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TO STUDY THE LEVEL OF CUSTOMER SATISFACTION TOWARDS BAJAJ
ALLIANZ.
A PROJECT REPORT
Submitted to the
S.R.M SCHOOL OF MANAGEMENT
In partial fulfillment of the requirements
for the award of the degree
Of
MASTER OF BUSINESS ADMINISTRATION
By
S. VIJAYABALAN
(Reg No:35104375)
Under the guidance of
Mr.YAASEEN MASVOOD
S.R.M. INSTITUTE OF SCIENCE AND TECHNOLOGY
(Deemed university)
S.R.M. ENGINEERING COLLEGE
MAY 2006
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BONAFIDE CERTIFICATE
This is to certify that the project titled TO STUDY THE LEVEL OF
CUSTOMER SATISFACTION TOWARDS BAJAJ ALLIANZ An approved
cord of work done by S. VIJAYABALAN. Register Number 35104375 in the partial
lfillment for the award of degree of master of business Administration during the year
2004-2006.
Guide: Head of the Department
ate:
ubmitted for the University examination held on
ternal Examiner External Examiner
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ACKNOWLEDGEMENT
I am thankful and grateful to our beloved principal Mr.R.Venkataramani, for
ing me an opportunity to enhance learning through immense practices provided within
the institution.
I must however specially acknowledge my indebtedness to Dr. Jayshree suresh,
an, SRM School of Management who has provided me a platform to prove my best
towards the successful completion of project.
I extend my gratitude to Mr.Yaaseen Masvood, Lecture for assisting me with
valuable suggestions.
I shall remain grateful to Mr. Ganesh.V.Aranala, Senior Branch manager-Bajaj
Allianz, Chennai for giving me the opportunity to conduct the study.
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TABLE OF CONTENTS
DescriptionChapter Page. No
1. Abstract 01
2. Objectives 02
3. Company profile 04
4. Industry profile 07
5. Product profile 19
6. Research Methodology 23
7. Research Tools 24
8. Tabulation and Chart 26
9. Chi-square 41
10. Findings 43
11. Suggestions 44
12. Conclusion 45
13. Questionnaire 46
14. Bibliography 48
Abstract
The aim of the study is to understand the level of customer satisfaction
ards the Bajaj Allianz .The study apart from knowing the customers satisfaction alsouses on the scope and growth of insurance sector in Chennai where the study is being
ducted. The project focusing on Bajaj Allianz insurance companys branch in Chennai
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ured to successfully take up the research on knowing the customer and their views
ut the life insurance sector.
This study will help us to get a better picture as to what customers perceive
ut insurance plans and their awareness about the same. This study will help us in
erstanding what the customers prefer really through these insurance plans. Also if the
tomers prefer these insurance plans, the study brings to light the customer
ectations about the same.
The sample was decided based on simple random sampling method. The
ponses were recorded by conducting a survey with the help of a questionnaire. The
stionnaire has been designed in such a way so as to bring out the most accurate data,
ch will enable the study to get the closest vicinity of its objectives.
The data collected from the survey has been appropriately analyzed and has
n interpreted in a meaningful way to offer some suggestions and recommendations.
data has also been put through a series of statistical tools that will close down the
ance on the objective of the study.
Several measures have been taken to keep the study on course without any
iations. There are certain limitations to the study that involved two primary factors
t and time. Yet the study has been done reaching close to the greatest possible extentts primary objective.
Objectives
Primary objective
The primary objective of the study is to find out the study on the
tomer satisfaction level of Bajaj Allianz life insurance
Secondary objective
To study the socio economic variables that influences the insuring public to take
up the policies.
To study the awareness of insurance plans in Bajaj Allianz
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o study the effectiveness of advertisement of Bajaj Allianz
o study the customer perception of life insurance
o study the efficiency of Bajaj Allianz being a private organization.
Limitations of the study
The study suffers from a few limitations, which will have to be kept in mind for
findings to be fairly interpreted
he recommendations are subjected to time and cost constraint
ampling has its own limitations, which would have resulted in minor errors
here can be errors due to bias of respondents
he size of the sampling was not big enough to arrive at strong conclusion.
The results should be interpreted with the above limitations in perspective.
Need of insurance
Growing individualistic ideas are fast penetrating the Indian minds and the
t family and caste system are fast cracking. Insurance has many benefits in store for
m. It saves their families from misery, chaos, and destitution. Insurance lays the
ndation on which the economic structure of life can be gradually and safely built up
sustained to the end. Uncertainties to the individual are made certainties for the
up.
Scope of Insurance
The opening up of the insurance sector to private companies has made
ilable more product and world class service to Indian customer. To quote Mr. n.
gachari former chairman of IRDA all these years the nationalized insurance have
n bleeding us the future for liberalized insurance sector looks bright with a
nitoring agency committed to promoting the interest of the customers. According toiness world, the sheer size and potential of Indian insurance market has attracted
ny new players. Even going by govt estimates there are about 312 million middle class
customers with financial resources to purchase insurance products, only 2.5 % of this is
covered by any form of insurance
Sales agents will remain the prime distribution channel, and according to
some estimated insurance could finally end up creating over 20,000 jobs for sales
representatives alone. The IRDA has already accredited 14 insurance training schools
spread over a few major cities of our country, which would churn out about some 1500
students annually.
So the scope of the insurance sector is wide and open where there a lot of
opportunities for the sector to grow in the next couple of years. More and more private
companies with international experiences are entering into the market with knowing the
scope that is available. Moreover each and every individual have started realizing the
importance of life insurance in their life as the life is considered to be really unexpected
in the world we live today.
Company Profile
Allianz Group
Allianz group is one of the worlds leading insurers and financial service
viders. Founded in 1890 in Berlin, Allianz is now present in over 70 countries withost 174000 employees. At the top of the international group is the holding company,
anz AG, with its head office in Munich, Germany.
Allianz group provides more than 60 million customers worldwide with a
mprehensive range of services in the areas of
Property and Casualty Insurance
Life and Health Insurance
Asset Management and Banking
Allianz AG- A Global Financial Powerhouse
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Worldwide 2nd by the gross written premiums- Rs 4, 46,654 cr.
3rd largest Assets Under Management (AUM) and largest among insurance
companies AUM of Rs 51, 96,959 cr.
12th largest corporation in the world
49.8% of global business from life insurance
Established in 1890, 110 years of insurance expertise
70 countries, 173,750 employees world wide
Bajaj Group
Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is
largest manufacturer of two wheelers and three wheelers in India and one of the
est in the world. A household name in India, Bajaj auto has a strong brand image and
nd loyalty synonymous with quality and customer focus.
A Strong Indian Brand - Hamara Bajaj
One of the largest 2 and 3 wheeler manufacturer in the world
21 million + vehicles on the roads across the globe
Managing funds of over Rs 4000 cr.
Bajaj Auto finance is one of the largest auto finance cos in India
Rs 4,744 cr. Turnover and profits of 538 cr. In 2002 2003
It has joined hands with Allianz to provide the Indian consumers with a distinct
option in the terms of life insurance products
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a promoter of Bajaj Allianz Life Insurance Co.Ltd, Bajaj Auto has the following to
er
Financial strength and stability to support the insurance business
A strong brand equity
A good market reputation as a world class organization
An extensive distribution network
Adequate experience of running a large organization.
Bajaj Allianz Life Insurance Co.Ltd
Bajaj Allianz Life Insurance Co.Ltd is a joint venture between two leading
glomerates- Allianz, one of the worlds largest insurance company, and Bajaj Auto,
of the biggest 2 and 3 wheeler manufacturers in the world.
Bajaj Allianz Life Insurance
It is the fastest growing private life insurance company in India
Currently has over 4,40,000 satisfied customers
We have a presence in more than 500 locations with 60000 insurance consultants
providing with the finest customer service
The leading private life insurance company as per Feb. 06 rankings
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INDUSTRY PROFILE
Introduction
In 1993, Malhotra Committee, headed by former Finance Secretary and
I Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry and
ommended its figure direction. The Malhotra committee was set up with the objectiveomplementing the reforms initiated in the financial sector.
The reforms were aimed at creating a more efficient and competitive
ncial system suitable for the requirements of the economy keeping in mind the
ctural changes currently underway and recognizing that insurance in an important part
he overall financial system where it was necessary to address the need for similar
orms.
The low penetration can be explained in terms of non-emphasis on
tomer awareness, training issues of agents and a low tax base.
The heavy capital investments in terms of the distribution networks, hiring
gents and the long gestation periods of 7-10 years provide entry barriers for the
ustry.
The key industry drivers are related to lifestyle issues in terms ofceiving insurance as a savings instrument rather than for risk cover, need based
ing, quality of service and customer awareness. The future growth areas could be in
m assurance, pension and health insurance. In terms of the distribution channels, there
emendous opportunity with banks and finance companies and by making the channel
driven. With increased commoditization of insurance products, brand building is going
lay a vital role. The provisions of the IRDA bill acknowledge a many issues related to
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urance permia that will present it from seeping out of the country. The IRDA bill
vides for three levels of players Insurance Company, Insurance brokers and
urance agent.
In the life Insurance segment the Life Insurance Corporation of India
C) is the major player. The LIC has 2050 branches. It is constituted in to seven
nes. Currently, there are 5,60,00 LIC agents in India.General Insurance in another segment, which has been growing at a faster
e. But as peer the current comparative statistics, the general insurance premium has
n lower than life insurance. General Insurance premium as a percentage GDP was a
e 0.5 per cent in 1996.
In the General Insurance Business, General Insurance Corporation (GIC)
its four subsidiaries viz, New India Insurance, Oriental Insurance, National Insurance
United India Insurance, are doing major growing at a rte of 19 per cent per year
urance is a colossal sector in India that is growing at a speedy rate of 15-20%. The
urance sector is approximately 450 billion yet 80 percent of the population in India is
insured. This gives you a peek into the huge growth opportunity that exists for this
ment. The insurance business in India mainly consists of two main players, the Life
urance Corporation (LIC) and General Insurance Corporation (GIC). Almost 100sional offices and 2000 branch offices are functional for LIC. As LIC caters to life
urance, health insurance, property and accident insurance it needs an increasing
mber of employees.
The other player GIC undertakes motor, marine, personal
ident and fire insurance. Moreover it has four subsidiaries a) Oriental Insurance, b)
ted India Insurance, c) New India Assurance, and d) National Insurance. Insurance
mpanies in India have a deep-rooted history. It all began in 1818 when Oriental Life
urance Company in Calcutta was established. From then on insurance was scattered
oss the country. It was an unorganized sector. Then in 1950, the entire insurance
ment was nationalized. After achieving freedom, the insurance sector gained
mentum. In 1956 the government of India consolidated 240 private life insurers and
vident societies and this was how LIC came to life. The justification to the
onalization of the life insurers was that the government would reap the necessary
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funds that were required for industrialization. The general insurance industry still
remained in the hands of the private sector till 1972 and was then nationalized.
LIC adds about 7 percent to the countrys GDP. With IRDAs regulation
not less than 15 percent of funds from the insurance companies are said to fill the coffers
of infrastructure and social sectors. Thus proving vital funds to the countrys growth.
Infrastructure of the country bears risks that are of a long-term character. They include
political instability, geological hindrances, gestation period and illiteracy. The long tem
funds provided by Life Insurance of India not only cover these risks but also helpsecuring a brighter future for the country. Besides infrastructure the insurance companies
in India are vital for ones saving purpose. In the beginning insurance was looked at as a
tax-benefit investment. Slowly, however the mindset of the common man is changing.
Life insurance is now looked on as investment vehicle. With the introduction of private
players in the sector there has been more transparency and flexibility in the sector.
Private players have procured almost 9 percent of the insurance segment even though the
coveted policies like endowment and money back still lay with the government.
Better services, individual attention and pure transparency have given the
private sector an upper hand. But with a huge unorganized market in India yet to tap the
insurance companies in India have a voluminous market to explore.
MAJOR POLICY CHANGES
Reforms In Insurance Sector
Insurance sector has been opened up for competition from Indian privateurance companies with the enactment of Insurance Regulatory and Development
thority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance
gulatory and Development Authority (IRDA) was established on 19th April 2000 to
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LIFE INSURERS Websites
protect the interests of holder of insurance policy and to regulate, promote and ensure
orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of
private players into the insurance market which was hitherto the exclusive privilege of
public sector insurance companies/ corporations. Under the new dispensation Indian
insurance companies in private sector were permitted to operate in India with the
following conditions:
Company is formed and registered under the Companies Act, 1956;
The aggregate holdings of equity shares by a foreign company, either by itself or
ough its subsidiary companies or its nominees, do not exceed 26%, paid up
ity capital of such Indian insurance company;
The company's sole purpose is to carry on life insurance business or general
insurance business or reinsurance business.
The minimum paid up equity capital for life or general insurance business is
Rs.100 crores.
The minimum paid up equity capital for carrying on reinsurance business has
been prescribed as Rs.200 crores.
The Authority has notified 27 Regulations on various issues which include
Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance,
Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure,
Protection of policy holders' interest etc. Applications were invited by the Authority with
effect from 15th August, 2000 for issue of the Certificate of Registration to both life and
non-life insurers. The Authority has its Head Quarter at Hyderabad.
Insurance companies
RDA has so far granted registration to 12 private life insurance companies and 9
eral insurance companies. If the existing public sector insurance companies areuded, there are currently 13 insurance companies in the life side and 13 companies
rating in general insurance business. General Insurance Corporation has been
roved as the "Indian reinsurer" for underwriting only reinsurance business. Particulars
he life insurance companies and general insurance companies including their web
ress is given below:
Public Sector
Life Insurance Corporation of India www.licindia.com
Private Sector
anz Bajaj Life Insurance Company Limited www.allianzbajaj.co.ina Sun-Life Insurance Company Limited www.birlasunlife.com
FC Standard Life Insurance Co. Limited www.hdfcinsurance.com
CI Prudential Life Insurance Co. Limited www.iciciprulife.com
G Vysya Life Insurance Company Limited www.ingvysayalife.com
x New York Life Insurance Co. Limited www.maxnewyorklife.com
tLife Insurance Company Limited
www.metlife.com
Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com
Life Insurance Company Limited www.sbilife.co.in
TA AIG Life Insurance Company Limited www.tata-aig.com
MP Sanmar Assurance Company Limited www.ampsanmar.com
GENERAL INSURERS
Public Sector
ional Insurance Company Limited www.nationalinsuranceindia.com
w India Assurance Company Limited www.niacl.com
ental Insurance Company Limited
www.orientalinsurance.nic.in
United India Insurance Company Limited www.uiic.co.in
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Private Sector
Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in
ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com
IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in
Reliance General Insurance Co. Limited www.ril.com
Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com
TATA AIG General Insurance Co. Limited www.tata-aig.com
Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com
Export Credit Guarantee Corporation www.ecgcindia.com
HDFC Chubb General Insurance Co. Ltd.
General Insurance Corporation of India www.gicindia.com
REINSURER
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Protection of the interest of policy holders
IRDA has the responsibility of protecting the interest of insurance
cyholders. Towards achieving this objective, the Authority has taken the following
ps:
IRDA has notified Protection of Policyholders Interest Regulations 2001 to
vide for: policy proposal documents in easily understandable language; claims
cedure in both life and non-life; setting up of grievance redressal machinery;
edy settlement of claims; and policyholders' servicing. The Regulation also
vides for payment of interest by insurers for the delay in settlement of claim.
The insurers are required to maintain solvency margins so that they are in a
ition to meet their obligations towards policyholders with regard to payment of
ms.
It is obligatory on the part of the insurance companies to disclose clearly the
efits, terms and conditions under the policy. The advertisements issued by the
urers should not mislead the insuring public.
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All insurers are required to set up proper grievance redress machinery in their
head office and at their other offices.
The Authority takes up with the insurers any complaint received from the
cyholders in connection with services provided by them under the insurance
tract.
INSURANCE SECTOR IN INDIA
The insurance sector in India has come a full circle from being an open
mpetitive market to nationalisation and back to a liberalised market again. Tracing the
elopments in the Indian insurance sector reveals the 360-degree turn witnessed over a
od of almost two centuries.
A brief history of the Insurance sector
The business of life insurance in India in its existing form started in India
he year 1818 with the establishment of the Oriental Life Insurance Company in
cutta.
Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies 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 nationalised. LIC for med by an Act of Parliament, viz.
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Insurance sector reforms:
LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of
India.
The General insurance business in India, on the other hand, can trace itsts to the Triton Insurance Company Ltd., the first general insurance company
blished in the year 1850 in Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised
the general insurance business in India with effect from 1st January 1973.
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. and the United India Insurance Company Ltd. GIC
incorporated as a company.
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In 1993, Malhotra Committee headed by former Finance Secretary and
I Governor R.N. Malhotra was formed to evaluate the Indian insurance industry and
ommend its future direction.
The Malhotra committee was set up with the objective of complementing
reforms initiated in the financial sector. The reforms were aimed at "creating a more
cient and competitive financial system suitable for the requirements of the economy
ping in mind the structural changes currently underway and recognizing that
urance is an important part of the overall financial system where it was necessary toress the need for similar reforms"
In 1994, the committee submitted the report and some of the key
ommendations included:
1) Structure
Government stake in the insurance Companies to be brought down to 50%
vernment should take over the holdings of GIC and its subsidiaries so that these
sidiaries can act as independent corporations
All the insurance companies should be given greater freedom to operate
2) Competition
vate Companies with a minimum paid up capital of Rs.1bn should be allowed to enter
industry
No Company should deal in both Life and General Insurance through a single entity
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eign companies may be allowed to enter the industry in collaboration with the
mestic companies
Postal Life Insurance should be allowed to operate in the rural market
Only One State Level Life Insurance Company should be allowed to operate in each state
3) Regulatory Body
The Insurance Act should be changed
An Insurance Regulatory body should be set up
ntroller of Insurance (Currently a part from the Finance Ministry) should be madeependent
4) Investments
ndatory Investments of LIC Life Fund in government securities to be reduced from
% to 50%
C and its subsidiaries are not to hold more than 5% in any company (There current
dings to be brought down to this level over a period of time)
5) Customer Service
LIC should pay interest on delays in payments beyond 30 days
Insurance companies must be encouraged to set up unit linked pension plans
mputerisation of operations and updating of technology to be carried out in the
urance industry The committee emphasized that in order to improve the customer
vices and increase the coverage of the insurance industry should be opened up tompetition.
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mily Income Benefit (FIB)
e Ultimate Protection - For Your Loved Ones
You can select the unique Family Income Benefit from Bajaj Allianz that
ures total financial protection for your loved ones. In case of death or accidental total
manent disability, a guaranteed monthly income of 1% of the sum assured (12% per
num) is paid till the end of the policy term or at least for a period of 10 years,
chever is higher. Moreover, all future premiums are waived.
But at the same time, the committee felt the need to exercise caution as any
ure on the part of new players could ruin the public confidence in the industry. Hence,
as decided to allow competition in a limited way by stipulating the minimum capital
uirement of Rs.100 crores. The committee felt the need to provide greater autonomy
nsurance companies in order to improve their performance and enable them to act as
ependent companies with economic motives. For this purpose, it had proposed settingan independent regulatory body.
PRODUCT PROFILE
Cash Gain
Your needs for insurance protection will vary at different stages of life.metimes, you may need to release a part of your savings from insurance commitments
utilize it for other pressing needs. The Bajaj Allianz Cash gain is ideal for those who
nt to reap and enjoy the benefits of their life insurance policy at regular intervals
ng their lifetime.
Bajaj Allianz Cash gain is a specially designed plan that offers a host of
itional benefits you may choose to develop a sound financial portfolio for your
ily. Among the many unique benefits, the most significant is the Family Income
nefit (FIB) that sustains the family by compensating the loss of regular income due to
th or permanent disability.
ailable as:
ajaj Allianz Cash gain Economy: The basic package
ajaj Allianz Cash gain Gold: With double protection
ajaj Allianz Cash gain Diamond: With triple protection
ajaj Allianz Cash gain Platinum: With quadruple protection
A Uniform Life Cover
Besides giving you regular Cash Benefits, this plan takes care of your life
urance needs also. On death during the term of policy, the following would be paid
spective of the Cash Benefits already paid:
ajaj Allianz Cash gain Economy: Sum Assured + Bonuses
ajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses
ajaj Allianz Cash gain Diamond: Triple Sum Assured + Bonuses
ajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses
Choice of Terms
Keeping your convenience in mind, we offer you the widest range of terms:
20, 25 and 30 years.
Additional Protection for you and your family
You have the option to add the following additional benefits, providing total
tection against uncertainties.
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Comprehensive Accident Protection
This benefit provides comprehensive cover in case of an accident. It
mprises of:
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idental Death Benefit
Accidents are always sudden and sometimes fatal. You can't lessen the
otional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental
ath Benefit gives the loved ones something to start with after the permanent loss of
ome by paying an amount equal to the Sum Assured. (Subject to a maximum of Rs.
00,000/- under all policies with Bajaj Allianz taken together).
Accidental Permanent Total/Partial Disability Benefit
Accidents are unpredictable, and so are the consequences. They may lead
disability - partial or total. This Benefit provides a financial cushion against such
fortunes. You will get 50% of the Sum Assured in case of partial disability and 100%
ase of total disability. (Subject to a maximum of Rs. 25, 00,000/- for partial and Rs.00,000/- for total disability under all policies with Bajaj Allianz taken together).
Waiver of Premium Benefit
An accident may lead to permanent total disability, limiting ones ability
arn. Bajaj Allianz Waiver of Premium benefit is a helping hand when one needs it
st. It waives off all future premiums while keeping the valuable life insurance cover
e, thus enabling you to live up to your commitments.
tical Illness Benefit (CI)
Some illnesses are critical. They not only alter ones life's pattern but
o result in a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on
family by paying out the Critical Illness Benefit under the plan immediately, while
er policy benefits continue (excluding Hospital Cash Benefit). We cover 11 critical
esses. You have the flexibility of choosing Critical Illness cover up to the basic Sumured selected by you (Minimum Rs.50, 000).
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Hospital Cash Benefit (HC)
The worry of settling hospital bills (room charges) adds to the trauma of
pitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and
ps recovery with peace of mind.
Flexibility in Coverage
At Bajaj Allianz, we believe in offering benefits and not just products. We
ize that you are unique and your needs for insurance vary with time. We therefore
r you the flexibility of inclusion of coverage or exclusion of coverage at each policy
iversary, subject to conditions relating to such inclusions and exclusion.
You have the flexibility to change your package and move to a package
provides lower protection at each policy anniversary (premiums would be adjusted
ordingly). Comprehensive Accident Protection can be included and excluded at
h policy anniversary. Family Income Benefit, Critical Illness Benefit and Hospital
h Benefit can be taken at inception only. FIB, CI & HC can be reduced or excluded
sequently at any policy anniversary. Once reduced or excluded, they cannot be
eased or included subsequently.
Increase in risk coverage
Every added responsibility in your life calls for increase in your risk
er. We provide you the option to increase coverage up to 50% of the basic Sum
ured on each of the following happy moments in your life
our marriage
he birth of your first childhe birth of your second child
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This additional coverage is not subject to underwriting. The option should
xercised within 90 days of the occurrence of the said event.
Research Methodology
Sampling factors
Data collection
Primary data
The primary data for this study is collected with the objective in mind a study on
customer perception of Bajaj Allianz life insurance
Secondary data
The secondary data for the study is collected with the information that is being
lished in journals and magazines and from the internet.
Sample collection
The data required for the study is collected with the help of questionnaire. These
stionnaires are handed over to the customers and asked to get it filled up. The data is
rpreted from the information that is incurred from the questionnaire
Sample area
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The area where the data is collected is in and around Chennai city. The respondents
the people who reside in Chennai
Sample size
Due to the limitation of time and scope of the study the number of respondents from
ch the data is collected is 150.
Research Tools
Tools of analysis
Analytical techniques are used to obtain findings and arrange information
logical sequence from the data collected. After tabulation of the data, researcher used
following quantitative techniques
1. Percentage Analysis
The data that is obtained is from the questionnaire is analyzed
through percentage analysis. The results are shown on the percentage basis
2. Graphs
Graphical representations are used to show the results in simple form.
graphs are prepared on the basis of data that is received from the percentage analysis
3. Chi Square Test
The research methodology tool chi square test is being taken as a
in order to bring out the final result by analyzing the factors. The end result for the
dy is being derived from the using this research tool.
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Chi square test is an important non parametric test and as such no test is
essary in respect of the population. We require only the degree of freedom (implicitly
he course the size of the sample) for using this test. As anon parametric test chi square
be used (i) as a test of goodness to fit and (ii) as a test of independence. Since the
archer used test of independence only the details about the independence is given
ow
Test of independence
The 2 test is used to test whether there is a significant difference between the
observed number of responses in each category and the expected number of responses for
such category under the assumption of null hypothesis. It enables us to explain whetheror not two attributes are associated with each other. In order that we may apply the chi
square test either as a test to judge the significance of association between attributes, it is
necessary that the observed as well as theoretical distribution must be adjusted to give the
same total frequency as we find in case of observed distribution. Karl Pearson developed
a test for testing the significance of discrepancy between experimental values and the
theoretical values obtained under some theory of hypothesis. This is known as test of
goodness of fit. Karl Pearson proved that the statistics is used to test whether difference
between observed and expected frequencies are frequent.
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Table no 4.1 Occupation of the respondents
Occupation Respondents Percentage
Employed 50 50
Self employed 50 50
Total 100 100
Employed
Self employed50%50%
Figure 4.1 Occupation of the respondents
Inference
50% of the respondents are employed.
50% of the respondents are self employed
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Table no 4.2 Income level of the respondents
Income level Respondents Percentage
5000-10000 38 38
00-15000 23 23
00-20000 26 26
ove 20000 13 13
Total 100 100
10
20
30
40
0
5000-10000 10000- 15000- Above
2000015000 20000
INCOME LEVEL
Figure 4.2 Income level of the respondents
Inference
8% of the respondents have income between 5000 10000
3% of the respondents have income between 10000 - 15000
6% of the respondents have income between 15000 20000
3% of the respondents have income above 20000
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Table no 4.3 Importance of insurance
Essential Respondents Percentage
Yes 87 87
No 13 13
Total 100 100
100
20
40
60
80
0
Yes No
INSURED
Figure 4.3 Importance of insurance
Inference
7% of the respondents feel that insurance is essential.
3% of the respondents feel that insurance is not essential.
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Table no 4.4 Reason for importance of insurance
Reason Respondents Percentage
Premium 29 29
Tax 25 25
Security 34 34
Others 12 12
Total 100 100
40
30
20
10
0
Premium Tax Security Others
REASON
Figure 4.4 Reason for importance of insurance
Inference
9% of the respondents feel insurance is important because of premium.
5% of the respondents feel insurance is important because of tax benefit.
4% of the respondents feel insurance is important because of security.2% of the respondents feel insurance is important because of other reasons.
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Table no 4.5 Insurance companies that the respondents prefer
Insurance
companies
Respondents Percentage
C 33 33
aj Allianz 29 29
CI Prudential 31 31
FC 12 12
Total 100 100
40
30
20
10
0LIC Bajaj ICICI HDFCAllianz
Prudential
INSURANCE COM PANIES
Figure 4.5 Insurance companies that the respondents prefer
Inference
3% of the respondents would like to further invest in LIC.
9% of the respondents would like to further invest in Bajaj Allianz.
1% of the respondents would like to further invest in ICICI.
2% of the respondents would like to further invest in HDFC.
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Table no 4.6 Media through which awareness of Bajaj Allianz
Media Respondents Percentage
wspaper 22 22
evision 55 55
dio 14 14
ardings 09 09
Total 100 100
10
203040
50
60
0
Newspaper Televi sion Radio Hoardings
MEDIA
Figure 4.6 Media through which awareness of Bajaj Allianz
Inference
2% of the respondents are aware through newspaper.
5% of the respondents are aware through television.
4% of the respondents are aware through radio.
9% of the respondents are aware through hoardings.
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Table no 4.7 Awareness of various life insurance plan of Bajaj
Allianz
Awareness Respondents Percentage
Yes 78 78
No 22 22
Total 100 100
Yes
No
Figure 4.7 Awareness of various life insurance plan of Bajaj Allianz
Inference
8% of the respondents are aware of Bajaj Allianz Life Insurance.
2% of the respondents are not aware of Bajaj Allianz Life Insurance.
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Table no 4.8 Response of respondents about Bajaj Allianz life insurance
plans
Response Respondents Percentage
cellent 15 15
od 52 52
isfactory 29 29or 04 04
Total 100 100
102030
4050
60
0
Excellent Good Satisfac tory Poor
RESPONSE
Figure 4.8 Response of respondents about Bajaj Allianz life insurance plans
Inference
5% of the respondents feel that the insurance plans are excellent.
2% of the respondents feel that the insurance plans are good.
9% of the respondents feel that the insurance plans are satisfactory.
4% of the respondents feel that the insurance plans are poor.
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Table no 4.9 Awareness of Bajaj Allianz life insurance
plans
Insurance Plans Respondents Percentage
h Gain 35 35
est Gain 32 32
ld Gain 29 29
ers 04 04
Total 100 100
10
2030
40
0
Cash Gain Invest Gain Child Gain Others
PLANS
Figure 4.9 Awareness of Bajaj Allianz life insurance plans
Inference
5% of the respondents are aware of the cash gain plans of Bajaj Allianz.
2% of the respondents are aware of the invest gain plans of Bajaj Allianz.
9% of the respondents are aware of the child gain plans of Bajaj Allianz.
4% of the respondents are aware of the other plans of Bajaj Allianz.
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Table no 4.10 Forms through which respondents came to know Bajaj Allianz lifeinsurance plans
Source Respondents Percentage
urance Consultants 34 34
ends & Relatives 16 16
vertisements 26 26
wspapers 19 19
ers 05 05
Total 100 100
10
20
30
40
0
FORMS
Figure 4.10 Forms through which respondents came to know Bajaj Allianz life
insurance plans
Inference
34% of the respondents came to know about these plans through insurance
consultants.
16% of the respondents came to know about these plans through friends and
relatives.
6% of the respondents came to know about these plans through advertisements.
9% of the respondents came to know about these plans through newspapers.
5% of the respondents came to know about these plans through others.
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Table no 4.11 Respondents associated with which plans of Bajaj Allianz
Insurance Plans Respondents Percentage
h Gain 35 35
est Gain 32 32
ld Gain 29 29
ers 04 04
Total 100 100
4%Cas h Gain
Invest Gain
Chi ld Gain
Others
35%29%
32%
Figure 4.11 Respondents associated with which plans of Bajaj Allianz
Inference
5% of the respondents are associated with cash gain plan.
2% of the respondents are associated with invest gain plan.
9% of the respondents are associated with child gain plan.
4% of the respondents are associated with other plans.
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Table no 4.12 Response of respondents about Bajaj Allianz life insurance plansregarding financial aspects
Response Respondents Percentage
cellent 15 15
od 42 42
isfactory 39 39
or 04 04
Total 100 100
4% 15%Excellent
Good
Satisfactory
Poor
39%
42%
Figure 4.12 Response of respondents about Bajaj Allianz life insurance plansregarding financial aspects
Inference
5% of the respondents feel that the insurance plans are excellent.
2% of the respondents feel that the insurance plans are good.
9% of the respondents feel that the insurance plans are satisfactory.
4% of the respondents feel that the insurance plans are poor.
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Table no 4.13 Response of satisfaction level of service provided by Bajaj Allianz ofemployed
Service Respondents Percentage
Yes 37 74
No 13 26
Total 50 100
Response of service provided by
Bajaj Allian z o f emplo yed
26%
Yes
No
74%
Figure 4.13
Inference
74% of the respondents feel that the service provided by Bajaj Allianz is to their
satisfaction.
26% of the respondents feel that the service provided by Bajaj Allianz is not to
their satisfaction.
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Table no 4.14 Response of satisfaction level of service provided by Bajaj Allianz ofself-employed
Service Respondents Percentage
Yes 34 68
No 16 32
Total 50 100
Response of service provided by
Bajaj Allian z o f self-emplo yed
32%
YesNo
68%
Figure 4.14
Inference
68% of the respondents feel that the service provided by Bajaj Allianz is to their
satisfaction.
32% of the respondents feel that the service provided by Bajaj Allianz is not totheir satisfaction.
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Table no 4.15 Response of respondents about being associated with Bajaj Allianz
Response Respondents Percentage
ears 08 08
ears 38 38
years 14 14
ove 10 years 40 40
Total 100 100
8% 3 years
5 years
10 years
Above 10 y ears
40%
38%
14%
Figure 4.15 Response of respondents about being associated with Bajaj Allianz
Inference
8% of the respondents feel to be associated with Bajaj Allianz for 3 years.
8% of the respondents feel to be associated with Bajaj Allianz for 5 years.
4% of the respondents feel to be associated with Bajaj Allianz for 10 years.
0% of the respondents feel to be associated with Bajaj Allianz for above 10
years.
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CHI - SQUARE TEST
HE FOLLOWING TABLE SHOWS THE CROSS TABULATION BETWEEN
STOMER CATEGORY & SATISFACTION LEVEL
LICY HOLDER
STOMER CATEGORY
YES NO TOTAL
EMPLOYED 37 13 50
SELF-EMPLOYED 34 16 50
TOTAL 71 29 100
: Nature of satisfaction level for customers is dependent to service provided by Bajaj
ance
: Nature of satisfaction level for customers is independent to service provided by
aj Alliance
EXPECTED FREQUENCIES:
(71*50) / 100 = 35.5
(71*50) / 100 = 35.5
(29*50) / 100 = 14.5(29*50) / 100 = 14.5
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CALCULATION TABLE
OBSERVED
FREQUENCY
(O)
EXPECTED
FREQUENCY
(E)
(O-E) (O-E) (O-E) /E
37 36 1 1 0.027
13 15 -2 4 0.266
34 36 -2 4 0.111
16 15 1 1 0.066
0.47TOTAL
- Square ( ) = (O - E) / E
( ) = 0.47
gree Of Freedom = (C - 1) (R - 1) = (2 - 1) (2 - 1) = 1
5% Level of significance
m the table Chi - Square ( ) = 3.841
ce tabulated value is greater than the calculated value, i.e., (3.841 > 0.418)
CEPTED THE NULL HYPOTHESIS (Ho)
INFERENCE :
The analysis shows that satisfaction level for customers is dependent to service
vided by Bajaj Alliance
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Findings
Still 33% of the employed are associated with LIC which still makes it the
number one spot right behind Bajaj Allianz at 29%
Almost 87% of the respondents feel that insurance is essential for ones life.
Both employed and self employed feel the main reason for insurance as far as
they are concerned is due to security purpose.
52% of the respondents feel that the insurance scheme provided by Bajaj Allianz
is good
Television is considered to be the main source of awareness of Bajaj Allianz
among the various media
Insurance plans are known to the respondents mainly through insurance
consultants after advertisement
Most of the respondents of both employed & self-employed (71%) feel that the
service of Bajaj Allianz is good.
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Suggestions
More branches should be open by the company for the customers to have better
and easy access.
The services that provided are only good to the customers. The services should be
improved so that the customers feel excellent about the service
More and more details about the insurance plan should be made to be known to
the customers through various media as only 78% of the respondents are aware of
the various insurance plans.
Television is the main media through which the company can reach out to the
people. So advertisement should be telecasted frequently.
As far as brand is concerned LIC tops the sector, Bajaj Allianz must take
intensive publicity efforts to position themselves as a leading life insurance
company. So they will have to create feeling of trust among customers.
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Conclusion
Insurance happens to be a mega opportunity in India. Yet, nearly 80% of Indian
ulation is without life insurance cover, continue to be below international standards
ch offer greater opportunities in this sector. With other investments avenues
aining unmoved, insurance and mutual funds offer comparatively better returns to
tomers. With tax and investment planning as its main targeting tools, insurance is
nd to grow at a rapid pace.
The project helped me to find out the customer satisfaction and expectations
m the various plans offered by insurance companies with specific reference to market
ed insurance plans. Appropriate suggestions have been given based on the research
dings. It was a great learning experience and I will carry this experience with me in all
future endeavors.
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QUESTIONNAIRE
1. Name :
Age
a) 18 to 25 b) 26 to 32
c) 33 to 40 d) Above 40
Occupation
a) Employed b) Self Employed
4. Sexa) Male b) Female
Monthly income
a) 5000 10000 b) 10000- 15000
c) 15000 20000 d) Above 20000
6. Do you feel insurance is essential for ones life?
a) Yes b) No
No, Skip to Question no 17
Tick out the reasons for why you feel insurance is essential?
a) Premium is reasonable b) Tax advantage
c) Security purpose d) Others
When you think of life insurance, which company comes to your mind?a) LIC b) ICICI
c) Bajaj Allianz d) HDFC
Are you aware of Bajaj Allianz Insurance Company?
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a) Yes b) No
No, Skip to Question no 17
Through which media did you come to know about Bajaj Allianz?
a) Newspaper b) Television
c) Radio d) Hoardings
Are you aware of the various insurance plans offered by Bajaj Allianz?
a) Yes b) No
No, Skip to Question no 17
Which of the insurance plans are you aware of Bajaj Allianz?a) Cash Gain b) Invest Gain
c) Child Gain d) Others
How do you feel about these particular insurance schemes?
a) Excellent b) Good c) Satisfactory d) Poor
How did you came to know about these plans
a) Insurance consultants b) Friends and Relatives
c) Advertisements d) Newspapers
e) Others
Are you satisfied with the service provided by Bajaj Allianz?
a) Yes b) No
How long do you wish to be associated with Bajaj Allianz?
a) 3 years b) 5 years c) 10 years d) above 10 years
Suggestions
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Research
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