Brand Awareness

A study on Brand Awareness of Bajaj Allianz
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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 has 2050 branches. It is
constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in
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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.

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INTRODUCTION:
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.
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
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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 has gone through many
changes. The 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.
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
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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 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.
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They are.
1) Life insurance.
2) Non-life (general) insurance.
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 insurance company to
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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 18
th
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 will be. The uncertainty surrounding potential losses is known
as Risk. Insurance offers a way for people to replace risk with known
costs- the costs of buying & maintaining insurance policies.

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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 a promise that the group of policyholders as
represented 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.
- The Oriental Insurance Company Ltd.
- The United India Insurance Company Ltd.

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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 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.

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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.
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
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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 sub-standard 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.
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:
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
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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 the previous year.

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Bajaj Allianz today has a 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
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
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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 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.

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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 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.
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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.
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 every kind of person, an illiterate and an
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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 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 in-depth
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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.
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.
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Project Design:
Our project demanded a design which would include:
Research nature: An exploratory research design was
adopted to conduct the study in order to
know the above mentioned objectives.
Data collection method: Population being very large, the Data
Collection Method demanded the
Sample Survey.
Primary Data Collection: Questionnaire
Phrasing of Queries: 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 was most important feature which
was kept in mind.
Optional Data Collection: Unstructured Questions

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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.
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 6 80
%age 92 8 100
Table 1

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Chart 1
The graphs show that approximately 92% of the respondents were
having knowledge of Life Insurance.
Inference
This shows that there is a great market potential for Life
Insurance and people are ready to invest if guided properly.
92
8
Yes
No
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Q2. How have you been exposed to Life Insurance?
Advertisement Insurance
Agent
Friends and
Relatives
Max 80 80 80
Observed 24 20 36
%age 30 25 45
Table 2

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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.

80 80 80
24
20
36
0
10
20
30
40
50
60
70
80
90
Advertisement Insuarance Agent Friends and
Relatives
Max
Observed
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Q3. Do you have knowledge about Insurance Companies other than
Bajaj?

MetLife LIC ICICI
Pru.
None
Max 80 80 80 80
Observed 30 23 20 7
%age 38 28 25 9
Table 3

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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.

80 80 80 80
30
23
20
7
0
10
20
30
40
50
60
70
80
90
Metlife Bajaj Allianz ICICI Pru. None
Max
Observed
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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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Chart 4

without policies.
Inference
This shows that most of the market is unexplored representing a huge
sales potential.

24
56
Yes
No
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Q5. What is your satisfaction level with Life Insurance Policy?

Table 5

Strongly
Satisfied
Satisfied Can't
Say
Not
Satisfied
Responses 9 38 21 12
%age 11 48 26 15
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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.

9
38
21
12
Chart 5
Strongly Satisfied
Satisfied
Can't Say
Not Satisfied
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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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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.

48
32
Chart 6
Yes
No
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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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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.

22
58
Chart 7
Yes
No
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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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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.

59
21
Chart 8
Yes
No
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Q9. Do you think Insurance Polices should provide more returns
besides risk cover?

Strongly
Agree
Agree Doesn't
Matter
Disagree
Responses 26 42 6 6
%age 33 53 7 7
Table 9

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The graphs show that approximately 53% of the respondents are
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.

26
42
6
6
Chart 9
Strongly Agree
Agree
Doesn't Matter
Disagree
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Q10. Where do you invest your savings?

Banks Real
Estate
Share
Market
Others
Responses 51 4 6 9
%age 64 5 7 24
Table 10

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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.
51
4
6
9
Chart 10
Banks
Real Estate
Share Market
Others
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Q11. Are you a Tax Payer?

Yes No Total
Responses 19 61 80
%age 24 76 100
Table 11

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The graphs show that approximately 24% of the respondents are 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.

19
61
Chart 11
Yes
No
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Q12. Life Insurance Policies provide security and financial Solution for
your tomorrow?
Ans: Responses were (Out of 80).

Strongly
Agree
Agree Can't
Say
Disagree Strongly
Disagree
Responses 19 43 8 8 2
%age 24 53 10 10 3
Table 12

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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.
19
43
8
8
2
Chart 12
Strongly Agree
Agree
Can't Say
Disagree
Strongly Disagree
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Q13. What could be the reason behind less impetus and interest
towards Insurance?

Table 13

Region
Awareness
Motivation Income Others
Responses 11 31 23 15
%age 14 39 29 18
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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.

11
31
23
15
Chart 13
Region
Awareness
Motivation
Income
Others
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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 3/4
th
of respondents are not aware about the products and
services offered by Bajaj Allianz.
Nearly 3/4
th
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.

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FCMS CHANGANACHERRY
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 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
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FCMS CHANGANACHERRY
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 a 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
multi- storeyed building, householders policy.
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
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FCMS CHANGANACHERRY
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 their business in rural area also.
Insurance companies should make personal contact with
customer or own 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.

57
FCMS CHANGANACHERRY

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

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FCMS CHANGANACHERRY
QUESTIONNAIRE
Q1. Do you have knowledge about Life Insurance?
Yes No
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
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FCMS CHANGANACHERRY
Q9. Do you think Insurance Polices should provide more returns
besides risk cover?
Strongly Agree Agree Doesnt Matter
Disagree
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
Strongly Disagree
Q13. What could be the reason behind less impetus and interest
towards Insurance?
Region Awareness Motivation
Income Others

Brand Awareness

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Brand Awareness

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A study on Brand Awareness of Bajaj Allianz

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