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WHAT IS LIFE INSURANCE

First of all we should come to know that what Life Insurance is. The different definition describing life insurance is as:Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary. Life Insurance pays a specified sum to the beneficiaries upon the death of the insured. It is generally used to provide cash to your family in the event of your death. There are several types of life insurance whole life insurance provides a lifetime protection as long as you pay the premiums to keep the policy active. They also accrue a cash value and thus offer a savings component. Term life insurance provides protection only during the term of the policy and the policies are usually renewable at the end of the term. Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities. Future is always uncertain and full of risk. It is not certain that what is going to happen tomorrow. Therefore a man is always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties. Insurance is an agreement between two parties under which one party undertakes specified future risk of another party and compensates the loss from that risk on payment of some consideration known as premium payable by the later.

LIFE INSURANCE INDUSTRY IN INDIA

Many may not be aware that the life insurance industry of India is as old as it is in any other part of the world. The first Indian Life Insurance Company was the Oriental life Insurance Company, which was started in India in 1818 at Kolkata. A number of players (over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However, the Government of India, concerned by the unethical standards adopted by some players against the consumers, nationalized the industry in two phases in 1956 (life) and 1972 (non-life). The insurance business of the country was then brought under two public sector companies, Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). With such a large population and the untapped market area of this population Insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20 percent annually. Together with banking services, it adds about 7 percent to the countrys GDP. In spite of all this growth the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without Life Insurance cover and the Health Insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuations Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The Committee recommended throwing open the sector to private players to usher in competition and bring more choice to the consumer. The objective was to improve the penetration of insurance as a percentage GDP, which remains low in India even compared to some developing countries in Asia. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and 4

competitive financial system suitable for the requirements of the economy as the main idea behind the reform.

A BRIEF HISTORY
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The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are: 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are: 1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

INTRODUCTION ABOUT THE COMPANY

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finance (recently demerged from Bajaj Auto.)

Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 115 years of financial experience and is present in over 70 countries around the world. At Bajaj Allianz Life Insurance, customer delight is guiding principle. The business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology. It was started in 2001. Bajaj Fiserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42 crore for the quarter ended July 31, 2010. It had posted a loss of Rs 36 crore in the corresponding period last year.

The groups life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest contributor to the firms income. Bajaj Allianz has posted a profit of Rs 68 crore in the June quarter. In the year-ago quarter, it had posted a loss of Rs 3 crore. Gross written premium for the quarter rose 40 per cent to Rs 2,001 crore as against Rs 1,847 crore in the corresponding period last year. Renewal premium, too, increased to Rs 1,423 crore as against Rs 1,018 crore in the quarter ended July 31, 2010. However, new business premium fell 42.28 per cent to Rs 577 crore.

ALLIANZ GROUP Allianz Group is one of the world's leading insurers and financial services providers.

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance, Life and Health Insurance, Asset Management and Banking. ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 crore. 3rd largest Assets under Management (AUM) & largest amongst Insurance cos. AUM of Rs.51, 96,959 crore. 12th largest corporation in the world 49.8 % of global business from Life Insurance Established in 1890, 110 yrs of Insurance expertise 70 countries, 173,750 employees worldwide BAJAJ GROUP Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty synonymous with quality & customer focus. A STRONG INDIAN BRAND- HAMARA BAJAJ One of the largest 2 & 3 wheeler manufacturer in the world 21 million+ vehicles on the roads across the globe

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Managing funds of over Rs 4000 cr. Bajaj Auto finance one of the largest auto finance cos. in India Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03 It has joined hands with Allianz to provide the Indian consumers with a distinct option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following to offer Financial strength and stability to support the Insurance Business. A strong brand-equity. A good market reputation as a world class organization. An extensive distribution network. Adequate experience of running a large organization. Mission of the company

As a responsible customer focused market leader, we still strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. Vision of the Company To be Best Life Insurance company in India to Buy from. Work for . Invest in . Mr. Kamesh Goel, who was the CEO of Bajaj Allianz earlier has taken over as country Manager and is also the CEO of Bajaj Allianz Life Insurance Company.

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OBJECTIVES OF THE STUDY

To study the sales promotion techniques of insurance consultants of the Bajaj Allianz.

To study the traditional products of the Bajaj Allianz.

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LIFE INSURANCE POLICIES

Term Care This plan not only offers the customer life insurance cover at a low cost, but also provides for return of premiums on maturity. The premiums returns at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged if any). In case of premature death the policy term, the full sum Assured will be paid to the nominee. How does the plan work? The Bajaj Allianz Premium Term care Plan offers the customer the

convenience of choosing between two premium payment options. Regular Payment : Premium payment throughout the selected term. Single Premium Payment : One time premium payment for the selected term at commencement. Apart from covering the risk of natural death, this plan also provides the customer the option to choose up to 5 additional benefits. The customer can select a specific combination of additional benefits best suited to his/her needs, available in 4 attractive packages to choose from. I. Economy: II. Protect : benefits : This is the basic plan, which is available for both the This pack comes with the following 3 in-built additional

regular and single premium payment options.

a) Accidental b) Accidental

death Benefit. Permanent Total/Partial Disability Benefit

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c) Waiver

of Premium Benefit (in case of accidental permanent

total disability) The Protect Pack is available with the regular premium payment option only. III. Health : This pack comes with the following 2 in built additional benefits : a) Critical Illness Benefit. b) Hospital cash Benefit. The health Pack is available with the regular premium payment option only. IV. Total : This pack comes with the following 5 in-built additional benefits : a) Accidental Death Benefit. b) Accidental Permanent Total/ Partial Disability Benefit. c) Waiver of Premium Benefit (in case of accidental permanent total disability) d) Critical Illness benefit e) Hospital Cash Benefit The Total Pack is available with the regular premium payment option only. Benefits: Accidental Death Benefit Accidental Permanent Total /Partial Disability Benefit Waiver of premium Benefit Critical Illness Benefit Tax Benefits Surrender

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 Loans

LOAN PROTECTOR
The Bajaj Allianz Loan Protector plan is a mortgage term insurance plan that covers the outstanding principal amount of a loan. It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loaner. The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due. How does the plan work? The Bajaj Allianz Protector Plan offers the convenience of choosing between two premium payment options. I. Regular Premium Payment : Premium payment limited to

approximately 2/3 r d of loan tenure, while coverage continues for the full tenure of the loan. II. Single Premium Payment : One time premium payment covering the customer for the full tenure of the loan. Joint Life Availability The Customer has the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on death of either life. Days of Grace

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In case of non-payment of premiums, a grace period of 30 days will be allowed for the yearly, half yearly and quarterly modes (15 days for monthly mode). After that the policy will lapse. Revival Of the Policy It is possible to revive a policy that has lapse due to non-payment of premiums within 5 years from the date of lapse. The revival will be effected subject to underwriting. In case of joint life, revival would be subject to underwriting on both lives. General Exclusion Within 15 days from the date of receipt of the policy, the customer have the option to review the terms and conditions and return the policy, if the customer disagree to any of the term and conditions, stating the reasons for his/her objections. The customer will be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and expenses incurred on medical examination and stamp duty charges. Benefits: Death Benefit Premium Payment mode Tax benefits Surrender values/ paid up values

CHILD GAIN
Taking care of a child is perhaps the most important job a parent can have. It is but natural that a person would like to give his/her best, and therefore, this is the time when careful financial planning can help them to fulfill the aspirations that the customers have for his/her children.

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How does the plan work? The Bajaj Allianz Child Gain solutions help the customer to enjoy the joys of parenthood responsibility, with the reassurance of a secure future for their child. Common features in the 4 options of Bajaj Allianz Child gain Solutions. I. Limited Premium Payment Term Which means that the premiums are payable till the customers child attains age 18 years. II. The customers contributions grow by way of compounded annual bonuses, which will be paid to him with the first guaranteed payout (policy anniversary following age 18 of your child), for in-force policies. In addition to the annual bonuses, a terminal bonus may also be paid. III. The customers are also eligible for Tax benefits under Section 88 and Section 10 (10 D) of the Income Tax Act. IV. Assuring Your Childs Future In an uncertain world, the prime interest of your child cannot be jeopardized in any way. Which is why the Bajaj Allianz has built in some added benefits in all their plans to protect the interests of your childs future, by counter insuring youthe policyholder. Premiums For the customers convenience they have provided three Premium Payment Modes can be Yearly, Half yearly or Quarterly. They also offer a Monthly Premium Payment Mode under salary deduction schemes.

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Surrender They offer the customer the choice of surrendering the policy provided three full years premium have been paid (Two years for premium terms of 5 and 6 years). The guaranteed minimum surrender value is 30% of all premiums paid excluding the first year premium and excluding the premiums for premium waiver benefit and Family Income benefit and additional benefit opted for. The guaranteed minimum surrender value after the premium payment term will be the discounted value of the outstanding installment payments discounted at 10 % p.a. rate of interest. Loans Loans are not available with Bajaj Allianz Child Gain solutions. 15 days Free Look Period: Within 15 days from the date of receipts of the policy, the customer have the option to review the terms and conditions return the policy, if he/she disagree to any of the terms and conditions, stating the reasons for his/her objections. The customer will be entitled to a refund of the premium paid, subject only to a deduction of proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges. Exclusions The Death Cover is subject to the following Exclusion: Suicide within one year from commencement of risk, whether sane or not this product brochure gives the salient feature only. The relevant policy document is the conclusive evidence of the contract, and provides in detail all the conditions. Exclusion related to each of plans under the Bajaj Allianz Child Gain Solutions.

INVEST GAIN
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It takes only a moment to make promises and a lifetime to keep them. Keeping promises made to your loved ones is not just a responsibility, but a commitment that you have to live up to. When you promise to see your family through thick and thin you need to make sure that you have planned for all the eventualities that may befall on them. You need to be prepared that even if there ever is an instance that you are not there with them you have saved enough to see them through their entire life. Accidental Death Benefit : Accidents are always sudden and sometimes fatal. You cant lessen the emotional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the loved ones something to start with after the permanent loss of income by paying an account equal to Sum Assured. (Subject to a maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together). Accidental Permanent Total/Partial Disability Benefit : Accidents are unpredictable and so are the consequences. They may lead to a disability partial or total. This benefit provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25, 00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together). Waiver of Premium Benefit : An accident may lead to permanent total disability, limiting ones ability to earn. Bajaj Allianz Waiver of Premium Benefit is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you to live up to your commitments. 21

 Critical Illness Benefit (CI) : Some illnesses are critical. They not only alter ones lifes pattern but also result in a financial drain. Bajaj Allianz Critical Illness benefit softens the impact on the family by paying out the Critical Illness Benefit under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. The customers have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000) Hospital Cash Benefit (HC) : The worry of settling hospital bills (room charges) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps recovery with peace of mind. Flexibility in Coverage : All Bajaj Allianz, they believe I offering benefits and not just products. They realize that customers are unique and their needs for insurance vary with time. They therefore offer the customer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary, subject to conditions relating to such inclusions and exclusion. Comprehensive Accident Protection can be included and excluded at each policy anniversary. Family Income Benefit, Critical Illness benefit and Hospital Cash Benefit can be taken at inception only. CI and HC can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be increased or included subsequently.

Increase In risk Coverage 22

Every added responsibility in a persons life call for increase in his/her risk cover. Bajaj Allianz provides the customer the option to increase coverage up to 505 of the basic Sum Assured on each of the following happy moments in their life: Your Marriage. The Birth of your First Child. The Birth of the Second Child.

This additional coverage is not subject to underwriting

Bajaj Allianz Cash Gain Platinum

Quadruple Sum Assured + Bonuses Choice Of Terms Keeping the customers convenience in mind, Bajaj Allianz offers the customer the widest range of terms: 15, 20, 25, and 30 years. Additional Protection For The Customer need Their Family The customers have the option to add the following additional benefits. Providing total protection against uncertainties. a) Family Income Benefit (FIB) : The Ultimate Protection For your

loved Ones. The customer can select the unique Family Income Benefit From Bajaj Allianz that ensures total financial protection for their loved ones. In case of death or accidental total permanent disability, a guaranteed monthly income 1% of the Sum Assured (12% per annum) is paid till the end of the policy term or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived.

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b)

Comprehensive

Accident

protection:

This

benefit

provides

comprehensive cover in case of an accident. It comprises of: Accidental Death Benefit Accidents are always sudden and sometimes fatal. You cant lessen the emotional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the loved ones something to start after the permanent loss of income by paying an amount equal to the Sum Assured. (Subject to a maximum of Rs 50,00,000/- under all polices with Bajaj Allianz taken together). Accidental Permanent Total/ Partial Disability Benefit Accidents are unpredictable, and so are the consequences. They may lead to a disability partial or total. This Benefits provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of partial disability. (Subject to a maximum of Rs. 25, 00,000/- for partial Rs. 50, 00,000/- for total disability under all policy with Bajaj Allianz taken together). Waiver of Premium Benefit An accident may lead to permanent total disability, limiting ones to earn. Bajaj Allianz Waiver of Premium Benefit is a helping hand when one needs it most. It waives off all future premiums while keeping the valuable life insurance cover alive, thus enabling you up to your commitments. c) Critical Illness Benefit (CI): Some illnesses are critical. They not only alter ones lifes pattern but also result in a financial drain. Bajaj Allianz Critical Illness Benefit softness the impact on the family by paying out the Critical Illness Benefit under the

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Plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical illnesses. The customers have the flexibility of choosing Critical Illness cover up to the basic Sum Assured selected by you (Minimum Rs. 50,000). d) Hospital Cash Benefit (HC): The worry of setting hospital bills (room charge) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps recovery with peace of mind. Flexibility in Coverage In Bajaj Allianz, they believe in the offering and not just products. They realize that the customers are unique and their needs for insurance vary with time. They therefore offer the customer the flexibility of inclusion of coverage or exclusion of coverage at each policy anniversary, subject to conditions relating to such inclusions and exclusion. Comprehensive Accident Protection can be included and excluded at each policy anniversary. Family Income Benefit, Critical Illness Benefit and Hospital cash Benefit can be taken at inception only. CI & HC can be reduced or excluded subsequently at any policy anniversary. Once reduced or excluded, they be increased or included subsequently. Increase in Risk Coverage: Every added responsibility in a persons calls for increase in his/her risk cover. Bajaj Allianz provide the customer the option to increase coverage up to 50% of the basic Sum Assured on each of the following : Happy moments on their life : Your birth of your first child The birth of the second child

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This additional coverage is not subject to underwriting. The option should be exercised within 90 days of the occurrence of the said event. .

RISK CARE
This plan offers the customer life insurance cover at the lowest possible cost for a selected term. It is an ideal option to cover their near and dear ones against financial risks arising out of lifes adversities like death and permanent disability. In the case of pre-mature death during the term, the Sum Assured is paid to the nominee. There are no survival benefits under this plan. What does this plan offer? The Bajaj Allianz Risk Care Plan offers the convenience of choosing between two payment options. Regular Premium Payment- Premium payment through the selected term. Single Premium Payment- One time premium for the selected term at commencement. Apart from covering the risk of natural death, this plan also provides the option to choose up to 5 additional benefits. A person can select a specific combination of additional benefits best suited to his/her needs, available in 4 attractive packages to choose from. Economy: This is the basic plan, which is available for both the regular and single premium payment options. Protect: This pack comes with the following 3 in-built additional benefits: 26

 Accidental Death Benefits. Accidental Permanent Total/Partial Disability Benefits. Waiver of Premium Benefit (in case of accidental permanent total disability) The Protect Pack is available with the regular premium payment option only. Health: This pack comes with the following 2 in-built additional benefits: 1. Critical Illness Benefit. 2. Hospital Cash Benefit. The heath pack is available with the regular premium payment option only. Total: This pack comes with the following 5 in-built additional benefits: 1. 2. 3. 4. 5. Accidental Death Benefit. Accidental Permanent Total/Partial Disability Benefit. Waiver of Premium Benefit (in case of accidental permanent Critical Illness Benefit. Hospital Cash Benefit.

total disability).

The total Pack is available with the regular premium payment option only. Benefits Premium Waiver Benefit Family Income Benefit Option to Purchase future Insurance Exclusions

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Suicide within one year from commencement of risk, whether same or not. This product gives the salient featured only the relevant policy document is the conclusive evidence of the contract, and provides in details all the conditions, exclusion related to each of plans under the Bajaj Allianz Child Gain Solutions.

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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem. Research methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique so that research results are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated, why data have been collected and what particular technique of analyzing data has been used and a best of similar other question are usually answered when we talk of Research methodology concerning a research problem or study. The main aim of research is to find out the truth which is hidden and which has not been discovered as yet.

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AREA OF STUDY
The area of the study related with getting correct information of life insurance policies of different peoples in the region of Amritsar.

SAMPLE DESIGN A sample design is a definite plan for obtaining a sample from a given population. It refers to the techniques or the procedure the researcher would adopt in selecting items for the sample. Sample design may as well be drawn from the population to be included in the sample i.e. the size of the sample. Sample design is determined before data are collected. During my study I have taken 100 insurance care consultants as the size of sample.

TOOLS USED
To know the response, I have used the questionnaire method. If one wish to find what insurance care consultants think or know, the logical procedure is to ask them. This has led marketing researchers to use the questionnaire technique for collecting data more than any other method.

In this method questionnaire were distributed to the respondents and they were asked to answer the questions in the questionnaire. The questionnaire were structured non disguised questionnaire because the question which the questionnaire contained, were arranged in a specific order besides every question asked were logical for the study, no question can be termed as irrelevant.

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The questionnaire was non-disguised because the questionnaire was constructed so that the objective is clear to the respondent. The respondents were aware of the objective. They knew why they were asked to fill the questionnaire. With the help of following techniques, which are using by Bajaj Allianz I analyse that the how techniques of sales promotion are useful?

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DATA COLLECTION

PRIMARY DATA SOURCES Through interaction with insurance care consultant Through questionnaires filled from the insurance care consultant. SECONDARY DATA SOURCES: Through internet, various official sites of the companies. Through pamphlets and brochures of the companies.

Magazine & News paper

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DATA ANALYSIS AND INTERPRETATION

(Based on survey conducted for insurance care consultants) Q.1 Which technique of sales promotion you prefer? Options Display Door to Door Demo Exhibition Catalogue Price Off Response in % 40% 14% 16% 20% 10%

40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Interpretation: According to the study 40% insurance care consultants prefer display technique,20% insurance care consultants prefer catalogues, 16% to the exhibition, 14% to the door to door demo and 10% insurance care consultants prefer price off technique.

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Q.2 Which technique is giving good response from customers? Options Display Door to Door Demo Exhibition Catalogue Price Off
40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Response in % 18% 36% 18% 16% 12%

Interpretation: According to the study 36% insurance care consultants say door to door demo techniques giving good response, 18% insurance care consultants say to the display & exhibition, 16% to the catalogues & 12% say to the price off technique.

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Q.3 Which technique is economically beneficial? Options Display Door to Door Demo Exhibition Catalogue Price Off
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Response in % 10% 22% 10% 46% 12%

Interpretation: According to the study 46% insurance care consultants, catalogue technique is economically beneficial. 22% to the door-to-door demo and 12% insurance care consultants prefer price off technique,10% to the exhibition & display technique.

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Q.4 Which technique requires less time in sales promotion? Options Display Door to Door Demo Exhibition Catalogue Price Off
40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Response in % 22% 38% 10% 16% 14%

Interpretation: According to the study 38% insurance care consultants say display technique requires less time in sales promotion. 22% to the display technique, 16% insurance care consultants vote to the catalogues, 14% insurance care consultants vote to the 10% to the exhibition.

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Q5 Which technique is easily manageable? Options Display Door to Door Demo Exhibition Catalogue Price Off Response in % 18% 30% 10% 34% 8%

35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Interpretation: According to the study 34% insurance care consultants say that the catalogues is easily manageable, 30% to the door to door demo,18% insurance care consultants prefer display technique 10% to the exhibition and 8% insurance care consultants say to the price off technique.

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Q.6 Which technique requires less knowledge to execute? Options Display Door to Door Demo Exhibition Catalogue Price Off
40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo Exhibition Catalogue Price Off

Response in % 14% 12% 12% 22% 40%

Interpretation: According to the study 40% insurance care consultants vote to the price off technique is require less knowledge to execute, 22% insurance care consultants prefer catalogues, 14% to the display and 12% to the exhibition & door to door.

Q.7 Which technique requires more knowledge to execute? Options Response in %

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Display Door to Door Demo Exhibition Catalogue Price Off

45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Display Door to Door Demo

20% 42% 24% 10% 4%

Exhibition

Catalogue

Price Off

Interpretation: According to the study 42% insurance care consultants vote to the door-to-door technique that it requires more knowledge to execute than others. 24% to the exhibition, 20% to the display technique, 10% insurance care consultants give vote to the catalogues and 4% insurance care consultants prefer price off technique.

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Q.8 Price off are necessary for sales promotion? Options Yes No Cant say
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Yes No Cant say

Responses in % 46% 40% 14%

Interpretation: According to the study 46% insurance care consultants say yes that the price off are necessary for sales promotion. 40% say no and 14% say cant say.

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Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj Allianz are satisfactory? Options Yes No Cant say
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Yes No Cant say

Responses in % 34% 46% 20%

Interpretation : According to the study 46% insurance care consultants say No that the sales promotion program that is presently undertaken by Bajaj Allianz are satisfactorily 36% say Yes and 20% say cant say.

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Q.10 Should Bajaj Allianz take up new sales promotion program? Options Yes No Cant say
80% 70% 60% 50% 40% 30% 20% 10% 0% Yes No Cant say

Responses in % 72% 22% 6%

Interpretation : According to the study 72% insurance care consultants say yes installment offers are 22% say no and 6% say cant say.

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IMPORTANCE OF ADVISORS IN INSURANCE COMPANY

In the insurance industry the sales team following the typical organization structure: Hierarchy in Insurance Company
SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

UNIT MANAGER

UNIT MANAGER

UNIT MANAGER

ADVISORS

ADVISORS

ADVISORS

The sales team comprises of the Sales Manager superior to Area Sales Manager, These ASMs (Area Sales Manager) have their own individual team of Unit Manager and in turn Unit Managers their own team of financial advisors. Each team of ASMs competing with each other in surge of achieving targets, each Unit Manager depends on their Advisors for their business. They represent the company in the market to the customers, so nobody can deny the importance of Advisors in the whole system. They providing the company with the business and help their respective Unit Manager to achieve their targets. So a unit Manager has to 44

be really careful while recruiting their Advisors. During the year of appointment, new Advisor usually account for a relatively small proportion of the organizations total production. The most promising means of achieving profitable production growth lies in your sales organizations capacity to give policy owners good counsel and prompt, courteous serves to give them value for premium paid. The best guarantee of having that capacity comes from retaining large number of productive advisor. Consequently, the development needs of your sales organization call for successful recruiting. Its a necessity. This is why manager who move to the top of Bajaj Allianz honor roll and stay there are always found to be manpower-focused. Before we move to the how to of recruiting, lets consider some important philosophies relative to recruiting.

FIVE PERSISTENT CONCERNS: As an Bajaj Allianz Manager, you are fully committed to building a high performing, growing agency. This being true, it follows those five concerns must be constant in your annual planning.

The SEARCH for talent The EVALUTION of potential advisors The ATTRACTION of advisors The RETENTION of advisors The PRODUCTIVITY of advisors

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Any manager who attains satisfying results in these five areas will enjoy Satisfying sales results Outstanding persistency of business Superior policy owner service capabilities An enviable reputation as a Bajaj Allianz agency builder A momentum which comes from the synergistic benefit of success CHART SHOWING HOW TO GET POTENTIAL ADVISOR Putting it simply in a flow SEARCH Where to look for

ATTRACT How to attract to life Insurance

EVALUATE How to evaluate

PRODUCTIVITY

RETENTION

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SWOT ANALYSIS

Environmental Scan

Internal Analysis

External Analysis

Strength

Weaknesses

Opportunities

Threats

SWOT Matrix Strengths Strong brand name Customer loyalty Product Quality Good reputation among customers Weaknesses Insufficient product promotion Unawareness about the product

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Opportunity Allianz Bajaj adds complete suite of group insurance products to its product Portfolio Allianz Bajaj plans to focus on group insurance for its next phase of aggressive growth An unfilled customer need Threat Emergence of substitute products Resistance to change Non- response from the target customers

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FINDINGS
This sales promotion process was very much satisfying for me not only practically and academically but it also helped me in developing my communication skill and enriched my knowledge also. I have come to know about the importance of marketing especially with regard to Sales Promotion on the most renowned organization like Bajaj Allianz. Especially because of emergence of many competitor with excellence in services & competitive product. The base of this chapter conclusion is on the data analysis or what we say findings. I have finding from the insurance care consultants of the Bajaj Allianz. and their insurance policies on my topic. When the insurance care consultant is asked why they are dealing in this particular insurance policies (product) they mostly stressed on companys image. They also said that all income and age group of customers are attracted towards their product but buyers are mainly from higher and middle-income group. Insurance care consultants said that their sale is very much increased in the last years because of an excellent performance of the product. Insurance care consultants said that the customer are very much satisfied after getting insurance policies because of its features related with risks of life and also because of quality of service provide by their company is very good.

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SUGGESTIONS

Here are some suggestions, which may help to strengthen the firm further

Many of the insurance care consultants of the Bajaj Allianz have the lack of good communication skills and training. So training should be easy. Bajaj Allianz should use new techniques of sales promotion.

Customer services should be more comfortable than others. People must be made aware of the benefits of the policies of Bajaj Allianz. The company should give personal attention to each customer. Proper assistance should be provided to the customer at the time of claim settlement. All the details about the company should be given to the customers. Regular advertisement of the company should be given TV and Newspaper. The company must try to find new markets especially in the rural areas. The company should do frequent analysis of the competitors.

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CONCLUSION
The Bajaj Allianz insurance company is entering into booming market. To increase the market share in insurance time-to-time research projects are undertaken and this prefects was endeavor in that direction. To conclude their can't be two ways about Bajaj Allianz life Insurance, commanding a very good brand image people mostly does not go by Bajaj people still think that Bajaj is partly owned by government. And hence would be more secure to invest here growing at a breakneck pace with a strong pan Indian presence Bajaj Allianz has emerged as a strong player in India.

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LIMITATIONS OF THE STUDY

Following limitations were faced during the study: 1. While designing the questionnaire it was kept in mind to gather more and more information from each target person. For the neither present nor descriptive questions could have served the purpose. Therefore the questionnaire contained in the open-ended questions.
2. The study was conducted in Bajaj Allianz in Amritsar city, which has 127 to

170 insurance care consultants only. The sample size was of 100 insurance care consultants only so that accuracy of data so collected could be absurd covered by circulation of questionnaire. 3. The accuracy of indications given by the respondents may not be consider adequate as whether the language used in the questionnaire is understood by the respondent cannot be taken for granted. 4. The study is based on the information gathered from the insurance care consultants. Therefore in such case it is possible that the information supplied might be biased because the insurance care consultant might have shown partiality towards their insurance policies.
5. Since the survey was limited to 100 insurance care consultants it is rather

difficult to give a precise conclusion but I have tried to the best of my capability to give the conclusion on a comprehensive manner.

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BIBLIOGRAPHY

www.google.com www.bajajallianz.co.in www.in.insuranceyahoo.com www.irdaindia.org

BOOKS WERE CONSIDERED

Marketing management by Mr. Philip Kotler.P Principles of marketing by Mr. Richard Armstrong. Marketing Strategy and Management by Mr. Michael J. Baker. Marketing Channels by Mr. Louis Stern Business Research Methodology by Mr. C.R. Kothari.

BUSINESS MAGAZINE & NEWS PAPER

The Times of India The Economic Times 4Ps, Pitch, Business & Economy

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Annexure
Q.1 To which technique of sales promotion you prefer? A) Display C) Exhibition E) Price-off Q.2 Which technique is giving good response from customers? A) Display C) Exhibition E) Price-off Q.3 Which technique is economically beneficial? A) Display C) Exhibition E) Price-off Q.4 Which technique requires less time in sales promotion? A) Display C) Exhibition E) Price-off Q.5 Which technique is easily manageable? A) Display C) Exhibition E) Price-off B) Door to door demonstration D) Catalogue B) Door to door demonstration D) Catalogue B) Door to door demonstration D) Catalogue B) Door to door demonstration D) Catalogue B) Door to door demonstration D) Catalogue

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Q.6 Which technique requires less knowledge to execute? A) Display C) Exhibition E) Price-off Q.7 Which technique requires more knowledge to execute? A) Display C) Exhibition E) Price-off Q.8 Price off and installment offers are necessary for sales promotion? A) Yes C) Cant say Q.9 Do you think that sales promotion program that is presently undertaken by Bajaj Allianz are satisfactory? A) Yes C) Cant say Q.10 Should Bajaj Allianz takes up new sales promotion program? A) Yes C) Cant say B) No B) No B) No B) Door to door demonstration D) Catalogue B) Door to door demonstration D) Catalogue

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