A STUDY ON

CONSUMER BEHAVIOUR ON INSURANCE POLICIES

PROVIDED BY
BAJAJ ALLIANZ
Submitted in partial fulfillment of the
Requirement for the award of the degree of
BACHELOR OF BUSINESS ADMINSTRATION
BY
K.MOUNIKA
(155014013)
Under the esteemed guidance of
K .VINOD KUMAR M.B.A
Lecturer in Management Studies

DEPARTMENT OF BUSINESS MANAGEMENT

VASAVI MAHILA KALASALA
AFFILIATED TO RAYALASEEMAUNIVERSITY
KURNOOL
2015-2018

1
 A STUDY ON
CONSUMER BEHAVIOUR ON INSURANCE POLICIES
PROVIDED BY
BAJAJ ALLIANZ
Submitted in partial fulfillment of the
Requirement for the award of the degree of
BACHELOR OF BUSINESS ADMINSTRATION
BY
K.MOUNIKA
(155014013)
Under the esteemed guidance of
K. VINOD KUMAR. M.B.A
Lecturer in Management Studies

DEPARTMENT OF BUSINESS MANAGEMENT

VASAVI MAHILA KALASALA
AFFILIATED TO RAYALASEEMA UNIVERSITY
KURNOOL
2015-2018

2
 Vasavi Mahila Kalasala
Kurnool

Department of Business Management

CERTIFICATE

This is to certify that the Project Report titled “A STUDY ON CONSUMER BEHAVIOUR
INSURANCE POLICIES PROVIDED BY BAJAJ ALLIANZ ” was carried out by K.MOUNIKA,

of Regd.No:155014013, This is submitted in partial fulfillment for the award of the Degree
of Bachelor of Business Administration(BBA) of Rayalaseema University ,during the
academic year 2015- 2018.

EXAMINER PRINCIPAL HOD

3
 PROJECT GUIDE CERTIFICATE

Ms.K.MOUNIKA, pursuing BBA of final year from Vasavi Mahila Kalasala, Kurnool in
partial fulfillment for the award of the degree has done her project entitled, “A STUDY ON
CONSUMER BEHAVIOR ON INSURANCE POLICIES PROVIDED BY BAJAJ
ALLIANZ”, under my guidance has furnished the details true to the possible extent of my
knowledge.

Place:

Date:

K.VINOD KUMAR.M.B.A
Lecturer in the Department Of Commerce
And Management Studies

4
 DECLARATION

I hereby declare that this Project Report titled “A study on Consumer Behavior on
Insurance Policies Provided By BAJAJ ALLIANZ ” submitted by me to the Department
of Business Management, Vasavi Mahila Kalasala, is a bonafide work undertaken by me and
it is not submitted to any other University or Institution for the award of any
degree/diploma/certificate or published any time before.

Name of the Student

Date:

Signature of the Student

5
 ACKNOWLEDGEMENT

I, the researcher would like to express my thanks to all those who helped me directly or
indirectly to complete this project.
First, I take this opportunity to express my sincere thanks to our Principal Smt. Dr. N.
Parvathi Mam and the college management for providing an opportunity and facility in
successful completion of my project.
I also thank K.Vinod Kumar Sir, Vasavi Mahila Kalasala, and Kurnool for his constant
guidance and valuable advice.

My heartful thanks to the N.SandeepKumar Sir, AikyaB.P Mam, Keerthi Kumari Mam,
N.PurnimaDevi Mam who showed infinite interest and helped me at all times with valuable
suggestions and kind co-operation without whom I could not draw multifarious sketch for
my Project Work.

Finally, I am thankful to my parents who helped me directly in my phase of completion of

this project work.

K.MOUNIKA

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 CONTENTS

1. INTRODUCTION 08

2. INDUSTRY PROFILE 14

3. COMPANY PROFILE 16

4. NEED FOR STUDY 24

5. RESEARCH & METHODOLOGY 27

6. CONCEPTS 30

7. DATA ANALYSIS AND INTERPRETATION 33

8. FINDINGS AND SUGGESTIONS 44

9. ANNEXURE 48

QUESTIONNAIRE

BIBLIOGRAPHY

7
 CHAPTER-1
INTRODUCTION

INTRODUCTION
MARKETING

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Goods and services do not move automatically from producers to the users. There is a
definite mechanism that brings about exchange of goods and services against money.
Marketing is the belt that connects two major wheels of any economy namely producers and
consumers. It is the creation of utilities as goods and services get value addition by the time
they reach the consumers.

“Marketing is the social process in which Individuals and organizations obtain what
they need and want through creating and exchanging value with others.”

--Kotler and Amstrong

SERVICE
Services are activities or benefits that one party can offer to another that are essentially
Intangible and do not result in the ownership of anything.

SERVICE MARKETING
It is a specialized branch of marketing. Services marketing emerged as a separate field of
study in the early, 1980’s, characteristics of services required different strategies compared
with the marketing of physical products .Services marketing typically refers to both Business
to Consumer [B2C] ,and Business to Business [B2B] services such as telecommunication
services, financial services, and all type of Hospitality, tourism and entertainment services
,car rental services ,etc

IMPORTANCE:

Given the intangibility of services marketing team becomes a particularly challenging and
yet extremely important task. Due to increasing homogeneity in product offering, the
attendant services provided are emerging as a key differentiator in the mind of the
consumers.

IMPORTANCE OF CUSTOMER RELATIONS

Customer Relations are key factors when it comes to the marketing of services .Since, the
products are Intangible, a large part of the customers buying decisions depends on the degree

9
to which he Trusts the seller. Hence, the need to listen to the needs of the customer and fulfill
them through the appropriate service offering and build a long lasting relationship which
would lead to repeat Sales and positive word of mouth.

CUSTOMER RETENTION
Given today’s highly competitive scenario where multiple providers are vying for a limited
pool of customers, retaining customers is even more important than attracting new ones.
Since, services are usually generated and consume at the same time, they actually involve
the customer in service delivery process by taking into consideration his requirements and
feedback. Thus, they offer great scope for customization according to customer
requirements, Thus, offering increased satisfaction leading to higher customer retention.

“ Services represent either intangibles yielding Satisfaction directly

(Transportation, Housing), or Intangible yielding satisfactions jointly when purchased either
with commodities or other services (Credit delivery)”.

-- ‘W.T.Regan

10
 Company has given me the target of collecting data base from prospective customers
during these 2 months. Our company guides are helping a lot in explaining each and every
point regarding in achieving our targets. Till now I undergone training Sections and also
participated in their office works and had taught all the manual Works that take place in
Centrum direct. .Our job is to collect data base from Prospective customers, and sell policy
and give them It to company. I am doing my Project under our company Guide Mrs.Shamala
My Company people are Showings the potential areas, we need to go there and Survey that
area at last we are supposed to submit the report. My theoretical knowledge’s helping a lot
unconvincing the customers to give their details like that; being professional they are
allowing us to make a talk with them. By the completion of my project I am surely can say
that the person with good communication skills, Patience and a little bit of knowledge is
enough to be a marketing manager. While coming to the point of achievements, our Job is to
collect database and the finally selling the policy’s still now. So it will take some time to get
the results. I am so happy with the OJT and with my work.

CONSUMAR BEHAVIOR

Consumer Behavior is the study of individuals, groups, or organizations and all the activities
associated with the purchase, use and disposal of goods and services, including the
consumer's emotional, mental and Behavioral responses that precede or follow these
activities. Consumer Behavior emerged in the 1940s and 50s as a distinct sub-discipline in
the marketing area. Consumer Behavior is an inter-disciplinary social science that blends
elements
from psychology, sociology, social anthropology, ethnography, marketing and economics,
especially Behavioral economics. It examines how emotions, attitudes and preferences affect
buying Behavior. Characteristics of individual consumers such
as demographics, personality lifestyles and Behavioral variables such as usage rates, usage
11
occasion, loyalty, brand advocacy, willingness to provide referrals, in an attempt to
understand people's wants and consumption are all investigated in formal studies of
consumer Behavior. The study of consumer Behavior also investigates the influences, on the
consumer, from groups such as family, friends, sports, reference groups, and society in
general

The study of consumer Behavior is concerned with all aspects of purchasing Behavior - from
pre-purchase activities through to post-purchase consumption, evaluation and disposal
activities. It is also concerned with all persons involved, either directly or indirectly, in
purchasing decisions and consumption activities including brand-influencers and opinion
leaders. Research has shown that consumer Behavior is difficult to predict, even for experts
in the field.[3] However, new research methods such as ethnography and consumer
neuroscience are shedding new light on how consumers make decisions.

DEFINITION:

Consumer Behavior is the study of how individual customers, groups or organizations select,
buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to
the actions of the consumers in the marketplace and the underlying motives for those
actions.

Marketers expect that by understanding what causes the consumers to buy particular goods
and services, they will be able to determine—which products are needed in the marketplace,
which are obsolete, and how best to present the goods to the consumers.

The study of consumer Behavior assumes that the consumers are actors in the marketplace.
The perspective of role theory assumes that consumers play various roles in the marketplace.

12
Starting from the information provider, from the user to the payer and to the disposer,
consumers play these roles in the decision process.

The roles also vary in different consumption situations; for example, a mother plays the role
of an influence in a child’s purchase process, whereas she plays the role of a disposer for the
products consumed by the family.

13
CHAPTER-2
INDUSTRY
PROFILE

14
Industry Profile:

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv
Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a
reputation of expertise, stability and strength.
Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA)
certificate of Registration on 2nd May, 2001 to conduct various businesses (including Health
Insurance business) in India. The Company has an authorized and paid up capital of Rs 110
crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2017, Bajaj Allianz continues to be one of the most financially robust
insurers in the industry by maintaining its growth as well as profitability. The company has
made a profit before tax of Rs. 1,078 crores and emerged as the most profitable insurer
recording a profit after tax of Rs. 728 crores. The company reported a GWP of Rs. 7,687
crores, which has grown by 30.3% compared to the last fiscal year.

For the 11thconsecutive year, Bajaj Allianz General Insurance has received iAAA rating from
ICRA, indicating the highest claims paying ability and a fundamentally strong position in the
industry. The first accreditation was received in 2005-06 and the company has maintained
this rating since then. The Company has embraced digitalization as a primary enabler and
has been working continuously on automation and digitization of its service offerings. It
offers real time solutions to its customers and partner via mobile applications and dedicated
portals.

15
CHAPTER-3
COMPANY
PROFILE

16
 Company Profile
Bajaj Alliance Life Insurance Co. Ltd is a joint venture between two leading
Conglomerates – Allianz AG, one of the world’s largest insurance companies, and Bajaj
Auto, one of the biggest two and three wheeler manufacturers in the world. Bajaj Allianz is
one of India’s leading private life insurance companies. It stands 2 nd among the private
Insurance companies in India and 3rd among the Insurance companies in India. It is one of
the fastest growing private life insurance companies in India. Bajaj Allianz currently has
over 300,000satisfied customers. They are even backed by a network of 155 offices spanning
the country.

Bajaj Allianz General Insurance Company Limited, one of India's leading private general
insurance companies, reported a 50 percent increase in gross premium income to 12,850
million rupees (234 million euros) excluding service tax for its business year 2005-6, ending
March 31. Net profit grew 9.8 percent to 516 million rupees (9 million euros).

Bajaj Allianz General Insurance is aiming for accelerated market penetration in future.
"Going forward, the company's focus will continue to be on growth with underwriting
profits, and preparing ourselves for the free pricing scenario from 2007 onwards," said
Kamesh Goyal, CEO.

The company, a joint venture company between Bajaj Auto Limited, a leading Indian
manufacturer of two- and three-wheeler vehicles and the Allianz Group, issued 3.9 million
policies over the twelve-month period, the highest rate among private insurers. Its claim
settlement ratio reached 93 percent.
Bajaj Allianz Life wins new business

Bajaj Allianz Life Insurance, meanwhile, reported a 216 percent increase in new business
premium to 505 million euros in its business year 2005-6. The company, which is now
17
Indian's leading life insurance company, said its industry market share grew to 7.6 percent
from 3.4 percent in the previous year. It aims to become India's first profitable life insurance
company soon, by employing an innovative economic model & keeping costs low. It issued
777,49 new policies in fiscal 2005-2006.
Bajaj Allianz Life Insurance is now based in 534 towns, compared with 293 towns in 2004-
5. It employed 108,155 agents in its last fiscal year, more than doubling than 47,078 agents
In the previous year.

Growth follows the company's refocus on customer needs, a program which started two
years ago. "Our basic promise is 'Jaisi Jaroorat Vaisa Insurance' – insurance meeting the
customers' needs," said CEO Sam Ghosh. "We focus on what customers want and not what
we want to sell. We let customers decide which channel they are comfortable to buy from."

"Our end objective is to have satisfied customers and satisfied customers are drivers in the
life insurance business more than anything else," continued Ghosh. "This focus has brought
us so far so rapidly and we are sure this focus will help up maintain our leadership as well."
Diverse range of customers

The company has identified flexible products which are suitable for Indians' needs. It caters
for more than 290 segments of consumers, stemming from diverse religious, cultural and
educationalbackgrounds.
Bajaj Allianz Life Insurance recognizes that its average customers are looking for low-price
products, such as its "6-in-1 Healthcare" product, with a premium of just 100 rupees (1.75
euros) 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 "Bajaj Allianz Banyan Tree". This expansion 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.

18
As with all content published on this site, these statements are subject to our Forward
Looking Statement disclaimer, provided on the right.

Analysis:
After collecting the data through survey I have done analysis of the information collected.
The sample size in the present study is 100 and the total respondents of this survey has well
responded in a very interesting manner. The topic on which the survey is conducted is
Customer Perception towards Private Life Insurance Companies. The survey covers only the
Hyderabad region. The analysis is based on questionnaire designed.

Allianz Bajaj declares bonus for policyholders

Pune, 15th March, Allianz Bajaj Life Insurance Company Limited, a joint venture between
Allianz AG of Germany and Bajaj Auto and also the fastest growing private life insurance
company, announced the compounded reversionary bonus on the Sum Assured up to March
2003-04 for the second continuous year. The Board of Directors of the company also
approved a “special bonus for the policyholders. Bonuses once declared by the company
are fully guaranteed.

The compounded bonus is different from simple bonus as in a compounded bonus, the
bonuses already attached to the policy also earn through bonuses declared every year. If this
declaration of bonus were repeated every year, then at the current level i.e. at 2.3%, the
policyholder would receive a return on investment of up to 5.7% on premiums paid in the
long term, in addition to the valuable life protection benefits.

The compounded reversionary bonus would be applicable to all regular premium with-
profits policies in-force as on 31.03.2004.The total compounded reversionary bonus rate for
the main line of regular premium products like Invest Gain and Cash Gain will be a total
2.3% p.a. of the Sum Assured of which 1.8% p.a. will be compounded reversionary bonus
and 0.5% p.a. will be the “special bonus€.

19
Announcing the bonus rates, Sam Ghosh, Country Manager, Allianz and CEO, Allianz Bajaj
Life Insurance said “The total bonus of 2.3% on the mainline products this year compares
favorably with the 2.5% declared last year in the current market conditions. This is
significantly better if one takes into account that the drop in 10-year gilt rates from 6% to
5% during the course of the year and also the benchmark interest rates dropped significantly
during 2003-04. This has put a downward pressure on the bonuses. We are using the process
of smoothing our bonus rates for participating policies to provide better bonuses to
policyholders.

The bonus rate for all other types of regular premium policies like Save Care, Cash Care,
Lifetime Care and Child Care would be a total of 1.2% of the Sum Assured (inclusive of the
special bonus).

Allianz Bajaj Life Insurance Company has developed insurance solutions that cater to every
segment and age-income profiles. Its products include Invest Gain (a unique life insurance
plan where sustenance of income is combined in the same plan that also pays a lump sum),
Cash Gain (Money Back), Child Gain (Children’s plan), Risk Care (Pure Term),
Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti
(Retirement Plan), Protector (Mortgage term insurance plan), Unit Gain (Unit Linked Whole
of Life Plan) and Unit Gain Single Premium.

Allianz Bajaj is poised for an accelerated growth in the market and has already become the
fastest growing private life insurance company in India. Allianz Bajaj has a wide pan India
presence of office network in 56 cities of the country and is aided with a strong and trained
Agency network of over 27,000 agents. Allianz Bajaj has also forged strong Banc assurance
and Corporate Agency relationships and continues to build on new tie-ups for fast track
growth and deep market penetration.

20
Allianz Bajaj has launched a slew of need-based products to cater to each varied needs of the
customer. Currently Allianz Bajaj has a product portfolio of 18 products and more need-
based products are in the pipeline.

Allianz Group

Allianz Group is one of the world's leading insurers and financial services providers.

 Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost
174,000 employees. At the top of the international group is the holding company,
Allianz AG, with its head office in Munich.
 Allianz Group provides its more than 60 million customers worldwide with a
comprehensive range of services in the areas of

 Property and Casualty Insurance,

 Life and Health Insurance,

 Asset Management and Banking.

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE

 Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr.

 3rd largest Assets Under Management (AUM) & largest amongst Insurance cos. -
AUM of Rs.51, 96,959 cr.

 12th largest corporation in the world

 49.8 % of global business from Life Insurance

 Established in 1890, 110 yrs of Insurance expertise

 70 countries, 173,750 employees worldwide

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Bajaj Group

Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group is the largest
manufacturer of two-wheelers and three-wheelers in India and one of the largest in the
world.

A household name in India, Bajaj Auto has a strong brand image & brand loyalty
synonymous with quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

o One of the largest 2 & 3 wheeler manufacturer in the world

o 21 million+ vehicles on the roads across the globe

o Managing funds of over Rs 4000 cr.

o Bajaj Auto finance one of the largest auto finance cos. in India

o Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03

o It has joined hands with Allianz to provide the Indian consumers with a distinct option
in terms of life insurance products.

o As a promoter of Bajaj Allianz Life Insurance Co. Ltd., Bajaj Auto has the following
to offer -

o Financial strength and stability to support the Insurance Business.

o A strong brand-equity.

o A good market reputation as a world-class organization.

22
o An extensive distribution network.

o Adequate experience of running a large organization

 Bajaj Allianz Life Time Care – Total
 Bajaj Allianz Life Time Care – Economy
 Bajaj Allianz Life Time Care – Protect
 Bajaj Allianz Risk Care – Health
 Bajaj Allianz Risk Care – Economy
 Bajaj Allianz Risk Care – Protect
 Bajaj Allianz Risk Care – Total
 Bajaj Allianz Term Care – Economy
 Bajaj Allianz Term Care – Health
 Bajaj Allianz Term Care – Protect
 Bajaj Allianz Term Care – Total
 Bajaj Allianz Save Care – Economy
 Bajaj Allianz Save Care – Protect
 Bajaj Allianz Save Care – Total
 Bajaj Allianz Save Care – Health
 Bajaj Allianz Invest Gain – Economy
 Bajaj Allianz Invest Gain – Gold
 Bajaj Allianz Invest Gain – Diamond
 Bajaj Allianz Invest Gain – Platinum
 Bajaj Allianz Cash Care – Economy
 Bajaj Allianz Cash Care – Health
 Bajaj Allianz Cash Care – Protect
 Bajaj Allianz Cash Care – Total
 Bajaj Allianz Cash Gain – Economy
 Bajaj Allianz Cash Gain – Gold
 Bajaj Allianz Cash Gain – Diamond

23
 CHAPTER-4
NEED FOR THE
STUDY

24
 NEED FOR STUDY

To analyze the concept of insurance better and for making customer awareness
analysis towards insurance. First a sample survey should be done on these things to know
the awareness level of customers in this regard and by this the satisfactory levels of the
existing investors who have already invested in life insurance.

There is more competition in this industry so there is a need to retain the customer with
the organization. So to sustain in the market the company has to follow various strategies by
attracting new investors and to retain the existing investors.
 The organization can estimate the satisfactory levels of existing customers in life
insurance.
 The Organization can know about the potential investors, who are interested and
going to invest in life insurance in the near future.
 They can know about Asset Management Companies, which people prefer to invest.
 The Organization can do more business with this

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 OBJECTIVES

Primary Objective

 To study and analyze the Perception of people towards life insurance in the current

Financial Market.

Secondary Objective

 To know the present satisfactory levels of existing policyholders.

 To know the reasons for preferring life insurance.

26
 CHAPTER-5
RESEARCH
METHODOLOGY

27
 RESEARCH METHODOLOGY
The objective of the present study can be accomplished by conducting a systematic
market research. Market research is the systematic design, collection, analysis and reporting
of data and findings that are relevant to different marketing situations facing the company.
The marketing research process that will be adopted in the present study will consist of the
following stages:

SURVEY DESIGN
“A 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”.

Descriptive research studies are those studies, which are concerned with describing the
characteristics of a particular individual

Sample Size and Design

A sample of 100 people was taken on the basis on convenience. The actual consumers were
contacted on the basis of random sampling

Research period
Research work is only carried for 2 months

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DATA COLLECTION
The data which is collected for the purpose of study is divided in to 2 basis
 Primary source : The primary data comprises information survey of a study on
consumer behavior on insurance policies provided by Bajaj Allianz. The data has been
collected directly from respondent with the help of questionnaires
 Secondary source: The secondary data was collected from internet references from
library.
Sampling unit:
I have done my project in Kurnool city.
Data Analysis:
The data is analyzed on the basis of suitable tables by using questioner method

Limitations of the study

1) The time is not sufficient to meet all the investors.

2) Respondent’s suggestions may or may not be correct.
3) Researchers don’t have experience.
4) Factors considered in the questionnaire may or may not be Sufficient.
5) Sample size is too low to get the proper information.
6) As many customers are not willing to give their opinions, we are unable to
Get Proper information.
7) Opinions of investors may vary by time.

29
CHAPTER-6
CONCEPTS

30
CONSUMER
Consumer behavior is the study of how individual customers, groups or organizations select,
buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to
the actions of the consumers in the marketplace and the underlying motives for those
actions.

CONSUMER BEHAVIOR

Consumer behavior is the study of how individual customers, groups or organizations select,
buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to
the actions of the consumers in the marketplace and the underlying motives for those
actions.

Marketers expect that by understanding what causes the consumers to buy particular goods
and services, they will be able to determine—which products are needed in the marketplace,
which are obsolete, and how best to present the goods to the consumers.

CONSUMER BEHAVIOR IN MARKET

Marketing is so much more than creating a catchy phrase or a jingle people will sing for
days. Understanding consumer behavior is a vital aspect of marketing. Consumer behavior is
the study of how people make decisions about what they buy, want, need, or act in regards to
a product, service, or company. It is critical to understand consumer behavior to know how
potential customers will respond to a new product or service. It also helps companies
identify opportunities that are not currently met.

31
A recent example of a change in consumer behavior is the eating habits of consumers that
dramatically increased the demand for gluten-free (GF) products. The companies that
monitored the change in eating patterns of consumers created GF products to fill a void in
the marketplace. However, many companies did not monitor consumer behavior and were
left behind in releasing GF products. Understanding consumer behavior allowed the pro-
active companies to increase their market share by anticipating the shift in consumer wants.

32
 CHAPTER-7
DATA ANALYSIS
&
INTERPRETATION

33
1. People Interested in insurance according to their age?

AGE % OF INVESTERS
10-20 9%
20-30 17%
30-40 33%
40-50 21%
50-60 20%

Interpretation:
The graph represents the perceptions of people towards insurance according to age factor.
People between the age group of 30-40 are more interested to invest in insurance than people
in the remaining age groups. People between age group of 40-60 are also interested but in
less number. People between age group between 10-20 are not that much interested because
they don’t know the insurance.

2. Opinion of people interested on different type of product?

Opinions of production % of interested
34
 ULIP 43%
Child gain 10%
Health care 23%
Group planes 8%
Pension planes 16%

Interpretation:
in this survey, I came to conclude that 43% of total investors made their investment in ULIP
product based on the high returns from the mutual funds and, 23 % of investors made their
investment in health care based on the safety their health and 10% of investors made their
investment child gain based on the their child future and The remaining 24% of investors
made their investment objective based up on the tax benefit they get through insurance.

3. Satisfactory levels of people towards Bajaj Allianz?

Satisfactory levels of People % of People

Fully Satisfied 25%
35
 Satisfied 37%
Partially Satisfied 10%
Not Satisfied 28%

Interpretation:
In this survey, I came to conclude that 25% of total investors are fully satisfied by
investing in insurance, 37% of investors are satisfied and 10% are partially satisfied, by
investing in insurance. The remaining 28% of investors are not satisfied because of various
reasons.

4. Investment decision of people towards Bajaj Allianz life insurance?

Investment decision % of People

Brand Value 16%
Fund Performance 64%
Tax Benefits 20%
36
Interpretation:
In the survey I came to conclude that 12% of people are investing by Tax benefits because
only business people invest for their tax benefits. 68% of people are investing due to fund
performance because middle class people expect high returns and rest of the people basing
on company brand value.

5. Which influences most while taking investment decision?

Influence person’s % of influences

37
 Self 20%
Friend 10%
Financial Advisor 60%
Anyone who knows well about insurance 10%

Interpretation:
As per my analysis there are so many factors like Tax exemption, security, interest rate, and
maximum returnees are doing predominant role while making an investment decision. But
lay man most of the times considers financial advisor suggestions than other persons for
making an investment decision as shown above graph presentation.

38
6. What are the revenue percentages of Bajaj Allianz products in the company for 2017-18 financial
years?
Company products % of Revenues
Health insurance 10%
Travel insurance 15%
Vehicle insurance 30%
General insurance 45%

Interpretation:
As pre my comprehensive survey on “company goals accomplishments “there are
multiple segments/products in the company gives maximum contributions for achieving
common goal of the company as like Bajaj Allianz.
General insurance policy is one of the Bajaj Allianz products. It has given highest
percentage of revenue (45) than other policies in 2017-18 financial years as shown above
graph.

7. What are the company’s successful claim disbursement percentages for 2017-18 financial years?
Company Name % of claim disbursements
39
 LIC 75%
Birla sun life 54%
Bajaj Alliance 64%
ICICI Lombard 42%
SBI Life Insurance 72%

Interpretation:
As per my perseverance any insurance company consistence growth is depends on
customer belief and satisfaction. Successful claim disbursement rate is one the key factor for
accomplishing customer belief.
According to above graph representation, LIC Company has achieved high claim
disbursement rate (75%) than other companies for the financial year of 2017-18.

8. What is the Bajaj Allianz renewal percentage for 2017-18 financial years?
Company products % of policy renewals for 2017-18
General insurance 30%

Vehicle insurance 10%

Travel insurance 15%
Health insurance 45%

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Interpretation:
According to my survey, customer’s annual policies renewal is one of the key factors in
companies’ consistency annual profit growth. Bajaj Allianz’s health insurance policy has
achieved highest annual policy renewal percentage (45) than other policies in the
company for the financial year of 2017-18.
We can see the Bajaj Allianz policies annual renewal percentages on above graph
presentation.

9. Why do you prefer insurance?

Influence factors % of influences
Security 70%
Assured in returns 10%
Less risk, middle leverage 10%
Tax benefits 10%

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 Interpretation:
According to my perseverance human being life is uncertainty hence everyone should
make life insurance police for them self future security purpose. Lay man considers some
factors such as security, assured in returns, less risk, middle leverage, and tax benefits while
making an insurance policy shown in the graph as influences percentage wise.

10. In which of the following you would like to invest your money?

Type of Investments % of interest

Shares 10%
Mutual funds 10%
Insurance 40%
Short term capital gains 20%
Long term capital gains 20%

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Interpretation:
As per my perseverance we should consider future circumstance while making investment
decisions .According to graph presentation shares and mutual funds investments are
uncertainty. No guaranty and high risk on investment
Insurance, long term capital gains and short term capital gains investments are zero risk,
guaranty on returns.

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 CHAPTER-8
FINDINGS
&
SUGGESTIONS

FINDINGS

 Many people between the age group of 25-60 years are interested to invest in insurance.
 People in the age group below 19 years and more than 60 years are less interested to
invest in insurance because they don’t want to take any risk.

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 Many people are interested to invest in insurance because of high returns, tax benefits.
 Most of the business people, employees who are working in financial institutions have
awareness about mutual insurance than other category of people. People who are in the
middle of their careers are more interested in investing.
 To invest in insurance most of the persons prefer a time horizon of one to three years.
 Approximately 95% of the investors opined that investing in insurance is good.
 Persons who earn 10,000 and more interested to invest in insurance.
 More Middle class people who have awareness about insurance are showing interest to
invest as systematic investment plan.
 More people are interested to invest in insurance who have good past performance.

SUGGESTIONS

 Bajaj Allianz are not concentration on the advertisements that why people don’t
know the company name I think company is little bit of amount spending on the

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 advertisement company will be growing very well and they comes lot of profit
They know the public awareness

 Compare to other companies Bajaj Allianz is good growing company in India.

They covered only main big cities, towns. Company has don’t know the rural
places. Company has concentrate on those rural places. Why because in India rural
places has more than the cities.

 I believe Bajaj Allianz policies are bit complex to understand the claim process,
renewal process, insurance maturity terms and conditions hence company should
focus on simplifying respected processes for easily understand the company
policies even lay mans.

 Bajaj Allianz Company should introduce door to door customer interaction

program for improving the company revenues.

 Bajaj Allianz company should actively involved in social welfare programs during
this activity they can easily get the good identity, mass publicity with less cost.
This is one of the cost effective activity for improving the company profits.

CONCLUSION

The M.T. has been very helpful in developing the soft skill area, boosting the
confidence and also understanding the application of theory learned in the classroom. Also it

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has been helpful to enhance knowledge in terms of various functional aspects of
organization, products and industry.

A part from given practical exposure to me, OJT is beneficial to organization also as it
provides platform to the organization to experiment different low cost activities and
enhancing with channel partners

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 CHAPTER-9
ANNEXURE

QUESTIONNAIRE
1. People Interested in insurance according to their age?
1. AGE
A)10-20 B)20-30 C)30-40 D)40-50 E)50-60

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2. Opinion of people interested on different type of product?
A) ULIP B) Child gains C) Health care D) Group planes E)Pension planes

3. Satisfactory levels of people towards Bajaj Allianz?

A) Fully Satisfied B) Satisfied C)Partially Satisfied D) Not Satisfied

4. Investment decision of people towards Bajaj Allianz life insurance?

A) Brand Value B) Fund Perform C) Tax Benefits

5. Which influences most while taking investment decision?

A) Self B) Friend C) Financial Advisor
D) Anyone who knows well about insurance

6. What are the revenue percentages of Bajaj Allianz products in the company for
2017-18 financial years?
A) General insurance B)Vehicle insurance
C)Travel insurance D)Health insurance

7. What are the company’s successful claim disbursement percentages for 2017-18
financial years?
A) LIC B) Birla sun life C) Bajaj Alliance D) ICICI Lombard
E) SBI life insurance

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8. What is the Bajaj Allianz renewal percentage for 2017-18 financial years?
A) Health insurance B) Travel insurance
C) Vehicle insurance D) General insurance

9. Why do you prefer insurance?

A) Security B) assured in returns C) less risk, middle leverage D) Tax benefits

10. In which of the following you would like to invest your money?
A) Shares B) Mutual funds C) Insurance D) Short term capital gains
E) Long term capital gains

BIBILOGRAPHY
Websites
 www.google.com
 www.wikipedia.com
 www.bajajallianz.com

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Reference Books
 MARKETING MANAGEMENT –PHILIP KOTLER
 MARKETING RESEARCH- G.C BERI
 RESEARCH METHODOLOGY – C.R KOTHARI

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