Submitted to

FACULTY OF MANAGEMENT
STUDIES

Dr. Hari Singh Gour University Sagar

For the Partial fulfillment of the

degree of
Master of Business Administration

Directed by Under the

Guidance of
Dr. Y. S. THAKUR MR. PARVEZ
KARIM
(H.O.D.) (Branch Manager)

Submitted by
MITA SONI (Finance)
 M.B.A. 4th SEM. (28th Batch)

ACKNOWLEDGEMENT

A Summer Training is a combination of views and ideas and suggestions

and contribution of many people. Thus, one of the pleasant parts of the writing.
This report is the opportunity to thanks those who contributed toward its
fulfillment.

I am thankful to MR. PARVEZ KARIM (Branch Manager) for his vital

inputs and valuable suggestions and continuous guidance, which have gone a
long way in providing necessary impetus to our efforts in consummating this
report.
My sincere thanks to her for providing with all the relevant information
for completion of my project.

My interaction with Bajaj Allianz was immensely pleasurable and it was

an honor to have been a small part of Bajaj Allianz Co. Limited..

Last, but not the least I am thankful to all my co trainees without whom
my time at Bajaj Allianz would not have been as pleasurable.

Mita Soni
M.B.A. 4th Sem.
 28th Batch

PREFACE

It is well evident that work experience is an indispensable part of every

professional course .In the same manner practical training in any organization is must
for each and every individual who is undergoing management course.

Without the practical exposure one cannot consider himself or herself as a

qualified capable manager. During the training period the student learn through his
own experience, the real situation of the corporate world and to put his theoretical
knowledge into practice. This experience is very valuable for the student and plays a
leading and an important role in the career of the student.

Hence to fulfill this requirement, I had completed my Six weeks in Bajaj

Allianz Life Insurance Co. Limited.

Entering in an organization is like a stepping into altogether a new world. At

first everything seems to be strange and unheard but at the same time when the time
passes one understands the concepts and working of the organization and thereby
developed professional relationship.

Initially, it felt as if classroom study was just theory and have no relation in any
concern’s working but gradually it is realized that all the basic fundamental concepts
studies are linked in one or the other ways to the organization. But how and what can
be done with fundamentals depend upon the intellectual and applicability of the
individuals. It is just a matter to modify the theory so as to apply it to the given
practical solution.

CERTIFICATE

This is to certify that Miss. Mita Soni (4th Sem.

28th Batch) completed his training and submitted a

project entitled “ Need Analysis of Customer for Bajaj

Allianz Co.Ltd.” in partial fulfillment of the

requirement for the degree of Master of Business

Administration of Dr. Hari Singh Gour University

Sagar with his truly and honestly observed inferences

during his training..

I wish him bright future in his career.

Internal Examiner External Examiner

Signature of Head of Deptt.

CONTENTS
 CERTIFICATE
 DECLARATION
 ACKNOWLEDGEMENT
 PRFACE

 INTRODUCTION OF INSURANCE
 COMPANY INTRODUCTION
 CHANNEL PARTNERS
 COMPANY PLANS
 IRDA CERTIFICATION
 RESEARCH METHODOLOGY
 OBJECTIVE
 DATA ANALYSIS
GRAPHS
 COLLECTION OF DATA
 LIMITATION
 CONCLUSION
 BIBLIOGRAPHY
 QUESTIONNAIR

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
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.
[1]. 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 to have 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.

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.

Principles of Insurance
Commercially insurable risks typically share seven common
characteristics.
A large number of homogeneous exposure units. The vast
majority of insurance policies are provided for individual
members of very large classes. Automobile insurance, for
example, covered about 175 million automobiles in the United
States in 2004. The existence of a large number of homogeneous
exposure units allows insurers to benefit from the so-called “law
of large numbers,” which in effect states that as the number of
exposure units increases, the actual results are increasingly likely
to become close to expected results. There are exceptions to this
criterion. Lloyd's of London is famous for insuring the life or
health of actors, actresses and sports figures. Satellite Launch
insurance covers events that are infrequent. Large commercial
property policies may insure exceptional properties for which
 there are no ‘homogeneous’ exposure units. Despite failing on
this criterion, many exposures like these are generally considered
to be insurable.
 Definite Loss.
The event that gives rise to the loss that is subject to
insurance should, at least in principle, take place at a known
time, in a known place, and from a known cause. The classic
example is death of an insured on a life insurance policy. Fire,
automobile accidents, and worker injuries may all easily meet
this criterion. Other types of losses may only be definite in
theory. Occupational disease, for instance, may involve
prolonged exposure to injurious conditions where no specific
time, place or cause is identifiable. Ideally, the time, place and
cause of a loss should be clear enough that a reasonable person,
with sufficient information, could objectively verify all three
elements.
 Accidental Loss.
The event that constitutes the trigger of a claim should be
fortuitous, or at least outside the control of the beneficiary of the
insurance. The loss should be ‘pure,’ in the sense that it results
from an event for which there is only the opportunity for cost.
Events that contain speculative elements, such as ordinary
business risks, are generally not considered insurable.
 Large Loss.
The size of the loss must be meaningful from the
perspective of the insured. Insurance premiums need to cover
both the expected cost of losses, plus the cost of issuing and
administering the policy, adjusting losses, and supplying the
 capital needed to reasonably assure that the insurer will be able
to pay claims. For small losses these latter costs may be several
times the size of the expected cost of losses. There is little point
in paying such costs unless the protection offered has real value
to a buyer.
 Affordable Premium.
If the likelihood of an insured event is so high, or the cost of
the event so large, that the resulting premium is large relative to
the amount of protection offered, it is not likely that anyone will
buy insurance, even if on offer. Further, as the accounting
profession formally recognizes in financial accounting standards,
the premium cannot be so large that there is not a reasonable
chance of a significant loss to the insurer. If there is no such
chance of loss, the transaction may have the form of insurance,
but not the substance. (See the U.S. Financial Accounting
Standards Board standard number 113)
 Calculable Loss.
There are two elements that must be at least estimable, if
not formally calculable: the probability of loss, and the attendant
cost. Probability of loss is generally an empirical exercise, while
cost has more to do with the ability of a reasonable person in
possession of a copy of the insurance policy and a proof of loss
associated with a claim presented under that policy to make a
reasonably definite and objective evaluation of the amount of the
loss recoverable as a result of the claim.

 Limited risk of catastrophically large losses.

 The essential risk is often aggregation. If the same event
can cause losses to numerous policyholders of the same insurer,
the ability of that insurer to issue policies becomes constrained,
not by factors surrounding the individual characteristics of a
given policyholder, but by the factors surrounding the sum of all
policyholders so exposed. Typically, insurers prefer to limit their
exposure to a loss from a single event to some small portion of
their capital base, on the order of 5 percent. Where the loss can
be aggregated, or an individual policy could produce
exceptionally large claims, the capital constraint will restrict an
insurers appetite for additional policyholders. The classic example
is earthquake insurance, where the ability of an underwriter to
issue a new policy depends on the number and size of the
policies that it has already underwritten. Wind insurance in
hurricane zones, particularly along coast lines, is another
example of this phenomenon. In extreme cases, the aggregation
can affect the entire industry, since the combined capital of
insurers and reinsurers can be small compared to the needs of
potential policyholders in areas exposed to aggregation risk. In
commercial fire insurance it is possible to find single properties
whose total exposed value is well in excess of any individual
insurer’s capital constraint.
 Insurance Companies
Insurance companies may be classified into two groups:
♦ Life insurance companies, which sell life insurance, annuities and pensions
products.
♦ Non-life, General, or Property/Casualty insurance companies, which sell
other types of insurance.

General insurance companies can be further divided into these sub categories.
♦ Standard Lines
Excess Lines
 In most countries, life and non-life insurers are subject to different regulatory
regimes and different tax and accounting rules. The main reason for the distinction
between the two types of company is that life, annuity, and pension business is
very long-term in nature — coverage for life assurance or a pension can cover
risks over many decades. By contrast, non-life insurance cover usually covers a
shorter period, such as one year.
Insurance companies are generally classified as either mutual or stock
companies. This is more of a traditional distinction as true mutual companies are
becoming rare. Mutual companies are owned by the policyholders, while
stockholders (who may or may not own policies) own stock insurance companies.
Other possible forms for an insurance company include reciprocals, in which
policyholders 'reciprocate' in sharing risks, and Lloyds organizations.
The types of risk that a captive can underwrite for their parents include
property damage, public and products liability, professional indemnity, employee
benefits, employers liability, motor and medical aid expenses. The captive's
exposure to such risks may be limited by the use of reinsurance.

About Company
Bajaj Allianz Life Insurance Company Ltd

Contact Information
GE Plaza, Airport Road, Yerawada, Pune, Maharashtra,
Address
India, 411 006
Contact No. Phone No:(+91 20) 402 6777, Fax:(+91 20) 402 6789,
Email ID: [email protected]

Contact
Customer Care
Person
Designation Marketing Head
Company Information
Industry Insurance
No Of
3000 Above
Employees
Incorporation
Jan 1, 1983
Date
Turnover Please contact Customer Care for more details
Branches All India
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,
one of the biggest 2 and 3 wheeler manufacturers in the
world. Bajaj Allianz Life Insurance Is the fastest growing
private life insurance company in India Currently has over
3,00,000 satisfied customers We have customer care
Products centers in 155 cities with 28000 Insurance Consultant
providing the finest customer service. One of India's
leading private life insurance companies. Please visit our
Customer Care Center closest to you and let us have your
feedback, comments and suggestions! You may also fill-in
our feedback form online or email us at:
[email protected]

Categories Insurance, Insurance Advisers, Insurance consultant

Why Us?
Bajaj Allianz Life Insurance Company Limited is a Union
between Allianz SE, one of the world’s largest Life Insurance
companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler
manufacturers in the world.

Allianz SE is a leading insurance conglomerate globally and

one of the largest asset managers in the world, managing assets
worth over a Trillion Euros (Over R. 55,00,000 crores). Allianz SE
has over 115 years of financial experience in over 70 countries.

Bajaj Auto is one of the most trusted name is Indian auto for
over 55 years. At Bajaj Allianz customer delight is our guiding
principle. Ensuring world-class solutions by offering customized
products with transparent benefits, supported by best technology

Accelerated Growth
No. of policies sold inNew Business in FY
Fiscal Year
FY (Rs. in cr.)
2001-2002(6
21,376 7
mths)
2002-2003 1,15,965 69
2003-2004 1,86,443 180
2004-2005 2,88,189 857
2005-2006 7,81,685 2717
2006-2007 20,79,217 4270
is our business philosophy.

 IRDA Certificate
 Tie Ups with Banks
 Allianz Group
 Bajaj Group
 Bajaj Allianz General

Channel Partners
 Syndicate Bank

Contact Number :
020 4026 742
E-mail Address:
[email protected]
www.syndicatebank.com t
Standard Chartered Bank

Contact Number :
022 2492 8888
E-mail Address:
[email protected]
d.com

Placement Sales and Services Ltd.

Contact Number :
0487-2388666,2385922 Tele
Fax - 2388666
E-mail Address:
[email protected]
Address: Regency Centre,
Kalavary Road, West Fort,
Thrissur –4 Kerala, India
Team Life Care Co. (India) Ltd.

Contact Number :
0427 - 2410707; 2420707; Tele
Fax - 2421245
Address: 5/118, Yercaud Main
www.teamlifecare.in Road, Chinnakollapatti, SALEM -
636008.
GE Money
Address:4A, DLF Corporate
Park Qutab Enclave, Phase - 3
Gurgaon - 122002, Haryana
India
www.gemoney.in
 Ernestine Consultants Pvt Ltd.

Contact Number :
080- 4034 1999 Fax- 080 - 4034
1920
Address: 1011, Ist Floor 3rd
Cross, 13th Main HAL 2nd Stage,
Indira Nagar Bangalore-560038
COSMOS Co-op BANK Ltd.

Contact Number : 020

2488051

E-mail Address :
www.cosmosbank.com [email protected]

UNIT LINKED
 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 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
 New Unit Gain Super
 Unit Gain Plus Gold
 New Family Gain
 New Unit Gain Plus
 Century Plus
 New Unit Gain
 Young Care
 Young Care Plus
 New Secure First

Single Premium
 New Unit Gain Premier SP
  New Unit Gain Plus SP

PENSION

We at Bajaj Allianz Life Insurance offer Retirement Plans, which

will make sure that we are there to support you in every stage of
your life and your savings today become your wealth and support
for your future years to come.
Annuity
 Pension Guarantee

Retirement

Retirement is the beginning of the twilight of the journey of

life when you have done all that you could to arrive at this point
of time, and now left with time to reflect back on what was, and
also what is to come. Our retirement plans help you to retire with
laughter lines – not worry lines.

Retirement
 Future Income Generator
 Swarna Vishranti
 New UnitGain Easy Pension Plus RP
 New UnitGain Easy Pension Plus SP
 Future Secure

 Immediate annuity Plans from Bajaj Allianz Life

Insurance.
 Pension Guarantee
Future Income Generator
 Swarna Vishranti
 New UnitGain Easy Pension Plus RP
 New UnitGain Easy Pension Plus SP
 Future Secure

TRADITIONAL

Saving Plans, which offer bonuses, are excellent long term

saving instruments with complete safety. Our products offer
additional benefits, which include 4 times life, cover at little extra
costs, limited premium payment terms and compounded
reversionary bonuses making it a very good long term
investment.

Endowment

Saving plan, which offer bonuses, are excellent long-term

plan with complete safety. Our products offer additional benefits
that include 4 times life cover at a little extra cost, limited
premium payment terms and compounded reversionary bonuses
making it a very good long-term investment.

 Invest Gain
 Save Care Economy SP
 Life Time Care
 Super Saver
  Money Back

Money back plans are Traditional Insurance plans that

provide the investor with returns at regular stages of life.

 Cash Gain

TERM PLANS

The sole objective of Term plans 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 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 plan to cover your outstanding
debts like a mortgage, a home loan etc.

Protector
 Term Care
 New Risk Care

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 term saving 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.

 Products for House Wives

 Products for Working Women

HEALTH

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 provide best treatment in the finest
hospitals with our health insurance products.
 Care First
 Health Care

CHILDREN PLAN
Ever wondered why you need an insurance policy for your
child?
As a parent, you always dream the best for your child
including marriage, higher education, or that hand holding for a
start in life. Whether you are there to see your child grow up and
settled or not, your child feels your love in the financial support
arranged by you through our wide range of Children's insurance
policies taking him from one milestone to another.
Saving early and saving regularly for your child helps
combat inflation and ensures higher yields. If you take an
insurance policy for your child you can take advantage of lower
premium rates and ensure that your children remain covered
throughout adult hood, at a much lower rate. This also instills a
saving-habit in your children at a young age developing them as
and when the policy vests in them.

 ChildGain
JUST LAUNCHED
We at Bajaj Allianz Life Insurance continuously try to
improve our products and services so that our customers get the
 best buy.
Our recently launched products are:

 Group Suraksha

GROUP

One of the best ways for employers to retain their

employees is to show them that their organization cares not only
for them but also their families.
At Bajaj Allianz Life Insurance we offer customised
insurance plans, which safeguard your employees’ interests and
show your commitment to your employees.

Bajaj Allianz Life Insurance Group Plans offer

 Financial stability to employees
 Ease of operations and fund management.

Non Employer Employee

 Credit Shield
 Group Term Life (Non-Employer Employee)
Employer Employee

 Group Term Life (Employer Employee)

 New Group Gratuity Care
 New Group Superannuation Care
 Group Save Plus
 Group Term Life in lieu of EDLI
Non Employer Employee
 Complete reassurance for group members and their
families.

Credit Shield
 Group Term Life (Non-Employer Employee)

Employer Employee
Unmatched financial security for your employees.

Group Term Life (Employer Employee)

New Group Gratuity Care

 New Group Superannuating Care

Group Save Plus

 Group Term Life in lieu of EDLI

MICRO INSURANCE
Our Micro Insurance products
 Alp Nivesh Yojana
 Jana Vikas Yojana
 Saral Suraksha Yojana

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 against accidents, disability,
hospitalisation expenses and critical illnesses. Additional rider
benefits allow you to redesign your life insurance coverage to suit
your needs, providing total protection against these
uncertainties.

Unit Linked
Additional Rider Benefits
 UL Waiver of Premium Benefit
 UL Family Income Benefit
 IRDA CERTIFICATION

Bajaj Allianz is now No 2.

 Ghosh has steered the company into the second place in
terms of premium income among private life insurers. The
company mopped up premiums of Rs 494.05 crore (Rs 4.94
billion) for the eleven months ended February 2005, which is a
growth of 333 per cent.
In the process Bajaj Allianz has displaced Birla SunLife
Insurance Company, which had been in the second position for
the past couple of years. Birla Sunlife witnessed a growth of
95.76 per cent in premium income in the period, mopping up Rs
484.54 crore (Rs 4.84 billion) as per the figures released by the
Insurance Regulatory and Development Authority.

If one were to look into the numbers, however, about Rs

199 crore (Rs 1.99 billion) of Bajaj Allianz's total premium income
comes by way of single-premium policies. As per international
standards, one needs to take just 10 per cent of this figure. This
coming to a little less than Rs 2 crore (Rs 20 million), would bring
down Bajaj Allianz's total premium calculation.

In comparison, Birla Sunlife's single-premium income

amounts to about Rs 16 crore (Rs 160 million), and that for ICICI
[Get Quote] Prudential Life Rs 114 crore (Rs 1.14 billion).

Nevertheless, since Ghosh took over from James Walton on

January 1 last year, Bajaj Allianz was at seventh place among
private players.
 The name change from Allianz Bajaj Life to Bajaj Allianz Life
was just one of the marketing wheels Ghosh set into motion that
helped Bajaj Allianz Life improve business. With the change in
leadership, Bajaj Allianz adopted a decentralised approach
whereby "there are mini-CEOs in each city, who are empowered
to take most decisions," said Ghosh.

Each branch has been empowered with better arsenal in

terms of an expanded product portfolio with the introduction of
various unit-linked plans, as they eye higher ticket customers to
grow the topline. "We have told our individual branches to
benchmark themselves with the competition within their city,
instructing them to be among the top three," said Ghosh.

What Bajaj Allianz did to ensure its being on the top was to
set up itself in a large number of towns where the only
competitor was the Life Insurance Corporation of India. Over the
last one year, Bajaj Allianz has established presence in over 300
centres as it adopted the hub and spoke business model. It
boasts of having the largest set up in the private sector.

"Our strategy has been to focus and move into small towns,
where we would only be competing with LIC [Get Quote]," said
Ghosh. The idea is to bring down costs in terms of salaries and
real estate rentals. Further, the high 20-25 per cent attrition rates
in the insurance sector are not an issue in small towns where job
opportunities for employees are not as high, he added.
 Nature & Objective of Life Insurance
Nature of Life Insurance Business:

Life Insurance is the only form of saving which generates

sufficient capital because of regular payment of premium under
the policy. In case of others saving the capital is generated to the
extent of actual saving. In Life Insurance individual saving
increases with the payment of regular of and periodical
premiums. More over the saving of Life Insurance also available
for liquidity in the sense that a policyholders can get policy loan
are surrender can value are periodical survival fixed payment.
Under the protection of Life Insurance an individual become
worriless because policyholder and his family become secured
against miss happening and at the same time for his old age also.
This means that an individual policyholder has to save regularly
under his policy out of his current income and forego temptation
to spend the money on less important requirements. There is no
other better way of saving and protection than Life Insurance.
The saving of Life Insurance by way of periodical premiums
generates a huge fund, which is utilized for the welfare of the
country. The Insurance fund has a great role in the nation
economy.

Objective of Insurance:
Every rupees invested in Life Insurance contribute in the
development of economy in the following three ways:-
 It provides protection to a family against the loss of life that
an average family suffers and it provides adequate funds at the
old age of the policyholder when he is unable to earn.

Life Insurance cultivate habit of compulsory saving in a

common men this habit is useful not only for a person and a
family but also useful for the society and nation.
The insurance fund show generated on the basis of regular
payment of premium is invested in the various institutions,
factories, programmes of the publics and private sector of the
nation.
Thus, Life Insurance generates habit of compulsory savings
in the Public and this saving is utilized in the best interest of the
country as a hole. The Life Insurance system is based on the
principle of mutual sharing of risks and resources, which creates
a common fund out of which misfortunes of few families are
taken care off.
 SHARES OF DIFFERENT PLAYERS

Name of Company Number of Insurers

LIC of India 66

Bajaj Allianz 8

ICICI Prudential 7

HDFC 4

Max New York Life 1

Insurance
Birla Sun Life 1

Kotak Life Insurance 4

ING Vysya 2

Others 7

Total shares of All Players 100

 Objective of the Study

“Need Analysis of customers for Bajaj Allianz Life

Insurance Co. Ltd.

1. Has been undertaken in this study with the following

objectives.

2. To highlight historical background of Life Insurance.

3. To examine the funds, income and position of the Life

Insurance business of Bajaj Allianz Life.

4. To analyze the need of customers according to they are

financial and age status.

5. To provide the interpretations and solutions to satisfy the

need of customers.

6. To study the various insurance plans of Bajaj Allianz Life

and suggest an appropriate plan to the customer.

7. To conduct a need survey to know the opinions of the

customers from the market segment.

 Limitations of the Study

1. The study is predominantly based on secondary data.

Hence the limitation of secondary data is also limitation of

this study.

2. Due to lack of information, much calculation could not

be made impossible.

3. Preparation a project report is also expensive activity,

which cannot easily be afforded by each student.

4. Bajaj Allianz being a new player in the Insurance

sector, it was difficult to gather the information of the

game.

5. Difficult to explain the questionnaire of need survey to

customers.

6. Difficulty in interpreting the results of need survey.

 Bibliography

 Sharma D. D. : Marketing
Research
 Schiffman Leon G. : Consumer
Behaviour
 Kotler Philips :Marketing
Management

Websites:

  www.google.com 

  www.wikipedia.com 

  www.bajajallianzlife.com 
 RESEARCH METHODOLOGY
Research methodology is a systematic and scientific approach in attain the purpose

of research it contain systemic steps to attain use full conclusion.

The various aspect of the research methodology followed for the studies are

following.

RESEARCH DESIGN
A research design is the arrangement of conditions for collections and

analyzing of data in a manner that aims to combine relevance to research purpose

with economy in procedure. There the research design followed was a descriptive

design. It includes survey and fact – findings inquiries of different kinds.

DATA COLLECTION METHODS

Basically two types of data exits:

 Primary Data

 Secondary Data

Primary Data collections are composed both questionnaires and interviewing.

A structured questionnaire was prepared which contained both open-ended

questions and closed ended questions.

Sampling Plan:
 Sample Unit : Sagar’s Respondent
 Sample Size : 50
MITA SONI Faculty of Management
Studies
M.B.A. 4TH SEM. Dr. Hari Singh Gour
University
Sagar (M.P.) - 470001

DECLARATION

I declare that the summer training

project report entitled “Need Analysis

of Customer for Bajaj Allianz Co.Ltd.”

submitted in partial fulfillment of the

requirement for the degree of Master of

Business Administration to F.M.S. Dr. Hari

Singh Gour University Sagar (India) is my

original work and not submitted for the

award of any other degree, diploma,

fellowship any other similar title or

prizes.

Place: Sagar Mita

Soni
Date: (Roll No.
)
 FACULTY OF MANAGEMENT STUDIES
DR. HARI SINGH GOUR UNIVERSITY
SAGAR (M.P.) – 470001 INDIA
Questionnaire
Dear Respondent,
This information is required summer training project report entitled “Need
Analysis of Customer for Bajaj Allianz Co. Ltd.” your response will be kept
confidential and will be use for academic or research purpose only.
Thanking You
Name of Student: Mita Soni
MBA 4th Sem.
1. Which type of sector do you prefer?
a) Nationalize b) Private

2. What is your interest regarding saving?

a) Bank b) Post Office c) Insurance

3. What is Source of Awareness?

a) Advisor/Agent b) Newspaper c) T.V./Internet

4. Which type of Policy do you want to take?

a) ULIP b) Endowment c) Money back

5. Which type of investment do you like?

a) Short term b) long term

6. For which period you insured?

a) 10 year b) 20 year c) whole life

7. What is your experience regarding insurance?

a) Satisfied b) Not satisfied c) No answer
 SHARES OF DIFFERENT COMPANY

Max New York Life Insurance

ING Vysya
NO. OF INSURERS

Kotak Life insurance

Birla Sun Life

HDFC SLIC

ICICI Prudential

Bajaj Allianz

LIC

0 10 20 30 40 50 60 70
NAME OFCOMPANY
 CONCLUSION

The   management   of   Bajaj   Allianz   Life   Insurance   Company   Ltd   has 

been able to create good supervisory relationship with staff by providing 
sufficient   information   about   the   goals   of   the   hospital,   the   quality   of 
services, and staffing problem that arise, performance appraisal level is 
satisfactory and staff is loyal to their hospital.
I have seen performance appraisal of employee of Bajaj Allianz  Life 
Insurance Company Ltd and I saw result as follows: ­

S. No. Particular Agree Disagree

1. Regulatory of employee 95% 5%
2. Bajaj Allianz Life Insurance Company Ltd
Policies and procedure of employee 70% 30%
3. Training Programme 65% 35%
4. Proper timing of employee 95% Nil
5. Punctuality in job satisfaction 90% Nil
6. Employee relation with supervisor 60% 40%
7. Departmental coordination
 Good 50%

 Very Good 20%

 Excellent 10%

 Poor  5%
And also employee get rewards time to time for their performance thus 
over   all   performance   appraisal   of   the   Bajaj   Allianz   Life   Insurance 
Company Ltd is very good on the basis of results.
 Are you regular in your job?

Disagree

Series1

Agree

0% 20% 40% 60% 80% 100%

Do you satisfied with the Bajaj Allianz Life Insurance

Company Ltd policies and procedure?

Disagree

Series1

Agree

0% 20% 40% 60% 80%

Are Training and examination arranged by hospital

enhance your skills?
 70%
60%
50%
40%
Series1
30%
20%
10%
0%
Agree Disagree

Are you satisfied of your achievement in your job?

Disagree

Series1

Agree

0% 20% 40% 60% 80%

How does department coordination?

60%

50%

40%

30% Series1

20%

10%

0%
good very good excellent poor

How does departmental coordination?
45%
40%
35%
30%
25%
Series1
20%
15%
10%
5%
0%
Monthly Yearly Promotion None
Do you give proper timing in Bajaj Allianz Life Insurance Company 

Ltd?

100%
90%
80%
70%
60%
50% Series1
40%
30%
20%
10%
0%
Agree Disagree

Are you punctual in your job?

100%
90%
80%
70%
60%
50% Series1
40%
30%
20%
10%
0%
Agree Disagree

Do you satisfied your relationship with your

supervisor /administration?
70%
60%
50%
40%
Series1
30%
20%
10%
0%
Agree Disagree