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- 1 - SUMMER TRAINING PROJECT REPORT ON PRODUCT ANALYSIS AT BAJAJ ALLIANZ LIFE INSURANCE Submitted fort the partial fulfillment of the Award Of Bachelor of Business Administration Degree From Ch. Charan Singh university, meerut (Session 2010-2011) Submitted To: Submitted By: Mrs. Kalpana Faculty, Management Mehnaz Chauhan Roll. No.9183535 BBAVI th Sem.  Departme nt of Manage ment  INSTITUTE OF INFORMATIC S & MANA GEMENT SCIENCE S, MEERUT Anuyogi Puram, Near Medical College, Garh Road, Meerut   250004 Tel. : 2760396, Fax : (0121) 2765023, e-mail: [email protected]

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    Submitted fort the partial fulfillment of the Award


    Bachelor of Business Administration Degree


    Ch. Charan Singh university, meerut

    (Session 2010-2011)

    Submitted To: Submitted By:Mrs. KalpanaFaculty, Management

    Mehnaz Chauhan

    Roll. No.9183535



    Department of Management


    Anuyogi Puram, Near Medical College, Garh Road, Meerut250004

    Tel. : 2760396, Fax : (0121) 2765023, e-mail: [email protected]

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    India is the largest democracy in the world having a population more than one billion. It is 5th

    largest in the world in terms of purchasing power parity (PPP). India GDP growth rate is over 6

    percent per year on average for the last decade and saving rate is around 26 percent of GDP.

    With largest number of life insurance policies in force in the world, Insurance happens to be a

    mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and

    presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per

    cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds

    available with LIC for investments are 8 per cent of GDP.

    Yet, nearly 80 per cent of Indian populations are without life insurance cover, health insurance

    and non-life insurance continue to be below international standards. And this part of the

    population is also subject to weak social security and pension systems with hardly any old age

    income security. This itself is an indicator that growth potential for the insurance sector is


    A well-developed and evolved insurance sector is needed for economic development as it

    provides long term funds for infrastructure development and at the same time strengthens the risk

    taking ability. It is estimated that over the next ten years India would require investments of the

    order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in

    infrastructure development to sustain economic growth of the country.

    With a large capital outlay and long gestation periods, infrastructure projects are fraught with a

    multitude of risks throughout the development, construction and operation stages. These include

    risks associated with project implementation, including geological risks, maintenance,

    commercial and political risks. Without covering these risks the financial institutions are not

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    willing to commit funds to the sector, especially because the financing of most private projects is

    on a limited or non- recourse basis.

    Insurance companies not only provide risk cover to infrastructure projects, they also contribute

    long-term funds. In fact, insurance companies are an ideal source of long term debt and equity

    for infrastructure projects. With long term liability, they get a good asset- liability match by

    investing their funds in such projects.

    IRDA regulations require insurance companies to invest not less than 15 percent of their funds in

    infrastructure and social sectors. International Insurance companies also invest their funds in

    such projects.

    Insurance is a federal subject in India. There are two legislations that govern the sector- The

    Insurance Act- 1938 and the IRDA Act- 1999.

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    Table of Contents



    Executive Summary


    Chapter- 1 Introduction

    Chapter -2 Company profile

    Chapter -3

    3.1 Objectives of the project

    3.2 Importance and scope of the project

    Chapter-4 Literature Review

    Chapter-5 Research Methodology

    5.1 Research Design

    5.2 Data Collection

    5.3 Limitations

    Chapter-6 Data analysis and interpretation


    7.1 Findings

    7.2 Conclusion

    7.3 Recommendations & Suggestions

    08. Appendices

    09. Bibliography

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    In todays competitive world insurance is the most growing and developing sector with moreand more private companies entering the insurance sector which are making a hub for investors

    as insurance sector has the maximum growth as compared to any other fields. This growth

    potential attracted me to enter into this sector and BAJAJ ALLIANZ LIFE INSURANCE has

    given and opportunity to work and get to know the working of this sector and growth prospects

    of agents as a advisors and their earning patterns as well as what are the problems which an

    advisor faces and what are the reasons for not receiving the commission on time in addition how

    their query gets resolved in BAJAJ ALLIANZ. An Advisor is the main and elementary level in

    the field of insurance that comes in contact with both investors and a company or they can be

    said as a mediator between insurers and insured and he is the one who brings business and the

    only one who helps customers to choose the right plan for his investment. As they add so much

    value to the insurance business services and brings benefits to the employers they get in return is

    the commission so the main motive behind the study is to see how advisors get differently paid

    for different plans sold and how the commission is prepared at head office and its disbursement

    process as well as to see what are the problems and queries they raise for not receiving the

    commission due to them and to see various other reasons for problems in commission


    This study is one of its kind which looks at the insights of the working of the BAJAJ ALLIANZ

    in making commissions of its advisors agents and to look at their full process starting from

    making commission for advisors to its disbursement and query resolution about the commission.

    The scope of such study is to see working of insurance company and how insurance company

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    benefit and perks they give their advisors in return of the business and services brought in by

    them to the company for their various plans.

    To look for details and to collect data for my project I worked in Kanpur Branch Office to gather

    full information about the system and working of whole UP region and found out the facts about

    various processes adopted by Bajaj Allianz to pay its advisors and the time period taken for this

    study are 2 months.

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    Tel(+91 20)66026777


    133 University Road


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    Introduction of the company

    Bajaj Allianz Life Insurance Co. is a union between Allianz SE one of the worlds largest life

    insurance Co. and Bajaj Auto one of the biggest 2 & 3 wheeler manufactures in the world

    Allianz SE is a leading Insurance conglomerate globally and one of the largest asset managers in

    the world. Managing asset , worth over a trillion Euros(over Rs.55,00,000 crors ). Allianz SE has

    over 115 years of financial experience in over 70 countries.

    Bajaj Auto is one of the most trusted manufacturer INDIAN AUTO for ever 55 years. At Bajaj

    Allianz customer delight is over guiding principle ensuring world class solution by offering

    customized products with transparent benefit, supported by best technology i.s over business


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    VViissiioonn && MMiissssiioonn


    Empowering everyone live their dreams.


    Create unmatched value for everyone through dependable, effective, transparent and profitable

    life insurance and pension plans. (jaise jarurat vaisa insurance)

    OOuurr GGooaall

    Bajaj Allianz Life Insurance would strive hard to achieve the 3 goals mentioned below:

    Emerge as transnational Life Insurer of global scale and standard

    Create best value for Customers, Shareholders and all Stake holders

    Achieve impeccable reputation and credentials through best business practices

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    Current performance of company


    Competitors in the country


    Reliance Life Insurance Company Limited

    Birla Sun-Life Insurance Company Limited

    HDFC Standard Life Insurance Co. Limited

    ICICI Prudential Life Insurance Co. Limited

    ING Vysya Life Insurance Company Limited

    Max New York Life Insurance Co. Limited

    MetLife Insurance Company Limited

    Om Kotak Mahindra Life Insurance Co. Ltd.

    SBI Life Insurance Company Limited

    TATA AIG Life Insurance Company Limited

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    AMP Sanmar Assurance Company Limited

    Dabur CGU Life Insurance Co. Pvt. Limited

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    MMaarrkkeett SShhaarree OOffCCoommppaanniieess


    SOURCE:- Based on Market Survey (Sample size 100)









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    Trade policies of Bajaj Allianz life insurance

    To satisfy its customers need

    To be best in the market

    To provide benefits which others are not providing

    To satisfy the work force of the company.

    Different plans which company is providing to its customers.

    Bajaj Allianz Life Insurance is here with Solutions for Individuals, a series of plans that will help

    you make wise investments, protect your family, secure your childs future and even chalk out a

    plan for your retirement.

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    Bajaj Allianz life insurance industry is one of the leading brand names in the market as

    well as in the insurance sector.

    Bajaj Allianz life insurance offers you products that fulfill your savings and protection

    needs. The aim of Bajaj Allianz life insurance is to emerge as a transnational Life Insurer

    of global scale and standard.

    There are many attractive features of the company which can be easily estimated by the

    attractive product plans, by different policies, which the company has adopted, by the

    salary packages they are offering to the employees and many more things.

    1) Products plans-:

    Life is unpredictable, but in face of adversity, our responsibilities towards our parents,

    children and loved ones need not to be compromised. Insurance planning equips we to

    smooth out the uncertainties and adversities that life might send our way, so that the best

    that life has to offer, secure in the knowledge that our beloved ones are well provided for.

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    Reliance Life Insurance offers a range of innovative, customer-centric products that meet the

    needs of customers at every life stage. Its products can be enhanced with up to riders to create a

    customized solution for each policyholder.

    These Products are divided into two parts basically:

    Traditional Plan

    ULIP (Unit Linked Insurance Plan)


    ((UUnniitt lliinnkkeedd IInnssuurraannccee PPllaann))

    Unit linked guidelines were notified by IRDA on 21st

    December 2005. The main intent of the

    guidelines was to ensure that they lead to greater transparency and understanding of these

    products among the insured, especially since the investment risk is borne by the policyholder. It

    is the endeavor of IRDA to enable the buyer to make the most informed decision possible when

    planning for financial security.

    ULIP is an abbreviation for Unit Linked Insurance Policy. A ULIP is a life insurance policy

    which provides a combination of risk cover and investment. The dynamics of the capital market

    have a direct bearing on the performance of the ULIPs. In a unit linked policy, the investment

    risk is generally borne by the investor.

    The allocated (invested) portions of the premiums after deducting for all the charges and

    premium for risk cover under all policies in a particular fund as chosen by the policy holders are

    pooled together to form a Unit fund. Unit is a component of the Fund in a Unit Linked Policy.

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    FFuunnddss ooffUULLIIPP

    General Descriptions Nature of Investment Risk Category

    Equity Funds

    Primarily invested in

    company stock with the

    general aim of capital

    appreciationMedium to high



    Interest Rates

    And Bond Funds

    Invested in corporate

    bonds, government

    securities and other fixed

    income instrument Medium

    Cash Funds

    Sometimes known as

    money market funds-

    invested in cash, bank

    deposits and money market

    instrument Low

    Balanced Funds

    Combining equityinvestment with fixed

    interest instrument High

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    CChhaarrggeess,, ffeeeess aanndd ddeedduuccttiioonnss iinn aa UULLIIPP

    ULIPs offered by different insurers have varying charge structures. Broadly, the different types

    of fees and charges are given below. However, it may be noted that insurers have the right to

    revise fees and charges over a period.

    Premium Allocation Charges

    This is a percentage of the premium appropriated towards charges before allocating the units

    under the policy. This charge normally includes initial and renewal expenses apart from

    commission expenses.

    Mortality Charges

    These are charges to provide for the cost of insurance coverage under the plan. Mortality charges

    depend on number of factors such as age, amount of coverage, state of health etc

    Fund Management Fees

    These are fees levied for management of the funds and are deducted before arriving at the Net

    Asset Value (NAV).

    Policy/ Administration Charges

    These are the fees for administration of the plan and levied by cancellation of units. This could

    be flat throughout the policy term or vary at a pre-determined rate.

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    Surrender Charges

    A surrender charge may be deducted for premature partial or full encashment of units wherever

    applicable, as mentioned in the policy conditions.

    Fund Switching Charge

    Generally a limited number of fund switches may be allowed each year without charge, with

    subsequent switches, subject to a charge.

    Service Tax Deductions

    Before allotment of the units the applicable service tax is deducted from the risk portion of the


    Investors may note, that the portion of the premium after deducting for all charges and premium

    for risk cover is utilized for purchasing units.

    Net Asset Value (NAV)

    NAV is the value of each unit of the fund on a given day. The NAV of each fund is displayed on

    the website of the respective insurers.


    SWITCH option provides for shifting the investments in a policy from one fund to another

    provided the feature is available in the product. While a specified number of switches are

    generally effected free of cost, a fee is charged for switches made beyond the specified number.

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    What happens if payment of premiums is discontinued?

    a) Discontinuance within three years of commencement If all the

    premiums have not been paid for at least three consecutive years from inception, the insurance

    cover shall cease immediately. Insurers may give an opportunity for revival within the period

    allowed; if the policy is not revived within that period, surrender value shall be paid at the end of

    third policy anniversary or at the end of the period allowed for revival, whichever is later.

    b) Discontinuance after three years of commencement

    At the end of the period allowed for revival, the contract shall be terminated by paying the

    surrender value. The insurer may offer to continue the insurance cover, if so opted for by the

    policy holder, levying appropriate charges until the fund value is not less than one full years

    premium. When the fund value reaches an amount equivalent to one full years premium, the

    contract shall be terminated by paying the fund value.

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    TThheerree aarree nnuummbbeerr ooffpprroodduuccttss iinn wwhhiicchh BBaajjaajj AAlllliiaannzz ddeeaallss.. TThheessee pprroodduuccttss aarree bbaasseedd oonn

    ccuussttoommeerrss nneeeedd && rreeqquuiirreemmeennttss.. TThhee tteerrmm && ccoonnddiittiioonnss oofftthhee pprroodduuccttss aarree vveerryy eeaassyy ssoo tthhaatt

    ccuussttoommeerr ccaann uunnddeerrssttaanndd tthhee mmeeaanniinngg ooffiitt vveerryy eeaassiillyy.. TThheessee pprroodduuccttss aarree eennuummeerraatteedd bbeellooww::--

    Unit Linked

    Regular Premium

    NNeeww UUnniitt GGaaiinn

    NNeeww UUnniitt GGaaiinn ++GGoolldd

    Single Premium

    NNeeww UUnniitt GGaaiinn ++ SSPP

    NNeeww UUnniitt GGaaiinn PPrreemmiieerr SSPP

    CCeennttuurryy PPlluuss

    Pension Annuity

    PPeennssiioonn GGuuaarraanntteeee


    FFuuttuurree IInnccoommee GGeenneerraattoorr

    SSwwaarrnn VViisshhrraannttii

    Traditional Endowment

    LLiiffee TTiimmee CCaarree

    SSuuppeerr SSaavveerr

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    Money Back

    CCaasshh GGaaiinn

    Term Plan

    NNeeww RRiisskk CCaarree

    TTeerrmm CCaarree

    Women Care

    WWoorrkkiinngg WWoommeenn

    HHoouussee WWiivveess


    HHeeaalltthh CCaarree

    CCaarree FFiirrsstt

    FFaammiillyy CCaarree FFiirrsstt

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    Children Plan

    CChhiilldd GGaaiinn

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    BBaajjaajj AAlllliiaannzz EEnnddoowwmmeenntt PPllaann

    It takes a lot for a dream to become a reality, and money is surely an important part of it.

    Reliance Endowment Plan gives you just the financial independence to realize your dreams in

    the future. It lets you decide how much you would like to set as your Sum Assured based on your

    current financial position and your expected future expenses.

    Key Features-

    On maturity receive Sum Assured plus bonus

    Wealth creation through bonus additions

    More value for investors money by way of high Sum Assured rebate

    Increase investors insurance protection by adding term cover

    Choose to pay regular or single premium

    Choose to add the benefit of two RidersCritical Illness Rider and Accidental

    Death Benefit and Total and Permanent Disablement Rider

    Choose to avail of a Policy Loan after three full years of premium payment

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    11.. TTeecchhnnoollooggiiccaall

    22.. EEccoonnoommiiccaall


    11.. DDiidd nnoott ccoovveerr rruurraall aarreeaass..


    11.. TThheerree aarree ooppppoorrttuunniittiieess ttoo llaauunncchh vvaarriioouuss ppoolliicciieess wwhhiicchh aarree rreelleevvaanntt ttoo rruurraall aass

    wweellll aass uurrbbaann aarreeaass aallll oovveerr IInnddiiaa..

    22.. CCoommppaannyy ccaann eeaarrnn mmoorree pprrooffiitt ffrroomm vvaarriioouuss ppoolliicciieess..


    11.. EExxiissttiinngg ccoommppeettiittoorrss..

    22.. NNeeww ccoommiinngg eennttrraaiinnttss..

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    1.To Analysis the insurance products of Bajaj Allianz

    2.To Analysis the products that they meet with customersrequirements or not.

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    Life insurance (Life Assurance in British English) is a type ofinsurance. As in all insurance, the

    insured transfers a risk to the insurer. The insured pays a premium and receives a policy in

    exchange. The risk assumed by the insurer is the risk of death of the insured.

    How life insurance works

    There are three parties in a life insurance transaction; the insurer, the insured, and the owner of

    the policy (policyholder), although the owner and the insured are often the same person. For

    example, if John Smith buys a policy on his own life, he is both the owner and the insured. But if

    Mary Smith, his wife, buys a policy on John's life, she is the owner and he is the insured. The

    owner of the policy is called the grantee (he or she will be the person who will pay for the

    policy). Another important person involved is the beneficiary. The beneficiary is the person or

    persons who will receive the policy proceeds upon the death of the insured. The beneficiary is

    not a party to the policy, but is designated by the owner, who may change the beneficiary unless

    the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that

    beneficiary must agree to changes in beneficiary, policy assignment, or borrowing of cash value.

    The policy, like all insurance policies, is a legal contract specifying the terms and conditions of

    the risk assumed. Special provisions apply, including a suicide clause wherein the policy

    becomes null if the insured commits suicide within a specified time for the policy date (usually

    two years). Any misrepresentation by the owner or insured on the application is also grounds for

    nullification. Most contracts have a contestability period, also usually a two-year period; if the

    insured dies within this period, the insurer has a legal right to contest the claim and request

    additional information before deciding to pay or deny the claim.

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    The face amount of the policy is normally the amount paid when the policy matures, although

    policies can provide for greater or lesser amounts. The policy matures when the insured dies or

    reaches a specified age. The most common reason to buy a life insurance policy is to protect the

    financial interests of the owner of the policy in the event of the insured's demise. The insurance

    proceeds would pay for funeral and other death costs or be invested to provide income replacing

    the deceased's wages. Other reasons include estate planning and retirement. The owner (if not the

    insured) must have an insurable interest in the insured, i.e. a legitimate reason for insuring

    another persons life. The insurer (the life insurance company) calculates the policy prices with

    an intent to recover claims to be paid and administrative costs, and to make a profit. The cost of

    insurance is determined using mortality tables calculated by actuaries. Actuaries are

    professionals who use actuarial science which is based in mathematics (primarily probability and

    statistics). Mortality tables are statistically based tables showing average life expectancies. The

    three main variables in a mortality table are age, gender, and use of tobacco. The mortality tables

    provide a baseline for the cost of insurance. In practice, these mortality tables are used in

    conjunction with the health and family history of the individual applying for a policy in order to

    determine premiums and insurability. The current mortality table being used by life insurance

    companies in the United States and their regulators was calculated during the 1980s. There is

    currently a measure being pushed to update the mortality tables by 2008.

    The current mortality table assumes that roughly 2 in 1,000 people aged 25 will die during the

    term of coverage. This number rises roughly quadratic ally to about 25 in 1,000 people for those

    aged 65. So in a group of one thousand 25 year old males with a $100,000 policy, a life

    insurance company would have to, at the minimum, collect $200 a year from each of the

    thousand people to cover the expected claims. The insurance company receives the premiums

    from the policy owner and invests them to create a pool of money from which to pay claims, and

    finance the insurance company's operations. Contrary to popular belief, the majority of the

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    money that insurance companies make comes directly from premiums paid, as money gained

    through investment of premiums will never, in even the most ideal market conditions, vest

    enough money per year to pay out claims. Rates charged for life insurance increase with the

    insured's age because, statistically, a people are more likely to die as they get older.

    Since adverse selection can have a negative impact on the financial results of the insurer, the

    insurer investigates each proposed insured (unless the policy is below a company-established

    minimum amount) beginning with the application, which becomes part of the policy. Group

    Insurance policies are an exception. This investigation and resulting evaluation of the risk is

    called underwriting. Health and lifestyle questions are asked, and the answers are dutifully

    recorded. Certain responses by the insured will be given further investigation. Life insurance

    companies in the United States support The Medical Information Bureau, which is a

    clearinghouse of medical information on all persons who have ever applied for life insurance. As

    part of the application, the insurer receives permission to obtain information from the proposed

    insured's physicians. Life insurance companies are never required by law to underwrite or to

    provide coverage on anyone. They alone determine insurability, and some people, for their own

    health or lifestyle reasons, are uninsurable. The policy can be declined (turned down) or rated.

    Rating means increasing the premiums to provide for additional risks relative to that particular


    Many companies use four general health categories for those evaluated for a life insurance

    policy. These categories are Preferred Best, Preferred, Standard, and Tobacco. Preferred Best

    means that the proposed insured has no adverse medical history, is not under medication for any

    condition, and his family (immediate and extended) have no history of early cancer, diabetes, or

    other conditions. Preferred is like Preferred Best, but it allows that the proposed insured is

    currently under medication for the condition and may have some family history. Most people are

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    in the Standard category. Profession, travel, and lifestyle also factor into not only which category

    the proposed insured falls, but also whether the proposed insured will be denied a policy. For

    example, a person who would otherwise be in the Preferred Best category will be denied a policy

    if he or she travels to a high risk country.

    Upon the death of the insured, the insurer will require acceptable proof of death before paying

    the claim. The normal minimum proof is a death certificate and the insurer's claim form

    completed, signed, and often notarized. If the insured's death was suspicious and the policy

    amount warrants it, the insurer may investigate the circumstances surrounding the death, before

    deciding whether there is a legal obligation to pay the claim. Proceeds from the policy may be

    paid in a lump sum or as an annuity paid over time in regular recurring payments for either for

    the life of a specified person or a specified time period.

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    What is Insurance?

    Insurance is a contract between two parties whereby one party called insurer undertakes in

    exchange for a fixed sum called premiums, to pay the other party happening of a certain event.

    Insurance is a protection against a financial loss arising on the happening of an unexpected event.

    Insurance Companies collect premium to provide for this protection. A loss is paid out of this

    premium collected from the insuring public. The insurance Company act as a trustee to the

    amount collected through premium.

    Insurance is generally classified in three main categories, (i) Life Insurance, (ii) Health insurance

    and (iii) General Insurance

    To get insurance an individual or an organisation can approach to an insurance Company

    directly, through Insurance Agent of the concerned company or through Intermediaries.

    Benefits of Insurance

    1. Safeguards oneself and one's family for future requirements

    2. Peace of mind-in case of financial loss.

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    3. Encourage saving.

    4. Tax rebate.

    5. Protection from the claim made by creditors.

    6. Security against a personal loan, housing loan or other types of loan.

    7. Provide a protection cover to industries, agriculture, women and child

    Reasons for buying insurance

    Insurance Buys Time and Money

    People like to refer to insurance as time insurance, the reason being that insurance proceeds are

    paid to the insured's beneficiaries in case of death or on the maturity of the policy. The money

    proffered by insurance helps buy time to adjust to the change of circumstances. Insurance

    provides large amounts of cash that will keep the lifestyle for the survivors the way it was before

    the insured's death.

    Insurance Offers Peace of Mind

    For the person who buys an insurance policy, it offers absolute and complete peace of mind. He

    or she knows that the decision made by him will provide sound benefits in the future, whether or

    not the individual may live to see it. The life insurance policy will subsequently prove this in the

    future if and when funds are needed. This is the guarantee of the insurance contract.

    Multiple Applications

    The future is uncertain for each and every one. No one knows how long he or she will live. The

    investment benefit is paid to the insured's beneficiaries after his death or it can be used during the

    life as well. Life insurance policy owners can turn to the cash value of the policy in case of a

    financial emergency when all avenues are either blocked or denied. They know that they can

    avail of loans based on their insurance policies. Insurance policy owners can use the cash value

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    of their policies to meet their long-term financial needs as well. They may have purposefully

    invested in insurance to use the cash in the policy for their children's future marriage expenses or

    higher education fees.

    Enduring Elasticity

    Since life insurance is flexible enough to serve several needs, the insured can keep several long-

    term goals in mind once he or she invests in the insurance plan. The cash value of the policy can

    be allocated towards augmenting the monthly income during the retirement years. Leisure years

    should be turned into pleasure years. Permanent life insurance is designed on the concepts of

    long-term flexibility.

    Financial Security

    The insurance policy offers contractual guarantees to people looking for peace of mind when

    they buy life insurance. Life insurance offers complete financial security. The purchase of life

    insurance demonstrates concern for a family's future financial well being.

    Regard for Family

    The purchase of life insurance clearly displays care and concern for the people the policy owner


    Insurance is Safer

    No financial institution can do what life insurance does. No industry can back its products with

    reserves and surplus as sound as those of the insurance industry. The proof of strength and safety

    that insurance companies have ensured even under the most adverse of conditions is a matter of

    pride for the entire insurance industry. For generation after generation, life insurance has been

    acclaimed as the very benchmark of security against which the other industries are measured.

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    The history of life insurance in India dates back to 1818 when it was conceived as a means to

    provide for English Widows. Interestingly in those days a higher premium was charged for

    Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage.

    The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company

    to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company

    was established in 1880.

    Insurance regulation formally began in India with the passing of the Life Insurance Companies

    Act of 1912 and the provident fund Act of 1912. Several frauds during 20's and 30's sullied

    insurance business in India. By 1938 there were 176 insurance companies. The first

    comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict

    State Control over insurance business. The insurance business grew at a faster pace after

    independence. Indian companies strengthened their hold on this business but despite the growth

    that was witnessed, insurance remained an urban phenomenon.

    The Government of India in 1956, brought together over 240 private life insurers and provident

    societies under one nationalised monopoly corporation and LIC was born. Nationalisation was

    justified on the grounds that it would create much needed funds for rapid industrialization. This

    was in conformity with the Government's chosen path of State lead planning and development.

    The first general insurance company- Triton Insurance Company Limited, was established in

    1850. Till the end of nineteenth century insurance business was almost entirely in the hands of

    overseas companies. . In 1957 the General Insurance Council a wing of Insurance Association of

    India formed a code of conduct. In 1961 an insurance act was passed to form General Insurance

    Company Ltd. which was amended in 1968. General Insurance business was nationalised with

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    effect from 1.1.73 by the General Insurance Business Act. from 1973, The General Insurance

    Company (GIC) as a holding company divided in four subsidiaries as: National Insurance

    Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd.

    and The United Assurance Company Ltd.

    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 currently underway

    and recognising 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:

    i) 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

    ii) Competition

    Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter

    the industry

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    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 the

    domestic 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

    iii) 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


    iv) Investments

    Mandatory Investments of LIC Life Fund in government securities to be reduced from

    75% to 50%

    GIC and its subsidiaries are not to hold more than 5% in any company (There current

    holdings to be brought down to this level over a period of time)

    v) 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

    Computerisation of operations and updating of technology to be carried out in the

    insurance industry The committee emphasised 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

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    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 inApril 2000 has

    fastidiously stuck to its schedule of framing regulations and registering the private sector

    insurance companies.The other decisions taken simultaneously to provide the supporting systems

    to the insurance sector and in particular the life insurance companies was 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. In the private sector 12 life insurance and

    6 general insurance companies have been registered.

    Present Scenario

    The Government of India liberalised the insurance sector in March 2000 with the passage of the

    Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for

    private players and allowing foreign players to enter the market with some limits on direct

    foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign

    partners in an insurance company. There is a proposal to increase this limit to 49 percent.

    Premium rates of most general insurance policies come under the purview of the government

    appointed Tariff Advisory Commitee.

    The opening up of the sector is likely to lead to greater spread and deepening of insurance in

    India and this may also include restructuring and revitalizing of the public sector companies. A

    host of private Insurance companies operating in both life and non-life segments have started

    selling their insurance policies since 2001.

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    Non-Life Insurance Market

    In December 2000, the GIC subsidiaries were restructured as independent insurance companies.

    At the same time, GIC was converted into a national re-insurer. In July 2002, Parliamant passed

    a bill, delinking the four subsidiaries from GIC.

    Presently there are 12 general insurance companies with 4 public sector companies and 8 private

    insurers. Although the public sector companies still dominate the general insurance business, the

    private players are slowly gaining a foothold. According to estimates, private insurance

    companies have a 10 percent share of the market, up from 4 percent in 2001. In the first half of

    2002, the private companies booked premiums worth Rs 6.34 billion. Most of the new entrants

    reported losses in the first year of their operation in 2001.

    Insurance costs constitute roughly around 1.2- 2 percent of the total project costs. Under the

    existing norms, insurance premium payments are treated as part of the fixed costs. Consequently

    they are treated as pass-through costs for tariff calculations.

    For Projects costing up to Rs 1 Billion, the Tariff Advisory Committee sets the premium rates,

    for Projects between Rs 1 billion and Rs 15 billion, the rates are set in keeping with the

    committee's guidelines; and projects above Rs 15 billion are subjected to re-insurance pricing. It

    is the last segment that has a number of additional products and competitive pricing.

    Insurance, like project finance, is extended by a consortium. Normally one insurer takes the lead,

    shouldering about 40-50 per cent of the risk and receiving a proportionate percentage of the

    premium. The other companies share the remaining risk and premium. The policies are renewed

    usually on an annual basis through the invitation of bids.

    Of late, with IPP projects fizzling out, the insurance companies are turning once again to old

    hands such as NTPC, NHPC and BSES for business.

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    Re-insurance business

    Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them, which

    can be safely borne from their own funds. The balance risk is re-insured with other insurers. In

    effect, therefore, re-insurance is insurer's insurance. It forms the backbone of the insurance

    business. It helps to provide a better spread of risk in the international market, allows primary

    insurers to accept risks beyond their capacity, settle accumulated losses arising from catastrophic

    events and still maintain their financial stability.

    While GIC's subsidiaries look after general insurance, GIC itself has been the major reinsurer.

    Currently, all insurance companies have to give 20 per cent of their reinsurance business to GIC.

    The aim is to ensure that GIC's role as the national reinsurer remains unhindered. However, GIC

    reinsures the amount further with international companies such as Swissre (Switzerland),

    Munichre (Germany), and Royale (UK). Reinsurance premiums have seen an exorbitant increase

    in recent years, following the rise in threat perceptions globally.

    Life Insurance Market

    The Life Insurance market in India is an underdeveloped market that was only tapped by the

    state owned LIC till the entry of private insurers. The penetration of life insurance products was

    19 percent of the total 400 million of the insurable population.The state owned LIC sold

    insurance as a tax instrument, not as a product giving protection. Most customers were under-

    insured with no flexibility or transparency in the products. With the entry of the private insurers

    the rules of the game have changed.

    The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the

    market in terms of premium income. The new business premiums of the 12 private players has

    tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state owned LIC's new premium

    business has fallen.

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    Innovative products, smart marketing and aggressive distribution. That's the triple whammy

    combination that has enabled fledgling private insurance companies to sign up Indian customers

    faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving

    device, are now suddenly turning to the private sector and snapping up the new innovative

    products on offer.

    The growing popularity of the private insurers shows in other ways. They are coining money in

    new niches that they have introduced. The state owned companies still dominate segments like

    endowments and money back policies. But in the annuity or pension products business, the

    private insurers have already wrested over 33 percent of the market. And in the popular unit-

    linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.

    The private insurers also seem to be scoring big in other ways- they are persuading people to

    take out bigger policies. For instance, the avaerage size of a life insurance policy before

    privatisation was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers

    are ahead in this game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh-

    way bigger than the industry average.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.

    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.

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    1938: Earlier legislation consolidated and amended to by the Insurance Act with the

    objective of protecting the interests of the insuring public.

    1956: 245 Indian and foreign insurers and provident societies taken over by the central

    government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,

    with a capital contribution of Rs. 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.


    Insurance sector has been opened up for competition from Indian private insurance companies

    with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act).

    As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority

    (IRDA) was established on 19th April 2000 to 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 through

    its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of

    such Indian insurance company;

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    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


    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 policyholders'

    interest etc. Applications were invited by the Authority with effect from 15 August 2000 for

    issue of the Certificate of Registration to both life and non-life insurers. The Authority has its

    Head Quarter at Hyderabad.

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    The Insurance Sector In India

    IInnddiiaa aatt aa ggllaannccee

    Population: 1 Billion

    Economy: 5th largest in the world in terms of Purchasing Power


    GDP growth Rate: Over 6% per year on an average for the last decade.

    Savings Rate: Around 26% of GDP

    Estimated middle class population: 300 Million

    Insured population: 70 million only

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    II AAmm TThheerree EEvveerryywwhheerree

    Insurance in India has been divided into two sectors-:





    Life Insurance Corporation of India


    Bajaj Allianz Life Insurance Company Limited

    Birla Sun-Life Insurance Company Limited

    HDFC Standard Life Insurance Co. Limited

    ICICI Prudential Life Insurance Co. Limited

    ING Vysya Life Insurance Company Limited

    Max New York Life Insurance Co. Limited

    MetLife Insurance Company Limited

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    Om Kotak Mahindra Life Insurance Co. Ltd.

    SBI Life Insurance Company Limited

    TATA AIG Life Insurance Company Limited

    AMP Sanmar Assurance Company Limited

    Dabur CGU Life Insurance Co. Pvt. Limited

    Reliance Life Insurance Company Limited


    Public Sector

    National Insurance Company Limited

    New India Assurance Company Limited

    Oriental Insurance Company Limited

    United India Insurance Company Limited

    Private Sector

    Bajaj Allianz General Insurance Co. Limited

    ICICI Lombard General Insurance Co. Ltd.

    IFFCO-Tokio General Insurance Co. Ltd.

    Reliance General Insurance Co. Limited

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    Royal Sundaram Alliance Insurance Co. Ltd.

    TATA AIG General Insurance Co. Limited

    Cholamandalam General Insurance Co. Ltd.

    Export Credit Guarantee Corporation

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    LLiiffee iinnssuurraannccee

    Life Insurance is a kind of agreement made among the owner of the policy and the insurer, which

    says that the issuer would pay a sealed amount of money after the death of the policyholder. In

    return, the policy payer would have to pay a specified amount of money, known as premium

    regularly. The Life Insurance covers both natural death and accidental death.

    There are many kinds of Life Insurance Policies in the Market. Some of them are:

    Temporary Life Insurance: Temporary Life Insurance Policy offers Life Insurance coverage

    for a limited period of time. Temporary Life Insurance premium buys protection for nothing else

    but death.

    Permanent Life Insurance: Permanent Life Insurance is a kind of insurance that stays valid

    until the policy gains maturity or the policy holder fails to pay the premium within due date. The

    permanent Life Insurance can be of three types: Whole Life, Universal Life and Endowment.

    Accidental Death Life Insurance: Accidental Death Life Insurance is a limited policy, which is

    decorated to cover the Life Insurance policy holder at the time of his death due to some

    accidents. This also offers protection to those who loose his or her body parts by an accident.

    For todays fast paced life it is essential to have a Life Insurance Policy for everyone.

    To know more about Life Insurance one should know the following topics:

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    Life Insurance Policies

    Life Insurance Policies has an important role in ones life. These policies cover losses that

    arise from the loss of one's life. Find various life insurance policies.

    Life Insurance Companies

    Life Insurance Companies renders various life insurance products and ultimately protects

    from the risk associated to life.

    Life Insurance Rates

    Life Insurance Rates can be broadly categorized into Proffered Category, Preferred Plus

    Category and Standard Category. Get detailed on the life insurance categories.

    Insurance premium

    Insurance Premium is the payment made by the policyholder to the insurance company on a

    regular time span. This payment has to be made by the insured person until the maturity of the

    insurance. Insurance Premium may vary from company to company along with the coverage

    limit. Thus, while selecting an insurance policy one should be very careful and should compare

    all the possible options through online website services. The customers are advised to compare

    the quotes offered by the different insurance companies and select from the wide variety of

    options available to them.

    Insurance brokers play an important role in finding the appropriate insurance for the customer by

    assessing and titrating the different insurances available in the market. The brokers or agents

    calculate the premiums on the basis of the requirement particulars of the customer. The lowest

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    quote offered by the insurance company is considered to be the most suitable one for the


    The above mentioned work of insurance premium calculation now-a-days are also done by the

    specialized websites doing the searching, comparing and calculating the insurance premium on

    behalf of the customers.

    The insurance premium generally increases with the increase in the risk perception of the

    company about that person.

    In case of medical insurance or med claim, the cost of premium is more for the smokers

    than the non-smokers because the insurance company considers that the smoker

    possesses a greater risk of health hazard than the non-smoker. Hence, the cost of

    premium is directly proportional to the risk associated.

    In case of the car insurance, the cost of premium is generally higher than an older one

    because the insurance company considers that the younger driver is more prone to

    accident than the latter.

    In case of Life Insurance, the insurance company considers the aged person to be more

    prone to death. Hence, it charges a higher premium than from him. However, when it

    comes to a younger person seeking life insurance, then the premium charged from him is

    less. The reason behind it is that in normal conditions a younger person stands more

    chance in living a longer life span.

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    Insurance Company is a financial company or institution, which does the work of selling

    insurance policies of all types in order to hedge the risk of contingent future losses or damages or


    These possible risks are not certain to take place in the future because future is uncertain.

    However, a person cannot take a wait-and-see approach because it would subject them to sheer

    risk. If the casualty, damage, or loss does happen then the person without any insurance would

    not get any compensation from the insurance company.

    If a person buys an insurance against any future risk then in case of actual causation the

    insurance company would compensate for the resulting financial loss.

    Issuance of insurance by an insurance company is not a free affair. Rather the policyholder of

    insurance is needed to pay a regular payment amount to the insurance company until its maturity.

    This amount is repaid either in entirety or in part to the insurance holder in case of occurrence of

    the hazard or casualty or loss. However, it has been observed that much insurance are not

    claimed due to non-occurrence of the risk and thus the premiums paid by the policy holders

    become the profit of the insurance company.

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    Insurance companies offer insurances on the following categories:-

    Life Insurance

    Medical Insurance

    Non-life or General Insurance

    Non life or general insurance issuing companies can again be

    classified under :-

    Standard Insurance Company

    This type of insurance companies generally issue insurances against commercial and

    residential related risks, automobile related risks and the risks associated with businesses.

    These are mainly standardized policies with minimum scope of customization in

    accordance with personal needs of the customers. The characteristic features of this type

    of companies include lower rate of premium and direct sales to the customer approach.

    Excess Insurance Company

    This type of insurance company is involved in insuring the risks, which are out of the

    fold of the Standard Insurance companies. These insurances are given to those persons

    who are not licensed insurers of the concerned state.

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    1. For Financial Advisor acting the objective of the study

    2. Designing the methods of data collection

    3. Selecting the sample plan

    4. Collecting the data

    5. Processing and analyzing the data

    6. Reporting the findings

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    Process of research methodology

    Sample Design

    Data Collection

    Data analysis

    Reporting of Findings

    Research Design

    Objective of Study

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    Research Design specifies the methods and procedures for conducting a particular study. A

    Research Design is the arrangement of conditions for collection and analysis of the data in a

    manner that aims to combine relevance to the research purpose with economy in procedure.

    Research Design is broadly classified into three types as

    Exploratory Research Design

    Descriptive Research Design

    Hypothesis testing Research Design

    On the basis of the objective of study, the studies which are concerned with describing the

    character tics of a particular individual, or of a group of individual under study comes under

    Descriptive Research Design.


    In this research design the objective of study is clearly defined and has accurate

    method of measurement with a clear cut definition of population which is to be studied .


    A Sample Design is a definite plan for obtaining a sample from a given population. It refers to

    the technique and the procedure adopted in selecting items for the sample. The main constitution

    of the sampling design is as below-

    1. Sampling Unit

    2. Sample Size

    3. Sampling Procedure

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    A sampling framework i.e. developed for the target population that will be sampled i.e. who is to

    be surveyed.



    It is the substantial portion of the target population that are sampled to achieve reliable results.

    Sample size = 110 respondents (Customer) at Meerut


    The procedure to choose the respondents to obtain a representative sample, a non-probability

    sampling technique is applied for the targetmarket.

    Non-Probability Sampling

    It is a purposive sampling which deliberately chooses the particular units of the universe for

    constituting a sample on the basis that the small mass that they so select out of a huge one will be

    typical or representative of the whole.

    Judgment sampling:

    To select population members who are good prospects for accurate information?

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    Usually company representative gave the data of those persons who are the big fish like

    CA, CFS, ICWA, MBA, DOCTOR, GM etc. Besides all these I have used my own

    database which consisted of Professor, high school and college teacher, agents in reputed

    company like Peerless, Sahara,, New India Assurance Co. etc, Serviceman, retired person

    from reputed organization etc.

    After having all these I used to analyze the profile of those person and go forward to

    meet them individual. In my case what I had proceed on

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    While learning any thing new there are some limitations and this project is no exception.

    Limitations while making projects

    1. sometime problems were faced while collecting data.

    2. as it was the first time experience of learning while working so it takes time to adjust.

    Limitation of time

    Time availability was one of the biggest limitations face due to shortage of time we had to

    limit the work in its present form.

    Other limitations

    1. Since I did not have any previous experience so it may have led to discrepancies in the


    2. As the environment was very new to me so it takes some time to become friendly

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    Are you aware of BAJAJ ALLIANZ and its products?

    Yes 20

    No 80

    Ans. This graph represents that 20% people are aware about Bajaj Allianz whereas 80% people

    are not aware of it.





    YES NO



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    2. Are you availing any insurance facility from any other insurance co.?

    Yes [ ] No [ ]

    Yes 83

    No 17

    Ans. This graph represents that 83% of people are availing insurance services whereas 17% of

    people are not availing insurance services.












    YES NO



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    3. What is the best part in others?

    Policies 67

    Services 23

    Maturity period 2

    Installment 8

    Ans. According to this graph 67% people consider policy, 23% consider service, 2%consider

    maturity and 8% consider instalment the best.

    POLICY, 67

    SERVICE , 23



    , 8










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    4. What you prefer while invest in insurance?

    Tax saving 45

    Investment 20

    Risk covers 30

    Others 5

    Ans. This graph represents that 43% of people prefer tax saving, 23% people prefer investment,

    30% people prefer risk cover and 4%people prefer others while they invest in insurance.






    OTHERS, 4














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    5. Which product do you like most in Bajaj Allianz?

    New unit gain 28

    New unit gain gold 12

    Century Plus 60

    Ans. This graph shows that 28% people like new unit gain, 12% people like nug+gold and

    60%people like century plus in Bajaj Allianz.


    GAIN, 28

    NUG+ GOLD,



    PLUS, 60











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    6. Does the insurance really meet with your requirements?

    Yes 85

    No 13

    If no, why

    Ans. This graph shows that insurance really met the reruirements of 87% but it does not met the

    requirements of 13%.














    YES NO


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    7. Which one is favorite investment area for you in long term?

    Fix deposit 35

    Insurance 25

    Real Estate 32

    Others 8

    Ans. According to this graph 35% people like fixed deposit, 25% like insurance, 32%like real

    estate and 8% like ohers as favourite invexstment area for long term.


    DEPOSIT , 35





    OTHERAS, 8













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    8. Where do you see Bajaj Allianz in insurance sector?

    First 0 fourth 18

    Second 23 Fifth 12

    Third 47

    Ans. This graph shows that 0% people ranked it first, 23% ranked it second, 47% ranked

    it third, 18% ranked it fourth and 12% ranked it fifth according to position.





    18 1








    first second third fourth fifth


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    o The project, which has been assigned, can be boon for any trainee who wants to

    pursue his/her carrier as trainer.

    o The training methods, which the department was using, were unique and were

    very effective.

    o The target which has been assigned to each trainee was not seems to be a burden

    on them as for that they were trained by the trainers who had established a parent

    child relationship rather than a trainer and trainee relationship.

    o Regular evaluation of the performance always helps to make the learning more


    o Motivation is the key to success for any trainer as when he/she motivates his/her

    trainee then only the trainee will be able to learn more and more.

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    77..22 CCoonncclluussiioonn

    I have received following while working as a summer trainee in Bajaj Allianz life insurance in

    accordance with the objective.

    Insurance sector is a booming sector in todays scenario. It is adding a major part to our Indian

    economy. So one can think himself lucky if he/she get a chance while working within this sector.

    As I got the golden opportunity working with the training department, I got to learn what

    actually training means in the corporate world. I worked on the project SM mentoring. In this, I

    learned how to train, mentor and enhance the skills and talents of the trainees.

    The conclusion what I draw is that training is an important tool for learning and training

    department is the only, by which we can get it. Training department is like the blood in the veins

    of the company, which helps to develop the work force working there to attain a maintainable

    position in the society.

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    -The training methods used should not only sound good but also they should have practicality in


    -The trainers should sometime adopt paternalistic approach

    -The projects should be easy to understand and apply.

    -The training procedures should be made keeping in mind that it should be suitable for all as all

    come from different educational background.

    -if the company is using an online training process for training the advisors then this should be

    kept in the mind that whether all the facilities needed for that are available in the area or not.

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    ANNUAL INCOME: .. MARITAL STATUS: ...................


    2. Are you aware of BAJAJ ALLIANZ and its products?

    Yes [ ] No [ ]

    3. Are you availing any insurance facility from any other insurance co.?

    Yes [ ] No [ ]

    If Yes, in which . . . . . . . . . . . .

    4. What is the best part in others?

    Policies [ ] Services [ ] Maturity period [ ] Installment [ ]

    5. What you prefer while invest in insurance?

    Tax saving [ ] Investment [ ] Risk covers [ ] Others [ ]

    6. Do you want to earn more money from insurance?

    Yes [ ] No [ ]

    7. Which product do you like most in Bajaj Allianz?

    New unit gain [ ] New unit gain gold [ ] Century Plus [ ]

    8. What changes you are looking for in insurance policies?


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    9. Does the insurance really meet with your requirements?

    Yes [ ] No [ ]

    If no, why

    10. Which one is favorite investment area for you in long term?

    Fix deposit [ ] Insurance [ ] Real Estate [ ] Others [ ]

    11. Where do you see Bajaj Allianz in insurance sector?

    First [ ] Second [ ] Third [ ] fourth [ ] Fifth [ ] Others [ ]

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  • 7/29/2019 BAJAJ Mehnaz



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