bajaj alliance

A

PROJECT ON

CHANGING INVESTMENT PATTERN AND INSURANCE CUNSULTANCY AS A PROFESSIONAL CAREER

UNDER THE GUIDENCE OF: SUBMITTED BY:

Mr. ATIF POOJA S ING H

38-B(SALES TEAM MANEGER) PGDBM

PUNE INSTITUTE OF BUSINESS MANAGEMENTPUNE

2008 -2009

CONTENTS

CAPTER 1

INTRODUCTION

BACK GROUND TO OF THE COMPANY

OBJECTIVE OF THE PROJECT

SIGNIFICANCE OF THE PROJECT

SCOPE OF THE PROIECT

LIMITATION OF THE PROJECT

CHANGING MARKET SENARIO

PRODUCT RANGE

DETAIL STUDY OF PRODUCTS OF BAJAJ ALLIANZ

PRODUCT COMPARISION OF LEADING INSURACCE COMPANIES

INSURANCE CONSULTANCY AS A CSREER IN BAJAJ ALLIANZ

CHAPTER 2

RESEARCH METHODOLOGY

RESEARCH DESIGN

DATA COLLECTION SOURCECS AND METHODS

SAMPLE PLAN

FIELD PLAN

CHAPTER 3

FINDINGS AND ANALYSIS

SAMPLE SURVEYED

INCOME OF THE RESPONDENTS

PURPOSE OF BUYING INSURANCE POLICY

SOURCES FOR BUYING POLICY

POPULAR PRODUCT

PROFILE OF THE INSURANCE CUNSULTANT

CHAPTER 4

RECOMMENDATIONS AND CONCLUSION

RECOMMENDATION FOR BAJAJ ALLIANZ

CONCLUSION OF THE PROJECT

CHAPTER 5

ANNEXTURE

COPY OF QUESTIONNAIRE USED

BIBLIOGRAPHY

EXECUTIVE SUMMERY

In Bajaj Alliaz Life Insurance Company I did my summer training for two months, the project given to me was “changing investment pattern and insurance consultancy as a professional career”. In this I had to study the new and innovative insurance product and how they are different from the traditional products . I also had to sell insurance policies and recruit people for insurance consultancy.

For this I worked on collected data from various sources such as list of members from renowned clubs &associations and tried to fix appointment with the concerned person .Contractors, teachers, accountant, businessmen wear the main targets. I also had to take the feed back of the people regarding insurance consultancy &company’s products.

Achievement of the project was three persons

wear recruited and six policies wear sold worth of

Rs one lakh

ACKNOWLEDGEMENT

I Consider my self fortunate for getting the opportunity to do my Summer Training in BAJAJ ALLIANZ LIFE INSURANCE At the very outset of this report I would like to extend my sincere and heartfelt obligation towards all the personage without whose active guidance, help, cooperation and encouragement, I would not have made headway in project.

Iam deeply grateful to Mr.Atif (sales team manager) for his valuable advice and supervision. My sincere thanks to him for his kind patronage, constant aid and support provided to me. I would also like to thanks to Mr.S.N.Mohapatra (Sr.Branch manager)for giving me the opportunity to work in an organization like BAJAJ ALLIANZ Finally, I express my gratitude to Mr.P.H.R.Virendra ( faculty Guide) EMPI BUSINESS SCHOOL, New Delhi for his valuable, guidance and support which was necessary in completion of this project

Pooja

COMPANY PROFILE

Bajaj Allianz

Indian Operation Growing at a breakneck pace with a strong pan Indian presence

Bajaj Allianz has emerged as a strong player in India. Bajaj Allianz life

Insurance Company Limited is a joint venture between two leading

conglomerates Allianz AG and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by

customer orientation to establish high earnings potential and financial

strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12th

March 2001. The company received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) No 116 on

3rd August 2001 to conduct Life Insurance business in India.

Bajaj Allianz- THE PRESENT

Over 3,00,000 satisfied customers

Leading private sector insurance company in India

One of the fastest growing private sector life insurer in India

Accelerated Growth

Fiscal Year No of policies sold in

FY

GWP in FY

2001-2002 (6 month) 21,376 Rs. 7 cr.

2002-2003 1,15,965 Rs. 69 cr.

2003-2004

1,86,443 Rs. 221 cr.

Assets under management Rs 350 cr.

Shareholder capital base of Rs. 250 cr.

Pan India network

Wide range of product to suit your needs.

Decentralized organizational structure for increased response and

service levels

Tie Ups with Banks

Pioneers of Banc assurance in India

Having pioneered the phenomenon, Banc assurance is one the core

business strategies. Two of our strong Banc assurance tie-ups are:

Standard Chartered Bank

Syndicate Bank

They have developed a range of life insurance products exclusively

for our Banc assurance partners. Also, the products are customized to suit

specific needs of banks.

All CCCs networked with state of art IT systems.

Highest standard of customer service & simplified claims process in the

industry

Allianz Bajaj- A force to Reckon with

Bajaj Auto Limited owns 74%, Allianz AG owns 26%

Paid up share capital Rs 150 crs

Directors- Mr Rahul Bajaj (Chairman); Mr Sanjiv Bajaj; Mr PS

Palande, Mr. Ranjit Gupta, Dr. Werner Zedelius; Mr. Heinz Dollberg

& Mr. Dietmar Raich

The fastest growing Private life insurer in India. In less than 10 month

we have.

21 Cities and 30 Customer Care Centre (CCC)

Target to reach - 34 cities & 61 CCC's by Mar' 03

More than 8000 recruited and trained Insurance Care Consultants.

Allianz Group's Worldwide

Allianz is one of the leading global insurance companies

Headquartered in Munich, Germany, established in 1890.

With over 700 subsidiaries and approximately 181,635 employees

worldwide

Allianz global network extends to over 70 countries

Allianz has the highest commitment & has never exited a market

once the company has set up operations there.

Allianz AG- Financial Powerhouse

Worldwide Number One by gross Written Premiums.

The largest asset manager in the world-Managing assts more

than a million US $ [Rs. 50,06,670 Corers (USD 1028 billion]

One of Europe's most highly valued stock corporations

Net income in excess of Rs 5844 Corers

OBJECT:

The object of the project is:

To identify the changing investment behavior.

To find out the opportunities and limitations of Insurance consultancy as a career

SINIFICANCE OF THE PROJECT

I chose the project Changing Investment Patten And Insurance Consultancy As a career because-:

It gave me the practical experience of insurance marketing& selling methods.

I was able to know the changing mind set of the people towards life insurance products.

I t gave me opportunity to interview different professionals and take their views on insurance consultancy as a career.

.It boosted my morale & confidence

SCOPE AND LIMITATIONS OF THE PROJECT

Over view of life insurance industry in India.

Comparison among the products of major players (Lucknow region)

Insurance consultancy as a career in BajajAllianz.

LIMITATIONS Detail market study of industry has

not been done.

The findings of the project are limited to lucknow region.

INDIAN INSURANCE INDUSTRY

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state

insurers:

Life Insurers

Life Insurance Corporation of India (LIC)

General Insurers

General Insurance Corporation of India (GIC) (with effect from Dec'2000,

a National Reinsures)

GIC had four subsidiary companies, namely (with effect from Dec' 2000,

these subsidiaries have been de-linked from the parent company and made

as independent insurance companies.

The Oriental Insurance Company Limited

The New India Assurance Company Limited,

National Insurance Company Limited

United India Insurance Company Limited.

Yr: 2000-2001: (From 2nd April 2000 to 31st December' 2001)

Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

Life Insurers:

S.No Registrati

on

Number

Date of

Reg.

Name of the Company

1. 101 23.10.2000 HDFC Standard Life Insurance

Company Ltd.

2. 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3. 105 24.11.2000

s

ICICI Prudential Life Insurance

Company Ltd.

4. 107 10.01.2001 Kotak Mahindra Old Mutual Life

Insurance Limited

5. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7. 111 30.03.2001 SBI Life Insurance Company Limited

8. 114 02.08.2001 ING Vysya Life Insurance Company

Private Limited

9. 116 03.08.2001 Bajaj Allianz Life Insurance Company

Limited

10. 117 06.08.2001 Metlife India Insurance Company Pvt.

Ltd.

Life Insurers:

S.No Registratio

n Number

Date of

Reg.

Name of the Company

2. 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

Yr: 2003:2004 : (From 1st Jan 2003 till Date)

Insurance Industry in this year, so far has 1 new entrants: namely

Life Insurers:

S.No Registratio

n Number

Date of

Reg.

Name of the Company

1. 127 06.02.2004 Sahara India Insurance Company Ltd.

INSURANCE BUSINESS:

Insurance business is divided into classes:

1. Life Insurance 2) Fire Insurance 3) Marine Insurance and 4)

Miscellaneous Insurance.

Life Insurers transact life insurance business; General Insurers transact the

rest.

No composites are permitted as per law.

LEGISLATION (as on 1.4.2000):

Insurance is a federal subject in India. The primary legislation that deals

with insurance business in India is:

Insurance Act, 1938, and Insurance Regulatory & Development Authority

Act, 1999.

INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in

touch with the current insurers website information of insurers is provided

at the web page for insurers):

Life Insurance:

Popular Products: Endowment Assurance (Participating), and Money Back

(Participating). More than 80% of the life insurance business is from these

products.

General Insurance:

Fire and Miscellaneous insurance businesses are predominant. Motor

Vehicle insurance is compulsory.

Tariff Advisory Committee (TAC) lays down tariff rates for some of

the general insurance products (please visit website of GIC for details)

Composition of Authority under IRDA Act, 1999As per the section 4 of IRDA Act' 1999, Insurance Regulatory and

Development Authority (IRDA, which was constituted by an act of

parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)

Duties, Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, power and function of

IRDA.

(1) Subject to the provisions of this Act and any other law for the time

being in force, the Authority shall have the duty to regulate, promote and

ensure orderly growth of the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provision contained in sub-

section (1), the powers and functions of the Authority shall include,

(a) Issue to the applicant a certificate of registration, renew, modify,

withdraw, suspend or cancel such registration;

(b) protection of the interests of the policy holders in matters

concerning assigning of policy, nomination by policy holders,

insurable interest, settlement of insurance claim, surrender value of

policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and agents;

(d) Specifying the code of conduct for surveyors and loss assessors;

(e) Promoting efficiency in the conduct of insurance business;

(f) Promoting and regulating professional organizations connected

with the insurance and re-insurance business;

(g) Levying fees and other charges for carrying out the purpose of

this Act;

(h) calling for information from, undertaking inspection of,

conduction enquiries and investigations including audit of the

insurers, intermediaries, insurance intermediaries and other

organizations connected with the insurance business;

(i) control and regulation of the rates, advantages, terms and

condition that may be offered by insurers in respect of general

insurance business not so controlled and regulated by the Tariff

Advisory Committee under section 64U of the Insurance Act, 1938

(4 of 1938);

(j) Specifying the from and manner in which books of account shall

be maintained and statement of accounts shall be rendered by

insurers and other insurance intermediaries;

(k) regulating investment of funds by insurance companies;

(l) regulating maintenance of margin of solvency;

(m) adjudication of disputes between insurers and intermediaries or

insurance intermediaries;

(n) Supervising the functioning of the Tariff Advisory Committee;

(o) Specifying the percentage of premium income of the insurer to

finance schemes for promoting and regulating professional

organization referred to in clause (f);

(p) Specifying the percentage of life insurance business and general

insurance business to be undertaken by the insurer in the rural or

social sector; and

(q) Exercising such other powers as may be prescribed

Life Insurance Market in India

Many may not be aware that the life insurance industry of India is as old as

it is in any other part of the world. The first Indian life insurance company

was the Oriental Life Insurance Company, which was started in India in

1818 at Kolkata. A number of players (over 250 in life and about 100 in

non-life) mainly with regional focus flourished all across the country.

However, the Government of India, concerned by the unethical standards

adopted by some players against the consumers, nationalized the industry

in two phases in 1956 (life ) and in 1972 (non-life). The insurance business

of the country was then brought under two public sector companies, Life

Insurance Corporation of India (LIC) and General Insurance Corporation

of India (GIC).

In line with the economic reforms that were ushered in India in early

nineties, the Government set up a Committee on Reforms (popularly called

the Mahlotra Committee) in April 1993 to suggest reforms in the insurance

sector. The Committee recommended throwing open the sector to private

players to usher in competition and bring more choice to the consumer.

The objective was to improve the penetration of insurance as a percentage

of GDP, which remains low in India even compared to some developing

countries in Asia.

Reforms were initiated with the passage of Insurance Regulatory and

Development Authority (IRDA) Bill in 1999. IRDA was set up as an

independent regulatory authority, which has put in place regulation in line

with global norms. So far in the private sector, 12 life insurance companies

and 9 general insurance companies have been registered.

Table 1 (For Year 2000)

Countries Insurance P Insurance

United Kingdom 12.71 3028.5

Japan 8.70 3165.1

United States 4.43 1611.6

South States 14.04 392.9

South Africa 6.04 1193.5

Australia 9.09 935.6

South Korea 1.77 7.6

India 1.12 8.5

China 2.13 86.4

Indarsis 0.54 4.0

Brazil 0.36 12.9

By any yardstick, India, with about 200 million middle class

households, presents a huge untapped potential for players in the insurance

industry. Saturation of markets in many developed economies has made

the Indian market even more attractive for global insurance majors.

With the per capita income in India expected to grow at over 6% for

the next 10 years and with improvement in awareness levels, the demand

for insurance is expected to grow at an attractive rate in India. An

independent consulting company. The Monitor Group has estimated that

the life insurance market will grow from Rs. 218 billion in 1998 to Rs.

1003 billion by 2008 (a compounded annual growth of 16.5%).

WINDS OF CHANGE Reforms have marked the entry of many of the global insurance

majors into the Indian market in the from of joint ventures with Indian

companies. Some of the key names are AIG, New York Life, Allianz,

Prudential, Standard Life, Sun Life Canada and Old Mutual. The entry of

new players has rejuvenated the erstwhile monopoly player LIC, which has

responded to the competition in an admirable fashion by launching new

products and improving service standards.

The following are the key winds of change brought about by

privatization.

Market Expansion: There has been an overall expansion in the market.

This has been possible due to improved awareness levels thanks to the

large number of advertising campaigns launched by all the players. The

scope for expansion is still unlimited as virtually all the players are

concentrating on large cities and towns-except by LIC to an extent there

was no significant attempt to tap the rural markets.

New product Offerings: There has been a plethora of new and

innovative products offered by the new players, mainly from the stable of

their international partners. Customers have tremendous choice from a

large variety of products from pure term (risk) insurance to unit-linked

investment products. Customers are offered unbundled products with a

variety of benefits as riders from which they can choose. More customers

are buying products and services based on their true needs and not just

traditional money-back policies, which is not considered very appropriate

for long-term protection and savings. However, there are still some key

new products yet to be introduced-e.g. health products.

Customer Service: Not unexpectedly, this was one area that witnessed

the most significant change with the entry of new players. There is an

attempt to bring in international best practices in service and operational

efficiency though use of latest technologies. Advice and need based selling

is emerging though much better trained sales force and advisors. There is

improvement in response and turnaround times in specific areas such as

delivery of first policy receipt, policy receipt, policy document, premium

notice, final maturity payment, settlement of claims etc. However, there is

a long way to go and various customers survey indicate that the standards

are still below customer expectation levels.

Channels of Distribution: Till two years back, the only mode of

distribution of life insurance products was though Agents. While agents

continue to be the predominant distribution channel, today a number of

innovative alternative channels are being offered to consumers. Some of

them are banc assurance, brokers, the internet and direct marketing.

Though it is too early to predict, the wide spread of bank branch network

in India could lead to banc assurance emerging as a significant distribution

mechanism.

but is debatable whether there are any significant differences. In other

words, each company is trying to be 'everything to everybody.'

Our argument is that the strategy of being everything to everybody is

risky. Some players justify the above strategy on the basis that the Indian

market is huge and it can accommodate everybody. Still, in a market where

it is difficult to distinguish oneself sufficiently on service or any other

parameter to be able to charge a premium, it will lead to unmitigated price

competition to the detriment of all players. One may achieve sales

turnover, but margins and profitability will suffer severely. In the

insurance industry where large amounts of capital are required, this is

risky.

While there is room for a few scale players with a finger in every

pie, it is profitable for other players to focus on different segments to

survive and thrive in a multi-firm open environment. While each company

has to choose its own unique positioning based on its unique strengths, the

below-mentioned generic positioning alternatives appear worth

considering. Needless to say the positioning choices discussed here are not

mutually exclusive and can be overlapping.

Variety-based Positioning

This type of positioning is based on varieties in products and

services rather than customer segments. It is a sensible strategy for those

companies who have distinctive advantage or strengths in offering certain

products and services.

In the insurance industry too, it is possible, to achieve a unique

position by focusing on certain category or products. The insurance

company can deliver better returns of its investment -linked products and

thereby carve for itself a leadership position in this segment.

Then there is the entire category of pension products which is widely

touted to have immense growth potential in Indian due to imminent

pension reforms. It is possible to achieve profitable positioning by focusing

and excelling in only pension products.

Needs- based Positioning

This is the most commonly understood positioning and is based on the

differing needs of different groups of consumers. This can be dome

successfully if a company has unique strengths to service a group of

customer needs better than others.

The Insurance needs of customers very significantly for different

groups of customers. The insurance needs of young family with small

children will be quite different from that of a family in which the income-

earner is close to retirement, in India most of the life insurance companies

have a wide variety of products tailored for different customer needs and

there is no company focusing on a particular customer need.

An example would be a life insurance company that focuses only on High

Net-worth Individuals (HNIs). The needs of HNIs would be quite different

from those of a general consumer and would require an entirely

different marketing mix right from the type of products offered and the

way they are distributed, to the promotion methods employed.

Access-based Positioning

Positioning of customers can also be done by the way they are accessible.

That is different groups of customers may be accessible in different ways

even though they may have similar needs. Access is typically a function of

customer geography or customer scale. There is excellent opportunity in

the insurances industry to employ access-based positioning by targeting the

rural insurance sector. The rural market for life insurance is very different

form the urban market in terms of needs, income levels and distributions

(seasonality, for example), penetration of media and so no. So far except

for LIC, no other player has paid any attention or focus on the rural sector.

Contrary to common perception it is a big opportunity as emphasized

repeatedly by such eminent strategists like C.K. Prahlad. Rural market can

be a highly profitable position if one is able to carefully plan and tailor an

entire set of low-cost activities of advertising, distribution, and product

design etc. to successfully exploit the potential.

TYPES OF POLICIES IN THE MARKET

Endowment insurance policy

This plan is appropriate for people of all ages and social groups who wish

to protect their families from a financial setback that may occur owing to

their demise. It covers risk for a specified period, at the end of which the

assured sum is paid back to the policyholder, along with the bonus

accumulated during the term of the policy.

Many investors use endowment policy to fund anticipated financial needs,

such as college education for their children or retirement. Premium for an

endowment life policy is much higher than that of a whole life policy. In

an endowment policy, a 20-year term for a 30-year-old cost around Rs.

50,000 a year, whereas in a whole life plan it costs around Rs 40,000.

Money back scheme

Unlike other policies, this policy gives you a return after a certain

period of time. it provides periodic payments of partial survival benefits

during the term of the policy. The rest of the amount is paid at the end the

term with a bonus. The risk cover on the life continues for the full sum

assured even after payment of survival benefits and the bonus is also

calculated on the full sum assured. This is suitable to the Indian psyche of

the life insurance policyholder who wants returns at frequent intervals.

Pension plans

This is suitable for those who want a regular income after their retirement.

In this scheme policyholders contribute regularly over a period

of time or in a lump sum amount to form a corpus. This corpus is used to

yield a regular income that is paid to policyholders until death starting

from his desired retirement age. This is also known as annuity schemes.

Typically, annuities are bought to provide a solution to one of the biggest

financial in-securities of old age.

Unit linked insurance plans (Ulips)

Unit linked insurance plans (Ulip) are the flavor are now

contributing over 50 per cent of the private life insurance companies since

their since their inception in 2004. In an area of booming stock market,

these schemes are giving investors a higher return as life protection.

Encouraged by the response, many players are launching different savings

and endowment plans in the unit-linked format. According to the IRDA, a

company offering unit linked plans must give the investor an option to

chose amount debt, balanced and equity funds. This policy is suitable for

young people who can take risk. These give flexibility as mutual funds.

PRODUCTS OF BAJAJ ALLIANZ INDIVIDUAL PLANS

GROUP PLANS

INSURANCE FOR NRI's

SPECIAL PLANS

Individual Plans

UNITGAIN

A Unit Linked Plan

RISK CARE

Pure Term Plan

UNITGAIN SP

A Single Premium unit Linked

Plan

TERM CARE

term Plan with Return-of-

Premium

INVESTGAIN

An Endowment Plan

LIFETIME CARE

Whole Life Plan

CHILDGAIN

Children's Policy

SAVE CARE ECONOMY

SP

Single Premium Endowment

Plan

CASHGAIN

Money Back Plan

LOAN PROTECTOR

A Mortgage Reducing term

Insurance Plan

SWARNA VISHRANTI

Retirement Plan

KEYMAN INSURANCE

A Promising Business

Opportunity

UNITGAIN PLUS

Unit Link plan with higher

UNITGAIN PLUS SP

A Single premium Unit

allocation Linked Plan

UNITGAIN EASY PENSION

A Plan that enables you retire

with laughter lines... not worry

lines

UNITGAIN LIFE

PENSION

A Plan that enables you retire

with laughter lines... not

worry lines

> SWARNA RAKSHA-ROC

A plan that provides you

with regular income ...

for life.

> MAHILAGAIN RIDER

The unique plan that

takes care of you and

your loved ones.

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The "Bajaj Allianz Unit Gain SP PlanThe Bajaj Allianz Unit Gain SP comes with a host of features to allow you

to have the best of all worlds-Protection and Investment with flexibility.

Some of the key features of this plan are:

Key Features Benefits

Guaranteed death benefit

Choice of 5 investment funds

with flexible investment

management: you can change

funds at any time.

Death Benefit

Attractive investment

alternative to fixed interest

securities.

Cash withdrawal

option

Provision for full/partial

withdrawals any time after

three full years premiums are

paid.

Unmatched flexibility- to

match your changing needs.

The five funds offered are as under:

a. Equity Fund-This fund provides the scope of high appreciation

over a long term. The fund will primarily invest in equities & is

expected to match returns given by NSE NIFTY. This fund will invest

at least 90% in equities and maximum 10% in cash.

Equity Gain Fund-The investment objective of this Fund is to

provide capital appreciation through investment in select equity stocks

that have the potential for high capital appreciation. This fund will

invest at least 90% in equities and maximum 10% in debt & cash

instruments.

b. Debt Fund-This found provides the scope for steady

returns at low risk through investment in high quality fixed income

securities. This fund will be invested fully in debt instruments.

c. Balanced Fund-The balanced fund is primarily for those

who prefer a mix of steady returns & growth. The balanced fund

will invest 30% to 50% in the equity fund and 50% to 70% in the

debt fund.

d. Cash Fund - The cash fund will invest conservatively in

money market & short-term investments to ensure that return on

investments shall never be negative. 100% of this fund will be

invested in money market instruments. The price of the units in this

fund is guaranteed never to go down. The investment advice on the

Equity Gain Fund will be provided.

The "Allianz Bajaj Invest Gain" Plan

Allianz bajaj Invest Gain is a specially designed plan that offers a

unique combination of benefits which help in developing a sound

financial portfolio.. Among the many unique benefits, the most

significant is the Family Income Benefit (FIB) that sustains the family

by compensating the loss of income due to death or permanent

disability..

Available as:

Allianz Bajaj Invest Gain Economy: The basic package

Allianz Bajaj Invest Gain Gold: With double protection

Allianz Bajaj Invest Gain Diamond: With triple protection

Allianz Bajaj Invest Gain Platinum: With quadruple protection

All these package participate in the profits of the company by way of

bonus, and therefore, grow with time.

The Ultimate Protection

This plan gives the unique Family Income Benefit ,that ensures total

financial protection for your loved ones. In case of death or accidental total

permanent disability, a guaranteed monthly income of 1% of the sum

assured (12% per annum) is paid till the end of the policy term or at least

for a period of 10 years, whichever is higher. Moreover, all future

premiums are waived.

Additional Protection

You have the option to add the following additional benefits,

providing total protection against uncertainties.

a) Family Income Benefit (FIB) - as already described.

b) Comprehensive Accident Protection

This benefit provides comprehensive cover in case of an accident. It

comprises of:

Accidental Death Benefit

. Allianz Bajaj Accidental Death Benefit pays an amount equal to

Sum Assured. (subject to a maximum of Rs. 50,00,000/- under all policies

with Allianz Bajaj taken together)in case of accidental death .

Accidental Permanent Total/Partial Disability Benefit

. This Benefit provides a financial cushion of 50% of the Sum

Assured in case of partial disability and 100% in case of total disability

under all policies with Allianz Bajaj taken together).

Waiver of Premium Benefit

It waives off all future premiums while keeping the valuable the

insurance cover alive.

(C) Critical illness Benefit (CI)

You have the flexibility of choosing Critical illness cover up to the

basic Sum Assured selected by you (Minimum Rs. 50,000).

. (d) Hospital Cash Benefit (HC)

Allianz Bajaj Hospital Cash Benefit reduces the burden of paying hospital

bills

Flexibility in Coverage

AB offer you the flexibility of inclusion of coverage or exclusion of

coverage at each policy anniversary, subject to conditions relating to such

inclusions and exclusion.

Increase in risk coverage

Bajaj allianz provide the option to increase coverage upto 50% of the

basic Sum Assured on each of the following happy moments in your life.

Your marriage

the birth of your first child

the birth of your second child

This additional coverage is not subject to underwriting

Important details of the "Allianz Bajaj Invest Gain" Plan.

Conditions Invest Gain

Economy

Invest Gain

Gold/Diamond/Platinum/Any

additional benefit

Minimum Age at

Entry

0 (Risk Commences

at age 7)

18

Maximum Age at

Maturity

65 50

Minimum Term 5 years

Maximum Term 40 years

Minimum Sum

Assured

Rs. 50000

Maximum Sum

Assured

No Limit

Minimum Premium Rs. 50000 for Yearly, Rs. 2500 for half Yearly, Rs.

1250 for quarterly, and Rs. 500 for monthly

Premium Payment

term

Equal to the policy term or limited as per the table

given

Monthly mode is available under salary savings scheme only

More value for money-our attractive High Sum Assured Rebate

Allianz Bajaj offers an attractive premium discount structure, where

you can have a discount of at least Rs. 84* on the annual premium for

every additional Rs. 10000 Sum Assured purchased over and above the

minimum sum Assured of Rs. 50000.

Limited Premium Payment Terms- For Your Convenience

You do not have to pay premiums for the full term of the policy.

This plan provides you with a range of limited premium payment terms for

you to finish obligation as fast as possible and enjoy the benefits of life

cover without any worry thereafter.

Advantage Women

There will be a premium discount for female policyholder in the

package. Basic premium payable will be equivalent to the premium for a

two-year younger male policyholder for the base policy only.

Tax Benefits as per current tax laws

Premiums paid are eligible for Tax Exemption under Section 88 of

the Income Tax Act. Maturity and death proceeds are Tax Free under

Section 10 (10D) of the Income Tax Act. The premiums for the Critical

illness Benefits and the Hospital Cash Benefit will be eligible for Tax

Exemption under Section 80 (D) of the Income Tax Act.

Surrender Values

Premium Term Surrender Value after Guaranteed Surrender

Value

2-3 years 1 year form commencement. 60% of the premiums

excluding premiums for

additional benefits and extra

premiums.

5-6 years 2 full years premium

payment

30% of premiums excluding

first year premium and the

premium for additional

benefits and extra premiums.

7 and above 3 full years premium

payment

30% of premiums excluding

the first year premium and

the premium for additional

benefits and the extra

premiums.

Fund Access- Loans

You can avail of Loans under your policy provided the policy has

acquired a surrender value. The loan amount shall be within 90% of the

surrender value.

Change of Occupation

On change of occupation, depending upon the nature of the new

occupation, the premiums and benefit with respect to the Critical illness

and Hospital Cash may be modified.

Bajaj Allianz "Child Gain" Plan

Bajaj Allianz Child Gain offers a wide array of solutions that allows

you to plan for your child's future by providing you with as many as 4

distinct and unique options.

Option 1: Child Gain 21

Option 2: Child Gain 24

Option 3: Child Gain 21 Plus

Option 4: Child Gain 24 PlusCommon features in the 4 Options of Bajaj Allianz "Child Gain" Plan

1. Limited Premium Payment Term which means that the premiums are

payable till your child attains age 18 years.

2. Your contributions grow by the way of compounded annual bonuses,

which will be paid to you with the first guaranteed payout (policy

anniversary following age 18 of your child), for in-force policies. In

addition to the annual bonuses, a terminal bonus may also be paid.

3. You are also eligible for Tax Benefit under Section 88 and Section

10 (10D) of the Income Tax Act.

4. Assuring Your Child's Future: In an uncertain world, the prime

interest of your child cannot be jeopardized in any way. Which is

why we have built in some added benefits in all our plans to protect

the interests of your child's future, by counter insuring you-the

policyholder.

5. Option to purchase Further Insurance at Maturity

In-Built Benefits

(a) Premium Waiver Benefit: In case of death or Accidental Total

Permanent Disability of the policyholder during the premium payment

term, all future premium payments are waived. This benefit will not be

available in the even of accidental permanent total disability after age 65 of

policyholder.

(b) Family Income Benefit: In case of death or accidental total

permanent disability of the policyholder during the term of the policy, a

monthly income benefit of 1% of the sum assured (12% per annum)

subject to a maximum of Rs. 10,000 p.m. becomes payable till the end of

the policy term. This benefit will not be available in the event of accidental

permanent total disability after age 65 of the policyholder.

Payout Structures

For Child Gain 21 and Child Gain 21 Plus: The minimum guaranteed

payouts are as follows:

Policy Anniversary

following

completion of Age

18 19 20 21

Payout as % of

Sum Assured

200% + Assured

Bonuses

25% 25% 35%*

For Child Gain 24 and Child Gain 24 Plus: The minimum guaranteed

payouts are as follows:

Policy Anniversary

following

completion of Age

18 20 22 24

Payout as % of

Sum Assured

25% +

Assured

Bonuses

25% 25% 40%*

Start of Life Benefit

Unique Feature of Bajaj Allianz "Child Gain" 21 Plus and 24 Plus

These packages offer you the choice of providing a unique start of Life

Benefit for you child. For a amount, an additional Sum Assure Subject to a

maximum limit of Rs. 10 lacs will become payable to enable the child start

his/her professional life smoothly, in case of an unfortunate death or Accidental

Permanent Total Disability of the Policyholder during the term of the policy.

Death Payout:

In the event of unfortunate death of the child during the policy term, the

payouts shall be as under:

Age Payout

Below 7 years Premiums paid will be refunded without

interest and the policy will terminate

Above 7 and below 18 years Sum assured with accrued bonuses will

be paid and the policy will terminate.

Above 18 and below 24 Outstanding payouts will be paid as one

lump sum and the policy will terminate.

Important details of Bajaj Allianz "Child Gain" Solutions

Eligibility Conditions Child Gain 21 and

Child Gain 21 plus

Child Gain 24 and

Child Gain 24 plus

Minimum age of

policyholder

20 20

Maximum age of

policyholder

50 50

Minimum age of child 0 0

Maximum age of Child 13 13

Minimum premium

payment Term

5 5

maximum Premium

payment Term

18 18

Maximum Policy term 21 less age at entry or

LA (Child)

24 less age at entry of LA

(Child)

Maximum age of child

at maturity

21 24

Minimum Sum

Assured

Rs. 100000 Rs. 100000

Maximum Sum

Assured

Rs.5000000 Rs., 5000000

Minimum Premium Minimum Premium Rs. 5000 for yearly mode Rs. 2500

for half year mode Rs. 2000 fro quarterly mode and Rs.

700 for monthly mode

Surrender This plan offers you the choice of surrendering the policy provided three

full years premiums have been paid (Two years for premium payment terms of 5

and 6 years).

The guaranteed minimum surrender value is 30% of all premiums paid excluding

the fist year premium and excluding the premiums for premium

waiver benefit and Family Income Benefit and Additional Benefit opted for. The

guaranteed minimum surrender value after the premium payment term will be the

discounted value of the outstanding installment payments discounted at 10% p.a.

rate of interest.

CASH GAIN (MONEY BACK)

Bajaj Allianz Cash gain is a plan that offers a host of additional benefits

you may choose to develop a sound financial portfolio for your family. Among

the many unique benefits, the most significant is the Family Income Benefit

(FIB) that sustains the family by compensating the loss of regular income due to

death or permanent disability.

Bajaj Allianz Cash gain Economy: The basic package

Bajaj Allianz Cash gain Gold: With double protection

Bajaj Allianz Cash gain Diamond: With triple protection

Bajaj Allianz Cash gain Platinum; With quadruple protection

A Uniform Life Cover

Besides giving your regular Cash Benefits, this plan takes care of your life

insurance needs also. On death during the term of policy, the following would be

paid irrespective of the Cash Benefits already paid:

Bajaj Allianz Cash gain Economy: Sum Assured+ Bonuses

Bajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses

Bajaj Allianz Cash gain Diamond: Triple Sum Assured+ Bonuses

Bajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses Choice

of Term Range of terms: 15, 20, 25 and 30 years.

Additional Protection for you and your family

You have the option to add the following additional benefits, providing

total protection against uncertainties.

a. Family Income Benefit (FIB) - The Ultimate Protection- For Your

Loved Ones

. In case of death or accidental total permanent disability, a guaranteed monthly

income of 1% of the sum assured (12% per annum) is paid till the end of the

policy term or at least for a period of 10 years, whichever is higher. Moreover, all

future premiums are waived.

b. Comprehensive Accident Protection

These benefits provide comprehensive cover in case of an accident. It

comprises of:


Accidental Death Benefit pays an amount equal to the Sum Assured.

(Subject to a maximum of Rs. 50, 00,000/- under all policies with Bajaj Allianz

taken together) after the permanent loss of income

Accidental Permanent Total/Partial Disability Benefit. You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability. (Subject to a maximum of Rs. 25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies with Bajaj Allianz taken together).

Waiver or premium Benefit

It waives off all future premiums while keeping the valuable life insurance

cover alive.

c. Critical Illness Benefit (CI)

You have the flexibility of choosing Critical Illness cover up to the basic Sum

Assured selected by you (Minimum Rs. 50,000).

d. Hospital Cash Benefit (HC)

. Bajaj Allianz Hospital Cash Benefit reduces financial burden of paying the

hospital bills .


You have the flexibility to change your package and move to a package that

provides lower protection at each policy anniversary (premiums would be

adjusted accordingly). "Comprehensive Accident Protection" can be included and

excluded at each policy anniversary. Family Income Benefit, Critical Illness

Benefit and Hospital Cash Benefit can be taken at inception only. FIB, CI & HC

can be reduced or excluded subsequently at any policy anniversary. Once

reduced or excluded, they cannot be increased or included subsequently.

Increase in risk coverage

Plan provides you the option to increase coverage up to 50% of the basic

Sum Assured on each of the following happy moments in your life

.

With Bajaj Allianz Swarna Vishranti, you have the option to choose the

following additional benefits:

a. Family Income Benefit

You can select the unique Family Income Benefit from Bajaj Allianz that

ensures total financial protection for your loved ones. In case of death or

accidental total permanent disability, a guaranteed monthly income of 1% of the

sum assured (12% per annum( is paid till the vesting date or at least for a period

of 10 years, whichever is higher. Moreover, all future premiums are waived. This

unique regular income benefit can act as an important supplement to the pension

available to the spouse in case of death.

b. Comprehensive Accident Protection

This benefit provides comprehensive cover in case of an accident. It comprises

of: Accidental Death Benefit Accidents are always sudden and sometimes fatal.

You can't lessen the emotional shock but you can certainly soften the financial

one. Bajaj Allianz Accidental Death Benefit gives the loved one something to

start with after the permanent loss of income by paying an amount equal to the

Sum Assured. (Subject ot a maximum of Rs. 50,00,000/- under all policies with

Bajaj Allianz taken together). Accidental Permanent Total/Partial Disability

Benefit Accident are unpredictable and so are the consequences. They may lead

to a disability-partial or total. This benefit provides a financial cushion against

such misfortunes. One will get 50% of the Sum Assured in case of partial

disability and 100% in case of total disability. (Subject to a maximum of Rs.

25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies

with Bajaj Allianz taken together). Waiver of Premium Benefit An accident may

lead to permanent total disability, limiting one's ability to earn. Bajaj Allianz

Waiver or premium Benefit is a helping hand when one needs it most. It waives

off all future premiums while keeping the valuable life insurance cover alive,

thus enabling you to live up to your commitments.

c. Term Cover

Additional Protection for your family You have the option to include a

Term Cover in your policy, which will provide an additional life insurance

protection at a nominal cost. This also ensures that the pension available to

spouses is further supplemented.

d. Critical Illness Benefit

Some illnesses are critical. They not only alter your life's pattern but also result in

a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on the

family by paying out the Critical Illness benefit under the plan immediately,

while other policy benefits continue (excluding Hospital Cash Benefit). We cover

11 critical illness. You have the flexibility of choosing Critical Illness cover up to

the basic Sum Assured selected by you (Minimum Rs. 50,000).

e. Hospital Cash Benefit

The worry of settling hospital bills (room charges) adds to the trauma of

hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden

and helps recovery with peace of ind.

Bajaj Allianz Swarna Vishranti

The plan works in two parts- the deferment period and the annuity period,

the plan provides valuable life cover and builds up the funds required to purchase

the immediate annuity. The deferment period ends at the vesting date. You are

free to choose your age of retirement (vesting date) between 45 and 70 years.

Since the Bajaj Allianz Swarna Vishranti plan participates in the profits of

the company, the Sum Assured grows with time through the bonuses declared by

the company.

The benefits on Vesting Date (the date you choose to

retire)

1. The Sum Assured along with all accrued bonuses will be used to purchase

an immediate annuity. The immediate annuity will be purchased at rates

prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 33% of Sum

Assured plus accrued bonuses on the vesting date as a lump sum. This

amount would be tax free in your hand, as per current tax laws. The

balance amount will be used to purchase an immediate annuity.

3. Open Market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or form any other company. If the immediate

annuity is purchased from Bajaj Allianz, the amount available for purchase

i.

4. of the annuity will be marked up by 2%. At present, we offer our

immediate annuity plan for life, Swarna Raksha, tied to this plan.

5. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The

annuity mode may be changed to make each installment more than the

minimum requirement. If it is still below the minimum, the Sum Assured +

Accrued Bonuses would be paid.

Added Assurance- for your family

In the unfortunate event of death during the deferment period, your spouse

will have the option to take the Sum Assured plus accrued bonuses as a lump

sum or purchase an annuity to get regular income for life. For the immediate

annuity, your spouse will have the Open market Option as well. Bajaj Allianz

immediate annuity, with a mark up of 2% will be available

only if the spouse is above 45 years of age. In all ages low than 45, the Sum

Assured + Accrued bonuses would be paid out.


the flexibility of inclusion of coverage or exclusion of coverage at each

policy anniversary till the vesting date, subject to conditions relating to such

inclusion and exclusion.

The "Bajaj Allianz Swarna Raksha"( RETIREMENT PLAN)

Bajaj Allianz Swarna Raksha, ensures a regular income after retirement.

The plan offers a life annuity with Return of Capital.

How does Bajaj Allianz Swarna Raksha work?

All you have to do is pay a lump sum amount to Bajaj Allianz Life

Insurance Company, and the annuity payments will start after expiry of

monthly/quarterly/half-yearly/yearly interval corresponding to the payment mode

selected by you. Here annuity is payable for life, so you do not have to worry

about your income stopping at any stage. What more, under the return of capital

option, the amount used to purchase the annuity is paid to the nominee on the

death of the annuitant.

Important details of the "Bajaj Allianz Swarna Raksha ROC"

Plan

Minimum Age at Entry 45

Maximum Age at Entry 80

Minimum Lump Sum Rs. 50,000

Minimum Annuity Installment Rs. 1000

RETUNS

For Rs. 10,00,000/- invested in Swarna Raksha at age 60, you will receive

Rs. 53,690/- per annum GUARANTEED for life, with return of Rs. 10,00,000/-

to your nominee on death.

Annuity Frequency Mode

There are four Annuity Frequency Modes that can be Yearly, Half yearly,

quarterly or monthly. The annuity will be payable one month/quarter/half year/

year after the date of purchase depending on the mode selected.

Female Lives

The annuity rates for female lives shall be the corresponding annuity rate

for a 4 year younger male.

The "Bajaj Allianz Unit Gain Easy Pension" Plan

There are two packages to choose from:

Unit Gain Easy Pension Regular Premium

Unit Gain Easy Pension Single Premium

Benefits available

The plan works in two parts-the deferment period and the annuity period.

During the deferment period, the plan builds up the funds required to purchase

the immediate annuity. The deferment period ends at the vesting date. You are

free to choose your age of retirement (vesting date) between 45 and 70 years.

The benefits on Vesting Date (the date you choose to retire)

1. The Account Value as on the vesting date will be used to purchase an

immediate annuity. The immediate annuity will be purchased at rates

prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 1/3rd of the

account value on the vesting date as a lump sum. This amount would be

tax free in your hand, as per current tax laws. The balance amount will be

used to purchase an immediate annuity.

3. Open market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or from any other company. If the immediate

annuity is purchased form Bajaj Allianz, the amount available for

purchase of the annuity will be marked up by 2%.

4. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/-

The annuity frequency may be changed to make each installment more

than the minimum requirement. If it still below the minimum, the

Account Value may be utilised to purchase an immediate annuity from

any other company in the open market as per your choice, or paid in lump

sum, is permissible, subject to the prevailing tax laws.

Assurance-for your family

In the event of death during the deferment period, the policy holder’s

spouse will have the option to take the Account Value as a lump sum or

purchase an annuity to get regular income for life. For the immediate annuity,

also the beneficiary will have the Open Market Option as well. The immediate

annuity from Bajaj Allianz will be available only if the spouse is above 45. If

age were below 45, the Account Value would be paid out

RISK CARE (PURE TERM)

The "Bajaj Allianz Risk Care" Plan offers two premium payment

options.

Regular Premium Payment - Premium payment throughout the selected

term.

Single Premium Payment - one time premium payment for the selected

term at commencement.

Apart from covering the risk of natural death, this plan also provides

you the option to choose up to 5 additional benefits. You can select a

specific combination of additional benefits best suited to your needs,

available in 4 attractive package to choose form.

i. Economy: This is the basic plan, which is available for both the regular

and single premium payment options.

ii. Protect: This pack comes with the following 3 in-built additional

benefits:

a. Accidental Death Benefit.

b. Accidental permanent Total/Partial Disability Benefit.

c. Waiver of Premium Benefit (in case of accidental permanent total disability).

The Protect Pack is available with the regular premium payment option

only.

iii.Health: This pack comes with the following 2 in-built additional

benefits:

a. Critical Illness Benefit.

b. Hospital Cash Benefit.

The Health Pack is available with the regular premium payment option

only.

iv.Total: This pack comes with the following 5 in-built additional benefits.



c. Waiver of Premium Benefit (in case of accidental permanent total

disability)


e. Hospital Cash Benefit.

The Total Pack is available with the regular premium payment option only.

the in-built benefits of "Bajaj Allianz Risk Care" Plan

a. Accidental Death Benefit

b. Accidental Permanent Total/Partial Disability Benefit

Type of disability Benefits

Accidental Permanent partial

disability

50% of the Sum Assured*

Accidental Permanent Total

Disability


c. Waiver of Premium Benefit




Combination 1 : Accidental Death benefit; Accidental Permanent

Total/Partial Disability Benefit; Waiver of Premium Benefit.

This combination can be added, if not taken earlier, deleted and added

subsequently at each policy anniversary.

The flexibility of excluding the following benefit combination.

Combination 2: Critical Illness Benefit; Hospital Cash Benefit.

This Combination can be taken at inception only but can be excluded

subsequently at any policy anniversary. Once excluded, Combination 2 cannot be

included in the policy subsequently.

*Available with the regular premium payment option only.

Other Important details of the "Bajaj Allianz Risk Care" Plan.

Condition Eligibility



Maximum Age at Maturity 65

Minimum Term 5

Maximum Tem 40

Minimum Sum Assured Rs. 1,00,000/-

Maximum Sum Assured Rs. 10,00,000/-

Minimum Premium (Rs.) 1500/- for Yearly & 1500/- for Half

Yearly.

Indicative Premiums The table below illustrates annual premium for the ECONOMY PLAN

(Regular Premium):

Sum Assured Rs. 3,00,000 Sum Assured Rs. 5,00,000

Age Term

15 20 5 10 15 20

30 NA NA 1655 1805 2050 2440

35 1640 2060 1950 2250 2700 3400

Premium Payment Mode

3 Premium Payment Modes that can be single premium, yearly or half-yearly.

Tax Benefits

Premiums paid are eligible for Tax Exemption under Section 88 of the

Income Tax Act and maturity and death proceeds are Tax Free under Section 10

(10D) of the Income Tax Act.

Term Care (term with return of premiumThis plan not only offers life insurance cover at a low cost, but also

provides for return of premiums on maturity. The premiums returns at maturity

will be equal to the single premium or the sum total of equivalent annual

premiums of the Economy Pack (excluding extra premiums charged if any). In

case of pre-mature death during the police term, the full sum Assured will be

paid to the nominee.

The "Bajaj Allianz Term Care" Plan offers two premium payment options.

Regular Premium Payment - Premium payment throughout the selected

term.

Single premium Payment- One time premium payment for the selected

term at commencement

Apart from covering the risk of natural death, this plan also provides the

option to choose up to 5 additional benefits. You can select a specific

combination of additional benefit best suited to your needs, available in 4

attractive packages to choose from.

i. Economy: This is the basic plan, which is available for both the

regular and single premium payment options.

ii. Protect: This pack comes with the following 3 in-built additional

benefits:


b. Accidental Permanent Total/Partial Disability Benefit.

c. Waiver of Premium Benefit (in case of accidental permanent

total disability). The Protect Pack is available with the regular

premium payment option only.

iii. Health: This pack comes with the following 2 in-built additional

benefits:

a. Critical Illness Benefits.

b. Hospital Cash Benefit. The Health Pack is available with the

regular premium payment option only.

iv. Total: This pack comes with the following 5 in-built additional

benefits:




disability).

d. Critical Illness Benefit.

e. Hospital Cash Benefit. The Total Pack is available with the regular

premium payment option only.

Benefits


Accident Permanent Total/Partial Disability Benefit

Waiver of premium Benefit

Critical Illness Benefit

Hospital Cash Benefit

Premium Payment mode

Tax Benefits

Surrender

Loans

Type: Whole Life Policy

Special Info: this plan provide you the option to include additional death

coverage of 50% of sum Assured on each of the following happy moments in

your life:

1. Your marriage

2. The birth of your first child

3. The birth of your second child This additional coverage is not subject to

underwriting

Benefits

Maturity Benefits : N/A

Survival Benefits : N/A

Death Benefit : N/A

(Natural)

Accidental death benefit: A

Loan Facility : Available

Policy Feature Min Join Age 18

Max Join Age 50

Min Amt insured 50000

Max Amt insured 1000000

Max age at maturity 80

Min Premium paying term 10

Max premium paying term N/A

Premium payment option Yearly Half yearly Quarterly

Monthly

SAVE CARE ECONOMYSP

Bajaj Allianz Save Care Economy-SPO offers you:-

The "Bajaj Allianz Save Care Economy-SP" is a Single Premium

investment plan for 10 years that also participates in the profits of the

company. These highlights of the plan are:

1. Minimum Guaranteed Return up to 3.54% (depending on age at

entry).

2. The Minimum Guaranteed Amount (Sum Assured) would grow

further by way of Compounded annual bonuses.

3. A high risk-cover of up to 142% (depending on age at entry) of the

sum invested from the beginning of the policy term as a financial

safety net to provide for unpredictable adversities.

4. Eligible for Tax Benefits under Section 88 and Section 10 (10D) of

the Income Tax Act.*

5. At Maturity you will receive the Sum Assured (Minimum

Guarantied Amount) along with the accrued bonuses.

Indicative Return for Save Care Economy -SP plan Premium

Paid**

Guaranteed

Minimum

Payment at

Maturity

Accrued

Bonus@ 1%

Compounded

(at

maturity)****

Gross Payment

(at maturity)

35300 50000 5231 55231***

70600 100000 10462 110462***

**The rates are for a healthy person up to age 40.

Work to a pre-tax return of 4.58% and a post tax return of 6.29%

(Assuming full benefit of section 88)

**** Bonus rates applicable to Single Premium benefits may differ from

those applying to regular premium benefits and for those applying to other

single premium benefits affected at different times.

6. Death Benefit: In case of death during the term of the plan, the

nominee will be paid the Sum Assured (Minimum Guaranteed

Amount) plus accrued bonuses. In case of death of a minor (below

age)

7. The death benefit will be the surrender value or Single Premium

whichever is higher.

Other Important details of the OBajaj Allianz Save Care Economy-SPO

plan.

Eligibility Condition

Minimum Age at Entry 0 (Risk commences at age 7)



Minimum Term 10 Years

Minimum Sum Assured Rs. 50,000

Minimum Single Premium Rs. 35,300

The premium rates for Rs. 1000 Sum Assured, are given in the table below.

Age Premium Age Premium Age Premium Age Premium

0-40 706 46 712 51 718 56 728

41 707 47 713 52 720 57 730

42 708 48 714 53 722 58 732

43 709 49 715 54 724 59 734

44 710 50 716 55 726 60 736

45 711

Surrender

This plan offer you the choice of surrendering the policy at any time. The

company will provide the actual surrender values on a fair basis.

Fund Access-Loans

You can avail of Loan under policy.

The Bajaj Allianz "Protector" Plan

The Bajaj Allianz "Protector" Plan is a mortgage term insurance plan

that covers the outstanding principal amount of a loan. It is an economical

way to protect the family from the burden of repayment of death of the

loanee. The plan is designed to pay a sum insured that will be equal to the

outstanding principal amount of the loan due.

The Bajaj Allianz "Protector"" Plan offers two premium payment

options

Regular Premium Payment - Premium Payment limited to

approximately 2/3rd of the loan tenure, while coverage continues for

the full tenure of the loan.

Single Premium Payment - One time premium payment covering

you for the full tenure of the loan.

Joint life availability

The plan has the option to cover the co-applicant of the loan under

this plan. Under this option, both lives will be covered and the death

benefit will be payable in case of death of either life. The policy terminates

on either life.

Benefits Payable

Death Benefit

The death benefit is equal to the outstanding principal amount of the

loan due as per the loan schedule, irrespective of changes in interest

rate/term at a later stage. The outstanding amount of loan due will depend

on the loan amount, loan tenure and interest rate as agreed upon at the time

of disbursement of loan.

Important details of the "Bajaj Allianz Protector" Plan


Minimum Sum Assured (Loan

Amount)

Rs. 2,00,000

Maximum Sum Assure (Loan

Amount)

No Limit

Minimum Age at entry 20

Maximum Age at entry 55

Maximum Age at policy Expiry

Date

65

Minimum term for Single Premium 2

Minimum term for Regular

Premium

5

Maximum term (Regular & Single

Premium)

30

In case of joint life, the maximum age at entry and the maximum age at

maturity are for the elder life and the minimum age entry is younger life.


Five Premium Payment Modes that can be single premium, yearly,

half-yearly, quarterly or monthly. The premium for frequencies other than

yearly mode is the annual premium multiplied with the frequency factor

(0.51 for the half yearly mode 0.26 for the quarterly mode, and 0.09 for the

monthly mode). Monthly mode is permitted only by salary deduction or

direct bank debit. The minimum premiums are Rs. 2500 for the Single

Premium, Rs. 1000 fro the annual mode, Rs. 700 for the half-yearly mode,

and Rs. 175 for the monthly mode.

Tax Benefit

Tax benefit under section 88 and 10 (10D) available as per

applicable tax laws.

Surrender values /Paid Up Values

There are no surrender value or paid-up values under this plan.

Loans

Loans are not available under this plan.

Change of Occupation On chance of occupation, depending upon the nature of the new

occupation, the premiums and benefits may be modified.

Days of Grace

In case of non-payment of premiums, a grace period of 30 days will

be allowed for the yearly, half yearly and quarterly modes (15 days for the

monthly mode). After that the policy will lapse.

Revival of the Policy

It is possible to revive a policy that has lapsed due to non-payment of

premiums within 5 years from the date of lapse.

Benefits available

The plan works in two parts-the deferment period and the annuity

period. During the deferment period, the plan builds up the funds required

to purchase the immediate annuity. The deferment period ends at the

vesting date. You are free to choose your age of retirement (vesting date)

between 45 and 70 years.

The benefits on Vesting Date (the date you choose to retire)

1. The Account Value as on the vesting date will be used to purchase

an immediate annuity. The immediate annuity will be purchased at

rates prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 1/3rd of

the account value on the vesting date as a lump sum. This amount

would be tax free in your hand, as per current tax laws. The balance

amount will be used to purchase an immediate annuity.

3. Open market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or from any other company. If the

immediate annuity is purchased form Bajaj Allianz, the amount

available for purchase of the annuity will be marked up by 2%.

4. The minimum installment of annuity from Bajaj Allianz is Rs.

1000/- The annuity frequency may be changed to make each

installment more than the minimum requirement. If it still below the

minimum, the Account Value may be utilised to purchase an

immediate annuity from

5. any other company in the open market as per your choice, or paid

in lump sum, is permissible, subject to the prevailing tax laws.


In the event of death during the deferment period, the policy holder’s

spouse will have the option to take the Account Value as a lump sum or

purchase an annuity to get regular income for life. For the immediate

annuity, also the beneficiary will have the Open Market Option as well.

The immediate annuity from Bajaj Allianz will be available only if the

spouse is above 45. If age were below 45, the Account Value would be

paid out

RISK CARE (PURE TERM)

The "Bajaj Allianz Risk Care" Plan offers two premium

payment options.

Regular Premium Payment - Premium payment throughout the

selected term.

Single Premium Payment - one time premium payment for the

selected term at commencement.

Apart from covering the risk of natural death, this plan also

provides you the option to choose up to 5 additional benefits. You

can select a specific combination of additional benefits best suited to

your needs, available in 4 attractive package to choose form.

iii. Economy: This is the basic plan, which is available for both the


iv. Protect: This pack comes with the following 3 in-built additional

benefits:




disability).

The Protect Pack is available with the regular premium payment

option only.

iii.Health: This pack comes with the following 2 in-built additional

benefits:

a. Critical Illness Benefit.

b. Hospital Cash Benefit.

The Health Pack is available with the regular premium payment

option only.

iv.Total: This pack comes with the following 5 in-built additional

benefits.




disability)


e. Hospital Cash Benefit.

The Total Pack is available with the regular premium payment option only.

the in-built benefits of "Bajaj Allianz Risk Care" Plan

a. Accidental Death Benefit

b. Accidental Permanent Total/Partial Disability Benefit

Type of disability Benefits

Accidental Permanent partial

disability


Accidental Permanent Total

Disability


c. Waiver of Premium Benefit




Combination 1 : Accidental Death benefit; Accidental Permanent

Total/Partial Disability Benefit; Waiver of Premium Benefit.

This combination can be added, if not taken earlier, deleted and added

subsequently at each policy anniversary.

The flexibility of excluding the following benefit

combination.

Combination 2: Critical Illness Benefit; Hospital Cash Benefit.

This Combination can be taken at inception only but can be excluded

subsequently at any policy anniversary. Once excluded, Combination 2

cannot be included in the policy subsequently.

*Available with the regular premium payment option only.

Other Important details of the "Bajaj Allianz Risk Care" Plan.

Condition Eligibility




Minimum Term 5

Maximum Tem 40

Minimum Sum Assured Rs. 1,00,000/-

Maximum Sum Assured Rs. 10,00,000/-

Minimum Premium (Rs.) 1500/- for Yearly & 1500/- for Half

Yearly.

Indicative Premiums The table below illustrates annual premium for the ECONOMY

PLAN (Regular Premium):

Sum Assured Rs. 3,00,000 Sum Assured Rs. 5,00,000

Age Term

15 20 5 10 15 20

30 NA NA 1655 1805 2050 2440

35 1640 2060 1950 2250 2700 3400


3 Premium Payment Modes that can be single premium, yearly or half-

yearly.

Tax Benefits

Premiums paid are eligible for Tax Exemption under Section 88 of

the Income Tax Act and maturity and death proceeds are Tax Free under

Section 10 (10D) of the Income Tax Act.

Term Care (term with return of premiumThis plan not only offers life insurance cover at a low cost, but also

provides for return of premiums on maturity. The premiums returns at

maturity will be equal to the single premium or the sum total of equivalent

annual premiums of the Economy Pack (excluding extra premiums charged

if any). In case of pre-mature death during the police term, the full sum

Assured will be paid to the nominee.

The "Bajaj Allianz Term Care" Plan offers two premium payment

options.

Regular Premium Payment - Premium payment throughout the

selected term.

Single premium Payment- One time premium payment for the

selected term at commencement

Apart from covering the risk of natural death, this plan also provides

the option to choose up to 5 additional benefits. You can select a specific

combination of additional benefit best suited to your needs, available in 4

attractive packages to choose from.

iii. Economy: This is the basic plan, which is available for both the


iv. Protect: This pack comes with the following 3 in-built

additional benefits:


b. Accidental Permanent Total/Partial Disability Benefit.

c Waiver of Premium Benefit (in case of accidental permanent

total disability). The Protect Pack is available with the


iii. Health: This pack comes with the following 2 in-built


a. Critical Illness Benefits.

b. Hospital Cash Benefit. The Health Pack is available with the


iv. Total: This pack comes with the following 5 in-built




c. Waiver of Premium Benefit (in case of accidental permanent

total disability).


e. Hospital Cash Benefit. The Total Pack is available with the


Benefits


Accident Permanent Total/Partial Disability Benefit

Waiver of premium Benefit

Critical Illness Benefit

Hospital Cash Benefit

Premium Payment mode

Tax Benefits

Surrender

Loans

Type: Whole Life Policy

Special Info: this plan provide you the option to include additional

death coverage of 50% of sum Assured on each of the following happy

moments in your life:

1. Your marriage

2. The birth of your first child

3. The birth of your second child This additional coverage is not

subject to underwriting

Benefits

Maturity Benefits : N/A

Survival Benefits : N/A

Death Benefit : N/A

(Natural)

Accidental death benefit: A

Loan Facility : Available

Policy Feature Min Join Age 18

Max Join Age 50

Min Amt insured 50000

Max Amt insured 1000000

Max age at maturity 80

Min Premium paying term 10

Max premium paying term N/A

Premium payment option Yearly Half yearly Quarterly

Monthly

SAVE CARE ECONOMYSP

Bajaj Allianz Save Care Economy-SPO offers you:-

The "Bajaj Allianz Save Care Economy-SP" is a Single Premium

investment plan for 10 years that also participates in the profits of the

company. These highlights of the plan are:

8. Minimum Guaranteed Return up to 3.54% (depending on age at

entry).

9. The Minimum Guaranteed Amount (Sum Assured) would grow

further by way of Compounded annual bonuses.

10.A high risk-cover of up to 142% (depending on age at entry) of the

sum invested from the beginning of the policy term as a financial

safety net to provide for unpredictable adversities.

11.Eligible for Tax Benefits under Section 88 and Section 10 (10D) of

the Income Tax Act.*

12.At Maturity you will receive the Sum Assured (Minimum

Guarantied Amount) along with the accrued bonuses.

Indicative Return for Save Care Economy -SP plan Premium

Paid**

Guaranteed

Minimum

Payment at

Maturity

Accrued

Bonus@ 1%

Compounded

(at

maturity)****

Gross Payment

(at maturity)

35300 50000 5231 55231***

70600 100000 10462 110462***

**The rates are for a healthy person up to age 40.

Work to a pre-tax return of 4.58% and a post tax return of 6.29%

(Assuming full benefit of section 88)

**** Bonus rates applicable to Single Premium benefits may differ from

those applying to regular premium benefits and for those applying to other

single premium benefits affected at different times.

13.Death Benefit: In case of death during the term of the plan, the

nominee will be paid the Sum Assured (Minimum Guaranteed

Amount) plus accrued bonuses. In case of death of a minor (below

age)

14.The death benefit will be the surrender value or Single Premium

whichever is higher.

Other Important details of the OBajaj Allianz Save Care Economy-SPO

plan.


Minimum Age at Entry 0 (Risk commences at age 7)



Minimum Term 10 Years

Minimum Sum Assured Rs. 50,000

Minimum Single Premium Rs. 35,300

The premium rates for Rs. 1000 Sum Assured, are given in the table below.

Age Premium Age Premium Age Premium Age Premium

0-40 706 46 712 51 718 56 728

41 707 47 713 52 720 57 730

42 708 48 714 53 722 58 732

43 709 49 715 54 724 59 734

44 710 50 716 55 726 60 736

45 711

Surrender

This plan offer you the choice of surrendering the policy at any time. The

company will provide the actual surrender values on a fair basis.

Fund Access-Loans

You can avail of Loan under policy.

The Bajaj Allianz "Protector" Plan

The Bajaj Allianz "Protector" Plan is a mortgage term insurance plan

that covers the outstanding principal amount of a loan. It is an economical

way to protect the family from the burden of repayment of death of the

loanee. The plan is designed to pay a sum insured that will be equal to the

outstanding principal amount of the loan due.

The Bajaj Allianz "Protector"" Plan offers two premium payment

options

Regular Premium Payment - Premium Payment limited to

approximately 2/3rd of the loan tenure, while coverage continues for

the full tenure of the loan.

Single Premium Payment - One time premium payment covering

you for the full tenure of the loan.

Joint life availability

The plan has the option to cover the co-applicant of the loan under

this plan. Under this option, both lives will be covered and the death

benefit will be payable in case of death of either life. The policy terminates

on either life.

Benefits Payable

Death Benefit

The death benefit is equal to the outstanding principal amount of the

loan due as per the loan schedule, irrespective of changes in interest

rate/term at a later stage. The outstanding amount of loan due will depend

on the loan amount, loan tenure and interest rate as agreed upon at the time

of disbursement of loan.

Important details of the "Bajaj Allianz Protector" Plan


Minimum Sum Assured (Loan

Amount)

Rs. 2,00,000

Maximum Sum Assure (Loan

Amount)

No Limit

Minimum Age at entry 20

Maximum Age at entry 55

Maximum Age at policy Expiry

Date

65

Minimum term for Single Premium 2

Minimum term for Regular

Premium

5

Maximum term (Regular & Single

Premium)

30

In case of joint life, the maximum age at entry and the maximum age at

maturity are for the elder life and the minimum age entry is younger life.


Five Premium Payment Modes that can be single premium, yearly,

half-yearly, quarterly or monthly. The premium for frequencies other than

yearly mode is the annual premium multiplied with the frequency factor

(0.51 for the half yearly mode 0.26 for the quarterly mode, and 0.09 for the

monthly mode). Monthly mode is permitted only by salary deduction or

direct bank debit. The minimum premiums are Rs. 2500 for the Single

Premium, Rs. 1000 fro the annual mode, Rs. 700 for the half-yearly mode,

and Rs. 175 for the monthly mode.

Tax Benefit

Tax benefit under section 88 and 10 (10D) available as per

applicable tax laws.

Surrender values /Paid Up Values

There are no surrender value or paid-up values under this plan.

Loans

Loans are not available under this plan.

Change of Occupation On chance of occupation, depending upon the nature of the new

occupation, the premiums and benefits may be modified.

Days of Grace

In case of non-payment of premiums, a grace period

of 30 days will be allowed for the yearly, half yearly and

quarterly modes (15 days for the monthly mode). After

that the policy will lapse.


It is possible to revive a policy that has lapsed due to non-payment

of premiums within 5 years from the date of lapse.

.

Key man Insurance

In case the life assured (in case of joint life, either of the life assured)

commits suicide within one year of the date of

commencement/reinstatement of the policy, the benefits of the plan would

not be payable, and the premiums would be refundedurance is a Life

Insurance cover under a suitable Plan of Assurance affected by the

company to compensate for the FINANCIAL LOSS suffered following the

death of a Key Member or Staff of the organization. Key man Assurance

does not provide for indemnification of loss incurred but only for the

benefits as per the plan of assurance selected.

Purpose of Key man Cover

It provides a financial cushion to the company for:

The loss of customers or sales affected by the key man’s ability and

personality.

The loss of day-to-day specialised skills.

The cost of recruiting and training a suitable replacement.

Delay or cancellation of any business project that the key man is

working in.

The loss of opportunity to expand in the future.

The loss of stable management and good labor relations.

Reduction of credit worthiness-recall of loans guaranteed by the key

man.

Who can be a Key man?

Anybody with specialized skills, whose loss can cause a financial strain to

the company are eligible for Key man Insurance. For example, they could

be:

Director of a Company

Key Sales People

Key Project Manager

People with Specific Skills

Benefits to the Company

Insulate the risk of financial loss against loss of a key man.

Premiums paid under key man insurance may be fully allowed as

Business Expenses under Section 37(1) of the Income Tax Act,

1961, subject to satisfaction of the assessing authority.

Interest on loans taken against a key man insurance policy may also

be allowed as business expenses.

Premiums paid by the company on the life of a key man would not

be treated as perquisites in the hands of such a key man when the

company's request is accepted by the assessing authority.

Key man Insurance policy is a positive measure to improve the

retention of the key man in the company.

Treatment of Payment for the Company

All claims - maturity, surrender or death benefit received by the

company are taxable.

In case of the key man retiring, the company may surrender the policy

for its cash value, or assign the policy absolutely in favour of the key

man.

In case of an assignment, the surrender value of the policy at the time of

assignment may be treated as perquisite in the hands of the employee,

and taxed accordingly by the assessing authority.

Insurances Worth of a Key man

The insurance worth of a key man is the lower of:

5 times the average net profit of the company the for the past 3

years.

2 times the average gross profit of the company for the past 3 years.

10 times of the key man’s annual compensational package.

Note: If number of shareholder or number of employees are less than or

equal to 10 but greater than or equal to 5, the maximum sum assured will

be two times of average of three years net profit. For new companies

where 3 years Profit and Loss Account is not available, the maximum

cover will be equal to net profit it accounts are available for one year, and

two time average net profit if accounts are available for two years.

Limits in Key man Insurance

Key man cover is permissible if:

Key person shareholding is less than equal to 51%.

Family shareholding is less than equal to 70%.

Family includes spouse and minor

Products Available from Bajaj Allianz for Key man Insurance

Invest Gain (Endowment Plan)

It is a participating (with profits) endowment plan.

Limited premium payment options available, making it an

attractive proposition.

Loans available against the policy.

Various packages with differing levels of additional protection

also available.

Attractive additional benefit available.

Other Product available from Bajaj Allianz for key man Insurance

Cash Gain- Our Money Back Plan.

Risk Care- Our Pure Term Insurance Plan.

Term Care- Our Term Insurance plan that returns premiums paid at

maturity.

With all these plans, attractive additional benefits like

Comprehensive Accident Protection and Critical Illness Benefit are

also available for Key man Insurance.

UNIT GAIN LIFE PENSION

The "Bajaj Allianz Unit Gain Life Pension" Plan

There are two packages to choose from:

Unit Gain Life Pension Regular Premium

Unit Gain Life Pension Single Premium

Depending on the amount of premium you want to pay, you can

choose a Sum Assured as per the conditions given below.

Minimum Sum Assured= 5 times the annual/1.01 times single premium.

Maximum Sum Assured = y times the annual/single premium where y will

be a s per the following table:

Age Group 18-30 31-35 36-40 41-45 46-55 55-60 61-65

y for regular

Premium

125 90 60 40 20 15 10

y for single

Premium

45 35 20 10 5 5 1.5

benefits available

The plan works in two parts-the deferment period and the annuity period.

During the deferment period, the plan provides valuable life cover and

builds up the fund required to purchase the immediate annuity. The

deferment period ends at the vesting date. You are free to choose your age

of retirement (vesting date) between 45 and 70 years.

The benefits on Vesting Date (the date you choose to retire

1. The Account Value as on the vesting date will be used to purchase

an immediate annuity. The immediate annuity will be purchased at

rates prevailing at that point of time.

2. Option to take lump sum: You have the option to take up to 1/3rd of

the account value on the vesting date as a lump sum. This amount

would be tax free in your hand, as per current tax laws. The balance

amount will be used to purchase an immediate annuity.

3. Open Market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or from any other company. If the

immediate annuity is purchased form Bajaj Allianz, the amount

available for purchase of the annuity will be marked up by 2%.

4. The minimum installment of annuity from Bajaj Allianz is Rs.

1000/- The annuity frequency may be changed to make each

instilment more than the minimum requirement. If it still below the

minimum, the Account Value may be utilised to purchase an

5. immediate annuity from any other company in the open market as

per your choice, or paid in lump sum, if permissible, subject to

prevailing tax laws.


In the event of death during the deferment period, the spouse will get

the greater of the Sum Assured of the Account Value. She will have the

option to take it as a lump sum or purchase an annuity to get regular

income for life. For the immediate annuity, the spouse will have the open

market Option as well. The immediate annuity form Bajaj Allianz will be

available only if the spouse is above 45. If age wee below 45, the amount

would he paid out as a lump sum.

Annuity Options

You will be able to choose from all annuity products offered by

Bajaj Allianz Life Insurance at the vesting date. The annuity products

currently available are:

(a) Annuity for Life

(b) Annuity for Life with 5, 10 or 15 years certain payout

(c) Annuity for Life with Return of Capital

You also have the open market option to purchase immediate annuity.

How does the "Bajaj Allianz Unit Gain Life Pension" Plan work?

The premiums paid are invested in a fund/funds of your choice

(depending on the allocation rate) & unit are allocated depending on the

price of units for the fund/funds. The value of your policy is the total value

of units that you hold in the fund/funds. The insurance cover and

administration charge are deducted though cancellation of unit. The Fund

Management Charge is priced in the unit value.

Investment Options

Bajaj Allianz offers you a choice of 5 funds. You can choose to

invest fully in any one fund or allocate your premiums into the various

funds in a proportion that suits your investment needs. The five funds offered are as under:

Equity Index Pension Fund

Equity Plus Pension Fund.

Debt Plus Pension Fund

Balanced Plus Pension Fund

Cash Plus Pension Fund

Flexibility- to manage your investment

. Initially, you can allocate the premium into the 5 funds that are

available in a proportion of your choice. Subsequently, depending on the

performance of funds, you can switch between funds and also change the

allocation of premium to various funds. Plan allows you three free

switches every policy year. You can also change the proportion of

premium allocation to various funds at each policy anniversary.

Unmatched Flexibility-to suit your changing requirement

Flexibility- to Increase the Sum Assured (available with

regular premium): You have the option to increase the Sum Assured

without any medical tests every 3rd years up to 4 times. The quantum of

increase would be 25% of the original sum assured or Rs. 1,00,000/-

whichever is lower. If you do not exercise an option when it is due, it

cannot be carried forward. This benefit will be available up to age 45.

Apart from exercising the option to increase the Sum Assured .

Flexibility-to Decrease the Sum Assured: You Can decrease the

Sum Assured (in multiples of 1000) at any time to suit your changing needs. The

Sum Assured, after decrease, must be at least 5 time the annual premium or 1.01

times the single premium as applicable.

Flexibility-to pay top ups: You may have received a bonus or

some lump sum money. You can use that to increase your investment in

your policy. 98% of any amount paid as top-up is allocated to your funds.

Flexibility-to increase the level of Regular Premium

Payment: Your earnings grow over time, and so does your savings

potential. With Bajaj Allianz, you have the flexibility to increase your

regular premium amount at any time.

Assured Protection- even if you miss payment of your

premiums-for the regular premium payment:. After payment of

3 full years regular premiums (including top-ups), when premiums due are

not paid, the policy will stay in force with full benefits so long as there are

enough units available for charging the Cost Insurance (including

Additional Benefit selected) and all other charges.

Additional Protection for you and your family (available with regular

premium):

you have the option to add the following four additional benefits,

providing total protection against uncertainties.


Accidental Permanent Total/Partial Disability Benefit

Critical Illness Benefit (CI)

Hospital Cash Benefit (HC)

Important Details of the 'Bajaj Allianz Unit Gain Easy Pension' Plan

Minimum Maximum

Age at Entry 18 65

Deferment Period 5 40

Age at Vesting 45 70


Four premium payment modes that can be Single, Yearly, Half

Yearly, and Quarterly.

Full Withdrawals

Unit Gain Life Pension offers you the flexibility of full withdrawals

by surrendering unit.

For single premium plan full withdrawals are allowed anytime after

the payment of the single premium. For regular premium plan full

withdrawal is allowed after 3 full years regular premiums (including top

ups) are paid.

The surrenders are paid out a the value of units, and there is no

surrender penalty on full withdrawals after 3 full years regular premiums

(including to ups) are paid.

Days of Grace (not applicable for Single Premium)

Before the payment of full 3 years regular premiums, premiums

must be paid when due to keep the policy in-force. Till such time the

company receives 3 full year's regular premiums (including top-up

premiums), 30 days of grace period will be allowed for the yearly, half

yearly and quarterly modes and 15 days of grace will be allowed for the

monthly mode.


It is possible to revive a Policy that has lapsed due to non-payment

of premiums or exhaustion of unit within 5 years from such date of lapse.

The revival will effected subject to underwriting.

Termination of Policy

The policy will terminate on occurrence of nay of the following :

(a) The unit in the policy are fully surrendered

(b) The account value becomes Rs 100/- or less

(c)The account value is not sufficient to support deduction of units

for a period of three months.

Fund Access-Loans

Loans are not available under this Plan.

Change of Occupation

On change of occupation, depending upon the nature of the new

occupation, the premiums and benefit with respect to the Critical illness

and Hospital Cash may be modified.

Tax Benefits

Death Benefit is tax-free. The 1/3rd lump sum that can be taken on

the Vesting Date is also tax-free. Premiums paid are eligible for tax relief

under Sec. 80 CCC (1) or Sec. 88 or IT Act. Value of Units cancelled for

Critical illness and Hospital Cash Benefits is eligible for tax relief under

Section 80 (D). In case of change in any tax laws relevant to the

policyholder or the fund performance, the same will be applied as per

regulations prevailing at that point of time.

Risks of Investment in the Units of the plan:

The Proposer /Life Assured is aware that the investment in the Units

is subject to the following, amongst other risks and agrees that he is

making the investment in the Units with full knowledge of the same.

(1) Bajaj Allianz UnitGain Life Pension is only the name of the policy

and does not in any way indicate the quality of the policy, its future

prospects or returns.

(2) Equity Index Pension Fund, Equity Plus Pension Fund, Balance Plus

Pension Fund, Debt Plus Pension Fund and Cash plus pension Fund

are the names of the funds offered currently with Bajaj Allianz Unit

Gain Life Pension, and in any manner does not indicate the quality

of the respective fund, their future prospects or returns.

(3) The investments in the Unit are subject to market and other risks

and there can be no assurance that the objectivities of any of the

funds will be achieved.

(4) The price of unit of each fund can go up or down depending on the

factors and forces affecting the financial and debt market from time

to time and may also be affected by changes in the general level of

interest rates.

(5) The Equity Index Pension, Equity Plus Pension, Debt Plus Pension,

Cash Plus Pension and balanced plus Pension Funds do not offer a

guaranteed or assured return.

(6) All benefits payable under the policy are subject to the tax laws and

other financial enactments, as they exit from time to time.

(7) The past performance of other funds of the company is not necessarily indicative of the future performance of nay of these

COMPARISON OF PRODUCTS:

BAJAJ ALLIANZ

ICICI PRUDENTIAL LIFE INSURANCE

KOTAK LIFE

H.D.F.C STANDARD LIFE

CHILDREN'S POLICY

BAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

HDFC

STANDARD LIFE

Name of

Product

Child Gain.

Child gain 21

Child gain 24

Child gain 21

plus

Child gain 24

Smart Kid

Education Plan

(i) Regular

Premium

(ii) Unit liked

Regular

Child

Advantage

Plan

(1) Children's Plan

(2) Unit Linked

young Star plan.

plus Premium

(iii) Unit Liked

regular

Premium II

(iv) Unit Liked

Single Premium

II

Limit of

Premium

Payment

18 years. 25 years

Tax

Benefit

Section 88

and Section

10 (10D)

Section 88 Section 88

& Section

10 (10D)

Section 88 &

Section 10 (10D)

Insurance

of policy

holder

Available.

Option of

Purchasing

Furtherer

Insurance

at

maturing

Available

Loans Not available available available available

Surrender Cam

Surrender

after payment

— — —

of three full

years

premium

Value

adds

(1) Life

Guardian

Benefit

(2)

Accidental

Disability

Guardian

Benefit

(1) Life

Guardian

Benefit

(2) Accidental

Disability

Guardian

Benefit

(1) Life

Guardian

Benefit

(2)

Accidental

Disability

Guardian

Benefit

—

Minimum

age of

Policy

holder

20 year 20 years 18 years

Maximum

age of

Policy

holder

50 year 60 years 60 years

Minimum

age of

Child

0 years 0 years 0 yeas 0 years

Maximum

age of

Child

13 years 12 years 17 years

Minimum 18 Years 10 years 10 years

premium

Payment

Term

Minimum

Sun

assured

100000 100000

Maximum

sum

assured

50,00000 30,00000 2500000

ENDOWMENT PLAN

BAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

HDFC

STANDARD

LIFE

Name of

Product

Invest gain LifeLink II Kotak

Endowmen

t Plan

Unit linked

endowment Plan.

(1) Economy

(2) Gold

(3) Diamond

(iv) Platinum

(1) ICICI Pru

fore ever

(2) ICICI pru

Seven Project

(3) ICICI Single

Premium Plan

(4) ICICI Pru

Assure vest

Minimum

age at

Entry


Maximum

age at

Entry


Loan

against

Policy

available available Not available

Surrender

Option

available available available Not available

Advantage

for

women

Premium

discount for

women policy

holders

Not available Not

available

Not available

Tax

benefit

Sec 88 Sec 10

(10D) of the

income Tax

Act and Sec 80

D (Exemption

in Hospital

Cash Benefit)

Sec 88 & Sec 10

(10D)

Sec 80, Sec

10 (10D)

and Sec

80D of

income tax

Act.

Sec 88, Sec 80D

and sec 10 (10D)

of Income tax act

Value

Adds

(a) Family

Income benefit

(a) Death

benefit

(a) Tem

benefit

(a) Critical illness

Benefit

(b)

Comprehensiv

e Accident

Protection

(c) Critical

illness Benefit

(d) Hospital

cash benefit

(b) with drawl

Benefit

(b)

Accidental

benefit

(c)

Permanent

Disability

Benefit

(d) Critical

illness

Benefit

(e) Life

Guardian

Benefit

(b) Additional

team Benefit

(c) Accidental

Death benefit

(d) wavier of

Premium Benefit

High Sum

Assured

Rebate

Discount of at

least Rs 84 on

the annual

premium for

every addition

Rs 10,000 sum

Assured per

cashed over

and above the

minimum sum

assured of Rs

50,000

Not available Not

available

Not available

Pension Plans

BAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

HDFC

STANDARD

LIFE

Name of

Product

(a) Unit

Gain life

Pension

(b) Unit

Gain Easy

Pension

i

(1) ICICI Pru

forever Pension

life

(2) Life Link

Pension

(i) Retirement

Income Plan

(A pension

builder plan

with life

insurance

options)

(ii) Retirement

Income Plane

(Unit liked)

(i) Personal

Pension Plan

(ii) Unit linked

Pension Plan

Minimum

age at

Entry

18 years 18 year 18 years

Maximum

age at

Entry

65 Years 65 years (zero

death benefit

else 60 years).

60 years

Loans

against

Policy

Not

available

Not available

Tax

Benefit

Sec 80 CCC

(1) & Sec 80

(D)

Sec 80 CCC(1) Sec 80 CCC

(1) Sec 10

(10A)

Sec 80 CCC

Additional

Benefit

(a)

Accidental

(a) Critical (a) Term (a) Accidental

Death

Benefit

(b)

Accidental

Tate/Partial

Disability

Benefit

(c) Critical

illness

Benefit

(d) Hospital

benefit

illness Rider

(b) major

Surgical

assistance

(c) Accident &

Disability

Benefit

Benefit

(b) Accidental

Death Benefit

(c) Critical

illness benefit

(d) Permanent

Disability

Benefit

(c) Life

guardian

Benefit

Death Benefit

Investment

Option

Your com

invest one

type of fund

or allocate

the amount

in different

funds

Available

(i) Pension

Maximiser

(Growth)

(ii) Pension

Protector

(Income)

(iii) Pension

Balcumers

(Balance)

(iv) Pension

Preserver

Available —

Flexibility Flexibility to

suit year

Available

Power of in case

available

changing

requirement

s

your investment

Assurance

for family

In the event

of death

your spouse

will get the

greater of

the Sum

Assured.

available

(i) Take lump

sum amount of

unit value of

Investment

(ii) Take as

annuity

Available

(i) Generator

of sum assured

less all the

premiums due

but not paid.

(ii)

Accumulation

account

The beneficiary

receives the

value of unit

plus a cash sum

of Rs 1000.

Exit

option

(i) full

withdraws

for single

premium

Plan

(ii) full with

drawls after

3 premiums

for regular

Premium

plan.

Available Available

Revival of

the Policy

Reveals of

Policy is

possible

— — —

with in 5

years from

the date of

lapse.

MONEY BACK PLANBAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

HDFC

STANDARD

LIFE

Name of

Product

Cash gain ICICI cash back Kotak

Money

Back Plans

Money Back

Plan.

Min Age at

entry

16 years 18 years 12 years and 18

years for

getting Benefit.

Max Age

at entry


Tax

Benefit

Sec 80C Sec 10

(10D)

80 C, 10

(10D) 80 D

Sec 88

Sec 80D

Sec 10 (D)

Additional

Benefits

(a) Family

Income

(b)

Comprehensive

Accidental

Protection

(c) Waiver of

Premium

Benefit

Not available (a) Term

Benefit

(b)

Accidental

Death

Benefit

(c)

Permanent

Disability

Benefit

(d) Critical

illness

Benefit

(e) Life

guardian

Benefit

(a) Critical

illness Benefit

(b) Additional

term Benefit

(c) Accidental

Death Benefit

(d) Waver of

Premium

Benefit

Cash

Payment

At a regular

Interval

Survival benefit

payments at

regular invest

At a

regular

Interval of

5 years .

At a regular

interval.

Benefits in

the event

of Death.

Sum assumed

Plus Bonuses

The beneficiary

will get the sum

assured plus

guaranteed &

vested bonuses.

The

beneficiary

would

receive the

death

benefit (the

benefit

The Basic sum

assured plus

any bonus is

provided

keeps

increasing

by 71. of

Sum as

well )

ON

MATUITY

50% Plus

guaranteed

additions plus

vested bonus

Sum of

Survival

benefit

Guarantied

addition

and Bonus

additions

Basic sum

assured plus

any bonus.

Whole Life Insurance

BAJAJ

ALLIANZ

ICICI

PRODENTIAL

KOTAK

LIFE

HDFC

STANDARD LIFE

Name of

Product

Life Time

Care

Single Premium

whole of Life Plan.

Min Age at

entry

18 years 18 years

Max Age at

entry

50 years 70 years

At the event

of Death

Double the

basic

Sum assured

Nominee gets the

sum assured

Secured by

plus

Bonuses

Premium Plus

bonus.

Surrender — You can surrender

the policy

Flexibility

of term.

Flexibility

of excluding

and

including

the benefits.

you com change the

terms of policy.

Min Sum

assured

50,000 25000

Max Sum

Assured

1000000 500,000

Loan facility You can

available

under your

Policy.

available

Premium

discount for

women

Premium

discount for

female

policy

holder

Additional

Benefit

(a)

Accidental

Death

Benefit

(b) Critical

(a) Accidental

Death Benefit

illness

Benefit

UNIT LINKED INSURANCE PLANS.

BAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

H.D.F.C LIFE

Name of

Product

(1) Unit

Gain

(2) Unit

Gain Sp

(3) Unit

Gain Plus

(4) Unit

Gain plus

(1) Life time

(2) Invest shield

Pension.

(3) Invest shield

Cash.

Kotak

Retirement

Income Plan

(unit linked)

(1) Unit liked

Endowment

Plan

(2) Unit liked

young star Plan.

(3) Unit Linked

Pension plan

TERM PLANS

BAJAJ

ALLIANZ

ICICI

PRUDENTIA

L

KOTAK

LIFE

H.D.F.C

STANDARD

LIFE

Name of

Product

(1) Risk care

(2) Term

plan with

Life Guard

(1) Level term

Assured

Kotak

Preferred

Terms

(1) Terms

Assurance Plan.

(2) Loan cover

Return of

Premium

- with

- Return of

Premium

- w/o

Premium

-Single

Premium

Plan. Term Assurance

Plan.

Min age 18 years 18 years,

who do not

use

tobacco in

any from

(males)

Females

over the

age of 18

years.

18 years.

Max age 50 years 55 years (Policy

with optional

benefit) otherwise

65 years.

Surrender — — You can

surrender

in case of

Single

Premium

plans.

—

Value adds (a)

Accidental

Death benefit

(b)

Accidental

pigmentation

/Partial

Disability

Benefit

(c) Critical

illness

benefit

waiver of

Premium

(a) Accidental

& Disability

Benefits

(b) Waver of

Premium

(a)

Accidental

benefit

(b)

Permanent

Disability

Benefit

(c) Critical

illness

benefit

(a) Critical illness

Benefit

(b) Accidental

Death Benefit

(c) Accelerated

Sum Assured.

Income Tax

Benefits

Sec 88

Sec 10 (10D)

Sec 8 Sec 80C,

10 (10D)

Sec 80D

Sec 88, sec 80D

Sec 10 (10D)

On maturity No maturity

benefits

No maturity

benefits

except in case

of Relish of

Premium

No

maturity

benefits.

No maturity

benefits.

In the event of

death.

The

beneficiary

will receive

the bases

sum assured.

The

beneficiary

will receive

entry sum

assured.

The

beneficiary

would

receive the

sum

The beneficiary

will receive lump

sum amount

assured

Minimum

Sum assured

100,000 100000 25000

Maximum

Sum assured

10,0000 1000000 500000

Loans against

policy

available Not available available

GROUP PLANS

BAJAJ

ALLIANZ

ICICI

PRUDENTIAL

KOTAK

LIFE

H.D.F.C

STANDARD

LIFE

Name of

Products

(1) Group

Credit Shield

(2) Group

Term life

(3) Group

Term life

scheme

(4) Group

superannuation

scheme

(5) Group

Gratuity Care

Scheme

(1) ICICI Pru

Group Solutions

Advantage

(2) Group Term

assurance

(3) Group

Gratuity Plan.

(4) Group

Superannuation

Plan

(1) Kotak

Term

Group plan

(2) Kotak

Complete

Cover

Group plan

(3) Kotak

Gratuity

Group

Plan.

(1) Group tem

insurance

(2) Gratuity plan

(3) Leave

Encashment Plan

(4) Development

Insurance Plan

In the quarter ended June 30, 2005, Bajaj Allianz Life Insurance crossed Rs1.86bn in new business. With this, Bajaj Allianz Life Insurance has upstaged HDFC Standard Life from the No.3 position in terms of market share in premium income.

Sl No. Insurer Premium Income Rs LakhGrowth (%)

Market Share (premium) (%)

Up to June 2005

Up to June 2004

Up to June 2005

1 Bajaj Allianz 18,552.13 6,581.08 181.90 4.18

Individual Single Premium 8,224.77 2,035.96

Individual Non-Single Premium

9,768.44 4,459.92

Group Single Premium 0.00 0.00

2 ICICI Prudential 33,413.12 22,181.48 50.64 7.53



26,897.37 14,814.74


Group Non-Single Premium 5,180.28 3,009.24

3 HDFC Standard 5,310.88 167.42 3.20



9,997.41 3,580.40

http://www.indiainfoline.com/news/news.asp?dat=63597#%23


Group Non-Single Premium 801.51 101.82

4 Kotak Mahindra Old Mutual 3,395.51 1,733.60 95.87 0.77

Individual Single Premium 143.72 293.76


3,118.01 977.38


Group Non-Single Premium 127.79 462.46

INSURANCE CONSULTANT AS A CAREER WITH BAJAJ ALLIANZ Consultants: consultants are full-time commissioned sales personnel

holding an agency contract. They are generally considered to be

independent contractors. Consequently an insurance company can exercise

control only over the activities of the agent which are specified in his

contract. Despite this limitation on control, career agents with suitable

training, supervision and motivation can be highly productive and cost

effective. Moreover their level of customer service is usually very high due to

the renewal commissions, policy persistency bonuses, or other customer

service-related awards paid to them

Bajaj Allianz life Insurance Company Limited is a lein between Allianz AG,

the world's leading insurer and Bajaj Auto, one of India’s most respected

names. Allianz AG is a leading insurance conglomerate of globally and the

largest asset manager in the world, managing asset with over 996 billion

euros (Rs 53,64,456 Crores)

Scope -

After becoming Insurance Consultant in Bajaj Allianz you can acquire the following

recognitions:

Your can be an LIRT (Life Insurance Round Table)

You can be a MDRT (Million Dollor Round Table)

You can be an AZBJ club member

You can go around the country and the Globe by being a consistent AZBJ

Performer.

QUALITIES OF AN IC

To be a good performer as a IC, you should have

A yen for meeting people.

Commutation abilities

Time

Discipline

Independence

Energy

Enthusiasm

Assertiveness

Commitment

EARNIGS AS A INSURANCE CONSULTANT WITH BAJAJ

ALLIANZ

There is no limit to your in come

You can earn

Commissions.

Bonus/overriding commission.

Renewal Commissions

Recognition/Social prestige

Awards/Prizes/Travel.

If you do

Just 4 polices per month with an average annual premium of Rs. 7500per policy,

You will earn as long as the policy runs

YOU EARN UPTO RS. 12000 PER MONTH THIS SMALL EFFORT.

A great ICC does.......

Only 12 polices per month

Average premium of Rs. 10,000 per policy

Average policy term 20 years which means that he earns for 20 years with the

efforts put in today.

Earnings

@4 policies

per

Earnings

@8 policies

per month

Earnings @

10 policies

per month

Earnings @

12 policies

per month

Year 1 144,000 288000 384000 576000

Year 2 171,000 342000 456000 684000

Year 3 198,000 396000 528000 792000

Year 4 216,000 432000 576000 864000

Year 5 234,000 468000 624000 936000

Year 6 252,000 504000 672000 1008000

Year 7 270,000 540000 720000 1080000

Year 8 288,000 576000 768000 1152000

Year 9 306,000 612000 816000 1224000

Year 10 324,000 648000 864000 1296000

7500

Average

Premium

7500

Average

Premium

8000

Average

Premium

10000

Average

Premium

To help you in doing this entire job Bajaj Alliaz has an exclusive "Training and

Development" program for IC.

The training programs will ensure that you maintain the cutting edge above

competition. The training schedules are such that it will help you to grasp the

relevant cereas and easier.

The Training program include:- Education and Training in Life Insurance

Training in selling skills

Training in communication skills

Training in Product skills

Training in interpersonal skills

Training in handling Customer queries

Training in data management

Help and guidance in meeting customer needs

Opportunities in Insurance market: - 80% of the potential market

Out of 35 crore middle class population of India only 7 crore polices

have been should so far.

Insurance growth fore coasted at 25-30% Per annum for the next 10

years-

Only 22% of the insurable population in soured today.

So if a person want to be associated with a leading global insurance company, earn

much, much more than he is earning now and continue earning tomorrow with

today's efforts, he can pursue a career that allows for continuous trying and

development, and scope for personal and professional growth.

He can gain as an IC in Bajaj Allianz and become his

own boss, rum his own business with out any initial

Outlay, with a exiting and satisfying Career.

RESEARCH DESIGN

Marketing research:

Marketing research Is defined as a function that links the consumer, and the public to the markets through information used to identify and the public to the markets through information used to identify and define marketing opportunities and problems; to generate, define and enable marketing actions; to monitor marketing process. Marketing research specifies the information needed to address marketing issues.

Research design is a method for collecting information, managing and implementing the data collection process, analyses the result and communicates the findings and implications.

This result is based on the consumer and is an extension of marketing research. This research is conducted with a view to understand prospective customer better and to introduce and modify the products and services of carrier

Some of the activities in carrying this are:

To form the basis of planning the sales, sales promotion and advertisements

To enable the marketers to identify the customers need in the relation to the product category and to develop potential market.

To help the management to determine persuasive advertisement appeals and to appropriate media choices to selected targeted market.

To determine the market characteristics, potential and share of its competitors.

This research consist of four steps. They are as follows:-

Defining the problem and research objective Developing the research plan Implementing the research plan Interpreting and reporting the findings

The research undertaken in this project is descriptive; it tries to portray accurately the characteristics of a particular situation, individual or a group.

A systematic way was followed to achieve the

objective of the project

DATA COLLECTION SOURCES ANDMETHODS

Two types of data were required for our consumer research.

Primary Secondary data

Primary Data: This is collected or developed from the field study or field work. In this project data and in this project data and information were collection by a way of specifically designed questionnaires. After that many relevant information were collected through filling of questionnaires. These questionnaires contained fourteen questions. Some of the question were specific having sufficient choices and others were open-ended ones. Information’s were collected from existing and potential customers. The motive

was to know the views, attitudes , perception and mixer grinder. Besides there were demographic questions which revealed their profession and group to which they belong.

Secondary data: These were the data collected from existing sources or from those sources which were already developed and organized and collected from company showroom, catalogs, leaflets and company’s official website. This data also include ideas and view of the officials of BAJAJ ALLIANZ LIFE INSURANCE.

SAMPLE PLAN

For the collection of primary data we have concentrated in and around Lucknow city, as it is the capital city of Utter Pradesh and have vibrant mix of different back ground, life style and attitude the data will reveal a much clear picture of people’s perception about different Life insurance companies . The per capital income of people here is higher than other cities across Utter Pradesh . that is why a random sample of people who are from different professions of life eg-:bank managers, accountants, engineers, doctors, housewives etc were taken for the study. The sample size was 150.

FIELD PLANAfter selecting the sample and designing the sample

plan the next step was making the field plan. So a

group of professionals were identified through phone

calls ,meetings & visiting offices Respondents were also

interviewed at the major hanging around places like

restaurants and markets. The respondents were given

questionnaires to fill up as per their knowledge and

perception .Data regarding the preference of plan

which they actually own ,reasons for choosing that

particular plan ,any modification they would like to add

in their plan ,are they satisfied with their insurance

company and all other information were collected from

them. The customer were briefed about this research

and benefits which they and company will get from this

research .some data like total market share ,.some of

the information is collected from broaches and web

sites

FINDINGS AND ANALYSIS

PURPOSE OF BUYING LIFE INSURANCE

TO COVER RISK 70FOR INVESTMENT 30FOR SA VING 40FOR PENSION 10

PURPOSE OF BUYING LIFE INSURANCE

0

10

20

30

40

50

60

70

80

TO COVER RISK FORINVESTMENT

FOR SA VING FOR PENSION

RESPO

NDENTS

.

The above graph shows that today people are buying insurance

policies not only for covering risk but also for investment purpos

POPULAR PRODUCTS UNIT LINK 50TERM PLAN 30PENSION PLAN 5CHIDREN'S POLICY 30WHOLE LIFE 10MONEY BACK 25

The popular products were divided in to six products,viz.,unit link ,term plan, pension plan , children’s policy, whole life, & money back.

UNIT LINK33%

TERM PLAN20%PENSION PLAN

3%

CHIDREN'S POLICY

20%

WHOLE LIFE7%

MONEY BACK17%

The graph shows that the percentage of unit link plan is the most popular plan among all the plans because the customer find unit linked plans more transparent ,flexible and easy to understand. they compete with saving and investment options like mutual funds, also in these funds the retunes are high more over customer has the option to choose from different fund option for investment depending on his risk preference.

SOURCES OF BUYING POLICYThrough a relative (who is an agent) 60

Through a well known agent 90

0

10

20

30

40

50

60

70

80

90

100

Through a relative (who is an agent) Through a well known agent

resp

onden

ts

The above graph shows the percentage of buyers form a well known agent is greater than a relative (who is an agent) this is because now days the purpose of buying an insurance policy is not just covering risk but also an investment instrument .This the reason people like to buy from a well known professi

In our survey we have taken 150 responses out of them it was found that 50 were existing 60were potential and 40 were not interested. This shows about 30%of the people have taken insurance consultancy as a career 40% of them are willing to become consultants if offered, while about 25% are not interested .

Profile of insurance consultantsBANK MANAGERS 35charted accountants 30Teachers 3HOUSE WIVES 25BUSINESS MEN 35OYHERS 7

BANK MANAGERS

26%

charted accontants

22%Teachers2%

HOUSE WIVES19%

BUSINESS MEN26%

OYHERS5%

For finding out the profile of insurance consultants the professions were classified as: Bank Managers

House wives Teachers Doctors& Business men

From the survey we found out that bank managers and business men have equal percentage viz,26% the reason behind bank managers holding high share is that being in the banking field managers find easy to make contacts with potential customers without giving much time thus they end up making large profits(commission) while businessmen simply use their contacts in selling the policies .in the second place are charted –accountants, they just suggest different policies to their own clients ,according to the need of client. Third are the house wives with 19% share . most of the housewives do good business because of their big social circle .fourth are others with 5% which include doctors, lawyers, students people who are doing consultancy as a full time job ,etc. last are the teachers with 2%.

TRADITIONAL SAVINGS PLANSYLY PAYME

NT TERM

TOTATL AMOUNT INVESTED

SUM ASSURED

VALUE AFTER

20 YEARS

15 YEARS

10 YEARS

5 YEARS

3 YEARS

@15000 20 YEARS

Rs .3LACS

Rs 3LACS

6.27 LACS

3.92 LACS

2.03 LACS

.75 LACS

.37 LACS

NEW GENERATION INVESTMENT PLAN

YLY PAYMENT TERM

TOTAL AMOUNT INVESTED

SUM ASSURED

VALUE AFTER

20YEAR

S

15YEARS

10YEAR

S

5YEARS

3YEARS

@100000

3 years

Rs.3 lacs

9 lacs 14.03lacs

9.22lac

5.89Lac

3.37 lac

3.15

100,000 PLUS 200000 Advance for 2nd

and 3rd year

1 Rs 3 lacs

9lacs 15.95 lacs

10.19 lacs

6.52 lacs

4.21 lacs

3.54 lacs

RECOMMENDATIONS & SUGGESTIONSAmong all the existing life insurance Companies in

India Bajaj Allianz Product have a edge.

But according to my observation the company can

look forward to following suggestions:-

Company can launch a investment plan specially

designed for students in which they can invest small

amount (eg-:500 to 1000)

Company can design some products exclusively for

rural areas keeping is mind the rural conditions.

Locking period should be reduce which can attract

more investors .

It can distribute discount coupons to its prime

customers on special Occasions, this will keep the

customer happy and satisfied.

Since the company has a tie up with Bajaj Auto,

syndicate Bank Standard Charted Bank It can plan

out some schemes with the banks that are beneficiary

for the customers. (Like being the customer of Bajaj

Allianz they can avail some benefit of Bajaj Auto.

Standard charted bank, and syndicate Bank.).

Company can start attractive schemes for insurance consultants like salary for top performers.

CONCLUSION

With the growth of Indian insurance market, the market experience more and more product development catering to particular segments of the market there by allowing the companies to develop better relationship with their own customer

Today the customer wants products tailor made to their needs. To fulfill this need, companies are launching products which can hit the customers need. for eg-; the cost of education is rising day by day so to cater this high cost of education companies have launched child gain programs which provide money when it is needed the most ie in the age between 18to 24 .Earlier product did not have riders but now all the product are equipped with attractive riders like critical illness benefit, accidental death benefit, hospital cash benefit, waiver of premium benefit and

many more. Their is flexibility in the plans which allows the customer to increase or decrease the amount of investment .To create a space in the consumers minds the insurance companies have maximized their innovation skills for eg-; bajaj alliance recently launched Mahila Gain which is specially designed to meet the women needs.

Earlier people use to associate insurance policy with death but now they buy insurance as a investment instrument .eg-; unit link products which give maximum retunes.The environment has become more competitive and sensitive to the demands of the market .The customers have become the driving force and the companies have recognized the role of the customer in their business planning and decision making.The emerging scenario provides the consumers with choice of insurance, wider range of new &innovative

products also competitive pricing of products and services .

As the industry is growing there is large opportunity for employment also for eg Insurance consultancy can be a great career opportunity since less time has to be devoted it can always be a part time job .The growth opportunities are high because of the large untapped market

FOR CUTOMERS

QUESTIONNAIRE

NAME : ……………………………………………………………

AGE :…………………………………………………………….

ADDRESS: ………………………………………………………..

CONTACT NUMBER:……………………………………………..

MATIAL STATUS : SINGLE MARRIED

Are you presently carrying insurance cover? a) yes b)no

How do you perceive life insurance? a)To cover risk b)For investment c)For savings d)For pension

At what age last life insurance have you taken. a)0-20 b)21-30 c)31-40 d)41-50 e)51

Which plan have you taken a)Endowment b)Money Back c)Risk Cover d)Unit Link e)Pension f) Whole Life g)Term Plan

In which income group you are? a)0-50000 b)51000-100000 c)100000-150000 e) 150000-200000 f)200000&above

How would rate you rate customer service provided by your life insurance

Company.

From whom did you buy your life insurance policyyour friend b)Any authorized well known agent

What kind of value addition you expect from a life insurance policies .

FOR INSURANCE CONSULTANTS

Name:……………………………

Age:…………………………………..

Address:……………………………….

Qualification………………………………

Profile………………………………………

Contact number…………………………………

Marital status: Single . Married

No. of family members:

Family income :50000-100000 100000-150000 150000-200000 200000&above

Do you have a life insurance yes no

If yes from which company.

Are you aware of BajajAllianz. Yes No

If yes are you aware of BajajAllianz products.

Are you aware of business opportunities with BajajAllianz.

Would yiu be interested of joining BajajAllianz as insurance consultant.

How do you think you will contribute to BajajAllianz being associate with

Next appointment Date ………….. Time……………

Thank You .

BILBOGRAPHYwww.moneycontrol.comwww.bajajalliance.comTimes of India

http://www.bajajalliance.com/

http://www.moneycontrol.com/

bajaj alliance

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