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A

PROJECT REPORT

ON

Training Undertaken at

A STUDY ON PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE


(BAJAJ GROUP)
Submitted in partial fulfillment for the
Award of degree of

MASTER OF BUSINESS ADMINISTRATION


(Industry Integrated)

Submitted by: - Submitted To:-


SHIKHA JAIN MR. SURENDRA KUMAR
Semester –IV HOD of MBA
MBA

2008-2010
RAJASTHAN COLLEGE OF ENGINEERING FOR WOMEN, JAIPUR

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Preface

There is a large gap between theoretically and practical knowledge about handling and
managing a business. Only book’s knowledge can’t help in building up an effective
administrator.

In my views everybody have strength and weakness if you have experience your strength
power is going high and your weakness going lesser that’s by one year experience is superior
to ten year study.

According to its compulsory for every students of MBA- Sem IV to take training under any
enterprise of the industry for 15 days, to get information, knowledge and practical learning
about specific specialized field and of industry at all. I have prepared this report after taking
training entitled in “A Study on Products of Bajaj Allianz Life Insurance".

In This Report I Have collected during my project training. I have prepared this report with
great interest. Although there may be possibility of mistakes in this report. If there is any
mistakes in this report, kindly forgive me.

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ACKNOWLEDGEMENT

First of all I would like to thank the management at Bajaj Life Insurance Company for giving me
the opportunity to do my summer training in their esteemed organization. I am highly obliged to
Mr. Abhishek Ranjan Dubey (Business Development Manager) and Mr. Rajesh Khanna for
granting me an opportunity to undertake training in jaipur Branch.

I express my thanks to all sales managers under whose able guidance and direction, I was
able to give shape to my training. Their constant review and excellent suggestions throughout
the project are highly commendable.

My sincere thanks to all executives who helped me gain knowledge about the actual working
and processes involved in various departments.

I am grateful to Ms. Rubika Mantri (faculty of mba department) who has helped in making this
project. His valuable guidance has helped in preparing this project.

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EXECUTIVE SUMMARY

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between Allianz SE, one of the world's
largest insurance companies, and Bajaj Finserv. Allianz SE is a leading insurance corporation
globally and one of the largest asset managers in the world, that manage assets worth over a
Trillion. With over 115 years of financial experience, Allianz SE is present in over 70 countries
around the world. Bajaj Allianz is into both life insurance and general insurance. Today, Bajaj
Allianz is one of India's leading and fastest growing insurance companies. Currently, it has
presence in more than 550 locations with over 60,000 Insurance Consultants.

In June 2008, Bajaj Allianz entered into partnership with Thomas Cook India to provide travel
finance. Bajaj Allianz Life Insurance ensures excellent insurance and investment solutions by
offering customized products, supported by the best technology.

In my training Period, I have focused mainly on two products of Bajaj Allianz Life

Insurance company: “New Family Gain and New Unit Gain”.

NEW FAMILY GAIN

In this product, the minimum premium which is to be paid by the customer is Rs.5000. The
maximum premium for this product is Rs.10000.The policy term is 10 years. The Sum Assured
is Rs. 50000 or the Fund Value which ever is higher. It is a unit linked plan and the Lock-in
period is 3 years. After 3 years the customer can withdraw 75% or whole amount but surrender
charges will be taken. After 5 years no surrender charges will be charged. In this product
customer has the facility of getting a premium holiday for 2 years after 3 years have been
completed and if he withdraws after 5 years he will get Rs. 30000.The customer will get benefit
of Section 80C and Section 10(10D) of Income tax. Under Section 80 C the customer will get
Tax rebate and under Section 10(10D) he will get tax free maturity gains.

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NEW UNIT GAIN

In this product, the minimum premium which is to be paid by the customer is Rs.10000.The
maximum premium for this product has no limit. The policy term is 10 years. The Sum Assured
is 5 times the premium amount or the Fund Value which ever is higher .It is a unit linked plan
and the Lock-in period is 3 years. After 3 years the customer can withdraw 75% or whole
amount but surrender charges will be taken. After 5 years there are no surrender charges.

In this product customer has the facility of getting a premium holiday for 2 years after 3
years have been completed and if he withdraws after 5 years he will get Rs. 60000. The
customer will get benefit of Section 80C and Section 10(10D) of Income tax. Under Section 80
C the customer will get Tax rebate and under Section 10(10D) he will get tax free maturity
gains.

Human Life Value Concept

This concept tells about value of a human life, particularly when he/she is a earning member of
the family. Suppose a person is 30 years old and has a fixed monthly income of Rs. 10000 and
if retires at the age of 60 then he will earn about 36 lakh in those 30 years. Unfortunately if
he/she dies at the age of 32 his family members will have a financial loss, so to minimize the
loss occurred due to the death of the earning member, one should have insurance of about 36
lakh.

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Fixed Deposit compared with Insurance policy

In fixed deposit money is locked in for 5 or more years and in Insurance Policy money is
locked in only for 3 years.

In fixed deposit, at maturity TDS (Tax deduction at source) is deducted but in Insurance policy,
maturity amount is tax free under Section 10(10D).

In fixed deposit the rate of return is about 8-10% but in Insurance policy rate of return is 15%
or more.

In Fixed deposit, no life insurance is given but in Insurance policy life insurance is given.

In the training period, I have tried to inform people about the products of Bajaj Allianz Life
Insurance. I have met different people like:
Salaried people
Businessmen
Chartered Accountants
Lawyers
Doctors
Engineers
Housewives

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CONTENTS Pg. No.
1. Introduction to the Industry 8
1.1 Meaning of Insurance
1.2 History of Insurance
1.3 Meaning of Life Insurance
1.4 Role of Life Insurance in the Growth of the Economy
1.5 Kinds of Life Insurance Policies

2. Introduction to the Organization 30


2.1 Allianz Group
2.2 Bajaj Group
2.3 Mission of the Company
2.4 Vision of the Company
2.5 History of the Company

3. Research Methodology 39

3.1 Title of the Study


3.2 Duration of the Project
3.3 Objective of Study
3.4 Type of Research
3.5 Sample Size and method of selecting sample
3.6 Scope of Study
3.7 Limitation of Study
4. Facts and Findings 105
5. SWOT 116

6. Conclusion 119
7. Recommendation and Suggestions 120
8. Bibliography 121
9. Appendix 122

7
1. INTRODUCTION TO THE INDUSTRY

1.1 MEANING OF INSURANCE

Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Insurance is a collective bearing of risk. Insurance is a financial device to spread the
risks and losses of few people among a large number of people, as people prefer small fixed
liability instead of big, uncertain and changing liability.

Insurance can be defined as a “legal contract between two parties whereby one party called
insurer undertakes to pay a fixed amount of money on the happening of a particular event,
which may be certain or uncertain.” The other party called insured pays in exchange a fixed
sum known as premium.

Insurance is desired to safeguard oneself and one’s family against possible losses on account
of risks and perils. It provides financial compensation for the losses suffered due to the
happening of any unforeseen events.

IMPORTANCE OF INSURANCE
Insurance constitutes one of the major segments of the financial market. Insurance services
play predominant role in the process of financial intermediary. Today insurance industry is one
of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry.

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There are many issues, which require study. The scope of the study of Insurance industry of
India would be very great as there are ongoing developments in the industry after the opening
of the sector

The major issue right now is the hike in FDI (Foreign Direct Investment) limit from 26% to 49%
in the insurance sector. In near future Government may allow 49% FDI in Insurance. This
would lead to more capital inflow by foreign partners.

Another major issue is the effects on LIC after the entry of private players in the market.
Though market share of LIC has been affected, it has improved in terms of efficiency.

There are number of other hot topics like penetration of Health Insurance, Rural marketing of
insurance, new distribution channels, new product ranges, insurance brokers’ regulation,
incentive scheme of development officers of LIC etc. So it offers lot of scope for studying the
insurance industry.

Right now the insurance industry has great opportunities in countries like India or China which
have huge population. Also the penetration of insurance in India is very low in both life and
non-life segment so there is lot potential to be tapped.

Before starting the discussion on insurance industry and related issues, we have to start with
the basics of insurance. So first we understand what is Insurance? How the word ‘insurance’
is different from the word ‘Assurance’? Etc.

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DIFFERENCE BETWEEN INSURANCE AND ASSURANCE

Assurance is older in history and it was used to describe all types of Insurance. From 1826, the
term assurance came to be used only for the risks covered by life insurance and the term
insurance was exclusively used to denote the risks covered by marine, fire, etc.

The word assurance indicated certainty. In life insurance, there is an assurance from the
insurance company to make payment under the policy either on the maturity or at earlier
death. On the other hand the word insurance was used to denote indemnity type of insurance
where the insurance company was liable to pay only in case of the loss damage the property.

The insured event was bound to happen sooner or later under assurance but the event insured
against may or may not happen under insurance.

The principle of “indemnity” applies to “insurance contracts” (non-life) only. The scope of the
word, insurance is wider.

PRINCIPLES OF INSURANCE

An insurance contract is based on some basic principles of insurance.

(1) Principle of utmost good faith


It means “maximum truth”. Both the parties should disclose all material information regarding
the subject matter of Insurance.
(2) Principle of indemnity
This means that if the insured suffers a loss against which the policy has been made, he shall
be fully indemnified only to the extent of loss. In other words, the insured is not entitled to
make a profit on his loss.
(3) Principle of subrogation
This means the insurer has the right to stand in the place of the insured after settlement of
claims in so far as the insured’s right of recovery from an alternative source is involved. The
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insurer before the settlement of the claim may exercise the right. In other words, the insurer is
entitled to recover from a negligent third party any loss payments made to the insured. The
purposes of subrogation are to hold the negligent person responsible for the loss and prevent
the insured from collecting twice for the same loss. The concept of ‘Third Party Claims’ is
based on the same principle.
(4) Principle of causa proxima
The cause of loss must be direct and an insured one in order to claim of compensation.
(5) Principle of insurable interest
The assured must have insurance interest in the life or property insured. Insurable interest is
that interest which considerably alters the position of the assured in the event of loss taking
place and if the event does not take placed, he remains in the same old position.

1.2 HISTORY OF INSURANCE

The concept of insurance is believed to have emerged almost 4500 years ago in the ancient
land of Babylonia where traders used to bear risk of the carvan by giving loans, which were
later repaid with interest when the goods arrived safely.

The concept of insurance as we know today took shape in 1688 at a place called Lloyd’s
Coffee House in London where risk bearers used to meet to transact business. This coffee
house became so popular that Lloyd’s became the one of the first modern insurance
companies by the end of the eighteenth century.

Marine insurance companies came into existence by the end of the eighteenth century. These
companies were empowered to write fire and life insurance as well as marine. The Great Fire
of London in 1966 caused huge loss of property and life. With a view to providing fire
insurance facilities, Dr. Nicholas Barbon set up in 1967 the first fire insurance company known
as the Fire Office.

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The early history of insurance in India can be traced back to the Vedas. The Sanskrit term
‘Yogakshema’ (meaning well being), the name of Life Insurance Corporation of India’s
corporate headquarters, is found in the Rig Veda. The Aryans practiced some form of
‘community insurance’ around 1000 BC.

Life insurance in its modern form came to India from England in 1818. The Oriental Life
Insurance Company was the first insurance company to be set up in India to help the widows
of European community. The insurance companies, which came into existence between 1818
and 1869, treated Indian lives as subnormal and charged an extra premium of 15 to 20
percent. The first Indian insurance company, the Bombay Mutual Life Assurance Society,
came into existence in 1870 to cover Indian lives at normal rates.

The Insurance Act, 1938, the first comprehensive legislation governing both life and non-life
branches of insurance were enacted to provide strict state control over insurance business.
This amended insurance Act looked into investments, expenditure and management of these
companies.

By the mid- 1950s there were 154 Indian insurers, 16 foreign insurers, and 75 provident
societies carrying on life insurance business in India. Insurance business flourished and so did
scams, irregularities and dubious investment practices by scores of companies. As a result the
government decided to nationalize the life assurance business in India.

The Life Insurance Corporation of India (LIC) was set up in 1956. The nationalization of life
Insurance was followed by general insurance in 1972.

TIME LINE IN INSURANCE HISTORY (MAJOR LANDMARKS)


� 1818: British introduced the life insurance to India with the establishment of the Oriental Life
Insurance Company in Calcutta.

� 1850: Non life insurance started with Triton Insurance Company.

� 1870: Bombay Mutual Life Assurance Society is the first India owned life insurer.

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� 1912: The Indian Life Assurance Company Act enacted to regulate the life insurance
business.

� 1938: The Insurance Act was enacted.

� 1956: Nationalization took place. Government took over 245 Indian and foreign insurers
and provident societies.

� 1972: Non-life business nationalized, General Insurance Corporation (GIC) came into
being.

� 1993: Malhotra committee was constituted under the chairmanship of former RBI chief R. N.
Malhotra to draw a blue print for insurance sector reforms.

� 1994: Malhotra committe recommended reentry of private players.

� 1997: IRDA (Insurance Regulatory and Development Authority) was set up as a regulator of
the insurance market in India.

� 2000: IRDA started giving license to private insurers. ICICI Prudential, HDFC were first
private players to sell Insurance Policies.

� 2001: Royal Sundaram was the first non-life private player to sell an insurance policy.

� 2002: Bank allowed selling insurance plans as TPAs enter the scene, insurers start setting
non-life claims in the cashless mode.

1.3 MEANING OF LIFE INSURANCE

There are three parties in a life insurance transaction: the insurer, the insured, and the owner

of the policy (policyholder), although the owner and the insured are often the same person.

Another important person involved in a life insurance policy is the Beneficiary. The beneficiary

is the person or persons who will receive the policy proceeds upon the death of the insured.

Life insurance may be divided into two basic classes – term and permanent.

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• Term life insurance provides for life insurance coverage for aspecified term of years for a

specified premium. The policy does not accumulate cash value.

• Permanent life insurance is life insurance that remains in force until the policy matures,

unless the owner fails to pay the premium when it is due.

• Whole life insurance provides for a level premium, and a cash value table included in the

policy guaranteed by the company. The primary advantages of whole life are guaranteed death

benefits, guaranteed cash values, fixed and known annual premiums, mortality and expense

charges will not reduce the cash value shown in the policy.

• Universal life insurance (UL) is a relatively new insurance product intended to provide
permanent insurance coverage with greater flexibility in premium payment and the potential for
a higher internal rate of return. A universal life policy includes a cash account. Premiums
increase the cash account. If you want insurance protection only, and not a savings and
investment product, buy a term life insurance policy. If you want to buy a whole life, universal
life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies
after only a few years can more than double your Life insurance costs.

NEED FOR LIFE INSURANCE

You need Life Insurance because typically the need for income continues for those who are
financially dependent on you, but there is no guarantee of your ability to earn consistently and
for the rest of your life. Life insurance can help you safeguard the financial needs of your
family.
This need has become even more important due to steady disintegration of the prevalent joint
family system, and emergence of nuclear families. The need to protect your family's ever
growing needs is why you need Life Insurance.

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Why Do I Need Life Insurance?

That’s a common question. Why would you need Insurance? Simply put, Life brings with it
many surprises, some pleasant and some not so and a Life Insurance Plan ensures that you
are better prepared to face uncertainties. How? In a number of ways:

Protection

You need life insurance to be there and protect the people you love, making sure that your
family has a means to look after itself after you are gone. It is a thoughtful business concept
designed to protect the economic value of a human life for the benefit of those financially
dependent on him. That’s a good reason. Supposing you suffer an injury that keeps you from
earning? Would you like to be a financial burden on your family, already losing out on your
salary? With a life insurance policy, you are protected. Your family is protected.

Retirement

Life insurance makes sure that you have regular income after you retire and also helps you
maintain your standard of living. It can ensure that your post-retirement years are spent in
peace and comfort.

Savings and Investments

Insurance is a means to Save and Invest. Your periodic premiums are like Savings and you
are assured of a lump sum amount on maturity. A policy can come in really handy at the time
of your child’s education or marriage! Besides, it can be used as supplemental retirement
income!

Tax Benefits

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Life insurance is one of the best tax saving options today. Your tax can be saved twice on a life
insurance policy-once when you pay your premiums and once when you receive maturity
benefits. Money saved is money earned!

HISTORY OF LIFE INSURANCE

Risk protection has been a primary goal of humans and institutions throughout history.
Protecting against risk is what insurance is all about. Over 5000 years ago, in China, insurance
was seen as a preventative measure against piracy on the sea. Piracy, in fact, was so
prevalent, that as a way of spreading the risk, a number of ships would carry a portion of
another ship's cargo so that if one ship was captured, the entire shipment would not be lost.

In another part of the world, nearly 4,500 years ago, in the ancient land of Babylonia, traders
used to bear risk of the caravan trade by giving loans that had to be later repaid with interest
when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal status to the
practice. It formalized concepts of “bottomry” referring to vessel bottoms and “respondent”
referring to cargo. These provided the underpinning for marine insurance contracts. Such
contracts contained three elements: a loan on the vessel, cargo, or freight; an interest rate;
and a surcharge to cover the possibility of loss. In effect, ship owners were the insured and
lenders were the underwriters.

Life insurance came about a little later in ancient Rome, where burial club swere formed to
cover the funeral expenses of its members, as well as help survivors monetarily. With Rome's
fall, around 450 A.D., most of the concepts of insurance were abandoned, but aspects of it did
continue through the Middle Ages, particularly with merchant and artisan guilds. The
seprovided forms of member insurance covering risks like fire, flood, theft, disability, death,
and even imprisonment.

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During the feudal period, early forms of insurance ebbed with the decline of travel and long-
distance trade. But during the 14th to 16th centuries, transportation, commerce, and insurance
would again reemerge Insurance in India can be traced back to the Vedas. For
instance,Yogakshema, the name of Life Insurance Corporation of India's corporate
headquarters is derived from the Rig Veda. The term suggests that a form of" community
insurance" was prevalent around 1000 BC and practiced by the Aryans And similar to ancient
Rome, burial societies were formed in the Buddhist period to help families build houses, and to
protect widows and children.

Modern Insurance

Illegal almost everywhere else in Europe, life insurance in England was vigorously promoted in
the three decades following the Glorious Revolution of 1688. The type of insurance we see
today owes its roots to 17th century England. Lloyd's of London, or as they were known then,
Lloyd's Coffee House, was the location where merchants, ship owners and underwriters met to
discuss and transact business deals.

While serving as a means of risk-avoidance, life insurance also appealed strongly to the
gambling instincts of England's burgeoning middle class. Gambling was so rampant, in fact,
that when newspapers published names of prominent people who were seriously ill, bets were
placed at Lloyd’s on their anticipated dates of death. Reacting against such practices, 79
merchant underwriters broke away in 1769 and two years later formed a “New Lloyd’s Coffee
House” that became known as the “real Lloyd’s.” Making wagers on people's deaths ceased in
1774 when parliament forbade the practice.
Insurance Moves to America
The U.S. insurance industry was built on the British model. The year 1735 saw the birth of the
first insurance company in the American colonies in Charleston, SC. The Presbyterian Synod
of Philadelphia in 1759, sponsored the first life insurance corporation in America for the benefit
of ministers and their dependents. And the first life insurance policy for the general public in
the United States was issued, in Philadelphia, on May 22, 1761. But it wasn't until 80 years
later (after 1840), that life insurance really took off in a big way. The key to its success was
reducing the opposition from religious groups.
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In 1835, the infamous New York fire drew people's attention to the need to provide for sudden
and large losses. Two years later, Massachusetts became the first state to require companies
by law to maintain such reserves. The great Chicago fire of 1871 further emphasized how fires
can cause huge losses in densely populated modern cities. The practice of reinsurance,
wherein the risks are spread among several companies, was devised specifically for such
situations.

With the creation of the automobile, public liability insurance, which first made its appearance
in the 1880s, gained importance and acceptance? More advancement was made to insurance
during the process of industrialization. In 1897, the British government passed the Workmen's
Compensation Act, which made it mandatory for a company to insure its employees against
industrial accidents.

During the 19th century, many societies were founded to insure the life and health of their
members, while fraternal orders provided low-cost, members only insurance. Even today, such
fraternal orders continue to provide Insurance coverage to members, as do most labor
organizations. Many employers sponsor group insurance policies for their employees,
providing not just life insurance, but sickness and accident benefits and old-age pensions.
Employees contribute a certain percentage of the premium for these policies.

� Final Thoughts
Even though the American insurance industry was greatly influenced by Britain, the US market
developed somewhat differently from that of the United Kingdom. Contributing to that was
America's size; land diversity and the overwhelming desire to be independent. As America
moved from a colonial outpost to an independent force, from a farming country to an Industrial
nation, the insurance business developed from a small number of companies to a large
industry.

Insurance became more sophisticated, offering new types of coverage and diversified services
for an increasingly complex country.
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KEY FEATURES OF LIFE INSURANCE
1) Nomination: -
When one makes a nomination, as the policyholder, one continues to be the owner of the
policy and the nominee does not have any right under the policy as long as he/she is alive.
The nominee has only the right to receive the policy money in case of your death within the
term of the policy.

2) Assignment: -
If your intention is that your policy monies should go only to a particular person, you need to
assign the policy in favor of that person.

3) Death Benefit: -
The primary feature of a life insurance policy is the death benefit it provides. Permanent
policies provide a death benefit that is guaranteed for the life of the insured, provided the
premiums have been paid and the policy has not been surrendered.

4) Cash Value: -
The cash value of a permanent life insurance policy is accumulated throughout the term of the
policy. It equals the amount a policy owner would receive, after any applicable surrender
charges, if the policy were surrendered before the insured's death.

5) Dividends: -
Many life insurance companies issue life insurance policies that entitle the policy owner to
share in the company's divisible surplus.

6) Paid-Up Additions: -
Dividends paid to a policy owner of a participating policy can be used in numerous ways, one
of which is toward the purchase of additional coverage, called paid-up additions
.
7) Policy Loans: -

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Some life insurance policies allow a policy owner to apply for a loan against the value of their
policy. Either a fixed or variable rate of interest is charged. This feature allows the policy owner
an easily accessible loan in times of need or opportunity.

8) Conversion from Term to Permanent: -


When in need of temporary protection, individuals often purchase term life insurance. If one
owns a term policy, sometimes a provision is available that will allow her to convert her policy
to a permanent one without providing additional proof of insurability.

9) Disability Waiver of Premium: -


Waiver of Premium is an option or benefit that can be attached to a life insurance policy at an
additional cost. It guarantees that coverage will stay in force and continue to grow.

BENEFITS OF LIFE INSURANCE


1) Risk cover: -
Life Insurance contracts allow an individual to have a risk cover against any unfortunate event
of the future
.
2) Tax Deduction: -
Under section 80C of the Income Tax Act of 1961 one can get tax deduction on premiums up
to one lakh rupees. Life Insurance policies thus decrease the total taxable income of an
individual.

3) Loans: -
An individual can easily access loans from different financial institutions by pledging his
insurance policies.

4) Retirement Planning: -

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What had provided protection against the financial consequences of premature death may now
be used to help them enjoy their retirement years. Moreover the cash value can be used as an
additional income in the old age.

5) Educational Needs: -
Similar to retirement planning the cash values that flow from ones life Insurance schemes can
be utilized for educational needs of the insurer or his children.

1.4 ROLE OF LIFE INSURANCE IN THE GROWTH OF THE ECONOMY

SECTION 45 OF THE INSURANCE ACT, 1938

“No policy of life insurance effected after the coming into force of this Act shall, after the expiry
of two years from the date on which it was effected, be called in question by an insurer on the
ground that a statement made in the proposal for insurance or in any report of a medical
officer, or referee, or friend of the insured, or in any other document leading to the issue of the
policy, was inaccurate or false, unless the insurer shows that such a statement was on a
material matter or suppressed facts which it was material to disclose and that it was
fraudulently made by the policyholder and that the policyholder knew at that time of making it
that the statement was false or that it suppressed facts which it was material to disclose.”

PROHIBITION OF REBATE:
SECTION 41 OF THE INSURANCE ACT, 1938

“No person shall allow or offer to allow, either directly or indirectly, as an inducement to any
person to take out or renew or continue an insurance in respect of any kind of risk relating to
lives or property in India, any rebate of the whole or part of the commission payable or any
rebate of the premium shown on the policy, nor shall any person taking out or renewing or
continuing a policy accept any rebate, except such rebate as may be allowed in accordance
with the published prospectuses or tables of the insurer.
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Any person making default in complying with the provisions of this section shall be punishable
with a fine which may extend to five hundred rupees.”

LIFE INSURANCE IS INSURANCE AS WELL AS INVESTMENT


It is the special characteristic of life insurance that it not only provides security but is also a
form of investment. The insured not only wants to secure his family from the risk of his death,
but also wants to invest in the long term insurance plan. Both these elements are possible in
life insurance because the insurance company promises to pay a fixed amount on the death of
the insured, or on his attaining a certain age.

Element of Protection: Life insurance is the best way of securing against financial risks. The
member of the family insures his life to provide affixed amount security to his family in case of
death and his family been secured against any financial strain.

Financial problems not only arise on untimely death of the earning member, but also when the
earning member becomes old and his energy to work reduces and so does his source of
income also reduce. At this stage, he wants to retire and lead a peaceful life. And if he has no
source of income at this time he shall have to depend on others, which is a very pitiable stage
in old age. That is why; a rational man always saves for his old age, so that he doesn’t have to
depend on others for maintaining himself. In such plans, insurance holds the prime position
due to the following reasons-

1) He makes savings in the form of life insurance. To pay a regular premium he has
to save necessarily. Though premium takes a form of compulsory expense yet for
depositing regular premiums he has to develop a habit of saving.

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2) The saving also remains secure in life insurance. The savings kept in a bank
account can be withdrawn anytime for expenses, but the amount paid as premium can be
received from the insurance company only on attaining a certain age.
3) Life insurance is also a kind of indirect saving. The life insurance policy cannot
be forfeited by Income Tax department, even after non-payment of income tax.
In this way, the element of economic security is present entirely in a life insurance policy.
It is both, an element of protection and a helping hand in the old age.

Element of Investment: Life insurance also provides the benefit of investment. The
amount of premium consists, apart from the cost of insurance, an amount of investment.
This investment constantly increases. And this amount of investment is called Life Fund
and represents the element of investment. The Life insurance companies invest the
amount of life fund to earn profits, and give the benefits of such profits to the policy holder
also. Firstly, while determining the amount of net premium, the amount of interest is
deducted from the cost of insurance that constitutes interest from the investment of
premium fund. Then the insurance companies distribute most of the part of their profits
(up to 90%) to the policyholders as bonus. The investment in Life insurance policy is
superior to other kinds of investments because here there is no risk of loosing money and
there is no need to invest the whole amount at one time. Life insurance can be called as
the best kind of risk- free security, on whose security, lending money is also possible. By
nationalization of Life insurance in our country, the insurance policy is guaranteed by the
government by which it has become more secure.

1.5 KINDS OF LIFE INSURANCE POLICIES

Temporary Term Insurance

Term assurance: provides for life insurance coverage for a specified term of years for a
specified premium. The policy does not accumulate cash value. Term is generally considered
"pure" insurance, where the premium buys protection in the event of death and nothing else.

There are three key factors to be considered in term insurance:


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1. Face amount (protection or death benefit),
2. Premium to be paid (cost to the insured), and
3. Length of coverage (term).

Various insurance companies sell term insurance with many different combinations of these
three parameters. The face amount can remain constant or decline. The term can be for one or
more years. The premium can remain level or increase. A common type of term is called
annual renewable term. It is a one year policy but the insurance company guarantees it will
issue a policy of equal or lesser amount without regard to the insurability of the insured and
with a premium set for the insured's age at that time. Another common type of term insurance
is mortgage insurance, which is usually a level premium, declining face value policy. The face
amount is intended to equal the amount of the mortgage on the policy owner’s residence so
the mortgage will be paid if the insured dies.

A policy holder insures his life for a specified term. If he dies before that specified term is up,
his estate or named beneficiary receives a payout. If he does not die before the term is up, he
receives nothing. In the past these policies would almost always exclude suicide. However,
after a number of court judgments against the industry, payouts do occur on death by suicide
(presumably except for in the unlikely case that it can be shown that the suicide was just to
benefit from the policy). Generally, if an insured person commits suicide within the first two
policy years, the insurer will return the premiums paid. However, a death benefit will usually be
paid if the suicide occurs after the two year period.

Permanent Life Insurance

Permanent life insurance is life insurance that remains in force (in-line) until the policy matures
(pays out), unless the owner fails to pay the premium when due (the policy expires OR policies
lapse). The policy cannot be canceled by the insurer for any reason except fraud in the
application, and that cancellation must occur within a period of time defined by law (usually two
24
years). Permanent insurance builds a cash value that reduces the amount at risk to the
insurance company and thus the insurance expense over time. This means that a policy with a
million dollar face value can be relatively expensive to a 70 year old. The owner can access
the money in the cash value by withdrawing money, borrowing the cash value, or surrendering
the policy and receiving the surrender value.

The four basic types of permanent insurance are whole life, universal life, limited pay and
endowment.

WHOLE LIFE COVERAGE

Whole life insurance provides for a level premium, and a cash value table included in the policy
guaranteed by the company. The primary advantages of whole life are guaranteed death
benefits; guaranteed cash values, fixed and known annual premiums, and mortality and
expense charges will not reduce the cash value shown in the policy. The primary
disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy
may not be competitive with other savings alternatives. Also, the cash values are generally
kept by the insurance company at the time of death, the death benefit only to the beneficiaries.
Riders are available that can allow one to increase the death benefit by paying additional
premium. The death benefit can also be increased through the use of policy dividends.
Dividends cannot be guaranteed and may be higher or lower than historical rates over time.
Premiums are much higher than term insurance in the short-term, but cumulative premiums
are roughly equal if policies are kept in force until average life expectancy.

Cash value can be accessed at any time through policy "loans". Since these loans decrease
the death benefit if not paid back, payback is optional. Cash values are not paid to the
beneficiary upon the death of the insured; the beneficiary receives the death benefit only. If the
dividend option: Paid up additions is elected, dividend cash values will purchase additional
death benefit which will increase the death benefit of the policy to the named beneficiary.

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UNIVERSAL LIFE COVERAGE

A universal life insurance policy includes a cash account. Premiums increase the cash
account. Interest is paid within the policy (credited) on the account at a rate specified by the
company. Mortality charges and administrative costs are then charged against (reduce) the
cash account. The surrender value of the policy is the amount remaining in the cash account
less applicable surrender charges, if any.

With all life insurance, there are basically two functions that make it work. There's a mortality
function and a cash function. The mortality function would be the classical notion of pooling
risk where the premiums paid by everybody else would cover the death benefit for the one or
two who will die for a given period of time. The cash function inherent in all life insurance says
that if a person is to reach age 95 to 100 (the age varies depending on state and company),
then the policy matures and endows the face value of the policy.

Actuarially, it is reasoned that out of a group of 1000 people, if even 10 of them live to age 95,
then the mortality function alone will not be able to cover the cash function. So in order to
cover the cash function, a minimum rate of investment return on the premiums will be required
in the event that a policy matures.

Universal life insurance addresses the perceived disadvantages of whole life. Premiums are
flexible. Depending on how interest is credited, the internal rate of return can be higher
because it moves with prevailing interest rates (interest-sensitive) or the financial markets
(Equity Indexed Universal Life and Variable Universal Life). Mortality costs and administrative
charges are known. And cash value may be considered more easily attainable because the
owner can discontinue premiums if the cash value allows it. And universal life has a more
flexible death benefit because the owner can select one of two death benefit options, Option A
and Option B.

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Option A pays the face amount at death as it's designed to have the cash value equal the
death benefit at maturity (usually at age 95 or 100). With each premium payment, the policy
owner is reducing the cost of insurance until the cash value reaches the face amount upon
maturity.

Option B pays the face amount plus the cash value, as it's designed to increase the net death
benefit as cash values accumulate. Option B offers the benefit of an increasing death benefit
every year that the policy stays in force. The drawback to option B is that because the cash
value is accumulated "on top of" the death benefit, the cost of insurance never decreases as
premium payments are made. Thus, as the insured gets older, the policy owner is faced with
an ever increasing cost of insurance (it costs more money to provide the same initial face
amount of insurance as the insured gets older)

LIMITED-PAY

Another type of permanent insurance is Limited-pay life insurance, in which all the premiums
are paid over a specified period after which no additional premiums are due to keep the policy
in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.

Endowments are policies in which the cash value built up inside the policy, equals the death
benefit (face amount) at a certain age. The age this commences is known as the endowment
age. Endowments are considerably more expensive (in terms of annual premiums) than either
whole life or universal life because the premium paying period is shortened and the
endowment date is earlier.

In the United States, the Technical Correct Limited-pay

Another type of permanent insurance is Limited-pay life insurance, in which all the premiums
are paid over a specified period after which no additional premiums are due to keep the policy
in force. Common limited pay periods include 10-year, 20-year, and paid-up at age 65.

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ENDOWMENTS

Endowments are policies in which the cash value built up inside the policy, equals the death
benefit (face amount) at a certain age. The age this commences is known as the endowment
age. Endowments are considerably more expensive (in terms of annual premiums) than either
whole life or universal life because the premium paying period is shortened and the
endowment date is earlier.

In the United States, the Technical Corrections Act of 1988 tightened the rules on tax shelters
(creating modified endowments). These follow tax rules as annuities and IRAs do.

Endowment Insurance is paid out whether the insured lives or dies, after a specific period (e.g.
15 years) or a specific age (e.g. 65).

Accidental Death

Accidental death is a limited life insurance that is designed to cover the insured when they
pass away due to an accident. Accidents include anything from an injury, but do not typically
cover any deaths resulting from health problems or suicide. Because they only cover
accidents, these policies are much less expensive than other life insurances.

It is also very commonly offered as "accidental death and dismemberment insurance", also
known as an AD&D policy. In an AD&D policy, benefits are available not only for accidental
death, but also for loss of limbs or bodily functions such as sight and hearing, etc.

Accidental death and AD&D policies very rarely pay a benefit; either the cause of death is not
covered, or the coverage is not maintained after the accident until death occurs. To be aware
of what coverage they have, an insured should always review their policy for what it covers
and what it excludes. Often, it does not cover an insured that puts himself at risk in activities
such as: parachuting, flying an airplane, professional sports, or involvement in a war (military
or not). Also, some insurers will exclude death and injury caused by proximate causes due to
(but not limited to) racing on wheels and mountaineering.
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Accidental death benefits can also be added to a standard life insurance policy as a rider. If
this rider is purchased, the policy will generally pay double the face amount if the insured dies
due to an accident. This used to be commonly referred to as double indemnity coverage. In
some cases, some companies may even offer a triple indemnity cover.

NATIONALISATION OF LIFE INSURANCE IN INDIA

On 19th January, 1956, the Indian Government issued an emergency ordinance, whose
objective was to nationalize life insurance. As a result of this ordinance, the business of life
insurance which was in the hands of private sector organizations at that time now came in the
hands of the Government of India.

At the time of nationalization, in our country 154 Indian Insurance companies, 16 foreign
insurance companies and 75 private insurance societies were working in the Insurance
business.

In June 1956, an Act by the name of Life Insurance Corporation Act, 1956 was passed in the
Parliament, which came into force from 1st July 1956 in India. As a result of this Act, a
Government organization was established which is known as ‘Life Insurance Corporation of
India’. The Life Insurance Corporation started the insurance business from 1 st September,
1956.

Reasons or Objectives of Nationalisation

1) To arrange funds for Five Year Plans of the Government of India.


2) To widely propagate Life Insurance even in villages and small towns.

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3) To eliminate unhealthy competition among Private Insurance Companies.
4) To end mismanagement, spread in Private Insurance Companies.
5) To increase the per person insured amount.
6) To establish a socialist society, to give maximum benefits to the society.
7) To reduce the wasteful administrative expenses of the Private Insurance
Companies.
8) To secure the interests of small insured persons.
9) To create a sense of saving among people.
10)To utilize the ‘Life Insurance Fund’ properly.
11)To end the delays in payments on maturity to insured by Private Insurance
Companies.
12)To decentralize economic and financial power from the hands of Private
Insurance Companies.

2. INTRODUCTION TO THE ORGANIZATION

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance
Company and Bajaj Finserv. (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 our guiding principle. Our business
philosophy is to ensure excellent insurance and investment solutions by offering customized
products, supported by the best technology.
It started in 2001.

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Financial services arm's profit rises to Rs 42 crore

BS Reporter / Mumbai July 16, 2009, 0:40 IST

Bajaj Finserv, the financial services arm of the Bajaj Group, posted a net profit of Rs 42 crore
for the quarter ended June 30, 2009. It had posted a loss of Rs 36 crore in the corresponding
period last year.

The group’s life insurance arm, Bajaj Allianz Life Insurance Company, was the biggest
contributor to the firm’s 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 June 30, 2008. However, new business
premium fell 42.28 per cent to Rs 577 crore.

2.1 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.

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• 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

2.2 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
• 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.
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• A good market reputation as a world class organization.
• An extensive distribution network.
• Adequate experience of running a large organization.

Accelerated Growth
Fiscal Year No. of policies sold New Business in FY
2001-2002(6 months) 21,37 Rs. 7 cr.
2002-2003 1,15,965 Rs. 63.3 cr.
2003-2004 1,86,443 Rs. 180 cr.
2004-2005 2,88,189 Rs. 857 cr.
2005-2006 7,81,685 Rs. 2,717 cr.
2006-2007 20,79,217 Rs. 4,302 cr.
2007-2008 37,44,742 Rs. 6,674 cr.

2.3 MISSION OF THE COMPANY

India has 102 crore population but only 16 crore people are insured till now. Still 86 crore
People are yet to be insured. Also in broader perspective, company wants to make every
person get benefited through investing in Bajaj Allianz Life Insurance.

The Company is focusing on improving employee productivity, policy persistency, operational


processes and service levels.

2.4 VISION OF THE COMPANY

1) To be the first choice insurer for customers.

2) To be the preferred employer for staff in Insurance industry.

3) To be the number one insurer for creating shareholder value


33
4) To aspire to be a world class organization.

5) To encourage organizational transparency.

6) To value integrity.

2.5 HISTORY OF THE COMPANY

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. Characterized by global presence with a local
focus and driven by customer orientation to establish high earnings potential and financial
strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th March 2001.

The company received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration (R3) No 116 on 3rd August 2001 to conduct Life Insurance business
in India. 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. With over 15,000 employees, the company is a Rs. 4000 crore
auto giant, is the largest 2/3-wheeler manufacturer in India and the 4th largest in the world.
AAA rated by Crisil, Bajaj Auto has been in operation for over 55 years. It has joined hands
with Allianz to provide the Indian consumers with a distinct option in terms of life insurance
products.

34
35
Details of the Company

Managing Director and CEO – Mr. Kamesh Goyal

Sashi Krishnan, CIO,


Bajaj Allianz Life Insurance

C.F.O. – Mr. Rajesh Viswanathan

Head, Marketing- Mr. Sanjay Jain


36
BOARD OF DIRECTORS:

Mr. Rahul Bajaj (Chairman)


Dr. Werner Zedelius
Mr. Sanjay Asher
Mr. Niraj Bajaj
Mr. Sanjiv Bajaj
Mr. Heinz Dollberg
Mr. Ranjit Gupta
Mr. S. H. Khan
Mr. Suraj Mehta
Mr. Dietmar Raich
Mr. Manu Tandon
Mr. Kamesh Goyal (Alternate Director to Dr. Werner Zedelius)

Head Office Address:


Bajaj Allianz Life Insurance Company Limited
GE Plaza, Airport Road, Yerawada, Pune-411006 Maharashtra
Telephone: (+91 20) 66026777

37
CHANNEL PARTNERS OF BAJAJ ALLIANZ

Standard Chartered Bank

Contact Number :
022 2492 8888
E-mail Address: customer.care@in.standardchartered.com
Standard Chartered Bank

Syndicate Bank

Contact Number :
020 4026 742
E-mail Address: insurancediv@syndicatebank.net
www.syndicatebank.com

Placement Sales and Services Ltd.

Contact Number :
0487-2388666,2385922 Tele Fax - 2388666
E-mail Address: placementss@rediffmail.com
Address: Regency Centre, Kalavary Road, West Fort, Thrissur –4 Kerala, India

Team Life Care Co. (India) Ltd.

38
www.teamlifecare.in
Contact Number :
0427 - 2410707; 2420707; Tele Fax - 2421245
Address: 5/118, Yercaud Main Road, Chinnakollapatti, SALEM - 636008.

Ernestine Consultants Pvt Ltd.

Contact Number :
080- 4034 1999 Fax- 080 - 4034 1920
Address: 1011, Ist Floor 3rd Cross, 13th Main HAL 2nd Stage, Indira Nagar
Bangalore-560038

Organizational chart

Branch Manager
V
V
Business Development Manager (B.D.M.)
V
V
Assistant Business Development Manager (A.B.D.M.)
V
V
Insurance Sales Officer (I.S.O.)

3 RESEARCH METHODOLOGIES
39
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.

The area of the study related with informing different people about life insurance policies in the
region of jaipur.

3.1 Title of the Study

PRODUCTS OF BAJAJ ALLIANZ LIFE INSURANCE

1) BAJAJ ALLIANZ NEW FAMILYGAIN

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, sudden
requirement of cash or a steady post-retirement income.

With Bajaj Allianz New Family Gain, you can invest in one life insurance plan that can take
care of all your changing requirements. This plan has been designed to provide you with
maximum flexibility, so that you do not have to worry about your changing needs.

40
The Bajaj Allianz New Family Gain comes with a host of features to allow you to have the best
of all worlds - Protection and Investments. 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 New Family Gain Plan, you can secure your well-being and accumulate
savings towards financial independence and a comfortable retirement.

The Key Features of the New Family Gain Plan are:

• It is a unit linked Endowment type plan with a minimum term of 10 years and maximum
maturity age 70 years.
• Guaranteed death benefit: Sum Assured Plus Fund Value of Units.
• You have the option to choose a host of additional rider benefits: UL
Accidental Death Benefit, UL Accidental Permanent Total/Partial Disability 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 7 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.

The premiums allocated are invested in 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 value of
your policy is the total value of units that you hold in the fund/funds. The insurance cover
charges, policy administration charges and the additional rider benefit charges are deducted
through monthly cancellation of units. The Fund Management Charge is priced in the unit
value.

You can choose a Sum Assured (Level of Protection) that you want in the New Family Gain
Plan.
Minimum Sum Assured = 5 times of Annualized Premium
Maximum Sum Assured = Policy Term times of Annualized Premium

41
Death Benefit:
The death benefit will be
1) On death before attaining the age of 7 year: The death benefit will be the NAV of the units in
the policyholder's account (Fund Value) as on date of
receipt of intimation of death at the office. The policy terminates on the death of the life
assured.

2) On death on or after attaining the age of 7 years: The death benefit will be the sum assured
plus the NAV of the units in the policyholder's account (Fund value) as on date of receipt of
intimation of death at the office.

Maturity Benefit

On maturity, the NAV of units in the fund will be paid out and the policy will terminate.

Additional Rider Benefits available with


New Family Gain

You have the option to add the following additional rider benefits, providing total protection
against uncertainties.
• UL Accidental Death Benefit
• UL Accidental Permanent Total & Partial Disability Benefit
(Please refer to the brochure on additional rider benefits for more details.)

Assured protection even if you miss payment of your premiums

Bajaj Allianz New Family Gain provides you with the unique feature of continued protection
even if you forget to pay your premiums. After payment of 3 full years' premiums, when
premiums due are not paid the policy will be kept in-force, with full insurance benefits by way
of deducting units for the Cost of Insurance and all other charges, provided the Fund Value

42
less surrender charge, if any does not falls to an amount equivalent to one annual premium
under the policy.
Bajaj Allianz New Family Gain offers you a choice of 7 funds. You can choose to invest fully in
any one fund or allocate your premiums into the various Funds in a proportion that suits your
investment needs.

TAX BENEFITS

Premiums paid and benefits received will be eligible for tax benefits as per applicable tax laws.
As per the current tax laws:
Premiums payable are eligible for tax benefits as per Section 80C of the Income Tax Act.
Partial Withdrawals, Surrender Value, Death Benefit and Maturity Benefit are eligible for tax
benefits as per Section 10(10D) of the Income Tax Act.

In case of change in any tax laws relevant to the policyholder or the fund performance, the
same will be applied as per regulations prevailing at that point of time.

RISK OF INVESTMENT UNDER UNIT LINKED PLANS

The Proposed/Life Assured is aware that the investment in the Units is subject to the following,
amongst other risks and agrees that he is making the investment in the Units with full
knowledge of the same.

• Unit Linked Life Insurance products are different from the traditional insurance products and
are subject to the risk factors.
• The premium paid in unit linked life insurance policies are subject to investment risks
associated with capital markets and the Unit Price of the units may go up or down based on
the performance of the fund and factors influencing the capital market and the
insured/policyholder are responsible for his/her decisions.

43
• Bajaj Allianz Life Insurance is only the name of the insurance company and Bajaj Allianz New
Family Gain is only the name of the policy and does not in any way indicates the quality of the
policy, its future prospects or returns.
• Please know the associated risks and the applicable charges from your policy document or
by consulting the Company, your Insurance agent or your Insurance intermediary.
• Pure Stock Fund, Equity Index Fund II, Bond Fund, Asset Allocation Fund, Accelerator Mid-
Cap Fund, Equity Growth Fund and Liquid Fund are the names of the funds offered currently
with Bajaj Allianz New Family Gain, and in any manner do not indicate the quality of the
respective funds, their future prospects or returns.
• The investments in the Units are subject to market and other risks and there can be no
assurance that the objectives of any of the funds will be achieved.
• Pure Stock Fund, Equity Index Fund II, Bond Fund, Asset Allocation Fund, Accelerator Mid-
Cap Fund, Equity Growth Fund and Liquid Fund do not offer a guaranteed or assured return.
• All benefits payable under the Policy are subject to the tax laws and other financial
enactments, as they exist from time to time.
• The past performance of other funds of the company is not necessarily indicative of the future
performance of any of these funds.

Important details of the plan:


Minimum Age at Entry: 0 years (Risk commences at age 7)
Maximum Age at Entry: 60 years
Minimum Age at Maturity: 18 years
Maximum Age at Maturity: 70 years
Minimum Term: 10 years. For minor lives: 18 minus age at entry of minor life subject to
minimum of 10 years.
The minimum age at entry for all additional rider benefits is 18 years.
The maximum age at entry for all additional rider benefits is 50 years.

For your convenience, we have provided 3 premium payment modes that can be Yearly, Half-
Yearly, and Quarterly. We also offer a Monthly premium payment mode with salary deduction
schemes or ECS. The minimum premium is Rs. 5000 for the Yearly Mode, Rs. 2,500 for Half
Yearly, Rs. 1,250 for Quarterly and Rs. 500 for the Monthly Mode. In addition, you also have

44
the option to pay topups to increase your investments. The minimum top-up premium is Rs.
1,000.

If any due regular premium is not paid within the days of grace in the first three policy years,
the policy shall lapse. The policyholder will get an opportunity to revive the policy within two
years from the date of first unpaid premium, and if he does not revive during this period the
contract shall be terminated and the surrender value will be the fund value as on date of lapse
less surrender charge, if any. This would be paid on the expiry of the revival period or three
policy years, whichever is later.If policy is lapsed and death occurs during this period, the fund
value as on date of lapse would be paid and the policy will terminate immediately.

If all the due premiums have been paid for at least first three consecutive years and
subsequent premiums are unpaid, you will be given an opportunity to revive the policy within
two years from the first unpaid premium. During this limited period for revival, the insurance
covers under the policy shall continue levying all appropriate charges by cancellation of units
at the prevailing unit price to meet the mortality charge and other expense charges until the
Fund value in respect of Regular Premium less surrender charge, if any, falls to an amount
equivalent to one annual premium (NAV) across all the funds.

At the end of two years i.e. period for revival, if the contract is not revived, you can opt to
continue the insurance cover under the policy subject to deduction of all charges until the Fund
value in respect of Regular Premium less surrender charge, if any, falls to an amount
equivalent to one annual premium (NAV) across all the funds.

If you do not opt to continue with the insurance cover after the revival period, the contract shall
be terminated by paying the fund value as on date of termination less surrender charge, if any.

When the Fund value in respect of Regular Premium less surrender charge, if any, falls to an
amount equivalent to one annual premium you will be notified about this and the contract shall
be terminated by paying the fund value as on date of termination less surrender charge, if any.

45
2) NEW UNIT GAIN

This product is similar to New Family Gain but in this product the minimum premium that is to
be paid is Rs. 10, 000 and there is no limit for maximum premium. The Sum assured is five
times the premium amount.

Both these products (New Family Gain and New Unit Gain) were started from 1st July 2006.

Key highlights of Bajaj Allianz New Unit Gain

 Your investment, apart from normal allocation receives Loyalty units


Equivalent to 51% of the first year’s Annualized Premium over a period of 10 years.
 Choice of 2 investment portfolio strategies to manage your investments
Better.
 Your Policy continues to participate in the investment performance of the fund(s), even if
you are not able to pay 3 full years’ premiums.
 Maximum flexibility:
• Option to increase the premium
• Partial withdrawal anytime after 3 years from the commencement of the policy, provided
3 years’ regular premiums have been paid.
• Three free switches every year.
• Option to pay unlimited top-up premiums anytime during the tenure of the policy, to
further enhance your savings.
o Three simple terms to choose from: 15, 20 and 25 years.
o A host of additional rider benefits to provide you with additional protection.
o Guaranteed Life Cover, with flexibility to choose insurance cover to suit your
changing needs.

3) PENSION GUARANTEE
46
Your date of retirement is closing in. You want something that gives you an assured income
long after you’re retired. We at Bajaj Allianz Life Insurance are aware of this need, and have
come up with a plan that lasts you for a lifetime. Invest your savings in the Bajaj Allianz
Pension Guarantee, a plan that gives you a guaranteed income, till your time comes.

The “Bajaj Allianz Pension Guarantee” Plan


With Bajaj Allianz Pension Guarantee, you can ensure a regular income after retirement.
The plan offers you a range of immediate annuities to choose from. The immediate annuities
available are:
• Bajaj Allianz Pension Guarantee- Life Annuity: Annuity for Life
• Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 5 years and life thereafter
• Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 10 years and life thereafter
• Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 15 years and life thereafter
• Bajaj Allianz Pension Guarantee-: Annuity Guaranteed for 20 years and life thereafter
• Bajaj Allianz Pension Guarantee-Return of Capital: Annuity for life with Return of
Capital (Purchase Price)
How does “Bajaj Allianz Pension Guarantee” work?
All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company and the
annuity payments will start after expiry of monthly/quarterly/half-yearly/ yearly interval
corresponding to the payment mode selected by you. Under all the options, annuity is payable
for life, so you do not have to worry about your income stopping at any stage. Under the
Return of Capital option (option 6 above), the amount used to purchase the annuity is paid to
the nominee on the death of the annuitant.

Important details of the “Bajaj Allianz Pension Guarantee” Plan


Minimum Age at Entry 45
Maximum Age at Entry 80
Minimum Purchase Price Rs. 25,000
Minimum Annuity Installment Rs. 1,000

Annuity Frequency Mode


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For your convenience we have provided 4 Annuity Frequency Modes that can be Yearly, Half
yearly, Quarterly or Monthly. The annuity will be payable one month/quarter/half year/year after
the date of purchase depending on the mode selected.

The Sample Annuity Rate per annum per Rs.1 lakh of purchase price is given below. The
annuity rate varies between different purchase price bands.

Tax Benefits
The policy will be eligible for tax benefits under Section 80C of the Income Tax Act as of now.

4) BAJAJ ALLIANZ PROTECTOR

Dreams and Aspirations - we are constantly driven in our pursuit of these. House, Consumer
Durables, visits to exotic locations is some of the dreams we live for. And the best way to fulfill
them is through easy loans available at today’s low interest rates. With small equated monthly
installments, the price is not too heavy.

Yet, who can predict the unfortunate twists and turns in life? And in case of unfortunate death
of the loanee, the burden of repayment falls on the family. Bajaj Allianz Protector is the perfect
plan to protect your family from the repayment liability of outstanding loans. All this at a very
nominal cost. Now, is there a better way to provide for your family’s financial security?

The Bajaj Allianz Protector Plan


The Bajaj Allianz 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 loanee. The plan is designed to pay a sum
insured that will be equal to the outstanding principal amount of the loan due.

The Bajaj Allianz “Protector” Plan offers you the convenience of choosing between two
premium payment options

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• Regular Premium Payment - Premium payment limited to approximately 2/3rd of the loan
tenure, while coverage continues for the full tenure of the loan.
• Single Premium Payment - One time premium payment covering you for the full tenure of
the loan.

Joint life availability


You have 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.
Benefits Payable

Death Benefit
The death benefit is equal to the outstanding principal amount of the loan due as per the loan
schedule, irrespective of changes in interest rate/term at a later stage. The outstanding amount
of loan due will depend on the loan amount, loan tenure and interest rate as agreed upon at
the time of disbursement of the loan.

Important details of the ‘Bajaj Allianz Protector’ Plan

Eligibility Condition
Minimum Sum Assured Rs. 2, 00,000
Maximum Sum Assured No Limit
Minimum Age at Entry 20 Yrs
Maximum Age at Entry 55 Yrs
Maximum Age at Policy Expiry Date 65 Yrs
Minimum Term for Single Premium 2 Yrs
Minimum Term for Regular Premium 5 Yrs
Maximum Term (Regular and Single Premium) 30 Yrs

Premium Payment Mode


For your convenience we have provided 5 Premium Payment Modes that can be single
premium, yearly, half-yearly, quarterly or monthly. The premium for frequencies other than
yearly mode is the annual premium multiplied with the frequency factor (0.51 for the half yearly

49
mode, 0.26 for the quarterly mode, and 0.09 for the monthly mode). Monthly mode is permitted
only by salary deduction or direct bank debit. The minimum premiums are Rs. 2500 for the
Single Premium, Rs. 1000 for the annual mode, Rs. 700 for the half-yearly mode, Rs. 450 for
quarterly mode and Rs. 175 for monthly.

Tax Benefits
Tax benefits under Section 80C and Section 10(10) D available as per applicable tax laws. All
payments due under this plan shall be governed by tax laws applicable at that point of time.
Surrender values/Paid up Values
There are no surrender values or paid-up values under this plan.
Loans
Loans are not available under this plan

Change of Occupation
On change of occupation, depending upon the nature of the new occupation, the premiums
and benefits may be modified.
Days of Grace
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 the monthly mode). After that the policy will lapse.
Revival of the Policy
It is possible to revive a policy that has lapsed 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
In case the life assured (in case of joint life, either of the life assured) commits suicide within
one year from the date of commencement / reinstatement of the policy, the benefits of the plan
would not be payable, and the premiums would be refunded.

5) TERM CARE
Life Insurance.....

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At the back of our minds we are often nagged by certain fears, the fears of an uncertain future,
the insecurity of not being able to provide adequately for our loved ones, the fear of not being
able to save enough. Life Insurance is the only complete answer to these fears. It is life
insurance that provides you with the security of a financial safety net and enables you to plan
for unpredictable adversities. Happiness often sneaks in through a door you didn't know you
left open. Let life insurance be that door for you.

The 'Bajaj Allianz Term Care' Plan


The 'Bajaj Allianz Term Care' Plan is a term insurance plan. It is an economical way of
providing for one's life cover and at the same time ensuring that the premiums paid are
returned at maturity.

What does the 'Bajaj Allianz Term Care' Plan offer you?

This plan not only offers you life insurance cover at a low cost, but also provides for return of
premiums on maturity. The premiums returned 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 pre-mature death during the policy term, the full Sum
Assured will be paid to the nominee.
The 'Bajaj Allianz Term Care' Plan offers you the convenience of choosing between two
premium payment options.

• Regular Premium 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 you the option to choose
up to 5 additional benefits. You can select a specific combination of additional benefits best
suited to your needs, available in 4 attractive packages to choose from.
i. Economy: This is the basic plan, which is available for both the regular and single premium
payment options.
ii. Protect: This pack comes with the following 3 in-built additional benefits:
a. Accidental Death Benefit.
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b. Accidental Permanent Total/Partial Disability Benefit.
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.
What are the in-built benefits that the 'Bajaj Allianz Term Care' Plan offers you?
a. Accidental Death Benefit

Accidents are always sudden and sometimes fatal. You can't lessen the emotional shock, but
you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives your
loved ones something to start with after the permanent loss of your income by paying double
the basic Sum Assured.
The total Accidental Death Benefit shall however be subject to a maximum of Rs. 10, 00,000/-
under all policies taken with Bajaj Allianz together.

b. Accidental Permanent Total/Partial Disability Benefit


Accidents are unpredictable and so are the consequences. This may lead to a disability -
partial or total. The Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit provides
a financial cushion against such misfortunes.
Type of Disability Benefits
Accidental Permanent Partial Disability 50 % of Sum Assured *
Accidental Permanent Total Disability 100 % of Sum Assured **

* Subject to a maximum of Rs. 5, 00,000/- under all policies with Bajaj Allianz taken together.

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** Subject to a maximum of Rs. 10, 00,000/- under all policies with Bajaj Allianz taken together.
c. Waiver of Premium Benefit
An accident may lead to permanent total disability limiting your ability to earn.
The Bajaj Allianz Waiver of Premium Benefit is a helping hand when you need it most. It keeps
your insurance cover alive by waiving off future premiums and enables you to live up to your
commitments.
d. Critical Illness Benefit
Some illnesses are critical. They not only alter your life's pattern but also result in a financial
drain. Bajaj Allianz Critical Illness Benefit softens the impact on your family by paying out the
Critical Illness Benefit (equal to the Sum Assured) under the plan immediately, while other
policy benefits continue (excluding Hospital Cash Benefit). We cover 11 Critical Illnesses.
e. Hospital Cash Benefit
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 you to recover with
peace of mind.
Flexibility in Coverage*
At Bajaj Allianz, we believe in offering benefits and not just products. We realize that you are
unique and your needs for insurance vary with time. We therefore offer you the flexibility of
including the following benefit combination at each policy anniversary.
• Combination 1: Accidental Death Benefit; Accidental Permanent Total/Partial Disability
Benefit; Waiver of Premium Benefit.
This combination can be added, if not taken earlier, deleted and added subsequently at each
policy anniversary.
We also offer the flexibility of excluding the following benefit combination:
• Combination 2: Critical Illness Benefit; Hospital Cash Benefit.
This combination can be taken at inception only but can be excluded
Subsequently at any policy anniversary. Once excluded, Combination 2 cannot be included in
the policy subsequently.

* Available with the regular premium payment option only

Other important details of the 'Bajaj Allianz Term Care' Plan.

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Eligibility Condition

Minimum Age at Entry 18 Years


Maximum Age at Entry 50 years
Maximum Age at Maturity 65 years
Minimum Term 5 years
Maximum Term 40 years
Minimum Sum Assured Rs. 1, 00,000/-
Maximum Sum Assured Rs. 10, 00,000/-
Minimum Premium (Rs.) 1500/- for Yearly,
Rs. 1500/- for Half Yearly.

The minimum premium for Single Premium option shall be Rs. 6000/-
Premium Payment Mode
For your convenience we have provided 3 Premium Payment Modes that can be single
premium, yearly or half-yearly.

6) BAJAJ ALLIANZ NEW RISK CARE PLAN

Bajaj Allianz New Risk Care plan, a bouquet of happiness, security and pride for you & your
family. Commitments towards the family are non-measurable and countless. It’s our endeavor
to keep up your commitments by sharing your burdens and reducing your liabilities. In case of
any mishap or unfortunate event, the plan will always stand by you as a pillar of strength.
Bajaj Allianz New Risk Care helps you to secure your family’s well being, and create a strong
financial back up in case of any unforeseen eventualities. Allow us to take over your financial
concerns and worries to rest on us.
“Insure your Today with us to ensure your family’s Smiles Tomorrow”
The Key Features of Bajaj Allianz New Risk Care:
• A non-participating traditional Term Assurance plan.
• Higher insurance coverage at Low premium.
• Regular/Single Premium payment options.
• Enhanced Protection options available through Additional Rider Benefits.
• Rebates on premium in-case of high sum assured (both on regular and single premium
mode).
How does the Bajaj Allianz New Risk Care work? What are the Benefits?
54
You are required to make regular installments or a one-time payment. In case of any
unfortunate happening before maturity of the policy, the Death Benefit on the policy will be paid
to the nominee. There is no maturity benefit.

Power of 4 for Enhanced Protection


Power of 4 for Enhanced Protection
• Accidental Death Benefit: Covers against Accidental Protection.
• Accidental Permanent Total/Partial Disability Benefit: Covers against Disability protection.
• Critical Illness Benefit: Covers you against 11 defined critical diseases.
• Hospital Cash Benefit: Reduces your burden against hospitalization expenses.
(For complete details on riders, please refer to our Additional Rider Benefits Brochure. These
additional Rider Benefits are available on regular premium policies only and not on single
premium policies.)

Flexibility in Coverage
At Bajaj Allianz, we believe in offering solutions and not just benefits. We believe that you are
unique and your needs for insurance are different from others and vary with time. We therefore
present you New Risk Care with Additional Rider Benefits, which offers you the flexibility of
inclusion or exclusion of coverage at each policy anniversary, subject to conditions relating to
such inclusions and exclusions.“

Accidental Death Benefit, Accidental Permanent Total/Partial Disability Benefit” can be


included or excluded at each policy anniversary, but once excluded cannot be included again.
Hospital Cash Benefit (HCB) and Critical Illness (CI) can be taken at inception only. HCB & CI
can be reduced or excluded subsequently at any policy anniversary. Once reduced or
excluded, they cannot be increased or included subsequently.
Minimum Premium Amount
Rs. 200 per Monthly installment (through salary deduction or ECS), Rs. 500 per Quarterly
installment, Rs. 1,000 per Half-Yearly installment, Rs. 1,500 per Yearly installment, Rs. 5,000
for Single Premium.
Important Details

55
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Maturity Age 65 years
Minimum Policy Term 5 years
Maximum Policy Term 40 years
Minimum Sum Assured Rs.4, 00,000
Maximum Sum Assured Rs.50, 00, 00,000

Premium paying frequency Yearly/Half yearly


/Quarterly/Monthly/Single

High Sum Assured Rebate (HSAR) On Sum Assured of Rs.


10,00,000 or more

Indicative Premiums
The table below illustrates the premium rates* for New Risk Care.
Age: 30 Years
Gender: Male
Sum Assured: Rs. 5, 00,000

Payment Mode Term


10 15 20 25
Single Premium (in Rs.) 9,045 13,140 17,650 22,630
Regular Annual Premium (in Rs.) 1,665 1,840 1,970 2,065

*Excluding service tax.

Death benefit
In case of any unfortunate happening before maturity of the policy, the Death Benefit equal to
the chosen Sum Assured on the policy will be paid to the nominee.
Surrender Value
In case of Single Premium mode, the policy can be surrendered after five years from Policy
Commencement Date and the surrender value is equal to 0.70*(n-t)/n*Single Premium, where
“n” is Policy Term and “t” is elapsed duration in years from Policy Commencement Date to the
Policy Anniversary following the date of surrender. Surrender value is not payable on Regular
Premium mode.
Revival of lapsed Policy
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You may revive the lapsed policy within two years from first unpaid premium by paying all due
regular premiums along with interest compounding half-yearly at such rate as the Company
may decide from time to time.

Tax Benefits
Premium paid will be eligible for tax benefit under Section 80C. The death benefit will be
eligible for tax benefit under Section 10(10) D as per the prevailing tax laws.

Nomination
Nomination can be made for receiving policy proceeds in case of death.
General Exclusion
If the Life Assured commits suicide whether sane or insane, within one year from the Policy
Commencement Date or Commencement of Risk, the Company will not entertain any claim by
virtue of this Policy except to the extent of the Installment/Single Premium paid. The actual
date of death will be the basis for determining the validity of the
contract of insurance.

7 CHILD GAIN

Are your children destined for greatness? Will they devise the universal currency, or solve the
problem of global warming? Will they make music like we have never heard before, or keep
shattering records in sports? Will they bring God to men, or peace to the world? Your children
may just be the ones to end wars, feed the hungry, and care for many. Your child can aim for
the highest echelons of success, for greatness, and immortal fame. Your child can dream. But
before your child does, you must.

Bajaj Allianz ‘Child Gain’ Plan


Taking care of a child is perhaps the most important job a parent can have. It is natural that
you would like to give your child your best, and therefore, this is the time when careful financial
planning can help you fulfill the aspirations that you have for your children. The Bajaj Allianz

57
Child Gain Solutions help you to enjoy the joys of parenthood responsibly, with the
reassurance of a secure future for your child.

What does Bajaj Allianz ‘ChildGain’ Plan offer you?


Bajaj Allianz ChildGain offers a wide array of solutions that allows you to plan for your child’s
future by providing you with as many as 4 distinct and unique options.
Option 1: ChildGain 21
Option 2: ChildGain 24
Option 3: ChildGain 21 Plus
Option 4: ChildGain 24 Plus

Common features in the 4 Options of Bajaj Allianz ‘ChildGain’ Plan

1. Limited Premium Payment Term which means that the premiums are payable till your child
attains age 18 years.
2. Your contributions grow by the way of compounded annual bonuses, which will be paid to
you 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.
3. You are eligible for Tax Benefits under Section 80C and Section 10(10) D of the Income Tax
Act.
4. Assuring Your Child’s Future: In an uncertain world, the prime interest of your child cannot
be jeopardized in any way. This is why we have built in some added benefits in all our plans to
protect the interests of your child’s future, by counter insuring you- the policy holder.

Inbuilt Benefits

• Premium Waiver Benefit: In case of death or accidental total permanent disability of the
policyholder during the premium payment term, all future premium payments are waived. This
benefit will not be available in the event of accidental permanent total disability after age 65 of
the policyholder.

58
• Family Income Benefit: In case of death or accidental total permanent disability of the
policyholder during the term of the policy, a monthly income benefit of 1% of the sum assured
(12% per annum) subject to a maximum of Rs.10,000 p.m. becomes payable till the end of the
policy term. This benefit will not be available in the event of accidental permanent total
disability after age 65 of the policyholder.

• Option to Purchase further Insurance at Maturity: For ensuring continuity of the valuable
insurance protection that the child was enjoying, we offer the child an option to purchase a with
profits endowment or an equivalent plan from Bajaj Allianz Life Insurance Company for twice
the amount of face value of this policy, without any medical examination, on the premium rates
prevailing at that time (The application must be made at least 6 months prior to maturity of this
policy).

Payout Structures
For ChildGain 21 and ChildGain 21 Plus: The minimum guaranteed payouts are as follows:

Policy Anniversary following 18 19 20 21


completion of Age
Payout as % of Sum Assured 20% + Accrued 25% 25% 35%*
Bonuses
For ChildGain 24 and ChildGain 24 Plus: The minimum guaranteed payouts are as follows:

Policy Anniversary following 18 20 22 24


completion of Age
Payout as % of Sum Assured 25% + Accrued 25% 25% 40%
Bonuses

• Refers to probable increase in payout based on higher interest during the payout period.

Start of Life Benefit


59
Unique Feature of Bajaj Allianz ‘Child Gain’ 21 Plus and 24 Plus

These packages offer you the choice of providing a unique Start of Life Benefit for your child.
For a nominal amount, an additional Sum Assured subject to a maximum limit of Rs. 10 lakhs
will become payable to enable the child start his/her professional life smoothly, in case of an
unfortunate death or Accidental Permanent Total Disability of the Policyholder during the term
of the policy. This benefit will not be available in the event of accidental permanent total
disability, after age 65 of the policyholder.

Death Payout:
In the event of unfortunate death of the child during the policy term, the payouts shall be as
under:

Age Payout
Below 7 years Premiums paid will be refunded without interest and the
Policy will terminate.

Above 7 and Sum assured with accrued bonuses will be paid and
Below 18 years the policy will terminate.

Above 18 and Outstanding payouts will be paid as one lump sum


Below 24 years and the policy will terminate.
Important details of Bajaj Allianz ‘Child Gain’ Plan

Eligibility Conditions Child Gain 21 and Child Gain 24 and


Child Gain 21 Plus Child Gain 24 Plus
Minimum age of the policyholder 20 20
Maximum age of policyholder 50 50
Minimum age of child 0 0
Maximum age of child 13 13
Minimum Premium Payment Term 5 5
Maximum Premium Payment Term 18 18
Maximum Policy term 21 less age at 24 less age at
60
entry of LA (Child) entry of LA (Child)
Maximum age of child at maturity 21 24
Minimum Sum Assured Rs. 100000 Rs. 100000
Maximum Sum Assured Rs. 5000000 Rs. 5000000
Minimum Premium Minimum Premium Rs. 5000 for yearly
mode, Rs. 3,000 for half year mode,
Rs. 3,000 for quarterly mode and Rs. 700
for monthly mode
(Monthly mode available under salary deduction scheme only and minimum proposal deposit
should be Rs.2100 i.e. three months payment in advance).
Age = Age on last birthday.
The Policy Term + Age of policyholder should not exceed 70 for all plans.

Premiums
For your convenience we have provided 4 Premium Payment Modes that can be Yearly, Half-
yearly, Quarterly and monthly. We also offer a Monthly Premium Payment Mode under salary
deduction schemes.
Surrender
We offer you the choice of surrendering the policy provided three full years’ premiums have
been paid (Two years for premium payment 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 Rider Benefit if 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 ‘ChildGain’ Plan

Exclusions

The Death Cover is subject to the following Exclusion:


Suicide within one year from commencement of risk, whether sane or not.

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8) NEW UNITGAIN PREMIER SP

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY


THE POLICYHOLDER”
You and Your investments deserve more…
This is why we have designed a unique plan that really offers you more? New UnitGain
Premier SP is a unique insurance 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 New UnitGain 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 have the best of all worlds – investment, insurance and tax benefits.

With Bajaj Allianz New UnitGain 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 education
needs or peaceful golden years. 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 Key Features of the New UnitGain Premier SP Plan are:


• It is a unit linked plan with minimum term of 10 years and maximum maturity age 70 years.
• Convenient single premium payment.
• 105% of the single premium is allocated.
• Guaranteed death benefit.
• You can adopt your own investment strategy to grow the funds.
• Choice of three investment funds today with flexible investment management:
You can change funds at any time and also invest in the newer funds that may be introduced
from time to time subject to prior approval from IRDA.
• Partial or full withdrawal facility, after three years from commencement (subject to surrender
charge, if applicable).

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How does the Bajaj Allianz New UnitGain Premier SP plan work?
105% of the single premium paid is invested in fund/funds of your choice and units are
allocated depending on the price of units for the fund/funds. The fund value of your policy is
the total value of units that you hold in the fund/funds. The mortality charge and policy
administration charge are deducted through monthly 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 New
UnitGain Premier SP Plan.
Minimum Sum Assured = 1.25 times the single premium
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 – 60 Group
Y 10 10 7 5 3* 2*
* Multiplier may be increased to 5 in special cases on case-to-case basis.
Benefits available under the plan

Death Benefit:
• On death before the age of 7 years: The death benefit will be the NAV of the units in the
policyholder’s account (Fund Value) as on date of receipt of intimation of death at the office.
The policy terminates on the death of the life assured.
• On death after the age of 7 years and before the age of 60 years: The death benefit will
be the higher of the sum assured less the value of the units withdrawn by partial withdrawals in
the last 24 months prior to the date of death or the NAV of the units in the policyholder’s
account (Fund value) as on date of receipt of intimation of death at the office.
• On death of the life assured on or after attaining the age of 60 years: The benefit will be
the higher of the sum assured less the value of the units withdrawn within two years before
attaining age 60 years and all the withdrawals made after attaining age 60 years or the value
of the units in the policyholder’s account (Fund Value) as on the date of intimation of death at
the office.
Maturity Benefit
On maturity, the value of the units is payable to the life assured/ policyholder.
63
Fund Value: The Fund Value is equal to the number of units under this policy multiplied by the
unit price on the relevant valuation date.
Unit Price: The unit price of each fund is arrived at by dividing the Net Asset Value (NAV) of
the fund by the number of units existing in the fund at the valuation date (before any new unit
is allocated or cancelled)
Valuation Date: The Company aims to value the Funds on each day the financial markets are
open. However, the Company reserves the right to value less frequently in extreme
circumstances, where the value of the assets may be too uncertain. In such circumstances, the
Company may defer valuation of assets until a certainty on the value of assets is resumed.
The deferment of valuation of assets will be subject to prior consultation with IRDA.
Currently, the cut-off time is 3 p.m. for applicability of Unit Price of a particular day for switches,
redemptions and publication of Unit Price.

Cash withdrawal option: You can withdraw (partially or fully) anytime after three years from
the date of commencement. In case of partial withdrawal, a minimum balance of Rs. 20,000 or
one-tenth of the Single Premium, whichever is higher, across all funds must be maintained,
and the minimum withdrawal amount is Rs. 5,000. The surrender charge applicable for partial
withdrawal would be 6% in the 4th year, 4% in the 5th year, 2% in the 6th year, & 0%
thereafter. In case the policy is taken on the life of a minor, the partial withdrawals shall not be
allowed until the minor (life insured) attains majority (i.e. on or after attainment of age 18).

Surrender: Full withdrawal of units by way of surrender of the policy is allowed after three
years from commencement. The surrender charge applicable for full withdrawal would be 6%
in the 4th year, 4% in the 5th year, 2% in the 6th year, & 0% thereafter.

Important Details of the ‘Bajaj Allianz New UnitGain Premier SP’ Plan
Minimum Maximum
Age at Entry 0 Yrs (Risk commences at age 7) 60 Yrs
Term 10 Yrs
Age at Maturity 18 Yrs 70 Yrs
Single Premium Rs. 50000 No limit

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Termination of the Policy
The policy will terminate on occurrence of any of the following:
a) The units in the policy are fully surrendered
b) The account value becomes equal to one tenth of the single premium paid.
c) The death of the Life Assured
d) On maturity, if settlement option is not taken
e) The expiry of the period for the Settlement Option
On the occurrence of (a) and (b) above the value of the units, if any, would be paid to the life
assured/policyholder upon such termination, subject to surrender penalty, if applicable. In case
of (c), death benefit will be paid as mentioned separately herein. In case of (d) and (e), the
value of the units, if any is paid to the life assured/policyholder at maturity or at each
installment date, as applicable under the settlement option.

9) INVEST PLUS

Bajaj Allianz Life Insurance launches Invest Plus

Press Trust of India / Mumbai June 15, 2009, 17:52 IST

Leading private sector life and general insurance company, Bajaj Allianz Life Insurance has
launched Invest Plus, which offers upfront minimum guaranteed investment returns at the
beginning of each year, a company statement said here.

Invest Plus is the first of its kind traditional plan that offers upfront minimum guaranteed
investment returns at the beginning of each year and a guaranteed maturity value so that
customers can feel protected at all times and plan their investments without any worries.

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"Invest Plus offers guaranteed benefits in these uncertain times. The USP is the transparency
of a ULIP product in a traditional product," Bajaj Allianz Life Insurance Country Manager,
Allianz & CEO, Kamesh Goyal said.

The minimum guaranteed investment returns works towards the benefit of the customer as he
gets an upfront minimum guaranteed rate of returns. This would be beneficial irrespective of
market conditions as he is equally compensated by guaranteed returns, Goyal said. Minimum
guaranteed returns stands for a rate of return which is declared at the beginning of each
financial year itself and promises to offer the customer the same return for the year irrespective
of the market scenario, it said.

The company has announced minimum guaranteed returns for FY10 at 7 per cent.

“Bajaj Allianz Invest Plus”


Presenting a one-of-its-kind investment plan that is secure, accountable and transparent
- All in one.
Bajaj Allianz Invest Plus helps you get security while ensuring peace of mind. The guaranteed
investment returns give you a great maturity benefit and protection to your family. You can
multiply your returns by paying additional premiums.
Securing the future of your family and yourself was never this easy. Enjoy your life with this all-
in-one plan, and leave your worries to us.
Key features of Bajaj Allianz Invest Plus:
• Guaranteed Investment Returns and minimum Guaranteed Maturity Value.
• 10% of each Net Premium added as Loyalty Additions from the 11th Policy Year
• Refund of a proportion of the cost of your life insurance cover at maturity
• Option to pay Premium over and above the Regular Premium to acquire Additional
Accrued Maturity Value
• Choice of insurance cover as per your requirement
• Option to take loan up to 85% of the surrender value of Accrued Maturity Value.
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• Option to en-cash partially the Additional Accrued Maturity Value
• A host of optional Additional Rider Benefits to choose from
• Option to reduce the regular premium from the fourth policy year
How does Bajaj Allianz invest Plus work?
For Your policy the Company will maintain two accounts; an Accrued Maturity Value
(AMV) account for regular premiums and an Additional Accrued Maturity Value (AAMV)
From the Regular Premium paid by you, a Life Insurance Risk Premium for the Sum
Assured chosen and the Additional Rider Benefits premium, if any, will be deducted upfront
and 95% of the resulting Net Premium shall be added to your Accrued Maturity Value (as and
when the Regular Premium is received by the Company).

You can pay Additional Premium over and above the Regular Premium any time (except
during last three years before maturity) which shall be added to your Additional Accrued
Maturity Value (AAMV) account, after multiplying the Additional Premium paid by you with the
Additional Premium Factor.

The Accrued Maturity Value (AMV) and the Additional Accrued Maturity Value (AAMV), if any,
shall be further enhanced at the rate of Guaranteed Investment Return (GIR) on a monthly
basis.

The Loyalty Additions at the rate of 10% of the Net Premium will further enhance your Accrued
Maturity Value (AMV) from the 11th policy year as and when the premiums are received by the
Company.

The fund in respect of your Accrued Maturity Value (AMV) and Additional Accrued Maturity
Value (AAMV), if any, shall be invested in a Controlled Fund. The investment mix of the
Controlled Fund shall always be in such proportion as that stipulated by the Insurance
Regulatory and Development Authority’s (IRDA’s) relevant regulations on investments for the
non-linked business including any change in future.

“Bajaj Allianz Invest Plus’’ offers you the following cover choices:

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You can choose sum assured as 5 times, 10 times, 15 times or 20 times (subject to maximum
of chosen policy term times) of annual premium.
Additional Rider Benefits available
The following additional rider benefits in the form of rider can be availed at the option of the
policyholder.
• Accidental Death Benefit Rider
• Accidental Total / Partial Disability Benefit Rider
• Critical Illness Benefit Rider
• Hospital Cash Benefit Rider
• Waiver of Premium Rider
• Family Income Benefit Rider
(Please refer to the additional rider benefits brochure for more details.)

Death Benefit
The Death Benefit payable to the Nominee (provided the policy is in force) will be equal to the
amount of Sum Assured under the Policy plus the Accrued Maturity Value plus the Additional
Accrued Maturity Value, if any, as on date of receipt of intimation of death at the office of the
Company.

In case of paid up policy, the death benefit shall be higher of the reduced Sum Assured and
the Paid up Accrued Maturity Value, plus the Additional Accrued Maturity Value, if any, as on
the date of receipt of intimation of the death.
In case of lapsed policy, the death benefit shall be equal to the Additional Accrued Maturity
Value, if any, as on the date of receipt of intimation of the death.
Maturity Benefit
The maturity benefit shall be
• The Accrued Maturity Value as on Maturity Date plus Refund of a proportion of the total life
insurance premium paid (excluding any rider premium, extra premium and service tax); subject
to a minimum of the Guaranteed Maturity Value
• Plus the Additional Accrued Maturity Value, if any, as on Maturity Date.

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The refund proportion of the total life insurance premium on maturity shall be made only if all
the due regular premiums till maturity date have been paid. The proportion will be 50% for
policy term 10, 75% for policy term 15 and 100% for policy term 20 & 25.
The Guaranteed Maturity Value (GMV) shall be equal to the total regular premium paid till
maturity date excluding rider premium, any extra premium & service tax and is applicable only
if the entire due premiums have been paid under the policy till maturity.
Surrender
You may surrender the policy after three policy years, provided first three years’ Regular
Premiums have been paid in full. The Surrender Value shall be equal to the Accrued Maturity
Value plus the Additional Accrued Maturity Value, if any, less applicable penalty and subject to
application of Market Value Adjustment (MVA), if any.

Guaranteed Investment Return


The Company will declare a Guaranteed Investment Return for a year at the start of each
financial year keeping in view the expected rate of Investment Return in the coming financial
year. The Guaranteed Investment Return shall be used to enhance the Accrued Maturity Value
and the Additional Accrued Maturity Value, if any, on a monthly basis at end of each calendar
month. For any cash flow taking place during the month, the GIR for that cash flow shall be
calculated and credited for the fraction of the month.
The Guaranteed Investment Return declared by the Company for the Financial Year
2009 -10 is 7%.
Loyalty Additions
If the Regular Premium has been paid in full for the first 10 Policy Years, then from the
11th Policy Year, the Company will add Loyalty Addition to the Accrued Maturity Value equal to
the 10% of the subsequent net premium on receipt of each Regular Premium by the Company.
Market Value Adjustment (MVA)
Market Value Adjustment (MVA) will be the reduction to the AMV and/or the AAMV that may
be applied by the company on the date of Full or Part surrender payment, based on the need
for the Company to realize the investments and the market value of the assets as on that date.
The MVA shall not be applicable in case of death or maturity.
Policy Loan

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You can avail up to 85% of the surrender value of the Accrued Maturity Value as loan from the
Company, after three policy years at prevailing rate of interest provided at least three years
regular premiums have been paid in full. On payment of death, maturity or surrender benefit,
any outstanding loan amount with interest shall be deducted from the benefit.
Option to en-cash partially
• You can opt for Part Surrender of your Additional Accrued Maturity Value after three years
from the date of payment of each such additional premium.
• The minimum amount of Part Surrender from Additional Accrued Maturity Value is Rs.5, 000
• Only one Part Surrender request is allowed in a calendar month.
• In case of minor life, Part Surrender is allowed after attaining age 18 years.
• The Part Surrender of the Additional Accrued Maturity Value will be subject to deduction of
Surrender Penalty, as applicable.
• The actual amount payable as Part Surrender may differ from the face value of the Additional
Accrued Maturity Value being surrendered, due to the application of the Market Value
Adjustment (MVA) and surrender penalty.
Option to Reduce the Regular Premium
You can reduce your regular premium after three policy years by giving a written notice at least
30 days prior to a policy anniversary, provided you have paid all due regular premiums till date.
Such reduction in regular premium shall be subject to the minimum regular premium payable
under the product at the time of such reduction and further the revised regular premium shall
not be less than the life insurance premium and the rider premium, if any, including any extra
premium, payable under the policy.
Any reduction in regular premium shall not result in any reduction of sum assured.
The reduction in regular premium shall be effected from the policy anniversary.
Non-Forfeiture
In the event of non-payment of Regular Premiums due under the policy within the Grace
Period the following provisions will be applicable:

• If the failure to make payment of Regular Premium occurs in the first 3 Policy Years, the
Policy will lapse for all Life Insurance Cover and rider cover and no Surrender Value or Death
Benefit in respect of the Accrued Maturity Value shall be payable. However Surrender Value in
respect of Additional Accrued Maturity Value, if any, shall be payable on the termination of the
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Policy on the expiry of the Revival Period. The AMV of a lapsed policy shall not participate in
the Guaranteed Investment Return during the lapsed period, but the AAMV will continue to be
enhanced by the Guaranteed Investment Return during the lapse period.

• In case of earlier death of the life assured under a lapsed policy, the Additional Accrued
Maturity Value, if any, shall be payable.

• If at least three full years Regular Premium has been paid, the Policy will be converted to a
Paid-Up Policy and the Accrued Maturity Value shall be reduced to the Paid up Accrued
Maturity Value by deducting the Premium Discontinuance Penalty from the Accrued Maturity
Value as on date of first unpaid premium. The Paid up Accrued Maturity Value and the
Additional Accrued Maturity Value, if any, shall continue to participate in the Guaranteed
Investment Return. The Sum Assured shall be reduced by applying the proportion of number
of premiums paid to the total number of premiums payable till the Maturity Date.

• In the case of the death of the Life Assured under a Paid-Up Policy, the Company is liable to
pay a Death Benefit equal to the higher of the reduced Sum Assured and the Paid-up Accrued
Maturity Value, plus the Additional Accrued Maturity Value, if any, as on the date of receipt of
intimation of the death. .
• Under a Paid-Up Policy, no Additional Rider Benefit shall be payable.

Parameter Details
Minimum Age at Entry 7 years (18 years in case
of all Additional Rider
Benefits)
Maximum Age at Entry 60 years (50 years in
case of all Additional
Rider Benefits)
Minimum Maturity Age 18 years
Maximum Maturity Age 70 years
Additional Rider Benefit 65 years
Ceasing Age
Policy Term 10, 15, 20 and 25 years
Minimum Premium* Rs. 10,000 per yearly
installment,
Rs. 5,000 per half-yearly installment,
Rs. 2,500 per quarterly installment
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Rs. 1,000 per monthly mode

(Monthly mode is available through ECS salary saving scheme only.)

Traditional Endowment Plan

10) BAJAJ ALLIANZ LIFE TIME CARE PLUS

At the back of our minds we are often nagged by certain fears, the fears of an uncertain future,
the insecurity of not being able to provide adequately for our loved ones, the fear of not being
able to save enough. Life Insurance is the only complete answer to these fears. It is life
insurance that provides you with the security of a financial safety net and enables you to plan
for unpredictable adversities. Happiness often sneaks in through a door you didn’t know you
left open. Let life insurance be that door for you.
‘Bajaj Allianz Lifetime Care’ Plan
You and your family deserve the very best in life, and the good life you lead should last a
lifetime. However, one cannot always avoid the unpleasant surprises, and sometimes
misfortunes in life. ‘Bajaj Allianz Lifetime Care’ Plan provides you with the comfort that your
near and dear ones will continue to live their life without financial worries, even when you are
not around.

What does ‘Bajaj Allianz Lifetime Care’ offer you

This plan not only provides insurance protection, but also ensures that your valuable savings
grow by way of compounded annual bonuses. In addition, a terminal bonus may be paid on
survival till age 80 for in-force and fully paid-up policies. In case of death after 15 full policy
years, the company may pay a terminal bonus for in-force and fully paid-up policies.
Benefits:
Death Benefit: The death benefit will be the sum assured plus declared reversionary bonuses
plus interim bonus. In case of death after 15 full policy years, the Company may pay terminal
bonus for in-force and fully paid-up policies.

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Survival Benefit: In case of survival to age 80, the sum assured plus declared reversionary
bonuses plus interim bonus plus a possible terminal bonus is paid at age 80.

What are the 5 additional benefits?


a) Accidental Death Benefit
Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but
you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives your
loved ones something to start with after the permanent loss of your income by paying the basic
Sum Assured, subject to a maximum of Rs. 10, 00,000/- under all policies with Bajaj Allianz
taken together.
b) Accidental Permanent Total/Partial Disability Benefit
Accidents are unpredictable and so are the consequences. This may lead to a
Disability - partial or total. The Bajaj Allianz Accidental Permanent Total/Partial Disability
Benefit provides a financial cushion against such misfortunes.
Type of disability Benefit
Permanent Partial Disability 50% of the Sum Assured *
Permanent Total Disability 100% of the Sum Assured **

* Subject to a maximum of Rs. 5,00,000/- under all policies with Bajaj Allianz taken together
** Subject to a maximum of Rs. 10,00,000/- under all policies with Bajaj Allianz taken together
c) Waiver of Premium Benefit
An accident may lead to permanent total disability limiting your ability to earn. Bajaj Allianz
Waiver of Premium Benefit is a helping hand when you need it most. It keeps your insurance
cover alive by waiving future premiums and enables you to live up to your commitments.
d) Critical Illness Benefit
Some illnesses are critical. They not only alter your life’s pattern but also result in a financial
drain. Bajaj Allianz Critical Illness Benefit softens the impact on your 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. This benefit is available for the premium payment term only.
e) Hospital Cash Benefit
The worry of settling hospital bills (room charges) adds to the trauma of hospitalization.

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Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps you to recover with
peace of mind. This benefit is available for the premium payment term only.
Flexibility in Coverage
At Bajaj Allianz, we believe in offering benefits and not just products. We realize that you are
unique and your needs for insurance vary with time. We therefore offer you the flexibility of
including the following benefit combination at each policy anniversary.
Combination 1: Accidental Death Benefit, Accidental Permanent Total/Partial Disability
Benefit and Waiver of Premium Benefit can be added, if not taken earlier, deleted and added
subsequently at each policy anniversary.
We also offer the flexibility of excluding the following benefit combination.
Combination 2: Critical Illness Benefit and Hospital Cash Benefit can be taken at inception
only but can be excluded subsequently at any policy anniversary. Once excluded, Combination
2 cannot be included in the policy subsequently.
Increase in risk coverage
Every added responsibility in your life calls for increase in your risk cover. We provide you the
option to include additional death coverage of 50% of the Sum Assured on each of the
following happy moments in your life
• Your marriage
• The birth of your first child
• the birth of your second child
This additional coverage is not subject to underwriting.

Other Important details of the “Bajaj Allianz Lifetime Care” Plan.


Eligibility
Conditions Lifetime Care Lifetime Care - Protect/
Economy Health/Total
Minimum Age at Entry 15 18
Maximum Age at Entry 60 50
Maximum Premium Ceasing Age 80 80
Minimum Premium Payment Term 10 10
Minimum Premium (Rs.) 1,500/- for Yearly, 800/- for Half
Yearly, 450/- for Quarterly and
150/- for Monthly*.

* by salary deduction only


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Premium Discount
Bajaj Allianz offers an attractive premium discount structure which is offered for all policies
where the sum assured exceeds the minimum sum assured by at least Rs.10, 000. The
discount for annual premium is Rs.48 for each full Rs.10, 000, the sum assured exceeds the
minimum sum assured allowed.
Indicative Annual Premium Rates* for Lifetime Care Economy
Premium Sum Assured
Payment Term Rs. 3, 00,000 Rs. 5, 00,000 Rs. 10, 00,000
15 Years 9,096 15,000 29,760
20 Years 7,581 12,475 24,710
25 Years 6,810 11,190 22,140
30 Years 6,405 10,515 20,790

• The rates are for a healthy 30 year old male.


Premium Payment Mode
For your convenience we have provided 3 Premium Payment Modes that can be yearly, half-
yearly or quarterly. We also offer a Monthly Premium Payment Mode with salary deduction
schemes.
Advantage for Women
There will be a basic premium discount for female policyholders in the package. Basic
premium payable will be equivalent to the premium for a two-year younger male policyholder.
Tax Benefits
Premiums paid are eligible for Tax Benefits under Section 80(C) of the Income Tax Act and
maturity and death proceeds are eligible for Tax Free under Section 10(10)D of the Income
Tax Act.
Surrender
While we do not encourage surrender of a policy as it breaks your security cover, we realize
the importance of availability of cash at a short notice in some emergencies.
Therefore, we provide you with a choice of surrendering the policy, provided 3 full years’
premiums have been duly paid.
Fund Access - Loans
You can avail of Loans under your policy provided 3 full years’ premiums have been duly paid.
The loan amount shall be within 90% of the surrender value.

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11) THE ‘BAJAJ ALLIANZ INVESTGAIN’ PLAN

Bajaj Allianz InvestGain is a specially designed plan that offers a unique combination of
benefits to help you develop a sound financial portfolio for your family. Among the many
unique benefits, the most significant is the Family Income Benefit (FIB) that sustains the family
by compensating the loss of income due to death or permanent disability. This is a one-stop
shop solution that can keep you and your family financially protected at times when you need it
most. In a financial world where choices can drive you crazy, your search for the perfect life
insurance plan stops here.
Important details of the ‘Bajaj Allianz InvestGain’ Plan.
Conditions InvestGain Economy InvestGain Gold /
Diamond / Platinum
Any additional benefit
Minimum Age at Entry 0 (Risk Commences 18
at age 7)
Maximum Age at Entry 65 50
Maximum Age at Maturity 70 70
Minimum Term 5 years
Maximum Term 40 years
Minimum Sum Assured Rs. 50000
Maximum Sum Assured No Limit
Minimum Premium* Rs. 5000 for Yearly, Rs. 2500
for Half Yearly, Rs. 1250 for
quarterly and Rs. 700 for monthly.
Premium Payment term Equal to the policy term or limited as per the
table given

*Monthly mode is available under ECS / salary savings scheme only.

The Ultimate Protection - For Your Loved Ones


You can select the unique Family Income Benefit from Bajaj Allianz that ensures total financial
protection for your loved ones. In case of death or accidental total permanent disability, a
guaranteed monthly income of 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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Additional Protection for you and your family.
You have the option to add the following additional benefits, providing total protection against
uncertainties.
a) Family Income Benefit (FIB) - as already described.
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 can't 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 amount equal to the 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 one's 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.
c) Critical Illness Benefit (CI)
Some illnesses are critical. They not only alter one's life's 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. You 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)

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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.
e) MahilaGain Rider Benefit
Provides protection against risks specific to women. (Refer MahilaGain brochure for details).
Flexibility in Coverage
At Bajaj Allianz, we believe in offering benefits and not just products. We realize that you are
unique and your need for insurance vary with time. We therefore offer you the flexibility of
inclusion of coverage or exclusion of coverage at each policy anniversary, subject to conditions
relating to such inclusions and exclusions.
‘Comprehensive Accident Protection’ can be included and excluded at each policy anniversary.
Family Income Benefit, MahilaGain Rider Benefit, Critical Illness Benefit and Hospital Cash
Benefit can be taken at inception only. MahilaGain Rider Benefit, CI & HC can be reduced or
excluded subsequently at any policy anniversary. Once reduced or excluded, they cannot be
increased or included subsequently.

HEALTH PLANS
12) BAJAJ ALLIANZ ‘CARE FIRST’ PLAN
Bajaj Allianz Care First is a unique hospitalization-cum-insurance plan that takes care of your
hospitalization bills and also provides crucial financial support to your dependents in case of
your unfortunate death. Unlike ordinary annual Mediclaim policies, this is a 3-year risk cover
plan that allows you to renew the policy after every 3 years and keeps you covered till the age
of 65 years. The premium rate is level and guaranteed for the length of the each policy term of
3 years.

How does the plan work?


The Policy covers hospitalization expenses ranging from Rs. 1 lakh to Rs. 7 lakhs. This
means, if you opt for a sum assured of Rs. 5 lakhs then you can avail up to Rs. 5 lakhs every
year to meet your hospitalization expenses, subject to limits on reimbursement of expenses
and exclusions as mentioned below, and in the event of your unfortunate death your
dependent will get balance of any unclaimed sum assured as death benefit.

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In case the child is the life assured under this policy, then any one of the parents should be
covered under any of the hospitalisation reimbursement plan either with Bajaj Allianz or with
any other insurer with at least the same sum assured as chosen for the child.
The policy shall automatically vest in the life assured as soon as minor life assured attains age
18 years.
Key Benefits
_ Hospitalisation Cover
_ Day Care Treatment
_ Pre-Hospitalisation and Post-Hospitalisation Cover
_ Cash Less Service Facility
_ Increased proportion of re imbursement of your hospitalisation expenses for every claim-free
year
_ Death benefit
_ Tax Benefit
_ Hospitalization Cover
Following expenses incurred during hospitalization for continuous period of 24 hours for in-
patient treatment would be covered under the policy.
_ Room rent and Boarding expenses
_ Nursing expenses
_ Doctor’s fees
_ Operation theatre charges
_ Cost of Anesthesia, Blood, Oxygen, Medicines and Drugs, Diagnostic Materials and X-Ray,
Artificial Limb, and pacemaker
_ Enlisted day care expenses for specified treatments are also covered.
Day Care Treatment
If you require to undergo treatment for the illnesses or procedures like Eye surgery, Cataract,
Lithotripsy (kidney stone removal), Tonsillectomy, Dilatation & Curettage, Cardiac
Catheterization, Hydrocoele Surgery,
Hernia repair surgery, wherein you don’t need to be hospitalized for at least 24 continuous
hours, it will be considered as proper hospitalization and the medical expense would be
reimbursed.
Pre-Hospitalisation and Post-Hospitalisation Cover

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This plan covers the expenses associated with pre-hospitalization treatment, for a period of 15
days prior to the hospitalization and post-hospitalization expenses for a period of 30 days after
the discharge from the hospital.
Cash Less Service Facility
Cash Less Services (CLS) will help you avail of the hospitalization benefits without any
advance payment in the hospital and facilitate quick delivery of services through Network
Hospitals (NWH). Third Party Administrators
(TPA) of the Company facilitates the Cash Less Services. On issuance of the policy, The TPA
will provide you a photo identification card and a guide book, which would contain a list of
NWH, the details explaining the process
for application of CLS and hospitalization intimation form / pre- authorization form to be filled
up by your attending doctor for hospitalization in NWH. The TPA will maintain 24/7 helpline on
toll free number to facilitate any medical emergency requirement. To avail of the CLS facility all
you need to do is to contact the TPA at any of their offices which are convenient to you and
submit the hospitalization intimation form /
pre-authorization form. In case of an emergency you need to produce the photo identification
card in NWH to get admission and within 48 hours of hospitalization you will have to contact
the TPA to obtain CLS authorization.
If CLS is authorized then your hospitalisation expenses will directly be settled by the Company
with NWH to the extent it is reimbursable and the balance of the hospitalisation expenses
would be settled by you at the time of discharge.
Death Benefit
In case of unfortunate death of the life assured, provided death occurs after attaining age of 7
years, the sum assured less all benefits already paid or payable in that policy year shall be
paid.
Tax Benefits
The premium paid towards Death benefit will be eligible for tax benefits under Section 80C of
the Income Tax
Act 1961, and the premium paid towards hospitalisation benefit will be eligible for tax benefits
under Section 80D of the Income Tax Act 1961.

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Eligibility
Minimum Maximum
Entry Age 3 months 56 years
Sum Assured 100,000 700,000
Maximum Expiry Age 65 years
Policy Term 3 years
Premium Payment Frequency Yearly, Half-Yearly, Quarterly,
Monthly

(Monthly mode is available through


ECS or Salary Deduction Only)
Limits on reimbursement of expenses
_ In a policy year, Company’s total liability towards reimbursement of medical expense or any
other benefit payment under the policy shall be limited to the sum assured.
_ If hospitalisation has taken place due to the following Illnesses/Procedures/Group of
Illnesses, the Company will reimburse 80% of medical expenses subject to maximum
reimbursement limit as given below in the table:

Sr. Illnesses/Procedures/Group of Illnesses The lower of:


No. % of sum assured Lump sum
1. Cataract 12% 25,000
2. Hysterectomy Abdominal/
vaginal, with or without BSO. 20% 40,000
3. Laparoscopic Hysterectomy 20% 50,000
4. Hydrocoele 15% 30,000
5. Hernia 20% 40,000
6. Trans Urethral resection of the Prostate 20% 40,000
7. Knee replacement 50% 150,000
8. Hip replacement 50% 175,000
9. Cholestectomy 20% 40,000
10. Lithotripsy 15% 30,000
11. Angioplasty 50% 150,000
12. Angiography 10% 20,000
13. Organ Transplant 50% 1, 50,000

_ In case of Major Organ Transplant, the Company will pay an additional amount of 25% of the
sum assured as lump sum. Major Organ Transplant means the receipt of a transplant of
a) Human bone marrow using haematopoietic stem cells preceded by total bone marrow
ablation; or

81
b) One of the following whole human organs: heart, lung, liver, kidney, pancreas (excluding
the transplantation of the islets of Langerhans only), that resulted from irreversible end-stage
failure of the relevant organ. Other
stem cell transplants are excluded.
_ If hospitalisation has taken place due to Illnesses/Procedures/Group of Illnesses other than
those listed in the table then the company will reimburse 80% of following expenses:
Room rent and boarding expenses per day Maximum 1.5% of sum assured
for non intensive care unit and
3% of sum assured for intensive
care unit
Doctor’s Fee Maximum 25% of the total
medical expenses incurred on
in-patient treatment
Operation theatre charge Maximum twice of the per day
room rent and boarding
expenses admissible under the
policy on the date of surgery
/ medical procedure
Other Actual expenses on Nursing,
Anesthesia, Blood, Oxygen,
Medicines and Drugs,
Diagnostic Materials and X-
Ray,
_ The Company will reimburse 80% of the costs of following implants subject to maximum
reimbursement limit as given below in the table;

Sr. Implants The lower of:


No. % of Sum Lump sum
Assured Rs.
1. Artificial limbs 30% 100,000
2. Cardiac Pacemaker – one chamber 20% 50,000
3. Cardiac Pacemaker – two chamber 50% 150,000
Grace Period, Lapse & Reinstatement
If any installment of premium is not received in full by the due date, the Company shall allow a
grace period of 15 days under all premium modes for premium to be received in full. If
premium is not received within the grace period then the policy will lapse without acquiring any
surrender value or paid up value.
A lapsed policy may be revived within 30 days of the due date of the first unpaid premium and
before the expiry of the policy term subject to medical examination, at your expense, and

82
payment of outstanding premiums plus interest from the original due dates of premium
payment.
Renewals:
The policy can be renewed within 30 days after the expiry of the current policy term for the
sum assured same as the existing sum assured and at the premium rates and terms &
conditions prevailing at the time of renewal.
However if policy is not renewed within 30 days after the expiry of the current policy or new
sum assured is more than the existing sum assured then renewal of the policy would be
subject to the life assured satisfying company’s underwriting requirements.
13) BAJAJ ALLIANZ HEALTH CARE
What is Bajaj Allianz HealthCare?
Bajaj Allianz HealthCare 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.
Feature Minimum Cover
Life Cover Rs. 10,000
Hospital Cash (HC) Equal to Room charges (Max. Rs
500 per day and Max. Rs1000 per
day in ICU), Maximum Rs.30, 000
in a policy year.
Post Hospitalisation Benefit 50 % of Claim settled for HC per
day, maximum 5 days in a policy
year.
Surgical Benefit Equal to surgical expenses, Max.
Rs.50, 000 per policy year
Critical Illness Cover Rs. 50,000 during the policy term
Accidental Permanent Rs. 50,000 payable on total
Total / Partial Disability disability and Rs. 25,000
( TPD) payable on partial disability

The benefits payable for all policies under Bajaj Allianz HealthCare plan put together will not
exceed the maximum amount of cover available under Bajaj Allianz Health Care.

HealthCare Plan – Frequently Asked Questions


Q. 1. Why should I buy Bajaj Allianz HealthCare?
Ans. Bajaj Allianz HealthCare is a comprehensive Health insurance policy, wherein it offers 6-
in-1 insurance cover - i.e., Hospital Cash benefit, Post Hospitalisation Benefit, Surgical Benefit,
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Critical Illness Cover, Benefit for partial and total permanent disability due to accident and Life
cover.
Q.2. Who can buy Bajaj Allianz HealthCare?
Ans. Anyone between the age of 18 and 57 can apply for the Bajaj Allianz HealthCare plan.
Q. 3. How can I buy Bajaj Allianz HealthCare?
Ans. Visit any of our branches, and our Consultants will get in touch with you and guide you
through the required process.
Q. 4. Do I have to undergo medical check-up?
Ans. Yes. A complete medical examination which will be paid by us may have to be carried
out. Our Consultants will guide you through the required process.
Q. 5. Why should I buy HealthCare if I have other medical insurance policies?
Ans. Bajaj Allianz HealthCare can be claimed along with other medical insurance policies like
Mediclaim. Besides, HealthCare provides coverage for 3 years instead of one year, thereby
giving added protection and coverage. Premiums are guaranteed for 3 years.
Q. 6. What if I miss paying the premiums?
Ans. The policy can be reinstated within 6 months from the due date of the first unpaid
premium subject to the payment of outstanding premiums plus interest, subject to underwriting.
Q. 7. Do I need to be treated only in particular hospitals, which are in your panel?
Ans. No, you can choose your own hospital as per your convenience and belief, provided it is a
registered hospital with at least 15 beds. The hospital need not be in our panel.

Health is Wealth… particularly when health care costs are getting higher every year.
The emotional and financial burden of a serious accident, major illness or surgery often lasts
beyond the immediate period of the trauma. Bajaj Allianz HealthCare protects you and your
family from the high expenses associated with medical care and provides you with a
comprehensive financial cushion against various health hazards.
The benefits under this plan are payable in addition to the benefits under all other plans that
you may have, including a Mediclaim policy.
Indicative Premiums*:
Age For Minimum Cover (Male) For Minimum Cover (Female)
20 917 972
30 1011 1091
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40 1445 1347
45 1887 1604
50 2454 1937
* Service Tax applicable as per the prevailing rates.
Benefits:
• Life Cover is payable on death of the life assured.
• Hospital Cash Benefit: The worry of meeting expenses relating to hospitalisation adds to
the trauma of hospitalisation. Hospital Cash Benefit reduces this financial burden and helps
you recover with peace of mind. If you have to stay in hospital as a result of injury, sickness or
disease, we will pay at the rate of the room charge in hospital, subject to the limit of the benefit
level chosen, for each full day’s stay in hospital exceeding 3 days up to the total limit allowed in
a policy year. The amount is payable in a lumpsum at the end of the stay in hospital. The
benefit period starts after a waiting period of 60 days from the commencement of risk or
reinstatement
of risk, except for accidental injury. Multiple claims can be made in a policy year.
• Post Hospitalisation Benefit: Recuperating from a surgery/major treatment takes time, and
our Post Hospitalisation Benefit allows you this facility without adding burden to your wallet.
We pay 50% of the Hospital Cash benefit claim settled per day for a maximum of 5 days in a
policy year for essential follow-up treatment on the basis of recommendation of the
hospital/surgeon.
• Surgical Benefit: The costs of doing a surgery have gone up significantly today. Our
Surgical benefit pays you for a surgery done by a qualified surgeon performed at a registered
hospital with a minimum of 15 beds (as in-patient) for surgical procedures advised by a
qualified doctor/physician/surgeon. The benefit amount payable is equal to the surgical
expenses (i.e. surgeon’s fee, operation theatre charges and
anesthetist’s charges) subject to the maximum surgical benefit amount payable in a policy
year. The surgical benefit can only be claimed if the illness covered is diagnosed at least 180
days after the date of commencement of risk or reinstatement of risk.
There is no waiting period if surgery is done due to an accidental injury.
• Critical Illness Benefit: Some illnesses are critical. They not only alter your life’s pattern but
also result in a financial drain. The Critical Illness Benefit softens the impact on the family by
paying out a lumpsum as per the cover selected immediately, while other policy benefits
continue. The critical illness benefit can only be claimed if the illness is diagnosed at least 180

85
days after the date of commencement or reinstatement of risk. We cover 11 critical illnesses:
First Heart Attack, Coronary Artery Disease Requiring Surgery, Stroke, Cancer, Kidney
Failure, Major Organ Transplantation, Multiple Sclerosis, Aorta Graft Surgery, Primary
Pulmonary Arterial
Hypertension, Alzheimer’s disease, Paralysis.
• Accident Permanent Total / Partial Disability (TPD): Accidents are unpredictable and so
are the consequences. They may lead to a permanent disability - partial or total.
This benefit provides a financial cushion against such misfortunes.
Accidental permanent total disability will mean total and permanent disability as a result of an
accident (within 180 days from the date of accident) resulting in one of:
Loss of both eyes, Loss of both arms or both hands, Loss of one arm and one leg,
Loss of one arm and one foot, Loss of one hand and one foot, Loss of one hand and one leg,
Loss of both legs, Loss of both feet, Removal of the lower jaw. Accidental permanent partial
disability will mean permanent disability as a result of an accident resulting in one of: Loss of
one eye, Loss of one leg, Loss of one arm, Loss of one hand, Loss of one foot. Loss of hand
will mean above wrist, loss of arm will mean above elbow, loss of feet will mean above ankle
and loss of leg will mean above knee.
• Multiple Claims: Hospital Cash, Post Hospitalisation Benefit & Surgical Benefit can be
claimed on multiple occasions as per the coverage selected (subject to the overall limits)
provided the policy is in force at the time of claim.
Claim Settlement Process
There are two modes of claim settlement – Cashless Service (CLS) facility at networked
hospitals and reimbursement of hospitalisation expenses (subject to limit as applicable under
the plan) wherein treatment is taken in Non Network Hospital.
Cashless Service Benefits
• We have tied up with Medicare Third Party Administrator (TPA) Services to provide you with
customized, high-quality health benefit services under this product. Through TPA, we have in
our network, easy and fast access to some of the best Hospitals, Nursing Homes and other
Medical Resources. You can avail Cashless Service in these networked hospitals. On
issuance of a policy, you would be provided with a Health Card (Photo Identity Card) and a
Guide Book, which would contain list of Network Hospitals, the details how to go about the
Cashless Service in case of planned and

86
emergency hospitalisation and Hospitalisation Intimation Form/Pre-authorization Form to be
filled up by your attending Doctor for hospitalisation in empanelled hospitals.
• The Medicare TPA will maintain a 24/7 Help line on Toll free number as well as mobile
numbers to facilitate any medical emergency requirements.
• The Cashless Service would be facilitated by the TPA and will help you avail of the
hospitalisation benefits quickly through our network hospitals without any caution deposit etc.
To avail of the Cashless Service facility all you need to do is to contact our TPA at any of their
offices which are convenient to you and submit Hospitalisation Intimation /Pre-authorization
Form.
• In case of emergency please produce your Health Card to take admission at
network hospital. Within 48 hours of hospitalisation, contact the TPA to obtain the cashless
authorization and complete the formal process of admission.
• If the TPA sanctions cash less request, the admissible claim amount would directly be settled
with network hospital through TPA. Payment by you at the time of discharge will only be
required for the cost of inadmissible items not covered by the policy under this plan.
• Cashless Service is restricted only to those hospitalisation expenses which are directly
related to the illness which necessitate hospitalisation.
• Cashless Service is not available for Pre/Post hospitalisation treatment.
Benefit through Reimbursement (Non Cashless Service)
You have the right of getting treated in any Hospital any where in India. If treated at Non-
Network Hospital we shall reimburse your hospitalisation expenses (subject to maximum
allowed under the policy) within 7 days on submission of all bills & requisite documents.

14) BAJAJ FAMILY CARE FIRST

The health of your family is very important to you. When faced with hospitalisation for one or
more family members, the medical bills can severely dent your savings. The cost associated
with hospitalisation might be
very high and you need to be better prepared for such an emergency.
Buying Medical Insurance for each individual family member can be cumbersome and
expensive. What if there is a solution that gives you a single tool to cover your entire family –
all in one?

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Bajaj Allianz Family CareFirst presents an innovative yet practical health care plan for
everyone in your family including children and parents. This unique hospitalisation plan gives
you a 3-year health cover for your entire family and allows You to renew the policy after every
3 years to keep Your family covered till the age of 74 years. So no separate accounts,
repetitive paperwork or payment adjustments for each member. Secure Your entire family in
one shot.
How does the plan work?
The Policy covers hospitalisation expenses ranging from Rs. 1 lakh to Rs. 10 lakhs. This
means, if you opt for a sum assured of Rs. 5 lakhs for Your family, You and Your family
together can avail up to Rs. 5 lakhs every year to meet Your hospitalisation expenses, subject
to limits on reimbursement of expenses, waiting period and exclusions as mentioned below.
All the life assureds covered under the policy will be referred to as Member(s).
The proposer or his/her spouse, if included, who so ever is of higher age shall be referred to as
Primary Member and all other life assureds as dependent Members.
Children of the Primary Member shall be covered provided they are economically dependent
on parent(s) and are not married.
Key Benefits
_ Coverage from 3 months to age 74 with guaranteed renewals
_ 3 year premium guarantee for each policy term
_ Hospitalisation Cover in leading hospitals across the country.
_ 15% discount on premium on every renewal
_ No claim bonus in the form of increase in sum assured@5% every year
_ Day Care Treatment for 125 day care procedures
_ Pre-Hospitalisation and Post-Hospitalisation Benefit
_ Reimbursement of Ambulance expenses
_ Choice to select Health Critical Illness rider
_ Choice to include Your spouse, children and parents
_ Cash Less Service Facility in leading hospitals across the country
Hospitalisation Cover
Following expenses incurred during the hospitalisation (for at least continuous period of 24
hours) for in-patient treatment would be covered under the policy.
_ Room rent and Boarding expenses

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_ Nursing expenses
_ Doctor’s fees
_ Operation theatre charges
_ Cost of Anesthesia, Blood, Oxygen, Medicines and Drugs, Diagnostic Materials, X-Ray,
Surgical Appliances, any disposable surgical consumables, dialiysis, radiotherapy, Artificial
Limbs, stents and implants, and pacemaker.
Pre-Hospitalisation and Post-Hospitalisation Benefit
A flat benefit of 3% of the reimbursable hospital expenses will be paid on each hospitalisation
claim towards pre-hospitalisation and post-hospitalisation expenses.
Ambulance Charges
In case the hospitalisation requires an ambulance, the expenses for ambulance will be
reimbursed by us subject to a maximum reimbursement of Rs. 1,000 for a member in a policy
year provided the member is
hospitalized for more than 24 continuous hours.
Cash Less Service Facility
_ Cash Less Services (CLS) will help You avail the hospitalisation benefits without any
advance payment in the hospital and facilitate quick delivery of services through Network
Hospitals (NWH).
_ Third Party Administrators (TPA) of the Company facilitates the Cash Less Services.
_ On issuance of the policy, the TPA will provide the member(s) a photo identification card and
a guide book, which would contain a list of NWH, the details explaining the process for
application of CLS and hospitalisation intimation form / pre-authorization form to be filled up by
Your attending doctor for hospitalisation in NWH.
_ The TPA will maintain 24/7 helpline on toll free number as well as mobile number to facilitate
any medical emergency requirement.
_ To avail of the CLS facility all You need to do is to contact the TPA at any of their offices
which are convenient to You and submit the hospitalisation intimation form / pre-authorization
form.
_ In case of an emergency the member need to produce the photo identification card in NWH
to get admission and within 48 hours of hospitalisation You will have to contact the TPA to
obtain CLS authorization.

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If CLS is authorized then Your hospitalisation expenses will directly be settled by the TPA with
NWH to the extent it is reimbursable and the balance of the hospitalisation expenses would be
settled by You at the
time of discharge.
No Claim Bonus
_ If none of the Member claims during the previous policy year, the sum assured under the
plan will be increased by an amount equivalent to 5% of the basic sum assured in the
subsequent policy year subject to a maximum increase of 25% of the basic sum assured over
the duration of the policy including renewals, where the basic sum assured means the sum
assured chosen as on policy commencement date.
_ However if a claim is made by any of the Member(s) after this provision has come into force,
then the sum assured under the policy will be reduced back to the sum assured chosen as on
policy commencement date in the subsequent policy year.
Choices available to You
Health Critical Illness rider
_ This cover provides a lump sum benefit equal to a chosen sum assured on diagnosis of the
specified Critical Illnesses irrespective of the status of reimbursement of medical expenses.
_ Only the Primary Member and his/her spouse shall be covered.
(Please refer to the Health Critical Illness rider brochure for more details.)
Inclusion of family members
_ On any policy anniversary, You have the option to include Your spouse, parents or children
under the family policy.
_ The inclusion of new members in the policy will be subject to underwriting of the new
members and the waiting period for new members will apply afresh from the policy anniversary
they join the policy.
_ On inclusion of new member(s), the revised premium shall be applicable.

Eligibility

Minimum Maximum
Entry Age
• Primary Member and Spouse of 18 years 56 years for a new
policy
Primary Member 50 years if health
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critical illness
rider is opted for
71 for a renewed policy
• Parents 68 years for a new policy
71 for a renewed policy
• Children 3 months 18 years
Sum Assured 1, 00,000 10, 00,000
Maximum Maturity Age at which 74 years for Primary Member,
risk cover expires Spouse of Primary member and parents
65 years if health critical illness rider is
opted for
21 years for children
Policy Term 3 years
Mode Yearly, Half-Yearly, Quarterly and
Monthly

Monthly is permitted only by salary deduction and ECS only.

15) BAJAJ ALLIANZ FAMILY ASSURE


It is also an endowment plan which offers Protection as well as Investment.

Important Details

Parameter Details
Minimum Age at Entry 0 years, risk commences at age 7.
Minimum age at Entry for all riders is 18 years.
Maximum Age at Entry 60 years( 50 years in case of all additional rider
benefits)
Maximum Maturity Age 70 years
Additional Rider Benefit Ceasing Age 65 years for all riders
Minimum Policy term 10 years (In case of minor life, minimum policy
term is 18 less age at entry of the minor life.)
Minimum Premium Rs. 5000 per yearly installment,
Rs. 2500 per half-yearly installment,
Rs. 1250 per quarterly installment,
Rs. 500 per Monthly mode.
Monthly mode is available through ECS and Salary
saving scheme only.
Minimum top-up premium is Rs. 5000.
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Minimum Sum assured 5 X Annualized Premium
Maximum Sum assured Policy term X Annualized Premium
For base cover or base cover with
ULADB rider and/or ULAPTPDB rider
Maximum Sum assured 5 X Annualized Premium
For base cover with UL CIB rider and/or
UL HCB rider

16) BAJAJ ALLIANZ CENTURYPLUS II

Bajaj Allianz Century Plus II - Score a century with your investment plan! Flexible and
systematic investments are always good for you. At Bajaj Allianz Life Insurance, we value your
investment and reward you for regular investments, giving you unmatched benefits with great
returns. Bajaj Allianz Century Plus II offers you a limited premium payment term option and a
unique combination of protection and prospect of attractive returns. With 100% allocation in the
2nd policy year and thereafter, it ensures that your investment income gets accelerated and
you reap benefits from a plan that delivers prosperity and happiness to you.
Key features of Bajaj Allianz Century Plus II

• Guaranteed life cover of sum assured plus fund value.


• Get full 100% allocation to your funds from the 2nd policy year onwards.
• Guaranteed Addition to enhance your fund value every year from the 6th policy year.
• Choice of 2 investment portfolio strategies to manage your investments better. Offering the
special Wheel of Life portfolio strategy, which will help you to balance and safeguard your
investment.
• Also if you want to manage the mix of assets for your policy on your own, you have a choice
of 7 investment funds, with complete flexibility to switch money from one fund to the other, to
manage your investments better.
• Get the option of limited premium payment ranging between 3 to 10 years.
• Your policy continues to participate in the investment performance of the fund(s) even if you
discontinue premiums in the first three policy years.
• Flexibility of unlimited number of partial withdrawals at any time after 3 years from
commencement of the policy, provided 3 full years' premiums are paid.
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• Flexibility to decrease your regular premium at any policy anniversary, to suit your changing
needs.
• At maturity, you can take your fund value in a lumpsum or as periodic instalments spread
over a maximum period of 5 years.
• A host of optional additional rider benefits which include assurance to your family with
accidental death benefit and accidental permanent total/partial disability benefit.
• Option to pay unlimited Top-up Premiums anytime during the tenure of your policy, to further
enhance your savings.

How does Bajaj Allianz Century Plus II work?

Premiums paid by you, net of premium allocation charge, if any, are invested as per the
portfolio strategy chosen by you at the unit prices of the fund(s). Your fund value is the total
value of units that you hold in the fund(s). The insurance cover charges, policy administration
charges and the additional rider benefit charges (if any) are deducted through monthly
cancellation of units. The Fund Management Charge is adjusted in the unit price. From the
end of the 6th policy year, every year, a percentage of the first year's annual premium and, if
applicable, a percentage of the fund value, is added to your fund(s) by the Company as
Guaranteed Addition. Over and above the fund value, throughout the policy term, you have a
risk cover of the Sum Assured chosen by you Premium Payment Term: You have the flexibility
to select any premium paying term ranging between three to ten years. Bajaj Allianz Century
Plus II offers you the following cover: Your Sum Assured is always equal to 5 (five) times your
Annualized Premium.

Death Benefit

• The Death Benefit will be the "Sum Assured in respect of regular premium and Top-up
Premium (if any) plus the fund value in respect of regular premium and Top-up Premium (if
any)''.
• If three years’ regular premium has not been paid and the policy has lapsed, then death
benefit will be the fund value in respect of regular premium and Top-up Premium (if any).

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Guaranteed Addition

If your policy is not terminated, we shall allocate a Guaranteed Addition at the end of the 6th
policy year, and thereafter at the end of each policy year, at the unit price, as applicable on
date of allocation of the guaranteed addition, for an amount equivalent to:

Policy Year End Guaranteed Addition as percentage *Guaranteed


Addition as
percentage
of first years' Annualized Premium of Regular
Premium Fund
Value
6 to 10 6% 0.25%

*Guaranteed Addition as percentage of fund value in respect of regular premium will be


allocated only to policies where Annualized Premium as on the date of allocation is greater
than or equal to Rs. 100,000. No Guaranteed Addition will be allocated on fund value in
respect of Top-up Premium (if any). Maturity Benefit On maturity, the fund value in respect of
regular premium and Top-up Premium (if any), will be paid. Surrender Benefit
• The surrender value of the policy will be equal to the fund value less surrender charge, if any.
• Your fund value shall be determined on the basis of the unit price as applicable on the date of
receipt of written request to surrender the policy. However, if no such request is received, then
surrender value shall be based on the fund value as on date of termination of the policy.
• After three years from the date of commencement of the policy, you have the option to avail
of surrender benefit by complete surrender of units at any point of time. Additional Rider
Benefits available

The following additional rider benefits in the form of riders can be availed of At the option of
Policyholder.
• UL Accidental Death Benefit Rider (UL ADB)
• UL Accidental Permanent Total/ Partial Disability Benefit Rider

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( ULAPTPDB)
Important details of the Bajaj Allianz Century Plus II Plan

Parameter Details
Minimum Age at Entry 8 years
Minimum age at entry for
all riders is 18 years
Maximum Age at Entry 60 years
(50 years in case of all Additional
Rider Benefits)
Minimum Maturity Age 18 years
Maximum Maturity Age 70 years
Additional Rider Benefit
Ceasing Age 65 years
Minimum / Maximum Term 10 years
Minimum Premium Paying Term 3 years
Maximum Premium Paying Term 10 years
Minimum Premium Rs 15,000 per yearly installment,
Rs 7,500 per half-yearly installment
Rs. 4,000 per quarterly installment
Rs 1,500 per monthly mode
(Monthly mode is available through ECS
and Salary Saving Scheme only)
Minimum Top Up Premium is Rs. 5,000
Minimum / Maximum
Sum Assured 5 times Annualized Premium

17) BAJAJ ALLIANZ UNITGAIN PROTECTION PLUS

“The plan that takes care of your insurance and investment requirements for life”
With Bajaj Allianz UnitGain Protection Plus we have formulated a unique combination of
protection and prospects of attractive returns with investment in various mix of assets to make
a perfect plan to last you a lifetime prosperity and happiness.
Key Benefits of Bajaj Allianz UnitGain Protection Plus
• Guaranteed life cover, with a flexibility to choose insurance cover according to your changing
needs.
• Additional Sum Assured shall be payable in case of accidental death
• 100% allocation to your funds from the 4th year onwards.
• Guaranteed Addition to enhance your fund value every year from the sixth policy year.
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• Choice of 2 investment portfolio strategies to manage your investments better.
Offering the special Wheel of Life portfolio strategy, which will help you to balance and
safeguard your investment.
• Your policy continues to participate in investment performance of the fund(s) even if you are
unable to pay 3 full years' premium.
• Flexibility of partial withdrawals at any time after 3 years from commencement of the policy
provided 3 full years' premiums are paid.
• Flexibility to increase or decrease your regular premium to suit your changing needs.
• Flexibility to pay unlimited top-up premium during the tenure of your policy, an additional lump
sum which gives a boost to your investment portfolio.
• Flexibility to add additional rider benefits which gives you and your family extra protection
How does Bajaj Allianz UnitGain Protection Plus works?
Bajaj Allianz UnitGain Protection Plus is a simple to understand unit-linked life insurance plan.
Premiums paid by you, net of premium allocation charge, are invested as per the portfolio
strategy of your choice (&, if applicable, in fund(s) of your choice) and units are allocated
depending on the unit price of the fund(s). The fund value of your policy is the total value of
units that you hold in the fund(s). From the end of the 6th policy year, every year, a percentage
of the first year's annual premium is added by the Company as Guaranteed Addition. The
mortality charge, policy administration charge and rider premium charges (if any) are deducted
monthly through cancellation of units. Fund Management Charge is adjusted in the unit price.
What are my Investment Options and Funds?
Bajaj Allianz UnitGain Protection Plus provides you with two unique portfolio strategies, which
can be chosen at the inception of the Policy or on subsequent policy anniversary:
1) Investor Selectable Portfolio Strategy
2) Wheel Of Life Portfolio Strategy
a) Investor selectable Portfolio Strategy: If you want to allocate your premiums based on your
personal choice and decision, you can opt for this strategy. You have a choice of seven (7)
investment funds to make Your investment decision.
Premium Apportionment: You can choose to invest fully in any one fund or allocate your
premiums into the various funds in a proportion that suits your investment needs. The
proportion of allocated premium to any fund must be at least 5%. At any policy anniversary,
you also have the flexibility to change the proportion of future premiums to the funds.

96
b) Wheel of Life Portfolio Strategy:
• We provide you with “Years to maturity based portfolio management”.
• At the commencement of the Policy, your premium (regular premium and top up premium, if
any) would be allocated in various funds (namely Equity Index Fund II, Equity Growth Fund &
Accelerator Mid-Cap Fund)
• On each policy anniversary, we will reallocate your fund value among various funds in the
proportion based on your outstanding years to maturity.
• The premiums (regular premium and top up premium, if any) paid in that particular policy year
will also be allocated in the same proportion.
• This will ensure that a balance is maintained between your “years to maturity” and level of
risk to your investments to optimize the returns.

Important details of the plan:


Parameter Details
Minimum Entry Age 8 years (18 years in case of
Additional Rider Benefits)
Maximum Entry Age 60 years (50 years in case of
Additional Rider Benefits)
Minimum Age at Maturity 18 years
Maximum Age at Maturity 70 years (Additional Rider Benefits
ceasing Age 65 years)
Minimum Policy Term 10 years
Maximum Policy Term Customer selectable term subject to
max maturity age
Minimum Regular Premium Rs. 12,000 per yearly installment
Rs. 6,000 per half- yearly installment
Rs. 3,000 per quarterly installment
Rs. 1,000 per monthly installment
(Monthly mode is available through ECS
and Salary Saving Scheme only).
Maximum Regular premium No Limit
Minimum Top Up Premium Rs. 5,000
Maximum Top Up Premium No Limit
Minimum Sum Assured 5 times Annualized Premium
Maximum Sum Assured Policy Term times Annualized Premium with
base cover [Only 5 times Annualized
Premium with base cover & Rider(s)]
Guaranteed Addition

97
If your policy has not been terminated, we shall allocate guaranteed addition at the end of the
sixth policy year and thereafter at the end of each policy year at the unit price as applicable on
date of allocation of the guaranteed addition for an amount equivalent to the following:
Annual Premium Guaranteed Addition as percentage of First years’ Annualized Premium
Size at from policy year end 6 and above
the inception of the
policy
12, 000-24, 999 1.50%
25, 000-99, 999 5.50%
100000-249, 999 6.50%
250000 and above 7.00%

No Guaranteed Addition will be allocated on fund value in respect of top up premium (if any).
Guaranteed Addition will be allocated to your policy even if you have stopped paying
premiums.

Key developments for Bajaj Allianz Life Insurance Company Ltd.


1) Bajaj Allianz Life Insurance Company Ltd. Reports Earnings Results for the First Quarter of
2010
07/16/2009

Bajaj Allianz Life Insurance Company Ltd. reported earnings results for the first quarter of
2010. For the quarter, the company posted a profit of INR 6,800 million, against a loss of INR
30 million. New business premium underwritten by the company stood at INR 5,770 million,
registering a negative growth of 30%.

2) Bajaj Allianz Life Insurance Launches Invest Plus, to Offer Upfront Minimum Guaranteed
Investment Returns at the Beginning of Each Year
06/15/2009

Bajaj Allianz Life Insurance Company Ltd. has launched Invest Plus, which offers upfront
minimum guaranteed investment returns at the beginning of each year. Invest Plus is the first-
of-its-kind traditional plan that offers upfront minimum guaranteed investment returns at the
beginning of each year and a guaranteed maturity value so that customers can feel protected
at all times and plan their investments without any worries. Invest Plus offers guaranteed

98
benefits in these uncertain times. The USP is the transparency of a ULIP product in a
traditional product. The minimum guaranteed investment returns works towards the benefit of
the customer as he gets an upfront minimum guaranteed rate of returns. This would be
beneficial irrespective of market conditions as he is equally compensated by guaranteed
returns. Minimum guaranteed returns stand for a rate of return which is declared at the
beginning of each financial year itself and promises to offer the customer the same return for
the year irrespective of the market scenario.

3) Dhanalakshmi Bank and Bajaj Allianz Sign Strategic Partnership


05/28/2009

Dhanalakshmi Bank has joined hands with Bajaj Allianz General Insurance Co. Ltd. and Bajaj
Allianz Life Insurance Company Ltd. to offer both life and non-life insurance products. Bajaj
Allianz has also launched a co-branded product called Dhanam Suraksha, a health insurance
product with a family-floater plan, which will be available exclusively for the bank's customers,
a release here said. Through the alliance, Dhanalakshmi Bank will make available Dhanam
Suraksha along with other Bajaj Allianz Insurance products and services to its customers.
These include motor insurance, health insurance, home insurance and life insurance which will
be provided to the bank's customers through its 181 branches and 26 extension counters.

3.2 Duration of the Project 15 days

3.3 Research Objectives

• To know the consumer responses about Bajaj Allianz life insurance policy.
• To know about the products of Bajaj Allianz Life Insurance.
• To know about the objections of people for not taking the Insurance policy.
• To know the need for Life Insurance.
• To know the benefits of Life Insurance.

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• To know the market share of Bajaj Allianz Life Insurance in the Market.

3.4 Type of Research

I use descriptive research in my studies because it includes survey and fact finding enquiries
of different kinds. Descriptive research deals with everything that can be counted and studied.
But there are always restrictions to that. Your research must have an impact to the lives of the
people around you.
Data Collection

PRIMARY DATA SOURCES

• Through interaction with customer.


• Through questionnaires filled from the customer.

SECONDARY DATA SOURCES:


• Through internet, various official sites of the companies.
• Through pamphlets and brochures of the companies.
• Journals & Magazine

3.5 Sample Size and method of selecting sample

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 30 prospects as the size of sample.

Sampling Method
Randomly sampling method is used.

3.6 Scope of Study

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To know the response, I have used the questionnaire method. If one wishes to find what
prospects 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.

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.

3.7 Limitations of the study

Following limitations were faced during the study:

• 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

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could have served the purpose. Therefore the questionnaire contained in the open-
ended questions.
• The study was conducted in Bajaj Allianz in jaipur city the sample size was 30
customers only so that accuracy of data so collected could be absurd covered by
circulation of questionnaire.
• 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.
• Since the survey was limited to 30 insurance prospects 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.

4. Facts and Analysis

Q1. What is your Annual income? (In lakhs)

(1) <2

(2) 2-4
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(3) 4-5

(4) > 5

INTERPRETATION

1 2

3 4

(1) <2 - 20%

(2) 2-4 - 30%

(3) 4-5 - 20%

(4) > 5 - 30%

Q2. Where do you want to invest your surplus money?

(1) Fixed deposit

(2) Mutual funds

(3) Stocks

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(4 Real Estate

INTERPRETATION

1 2

3 4

(1) Fixed deposit 40%

(2) Mutual funds 30%

(3) Stocks 10%

(4 Real Estate 20%

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Q3. What benefits do you want from your Investments?

(1) Savings

(2) High returns

(3) Tax rebates

(4) Risk cover

INTERPRETATION

1 2

3 4

(1) Savings 40%

(2) High returns 35%

(3) Tax rebates 15%

(4) Risk cover 10%

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Q4. What do you expect from the life insurance companies?

(1) High return

(2) Liquidity

(3) Security

(4) Low premium

INTERPRETATION

1
2
3
4

(1) High return 20%

(2) Liquidity 15%

(3) Security 50%

(4) Low premium 15%

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Q5. Do you know about the product of these Companies?

(1) LIC

(2) ICICI

(3) TATA AIG

(4) BIRLA

(5) OMKM

(6) HDFC

(7) Bajaj Allianz

INTERPRETATION

1
2

(1)YES 75 (2) NO 25

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Q6. At what age have have you taken Life Insurance Policy?
(1) 20 – 30
(2) 31 – 40
(3) 41 – 50
(4) Above 50

INTERPRETATION

1
2
3
4

(1) 20 – 30 10%

(2) 31 – 40 15%
(3) 41 – 50 35%
(4) Above 50 40%

Q7. What is your occupation group?


(1) Government Employee
(2) Private Employee
(3) Business Professional
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(4) Others

INTERPRETATION

1
2
3
4

(1) Government Employee 40%

(2) Private Employee 35%


(3) Business Professional 15%
(4) Others 10%

Q8. Are you aware about ULIP?


(1) Yes
(2) No

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INTERPRETATION

1
2

(1) Yes 40%

(2) No 60%
Q9. Which company’s ULIP have you taken?
(1) ICICI Prudential
(2) HDFC Standard Life
(3) KLI
(4) BAJAJ

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INTERPRETATION

1
2
3
4

(1) ICICI Prudential 30%

(2) HDFC Standard Life 30%


(3) KLI 20%
(4) BAJAJ 20%

Q10. Are you interested in investing in BAJAJ?


(1) Interested
(2) Semi-interested
(3) Not-interested

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INTERPRETATION

1
2
3

(1) Interested 40%


(2) Semi-interested 35%
(3) Not-interested 25%

Q11. Through which medium you opted for BAJAJ?


(1) Insurance Consultants
(2) Relatives
(3) Advertisements
(4) Other Sources

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INTERPRETATION

1
2
3
4

(1) Insurance Consultants 35%


(2) Relatives 15%
(3) Advertisements 30%
(4) Other Sources 20%

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5 SWOT

STRENGTHS:

I. Financial Acumen - Holds a stable and diversified portfolio and has received some of

the highest ratings in financial strength from industry’s independent rating agencies.

II. Disciplined fund management - Years of experience in asset management, and a

strong track record in managing funds

III. Innovativeness - Known for being an innovator in providing world-class pragmatic

financial solutions, with a constant focus on customization and flexibility

IV. Unrelenting Customer Focus - A highly committed sales force, with customer

satisfaction as the key driving force - a major differentiator

V. Transparency in Services - Daily declaration of fund performances, regular

performance benchmarking, well regulated asset management, and monthly newsletter

on market updates

WEAKNESSES:

 Industry in nascent stage.

 Rural areas still not covered.

 Not very known among Indian population.

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 Lack of credibility among the people because bajaj being a private player.

 Premiums are high as compared to its competitors.

 Very few branches in the country.

 Products:.

» Plan does not offer any guarantee or assured return.

» Product profile is not very comprehensive.

» Mortality, management and administrative charges are sky scrapping as

compared to its competitors.

OPPORTUNITIES:

 Liberalization of Indian economy.

 As the industry is growing the whole market is virgin.

 The whole private sector is opened to be trapped even though the competition is fierce

from government owned insurance companies.

 It’s a volume business that is even if the company has few good corporate the turnover

cease to increase by manifold.

 Products:

» Preserver funds look good due to comfortable liquidity in the economy and there

is little chance hike in short-term rate by RBI.

» Finance minister unveiled a budget favoring consumer spending, boosting

demand and therefore higher economic growth.

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THREATS

 The government players will become aggressive thus growth is going to be tough.

 Entry of other players is not ruled out.

 Apprehension towards bajaj being a private life insurance company..

 Products:

» Past performance of these plans is not indicative of the future performance of the

plan.

» The sum invested in the funds is subject to market risks and there can be no

assurance that the objective of plan will be achieved.

» All benefits payable under the policy are subject to tax laws and other financial

enactment, as they exist from time to time.

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6. CONCLUSIONS

• Most of investors not fully aware about Life insurance policies and their advantage.

• It was found most of the investor prefer, less risk taking saving scheme or fixed

deposits.

• Some of the people, who were related to rural area, did not know about facility for

investment of money in Life Insurance Policy schemes.

• The proportion of investor and non-investor 20% & 80%.

• The investors were interested more in Policies of LIC because it is a Government body.

• Some of the investors were pleased to know about New Family Gain and said that it is a

very good plan and is very much affordable by middle class people.

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7. SUGGESTIONS & RECOMMENDATIONS

Through out the project work I have tried to my extent to learn more and more so that I
enable myself to deliver the best services from my part. I always focused my services to full
satisfaction whether it would for employer or for customer. So during this practical learning
process whatever I have realized to improve the division of the company is as follows:

Tapping the up coming market - Semi Urban Market as there is a lot of opportunity. Most of the
Life Insurance companies are operating in the metros and big cities as per their present branch
office locations. If they have to increase their market size they have to open more distribution
centers at the various urban and semi-urban markets.

• The company always should have proper communication with its front office as well as
back office workers to increase the morale and productivity.
• The company should always have proper planning for gifts/incentives for employees on
various occasions or on competitions.
• Premium and economical class of services should be launched by the company to
serve the varied nature of customers.
• Service awareness camps should be run by the company in remote areas.
• Distribution channel needs more strength.
• Improvement in services through feedbacks from customers is recommended.

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8 BIBLIOGRAPHY / REFERENCES
1. Title Basic Marketing Research ,Authors Gilbert A. Churchill, Tom J. Brown, Tracy A. Suter,
Edition 7 Publisher Cengage Learning, 2009
2. Title Life Assurance In India, Author P. A. S. Mani ,Publisher READ BOOKS, 2007
3. Title Life insurance, Author Joseph Brotherton Maclean, Edition 9 ,Publisher McGraw-Hill,
Digitized 12 Jul 2007
4. Title Marketing Management, Authors Philip Kotler, Margaret H. Cunningham, Ronald E.
Turner ,Edition10 ,Publisher Pearson Education Canada, 2000
5. Title Basic marketing research: a decision-making approach, Authors Naresh K. Malhotra,
Mark Peterson ,Edition 2, illustrated ,Publisher Pearson/Prentice Hall, 2006
6. Title Marketing research, Authors David A. Aaker, George S. Day Edition 3, illustrated
,Publisher Wiley, 1986

Web sites:-

www.bajajallianzlife.co.in

www.en.wikipedia.org

www.lifeinsure.com.in

www.financeindiamart.com

www.google.com
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www.businesstoday.com

9APPENDICES

Appendix-I

PERSONAL DETAIL

Name: _____________________________________

Age: ______________________________________

Address: __________________________________

__________________________________

Mobile/Phone No: __________________________

Gender: Male Female

Marital Status: Married Unmarried


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Children: ____________

Employment Status: Employed Self-employed Unemployed

DETAIL

Saving: Yes No

Monthly Range: ____________________

Direct your savings:

1) Bank Deposits 2) Stock Market 3) Other Investment

If Bank Deposit Why:

________________________________________________________________

__________________________________________________________

______

Why not:

_______________________________________________________________

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________________________________________________________

________

If Stock / Mutual Why:

________________________________________________________________

_______________________________________________________

_________

Other Investment:

________________________________________________________________

___________________________________________________________

_____

How much money do you need to secure your future?

Rs._________________

Any Dream: ________________________________________________________________

Do you like the bajaj Life advisor to serve you a beneficial plan?

Yes No

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Appendix-II

QUESTIONNAIRE:-

Q1. What is your Annual income? (In lakhs)

(1) <2

(2) 2-4

(3) 4-5

(4) > 5

Q2. Where do you want to invest your surplus money?

(1) Fixed deposit

(2) Mutual funds

(3) Stocks

(4 Real Estate

Q3. What benefits do you want from your Investments?

(1) Savings

(2) High returns

(3) Tax rebates

(4) Risk cover

123
Q4. What do you expect from the life insurance companies?

(1) High return

(2) Liquidity

(3) Security

(4) Low premium

Q5. Do you know about the product of these Companies?

(1) LIC

(2) ICICI

(3) TATA AIG

(4) BIRLA

(5) OMKM

(6) HDFC

(7) Bajaj Allianz

Q6. At what age have have you taken Life Insurance Policy?

(1) 20 – 30

(2) 31 – 40

(3) 41 – 50

(4) Above 50

Q7. What is your occupation group?

(1) Government Employee

124
(2) Private Employee

(3) Business Professional

(4) Others

Q8. Are you aware about ULIP?

(1) Yes

(2) No

Q9. Which company’s ULIP have you taken?

(1) ICICI Prudential

(2) HDFC Standard Life

(3) KLI

(4) BAJAJ

Q10. Are you interested in investing in BAJAJ?

(1) Interested

(2) Semi-interested

(3) Not-interested

Q11. Through which medium you opted for BAJAJ?

(1) Insurance Consultants

(2) Relatives

(3) Advertisements

(4) Other Sources

125
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