BAJAJ ALLIANZ

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TO STUDY THE LEVEL OF CUSTOMER SATISFACTION TOWARDS BAJAJ
ALLIANZ.
A PROJECT REPORT
Submitted to the
S.R.M SCHOOL OF MANAGEMENT
In partial fulfillment of the requirements
for the award of the degree
Of
MASTER OF BUSINESS ADMINISTRATION
By
S. VIJAYABALAN
(Reg No:35104375)
Under the guidance of
Mr.YAASEEN MASVOOD
S.R.M. INSTITUTE OF SCIENCE AND TECHNOLOGY
(Deemed university)
S.R.M. ENGINEERING COLLEGE
MAY 2006
BONAFIDE CERTIFICATE
This is to certify that the project titled “TO STUDY THE LEVEL OF
CUSTOMER SATISFACTION TOWARDS BAJAJ ALLIANZ” An approed
record of wor! done by S" #I$A%ABA&A'" (egister 'umber )*+,-).* in the
partial fulfillment for the award of degree of master of business Administration
during the year /,,-0/,,1"
2uide34ead of the 5epartment
5ate3
Submitted for the Uniersity e6amination held on7777777
Internal 86aminer 86ternal 86aminer
ACKNOWLEDGEMENT
I am than!ful and grateful to our beloed principal Mr.R.Venkataramani,
for giing me an opportunity to enhance learning through immense practices
proided within the institution"
I must howeer specially ac!nowledge my indebtedness to Dr. Jayshree suresh,
5ean, S(9 School of 9anagement who has proided me a platform to proe my
best towards the successful completion of project"
I e6tend my gratitude to Mr.Yaaseen Masvood: &ecture for assisting me
with aluable suggestions"
I shall remain grateful to Mr. Ganesh.V.Aranala, Senior Branch manager0
Bajaj Allian;: <hennai for giing me the opportunity to conduct the study"
TABLE OF CONTENTS
Chapter Description Page. No
+" Abstract ,+
/" Objecties ,/
)" <ompany profile ,-
-" Industry profile ,.
*" =roduct profile +>
1" (esearch 9ethodology /)
." (esearch Tools /-
?" Tabulation and <hart /1
>" <hi0square -+
+," @indings -)
++" Suggestions --
+/" <onclusion -*
+)" Auestionnaire -1
+-" Bibliography -?
Abstract
The aim of the study is to understand the leel of customer satisfaction towards
the Bajaj Allian; "The study apart from !nowing the customers satisfaction also focuses on
the scope and growth of insurance sector in <hennai where the study is being conducted"
The project focusing on Bajaj Allian; insurance companyBs branch in <hennai
ensured to successfully ta!e up the research on !nowing the customer and their
iews about the life insurance sector"
This study will help us to get a better picture as to what customers
perceie about insurance plans and their awareness about the same" This study
will help us in understanding what the customers prefer really through these
insurance plans" Also if the customers prefer these insurance plans: the study
brings to light the customer e6pectations about the same"
The sample was decided based on simple random sampling method" The
responses were recorded by conducting a surey with the help of a questionnaire"
The questionnaire has been designed in such a way so as to bring out the most
accurate data: which will enable the study to get the closest icinity of its objecties"
The data collected from the surey has been appropriately analy;ed
and has been interpreted in a meaningful way to offer some suggestions and
recommendations" The data has also been put through a series of statistical tools
that will close down the distance on the objectie of the study"
Seeral measures hae been ta!en to !eep the study on course
without any deiations" There are certain limitations to the study that inoled two
primary factors C cost and time" %et the study has been done reaching close to
the greatest possible e6tent of its primary objectie"
Objectives
Primary objective
The primary objectie of the study is to find out the “study
on the customer satisfaction leel of Bajaj Allian; life insuranceD
Secondary objective
1• To study the socio economic ariables that influences the insuring public
to ta!e up the policies"
2• To study the awareness of insurance plans in Bajaj Allian;
1• To study the effectieness of adertisement of Bajaj Allian;
2• To study the customer perception of life insurance
3• To study the efficiency of Bajaj Allian; being a priate organi;ation"
Limitations of the study
The study suffers from a few limitations: which will hae to be !ept in mind for
the findings to be fairly interpreted
1• The recommendations are subjected to time and cost constraint
2• Sampling has its own limitations: which would hae resulted in minor errors
3• There can be errors due to bias of respondents
4• The si;e of the sampling was not big enough to arrie at strong conclusion"
The results should be interpreted with the aboe limitations in perspectie"
Need of insurance
2rowing indiidualistic ideas are fast penetrating the Indian minds
and the joint family and caste system are fast crac!ing" Insurance has many
benefits in store for them" It saes their families from misery: chaos: and
destitution" Insurance lays the foundation on which the economic structure of life
can be gradually and safely built up and sustained to the end" Uncertainties to
the indiidual are made certainties for the group"
Scope of Insurance
The opening up of the insurance sector to priate companies has made
aailable more product and world class serice to Indian customer" To quote 9r" n"
rangachari former chairman of I(5A “ all these years the nationali;ed insurance hae been
bleeding usD “ the future for liberali;ed insurance sector loo!s bright with a monitoring
agency committed to promoting the interest of the customersD" According to business world:
“the sheer si;e and potential of Indian insurance mar!et has attracted many new players"
8en going by got estimates there are about )+/ million middle class
customers with financial resources to purchase insurance products: only /"* E of
this is coered by any form of insurance
Sales agents will remain the prime distribution channel: and
according to some estimated insurance could finally end up creating oer /,:,,,
jobs for sales representaties alone" The I(5A has already accredited +-
insurance training schools spread oer a few major cities of our country: which
would churn out about some +*,, students annually"
So the scope of the insurance sector is wide and open where there
a lot of opportunities for the sector to grow in the ne6t couple of years" 9ore and
more priate companies with international e6periences are entering into the
mar!et with !nowing the scope that is aailable" 9oreoer each and eery
indiidual hae started reali;ing the importance of life insurance in their life as the
life is considered to be really une6pected in the world we lie today"
Company Profile
Allianz Group
Allian; group is one of the worldBs leading insurers and financial
serice proiders" @ounded in +?>, in Berlin: Allian; is now present in oer .,
countries with almost +.-,,, employees" At the top of the international group is
the holding company: Allian; A2: with its head office in 9unich: 2ermany"
Allian; group proides more than 1, million customers worldwide
with a comprehensie range of serices in the areas of
1• =roperty and <asualty Insurance
2• &ife and 4ealth Insurance
3• Asset 9anagement and Ban!ing
Allianz AG- A Global
Financial Powerhouse
1• Forldwide 2
nd
by the gross written premiums0 (s -: -1:1*- cr"
2• 3rd largest Assets Under 9anagement GAUMH and largest among
insurance companies C AU9 of (s *+: >1:>*> cr"
3• 12
th
largest corporation in the world
4• ->"?E of global business from life insurance
5• 8stablished in +?>,: ++, years of insurance e6pertise
6• ., countries: +.):.*, employees world wide
Bajaj Group
Bajaj Auto &td: the flagship company of the (s" ?,,, crore Bajaj group
is the largest manufacturer of two wheelers and three wheelers in India and one of
the largest in the world" A household name in India: Bajaj auto has a strong brand
image and brand loyalty synonymous with quality and customer focus"
A Strong Indian Brand - Hamara Bajaj
11 One of the largest / and ) wheeler manufacturer in the world
21 /+ million I ehicles on the roads across the globe
31 9anaging funds of oer (s -,,, cr"
41 Bajaj Auto finance is one of the largest auto finance cos in India
51 (s -:.-- cr" Turnoer and profits of *)? cr" In /,,/ C /,,)
61 It has joined hands with Allian; to proide the Indian consumers with a
distinct option in the terms of life insurance products
As a promoter of Bajaj Allian; &ife Insurance <o"&td: Bajaj Auto has the following
to offer C
11 @inancial strength and stability to support the insurance business
21 A strong brand equity
31 A good mar!et reputation as a world class organi;ation
41 An e6tensie distribution networ!
51 Adequate e6perience of running a large organi;ation"
Bajaj Allianz Life Insurance Co.Ltd
Bajaj Allian; &ife Insurance <o"&td is a joint enture between two
leading conglomerates0 Allian;: one of the worldBs largest insurance company:
and Bajaj Auto: one of the biggest / and ) wheeler manufacturers in the world"
Bajaj Allianz Life Insurance
1• It is the fastest growing priate life insurance company in India
2• <urrently has oer -:-,:,,, satisfied customers
3• Fe hae a presence in more than *,, locations with 1,,,, insurance
consultants proiding with the finest customer serice
4• The leading priate life insurance company as per @eb" ,1 ran!ings
INDUSTRY PROFILE
Introduction
In +>>): 9alhotra <ommittee: headed by former @inance Secretary
and (BI 2oernor ("'" 9alhotra: was formed to ealuate the Indian insurance
industry and recommended its figure direction" The 9alhotra committee was set up
with the objectie of complementing the reforms initiated in the financial sector"
The reforms were aimed at “creating a more efficient and
competitie financial system suitable for the requirements of the economy
!eeping in mind the structural changes currently underway and recogni;ing that
insurance in an important part of the oerall financial system where it was
necessary to address the need for similar reforms"
The low penetration can be e6plained in terms of non0emphasis on
customer awareness: training issues of agents and a low ta6 base"
The heay capital inestments in terms of the distribution networ!s:
hiring of agents and the long gestation periods of .0+, years proide entry
barriers for the industry"
The !ey industry driers are related to lifestyle issues in terms of perceiing
insurance as a saings instrument rather than for ris! coer: need based selling: quality of
serice and customer awareness" The future growth areas could be in term assurance:
pension and health insurance" In terms of the distribution channels: there is tremendous
opportunity with ban!s and finance companies and by ma!ing the channel IT drien" Fith
increased commoditi;ation of insurance products: brand building is going to play a ital role"
The proisions of the I(5A bill ac!nowledge a many issues related to
insurance permia that will present it from seeping out of the country" The I(5A
bill proides for three leels of players C Insurance <ompany: Insurance bro!ers
and Insurance agent"
In the life Insurance segment the &ife Insurance <orporation of
India G&I<H is the major player" The &I< has /,*, branches" It is constituted in to
seen Jones" <urrently: there are *:1,:,, &I< agents in India"
2eneral Insurance in another segment: which has been growing at
a faster pace" But as peer the current comparatie statistics: the general
insurance premium has been lower than life insurance" 2eneral Insurance
premium as a percentage 25= was a mere ,"* per cent in +>>1"
In the 2eneral Insurance Business: 2eneral Insurance <orporation
G2I<H and its four subsidiaries i;: 'ew India Insurance: Oriental Insurance: 'ational
Insurance and United India Insurance: are doing major growing at a rte of +> per
cent per year Insurance is a colossal sector in India that is growing at a speedy rate
of +*0/,E" The insurance sector is appro6imately -*, billion yet ?, percent of the
population in India is not insured" This gies you a pee! into the huge growth
opportunity that e6ists for this segment" The insurance business in India mainly
consists of two main players: the &ife Insurance <orporation G&I<H and 2eneral
Insurance <orporation G2I<H" Almost +,, diisional offices and /,,, branch offices
are functional for &I<" As &I< caters to life insurance: health insurance: property and
accident insurance it needs an increasing number of employees"
The other player 2I< underta!es motor: marine: personal
accident and fire insurance" 9oreoer it has four subsidiaries aH Oriental Insurance: bH
United India Insurance: cH 'ew India Assurance: and dH 'ational Insurance" Insurance
companies in India hae a deep0rooted history" It all began in +?+? when Oriental &ife
Insurance <ompany in <alcutta was established" @rom then on insurance was scattered
across the country" It was an unorgani;ed sector" Then in +>*,: the entire insurance
segment was nationali;ed" After achieing freedom: the insurance sector gained
momentum" In +>*1 the goernment of India consolidated /-, priate life insurers and
proident societies and this was how &I< came to life" The justification to the
nationali;ation of the life insurers was that the goernment would reap the necessary
funds that were required for industriali;ation" The general insurance industry still
remained in the hands of the priate sector till +>./ and was then nationali;ed"
&I< adds about . percent to the countryBs 25=" Fith I(5ABs regulation not
less than +* percent of funds from the insurance companies are said to fill the coffers of
infrastructure and social sectors" Thus proing ital funds to the countryBs growth"
Infrastructure of the country bears ris!s that are of a long0term character" They include
political instability: geological hindrances: gestation period and illiteracy" The long tem funds
proided by &ife Insurance of India not only coer these ris!s but also help securing a
brighter future for the country" Besides infrastructure the insurance companies in India are
ital for oneBs saing purpose" In the beginning insurance was loo!ed at as a Kta60benefitB
inestment" Slowly: howeer the mindset of the common man is changing" &ife insurance is
now loo!ed on as inestment ehicle" Fith the introduction of priate players in the sector
there has been more transparency and fle6ibility in the sector" =riate players hae procured
almost > percent of the insurance segment een though the coeted policies li!e endowment
and money bac! still lay with the goernment"
Better serices: indiidual attention and pure transparency hae gien
the priate sector an upper hand" But with a huge unorgani;ed mar!et in India yet to
tap the insurance companies in India hae a oluminous mar!et to e6plore"
MAJOR POLICY CHANGES
Reforms In Insurance Sector
Insurance sector has been opened up for competition from Indian priate
insurance companies with the enactment of Insurance (egulatory and 5eelopment
Authority Act: +>>> GI(5A ActH" As per the proisions of I(5A Act: +>>>: Insurance
(egulatory and 5eelopment Authority GI(5AH was established on +>th April /,,, to
protect the interests of holder of insurance policy and to regulate: promote and
ensure orderly growth of the insurance industry" I(5A Act +>>> paed the way
for the entry of priate players into the insurance mar!et which was hitherto the
e6clusie priilege of public sector insurance companiesL corporations" Under the
new dispensation Indian insurance companies in priate sector were permitted to
operate in India with the following conditions3
1• <ompany is formed and registered under the <ompanies Act: +>*1M
2• The aggregate holdings of equity shares by a foreign company: either by
itself or through its subsidiary companies or its nominees: do not e6ceed
/1E: paid up equity capital of such Indian insurance companyM
3• The companyNs sole purpose is to carry on life insurance business or
general insurance business or reinsurance business"
4• The minimum paid up equity capital for life or general insurance
business is (s"+,, crores"
5• The minimum paid up equity capital for carrying on reinsurance
business has been prescribed as (s"/,, crores"
The Authority has notified /. (egulations on arious issues which include
(egistration of Insurers: (egulation on insurance agents: Solency 9argin: (e0insurance:
Obligation of Insurers to (ural and Social sector: Inestment and Accounting =rocedure:
=rotection of policy holdersN interest etc" Applications were inited by the Authority with effect
from +*th August: /,,, for issue of the <ertificate of (egistration to both life and
non0life insurers" The Authority has its 4ead Auarter at 4yderabad"
Insurance companies
I(5A has so far granted registration to +/ priate life insurance companies and > general
insurance companies" If the e6isting public sector insurance companies are included: there
are currently +) insurance companies in the life side and +) companies operating in general
insurance business" 2eneral Insurance <orporation has been approed as the OIndian
reinsurerO for underwriting only reinsurance business" =articulars
of the life insurance companies and general insurance companies including their
web address is gien below3
LIFE INSURERS Websites
Public Sector
&ife Insurance <orporation of India www"licindia"com
Private Sector
Allian; Bajaj &ife Insurance <ompany &imited www"allian;bajaj"co"in
Birla Sun0&ife Insurance <ompany &imited www"birlasunlife"com
45@< Standard &ife Insurance <o" &imited www"hdfcinsurance"com
I<I<I =rudential &ife Insurance <o" &imited www"iciciprulife"com
I'2 #ysya &ife Insurance <ompany &imited www"ingysayalife"com
9a6 'ew %or! &ife Insurance <o" &imited www"ma6newyor!life"com
9et&ife Insurance <ompany &imited www"metlife"com
Om Pota! 9ahindra &ife Insurance <o" &td" www"om!ota!mahnidra"com
SBI &ife Insurance <ompany &imited www"sbilife"co"in
TATA AI2 &ife Insurance <ompany &imited www"tata0aig"com
A9= Sanmar Assurance <ompany &imited www"ampsanmar"com
GENERAL INSURERS
Public Sector
'ational Insurance <ompany &imited www"nationalinsuranceindia"com
'ew India Assurance <ompany &imited www"niacl"com
Oriental Insurance <ompany &imited www"orientalinsurance"nic"in
United India Insurance <ompany &imited www"uiic"co"in
Private Sector
Bajaj Allian; 2eneral Insurance <o" &imited www"bajajallian;"co"in
I<I<I &ombard 2eneral Insurance <o" &td" www"icicilombard"com
I@@<O0To!io 2eneral Insurance <o" &td"www"itgi"co"in
(eliance 2eneral Insurance <o" &imited www"ril"com
(oyal Sundaram Alliance Insurance <o" &td" www"royalsun"com
TATA AI2 2eneral Insurance <o" &imited www"tata0aig"com
<holamandalam 2eneral Insurance <o" &td" www"cholainsurance"com
86port <redit 2uarantee <orporation www"ecgcindia"com
45@< <hubb 2eneral Insurance <o" &td"
REINSURER
2eneral Insurance <orporation of India www"gicindia"com
=rotection of the interest of policy holders
I(5A has the responsibility of protecting the interest of insurance
policyholders" Towards achieing this objectie: the Authority has ta!en the
following steps3
1• I(5A has notified =rotection of =olicyholders Interest (egulations /,,+ to
proide for3 policy proposal documents in easily understandable languageM claims
procedure in both life and non0lifeM setting up of grieance redressal machineryM
speedy settlement of claimsM and policyholdersN sericing" The (egulation also
proides for payment of interest by insurers for the delay in settlement of claim"
2• The insurers are required to maintain solency margins so that they are in
a position to meet their obligations towards policyholders with regard to
payment of claims"
3• It is obligatory on the part of the insurance companies to disclose clearly
the benefits: terms and conditions under the policy" The adertisements
issued by the insurers should not mislead the insuring public"
1• All insurers are required to set up proper grieance redress machinery in
their head office and at their other offices"
2• The Authority ta!es up with the insurers any complaint receied from the
policyholders in connection with serices proided by them under the
insurance contract"
INSURANCE SECTOR IN INDIA
The insurance sector in India has come a full circle from being an
open competitie mar!et to nationalisation and bac! to a liberalised mar!et
again" Tracing the deelopments in the Indian insurance sector reeals the )1,0
degree turn witnessed oer a period of almost two centuries"
A brief history of the Insurance sector
The business of life insurance in India in its e6isting form started in
India in the year +?+? with the establishment of the Oriental &ife Insurance
<ompany in <alcutta"
Some of the important milestones in the life insurance business in India are3
1• 19123 The Indian &ife Assurance <ompanies Act enacted as the first
statute to regulate the life insurance business"
2• 19283 The Indian Insurance <ompanies Act enacted to enable the goernment to
collect statistical information about both life and non0life insurance businesses"
3• 19383 8arlier legislation consolidated and amended to by the Insurance Act
with the objectie of protecting the interests of the insuring public"
4• 19563 /-* Indian and foreign insurers and proident societies ta!en oer by the
central goernment and nationalised" &I< formed by an Act of =arliament: i;"
&I< Act: +>*1: with a capital contribution of (s" * crore from the 2oernment of
India"
The 2eneral insurance business in India: on the other hand: can
trace its roots to the Triton Insurance <ompany &td": the first general insurance
company established in the year +?*, in <alcutta by the British"
Some of the important milestones in the general insurance business in India are3
1• 19073 The Indian 9ercantile Insurance &td" set up: the first company to
transact all classes of general insurance business"
2• 19573 2eneral Insurance <ouncil: a wing of the Insurance Association of India:
frames a code of conduct for ensuring fair conduct and sound business practices"
3• 19683 The Insurance Act amended to regulate inestments and set
minimum solency margins and the Tariff Adisory <ommittee set up"
4• 19723 The 2eneral Insurance Business G'ationalisationH Act: +>./ nationalised
the general insurance business in India with effect from +st $anuary +>.)"
5• +,. insurers amalgamated and grouped into four companies i;" the
'ational Insurance <ompany &td": the 'ew India Assurance <ompany
&td": the Oriental Insurance <ompany &td" and the United India Insurance
<ompany &td" 2I< incorporated as a company"
Insurance sector reforms:
In +>>): 9alhotra <ommittee headed by former @inance Secretary
and (BI 2oernor ("'" 9alhotra was formed to ealuate the Indian insurance
industry and recommend its future direction"
The 9alhotra committee was set up with the objectie of
complementing the reforms initiated in the financial sector" The reforms were aimed
at Ocreating a more efficient and competitie financial system suitable for the
requirements of the economy !eeping in mind the structural changes currently
underway and recogni;ing that insurance is an important part of the oerall financial
system where it was necessary to address the need for similar reforms7O
In +>>-: the committee submitted the report and some of the !ey
recommendations included3
1) Structure
2oernment sta!e in the insurance <ompanies to be brought down to *,E
2oernment should ta!e oer the holdings of 2I< and its subsidiaries so that
these subsidiaries can act as independent corporations
All the insurance companies should be gien greater freedom to operate
2) Competition
=riate <ompanies with a minimum paid up capital of (s"+bn should be allowed
to enter the industry
'o <ompany should deal in both &ife and 2eneral Insurance through a single entity
@oreign companies may be allowed to enter the industry in collaboration with the
domestic companies
=ostal &ife Insurance should be allowed to operate in the rural mar!et
Only One State &eel &ife Insurance <ompany should be allowed to operate in each state
3) Regulatory Body
The Insurance Act should be changed
An Insurance (egulatory body should be set up
<ontroller of Insurance G<urrently a part from the @inance 9inistryH should
be made independent
4) Investments
9andatory Inestments of &I< &ife @und in goernment securities to be reduced
from .*E to *,E
2I< and its subsidiaries are not to hold more than *E in any company GThere
current holdings to be brought down to this leel oer a period of timeH
5) Customer Service
&I< should pay interest on delays in payments beyond ), days
Insurance companies must be encouraged to set up unit lin!ed pension plans
<omputerisation of operations and updating of technology to be carried out in the
insurance industry The committee emphasi;ed that in order to improe the
customer serices and increase the coerage of the insurance industry should be
opened up to competition"
But at the same time: the committee felt the need to e6ercise caution as any
failure on the part of new players could ruin the public confidence in the industry" 4ence:
it was decided to allow competition in a limited way by stipulating the minimum capital
requirement of (s"+,, crores" The committee felt the need to proide greater autonomy
to insurance companies in order to improe their performance and enable them to act as
independent companies with economic moties" @or this purpose: it had proposed
setting up an independent regulatory body"
PRODUCT PROFILE
Cash Gain
%our needs for insurance protection will ary at different stages of
life" Sometimes: you may need to release a part of your saings from insurance
commitments and utili;e it for other pressing needs" The Bajaj Allian; <ash gain
is ideal for those who want to reap and enjoy the benefits of their life insurance
policy at regular interals during their lifetime"
Bajaj Allian; <ash gain is a specially designed plan that offers a
host of additional benefits you may choose to deelop a sound financial portfolio
for your family" Among the many unique benefits: the most significant is the
@amily Income Benefit G@IBH that sustains the family by compensating the loss of
regular income due to death or permanent disability"
Aailable as3
1• Bajaj Allian; <ash gain 8conomy3 The basic pac!age
2• Bajaj Allian; <ash gain 2old3 Fith double protection
3• Bajaj Allian; <ash gain 5iamond3 Fith triple protection
4• Bajaj Allian; <ash gain =latinum3 Fith quadruple protection
A Uniform Life Cover
Besides giing you regular <ash Benefits: this plan ta!es care of
your life insurance needs also" On death during the term of policy: the following
would be paid irrespectie of the <ash Benefits already paid3
1• Bajaj Allian; <ash gain 8conomy3 Sum Assured I Bonuses
2• Bajaj Allian; <ash gain 2old3 5ouble Sum Assured I Bonuses
3• Bajaj Allian; <ash gain 5iamond3 Triple Sum Assured I Bonuses
4• Bajaj Allian; <ash gain =latinum3 Auadruple Sum Assured I Bonuses
Choice of Terms
Peeping your conenience in mind: we offer you the widest range of
terms3 +*: /,: /* and ), years"
Additional Protection for you and your family
%ou hae the option to add the following additional benefits:
proiding total protection against uncertainties"
Family Income Benefit (FIB) C
The Ultimate =rotection 0 @or %our &oed Ones
%ou can select the unique @amily Income Benefit from Bajaj Allian; that
ensures total financial protection for your loed ones" In case of death or accidental
total permanent disability: a guaranteed monthly income of +E of the sum assured
G+/E per annumH is paid till the end of the policy term or at least for a period of +,
years: whicheer is higher" 9oreoer: all future premiums are waied"
Comprehensive Accident Protection
This benefit proides comprehensie coer in case of an accident" It
comprises of3
Accidental 5eath Benefit
Accidents are always sudden and sometimes fatal" %ou canNt lessen the
emotional shoc!: but you can certainly soften the financial one" Bajaj Allian; Accidental
5eath Benefit gies the loed ones something to start with after the permanent loss of
income by paying an amount equal to the Sum Assured" GSubject to a ma6imum of (s"
*,: ,,:,,,L0 under all policies with Bajaj Allian; ta!en togetherH"
Accidental Permanent Total/Partial Disability Benefit
Accidents are unpredictable: and so are the consequences" They may
lead to a disability 0 partial or total" This Benefit proides a financial cushion against such
misfortunes" %ou will get *,E of the Sum Assured in case of partial disability and +,,E
in case of total disability" GSubject to a ma6imum of (s" /*: ,,:,,,L0 for partial and (s"
*,: ,,:,,,L0 for total disability under all policies with Bajaj Allian; ta!en togetherH"
Waiver of Premium Benefit
An accident may lead to permanent total disability: limiting oneBs
ability to earn" Bajaj Allian; Faier of =remium benefit is a helping hand when
one needs it most" It waies off all future premiums while !eeping the aluable
life insurance coer alie: thus enabling you to lie up to your commitments"
Critical Illness Benefit (CI H
Some illnesses are critical" They not only alter oneBs lifeNs pattern but
also result in a financial drain" Bajaj Allian; <ritical Illness Benefit softens the impact
on the family by paying out the <ritical Illness Benefit under the plan immediately:
while other policy benefits continue Ge6cluding 4ospital <ash BenefitH" Fe coer ++
critical illnesses" %ou hae the fle6ibility of choosing <ritical Illness coer up to the
basic Sum Assured selected by you G9inimum (s"*,: ,,,H"
Hospital Cash Benefit (HC)
The worry of settling hospital bills Groom chargesH adds to the
trauma of hospitali;ation" Bajaj Allian; 4ospital <ash Benefit reduces this
financial burden and helps recoery with peace of mind"
Flexibility in Coverage
At Bajaj Allian;: we beliee in offering benefits and not just products" Fe
reali;e that you are unique and your needs for insurance ary with time" Fe therefore
offer you the fle6ibility of inclusion of coerage or e6clusion of coerage at each policy
anniersary: subject to conditions relating to such inclusions and e6clusion"
%ou hae the fle6ibility to change your pac!age and moe to a
pac!age that proides lower protection at each policy anniersary Gpremiums
would be adjusted accordinglyH" “<omprehensie Accident =rotectionD can be
included and e6cluded at each policy anniersary" @amily Income Benefit: <ritical
Illness Benefit and 4ospital <ash Benefit can be ta!en at inception only" @IB: <I
Q 4< can be reduced or e6cluded subsequently at any policy anniersary" Once
reduced or e6cluded: they cannot be increased or included subsequently"
Increase in risk coverage
8ery added responsibility in your life calls for increase in your ris!
coer" Fe proide you the option to increase coerage up to *,E of the basic
Sum Assured on each of the following happy moments in your life
1• %our marriage
2• The birth of your first child
3• The birth of your second child
This additional coerage is not subject to underwriting" The option
should be e6ercised within >, days of the occurrence of the said eent"
Research Methodology
Sampling factors
Data collection
Primary data
The primary data for this study is collected with the objectie in mind “a
study on the customer perception of Bajaj Allian; life insuranceD
Secondary data
The secondary data for the study is collected with the information that
is being published in journals and maga;ines and from the internet"
Sample collection
The data required for the study is collected with the help of questionnaire" These
questionnaires are handed oer to the customers and as!ed to get it filled up" The data
is interpreted from the information that is incurred from the questionnaire
Sample area
The area where the data is collected is in and around <hennai city" The
respondents are the people who reside in <hennai
Sample size
5ue to the limitation of time and scope of the study the number of
respondents from which the data is collected is +*,"
Research Tools
Tools of analysis
Analytical techniques are used to obtain findings and arrange
information in a logical sequence from the data collected" After tabulation of the
data: researcher used the following quantitatie techniques
1. Percentage Analysis
The data that is obtained is from the questionnaire is analy;ed
through percentage analysis" The results are shown on the percentage basis
2. Graphs
2raphical representations are used to show the results in simple form"
The graphs are prepared on the basis of data that is receied from the percentage analysis
3. Chi – Square Test
The research methodology tool chi C square test is being
ta!en as a tool in order to bring out the final result by analy;ing the factors" The
end result for the study is being deried from the using this research tool"
<hi square test is an important non parametric test and as such no
test is necessary in respect of the population" Fe require only the degree of
freedom Gimplicitly of the course the si;e of the sampleH for using this test" As
anon parametric test chi square can be used GiH as a test of goodness to fit and
GiiH as a test of independence" Since the researcher used test of independence
only the details about the independence is gien below
Test of independence
The / test is used to test whether there is a significant difference between the
obsered number of responses in each category and the e6pected number of responses for
such category under the assumption of null hypothesis" It enables us to e6plain whether or
not two attributes are associated with each other" In order that we may apply the chi square
test either as a test to judge the significance of association between attributes: it is
necessary that the obsered as well as theoretical distribution must be adjusted to gie the
same total frequency as we find in case of obsered distribution" Parl =earson deeloped a
test for testing the significance of discrepancy between e6perimental alues and the
theoretical alues obtained under some theory of hypothesis" This is !nown as test of
goodness of fit" Parl =earson proed that the statistics is used to test whether difference
between obsered and e6pected frequencies are frequent"
Table no 4.1 Occupation of the respondents
Occupation Respondents Percentage
8mployed *, *,
Self employed *, *,
Total +,, +,,
Employed
50% 50% Self employed
Figure 4.1 Occupation of the respondents
Inference
1• *,E of the respondents are employed"
2• *,E of the respondents are self employed
Table no 4.2 Income level of the respondents
Income level Respondents Percentage
*,,,0+,,,, )? )?
+,,,,0+*,,, /) /)
+*,,,0/,,,, /1 /1
Aboe /,,,, +) +)
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S40
30
20
10
0
5000-10000 10000- 15000- Above
15000 20000 20000
INCOME LEVEL
Figure 4.2 Income level of the respondents
Inference
1• )?E of the respondents hae income between *,,, C +,,,,
2• /)E of the respondents hae income between +,,,, 0 +*,,,
3• /1E of the respondents hae income between +*,,, C /,,,,
4• +)E of the respondents hae income aboe /,,,,
Table no 4.3 Importance of insurance
Essential Respondents Percentage
%es ?. ?.
'o +) +)
Total +,, +,,
1
0
0
8
0
6
0
40
20
0
Yes No
I
N
S
U
R
E
D
Fi
gu
re
4.
3 Importance of
insurance
Inference
1• ?.E
of the
respo
ndents
feel
that insurance is
essential"
2• +)E of the
respondents feel
that insurance is
not essential"
Table no 4.4 Reason for importance of insurance
Reason Respondents Percentage
=remium /> />
Ta6 /* /*
Security )- )-
Others +/ +/
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S
40
30
20
10
0
Premium Tax Security Others
REASON
Figure 4.4 Reason for importance of insurance
Inference
1• />E of the respondents feel insurance is important because of premium"
2• /*E of the respondents feel insurance is important because of ta6 benefit"
3• )-E of the respondents feel insurance is important because of security"
4• +/E of the respondents feel insurance is important because of other reasons"
Table no 4.5 Insurance companies that the respondents prefer
Insurance Respondents Percentage
companies
&I< )) ))
Bajaj Allian; /> />
I<I<I =rudential )+ )+
45@< +/ +/
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S40
30
20
10
0
LIC Bajaj ICICI HDFC
Allianz Prudential
INSURANCE COMPANIES
Figure 4.5 Insurance companies that the respondents prefer
Inference
1• ))E of the respondents would li!e to further inest in &I<"
2• />E of the respondents would li!e to further inest in Bajaj Allian;"
3• )+E of the respondents would li!e to further inest in I<I<I"
4• +/E of the respondents would li!e to further inest in 45@<"
Table no 4.6 Media through which awareness of Bajaj Allianz
Media Respondents Percentage
'ewspaper // //
Teleision ** **
(adio +- +-
4oardings ,> ,>
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S
60
50
40
30
20
10
0
NewspaperTelevision Radio Hoardings
MEDIA
Figure 4.6 Media through which awareness of Bajaj Allianz
Inference
1• //E of the respondents are aware through newspaper"
2• **E of the respondents are aware through teleision"
3• +-E of the respondents are aware through radio"
4• ,>E of the respondents are aware through hoardings"
Table no 4.7 Awareness of various life insurance plan of Bajaj Allianz
Awareness Respondents Percentage
%es .? .?
'o // //
Total +,, +,,
Yes
No
Figure 4.7 Awareness of various life insurance plan of Bajaj Allianz
Inference
1• .?E of the respondents are aware of Bajaj Allian; &ife Insurance"
2• //E of the respondents are not aware of Bajaj Allian; &ife Insurance"
Table no 4.8 Response of respondents about Bajaj Allianz life insurance plans
Response Respondents Percentage
86cellent +* +*
2ood */ */
Satisfactory /> />
=oor ,- ,-
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S
60
50
40
30
20
10
0
Excellent Good Satisfactory Poor
RESPONSE
Figure 4.8 Response of respondents about Bajaj Allianz life insurance plans
Inference
1• +*E of the respondents feel that the insurance plans are e6cellent"
2• */E of the respondents feel that the insurance plans are good"
3• />E of the respondents feel that the insurance plans are satisfactory"
4• ,-E of the respondents feel that the insurance plans are poor"
Table no 4.9 Awareness of Bajaj Allianz life insurance plans
Insurance Plans Respondents Percentage
<ash 2ain )* )*
Inest 2ain )/ )/
<hild 2ain /> />
Others ,- ,-
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S
40
30
20
10
0
Cash GainInvest Gain Child Gain Others
PLANS
Figure 4.9 Awareness of Bajaj Allianz life insurance plans
Inference
1• )*E of the respondents are aware of the cash gain plans of Bajaj Allian;"
2• )/E of the respondents are aware of the inest gain plans of Bajaj Allian;"
3• />E of the respondents are aware of the child gain plans of Bajaj Allian;"
4• ,-E of the respondents are aware of the other plans of Bajaj Allian;"
Table no 4.10 Forms through which respondents came to know Bajaj Allianz
life insurance plans
Source Respondents Percentage
Insurance <onsultants )- )-
@riends Q (elaties +1 +1
Adertisements /1 /1
'ewspapers +> +>
Others ,* ,*
Total +,, +,,
R
E
S
P
O
N
D
E
N
T
S
40
30
20
10
0
A
d
v
e
r
t
i
s
e
m
e
n
t
s
FORMS
Figure 4.10 Forms through which respondents came to know Bajaj Allianz
life insurance plans
Inference
1• )-E of the respondents came to !now about these plans through
insurance consultants"
2• +1E of the respondents came to !now about these plans through
friends and relaties"
3• /1E of the respondents came to !now about these plans through adertisements"
4• +>E of the respondents came to !now about these plans through newspapers"
5• ,*E of the respondents came to !now about these plans through others"
Table no 4.11 Respondents associated with which plans of Bajaj Allianz
Insurance Plans Respondents Percentage
<ash 2ain )* )*
Inest 2ain )/ )/
<hild 2ain /> />
Others ,- ,-
Total +,, +,,
4%
Cash Gain
29% 35%
Invest Gain
Child Gain
32%
Others
Figure 4.11 Respondents associated with which plans of Bajaj Allianz
Inference
1• )*E of the respondents are associated with cash gain plan"
2• )/E of the respondents are associated with inest gain plan"
3• />E of the respondents are associated with child gain plan"
4• ,-E of the respondents are associated with other plans"
Table no 4.12 Response of respondents about Bajaj Allianz life insurance plans
regarding financial aspects
Response Respondents Percentage
86cellent +* +*
2ood -/ -/
Satisfactory )> )>
=oor ,- ,-
Total +,, +,,
4%
15%

Excel
lent
Figure 4.12 Response of respondents
about Bajaj
Allianz life
insurance plans
regarding
financial aspects
I
n
f
e
r
e
n
c
e
1• +
*
E

surance plans are
e6cellent"
2• -/E of the
respondents feel
that the insurance
plans are good"
3• )>E of the
respondents feel
that the insurance
plans are
satisfactory"
4• ,-E of the
respondents feel
that the insurance
plans are poor"
Table no 4.13 Response of satisfaction level of service provided by Bajaj Allianz of
employed
Service Respondents Percentage
%es ). .-
'o +) /1
Total *, +,,
Response of service provided by
Bajaj Allianz of employed
26%
Yes
No
74%
Figure 4.13
Inference
1• .-E of the respondents feel that the serice proided by Bajaj Allian; is
to their satisfaction"
2• /1E of the respondents feel that the serice proided by Bajaj Allian;
is not to their satisfaction"
Table no 4.14 Response of satisfaction level of service provided by Bajaj Allianz
of self-employed
Service Respondents Percentage
%es )- 1?
'o +1 )/
Total *, +,,
Response of service provided by
Bajaj Allianz of self-employed
32%
Yes
No
68%
Figure 4.14
Inference
1• 1?E of the respondents feel that the serice proided by Bajaj Allian; is
to their satisfaction"
2• )/E of the respondents feel that the serice proided by Bajaj Allian;
is not to their satisfaction"
Table no 4.15 Response of respondents about being associated with Bajaj Allianz
Response Respondents Percentage
) years ,? ,?
* years )? )?
+, years +- +-
Aboe +, years -, -,
Total +,, +,,
8%
3 years
40%
5 years
38% 10 years
14%
Above 10 years
Figure 4.15 Response of respondents about being associated with Bajaj Allianz
Inference
1• ,?E of the respondents feel to be associated with Bajaj Allian; for ) years"
2• )?E of the respondents feel to be associated with Bajaj Allian; for * years"
3• +-E of the respondents feel to be associated with Bajaj Allian; for +, years"
4• -,E of the respondents feel to be associated with Bajaj Allian; for
aboe +, years"
CHI - SQUARE TEST
T48 @O&&OFI'2 TAB&8 S4OFS T48 <(OSS TABU&ATIO'
B8TF88' <USTO98( <AT82O(% Q SATIS@A<TIO' &8#8&
=O&I<% 4O&58(
%8S 'O TOTA&
<USTO98( <AT82O(%
89=&O%85 ). +) *,
S8&@089=&O%85 )- +1 *,
TOTA& .+ /> +,,
4, 3 'ature of satisfaction leel for customers is dependent to serice proided
by Bajaj Alliance
4+ 3 'ature of satisfaction leel for customers is independent to serice
proided by Bajaj Alliance
EXPECTED FREQUENCIES:
G.+R*,H L +,, S )*"* G.+R*,H L +,, S )*"*
G/>R*,H L +,, S +-"* G/>R*,H L +,, S +-"*
CALCULATION TABLE
OBS8(#85 8T=8<T85
@(8AU8'<% @(8AU8'<% GO08H GO08H U GO08H UL8
GOH G8H
). )1 + + ,",/.
+) +* 0/ - ,"/11
)- )1 0/ - ,"+++
+1 +* + + ,",11
TOTA& ,"-.
<hi 0 Square GψUH S GO 0 8H U L 8
GψUH S ,"-.
5egree Of @reedom S G< 0 +H G( 0 +H S G/ 0 +H G/ 0 +H S +
At *E &eel of significance
@rom the table <hi 0 Square G ψUH S )"?-+
Since tabulated alue is greater than the calculated alue: i"e": G)"?-+ V ,"-+?H
A<<8=T85 T48 'U&& 4%=OT48SIS G4oH
INFERENCE :
The analysis shows that satisfaction leel for customers is dependent
to serice proided by Bajaj Alliance
Findings
1• Still ))E of the employed are associated with &I< which still ma!es
it the number one spot right behind Bajaj Allian; at />E
2• Almost ?.E of the respondents feel that insurance is essential for ones life"
3• Both employed and self employed feel the main reason for insurance
as far as they are concerned is due to security purpose"
4• */E of the respondents feel that the insurance scheme proided by
Bajaj Allian; is good
5• Teleision is considered to be the main source of awareness of Bajaj
Allian; among the arious media
6• Insurance plans are !nown to the respondents mainly through
insurance consultants after adertisement
7• 9ost of the respondents of both employed Q self0employed G.+EH feel
that the serice of Bajaj Allian; is good"
Suggestions
1• 9ore branches should be open by the company for the customers to
hae better and easy access"
2• The serices that proided are only good to the customers" The serices
should be improed so that the customers feel e6cellent about the serice
3• 9ore and more details about the insurance plan should be made to be
!nown to the customers through arious media as only .?E of the
respondents are aware of the arious insurance plans"
4• Teleision is the main media through which the company can reach
out to the people" So adertisement should be telecasted frequently"
5• As far as brand is concerned &I< tops the sector: Bajaj Allian; must ta!e
intensie publicity efforts to position themseles as a leading life insurance
company" So they will hae to create feeling of trust among customers"
Conclusion
Insurance happens to be a mega opportunity in India" %et: nearly ?,E of
Indian population is without life insurance coer: continue to be below
international standards which offer greater opportunities in this sector" Fith other
inestments aenues remaining unmoed: insurance and mutual funds offer
comparatiely better returns to customers" Fith ta6 and inestment planning as
its main targeting tools: insurance is bound to grow at a rapid pace"
The project helped me to find out the customer satisfaction and
e6pectations from the arious plans offered by insurance companies with specific
reference to mar!et lin!ed insurance plans" Appropriate suggestions hae been
gien based on the research findings" It was a great learning e6perience and I
will carry this e6perience with me in all my future endeaors"
QUESTIONNAIRE
+" 'ame 3
/" Age
aH +? to /* bH /1 to )/
cH )) to -, dH Aboe -,
)" Occupation
aH 8mployed bH Self 8mployed
-" Se6
aH 9ale bH @emale
*" 9onthly income
aH *,,, C +,,,, bH +,,,,0 +*,,,
cH +*,,, C /,,,, dH Aboe /,,,,
1" 5o you feel insurance is essential for ones lifeW
aH %es bH 'o
if 'o: S!ip to Auestion no +.
." Tic! out the reasons for why you feel insurance is essentialW
aH =remium is reasonable bH Ta6 adantage
cH Security purpose dH Others
?" Fhen you thin! of life insurance: which company comes to your mindW
aH &I< bH I<I<I
cH Bajaj Allian; dH 45@<
>" Are you aware of Bajaj Allian; Insurance <ompanyW
aH %es bH 'o
if 'o: S!ip to Auestion no +.
+," Through which media did you come to !now about Bajaj Allian;W
aH 'ewspaper bH Teleision
cH (adio dH 4oardings
++" Are you aware of the arious insurance plans offered by Bajaj Allian;W
aH %es bH 'o
if 'o: S!ip to Auestion no +.
+/" Fhich of the insurance plans are you aware of Bajaj Allian;W
aH <ash 2ain bH Inest 2ain
cH <hild 2ain dH Others
+)" 4ow do you feel about these particular insurance schemesW
aH 86cellent bH 2ood cH Satisfactory dH =oor
+-" 4ow did you came to !now about these plans
aH Insurance consultants bH @riends and (elaties
cH Adertisements dH 'ewspapers
5) Others
15. Are you satisfied with the serice proided by Bajaj Allian;W
aH %es bH 'o
+1" 4ow long do you wish to be associated with Bajaj Allian;W
aH ) years bH * years cH +, years dH aboe +, years
+."Suggestions
000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
BIBILOGRAPHY
AUT4O( TIT&8 %8A( =UB&IS48( =&A<8
=hilip Potler Q =rinciple of +>>> =rentice 4all of 'ew 5elhi
2ray Armstrong 9ar!eting India
5onald S" Tull Q 9ar!eting /,,, =rentice 4all of 'ew 5elhi
5el I"4ow!ins (esearch India
5r" S" 2upta Statistical /,,, Sulthan chand 'ew 5elhi
9ethods =ublication
(esearch
Pothari <"(" 9ethodology: +>>1 Fishwa =ra!esh 'ew 5elhi
9ethods Q
Tecniques =ublication
#arhney ("&": Q 9ar!eting +>>> Sultan chand 'ew 5elhi
2upta S"I" 9anagement =ublication

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