A Project Report On Fundamentals,

Products & Prices Of

Bajaj Allianz Life Insurance Company
Limited.
A Case Study At Bhubaneswar

At

BAJAJ ALLIANZ LIFE INSURANCE

COMPANY LIMITED

A Project Report Submitted to _______________in Partial fulfillment for the

award of

Submitted by:-

Under the guidance of

DECLARATION
I hereby declare that this report entitled FUNDAMENTALS,
PRODUCTS & PRICES OF BAJAJ ALLIANZ LIFE
INSURANCE COMPANY LIMITED, A CASE STUDY AT
BBSR is my original work done under the guidance and
supervision of Mr. ______________________, Senior Sales
Manager & Mr. _______________________, Asst. Prof.,
AIMS. lt has not been submitted either in part or in full for
_____________, BPUT university.

Name:-

Date:
Place:

CERTIFICATE
 This is to certify that the dissertation report

entitled FUNDAMENTALS, PRODUCTS &PRICES

OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY

LIMITED. A CASE STUDY AT BBSR is a bonafide

work done by Mr._____________________ under my

guidance and supervision.

ASST.
PROF.

Date:
Place:
 CONTENTS

CHAPTER-1: 1-15

INTRODUCTION

OBJECTIVES OF THE STUDY

SIGNIFICANCE OF THE STUDY

RESEARCH METHODOLOGY

LIMITATIONS

CHAPTER-2: 16-19

INTRODUCTION

THE INDIAN INSURANCE MARKET

BENEFITS OF INSURANCE MARKET

PRIVATE PLAYERS

CHAPTER-3: 20-27

COMPANY PROFILE

HISTORY OF BALIC

BUSINESS PROFILE

CHAPTER-4: 28-61

ANALYSIS OF PRODUCT AND PRICES

 NEW UNIT GAIN SUPER

NEW UNIT GAIN PREMIER SP

HEALTH CARE

NEW UNIT GAIN PLUS

CHAPTER-5: 62-69

GLOBALISATION & INSURANCE

NEED FOR GLOBALISATION

GLOBAL PICTURE OF INSURANCE

IMPACT OF GLOBALISATION OF INSURANCE

CHAPTER-6: 70-77

FINDINGS OF THE STUDY

SUGGESTIONS

CONCLUSION

BIBLIOGRAPHY
 ACKNOWLEDGEMENT

I take this opportunity to express my gratitude to all the people who have
guided and helped me directly or indirectly in the course of completion of my
project.

First, I would like to express my sincere thanks to

Prof. _______________________ Director, _________________________ for
giving me an opportunity to take up this project.

I convey my sincere thanks to Mr.____________________________,

Senior Sales Manager, Bajaj Allianz Life Insurance Company, bbsr for giving me
permission to do the project and guiding me in carrying out my project smoothly.

I take this opportunity to express my deep sense of gratitude

Mr. _________________________, Asst.Professor for his constant support and
guidance. His valuable suggestions and helping hand has helped me to complete
my project successfully.

I express my profound thanks to my affectionate parents for their constant

encouragement throughout my educational career.

Name:-

DATE:

PLACE:
 CONTENTS
INTRODUCTION.

1.1. Introduction

1.2. Objectives of the Study

1.3. Significance of the Study

1.4. Research Methodology

1.5. Limitations
INTRODUCTION

Life is full of
uncertainties due to different types of risks like death, accidents, loss of
health and property, famine, fire, earthquakes and so on. Everyday some
unfavourable events do happen which cause anxiety to our life and disturb
our peace of mind. Human beings always sought protection from such
risks. Insurance is the answer to these types risk and uncertainties.
Insurance is based on the principal that a group of persons exposed to
similar type of risks join together and pool their resources to help the few
unfortunate ones and meet the loss. Insurance is the process in which
losses of few are served by many persons who are equally exposed to
some risks. Its basic purpose is to derive the plans to meet financial
consequences of unfavourable happenings. The unfortunate ones in a
group, who suffer from risk, get compensation out of the pooled resources.
In a way, the personal who are fortunate and dont face any loss, share the
burden of the unfortunate sufferers. As such insurance is a cooperative
device to share the sufferings of unfortunate persons in a group.
Human beings can never live in isolation because man is a social animal.

He always tries to live in community and contributes to societys well- being and gets

substance and protection from the society in which he lives. The modern concept of

insurances is based on this principle. Insurance is a social device for eliminating or

reducing the cost of society for certain types of risks.

Origin of Life Assurance:

 Life Assurance was
born in England when the first policy providing temporary
cover for a period of 12 months was issued as early as 1583
A.D. the Amicable Society started granting fluctuating sum
on death since 1705 and a fixed sum since 1757. With the
development of mortality tables, Life Assurance acquired a
scientific character. The Equitable Society founded in 1762
was the first Society established on scientific basis.
In India, after failure
of two British companies, the European and the Albert in
1870, which attempted writing business on Indian lives, first
Indian Life Assurance Society was formed in the same year
called Bombay Mutual Assurance Society Ltd. it was
followed by the Oriental Life Assurance Company Limited I
1874, Bharat in 1896and Empire of India in 1897.
The Swadeshi
Movement of 1905 provided impetus to the formation of
several companies such as the Hindustan Co-operative, the
United India, the Bombay Life, the National. Further in the
wake of freedom movement number of companies such as
the New India, the Jupiter the Lakshmi emerged.
The Government
began to exercise a certain measure of control on insurance
business by passing the Insurance business by passing the
Insurance Act in 1912. For controlling Investment of funds,
expenditure and management, a comprehensive Act 1938.
For controlling the affirm, the office of Controller of Insurance
was established. The act was extensively amended in 1950.
In the year 1955,
approximately 170 insurance Offices and 80 provident Fund
Societies had been registered for transacting Life Assurance
business in India. There were, however, no full guarantees to
the policyholders. The concept of trusteeship was lacking.
Many Insurance companies went into Liquidation. There
were malpractices in insurance business. For achieving the
following purposes it was felt necessary to nationalize the
insurance business in India.
To provide security to the policyholders.
To utilize the funds for nation-building activities.
To avoid cut throat competition.
To abolish mal-practices.
To spread the message of Insurance to the rural areas.
Evolution of Life Insurance:
The beginning of
Life Insurance is almost as old as the story of mankind. The
term Life Insurance is, of course, a concept of modern times.
But, the search for security commenced with the beginning
of human life it self. The recorded beginning of human life
itself. The recorded beginning of concept of Life Insurance is
about 6000 years old.
First Life Policy:
The earliest record
Life Insurance Policy was issued on 18th June, 1583 on the
Life of William Gybbons, a citizen of London. The policy was
procured by Richard Martin. It was under written for 12
months by 16 individuals for an amount of 383-6s-8d with
premium @ 8% i.e. 30-13-4. The text of the policy ended
with an interesting prayer. God send the said William
Gybbons died on May 29, 1584, that is within a year. The
underwriters disputed the claim pleading that the insured
had survived 12 lunar months of 28 days each. The claim
was finally paid through the Court.
DEFINITION OF INSURANCE
There can be two
approaches for defining insurance. One is functional
approach other is contractual approach.
Definition
The functional
approach says insurance may be defined as a social device,
whereby a large group of individuals, through a system of
equitable contributions may reduce or eliminate measurable
risk of economic loss common to all member of the group. In
similar sense Disnadle has defined that Insurance is an
instrument of distributing loss of few to many. Allen C.
Mayer son states Insurance is device for the transfer to an
insured of certain risks of economic loss that would
otherwise be borne by the insured.

Contractual Definition
In contractual sense
the following definition are noteworthy. To Justice Tindall,
Insurance is contract in which a sum of money is paid to the
assured in consideration of insurers incurring the risk of
paying a large sum upon a given contingency. In the words
of E.W. Patterson, Insurance is a contract by which one
party for a consideration called premium, assumes a
particular risk of the other party and promises to pay to him
or his nominee a certain a ascertainable sum of amount on a
specified contingency.
KINDS OF INSURANCE
Insurance can be
mainly classified into two categories.
A) Life Insurance
B) General Insurance
Life Insurance
The subject matter
of Life Insurance is human life. Most of the insurance
policies are combination of savings and security. The insured
is promised by the insurance company that during the tenure
of insurance in case of his death. His nominee will be paid
the insurance amount. According to section 2 (ii) in
Insurance Act 1938. Life Insurance is the business of
effecting contracts of insurance upon human life including
any contract. Whereby the payment of money is assured on
death, except death by accident on the happening of any
contingency dependent on human life and any contract,
which is subject to the payment of premium for a term of the
policy, he/she will be paid an amount as per terms of the
policy.
General Insurance
General Insurance
covers all different types of activities performed by human.
These are also called as non-life insurance. Types are:
House / Office / Factory or any movable Fire Insurance
assets destroyed in fire.
Shipment or transportation of goods Marine Insurance by
ship, destroyed in catastrophe.
Jewellery / cash / household goods stolen Burglary
Insurance or robbed.
Goods in transit by road or railway Carrier Insurance
destroyed.
Theft or accident of vehicles Vehicle Insurance.
Financial cover in
ailments / surgery etc. Health Insurance.
Purpose and Need of Insurance:
Life is full of
uncertainties and insurance is based on un-certainties and if
there are no uncertainties about the occurrence of a disaster,
the concept of insurance will cease to exist. For insurance, if
one is able to predict the forthcoming dangers, then one will
take a proper safeguard action and then face the crisis in a
very normal manner, but then, this is an utopian concept;
because death, disaster and danger CANNOT be predicted.
All individuals have assets; both tangible; the house, car,
factory or intangible like voice of a singer, leg of a footballer,
the hand of a author and many such others as quite often
seen in the western countries. Now all such assets are
insured, because they run the risk of becoming non-
functional through a disaster or an accident. Such possible
and unforeseen occurrences are known as PERILS. And the
damage caused by such perils are the RISK that the assets
are exposed to. Risk is a contingency and the insurance is
done against such possible contingencies.
The concept of insurance is quite simple. People who are in
a similar trade and are exposed to the same risks,
congregate and come to an agreement that if any individual
member suffers a loss, then the loss will be shared by others
and minimised in order to enable the individual member
recover from the loss and cover his ground. Similarly the
different kinds of risks can be identified and separate groups
can be formed to counter such risks and reduce the impact
to a manageable proportion, in which the share could be
collected from members either after the loss or in advance,
at the time of admission to the group. This is an exemplary
sign of humanity and insurance therefore serves mankind to
a great extent; a point most of the individuals tend to
overlook, since monetary aspect is involved. Now such
insurance is for tangible assets.
The concept of insurance has been extended beyond the
coverage of tangible assets. Exporters run the risk of
importers in other country defaulting as well as losses due to
sudden fluctuations in the currency exchange rates,
economic policies turmoil. These risks are now insured.
Doctors run the risk of being charged with negligence and
can subsequently liable for damages. The amounts in
questions can be fairly large, beyond the capacity of
individuals to bear. These are insured. Thus insurance is
extended to intangibles. In some countries even the voice of
a singer, legs of a footballer can be insured, even though the
advantage of spread may not be available in these cases.
Satisfaction of economic needs requires generation of
income from some source. If the property, which is the
source of such income, is lost fully or partially, permanently
or temporarily, the income too would stop. The purpose of
insurance is a safeguard against such misfortunes by
making goods the losses of the unfortunate few, through the
help of the fortunate many, who were exposed to the same
risk, but saved from the misfortune. Thus the essence of
insurance is to share losses and substitute certainty by
uncertainty.
Similarly human life is also an income-generating asset,
albeit, intangible. This asset can be lost through an
unexpectedly premature death due to some accident or
disease or the asset can also be made non-functional
through some disabilities. In the case of such unforeseen
mishaps, insurance becomes essential to help those who
are dependents to maintain their life in a normal and a
regular manner. In this context, it becomes essential to
mention that living too long can be equally or sometimes
more problematic than dying too young. Hence a very old
age can be considered to be a risk and insurance takes care
of all such risks which need to be safe-guarded against.
Insurance can minimise the impact of the risk on the owner
of the asset and those who depend upon the asset, but only
in terms of economy or finance, not in terms of emotions.
Hence one can see the need and the purpose of insurance,
which sadly speaking still remains a neglected part of an
individuals life.
ADVANTAGES OF LIFE INSURANCE
It is superior to ordinary saving plan. The risk of death is
covered under insurance scheme but not under ordinary
saving plans. In case of death, insurer pays full sum
assured, which would be several times larger than the total
of the premiums paid. Under ordinary saving plans, only
accumulated amount is payable.
Insurance encourages compulsory saving and forces thrift.
After taking insurance, if the premium is not paid, the policy
lapses. Therefore, the insured is forced to go on paying
premium. In other words, it is compulsory. A saving deposit
can be withdrawn any time.
Easy settlement and protection against creditors. Once
nomination or assignment is made, a claim under life
insurance can be settled in a simple way. Under M.W.P. Act,
the policy moneys become a kind of trust, which cannot be
taken away, even by the creditors.
It helps to achieve the purpose of the Life Assured. If a lump
sum amount is received in the hands of anybody, it is quite
likely that the amount might be spent in speculative way. To
overcome this risk, the life assured can provide that the
claim amount be given in instalments...
Ready marketability and suitability for quick borrowing. If a
policyholder is not in a position to pay the premium, he can
surrender the policy for a cash sum. He can also take loan
for a short period to tide over the difficulty. Sometimes, an
insurance policy is acceptable as security for a commercial
loan.
Tax relief. By paying the insurance premium, the life assured
obtains significant reliefs in income tax and wealth tax.

INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY
The Insurance Act
1938 provided comprehensive regulation of the insurance
business in India. It created a powerful supervisory authority
in the Controller of Insurance. The controller of insurance
had the powers to direct, advice, caution, investigate,
inspect, search, seize, amalgamate, authorize, register and
liquidate insurance companies. In 1999 as per the
recommendation of Malhotra Committee, IRDA has been
formed to regulate the insurance sector.
Duties, Powers and Functions of IRDA
 Section 14 of IRDA
Act, 1999 lays down the duties, powers and Functions of
IRDA.
Subject to the provisions of this Act and any other law for the
time being in force, the Authority shall have the duty to
regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
Without prejudice to the generality of the provisions
contained in sub-section (1), the powers and functions of the
Authority shall include, -
Issue to the applicant a certificate of registration, renew,
modify, withdraw, suspend or cancel such registration.
Protection of the interests of the policy holders in matters
concerning assigning of policy, nomination by policy holders,
insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of
insurance.
Specifying requisite qualifications, code of conduct and
practical training for intermediary or insurance intermediaries
and agents;
Specifying the code of conduct for surveyors and loss
assessors;
Promoting efficiency in the conduct of insurance business;
Promoting and regulating professional organizations
connected with the insurance and re-insurance business;
Levying fees and other charges for carrying out the purposes
of this Act;
Calling for information from, undertaking inspection of,
conducting enquiries and investigations including audit of the
insurers, intermediaries, insurance intermediaries and other
organizations connected with the insurance business;
Control and regulation of the rates, advantages, terms and
conditions that may be offered by insurers in respect of
general insurance business not so controlled and regulated
by the Tariff Advisory Committee under section 64U of the
Insurance Act 1938 (4 of 1938);
Specifying the form and manner in which books of account
shall be maintained and insurers and other insurance
intermediaries shall render statement of accounts;
Regulating investment of funds by insurance companies;
Regulating maintenance of margin of solvency;
Adjudication of disputes between insurers and intermediaries
of insurance intermediaries;
Supervising the functioning of the Tariff Advisory Committee;
Specifying the percentage of premium income of the insurer
to finance schemes for promoting the regulating professional
organizations referred to in clause (f).
Specifying the percentage of life insurance business and
general insurance business to be undertaken by the insurer
in the rural or social sector; and
Exercising such other powers as may be prescribed

OBJECTIVES OF THE STUDY

To examine the emerging trend of Bajaj Allianz Life

Insurance and its products and services in India as

well as at Sambalpur.

To evaluate Marketing of Insurance products and

services given by Bajaj Allianz Life Insurance.

To compare the life Insurance products offered by the

BALIC organizations.

To know the origin and growth of this company and

its products.

To know different services and facilities offered by

this company to the customers as well as society as

a whole.

To assess competitive strength and policies.

To assess the probable value of future sales.

It throws light on the products that offered by Bajaj

Allianz Life Insurance.

 It shows the requirement and preferences of target

customers.

SCOPE OF THE STUDY

This summer training project contains the products

and services of Bajaj Allianz Life Insurance Company

towards the Indian society.

This insurance study consists of fundamental of life

insurance, its products & prices only.

SIGNIFICANCE OF THE STUDY

Insurance is very
important for modern age. Every human being for his
survival need for food, clothing and shelter. These are known
as basic or essential human wants without which our
existence is meaningless. These human wants give birth to
various needs which when satisfied give a sense of
satisfaction, if these wants are not fulfilled one feel deprived
and unhappy.
 Insurance is, in fact,
a social device. It reduces the cost of loss to the society by
reducing the effects of losses caused by a variety of risks. It
accumulates funds to meet individual losses. It a mechanism
of spreading of spreading loss of one over many facing the
same risk. So, the Significance of Bajaj Allianz Life
Insurance may be studies under four heads.
(A) Importance to policy holders.

(B) Importance to special group of individuals i.e.

business.

(C) Importance to commerce and industry.

(D) Importance to society.

RESEARCH METHODOLOGY

The Research
Methodology in this study includes Research Design, Data
Collection, Sample, Field work and tools used in analysis
and interpretation. The proposed study would be based on
both Primary and Secondary Data source.

METHODOLOGY
 Data Collection:
Primary Data: Data are collected through personal

visit to the divisional office and also some branch

offices, conversation with the D.O. and Marketing

Manager, through local correspondents and agents.

Secondary Data: It may be either in the published or

unpublished from. So, I have collected the data here

only through the published form, i.e. like Annual

Reports, Brochures, Magazines, Journals, Economic

Times, a recent magazine life news and internet.

LIMITATIONS OF THE STUDY

1. The study is made taking into consideration, the

products of Bajaj Allianz Life Insurance Company.

It is very difficult to analyse and present the

working results, progress at a glance, investments

and claims settlement operations of the Bajaj

Allianz Life Insurance Company, due to its new

emerging trend.

2. It is not evaluated all the matters of the Bajaj

Allianz Life Insurance Company due to lack of

adequate data, co-operation and participation of

marketing managers, Agents and customers.

3. My research study is limited to Sambalpur city only

. The conclusion drawn applicable to the

Sambalpur city only.

4. The entire project study is conducted with in 45

days. Hence it is a time limit.

5. My study is limited to BALIC products only. No

comparison is made with other competitors.

 CHAPTER-2
INDIAN INSURANCE INDUSTRY- THE PARADIGM SHIFT

2.1 Introduction.

2.2 The Indian Insurance Market

2.3 Benefits of Insurance Market

2.4 Private Players.

INTRODUCTION:
Indian economy is
in transition over the last ten years owing to the initiation of
major economic reforms affecting almost all sectors. The
paradigm shift from a mixed economic organisation to a
market oriented organization has exposed all sectors to an
intense competition. Insurance being one among the players
in the financial services sector. Indian insurance business is
the most significant one among them. The industry covers
two dimensions viz. Life Insurance and General Insurance.
While Life Insurance Corporation (LIC) of India is a financial
intermediary which mobilizes peoples savings and invests
large amounts of premiums, the General Insurance
Company (GIC) do not collect savings. Yet they raise crores
of rupees from premiums. General insurance deals with
exposure of risks to goods and property.
THE INDIAN INSURANCE MARKET
Traditionally the life
insurers have been banking primarily on the agency
distribution force while the general insurance business is
department primarily on the development officers. The
private players are bringing international experience, new
technology, new channels of distribution and new products.
The ground rules in the insurance business are being
redefined, the existing public sector players are gearing up
with match strategies to face competition.
The majority of
insurance companies today are under tariff that means
insurance companies cannot price the product to suit the
customer of customer group. The way to service customer is
to segment the market is to segment. There is a huge
untapped potential in India, which needs to be

targeted. The distribution channel is a medium to reach the

masses in urban, semi urban and rural areas.
BENEFIT OF INSURANCE
Insurance can be
seen as a hedge against the unexpected calamities like
death, theft or damage of property due to accidents, fire etc.
The insurance potential untapped means human and
physical assets unprotected and their worth unpreserved.
The sense of lost worth is relatively easy to understand in
the case of property. But it is difficult to view human beings
from the angle. When these two things are appreciated in
their right spirit. Life Insurance in India will not remain simply
as one more sources of savings.
The most important
benefit is the identification of unexpected losses. Restoring
of losses not only rebuilds the economic viability of an
organization but also strengthens the society at large. When
the uncertainty gets reduced an insured person can spend
more time and energy, work with greater concentration,
resulting in higher efficiency and better performance. From
the management point of view, it is the accumulation of fund
for investment in the fields of national priority. Accumulation
of funds stems out of a gap in in-payment timings.

PRIVATE PLAYERS IN THE MARKET

The new insurance
companies used to channels of advertising from newspaper
and the television to insurance agents and direct mailers.
The new companies focussed their campaigns primarily on
building an image of trustworthiness and reliability for
themselves. Their advertisements carried messages like the
familys happiness. It has been more than 2 years since
private insurance company lunched operations in India,
which is depicted in the table.
Company Indian Partner Foreign Area
Insurer
Birla Sun life Aditya Birla Sun life, Life
Group Canada
Om Kotak Kotak Mahindra Old Mutual, Life
Finance South Africa
HDFC HDFC Standard Life, Life
Standard UK
Life
ICICI ICICI Prudential , Life
Prudential UK
Max New Max India New York Life Life
York Life USA
Tata AIG Tata Group AIG, USA Life &
non life
ING Vasya Vasya Bank ING Life
Insurance,
Netherlands
Bajaj Allianz Bajaj Auto Allianz Life
SBI Life SBI Caediff, Life
Insurance France

CHAPTER 3
3.1 History of Bajaj Allianz Life Insurance

3.2 Business Profile

(a) Bajaj Allianz Ranked No. 1 in new business.

(b) Bajaj Allianz issues one million policy

(c) Bajaj Allianz set up Ethical fund to attract minorities

(d) Bajaj Allianz completes four year with 365% growth.

(e) Small Insurance but big on premium.

(f) IRDA Position, Bajaj Allianz at No.1 slot for 2007.

HISTORY OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY

ABOUT ALLIANZ BAJAJ LIFE INSURANCE

Allianz Bajaj Insurance Co. Ltd. Is a joint venture between two leading

conglomerates Allianz AG, one of the worlds largest Insurance Companies, and Bajaj

Auto, one of the biggest 2 and 3 wheeler manufacturers in the world, Allianz Bajaj Life

Insurance.

Is the fastest growing private life insurance company in India.

Currently has over 300,000 satisfied customers.

Is backed by a network of 78 customers care centres spanning 55 locations

across the country.

One of the Indias leading Private Life Insurance Company.

GEARED TO PERFORM

Products tailored to suit your needs.

Decentralized organization structure for faster response.

Wide reach to serve you better a network of 78 branches spanning 55

locations nationwide.

Specialised departments for Banc assurance, Corporate Agency and Group

Business.

Highest standard of customer service in the industry.

Toll Free number to answer all your queries, accessible from anywhere in

the country.

Swift and easy claim settlement process.

GROWING REACH THROUGH TIE-UPS

BANCASSURANCE

Having pioneered the phenomenon in India, banc assurance is one of our

core business strategies. Two of our strong banc assurance tie-ups are:

Standard chartered bank

Syndicate bank.

We have developed a range of life Insurance products executively for our Banc assurance

partner. Also, our products are customised to suit specific needs of banks.

VALUES

At Allianz Bajaj, customer delight is our guiding principle. Ensuring world

class solution by offering customized products with transparent benefits is our

philosophy.

VISION

To be the best Life Insurance Company in India to buy from, to work for

and invest in.

BAJAJ ALLIANZ RANKED NO.1 IN NEW BUSINESS

Bajaj Allianz Life Insurance was ranked number one for the last three

months (September-November 2007) on new business with Rs.586 crore against Rs.555

crore for ICICI prudential as per Insurance Regulatory Development Authority (IRDA) a

result with a lead of over Rs.31 crore.

The company retains number one rank for the month of November 2007

amongst private sector life Insurance with a market share of 27.1% and Rs.18 crore lead.

The life insurance company grew 264% for this financial year (April

November 2007) with a market share of 23.4% in the same period.

BAJAJ ALLIANZ ISSUES ONE MILLIONTH POLICY

Bajaj Allianz Life Insurance Company has issued its 1 millionth policy

and has solidified its positions in the industry as a world class insurance provider in the

country.

This is a landmark achievement for the company as it is a clear indication

of the dedication with which the company and its agents have strived to make possible,

the availability of affordable life insurance based products for all segments of the society.

The companys current performance has placed it in the number one slot in terms of

being the fastest growing life insurance company with a 250 percent growth.

Bajaj Alllianz life is the only company in India that has shown an

impressive growth under the vision of highly dedicated agents and team members.

Commenting on the achievement, Mr. Kames Goyal, Country Manager, Allianz and Chief

Executive Officer, Bajaj Allianz Life Insurance Company said, it is our customer focus

driven policy that has enabled us to reach this landmark position.

The positive response that we have received from all our valued customers

has propelled us to great heights and has gone on the strengthen our resolve to mark

available, our insurance products in every nook and corner of the country.

BAJAJ ALLIANZ SETS UP ETHICAL FUND TO ATTRACT MINORITIES

Keeping up its social commitment, the Bajaj Allianz Life, the second

largest private insurer in India, which largest private insurer in India, which launched four

new schemes today in the life Insurance sector, has set up an Ethical Fund, to attract

minorities, especially the Muslim community.

 Taking to the Indian Express here today, Daljit Singh Rakhra, Chief

Manager, Bajaj Allianz, (North region) said the ethical fund is being set up under the

family Gain Policy. Under this plan, the company will not invest in tobacco, gambling or

liquor companies. The policy suits religious investment guidelines as well. The idea is to

attract conservative communities. Bajaj is looking up to the Music community to take up

the policy in large numbers, said Rakhra.

The other three new life insurance schemes launched are Unit Gain

Premier, Unit Gain Super and Health Care. The Unit Gain premier is a Umeed se Zyada

plan. It has an upfront allocation of 105 percent or single premium on day one. It has a

flexi maturity after six years.

The Unit Gain Super guarantees a life conversant it has a flexibility to pay

the premium and end the policy any time. The Health Care is a comprehensive health

care plan at just Rs.100 per month. This will take care of 11 diseases, including cancer,

accident, kidney problem, heart problem, AIDS etc.

Turnover of Bajaj Allianz, Chandigarh Zone, which covers Punjab,

Haryana, Himachal Pradesh and Jammu and Kashmir, is likely to be Rs.200 crore this

financial year. Nine more offices will be added to the existing 56 in the North, said

Rakhra. The companys present growth rate is a phenomenon 247 percent headed.

BAJAJ ALLIANZ COMPLETES FOUR YEARS WITH 365% GROWTH

Bajaj at Allianz Life Insurance the fastest growing life insurance company

in India completed its fourth year in October with a bumper growth of 365% for the

month of September 2005. For the month of August 2007 the growth registered was

1987.
 Bajaj Allianz has been sealing new heights month after month. Bajaj

Allianz has grown from strength to strength as on close of financial year 2003-04 and

was ranked 6th. Today the company is ranked No.2.

Bajaj Allianz Life Insurance is the first and only private sector life

insurance company to have office in 475 towns across the country offering flexible

investment and insurance solutions with world class service.

First and only private sector Life Insurance Company to have office in 475

towns across the country offering flexible investment and in insurance solution with

world class service.

In the last 12 months and has the insured closed to one million lives so far.

Bajaj Allianz Life Insurance is consistently working to create livelihood across the

country and have recruited 65,000 insurance consultant and 10,000 employees. Bajaj

Allianz Unit Gain plus Equity Fund and Unit Gain Equity Fund were rates the 1 st and 2nd

best performing funds in Life Insurance Industry by outlook Magazine.

Bajaj Allianz Life Insurance market share rises to 25.5% in the month of

August 05 amongst private sector life insurance.

SMALL INSURERS BET BIG ON PREMIUM

Small is big. The 13 private life insurance companies according for only

12% of the total policies sold but corner 27% of the premium income Contrast this with

public sector behemoth LIC, which sells 88% of the policies but has 74% of the total

premium income. Small players in the private insurance industry, all of five years are

selling high premium policies but to fewer people. LIC, in comparison banks on

volumes.

While LIC sold nearly 11 million policies, its premium income was Rs.1,

016 crore. Private insurance companies sold 1.5 million policies and had a premium
income of Rs. 360 core up to October 2007, according to the Insurance Regulatory and

Development Authority.

The New premium Income (NPI) till October 2005 shows a whopping

growth of more than 247% for Bajaj Allianz and a more modest 75% for ICICI prudential

Life, according to the regulator. In terms of the number of policies sold, Bajaj Allianz

witnessed a growth of 108% and ICICI Prudential 36% in the same period. In fact, the

NPI registered by SBI Life shows a negative growth of 6.7% even as its policies sold

grew by 76%. Birla Sun Life, Similarly, has witnessed a negative growth in NPI of nearly

8.31% during the same period while its number of policies sold grew by 38%. Even LIC

is experiencing an NPI growth of 26.9%.

Premium income is, however, only one of the factors to gauge the strength

of a life Insurance company. Industry analysts also give importance to the number of

policies sold.

Among the 13 private life insurance, ICICI prudential Life Continues to be

the leader. According to industry estimates, as on October 2007 ICICI Prudential Life

commanded a share of nearly 28% , down from 42 and in 2001, when the sector was

opened up. Bajaj Allianz on the other hand, had a share of 2.7% in 2001 and has growth

to command nearly 23% of the market today.

Companies such as SBI Life, Birla Sun Life, Om Kotak have either

remained constant or declined over the past five years. The market share of Birla Sun

Life has declined from 10.5% in 2001 to nearly 7% in October 2007. SBI Life, which had

a market share of 5.5% in 2001, has remained in that range over the past five years.

IRDA POSITIONS BAJAJ ALLIANZ AT NO. 1 SOLT FOR SPET 2007

Bajaj Allianz Life Insurance Company has moved up to number 1 position amount the

private life insurance as per the latest IRDA results for the month of September.
 Bajaj Allianz is poised for an accelerated growth in the market and already

become the fastest growing private Life Insurance Company in India for more than a

year.

Kames Goyal, country Manager Allianz and Chief Manager, Allianz and

Chief Executive Officer, Bajaj Allianz Life Insurance Company stated We at Bajaj

Allianz are elated at the IRDA top rank as this is clearly a show of faith from our

customers. This will further enthuse us to not just meet but exceed customer

expectations.

CHAPTER 4
ANALYSIS OF PRODUCTS AND PRICES

4.1 New Unit Gain Super

4.2 New Unit Gain Premier SP

4.3 Health Care

4.4 New Unit Gain Plus

NEW UNIT GAIN SUPER

You have always achieved the best in life. Now we offer you the best

financial planning. You can now avail of the twin benefit of risk protection as well as

getting market linked return on your investment. An insurance plan that works round

the clock to meet the changing requirements in life additional protection , more money

to invest, sudden requirement to cash or a steady post retirement income.

With Bajaj Allianz Unit Gain super, you can invest in one life insurance

plan that can take care of all your changing requirements. This plan ha been designed to

provide your family with higher financial assistance should anything unfortunate were to

happen to you as well flexibility, so that you do not have to worry about your changing

needs.

The Bajaj Allianz New Unit Gain Super

The Bajaj Allianz new Unit Gain Super comes with a host of features to

allow you to have the best of all world- protection and investments. It enables every

participant to create a solid financial protection and savings plan for himself and his

family. In this way, a participant in the Bajaj Allianz New Unit Gain Super Plan, you can

secure your well-being and accumulate savings towards financial independence and a

comfortable retirement.

The Key features of the New Unit Gain Super Plan are:

It is a unit link plan with minimum term of 10 years and maximum maturity

age 70.

Guaranteed death benefit.

You have the option to choose a host of additional benefit: UL Accidental

Death Benefit, UL Accidental Total / Partial Permanent Disability Benefit, UL

Critical illness Benefit and UL Hospital Cash Benefit.

 It provides you with easy, regular contribution mechanisms to assist you in

accumulating funds. Four different options to choose from Promising Club,

Silver, Gold, Diamond and Platinum. Shatakveer, Dwi Shatakveer Club

IC club No of Lives Premium(100%RP& Rewards Insur Convention

10%Spand Top up)

Rs.
ance

cove

Rs.
Promising club 15 3,00,000 3,000 2 lakh Branch level
Silver Club 25 6,00,000 6,000 2 lakh Branch level
Gold club 50 12,00,000 15,000 5 lakh Divisional Level
Diamond club 75 25,00,000 25,000 5 lakh Divisional Level
Platinum club 75 50,00,000 50,000 10lakh Regional Level
Shatakveer club 100 25,00,000 30,000 10lakh Regional Level
Dwi- Shatakveer 200 50,00,000 60,000 10lakh Regional Level

You can adopt your own investment strategy to grow the funds contributed.

Change of 4 investment funds today with flexible investment management:

you can change funds at any time and also invest in the newer funds that

would be introduced from time to time.

How does the Bajaj Allianz New Unit Gain Super Plan work?

The premiums allocated are invested in a fund/ funds of your choice

(depending on the allocation rate) and units are allocated depending on the price of units

for the fund/ funds. The value of your policy is the total value of units that you hold in

the fund/ funds. The insurance cover charges and the additional benefit charges are

deducted through monthly cancellation of units. Fund management charge is priced in the

unit value.

Sum Assured: you can choose a suitable basic sum assured under the New Unit Gain

Super plan.
Minimum Sum Assured: 5 times the annualised premium.

Maximum Sum Assured: y times the annualised premium where y will be as per the

following table.

Age 0 10 11 30 31 35 36 40 41 45 46 55 56 60

Group
Y(Time) 35 40 40 30 20 12 8

Death Benefit:

On death before the age of 7 years: The death benefit will be the NAV of the

units in the policy holders account (Fund value) as on the date of receipt of

intimation of death at the office. The policy terminates on the death of the life

assured.

On death after the age of 7 years and before the age of 60 years: The death

benefit will be the higher of the sum assured less the value of the units

withdrawn by partial withdrawals in the last 24 months prior to the date of

death or the NAV of the units in the policyholders account (Fund value) as on

the date of receipt of intimation of death at the office.

On death of the life assured on or after attaining the age of 60 years: In

this case, the death benefit will be the higher of the NAV of the units in the

policy holders account (Fund Value), or the sum assured less all partial

withdrawals made within two years before attaining age 60 years, and all the

withdrawals made after attaining age of 60 years.

Maturity Benefit:

On maturity, the value of the units in the fund will be paid out and the

policy will terminate.

Additional Benefits with New Unit Gain Super

You have the option to add the following additional benefits, providing

total protection against uncertainties

UL Accidental Death Benefit.

UL Accidental Total and Partial Permanent Disability Benefit.

UL Critical Illness Benefit(UL CI)

UL Hospital Cash Benefit(UL HC)

(Please refer to the brochure on additional benefit for more details)

Assured Protection even if you miss payment of your premium Bajaj Allianz New

Unit Gain Super provides you Premium Holiday an unique feature of continued

protection even if you forget to pay your premiums. After payment of at least 3 full years

premium, even if premiums due are not paid the policy will be kept in force by

cancellation of units, at the prevailing unit price to meet the cost of insurance and the

other charges, provided the value of the units in the policy holders account does not

reach an amount equal to one annual premium under the policy.

Investment Options:

Bajaj Allianz New Unit Gain Super offers you a choice of 4 funds. You

can choose to invest fully in any one fund or allocate your premiums into the various

funds in a proportion that suits your investment needs.

The four funds offered are as under:

1. Nifty Index Fund Risk Profile High: This fund provides capital

appreciation through investment in equities forming part of NSE NIFTY. This

fund will have an exposure of maximum 15% in Bank Deposits and money

market instruments and minimum 85% in Equities.

2. Equity Growth Fund - Risk Profile - Very High: This fund provides capital

appreciation through investment in selected equity stocks that have the

potential for capital appreciation. This fund will have an exposure of

maximum 20% in Bank Deposits and money market instruments and

minimum 80% in Equities.

3. Income Fund - Risk Profile - Moderate: The objective of this fund is to

provide accumulation of income through investment in high quality fixed

income securities. This fund will have an exposure of maximum 20% in

money market instruments and minimum 80% in G.Secs. Bonds and Fixed

Deposits.

4. Balance Fund - Risk Profile - Moderate: The objective of this fund is to

provide a balanced investment between long term capital appreciation and

current income through investment in the Units of our Nifty Index Fund and

Income fund. Indicative portfolio allocation: Units of Nifty index Fund 30%

to 50%, Units of Income Fund 50% to 70%

UNIT PRICE
The unit price of each fund is arrived at by dividing the Net
Asset Value (NAV) of the fund by the number of units
existing in the fund at the valuation date.
The unit price of various funds are as follows:-
a) Equity Index Fund Rs 30.479
b) Equity Plus Fund Rs 30.342
c) Balanced Plus Fund Rs 18.682
d)Income Plus Fund Rs 12.185

Important Details of the Bajaj Allianz New Unit Gain Super Plan:

Minimum age at Entry : 0 (risk commences at age 7)

Maximum age of Entry : 60

Minimum age at Maturity : 18 years

Maximum Age at Maturity : 70

Minimum term : 10

The minimum age at entry for all additional benefits is 18 years.

The maximum age at entry for all additional benefits is 50 years.

Risk of Investment in the Units of the Plan:

The Proposer / Life Assured is aware that the investment in the Units is

subject to the following, amongst other risks and agrees the he is making the

investment in the Units with full knowledge of the same.

Bajaj Allianz New Unit Gain Super is only the name of the product and does

not in any way indicate the quality of the policy, its future prospects or

returns.

Bajaj Allianz new Unit Gain super, and in any manner does not indicate the

quality of the respective funds, their future prospects or returns.

The investments in the Units are subject to market and other

risks and there can be no assurance that the objective of any of the

funds will be achieved.

The price of units of each fund can go up or down depending on the factors

and forces affecting the financial markets from time to time.

Equity Growth Fund, Nifty Index Fund, Income Fund and Balance Fund do

not offer a guaranteed or assured return.

All benefits payable under the Policy are subject to the tax laws and other

financial enactments, as they exist from time to time.

The past performance of other funds of the company is not necessarily

indicative of the future performance of any of these funds.

NEW UNIT GAIN PREMIER SP

You and your investment deserve more Which is why we have

designed a unique plan that really offers you more. New Unit Gain Premier SP is a

unique Premier SP is a unique insurance cum investment plan that provides your

investment a zing from the start by allocating 105% of the single premium paid from day

one thereby ensuring that you get MORE.

Bajaj Allianz New Unit Gain Premier SP is exactly what the name

suggests, with a wide range of high quality investment funds to choose from coupled with

flexible investment management. You really have the best of all worlds investment,

insurance and tax benefits.

With Bajaj Allianz New Unit Gain Premier SP, you can invest in one life

insurance plan that can take care of all your changing requirements, be it your investment

needs, children education needs or peaceful golden years. The plan has been designed to

provide your family with higher financial assistance should anything unfortunate were to

happen to you as well as flexibility, so that you do not have to worry about your changing

needs.

The Key features of the New Unit Gain Premier SP Plan are

It is a unit linked plan with minimum tem of 10 years and maximum maturity

age 70,

Convenient single premium payment.

105% of the single premium is allocated.

Guaranteed death benefit.

You can adopt your own investment strategy to grow the funds.
 Choice of 4 investment funds today with flexible investment management:

you can change funds at any time and also invest in the newer funds that may

be introduced from time to time.

Partial or full withdrawal facility, after three years from commencement

(subject to surrender charge, if applicable).

How does Bajaj Allianz New Unit Gain Premier SP plan work?

105% of the single premium paid is invested in a fund/funds of your

choice and units are allocated depending on the price of units for the fund / funds. The

value of your policy is the total value of units that you hold in the fund/funds. The cost of

insurance and expense charges are deducted through cancellation of units. The Fund

Management Charge is priced in the unit value.

Death Benefit:

You can choose a sum assured (Level of Protection) that you want in the

New Unit Gain Premier SP Plan.

Minimum Sum Assured 1.25 times the single premium

Maximum sum Assured Y times the single premium where y will be as per the

following table.

Age 0 17 18 35 36 45 46 50 51 55 56 60

Group
Y (Time) 10 10 7 5 3* 2*
* Multiplier may be increased to 5 in special cases on case to-case basis.

Death Benefit.
 On death before the age of 7 years: The death benefit will be the NAV of the

units in the policy holders account (Fund value) as on the date of receipt of

intimation of death at the office. The policy terminates on the death of the life

assured.

On death after the age of 7 years and before the age of 60 years: The death

benefit will be the higher of the sum assured less the value of the units

withdrawn by partial withdrawals in the last 24 months prior to the date of

death or the NAV of the units in the policyholders account (Fund value) as on

the date of receipt of intimation of death at the office.

On death of the life assured on or after attaining the age of 60 years: In

this case, the death benefit will be the higher of the NAV of the units in the

policy holders account (Fund Value), or the sum assured less all partial

withdrawals made within two years before attaining age 60 years, and all the

withdrawals made after attaining age of 60 years.

Maturity Benefit:

On maturity, the value of the units is payable to the life assured/ policy

holder.

Investment option:

Bajaj Allianz Unit Gain Premier SP offers you a choice of 4 funds. You

can choose to invest fully in any one fund or allocate your premium into the various

funds in a proportion that suits your invests needs.

The Four Funds offered are as under:

1. Premier Equity Index Fund Risk Profile - High: The objective of this

fund is to provide capital appreciation through investment in equities forming

 part of NSE NIFTY. This fund will have an exposure of maximum 15% in

Bank Deposits and money market instruments and minimum 85% in Equities.

2. Premier Equity Growth Fund - Risk Profile - Very High : The objective of

this fund is to provide capital appreciation through investment in selected

equity stocks that have the potential for capital appreciation. This fund will

have an exposure of maximum 20% in Bank Deposits and money market

instruments and minimum 80% in Equities.

3. Premier Income Fund Risk Profile Moderate: The objective of this fund is

to provide accumulation of income through investment in high quality fixed

income securities. This fund will have an exposure of maximum 20% in

money market instruments and minimum 80% in G-Secs, Bonds, and fixed

Deposits.

4. Premier Balancer Fund Risk Profile Moderate: The objective of this fund

is to provide a balanced investment between long-term capital appreciation

and current income though investment in the units of our Nifty Index Fund

and income funds. Indicative Portfolio allocation is units of Premier Nifty

Index Fund 30% to 50%, units of Premier Income fund 50% to 70%.

These funds are professionally managed by asset managers of Bajaj Allianz , backed

with the rich experience of Allianz AG, one of the largest asset managers in the world

today, managing assets worth more than Euro 996billion ( Rs.53,64,456 crores).

UNIT PRICE
The unit price of each fund is arrived at by dividing the Net
Asset Value (NAV) of the fund by the number of units
existing in the fund at the valuation date.
The unit price of the funds are as follows (as on 15th may, 08)
a) Premier Equity Growth Fund Rs 14.254
b) Premier Equity Index Fund Rs 15.990
c) Premier Income Fund Rs 12.601
d) Premier Balance Fund Rs 11.158

Important Details of the Bajaj Allianz New Unit Gain Premier SP plan

Minimum age at Entry : 0 (risk commences at age 7)

Maximum age of Entry : 60

Minimum age at Maturity : 18 years

Maximum Age at Maturity : 70

Minimum term : 10

Minimum Single Premium : Rs.50, 000.

Termination of the policy:

The policy will terminate on occurrence of any of the following:

a) The units in the policy are fully surrendered.

b) The account value becomes less that Rs.10,000

 c) The account value is not sufficient to support the cost of insurance and other

charges.

d) The death of the Life Assured.

e) On maturity.

On the occurrence of (a) , (b) and (c) above the value of the units, if any,

would be paid to the life assured/ policy holder upon such termination, subject to

surrender charge, if applicable. In case of (d), death benefit will be as mentioned

separately herein. In case of (e), the value of the units, if any is paid to the Life assured/

policy holder on maturity.

Tax Benefits:

Contribution made towards the premium will be eligible for tax deduction

under section 80C of the Income Tax Act and Withdrawals (partial or full) are tax free

under Section 10(10)D of the Income Tax Act, If the premiums paid in any year do not

exceed 20% of the Sum Assured.

Mortality Charges:
 The mortality charge would vary according to the attained age of the life

assured at the time of deduction of the monthly cost of insurance as per the table below.

Sample standard rates are given in the table below.

Age Mortality charge per annum per thousand

of sum at risk
20 1.57
30 1.74
40 2.82
50 6.53
60 15.56

Risk of investment in the Units of the Plan:

The Proposer / Life Assured is aware that the investment in the Units is

subject to the following, amongst other risks and agrees the he is making the

investment in the Units with full knowledge of the same.

Bajaj Allianz New Unit Gain Premier SP is only the name of the product and

does not in any way indicate the quality of the policy, its future prospects or

returns.

Bajaj Allianz New Unit Gain Premier SP, and in any manner does not indicate

the quality of the respective funds, their future prospects or returns.

The investments in the Units are subject to market and other risks and there

can be no assurance that the objective of any of the funds will be achieved.

The price of units of each fund can go up or down depending on the factors

and forces affecting the financial markets from time to time.

Equity Growth Fund, Nifty Index Fund, Income Fund and Balance Fund do

not offer a guaranteed or assured return.

All benefits payable under the Policy are subject to the tax laws and other

financial enactments, as they exist from time to time.

 The past performance of other funds of the company is not necessarily

indicative of the future performance of any of these funds.

HEALTH CARE
Health is Wealth: Particularly when health care costs are getting higher

every year. The motional and financial burden of a serious accident, major illness or

surgery often lasts beyond the immediate period of trauma. Bajaj Allianz Health Care

protects you and family from the high expenses associated with medical care and

provides you with a comprehensive financial cushion against various health hazards. The

benefits under this plan are payable in addition to the benefits under all other plans that

you may have, including a Med claim policy.

What is Bajaj Allianz Health Care?

This is a three year health insurance plan, providing comprehensive health

cover with life insurance benefit. You can choose the amount of cover for each benefit

separately in multiplies of the minimum cover amount, subject to a maximum multiple of

10.

Feature Maximum Cover

Life Cover Rs.10,000
Hospital Cash (HC) Equal to Room Charges (Max. Rs. 500 per day and Max.

Rs.1000 per day in ICU), Maximum Rs.30, 000 in a

policy.
Post Hospitalisation Benefit 50% of claim settled for HC per day, maximum 5 days in a

policy year.
Surgical Benefit Equal to Surgical Expenses. Rs.50, 000 per policy year.
Critical Illness Cover Rs.50, 000 during the policy term.
Accidental Permanent Total/ Rs.50, 000 payable on total disability and Rs.25, 000

Partial Disability ( APT/PD) payable on partial disability.

The benefits payable for all policies under Bajaj Allianz Health Care plan

put together will not exceed the maximum available under Bajaj Allianz Health Care.

Indicative premiums (Inclusive of Service Tax)

Age For Minimum Cover For Minimum Cover

 (Male) (Female)
20 1010 1071
30 1114 1202
40 1593 1484
45 2080 1767
50 2704 2135

Benefits:

Live Cover is payable on death of the life assured.

Hospital Cash Benefit:

The worry of meeting expenses relating to hospitalization adds to the

trauma of hospitalization. Hospital Cash Benefit reduces this financial burden and helps

you recover with peaces of mind. If you have to stay in hospital as a result of injury.

Sickness or disease, we will pay at the rate of the room charge in hospital, subject to the

limit of the benefit level chosen, for each full days stay in hospital exceeding 3 days up

to the total limit allowed in a policy year. The amount is payable in lump sum at the end

of the stay in hospital. The benefit period starts a waiting period of 60(sixty) days from

the commencement of policy or reinstatement of policy, except for accidental injury.

Multiple claims can be made in a policy year.

Post Hospitalisation Benefit:

Recuperating from the surgery / Major treatment takes times and our Post

Hospitalisation Benefit allows you this facility without adding burden to your wallet. We

pay 50% of the Hospital Cash benefit claim settled per day for a maximum of 5 days in a

policy year for essential follow up treatment on the basic of recommendation of the

hospital / surgeon.

Surgical Benefit:

The costs of doing a surgery have gone up significantly today. Our

surgical benefits pay you for a surgery done by a qualified surgeon performed at a
registered hospital with a minimum of 15 beds (as in-patient) for surgical procedures

advised by a qualified doctor/ Physician/ Surgeon. The benefit amount payable is equal to

the surgical expenses (i.e. surgeons fee, operation theatre charges and anaesthetics

charges) subject to the maximum surgical benefits amount payable in a policy year. The

surgical benefit can only be claimed in the claimed if the illness covered is diagnosed at

least 180 days after the date of commencement of policy or reinstatement of policy. No

waiting period if surgery is due accident injury.

Critical Illness benefits:

Some illnesses are critical. They not only alter your lifes pattern but also

result in a financial drain. The critical illness Benefit softens the impact on the family by

paying out a lump sum as per the cover selected immediately, while other policy benefits

continue. The Critical illness benefit can only be claimed if the illness is diagnosed at

least 180days after the date commencement or reinstatements of policy. We cover 11

critical illnesses. First health attack. Coronary Artery Disease requiring Surgery, Stocks,

Cancer, Kidney Failure, Major organ transplantation, Multiple Sclerosis, Aorta Graft

Surgery, Primary Pulmonary Arterial Hypertension, Alzheimers Disease, Paralysis.

Accident Permanent Total / Partial Disability (APT / PD)

Accidents are unpredictable and so are the consequences. They may lead

to a permanent disability partial or total. This benefit provides a financial cushion

against such misfortunes.

Accidental permanent total disability will mean total and permanent

disability as a result of an accident (within 180days from the date of accident) resulting in

one of loss of both eyes. Loss of both arms or both hands, loss of one arm and one leg,

Loss of one arm and one foot, Loss of one hand and one foot, loss of one leg , loss of

both legs, loss of both feet, Removal of the lower jaw. Accidental permanent partial
disability will mean permanent disability as a result of an accident result in one of: loss of

one eye, Loss of one leg, loss of one arm, loss of one hand, loss of one foot, loss of one

hand will mean above wrist, loss of arm will mean above elbow loss of feet will mean

above and loss of leg will mean above knee.

Who is eligible?

All people who are between 18 and 57 years of age.

Premium payment mode

For your convenience we have provided yearly and monthly premium

modes. The monthly mode is available only under Salary Saving Scheme (SSS) and SEC.

The minimum premium is Rs. 1000 for monthly.

Tax Benefits as per current tax laws

Contributions up to Rs10, 000 will be eligible tax benefits under Section

80D, as per applicable tax laws.

Exclusions under Hospital Cash Benefit:

The hospital cash benefit will not be paid in the hospital confinement is

due to

Any per-existing conditions.

Routine eye tests, dental treatment or other examination and / or tests not

incidental to the treatment or diagnosis of an injury, sickness or disease.

Pregnancy, miscarriage (except as a result of an accident), impotency, sex

charge, abortion or birth control.

Sleep disorder, psychiatric or mental disorders,

 AIDS, any AIDS related illness or HIV infection.

Prostheses, cosmetic surgery or reconstructive surgery unless as a result of an

accident injury.

Custodial care, bed rest, convenience care, convalescence, general debility,

rest cure.

Any treatment relating to obesity, weigh reduction, weight improvement.

Self-infected injuries or attempted suicide while sane or insane.

War, invasion, civil war, rebellion.

Any injury, sickness or disease received as a result of insured person

committing any breach of law.

Any injury, sickness or disease received as a result of the insured person being

under the influence of alcohol or other that in accordance with the direction of

a registered medical practitioner.

Any injury, sickness or disease received as a result of the insured person

participating in or training for any dangerous or hazardous sport or

competition or driving in any form of race or competition.

Any injury, sickness or disease received as a result of aviation, gliding or any

form of aerial flight other than as a fare paying passenger of a recognised

airline or regular routes and on a scheduled time table.

Health Care Plan frequently Asked Questions (FAQS)

1. Why should buy Bajaj Allianz Health Care?

Ans. Bajaj Allianz Health Care is a comprehensive Health Insurance policy,

where in offers 6 in 1 insurance cover i.e., Hospital Cash benefit, Post

Hospitalisation Benefit, Surgical Benefit, Critical Illness Cover, and Benefit for

partial and total permanent disability due to accident and life cover.

2. Who can buy Bajaj Allianz Health Care?

Ans. Any one between the ages of 18 to 57 can apply for Bajaj Allianz

Health Care Plan.

3. How can I buy Bajaj Allianz Health Care?

Ans. Just call us on our toll free no.1600225858 or no. 9823335858 or visit any

of our branches, and our Consultants will get in touch with you and guide you

through the require process.

4. Do I have to under medical check up?

Ans. Yes. A complete medical examination which will be paid by us may have

to be carried out. Our consultants will guide you through the required process

5. Why should buy Health if have other medical insurance policies?

Ans. Bajaj Allianz Health Care can be claimed along with other medical

insurance policies like med claim. Besides, Health Care provides coverage for 3 years

instead of one year, thereby given added protection and coverage. Premiums are

guaranteed for 3 years.

6. What if miss paying the premiums?

Ans. The policy can be reinstated within 6 months from the due date of the first

unpaid premium subject to the payment of outstanding premiums plus interest,

subject to underwriting.

7. Do I need to be treated only in particular hospitals, which are in your penal?

 Ans: No, you can choose your own hospital as per your convenience and belief,

provided it is a registered hospital with 15 beds. The hospital need not be in our

penal.

8. What is the procedure for claim?

Ans. All documents related to claims have to be submitted to the company

within 60 days of the occurrence of the event. Claim will be advised on receipt of all

documents required.

Section 45 of the Insurance Act, 1938.

No policy of life
insurance effected after the coming into force of this act
shall, after the expiry of two years from the date on which it
was effected be called in question by an insurer on the
ground that a statement made in the proposal for insurance
or in any report of medical officer , ore referee, or friend of
the insured, or in any other documents leading to the issue
of the policy was in accurate or false, unless the insurer
shows that such statement was on a material matter or
suppressed facts which it was materials to disclose and that
it was fraudulently made by the policy holder and that the
policy holder knew at the time of making it that the statement
was false or that it suppressed facts which it was materials
or disclose.
NEW UNIT GAIN PLUS
The Thumb rule for
buying insurance is the your insurance needs and minimal in
your early earning years, increases with added
responsibilities (Marriage children, loans etc.) and taper off
by the time your retire. It is difficult to find a single insurance
plan that can take care of all your changing requirements in
life, additional protection, and more money to invest, sudden
requirement of cash or a steady post-retirement income.
With Bajaj Allianz
Unit Gain Plus, you can invest in one life insurance plan that
can take care of all your charging requirement throughout
your life. This plan been designed to provide you with
maximum flexibility. So that you do not have to worry about
your changing needs.
Bajaj Allianz Unit
Gain Plus offers the unique option of combining the
protection of the life insurance with the attractive prospects
of investing in securities. You can choose the investment
funds you want to invest your money, providing you with an
opportunity to have a direct stake in the performance of the
financial markets. You also benefit from attractive tax
advantages and can protect your loved ones against
unfortunate events.
The Bajaj Allianz New Unit Gain plus Plan
 The Bajaj Allianz
Unit Gain Plus comes with a host of features to allow you to
have the best of all worlds Protection and investment with
flexibility like never before.
Some of the key features of the plan are:
Guaranteed death benefit.

Choice of 6 investment funds with flexible

investment: you can change funds at any time.

Attractive investment alternative to fixed interest

securities

Provision for full / partial withdrawals any time after

three full years premium paid.

Unmatched flexibility to match your changing

needs.

Maturity Benefit equal to the fund value payable on

date of maturity.

How does the plan work?

The premiums
allocated are invested in a fund/ funds of your choice
(depending on the allocation rate) and units are allocated
depending on the price of units for the fund / funds. The
value of your policy is the total value of units that you hold in
the fund/ funds. The insurance cover charges are deducted
through monthly cancellation of units. Fund management
change is priced in the unit value.
Minimum sum Assured = 5 times Annualised

premium.

Maximum Sum Assured = Y times the annual

premium where y will be as per the following table:

Age 0 30 31 36 41 46 56
Group 35 40 45 55 60
Y 125 90 60 40 20 15
(Time)
Benefits available under the plan
Death Benefit:

On death before the age of 7 years: The death benefit will be the NAV of the

units in the policy holders account (Fund value) as on the date of receipt of

intimation of death at the office. The policy terminates on the death of the life

assured.

On death after the age of 7 years and before the age of 60 years: The death

benefit will be the higher of the sum assured less the value of the units

withdrawn by partial withdrawals in the last 24 months prior to the date of

death or the NAV of the units in the policyholders account (Fund value) as on

the date of receipt of intimation of death at the office.

 On death of the life assured on or after attaining the age of 60 years: In

this case, the death benefit will be the higher of the NAV of the units in the

policy holders account (Fund Value), or the sum assured less all partial

withdrawals made within two years before attaining age 60 years, and all the

withdrawals made after attaining age of 60 years.

Cash withdrawal option: There is no maturity date for this

plan. There is no surrender value available before 3 full
years premium are paid. Anything after payment of 3 full
years premiums. You may withdraw money depending on
your requirements. Through partial of complete surrender of
units. In case of partial withdrawal, a minimum balance of
Rs.10, 000/- across all funds must be maintained and the
minimum withdrawal amount is Rs.1, 000/-.
Premium Apportionment: The policy holder may at any
policy anniversary change the apportionment percentage of
his/ her premium to the Fund he/ she wishes to invest.
The premium
apportionment to any fund in which the policy holder wishes
to invest must be at least 5 % of the premium. The company
will reserve the right to revise the minimum apportionment
percentages upon giving written notice of not less than three
months subject to obtaining clearance from the IRDA.
Fund Value: The fund value is equal to the number of units
under this policy multiplied by the unit price on the relevant
valuation date.
Investment options:
Bajaj Alliance offers
you choice of 6 funds. You can choose to invest fully in any
one fund or allocate your premiums into the various funds in
a proportion that suits your investment needs. All the funds
will be managed by asset managed of Bajaj Allianz, backed
with the rich experience of Allianz AG, one of the largest
asset managers of Bajaj Allianz ,backed with the rich
experience of Allianz AG , one of the largest asset
managers in the world today, managing assets worth more
than Euro 989 billion (Rs.49,54,560 crore).
The Six Funds offered are as under:
1. Liquid Fund Risk
Profile Low: The objective of this fund is to have a
fund that guarantees invested capital through investments in
liquid money market and short term instruments. Not
more than 20% of the apportioned premium can be put in
this fund.

2. Income Fund - Risk profile Modern: The

objective of this fund is to provide accumulation of

income through investment in high qualify fixed

income securities. This fund will have an exposure of

 maximum 20% in money market instruments and

minimum 80% in G-Secs, bonds and fixed deposits.

3. Equity Growth Fund Risk Profile Very High: The

objective of this fund is to provide capital

appreciation through investment in selected equity

stocks that have that have the potential for capital

appreciation . This fund will have an exposure of

maximum 20% in bank deposits and money market

instruments and minimum 80% in equities.

4. Equity Index Fund Risk Profile High: the objective

of this fund is to provide capital appreciation through

investment in equities forming part of NSE NIFTY.

This fund will have an exposure of maximum 15% in

bank deposits and money market instruments and

minimum 85% in equities.

5. Accelerator Mid cap Fund Risk Profile Very High:

The objective of this fund is to achieve capital

appreciation by investing in a diversified basket of

mid cap stocks and large cap stocks. This fund will
 have an exposure of maximum 20% in bank deposits

and money market instruments and minimum 80% in

equities. Out of the equity investment at least 50%

will be in mid cap stocks.

6. Balancer Fund Risk Profile Moderate: The

objective of this fund is to provide a balanced

investment between long term capital appreciation

and current income between investment in the units

of our NIFTY Index Fund and Income Fund.

Indicative portfolio allocation: Units of NIFTY Index

Fund 30% to 50% Units of Income Fund 50% to

70%.

UNIT PRICE
The unit price of each fund is arrived at by dividing the Net
Asset Value (NAV) of the fund by the number of units
existing in the fund at the valuation date.
The unit price of various funds are as follows (as on 15 th may
08):-
a) Liquid Fund- Rs 11.693
b) Income Fund- Rs 12.501
c) Equity Growth Fund Rs 14.582
d) Equity Index Fund - Rs 16.431
e) Accelerator Midcap Fund - Rs15.604
f) Balanced Fund Rs 11.501

Important details of the Bajaj Allianz New Unit gain Plus

plan
Minimum age at Entry : 0 (risk commences at age 7)

Minimum term : 10

Maximum age of Entry : 60

Minimum age of entry for all additional benefits: 18 years

Maximum age of entry for UL Mahila Gain I and II : 40 & 45 years respectively.

Maximum age at entry for all additional benefits: 50 years.

Minimum age at Maturity : 18 years

Maximum Age at Maturity : 70

UL Mahila Gain I & II benefits are available till age 45 and 55 respectively.

All other additional benefits are available till age 65.

Premium Payment Mode

For your convenience, we have provided 3 regular premium payment

modes that can be yearly, half yearly and Quarterly. We also offer a monthly premium

payment mode with salary deduction scheme and ECS. In addition, you also have the

option to pay top ups to increase your investments. The minimum regular premium is
rs.15, 000/- for the Annual Mode, Rs, 7,500/- for Half Yearly, Rs. 3750/- for quarterly and

Rs.1, 500/- for the monthly mode. The minimum top up premium is rs.5000/-

Days of Grace

Before the payment of full 3 years premiums, regular premiums must be

paid when due to keep the police in force. A grace period of not more than 30 days for all

modes other the monthly and not more the 15 days for monthly mode will be allowed.

Termination of the Policy

The policy will terminate on occurrence of any of the following.

The units in the policy are fully surrendered.

The account value becomes equal to one annual premium under the policy due

to non payment of regular premiums.

The death of the Life Assured.

On maturity.

Revival of the Policy

It is possible to revive a policy that has lapsed due to non payment of

premiums within 2 years from such date of lapse. You have to give a written application

to the company to revive the policy with only one full year premium. The revival will

effected subject to underwriting.

Tax Benefits
 The regular premiums (other than the charges on additional benefits for

UL Critical illness Benefit, UL Mahila Gain and UL Hospital Cash benefit) are eligible

for tax relief under Sec. 80(C) of IT Act, as of now.

Death Benefit and withdrawals (partial or full) is tax free under section

10(10) D of the income Tax Act, if the premiums paid in any year do not exceed 20% of

the Sum Assured.

In case of change in any tax laws relevant to the policy holder or the fund

performance, the same will be applied as per regulation prevailing at that point of time.

The other products which are offered by Bajaj Allianz Life

Insurance Company Limited are as follows:-
a) Super Saver:

Regular saving is the best tool to protect ones family.

We at BALIC realize the value of your saving &
present a non-linked, participating regular premium
 endowment plan, which will help you save regular
amounts for a safer tomorrow.

Key Features:
Extra Protection with in-built accidental death

benefit.

Guaranteed Additions of amount equal to 4% of

sum assured at the end of each policy year,

provided all premiums till date have been paid.

b) Unit Gain Plus Gold:

With bajaj allianz unit gain plus Gold we have

formulated a unique combination of protection and
prospects of attractive returns with investment in
various mix of securities to make a perfect plan to last
you a lifetime of prosperity and happiness.

Key Features:
Guaranteed life cover, with a flexibility to choose

insurance cover according to your changing

needs.
 Flexibility of partial withdrawals at any time after

three years from commencement of the policy

provided three years premiums are paid.

c) Invest Gain Maxx :

Investment gain maxx is a life insurance policy with

highest guaranteed returns. With investment gain
maxx, you only stand to gain with minimum guaranteed
returns upto 4.17% on the total premium. Further your
savings multiply through reversionary and terminal
bonuses.
Key Features:
Better returns, limited premium payment

terms.

Better returns on investment while finishing

the premium payment obligation fast.

d) Care First:

Care First is a unique hospitalization cum insurance

plan that takes care of your hospitalisation bills & also
provides crucial financial support to your dependents
incase of your unfortunate death.
e) Century Plus:
 Bajaj Allianz Century Plus offers you a limited premium
payment term options & a unique combination of
protection & prospects with attractive returns.
Key Features:
Guaranteed life cover of sum assured plus fund

value.

Take maximum advantage of booming markets

today.

CHAPTER 5
GLOBALISATION AND INSURANCE

5.1 Need for Globalisation.

5.2 Global Picture of Insurance

5.3 Impact of Globalisation of Insurance
NEED FOR GLOBALISATION

Insurer promotes financial systems through their role of both life, and non

life, financial intermediary in the following three ways.

Reduction in transaction costs: Because it collects the premium from a very

large no of policy holders from different regions of the country and there by

commands huge funds at their disposal.

Creating Liquidity: since there is no time lag between occurrence of loss

on the hand and receiving the claim amount by the policy holders from

different regions of the country and there by commands huge funds and their

disposal.

Facilitating Economics of scale in investment: Investment in large projects

such as national road projects, railway projects, power projects facilitate

innovations and specialisations and there by promote economic efficiency and

productivity in the economy.

GLOBAL PICTURE OF INSURANCE

The world market stands at approximately US $ 6.5 trillions in insurance

premiums, split equally between life and non life insurance, with London

constituting to dominate as a major supply centre. In terms of demand, Japan

and USA are still the largest insurance markets, accounting for over 70% of

global premiums. Insurance penetration for life insurance is highest in Japan,

South Africa and republic of Korea where it averages upto 10%. For non life

penetration to the importance of penetration world wide averages 3.3% of

GDP and is highest in USA due private health and liability insurance.

IMPACT OF GLOBALISATION OF INSURANCE SECTOR ON INDIA

OPPORTUNITIES
The opening of the insurance sector by Govt. of India to private and global players, will

lead to phenomenal growth in terms of number of new players, and new product and

services. - A state monopoly has little incentive to innovative or offers a wide range of

products. It can be seen by a lack of certain products from LICs portfolio and lack of

extensive risk categorization in several GIC products such as health insurance. More

competition in this business will spur firms to offer several new products and more

complex and extensive risk categorization

1. Opening up of the sector will ensure a larger flow of funds in two ways. More

investments will take place in the sector. Further, through completion, a larger

number of savings will find its way into infrastructure through insurance

companies.

2. After the Nuclear tests, the government need to hold out a hand of friendship

to achieve aims related to national securities.

3. From view point of capital market, opening of the insurance will have a

bullish impact.

4. In the near term, insurance in highly visible industry in the fact that in spite of

motivated opposition, the govt. is prepared to go a head send a positive signal

to foreign investor, even if they are not in insurance. In the medium term,

insurance companies are traditionally measure players in stock market.

5. The biggest benefit will be to the stock market because of the actual

investment flowing into infrastructure development.

6. It would also result in better customer services and help improve

the variety and price of insurance products.

7. The entry of new players would speed up the spread of both life and
 General insurance. Spread of insurance will be measured in term of
insurance penetration and measure of density.

8. With the entry of private players, it is expected that insurance business

roughly 400 billion rupees per year now, more than 20 per cent per year

even leaving aside the relatively under developed sectors of health

insurance, pen

More importantly, it will also ensure a great mobalisation of funds that

can be utilized for purpose of infrastructure development that was a

factor considered for globalisation of insurance.

9. More importantly, it will also ensure a great moblisation of funds that

can be utilized for purpose of infrastructure development that was a

factor considered for globalisation of insurance.

10. With allowing of holding of equity shares by foreign company either

itself or through its subsidiary company or nominee not exceeding 26%

of paid up capital of Indian partners will be operated resulting into

supplementing domestic savings and increasing economic progress of

nation. Agreements of various ventures have already been made to be

discussed later on in this paper.

11. It has been estimated that insurance sector growth more than 3 times

the growth of economy in India. So business or domestic firms will

attempt to invest in insurance sector. Moreover, growth of insurance

business in India is 13 times the growth insurance in developed

countries. So it is natural, that foreign companies would be fostering a

very strong desire to invest something in Indian insurance business.

 12. Most important not the least tremendous employment opportunities will

be created in the field of insurance which is burning problem of the

present day today issues

CHALLENGES BEFORE THE INDUSTRY

New age companies have started their business as discussed earlier.

Some of these companies have been able to float 3 or 4 products only and some

have targeted to achieve the level of 8 or 10 products. At present, these

companies are not in a position to pose any challenge to LIC and all other four

companies operating in general insurance sector, but if we see the quality and

standards of the products which they issued, they can certainly be a challenge in

future. Because the challenge in the entire environment caused by globalisation

and liberalization the industry is facing the following challenges.

1. The existing insurer, LIC and GIC, have created a large group of

dissatisfied customers due to the poor quality of service. Hence there will

be shift of large number of customers from LIC and GIC to the private

insurers.

2. LIC may face problem of surrender of a large number of policies, as new

insurers will woo them by offer of innovative products at lower prices.

3. The corporate clients under group schemes and salary savings schemes

may shift their loyalty from LIC to the private insurers.

4. There is a likelihood of exit of young dynamic managers from LIC to the

private insurer, as they will get higher package of remuneration.

5. LIC has overstaffing and with the introduction of full computerization, a

large number of the employees will be surplus. However they cannot be

retrenched. Hence the operating costs of LIC will not be reduced. This will

be a disadvantage in the competitive market, as the new insurers will

operate with lean office and high technology to reduce the operating costs.

6. GIC and its four subsidiary companies are going to face more challenges,

because their management expenses are very high due to surplus staff.

They cant reduce their number due to service rules.

7. Management of claims will put strain on the financial resources, GIC and

its subsidiaries since it is not up the mark.

8. LIC has more than to 60 products and GLC has more than 180 products in

their kitty, which are outdated in the present context as they are not

suitable to the changing needs of the customers. Not only that they are not

competent enough to complete with the new products offered by foreign

companies in the market.

9. Reaching the consumer expectations on par with foreign companies such

as better yield and much improved quality of service particularly in the

area of settlement of claims, issue of new policies, transfer of the policies

and revival of policies in the liberalized market is very difficult to LIC and

GIC.

10. Intense competition from new insurers in winning the consumers by multi-

distribution channels, which will include agents, brokers, corporate

intermediaries, bank branches, affinity groups and direct marketing

through telesales and interest.

 11. The market very soon will be flooded by a large number of products by

fairly large number of insurers operating in the Indian market. Even with

limited range of products offered by LIC and GIC, the consumers are

confused in the market. Their confusion will further increase in the face for

large number of products in the market. The existing level of awareness of

the consumers for insurance products is very low. It is so because only

62% of the Indian population is literate and less than 10% educated. Even

the educated consumers are ignorant about the various products of the

insurance.

12. The insurers will have to face an acute problem of the redressal of the

consumers, grievances for deficiency in products and services.

13. Increasing awareness will bring number of legal cases filled by the

consumers against insurers is likely to increase substantially in future.

14. Major challenges in canalizing the growth of insurance sector are product

innovation, distribution network, investment management, customer

service and education.

ESSENTIALS TO MEET THE CHALLENGES

1. Indian insurance industry needs the following to meet the global

challenges

2. Understanding the customer better will enable insurance companies to

design appropriate products, determine price correctly and increase

profitability.

3. Selection of right type of distribution channel mix along with prudent and

efficient FOS [Fleet On Street] management.

4. An efficient CRM system, which would eventually create sustainable

competitive advantages and build a long-lasting relationship

5. Insurers must follow best investment practices and must have a strong

asset management company to maximize returns.

6. Insurers should increase the customer base in semi urban and rural areas,

which offer a huge potential.

7. Promoting health insurance and using e-broking to increase the business.

CHAPTER 6
FINDINGS OF THE STUDY
 FINDINGS OF THE STUDY
STRENTH:

Bajaj Allianz Products are extremely dedicated towards the fulfilment of

Needs of all class of customers.

Bajaj Allianz Life Insurance has having a very good range of products which

has facilitated in fulfilling the need of the people from every stage of society.

The satellite branch services implemented by the company is one of the best

system every among the insurance service around the nation which make the

work of the employees easier and help them in taking better decision.

It has also got some unit products known as Unit Gain Super, New Unit Gain

Premier SP, and New Unit Gain Plus which takes care of insurance and

investment requirements, four life which has a great advantage towards the

company.

WEAK NESS:

Lack of internal customer orientation inhibits implementation of plans to a

substantational extent.

Excessive hierarchy resulting in dilution in communication and delay in

implementation.

Bajaj Allianz does stood much retail range of products for the lower range of

people in the society in spite of a large product range.

OPPORTUNITIES:
 There is a steady increase in the demand of products at Sambalpur as well as

in the country that has raised the development of new variety of insurance

products.

Due to continue change in the living condition of people due to rapid

industrialisation in the western part of the state leads to a great demand of its

insurance products.

THREATS:

With opening of insurance market Bajaj Allianz facing a stiff competition

from life insurance corporation Ltd. And other private players like ICICI

Prudential, HDFC Life, SBI Life, Birla Sun Life, Reliance Life Insurance etc.

Some of its products like Term care, Risk care, Health Care, has having its

better substitutes in the other insurance companies.

The CRM (Customer relationship management) strategy of Bajaj Allianz Life

Insurance has to be developed due to highly competitive insurance market in

India as well as at Sambalpur.

 SUGGESTIONS

I obtained the following suggestion during my survey:

Socially and economically backward classes of Sambalpur to be given due

weightage and for this low cost policies to be included in the product line.

Maximizing the mobilization of saving by offering attractive policies.

For ensuring adequate safety of investments and steady return on them, it is

necessary to diversify the investment portfolio in terms of units, industries and

regions.

The investment of product to the best advantage of investors, keeping in view

the national priorities.

Steps should be taken for reducing the amount of premium.

To train the agents perfectly regarding the Life Insurance Products.

To improve the advertisement media conspicuously and technically.

Long term defaulters should be given a chance for under for future continuing

their scheme.

Settlement of claims should be made quickly and loan facilities should be

given with low interest rates.

All the plans, policies and programs regarding Life Insurance Schemes should

reach everybody especially in rural areas.

The given insurance companies should be frequent interaction between policy

holders, agents, marketing managers and lastly the management.
Insurance companies should open the branches in the rural areas. So that the
rural people will bet benefits.
To be more friendly, helpful, and careful and target oriented.
 CONCLUSION
After FDI cap has been removed form the insurance sector up to

26%. Many foreign companies entered into India and made joint

venture with Indian majors. Bajaj Allianz Life also started its operation

in March 2001 in India. Company also proved itself one of the

competent insurance companies. Because goodwill and faith is very

much necessary to get the customers. Bajaj Allianz also received that

goodwill and faith through its efficient sales force and operation

department. In time service, customized products, flexibility in the

products, better technology, and massive network are to key areas in

which Bajaj Allianz Life lead. During my research it is also found that

many people faith on Bajaj Allianz Life because it is a subsidiary of

Bajaj, one of the trusted family name in the field of automobiles.

Better return in investment and flexible products fascinate many

people to go with Bajaj Allianz Life. As now a day people does not

only want to do life Insurance, they want something more that in

insurance plus investment. Which Bajaj Allianz provides through its

customized products. Even in ULIP policies there is a flexibility to

change the investment to different funds as prescribed in the

brochure.
It is also found that most of the people come to know about Bajaj

Allianz Life from their friends and relatives. Major respondents rated

the company as GOOD. It is also found that most of the people go for

Bajaj Allianz Life because of its better return in investment. Followed

by better service and reliability.

BIBLIOGRAPHY
BIBLIOGRAPHY

1. Life News of Bajaj Allianz Life Co. Ltd.

2. Hand Book on Life Insurance, Pioneer Institute of Insurance

3. www.bajajallianz.co.in

4. www.google.com