Chapter - 1: Insurance

MARKETING STRATEGIES TO PROMOTE ULIPS
CHAPTER -1
INTRODUCTION TO INSURNCE INDUSTRY
Introduction Insurance Insurance is defined as a cooperative device to spread the loose caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against the risk. Risk is uncertainty of a financial loss. The insurance is also defined as social device to accumulate funds to meet the uncertain losses through a certain risk to person injured against the risk. According to the U.S life office management Inc. (LOMC), life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect.
Life insurance has come a long way from the earlier days when it was originally conceived as a risk-covering medium for short periods of time covering temporary risk situations such as sea voyages. As life insurance became more established it was realized what a useful tool it was for a number of situations that includes temporary need/threads, savings, investment, retirement etc.
SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR
HISTORY OR INSURANCE INDUSTRY
The business of insurance started with marine business traders who used to gather in Lloyds coffee house in London agreed to share the losses to their goods while being carried by the ships. The losses used to occur because of the pirates who robbed on the high seas or because of bad weather, spoiling the goods or sinking the ship.
The first insurance policy was issued in 1583 in England. The first Indian insurance company was the Bombay mutual assurance society ltd., formed in 1870. The oriental life assurance co in 1874, the BHARAT in 1897 and the empire of India in 1897 followed this.
In the year 1956 the insurance companies were nationalized and the life insurance corporation (LIC) was formed on 1st September 1956 with merger of 170 companies and 75 provident fund societies transacting life insurance business in India.
Till 1999 L.I.C. was having monopoly in Indian life insurance market. In 1999 the insurance regulatory and development authority (RDA) authorized private insurance companies to transact life insurance business in India.
HOW INSURANCE WORKS The mechanism of insurance is very simple. People who are exposed to same the risk come to gather and that if anyone of them suffers a loss the other will share the loss and make good to the person who lost. In other words the risk is spread among the community and the likely big impact on one is reduced to smaller manageable impacts on all.
PRINICIPLES OR INSURANCE
Utmost good faith The rule in insurance is that each party to the contract is entitled to make best bargain he can. Here the knowledge of facts in always on one side. The material facts should be given while filling up the forms.
INDEMNITY
A contract of insurance (except life personal accident and sickness insurance) is a contract of indemnity. This means that the assured, in case of a loss against which the policy has been issued shall be paid the actual amount of loss not exceeding the amount of the policy. This is applicable for fire marine and burglary insurances.
INSURABLE INTEREST
Insurable interest is necessary to support every contract of insurance. It means that the assured must be in a legally recognize relationship to what is insured.
CAUSA PROXIMA
The assured can recover the loss only if it is proximately caused by any of the perils insured against.
RISK MUST ATTACH
The insurer receives the premium in a contract of insurance for running a certain risk. If for any reason risk is not run, the consideration for which the premium was given fails.
CONTRIBUTION
Where there are two or more insurances on one risk, the principle of contribution applies as between different insurers.
SUBROGATION
The doctrine of subrogation is a corollary to the principle of indemnity and applies only to marine and fire insurances. Insurance regulatory and development authority (IRDA)
The regulatory body for insurance IRDA has been established with the following mission: To protect the interests of the policy holders, to regulate, Promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.
CHRONOLOGICAL DEVELOPMENT OF INSURANCE SECTOR
1818
Establishment of British firm oriental life insurance company in Calcutta
1823 1912
Establishment of Bombay life assurance company. The Indian life assurance companies act of 1912 (first statutory measure to regulate life insurance business)
1928
The Indian insurance companies act was enacted to enable the government to collect statistical information about both life and non-life insurance business transacted in India by Indian and foreign insurers.
1938
The 1928 act was consolidated and amended by the insurance act with effective control over the activities of insures.
1950
The act was amended resulting in far reaching changes in the insurance sector, including, a statutory requirement of equity capital for companies carrying on life insurance business, ceiling on share holdings in such cos, stricter control on investments, submission of periodical returns relating to investments and such other information to the controller.
1956
154 Indian insurers, 16 foreign insurers and 75 provident societies were carrying on life insurance business in India mostly concentrated in urban areas. On January 19, the management of life insurance business of 245 Indian and foreign insurers and provident societies, then operating in India, was taken over by the central government by an act of parliament, viz. LIC act 1956, with a capital contribution of RS. 50 million, life insurance corporation was formed in September 1956. one justification of the nationalization was the need to raise the funds for rapid industrialization and this justification still holds for
(liberalization of insurance sector for a faster development of infrastructure and basic facilities in India. 1971 Management of non-life insurers was taken over by the central government as a prelude to nationalization. 1972 General insurance business in India was nationalized with effect from general insurance business (nationalization) act, 1972. Prior to 1973, general insurance was urban-centric, catering mainly to the needs of organized trade and industry. 107 insurers including branches of foreign companies operating the country were amalgamated and grouped into four companies, viz, the national insurance company ltd., the oriental insurance company ltd., the new India assurance company ltd., and the united India insurance company ltd. QIC was incorporated as a company in 1972 and commenced business on January 1st, 1973.
SOME OF THE IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS IN INDIA. The Indian life assurance companys act enacted as the first statute to regulate the life insurance business. 1928 The Indian insurance companies act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 Earlier legislation consolidated and amended to by the insurance act with the objective of protecting the interests of the insuring public. 1956 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an act of parliament, viz. LIC act, 1956, with a capital contribution of RS. Five crore from the government of India. In the same year 1956 the insurance4 industry of the country saw the start of a new era when the life insurance corporation of India (LIC) came into existence.
1912
PLAYERS IN LIFE INSURANCE INDUSTRY
There are 12 private insurance companies, & LIC being the major player from public sector. The players are;
1. Met life India Life Insurance Company Limited 2. Birla Sun life- a collaboration between Birla and Sun life of Canada 3. Bajaj Allianz-collaboration between Bajaj auto and Allianz E.g. Germany. 4. Tata-AIG collaboration between TATA, India and AIG (America international group). 5. HDFC Life Insurance Company Limited 6. Max New York Life Insurance Company Limited 7. Om Kotak Mahindra Life Insurance Company Limited 8. SBI Life Insurance Company Limited 9. ICICI Vysya Life Insurance Company Limited 10.AMP Sanmar Life Insurance Company Limited 11.Dabur Aviva Life Insurance Company Limited
Market potential for private life insurance companies in India
It has been found out that: 85 percent of the Indians prefer LIC than any other insurance companies Prevention of loss, assured returns and long term investment are the important factors influencing Indians in opting for life insurance. Only few of the Indians are aware of private life insurance companies
Most of the Indians are of the opinion that private insurance companies would be able to perform well in the long run Most of the Indians are interested in money back policies than others Most of them are interested in insuring for an amount of RS.1-2 lakhs There is a significant relationship existing between monthly household income and amount insured Based on the monthly household income, Indians prefer to their investment needs like bank deposit, post office schemes, real estate, insurance gold, chit funds, shares etc Agents are mostly responsible for selling insurance products in India
CONCLUSION
The market potential for private insurance companies is found to be greater in the long run as most of the Indians are of the option that, private insurance companies would be able to perform well in the future. The private and foreign insurance companies have to make immediate steps in appointing more number of agents and / or advisors in addition to the employees as it has been found out that the agents are the best channel to reach the general public regarding selling of insurance products. The private and foreign insurance companies have to concentrate on the factors like prevention of loss, assured returns and long term investment. They can also focus on an insurance amount of RS.1-2 lakhs with money back policies. Hence, the market has potential. The private and foreign insurance companies that are taking immediate steps can tap it.
CRITICISM
Although some aspects of the application process (such as underwriting and insurable interest provision) make it difficult, life insurance policies have been used in cases of exploitation and fraud. In the case of life insurance, there is a motivation to purchase a life insurance policy, particularly if the face value is substantial, and then kill the insured.
The television series Forensic Files has included episodes that feature this scenario. There was also a documented case in 2006, where two elderly women are accused of taking in homeless men and assisting them. As part of their assistance, they took out life insurance on the men. After the contestability period ended on the policies (most life contracts have a standard contestability period of two years), the women are alleged to have had the men killed via hit-and-run car crashes.
Recently, vertical settlements have thrown the life insurance industry into turmoil. A vertical settlement involves the purchase of a life insurance policy from an elderly or terminally ill policy holder. The beneficiary to a purchaser for a price discounted from the policy value. The seller has cash in hand, and the purchaser will realize a profit when the seller dies and the proceeds are delivered to the purchaser. In the meantime, the purchaser continues to pay the premiums. Although both parties have reached an agreeable settlement, insurers are troubled by this trend. Insurers calculate their rates with the assumption that a certain portion of policy holders will seek to redeem the cash value of their insurance policies before death. They also expect that a certain portion will stop paying premiums and forfeit their policies. However, vertical settlements ensure that such policies will with absolute certainty be paid
out. Some purchasers, in order to take advantage of the potentially large profits, have even actively sought to collude with uninsured elderly and terminally will patients, and created policies that would have not otherwise been purchased. Likewise, these policies that would have not otherwise been purchased. Likewise, these policies are guaranteed losses from the insurers, perspective, bells, taxes and other obligations.
LIFE INSURANCE POLICY CAN PROVIDE FOLLOWING
Provide cash and income needs on and immediately following death such as unpaid bells, taxes and other obligations. Prevent a familys suddenly dropping from its accustomed standard of living after the death of the breadwinner. Provide continuous flow of funds for the living spouse. Allocate income funds for the childrens income funds for the childrens education. Provide a reliable savings plan for the future. Supplement income when earning power is destroyed by illness of accidents, such as covering medical expenses. Furnish surplus earnings for the investors should disaster strike. The bottom line is this: While Life Insurance is not always the insurance product at the forefront of your thoughts; Life insurance is always a friend in time of need.
MARKETING STRATEGIES TO PROMOTE ULIPS BASICS OF LIFE INSURANCE
Life insurance provides protection to your family your family gets a specified sum in a lump sum when they need it the most i.e. when your around. While the emotional loss cannot be mitigated, the lump sum received from an insurance company can help take care of your familys financial future. Life Insurance policies also offer tax benefits though tax saving should not be the primary reason an individual should look at a Life Insurance policy. Nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This it is an indicator that growth potential for the insurance sector is immense. Life insurance is not bought in India. General insurance is often bought because there are compulsions under the law (motor vehicles, public liability, workmen etc.) or from the financiers asking for insurance as collateral security. In the case of life insurance, there is very little compulsion. In the case of life insurance, there is very little compulsion. The tendency is to defer the decision. The possibility of death is either ignored or not considered imminent. Most people never do believe that they can succumb to destiny and they think, they will live a long and healthy life. Sadly, that is not always true. A prudent financial plan needs to build in the risk of dying too early to ensure that our familys financial future is protected. There are financial tools that help us determine the risk of dying early leading to the quantum of Life Insurance required. While the algorithms may be different, conceptually, all that these tools try and determine is the present value of your future earnings keeping in mind your future goals and aspirations.
TAX SAVING COMCEPT The question that we should ask ourselves is do we believe that destiny will announce its arrival in our lives? Will destiny always allow you to complete your tax planning for the year and then strike? The answer is a resounding no. However, lack of education has made customers believe that insurance is a tax-planning tools and the protection element is only a marketing strategy. Sad, but true; this is the way Life Insurance has been largely sold in this country. Individuals buy: enough Life Insurance to get tax brakes just before the financial year ends. The moot question is are we buying Life Insurance to save taxes or are we buying it to protect our familys financial future? Since people believe that nothing ever can happen to them, the decision on quantum of insurance cover and timing is made just before the financial year ends. Tax benefits have been driving LICs business over the years and the same will drive private players too, since the same incentives are available to all insurance companies. There is a large potential in rural India. As stipulated by the Insurance Regulatory Development Authority, five per cent of our new business must cover rural India and the figure must reach 15 per cent by the fifth year. All of this is very encouraging for the life insurance sector. Innovative products, smart marketing and aggressive distribution, thats the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life sector and snapping up the new innovative products on offer.
GUARANTEED RETURNSS The question we need to ask is how much is the guaranteed return that a life Insurance contract can give. The answer is, I do not know. Unfortunately, individuals expect life insurance companies to give high guaranteed returns. What most individuals fail to under stand is that life insurance contracts are long term contracts. Since the premium is paid over a period of time, the investment return that the insurance company can generate on our savings depends upon the prevailing investment opportunities at the time when the premiums paid. With volatility in interest rates and capital markets, the level of investment return that an insurance company can generate can vary substantially. In such a scenario, where is the scope for the insurance company to offer a fixed return to their policyholders but have an earning stream that is highly volatile and variable? Interest rates on Government of India securities have fallen by over three hundred basis points in the last three years. Given such an economic environment, it is foolhardy to expect that the high guaranteed return policies can continue for very long. The classic example is Japan where with interest rates at sub zero levels, insurance companies that offered guaranteed return policies to their policyholders are going down, again, if you are buying life insurance for the high guaranteed return the policy offers, please examine the company and the product again. Your insurance company may not be able to pay you the promised return when your family needs the money most.
SELECTION OF RIGHT PRODUCT Almost all the insurance companies offer what is called an illustration to customers the illustration is designed to help the customer understand the policy values better. From a customer point of View it is imperative that each customer understands and is able to determine the benefits of the product. Given the long-term nature of the life insurance contract, it is important to look at the profile of the life insurance company that is underwriting the risk. Govt that all the private sector insurance players are new to the business, it would help to look at the past record of the foreign partner in the joint venture and the ability of the Indian partner to continue to infuse capital, given the capital-intensive nature of the business again, it is very simple to compare the product with other company products because almost all insurers have their web portals with their product details. Even cost comparisons can be made through premium calculators. What is needed most is the guaranteed return and wider risk coverage. Riders are very economical and one should always choose the desired riders along with the basic life insurance policy. POTENTIAL OF LIFE INSURANCE BUSINESS IN INDIA Indias life insurance market has growth rapidly over the past six years, with new business premiums growing at over 40% per years. The premium income of Indias life insurance market is set to double by 2012 on better penetration and higher incomes. Insurance penetration in India is currently about 4% of its GDP, much lower than the developed market level of 6-9%. In several segments of the population, the penetration is lower that potential.
For example, in urban areas, the penetration of life insurance in the mass market is about 65%, and its considerably less in the law income unbaked segment. In rural areas, life insurance penetration in the banked segment is estimated to be about 40%, while it is marginal at best in the unbaked segment. The total premium could go up to $80-100 billion by 2012 from the present $40 billion as higher per capita income increases per capita insurance intensity. The average household premium will risk to Rs. 3000-4100 from the current Rs. 1300 as will penetration by the existing and new players. Indies ratio of life insurance premium to its GDP is around 4 per cent against 6-9 per cent in the developed world. It could rise to 5.1-6.2 by 2012 in tandem with the country demographic profile. India has life insures and the state owned life insurance corp. of India dominates the industry with over 70 percent market share, though private players have been growing aggressively. Considering the world largest population and an annual growth rate of nearly 7%, India offers great opportunities for insurers. Us based online insurance company ebis.com plans to enter the Indian market following deregulation of its insurance sector. Online insurer ebix.com expansion into India is a major step for the company to become a global supplier of internet based insurance tools for consumers and insurance professionals. a diverse
country such as India it is imperative that a universal insurance infrastructure be created to maximize efficiency in the insurance industry. Online insurer ebix.com can offers the Indian market a busyness-to consumer internet portal where consumer have more choice while purchasing insurance and an internet based agency management system that will help agents work more efficiently with multiple carriers. Foreign holding in Indian insurance companies is limited to 26%. The government wants to increase the cap to 49%, but its communist allies oppose such a move. The market is moving beyond single premium policies and unit
linked insurance products which are easier to sell. The agency model is the dominant sales channel accounting for more then 85% of fresh premiums but overall inactivity and attrition is much higher at 5055% than the global average of 25%. Opportunities include health insurance and pensions, the report said; adding only 1.5-2% of total healthcare expenditure in India was currently covered by insurance. LIFE INSURANCE INDUSTRY AIMS 20% GROWTH IN FY 09 The Indian life insurance industry, which grew by 16% in the nine months ended December 2008, is expecting to grow at 20% by FY09. the industry collected a total premium of Rs. 1,31,400 crore till December 31,2008. as compared to Rs. 1,13,000 crore in the year ago period, the Life Insurance Council said. The Indian life insurance industry has recorded a robust growth of more that 16% of or the nine month period ended December 31 2008 with a total premium of Rs. 1,31,400 core compared to Rs. 1,13,000 crore in the same period last year, it Said. We continue to be optimistic about the future of the insurance business in India and expect the industry to grow at 20%, the industry bodys secretary General S B marthur said, adding, in 2007-08 too the industry grew by 20%. The nonlinked premiums from single premium policies doubled to Rs 10,000 crore in the nine month period ended December 31, from Rs 4900 crore in the same period last year. The council said. During the period the industry with nesses a growth of 216% in renewal premiums for regular unit linked insurance pla (ULIPs) at Rs 26,600 crore as against Rs. 8,400 crore in the corresponding period last year the council said
INTRODUCTION TO MARKETING Marketing is defined by the AMA as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have ...
FastTrac, Kauffman Foundation When all is said and done, theres always more to be donewhich is especially true of your marketing efforts. Marketing requires guesswork. Its like casting bait into muddy water. Sometimes customers will see your bait, sometimes they wont. Sometimes theyll take your bait, sometimes theyll ignore it. The key to your long-term success will depend on how much you learn with each marketing effort. If you dont get feedback, you wont learn from your mistakes. Your goal should be to avoid the sentiments of the entrepreneur who said, I know half my money on marketing is wasted, I just dont know which half. The ROI of Marketing Many entrepreneurs pre-determine how they will measure each marketing activity to determine whether the activity generated its anticipated results. For example, if an entrepreneur passed out coupons for a discount to buy a specific product, she may count how many coupons were redeemed. If she placed an ad in a local newsletter, she may consider every phone call or email that result from the ad as being a response to that effort. Don't expect results from a single marketing effort. Marketing experts believe average consumers need to hear or see a message at least seven times before they act. Checking the effectiveness of each marketing effort can help to better use your marketing budget and your time.
Product Price Placement Promotion The four Ps were created mainly to describe the ideal marketing mix. The term marketing mix became popularized after Neil H. Borden published his 1964 article, Concept of the Marketing Mix 1. A good, idea, method, information, object, or service that is the end result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefits, features, functi ons, uses) that a seller offers to a buyer for purchase.
Price In general terms price is a component of an exchange or transaction that takes place between two parties and refers to what must be given up by one party (i.e., buyer) in order to obtain something offered by another party (i.e., seller). Yet this view of price provides a somewhat limited explanation of
what price means to participants in the transaction. In fact, price means different things to different participants in an exchange:
The place Although figures vary widely from product to product, roughly a fifth of the cost of a product goes on getting it to the customer. 'Place' is concerned with various methods of transporting and storing goods, and then making them available for the customer. Getting the right product to the right place at the right time involves the distribution system. The choice of distribution method will depend on a variety of circumstances. It will be more convenient for some manufacturers to sell to wholesalers who then sell to retailers, while others will prefer to sell directly to retailers or customers. The promotion Promotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. The razzmatazz, pace and creativity of some promotional activities are almost alien to normal business activities. The cost associated with promotion or advertising goods and services often represents a sizeable proportion of the overall cost of producing an item. However, successful promotion increases sales so that advertising and other costs are spread over a larger output. Though increased promotional activity is often a sign of a response to a problem such as competitive activity, it enables an organisation to develop and build up a succession of messages and can be extremely cost-effective.
Read more: http://businesscasestudies.co.uk/businesstheory/marketing/marketing-mix-price-place-promotionproduct.html#ixzz1oZ9f3SF0
CHPTER -2
RESEARCH DESIGN
INTRODUCTION
Marketing strategies is very important for life Insurance Company it also as promote the unit linked plants this can be studded through marketing reach.
It is the impotent marketer to protect against financial loss arising from unexpected adverse events.
Insurance is a contract between two parties, where by the first party called The insurer under takes in exchange for fixed form called premium to pay second party called the insured, a fixed amount of money in the case of mishap or unexpected events.
Marketing strategies is an important to agonist increasing competition is also attracting the customers and lead to regular development.
TITLE OF THE SUDDY A STUDY OF MARKETING STRATEGIS USED TO PROMOTE THE UNIT LINKED INSURANCE PLANS (ULIPS)
Statement of the problem The market for the insurance products with innumerable brands was found with stiff computation increasingly day by day, many big forms are entering in to the segment years this market reach was conducted to find marketing strategies and promote of unit linked plans of BAJAJ ALLINZ. As insurance in rural areas with the specific reference to Kolar and the attributes which the consumer gives more impotent to invest in insurance the main purpose of the study was to find out the marketing strategies to promote the unit linked plans in insurance.
Objectives of the Study 1. To study the various plans offered by Bajaj Allianz Life Insurance company 2. To study marketing strategies applied by Bajaj Allianz life insurance company to promote ULIPS 3. To know the level of awareness regarding ULIPs to customer 4. To study of marketing strategies to promote ULPs (unit linked insurance plans)
Scope of the study

This study emphasizes on the marketing strategies. The research was done in Kolar the research respondents of different marketing strategies and impact of the unit linked plan of insurance to know the awareness and strategies towards the company because many companies are entering into this sector. By that we can know the marketing strategic and promote a unit link plans. A research is carried out in this direction could be yield the company a lot of benefits to know whether the promote of unit linked plans and Bajaj Allianz Life Insurance companies. In this way marketing would be strong position to assume or to understand the marketing strategies. Further a comparative study is also possible.
OPTIONAL DEFINITION OF CONCEPTS.
The study of marketing Strategic. An insurance marketer has to first study the market strategies before developing and lunching a product to ensure that it will be acceptable to customers and satiable.
The term of market research helps to conduct such study and analysis. Based on market research results, the company develops appropriate product, marketer attempt to give a product a unique benefit.
Development on effective sales force is the most critical aspects of any insurance company of marketing strategy.
Why we study marketing strategy. The basic of objective and the main aim is to maximize the profit, the profit is indirectly dependent low and the marketing efficiency of the firm. There fore to know the marketing efficiency we need to study marketing strategies. To know and understand the mode and medium of marketing. To understand the marketing needs and advises mode in fixed of marketing. To understand clearly about the elements of marketing we have to study marketing strategies.
What is Marketing? Marketing is a organizational function and setup process for creating communicating and delivering value to customers and for managing customer relationship in ways that benefit that organization and it strake holders.
Marketing strategies : Marketing strategies is a plan to develop and with goals to market specific ideas are product to certain people.
Marketing strategies is the marketing goals and objective of company this strategy is used to increase product away and visibility to the public those leading increasing sales, marketing strategies return plan of how to achieve a
company. Marketing objective these strategies includes the 4ps of marketing.
Product Price Place Promotion
Some of marketing strategies followed by Bajaj Allianz
1. Advertisement 2. Agents 3. Brochure
1. Advertisement Advertisement is a presents the most persuasive possible selling message to right prospects for the product or services.
2. Agents Agents are brings buyers and sellers together and provides marketing information one party or others, it furnish information about many insurance plans.
3. Brochure The product Brochure gives the silent features of the plan only. The policy document is the conclusive evidence of the contract and provides detail all the conductions.
UNIT LINKED INSURANCE PLANES A unit-linked insurance plan (ULIP) is a type of life insurance where the cash value of a policy varies according to the current net asset value of the underlying investment assets. It allows protection and flexibility in investment, which are not present in other types of life insurance such as whole life policies. The premium paid is used to purchase units in investment assets chosen by the policyholder. In India investments in ULIP are covered under Section 80C of IT Act. However, the concept of having an investment is governed by the Insurance Regulatory and Development Authority(IRDA).[1]
Marketing strategies to promote ULIPs
1. Additional coverage the accidental death benefits. 2. Partial or permanent disability. 3. Critical illness. 4. Hospital cash benefits. 5. Family income benefits. 6. Waiver of premium. 7. Best security and savings.
Investments funds available in ULIPs >. Asset allocation fund. >. Equity growth fund. >. Liquid fund. >. Equity index fund. >. Bond fund. >. Pure Stock fund.
>. Liquid pension fund. >. Growth plus fund.
Sampling Sampling is a process of selecting a subset of randomized numbers of members of the population of a study and collecting data about there attributes the limited members of the population for sampling are called Sampling.
Methods of Sampling Simple Random sampling method In this method of sampling each unit of the population has the equal probability of being selected as on unit of the Sample
Methodology A descriptive Research it carried out with specific objective and hence it result definite conclusion. This research tries to describe the characteristics of the respondents in relation to a particular product.
Primary data The primary data is collected directly through using questioner from both user and non user of insurance.
Secondary data This data which is already collected by others, source are for study as a basic in order to proceed forwarded for the secondary data involves fast records which takes about fast only and do not provide update data information about the topic some of the data is also is collected for the news papers Magazines.
Limitation of the study This study is been conducted only a limited period of six weeks. Data collected based on its on customers. The study cannot hold good for a long period of a time as markets is dynamic. Since the study was confines only to Kolar the market size of the other region could not be explored. Lack of availability of latest data due to time gap in research studies
CHAPTER SCHEME CHAPTER 1 INTRODUCTION CHAPTER 2 RESEARCH DESIGN CHAPTER 3 COMPANY PROFILE CHAPTER 4 DATA ANALYSES AND ANALYSIS CHAPTER 5 FINDINGS AND SUGGESTIONS
BIBLOGRAPHY
CHAPTER -3
COMPANY PROFILE INCEPTION
Bajaj Allianz is the conglomerates of Bajaj auto, one of the biggest 2&3 wheels manufacture in the world and German based Company Allianz A.G., one of the largest insurance companies. The objectives are to be life insurance company min India to buy from, work for and invest in. for this year they have objective as 3500 crores Karke dikhvo.
The company needs to known and understand the consumer awareness and understand the consumer awareness and perception towards Bajaj Allianz. That can be measure by conducted the company would be able to take timely action.
Hence this study has been conducted in Bangalore city to analyze the awareness and perception of the Bajaj Allianz in the Bangalore City. The questionnaire used for conduction the survey has been specifically designed to elicit responses from the consumers. For the understanding of the companys corporate culture and practical aspects of the various functional department has been included in this report. For research purpose, conveniences sampling technique was adapted. Due to constraints I have collected 65 customer responses through questionnaire and the other relating to company brochure, websites journals previous projects.
Future prospects Values At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering customized products with transparent benefits is our philosophy.
Vision To be the best life insurance company in India to buy from, to work for and invest in.
Mission As a responsible, customer focused market leader, we will strive to understand the insurance needs of the customer and translate it into affordable products that deliver for money.
WHY BAJAJ ALLIANZ
THE BAJAJ ALLIANZ DIFFERENCE: Business strategy to clients needs and trends in India and global economy/industry. Internationally experienced core team, majority with local
background. Fast, decentralized decision making. Long term commitment to market and clients. Market share Presently Indian insurance sector has been witnessing the play of 12 insurance companies out of which life insurance corporation of India (LIC) is the only company coming from the public sector and enjoying 72% of the total market share.
Competitors Other than LIC the major competitors of Bajaj Allianz Life Insurance Company are as follows Birla Sun Life Insurance Company Limited. HDFC Standard Life Insurance Company Limited. ICICI Prudential Life Insuance company Limited. ING Vysaya Life Insurance Company Limited. Max New York Life Insurance Company Limited. Met Life Insurance Company Limited. Kotak Mahindra Life Insurance Company Limited. TATA AIG Life Insurance Company Limited. AMP Sanmar Assurance Company Limited.
FUNCTIONAL CHART
Bajaj Allianz Life Insurance
Agency Channel
Bank Assurance
Group and Alternate Channel
Branches
Standard Chartered Bank Syndicate Bank Various Cooperative Banks 7 RRB and Numerous other tie-ups
Group Employee Benefit Corporate Agency Franchises
Satellite Satellite Satellite
Brokers
1. ORGANISATION STRUCTURE:
The Organization Chart of Bajaj Allianz Alternate Channel Comprises of: CEO
ALTERNATE CHANNEL HEAK
CHIEF MANAGER
AREA MANAGER
SENIOR AREA MANAGER
DEPUTY AREA MANAGER
MENTOR SALES MANAGER
EXECUTIVE SALES MANAGER
SENIOR SALES MANAGER
SALES TEAM MANAGER
RELATIONSHIP MANAGER
TEAM LEADER
FRANCHISEE MANAGER
INSURANCE SERVICE REPRESENTATIVE

2. SKILL
The skills required at different Management levels in the organization
At the Top-Level Management the most important skills are Financial Analysis, Risk Management, Portfolio management and other managerial competencies
In the middle level management Statistical and analytical skill, good communication and a thorough knowledge of all aspects of insurance are the skills required
In the lower level management Negotiation, communication and convincing skills along with basic knowledge of insurance, products and services offered by the company are to be known.
STEPS TAKEN TO IMPART NECESSARY SKILLS
The company provides off the job training for a period of 1 month to the Insurance Service Representatives in which they are trained to promote the companys products, convince the customers and handle the grievances efficiently so as to maintain good customer relations.
The company also provides on the job training for its employees who are promoted
3. STYLE
Bajaj Allianz follows decentralized authority and the bottom-up style of management. Through this the employees at the lower level are given the right to make decisions and issue the policies. This approach has lead to the massive growth of the company.
Branches that were earlier acting like post offices sending the proposals to head offices for decisions now have the freedom to accept or reject proposals.
4. STRATEGY MARKETING STRATEGIES: Bajaj Allianz life has tied up with seven Regional Rural Banks (RRBs) sponsored by the Syndicate Bank. This arrangement will make Bajaj Allianz lifes products available to more than 1.100 rural and semi-rural branches of the RRBs. Product innovation in the insurance industry Believes in the Word of mouth strategy Good distribution network in marketing network services Recent tie-ups with DSP Merrill Lynch for active fund management for unit link product, 80% of sales coming from unit link plans. Wants to beat LIC within next seven years.
5. SYSTEM Online Purchasing System
Tax saving & Buy Life insurance Online
The Unit Gain Plus Single Premium & Unit Gain Easy Pension Single Premium Policies are available online
The website, www.bajajallianz.com brings customers the convenience of applying and buying a policy online without any hassles of paperwork. The customers are required to visit the website and follow a Simple 3step procedure:
Step 1: Select the product
All the product features & bernefits will be illustrated in line with the IRDA requirements.
Step 2: Applying online
To apply for the desied policy, the customer is required toe fill in a proposal form.
Step 3: payment
Payment for the policy selected can be made through a credit/debit card with verisign secure server and print the acceptance letter.
DIRECT APPROACH
In this system the Insurance service representatives directly approach the prospects and inform them about the various products offered and also assist them in taking a suitable insurance cover.
Renewal premium Payment Options
With focus on comvenience the customers have all possible options to renew their premium on time.
By Cash / Cheque / DD
The customers can remit the premium by Cash / Cheque / DD at their nearest Customer care Center. In case if the renewal premium is remitted by Cheque or DD then Cheque / DD should be drawn in favour of Bajaj Allianz Life Insurance Company Limited.
Cheque Drop Box
For the convenience of the policy holders the cheque drop boxes in various cities enable the customers toe drop their cheques for remitting the renewal premiums. These cheque will be accounted join the next working day and the recipt will be sent to them directly.
Droop box facility is provided at various locations across the country for the convenience of the customers.
Direct debit facility
The policyholders, who are the customers of the Standard chartered bank, can give Direct Debit mandate to the bank to debit their account to the extent of the renewal premium amount as and when the due falls and remit to the company for accounting.
Online Premium Payment system
The Company has introduced the facility of online premium payment to its policy holders, partnering with Bill Junction.
Payment by Credit card
The company accepts the renewal premium payment by credit card in the selected centers. The customers can also submit the standing instruction to charge their credit card (VISA or MASTER CARD) for remittance of future premiums.
Mode of premium payment system
The company provides 3 premium payment modes that can be Yearly, Half-Yearly and Quarterly. It also offers a monthly premium payment mode with salary deduction schemes.
6. STAFF Bajaj Allianz is backed by a strong and efficient staff of 85000 trained insurance consultants who are dedicated and committed to the growth of the company. And over 1500 Sales Team Managers and 30000 Insurance Care Consultant
DUTIE AND RESPONSIBILITIES OF VARIOUS GROUPS OF STAFF
BRANCH MANAGERS:
They are responsible to prepare their own target in addition to which they also have to provide a target what is referred internally as A Dream Target
SALES MANAGERS:
They are responsible to achieve the set target within the spcefied time limit. His duty is to ensure that hi subordinates achieve their predetermined targets. He also appraises the performance of his subordinates
RELATIONSHIP MANAGERS:
They are responsible to verify all documents of prospect. If the prospects are found to be eligible the Relationship manager forwards the proposal to the Operational department. They are also responsible to collect the 1st years premium
INSURANCE SERVICE REPRESENTATIVES:
Their responsibility is to identify the prospects and inform them about the various products offered by the company and guide them to take the policy that suits their requirements.
7. SHARED VALUE
A household name in India teams up with a global conglomerate. Bajaj Auto Ltd, the flagship company of the Rs. 8000 crores Bajaj group is the largest manufacturer of two-wheels 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 crores auto giant, is the largest 2/3wheeler manufacturer in India and the 4th largest in the world. AAA rated by Crisis, Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to provide the India consumers with a distinct option in terms of life insurance products. As a promoter of Bajaj Allianz Life Insurance Colt., Bajaj Auto has the following to offer Financial strength and stability to support the insurance business A strong brand-equity. A goof market reputation as a world class oranization. A 10 million strong base of retail customs using Bajaj product Advanced Information Technology in extensive use.
Experience in the financial services industry through Bajaj Auto Finance Ltd.
Social responsibilities
Employees of Bajaj Allianz Life Insurance Company Limited Played their role of social responsibility by contributing towards the Tsunami Relief Fund, through donating their one days salary. Bajaj Allianz has also simplified and fast-tracked claims process for claimants from Tsunami affected area SWOT ANALYSIS SWOT analysis comprises of the analysis of the companys strengths, weakness, opportunities and threats.
STRENGTHS Bajaj Allianz stands First among private life insurers and is the Fastest growing private Life insurance Company It has a focused sales network It has over 1500000 satisfied customer Decentralized organization structure with specialized departments. Easy access and reach of customers with offices over 700 plus branches all over India Faster response with swift and easy claim settlement
It bags the award of Excellence for its outstanding contribution towards promotion of Indo-German
Economic relations. It offers various customer tailored plans Provides various investment options in various funds Ensures best returns on funds High market share of 26.2% in pvt sector life and 7.3% in life insurance industrys market share. Over 85000 highly trained insurance consultants WEAKNESS Bajaj Allianz is a private company and lacks trust among the large public who rely on public companies e.g. LIC There is risk on investment in the Units of the plans offered by the company. The equity growth fund, Nifty Index fund, Accelerator Mid capital, Income and balancer fund do not offer a guaranteed or assured return. The company has few years of experience in life insurance in India.
OPPORTUNITIES India being one of the developing country with huge population where in only 20% of the total population is insured. The company has huge potential to insure the uninsured population through its innovative products and large network. The company has huge growth prospect. Bajaj Allianz has planed investment options in various funds. It has a well built brand image of both Bajaj & Allianz The company has high goodwill in the market. It has a large network with 550 branches all over the country to reach the nooks and corner of the country. THREATS It faces competition from several public and private insurance companies such as LIC, ICICI, Birla Sun life , ING Vysya, Met life, Aviva life insurance. It is a private company and hence will have to strive very hard to face the competition It has few years of experience in India. The customers generally tend to be attracted towards more innovative products. The benefits payable under the policy are subject to the tax laws and other financial enactments as they exist from time to time
SERVICE PROFILE PRODUCTSS:
a) Individual Plans b) Group Plans c) Insurance for NRIs INDIVIDUAL PLANS
1. Loan protector A mortgage Reducing term insurance plan. This is the perfect plan to protect the family from the repayment liability of outstanding loans, in the unfortunate case of death of the loaner. There is also an potion to cover the co-applicant of the loan at a very nominal cost under this plan.
2. Child Gain Childrens Policy. Right from providing for the childs education to securing a bright future, this plan is tailor-made to suit the childs needs.
3. http://www.allianzbajaj.co.in/corporateweb/products/individual.a sp - # New Unit Gain Plan A unit linked Plan This amazingly flexible Unit linked life insurance plan provides the opportunity to participate in market linked returns while enjoying the valuable benefits of life insurance.
4. Cash Gain Money Back Plan.
This is the only money back plan that offers quadruple protection, going up to 4 times the basic sum assured, and a family income benefit.
5. Swarna Vishranti Retirement Plan.
In addition to life insurance and attractive tax benefits, this plan enables you to make adequate provisions for your years after retirement as well.
6. Invest Gain An Endowment Plan.
This savings plan combines high protection (up to quadruple cover) with a unique family income benefit.
7. Risk Care Pure Term Plan.
This plan enables you to provide financial security to your loved ones at the lowest possible cost.
8. Term Plan with Return-of-Premium
An economic way of providing life cover, this plan also ensures the return of all premiums at the time of maturity.
9. Lifetime Care
Whole Life plan.
This whole life plan provides survival benefits at the age of 80 thereby making sure you are financially secure at the time when you need it the most.
10. Key man Insurance A Promising Business Opportunity. Key man Insurance provides the unique opportunity to protect your business against the unfortunate loss of key people, while giving you valuable tax advantage and a lovely tool to help employee loyalty too.
11.New Unit Gain Plus
The thumb rule for buying insurance is that your 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 time you retire. It is difficult to find a single insurance plan that can take care of all changing requirements in life-additional protection, more money to invest, sudden requirement of cash or a steady post-retirement income. All these can now be covered with this innovative product.
Eligibility and Limits
Conditions Minimum Age at Entry Maximum Age at Entry Minimum Premium (Rs)
Eligibility 0 (Risk commences at age 7, ceases at 70) 60 Rs. 15000 per yearly installment, Rs 7500/- per half- yearly installment, Rs 3750 per quarterly installment and Rs 1500/- per monthly installment
Minimum Term
10 Years
Maximum Age at Maturity 70 years
12.Riders Unit Gain Plus
Bajaj Allianz Additional Benefits-Additional Protection for you and your family available with Unit Gain Plus.
]
13.New Unit Gain Easy Pension Plus
Unit linked Retirement Plan without life cover Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of your future and ensure a retirement you can look forward to. This is a regular premium investment linked deferred annuity policy. Available as: Unit Gain Easy Pension Premium. Regular Premium & Unit Gain Easy & Pension Single
14. Swarna Raksha
A fixed annuity for life will be payable, and on death of the annuitant, the nominee will be entitled to receive an amount that is equal to the lump sum used to purchase the annuity.
15.Mahila Gain Rider
This plan is specially designed for women. The unique plan that takes care of you and your loved ones and provides benefit like Critical Illness Benefit Reconstructive Surgery Benefit for Breast(s) due to Breast Cancer Congenital Disability Benefit Complications of Pregnancy Benefit.
16.Health Care
This is a three-year health insurance plan, providing comprehensive health cover with life insurance benefit. You can choose the amount of cover for cash benefit separately in multiples of the minimum cover amount, subject to a maximum multiple of 10.
17.New UG Premier Upfront Allocation of 105% of single premium on day 1 Flexi maturity after 6 yeas
18.New UG Super Highest allocation Up to 93% Guaranteed life cover 19.New Family Gain The only Unit linked insurance plan with ethical equity fund. Suits religious investment guidelines as well. 20.Save care Economy An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. An investment that provides financial security and liquidity
An ideal plan for a one-time lump sum investment that provides for savings with high risk-cover. This Single Premium investment plan for 10 years also participates in the profits of the company.
GROUP PLANS
1.
GROUP SUPERANNUATION SCHEME
This assures the employees a financially secured, stable and independent post retirement life. Group Superannuation Scheme will be established under an irrevocable trust, with trustees appointed by Company taking care of the administration
2. GROUP CREDIT SHIELD Available for Employer-employee Groups and Non Employer-Employee Groups. This scheme insures the loan amount outstanding in the account i8n case of premature death or disability.
3. GOUP TERM LIFE Available for Employer-employee Groups and Non Employer-Employee Groups. This scheme covers the members of an organization against the risk of premature death or disability.
4. GROUP TERM LIFE
In lieu of EDLI(Employees Deposit Linked Insurance Scheme). This scheme is a better alternative to the Employees Deposit Linked Insurance Scheme, 1976, under Sec 17(2) of the Employees Provident Fund and Miscellaneous Provisions Act.
5. GROUP GRATUTTY CARE
Giving the Employees and their families the heartening reassurance of care and financial security.
Group Gratuity Care is a Multi Featured Employee Welfare Scheme, which addresses Gratuity liability with flexibility like never before. INSURANCE FOR NRIS NRIS can now easily steer their savings from overseas to conveniently meet their familys needs-now and in the future.
All Indians have an underlying need to fell secure, to care for the loved ones and to provided for old age. The need is felt more when they are away from their Homeland. But being away from India doesnt mean that they have to compromise on the safety and security of their loved ones.
Bajaj Allianz introduced the NRI insurance services. With which the NRIS can invest their hard earned money in India and in the bargain ensure their familys
CARE SOLUTIONS FOR NIRS: Bajaj Allianz offers a large suit of products to cater every insurance need of NRIS. the care solutions include: Invest Gain Cash Gain Child Gain Lifetime care Unit Gain Who can Apply? Foreign Nationals of Indian origin can propose for life insurance during their stay in India only. NRIs who are temporarily staying abroad can apply for insurance either: a. During their stay in India, or b. Through mail order business. Convenient Premium Payment and Receipt Options NRIS can pay premiums directly through Indian currency Cheque, DDs etc. or directly from their FCNR/NRE account. The benefits under the policy, as per current laws can be directly credited to their FCNE/NRE account. Premiums can also be paid through credit card during their visit to the branch office. Alternatively standings instructions can be arranged during the term of the policy. With profit endowment plan. With Profits money back plain with profits money back plan for children. with profits Differed annuity plan
Unit Linked whole of Life plan.
NEW INNOPVATIVE PRODUCT BAJAJ ALLIANZ life 6-in-1 HEALTHCARE PLAN for price of cup of tea a day
Bajaj Allianz life insurance limited, the fastest growing private life insurance co. has recently launched a three-year, 6-in-1 Healthcare Plan, which is an insurance3 plan providing comprehensive health cover with life insurance benefit at price of just one cup of tea per day. The premium remains the same for three years without change unlike other medic claims where the premium increases annually. This plan not only protects the insured and his family from the high expenses associated with medical care but medical care but also provides one with a comprehensive financial cushion against various health hazards. At Age 18, for a premium of Rs 89 per month less then a cost of cup of tea a day will get the super benefits as listed below to provide peace of mind and security This 6-in-1 Health care plan includes Life Cover, Hospital Cash, Surgical Benefit, post Hospitalization benefit, Critical Illness Cover and Accidental Permanent Total/Partial Disability (APT/PD).
This 6-in-1 Health care plan offers wide acceptance across the country, as the benefits would be available for hospitalization in any registered hospital with 15 beds across the country.
Bajaj Allianz Lifes expedient ventures in offering best and innovative policies have been a continual activity. Moving a step further, Bajaj Allianz presents yet another striking policy, the new Health Care plan that offers an array of beneficial alternatives and flexibility to the common man. This new healthcare plan offers a long term affordable policy that not only provides total solution against probable health hazards. Bajaj Allianz has always strived to work towards the betterment of the society and this is one such recent step in that direction.
This 6-in1 healthcare plan is available in units between 1 (minimum cover) to 10 (maximum cover); wherein the policy holder has the option to choose separate units of various covers.
Feature Minimum Cover (Unit 1) 1. Hospital Cash (HC) Equal to Room charges (RS.500 per day & RS.1000 per day in ICU), Maximum RS. 30.000 in a policy year. 2. Post Hospitalization Benefit 50% of claim settled for HC par day, maximum 5 days in a policy year. 3. surgical Benefit Equal to surgical expenses, RS.50000 per policy year. 4. Critical Illness Cover RS. 50000 during the policy term. 5. Accidental Permanent Total / Partial Disability (APT/PD) RS.50.000 payable on total disability and RS. 25.000 payable on partial disability. 6. Life Cover RS. 10.000
Hospital Cash, Post Hospitalization 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.
11 specific critical illnesses which cover First Heat Attack, Coronary Artery Diseases Requiring Surgery, Stroke, Cancer, Kidney Failure, Major Organ Transplantation, Multiple Sclerosis, Aorta Graft Surgery, Primary Pulmonary Arterial Hypertension, Alzheimers disease and Paralysis are covered under the Health care plan offering a minimum cover of RS.50.000 during the policy term.
The Health care plan also provides a financial cushion against the misfortunes of permanent or partial disability. The minimum cover for Accident Permanent Total/Partial Disability (APT/PD) is RS. 50.000 payable on total disability and RS. 25.000 payable on partial disability.
Thus by offering various benefits including premiums as low as RS.89 a month the health care plan of Bajaj Allianz Life Insurance Limited is an ideal health care plan which safeguards the insured and his family against mounting medical expenses for varied health hazards.
CHAPETER 4
DATA ANALYSIS AND ANALYSIS
Table -1 TABLE SHOWING GENDER OF THE RESPONDENTS
Gender Male Female Total
No of respondents 37 13 50
Percentage 74 26 100
ANALYSIS From the above table it can be observed that 74% of respondents are male. And remaining 26% of respondents of female
GRAPH - 1 GRAPH SHOWING NO OF GENDERS
No of respondents 37 40 35 30 25 20 15 10 5 0 Male Female 13 Male Female
INFERENCE:
Most of the respondents are male
TABLE -2 AGE GROUP

AGE GROUP 20-30 30-40 40ABOVE Total NO OF RESPONDENTS 15 25 10 50 Percentage 30 50 20 100
ANALYSIS
From the above table it is observed out of the 50 respondents 30% of the respondents are in the age group of 20 to 30 years , 50% of are in the age group of 30 to40 years . And the reaming 20% are in the age group of 40 and above.
GRAPH - 2 GRAPH SHOWING AGE GROUP OF THE RESPONDENTS
NO OF RESPONDENTS 30 25 25 20 15 15 10 10 5 0 20-30 30-40 40ABOVE 20-30 30-40 40ABOVE
INFERENCE: Most of the respondents age group is between 30 to 40 years
TABLE -3 INCOME OF THE RESPONDENTS

Income Below 10000 10000-20000 Above 20000 Total No of respondents 15 22 13 50 Percentage 30 44 26 100
ANALYSIS From the above table it is absorbed that 30% of the respondents are in the income group of level then RS.10000, 44% of the respondents are in the income group of RS 10000-20000. And 26% are in the income group of more then RS 20000.
GRAPH - 3 GRAPH SHOWING INCOME OF RESPONDENTS
No of respondents 22 15 13 Below 10000 10000-20000 10 5 0 Below 10000 10000-20000 Above 20000 Above 20000
25 20 15
INFERENCE:
Most of the respondents are in the income group of RS 10000 to 20000
TABLE -4 ARE YOU AWARE OF BAJAJ ALLIANZ INSURANCE COMPANY
Particulars
No of Respondents
Percentage
Yes No Total
40 10 50
80% 20% 100%
ANALYSIS
Out of 50 Respondents 80% of them are aware about Bajaj Allianz and Remaining 20% of them are not aware about the Bajaj Allianz life insurance company.
GRAPH -4 GRAPH SHOWING AWARENESS OF BAJAJ ALLIANZ INSURANCE COMPANY
No of Respondents
45 40 40
35
30
25 Yes 20 No
15 10 10
0 Yes No
INFERENCE:
Most of the Respondents are aware of Bajaj Allianz insurance company.
TABLE -5 HOW DO YOU CAME TO KNOW ABOUT BAJAJ ALLIANZ INSURANCE COMPANY
Particular
Number of Respondents
Percentage
Advertisement Agents Friends Others
10 25 9 6
20% 50% 18% 12%
ANALYSIS:
Out of 50 respondent 20% of them came to know no about Bajaj Allianz through advertisement, 50% of them through agents, 18% of them through friends. And 12% of them other means.
GRAPH 5 GRAPH SHOWING HOW PEOPLE KNOW ABOUT BAJAJ ALLIANZ INSURANCE COMPANY
Number of respondence 25 25
20
15 10 10 9 Advertisement Agents 6 5 Friends Others
Advertisement
Agents
Friends
INFERENCE:
Most
of respondents came to know about Bajaj Allianz life insurance
Company through agents.

Others
TABLE -6 ARE YOU AWARE OF ULIPS
Particular
Numbers of Respondent
Percentage
Yes No Total
30 20 50
60% 40% 100%
ANALYSIS
Out of 50 Respondents 60% of them aware of ULIPS. And reaming 40% of them are not aware of unit linked insurance plans.
GRAPH -6 GRAPH SHOWING AWARENESS OF ULIPS
Numbers of respontence 30 30
25 20 20
15 Yes No 10
0 Yes No
INFERENCE:
Most of respondents are aware of the unit linked insurance plans
TABLE -7 HOW DO YOU GET AWARENESS OF ULIPS

Particular Number of Respondents Advertisement Agents Friends Others Total 20 14 10 6 50 40% 28% 20% 12% 100% Percentages
ANALYSIS
Out of 50 respondents 40%
of them are aware of ULIPS through
advertisement, 28% of them through agents, and 20% of them through friends. And 12% of them other means.
GRAPH-7 GRAPH SHOWING AWARENESS OF ULIPS
Number of respondence
10 Advertisement Agents Friends Others
20
14
INFERENCE:
Most of respondent are aware unit linked insurance plans through advertisement
TABLE -8 WHAT INFLUENCED YOU TO INVEST IN THE ULIPS

Particular Number of Respondents Security Investment Savings Tax benefit Total 25 17 3 5 50 50% 34% 6% 10% 100% Percentage
ANALYSIS:
Out of 50 respondence 50% them of them thinking about ULIP as security, 34% of them thinking as investment, 6% of them thinking of saving. And 10% of them thinking as a tax benefit
GRAPH -8 GRAPH SHOWING INFLUENCE TO INVEST IN ULIPS
Number of respondentce
Security Investment Savings Tax benfit
17
25
INFERENCE:
Most of respondents are thinking unit liking as a security
TABLE -9 ARE YOU SATISFIED WITH ULIPS

Particular Number of respondents Yes No Total 35 15 50 70% 30% 100% Percentage
ANALYSIS:
Out of 50 respondents 70% of them are satisfied with ULIPS and remaining 30% of them are not satisfied about the ULIPS of company.
GRAPH -9 GRAPH SHOWING SATISFISATION LEVEL IN ULIPS

Number of respondents 35
35
30
25 15 Yes 15 10 5 0 Yes No No
20
INFERENCE:
Most of respondents are satisfied with unit liked insures plans
TABLE -10 DO YOU THINK IS THEIR ANY NEED FOR MORE AWARENESS REGARDING ULIPS
Particular Number of Respondents Yes No Total 35 15 50 70% 30% 100% Percentage
ANALYSIS:
Out of 50 Respondents, 70% of them are aware of unit linked insurance plans. And remaining 30% of them are not aware about unit linked insurance plans
GRAPH -10 GRAPH SHOWING MORE AWARENESS REGARDING ULIPS
Number of respondence 35
35
30
25 15 Yes 15 10 5 0 Yes No No
20
INFERENCE:
Most of the respondents are aware of unit linked insurance plans.
TABLE -11 WHAT MORES OF PREMIUM PAYMENT PREFERED IN ULIPS
Particulars
Percentage
Cheque or DD Cash Electronic payment Total
2 40 8 50
4% 80% 16% 100%
ANALYSIS
Out of 50 Respondents. About premium payment facilities 4% of them are know about cheque / DD, and 80% of them know cash payment. And 16% of them are known about electronic payment system.
GRAPH -11
GRAPH SHOWING PREMIUM PAYMENT PREFERED IN ULIPS
Number of respondence 40
40 35 30 25 20 Cheque or dd 15 10 5 0 Cheque or dd Cash 8 Electronic payment 2 Cash Electronic payment
INFERENCE:
Most of respondent know about premium payment means of cash.
TABLE -12 WHICH FUND ARE YOU AWARE IN ULIPS
Particular
Percentage
Asset allocation fund Liquid fund Bond fund Equity growth fund Pure stock fund Total
20 9 5 10 6 50
40% 18% 10% 20% 12% 100%
ANALYSIS:
Out of 50 respondent 40% of them are aware ULIPS asset allocation fund,18% of them are aware liquid fund , 10% of them are aware bond fund, 20% of them are aware equity growth fund. And 12% of them are aware pure stock fund.
GRAPH-12 GRAPH SHOWING AWERNESS ON FUND IN ULIPS
Number of respondence 25 20 20
15 9 10 6 5 5 10
Asset allocation fund Liquid fund Bond fund Equity growth fund Pure stock fund
INFERENCE:
Most of respondents are aware asset allocation fund in ULIPS
As s
Eq u
et
fu nd gr ow th Pu fu nd re st oc k fu nd ity
nd fu id
fu Li qu Bo n
nd
al lo c
at io n
TABLE -13 WHAT IS YOUR OPINION ABOUT PREMIUM OF ULIPS

Particular Cheaper Reasonably Costly Total Number of respondents 00 35 15 50 Percentage 00% 70% 30% 100%
ANALYSIS:
Out of 50 respondents none of them are not thinking premium of ULIPS is not cheaper, 70% of them thinking premium is reasonable. And reaming 30% of them thinking premium is costly ULIPS.
GRAPH-13 GRAPH SHOWING OPINION ABOUT PREMIUM OF ULIPS
Number of respondents
0 15
Cheaper Reasonably Costly
35
INFERENCE:
Most of the respondents are thinking premium is reasonable in ULIPS
TABLE-14 DO YOU FEEL ULIPS SERVICE IS ESSENTIAL
Particular
Percentage
yes
40
80%
No
10
20%
Total
50
100%
ANALYSIS:
Out of 50 respondents 80% of them are thinking about ULIPS services are most essential. And remaining 20% of them thinking its not essential
GRAPH -14 GRAPH SHOWING ULIPS SERVICE IS ESSENTIAL
Number of respondence
10
yes No
40
INFERENCE: Most of respondents felt that ULIPS services are essential
TABLE -15 DO YOU WANT ANY MODIFICATION TO BE BROUGHT ABOUT ULIPS

Particular Yes No Total Number of respondents 50 0 50 Percentage 100 0 100
ANALYSIS : Out of 50 respondent 100%of thinking about ULIPS its must be modified the premium plans and reaming none of them are not thinking about its modification.
GRAPH -15 GRAPH SHOWING MODIFICATION IN ULIPS
Number of respondents 50 50 45 40 35 30 25 20 15 10 5 0 Yes No 0 Yes No
INFERENCE: Most of the respondents are thinking ULIPS should be modified.
CHPTER-5
SUMARY OF FINDINGS AND CONCLUSIONS
FINDINGS Majority of the respondents male Majority Respondents fall in the age groupe of 30 - 40 years Groups Majority of Respondents Income 10,000 to 20,000 Majority of respondents they are know about Bajaj alliance life insurance company According to the survey majority of the respondents come to know out of 50% of respondents through advertisements 60% of respondents are aware unit linked insurance plans. According to survey reveals they got awareness of ULIPS, 40% of them through advertisement, 28% of them through agents, 20 % of them through friends. and reaming 6% of them are aware of other people Majority of respondents are thinking about ULIPS. 50% of respondents beliefs services as security planning
70% of respondents are aware of ULIPS. 70% of respondents are satisfied with ULIPS 80% of respondents are prefer cash payment system Majority of respondents are aware of assets allocation fund Majority respondents felt ULIPS premium payment is reasonable 80% of respondents saying ULIPS services more essential Maximum respondents thinking ULIPS should be modified
RECOMMENDATION AND SUGGESTIONS
Bajaj Allianz should provide periodic information through agents in addition to news paper magazines Bajaj Allianz should do the advertising for creating the awareness of company to attract the customer. Bajaj Allianz should go for more advertisement to create awareness in order to attract the customers The company should have provision cheaper premium in order to make the plan feasible for all the customers They should adopt good marketing strategies to attract the customers The company should modified the ULIPS Bajaj Allianz should provide facility of premium payment which is quicker i.e. for example electronic payment
CONCLUSION
Insurance policy is inevitable as a need for future risk coverage. The awareness of LIC company is 100% due to long standing existence the growing completion among the private life insurance companies also hare been an impending factor for increasing the number of police the assurance of safety of investment and repayment of principle is another factor for slow progress in opting of the plans.
The study concludes that the awareness at present regarding the company and marketing strategies of the marketer while investing in the unit linked insurance planes. As brought about as led to the at most satisfaction to customer with need for little in province by LIC and ICICI presidential.
APPENDICES AND ANNEXURES

Questionnaire for customer respondents
Dear customer respondents I Mangala R P.G graduate student of SDCFG collage P.G center kolar. Under Bangalore university, pursuing a research study entitled A STUDY ON MARKETING STRATEGIES USED TO PROMOTE ULIPS . Can you please spare few minutes to answer the following open and close ended questions. I request you to fill up this questionnaire and the data provided by you will be used only for academic purpose and it will be confidential. A study of marketing strategic used to promote the ULIPs? Customer respond 1. Name 2. Qualification 3. Age 4. Occupation 5. Monthly Income 6. Amount of premium 7. Gender 8Are you aware of Bajaj Allianz Insurance company? Yes NO
9How do you came to know about Bajaj Allianz Insurance Company? Advertisement Agents Friends Others
10Are you aware of ULIPs? Yes No.
11How do you get awareness of ULIPs? Advertisement Agents Friends Others.
12What influenced you to invest in the ULIPs? Security Investment Savings Tax benefit
13Are you satisfied with ULIPs? Yes No
14Do you think is their any need for more awareness regarding ULIPs? Yes No 15 .What modes of premium payment do you prefer for ULIPs? Cherubs or did Cash Electronic payment
16. Which funds are you aware in ULIPs? Assets Allocation fund Equity growth fund Liquid fund Bond fund Pure stock fund 17. What is your opinion about premium of ULIPs? Cheaper Reasonable Costly 18. Do you fee ULIPS service is essential? Yes No
19. Do you want any modification to be brought about in ULIPs? Yes No
BIBLOGRAPHY
SL NO
NAMES OF THE TEXT BOOK
AUTHOR
YEARE OF EDITION
MARKETING MANAGEMENT
KARUNAKARAN
2010 8TH 4TH
RESEARCH METHODOLODY
PANNEESELVAM
ADVERTISING
REANK JEFKINS DANID YADIN
BANKING AND INSURANCE
RAVI SHANKAR
2010
JOURNALS AND WEBSITES
1 BAJAJ ALLIANZ JOURALS 2. www.bajajallianz.com/insurance 3 .www.google.com

Chapter - 1: Insurance

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MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

HISTORY OR INSURANCE INDUSTRY

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

RISK MUST ATTACH

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

CHRONOLOGICAL DEVELOPMENT OF INSURANCE SECTOR

Establishment of British firm oriental life insurance company in Calcutta

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

PLAYERS IN LIFE INSURANCE INDUSTRY

Market potential for private life insurance companies in India

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

MARKETING STRATEGIES TO PROMOTE ULIPS

LIFE INSURANCE POLICY CAN PROVIDE FOLLOWING

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS BASICS OF LIFE INSURANCE

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

Read more: http://businesscasestudies.co.uk/businesstheory/marketing/marketing-mix-price-place-promotionproduct.html#ixzz1oZ9f3SF0

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

Scope of the study

MARKETING STRATEGIES TO PROMOTE ULIPS

OPTIONAL DEFINITION OF CONCEPTS.

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

company. Marketing objective these strategies includes the 4ps of marketing.

Product Price Place Promotion

Some of marketing strategies followed by Bajaj Allianz

1. Advertisement 2. Agents 3. Brochure

SDC FIRST GRADE COLLEGE P.G.CENTER KOLAR

MARKETING STRATEGIES TO PROMOTE ULIPS

Marketing strategies to promote ULIPs