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chappter-1INDUSTRY PROFILE

Introduction to the IndustryTHE HISTORY OF INDIAN INSURANCE INDUSTRYLife InsuranceIn 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. Unethical practices adopted by some of the players against the interests of the consumers then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth and reach.Some of the important milestones in the life insurance business in India are:1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.1956: The market contained 154 Indian and 16 foreign life insurance companies.General InsuranceThe General Insurance industry in India dates back to the Industrial Revolution and the subsequent increase in trade across the oceans in the 17th century. As for Life Insurance, the British brought General Insurance to India, and a similar path was followed in the development of this industry. A number of private companies were in existence for years and years until, in 1971, the Indian Government decided that the public interest would be served by nationalizing the industry, merging all the 107 companies into four companies, depending on the sort of business transacted (Marine, Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental Insurance Company Ltd., the New India Assurance Company Ltd., and the United India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras respectively. The General Insurance Corporation (GIC) was set up in 1972 as a holding company, having these four companies as its subsidiaries.Some of the important milestones in the general insurance business in India are:1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

Major Players in The Insurance Industry In India

Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise peoples savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country.The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K.In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five million people living below the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth rate for Life insurance business has been 19.22 per cent per annum General Insurance Corporation of India (GIC) The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalization, were grouped into four operating companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance Company Limited. (However,with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies). All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business except for aviation insurance of national airlines and crop insurance which is handled by the GIC.Besides the domestic market, the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies.IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: -The introduction of private players in the industry has added to the colors in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (2002-03) to 82 %( 2004-05). 1. HDFC Standard Life Insurance Company Ltd.HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), Indias leading housing finance institution and The Standard Life Assurance Company, a leading provider of financial services from the United Kingdom. Their cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. They have managed to cover over 11,00,000 individuals out of which over 3,40,000 lives have been covered through our group business tie-ups. 2. Max New York Life Insurance Co. Ltd.Max New York Life Insurance Company Limited is a joint venture that brings together two large forces - Max India Limited, a multi-business corporate, together with New York Life International, a global expert in life insurance. With their various Products and Riders, there are more than 400 product combinations to choose from. They have a national presence with a network of 57 offices in 37 cities across India.3. ICICI Prudential Life Insurance Company Ltd.ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). The company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups.4. Om Kotak Mahindra Life Insurance Co. Ltd.Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc.5.Birla Sun Life Insurance Company Ltd.Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company Private Limited Allianz Bajaj Life Insurance Company Ltd. Metlife India Insurance Company Pvt. Ltd. AMP SANMAR Assurance Company Ltd. Dabur CGU Life Insurance Company Pvt. Ltd. 1. Royal Sundaram Alliance Insurance Company LimitedThe joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance Limited started its operations from March 2001. The company is Head Quartered at Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi. 2. Bajaj Allianz General Insurance Company LimitedBajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany.3. ICICI Lombard General Insurance Company LimitedICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management.Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001.4. Cholamandalam General Insurance Company Ltd.Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the Murugappa Group & Mitsui Sumitomo.Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh policies in its first calendar year of operations. The company has a pan-Indian presence with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh, Kolkata and Vizag.

5. TATA AIG General Insurance Company Ltd.Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake.Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines.6. Reliance General Insurance Company Limited.7. IFFCO Tokio General Insurance Co. Ltd8. Export Credit Guarantee Corporation Ltd.9. HDFC-Chubb General Insurance Co. Ltd.

Marketing of Insurance In IndiaInsurance is in a manner of speaking the last frontier in the financial sector to open. It is also a sector, which leads to benefits across the full spectrum, from the individual who now have wider choices, to the economy, which see increased savings, to the infrastructure sector, which can look forward to long term funding being available. In an under-insured economy, newer channels of distribution have to be utilized to intensify the reach of insurance both in urban and rural markets. This will create huge employment opportunities not only within insurance companies but also as agents and consultants of insurance companies.

III Industry Structure:ORGANISATIONAL STRUCTURECHIEF EXECUTIVE

PERSONNEL MANAGER

Employment Training Wage and Salary WelfareOfficer Officer Officer Officer

Clerks Clerks Clerks Clerks

Under this organizations structure authority flows from top to the bottom of the organization. Every superior has direct command over his immediate subordinate. Every employee is accountable to one superior i.e. three is unity of command. The authority relationships are clear and there is strict discipline. But there is lack of specialization and flexibility.

MANAGEMENT STRUCTURE

BRACH MANAGER

ADMINISTRATIVE OFFICERS

Assistant Branch Manger Assistant Administrative officer

Development Officer Higher Grade Assistant

Assistant Typist Record Clerks Sub Staff

HRM MODELNATURE OF HRMHUMAN RESOURCE PLANNINGJOB ANALYSISRECRUITMENT

ENVIRONMENTSELECTIONPLACEMENT

COMPETENT AND WILLING WORK-FORCETRAINING AND DEVELOPMENT REMUERATIONMOTIVATIONPARTICIPATIVE MANAGEMENTCOMMUNICATIONSAFETY AND HEALTHWELFAREPROMOTIONS, etc

OrganizationalGoalsINDUSTRIAL RELATIONSTRADE UNIONSMDISPUTESAND THEIR SETTLEMENT

FUTURE OF HRM

As seen from the figure, the model contains all HR activities. When these activities are discharged effectively, they will result in a competent and willing workforce who will help realize organizational goals. There is another variable in the model-environment. It may be stated that the HR function does not operate in vacuum. It is influenced by several external and internal forces like economic, technological, political, legal, organizational and professional conditions

CHAPTER-2COMPANYPROFILE

PROFILE OF BAJAJ ALLIANZ

INTRODUCTION:Bajaj Allianz Life Insurance Company is a 74:26 joint venture between Bajaj Auto Limited and Allianz AG, Germany (formerly Allianz Bajaj Life Insurance Company Limited). It is the fastest growing private life insurance company in India. Allianz AG is a leading insurance conglomerate globally and the largest asset manager in the world, managing assets worth over 996 billion Euros (Rs. 53, 64,456 crores). At Bajaj Allianz, customer delight is their guild line principle. It is ensuring world class solutions by offering people customized products with transparent benefits supported by the best technology is their business philosophy. HISTORY OF BAJAJ ALLIANZ INSURANCE COMPANY LIMITED:

Henry Little would hardly recognize the insurance company he started in 1896 as North American Casualty, Henrys dream grew to become Allianz Life Insurance Company of North America (Allianz Life) after being acquired by Allianz AG of Munich, Germany in 1979, and become a company of Allianz AG. Allianz Later Allianz AG is merged with Bajaj Auto Limited of India, which is the flagship company of the Rs. 8000 crore & which is the largest manufacturer of two-wheeler and three wheelers in India and one of the largest in the world .Allianz AG is now one of the worlds largest integrated financial services organization with operations in 70 countries around the globe. ACHIEVEMENTS OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED:Bajaj Allianz Insurance Company has the second position in the Indian private Insurance Sector having steered the Rs. 480 crores. Bajaj Allianz Life (premium income Rs. 220 crore) has jumped three paces to occupy the fourth slot in the 13 strong life insurance industry. Today the company is in the midst of pursuing its twin corporate dream goals- to close this fiscal with a premium income of Rs. 750 crore and occupy the number three slot displacing the incumbent Birla Sun Life Insurance Company Limited. Given the daily collections- over Rs. 1 crore-and its month-on-month growth, the second may come true sooner. According to the Insurance Regulatory and Development Authority (IRDA) figures, the new premium difference between Bajaj Allianz Life and Birla Sun Life at the end of August 2004 was Rs. 37.5 Crore. Looking at the sales mix, Bajaj Allianz Life is logging impressive sales in the individual single premium segment. For the period April-August 2004, the company earned Rs. 50.35 crore selling 5,657 single premiums averaging around Rs 89,004 per policy. The individual non-single premium policies accounted for Rs. 92.59 crore. Last year the company had to transfer Rs. 40 crores from the shareholders account to policy holders account to declare bonus to its with profit policy holders.

OBJECTIVES OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED:Bajaj Allianz, one of the fastest growing insurance company in Private Sector with over 300 percent growth in the last two years, has targeted to increase its volume of business to Rs. 7000 crores by next year from Rs. 1680 crores no in fact by the end of the current financial year (March 2006), it plans to increase its business to Rs. 3000 crores, including Rs. 2500 crores as the premium income, said Mr. Sam Ghosh, Country Manager Allianz and CEO Bajaj Allianz. During the next one year (2006-07) it is planed to double the number of officers and branches from the present around 500 to at least 1000 with 20 percent of them coming up in rural India. It is planned to make a deeper dent in India rural market not only with its increased presence, but also by hiking its share of business there (rural market) from around 15 to 18% how to over 22% by December next year. The following are the Important objectives of Bajaj Allianz Ltd:1. To develop the necessary skills and right attitudes among the employees through training, development performance appraises.2. To secure willing cooperation of employees through motivation grievance handling etc.,3. To provide maximum opportunities for personal developments.4. To provide insurance cover and financial security to every insurable person.5. To build cordial relationship among employees.6. To improve the quality of training.7. To facilitate the basic necessitates of canteen, restroom etc.,8. To meet the needs of expansion and diversification programmes 9. To improve the performance of managers at all levels in their present job.

VISION

To be the first choice insurer for customers To be the preferred employer for staff in theinsurance industry. To be the number one insurer for creating shareholder value MISSION

As a responsible, customer focused market leader, we will strive to understand the insurance needs of the consumers and translate it into affordable products that deliver value for money. Bajaj Allianz Life Insurance offers technical excellence in all areas of Life Insuranceas well as Risk Management. This partnership successfully combines Bajaj Finservs in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group.

ACHIVEMENTS

Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of Moodys Investors Services, for Claims Paying Ability.This rating indicates highest claims paying ability and a fundamentally strong position.Bajaj Allianz General Insurance has received the prestigious Business Leader in General Insurance, awarded by NDTV Profit Business Leadership Awards 2008. The company was one of the top three finalists for the year 2007 and 2008 in the GeneralInsurance Company of theYear award by Asia Insurance Review.

Bajaj Allianz Life Insurance

Is the fastest growing private life insurance company in India? Currently has over 3,00,000 satisfied customers We have customer care centers in 155 cities with 28000 Insurance Consultant providing the finest customer service. One of India's leading private life insurance companies

Accelerated Growth

Fiscal YearNo. of policies soldNew Business in FY

2001-2002(6mths)2,137Rs.7 cr

2002-20031,15,965Rs.63.3 cr

2003-20041,86,443Rs.180 cr

2004-20052,88,189Rs.857 cr

2005-20067,81,685Rs.2,717 cr

2006-200720,79,217Rs.4,302 cr

2007-200837,44,742Rs.6,674 cr

2009-201054,09,675 Rs.8,043 cr

Bajaj Allianz bucks the trend with Rs50 cr profit

Bajaj Allianz Life Insurance Co. Ltd posted a profit of Rs.50 cr in the fiscal end marchAvni Raja/CNBC-TV18Mumbai: India third largest private life insurer, Bajaj Allianz life Insurance Co. Ltd, has posted a profit of Rs.50 crore in the fiscal end march even as rivals posted a consolidated loss of at least Rs.4000 crore.

The rivals include ICICI Prudential Life Insurance Co. Ltd, Reliance Life insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd, SBI Life Insurance Co. Ltd and Birla Sun Life Insurance Co.

FUNCTIONS : The following are the important functions of Bajaj Allianz life

insurance Co. Ltd,

1. Obtaining detailed information of the clients business and risk management philosophy.2. Rendering advice and appropriate insurance could and terms.3. Maintaining detailed knowledge of insurance markets as may be applicable4. Submitting quotation received from insurers for consideration of a clients 5. Providing requisites underwriting information as required by an insurer in assessing the risk to decide price in terms and condition for loses.6. Providing services related to insurance consultancy and risk management. 7. Assisting in the negotiation of the clients.8. Maintaing proper records of clients.9. Given instructions from clients and providing him written acknowledgement and progress report.

PRODUCTS

Bajaj Allianz brings to you several innovative products, the details of which you can browse in this section.

TERM CARE

This plan not only offers you life insurance cover at a low cost, but also provides for return of premium on maturity. The premium returns at maturity will be equal to the single premium or the sum total of equivalent annual premium of the Economy Pack (excluding extra premium charged if any). In case of pre-maturity death during the policy term, the full sum assured will be paid to the nominee.The Bajaj Allianz Term Care plan offers you the convenience of choosing between two premium payment options:1. Regular Premium Payment: - Premium payment throughout the selected term.2. 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 forms:

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

Protect: - This package comes with the following 3 in-built additional benefits: Accidental Death Benefit Accidental Permanent Total/Partial Disability Benefit Waiver Of Premium BenefitThe protect pack is available with the regular premium payment option only.

Health: - This pack comes with the following 2 in-built additional benefits: Critical Illness Benefit Hospital Cash Benefit

The health pack is available with the regular premium payment option only. 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 Critical Illness Benefit Hospital Cash BenefitThe total pack is available with the regular premium payment option.

UNIT LINKED INSURANCE PLAN

UNIT GAIN PLUS

With Bajaj Allianz Unit Gain SP you can invest in one life insurance plan that can take care of all your changing requirements throughout your life. This plan has been designed to provide you maximum flexibility, so that you do not have to worry about your changing needs.This policy offers you the unique option of combining the protection of life-insurance with the attractive prospect of investing insecurities. You can choose the investment funds where you want to invest your money, providing you with an opportunity to have a direct stake in the performance of the financial markets. It also benefits attractive tax advantages and can protect your loved ones against unfortunate events.The five funds offered are as under:- 1. Equity Fund- This fund provides the scope of high appreciation over a long term. The fund will primarily invest in equities and is expected to match returns given by NSE NIFTY. This fund will invest at least 90% in equities & maximum 10% in cash.2. Equity Gain Fund- The investment objective of this fund is to provide capital appreciation through investment in selected equity stocks that have the potential for high capital appreciation. This fund will invest at least 90% in equities & maximum 10% in debt & cash instrument.

3. Debt Fund- This fund 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.4. Balanced Fund- The balanced fund is primarily for those who prefer a nix of steady returns & growth. The balanced fund will invest 30% to 50% in the equity fund and 50% to 70% in the debt fund.

5. Cash Fund- The cash fund will invest conservatively in money market & short term investment to ensure that return on investment shall never be negative. 100% of this fund will be invested in money market instruments.

Key Features: - Guaranteed death benefit. Choice of 5 investment funds with flexible investment management that you can change at any time. Attractive investment alternative to fixed interest securities. Convenient single premium payment, with option to pay top-ups later. 100% of the single premium/ top-ups are allocated. Provision for full/partial withdrawals any time after the single premium is paid.

The 5 funds available for investment are:

1. Liquid Pension Fund: - The investment objective of this fund is to have a fund that protects invested capital through investment in liquid money market and short-term instruments.2. Bond Pension Fund: - The investment objective of this fund is to provide accumulation of income through investment in high quality fixed income securities.

3. Equity Growth Pension Fund: - The investment objective of this fund is to provide capital appreciation through investment in select equity stocks that have the potential for capital appreciation.4. Equity Index Fund II: - The investment objective of this fund is to provide capital appreciation through investment in equities forming part of NSE NIFTY.5. Accelerator Mid-Cap Pension Fund: - The investment objective of this fund is to achieve capital appreciation by investing in a diversified basket of mid-cap stocks and large cap stocks.6. Asset Allocation Pension Fund: - The investment objective of this fund will be to realize a level of total income, including current income and capital appreciation, which is consistent with reasonable investment risk. The investment strategy will involve a flexible policy for allocating assets among equities, bond and cash. The fund strategy will be to adjust the mix between these assets classes to capitalize on the changing financial markets and economic conditions. The fund will adjust its weights in equity, debt and cash depending on the relative attractiveness of each asset class

UNIT GAIN PLUS GOLD

This plan takes care of your insurance and investment requirements for life. This plan has formulated a unique combination of protection and prospects of attractive returns with investment in various mix of securities to make a perfect plan to last you a lifetime of prosperity and happiness. Premiums paid by you, net of premium allocation charge, are invested in funds of your choice and units are allocated depending on the unit price of the funds. The value of your policy is the total value of units that you hold in the funds. The insurance cover charges, policy administration charges and the additional rider benefit charges (if any) are deducted through monthly cancellation of units. Fund Management Charge is priced in the unit value.

Minimum Sum Assured = 5 times Annualized premium, OR half of the Policy Term times Annualized Premium, whichever is higher.

Bajaj Allianz offers you a choice of six investment funds as given below:1. Asset Allocation Fund: - The investment objective of this fund will be to realize a level of total income, including current income and capital appreciation, which is consistent with reasonable investment risk. The investment strategy will involve a flexible policy for allocating assets among equities, bonds and cash.

2. Liquid Fund: - The investment objective of this fund is to have a fund that protects the invested capital through investments in liquid money market and short-term instruments.

3. Bond Fund: - The investment objective of this fund is to provide accumulation of income through investment in high quality fixed income securities.

4. Equity Growth Fund: - The investment objective of this fund is to provide capital appreciation through investment in selected equity stocks that have the potential for capital appreciation.

5. Equity Index Fund II: - The investment objective of this fund is to provide capital appreciation through investment in equities forming part of NSE NIFTY.

6. Accelerator Mid-Cap Fund: - The investment objective of this fund is to achieve capital appreciation by investing in a diversified basket of mid-cap stocks and large cap stocks.

Key Features: - Guaranteed life cover, with a flexibility to choose insurance cover according to your changing needs. Presenting a unique investment Asset Allocation Fund wherein you have not to worry to switch funds in case market condition changes. A host of optional additional rider benefits which includes assurance to your family with family income benefit and waiver of premium benefit. Flexibility of partial withdrawals at any time after three years from commencement of the policy provided three full years premiums are paid.

TRADITIONAL PLANS

INVEST GAIN

It takes only a moment promises and a lifetime to keep them. Keeping promises made to your loved ones is not just a responsibility, but a commitment that you have to live up to. When you promise to see your family through thick and thin you need to make sure that you have planned for all the eventualities that may befall on them. You need to be prepared that even if there ever is an instant that you are not there with them you have saved enough to see them through their entire life. We understand this need, which is why we have developed BAJAJ ALLIANZs INVESTMENT GAIN, the plan that helps you in saying My family ,May you always be happy!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 end of the policy term or at least for a period of 10 years, whichever is higher. Moreover, all future premiums are waived.You have the option to add the following additional benefits, providing total protection against uncertainties. Family income benefit (FIB) - as already described. Comprehensive Accident Protection- This benefit provides comprehensive cover in case of the accident. It comprises of:-

i. Accidental death benefit- Accidents are always sudden and sometimes fatal. You cannot lessen the emotional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental death gives the ones something to start with after the permanent loss of income by paying an amount equal to the Sum Assured. (Subject to a maximum of Rs.5000000/- under all policies with Bajaj Allianz taken together).

ii. Accidental Permanent Total/Partial disability Benefit- Accidents are unpredictable, and so are the consequences. This benefit provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of partial disability and 100% in case of total disability.

Waiver of Premium Benefit- An accident may lead to permanent total disability, limiting ones ability to earn. Bajaj Allianz Waiver of premium benefit is a helping hand when one needs it most. It waiver of all future premium while keeping the valuable life insurance cover alive, thus enabling you to live up to your commitments.

Critical Illness benefit (CI) - Some illness is critical. They not alter ones lifes 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 benefit continues.

Hospital Cash Benefit (HC) - The worry of setting hospital bill (room charges) adds to the trauma of hospitalization. Bajaj Allianz Hospital Cash Benefit this financial burden and helps recovery with peace of mind.

At Bajaj Allianz, we believe in offering benefits and not adjust products. We realize that you are unique and your needs for insurance vary with time. We therefore offer you the flexibility of inclusion of coverage and exclusion of coverage at each policy anniversary, subject to conditions relating to such inclusion and exclusion.

LIFE LONG GAIN

The Bajaj Allianz Life Long Gain Plan comes with a host of features to allow you to have the best of all words-regular income for you and the added benefit of providing for your loved ones too. This is the perfect plan to take care of ongoing and future family expenses like debts, expenses on children etc. It can also take care of unforeseen expenses like accidents, illness etc.

The premiums paid are invested in the Life Long Gain fund & units are allocated depending on the offer price of units for the fund. The value of your policy is the bid value of units that you hold in the fund. The life insurance cover charges are deducted monthly cancellation of units, the fund administration charges and fund management charges are priced in the unit value.Benefits Available Under This Plan Are: Death Benefit: In case of unfortunate death the beneficiaries are entitled to the greater of:i. Sum Assured less partial withdrawalsii. The bid value of units. If the age of the insured person is less than 7 or above 70, then the bid value of units is paid. Guaranteed Survival Benefits: Guaranteed Survival Benefits are available under this policy. Bajaj Allianz Life Insurance will pay, by cancellation of units in the account of the policy, 3% of the Sum Assured every year after the premium payments are over till the termination of the policy.

This guaranteed amount is payable every year provided all premiums have been paid and no partial withdrawals are affected. If any partial withdrawal were made, the guaranteed survival benefit would be 3 % of (Sum Assured less partial withdrawals) for the subsequent policy every years, if the partial withdrawals made are equal to the Sum Assured, then the guaranteed survival benefit will become nil, and funds in the account will be available to you for full/ partial withdrawals as and when you need them.

Maturity Benefit: On the life assured attaining age 1000, the bid value of units in the fund will paid out and the policy will terminate.

Full Withdrawal: Life Long gain offers you the flexibility of full withdrawal by surroundings all your units, anytime after 3 full years premiums paid. The full withdrawals are paid out at the bid value of units. On full withdrawal, the policy will terminate.

Partial Withdrawal: Life Long gain allows you to make partial withdrawals anytime after all the premiums are paid. This gives you the liquidity and the options to take out additional money aver and above the guaranteed survival benefit, as and when required. In case of partial withdrawal, a minimum balance of Rs.10000 at the bid value of units must be maintained, and the minimum withdrawal amount is Rs.1000. In case of a partial withdrawal, the subsequent guaranteed survival benefit will be 3% of Sum Assured less partial withdrawal made.

Key Features: - Guaranteed death benefit Whole life protection with only 10 or 15 years of contribution. Guaranteed survival benefit that pays 3 % of the Sum Assured every year after the premium payment are over Provision for full and partial withdrawals

CHILD GAIN

Are your children destined for greatness? Will they devise the universal currency or solve the problem of global warming? Will they make music we never heard before or keep shattering records in sports? Your child can aim for the highest echelons of success, for greatness, and immortal fame. Your child can dream. But your does you must.

Taking care of a child is perhaps the most important job a parent can have. It is but natural that you would like to give your child your best and therefore this is the time when careful financial planning can help you fulfill the aspiration that you have for your children.

Bajaj Allianz Child Gain offers a wide array of solutions that allows you to plan your childs future 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 are: -1. Limited premium term which means that the premium are payable till your child attains the age on 18 years.

2. Your contributions grows by the way of compounded annual bonus which will be paid to you with the first guaranteed payout (policy anniversary following age 18 of your child) for in force policy, in addition to the terminal bonus may also be paid.3. You are also eligible for tax benefit under sec 80C and sec 10D of the income tax act.

4. Assuring your childs future: in an uncertain world. The prime interest of your child cannot be jeopardized in any way.

In Built Benefits: - Waiver of Premium Benefit Family Income Benefit Start of Life Benefit

SAVE TAXThe following sheet contains the information in a very brief, Such a brief note is ok from the point of general awareness. But when it comes to actual application one needs to have indepth and up to dateknowledge. Application of Income Tax provisions involves the application of Income Tax Act, the Rules made thereunder for valuations and formats for furnishing the information, various clarifications and circulars issued from time to time. Some times a reference has to be made to the case laws, Industry practices. A wrong claim can lead to default , interest , penalty etc.I have made my best attempts to bring the summary from the above together and presented it in easy to understand format. WRITEUP ON TAXAs we all near theend of the financial year 2009-10, we start to worry about planning our investments to ensure maximum tax savings. The fear of finishing and furnishing our Income Tax details, and filing the IT returns on time engulfs us. We either rush to our CAs, or start bothering the income tax personnel within our organization to understand what is it that we can do to save the maximum amount of Tax. Knowing and learning about Income Tax is not as difficult as it seems. If we know all applicable sections and deductions correctly, there is a possibility we will save the money that we pay to our CAs. Through this booklet our aim is to help you understand Income Tax and the related laws better. Our motto would be to talk in your language and make Income Tax planning more interesting and much simpler to understand.Various Sections relating to Income TaxAs per The Income Tax Act 1961, amended in 2008, there are 9 major sections that we need to understand:Section 80C: One of the most important sections under the act. This section allows investments up to a maximum of Rs. 1,00,000 under various instruments. These instruments range from Tuition Fee for your childs education to investments in Public Provident Fund.Section 80C: Deduction for Investments including Life Insurance and Provident Fund.

Section 80C was inserted from assessment year 2006-2007. It provides deductions from gross (total) income for qualified amounts paid or deposited by the assessee in the previous year.Main Provisions: The deduction is available only to an individual or a HUF from the gross total income, The deduction is allowed irrespective of whether such amount is paid or deposited by the taxpayer out of his income chargable to tax, The deduction is available on the basis of specified qualifying investments/contributions/payments made by the taxpayer during the previous year, The maximum amount deductible under section 80C is Rs. 1,00,000. Also the total amount of deductions under sections 80C, 80CCC and 80CCD is Rs. 1, 00,000.

Gross Qualifying Amount for the Deduction:Following nature of payments are qualifying amounts: Life insurance premium (Bajaj Allianz Life Insurance)on the life of self, spouse or child or a member of HUF subject to a maximum of 20 per cent of sum assured, Payment in respect to non-commutable deferred annuity plan taken in the name of self, spouse or child, Deferred annuity deducted from Government employee (subject to maximum of 20 per cent of salary), Contributions (not the repayment of loan) towards statutory provident fund and recognized provident fund, Contribution towards an approved superannuation fund, Subscription to National Saving Certificates, VIII Issue, Contribution to ULIP (unit-linked insurance plan) of Unit Trust of India and or LIC Mutual Fund, Payments for notified annuity plan of LIC. Subscription towards notified units of Mutual Fund, Contribution to notified pension fund set up by Mutual Fund, Any sum paid (and accrued interest) as subscription to Home Loan Account Scheme of National Housing Bank or contribution to any pension fund of National Housing Bank, (AT present Not available) Any sum paid as subscription to any scheme of public sector company engaged in providing longterm finance for purchase/construction of residential houses or from the housing board in India engaged in planning and development of cities. Any sum paid as tuition fees for the admission or otherwise to any university/college/educational institution in India for full time education for any two children of the taxpayer.

Any payment towards the cost of construction/purchase of residential property including payment of loan taken from Government bank, cooperative bank, LIC, National Housing Bank, taxpayer's employer where such employer is a public company, public sector company, university or cooperative society, Amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of mutual fund utilised for infrastructure, Amount in fixed deposits of 5-years or more with a scheduled bank in accordance with a scheme framed and notified by the Central Government (applicable from assessment year 2007-2008), Subscription to any notified bonds of National Bank for Agriculture or Rural Development (applicable from assessment year 2008-2009), 5-year time deposit in an account under Post Office Time Deposits Rules 1981, and Deposit in an account under the Senior Citizen Saving Scheme Rules, 2004. Minimum Period of Holding: Unit-linked Insurance Plan -- 5 years, Life Insurance Premium -- 2 years Cost of construction or purchase of residential property -- 5 years Time deposit in Post Office Rules, 1981 -- 5 years Senior Citizen Saving Scheme Rules, 2004 -- 5 years. Section 80CCC: Retirement planning had never been so lucrative before. You can now save up to Rs. 1, 00,000 for your retirement every year. The earlier cap of Rs. 10,000 has now been removed. But the only point that we need to keep in mind is that we cannot avail of tax benefits for more than Rs. 1, 00,000 under Sec 80C and Sec80CCC combined.Main Provisions: The deduction is available to an individual who is resident or non-resident, Indian citizen or foreign citizen The deduction is allowed only if such amount is paid or deposited by the taxpayer out of his income chargeable to tax, The maximum amount deductible under section 80C is Rs. 1, 00,000. Also the total amount of deductions under sections 80C, 80CCC and 80CCD is Rs. 1, 00,000. Surrender value received is taxable in the year of receipt in the hands of the assessee or nominee. If deduction is claimed under 80CCC, pension received will be taxable in the hands of assessee or the nominee in the year of receipt. Section 80D:. Health Insurance premiums paid for insuring your own health, or that of your spouse, parents and children also allows you to avail of tax rebates. The maximum amount that you can claim under this section is Rs. 35,000: Rs. 15,000 for self, spouse and dependent children, and Rs. 15,000 for your parents. In case your parents are senior citizens, the limit goes up to Rs. 20,000. Eligible Assesses: Individual and Hindu Unified Families (HUF) onlyScope: Premium paid under: Medical insurance scheme of The General Insurance Corporation approved by the Central Government, or Any other insurer approved by the Insurance Regulatory & Development Authority (IRDA) Mode of Payment: Any mode of payment is accepted including payments made through credit cards, except cash.

Deduction: For non-senior citizens: The amount of mediclaim insurance premium paid or Rs. 15000, which ever is less For Dependent Parent The amount of mediclaim insurance premium paid or Rs. 15000, which ever is less For senior citizens: The amount of mediclaim insurance premium paid or Rs. 20000, whichever is less. Scope of Coverage: For an individual: Insurance paid on the health of an assessee, spouse, dependant parents, and dependent children For a HUF: Insurance on the health of any family member Section 80DD: Any expenses incurred on the treatment of a handicapped dependent fall under this section. The upper limit currently stands fixed at Rs. 50,000, and may go up to Rs. 75,000 depending on the severity of the disability. Instruments that help you Save Tax:Life Insurance: All investments made towards Life Insurance are eligible for a rebate u/s 80C of the Income Tax Act. Life Insurance products with a minimum lock in period of 3 yrs only are eligible for the rebate. Premiums paid under pension plans of various life insurers are also eligible for Tax rebate. The major advantage of a Life Insurance product is that they provide tax free interest income.

Equity Linked Saving Schemes: These are Mutual Fund products and carry market risk. These too, like life insurance products, are eligible for tax rebate u/s 80C, if they have a lock in period of 3 years. A major disadvantage of these instruments is that they do not provide life cover.Public Provident Fund: These are 15 yearlong investments and provide tax-free returns. The current rate of returns is 8%. Maximum investment allowed under this instrument is Rs. 70, 000, which is eligible for a rebate u/s 80C.Bank Deposits: Tax rebate is available for 5 yrs deposits in any scheduled bank. The point to remember is that the entire interest income is taxable.National Saving Certificates:Government sponsored securities certificates, which are available in denominations of Rs. 100, Rs.500, Rs. 1000, Rs.5000 & Rs. 10,000 may be purchased from any post office, either directly or through authorized agents. They currently provide a rate of interest @ 8.16% p.a. compounded half yearly and paid after the maturity period of six years along with principal. Interest accruing annually is automatically reinvested and such re invested interest also qualifies for rebate u/s 80C of Income Tax Act. The interest earned is completely taxable.Home Loans: Section 24 of the Income Tax Act allows you to deduct the total interest paid on your home loan from your taxable income for the same financial year. You can also claim a rebate u/s 80C for the principal amount repaid on the home loan.

Tuition Fee: The entire tuition fee paid for up to two children is exempted from tax. Donations of any kind like development fee etc. are excluded from the same.Loan on Higher Education: Those servicing a loan taken for higher education can claim a deduction on the interest paid for the loan u/s 80E of the Income Tax Act. Currently there is no ceiling on the interest amount that can be claimed under this section. The principle amount is however completely taxable. Health Insurance Plans:Rebate is available u/s 80D of the Income Tax Act, for premiums paid for self, spouse, children and parents. A limit of Rs.15, 000 is fixed for premiums paid for self, spouse and childrens. There is an additional benefit of Rs. 15,000 on premiums paid for parent(s) and in case the parents are senior citizens, the upper limit increases to Rs. 20,000. SECTION 80C lists down the instruments, which you can invest in order to save tax.You can invest a maximum of Rs 1 lakh in all these instruments put together and the entire amount of Rs 1 lakh will be deducted from your taxable income.You can get a deduction for the following investments you make:1. A life insurance policy or a unit-linked insurance plan (ULIP). The lock-in period for ULIPs is between 3 to 5 years and the returns vary depending on the performance of your fund.However, if your annual premium exceeds 20 per cent of the sum assured on your policy, you will not get the tax benefit.2. A retirement benefit plan offered by mutual funds. Examples are the UTI Retirement Benefit Plan and Templeton India Pension Plan.

3. A Provident Fund, provided that the fund is covered under the Provident Fund Act. This would mean investments made by you through salary deduction in the Employees Provident Fund (EPF) account as also investments that you make directly in the Public Provident Fund (PPF). You can invest up to Rs 70,000 in the PPF. The current rate of return on EPF is 8.5 per cent while that on PPF is 8 per cent.4. An approved superannuation fund. Usually your employer, on behalf of you, does this by deducting the investment amount from your salary.5. National Savings Certificates (NSCs).6. Equity Linked Savings Scheme (ELSS) offered by mutual funds.7. Pension policies offered by insurance companies where benefits were earlier available under section 80CCC. Earlier, there was a limit of Rs 10,000 on such investments; however that ceiling has now been removed.8. Bank fixed deposits that provide the Section 80C tax benefit. They come in with a lock-in of 5 years..Enjoy Dual Tax Benefits with Life Insurance: Save tax on Regular Premium payments - All the premiums paid towards insuring your life are exempted from tax up to Rs. 1,00,000/- as specified in section 80C of the Income tax act. Enjoy Tax free Maturity returns - One of the biggest advantages of investing in Life Insurance policies is that, the complete maturity amount is tax free. Thus, you save tax not only at the time of investing in a life insurance plan, you also get completely tax free returns after maturity. HEALTH PLANS

FAMILY CARE FIRST (A medical policy that puts your health care first)

The health of your family is very important to you. Bajaj Allianz Family care first presents an innovative yet practical health care plan for everyone in your family including children and parents. This unique hospitalisation plan gives you a 3 year health cover for your entire family and allows you to renew this policy after every 3 years to keep your family covered till the age of 74 years. So no separate accounts, repetitive paperwork or payments adjustments for each member. Secure your entire family in one shot.The policy covers hospitalization expenses ranging from Rs.1 lac to Rs.10 lacs. This means, is you opt for a sum assured of Rs.5 lacs for your family, you and your family can avail up to Rs.5 lacs every year to meet your hospitalization expenses, subject to limits on reimbursement of expenses, waiting period and exclusions as mentioned below.All the life assured covered under the policy will be referred to as members. The proposer or his/her spouse, if included who so ever is of higher age shall be referred to as Primary Member and all other life assured as dependant members. Children of the Primary Member shall be covered provided they are economically dependant on parents and they are not married.

Key Features: - Coverage from 3 months to age 74 with guaranteed renewals 3 year premium guarantee for each policy term Hospitalization cover in leading hospitals across the country 15% discount on premium on every renewal No claim bonus in the form of increase in sum assured@ 5 % every year. Day Care Treatment for 125 day care procedures Pre- hospitalisation and Post-hospitalisation benefit Reimbursement of Ambulance expenses Choice to select health critical illness rider Choice to include Your spouse, children and parents Cash Less Service facility in leading hospitals across the country

7 PS OF MARKETING OF BAJAJ ALLIANZ LIFE INSURANCE

1. PRODUCTS AND SERVICES:Bajaj Allianz Life Insurance Company Ltd. offers a range of insurance products to its clients. The following insurances are offered by the company:Individual Products1. UNITGAIN 2. RISK CARE3. TERM CARE 4. INVESTGAIN5. LIFETIME CARE 6. CHILDGAIN7. LOAN PROTECTOR 8. CASHGAIN9. KEYMAN INSURANCE 10. SWARNA VISHRANTI11. UNITGAIN PLUS 12. LIFELONG GAIN PLAN13. RIDERS UNITGAIN PLUS 14. MAHILAGAIN RIDER15. UNITGAIN EASY PENSION 16. UG PREMIER

Group Plans1. GROUP CREDIT SHIELD2. GROUP TERM LIFE3. GROUP TERM LIFE SCHEME4. GROUP SUPERANNUATION SCHEME5. GROUP GRATUITY CARE SCHEME

2. PRICE:The price structure is based on the type of policies. The price variation has to be kept due to intense competition among private players. Pricing element is very important for Bajaj Allianz as they want to increase market share. The price of Bajaj Allianz policies are made as per keeping the customer in mind.

3. PLACE:3rdFloor, 349 Business Point,Western Express Highway Road,

Andheri(E).The locations of every corporate offices of Bajaj Allianz are magnificent. They locate themselves in a very professional manner. This indicates their corporate approach towards their work. Work culture is also conducive to such environment.

4. PROMOTION:Huge advertisements on Television and radios.Tele-marketingPromotion in front of corporate officesInternet MarketingHoardings and brochures

5. PEOPLE:People are the main assets of financial organization because of service factor attached to it. Here in this case ofinsurance business, talented and experienced personnel are required. Bajaj Allianz recruits highly intellectual persons with good market knowledge. They also provide training to brief them up about Bajaj Allianz to its new staff members. This is the reason they are No.1 position in General Insurance among private players. They create an emotional commitment and strong two-way relationship between the employees and the Company.

To have clear performance expectations and a clear return from the Company (working environment, development, reward, career opportunities etc), which helps employees to make a connection between their contribution and the progress made by the Company.To inspire and empower people to achieve their best and reward them competitively for their contribution and provide attractive career opportunities.To build a learning culture which fosters personal development and professional mobility and upholds values of professionalism,innovation, pragmatism, team spirit, integrity.To respect and value individuals, their diversity and support them in their need to balance professional and personal lives.

6. PROCESS:The prestigious awards itself speaks the smooth functioning of the insurance activities. They have the highest claims paying ability and a fundamentally strong position. They want to be the first choice forinsurersin the country. So, they understand the insurance needs of the customers and translate it into affordable products that deliver value for money.

7. PHYSICAL EVIDENCE:Physical evidenceis the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following:a)Business cardsb) Internet / Websitesc) Furnishingsd) Bajaj Allianz Building in Punee) Internal Infrastructure

CHAPTER-3SWOT ANALYSIS

SWOT ANALYSISS StrengthW WeaknessO OpportunityT- Threat

Strike the iron when it is hotIt was a great experience for me to have the summer training in BAJAJ ALLIANZ. To conclude my observation regarding BAJAJ ALLIANZ, I had undertaken a topic to give a good report that is really beneficially for me. I therefore, had an opportunity to give my views and opinions about BAJAJ ALLIANZ through this project report. I have expressed this through a very important technique called SWOT analysis.Here are the findings and observation:-1. STRENGTHS: A hard nut to crack:To manage such a big organization, is really a tuff work and the officials and the departmental heads have well managed it. Like King, like subjectNot only the top management and other officers but also the lower level employees are very cooperative, energetic, and effective and dedicated for their work. NO pain, no gain:The various department heads and the other officials are doing great efforts and hard work for the improvement of the organization and facing the competition. DO good, get well:The employees working over here get a good degree of respect and appreciation for their effort, which in return, motivates them.2. WEAKNESS: A little knowledge is dangerous than no knowledge:Some people working over here are not fully aware of the working of the organization and hence they always have to consult each other on even the smallest matters. Great cry, little wool:The working here is to complex i.e. attending the customers daily, taking care of customers problems. But net working capital is very less. Half a loaf, better than no bread:Some people work in these organizations only because they are getting something in return in the form of salary, which is better than nothing.3. OPPURTUNITIES: A drowning man catches on a straw:It gets a good level of assistance from the superiors as well as other staff members when they try to provide some help in the matter which are not meant to be handled, by one own self.

Every potter praises his pot:The people from head office are always on a routine visit to check the working so that they can do much better for more profits. It is of no use to cry up on the split milk:They tend to learn from the past mistakes, which leads to loose sometimes and have proved to be one of the best bottlers of India. Rome was not built in one day:The organization is built with lots of efforts of all the concerned people and they always try to maintain its position.4. THREATS: Rotten apples injure their companions:Some people are lethargic and due to lack of strict supervision, they sit as much as they can and do nothing. Birds of a flower flock together:The top management takes very less care about the employees development and work for their own facilities.

CHAPTER- 4 (Max: 5 pages)Summary of latest annual report of the company:Analyze briefly the following ratios: Liquidity, Profitability, Solvency, Debt Equity and Return on Investment.

Chapter-5Learning experience

LEARNING EXPERIENCE GAINED BY THE STUDENT DURING IN-PLANT TRAINING:

It is clear from the above study that insurance business is mushrooming in the country. Today there are number of insurance companies offering different insurance plans with different added advantages. LIC is leading company in the insurance business in India with a market share of 51.44% followed by BAJAJ ALLIANZ with a market share of 11.27%.By having a deep analysis of comparison of various pension plans, I do conclude that although all the companies have kept the best insurance plans with almost equal benefits. And it is somewhat difficult to distinguishBut still if I have to distinguish , I will say the best pension plans are of lic and bajaj allianz. Although ICICI PRUDENTIAL plans also seem to be attractive for the customer.But the another most attractive plan of BAJAJ ALLIANZ is there which is giving allocation up to 98% in case of top ups and its pension plan named NEW UNIT GAIN EASY PENSION PLAN is a regular premium (fixed premium payment term) investment linked deferred annuity policy without life cover. Available as Regular and Single Premium Option.and also offers

BIBLIOGRAPHY Study Material of ALLIANZ BAJAJ Study Material of HDFC STANDARD LIFE Study Material of ICICI LIFE INSURANCE CO.LTD. Study Material of LIFE INSURANCE CORPORATION Study Material of BIRLA SUN LIFE Study material from PHILIP KOTLER Article from TIMES OF INDIA ,dated 23rd august 2006 Article from BUSINESS WORLD, dated 16 July 2006

WEBSITES www.allainzbajaj.com www.iciciprulife.com www.hdfcstandardlife.com www.icicibank.com www.bimaonline.com www.licindia.com

CHAPTER- 5

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