A PROJECT ON CHANGING INVESTMENT PATTERN AND INSURANCE CUNSULTANCY AS A PROFESSIONAL CAREER by Sanjay Gupta

A PROJECT ON CHANGING INVESTMENT PATTERN AND INSURANCE CUNSULTANCY AS A PROFESSIONAL CAREER

UNDER THE GUIDENCE OF: Mr. ATIF

SUBMITTED BY: POOJA S ING H 38-B PGDBM

(SALES TEAM MANEGER)

PUNE INSTITUTE OF BUSINESS MANAGEMENT PUNE 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 GWP in FY FY

2001-2002 (6 month) 2002-2003

21,376 1,15,965 1,86,443

Rs. 7 cr. Rs. 69 cr. Rs. 221 cr.

2003-2004 • 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

Date

Reg.

Number 101

23.10.2000 HDFC

2. 3.

104 105

Company Ltd. 15.11.2000 Max New York Life Insurance Co. Ltd. 24.11.2000 ICICI Prudential Life Insurance

107

s Company Ltd. 10.01.2001 Kotak Mahindra

4. 5. 6. 7. 8. 9. 10.

of Name of the Company

Standard

Life

Old

Insurance

Mutual

Life

Insurance Limited Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company

109 110 111 114

31.01.2001 12.02.2001 30.03.2001 02.08.2001

116

Private Limited 03.08.2001 Bajaj Allianz Life Insurance Company

117

Limited 06.08.2001 Metlife India Insurance Company Pvt. Ltd.

Life Insurers: S.No Registratio 2.

n Number 122

Date

of Name of the Company

Reg. 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 Date 1.

n Number 127

of Name of the Company

Reg. 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, 1999 As 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 subsection (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 Countries United Kingdom Japan United States South States South Africa Australia South Korea India China Indarsis Brazil

(For Year 2000) Insurance P 12.71 8.70 4.43 14.04 6.04 9.09 1.77 1.12 2.13 0.54 0.36

Insurance 3028.5 3165.1 1611.6 392.9 1193.5 935.6 7.6 8.5 86.4 4.0 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 incomeearner 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

 RISK CARE

A Unit Linked Plan  UNITGAIN SP

Pure Term Plan  TERM CARE

A Single Premium unit Linked

term Plan with Return-of-

Plan  INVESTGAIN

Premium  LIFETIME CARE

An Endowment Plan  CHILDGAIN

Whole Life Plan  SAVE CARE ECONOMY

Children's Policy

SP Single Premium Endowment

 CASHGAIN Money Back Plan  SWARNA VISHRANTI Retirement Plan  UNITGAIN PLUS

Plan  LOAN PROTECTOR A Mortgage Reducing term Insurance Plan  KEYMAN INSURANCE A Promising Business Opportunity  UNITGAIN PLUS SP

Unit Link plan with higher

A Single premium Unit

allocation

Linked Plan

 UNITGAIN EASY PENSION

 UNITGAIN LIFE

A Plan that enables you retire

PENSION

with laughter lines... not worry

A Plan that enables you retire

lines

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 ones.

your loved

The "Bajaj Allianz Unit Gain SP Plan The 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  Guaranteed death benefit

Benefits  Death Benefit

 Choice of 5 investment funds with

flexible

investment

management: you can change funds at any time.  Attractive investment alternative to fixed interest securities.  Provision

for

full/partial

withdrawals any time after three full years premiums are paid.  Unmatched

flexibility-

match your changing needs.

 Cash withdrawal option

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.

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.

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

Gold/Diamond/Platinum/Any

Minimum Age at 0 (Risk Commences Entry

at age 7)

additional benefit 18

Maximum Age at

Maturity Minimum Term

5 years

Maximum Term

40 years

Minimum

Sum

Rs. 50000

Sum

No Limit

Assured Maximum Assured Minimum Premium

Rs. 50000 for Yearly, Rs. 2500 for half Yearly, Rs. 1250 for quarterly, and Rs. 500 for monthly

Premium term

Payment 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 2-3 years

Surrender Value after

Guaranteed

Surrender

1 year form commencement.

Value 60% of

the

excluding

premiums

premiums for

additional benefits and extra 5-6 years

full

years

premiums. premium 30% of premiums excluding

payment

first year premium and the premium

7 and above

full

years

for

additional

benefits and extra premiums. premium 30% of premiums excluding

payment

the first year premium and the premium for additional benefits

and

the

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 Plus Common features in the 4 Options of Bajaj Allianz "Child Gain" Plan

extra

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 18

25%

35%*

following completion of Age Payout as % of 200% + Assured 25%

Sum Assured Bonuses For Child Gain 24 and Child Gain 24 Plus: The minimum guaranteed payouts are as follows: Policy Anniversary 18

25%

40%*

following completion of Age Payout as % of 25% Sum Assured

Assured Bonuses

+ 25%

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 Below 7 years

Payout Premiums paid will be refunded without

Above 7 and below 18 years

interest and the policy will terminate Sum assured with accrued bonuses will

Above 18 and below 24

be paid and the policy will terminate. 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

Child Gain 21 plus Minimum

and Child Gain 24 and Child Gain 24 plus

age

of 20

policyholder Maximum age

of 50

policyholder Minimum age of child 0 Maximum age of Child 13 Minimum premium 5

0 13 5

payment Term maximum Premium 18 payment Term Maximum Policy term

21 less age at entry or 24 less age at entry of LA

LA (Child) Maximum age of child 21

(Child) 24

at maturity Minimum

Sum Rs. 100000

Rs. 100000

Assured Maximum

Sum Rs.5000000

Rs., 5000000

Assured 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

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 . Flexibility in Coverage

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.

Flexibility in Coverage

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

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.

Economy: This is the basic plan, which is available for both the regular and single premium payment options.

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

ii.

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. a. Accidental Death Benefit. b. Accidental permanent Total/Partial Disability Benefit. c. Waiver of Premium Benefit (in case of accidental permanent total disability) d. Critical Illness Benefit 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 Accidental Permanent disability Accidental

Permanent

Benefits partial 50% of the Sum Assured* Total 100% of the Sum Assured*

Disability

c. Waiver of Premium Benefit d. Critical Illness Benefit e. Hospital Cash Benefit

Flexibility in Coverage

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 Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Maximum Tem Minimum Sum Assured Maximum Sum Assured Minimum Premium (Rs.)

Eligibility 18 50 65 5 40 Rs. 1,00,000/Rs. 10,00,000/1500/- for Yearly & 1500/- for Half Yearly.

Indicative Premiums The table below illustrates annual premium for the ECONOMY PLAN (Regular Premium):

Age 30 35

Sum Assured Rs. 3,00,000 Term 15 20 5

Sum Assured Rs. 5,00,000 10

NA 1640

1805 2250

2050 2700

2440 3400

NA 2060

1655 1950

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 premium This 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.

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

regular and single premium payment options.

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

ii.

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:

Critical Illness Benefits.

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:

Accidental Death Benefit.

Accidental permanent Total/Partial Disability Benefit.

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

Critical Illness Benefit.

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

Benefits • Accidental Death Benefit

• 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 Max Join Age Min Amt insured Max Amt insured Max age at maturity Min Premium paying term Max premium paying term Premium payment option

18 50 50000 1000000 80 10 N/A Yearly Half Monthly

yearly

Quarterly

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

Guaranteed

Accrued

Paid**

Minimum

Bonus@

Payment

35300

Gross Payment 1% (at maturity)

at Compounded

Maturity

(at

50000

maturity)**** 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 Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Minimum Sum Assured Minimum Single Premium

Condition 0 (Risk commences at age 7) 60 70 10 Years Rs. 50,000 Rs. 35,300

The premium rates for Rs. 1000 Sum Assured, are given in the table below. Age 0-40 41 42 43 44 45

Premium 706 707 708 709 710 711

Age 46 47 48 49 50

Premium 712 713 714 715 716

Age 51 52 53 54 55

Premium 718 720 722 724 726

Age 56 57 58 59 60

Premium 728 730 732 734 736

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 Eligibility Minimum Sum Amount) Maximum

Sum

Condition Assured

(Loan

Rs. 2,00,000

Assure

(Loan

No Limit

Amount) Minimum Age at entry Maximum Age at entry Maximum Age at policy Expiry

20 55 65

Date Minimum term for Single Premium Minimum term for Regular

2 5

Premium Maximum term (Regular & Single

Premium) 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.

Premium Payment Mode

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.

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.

iii.

Economy: This is the basic plan, which is available for both the regular and single premium payment options.

iv.

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.

iv.Total: This pack comes with the following 5 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)

d. Critical Illness Benefit. 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 Accidental Permanent disability Accidental

Permanent

Benefits partial 50% of the Sum Assured* Total 100% of the Sum Assured*

Disability

c. Waiver of Premium Benefit d. Critical Illness Benefit

e. Hospital Cash Benefit

Flexibility in Coverage

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 Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Maximum Tem Minimum Sum Assured Maximum Sum Assured Minimum Premium (Rs.)

Eligibility 18 50 65 5 40 Rs. 1,00,000/Rs. 10,00,000/1500/- for Yearly & 1500/- for Half Yearly.

Indicative Premiums The table below illustrates annual premium for the ECONOMY PLAN (Regular Premium):

Age 30 35

Sum Assured Rs. 3,00,000 Term 15 20 5

Sum Assured Rs. 5,00,000 10

NA 1640

1805 2250

2050 2700

2440 3400

NA 2060

1655 1950

Premium Payment Mode

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

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.

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.

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

iii.

the regular and single premium payment options.

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

iv.

additional benefits: a. Accidental Death Benefit. b. Accidental Permanent Total/Partial Disability Benefit.

Waiver of Premium Benefit (in case of accidental permanent total disability). The Protect Pack is available with the

regular iii.

premium payment option only.

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

Critical Illness Benefits.

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:

Accidental Death Benefit.

Accidental permanent Total/Partial Disability Benefit.

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

Critical Illness Benefit.

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

Benefits • Accidental Death Benefit • 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 Max Join Age Min Amt insured Max Amt insured Max age at maturity Min Premium paying term Max premium paying term Premium payment option

18 50 50000 1000000 80 10 N/A Yearly Half Monthly

yearly

Quarterly

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

Guaranteed

Accrued

Paid**

Minimum

Bonus@

Payment

35300

Gross Payment 1% (at maturity)

at Compounded

Maturity

(at

50000

maturity)**** 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. Eligibility Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Minimum Term Minimum Sum Assured Minimum Single Premium

Condition 0 (Risk commences at age 7) 60 70 10 Years Rs. 50,000 Rs. 35,300

The premium rates for Rs. 1000 Sum Assured, are given in the table below. Age 0-40 41 42 43 44 45

Premium 706 707 708 709 710 711

Age 46 47 48 49 50

Premium 712 713 714 715 716

Age 51 52 53 54 55

Premium 718 720 722 724 726

Age 56 57 58 59 60

Premium 728 730 732 734 736

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

Joint life availability

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 Eligibility Minimum Sum Amount) Maximum

Sum

Condition Assured

(Loan

Rs. 2,00,000

Assure

(Loan

No Limit

Amount) Minimum Age at entry Maximum Age at entry Maximum Age at policy Expiry

20 55 65

Date Minimum term for Single Premium Minimum term for Regular

2 5

Premium Maximum term (Regular & Single

Premium) 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.

Premium Payment Mode

Five Premium Payment Modes that can be single premium, yearly, half-yearly, quarterly or monthly. The premium for frequencies other than

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. .

Key man Insurance In case the life assured (in case of joint life, either of the life assured) commits

suicide

within

one

year

the

date

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

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 y for regular 125 90

36-40 60

41-45 40

46-55 20

55-60 15

61-65 10

Premium y for single 45

1.5

Premium

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.

Assurance-for your family

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 Death Benefit • 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

Age at Entry Deferment Period Age at Vesting

Minimum 18 5 45

Maximum 65 40 70

Premium Payment Mode

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.

Revival of the Policy

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 Name Product

ALLIANZ of Child Gain.

ICICI

KOTAK

HDFC

PRUDENTIAL LIFE Smart Kid Child

STANDARD LIFE (1) Children's Plan

Child gain 21

Education Plan

(2)

Child gain 24

(i)

Regular Plan

Child gain 21 Premium plus

(ii) Unit liked

Child gain 24 Regular plus

Premium (iii) Unit Liked regular

Advantage

Unit

Linked

young Star plan.

Premium II (iv) Unit Liked Single Premium II Limit

of 18 years.

25 years

Premium Payment Tax

Section

Benefit

and

Insurance

10 (10D) Available.

88 Section 88

Section

Section 88 Section &

Section Section 10 (10D)

10 (10D)

policy

holder Option of Available Purchasin g Furtherer Insurance at maturing Loans Surrender

Not available Cam

available —

Surrender after payment of three full years Value

premium (1) Life (1)

adds

Guardian

Life (1)

Life —

Guardian

Benefit

(2)

Accidental

Disability

Accidental

Disability

Guardian

Disability

Guardian

Benefit

Guardian

Accidental (2)

Benefit Minimum age

Benefit

20 year

20 years

18 years

50 year

60 years

0 years

0 yeas

13 years

12 years

17 years

Policy holder Maximum age

Policy holder Minimum age

Child Maximum age

Child Minimum

18 Years

10 years

premium Payment Term Minimum

100000

50,00000

30,00000

Sun assured Maximum sum

0 years

2500000

10 years

assured

ENDOWMENT PLAN

Name of

BAJAJ

ICICI

ALLIANZ

PRUDENTIAL LIFE

STANDARD

LifeLink II

Kotak

LIFE Unit linked

Endowmen

endowment Plan.

Invest gain

Product

KOTAK

HDFC

t Plan (1) Economy

(1) ICICI Pru

(2) Gold

fore ever

(3) Diamond

(2) ICICI pru

(iv) Platinum

Seven Project (3) ICICI Single Premium Plan (4) ICICI Pru

Minimum

Assure vest 0 years

18 years

12 years

65 years

60 years

available

Not available

age at Entry Maximum age at Entry Loan

available

against Policy Surrender

available

Not available

Option Advantag

Premium

Not available

Not

Not available

e for

discount for

women

women policy

Tax

holders Sec 88 Sec 10

Sec 88 & Sec 10 Sec 80, Sec

Sec 88, Sec 80D

benefit

(10D) of the

(10D)

10 (10D)

and sec 10 (10D)

income Tax

and Sec

of Income tax act

Act and Sec 80

80D of

D (Exemption

income tax

in Hospital

Act.

available

Value

Cash Benefit) (a) Family (a)

Adds

Income benefit

benefit

(b)

(b) with drawl (b)

(b)

Comprehensiv

Benefit

Accidental

team Benefit

benefit

(c)

Protection

(c)

Death benefit

(c)

Permanent

(d)

illness Benefit

Disability

Premium Benefit

(d)

Benefit

Accident Critical Hospital

cash benefit

Death (a)

Tem (a) Critical illness

benefit

Benefit

(d) Critical illness Benefit (e)

Life

Guardian

Additional Accidental wavier

High Sum Discount of at Not available

Benefit Not

Assured

least Rs 84 on

available

Rebate

the

Not available

annual

premium

for

every addition Rs 10,000 sum Assured cashed

per over

and above the minimum sum assured of Rs 50,000

Pension Plans

Name Product

BAJAJ

ICICI

ALLIANZ

PRUDENTIAL LIFE

of (a) Gain Pension

KOTAK

HDFC STANDARD

LIFE Unit (1) ICICI Pru (i) Retirement (i) life forever Pension Income life

(b)

Unit (2)

Life

Gain

Easy Pension

Plan Pension Plan pension (ii) Unit linked

Link builder with

Pension

insurance

options)

plan Pension Plan life

(ii) Retirement Income

Personal

Plane

Minimum age

18 years

18 year

65 Years

65 years (zero 60 years

Entry Maximum age

(Unit liked) 18 years

death

benefit

Entry Loans

else 60 years). Not

against

available

Policy Tax

Sec 80 CCC Sec 80 CCC(1)

Sec 80 CCC Sec 80 CCC

Benefit

(1) & Sec 80

(1)

Additional

(D) (a)

(a)

Benefit

Accidental

illness Rider

Death

(b)

Benefit

Surgical

Death Benefit

(b)

assistance

(c)

Accidental

Tate/Partial

Disability

(d) Permanent

Disability

Benefit

Disability

Not available

Sec

(10A) Critical (a)

10 Term (a)

Benefit

Death Benefit

major (b) Accidental

Benefit

(c)

Critical

illness

guardian

Benefit

Life

(d) Hospital benefit Investment Your com Available Option

invest

one (i)

Pension

Accidental

Available

—

type of fund Maximiser or

allocate (Growth)

the

amount (ii)

Pension

different Protector

funds

(Income) (iii)

Pension

Balcumers (Balance) (iv)

Pension

Preserver Flexibility

Flexibility to Available suit

available

year Power of in case

changing

your investment

requirement Assurance

s In the event available

for family

Available

death (i) Take lump (i)

The beneficiary

Generator receives

your spouse sum amount of of sum assured value will get the unit greater the

value

of Investment Sum (ii)

Assured.

Take

annuity

of less

all

the of

the plus a cash sum

premiums due of Rs 1000. as but not paid. (ii) Accumulation account

Exit

(i)

full Available

option

withdraws

unit

Available

for

single

premium Plan (ii) full with drawls after 3 premiums for

regular

Premium plan. Revival of Reveals

of —

the Policy

Policy

—

possible with years

from

the date of lapse.

MONEY BACK PLAN BAJAJ

ICICI

ALLIANZ

PRUDENTIAL LIFE

STANDARD

ICICI cash back

Kotak

LIFE Money

Product

Money

Plan.

Min Age at

Back Plans 18 years

12 years and 18

Name

entry

of Cash gain

16 years

KOTAK

HDFC

years

Back

for

Max

Age

55 years

getting Benefit. 60 years

60 years

at entry Tax

Sec 80C Sec 10 80 C, 10 Sec 88

Benefit

(10D)

(10D) 80 D Sec 80D

Family Not available

(a)

Sec 10 (D) Term (a) Critical

Additional

(a)

Benefits

Income

Benefit

illness Benefit

(b)

(b) Additional

Comprehensive

Accidental

term Benefit

Accidental

Death

Protection

Benefit

Death Benefit

(c)

(d) Waver of

Premium

Permanent

Premium

Benefit

Disability

Benefit

Benefit (d) Critical illness Benefit (e)

Life

guardian Benefit regular Survival benefit At

Cash

Payment

Interval

payments

at regular

regular invest Benefits in Sum the

of Death.

interval.

The Basic sum

will get the sum beneficiary assured assured

regular

Interval of

5 years . assumed The beneficiary The

event Plus Bonuses

a At

plus would

any

plus

bonus

guaranteed

& receive the provided

vested bonuses.

death benefit (the benefit keeps increasing by 71. of Sum

50%

MATUITY

guaranteed additions

well ) Plus Sum

as of Basic

Survival plus benefit

vested bonus

assured

sum plus

any bonus.

Guarantied addition and Bonus additions

Whole Life Insurance BAJAJ Name

ICICI

KOTAK

ALLIANZ PRODENTIAL LIFE of Life Time

HDFC STANDARD LIFE Single Premium

Product Care Min Age at 18 years

whole of Life Plan. 18 years

entry Max Age at 50 years

70 years

entry At the event Double

the

Nominee gets the

of Death

basic

sum

Sum assured

Secured

plus

Premium

Bonuses —

bonus. You can surrender

Flexibility

the policy you com change the

of term.

of excluding

terms of policy.

Surrender

assured by Plus

and including Min

the benefits. Sum 50,000

assured Max Sum 1000000 Assured Loan facility You

25000 500,000

can

available

available under Premium

your

Policy. Premium

discount for discount for women

female policy

Additional

holder (a)

(a)

Benefit

Accidental

Death Benefit

Death Benefit (b)

Critical

illness

Accidental

Benefit

UNIT LINKED INSURANCE PLANS. BAJAJ Name Product

ICICI

KOTAK

ALLIANZ PRUDENTIAL LIFE of (1) Unit (1) Life time Kotak Gain (2)

(2) Invest shield Retirement Unit Pension.

Gain Sp (3)

H.D.F.C LIFE (1)

Unit

liked

Endowment

Income Plan Plan

(3) Invest shield (unit linked) Unit Cash.

(2)

Unit

liked

young star Plan.

Gain Plus

(3) Unit Linked

(4)

Pension plan

Unit

Gain plus

TERM PLANS

Name Product

BAJAJ

ICICI

ALLIANZ

PRUDENTIA LIFE

STANDARD

L Life Guard

LIFE (1)

of (1) Risk care (2)

KOTAK

Kotak

Term (1) Level term Preferred

plan Return Premium

H.D.F.C

Assurance Plan.

with Assured

Terms

(2)

of - with

Plan.

Term

Return

Premium

Terms

Plan.

Loan

cover

Assurance

w/o

Premium -Single Premium Min age

18 years

years, 18 years.

who do not use tobacco in any

from

(males) Females over

the

age of 18 years. Max age

50 years

55 years (Policy with

optional

benefit) otherwise Surrender

—

You

65 years. can —

surrender in case of Single Premium Value adds

(a)

plans. (a) Accidental (a)

(a) Critical illness

Accidental

Benefit

Disability Accidental

Death benefit Benefits

benefit

(b)

Accidental

(b)

(b) Waver of (b)

Death Benefit

Accidental

Premium

(c)

Permanent

Accelerated

pigmentation

Disability

/Partial

Benefit

Disability

Benefit

illness

(c)

benefit

Critical

Sum Assured.

illness benefit waiver Income

Premium Tax Sec 88

Benefits On maturity

Sec 8

Sec

Sec 10 (10D) No

maturity No

benefits

80C, Sec 88, sec 80D (10D) Sec 10 (10D)

Sec 80D maturity No

benefits

maturity

benefits.

except in case benefits. of Relish of In the event of The

Premium The

The

death.

beneficiary

will receive lump

beneficiary will

receive will

the

receive would

bases entry

sum assured.

beneficiary

sum amount

sum receive the

assured.

sum assured

Minimum

100,000

100000

25000

Sum assured Maximum

10,0000

1000000

500000

Not available

available

Sum assured Loans against available policy

GROUP PLANS

Name Products

BAJAJ

ICICI

ALLIANZ

PRUDENTIAL LIFE

of (1)

Group (1) ICICI Pru (1)

Credit Shield (2)

Term

Group assurance life (3)

scheme (4)

Group (4)

Group Cover Group plan

Group (3)

Kotak

superannuation Superannuation

Gratuity

scheme

Group

(5)

Plan Group

Gratuity Care Scheme

Plan.

tem

(2) Gratuity plan

Kotak (3)

Complete

Gratuity Plan.

STANDARD

insurance

Group plan

(2) Group Term (2)

H.D.F.C

LIFE Kotak (1) Group

Group Solutions Term

Group Advantage

Term life (3)

KOTAK

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 Lakh

Up to June 2005

Up to June 2004

Bajaj Allianz

18,552.13

6,581.08

Individual Single Premium

8,224.77

2,035.96

Individual Non-Single Premium

9,768.44

4,459.92

Group Single Premium

0.00

ICICI Prudential

33,413.12

22,181.48

Individual Single Premium

1,286.87

4,350.49

Individual Non-Single Premium

26,897.37

14,814.74

Group Single Premium

48.60

7.01

Group Non-Single Premium

5,180.28

3,009.24

HDFC Standard

5,310.88

Individual Single Premium

2,511.13

1,462.55

Individual Non-Single Premium

9,997.41

3,580.40

Growth (%)

Market Share (premium) (%) Up to June 2005

181.90

4.18

50.64

7.53

167.42

3.20

Group Single Premium

892.08

166.11

Group Non-Single Premium

801.51

101.82

Kotak Mahindra Old Mutual

3,395.51

1,733.60

Individual Single Premium

143.72

293.76

Individual Non-Single Premium

3,118.01

977.38

Group Single Premium

5.99

0.00

Group Non-Single Premium

127.79

462.46

95.87

0.77

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

agency

contract.

They

are

generally

considered

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

Earnings

Earnings @ Earnings @

@4 policies @8 policies 10 Year 1 Year 2 Year 3 Year 4 Year 5

per 144,000 171,000 198,000 216,000 234,000

per month 288000 342000 396000 432000 468000

policies 12

per month 384000 456000 528000 576000 624000

policies

per month 576000 684000 792000 864000 936000

Year 6 Year 7 Year 8 Year 9 Year 10

252,000 270,000 288,000 306,000 324,000 7500

504000 540000 576000 612000 648000 7500

672000 720000 768000 816000 864000 8000

1008000 1080000 1152000 1224000 1296000 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 AND METHODS 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 PLAN After 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 FOR INVESTMENT FOR SA VING FOR PENSION

70 30 40 10

PURPOSE OF BUYING LIFE INSURANCE

RESPONDENTS

80 70 60 50 40 30 20 10 0 TO COVER RISK

FOR INVESTMENT

FOR SA VING

FOR PENSION

. 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 TERM PLAN PENSION PLAN CHIDREN'S POLICY WHOLE LIFE MONEY BACK

50 30 5 30 10 25

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

MONEY BACK 17% WHOLE LIFE 7%

UNIT LINK 33%

CHIDREN'S POLICY 20% PENSION PLAN 3%

TERM PLAN 20%

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 POLICY Through a relative (who is an agent)

Through a well known agent

100 90 respondents

80 70 60 50 40 30 20 10 0 Through a relative (who is an agent)

Through a well known agent

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

INSURANCE CONSULTANTS 60 60

40 CUNSULTANTS 30 20 10 0

EXISTING CUNSULTANTS

POTENTIAL CUNSALTANTS

NOT INTERESTED

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 consultants BANK MANAGERS charted accountants Teachers HOUSE WIVES BUSINESS MEN OYHERS

35 30 3 25 35 7

OYHERS 5% BUSINESS MEN 26%

HOUSE WIVES 19%

Teachers 2%

BANK MANAGERS 26%

charted accontants 22%

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%.

YLY

PAYMEN T TERM

@15000

20 YEARS

TRADITIONAL SAVINGS PLANS TOTATL SUM VALUE AFTER AMOUNT ASSURE INVESTE D 20 15 10 D YEAR YEAR YEAR S S S Rs .3LACS

Rs 3LACS 6.27 LACS

3.92 LACS

2.03 LACS

5 YEAR S .75 LACS

3 YE AR S .37 LA CS

NEW GENERATION INVESTMENT PLAN YLY

PAYM ENT TERM

@100000

3 years

TOTAL AMOU NT INVEST ED Rs.3 lacs

100,000 PLUS 200000 Advance for 2nd and 3rd year

Rs 3 lacs

SUM ASSURE D

9lacs

9 lacs

VALUE AFTER 20 15 10 5 YEARS YEARS YEARS YEARS 14.03lac 9.22lac s 15.95 10.19 lacs lacs

3YEARS

5.89Lac 3.37 lac

3.15

6.52 lacs

3.54 lacs

4.21 lacs

RECOMMENDATIONS & SUGGESTIONS Among 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 policy your 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 200000&above

:50000-100000

• Do you have a life insurance

100000-150000 150000-200000 yes

• 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 Time……………

Date …………..

Thank You .

BILBOGRAPHY www.moneycontrol.com www.bajajalliance.com Times of India