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BONAFIDE CERTIFICATE

Certified that this project report titled A STUDY ON PERCEPTION OF LIFE INSURANCE AGENCY AS A CAREER FOR BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED is the bonafide work of Mr. D. MURALIMANOKARAN who carried out the research under my supervision. Certified further, that to the best of my knowledge the work reported herein does not form part of any other project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.

Supervisor

Director

Vivavoce held on __________

Internal Examiner

External Examiner

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ABSTRACT

The study on Perception about Life Insurance agency as a career was carried out in Chennai City in three phases. The first phase assesses the perception of the people who have quit their job as life insurance consultant. The second phase reports about perception of life insurance consultants. Profession amongst those currently pursuing their career as consultants. The third phases assesses the awareness about life insurance companies and about life insurance consultants. All this was done with the main objective of identifying suitable avenues or was to promote life insurance consultancy of as a career.

Standardized questionnaires were prepared for the three different phases. Information related to the reason for quitting life insurance consultancy as a career, the satisfaction level of existing consultants and awareness about life insurance, their interest in pursuing a career as a life insurance consultant, etc. also were collected

The research design adopted was descriptive type. The data were collected using the direct interview method and also through telephonic interviews. The type of sampling adopted was non-probability convenience sampling and probability cluster sampling. The sample size of 100 was taken amongst those who quit their job. 100 each were taken from the existing consultants of Bajaj Allianz and 100 was taken from other companies. A sample size of 300 was taken from general public to study about the third phase.

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Descriptive statistics was used to analyse the data.

Percentage

analysis, chi-square and ranking methods were used. The research revealed that many perceive life insurance agency as a difficult job which does not give them an attractive income. Incentive linked performance seems to disturb them. The potentiality of life insurance sector and growth opportunities in the sector can be communicated to enable those aspiring for a good career to join life insurance agency.

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ACKNOWLEDGEMENT

I extend my hearty thanks to Mr. AJIT THAMPAN, Associate Vice President Sales of Bajaj Allianz Life Insurance Company, Chennai for granting me permission to do the project work in their esteemed concern.

I express my sincere gratitude to our honorable Correspondent Thiru.P.SATHIYAMOORTHY B.E., M.B.A., M.S., and other college trust members for allowing me to develop the project in their institution.

I am extremely thankful to Dr.A.M.NATARAJAN, B.E., M.Sc., Principal, Kongu Engineering College, and Mr. P. SURESH KUMAR, M.Sc., M.B.A., Director, Department of management studies, Kongu Engineering College, Perundurai for giving me the opportunity to feel the corporate experience through this project.

I express my gratitude to my faculty guide Prof. R. MOHAN, B.Tech., MSc., Diploma in Management for his scholarly guidance, valuable suggestions, and encouragement through out the duration of this project.

I also express my gratitude to the respondents, parents and dear friends without whom the project would not have been successful.

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LIST OF CONTENTS
Chapter No. Particulars ABSTRACT (ENGLISH) ABSTRACT (TAMIL) LIST OF TABLES INTRODUCTION 1.1 Industry profile 1.2 Company profile OBJECTIVES, SCOPE AND LIMITATIONS OF THE STUDY 2.1 Objectives of the study 2.2 Scope of the study 2.3 Limitations of the study RESEARCH METHODOLOGY 3.1 Research Design 3.2 Data Sources 3.3 Sampling Design 3.4 Statistical Tools Used 3.5 Questionnaire Design ANALYSIS AND INTERPRETATION 4.1 Analysis of separated consultants of Bajaj 4.2 4.3 Allianz Analysis of existing consultants in Bajaj Allianz Analysis of consultants from other Page No. iii v x 1 3 7 7 8 9 10 11 11 12 15 16 24 32 40 51 55 59 60

1 2

companies 4.4 Analysis of data - General public 4.5 Hypothesis Testing FINDINGS, SUGGESTIONS AND CONCLUSION 5.1 Findings 5.2 Suggestions 5.3 Conclusion APPENDICES REFERENCES

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LIST OF TABLES
Table No. 4.1 4.2 Page No. 16 16

Particulars Gender of separated consultants Marital status of separated consultants

4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12

Age of the separated consultants Duration as a insurance consultant Perception about selling insurance Working as a fulltime or part time employee Main job when working as an insurance consultant Original reason for selling life insurance Reasons for discontinuing Present job of the separated consultants Rejoining in Bajaj Allianz as insurance consultant Perception about insurance consultancy job as a career

17 18 18 19 19 20 21 22 22 23

Table No. 4.13 4.14

Particulars Marital status of existing consultants- Bajaj Allianz Gender of existing consultants Bajaj Allianz

Page No. 24 24

xi 25 26 26 27 27 Main job when working as an insurance consultant- Bajaj 4.19 Allianz 4.20 Previous job of existing consultants Bajaj Allianz Perception about insurance consultancy job as a career4.21 Bajaj Allianz 4.22 4.23 4.24 Satisfaction with career Bajaj Allianz Expected support from the company Bajaj Allianz Reason for choosing the job Bajaj Allianz 29 30 31 28 28

4.15 4.16 4.17 4.18

Age of the existing consultants Bajaj Allianz Duration as a insurance consultant Bajaj Allianz Perception about selling insurance- Bajaj Allianz Working as a fulltime or part time employee- Bajaj Allianz

Table No. 4.25 4.26

Particulars Marital status of existing consultants- Other Companies Gender of existing consultants Other Companies

Page No. 32 32

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4.27 4.28 4.29

Age of the existing consultants - Other Companies Duration as a insurance consultant - Other Companies Perception about selling insurance- Other Companies Working as a fulltime or part time employee- Other

4.30 Companies Main job when working as an insurance consultant- Other 4.31 Companies 4.32 Previous job of existing consultants Other Companies Perception about insurance consultancy job as a career4.33 Other Companies 4.34 4.35 4.36 Satisfaction with career - Other Companies Expected support from the company - Other Companies Reason for choosing the job - Other Companies 37 38 39 36 36 35

Table No. 4.37 4.38 4.39 4.40 4.41

Particulars Age of the respondents Education level of the respondents Gender of the respondents Linguistic ability of the respondents Occupation of the respondents

Page No. 40 41 41 42 43

xiii 4.42 4.43 4.44 4.45 4.46 4.47 4.48 4.49 4.50 4.51 4.52 4.53 4.54 4.55 4.56 4.57 4.58 Income level of the respondents Mode of saving of the respondents Liabilities of the respondents Assets of the respondents Satisfaction with current income Interest in making more money Knowledge about insurance consultants Willingness to take up sale of life insurance Awareness of private life insurance companies Awareness about Allianz insurance company Role of media in company recognition Recall of private life insurance companies Willingness to take life insurance sales with Bajaj Allianz Reason for not joining Income and willingness to take up insurance sales (Chi- square test) Income level and satisfaction with current income (Chi-square test) Income and interest in insurance sales (Chi-square test) 43 44 45 45 46 46 47 47 48 48 49 50 51 51 52 53 54