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ON
BHARTI AXA LIFE INSURANCE
SUBMITTED BY:
DEEPAK GHILDIYAL
Faculty IMS-R
EXECUTIVE SUMMARY
I am also thankful to our college professors for their constant suggestion which
resulted in successful completion of the project. Last but not the least; we would
like to thank my parents and friends for giving us their constant support and
encouragement in completion of our project.
DEEPAK GHILDIYAL
PREFACE
The competition in the insurance sector is highly volatile in nature. Over the
decade only government undertaking company was operating in India but with
the opening up of the economy several new players like private sector &
multinational insurance entered in Indian horizon.
In the given project we made a comparative analysis of mutual fund & life
insurance among MNC. Comparing their features & services one hand & also
done a research on the interest of investor regarding mutual fund & life
insurance in BHARTI-AXA company limited.
ULIPs
Unlike Traditional Plans, Unit Linked Insurance Plans (ULIPs)
invest a part of your premium amount into the financial markets.
The returns under these policies depend on market performance.
Market upswings can ensure you earn high returns. There are
various fund options available under these plans. Basis your risk
appetite, you can opt for the appropriate fund option.
Guarantee Plans
Guarantee Plans are Unit Linked Plans, with an in-built 'guarantee'
feature. These plans safeguard the money invested against any
market downturns. When the market is up, you can enjoy high
returns and in case of market downswings, there is a minimum
guaranteed amount paid to you that ensures you do not lose your
hard earned money.
Do these plans also provide protection to my family?
Yes. While these plans focus on maximising your returns, they
also include the feature of life protection, which takes care of your
family's future
INDIVIDUAL PLANS
At Bharti AXA Life, we want to take care of your responsibilities in the
same way as you do for your loved ones, with a range of life insurance
services. Through our life insurance products, you can trust us to take
care of your family at all times. You can select the most suitable plan
from our host of plans and make buying life insurance simple and
convenient. Each of the plans, right from traditional life insurance to
unit linked life insurance, fall in specified segments and fulfill your
specific objectives. You can learn more about the segment and specific
plans within the segment by clicking on the type of plan
Protect your loved ones against financial contingencies at a nominal
costs
You love your family and feel responsible towards them in every way.
But life can be uncertain and unforeseen contingencies can meet you
anytime. At such times, life insurance comes to your rescue. As
someone who wants only the best for their family, we understand your
need to safeguard your family against any crises. Our protection plans
offer you high life cover at nominal costs so that you can fulfill your
responsibility with ease and your family never has to face financial
constraints.
Bharti AXA Life is a life insurance player that was started in 2006. It
brings together strong financial expertise of the Paris-headquartered
AXA Group, and Bharti Enterprises - one of India's leading business
groups with interests in telecom, agricultural business, financial
services, and retail. The joint venture has a 74% stake from Bharti and
26% stake from AXA Asia Pacific Holdings Ltd.(APH).The company
launched national operations in December 2006. Today, Bharti AXA
Life has a national footprint of distributors trained to provide quality
financial advice and insurance solutions to the large Indian customer
base.Bharti AXA Life offers a range of innovative products and
services that cater to specific insurance and wealth management needs
of customers. We undertook an in-depth analysis wherein we identified
the notion of preference was totally related to the trust granted to
various names in insurance and financial services. The level of trust is
very inadequate today, regardless of the brand considered. This is
because the perception of consumers is that we are all evolving only in
"a world of promises." And this is what we have to redefine.Beyond
promises... proofWe don't want to make promises any more. Instead, we
want to demonstrate our ability to respond to client needs with real and
tangible proof and, in so doing, to establish an authentic relationship of
trust with our clients.
These are the three attitudes that clients most expect from an insurance
and financial services company in exchange for their vote of
confidence. These three attitudes stood out from the others in the
consumer research we conducted across markets, regardless of
their level of maturity.
They are at the heart of our actions and our commitments to clients.
To achieve a market position among the top 5 in India through a
multi-distribution, multi-product platform
• To adapt AXA's best practice blueprints as a sound platform for
efficient and profitable growth
• To leverage Bharti's local knowledge, infrastructure and customer
base
• To deliver high levels of shareholder return
• To build long term value with our business partners by enhancing
the proposition to their customers
• To be the employer of choice to attract and retain the best talent in
India
• To be recognised as being close and qualified by our customers.
What is the minimum and maximum Insurance cover that I can opt
You can make your money work harder with our Wealth Creation with
Protection plans. These plans come with the double advantage of:
options
What will I get back?
On Death
You get the Sum Assured at the time of death. Additionally, Bharti
AXA Life would pay all the remaining future premiums till
maturity
On Maturity
You receive the policy fund value
Alternatively, you can take the Policy Fund Value at maturity in
installments over the next 5 years (extended maturity period)
Where can I invest my money?
You have the options of investing across 6 funds depending on
your risk appetite and return expectation and make use of the
switch facility to change your asset allocation
• You want a single investment option, which not only takes care of
your sudden requirement but gives you an opportunity to save
systematically for your retirement
• You are looking for pension-cum-investment solution, which gives
you flexibility and control
• If you are looking for a pension plan that requires a short tem
investment
• If you are looking for a pension plan that gives allows you to
withdraw money without any extra charge
What are the key features?
oPay premium for 3 years only and enjoy the benefits till your
retirement
o Get liquidity through partial withdrawals after the completion
of 3 policy years
o Enhance your retirement wealth by paying top-up premiums
options
o No surrender charge applicable throughout the term of the
policy
o Flexibility to change your retirement age any time during the
Policy term
o Special additions added to the fund every 5 years
Health insurance
Given the fast pace of our lives, we always run the risk of acquiring
lifestyle diseases - be it high blood pressure or various heart diseases.
Add to this the rising medical costs because of which, we end up
spending increasingly large amounts of money. Bharti AXA Life offers
you Health Plans that ensure freedom from stress when it comes to your
health expenses and let you enjoy your life without any worries.
Extremely affordable premiums starting as low as Rs 3 per day
A range of Daily Hospital Cash Benefit options, with additional
benefits in case of accidental hospitalisation in an ICU or otherwise
years
o Daily Hospital Cash Benefit options of Rs 500, Rs 750, Rs
of 7 days or more
o Simple and easy to enroll. No need to fill up lengthy proposal
Sum
assured/
RESEARCH DESIGN/METHODOLOGY
Resarch design is defined as a systematic and objective process of gathering, recording and
analyzing data that provides information to guide business decisions. The process of
business strategy can be divided into three phases – planning, execution and report
preparation. The planning phase begins from problem/opportunity identification and leads
to selection of the sampling procedure. Data collection and evaluation can be described as
the execution phase of the business research process, while report generation can be
considered as the last phase.
Steps in the research design process
P
L
A Planning the strategy
N
N
I
N
G Selecting the method of strategy
E
X
E
C Data Collection
U
T
I
O
N Evaluating the Data
Scaling Techniques
We asked the customers to rank the various attributes on a scale of very
important, Important and not very important. To find-out the brand
perception of various brands, paired comparison between them is used.
Sampling Techniques
In the survey conducted, the sample was random in nature comprising of
people from different age groups and income strata.
Data Collection
Data collection is the important step after the sample is selected on which
the survey is being conducted. With data that is available in the hard
form we converted that to electronic form, to analyze the data using the
field work. In the data collection customers were approached during the
working hours at dealers point.
The first part of the survey was a disguised survey was there was no
mention of Parag as Organization. It was conducted as a part of
institute project. Purpose of the survey was explained and was asked
whether they are interested to take part in the survey Later Questionnaire was handed
over to them, and necessary instructions were given to complete the questionnaire
.The questionnaires were returned back after filing up on their convince, While receiving
the filled in questionnaire care was taken to check whether there are any unfilled items
in the questionnaire.
Limitations of Survey
Response Errors - These may arise when the
respondents give inaccurate or incomplete answers. For
e.g. in our survey a respondent may not mention that he
had test driven a car before purchasing it A major
problem faced in the survey involved the comparative
ratings of various attributes for all the product and
polices. Many of the respondents were not very willing
to rank so many factors as they perceived it to be time
consuming.
Weakness:
Opportunities:
Data mining
Threats:
SUGGESTIONS
During the calls where I went along with the Unit manager, I
observed that people in general have the perception that
insurance is all about getting discount in tax. People should
be made realize that it is a great way of saving for the future
too.