Report of Bajaj Allianz

7/29/2019 Report of Bajaj Allianz

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Chapter -1:

Theoretical Framework

(a) Topic related concepts

(b) Review of Literature


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MARKETING

Marketing is the process by which companies create customer interest in goods

or services. It generates the strategy that underlines sales techniques, businesscommunication, and business developments. It is an integrated process through which

companies build strong customer relationships and creates value for their customers and for

themselves.

Marketing is used to identify the customer, to satisfy the customer, and to retain the

customer. With the customer as the focus of its activities, it can be concluded that

marketing management is one of the major components of business management.

Marketing evolved to meet the stasis in developing new markets caused by mature markets

and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires

businesses to shift their focus from production to the perceived needs and wants of their

customers as the means of staying profitable.

The term marketing conceptholds that achieving organizational goals depends on knowing

the needs and wants oftarget markets and delivering the desired results. It proposes that in

order to satisfy its organizational objectives, an organization should anticipate the needs

and wants of consumers and satisfy these more effectively than competitors

CUSTOMER SATISFACTION

Customer satisfaction, a term frequently used in marketing, is a measure of how

products and services supplied by a company meet or surpass customer expectation.

Customer satisfaction is defined as "the number of customers, or percentage of total

customers, whose reported experience with a firm, its products, or its services (ratings)

exceeds specified satisfaction goals." In a survey of nearly 200 senior marketing managers,

71 percent responded that they found a customer satisfaction metric very useful in

managing and monitoring their businesses.

It is seen as a key performance indicator within business and is often part of a Balanced

Scorecard. In a competitive marketplace where businesses compete for customers,

customer satisfaction is seen as a key differentiator and increasingly has become a key

element of business strategy.

"Within organizations, customer satisfaction ratings can have powerful effects. They focus

employees on the importance of fulfilling customers expectations. Furthermore, when

these ratings dip, they warn of problems that can affect sales and profitability. . . . These

metrics quantify an important dynamic. When a brand has loyal customers, it gains positive

word-of-mouth marketing, which is both free and highly effective."

Therefore, it is essential for businesses to effectively manage customer satisfaction. To be

able do this, firms need reliable and representative measures of satisfaction.
http://en.wikipedia.org/wiki/Customer_relationship_managementhttp://en.wikipedia.org/wiki/Customerhttp://en.wikipedia.org/wiki/Customerhttp://en.wikipedia.org/wiki/Marketing_managementhttp://en.wikipedia.org/wiki/Outline_of_business_managementhttp://en.wikipedia.org/wiki/Mature_markethttp://en.wikipedia.org/wiki/Overcapacityhttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Profit_%28accounting%29http://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Target_marketshttp://en.wikipedia.org/wiki/Profit_%28accounting%29http://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Overcapacityhttp://en.wikipedia.org/wiki/Mature_markethttp://en.wikipedia.org/wiki/Outline_of_business_managementhttp://en.wikipedia.org/wiki/Marketing_managementhttp://en.wikipedia.org/wiki/Customerhttp://en.wikipedia.org/wiki/Customerhttp://en.wikipedia.org/wiki/Customer_relationship_management


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"In researching satisfaction, firms generally ask customers whether their product or service

has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction.

When customers have high expectations and the reality falls short, they will be disappointed

and will likely rate their experience as less than satisfying. For this reason, a luxury resort,for example, might receive a lower satisfaction rating than a budget moteleven though its

facilities and service would be deemed superior in 'absolute' terms."

The importance of customer satisfaction diminishes when a firm has increased bargaining

power. For example, cell phone plan providers, such as AT&T and Verizon, participate in an

industry that is an oligopoly, where only a few suppliers of a certain product or service exist.

As such, many cell phone plan contracts have a lot of fine print with provisions that they

would never get away if there were, say, a hundred cell phone plan providers, because

customer satisfaction would be way too low, and customers would easily have the option of

leaving for a better contract offer.

There is a substantial body of empirical literature that establishes the benefits of customer

satisfaction for firms.

Types of Customer Satisfaction Surveys

Customer satisfaction is a key component of a good business, and the only way to accurately

gauge customer satisfaction is using some type of customer satisfaction measurement,

often a survey. Surveys allow your business to learn from how the actual customer is

experiencing your business, rather than simply relying on what your subjective eyes and

ears tell you. Customer satisfaction surveys come in several different shapes and styles, andmost companies come up with their own unique way of gauging satisfaction accurately.

Satisfaction for an insurance company, for example, may not be the same as satisfaction at a

grocery store. The type of business, client list, etc., all change satisfaction results. Yet in

general, most surveys fall under two categories:

Direct Transaction Surveys

Overall Satisfaction Surveys

Both of these types of surveys can provide you with interesting results that may affect your

own marketing or business strategy. Both have completely different results and relate back

to your company in completely different ways. The basics of these two surveys are

described below. Direct Transaction Surveys This type of customer satisfaction survey isimmediate, and is designed to gauge how the customer viewed a very specific transaction

namely, the transaction that (hopefully) immediately preceded filling out the survey. For

example, how easy was it for you to find help and what was your experience like on

DATE? These surveys are not necessarily interested in your overall opinion of the company.

They are primarily concerned with your most recent transaction. Overall Satisfaction

Surveys Sometimes referred to as relationship surveys, these surveys are designed to

gauge how the customer feels about the company in general, based on a combination of all

of their experiences and any additional factors that may affect that result. Rarely are these

surveys purposely given to customers immediately following a transaction, although they

may be colored by the most recent experience if that experience was particularly awful orpleasant. Using These Customer Satisfaction Surveys Ideally, your own customer satisfaction
http://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/Cell_phonehttp://en.wikipedia.org/wiki/AT%26Thttp://en.wikipedia.org/wiki/Verizonhttp://en.wikipedia.org/wiki/Oligopolyhttp://en.wikipedia.org/wiki/Fine_printhttp://en.wikipedia.org/wiki/Fine_printhttp://en.wikipedia.org/wiki/Oligopolyhttp://en.wikipedia.org/wiki/Verizonhttp://en.wikipedia.org/wiki/AT%26Thttp://en.wikipedia.org/wiki/Cell_phonehttp://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/Bargaining_power


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survey should have questions that are most relevant to the questions you are trying to

answer, in order to ultimately provide you with the best analysis. Customer satisfaction

surveys often differ from one survey to the next based on how the company wants to drive

its research. But most surveys fall under one of the two categories, depending on whetheryou are looking to find out about specific customer experiences or hoping to gauge the

overall satisfaction level with the company.

Customer satisfaction refers to how satisfied customers are with the products or services

they receive from a particular agency. The level of satisfaction is determined not only by the

quality and type of customer experience but also by the customers expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agency and receives or relies on one or more of your agencys services or products.

Customers in human services are commonly referred to as service users, consumers or

clients. They can be individuals or groups.

An organization with a strong customer service culture places the customer at the center of

service design, planning and service delivery. Customer centric organizations will:

determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

There are a number of reasons why customer satisfaction is important in Insurance Sector:

Meeting the needs of the customer is the underlying rationale for the existence ofcommunity service organizations. Customers have a right to quality services that

deliver outcomes.

Organizations that strive beyond minimum standards and exceed the expectations oftheir customers are likely to be leaders in their sector.

Customers are recognized as key partners in shaping service development andassessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback on organizational

performance are valuable tools for quality and continuous service improvement.

The Importance of Customer Satisfaction

Sometimes companies are misguided by the notion that customers depend on them. The

truth of the matter is that we very much so depend on them. Many researchers and

academia have highlighted the importance of customers in todays market.


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The level of satisfaction a customer has with a company has profound effects. Studies have

found that the level of customers satisfaction has a positive effect on profitability:

A totally satisfied customer contributes 2.6 times as much revenue to a company asa somewhat satisfied customer. A totally satisfied customer contributes 17 times as much revenue as a somewhat

dissatisfied customer.

A totally dissatisfied customer decreases revenue at a rate equal to 18 times what atotally satisfied customer contributes to a company.

Research has shown that when a person is satisfied with a company or service they are likely

to share their experience with other people to the order of perhaps five or six people.

However, dissatisfied customers are likely to tell another ten people of their unfortunate

experience. With social media readily available for consumers to tell their story to all ofthose online, you can easily go to Twitter or Facebook and read about someones

experience with a company or service.

However, merely focusing solely on customer satisfaction has its drawbacks in the

marketplace as well. For those companies that focus only on customer satisfaction run a

real risk a failing to differentiate their brand from others. In order to achieve long-term

sustainability companies must seek to establish ties of loyalty with consumers that are

strong enough to ward off the advances of competitors. Creating loyalty among customers

can help the company to increase purchases of existing products, charge premium prices for

appreciation of your added-value services, and create positive word-of-mouth promotion

for your company, which is the core marketing objective for companies.

Customer loyalty is much harder to obtain than satisfaction. Even though customers are

satisfied with the company there are several factors that could cause the customer to defect

to the competition, such as finding a better value or the competitor is more convenient.

With that said, having high levels of customer satisfaction does not always lead to customer

loyalty. However, a company cannot achieve customer loyalty without having customer

satisfaction.

Thus, though customer satisfaction does not guarantee the repurchase from a company but

it does play a very important role in achieving customer loyalty. Conducting customer

satisfaction research will provide your company with the necessary insight it needs to make

informed decisions in order to retain and increase your customer base and improve

customer relationships.

Measuring and Managing Customer Satisfaction

Measuring customer satisfaction is a relatively new concept to many companies that have

been focused exclusively on income statements and balance sheets. Companies now

recognize that the new global economy has changed things forever. Increased competition,

crowded markets with little product differentiation and years of continual sales growth


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followed by two decades of flattened sales curves have indicated to today's sharp

competitors that their focus must change.

Competitors that are prospering in the new global economy recognize that meas-uringcustomer satisfaction is key. Only by doing so can they hold on to the customers they have

and understand how to better attract new customers. The competitors who will be

successful recognize that customer satisfaction is a critical strategic weapon that can bring

increased market share and increased profits.

The problem companies face, however, is exactly how to do all of this and do it well. They

need to understand how to quantify, measure and track customer satisfaction. Without a

clear and accurate sense of what needs to be measured and how to collect, analyze and use

the data as a strategic weapon to drive the business, no firm can be effective in this new

business climate. Plans constructed using customer satisfaction research results can bedesigned to target customers and processes that are most able to extend profits.

Too many companies rely on outdated and unreliable measures of customer satisfaction.

They watch sales volume. They listen to sales reps describing their customers' states of

mind. They track and count the frequency of complaints. And they watch aging accounts

receivable reports, recognizing that unhappy customers pay as late as possible--if at all.

While these approaches are not completely without value, they are no substitute for a valid,

well-designed customer satisfaction surveying program.

It's no surprise to find that market leaders differ from the rest of the industry in that they're

designed to hear the voice of the customer and achieve customer satisfaction. In these

companies:

Marketing and sales employees are primarily responsible for designing (withcustomer input) customer satisfaction surveying programs, questionnaires and focus

groups.

Top management and marketing divisions champion the programs. Corporate evaluations include not only their own customer satisfaction ratings but

also those of their competitors.

Satisfaction results are made available to all employees. Customers are informed about changes brought about as the direct result of

listening to their needs.

Internal and external quality measures are often tied together. Customer satisfaction is incorporated into the strategic focus of the company via the

mission statement.

Stakeholder compensation is tied directly to the customer satisfaction surveyingprogram.

A concentrated effort is made to relate the customer satisfaction measurementresults to internal process metrics.

To be successful, companies need a customer satisfaction surveying system thatmeets the following criteria:


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The system must be relatively easy to design and understand. It must be credible enough that employee performance and compensation can be

attached to the final results.

It must generate actionable reports for management.Defining customer satisfaction

Because the concept of customer satisfaction is new to many companies, it's important to

be clear on exactly what's meant by the term.

Customer satisfaction is the state of mind that customers have about a company when their

expectations have been met or exceeded over the lifetime of the product or service. The

achievement of customer satisfaction leads to company loyalty and product repurchase.

There are some important implications of this definition:

Because customer satisfaction is a subjective, no quantitative state, measurementwon't be exact and will require sampling and statistical analysis.

Customer satisfaction measurement must be undertaken with an understanding ofthe gap between customer expectations and attribute performance perceptions.

There should be some connection between customer satisfaction measurement andbottom-line results

"Satisfaction" itself can refer to a number of different facts of the relationship with a

customer. For example, it can refer to any or all of the following:

Satisfaction with the quality of a particular product or service Satisfaction with an ongoing business relationship Satisfaction with the price-performance ratio of a product or service Satisfaction because a product/service met or exceeded the customer's expectations

Each industry could add to this list according to the nature of the business and the specific

relationship with the customer. Customer satisfaction measurement variables will differ

depending on what type of satisfaction is being researched. For example, manufacturers

typically desire on-time delivery and adherence to specifications, so measures of satisfactiontaken by suppliers should include these critical variables.

Clearly defining and understanding customer satisfaction can help any company identify

opportunities for product and service innovation and serve as the basis for performance

appraisal and reward systems. It can also serve as the basis for a customer satisfaction

surveying program that can ensure that quality improvement efforts are properly focused

on issues that are most important to the customer.

Customer Satisfaction Measurement Facts

A 5-percent increase in loyalty can increase profits by 25%-85%.


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A very satisfied customer is nearly six times more likely to be loyal and to repurchaseand/or recommend your product than is a customer who is just satisfied.

Only 4 percent of dissatisfied customers will complain. The average customer with a problem eventually tells nine other people. Satisfied customers tell five other people about their good treatment.

Objectives of a customer satisfaction surveying program

In addition to a clear statement defining customer satisfaction, any successful surveying

program must have a clear set of objectives that, once met, will lead to improved

performance. The most basic objectives that should be met by any surveying program

include the following:

Understanding the expectations and requirements of all your customers Determining how well your company and its competitors are satisfying these

expectations and requirements

Developing service and/or product standards based on your findings Examining trends over time in order to take action on a timely basis Establishing priorities and standards to judge how well you've met these goals

Before an appropriate customer satisfaction surveying program can be designed, the

following basic questions must be clearly answered:

How will the information we gather be used? How will this information allow us to take action inside the organization? How should we use this information to keep our customers and find new ones?

Careful consideration must be given to what the organization hopes to accomplish, how the

results will be disseminated to various parts of the organization and how the information

will be used. There is no point asking customers about a particular service or product if it

won't or can't be changed regardless of the feedback.

Conducting a customer satisfaction surveying program is a burden on the organization and

its customers in terms of time and resources. There is no point in engaging in this work

unless it has been thoughtfully designed so that only relevant and important information is

gathered. This information must allow the organization to take direct action. Nothing ismore frustrating than having information that indicates a problem exists but fails to isolate

the specific cause. Having the purchasing department of a manufacturing firm rate the sales

and service it received on its last order on a scale of 1 (terrible) to 7 (magnificent) would

yield little about how to improve sales and service to the manufacturer.

The lesson is twofold. First, general questions are often not that helpful in customer

satisfaction measurement, at least not without many other more specific questions

attached. Second, the design of an excellent customer satisfaction surveying program is

more difficult than it might first appear. It requires more than just writing a few questions,

designing a questionnaire, calling or mailing some customers, and then tallying the results.


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Understanding differing customer attitudes

The most basic objective of a customer satisfaction surveying program is to generate valid

and consistent customer feedback (i.e., to receive the voice of the customer, which can thenbe used to initiate strategies that will retain customers and thus protect the most valuable

corporate asset--loyal customers).

As it's determined what needs to be measured and how the data relate to loyalty and

repurchase, it becomes important to examine the mind-set of customers the instant they

are required to make a pre-purchase (or repurchase) decision or a recommendation

decision. Surveying these decisions leads to measures of customer loyalty. In general, the

customer's pre-purchase mind-set will fall into one of three categories--rejection (will avoid

purchasing if at all possible), acceptance (satisfied, but will shop for a better deal), and/or

preference (delighted and may even purchase at a higher price).

This highly subjective system that customers themselves apply to their decisions is based

primarily on input from two sources:

The customers' own experiences--each time they experience a product or service,deciding whether that experience is great, neutral or terrible. These are known as

"moments of truth."

The experiences of other customers--each time they hear something about acompany, whether it's great, neutral or terrible. This is known as "word-of-mouth."

There is obviously a strong connection between these two inputs. An exceptional

experience leads to strong word-of-mouth recommendations. Strong recommendations

influence the experience of the customer, and many successful companies have capitalized

on that link.


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Chapter-2:

Organisational Profile

Industry Profile Organisational Profile


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INDUSTRIAL PROFILE

INSURANCE

Insurance, in law and economics, is a form of risk management primarily used to

hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of

the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a

company selling the insurance. The insurance rate is a factor used to determine the amount,

called the premium, to be charged for a certain amount of insurance coverage. Risk

management, the practice of appraising and controlling risk, has evolved as a discrete field

of study and practice.

Insurance in India

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to a liberalized market again. Tracing the developments

in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almosttwo centuries.

Insurance is a federal subject in India and has a history dating back to 1818. Life and

general insurance in India is still a nascent sector with huge potential for various global

players with the life insurance premiums accounting to 2.5% of the country's GDP while

general insurance premiums to 0.65% of India's GDP. The Insurance sector in India has gone

through a number of phases and changes, particularly in the recent years when the Govt. of

India in 1999 opened up the insurance sector by allowing private companies to solicit

insurance and also allowing FDI up to 26%. Ever since, the Indian insurance sector is

considered as a booming market with every other global insurance company wanting tohave a lion's share. Currently, the largest life insurance company in India is still owned by

the government.

History of Insurance in India

Insurance in India has its history dating back till 1818, when Oriental Life Insurance

Company was started by Europeans in Kolkata to cater to the needs of European

community. Pre-independent era in India saw discrimination among the life of foreigners

and Indians with higher premiums being charged for the latter. It was only in the year 1870,

Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian

lives at normal rates.At the dawn of the twentieth century, insurance companies started mushrooming

up. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were

passed to regulate the insurance business. The Life Insurance Companies Act 1912 made it

necessary that the premium rate tables and periodical valuations of companies should be

certified by an actuary. However, the disparage still existed as discrimination between

Indian and foreign companies. The oldest existing insurance company in India is National

Insurance Company Ltd, which was founded in 1906 and is doing business even today.

Insurance industry, earlier comprised of only two state insurers. Life Insurers i.e. Life

Insurance Corporation of India (LIC) and General Insurers i.e. General Insurance Corporation

of India (GIC). GIC had four subsidiary companies.


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With effect from December 2000, these subsidiaries have been de-linked from

parent company and made as independent insurance companies: Oriental Insurance

Company Limited, New India Assurance Company Limited, National Insurance Company

Limited and United India Insurance Company Limited.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year

1818: With the establishment of the Oriental Life Insurance Company in Calcutta. 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 tocollect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with theobjective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act,1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established 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 classesof 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 (Nationalization) Act, 1972 nationalized 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 Insurance Company Ltd. And

The United India Insurance Company Ltd.

GIC incorporated as a company.

Insurance sector reforms

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.

N. Malhotra was formed to evaluate the Indian insurance industry and recommend its

future direction. The Malhotra committee was set up with the objective of complementing

the reforms initiated in the financial sector.

The reforms were aimed at creating a more efficient and competitive financial system

suitable for the requirements of the economy keeping in mind the structural changes


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currently underway and recognizing that insurance is an important part of the overall

financial system where it was necessary to address the need for similar reforms

In 1994, the committee submitted the report and some of the key recommendations

included;Structure

Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these

subsidiaries can act as independent corporations.

All the insurance companies should be given greater freedom to operate.Competition

Private Companies with a minimum paid up capital of Rs.1bn should be allowed toenter the industry.

No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with thedomestic 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.

Regulatory Body

The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance (Currently a part from the Finance Ministry) should be made

independent.

Investments

Mandatory Investments of LIC Life Fund in government securities to be reduced from75% to 50%.

GIC and its subsidiaries are not to hold more than 5% in any company (There currentholdings to be brought down to this level over a period of time).

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. Computerization of operations and updating of technology to be carried out in the

insurance industry.

The committee emphasized that in order to improve the customer services and increase the

coverage of the insurance industry should be opened up to competition. But at the same

time, the committee felt the need to exercise caution as any failure on the part of new

players could ruin the public confidence in the industry. Hence, it was decided to allow

competition in a limited way by stipulating the minimum Capital requirement of Rs.100

crores. The committee felt the need to provide greater autonomy to insurance companies in

order to improve their performance and enable them to act as independent companies with

economic motives. For this purpose, it had proposed setting up an independent regulatory

body.


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The Insurance Regulatory and Development Authority

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body in April

2000 has fastidiously stuck to its schedule of framing regulations and registering the privatesector insurance companies. The other decisions taken simultaneously to provide the

supporting systems to the insurance sector and in particular the life insurance companies

were the launch of the IRDAs online service for issue and renewal of licenses to agents. The

approval of institutions for imparting training to agents has also ensured that the insurance

companies would have a trained workforce of insurance agents in place to sell their

products, which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of

globally compatible regulations. Total number of life insurers under the Authority has gone

up to 21, while total number of general insurers registered with IRDA has reached 20.

Insurance Sector

4.47 Reforms in the insurance sector commenced with the enactment of the Insurance

Regulatory and Development Authority Act 1999, which facilitated the entry of private

insurance companies into the Indian insurance market. The Insurance Regulatory and

Development Authority (IRDA) was set up on April 19, 2000 to protect the interest of the

holders of insurance policies, and to regulate, promote and ensure orderly growth of the

insurance industry.


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COMPANY PROFILE

Background and inception of the company

Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates-Allianz AG, one of the world's largest insurance companies, and Bajaj Auto Limited, one of

the biggest 2 and 3 wheeler manufacturers in the world. Bajaj Allianz Life Corporation

limited was incorporated on 12th March 2001. The company received the Insurance

Regulatory and Development Authority (IRDA) certificate of Registration (R3) No. 116 on 3rd

August 2001 to conduct Life Insurance Business in India. Bajaj Allianz Shareholder Capital

base stands at Rs.500 crore with Bajaj Auto Limited and Allianz AG of Germany holding 74%

and 26% stake respectively. It is the 2nd

largest private player in Insurance industry in India

with a market share of 13.2% amongst the private companies as on 25th

Feb, 2009.

Bajaj Auto LimitedBajaj Auto Ltd, the flagship company of the Rs. 8000 Crore Bajaj Group is the largest

manufacturer of two wheelers and three wheelers in India and one of the largest in the

world. A household name in India, Bajaj Auto has a strong brand image & brand loyalty

synonymous with quality and customer focus. With over 15,000 employees, the company is

a Rs. 4000 crore auto giant. AAA rated by Crisil.

Bajaj Auto has been in operation for over 55 years. It has joined hands with Allianz to

provide the Indian consumers with a distinct option in terms of life insurance products.

As a promoter of Bajaj Allianz Life Corporation Ltd., Bajaj Auto has the following to offer

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. A 10 million strong base of customers using Bajaj products. Advanced Information Technology in extensive use. Experience in the financial services industry through Bajaj Auto Finance Ltd.

Allianz AG

Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000

employees. At the top of the international group is the holding company, Allianz AG, with its

head office in Munich.

Allianz AG is the business of General (Property and Casualty) Insurance; Life and Health

Insurance and Asset Management and has been in operation for over 110 years. Allianz is

one of the largest global composite insurers with operation in over 70 countries. Further,

the group provides Risk Management and Loss Prevention Services. Allianz has insured most

of the worlds largest infrastructure projects (including Hong Kong Airport and channel

tunnel between UK and France), further Allianz insures the majority of Fortune 500

companies, besides being a large industry insurer, and Allianz has a substantial portfolio in

the commercial and personal lines sector, using a wide variety of innovative distribution

channels.


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Allianz Ag A Global Financial Powerhouse

Worldwide second by Gross Written Premiums (GWR) Rs. 4, 46,654 cr. 3rd largest Asset under Management (AUM) & and largest amongst insurance cos.

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.

Nature of the business carriedBajaj Allianz Life Insurance as the name suggests is into the Insurance sector. Bajaj Allianz

Life Insurance Company Limited engages in life insurance business in India. The company

offers unit linked regular and single premium plans; pension plans; traditional products,

including endowment and money back products; and term plans. It also provides non

employer employee and employer employee group insurance products; women insurance;micro insurance; and wealth insurance products.

Vision, mission and values

VISION:

1) To be the first choice insurer for customers.2) To be the preferred employer for staff in Insurance industry.3) To be the number one insurer for creating shareholder value4) To aspire to be a world class organization.5)

To encourage organizational transparency.6) To value integrity.

MISSION:

We aim to be the top new life insurance company in the market. This does not just

mean being the largest or the most productive company in the market, rather it is a

combination of several things like-

1. Customer service of the highest order.2. Value for money for customers.3. Professionalism in carrying out business.4. Innovative products to cater to different needs of different customers.5. Use of technology to improve service standards.6. Increasing market share.

VALUES

Security: Providing long term financial security to our policy holders will be our constant

endeavor. We will be do this by offering life insurance and pension products.

Trust: We appreciate the trust placed by our policy holders in us. Hence, we will aim tomanage their investments very carefully and live up to this trust.


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Innovation: Recognizing the different needs of our customers, we will be offering a range of

innovative products to meet these needs.

Products/service profileComplete Life Insurance Product Portfolio

1. Unit Linked Insurance Plans

Market linked insurance plans invest the premium in to the equity, debt and cash

markets by the way of allocating units, which like any other mutual fund have a NAV and the

customer is free to switch between one fund class to another depending on the risk factor he

wishes to be in. ULIPs offer a better return than the traditional endowment plans and offer a

great deal of flexibility along with great returns making them the finest product offering. We

at Bajaj Allianz Life Insurance have developed a number of Unit Linked Insurance ULIP

products which range from single premium to a regular premium option along with

investment funds ranging from index funds to mid-cap funds and debt market linked funds.

Regular Premium

iGain III Money Secure Insurance Plan Assured Protection Insurance Plan Smart Insurance Plan III

Single Premium

Shield Insurance Plan Flexi Advantage Insurance Plan

2. Traditional Plans

Saving Plans that offer bonus are completely safe and are ideal for long term

investments. Our products offer additional benefits including 4 times life cover at little extra

costs, limited premium payment terms and compounded reversionary bonuses. These

features make our traditional plans excellent long term saving instruments.

Endowment

Invest Gain Save Care Economy SP Life Time Care Super Saver

Money Back

CashRich Insurance Plan Super CashGain Insurance Plan CashGain ChildGain


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3. Pension Plans

We at Bajaj Allianz Life Insurance offer Pension Plans which will make sure that we

are there to support you in every stage of your life and your savings in pension plan

insurance today become your wealth and support for your future years to come.

Pension Plans

Pension Guarantee: Pension Guarantee Plan ensures regular Income after Retirement.for Life. With Bajaj Allianz Pension Guarantee Plan, you can ensure a regular income

after retirement. The plan offers you a range of immediate annuities to choose from.

All you have to do is pay a lump sum amount to Bajaj Allianz Life Insurance Company,

and the annuity payments will start after expiry of monthly/quarterly/half-

yearly/yearly interval corresponding to the payment mode selected by you. Under all

options, annuity is payable for life, so you don't have to worry about your income

stopping at any age.

4. Life plus Health Insurance for hospitalization

At Bajaj Allianz Life Insurance we offer unique hospitalization-cum-insurance plan that

takes care of your hospitalization bills and also provides crucial financial support to your

dependents in case of your unfortunate death.

Our health insurance plans offer a sound protection to safe guard your family from any

medical emergencies and will make sure that financial problems are least of your worries in

trying to get yourself treated.

We offer cash less Mediclaim facility across 2000 hospitals in over 300 towns and providebest treatment in the finest hospitals with our health insurance products.

Health Care Family CareFirst

5. Term Insurance Plans

The sole objective of Term insurance policy is to serve the protection needs of the

customers and by doing so, safeguard one's family from the financial implications of

unfortunate circumstances that one cannot foresee.

These term insurance plans are pure risk cover plans with or without maturity benefit.These pure risk plans cover your life at a nominal cost and you may want to take this term

insurance plan to cover your outstanding debts like a mortgage, a home loan etc.

Protector Term Care New Risk Care II iSecure Insurance Plan iSecure Loan Insurance Plan iSecure More Insurance Plan


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6. Women Insurance

Today's lady is an inspiration to her family.

She takes important decisions in every household and at work. To cater to women's special

needs we offer innovative women specific plans which provide investment benefits, savings,

retirement solutions and medical insurance. Our special plans help mothers plan for their

children's education, save for the future and take care of all medical emergencies in the

family.

Our Regular investment and savings plan, offer:

Investments along with critical illness benefits which provide good returns, long termsaving and protection incase of a medical emergency

Investment plans with accidental coverage Children's education planning Specialized retirement income plans for homemakers to provide a secure and

financial future.

Education Plans for the Confident Girl Child

Is your little girl destined for greatness? Will she grow up to be successful? Your princess can

reach for the stars, but before she dreams you must do. Bajaj Allianz offers Child Education

plans, which help a parent secure education for their child. A specialized plan known as Bajaj

Allianz Child Gain offers a wide array of solutions that allows you to plan for your daughter's

future, including schooling, higher education and marriage and also takes care of any

uncertainties that may happen along the way.

Plans for the Confident Young Lady

As a young, confident woman, you are either studying to make your career or are earning

your own living and are financially independent. We at Bajaj Allianz offer many products,

which help check, plan and keep all your finances in order, as well as take care of your other

needs. Bajaj Allianz Young Care II is a plan that helps you enter the Capital Markets with no

fear. While our special Motor Insurance Package Policy with unique women-specific

services, makes sure that you can drive around, worry-free.

Plans for the Confident Home Maker

As a home maker of today, you are also the decision maker, unlike before. You are equally

aware of the outside world and are accustomed to being consulted by your husband on

decisions pertaining to finances. You also go out of your way to take care of your family with

your warmth and support in case of any illness and ensure that your family members are

treated with the best medical care. Saluting the confident home maker of today, Bajaj

Allianz offers two plans - Bajaj Allianz Invest Gain and Bajaj Allianz Family CareFirst. Plans

with a rider especially developed for today's woman to give her that extra bit of confidence.

Plans for the Confident Future Grand Mother

A majority of women consider 'financial security' to be one of their top priorities, yet mostwomen feel they do not have the knowledge to address financial matters. It is necessary to


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be financially independent, as it gives you a sense of worth and purpose. Bajaj Allianz Future

Income Generator is one plan which suits all. Irrespective of age this is one plan which

would ensure that you remain financially independent in your golden years of life.

Products for House Wives7. Additional Rider Benefits

Bajaj Allianz offers you the flexibility to enhance your basic insurance policy by attaching

additional benefits that give more protection to you and your family. You can choose to take

all or some of the additional rider benefits. Bajaj Allianz allows you to redesign your life

insurance coverage to suit your needs, providing total protection against many

uncertainties.

We offer the following additional rider benefits:-

Bajaj Allianz Family Income Benefit Bajaj Allianz Comprehensive Accident Protection Benefit Bajaj Allianz Supplementary Death Benefit Bajaj Allianz Critical Illness Benefit Bajaj Allianz Hospital Cash Benefit


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Chapter-3:

The Present Study/Methodology

Need//significance of Study Objectives of study Scope of study Research design Data collection method Limitations of the study


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NEED FOR THE STUDY

The study was held at Bajaj Allianz Life Insurance Ltd, to know the perception

of people towards insurance. This study helps the researcher to know the overall view of

insurance in people

Bajaj Allianz Life Insurance Ltd provides various types of insurance products and

services. The company wishes to expand their business and their services for increasing

sales. Most of the peoples have savings but they are not aware about insurance benefits

and its various schemes. So my intention is to find out remedies for creating better sales

and also analyzes the perceptions and preferences of the public which helps them to gain

competitive advantage over their competitors.

OBJECTIVES OF THE STUDY

To study the perception of public towards insurance policies in Vizag. To understand the value for investment in future. To identify how many people are aware about insurance and investment. Comparative study of various insurance players in the market. To study the varied reasons of availing life insurance plans.

NATURE AND SCOPE OF THE STUDY

To possess the information regarding consumer quires and satisfaction levelsa survey has been conducted. This project work gives clear picture of satisfaction and

preference of the users regarding the use of the products and services of Bajaj Allianz Life

Insurance Ltd.

The questions that are included in the questionnaire are framed in such a way so to

bring out the attitudes of various consumers regarding the products of the company.

The varying consumer quires with regard to specification of different types of

products and services ofBajaj Allianz Life Insurance Ltd can be noticed in the study. The

study has been pursued through observation of various activities especially consumer

service and other factors which drive the consumer to use the product.

RESEARCH METHODOLOGY

Statement Of Problem:

The research is carried on in a proper planned and systematic manner.

The research was particularly a telephonic research. We have to sell products to listof people which include their names and contact numbers given by Bajaj Allianz.

During the telephonic we have to sell different products by explaining the benefits ofa particular product.


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Personal Interview

This method was the most appropriate way of survey, because by personal interview I came

to know about how the respondents feel about the life insurance companies. The personalinterview is conducting mainly for collecting information for fulfill of the questionnaire.

Questionnaire

This method proved to be even better because it was not possible to interview every one

and it was less time consuming to fill up the questionnaire rather than answering the

interviewers questions. The questionnaire is to prepare to know the awareness level. The

questionnaire is fully focused for collecting the brand awareness information and finding the

market potential of Bajaj Allianz Life Insurance Corporation.

In this method questionnaire were distributed to the respondents and they were asked to

answer the questions in the questionnaire. The questionnaire were structured non disguisedquestionnaire because the question which the questionnaire contained, were arranged in a

specific order besides every question asked were logical for the study, no question can be

termed as irrelevant.

2) SECONDARY DATA:

The secondary data is collected from the company website and other websites, through

listing by personal observation. The secondary data are collected by some other people for

their work and it is already exist. The researcher started investigation by first examining the

secondary data to see whether the problem can be partly or fully solved by without

collecting primary data. Since the secondary data were not sufficient to solve the entire

problem, so primary data were collected to fill the gap.

Sources of secondary data:

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

Data collection instruments

Questionnaire was designed as a main instrument to conduct survey. A questionnaire

constraint of 15 set of questions presented to respondents for their answers. The

questionnaire was non-disguised because the questionnaire was constructed so that the

objective is clear to the respondent. The respondents were aware of the objective. They

knew why they were asked to fill the questionnaire. The questionnaire is used for the

purpose of knowing the brand awareness among Life Insurance Company and changing

investment pattern of people of Bangalore city.

Market survey

The result of surveys is used to describe and analyses the demand of the Bajaj Allianz life

insurance products. The survey is conducted in the Bangalore city only.

Field work

Field work is done in this project individually with no biasness. The field work comprises of


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filling of questionnaire by different sector individuals. The framed questionnaire was

presented for approval to college internal guide and company external guide. The study

involved a fieldwork where the consumer contacted individually and were persuaded to

discharge the information through the questionnaire. The respondents were directlycontacted at their house or work place without prior appointment as per the convenience of

the researcher.

RESEARCH PROCESS ADOPTED:

Research Area : Visakhapatnam Sample Size : 50

In order to reach relevant conclusion, research work needed to be designed in a proper way.

This research methodology also includes:-

Familiarization with the concept of insurance and its various terms. Thorough study of the information collected. Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:

Questionnaire Pie Charts Bar Diagrams

LIMITATIONS OF THE STUDY

The present study is based on the datas collected from vizag so its results may notbe applicable to other areas.

Convenience sampling was used so all the limitations pertaining to this may alsobecame a part in the findings of this study.

At times the question had to be explained to the respondents due to their ignorancethat could have influenced their views.

The time span was the another constraint, for the preparation of the questionnairelot of study and consultation were required, so that it could be presented in such a

way that could be acceptable to the respondent.

Time and cost constraints were also there. Chances of some biasness could not be eliminated. A Samples size of fifty has been use due to time limitations. A majority of respondents show lack of cooperation and are biased towards their

own opinions.


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Chapter-4:

Data analysis


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1. Youre Occupation?Table no: 1 Occupation

Occupation No. of responds

Service 13

Business 15

Retired 12

Others 10

Graph no: 1 Occupation

Interpretation:

The above pie chart tells about occupation of the customer. 13 people were responded for

service, 15 were responded for business, and 12 were responded for retired and 10 for

other.

13, 26%

15, 30%

12, 24%

10, 20%

Occuptation

Service

Business

Retired

Others


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2. Youre Income?Table no: 2 Income level

Income No .Of respondents

10000-15000 15

15001-25000 13

Above 25000 22

Graph no: 2 Income level

Interpretation:

The above column graph tells about the income level of the policy holders. 22 people were

above 25000, 13 people were 15001-25000, 15 people were 10000-15000.

1513

22

0

5

10

15

20

25

10000-15000 15001-25000 Above 25000

No.OfRespondents

Income

Income

10000-15000

15001-25000

Above 25000


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3. Reasons for investing in Insurance Plans of Bajaj Allianz Life Insurance?Table no: 3 Insurance plans

Insurance plans No. of respondents

Returns 6

Schemes are good 7

Recommended by Family & Friends 9

Needs to save tax 18

Offers Multiple benefits like investment

+insurance +Tax Saving 10

Graph no: 3 Insurance plans

Interpretation:

The above column graph tells about investing in Insurance Plans of Bajaj Allianz Life

Insurance of the customer. 18 people were responded to save tax, 10 were responded for

other mutual benefits, and 9 were responded for recommended by family & finds, 7 people

were attracted by the schemes and 6 people were responded for returns.

67

9

18

10

0

5

10

15

20

N

o.O

frespondants

Insurance plans

Insurance Plans

Returns

Schemes are good

Recommended by Family & Friends

Needs to save tax

Offers Multiple benefits like

investment+insurance +Tax Saving


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4. What do you feel after investing in Insurance Plans of Bajaj Allianz Life Insurance?Table no: 4 Feeling

Feeling No. Of respondents

Good 25

Averagely Satisfied with the investment decision 15

Unhappy 10

Graph no: 4 Feeling

Interpretation:

The above bar graph tells about the feeling of the policy holders. 25 people were responded

positively, 15 were responded to average satisfaction with the investment decision and 10

people were responded negatively that is unhappy.

25

15

10

0 5 10 15 20 25 30

Good

Averagely Satisfied with the

investment decision

Unhappy

Feeling

Good

Averagely Satisfied with the

investment decision

Unhappy


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5. Do the Insurance Agent / Marketing Executives Recommend Bajaj Allianz Life Insurance?Table no: 5 Recommend

Recommend No. Of respondents

Insurance Agent 35

Market executives 15

Graph no: 5 Recommend

Interpretation:

The above pie chart represents that recommended the policy of Bajaj Allianz. 70% people

were responded towards Insurance Agent and 30% were responded towards Marketing

Executives.

35, 70%

15, 30%

Recommend

Insurance Agent

Market executives


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6. Do you think the recommendation for Bajaj Allianz Life Insurance is authentic and theagents / Marketing Executives of Bajaj Allianz Life insurance are giving correct

information related to the products and charges?

Table no:6 providing correct information

Providing correct information No. Of respondents

Yes 40

No 10

Graph no:6 providing correct information

Interpretation:

The above pie chart represents about information which is provided by the company. 80%

were responded positively and 20% were responded negatively.

40, 80%

10, 20%

Providing information

Yes

No


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7. Do you invest in Insurance Plans of Bajaj Allianz Life insurance because of TaxBenefits?

Table no: 7 Tax Benefits

Tax Benefits No. Of respondents

Yes 40

No 10

Graph no: 7 Tax Benefits

Interpretation:

The pie chart tells about the tax benefits though the policy. 80% were responded positively

and rest of 20% where responded negatively.

40, 80%

10, 20%

Tax Benefits

Yes

No


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8. How is the Premium Amount to be paid in Insurance Plans of Bajaj Allianz LifeInsurance Company?

Table no: 8 Premium Insurance Plans

Premium Insurance Plans No. Of respondents

Highly Satisfactory 12

Satisfactory 15

Average 9

Dissatisfactory 6

Highly Dissatisfactory 8

Graph no: 8 Premium Insurance Plans

Interpretation:

The above column graph tells about the Premium Amount to be paid in Insurance Plans of

Bajaj Allianz Life Insurance Company. 15 people responded that they are satisfied, 12 people

were responded that they are highly satisfied, 9 for average, 8 for highly dissatisfied and 6

for dissatisfaction.

12

15

9

6

8

02

4

6

8

10

12

14

16

Premium Insurance Plan

Highly Satisfactory

Satisfactory

Average

Dissatisfactory

Highly Dissatisfactory


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9. How are the Insurance Policies of Bajaj Allianz Life InsuranceTable no: 9 Satisfaction Level

Satisfaction level of Insurance Policy No. Of respondents


Satisfactory 9

Average 15

Dissatisfactory 6


Graph no: 9 Satisfaction Level

Interpretation:

The above Bar graph tells about the Insurance Policy of Bajaj Allianz Life Insurance

Company. 9 people responded that they are satisfied, 12 people were responded that they

are highly satisfied, 15 for average, 8 for highly dissatisfied and 6 for dissatisfaction.

12

9

15

6

8

0 5 10 15 20

Highly Satisfactory

Satisfactory

Average

Dissatisfactory


Satisfaction

Highly Satisfactory

Satisfactory

Average

Dissatisfactory



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10. How are the Returns in Insurance Policies of Bajaj Allianz Life Insurance?Table no: 10 policy return

Policy return No. Of respondents


Satisfactory 12

Average 9

Dissatisfactory 6


Graph no: 10 policy return

Interpretation:

The above Bar graph tells about the returns of Insurance Policy of Bajaj Allianz Life Insurance

Company. 12 people responded that they are satisfied, 15 people were responded that theyare highly satisfied, 9 for average, 8 for highly dissatisfied and 6 for dissatisfaction.

15

12

9

6

8

0 2 4 6 8 10 12 14 16

Highly Satisfactory

Satisfactory

Average

Dissatisfactory


Returns

Highly Satisfactory Satisfactory Average

Dissatisfactory Highly Dissatisfactory


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11. How are the Charges in Insurance Policies of Bajaj Allianz Life Insurance?Table no: 11Policy Charges

Policy Charges No .Of respondents

High 13

Average 25

Low 12

Graph no: 11Policy Charges

Interpretation:

The above Bar graph tells about the charges in Insurance Policy of Bajaj Allianz Life

Insurance Company. 12 people responded to charges that they are low, 25 people were

responded they charges are average, 13 for high charges average.

13

25

12

0 5 10 15 20 25 30

High

Average

Low

Charges

High

Average

Low


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12. What would you like more in Insurance Policies of Bajaj Allianz Life Insurance?Table no: 12 Insurance Policies

Insurance Policies No .Of respondents

More benefits 32

More security 18

Graph no: 12 Insurance Policies

Interpretation:

The above pie chart tells about the charges in Insurance Policy of Bajaj Allianz Life Insurance

Company. 12 people responded to charges that they are low, 25 people were responded

they charges are average, 13 for high charges average.

32, 64%

18, 36%

Insurance Policies

More benefits

More security


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13. Rate your overall satisfaction with Insurance Policies of Bajaj Allianz Life Insurance?Table no: 13 Satisfactions

Satisfaction No .Of respondents


Satisfactory 10

Average 13

Dissatisfactory 9


Graph no: 13 Satisfactions

Interpretation:

The above Bar graph tells about the overall satisfaction level with the Insurance Policy of

Bajaj Allianz Life Insurance Company. 10 people responded that they are satisfied, 11 peoplewere responded that they are highly satisfied, 13 for average, 7 for highly dissatisfied and 9

for dissatisfaction.

0 5 10 15

Highly Satisfactory

Satisfactory

Average

Dissatisfactory


11

10

13

9

7

Satisfaction

Highly Satisfactory

Satisfactory

Average

Dissatisfactory



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Chapter-5:

Findings Suggestions


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Findings

Most of them prefer life insurance policy for their tax benefits. 64% prefer Bajaj Allianz life insurance because it is more beneficial to the customer. 70% of them recommend by insurance agent. 80% of them responded positively to the information provided by the company. Most of them feel good with the insurance plans of Bajaj Allianz 30% of the business people were preferred Bajaj Allianz life insurance policy.

Suggestions

Among all the existing life insurance Companies in India Bajaj Allianz Product have a

edge.But according to my observation the company can look forward to following

suggestions:-

Company can launch a investment plan specially designed for students in which theycan invest small amount (eg-:500 to 1000)

Company can design some products exclusively for rural areas keeping is mind therural conditions.

Locking period should be reduce which can attract more investors .

It can distribute discount coupons to its prime customers on special Occasions, thiswill keep the customer happy and satisfied.

Since the company has a tie up with Bajaj Auto, syndicate Bank Standard ChartedBank It can plan out some schemes with the banks that are beneficiary for the

customers. (Like being the customer of Bajaj Allianz they can avail some benefit of

Bajaj Auto. Standard charted bank, and syndicate Bank.).

Company can start attractive schemes for insurance consultants like salary for topperformers.


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LIST OF TABLES

S. No List of Table page no

1 Table no: 1 Occupation 28

2 Table no: 2 Income level 29

3 Table no: 3 Insurance plans 30

4 Table no: 4 Feeling 31

5 Table no: 5 Recommend 32

6 Table no: 6 providing correct information 33

7 Table no: 7 Tax Benefits 34

8 Table no: 8 Premium Insurance Plans 35

9 Table no: 9 Satisfaction Level 36

10 Table no: 10 policy return 37

11 Table no: 11Policy Charges 38

12 Table no: 12 Insurance Policies 39

13 Table no: 13 Satisfactions 40


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LIST OF GRAPHS

S. No List of Graphs page no

1 Graph no: 1 Occupation 28

2 Graph no: 2 Income level 29

3 Graph no: 3 Insurance plans 30

4 Graph no: 4 Feeling 31

5 Graph no: 5 Recommend 32

6 Graph no:6 providing correct information 33

7 Graph no: 7 Tax Benefits 34

8 Graph no: 8 Premium Insurance Plans 35

9 Graph no: 9 Satisfaction Level 36

10 Graph no: 10 policy return 37

11 Graph no: 11Policy Charges 38

12 Graph no: 12 Insurance Policies 39

13 Graph no: 13 Satisfactions 40


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BILBOGRAPHY

Kothari C R, Research and Methodology- Methods & Techniques, New Age International (P)Ltd., 2004

Books

o Kothari C.R., (1999) Research Methodology, Wishwa Prakashano Kotler P. and Armstrong G., (2005) Principles of Marketing New Delhi,

Prentice Hall of India

o Kotler P., (1999)Marketing Management Analysis, Planning, Implementationand Control, New Delhi, Prentice Hall of India

o Saxena Rajan, (1999) Marketing Management, Tata McGraw Hillwww.moneycontrol.com

www.bajajalliance.com

Times of India

www.google.com

www.wikipedia.com
http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.bajajalliance.com/http://www.bajajalliance.com/http://www.google.com/http://www.google.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.google.com/http://www.bajajalliance.com/http://www.moneycontrol.com/


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ANNEXURE

Questionnaire to analyze the satisfaction level of customers towards Bajaj Allianz life

insurance company.

Q1. Your Occupation ?

a. Serviceb. Businessc. Retiredd. Others

Q2. Your Income ?

a. 10000-15000b. 15001-25000c. Above 25000

Q3. Reasons for investing in Insurance Plans of Bajaj Allianz Life Insurance?

a. Returnsb. Schemes are goodc. Recommended by Family & Friendsd. Needs to save taxe. Offers Multiple benefits like investment+insurance +Tax Saving

Q4. What do you feel after investing in Insurance Plans of Bajaj Allianz Life Insurance?

a. Goodb. Averagely Satisfied with the investment decisionc. Cheated

Q5. Does the Insurance Agent / Marketing Executives Recommend Bajaj Allianz Life

Insurance?

a. Yesb. No

Q6. Do you think the recommendation for Bajaj Allianz Life Insurance is authentic and the

agents / Marketing Executives of Bajaj Allianz Life insurance are giving correct information

related to the products and charges?a. Yesb. No

Q7. Do you invest in Insurance Plans of XYZ Life because of Tax Benefits?

a. Yesb. No

Q8. How is the Premium Amount to be paid in Insurance Plans of Bajaj Allianz Life Insurance

Company ?

a. Highly Satisfactoryb. Satisfactory


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c. Averaged. Dissatisfactorye. Highly Dissatisfactory

Q9. How are the Insurance Policies of Bajaj Allianz Life Insurance ?

a. Highly Satisfactoryb. Satisfactoryc. Averaged. Dissatisfactorye. Highly Dissatisfactory

Q10. How are the Returns in Insurance Policies of Bajaj Allianz Life Insurance?

a. Highly Satisfactoryb.

Satisfactoryc. Average

d. Dissatisfactorye. Highly Dissatisfactory

Q11. How are the Charges in Insurance Policies of Bajaj Allianz Life Insurance

a. Highb. Averagec. Low

Q12. What would you like more in Insurance Policies of Bajaj Allianz Life Insurance?

a. More benefitsb. More securityc. Others, Please specify

Q13. Rate your overall satisfaction with Insurance Policies of Bajaj Allianz Life Insurance?

a. Highly Satisfactoryb. Satisfactoryc. Averaged. Dissatisfactorye. Highly Dissatisfactory

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