Академический Документы
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Культура Документы
Sumeet Punjabi Sagar Karnani Juhi Hasija Ritu Valecha Juhi makhija Priyanka Talreja
WHAT IS INSURANCE?
Future is always uncertain and full of risk . It is not certain that what is going to happen tomorrow. Therefore a man is always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties According to PattersonInsurance is an agreement between two parties under which one party undertakes specified future risk of another party and compensate the loss from that risk on payment of some consideration known as premium payable by the
insurance provides
Protection to investor Habit of saving Accumulation of savings Tax Benefit Value of risk Sharing of risk
Bajaj allianz
Bajaj allianz is a joint venture between Allianz SE and Bajaj fin serv. It was formed on 28th August,2001. it has around 1200 Branches across India. All offices are inter-connected & the head office is in Pune.
The division is in to various departments and this makes the company specialised with help of well Qualified staff it becomes easier for the company to serve policies to its customers. This company is second largest insurance company in the world.
The working of Bajaj Allianz is divided in various departments namely: 1.Sales 3.Policy serving 5.Under writing 7.Procurement 2.Back office 4.Helpline 6.Administration 8.Printing & Dispatch
INSURANCE
MARINE
HOME
Payment :
The minimum amount paid for the policy is Rs.50,000 and maximum is Rs. 50 Lakhs. If this amount goes beyond Rs. 50 Lakhs then it enters into the process of re-insurance.
Concept of reinsurance
o Started 4 years ago o First to introduce re-insurance was ALLIANZ SE o As being part of ALLIANZ SE, BAJAJ also entered into this concept o If the amount of policy goes beyond 50 Lakhs then reinsurance process starts o The partners of BAJAJ ALLIANZ in this process are :
SWIZ RE ALLIANZ SE & GENERAL INSURANCE CORPORATION OF INDIA
Benefits
Tax relief Living Saving habit Security Provision for future Availability of loan protection Mortgage redemption Maturity benefit Death benefit
DISTRIBUTION Channels
Agency channels Electronic media Bank as a channel
Group channels
MARKET SHARE
BAJAJ ALLIANZ HAS 13.2% MARKET SHARE
Coverage:
The insurance policy covers wedding cancellation /postponement due to fire or any natural disaster, accident of bride/groom, accident of blood relations resulting within 7 days of the wedding date, damage to property including the venue, burglary and even cases of food poisoning at the function. This scheme has four insurance options Rs.2 lakhs,Rs.4 lakhs,Rs.6 lakhs and Rs.8 lakhs. The premium for given four options ranges from Rs.3770 to Rs.14276.
Conclusion
Bajaj Allianz Life Insurance Company is the second largest insurance company in India. The study reveals that the company has achieved this position because of its efficient market operation & the ethics and transparency policies adopted by it. The company should concentrate more on advertisement, technology up gradation & also improve the efficiency of its workforce & has to have better offices. The Marketing Communication of Bajaj Allianz has to focus on creating knowledge of the company and its products. The study also reveals that misleading advertisements, hidden charges etc are some of the aspects with which Customers do not prefer.