 2. Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by Policy Holders, Insurable Interest, Settlement of Insurance Claim, Surrender Value of Policy and other terms and conditions of Contracts of Insurance; 3. Specifying Requisite Qualifications, Code of Conduct and Practical Training for intermediary or Insurance Intermediaries and Agents;

4. Specifying the code of conduct for surveyors and loss assessors; 5. Promoting efficiency in the conduct of Insurance Business; 6. Promoting and regulating Professional Organizations connected with the Insurance and Re-Insurance Business; 7. Levying fees and other charges for carrying out the purposes of this act.
8. Calling for Information from, undertaking Inspection of, Conducing

Enquiries and Investigations including audit of the Insurers, Intermediaries, Insurance Intermediaries and other organizations connected with the insurance business. 9. Control and regulation of the Rates, Advantages, Terms and Conditions that may be offered by insures in respect of General Insurance Business not so controlled and regulated by the Tariff Advisory Committee under Section 64U of the Insurance Act, 1938 (4 of 1938);

10. Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by Insures and other Insurance Intermediaries; 11. Regulating Investment of funds by Insurance Companies; 12. Regulating maintenance of Margin of Solvency; 13. Adjudication of disputes between Insurers and Intermediaries of Insurance Intermediaries; 14. Supervising the functioning of the Tariff Advisory Committee; 15. Specifying the percentage of premium income of the Insurer of Finance Schemes for Promoting and Regulating Professional organizations referred to in Clause (F); 16. Specifying this percentage of Life Insurance Business and General Insurance Business to be undertaken by the Insurer in the Rural or Social Section; and 17. Exercising such other powers as may be prescribed.

COMPANY PROFILE
With the de-regulation of the insurance industry taking place, several companies have entered into the Indian insurance market .the company profile, products, services are varied and diverse. This section deals with the BAJAJ ALLIANZ Life Insurance Co.Ltd. and its specific features. BAJAJ ALLIANZ Life Insurance Co. Ltd. is a joint venture between two leading conglomerates- Allianz AG, one of the world's largest insurance companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world. BAJAJ ALLIANZ LIFE INSURANCE Bajaj Allianz is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj Allianz has a pan-India presence. Bajaj Allianz has also forged strong Banc assurance and corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration. BAJAJ ALLIANZ has launched a slew of need-based products to cater to each varied needs of the customer. Currently Bajaj Allianz has a product portfolio of 20 products and more need-based products are in the pipeline.

The fastest growing private life insurance company in India, with a growth rate of 400%*. Bajaj Allianz has the following qualities in terms of the services offered which make it one of the major player in the industry: Product tailored to suit your needs

Decentralised organisation structure for faster response Wide reach to serve you better a nationwide network of 876 branches

Specialized departments for Bancassurance, Corporate Agency and Group Business

Well networked Customer Care Centres (CCCs) with state of art IT systems

Highest standard of customer service & simplified claims process in the industry

Website to provide all assistance and information on products and services, online buying and online renewals.

Toll-free number to answer all your queries, accessible from anywhere in the country Call Now 1800 233 7272 or 020-3058788 and a strong telemarketing and Direct marketing team

Swift and easy claim settlement process

Key Achievements:
Have sold over 50,00,000 policies to satisfied customers

Is backed by a network of 876 offices spanning the country

Ranked No.1* among private life insurance companies in India

Over 10, 00,000 satisfied customers

Shareholder capital base of Rs 700 cr

HAT TRICK OF NO.1 AS PER THE FINAL IRDA RESULTS FOR 05-06
For fy 05-06 as per IRDA results leading by Rs. 78 cr. In the new business. For individual life business (retail) as per IRDA results leading by Rs. 339 cr. In the new business. For the key month of MAR 06 as per IRDA results leading by Rs. 94 cr. In the new business.

ACCELERATED GROWTH

Fiscal Year 2001-02 (6 mths) 2002-03 2003-04 2004-05 2005-06

No. of policies 21,376

NEW BUSINESS Rs. 7 cr.

GROWTH

RANK

1,15,965 1,86,443 2,88,189 7,81,484

Rs. 61 cr. Rs. 180 cr. Rs. 835 cr. Rs. 2,715 cr. 195% 363% 215% 6th 2nd 1st

IRDA Certificate

Bajaj Allianz Life Insurance Co. Ltd was granted renewal of IRDA Certification on 28th March 2006.

ORGANIZATION STRUCTURE

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Tie Ups with Banks Pioneers of Bancassurance in India...

Having pioneered the phenomenon, Banc assurance is one our core business strategies. Three of our strong Banc assurance tie-ups are:

Standard Chartered Bank Syndicate Bank COSMOS Co-op BANK Ltd.

We have developed a range of life insurance products exclusively for our Banc assurance partners. Also, our products are customized to suit specific needs of banks.

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

25 million+ vehicles on the roads across the globe 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

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. Large customer database

Allianz AG

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

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

List Of Insurance Products

We, at Bajaj Allianz, realize that you seek an insurer who you can trust your hard earned money with. Allianz AG with over 110 years of experience in over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, together are committed to offering you financial solutions that provide all the security you need for your family and yourself. Bajaj Allianz brings to you several innovative products, the details of which you can browse in this section. Bajaj Allianz Life Insurance products include a broad array of life insurance coverage to both individual and group.

For group Bajaj Allianz has life products whereas for individual there are term products, endowment products as well as money back and ULIP products. Bajaj Allianz has a gamut of innovative products in life insurance.

Individual Plans
1. Loan 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 loaner. There is also an option to cover the co- applicant of the loan at a very nominal cost under this plan... 2. 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... 3. New Unit Gain Plan

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 3. Cash Gain Money Back Plan This is the only money back plan that offers quadruple protection, going up to 4 times the basic sum assured, and a family income benefit... 4. 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... 5. Invest Gain An Endowment Plan:This savings plan combines high protection (up to quadruple cover) with a unique family income benefit... 6. Risk Care

Pure Term Plan This plan enables you to provide financial security to your loved ones at the lowest possible cost... 7. 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 the time when you need it the most... 8. Keyman Insurance Keyman Insurance provides you with the unique opportunity to protect your business against the unfortunate loss of key people, while giving you valuable tax advantage and a lovely tool to help employee loyalty too... 9. Term Plan with Return-of-Premium An economic way of providing life cover, this plan also ensures the return of all premiums at the time of maturity... 10. New Unit Gain Plus The thumb rule for buying insurance is that your insurance needs are minimal in your early earning years, increase 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, sudden requirement of cash or a steady post-retirement income...

11. Riders Unit Gain Plus Bajaj Allianz Additional Benefits Additional protection for you and your family available with Unit Gain Plus... 12. New Unit Gain Easy Pension Plus 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 a regular premium investment linked deferred annuity policy. Available as: Unit Gain Easy Pension Regular Premium & Unit Gain Easy Pension Single Premium.

13. Swarna Raksha ROC

A fixed annuity for life will be payable, and on death of the annuitant, the nominee will be entitled to receive an amount that is equal to the lump sum used to purchase the annuity. 14. HealthCare This is a three-year health insurance plan, providing comprehensive health cover with life insurance benefit. You can choose the amount of cover for each benefit separately in multiples of the minimum cover amount, subject to a maximum multiple of 10. 15. Mahila Gain Rider The unique plan that takes care of you and your loved ones and provides benefits like Critical Illness Benefit Reconstructive Surgery Benefit for Breast(s) due to Breast Cancer Congenital Disability Benefit Complications of Pregnancy Benefit.

16. New Unit Gain Premier SP

 Upfront Allocation of 105% of single premium on day 1 Flexi maturity after 6years

17. Bajaj Allianz Samraksha To Secure Single premium Term Assurance Convenient terms of 5 & 10 years Sum Assured options of Rs. 5000 and Rs. 10,000 Minimum & maximum entry age is 18 & 45 respectively 18. New UG Super High Allocation Guaranteed life cover 19. Save care Economy SP An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. An investment that provides financial security and liquidity. An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. This Single Premium investment plan for 10 years is also participates in the profits of the company.

20. New Family Gain The only Unit linked insurance plan with ethical equity fund. Suits religious investment guidelines as well. 21. New Unit Gain plus SP A single premium plan with max allocations Choice of 4 investment funds and 3 free switches allowed each year Partial and Full withdrawals after 3 years 22. Capital UG Big Boss of all ULIPS Capital Unit gain is a unit linked endowment regular premium plan that is designed to suit all your insurance & investment needs. Capital Unit Gain just got a whole deal better with Waiver of premium and Family Income Benefit A plan designed for parents to secure their childs present and future This combination of Family Income Benefit & Waiver of Premium riders with Capital Unit Gain is specially designed for parents to ensure their childs future and all their financial needs are looked after in all circumstances

Group Plans
1. GROUP SUPERANNUATION SCHEME

Assure your Employees a financially secured, stable and independent post retirement life Group Superannuation Scheme will be established under an irrevocable trust, with trustees appointed by Company taking care of the administration. 2. GROUP CREDIT SHIELD Available for Employer- Employee Groups and Non Employer- Employee Groups This scheme insures the loan amount outstanding in the account in case of premature death or disability...

3. 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 premature death or disability... 4. GROUP TERM LIFE in lieu of EDLI (Employees Deposit Linked Insurance Scheme)

This scheme is a better alternative to the Employees Deposit Linked Insurance Scheme, 1976, under Sec 17 (2) of the Employees Provident Fund and Miscellaneous Provisions Act..
3. GROUP GRATUITY CARE.

Giving your Employees and their families the care and financial security

heartening reassurance of your

Group Gratuity Care is a Multi Featured Employee Welfare Scheme, which addresses your Gratuity liability with flexibility like never before.

Insurance for NRI's

You can now easily steer your savings from overseas to conveniently meet your family's needs - now and in the future. All Indians have an underlying need to feel secure, to care for the loved ones and to provide for old age. The need is felt more when you are away from your Homeland. But being away from India doesn't mean you have to compromise on the safety and security of your loved ones. In fact, you can now easily steer your savings from overseas to conveniently meet your family's needs - now and in the future. We, at Bajaj Allianz Life Insurance understand your need. The need to do something fruitful for your loved ones.. The urge to let them know that you care. That's why we introduced the NRI Insurance services. Now, you can invest your hard earned money in India and in the bargain ensure your family's future.

OUR CARE SOLUTIONS FOR NRIS: Bajaj Allianz Life Insurance offers a large suit of products to cater every insurance need that you have. Our care solutions include:
1. InvestGain - Our 'With Profits Endowment Plan'.

2. CashGain - Our 'With Profits Money Back Plan'. 3. ChildGain - Our 'With Profits Money Back Plan' for children. 4. Lifetime Care - Our 'With Profits Whole of Life Plan'. 5. Swarna Vishranti - Our 'With Profits Differed Annuity Plan'

Who Can Apply ?

Foreign Nationals of Indian origin can propose for life insurance during their stay in India only. NRIs who are temporarily staying abroad can apply for insurance either a. During their stay in India , or b. Through mail order business.

Convenient Premium Payment and Receipt Options

You can pay premiums directly to us through Indian currency cheques, DD's etc. or directly from your FCNR/NRE account. The benefits under the policy, as

per current laws can be directly credited to your FCNR/NRE account. Premiums can also be paid through credit card during your visit to our branch office. Alternatively standing instructions can be arranged during the term of the policy

Title of Research
Title of research is under taken is acceptability and perception in private insurance sector and Effects of ULIP plan in life Insurance market for BAJAJ ALLIANZ Life Insurance. Making business is the main motto of every organization. In Todays Scenario Insurance sector is emerging with good business opportunities, so all companies are penetrating in insurance sector to make more profit. Today Insurance is not Govern by Public Organization but Private Companies are also coming in a big way. Although we face various problem regarding seeking information about target or to whom we had to and how to approach but the Co-Operation from various Friends, Colleagues and specially the staff we have completed our work with satisfaction.

Objective of the Research

Objective of the research is to generate interest in the people to invest in the ULIP product & to generate leads of prospective customers. ICS (Insurance consultants) are one who brings business for the company, they are attached with. Research is also focus on the acceptability and market perception of the Private Insurance Sector. To know the extent to which public rely on private insurance sector. To know the pitfalls of Private Insurance Company. It was a descriptive research as it covers both widespread objectives. We collected data through various seminar, clubs meetings and public joints. To know acceptability above Private Insurance we interviewed existing ICCS and some customers.

Significance of Research
Every one put his/her time money and effort because of some significance. My studies have some significance too:-

To BAJAJ ALLIANZ Life Insurance Company : As BAJAJ AUTO got valuable data regarding acceptability of Private Insurance sector and pitfall of private insurance in the Private Insurance in the Insurance Industry. Now the Insurance Company can take some significant steps in the direction of increasing its market share secondly standard life got appropriate ICC, in their team who work dedicatedly for the company. The Student : It also has a lot of significance to me we got the previous knowledge about various function of Insurance Companies, their product, and data regarding the various services, benefits provided by the companies. It helps us in identifying, targeting and segmenting the potential area. It will help us in my future for the practical application in real life.

Ranking of Bajaj Allianz life insurance for the month of April 2010 (Rupees in lakhs)
Premium- Growth-Market Share Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 16 15 17 Insurer ICICI Prudential BAJAJ Allianz HDFC Standard Max New York ING Vysya TATA AIG Reliance Life SBI Life AVIVA BIRLA Sunlife KOTAK Mahindra Old Mutual MET Life Shiram Life Sahara Life PRIVATE Total LIC GRAND Total April2010 14706.41 14600.48 6101.02 4239.78 3901.35 3711.78 3690.19 3486.06 3259.90 2875.28 2509.65 900.85 75.73 60.56 64119.02 April2009 7168.37 2917.36 3036.56 1601.82 198.08 2745.75 847.65 1315.74 1089.05 1815.42 642.42 347.11 7.06 23732.39 Growth 105% 400% 101% 165% 1870% 35% 335% 165% 199% 58% 291% 160% 758% 170% 32% 58% Market Share 7% 7% 3% 2% 2% 2% 2% 2% 2% 1% 1% 0% 0% 0% 32% 68% 100%

0.01 757200%

135523.79 102297.47 199642.81 126029.86

RESEARCH METHODOLOGY :

In common parlance research refers to a scientific and systematic search for pertinent information on a specific topic. In fact is at of scientific investigation. Research inculcates scientific and inductive thinking and it prompts the development of logical habits of thinking and organizations. In every aspect of marketing and for selling the product, an effective sales team is required, for the same purpose it is necessary to identify the potential persons and recruiting them for organization to sale the products. It is also based on research that an organization can sell their insurance products through different professional in society so that the sales volume becomes high which results in growth of company. The objective of my project is to identify those people and recruiting them for company. Research type : Diagnostic Research The topic of project EFFECTS OF ULIP PLAN IN LIFE INSURANCE MARKET can be well categorized under the label of diagnostic research. The characteristic of the diagnostic research are : It requires a large sample. The data collected here is related to the behavioral variable of the respondent.

The research has got very specific objective. The sample is drawn through the probability sample design.

Data types : Primary and Secondary data Primary data: These data were collected by personal observation and/or inquiry with the respondents/clients. These data are not previously collected and is gathered fresh and for this purpose questionnaire are prepared in such away that all the necessary data would be collected.

Secondary data: Secondary data already exist, they are historical data gathered by people either inside or outside the firm to meet the need. Data collection: Research tools for primary data collection:

Schedule. Observation. Telephone enquiry. Questionnaire

Internal: External : Newspapers and magazines. Website of other insurance Companies like ICICI Pru, ING Vysya, TATA AIG etc. Web pages on Research analysis by the economic analyst. Website of Bajaj Allianz Catalogues.

Sampling method : Since the probability of inclusion of any unit(of population) in a sample is unknown taking in view the size of the population it is better to go for Non Probability Convenience Sampling method. This is also called accidental sampling as the respondents in the samples are included merely because of their presence on the spot. Sampling place: Jaipur city.

Sampling size: 100.

SWOT Analysis of Bajaj Allianz Life Insurance Company

STRENGTH BAJAJ ALLIANZ Life Insurance enjoy good and trusted brand name so as the BAJAJ Group. Financial rating of companies. The company has expertise in managing Big Business. Product designed for each Age Group & Every Area of Personal. BAJAJ ALLIANZ Life Insurance provides unique Training Program for ICCs. The company enjoys a very high brand Loyalty & recall value among its customer. The company has a presence in all metros as well as in most of the Major Cities in Company.

 Different products offering as per the need of customers are provided. The quality of service provided by the company is excellent because they are customer focused. A very strong group of people to sell the offering all over the country and has a very strong distribution system

WEAKNESS Less Coverage in Rural Areas Lack of Corporate Agent. Lack of Customer Services. Lack of Promotional Activities. Lack of Advertisements in media.

OPPORTUNITY There is Continuous growth in Insurance Sector.

 People have started turning towards Private Insurance Sector. Government has also started investing in Private Insurance Sector.

Market is fully vacant to capture because the branch has recently set up its Business.

Market is increasing at very higher rate which helps company to expand their market. Increase in numbers of working people and they are preferring insurance policies for their families. BAJAJ ALLIANZ is mainly concentrating on urban area of the country they must explore the opportunities available in rural areas. THREATS

Competition in insurance sector is increasing with the entry of private giants HDFC SLIC,ICICI Prudential, Sahara, Reliance, TATA AIG etc.

Selling attitude for the company always has to be maintained in order to complete other insurance company.

As LIC has strong market position so it is little bit difficult to capture the market. Customers are still finding risky to in private insurance sector.

 Now, insurance is not considered as a saving or investment product by most of the families. To control the franchisees so as to maintain the specified standard of services is a tough job. People are confused between various products given by the different companies Other competitors are providing better service quality and customized products to their customers.

RECOMMENDATIONS
In our country LIC has a very strong customer base and present itself as a dominator in life insurance industry. It has captured almost 80% of the market share and leader in insurance industry. To compete to such a competitor every company has to provide better services and quality products which cater to all needs of the customers. BAJAJ ALLIANZ is one of the leading companies in life insurance industry and to increase the market share they are facing various challenges from their competitors. Some of the recommendations to capture the market in all aspects are as under. Company has to adopt aggressive marketing policy to acquire good number of deals so they can increase their market shares which results in high volume profit. All private companies are mainly concentrating in urban areas, to improve the market share company must also concentrate in rural areas of the country, that can be done by efficient channel management.

 Company must provide products as per the requirement of the customers because customers need products as per their choice.

Company has to make its distribution network and all the channel partners must be well trained so that they can attract the customers by their skills.

SUGGESTION
FC should be given more training time to time to have better knowledge of change in market. Untapped areas should be cover. FCS target should be supervise regularly so that their work can be improved and made effective and efficient. The agent should be keep in constant touch with his policy holders to become aware of the change in his situation including marriage, death of relatives, release of mortgages. Any one of them may necessitate some changes like title to policy moneys or more insurance. The contact conveys a message that agent and company cares for the policy holder and the family publicity it increase acceptability.

Private insurance companies should highlight that they are managed privately but completely governed by IRDA. To capture major chunk of business they need to open more branches in sub Urban and rural areas so they can fulfill all need of customers. Awareness should be created among the masses through advertising.

CONCLUSION
After completion of research, we conclude that : Segmentation of target market is best way to work in. Womens are proving better FC. ULIP are accepted by public readily. Private insurance sector making their place in insurance sector. FC should be approach according to need.

QUESTIONNAIRE
Date:.

Personal Details: Name: . Address:. . Tel No. : . Date of Birth:. Qualification: .. Email ID... Family details: Name Relationship Date of Birth Insured (Y/N)

Employment Details Organization: Designation: . Office contact no.:

Are you insured? 1. YES. 2. NO.. Do you believe in private insurance company? 1. YES. 2. NO..

 Which company do you prefer for insurance? 1. BAJAJ ALLIANZ 2. ICICI PRUDENTIAL 3. HDFC 4. LIC 5. OTHER.. Are you aware of the growth of bajaj Allianz? 1. YES 2. NO.

Are you aware of the beneficial returns of bajaj Allianz? 1. YES 2. NO.

Do you think that insurance from multiple company would give you more returns? 1. YES 2. NO. Amongst the produt of bajaj Allianz which would you prefer to buy? How you come to know about the bajaj Allianz life insurance?

. Have you ever dealt with bajaj group? 1. YES.. 2. NO..

Questionnaire for Customer

1. (a) Name: (b) Age: (c) Sex: [ [ [ [ [ [ ] 21-30,[ ] Male, [ ] 31-45,[ ] Female [ ] P.G ] Rs. 10,000 25,000 ] Intermediate, ] Above 45

(d) Educational Qualification ] Matriculation, ] Graduate, [

(e) Monthly Income ] Less than 10,000 [ ] More than 25,000

2. Do you have any investment plan in near future? a. yes b. No 3. Are you aware of ULIP product? a. yes b. no 4. If yes, then how do you rate ULIP as an investment?

a. excellent as investment b. excellent as insurance cover c. excellent both as investment & insurance d. at par 5, Do you want to invest in any of the plan of Bajaj Allianz? a. yes b. no Some General Questionnaire Are you insured ? Have your insurance get expired ? Which company do you prefer for insurance ? Are you aware of bajaj Allianz life insurance company? Are you aware of the beneficial returns of bajaj Allianz? Do you think that insurance from multiple company would gonna give you more returns? Amongst the product of bajaj Allianz which would you prefer to buy? Have you ever dealt with bajaj group? How do you come to know about bajaj Allianz? Do you want to be a insurance consultant of bajaj Allianz?

Bibliography
Primary Data:Research tools for primary data collection:

Schedule. Observation. Telephone enquiry. Questionnaire

Secondary Data:Website of Bajaj Allianz Catalogues. Newspapers and magazines. Website of other insurance Companies like ICICIPru, ING Vysya, TATA AIG etc. Web pages on Research analysis by the economic analyst. BOOKS REFERRED: Kotler Philip Marketing Management, Prentice Hall of India Pvt. Ltd.2000,10th edition. LIC manuals for agents R.Majumdar, Marketing Research, 2001,edition. Gupta & Gupta, Business Statistics C.R. Kothari Research Methodology, Vishwa prakashan, 2000, edition. Records available in the company. Corporate profile of the organisation.

Journals & Manuals available in the company.