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RESEARCH REPORTON
COMPARATIVE ANALYSIS OF BAJAJ
ALLIANZ VS ICICI PRUDENTIAL
Under the guidance of:
GYAN INSTITUTE OF MANAGEMENTAND TECHNOLOGY KURSI ROAD
LUCKNOW
Submitted By:
AJAY KUMAR
MBA FINAL YEAR
Roll no-0706070003
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ACKNOWLEDGEMENT
I would like to take this opportunity to express my deep gratitude to all
those who, directly or indirectly made this project possible.I have got
considerable help and support in making this project report a reality
from many people.
I would like to thankMR. JYOTI PATHAKwhose endeavor
for perfection, under fatigable zeal, innovation and dynamism
contributed in a big way in completing this project. This work is the
reflection of his thought, ideas, concept and above all his modest effort.
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PREFACE
The impor tance of an academic course would gain
advantage and acceptance of the t rue form, only through
practical experience. Hence it is quite necessary to put the
theories into talk. It is rigidly accepted that the theory widens
one s thinking horizons viz. Concepts of marketing
philosophies, but practice indicates the modern marketing and
used in variety of settings of products.
The research programs are designed to give the manager
the future of the corporate happenings and work cul ture .
These real l ife s ituations are ent irely different f rom the
stimulated exercise enacted in an art if ic ia l environment
inside the research programmers and designed, so that the
manager to tomorrow do not feel i ll case when the t imecomes to shoulder responsibilities. Practical exposure for the
MBA students is very necessary because what they study in
the classroom is not the real i ty. Si tuat ion in the market is
unknown and very much unpredictable . So the pract ical
experience is very much necessary this is made possible with
the research project in Bajaj Allianz Life Insurance Co. in
marke ting rela ted to search for the Poten ti al Insurance
Consultants.
All organizat ions involve into business with some
objective and one of the objectives is to endorse product or
service which they produce. In my marketing project I tried
to f id ou t the poten ti al Insurance Consul tant s th rough
questionnaire for the Bajaj Allianz Life Insurance Co. The
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product for the insurance company is its policies wh ich
company sale through its Insurance Consultants. So its quite
clear that there will be as many Insurance Consultants. There
will be increased sales.
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TABLE OF CONTENTS
1. Executive Summary
2. About Life Insurance Sector
3. Industry Overview
4. Company Profile
5. About Policies Of Bajaj Allianz
6. About ICICI Prudential
7. Research Methodology
8. SWOT analysis
9. Findings
10. Conclusion
11. Recommendations
12. Bibliography
13. Questionnaire
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EXECUTIVE SUMMARY
At the present time of cut throat competition in
every industry every company want to top the chart and
want to show as big as possible f igure of prof i ts in i ts
balance sheet. It is quite clear today that at present time
the growth of any organization is possible only with the
help of hard working and well focused staffs that are the
backbone of any organizations.
It was my great pleasure that I did my research
project on Bajaj All ianz Life Insurance Co. where I got to
know that in Insurance industry the ski l ls of the man
power matters most and increasing number of Insurance
Consu ltants help the organiza tion to increase its
issuance of policies which in turn result in growth for the
organization. So it is quite clear that Insurance
Consultants matter most for the Baja j Al lianz L ife
Insurance Co.
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WHAT IS LIFE INSURANCE
First of all we should come to know that what is LifeInsurance. The d if ferent defini tions descr ib ing l ife
Insurance are as:-
Insurance in which the r isk insured against is the
death of a part icular person, the insured, upon whose
death while the policy is in force, the insurance company
agrees to pay a stated sum or income to the beneficiary.
Life Insurance pays a specified sum to the beneficiaries
upon the death of the insured. I t is general ly used to
provide cash to your family in the event of your death.
There are several types of l ife insurance whole l ife
insurance provides a l ifet ime of protection as long as
you pay the premiums to keep the pol icy act ive. They
also accrue a cash value and thus offer a sav ings
component. Term life insurance provides protection only
during the term of the policy and the policies are usually
renewable at the end of the term. Insurance on human
lives including endowment benefits, addit ional benefits
in event of death or d ismemberment by accident or
accidental means, additional benefits for disabil ity, and
annuities.
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LIFE INSURANCE INDUSTRY IN INDIA
Many may not be aware that the life insurance
industry of India is as old as it is in any other part of the
world. The first Indian Life Insurance Company was the
Oriental life Insurance Company, which was started in
India in 1818 at Kolkata. A number of players (over 250
in life and about 100 in non-life) mainly with regional
focus flourished all across the country. However, the
Government of India, concerned by the unethical
standards adopted by some players against the
consumers, nationalized the industry in two phases in
1956 (life) and 1972 (non-life). The insurance business
of the country was t0hen brought under two public sector
companies, Life Insurance Corporation of India (LIC) and
General Insurance Corporation of India (GIC).
With such a large populat ion and the untapped
market area of this population Insurance happens to be
a very big oppor tuni ty in India. Today i t stands as a
business growing at the rate of 15-20 percent annually.
Together with banking services, it adds about 7 percent
to the country s GDP. In spi te of a ll this growth the
statist ics of the penetration of the insurance in the
country is very poor. Nearly 80% of Indian populations
are without Life Insurance cover and the Health
Insurance. This is an indicator that growth potential forthe insurance sector is immense in India. I t was due to
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this immense growth that the regulations were
introduced in the insurance sector and in continuations
Malhotra Committee was constituted by the
government in 1993 to examine the various aspects of
the industry.
The Committee recommended throwing open the sector
to private players to usher in competition and bring more
choice to the consumer. The objective was to improve
the penetration of insurance as a percentage GDP,
which remains low in Ind ia even compared to some
developing countr ies in Asia. The key element of the
reform process was Participation of overseas insurance
companies with 26% capital. Creating a more eff icient
and compet iti ve financial system sui tab le for the
requirements of the economy as the main idea behind
the reform.
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A BRIEF HISTORY
The origin of insurance is very old. The t ime whenwe were not even born; was has sought some sort of
protection from the unpredictable ca lami ties of the
nature. The basic urge in man to secure himself against
any form of r isk and uncer ta inty led to the or ig in of
insurance.
The insurance came to India f rom UK; with the
establishment of The Oriental Insurance Corporation in
1818. the Indian Life Insurance company act 1912 was
the f irst statutory body that started to regulate the Life
Insurance business in India. By 1956 about 154 Indian,
16 foreign and 75 provident firms were been established
in India. Then the central government took
over these companies and as a resul t the LIC was
formed. Since then LIC has worked towards spreading
Life Insurance and building a wide network across the
length and the breath of the country. After the
liberalization the entrance of foreign players has added
to the competition in the market.
The General Insurance business in India, on the
other hand, can trace its roots to the Triton Insurance
Company Ltd, the f irst General Insurance Company
established in the year 1850 in Calcutta by the British. In
1957 General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for
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ensuring fair conduct and sound business practices. In
1972 the General Insurance Business in India with effect
from 1s tJanuary 1973. it was after this that 107 insurers
amalgamated and grouped into four companies viz. the
National Insurance Company Ltd, the New India
Assurance Company Ltd, the Oriental Insurance
Company Ltd. GIC incorporated as a company.
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INSURANCE SECTOR REFORMS
In 1993, Malhotra Commit tee headed by former
Finance Secretary and RBI Governor was formed toevaluate the Indian industry and give its
recommendat ions. The committee came up with the
following major provisions:-
Private Companies with a minimum pa id up
capital of Rs. 1 bn should be allowed to enter the
industry. Foreign companies may be al lowed to enter the
industry in collabora tion wi th the domesti c
companies.
Only one state level Life Insurance Company
should allow to operate in each state.
Reforms were initiated with the passage of
Insurance Regulatory and Development Authority (IRDA)
Bill in 1999. IRDA was set up as an independent
regulatory authority, which has put in place regulations
in line with global norms.
IRDA
The IRDA since its incorporation as a statutory body has
been f raming regulat ions and registering the private
sector insurance companies. IRDA being an independent
statutory body has put a framework of globally
compatible regulations.
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INSURANCE MARKET IN INDIA
By any yardstick, with about 200 mil lion middle
class households, presents a huge untapped potential
for players in the insurance industry. Saturation of
markets in many developed economies has made the
Indian market even more attractive for global insurance
majors. With the per capital income in India expected togrow at over 6% for the next 10 years and with
improvement in awareness levels, the demand for
insurance is expected to grow at an attractive rate in
India. An independent consulting company, the Monitor
Group has estimated that the Life Insurance market wil l
grow.
WINDS OF CHANGE
Reforms have marked the ent ry of many of the
global insurance majors into the Indian market in the
form of joint ventures with Indian companies. Some of
the keys names are AIG, New York Life, Allianz,
Prudent ia l, Standard Life, Sun Life Canada and Old
Mutual. The entry of new players has rejuvenated the
erstwhile monopoly player LIC. Which has responded to
the competi t ion in an admirable fashion by launching
new products and improving service standards.
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Market Expansion :
There has been an overa ll expansion in the
market. This has been possible due to improved
awareness levels thanks to the large number of
advert ising campaigns launched by al l the players. The
scope for expansion is st il l unlimited as virtual ly al l the
players are concentrating on large cit ies and towns
except by LIC to an extent there was no s igni ficant
attempt to tap the rural markets.
New Product Offering:
There has been a plethora of new players, mainly
from the stable of their international partners. Customers
have tremendous choice from a large variety of products
f rom pure term insurance to uni t- linked investment
products. Customers are offered unbundled products
with a variety of benefits as r iders from which they can
choose. More customers are buy ing products and
services based on their true needs and not just
traditional money-back policies, which is not considered
very appropriate for long-term protection and savings.
However, there are sti l l some key new products yet to be
introduced e.g. health products.
Customer Service :
Not unexpectedly, this was one area that witnessed
the most signi fi cant change with the entry of new
players. There is an attempt to bring in international best
pract ices in service and operat ional eff iciency thoughuse of latest technologies. Advice and need based
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sel l ing is emerging through much better t rained sales
force and advisors. There is improvement in response
and turnaround t imes in specific areas such as delivery
of first policy receipt, policy document, premium notice,
fina l maturi ty payment, settl ement of cla ims etc.
However, there is a long way to go and various customer
surveys ind icate that the standards are st il l below
customer expectation levels.
Channels of Distribution :
Til l two years back, the only mode of distribution of
l ife insurance products was through Agents. Whi le
agents cont inue to be the predominant d is tr ibut ion
channel , today a number of innovat ive a lternative
channels are being offered to customers. Some of them
are bancassurance, brokers, the internet and direct
market ing. Though i t is too ear ly to predict, the wide
spread of bank branch network in India could lead to
bancassurance emerging as a signi ficant distribut ion
mechanism.
The introduction of private players in the industry
has added to the colors in the dull industry. Theinitiatives taken by the private players are very
competitive and have given immense competition to the
on time monopoly of the market LIC. Since the advent of
the private players in the market the industry has seen
new and innovat ive steps taken by the players in this
sector. The new players have improved the servicequality of the insurance. As a result LIC down the years
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have seen the declining phase in its career. The market
share was distr ibuted among the private players. LIC
market share has decreased from 95% (2002-03) to 82%
(2004-05).
The fol lowing companies has the market share of
the life insurance industry.
Insurance Company Market Share (Fig. in %)
LIC 71.44
ICICI Prudential 11.35Bajaj Allianz 7.06
HDFC Standard Life 2.37
SBI Life 1.81
Birla Sun Life 1.49
Max New York Life` 0.98
TATA AIG 0.79
Aviva 0.89
OM Kotak Mahindra 0.86ING Vyasa 0.57
Reliance 0.37
MetLife 0.24
Market Share of Life Insurance Companies as of
May 2008
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CURRENT SCENARIO OF THE
INSURANCE INDUSTRY IN INDIA
India with about 200 mill ion middle class household
shows a huge untapped potential for players in the
insurance industry. Saturation of markets in many
developed economies has made the Indian market even
more attracti ve for global insurance majors. The
insurance sector in India has come to a position of very
high potential and competitiveness in the market.
Innovative products and aggressive distr ibution
have become the say of the day Indians, have always
seen Life Insurance as a tax saving device, are now
suddenly turning to the private sector that are providing
them new products and variety for their choice.
Life Insurance industry is wait ing for a big growth
as many Indian and Foreign companies are wait ing in
the line for the green signal to start their operations. The
Indian Consumer should be ready now because themarket is going to give them all array of products,
di fferent in pri ce, features and benefi ts. How the
customer is going to make his choice will determine the
future of the industry.
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CUSTOMER SERVICE
Consumers remain the most important centre of the
insurance sector. After the entry of the foreign players
the industry is seeing a lot of compet it ion and thus
improvement of the customer service in the industry.
Computerization of operations and updating of
technology has become imperati ve in the current
scenario. Foreign players an bringing in internat ional
best practices in service through use of latest
technologies. The one time monopoly of the LIC and its
agents are now going through a through revision and
training programs to catch up with the other private
players.
DISTRIBUTION CHANNELS
Til l date insurance agents sti ll remain the main
source through which insurance products are sold. The
concept is very well established in the country l ike India
but stil l the increasing use of other sources is
imperat ive. I t therefore makes sense to look at wel l
balanced, alternatives channels of distribution.
LIC has a lready well establ ished and have anextensive d is tr ibut ion channel and presence. New
players may f ind i t expensive and t ime consuming to
bring up a distribution channel to have an advantage.
At present the distribution channels that are
available in the market are:
Direct Selling Corporate Agents
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Group Selling
Brokers and Cooperative Societies
Bancassurance
To make all these channels a success the
companies have to be very alert and skil lful to know how
to use these channels in a proper way. Bancassurance
is on of the most upcoming channels of distribution.
BANCASSURANCE:
India has an extensive bank network establ ished
over the years. What Insurance companies have to do is
to just take advantage of the customers long-standing
trust and relationships with banks. This is a mutual ly
beneficial situation as banks can also expand their range
of products on offer to customers, while the insurance
company wi ll a lso earn profi ts f rom the exposure.
Another advantage is that banks, with their network in
rural areas, help to ful fi l l rural and social obl igat ions
stipulated by the
Insurance Regulatory and Development
Authority (IRDA) recently. Insurance companies should
see banc assurance as a tool for increasing thei r
market penetration in India. I t is also good for the one
who sees banc assurance in terms of reduced price,
high quality product and delivery at doorsteps.
Everybody is a winner here. The creation of banc
assurance operations has made an important impact on
the financial services industry at large. This is though a
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new concept but it has gained a lot of importance in the
industry at present and has a great future.
PRODUCT INNOVATION
Customers have tremendous choice from a large
variety of products from pure term insurance to unit-
l inked investment products. Customers are of fered
unbundled products with a variety of benefits as r iders
from which they can choose. More customers are buying
products and services based on their true needs and not
just traditional money- back policies, which is not
considered very appropriate for long-term protection and
savings.
RURAL MARKETING
Rural India seems to have an appet i te for mobi le
phones, computers, and cars and to add to i t we have
insurance. In Ind ia wi th the private players having
entered into the insurance industry , the expected
explosion in job opportunit ies may not actually happen
but for them the catchments area is the opportunities in
the rural India. In India the insurance business can be
said to be a marathon, not a sprint. This is because of
the nature of the business being long term. However i tseems that they if not anything, are only increasing their
spending, though only out of the capital. As insurance
companies go more and more rural in search of
business, there will be opportunities in the rural sector.
Already United India The Rural consumer is now
exhibiti ng an increasing propensi ty for Insuranceproducts. A research conducted exhibited that the rural
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consumers are will ing to dole out anything between Rs.
3,500 and Rs. 2,900 as premium each year. In the
Insurance the awareness level for Life Insurance is the
highest in rural India, but the customers are also aware
about motor, accidents and cattle insurance. According
to a study nearly one third said that they had purchased
some kind of insurance with the maximum penetration
skewed in favor of l ife insurance. The study also pointed
out the private companies have huge task to play in
creating awareness and creditabi li ty among the rural
populace.
INFORMATION TECHNOLOGY AND INSURANCE:
In the insurance industry today, there is a c lear
trend away from sell ing a broad range of products to a
large volume of customers in a one- size-fits-all manner.
Instead of focusing on their dif ferent products l ines as
si los ( i .e., l i fe, property and casualty etc) insurers are
looking for ways to of fer high ly targeted insurance
products that are tai lored to the individuals customers
with the h ighest propensi ty to buy them. Insurance
industry is a data-rich industry, and thus, there is desire
need to use the data for trend analysis andpersonalization.
With increased competition among insurers, service
has become a key issue. People today dont want to
accept the current value proposi ti ons, they want
personal ized interact ions and they look for more andmore features and add ones and better service. Today
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managing the customer intel l igently is very crit ical for
the insurer especially in the very competitive
environment. Companies need to apply dif ferent set of
rules and t reatment strategies to dif ferent customer
segments.
With the explosion of Website and greater access
to di rect or poli cy information, there i s a need to
developing better techniques to give customers a truly
personalized experience. Personalization helps
organizations to reach their customers with more impact
and to generate new revenue through cross sel l ing and
up sel l ing activit ies. To ensure that the customers are
receiving personalized information, many organizations
are incorporating knowledge database-repositor ies of
content that typical ly include a search engine and lets
the customers locate the al l document and information
related to their queries of request for services.
Customers can hereby use the knowledge database to
manage their products or the company information and
invoices, c la im records, and histories of the service
inquiry. These products also may be able to learn from
the customers previous knowledge database and to usetheir information when determining the relevance to the
customers search request. The insurance sector remains
a very competitive market and those companies that are
able to best uti l ize their data and provide their customer
with the most personalized options will have the distinct
competitive advantage.
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MERGERS AND ACQUISTIONS:
This is an era of mergers and acquisi tions. Pr ivate
companies including MNCs are amalgamating the world
over to get more competi ti ve edge. Currentl y, the
general insurance industry has been opened up. The
insurers are doing enough to ra ise the level of risk
awareness or are they merely content to compete in the
markets organized and established. The private players
in the future would have to turn their attention to working
in the unorganized and under served markets.
What is l ikely to happen is that the private players
would cont inue to skim the prof i table segments of the
already organized business in the urban areas? The time
has already come for the government of India to
evaluate the performance of private companies.
However i t is high time for the government to
realize that importance of merging the public sector
general insurance companies into s ingle ent ity. The
recent scenario calls for a better performance from part
of each of the public sector insurance companies against
each other. The result what we see is the undercutting toretain or wrest business and quoting an uneconomical
rate of premium. Whi le this allows one of the Public
Sectors Company to win a business form another in this
manner. The others suffer a loss and the resultant effect
is a cannibalization with a fall in the average premium of
the public sector itself.
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The purpose of having four companies all
subsidiaries ofGeneral Insurance Corporation of India
(GIC) National Insurance Company, New India
Assurance Company, Oriental Insurance Company,
and The United India Insurance Company; at the time
of national ization was to have compet it ion among
themselves in service and products at the same price.
Now with real competit ion coming in with most of
the global insurance players setting footprints here, it is
felt that the t ime for merger has come and to enjoy the
benef its i f the size. I t is to be stated that s ize does
matter in insurance business. Al l over the worlds
mergers and acquisitions in the risk-underwriting sector
is common. The benefits if the four insurance companies
merge wi l l be enormous. The merged ent i ty wi l l enjoy
higher underwriting and risk retention capacity; increase
in reinsurance premium, reduction in reinsurance
out flow, healthy solvency margins, set ting r ight the
asset- l iabi l i ty mismatch and reduction in cost. The loss
of profitable business in view of undeserved competition
among the publ ic sector companies is hampering the
subsidization of social insurance including the motorthird party liability (TPL).
It is thus clear that i t is good for the public sector
companies to merge immediately when they are sti ll
strong, lest a merger becomes inevitable later after the
independent public sector companies fai l one after another.
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STRATEGIC ALTERNATIVES:
If one analyses the history of growth of the
insurance industry since reforms, i t is marked by all -
round growth of all players. More or less all players have
aggressively recruited and trained advisors, appointed
agents, launched new products, improved customer
service standards and revamped/expanded their
d ist ribution networks. Every player would l ike the
customers to bel ieve that i ts service standards are the
best or that its agents are the most informed and ethical.
In other words, each company is trying to be everything
to everybody. Some players justi fy the above strategy
on the basis that the Indian market is huge and i t can
accommodate everybody. St i l l , in a market where i t is
diff icult to dist inguish oneself suff iciently on service or
any other parameter to be able to charge a premium, i t
will lead to unmitigated price competition to the
detriment of all players. In the insurance industry where
large amounts of capital are required, this is risky.
While there is room for a few scale players with a
finger in every pie, it is profitable for the players to focus
on different segments to survive and thrive in a mult i-f irm open environment. Whi le each company has to
choose its own unique posit ioning based on its unique
strengths.
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Variety-based Positioning
This type of positioning is based on varieties in
products and services rather than customer segments. It
is a sensible strategy for those companies who have
distinctive advantages or strengths in offering certain
products and services.
In the insurance industry too, i t i s poss ib le to
achieve a unique posi ti on by focusing on certain
category of products. Through its superior fund
management capabi l it ies, the insurance company can
deliver better returns on it investment-l inked products
and thereby for i tse lf a leadership posi tion in th is
segment.
Then there is the entire category of pension
products, which is widely touted to have immense growth
potential in India due to imminent pension reforms. It is
possible to achieve profi table posit ioning by focusing
and excelling in only pension products.
Needs based Positioning
This is the most commonly understood
position ing and is based on the d ifferent needs of
di fferent groups of consumers. This can be done
successfu lly i f a company has unique st rengths to
service a group of customer needs better than others.
The insurance needs of young fami ly with small
chi ldren wi l l be quite di f ferent f rom that of a family in
which the income-earner is close to retirement.
However, in India most of the Life Insurance companieshave a wide variety of products of dif ferent customer
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needs and there is no company focusing only on a
particular customer needs.
Access- based Positioning
Positioning of customers can also be done by
the way they are accessible that is dif ferent groups of
customers may be accessible in dif ferent ways even
though they may have similar needs. Access is typically
a function of customer scale.
There is excel lent oppor tuni ty in the insurance
industry to employ access-based positioning by targeting
the rural insurance sector. The rural market for Life
Insurance is very dif ferent f rom the urban market in
terms of needs, income levels, distribution, penetration
of media and so on. Except for LIC, no other player has
paid any attention or focus on the rural sector. Contrary
to common perception it is a big opportunity as
emphasized repeatedly by such eminent strategies l ike
C.K.Prahlad. Rural market can be a highly profi table
position if one is able to carefully plan.
CHOOSING THE RIGHT STRATEGY
The right strategic choice is not a matter of
posi t ioning choice alone. I t is the conf igurat ion of the
entire value chain of the company through a different set
of activit ies to del iver unique value to consumers. The
set of act iv it ies cover all upstream and downstream
activit ies, from the selection of the product mix. SomeLife Insurance companies focusing on rural markets
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have adopted innovative means of distr ibution. Instead
of appointing agents as is done typically, they have used
Gramsevaks in dif ferent vi l lages across the country to
promote Life Insurance and act as their sales arm.
So we can conclude that, the size of the market has
grown and the size of the insurable population in India is
indeed vast and the exist ing players have managed to
cover about one-fourth of it.
The fal ling interest rates, the col lapse of many
small time financial institutions, the scope for entering
related areas l ike banking and pensions in a bid for
synergy and the promise of the e-commerce are some of
the other oppor tuni ties knocking at the doors of the
insurance majors.
A number of web sites are coming up on insurance,
a few financial magazines exclusively devoted to
insurance and also a few training institutes being set up
hurriedly. Many of the universit ies and management
institutes have already started courses in insurance.
Life insurance has today become a mainstay of anymarket economy s ince i t o ffers plenty of scope for
garnering large sums of money for long periods of time.
A well regulated Life Insurance industry which moves
with the t imes by offer ing i ts customers tai lor-made
products to sat isfy their f inancial needs is, therefore,
essential i f we desire to progress towards a worry-freefuture.
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COMPANY
PROFILE
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ABOUT BAJAJ ALLIANZ LIFE
INSURANCE
Mission: As a responsible customers focused market
leader, we sti l l str ive to understand the insurance
needs of the consumers and translate it into
affordable products that deliver value for money.
Vision:
To be the first choice insurer for customers.
To be the preferred employee for staff in the insurance
industry.
To be the number one insurer for creating shareholder
value.
SAM GHOSH , who was the CEO of Bajaj Allianz earlier
has taken over as country Manager and is also the
CEO of Bajaj Allianz Life Insurance Company.
Bajaj Allianz Life Insurance Company Limited
Bajaj Allianz Li fe Insurance Co. Ltd i s a joint
venture between two leading conglomerates-, and Bajaj
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Auto, one of the biggest two and three-wheeler
manufacturers in the world and Al l ianz AG, one of the
worlds largest insurance companies.
Bajaj Allianze Life Insurance
Is the fastest growing private life insurance
company in India.
Currently have over 300000 satisfied customers.
Have Customer care centers in 156 ci ties with
28000 Insurance Consultant prov id ing the finest
customer service.
One of Indias leading private life insurance companies.
Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is
a joint venture between Bajaj Auto Limited and All ianz
AG of Germany. Both enjoy a reputation of expertise,
stability and strength.
Bajaj All ianz Genera l Insurance received the
Insurance Regulatory and Development Authority (IRDA)
cer ti ficate of Registrat ion (R3) on May 2nd, 2001 to
conduct General Insurance business ( including Health
Insurance business) in Ind ia. The Company has an
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authorized and paid up capital of Rs.110 crores. Bajaj
Auto holds 74% and Allianz holds the remaining 26%.
AG, Germany.
In i ts fi rst year of operations the company has
acquired the NO. 1 status among the private non- li fe
insurers. As on 31s t March 2003, Bajaj All ianze General
Insurance maintained its leadership position by
garnering a premium income of Rs.300 Crores. Bajaj
All ianze also became one of the few companies to make
a profi t in i ts f irst ful l year of operations. Bajaj Al l ianz
made a profit after tax of Rs.9.6 crores.
Bajaj All ianze today has a network of 40 off ices
spread across the length and breadth of the country.
From Surat to Sliliguri and Jammu to
Thiruvananthapuram, all the 38 offices are
interconnected with the Head Office at Pune.
In the f irst half of the current f inancial year, 2004-
05, Baja j Al lianz generated a premium income of
Rs.405 crores, achieving a growth of 84% and
registered a 52% growth in Net profi t of Rs. 20 Crores
over the last year for the same period. In the f inancial
year 2003-04, the premium earned was Rs.480 Crores,
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which is a jump of 60% and the profi t zoomed by 125%
to Rs. 21.6% Crores.
Shareholders & Promoters
Bajaj Auto Limited
Bajaj Auto Limited is the largest manufacturer of
two and three-wheelers in India and also one of the
largest manufacturers in the world. Bajaj Auto has been
in operation for over 55 years. As a promoter of Bajaj
All ianz General Insurance Company Ltd., Bajaj Auto has
the following to offer:
Vast distribution network.
Knowledge of Indian consumers.
Financial st rength and stabi li ty to suppor t the
insurance business
Allianz AG, Germany
All ianz Group is one of the world's leading insurers
and financial services providers.
Founded in 1890 in Berlin, All ianz is now present in
more than 70 countries with over 177,000 employees. At
the top of the international group is the holding
company, Allianz AG, with its head office in Munich.
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All ianz Group provides its more than 60 mi llion
customers worldwide with a comprehensive range of
services in the areas of
Property and casualty insurance,
Life and health insurance,
Asset management and banking.
In fiscal year 2005, Allianz's total revenues amounted to
some 100.9 billion euros. At the end of 2005 Allianz
Group had more than 1.26 trill ion euros in assets under
management. Of this, 743 billion euros were assets
managed for third parties.
History of Allianz
Documenting and researching its corporate history
is part and parcel of the corporate culture of Allianz AG.
The Allianz Center for Corporate History devotes itself to
these tasks. As a frequently used information center, i t
has evolved into the company's "living memory".
Global Presence
All ianz Group is present on every continent and has
companies and offices in about 70 count ries. More
information about our locations throughout the world is
available by moving the cursor over the world map.
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Business Fields:
Property & Casualty Insurance
When it comes to property and casualty insurance,
All ianz is number one in Germany. Allianz also ranks as
one of the world's leading global industrial risk insurers.
Life & Health Insurance
In life and health insurance, Allianz Group is among
the top companies in Europe. Private and corporate
retirement provision is emerging as a major market
Asset Management & Banking
All ianz Group's asset management activities are
integrated under one roof at All ianz Global Investors.
With Dresdner Bank, the All ianz Group has laid a broad
foundat ion in order to address clients ' needs on the
investment market.
All ianz AG is in the business of General (Property &
Casualty) Insurance; Life & Health Insurance and Asset
Management and has been in operation for over 110
years. All ianz is one of the largest global composi te
insurance with operations in over 70 countries. Further,
the Group provides Risk Management and Loss
Prevention Services. All ianz has insured most of the
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worlds largest infrast ructure projects (including
Honkong Airport and Channel Tunnel between UK and
France), fur ther Al lianz insures the majori ty of the
fortune 500 companies, besides being a large industrial
insure, Allianz has a substantial portfolio in the
commercial and personal l ines sector, using a wide
variety of innovative distribution channels.
Allianz AG has the following of offer Bajaj All ianz
General Insurance Company Ltd.:
Set up and running of General insurance operations
New and improved international products
One of the worlds leading insurance companies
More than 700 subsidiaries and 2 lac employees in
over 70 countries worldwide
Provides insurance to almost hal f the Fortune 500
companies
A Partnership Based on Synergy
Bajaj All ianz General Insurance Company offers
technical excellence in al l areas of General and Health
Insurance as well as Risk Management. This partnership
successfully combines Bajaj Autos in-depth
understanding of the local market and extensive
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distr ibut ion network with the global exper ience and
technical expertise of the All ianz Group. As a registered
Indian Insurance Company and a capital base of Rs.110
crores, the company is:
Ful ly l icensed to underwr ite a ll l ines of general
insurance business including health with management
control by Allianz AG
About Bajaj Allianz Life Insurance:
Bajaj Allianz Life Insurance Company has
developed insurance solut ions that cater to every
segment and age-income profi les. I ts products include
Invest Gain (a unique life insurance plan where
sustenance of income is combined in the same plan that
also pays a lump sum), Cash Gain (Money Back), Child
Gain (Childrens plan where sustenance of income is
combined in the same plan that also pays a lum sum),
Cash Gain (Money Back), Child Gain (Childrens Plan),
Risk care (Pure Term), Life Time Care (whole Life), term
Care ( term with return of premium), Swarna Vishrant i
(Retirement Plan), Protector (Mortgage term insurance
plan), UnitGain (Unit Linked Whole of Life Plan) and Unit
Gain Single Premium.
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Bajaj Al l ianz Life Insurance is poised for an accelerated
growth in the market and has already become the fastest
growing private l i fe insurance company in India. Bajaj
All ianz Life Insurance has a wide pan India presence of
of f ice network in 156 ci t ied of the country and is aided
with a strong and trained Agency network of over 28000
agents. Bajaj All ianz has also forged strong Banc
assurance and Corporate Agency relationship and
continues to build on new tie-ups for fast track growth and
deep market penetration.
Bajaj All ianz Life Insurance has launched a slew of
need-based products to cater to each varied needs of the
customer. Current ly Bajaj All ianz Life Insurance has a
product port fol io of 19 products and more need-based
products are in the pipeline.
Bajaj Allianz general Insurance: 125 percent profit
Increase
Bajaj Allianz General Insurance Company Limited is
a joint venture company between Bajaj Auto Ltd., Indias
leading manufacturer of two and three wheeler vehicles
and the Allianz Group.
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Bajaj All ianz General Insurance offers technical
excellence in al l areas of general and health insurance
and risk management.
The partnership successfully combines Bajaj Autos
extensive understanding of the local market and
expansive d ist ribution wi th Al lianz Groups g lobal
experience and technical expertise.
Bajaj All ianz General Insurance is headquartered in
Pune and has a wide network of 40 offices spanning the
country. All the offices are fully networked. The company
received the IRDA registrat ion in may 2001; today, i t
already has a vast range of 45 products to sui t i ts
corporate and retai l customers. The company has also
pioneered in unique forms of risk cover.
In the year 2006-2007, the company garnered a
premium income of approximately 4.8 bil l ion Rupees (86
mi ll ion Euros) wi th a profi t a fter tax of 220 mi ll ion
Rupees (3.9 mil l ion Euros); i t sold 1.2 mil l ion policies.
With this resul t , i t achieved a net prof i t growth of 125
percent , gross wri tten premiums jumped by over 60
percent.
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Allianz Bajaj Changed Its Name To Bajaj Allianz Life
Insurance
All ianz Bajaj Life Insurance Co. Ltd., the fastest growing
private l ife insurance co. today announced that i t has
changed its corporate name to Bajaj Allianz Life
Insurance Co. Ltd, effective from August 03, 2004. The
change in company name comes in conjunction with
research f indings from exist ing customers, business
associates, prospective customers and other
stakeholders indicates higher comfort level and ease of
recall ing Bajaj name f irst and then All ianz, and hence
the name Bajaj Allianz.
Bajaj Al lianz General Insurance Company Limited
and Bajaj Al lianz Life Insurance Company Limited will
now have a common logo and branding which will help in
increasing our visibil ity and familiarity, which will create
a much larger awareness and a greater mind share. The
new logo incorporates the new Bajaj Auto logo.
Comment ing on this occasion Mr. Sam Ghose
Manager, All ianz and CEO, Bajaj All ianz Life Insurance
said, we are not only acquiring a new name, but have
put in motion a new level of energy and commitment to
delivering the best products. The name change coupled
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with aggressive strategic market ini tiat ives to reach
service customers bet ter wi ll g ive us an unbeatable
position in the insurance market in this country and both
Life and General companies together can unleash the
Power of One and be the leader in the insurance
industry.
Bajaj Al lianz Life Insurance recently launched over
100 satel li tes branches, new l ife and non-l ife group
products, which has helped Baja j A ll ianz (formerly
known as Al lianz Baja j) to log in Rs.100 Cr . Gross
Wri tten Premium (GWP) in the f irst 100 days of this
financial year and has leaped to 2nd position as per IRDA
figures ending June 07, from its 7 th position at the end of
last financial year.
Bajaj All ianz Life Insurance has also brought in the key
executives, to infuse greater thrust, new ideas, efficiency
and professionalism to impart state of the art servicing to
the customers across the length and breadth of the
country.
CORE COMPETENCIES AT BAJAJ ALLIANZ LIFE
INSURANCE
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The Bajaj Allianz Difference
Business strategy a ligned to cl ients 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
Trust
At Bajaj Allianz, they have realized that the
customer seeks an insurer whom he/she can trust. Bajaj
All ianz Limited is trusted name for over 55 years in the
Indian market and All ianz AG has over 110 years of
global experience in f inancial services. Together they
are committed to provide the customer with t ime tested
and trusted financial solutions that provide the customer
al l the security he/she need for their investments. And
more
Underwriting Philosophy
Their underwriting philosophy focused on:
Understanding the customers needs
Underwriting what we understand
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Meeting the customers requirements
Ensuring optimal coverage at lowest cost
Claims Philosophy
The Bajaj Al l ianz team fol lows a service that aims
at taking the anxiety out of c la ims processing. They
pride themselves on a friendly and open approach. They
are focused towards providing the customer a hassle
free and speedy claims processing.
Their claims philosophy is to:
Be flexible and settle fast
Ensure no c la im f i le to be seen by more than 3
people
Check processes regu larl y against the global
All ianz OPEX (Operational Excellence)
methodology
Customer Orientation
At Bajaj Allianz, the guiding principals are customer
service and client sa ti sfaction. All the efforts are
directed towards understanding the cu lture, soc ia l
environment and individual insurance requirements- so
that they can cater to all the customers varied needs.
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Experienced and Expert Servicing Team
Bajaj All ianz is driven by a team of experienced
people who understand Indian risks and are supported by
the necessary international expertise requires to analyses
and assess them service engineers located in every major
city.
Superior Technology
In order to ensure speedy and accurate processing o
the customers needs, they have established worlds
class technology, with renowned insurance software,
which networks all our offices and intermediaries
Using the Web, policies can be issued form any
office across the country for retail products
Unique, user f riendly software developed to make
the process of issue of policies and claims
sett lement simpler (e.g. onl ine insurance of marine
policy certificate)
Unique Forms of Risk Cover
Special PA cover for Amarnath Yatris
Housing loan cover for people, who are suddenly
unemployed
Film insurance
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Event management cover
Risk Management Their Expertise
Their service methodology is tr ied, tested and Proven
the world over and involves:
Risk identification: Inspection
Risk analysis: Portfolio review and gap analysis.
Risk retention
Risk Transfer: To an insurer as well as rein surer (as
required)
Creation of need based products
PRODUCTS
OF
BAJAJ ALLIANZ
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LIFE
INSURANCE
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LIFE INSURANCE POLICIES
PENSION PLANS
SWARNA VISHRANTI
You have been working hard. Youre going to retire
one day, How do you see your ret irement? Traveling
Gol fing? Turning a hobby into a second career or
volunteering for a noble cause or simply spending more
time with your family.
In retirement, how you choose to spend your time is
now up to you. Its also up to you to ensure your
retirement income lasts as long you do. The decisions
you make about your money today should be f lexible
enough to accommodate your changing needs. Taking
charge of your olden years are golden years.
What does Bajaj Allianz Swarna Vishranti offers?
With Bajaj AllianzSwarna Vishranti, a person can
take control of his/her future and ensure a retirement he
can look forward to. This plan helps a person to
prudent ly p lay for h is ret irement today, so that he
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doesnt have to worry about inflation, declining interest
rates and rising medical b il ls in the fu ture as a lso
ensures the financial security of his family. The annuity
payable under this plan will ensure that his/her earnings
never stop dur ing their l i fet ime. Packed with a host of
innovative features and with flexibil ity l ike never before,
then the search for the perfect pension ends here with
Bajaj Allianz Swarna Vishranti, they have the option to
choose the following additional benefits:
a) Family Income Benefit : The customer can
select the unique Fami ly Income Benef it f rom
Bajaj Allianz that ensures total financial
protect ion for 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 ti l l the vesting
date or at least for period of 10years, whichever
is higher. Moreover, a ll future premiums are
waived. This unique regular income benefit can
act as impor tant supplement to the pension
available to the spouse in the case of death.
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b) Comprehensive Accident Protection :This
benefit provides comprehensive cover in case of
an accident. It comprises of :
Accidental Death Benefit : Accidents are
always sudden and sometimes fatal. You
cant lessen the emotional shock but you
can certainly sof ten 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 pol icies with Bajaj
All ianz taken together).
Accidental Permanent Total /Parti al
Disability Benefit : Accidents are
unpredictable and so are the consequences.
They may lead to a d isabi li ty - part ia l or
total . This benefi t prov ides a financial
cushion against such misfortunes. One wil l
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get 50% of the Sum Assured in case of
partial disability and
100% in case of total disabili ty. (Subject to
a maximum of Rs. 25,00,000/- for par tial
and Rs. 50,00,000/- for total disabil ity under
all policies with Bajaj All ianz taken
together).
Waiver of Premium Benefit : An accident
may lead to premium total disabil ity, l imiting
ones abil ity to earn. Bajaj All ianz Waiver of
Premium Benef it is a helping hand when
one needs i t most. I t waives off al l future
premiums whi le keeping the valuable l ife
insurance cover al ive, thus enabling you to
live up to your commitments.
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ABOUT US ICICI PRUDENTIAL :
ICICI Prudential Life Insurance Company is a joint venture
between ICICI Bank , a premier financial powerhouse and
Prudential plc , a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was
amongst
The first private sector insurance companies to begin operation in
December 2000 after receiving approval from Insurance
Regulatory Development Authority(IRDA).
ICICI Prudentials equity base stands at Rs. 9.25 billion with
ICICI Bank and Prudential plc holding 74% and 26% stake
respectively. In the financial year ended March 31,2005, the
company garnered Rs 1584 crore of new business premium for a
Total sum assured ofRs 13,780 crore and wrote nearly 615,000
policies. The company has a network of about 56,000 advisors;
as well as 7 banc assurance and 150 corporateagent tie-ups.
For the past four years , ICIVI Prudential has retained its position
as the No. 1 private life insurer in the country , with a wide
range of flexible products that meet the needs of the Indian
customer at every step in life.
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VISION :
To make ICICI Prudential the dominant Life and Pensions built on
trust by world class people and service.
This we hope to achieve by:
Understanding the needs of customers and offering them
superior products and service.
Leveraging technology to service customers quickly,
efficiently and Conveniently.
Developing and implementing superior risk management
and investment strategies to offer sustainable and stable
returns to our policyholders.
Providing an enabling environment to foster growth and
learning for our employees.
And above all, building transparency in all our dealings.
The success of the company will be founded in its
unflinching commitment to 5 core valuesIntegrity,
customer First, Boundary less, Ownership and
passion.Each of the values describes what the company
stands for, the qualities of our people and the way we work.
We do believe that we are on threshold of an exciting new
opportunity, where we can play a significant role in redefine
and reshaping the sector. Given the quality of our
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parentage and the commitment of our team, there are no
limits to our growth.
PROMOTERS :
ICICI Bank is Indias second- largest bank with total assets
of about Rs.1112,024 crore and a network of about 450
branches and officies and about 1750 ATMs. It offers a
wide range of banking products and financial services to
corporate and retailcustomers through a variety of delivery
channels and through its specialized subsidiaries and
affiliates in the areas of investment banking, life and non-
life insurance, venture capital, asset management and
information technology . ICICI Bank posted a net profit of
Rs.1,637 crore for the year ended march 31, 2004. ICICI
Banks equity shares are listed in India on stock exchanges
at Chennai , Delhi, Kolkata and Vadodara, the stock
Exchange, Mumbai and the National Stock Exchange of
India Limited and its American Depositary Receipts
(ADRs) are listed on the New York Stock Exchange
(NYSE).
THE COMPANY
ICICI Prudential Life Insurance company is a joint venture
between ICICI Bank , a premier financial powerhouse , and
Prudential plc , leading international financial services group
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headquartered in the United Kingdom. ICICI Prudential was
amongst the first private sector insurance companies to begin
operation in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IDRA).
ICICI Prudential ?s equity base stands at Rs. 925 crore with ICICI
Bank and prudential plc holding 74% and 26% stake
respectively. In the financial year ended March 31, 2005, the
company garnered Rs 1584 crore of new business premium
for a total sum assured of Rs 13,780 corer and wrote nearly
615,000 policies. For the past four years , ICICI prudential
has retained its position as the No. 1 private life insurer in
the country, with a wide range of flexible products that meet
that needs of the Indian customer at every step in life.
Prudential plc:
Established in London in 1848, Prudential plc, through its
business in the UK . And Europe, the US and Asia, provides
retail financial services products and Services to more than 16
million customers, policyholder and unit holders worldwide. As of
June 30,2004, the company, had over US$300 billion in funds
under management. Prudential has brought to market an
integrated range of financial services products that now includes
life assurance, pensions, mutual funds, banking , investment
management and general insurance. In Asia, Prudential is the
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leading European life insurance company with a vast network of
24 life and mutual fund operations in twelve countries China ,
Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
Philippines, Singapore, Taiwan, Thailand and Vietnam
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MANAGEMENT
BROAD OF DIRECTORS :
The ICICI Prudential Life Insurance Company Limited Broad
comprises reputed people from the finance industry both from
India and abroad .
Mr . K.V. Kamath , Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs . Kalpana morparia
Mrs. Chandra Kochlar
Mr. Kevin Holmgren
Mrs. M.P. Modi
Mr. R Narayanan
Ms. Shikha Sharma , Managing Director
Savings Plans
ICICI prudential offers a variety of policies that give you the
benefits of protection and the opportunity to save for
important assets or events , like a home , a car or a
wedding.
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Invest Shield Cash
A regular premium unit linked insurance plan with an
assurance of Capital Guarantee# with the added advantage
of flexible liquidity option . An ideal plan for long term
planning with the benefit of liquidity .
The Key features of the plan are:
Flexibility to choose a specific level of protection (Sum
Assured) , based on a multiple of the annual premium
. you can also choose the term of the plan.
At the end of the term , the higher of the value of
units or the guaranteed value* is paid . On death , Sum
Assured along with the higher o value of units or
guaranteed value is payable.
Facility to make withdrawals from the 6th policy year
onwards till the end of the policy term . Every year
withdraw up to 10% of the value of units .
Additional credits payable as a percentage of the
initial annual premium are paid along with the death
maturity benefit .
Additional insurance for 10 year after the maturity , for
an amount of 50% of the Sum Assured.
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Flexibility to make additional investment with the help
of top up facility.
Flexibility to increase / decrease your annual premium
amount
Facility of Automatic premium payment With this
facility you can take a temporary break from premium
payment. **
Total transparency with the premium allocations , and
other charges declared upfront.
The guaranteed value of the unit fund is value of all
invested premiums (premiums net of all charges) along
with the declared bonus interests.
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SWOT ANALYSIS
STRENGTHS:
Multi channel distribution and one of the largest distribution
networks in India.
Customer centric products and serevices.
Superior investment and risk management framework.
Training process of the company is very strong.
Different plan for different peoples.
WEAKNESSES:
Company does not penetrate on the rural market at a time.
There is no plan for the low income group.
Fees for the advisor is high than the other company.
OPPORTUNITY:
Insurance market is very big, where company can expand its
horizon in insurance industry.
Though good investment and insurance it is easy to top indian
customers.
The huge insurance market (96%) is left so company has
opportunity to expand our products.
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THREATS:
OLD HABITS DIE HARD : its still difficult task to win the
confidence of public towards private company.
The company is facing major threats from LIC which is an
only government company.
Plans for all income groups is not available which can create
adverse effect later on the market share of the company.
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RESEARCH METHODOLOGY
Research methodology is a description explanation and
justification of various methods of conducting research.
TYPE OF RESEARCH
APPLIED RESEARCH:It aims at finding a solution for an
immediate problem facing a sociaty or an individual business
organisation. Thus Applied research is to discover a solution
for some pressing practical problem.
SAMPLING:SAMPLING: The sampling plan for the study decides the workThe sampling plan for the study decides the work
area that is the population, which has to be surveyed . A Briefarea that is the population, which has to be surveyed . A Brief
idea about the sampling for this research consisting of its differentidea about the sampling for this research consisting of its different
parameters is given below:parameters is given below:
TYPE OF SAMPLING:TYPE OF SAMPLING:
Connivance SamplingConnivance Sampling
Sample Size: 100Sample Size: 100
Universe: LucknowUniverse: Lucknow
TOOLS USED FOR DATA COLLECTION
The research was carried out through surey method with the help
of a QUESTIONNAIRE consisting of closed ended question.due
to flexibility , questinnairemethod is ideally suited for collection of
primary data.
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Research Problem
Factors affecting the satisfaction of existing advisors.Factors affecting the satisfaction of existing advisors.
Factors affecting the peoples for becoming advisors inFactors affecting the peoples for becoming advisors in
insurance.insurance.
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OBJECTIVE OF THE STUDYOBJECTIVE OF THE STUDY
To studyTo study COMPARATIVE ANALYSIS OF BAJAJCOMPARATIVE ANALYSIS OF BAJAJ
ANALIANZ VS ICICI PRUDENTIALANALIANZ VS ICICI PRUDENTIAL ..
Factors affecting the choice of customer for becomingFactors affecting the choice of customer for becoming
Insurance.Insurance.
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ANALYSIS AND FINDINGS
Reasons of being Consumers with Bajaj Allianz
extra income - 14%
career progression -14%
recognition - 5%
flexibility- 3%
all the above- 64%
extra income
career
progession
recognition
flexibility
all the above
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Annual businessAnnual business
0-35000: 5%
35000-7000: 14%
more than 70000: 81%
0-35000
35000-70000
more than
70000
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Satisfaction level of customersSatisfaction level of customers
Highly satisfied-19%
Satisfied-43%
Highly dissatisfied-8%
Cant say-8% Highly satisfied-19%
highly satisfied
satisfied
dissatisfied
highly
disssatisfied
cant say
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Reason of linking withReason of linking with icici purdential.icici purdential.
Integrity-27%
Good working envt-11%
Customer friendly policies-32%
Can work all over the country-30%
integrity
good workinenvironment
customerfriendlypolicies
can work allover thecountry
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Working environment of companyWorking environment of company
VERY GOOD-32%
GOOD-32%
AVERAGE-24%
POOR-5%
very good
good
average
poor
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PREFERANCE OF INSURANCE COMPANY
ICICI PRU 25%LIC 45%HDFC 10%0M KOTAK 2%BAJAJ ALLIANZ 11%RELIANCELIFEINSURANCE 4%OTHERS 3%
0%
5%
10%15%
20%
25%
30%
35%
40%
45%ICICI PRU
LIC
HDFC
0M KOTAK
BAJAJ
ALLIANZ
RELIANCELIFE
INSURANCE
OTHERS
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HAPPY WITH PRESENT LEVEL OF INCOME
YES-17%
NO-83%
YES
NO
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RECOMMENDATION
The companies have to concentration on the factors
like prevention of loss, Assured Return and long term
investment.
.
The Bajaj allianz can increase its potential through more
advertising.
The company should give more training programs
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LIMITATIONS
The market study and finding are applicable to city of Lucknow
and near by areas.
One other important limitation of the study was that of time
limitation due to which researcher could not make detailed
study.
The sample size was taken only 100; therefore it is difficult to
say any thing concretely.
Absence of professional researcher and team was another
limitation of the study.
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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
opinion that, private insurance companies would be able to
perform well in the future.
The private and foreign insurance companies have to take
immediate steps in appointing more number of agents and/or
advisors in addition to the employees as it has been found out
that 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 easily &
rapidly.
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BIBLIOGRAPHY
REFFERED BOOK:
RESEARCH METHODOLOGY C. R. KOTHARI
COMPANY SITE:
www.bajajallianzlife.co.in
www.iciciprulife.com
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ANNEXURE
QUESTIONNARIE
1.Name. .
2.Address..
3.Tel no.. .
4.Email.
5.Age ................... Sex..
6.Marital status.
7.No of dependent
8.Qualification
9.Occupation
a) student b)Govt service c)Business
d) Pvt. service e)House wife f) others
10.Annual income
a) less than 10000 b)100000-200000
c)200000-400000
b) d)above
11.are u associated with any club or social organizing
a) yes b)no
12.are u interested in part time work
a) yes b)no
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13.are u interested in any of these field
a)Insurance b)banking c)IT d)Telecom
14.If u got an opportunity to work with any of these companies
who would u prefer
a) Reliance Insurance b) ICICI pru c)HDFC
d) others specific
15.Are u happy with your present level of income
a) yes b)no
http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/7/31/2019 BAJAJ ALLIANZ 2
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http://www.iciciprulife.com/