A Study on Promotional Mix of Insurance Products and Its Importance on the Growth

A REPORT ON
A STUDY ON PROMOTIONAL MIX OF INSURANCE PRODUCTS AND ITS IMPORTANCE
ON THE GROWTH OF THE COMPANY

Project submitted in partial fulfillment for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION
DECLARATION BY STUDENT
I hear by declare that this project Report titled A STUDY ON PROMOTIONAL
MIX
OF INSURANCE PRODUCTS AND ITS IMPORATANCE ON THE GROWTH
OF
THE COMPANY submitted by me to the department of management studies, XXXX, is
a bonafide work undertaken by me and it is not submitted to
any other university or institution for the award to any degree/diploma/ certificate or
published
any time before.
1



Summary
I am doing my project in !ajaj "llian# life Insurance$, dealing with the project of
" %&'() *+ ,R*-*&I*+". -IX */ I+%'R"+01 ,R*('0&% "+( I&%
I-,*R&"+01 *+ &21 3R*4&2 */ &21 0*-,"+)
&he need of my study is to know about the policies and its importance for the
development of the company. &he promotional strategies following by the !ajaj "lian#
.ife Insurance 0ompany was only on the recruitment process of the I0s 5Insurance
0onsultancy6 for the growth of development of the company business. !ajaj "lian# .ife
7
Insurance 0ompany consists of all type of insurance products which will suitable for the
better understanding of Indian people.
Right now !ajaj "lian# promoting one of the best policies in the market it8s called
capital unit gain. It is the policy which is developing the !ajaj "lian# .ife Insurance
0ompany .td.,
CONTENTS
Acknowledgement page numbers

02",&1R91

INTRODUCTION
o +eed of the study. 999999999999999999999999999999999999:
o ;alue addition to organi#ation 9999999999999999999999<
o ;alue addition to self999999999999999999999999999999999<
o *bjectives 999999999999999999999999999999999999999999999=
o .imitations 99999999999999999999999999999999999999999999>
o -ethodology 99999999999999999999999999999999999999991?
02",&1R97
? Industry profile 9999999999999999999999999999119997@
? Industry analysis 999999999999999999999999997@999@?
? 0ompany profile 99999999999999999999999999@1999A:
02",&1R9@
? *n the job training 99999999999999999999999A<999B?
? -anagement thesis 99999999999999999999999B1999B
02",&1R9A
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? (ata "nalysis 99999999999999999999999999999B@999:?
/indings 9999999999999999999999999999999999:1999:7
? Recommendations 9999999999999999999999:7
? conclusion 9999999999999999999999999999999
? Cuestionnaire 999999999999999999999999999:A
!ibliography

ACKNOWLEDGEMENT
&he presentation of the report in the way reDuired has been made possible by the way of
contribution of various people. &he completion of this project report titled A STUDY ON
PROMOTIONAL MIX OF INSURANCE PRODUCTS AND ITS IMPORTANCE
ON
GROWTH OF THE COMPANY brings to eEpress thanks to one Fall of those who
helped
along the way. I am very thankful to XXXX, faculty Gmarketing, and my
college project guide for guiding me to conduct my project report.
I would also like eEpress my gratitude to XXXX, director of the college for
giving his support and guidance throughout this project.
A
XXXX
02",&1R 9 1
+"&'R1 */ &21 ,R*H10&
&o analy#e briefly about the companies products and also the promotional
strategies following for the development of the company. &hrough this research we
can also know about the customer, competitors of the company.
&here is more competition in this industry so there is a need to retain the customer
with the organi#ation. %o to sustain in the market the company has to follow various
strategies by attracting new investors and to retain the eEisting investors.
;".'1 "((I&I*+ &* *R3"+II"&I*+
1. &hey can able to know for what eEtent there promotional strategies helping to
increase the business.
7. &hey can able to know for eEtent the customers aware of there products.
@. If any necessary changes should be taken if any lacking is there.
B
;".'1 "((I&I*+ &* -)%1./
1. It is a opportunity to apply the concepts learnt in the class room to real life situations
7. I came to know the nuances of a work place by assigning time bound ness in the
company.
@. It is a platform to work and develop a network which will be useful to my career
prospects.

Objective of executive training
? *ur main objective is to selling the various life insurance policies and
creating need to the customer to save their amount.
? &o create awareness among the customers about different products of
0entrum direct.
Objectives of management thesis
&he main aim of the present study is to accomplish the following objectivesJ
Primary Objective:
? &o know the promotional strategies of the company and what eEtent that
strategies helped the company to develop in the competitive market.
:
Secondary Objective J
? 'p to what eEtent the people are aware of there policies.
? 4hich product has increased the company
Limitations of the study
&here are varieties of products in the market it is very difficult to study.
METHODOLOGY
&he objective of the present study can be accomplished by conducting a systematic
market research. -arket research is the systematic design, collection, analysis and
reporting of data and findings that are relevant to different marketing situations facing the
company. &he marketing research process that will be adopted in the present study will
consist of the following stagesJ
a. Defining the problem and the research objective:
&he research objective states what information is needed to solve the problem. &he
objective of the research is to derive the opinion of the users and opinion of the potential
customers.
b. Developing the research plan:
*nce the problem is identified, the neEt step is to prepare a plan for getting the
information needed for the research. &he present study will adopt the eEploratory
approach wherein there is a need to gather large amount of information before making a
conclusion. If reDuired, the descriptive and casual approaches may also be used.
c. Collection and Sources of data:
<
-arket research reDuires two kinds of data, i.e., primary data and secondary data.
!eing a firm in financial services, data gathering will involve usage of both primary and
secondary data though there 4ill be an eEtensive usage of primary data. 4ell9structured
Duestionnaires will be prepared for both the eEisting and potential customers. &here will
be personal interview surveys mostly in9home 5door9to9door6 surveys. &he Duestionnaires
will contain both open9ended and close9ended Duestions. 2ere, open9ended Duestions will
be more useful, as it is an eEploratory research being conducted, wherein the main
objective is to get an insight into how investors think. %econdary data will be collected
from various journals, books and web sites.
d. Analyze the collected information: This involves converting raw data into useful
information. It involves tabulation of data, using statistical measures on them for
developing and calculating the averages.
e. Report research findings:
&his phase will mark the culmination of the marketing research effort. &he report
with the research findings is a formal written document. &he research findings and
personal eEperience will be used to propose recommendations to develop the performance
of the organi#ation.
RESEARCH DESIGN:
~" research design is arrangement of conditions for collection and analysis of data
in a manner that aims to combine relevance to the research purpose with economy in
procedure$.
(escriptive research studies are those studies, which are concerned with describing the
characteristics of a particular individual
SAMPLE DESIGN:
=
" sample design is a definite plan for obtaining a sample from a given population. It
refers to the techniDue or procedure that the researcher would adopt in items for the
sample.
Type of sample design:
I have selected my sampling design as +on9 Random %ampling in that also my
sampling type is convenience sampling this is based on the convenience of the researcher.
It is not that much easy to identify potential customer, I need to go their, communicate
with them and then sell the concept of the and life insurance to the customers who reDuire
the products

CHAPTER -2
I+('%&R) ,R*/I.1 4*R.(
History of insurance
In some sense we can say that insurance appears simultaneously with the appearance of
human society. 4e know of two types of economies in human societiesJ
money economies 5with markets, money, financial instruments and so on6 and non9money
or natural economies 5without money, markets, financial instruments and so on6.
&he second type is a more ancient form than the first. In such an economy and
community, we can see insurance in the form of people helping each other. /or eEample,
if a house burns down, the members of the community help build a new one. %hould the
same thing happen to oneKs neighbour, the other neighbours must help *therwiseL
neighbours will not receive help in the future. &his type of insurance has survived to the
>
present day in some countries where modern money economy with its financial
instruments is not widespread 5for eEample countries in the territory of the former %oviet
'nion6.
&urning to insurance in the modern sense 5i.e., insurance in a modern money economy, in
which insurance is part of the financial sphere6, early methods of transferring or
distributing risk were practiced by 0hinese and !abylonian traders as long ago as the @rd
and 7nd millennia !0, respectively. 0hinese merchants travelling treacherous river rapids
would redistribute their wares across many vessels to limit the loss due to any single
vesselKs capsi#ing. &he !abylonians developed a system which was recorded in the
famous 0ode of 2ammurabi, c. 1<B? !0, and practiced by early -editerranean sailing
merchants. If a merchant received a loan to fund his shipment, he would pay the lender an
additional sum in eEchange for the lenderKs guarantee to cancel the loan should the
shipment be stolen.
"chaemenian monarchs were the first to insure their people and made it official by
registering the insuring process in governmental notary offices. &he insurance tradition
was performed each year in +orou# 5beginning of the Iranian +ew )ear6L the heads of
different ethnic groups as well as others willing to take part, presented gifts to the
monarch. &he most important gift was presented during a special ceremony. 4hen a gift
was worth more than 1?,??? (errick 5"chaemenian gold coin weighing =.@B9=.A76 the
issue was registered in a special office. &his was advantageous to those who presented
such special gifts. /or others, the presents were fairly assessed by the confidants of the
court. &hen the assessment was registered in special offices.
&he purpose of registering was that whenever the person who presented the gift registered
by the court was in trouble, the monarch and the court would help him. Hahe#, a historian
and writer, writes in one of his books on ancient IranJ MN4Owhenever the owner of the
present is in trouble or wants to construct a building, set up a feast, have his children
1?
married, etc. the one in charge of this in the court would check the registration. If the
registered amount eEceeded 1?,??? (errik, he or she would receive an amount of twice as
much.M
" thousand years later, the inhabitants of Rhodes invented the concept of the Kgeneral
averageK. -erchants whose goods were being shipped together would pay a proportionally
divided premium which would be used to reimburse any merchant whose goods were
jettisoned during storm or sink age.
&he 3reeks and Romans introduced the origins of health and life insurance c. :?? "(
when they organi#ed guilds called Mbenevolent societiesM which cared for the families and
paid funeral eEpenses of members upon death. 3uilds in the -iddle "ges served a similar
purpose. &he &almud deals with several aspects of insuring goods. !efore insurance was
established in the late 1<th century, Mfriendly societiesM eEisted in 1ngland, in which
people donated amounts of money to a general sum that could be used for emergencies.
%eparate insurance contracts 5i.e., insurance policies not bundled with loans or other kinds
of contracts6 were invented in 3enoa in the 1Ath century, as were insurance pools backed
by pledges of landed estates. &hese new insurance contracts allowed insurance to be
separated from investment, a separation of roles that first proved useful in marine
insurance. Insurance became far more sophisticated in post9Renaissance 1urope, and
speciali#ed varieties developed.
&oward the end of the seventeenth century, .ondonKs growing importance as a centre for
trade increased demand for marine insurance. In the late 1:=?s, -r. 1dward .loyd
opened a coffee house that became a popular haunt of ship owners, merchants, and ships8
captains, and thereby a reliable source of the latest shipping news. It became the meeting
place for parties wishing to insure cargoes and ships, and those willing to underwrite such
ventures. &oday, .loydKs of .ondon remains the leading market 5note that it is not an
insurance company6 for marine and other specialist types of insurance, but it works rather
differently than the more familiar kinds of insurance.
11
Insurance as we know it today can be traced to the 3reat /ire of .ondon, which in 1:::
devoured 1@,7?? houses. In the aftermath of this disaster, +icholas !arbon opened an
office to insure buildings. In 1:=?, he established 1nglandKs first fire insurance company,
M&he /ire *ffice,M to insure brick and frame homes.
&he first insurance company in the 'nited %tates underwrote fire insurance and was
formed in 0harles &own 5modern9day 0harleston6, %outh 0arolina, in 1<@7.
!enjamin /ranklin helped to populari#e and make standard the practice of insurance,
particularly against fire in the form of perpetual insurance. In 1<B7, he founded the
,hiladelphia 0ontribution ship for the Insurance of 2ouses from .oss by /ire. /ranklinKs
company was the first to make contributions toward fire prevention. +ot only did his
company warn against certain fire ha#ards, it refused to insure certain buildings where the
risk of fire was too great, such as all wooden houses.
In the 'nited %tates, regulation of the insurance industry is highly !alkani#ed, with
primary responsibility assumed by individual state insurance departments. 4hereas
insurance markets have become centrali#ed nationally and internationally, state insurance
commissioners operate individually, though at times in concert through a national
insurance commissionersK organi#ation. In recent years, some have called for a dual state
and federal regulatory system for insurance similar to that which oversees state banks and
national banks.
In the state of +ew )ork, which has uniDue laws in keeping with its stature as a global
business centre, former +ew )ork "ttorney 3eneral 1liot %pit#er was in a uniDue
position to grapple with major national insurance brokerages. %pit#er alleged that -arsh
F -c.ennan steered business to insurance carriers based on the amount of contingent
commissions that could be eEtracted from carriers, rather than basing decisions on
whether carriers had the best deals for clients. %everal of the largest commercial insurance
brokerages have since stopped accepting contingent commissions and have adopted new
business models.
17
Types of insurance
"ny risk that can be Duantified can potentially be insured. %pecific kinds of risk that may
give rise to claims are known as MperilsM. "n insurance policy will set out in details which
perils are covered by the policy and which are .
!elow is a 5non9eEhaustive6 list of the many different types of insurance that eEist. "
single policy may cover risks in one or more of the categories set forth below. /or
eEample, auto insurance would typically cover both property risk 5covering the risk of
theft or damage to the car6 and liability risk 5covering legal claims from causing an
accident6. " homeownerKs insurance policy in the '.%. typically includes property
insurance covering damage to the home and the ownerKs belongings, liability insurance
covering certain legal claims against the owner, and even a small amount of health
insurance for medical eEpenses of guests who are injured on the ownerKs property.
? "utomobile insurance , known in the 'P as motor insurance, is probably the most
common form of insurance and may cover both legal liability claims against the
driver and loss of or damage to the insuredKs vehicle itself. &hroughout most of the
'nited %tates an auto insurance policy is reDuired to legally operate a motor vehicle
on public roads. In some jurisdictions, bodily injury compensation for automobile
accident victims has been changed to a no9fault system, which reduces or
eliminates the ability to sue for compensation but provides automatic eligibility for
benefits. 0redit card companies insure against damage on rented cars.
"viation insurance insures against hull, spares, deductible, hull war and liability risks.
? !oiler insurance 5also known as boiler and machinery insurance or eDuipment
breakdown insurance6 insures against accidental physical damage to eDuipment or
machinery.
? !uilderKs risk insurance insures against the risk of physical loss or damage to
property during construction. !uilderKs risk insurance is typically written on an Mall
1@
riskM basis covering damage due to any cause 5including the negligence of the
insured6 not otherwise eEpressly eEcluded.
? !usiness insurance can be any kind of insurance that protects businesses against
risks. %ome principal subtypes of business insurance are 5a6 the various kinds of
professional liability insurance, also called professional indemnity insurance,
which are discussed below under that nameL and 5b6 the business owners policy
5!*,6, which bundles into one policy many of the kinds of coverage that a
business owner needs, in a way analogous to how homeowners insurance bundles
the coverage8s that a homeowner needs.NAO
? 0asualty insurance insures against accidents, not necessarily tied to any specific
property.
? 0redit insurance repays some or all of a loan back when certain things happen to
the borrower such as unemployment, disability, or death. -ortgage insurance
5which see below6 is a form of credit insurance, although the name credit insurance
more often is used to refer to policies that cover other kinds of debt.
? 0rime insurance insures the policyholder against losses arising from the criminal
acts of third parties. /or eEample, a company can obtain crime insurance to cover
losses arising from theft or embe##lement.
? 0rop insurance M/armers use crop insurance to reduce or manage various risks
associated with growing crops. %uch risks include crop loss or damage caused by
weather, hail, drought, frost damage, insects, or disease, for instance.MNBO
? (efense !ase "ct 4orkersK compensation or (!" Insurance insurance provides
coverage for civilian workers hired by the government to perform contracts outside
the '% and 0anada. (!" is reDuired for all '% citi#ens, '% residents, '% 3reen
0ard holders, and all employees or subcontractors hired on overseas government
contracts. (epending on the country, /oreign +ationals must also be covered under
(!". &his coverage typically includes eEpenses related to medical treatment and
loss of wages, as well as disability and death benefits.
1A
? (irectors and officers liability insurance protects an organi#ation 5usually a
corporation6 from costs associated with litigation resulting from mistakes incurred
by directors and officers for which they are liable. In the industry, it is usually
called M(F*M for short.
? (isability insurance policies provide financial support in the event the policyholder
is unable to work because of disabling illness or injury. It provides monthly support
to help pay such obligations as mortgages and credit cards.
o &otal permanent disability insurance insurance provides benefits when a
person is permanently disabled and can no longer work in their profession,
often taken as an adjunct to life insurance.
? 1rrors and omissions insuranceJ %ee M,rofessional liability insuranceM under
M.iability insuranceM.
? 1Epatriate insurance provides individuals and organi#ations operating outside of
their home country with protection for automobiles, property, health, liability and
business pursuits.
? /inancial loss insurance protects individuals and companies against various
financial risks. /or eEample, a business might purchase cover to protect it from loss
of sales if a fire in a factory prevented it from carrying out its business for a time.
Insurance might also cover the failure of a creditor to pay money it owes to the
insured. &his type of insurance is freDuently referred to as Mbusiness interruption
insurance.M /idelity bonds and surety bonds are included in this category, although
these products provide a benefit to a third party 5the MobligeeM6 in the event the
insured party 5usually referred to as the MobligorM6 fails to perform its obligations
under a contract with the obligee.
? 2ealth insurance policies will often cover the cost of private medical treatments if
the +ational 2ealth %ervice in the 'P 5+2%6 or other publicly9funded health
1B
programs do not pay for them. It will often result in Duicker health care where
better facilities are available.
? .iability insurance is a very broad superset that covers legal claims against the
insured. -any types of insurance include an aspect of liability coverage. /or
eEample, a homeownerKs insurance policy will normally include liability coverage
which protects the insured in the event of a claim brought by someone who slips
and falls on the propertyL automobile insurance also includes an aspect of liability
insurance that indemnifies against the harm that a crashing car can cause to othersK
lives, health, or property. &he protection offered by a liability insurance policy is
twofoldJ a legal defense in the event of a lawsuit commenced against the
policyholder and indemnification 5payment on behalf of the insured6 with respect to
a settlement or court verdict. .iability policies typically cover only the negligence
of the insured, and will not apply to results of willful or intentional acts by the
insured.
? 1nvironmental liability insurance protects the insured from bodily injury, property
damage and cleanup costs as a result of the dispersal, release or escape of
pollutants.
? ,rofessional liability insurance , also called professional indemnity insurance,
protects professional practitioners such as architects, lawyers, doctors, and
accountants against potential negligence claims made by their patients/clients.
,rofessional liability insurance may take on different names depending on the
profession. /or eEample, professional liability insurance in reference to the medical
profession may be called malpractice insurance. +otaries public may take out
errors and omissions insurance (E&O). *ther potential 1F* policyholders
include, for eEample, real estate brokers, home inspectors, appraisers, and website
developers.
? .ife insurance provides a monetary benefit to a decedentKs family or other
designated beneficiary, and may specifically provide for income to an insured
1:
personKs family, burial, funeral and other final eEpenses. .ife insurance policies
often allow the option of having the proceeds paid to the beneficiary either in a
lump sum cash payment or an annuity.
? "nnuities provide a stream of payments and are generally classified as insurance
because they are issued by insurance companies and regulated as insurance and
reDuire the same kinds of actuarial and investment management eEpertise that life
insurance reDuires. "nnuities and pensions that pay a benefit for life are sometimes
regarded as insurance against the possibility that a retiree will outlive his or her
financial resources. In that sense, they are the complement of life insurance and,
from an underwriting perspective, are the mirror image of life insurance.
? .ocked funds insurance is a little9known hybrid insurance policy jointly issued by
governments and banks. It is used to protect public funds from tamper by
unauthori#ed parties. In special cases, a government may authori#e its use in
protecting semi9private funds which are liable to tamper. &he terms of this type of
insurance are usually very strict. &herefore it is used only in eEtreme cases where
maEimum security of funds is reDuired.
? -arine insurance and marine cargo insurance cover the loss or damage of ships at
sea or on inland waterways, and of the cargo that may be on them. 4hen the owner
of the cargo and the carrier are separate corporations, marine cargo insurance
typically compensates the owner of cargo for losses sustained from fire, shipwreck,
etc., but eEcludes losses that can be recovered from the carrier or the carrierKs
insurance. -any marine insurance underwriters will include Mtime elementM
coverage in such policies, which eEtends the indemnity to cover loss of profit and
other business eEpenses attributable to the delay caused by a covered loss.
? -ortgage insurance insures the lender against default by the borrower.
? +ational Insurance is the 'PKs version of social insurance 5which see below6.
1<
? +o9fault insurance is a type of insurance policy 5typically automobile insurance6
where insured8s are indemnified by their own insurer regardless of fault in the
incident.
+uclear incident insurance covers damages resulting from an incident involving
radioactive materials and is generally arranged at the national level. 5/or the 'nited
%tates, see the ,rice9"nderson +uclear Industries Indemnity "ct.6
? ,et insurance insures pets against accidents and illnesses 9 some companies cover
routine/wellness care and burial, as well.
? ,olitical risk insurance can be taken out by businesses with operations in countries
in which there is a risk that revolution or other political conditions will result in a
loss.
? ,ollution Insurance. " first9party coverage for contamination of insured property
either by eEternal or on9site sources. 0overage for liability to third parties arising
from contamination of air, water, or land due to the sudden and accidental release
of ha#ardous materials from the insured site. &he policy usually covers the costs of
cleanup and may include coverage for releases from underground storage tanks.
Intentional acts are specifically eEcluded
? ,roperty insurance provides protection against risks to property, such as fire, theft
or weather damage. &his includes speciali#ed forms of insurance such as fire
insurance, flood insurance, earthDuake insurance, home insurance, inland marine
insurance or boiler insurance.
? ,urchase insurance is aimed at providing protection on the products people
purchase. ,urchase insurance can cover individual purchase protection, warranties,
guarantees, care plans and even mobile phone insurance. %uch insurance is
normally very limited in the scope of problems that are covered by the policy.
? Retrospectively Rated Insurance is a method of establishing a premium on large
commercial accounts. &he final premium is based on the insuredKs actual loss
eEperience during the policy term, sometimes subject to a minimum and maEimum
1=
premium, with the final premium determined by a formula. 'nder this plan, the
current yearKs premium is based partially 5or wholly6 on the current yearKs losses,
although the premium adjustments may take months or years beyond the current
yearKs eEpiration date. &he rating formula is guaranteed in the insurance contract.
/ormulaJ retrospective premium Q converted loss R basic premium S taE multiplier.
+umerous variations of this formula have been developed and are in use.
? %ocial insurance can be many things to many people in many countries. !ut a
summary of its essence is that it is a collection of insurance coverage8s 5including
components of life insurance, disability income insurance, unemployment
insurance, health insurance, and others6, plus retirement savings, that mandates
participation by all citi#ens. !y forcing everyone in society to be a policyholder
and pay premiums, it ensures that everyone can become a claimant when or if
he/she needs to. "long the way this inevitably becomes related to other concepts
such as the justice system and the welfare state . &his is a large, complicated topic
that engenders tremendous debate, which can be further studied in the following
articles 5and others6J
o %ocial welfare provision
o %ocial security
o %ocial safety net
o +ational Insurance
o %ocial %ecurity 5'nited %tates6
o %ocial %ecurity debate 5'nited %tates6
? %urety !ond insurance is a three party insurance guaranteeing the performance of
the principal.
? &errorism insurance provides protection against any loss or damage caused by
terrorist activities.
1>
? &itle insurance provides a guarantee that title to real property is vested in the
purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually
issued in conjunction with a search of the public records performed at the time of a
real estate transaction.
? &ravel insurance is an insurance cover taken by those who travel abroad, which
covers certain losses such as medical eEpenses, lost of personal belongings, travel
delay, personal liabilities, etc.
? ;olcano insurance is an insurance that covers volcano damage in 2awaii.
? 4orkersK compensation insurance replaces all or part of a workerKs wages lost and
accompanying medical eEpense incurred because of a job9related injury.
INDUSTRY ANALYSIS
Brief History Of Insurance Sector In India
&he insurance sector in India has come a full circle from being an open competitive
market to nationali#ation and back to a liberali#ed market again.
&racing the developments in the Indian insurance sector reveals the @:?9degree turn
witnessed over a period of almost 1>? years.
&he business of life insurance in India in its eEisting form started in India in the year 1=1=
with the establishment of the *riental .ife Insurance 0ompany in 0alcutta.
7?
%ome of the important milestones in the life insurance business in India areJ
1912 9 &he Indian .ife "ssurance 0ompanies "ct enacted as the first statute to regulate
the life insurance business.
1928 9 &he Indian Insurance 0ompanies "ct enacted to enable the government to collect
statistical information about both life and non9life insurance businesses.
1938 9 1arlier legislation consolidated and amended to by the Insurance "ct with the
objective of protecting the interests of the insuring public.
1956 9 7AB Indian and foreign insurers and provident societies taken over by the central
government and nationali#ed. .I0 formed by an "ct of ,arliament, vi#. .I0 "ct, 1>B:,
with a capital contribution of Rs. B crore from the 3overnment of India.
&he 3eneral insurance business in India, on the other hand, can trace its roots to the
&riton Insurance 0ompany .td., the first general insurance company established in the
year 1=B? in 0alcutta by the !ritish.
%ome of the important milestones in the general insurance business in India areJ
1907 9 &he Indian -ercantile Insurance .td. set up, the first company to transact all
classes of general insurance business.
1957 9 3eneral Insurance 0ouncil, a wing of the Insurance "ssociation of India, frames a
code of conduct for ensuring fair conduct and sound business practices.
71
1968 9 &he Insurance "ct amended to regulate investments and set minimum solvency
margins and the &ariff "dvisory 0ommittee set up.
1972 9 &he 3eneral Insurance !usiness 5+ationali#ation6 "ct, 1><7 nationali#ed the
general insurance business in India with effect from 1st Hanuary 1><@.
107 insurers amalgamated and grouped into four companies vi#. the +ational Insurance
0ompany .td., the +ew India "ssurance 0ompany .td., the *riental Insurance 0ompany
.td. and the 'nited India Insurance 0ompany .td. 3I0 incorporated as a company.
The functions of Insurance can be bifurcated into two parts
1. ,rimary /unctions
7. %econdary /unctions
@. *ther /unctions
The primary functions of insurance include the following:
,rovide ,rotection 9 &he primary function of insurance is to provide protection against
future risk, accidents and uncertainty. Insurance cannot check the happening of the risk,
but can certainly provide for the losses of risk. Insurance is actually a protection against
economic loss, by sharing the risk with others.
77
0ollective bearing of risk 9 Insurance is a device to share the financial loss of few among
many others. Insurance is a mean by which few losses are shared among larger number of
people. "ll the insured contribute the premiums towards a fund and out of which the
persons eEposed to a particular risk is paid.
"ssessment of risk 9 Insurance determines the probable volume of risk by evaluating
various factors that give rise to risk. Risk is the basis for determining the premium rate
also
,rovide 0ertainty 9 Insurance is a device, which helps to change from uncertainty to
certainty. Insurance is device whereby the uncertain risks may be made more certain.
&he secondary functions of insurance include the followingJ
,revention of .osses 9 Insurance cautions individuals and businessmen to adopt suitable
device to prevent unfortunate conseDuences of risk by observing safety instructionsL
installation of automatic sparkler or alarm systems, etc. ,revention of losses cause lesser
payment to the assured by the insurer and this will encourage for more savings by way of
premium. Reduced rate of premiums stimulate for more business and better protection to
the insured.
%mall capital to cover larger risks 9 Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.
0ontributes towards the development of larger industries 9 Insurance provides
development opportunity to those larger industries having more risks in their setting up.
1ven the financial institutions may be prepared to give credit to sick industrial units
7@
which have insured their assets including plant and machinery.
&he other functions of insurance include the following:
-eans of savings and investment 9 Insurance serves as savings and investment, insurance
is a compulsory way of savings and it restricts the unnecessary eEpenses by the insuredKs
/or the purpose of availing income9taE eEemptions also, people invest in insurance.
%ource of earning foreign eEchange 9 Insurance is an international business. &he country
can earn foreign eEchange by way of issue of marine insurance policies and various other
ways.
Risk /ree trade 9 Insurance promotes eEports insurance, which makes the foreign trade
risk free with the help of different types of policies under marine insurance cover.
India Insurance
&he end of the year 7??? marks a significant change and growth of KIndia Insurance8
industry scenario.
-onopoly of ,ublic %ector Insurance company marks an end and ,rivate companies
makes inroad.
/oreign companies, both .ife and 3eneral flocked, collaborated and helped astronomical
growth of KInsurance Industry in IndiaK.
KIndia InsuranceK growth was long overdue. 4ithin 1st 17 months of liberation of KIndian
Insurance IndustryK 1? licenses for selling life insurance products and : licenses for
selling non9life products were issued to private companies.
7A
&he ,ublic sector giant .I0 started losing its market share at the cost of stupendous
growth of private players.
+ow KIndia InsuranceK industry has more than a do#en private life insurance players and >
private general insurance companies. "ggressive and penetrative marketing strategy
coupled with wide product bandwidth was an instant success among the ignorant masses.
-ost of the private companies registered more than 1??T growth till then and are still
continuing with such monstrous growth figures.
"lthough, KInsurance in IndiaK is not regarded as a basic need but it is getting popular
among semi urban to rural masses.
&op rank private companies like I0I0I ,rudential .ife Insurance, &ata "I3,
!ajaj "llian# etc are aggressively researching and innovating products for huge untapped
rural KIndia InsuranceK market.
0ollaboration with micro finance companies, post offices, rural banks and village
management authorities for selling insurance is doing wonders.
.ife insurance products covers risk for the insurer against eventualities like death or
disability. +on9life insurance products covers risks against natural calamities, burglary,
etc. &hey are not as popular as life products in the K Insurance IndiaKsK portfolio. 'ntil very
recently it had only corporate buyers, but with natural disasters like, earth Duakes,
tsunamis, storms and floods becoming more freDuent and damaging there has been a
sudden spurt in sales of general insurance amongst individuals.
0onsumerism of life style goods and modern amenities has also contributed to its growth.
4ith more awareness and wide bandwidth of insurance product portfolio the growth for
KIndia InsuranceK story will only get more competitive and more affordable to all sections
of Indian society.
Yr: 2000-2001 J 5 From 2nd April '2000 to 31st ecember'20016
7B
Insurance Industry in the year 7???97??1 had 1: new entrants, namelyJ
Life Insurers:
%.+
o.
Regi
strati
on
+um
ber
(ate of Reg. +ame of the 0ompany
1 1?1 [email protected]?.7??? 2(/0 %tandard .ife Insurance 0ompany .td .
7 1?A 1B.11.7??? -aE +ew )ork .ife Insurance 0o. .td.
@ 1?B 7A.11.7??? I0I0I ,rudential .ife Insurance 0ompany .td.
A 1?< 1?.?1.7??1 Potak -ahindra *ld -utual .ife Insurance .imited
B 1?> @1.?1.7??1 !irla %un .ife Insurance 0ompany .td.
: 11? 17.?7.7??1 &ata "I3 .ife Insurance 0ompany .td.
< 111 @[email protected]??1 %!I .ife Insurance 0ompany .imited .
= 11A ?7.?=.7??1 I+3 ;ysya .ife Insurance 0ompany ,rivate .imited
> 11: ?@.?=.7??1 !ajaj "llian# .ife Insurance 0ompany .imited
1? 11< ?:.?=.7??1 -etlife India Insurance 0ompany ,vt. .td.
11 1@@ ?A.?>.7??< /uture 3enerali India .ife Insurance 0ompany
General Insurers J
S.No. Registra
tion
Number
Date of
Registratio
n
Name of the Company
7:
1 1?7 [email protected]?.7??? Royal %undaram "lliance Insurance 0ompany
.imited
7 1?@ [email protected]?.7??? Reliance 3eneral Insurance 0ompany .imited.
@ 1?: ?A.17.7??? I//0* &okio 3eneral Insurance 0o. .td
A 1?= 77.?1.7??1 &"&" "I3 3eneral Insurance 0ompany .td.
B 11@ ?7.?B.7??1 !ajaj "llian# 3eneral Insurance 0ompany .imited
: 11B ?@.?=.7??1 I0I0I .ombard 3eneral Insurance 0ompany .imited.
< 1@1 ?@9?=97??< "pollo (P; Insurance 0ompany .imited
= 1@7 ?A9?>97??< /uture 3enerali India Insurance 0ompany .imited
Yr: 2001-2002 J 5 /rom 1st Han 7??1 to (ec. 7??76
Insurance Industry in this year, so far has Bnew entrantsL namely
Life Insurers:
S.No
.
Registration
Number
Date of Reg. Name of the Company
1 171 ?@.?1.7??7 "-, %anmar .ife Insurance 0ompany
.imited.
7 177 1A.?B.7??7 "viva .ife Insurance 0o. India ,vt. .td.
General Insurers J
7<
S.No. Registra
tion
Number
Date of
Registration
Name of the Company
1 17@ 1B.?<.7??7 0holamandalam 3eneral Insurance 0ompany .td.
7. 17A 7<.?=.7??7 1Eport 0redit 3uarantee 0orporation .td.
@. 17B 7<.?=.7??7 2(/090hubb 3eneral Insurance 0o. .td.
Yr: 2003-2004 J 5 /rom 1st Han 7??@ till (ate6
Insurance Industry in this year, so far has 1new entrantsL namely
Life Insurers:
S.No
.
Registrati
on
Number
Date of Reg. Name of the Company
1 17< ?:.?7.7??A %ahara India Insurance
0ompany .td.
Yr: 2004-2005 J
Insurance Industry in this year, so far has 1new entrantsL namely
Life Insurers:
7=
S.No
.
Registration
Number
Date of Reg. Name of the
Company
1 17= 1<.11.7??B %hriram .ife Insurance
0ompany .td.
Company Profile
"!*'& &21 0*-,"+)
!ajaj "lliance .ife Insurance 0o. .td is a joint venture between two leading
0onglomerates G "llian# "3, one of the world8s largest insurance companies, and !ajaj
"uto, one of the biggest two and three wheeler manufacturers in the world. !ajaj "llian#
is one of India8s leading private life insurance companies. It stands 7
nd
among the private
Insurance companies in India and @
rd
among the Insurance companies in India. It is one of
the fastest growing private life insurance companies in India. !ajaj "llian# currently has
over @??,???satisfied customers. &hey are even backed by a network of 1BB offices
spanning the country.
!ajaj "llian# 3eneral Insurance 0ompany .imited, one of IndiaKs leading private
general insurance companies, reported a B? percent increase in gross premium income to
7>
17,=B? million rupees 57@A million euros6 eEcluding service taE for its business year
7??B9:, ending -arch @1. +et profit grew >.= percent to B1: million rupees 5> million
euros6. !ajaj "llian# 3eneral Insurance is aiming for accelerated market penetration in
future. M3oing forward, the companyKs focus will continue to be on growth with
underwriting profits, and preparing ourselves for the free pricing scenario from 7??<
onwards,M said Pamesh 3oyal, 01*. &he company, a joint venture company between
!ajaj "uto .imited, a leading Indian manufacturer of two9 and three9wheeler vehicles and
the "llian# 3roup, issued @.> million policies over the twelve9month period, the highest
rate among private insurers. Its claim settlement ratio reached >@ percent.
2007 - 2008
!ajaj "llian# 3eneral Insurance 0ompany .imited is a joint venture between !ajaj
"uto .imited and "llian# %1. !oth enjoy a reputation of eEpertise, stability and strength.
!ajaj "llian# 3eneral Insurance received the Insurance Regulatory and
(evelopment "uthority 5IR("6 certificate of Registration 5R@6 on -ay 7nd, 7??1 to
conduct 3eneral Insurance business 5including 2ealth Insurance business6 in India. &he
0ompany has an authori#ed and paid up capital of Rs 11? crores. !ajaj "uto holds <AT
and the remaining 7:T is held by "llian#, %1.
"s on @1st -arch 7??< !ajaj "llian# 3eneral Insurance maintained its premier
position in the industry by garnering a premium income of Rs.1=?@ crore. !ajaj "llian#
has made a profit before taEes of Rs.11< crore and emerged as the first private insurance
company to make profit before taEes of more than Rs.1?? corers. &he company also was
the one of the highest profitable insurer among private insurance companies and made a
profit after taE of Rs.<B corers. !ajaj "llian# is the only company to make underwriting
profits for the last three years consecutively.
@?
/or more details on a summary of our financials, please click here.
/or a copy of our "nnual Report 7??:97??<, ,lease click here.
!ajaj "llian# today has a network presence in over 7?? towns spread across the
length and breadth of the country. /rom %urat to %iliguri and Hammu to
&hiruvananthapuram, all the offices are interconnected with the 2ead *ffice at ,une.
In the first Duarter of the current financial year, 7??<9?=, !ajaj "llian# garnered a
premium income of Rs. B<A crores, achieving a growth of 7<T over the last year for the
same period and +et profits rose to Rs.71 0rores.
;ision
U &o be the first choice insurer for customers
U &o be the preferred employer for staff in the insurance industry.
U &o be the number one insurer for creating shareholder value
-ission
"s a responsible, customer focused market leader, we will strive to understand the
insurance needs of the consumers and translate it into affordable products that deliver
value for money.
" ,artnership !ased on %ynergy
!ajaj "llian# 3eneral Insurance offers technical eEcellence in all areas of 3eneral
and 2ealth Insurance as well as Risk -anagement. &his partnership successfully
combines !ajaj "utoKs in9depth understanding of the local market and eEtensive
@1
distribution network with the global eEperience and technical eEpertise of the "llian#
3roup. "s a registered Indian Insurance 0ompany and a capital base of Rs. 11? crores,
the company is fully licensed to underwrite all lines of general insurance business
including health insurance.
*ur "chievements
!ajaj "llian# has received Mi""" rating, from I0R" .imited, an associate of
-oodyKs Investors %ervices, for 0laims ,aying "bility.&his rating indicates highest
claims paying ability and a fundamentally strong position.
!ajaj "llian# .ife Insurance
!ajaj "llian# .ife wins new business
!ajaj "llian# .ife Insurance, meanwhile, reported a 71: percent increase in new business
premium to B?B million euros in its business year 7??B9:. &he company, which is now
IndianKs leading life insurance company, said its industry market share grew to <.: percent
from @.A percent in the previous year. It aims to become IndiaKs first profitable life
insurance company soon, by employing an innovative economic model and keeping costs
low. It issued <<<,A>7 new policies in fiscal 7??B9:.
!ajaj "llian# .ife Insurance is now based in B@A towns, compared with 7>@ towns in
7??A9B. It employed 1?=,1BB agents in its last fiscal year, more than doubling than A<,?<=
agents in the previous year.
3rowth follows the companyKs refocus on customer needs, a program which started two
years ago. M*ur basic promise is KHaisi Haroorat ;aisa InsuranceK G insurance meeting the
customersK needs,M said 01* %am 3hosh. M4e focus on what customers want and not
what we want to sell. 4e let customers decide which channel they are comfortable to buy
@7
from.M
M*ur end objective is to have satisfied customers and satisfied customers are drivers in the
life insurance business more than anything else,M continued 3hosh. M&his focus has
brought us so far so rapidly and we are sure this focus will help up maintain our
leadership as well.M
(iverse range of customers
&he company has identified fleEible products which are suitable for IndiansK needs. It
caters for more than 7>? segments of consumers, stemming from diverse religious,
cultural and educational backgrounds.
!ajaj "llian# .ife Insurance recogni#es that its average customers are looking for low9
price products, such as its M:9in91 2ealthcareM product, with a premium of just 1?? rupees
51.<B euros6 per month. It also offers more sophisticated products for astute investors, as
well as an ethical fund, which takes into account religious guidelines and environmental
concerns.
It entitled its innovation of the year M!ajaj "llian# !anyan &reeM. &his eEpansion model
reflects how a branch sets up small sibling satellites, which in turn grow into branches, in
the same way that banyan tree branches start another tree when their branches touch the
ground.
"s with all content published on this site, these statements are subject to our /orward
.ooking %tatement disclaimer, provided on the right.
@@
.ife insurance
&ie 'ps 4ith !anks
,ioneers of !ancassurance in India...
2aving pioneered the phenomenon, !ancassurance is one our core business strategies.
&hree of our strong !ancassurance tie9ups areJ
V %tandard 0hartered !ank
V %yndicate !ank
V 0*%-*% 0o9op !"+P .td.
4e have developed a range of life insurance products eEclusively for our !ancassurance
partners. "lso, *ur products are customi#ed to suit specific needs of banks.
Allianz Group
Allianz Group is one of the world's leading insurers and financial services providers.
/ounded in 1=>? in !erlin, "llian# is now present in over <? countries with almost
1<A,??? employees. "t the top of the international group is the holding company, "llian#
"3, with its head office in -unich.
"llian# 3roup provides its more than :? million customers worldwide with a
comprehensive range of services in the areas of
? ,roperty and 0asualty Insurance,
? .ife and 2ealth Insurance,
? "sset -anagement and !anking.
ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE
@A
? 4orldwide 7nd by 3ross 4ritten ,remiums 9 Rs.A,A:,:BA cr.
? @rd largest "ssets 'nder -anagement 5"'-6 F largest amongst Insurance cos. 9
"'- of Rs.B1,>:,>B> cr.
? 17th largest corporation in the world
? A>.= T of global business from .ife Insurance
? 1stablished in 1=>?, 11? yrs of Insurance eEpertise
? <? countries, 1<@,<B? employees worldwide
Bajaj Group
!ajaj "uto .td, the flagship company of the Rs. =??? crore !ajaj group is the largest
manufacturer of two9wheelers and three9wheelers in India and one of the largest in the
world.
" household name in India, !ajaj "uto has a strong brand image F brand loyalty
synonymous with Duality F customer focus.
" %&R*+3 I+(I"+ !R"+(9 2"-"R" !"H"H
? *ne of the largest 7 F @ wheeler manufacturer in the world
? 71 millionR vehicles on the roads across the globe
? -anaging funds of over Rs A??? cr.
? !ajaj "uto finance one of the largest auto finance cos. in India
? Rs. A,<AA 0r. &urnover F ,rofits of B@= 0r. in 7??79?@
?
? It has joined hands with "llian# to provide the Indian consumers with a distinct
option in terms of life insurance products.
? "s a promoter of !ajaj "llian# .ife Insurance 0o. .td., !ajaj "uto has the
following to offer 9
@B
? /inancial strength and stability to support the Insurance !usiness.
? " strong brand9eDuity.
? " good market reputation as a world class organi#ation.
? "n eEtensive distribution network.
? "deDuate eEperience of running a large organi#ation.

!ajaj "llian# 3eneral Insurance
!ajaj "llian# is the fastest growing general insurance company in India
!ajaj "llian# 3eneral Insurance 0ompany .imited is a joint venture between !ajaj "uto
.imited and "llian# "3 of 3ermany. !oth enjoy a reputation of eEpertise, stability and
strength.
!ajaj "llian# 3eneral Insurance received the Insurance Regulatory and (evelopment
"uthority 5IR("6 certificate of Registration 5R@6 on -ay 7nd, 7??1 to conduct 3eneral
Insurance business 5including 2ealth Insurance business6 in India. &he 0ompany has an
authori#ed and paid up capital of Rs 11? crores. !ajaj "uto holds <AT and the remaining
7:T is held by "llian#, "3, 3ermany.
4hy !ajaj "llian# .ife Insurance
An Impeccable track record across the globe in providing security and cover for you
and your family...
@:
4e, at !ajaj "llian#, reali#e that you seek an insurer who you can trust your hard earned
money with
"llian# "3 with over 11? years of eEperience in over <? countries and !ajaj "uto,
trusted for over BB years in the Indian market, together are committed to offering you
financial solutions that provide all the security you need for your family and yourself.
!ajaj "llian# brings to you several innovative products, the details of which you can
browse in this section
Pey "chievements in /) 7??B9?:
? +o.1 ,vt .ife Insurer /) 7??B9?:. .eading by Rs. <= 0r.
? +o.1 ,vt .ife Insurer in Retail !usiness. .eading by Rs. @@> 0r.
? 4hopping growth of 71:T for the /) 7??B9?:
? 2ave sold over 7?,??,??? policies to satisfied customers
? Is backed by a network of >??R offices spanning the country
Accelerated Growth
Fiscal Year No of policies sold in FY GWP in FY
2001-2002 (6mths) 21,376 Rs 7 cr.
2002-2003 1,15,965 Rs 69 cr.
2003-2004 1,86,443 Rs 221 cr.
2004-2005 2,88,189 Rs 1002 cr.
2005-2006 7,81,685 Rs 3134 cr.
V "ssets under management Rs @,@7A cr.
V %hareholder capital base of Rs B?? cr.
0*-,1&I&*R%
@<
"s a matter of competitors in the market there are so many companies coming up.
"mong all the companies there are at most A companies are giving a tight competition for
this company. &hey are
? 2(/0 standard life
? I0I0I prudential life insurance "viva life insurance
? &ata aig life insurance
? %!I life insurance
(I//R1+&I"&I*+ */ &21 ,R*('0&%
? &he products which are developing by the company were very much suitable for
every Indian customer.
? &hey are providing valuable / fleEible services for the customers.
? &hey are maintaining a good or everlasting customer relation ship.
? &he main reason behind the growth of the company was a high commission rates
providing for the advisors.
!*() */ &21%I%
-y research was to know about promotional miE of insurance
products offered and its importance on the business growth of the !"H"H "..I"+01
company.
I studied about the company for at most all for 7months period and I came to know the
following things
@=
PROMOTIONAL ACTIVITIES
? &he most important strategy following by the company was recruitment of
insurance consultants for the company.
? It is the first private insurance company entered in to the rural market.
BAJAJ ALLIANZ SUPER AGENT
=
SUPER SERVICE
+
SUPER ADVICE
+
SUPER FOLLOW UP’S
+
SUPER CUSTOMISED SOLUTIONS
=
SUPER CUSTOMER SATISFACTION
@>
,romotional miE of insurance products
Right know company has so many types8 products which will suitable for Indian people.
516 &R"(I&I*+". ,*.I0I1%
576 ,1+%I*+ ,*.I0I1%
5@6 '+I& .I+P1( ,*.I0I1%
5A6 21".&2 ,*.I0I1%
&R(I&I*+". ,*.I0I1%
? I+;1%&-1+& 3"I+
? 0"%2 3"I+
? 02I.( 3"I+
? RI%P 0"R1
? &1R- 0"R1
,1+%I*+ ,*.I0I1%
? %4"R+";I%2R"+&2I
? '+I& 3"I+ 1"%) ,1+%I*+
? '+I& 3"I+ %I+3.1 ,R1-I'-1"%) ,1+%I*+
? '+I& 3"I+ ,1+%I*+ R13'.."R
A?
'+I& I.+P1( ,*.I0I1%
? +14 '+I& 3"I+
? +14 '+I& 3"I+ ,.'%
? +14 '+I& 3"I+ %',1R
? '+I& 3"I+ ,R1-I1R 5%I+3.1 ,R1-I'-6
? '+I& 3"I+ ,.'% %I+..1 ,R1-I'-
? 0",I&". '+I& 3"I+
21".&2 ,*.I0I1%
? 21".&2 0"R1
? 0"R1 /IR%&
Protector
A Mortgage Reducing Term Insurance Plan
&his is the perfect plan to protect the family from the repayment liability of outstanding
loans, in the unfortunate case of death of the loaner. &here is also an option to cover the
co9 applicant of the loan at a very nominal cost under this plan...
Child Gain
0hildrenKs ,olicy
Right from providing for your childKs education to securing a bright future, this plan is
tailor9 made to suit your childKs needs...
A1
Cash Gain
Money Back Plan
&his is the only money back plan that offers Duadruple protection, going upto A times the
basic sum assured, and a family income benefit
Swarna Vishranti
Retirement Plan
In addition to life insurance and attractive taE benefits, this plan enables you to make
adeDuate provisions for your years after retirement as well...
Invest Gain
An Endowment Plan
&his savings plan combines high protection 5up to Duadruple cover6 with a uniDue family
income benefit

&erm ,lan with Return9of9,remium
"n economic way of providing life cover, this plan also ensures the return of all premiums at
the time of maturity...
Lifetime Care
Whole Life Plan
&his whole life plan provides survival benefits at the age of =? thereby making sure you are
financially secure at the time when you need it the most...
A7
P1)-"+ I+%'R"+01
A Promising Business Opportunity
&he thumb rule for buying insurance is that your insurance needs are minimal in your
early earning years, increase with added responsibilities 5-arriage, children, loans etc.6
and taper off by the time you retire. It is difficult to find a single
insurance plan that can take care of all your changing reDuirements in life G additional
protection, more money to invest, sudden reDuirement of cash or a steady post9retirement
income
New Unit Gain Easy Pension Plus
'nit .inked Retirement ,lan without life cover
!ajaj "llian# 'nit3ain 1asy ,ension, is a plan that helps you take control of your future
and ensure a retirement you can look forward to. &his is a regular premium investment
linked deferred annuity policy. "vailable asJ 'nit3ain 1asy ,ension Regular ,remium F
'nit3ain 1asy ,ension %ingle ,remium
HealthCare
&his is a three9year health insurance plan, providing comprehensive health cover with life
insurance benefit. )ou can choose the amount of cover for each benefit separately in
multiples of the minimum cover amount, subject to a maEimum multiple of 1?.
A@
0apital 'nit 3ain
? !ig !oss of all '.I,%
0apital 'nitgain is a unit linked endowment regular premium plan that is designed
to suit all your insurance F investment needs
3roup ,lans
3R*', 0R1(I& %2I1.(
"vailable for 1mployer 9 1mployee 3roups
and +on 1mployer91mployee 3roups
3R*', &1R- .I/1
"vailable for 1mployer 9 1mployee 3roups
and +on 1mployer91mployee 3roups
GROUP TERM LIFE SCHEME
in lieu of 1(.I 51mployees (eposit .inked Insurance
NEW GROUP SUPERANNUATION SCHEME
"ssure your 1mployees a financially secured, stable and independent post retirement
life
+14 3R*', 3R"&'I&) 0"R1 %021-1
3iving your 1mployees and their families the heartening reassurance of your care
and financial security
AA
CHAPTER -3
*n the Hob &raining
In the survey conducted on ~selling of @ policies with Rs AB,??? premium per month for
!ajaj "llian# life insurance$. I have collected the information from various people and
*rgani#ations with the help of a structured Cuestionnaire.
In this survey I have collected the information from different people who are having life
insurance and their opinion about insurance, their satisfactory levels.
In the above survey I went with marketing eEecutives and learned about life Insurance.
Introduction
0ompany has assigned me a target generate business worth of Rs 1,=?,??? and
recruiting of @ic8s .
(uring these 7 months. *ur company guides are helping a lot in eEplaining each
and every point regarding in achieving our targets. &ill now I undergone training
%ections and also participated in their office works and had learned all the manual
4orks that take place in 0entrum direct. .*ur job is to collect data base from
,rospective customers, and sell policy and give them It to company. I am doing my
,roject under our company 3uide -rs.%2"-"." devigaru -y company people are
%howings the potential areas, we need to go there and %urvey that area at last we are
%upposed to submit the report. -y theoretical knowledge8s helping a lot in 0onvincing the
customers to give their details like that, being professional they are allowing us to
make a talk with them. !y the completion of -y project I am surely can say that the
person with good communication skills, ,atience and a little bit of knowledge is
enough to be a marketing manager. 4hile 0oming to the point of achievements,
AB
our Hob is to collect database and the finally selling the policy8s still now. %o it will
take some time to get the results. I am so happy with the *H& and with my work.
]Target/tasks
TARGETS
? %elling of insurance policy worth R%.AB, ??? for month.
? "nd recruiting A I.05insurance consultancy6for 1months.
TASKS
? &o generate a business worth of Rs 1,=?,???
? Recruiting of 1? ics for four months period
`AchievementsJ
? I generated a business worth of rs @,??,??? for the company still continuing
? Received pre G placement offer letter, corporate honor certificate, appreciation
letter.
? " memento from the company.
CONCLUSION:
&he *H& has been very helpful in developing the soft skill area, boosting the
confidence and also understanding the application of theory learned in the classroom.
"lso it has been helpful to enhance knowledge in terms of various functional aspects of
organi#ation, products and industry.
" part from given practical eEposure to me, *H& is beneficial to organi#ation also
as it provides platform to the organi#ation to eEperiment different low cost activities and
enhancing with channel partners
A:
" %&'() *+ ,R*-*&I*+". -IX */ I+%'R"+01 ,R*('0&% "+( I&%
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BODY OF THESIS
? -y research was to know about promotional miE of insurance products offered and
its importance on the business growth of the !"H"H "..I"+01 company.
? I studied about the company for at mopst all for 7months period and I came to
know the following things.
A<
,R*-*&I*+". "0&I;I&I1%
? &he most important strategy following by the company was recruitment of
insurance consultants for the company.
? It is the first private insurance company entered in to the rural market.
? &hey are concentrating only on the commissions to insurance consultants.
? &hey are providing different kinds of products which will be suitable for Indian
customers.
!"H"H "..I"+I %',1R "31+&
Q
%',1R %1R;I01
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Promotional mix of insurance products
A=
Right know company has so many types8 products which will suitable for Indian people.
516 &R"(I&I*+". ,*.I0I1%
576 ,1+%I*+ ,*.I0I1%
5@6 '+I& .I+P1( ,*.I0I1%
5A6 21".&2 ,*.I0I1%
TRDITIONAL POLICIES
? I+;1%&-1+& 3"I+
? 0"%2 3"I+
? 02I.( 3"I+
? RI%P 0"R1
? &1R- 0"R1
PENSION POLICIES
? %4"R+";I%2R"+&2I
? '+I& 3"I+ 1"%) ,1+%I*+
? '+I& 3"I+ %I+3.1 ,R1-I'-1"%) ,1+%I*+
? '+I& 3"I+ ,1+%I*+ R13'.."R
UNIT ILNKED POLICIES
? +14 '+I& 3"I+
A>
? +14 '+I& 3"I+ ,.'%
? +14 '+I& 3"I+ %',1R
? '+I& 3"I+ ,R1-I1R 5%I+3.1 ,R1-I'-6
? '+I& 3"I+ ,.'% %I+..1 ,R1-I'-
? 0",I&". '+I& 3"I+
21".&2 ,*.I0I1%
? 21".&2 0"R1
? 0"R1 /IR%&
/ocused %ales +etwork
Data Analysis
B?
1. People Interested in insurance Product on their age
AGE % OF INVESTORS
10-20 9
20-30 17
30-0 33
0-!0 21
!0-"0 20
B1
0
5
10
15
20
25
30
35
% OF INVESTORS
10 to20
20 to 30
30 to 40
40 to 50
50 to60
&his graph represents the perceptions of people towards insurance according to age
factor. ,eople between the age group of @?9A? are more interested to invest in insurance
than people in the remaining age groups. ,eople between age group of A?9:? are also
interested but in less number. ,eople between age group between 1?97? are not that much
interested because they don8t know the insurance.
B7
2. Opinion of people interested on different type of product
OINIONS OF RODU!T
% OF
INTERSTED
#$%P 3
&'%$D ()%* 10
'+)$,' &)-+ 23
(-.#P P$)*/ 00
P+*/%.* P$)*/ 1"
Interpretation:
in this survey, I came to conclude that A@T of total investors made their investment in
'.I, product based on the high returns from the mutual funds and, 7@ T of investors
made their investment in health care based on the safety their health and 1?T of investors
made their investment child gain based on the their child future and &he remaining 7AT
of investors made their investment objective based up on the taE benefit they get through
insurance.
3. S"tisf"ctory le#els of people to$"rds B"%"% Alli"n&
/atisfactor1 le2els of People 3 of People
B@
4ull1 /atisfied 2!
/atisfied 37
Partiall1 /atisfied 10
*ot /atisfied 20




Interpret"tion5
%n this sur2e16 % came to conclude that 2!3 of total in2estors are full1
satisfied b1 in2esting in insurance6 373 of in2estors are satisfied and 103 are
partiall1 satisfied6 b1 in2esting in insurance. ,he remaining 203 of in2estors are
not satisfied because of 2arious reasons.

.Investment decision of people towards BajajAllianz life insurance
BA
Satisfactory levels of people
Fully Satisfied
Satisfied
Partially Satisfied
Not Satisfied
%n2estment decision 3 of People
&ompan178rand 9alue 1"
4und Performance "
,a: 8enefits 20


Interpretation:
In the survey I came to conclude that 17T of people are investing by &aE benefits because
only business people invest for their taE benefits. :=T of people are investing due to fund
performance because middle class people eEpect high returns and rest of the people
basing on company brand value.
BB
Ivest!et "ecisio of people
Company/Brand
Value
Fund
Performance
Tax Benefits
!. Preferring of insurance
B:


Interpretation
OTION
% OF
!USTOMERS
securit1 2!
)ssured in returns 3
$ess ris; 12
,a: benefits 20
0
10
20
30
0
!0
" #F C$ST#%&'S
#referri$ of %&t&al F&"s
security
(ssured in
returns
)ess ris*
Tax +enefits
B<
7BT of investors felt that mutual funds are Wsecurity8 , A@T of investors felt that
insurance can give more Wreturns8, 17T of investors felt that insurance have Wless risk8 ,
7?T of investors felt that insurance have taE benefits.
:. Type of Insurance People preferring
Investment option T of ,eople

)early @B
Cueerly A<

2alf yearly 7=


0
10
20
30
0
!0
1 2 3
Series1
Interpretation
/rom the above graph we can conclude that at about A<T of the customers would like to
invest their money on short term basis, and about @BT of the customers would like invest
B=
their amount in long term basis and 7=Tof customers would like to invest their money
through systematic investment plan.
Findings
-any people between the age group of 7B9:? years are interested to invest in insurance.
? ,eople in the age group below 1> years and more than :? years are less interested
to invest in insurance because they don8t want to take any risk.
? -any people are interested to invest in insurance because of high returns, taE
benefits.
? -ost of the business people, employees who are working in financial institutions
have awareness about mutual insurance than other category of people. ,eople who
are in the middle of their careers are more interested in investing.
? &o invest in insurance most of the persons prefer a time hori#on of one to three
years.
? "pproEimately >BT of the investors opined that investing in insurance is good.
? ,ersons who earn 1?,??? and more interested to invest in insurance.
? -ore -iddle class people who have awareness about insurance are showing
interest to invest as systematic investment plan.
? -ore people are interested to invest in insurance who have good past performance.
B>
R10*--1+("&I*+%
"fter a detailed study of the company I came to know that there is a lacking in the market
&hey should concentrate mostly on the electronic medid, advertisements.
&hey should decrease the commission rates for the insurance consutants.
0*+0.'%I*+
4ith the brief study of the company I came to know about the importance of
insurance industry.

Questionnaire
Name,
"geJ
(esignationJ
"ddress
,hone +o.
-obile +o.
:?
1mail I(
"nnual income
&aE payment
/amily members
0hildren8s male 5 6 female 5 6
"ge 5 6 "ge 5 6
(o you know the !ajaj "llian#X
)es 5 6 +o 5 6
"re you interested in'.I,%
)es 5 6 +o 5 6
%hare marketing
)es 5 6 +o 5 6
2ow do came to know about the bajaj allian#
/riends 5 6 Relatives 5 6 others 5 6
BIBLIOGRAPHY
&o update my knowledge in the field of marketing to do my project effectively I
referred some of the books like ,hilip kotler8s marketing ideas. &o know about my
company I referred to www.bajajallian#.co.in and for concepts of life insurance I login
into www.google.com, /or history of insurance, financial status of the company.

:1

doc_845579701.doc