Arjun-A Study of Brand Awareness On Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz
EXECUTIVE SUMMARY:
The Insurance sector, after the opening up,
provides greater opportunities. Several global players
have
emerged
and
the
market
has
changed
significantly. In the changed scenario, the expectation is

that the low Insurance premium as a percentage of GDP
prevailing in India will improve and will offer better
opportunities to the insurance players.
Life Insurance sector is one of the key areas
where enormous business potential exists. In India
currently the life insurance premium as a percentage of
GDP is 1.3 per cent against 5.2 per cent in the US, but
in the liberalized scenario, the life insurance premiums
were projected to grow at around 18% to 20% from Rs
215 billion in 1998- 99 to Rs 592 billion in 2004-05 and
to Rs 1450 billion by 2009-10. Corporate non-life
premium was projected to grow from Rs 84 billion in
1998-99 to Rs 386 billion in 2009-10 and personal line
non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance
Corporation of India (LIC) is the major player. The LIC
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has 2050 branches. It is constituted in to seven Zones.
Currently there are 5, 60,000 LIC agents in India.
General Insurance is another segment, which has been
growing at a faster pace.
Bajaj Allianz works to generate revenue and make
profits so that the organisation is able to sustain and
compete in the market. The revenue comes from the
sales of its products, so as a summer trainee my job
profile was the study and sales of ULIP plan. I had to
study the ULIP plan to understand it and have the
complete knowledge of the product and do sales so as
to generate revenue for my organization.
INTRODUCTION:
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Life insurance is a form of insurance that pays
monetary proceeds upon the death of the insured
covered in the policy. Essentially, a life insurance policy
is a contract between the named insured and the
insurance company wherein the insurance company
agrees to pay an agreed upon sum of money to the
insured's named beneficiary so long as the insured's
premiums are current.
With a large population and the untapped market
area of this population insurance happens to be a very
big opportunity in India. Today it stands as a business
growing at the rate of 15-20% annually. Together with
banking services, it adds about 7 % to the countrys
GDP. In spite of all this growth statistics of the
penetration of the insurance in the country is very poor.
Nearly 80% of Indian populations are without life
insurance cover and the health insurance. This is an
indicator that growth potential for the insurance sector
is immense in India.
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It was due to this immense growth that the
regulations were introduced in the insurance sector and
in continuation Malhotra Committee was constituted
by the government in 1993 to examine the various
aspects of the industry. The key element of the reform
process
was participation of overseas insurance companies with

26% capital. Creating a more competitive financial
system suitable for the requirements of the economy
was the main idea behind this reform.
Since then the insurance industry
through
many
changes.
The
has gone
liberalization
of
the
industry the insurance industry has never looked back

and today stand as one of the most competitive and
exploring industry in India. The entry of the private
players and the increased use of the new distribution
are in the limelight today. The use of new distribution
techniques and the IT tools has increased the scope of
the industry in the longer run.
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Insurance is the business of providing protection
against financial aspects of risk, such as those to
property, life health and legal liability. It is one method
of a greater concept known as risk management which
is the need to manage uncertainty on account of
exposure to loss, injury, disadvantage or destruction.
Insurance is the method of spreading and transfer
of risk. The fortunate many who are exposed to some or
similar risk shares loss of the unfortunate. Insurance
does not protect the assets but only
compensates the economic or financial loss.

In insurance the insured makes payment called
premiums to an insurer, and in return is able to claim
a payment from the insurer if the insured suffers a
defined type of loss. This relationship is usually drawn
up in a formal legal contract.
Insurance companies also earn investment profits,
because they have the use of the premium money from
the time they receive it until the time they need it to
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pay claims. This money is called the float. When the
investments of float are successful they may earn large
profits, even if the insurance company pays out in
claims every penny received as premiums. In fact, most
insurance companies pay out more money than they
receive in premiums. The excess amount that they pay
to policyholders is the cost of float. An insurance
company will profit if they invest the money at a greater
return than their cost of float.
An insurance contract or policy will set out in detail
the exact circumstances under which a benefit payment
will be made and the amount of the premiums.
Classification of insurance
The insurance industry in India can broadly classify
in two parts.
They are.
1) Life insurance.
2) Non-life (general) insurance.
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1) Life insurance:
Life insurance can be defined as life insurance
provides a sum of money if the person who is insured
dies while the policy is in effect.
In 1818 British introduced to India, with the
establishment of the oriental life insurance company in
Calcutta.
The
first
Indian
owned
Life
Insurance
Company; the Bombay mutual life assurance society

was set up in 1870.the life insurance act, 1912 was the
first statuary measure to regulate the life insurance
business in India. In 1983, the earlier legislation was
consolidated and amended by the insurance act, 1938,
with comprehensive provisions for detailed effective
control over insurance. The union government had
opened the insurance sector for private participation in
1999, also allowing the private companies to have
foreign equity up to 26%. Following the opening up of
the insurance sector, 12 private sector companies have
entered the life insurance business.
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Benefits of life insurance
Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing.
It provides valuable tax relief.
Thus insurance is found to be very useful in the lives of
the person both in short term and long term.
Fundamental principles of life insurance contract;
1) Principle of almost good faith:
A positive duty to voluntary disclose, accurately and
fully, all facts, material to the risk being proposed
whether requested or not.
2) Principle of insurable interest:
Relationships with the subject matter (a person) which
is recognized in law and gives legal right to insure that
person.
2) Non-life (general) Insurance:
Triton insurance co. ltd was the first general
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insurance company to
be established in India in 1850, whose shares were

mainly held by the British. The first general insurance
company to be set up by an Indian was Indian
mercantile insurance co. Ltd., which was stabilized in
1907. There emerged many a player on the Indian
scene thereafter.
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INSURANCE INDUSTRY:
Historians believe that insurance first developed in
Sumer & Babylonia. The merchants & traders of these
societies transferred & pooled their money to protect
themselves from pirates.
In the 18th century BC, Babylonian king Hammurabi
developed a code of law known as the code of specific
rules governing the practices of early risk-sharing
activities.
Insurance developed during the 1700s in the
North American colonies. In 1730, Benjamin Frank
contributed for the Insurance of Houses from Loss by
Fire. The company collected contributions & this money
went into an investment fund. Interest on this fund went
towards
paying
claims
dividends
to
those
who
contributed money.
1.2. Reason for Insurance:
No one knows in advance when a loss will occur or
how
serious
that
loss
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will
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be.
The
uncertainty

surrounding potential losses is known as Risk. Insurance
offers a way for people to replace risk with known coststhe costs of buying & maintaining insurance policies.
Insurance pools risks shared by many people,

thereby, reducing the risks faced by a group. People pay
to buy insurance coverage (protection from risk). In
exchange, all policy holders (people who own insurance
policies)
receive
policyholders
as
promise
represented
that
the
group
of
by
the
insurance
organization will pay when any policyholder experience

any kind of loss.
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1.3. Importance of Insurance:
Insurance industries in India have a long history.
Life Insurance in existing form came in India from UK in
1818 with Oriental Life Insurance Company. The Indian
Life Assurance companies Act, 1912 was the first
measure to regulate Life Insurance business. Later in
1928 the Indian Insurance Companies act was enacted,
which was amended in 1938. Finally Government of
India in 1950 again amended this act. Life Insurance
Corporation of India was formed in September 1956 by
passing LIC Act, 1956 in Indian parliament.
The first general insurance company- Sun Insurance
Office Ltd. was established in Calcutta in the year 1710.
General Insurance business in India was nationalized
with effect from 1.1.73 by the General Insurance
Business
Act.
From
1973,
The
General
Insurance
Company (GIC) as a holding company divided in four

subsidiaries as:
- National Insurance Company Ltd.,
- The New India Assurance Company Ltd.
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- The Oriental Insurance Company Ltd.
- The United India Insurance Company Ltd.
INTRODUCTION OF LIFE INSURANCE IN INDIA:

Economy: 4th largest in the world in terms of
Purchasing Power Parity (PPP)
GDP growth Rate: Over 6% per year on an average
for the last decade
Estimated middle class population: 300 Million
Insured population: 70 million only
Insurance is an Rs 450 billion industry in India. The
value of the market is determined by gross premium
incomes. The life insurance segment writes about 80%
of the overall market value. Indian Insurance market
was at its all-time high in 2003 with a growth of about
17.4% over the previous year. Since 2001 Insurance is
growing at the rate of 15-20 % annually. The growth in
the insurance industry is affected by volatility in real
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estate rates, GDP rates and long term interest rates.
Fluctuations in exchange rates also affect the growth in
this sector. The gross premium as a percentage of the
GDP has gone up from 2.3 in the year 2000 to 4.8 in
2006. Together with banking services, it adds about 7%
to the countrys GDP.
1.4. Some of the important milestones in the

life insurance business in India are:
British-India Period:
1818: Oriental Life Insurance Company, the first life
insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first
Indian life insurance company started its business.
1912:
The
Indian
Life
Assurance
Companies
Act
enacted as the first statute to regulate the life insurance

business.
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1928: The Indian Insurance Companies Act enacted to
enable the government to collect statistical information
about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to
by the Life Insurance in its modern form came to India
from England in the year 1818. Oriental Life Insurance
Company started by Europeans in Calcutta was the first
life insurance company on Indian Soil. All the insurance
companies established during that period were brought
up with the purpose of looking after the needs of
European community and Indian natives were not being
insured by these companies. However, later with the
efforts of eminent people like Babu Muttylal Seal, the
foreign life insurance companies started insuring Indian
lives. But Indian lives were being treated as substandard lives and heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance
Society heralded the birth of first Indian life insurance
company in the year 1870, and covered Indian lives at
normal rates.
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Insurance Act with the objective of protecting the
interests of the insuring public
1956: 245 Indian and foreign insurers and provident
societies are taken over by the central government and
nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crores
from the Government of India.
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Liberalization of Indian Insurance:
1994: Insurance sector invited private participation to
induce a spirit of competition amongst the various
insurers and to provide a choice to the consumers.
1997: Insurance regulator IRDA was set up as there felt
the need:
To set up an independent regulatory body, that
provides greater autonomy to insurance companies in
order to improve their performance, In the first year of
insurance market liberalization (2001) as much as 16
private sector companies including joint ventures with
leading foreign insurance companies have entered the
Indian insurance sector. Of this, 10 were under the life
insurance category and six under general insurance.
Thus in all there are 25 players (12-life insurance and
13-general insurance) in the Indian insurance industry
till date.
Indian Insurance in 21st Century:
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2000: IRDA starts giving licenses to private insurers:
ICICI prudential and HDFC Standard Life insurance first
private insurers to sell a policy
2002: Banks allowed selling insurance plans. As TPAs
enter the scene, insurers start setting non-life claims in
the cashless mode
2007:
First
Online
Insurance
portal,
www.insurancemall.in set up by an Indian Insurance

Broker, Bonsai Insurance Broking Pvt Ltd.
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COMPANY 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 General Insurance received the Insurance
Regulatory
and
Development
Authority
(IRDA)
certificate of Registration on 2nd May, 2001 to conduct

General Insurance business (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 2010, Bajaj Allianz General Insurance
maintained its premier position in the industry by
achieving growth as well as profitability. Bajaj Allianz
has made a profit before tax of Rs. 180 crores and has
become the only private insurer to cross the Rs.100
crore marks in profit before tax in the last four years.
The profit after tax was Rs. 121 crores, 27% higher than
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the previous year.
Bajaj
Allianz
today
has
countrywide
network
connected through the latest technology for quick

communication and response in over 200 towns spread
across the length and breadth of the country. From
Surat to Siliguri and Jammu to Thiruvananthapuram, all
the offices are interconnected with the Head Office at
Pune.
Vision
To be the first choice insurer for customers
To be the preferred employer for staff in the
insurance industry
To be the number one insurer for creating
shareholder value
Mission
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As 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.
A Partnership Based on Synergy Bajaj Allianz General

Insurance offers technical excellence in all areas of
General
and
Health
Insurance
as
well
as
Risk
Management. This partnership successfully combines

Bajaj Finserv's in-depth understanding of the local
market and extensive distribution network with the
global experience and technical expertise of the Allianz
Group. As a registered Indian Insurance Company and a
capital base of Rs. 110 crores, the company is fully
licensed to underwrite all lines of general insurance
business
including
health
insurance.
Our Achievements
Bajaj Allianz has received iAAA rating, from ICRA

Limited, an associate of Moody's Investors Service, for
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Claims Paying ability. This rating indicates highest
claims paying ability and a fundamentally strong
position.
Bajaj
Allianz
General
Insurance
has
received
the
prestigious "Business Leader in General Insurance",

award by NDTV Profit Business Leadership Awards 2008.
The company was one of the top three finalists for the
year 2007 and 2008 in the General Insurance Company
of the Year award by Asia Insurance Review.
RESEARCH METHDOLOGY
Research:
Research simply means search for knowledge.
Research is a systematic design collection, analysis and
reporting of data and finding relevant to a specific
marketing situation facing the company. In todays
competitive business scenario every decision could be
critical and might have an immense effect on the future
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of business. Thus the Research is of prime importance
of modern business.
Marketing Research is the process of systematic
gathering, recording and analyzing of data about
customers,
competitors
and
the
market.
Market
research can help create a business plan, launch a new

product or service, fine tune existing products and
services, expand into new markets etc. It can be used to
determine which portion of the population will purchase
the product/service,
based on
variables like age,
gender, location and income level. It can be found out

what market characteristics your target market has.
With market research, companies can learn more about
current and potential customers.
The
purpose
of
market
research
is
to
help
companies make better business decisions about the

development and marketing of new products. Market
research represents the voice of the consumer in a
company.
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A list of questions that can be answered through market
research:
How to get a new customer and retain older?
What is happening in the market? What are the
trends? Who are the competitors?
How do consumers talk about the products in
the market?
Which needs are important? Are the needs being
met by current products?
Research Design:
The project was carried out, keeping in mind the
main objectives. The research design is the conceptual
framework within which the research is conducted. It
contains the blueprint for the collection, measurement
and analysis of data. Our project demanded the
knowledge of portion of population, so we decided to go
for random sample survey instead of census survey. The
population in this case we had to deal with comprised of
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every kind of person, an illiterate and an educated one,
a young and an old one, so we designed a questionnaire
that would be easy to comprehend and that would be
easy for us to make people understand. However, it is
worth mentioning that the questionnaire dealt with
every possible problem and solution, which was usually
followed
by
an
unstructured
interview/
question
conditioned to cooperation of respondent and many

inferences
were
made
on
the
bases
of
these
interactions.
2.3. Types of research design:
There are three types of research design:
Exploratory research design
Descriptive research design
Causal research design.
Exploratory
research
is
method
of
collecting
information in an unstructured and informal way.

Exploratory research helps determine the best research
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design,
data
collection
method
and
selection
of
subjects. Exploratory research often relies on secondary

research such as reviewing available literature and/or
data,
or
qualitative
approaches
such
as
informal
discussions with consumers, employees, management

or competitors, and more formal approaches through indepth interviews, focus groups, projective methods,
case studies or pilot studies. The Internet allows for
research methods that are more interactive in nature.
For example if the owners of a new restaurant
often eat out at competitors restaurants in order to
gather information about menu selections, prices and
service quality.
Descriptive research refers to a set of methods
and procedures that describe marketing variables.
Descriptive
studies
portray
these
variables
by
answering who, what, why and how questions. These

types of research studies may describe such things as
consumers attitudes, intentions, and behaviour, or the
number of competitors and their strategies.
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Causal
research
design
is
conducted
by
controlling various factors to determine which factor is

causing the problem. It allows you to isolate causes and
effects. By changing one factor, say price you can
monitor its effects on a key consequence such as sales.
Although causal research can give you a high level of
understanding of the variable you are studying, the
designs often require experiments that are complex and
expensive.
Project Design:
Our project demanded a design which would
include:
Research nature: An
design
exploratory
was
research
adopted
to
conduct the study in order to

know the above mentioned
objectives.
Data collection method:
Population
being
very large, the Data Collection
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Method demanded the Sample
Survey.
Primary Data Collection:
Phrasing of Queries:
Questionnaire
Queries were made in
such a way that it was easy for

us to make it understand and
easy to comprehend.
Order of Queries: Order
feature
was
most
which
was
important
kept in
mind.
Optional Data Collection:
Questions
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Unstructured

2.5. PROBLEM SATATEMENT:
To study the Brand Awareness of Bajaj Allianz .
OBJECTIVES OF THE STUDY:
TO ANALYSE THE BRAND AWARENESS OF
BAJAJ ALLIANZ
IN
CHENGANNUR
The objective of our study included the following
important functions:
a) To check the awareness and interest of Insurance
among people in general.
b) To find out the popularity of different insurance
providers.
c) To find out the satisfaction level of existing policy
holders.
d) To enlighten people with the benefits of Insurance
and Investments.
e) To find out the reason behind less impetus of
people towards Insurance.
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f) To find out a strategy to make people aware and
develop
their
interest
in
insurance
and
Investments.
g) To know about the most threatening substitute of
Insurance.
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2.7. Limitations of the Study:
It is said, Nothing is perfect and there would be few
shortcoming in this project also.
Sincere
efforts
have
been
made
to
eliminate
discrepancies as far as possible but few would have

remained due to limitations of the study.
Time seemed to be my most limited resource
to conduct a comprehensive research.
Project was scheduled to be completed in 04

weeks period seems to be very difficult.
Some of the respondents were not ready to fill

the questionnaires and some of them were not
ready to come out openly.
Most of the people (particularly in rural areas)

were unable to fill up the questionnaire due to the
lack of knowledge about the insurance industry.
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Data Interpretation and Analysis

Q1. Do you have knowledge about Life Insurance?
Ans: Responses were (Out of 80)
Yes
No
Total
Responses
74
80
%age
92
100
Table 1
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Yes
92
No
Chart 1
The graphs show that approximately 92% of the respondents were
having knowledge of Life Insurance.
Inference
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This shows that there is a great market potential for Life
Insurance and people are ready to invest if guided properly. Q2. How
have you been exposed to Life Insurance?
Advertisemen
Insurance
Friends and
Agent
Relatives
Max
80
80
80
Observe
24
20
36
30
25
45
d
%age
Table 2
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90
80
70
60
50
40
30
20
10
0
80
80
24
80
20
36
Max
Observed
Chart 2
exposed to Life Insurance through Insurance Agents.
Inference
This shows that the Company should recruit more and more
Insurance Agents to be successful in this competitive scenario.
Advertisements and other media should not be neglected as they too
comprise a considerable percentage.
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Q3. Do you have knowledge about Insurance Companies other than

Bajaj?
MetLife
LIC
ICICI
None
Pru.
Max
80
80
80
80
Observed
30
23
20
%age
38
28
25
Table 3
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90
80
70
60
50
40
30
20
10
0
80
80
80
80
Max
30
23
Observed
20
7
Metlife Bajaj Allianz ICICI Pru.
None
Chart 3
The graphs show that Bajaj Allianz and MetLife have considerable
number of followers other than LIC.
Inference
This shows that the ICICI Prudential should make strategies keeping
in view the strategies of Bajaj Allianz and MetLife.
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Q4. Are you a present policy holder?

Yes
No
Total
Responses
24
56
80
%age
30
70
100
Table 4
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24
Yes
56
No
Chart 4
without policies.
Inference
This shows that most of the market is unexplored representing a
huge sales potential.
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Q5. What is your satisfaction level with Life Insurance Policy?

Strongly
Satisfied
Satisfied
Can't
Not
Say
Satisfied
Responses
38
21
12
%age
11
48
26
15
Table 5
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Chart 5
12
Strongly Satisfied
21
Satisfied
Can't Say
38
Not Satisfied
The graphs show that almost 15 % of the respondents are not

satisfied with the existing products and services.
Inference
This shows that the plans should be customized and more
features should be added to products to make them more profitable
and more attractive.
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Q6. Do you think Bajaj is a reliable insurance company?

Yes
No
Total
Responses
48
32
80
%age
60
40
100
Table 6
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Chart 6
Yes
32
48
No
The graphs show that almost 40% of the respondents lacked trust
in ICICI Prudential Life Insurance Company.
Inference
This shows that much needs to be done in order to develop
trust and reliability of ICICI Prudential Life Insurance Company
among people.
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Q7. Are you aware about the products of Bajaj?

Yes
No
Total
Responses
22
58
80
%age
73
27
100
Table 7
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Chart 7
22
Yes
No
58

unaware about the products of ICICI Prudential Life Insurance
Company.
Inference
This shows that there is a need of making product information
common among masses using proper media.
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Q8. Are you interested to know about Bajaj?

Yes
No
Total
Responses
59
21
80
%age
74
26
100
Table 8
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Chart 8
21
Yes
No
59
The graphs show that approximately 74% of the respondents are

interested to know about the BAJAJ ALLIANZ Life Insurance
Company.
Inference
This shows that proper course of action should be followed to make
people aware of ICICI Prudential Life Insurance Company so that
they can invest in it. This also shows that BAJAJ ALLIANZ
INSURANCE COMPANY enjoys a good image among the masses.
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Q9. Do you think Insurance Polices should provide more returns

besides risk cover?
Strongly
Agre
Doesn't
Disagre
Agree
Matter
26
42
33
53
Response
s
%age
Table 9
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Chart 9
Strongly Agree
26
Agree
Doesn't Matter
Disagree
42

interested in more returns besides risk cover from Life Insurance
Companies.
Inference
This shows that insurance companies should focus on investments
that provide considerable amount of returns besides Insurance
Cover.
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Q10. Where do you invest your savings?

Bank
Real
Share
Other
Estate
Market
51
64
24
Respons
es
%age
Table 10
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Chart 10
Banks
Real Estate
Share Market
51
Others
The graphs show that approximately 64% of the respondents invest

their savings in banks
Inference
This shows that strategies should be formulated in such a manner
that bank customers could be converted into insurance customers,
as is done through bank assurances.
FCMS CHANGANACHERRY
52

Q11. Are you a Tax Payer?
Yes
No
Total
Responses
19
61
80
%age
24
76
100
Table 11
FCMS CHANGANACHERRY
53
Chart 11
19
Yes
No
61

tax payers and need to save tax.
Inference
This shows that tax saving benefits should be highlighted during the
marketing of insurance products to increase the customer base of
the Insurance Companies.
FCMS CHANGANACHERRY
54
Q12. Life Insurance Policies provide security and financial Solution

for your tomorrow?
Ans: Responses were (Out of 80).
Response
Strongl
Agre
Can't
Disagre
Strongly
y Agree
Say
Disagree
19
43
24
53
10
10
s
%age
Table 12
FCMS CHANGANACHERRY
55
Chart 12
8 2
19
43
Strongly Agree
Agree
Can't Say
Disagree
Strongly
Disagree
The graphs show that approximately 23% (10+10+3) of the

respondents do not take insurance as a tool for protection and
financial solutions for tomorrow.
Inference
This shows that there is still a lot of confusion about the benefits of
the insurance which is not taken as a financial benefactor for
tomorrow.
FCMS CHANGANACHERRY
56

Q13. What could be the reason behind less impetus and interest
towards Insurance?
Region
Motivatio
Awareness
Responses
11
31
23
15
%age
14
39
29
18
Table 13
FCMS CHANGANACHERRY
57
Income Others
Chart 13
15
23
11
31
Region
Awareness
Motivation
Income
Others
The graphs show that approximately 39% of the respondents do not

take insurance because of motivational factors.
Inference
This shows that there is still a lot of confusion about the functioning
of insurance companies. The ULIP products should be promoted and
also sales force needs to be trained properly to increase the
customer base.
FCMS CHANGANACHERRY
58

Findings of the Study
The respondents having knowledge about the Life
Insurance is fairly good.
Nearly half of the respondents have been exposed
to Life Insurance by their Friends and Relatives.
The awareness of Bajaj Allianz among respondents
is fairly low as compared to LIC and MetLife.
The satisfaction level with Life Insurance policy
among the respondents was very good.
Nearly 3/4th of respondents are not aware about
the products and services offered by Bajaj Allianz.
Nearly 3/4th of respondents are interested to know
about the products and services offered by Bajaj
Allianz.
Almost 85% respondents are agreed with the
statement that insurance policies should provide
more returns besides risk cover.
The reason for less knowledge and interest
towards insurance is lack of motivation and less
income.
FCMS CHANGANACHERRY
59

Conclusion:
Bajaj Allianz was amongst the first private
sector
insurance
companies
to
begin
operations in December 2000 after receiving

approval
from
Insurance
Regulatory
Development Authority (IRDA).

This research report is based on the survey for
finding the position of various insurance
policies offered by the insurance companies.
Life insurance products provide a definite
amount of money to the dependants of the
insured in case the life insured dies during his
active income earning period or becomes
disabled on account of an accident causing
reduction/complete
loss
in
his
income
earnings.
An individual can also protect his old age
when he ceases to earn and has no other
means of income by purchasing an annuity
FCMS CHANGANACHERRY
60

product.
The
company
profiles
of
these
companies and their product range have to be

given in the first part of this report.
The
insurance
policy
offers
the
various
insurance policies covering the risk of various

stages of life of any person. Covering the risk
is become so important and necessary for any
person. In the present scenario the life is
becoming so risky due to the innovation of the
various latest technology and modern way of
livings. Insurance products available for life
and non-life are many.
In non-life, apart from personal covers such as
accident covers and health insurance, there
are
products
covering
liabilities
under
particular law and or common law. The

various products are designed to cater to
different needs of an individual or industry
such
as
fire
insurance
policy
on
storeyed building, householders policy.

FCMS CHANGANACHERRY
61
multi-

An insurance contract promises to make good
to the insured a certain sum in consideration
for a payment in the form of premium from
the insured. Human life cannot be valued.
Hence the sum assured (or the amount
guaranteed to be paid in the event of a loss)
is by way of a benefit in the case of life
insurance.
The conclusion of this report is that the life
insurance is the necessary and considerable
factor for any person for covering the risk
FCMS CHANGANACHERRY
62

SUGGESTIONS
Insurance
companies
should
not
mislead
to
customer to provide wrong information about own

policy.
Rural area in India lacks this facility so the
insurance policy should spread
rural area also.
Insurance companies
should
contact with customer or own
their business in
make
personal
client for improve
brand promotion.
Most of person does not know about the full
knowledge
about
insurance
policy
so
the
companies should try to provide the complete

knowledge about insurance policy to the customer.
FCMS CHANGANACHERRY
63
Bibliography:
Websites:
www.lic.com
www.bajajallianz.com
www.irda.com
www.goolge.com
Books of References:
Marketing Management by Philip Kotler

Marketing Management by Rajan Saxena.
Bajaj Allianz Company Magazines
Newspaper and Business Magazines
QUESTIONNAIRE
Q1. Do you have knowledge about Life Insurance?
Yes
No
FCMS CHANGANACHERRY
64

Q2. How have you been exposed to Life Insurance?
Advertisement
Insurance Agent
Friends and
Relatives
Q3. Do you have knowledge about Insurance Companies other than
Bajaj?
Metlife
LIC
ICICI
None
Q4. Are you a present policy holder?

Yes
No
Q5. What is your satisfaction level with Life Insurance Policy?

Strongly Satisfied
Satisfied
Cant Say
Not satisfied
Q6. Do you think Bajaj is a reliable insurance company?
Yes
No
Q7. Are you aware about the products of Bajaj?

Yes
No
Q8. Are you interested to know about Bajaj?

Yes
No
Q9. Do you think Insurance Polices should provide more returns

besides risk cover?
Strongly Agree
Agree
Disagree
FCMS CHANGANACHERRY
65
Doesnt Matter

Q10. Where do you invest your savings?.
Bank
Real Estate
Share Market
Others
Q11. Are you a Tax Payer?
Yes
No
Q12. Life Insurance Policies provide security and financial Solution

for your tomorrow?
Strongly Agree
Agree
Cant Say
Disagree
StronglyDisagree
Q13. What could be the reason behind less impetus and interest
towards Insurance?
Region Awareness
Income
FCMS CHANGANACHERRY
Motivation
Others
66

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A study on Brand Awareness of Bajaj Allianz

significantly. In the changed scenario, the expectation is

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

was participation of overseas insurance companies with

industry the insurance industry has never looked back

A study on Brand Awareness of Bajaj Allianz

compensates the economic or financial loss.

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

Company; the Bombay mutual life assurance society

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

be established in India in 1850, whose shares were

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

Insurance pools risks shared by many people,

organization will pay when any policyholder experience

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

Company (GIC) as a holding company divided in four

A study on Brand Awareness of Bajaj Allianz

INTRODUCTION OF LIFE INSURANCE IN INDIA:

A study on Brand Awareness of Bajaj Allianz

1.4. Some of the important milestones in the

enacted as the first statute to regulate the life insurance

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

www.insurancemall.in set up by an Indian Insurance

A study on Brand Awareness of Bajaj Allianz

certificate of Registration on 2nd May, 2001 to conduct

A study on Brand Awareness of Bajaj Allianz

connected through the latest technology for quick

A study on Brand Awareness of Bajaj Allianz

A Partnership Based on Synergy Bajaj Allianz General

Management. This partnership successfully combines

Bajaj Allianz has received iAAA rating, from ICRA

A study on Brand Awareness of Bajaj Allianz

prestigious "Business Leader in General Insurance",

A study on Brand Awareness of Bajaj Allianz

research can help create a business plan, launch a new

variables like age,

gender, location and income level. It can be found out

companies make better business decisions about the

A study on Brand Awareness of Bajaj Allianz

A study on Brand Awareness of Bajaj Allianz

conditioned to cooperation of respondent and many

information in an unstructured and informal way.

A study on Brand Awareness of Bajaj Allianz

subjects. Exploratory research often relies on secondary

discussions with consumers, employees, management

answering who, what, why and how questions. These

A study on Brand Awareness of Bajaj Allianz

controlling various factors to determine which factor is

conduct the study in order to

very large, the Data Collection

A study on Brand Awareness of Bajaj Allianz

Queries were made in

such a way that it was easy for

A study on Brand Awareness of Bajaj Allianz