Bajaj Alliance[1]

8/3/2019 Bajaj Alliance[1]

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A Project Report

ON

To Study about TO STUDY ABOUT BAJAJALLIANZ LIFE INSURANCE

Submitted in the partial

Fulfillment of the requirement

For the award of degree of Bachelor Of Business Administration

(2010-2011)

SUBMITTED TO

MR. M.P SHARMAH.O.D

Government College for womenKarnal

Supervised By: Submitted By:Mr. Sanjeev KumarDIMPLE SHARMABranch Manager, Roll No. 1790Bajaj Allianz Life Insurance Ltd.


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Contents

1. Introduction To Insurance Industry1.1 What is Insurance?1.2 General Introduction1.3 Objectives & Scopes

2. Brief History Of Insurance Industry3. 3. Structure Of The Insurance Industry

4. Basic Function Of The Insurance Industry5. Classification Of The Insurance Industry6. Company Profile Of The Insurance Industry

6.1 BAJAJ ALLIANZ6.2 About BAJAJ ALLIANZ Life Insurance6.3 Advantage Of BAJAJ ALLIANZ Life Insurance

6.4 Research Methodology7. Product Of BAJAJ ALLIANZ8. Promotors

9. About BAJAJ ALLIANZ10. Banc assurance and Alliances11. Suggestions12. 50 Great Recruiting Ideas13. Conclusion

13.1 Method Adopted For Recruiting Of Agency13.2 Different Stages In Recruiting Procedure

14. Bibliography


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ACKNOWLEDGEMENT

Research can not be claimed the work of a single person. It is rather teamwork. It is the efforts of many personsinvolved.

I extend my heartfelt gratitude to Mr. Sanjeev Kumar.Branch Manager in Bajaj Allianz Life Insurance, Karnal who mostgenerously agreed her, which enlightened my path in successfullycompleting this project. I sincerely appreciate his contribution.

I am also thankful to MS SUMAN CHAUHAN, SALESMANAGER Karnal for providing me an opportunity to conductthisresearch study smoothly. Moreover he has been constantlymotivating me for this project.

I am also very thankful to all respondents for their

Welcoming attitudes and their wholehearted responses. Withouttheir help this study would not have been possible.

At the last but not least, I also express my heartfeltgratitude to my parent, who provided me an opportunity to reach atthis level and my friends for their help and motivating me for completion of this stud.

DIMPLE SHARMA


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DECLARATION

I, DIMPLE SHARMA Roll No. 1790 of class BBA III year of GOVT.

WOMEN COLLEGE KARNAL here by declare the project entitled

TO STUDY ABOUT BAJAJ ALLIANZ LIFE INSURANCE is an

original work and same has not been submitted to any other

institution for awards of any other degree partially or wholly


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CERTIFICATE

Certified that the work incorporated in this Project Report

TO STUDY ABOUT BAJAJ ALLIANZ LIFE INSURANCE

submitted by DIMPLE SHARMA is her original work and

completed under my supervision. The work has not been

submitted in part of full to this or any other university for the

award of any degree or diploma. This work is conducted

during session 1 st JULY 2011 to 20th SEPT 2011. He has

completed all requirements of BBA ordinance.

Date: 21 th Sept.,2011

Signature of Supervisor :

Name : Sanjeev Kumar Designation. : Branch Manager Organization : Bajaj Allianz Life Insurance

Co. Ltd. Karnal

&signatureSUMAN CHAUHAN

SALES MANAGER


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1. INTRODUCION TO INSURANCEINDUSTRY

1.1 What is Insurance?

Insurance in which the risk insured against is the death of aparticular person, the insured, upon whose death while the policyis in force, the insurance company agrees to pay a stated sum or income to the beneficiary.

ORA product which provides protection against the economic losscaused by a person's death. The protection is made possible by

spreading the cost of the financial loss over a large group of people who are exposed to the same risk.

1.2 General Introduction:

Insurance industry has always been a growth-orientedindustry globally. On the Indian scene too, the insuranceindustry has always recorded noticeable growth vis--visother Indian industries.

The Triton General Insurance Pvt. Ltd. was the first generalinsurance company to be established in India in 1850, whichwas a wholly British-owned company. The first generalinsurance company to be set up by an Indian was IndianMercantile Insurance Pvt. Ltd., which was established in1907. There emerged many a player on the Indian scenethereafter.

The general insurance business was nationalized after thepromulgation of General Insurance Business(Nationalization) Act, 1972. The post-nationalzation generalinsurance business was undertaken by the GeneralInsurance Corporation of India (GIC) and


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OBJECTIVES AND SCOPE

The project was conducted for the following objective: -

To gain an understanding and knowledge of Mutual

Funds as an Investment Tool.

To study the product profile of the company.

To evaluate the performance of selected schemes of

Mutual Fund of different companies.

To compare the Mutual fund schemes on different

parameters such as Annualized Returns, Standard

Deviation and Sharpe Ratio.

To analyze the performance factor of the Fund based

on different drivers associated with the specific fund.

SCOPE

The Indian securities market is the scope of this project and

funds floated therein .The whole project was based with the

agenda to analyze existing mutual funds and determine their

performance factors .In depth analysis of individual fund is

not the scope but on the other hand Performance of funds

and finding their reasons as in general is the primary motive

behind this project


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its 4 subsidiaries :

1. Oriental Insurance Company Limited;

2. New India Assurance Company Limited;3. National Insurance Company Limited; and

4. United India Insurance Company Limited.

Towards the end of 2000, the relation ceased to exist andthe four companies are, at present, operating asindependent companies.

The Life Insurance Corporation (LIC) was established on01.09.1956 and had been the sole corporation to write thelife insurance business in India.

The Indian insurance industry saw a new sun when theInsurance Regulatory & Development Authority (IRDA)invited the applications for registration as insurers in August,2000. With the liberalization and opening up of the sector to

private players, the industry has presented promisingprospects for the coming future. The transition has alsoresulted into introduction of ample opportunities for theprofessionals including Chartered Accountants.

The Indian Insurance industry is featured by the attributes:

Low market penetration;

Ever-growing middle class component in population.

Growth of consumer movement with an increasingdemand for better insurance products;

Inadequate application of information technology forbusiness.


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Adequate fillip from the Government in the form of taxincentives to the insured, etc.

The industry formations need to keep vigil on these

characteristics of the Indian market and formulate theirstrategies to entail maximum contribution to the output of the sector.

The Indian life and non-life insurance business accounted formerely 0.42 percent of the world's life and non-life businessin 1997. The figures of the basic parameters of theindustry's performance viz. Insurance Density and InsurancePenetration also are evident of the hitherto existing low-yield Indian market conditions.

The term "Insurance Penetration" broadly measures thecontribution of the insurance industry in relation to anation's entire economic productivity. The figure of premiumvis--vis the GDP of 1999 stood at 0.54 percent for non-lifeinsurance business and 1.39 percent for the life insurancebusiness. The term "Insurance Density" reflects theInsurance purchasing power. The premium per capita inIndia amounted to US $ 2.40 for non-life insurance and US $6.10 for life insurance in 1999 but with the deregulation of the sector, a sea change in the scene is most likely.

The insurance sector in India has come a full circle frombeing an open competitive market to

nationalization and back to a liberalized market again.Tracing the developments in the Indian insurance sectorreveals the 360-degree turn witnessed over a period of almost two centuries.


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2. A BRIEF HISTORY OF THE INSURANCEINDUSTRY :

The business of life insurance in India in its existing formstarted in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business inIndia are:

1912: The Indian Life Assurance Companies Act enacted asthe first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted toenable the government to collect statistical informationabout both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by theInsurance Act with the objective of protecting the interestsof the insuring public.

1956: 245 Indian and foreign insurers and providentsocieties taken over by the central government andnationalized. LIC formed by an Act of Parliament, viz. LICAct, 1956, with a capital contribution of Rs. 5 crore from theGovernment of India. The General insurance business inIndia, on the other hand, can trace its roots to the TritonInsurance Company Ltd., the first general insurancecompany established in the year 1850 in Calcutta by theBritish.

Some of the important milestones in the general insurancebusiness in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the firstcompany to transact all classes of general insurancebusiness.*


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1957: General Insurance Council, a wing of the InsuranceAssociation of India, frames a code of conduct for ensuringfair conduct and sound business practices.

1972: The General Insurance Business (Nationalization) Act,1972 nationalized the general insurance business in Indiawith effect from 1st January 1973. 107 insurersamalgamated and grouped into four companies viz. theNational Insurance Company Ltd., the New India AssuranceCompany Ltd., the Oriental Insurance Company Ltd. and theUnited India Insurance Company Ltd. GIC incorporated as acompany.

3. STRUCTURE OF THE INSURANCEINDUSTRY

The structure of the insurance industry comprises of theOperating department, Administrative department and thefinance department. The Operating Department generallyperforms the basic functions pertaining to the designing of products, marketing thereof, servicing the insured, the the

the insured, management of portfolio, etc. TheAdministrative Department looks after the day-to-day affairsof the company. The Finance Department backs theoperations and administration of the company by accountingfor the transactions, streamlining the flow of funds,materializing the management decisions, etc.

The Administration Department as well as the FinanceDepartment, usually, functions through in-house setup. TheFinance Department functions in the areas of accounting,


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financial and management reporting, budgeting andcontrolling, etc. and thus renders enormous scope forfinance professionals. The new entrants in the insurancesector are likely to call for the services of the Chartered

Accountants for their financial setup requirements. TheChartered Accountants have engaged themselves in theaudit of Insurance Companies since long. With the transitionin the insurance sector, the horizons for their contributionhave broadened. There has, emerged a king-size pool of opportunities that the Chartered Accountants can exploreand apply their professional wisdom and experience to.

4. BASIC FUNCTIONS OF THE INSURANCEINDUSTRY

4.1. Risk Perception and Evaluation:

The fundamental function of an insurer is to provide a coveragainst the detriment caused to the insured due to thehappening of certain specified and agreed events. Thus,prior to providing such umbrella through a product, theinsurer has to assess the risk involved in the transaction.The insurer has to identify the element of risk prevalent inthe concerned industry or a particular unit. The perception of risk requires the study of variables through various methodsincluding the application of scientific and statisticaltechniques and correlation thereof with the industry or unitunder study in light of their basic environmental and infra-structural characteristics. After the identification andcategorization of the risks perceived, the probability of happening of the loss-causing events and the severity of theloss has to be assessed.


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4.2 Designing the Insurance Product :

On the basis of the risks perceived, the insurer develops a

product to cover the stipulated risks. While designing aninsurance product, an insurer decides its cost to be chargedfrom the insured in the form of premium, reduction thereof in certain cases like not lodging any claim during theprevious covered period(s), suggesting the implementationof risk-mitigating measures, etc. The features of a productshould be flexible enough to provide for the determination of premiums, rebates, additional premiums, etc. dependingupon the risk benchmarks as determined.

4.3. Marketing of the Product:

The core function of the marketing force of an insurancecompany is to generate awareness about the insuranceproducts among the target market. But in the Indianscenario, where the insurance penetration is too low ascompared to the other nations, the marketing force needs toperform the pro-active role in developing an insuranceculture. It is through the efficiency of the sales force of aninsurance company that the desirability and the success of aproduct are determined.

In Indian insurance market, the function is, basicallyperformed by the agents. The persons desiring to functionas insurance agents have to obtain license to act as suchfrom the IRDA or an officer authorized by the Authority inthis behalf. The agents approach the prospective buyers andapprise them of the basic features of the products. In orderto dispense with the functions, the agents need to possessadequate knowledge of the insurance industry, products and


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the modalities attached therewith. Further, the marketingpersonnels should be adequately backed by the back-officesetup.

4.4. Selling of the Products:

The term selling in the context of insurance industryconnotes the issuance of policies to the applicant proposer.The non-life insurance policy basically embodies thecovenant between the insurer and the insured wherein theformer agrees to indemnify the latter for the loss caused tohim on the happening of the certain agreed events up to aspecified limit. The life insurance policy generally containsthe agreement whereby the insurer agrees to pay to theinsured or the beneficiary of the policy an agreed amount onthe expiry of the term of the policy or in the event of thedeath of the insured respectively. The additional benefits inthe shape of Riders viz. Accidental Death Benefit, DoubleSum Assured, Critical Illness benefits; Waiver of Premiums,etc. can also be appended with the policy on the payment of an additional premium.

In Indian industry, the function is, generally performed bythe insurer. In addition, the insurance companies deputetheir Direct Selling Representatives to look after thefunction. They receive the proposal documents, vet themand issue policies to the proposers.

4.5. Management of Portfolio:

The management of the portfolio includes the assessment of requirement of funds, identification of various sources of finance, the evaluation of the sources in the light of theircost, availability, timing, etc., reconciling the features of various sources with the needs of the company and the


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selection of appropriate conjunction of sourc The insurerpossesses huge amount of funds, which need propermanagement. The management of the portfolio of aninsurance company requires the identification of investment

avenues, evaluation thereof and the selection of the mostappropriate mix of alternatives where the funds of thecompany can be invested. The selection requires theknowledge of finance related functions and techniques apartfrom the in-depth know of the patterns of requirement of funds in the company as well as in the industry as a whole.

5. CLASSIFICATION OF INSURANCE INDUSTRY

5.1 Industry Classification:

In most cases, when starting to employ, businesses payWorkplace Injury Insurance premiums at the industry rate.This is because the employer does not yet have any of theirown experience to include in the premium calculation.

Industry rates are an indication of the risk level of theparticular industry group and are based on the VWAshistorical records of the claims experience of all theemployers in the group.

If you are in a high risk industry, such as concreting,abattoirs, or long distance road transport, you are more

likely to have claims and consequently your industry rate willtend to be higher.

When you first apply for a Work Cover insurance policy youare asked to give details of your workplace, including adescription of the activities carried out there.


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Workplace details identify the activity that contributes mostto the value of the goods or services your workplaceproduces or provides which determines your industryclassification.

It is important that you provide your agent with accurateinformation about your workplace to make sure you arecorrectly classified. You must also notify your VWAAuthorized agent of any changes in your business that mayaffect your classification.

If you think your business may be wrongly classified youshould talk to your agent.

5.2 Industry Rate:

An industry rate is the average rate of premium that needsto be collected to cover the costs of all Workplace InjuryInsurance claims in a given industry.

The effective industry rates in Victoria currently range from0.31% to 11.79% (capped). These rates have been updatedusing recent claims data to ensure they reflect the risks of the activities undertaken in each industry.

6. COMPANY PROFILE


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6.1 About Bajaj Allianz Life Insurance co.:

Mission :

As responsible customers focused market leader, we stillstrive to understand the insurance need of the cosumers andtranslate and it into affordable products thet deliever formoney

Vision : To be the best choice insurer for customers. To be the prefered employee for staff in the insurance

industry To be the number one insurer for creating shareholdervalue

Bajaj Allianz Life Insurance Co. Ltd. I IRDA Registration No.116 dated 3 rd August 2001.BOARD OF DIRECTORS :

Mr. Rahul Bajaj (Chairman)Mr. Manuel BauerMr. Sanjay Asher

Mr. Neeraj BajajMr. Sanjiv BajajMr. Heinz DollbergMr. Kamesh Goyal (Alternate Director To Mr. Manuel Bauer)Mr. Ranjit GuptaMr. S. H. KhanMr. Suraj MehtaMr. V. Philip (M.d & CEO)Mr. Manu Tandon

Bajaj Allianz Life Insurance Co. Ltd.

Bajaj Allianz Life Insurance Co. ltd is a joint venturebetween two leading conglomerates, BaJAJ AUTO , one of the bigest two and three- wheeler manufactureres in the


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world and Allianz AG, one of the word's lrgest Insurancecompanies,till 17 to 20 pages


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RESEARCH METHODOLOGYA research is a careful investigation or enquiry, especially through

search foe new facts in any branch of knowledge. It is a systemized

effort to gain more knowledge. Research Methodology is a way to systematically solve the

research problem. It includes not only the research methods, but also

the logic behind using the methods.

The methods of research used in this project were as follows:-

Analytical Research

Applied Research

Analytical Research: -In analytical research the researcher has to use the facts already

available, and analyze these to make the critical evaluation of the

material.

In this project I have used many raw data from the various

sources and analyzed it for underlying trends.

Applied Research:-Applied Research aims at finding a solution for an immediate

problem. Research aimed at certain conclusions (say a solution) facing

a concrete social or business problem is an example of applied

research. Thus the central aim of applied research is to find a solution

for some pressing practical problem.

In this project, in the last section, by means of assumptions I have

found the feasibility of a project that the organization means toundertake.

The analysis of the trends followed by the mutual funds was

Analytical Research.


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7. Product of Bajaj Allianz:

A. Child Plan:

BAJAJ ALLIANZ Mutual Fund is coming out with an OpenEnded BAJAJ ALLIANZ Child Care Plan.

A salient feature of the scheme is the offer of scholarshipsfor meritorious students, for which a separate trust will beconstituted and Accident Insurance cover for parent/legalguardian.

The Initial Offer opens on July 16 and closes on Aug 6.However, the earliest closing date will be July 26.

According to the offer document, the Child Care Plan comeswith two plans - Study Plan and Gift Plan. The primaryinvestment objective of both the plans is to seek to generate

income by creating a portfolio that is invested in debt,money market instruments, equity and equity relatedsecurities.

However, there is a substantial difference in the plannedexposure to different market segments under both plans.Under the Study Plan, in normal circumstances, 0-15 percent of the corpus may be allocated for investment inequities and equity related securities while the balance 85-

100 per cent is allocated for debt securities, money marketinstruments, securitised debt and cash (including money atcall).

However, the Gift Plan is a little more expansive in thatequities and equity related securities get a substantiallyhigher allocation of 51 to 60 per cent of the corpus. Debt


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securities, money market instruments, securitised debt andcash get the rest (40-49 per cent). There are caps forinvestment in individual sectors like Government securitiesor Securitised debt.

C. Protection Plan:

The sole objective of these plans, as their nameindicates, is to serve the protection

needs of the customer andby doing so

safeguard ones family fromthe financial implications of unfortunate circumstancesthan one cannot foresee.

higher returns of market-linked instruments. Themost important benefit of ULIPs is the flexibilityWealth Creation Plans givethe customer the dualbenefit of protection alongwith the potentially theygive the customer inchoosing the premiumamount and also choosingthe underlying fund in whichthis money is to be invested.Wealth creation plans alsooffer the customer more

liquidity options ascompared to traditionalplans. As such

ULIPs are ideal for customerswho want the protection of alife cover to be allied to thereturns of market linkedinstrument


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D. Group Insurance plans:

As a compassionate employer who regards your team as

your most precious asset, you would undoubtedly want tosafeguard their wellbeing, at all times.

Invest in Bajaj Allianz's Group Term Insurance Plan-a one-year renewable life insurance policy that enables you toprovide every member of your team with an affordable lifecover.

Read more about the features and benefits of this plan, right

away.

Group medical insurance offers insurance cover to a groupwith a common trait it may be employees of a company,members of a club or an association or members of a co-operative society etc. Many employers now provide medicalinsurance as a perquisite to their employees.

Group Insurance SolutionsBajaj Allianz also offers Group Insurance Solutions forcompanies seeking to enhance benefits to their employees.

Group Gratuity Plan: BAJAJ ALLIANZ Pru's group gratuityplan helps employers fund their statutory gratuity obligationin a scientific manner. The plan can also be customized tostructure schemes that can provide benefits beyond the

statutory obligations.Group Superannuation Plan: BAJAJ ALLIANZ Pru offersboth defined contribution (DC) and defined benefit (DB)superannuation schemes to optimise returns for themembers of the trust and rationalise the cost. Membershave the option of choosing from various annuity options or


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opting for a partial commutation of the annuity at the timeof retirement.

Group Immediate Annuities: In addition to the annuities

offered to existing superannuation customers, we offerimmediate annuities to superannuation funds not managedby us.

Group Term Plan: BAJAJ ALLIANZ Pru's flexible group termsolution helps provide affordable cover to members of agroup. The cover could be uniform or based ondesignation/rank or a multiple of salary. The benefit underthe policy is paid to the beneficiary nominated by the

member on his/her death.

*BAJAJ ALLIANZ Group Solutions AdvantageBajaj Allianz offers a suite of Group Insurance plans thatprovide both you and your employees with a host of benefits:

1. Group Super Annotation: This flexible plan for both,defined benefit and defined contribution, provides retirement& tax benefits applicable to an approved superannuationtrust. Read more

2. Group Gratuity Plan: This hassle-free plan enables youto effortlessly fund your statutory gratuity obligation. Readmore

3. Annuity Solutions: This suite of retirement plansenables you to provide your employees with a steadyincome all through their retired lives. Read more

4. Group Term Insurance Plan: This insurance planprovides affordable cover to all your employees. Read more


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5. Group Term Insurance in lieu of EDLI: This plan iscertified by Employee Provident Fund Organistion (EPFO) asa superior alternative to Employee's Deposit LinkedInsurance Scheme.

E. Market-linked insurance plans:

MARKET-linked plans (MLPs) were the rage in the insurancebusiness in 2003. Why not? With the stock markets boomingand the guaranteed additions on traditional plans on theirway out, the MLPs were an attractive option in an industry

dominated by savings-oriented plans. Because of the equitymarket's good performance, the returns on these plans weresuperior to those from the plain vanilla schemes.

The MLPs are superior to plain vanilla schemes in terms of flexibility and transparency. At any point of time, in an MLP,you know the value of the investment and have theflexibility of choosing the fund options and switchingbetween them.

Recently, the returns on MLPs too have been superior tothose declared on regular plans, and have outperformed thebenchmark indices such as Nifty and Sensex (for equityoriented plans), Crisil Composite Bond index (for debt-oriented plans) and the Crisil Balanced Index (for balancedplans). The bonuses declared on regular plans would haveranged only between 3-5 per cent.

Market linked plans are similar to mutual funds. They,however, differ on three key parameters returns, taxationand charges.


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Returns on savings-oriented insurance products are lowerthan other non-insurance products. The MLPs are nodifferent. They have not performed as well as the mutualfunds in the growth and balanced categories.

Equity/Balanced options: MLP growth funds follow aconservative investment style even if they are not subject toa regulatory cap as in the case of non-market linked plans.BAJAJ ALLIANZ, the most aggressive of all, in terms of assetallocation, has an equity exposure of just 85 per cent. Incontrast, mutual funds invest 100 per cent in equities. Amore appropriate comparison would be to a balanced mutualfund. Here again, even balanced mutual funds outperformed

the MLPs.Debt option: Returns on insurance debt funds were on apar with mutual fund debt options. Returns on Birla SunLife's debt option was 17 per cent in 2003 surpassing theothers by a huge margin. This is only to be expected as BirlaSun Life has a small equity portion (10 per cent) in its debtfund. Others such as Bajaj Allianz and Kotak Mahindra investpurely in debt.

Stock selection: Stock picks in the MLP portfolios wereconventional. Most plans have by and large stuck to largecap and index stocks. Aviva's plan was an exception. Thestocks picked were predominantly from the mid-capsegment. Aviva took early exposures to sectors such asagrochemicals, retailing and packaging. Other MLPs hadminiscule exposure in these sectors. The portfolios werediversified with at least six-seven sectors figuring in eachportfolio.

8. Promoters:

BAJAJ ALLIANZ Ltd. (NYSE:IBN) is India's secondlargest Pvt. Ltd. and largest private sector Pvt. Ltd. with


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over 50 years presence in financial services and with assetsof over Rs 3569.32 bn (USD 88 billion) as on June 30, 2007.The Pvt. Ltd. offers a wide range of Pvt. Ltd.ing products andfinancial services to corporate and retail customers through

a variety of delivery channels and through its specialisedsubsidiaries in the areas of investment Pvt. Ltd.ing, life andnon-life insurance, private equity and asset management.BAJAJ ALLIANZ Pvt. Ltd. is a leading player in the retail Pvt.Ltd.ing market and services its large customer base througha network of over 950 branches (including extensioncounters), 3469 ATMs, call centers and internet Pvt. Ltd.ing(www.BajajAllianzcom) to ensure that customers have access toits services at all times.

ALLIANZ

Established in London in 1848, plc, through its businessesin the UK and Europe, the US and Asia, provides retailfinancial services products and services to more than 20million customers, policyholder and unit holders andmanages over 256 billion of funds worldwide (as on June30,2007). In Asia, is the leading European life insurancecompany with life operations in China, Hong Kong, India,Indonesia, Japan, Korea, Malaysia, the Philippines,Singapore, Taiwan, Thailand, Vietnam. is the secondlargest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Its fund management business hasexpanded into a total of ten markets : China, Hong Kong,India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnamand United Arab Emirates.

Sales Promotion :

Incentives to the end users for taking the policy play animportant role in promoting the insurance business. Sincethe insurance business is also related to achieving of a
http://www.icicibank.com/http://www.icicibank.com/


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particular target, it is pertinent that the policymakers assigndue weightage to the same. The offering of small giftsduring a particular period, the rebate, discount, bonus canincrease business of organisation by leaps and bounds.

Besides, there can be gifts for the insurance agents also.

9. About BAJAJ ALLIANZ. Ltd.:

BAJAJ ALLIANZ was established by the Government of Indiain the 1960s as a Financial Institution (FI, other suchinstitutions were IDBI and SIDBI) with the objective tofinance large industrial projects. BAJAJ ALLIANZ was not aPvt. Ltd. - it could not take retail deposits; and nor was itrequired to comply with Indian Pvt. Ltd.ing requirements forliquid reserves. BAJAJ ALLIANZ borrowed funds from manymultilateral agencies (such as the World Pvt. Ltd.), often atconcessional rates. These funds were deployed in largecorporate loans.

All this changed in 1990s. BAJAJ ALLIANZ founded aseparate legal entity - BAJAJ ALLIANZ . Ltd. whichundertook normal Pvt. Ltd.ing operations - taking deposits,credit cards, car loans etc. The experiment was sosuccessfulthat BAJAJ ALLIANZ merged into BAJAJ ALLIANZPvt. Ltd. ("reverse merger") in2002

At the time of the reverse merger, there were rumours thatBAJAJ ALLIANZ had a large proportions of Non PerformingLoans ("NPA", as they are known in India) on its books - in

particular to the steel industry. Since 2002, there has been ageneral revival in Indian industry (and metal based industryin particular). It is widely believed that the proportion of NPAs has come down to prudent levels (even if it were highearlier).


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BAJAJ ALLIANZ Pvt. Ltd. now has the largest market shareamong all Pvt. Ltd.s in retail or consumer financing. BAJAJALLIANZ Pvt. Ltd. is the largest issuer of credit cards inIndia [citation needed ]. It was the first Pvt. Ltd. to offer a wide

network of ATM's and had the largest network of ATM's till2005, before SBI caught up with it.

BAJAJ ALLIANZ Pvt. Ltd. now has the largest market value of all Pvt. Ltd.s in India, and is widely seen as a sophisticatedPvt. Ltd. able to take on many global Pvt. Ltd.s in the Indianmarket.

The Pvt. Ltd. is expanding in overseas markets. It hasoperations in the UK, Hong Kong, Singapore and Canada. Itacquired a small Pvt. Ltd. in Russia recently. It has tie-upswith major Pvt. Ltd.s in the US and China. The Pvt. Ltd. isaggressively targeting the NRI (Non Resident Indian)population for expanding its business.

About the Promoters:

BAJAJ ALLIANZ Ltd. is India's second largest Pvt. Ltd. andlargest private sector Pvt. Ltd. with over 50 years presencein financial services and with assets of over Rs 3,569.32 bn(USD 88 billion) as on June 30, 2007. The Pvt. Ltd. offers awide range of Pvt. Ltd.ing products and financial services tocorporate and retail customers through a variety of deliverychannels and through its specialised subsidiaries in the areasof investment Pvt. Ltd.ing, life and non-life insurance,private equity and asset management. BAJAJ ALLIANZ Pvt.Ltd. is a leading player in the retail Pvt. Ltd.ing market andservices its large customer base through a network of over950 branches (including extension counters), 3469 ATMs,call centers and internet Pvt. Ltd.ing (www.Bajaj Allianz.Ltd..com) to ensure that customers have access to itsservices at all times.
http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/


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Established in London in 1848, plc, through its businessesin the UK and Europe, the US and Asia, provides retailfinancial services products and services to more than 20million customers, policyholder and unit holders and

manages over 256 billion of funds worldwide (as of 30 June2007). In Asia, is the leading European life insurancecompany with life operations in China, Hong Kong, India,Indonesia, Japan, Korea, Malaysia, the Philippines,Singapore, Taiwan, Thailand, Vietnam. is the secondlargest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Its fund management business hasexpanded into a total of ten markets : China, Hong Kong,India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam

and United Arab Emirates.

10. Banc assurance and Alliances :

Bajaj Allianz was a pioneer in offering life insurancesolutions through Pvt. Ltd.s and alliances. Within a shortspan of two years, and with nearly a large number of partners, B & A has emerged as a vital component of the

company's sales and distribution strategy, contributing toapproximately one third of company's total business.

The business philosophy at B&A is to leverage distributionsynergies with our partners and add value to its customersas well as the partners. Flexibility, adaptation andexperimenting with new ideas are the hallmarks of thischannel.

Group The Group Business of Bajaj Allianz has been in existence forover 2 years. Today, we are the Number 1 player amongprivate life insurance companies in Group Business excludingMortgage Reducing Term Assurance (MRTA) with a marketshare of 26%(FY 2004-2005). We offer the entire gamut of


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products including Gratuity, Superannuation TermInsurance, Leave Encashment, Employee Deposit LinkedInsurance (EDLI), Mortgage Reducing Term Assurance(MRTA) & Informal Group Term covers.

Customer Service & Operations

The Operations department oils the work processes betweenthe customer and the company to ensure consistent andquality service to the customer. To streamline theoperations, the Operations department interfaces betweenthe clients and the agents, the branches and theunderwriters, and manages work processes.

The Vision at Customer Service is to deliver 'World ClassService' at every opportunity. Units such as the 9 to 9contact centre, Outbound Call Centre, Customer Care andQuery Resolution Unit are all committed to providingeffective solutions to over lakhs of customers across thecountry.

Information Technolgy(IT)

The Information Technology function at Bajaj Allianz iscommitted to enable business through the use of technology. It is segmented into 4 groups to enable highestlevels of delivery to the customers: Life Asia Solutions Groupthat provides flexibility in designing better product offeringsto end-users, the Solutions Group- Web that provides real-time information to customers and is responsible forcustomer relationship management, IT Architecture & Corporate Solutions Group is in charge of developing andmaintaining a blueprint for the IT architecture for theenterprise as a whole. This team works as an in house R&DSolution Group, exploring new technological initiatives andalso caters to information needs of corporate functions in theorganization. IT Infrastructure group is responsible forproviding hardware, software, network services to the whole


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organization. This group runs the 'Digital Nervous System' of the Enterprise at the highest levels of efficiency and providerobust, scalable and highly available platform fordeployment of business application.

Marketing

The Marketing function at BAJAJ ALLIANZ Pru covers anarray of activities - brand and media management, channelsupport, direct marketing and corporate communications.The Brand and Communications team is in charge of advertising, consumer research, media planning & buyingand Public Relations; that helps develop and nurture Bajaj

Allianz's corporate identity while effectively communicatingits varied product offerings to the customer. Channelmarketing provides support to the sales force bystreamlining the design and development of collaterals andsales tools across distribution channels. The Directmarketing team was set up to generate high quality leadsfor profitable business. The team achieves this throughtarget database acquisition and communicating customisedproduct information through e-mailers, telemarketing and

innovative direct mailers.

Finance

Finance function in Bajaj Allianz is committed to create aninfrastructure that is aligned to shareholder expectations.Finance basically comprises of four functions. . CorporatePlanning and MIS provide feedback on business strategies.This includes driving the budgeting process, providingstrategic inputs for decision-making and managementreporting and analysis. The Accounts function includespreparation and maintenance of financial records, fundsmanagement, and expense processing and treasuryoperations. Compliance ensures that every action is within


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the regulatory framework. This includes reviewingcompliance requirements and supporting the ethicalframework of BAJAJ ALLIANZ Pru life. Internal audit providesassurance to the management over the organizations'

control framework and includes process risk management,information security assessment and business continuityassessment.

HR Processes

The people strategy of Bajaj Allianz is "To build a committedteam with a culture of innovation, learning and growth. TheHuman Resource Function at Bajaj Allianz drives the people

strategy of the business. With its initial focus on operationalexcellence to deliver benefits and services to staff members,HR is now committed to building capability through state of the art processes. A robust performance managementsystem, compensation system and a segmented trainingarchitecture enable it to deliver value to the organization.

Business

Excellence The Business Excellence function is committed tobuilding a quality mindset across the organization. BajajAllianz is the first organization in the Insurance Industry thathas adopted the Six Sigma Methodology for processefficiency and measurement. The team is also driving theMalcolm Baldrige framework across the organization, anintervention that examines management of key inputs forBusiness Excellence.

SUGGESTIONS


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Self-assessment of ones needs; expectations and risk profile is of

prime importance failing which, one will make more mistakes in putting money

in right places than otherwise. One should identify the degree of risk bearing

capacity one has and also clearly state the expectations from the investments.Irrational expectations will only bring pain.

The quality of service should be improved with they are providing to

the existing customer.

They have to educate Advisors through conducting seminars,

distributing free broachers, informing about financial planning, mutual fund etc.

Proper care should be taken to motivate the advisor so that they canalso make effort from their side to increase their AUM. Some incentive should

be provided to them for Advertisement and their sales should be measured so

that they can do the promotional activities and regular follow-ups.

The company should take due care in selecting an advisor because

they are the most important person in the process of all. The company should

push them regularly so that they can make their effort to increase their AUM in

their area which at present is not. Advisors are not taking due care, they are

even hesitating to spend small amount on doing a promotional activity.

It is important to identify the nature of investment and to know if one is

compatible with the investment. One can lose substantially if one picks the

wrong kind of mutual fund. In order to avoid any confusion it is better to go

through the literature such as offer document and fact sheets that mutual fund

companies provide on their funds.

One first has to decide what he wants the money for and it is this

investment goal that should be the guiding light for all investments done. It is

thus important to know the risks associated with the fund and align it with the


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quantum of risk one is willing to take. One should take a look at the portfolio of

the funds for the purpose. Excessive exposure to any specific sector should be

avoided, as it will only add to the risk of the entire portfolio. Mutual funds invest

with a certain ideology such as the "Value Principle" or "Growth Philosophy".Both have their share of critics but both philosophies work for investors of

different kinds. Identifying the proposed investment philosophy of the fund will

give an insight into the kind of risks that it shall be taking in future.

A common investor is limited in the degree of risk that he is willing to

take. It is thus of key importance that there is thought given to the process of

investment and to the time horizon of the intended investment. One shouldabstain from speculating which in other words would mean getting out of one

fund and investing in another with the intention of making quick money. One

would do well to remember that nobody could perfectly time the market so

staying invested is the best option unless there are compelling reasons to exit.

Investing should be a habit and not an exercise undertaken at ones

wishes, if one has to really benefit from them. As we said earlier, since it isextremely difficult to know when to enter or exit the market, it is important to

beat the market by being systematic. The basic philosophy of Rupee cost

averaging would suggest that if one invests regularly through the ups and

downs of the market, he would stand a better chance of generating more

returns than the market for the entire duration. The SIPs (Systematic

Investment Plans) offered by all funds helps in being systematic. All that oneneeds to do is to give post-dated cheques to the fund and thereafter one will not

be harried later.

12. 50 Great Recruiting Ideas


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1. Raffle off a free membership to someone who joins yourchapter during your recruiting drive.

2. Obtain testimonials of the value of MENC membership

from former members now teaching and share these viewswith potential members.

3. Announce membership updates at each meeting andremind people to bring friends to the next event. Let yourmembers know that recruiting is a top priority for the group.

4. Host a special "bring a friend" meeting featuring an ice-breaker exercise, a brief club orientation, and refreshments.Each member must bring a friend to the meeting.

5. Ask your professors to offer extra credit for MENCmembership and/or participation.

6. Create a bulletin board display in a prominent placeshowing pictures from chapter activities, membershipinformation, and a calendar of upcoming events.

7. Display business cards of former chapter members now

teaching to demonstrate that chapter members are going onto find jobs in their field.

8. Hand out MENC brochures to students in general music oreducation classes.

9. Announce upcoming chapter meetings in your music andeducation classes; invite everyone to attend.

10. Contact visitors after they have attended a meeting.Thank them for visiting the chapter and invite them to yournext event.

11. Ask members for names of friends and classmates whocould benefit from MENC membership. Send these people apersonal invitation to attend your next event.


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12. List your upcoming meetings in your departmentnewsletter and campus newspaper.

13. Have chapter officers give a presentation on the value of

MENC membership to music education classes, the school'sdifferent bands, or at a student-faculty meeting. Then handout applications and brochures with your contactinformation.

14. Establish a "Big Brother/Big Sister" program that pairsincoming freshman with established members of yourchapter. This will personalize your chapter by gettingeveryone involved and feeling accepted.

15. Send an invitation letter to all incoming freshmen in themusic department describing MENC and providinginformation on when and where your first meeting will be.

16. Ask sponsoring chapter members to provide free resumecritiques to anyone in your chapter who joins MENC thismonth.

17. Set up a table displaying MENC materials at freshman

orientation or a student activities fair.

18. Ask your sponsoring chapter to subsidize $5$10 of thestudent dues for new students joining during yourmembership drive, then offer this discount to new members.

19. Ask for donations of items such as notebooks, mugs, orgift certificates from the campus bookstore and other localbusinesses. Offer these as incentives to new members who

join during your membership drive.20. Offer a prize to the person in your chapter who recruitsthe most new members.

21. Waive or reduce local membership dues for studentswho join MENC.


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22. Provide students who visit your meeting with aninformation packet about your chapter and MENC. Include acalendar of events, a list of chapter officers, and anapplication to join.

23. Send out a flyer about your chapter to a targeted groupsuch as new music education majors, undeclared freshmen,or education majors.

24. Invite a successful professional in your community tospeak to your chapter on the value of joining professionalassociations.

25. Display copies of Music Educators Journal , TeachingMusic , NewsLink feature articles, and your chapter newsletterat every meeting.

26. Publicize any awards your chapter or members havewon, such as a Collegiate Growth Award , Chapter of Excellence , orProfessional Achievement Award . People like to join groups thatare successful.

27. Ask professors to mention MENC to students in their

advising sessions.

28. Write an article for your campus paper on a successfulchapter project or high profile speaker.

29. Create a membership committee to focus on new waysto bring in members.

30. Organize a behind-the-scenes tour of a popularorganization such as an amusement park, casino, or winery.Require students to be members in order to attend.

31. Offer a chapter scholarship or book award (moneytowards textbooks) for members only.

32. Make your first meeting of the year a "pizza night."
http://www.menc.org/networks/collegiate/News.htmlhttp://www.menc.org/networks/collegiate/Awards.html#4http://www.menc.org/networks/collegiate/Awards.html#2http://www.menc.org/networks/collegiate/Awards.html#3http://www.menc.org/networks/collegiate/News.htmlhttp://www.menc.org/networks/collegiate/Awards.html#4http://www.menc.org/networks/collegiate/Awards.html#2http://www.menc.org/networks/collegiate/Awards.html#3


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33. Highlight and explain a different membership benefit ateach meeting.

34. Hold a meeting in the computer lab and demonstrate the

valuable information available to members.35. Co-sponsor a high visibility event on campus, such as adance, concert, seminar, or sporting contest to raiseawareness of your chapter and its activities.

36. Participate in a charity event with other clubs. Invitemembers of other groups to visit one of your meetings andlearn more about your chapter.

37. Survey current members to determine what benefits aremost valuable to them. Emphasize these benefits whencreating flyers or speaking to potential new members.

38. Hold a joint meeting or event with a related music oreducation club.

39. Hold an informational meeting for prospective members.Have members and chapter alumni tell visitors how

networking through MENC helped them find internships and jobs.

40. Think WIIFM"What's In It For Me?" That's whatprospective members are asking themselves. Be sure to tellthem specifically how membership will benefit them.

41. Talk to lots of people about MENC. Experts say it takesten calls to make one sale.

42. Plan chapter social events in addition to educationalactivities. People like to join groups that are friendly andfun.


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43. Make each prospective member feel special. Make aneffort to remember names and to smile and greet people byname when you see them around campus.

44. If you have non-members who have come to severalevents, give them an application and ask them to join. Somepeople never join simply because no one has taken aninterest and encouraged them to sign up.

45. Make it easy to participate. Establish and publicize aregular meeting schedule. Provide a local contact name,phone number, and e-mail address on all your materials andthen respond to inquiries promptly!

46. At the beginning of the fall semester, send a letter to allSchool of Music professional organizations, fraternities, andsororities in an effort to build unity among the organizationsand solicit active participation during the school year.

47. Review your chapter's past rosters and remind expiredmembers to renew their membership.

48. Offer an incentive to members who bring at least two

guests to a meeting.

49. Print names of new chapter members in your newsletterand recognize them at chapter meetings. Demonstrate thatyour club is strong and growing.

50. Always speak with excitement and pride when describingyour chapter. Enthusiasm is contagious!

12.1 Method adopted for Recruitment of Agency:

At India Recruitment Agency, we not only offer recruitmentconsultancy services to our client companies, but also give


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the applicants a perfect platform to get their dream jobs. Wecan help our clients to get the best candidates, cultivatethem and retain them. Our comprehensive recruitmentsolutions as HR consultant in India will surely provide you

with profitable propositions for your workforce requirements.

With our in depth knowledge different domains, we are ableto provide the best manpower consultancy services andrecruitment services for our clients in India. We are wellequipped with facilities like interview chambers, conferencerooms, audio, video conferencing facilities, security andcompany-wide networking and many other facilities to fulfillthe demanding requirements top quality recruitment

solutions.

We take pride in our quality professional and personalservices and are sure that we can fulfill all your recruitmentneeds. As soon as our clients contact, we assign them ateam, having experience in that particular sector. We havedeveloped a well defined recruitment procedure that isoptimized for ease and efficiency.

The recruitment process begins with the employer and theIndia Recruitment Agency executing an agency agreement,adequately stating the terms and conditions regarding thedemand and supply of manpower. The agreement is formallysigned by both parties towards acceptance of stated termsand conditions upon which the manpower trade is executed.

12.2 Different stages involved in recruitment Procedureare:-

Demand Letter:

The client company formally will issue a demand letter


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stating the different job vacancies, nature and type of workforce required, contract period for job, monthly salary,number of people required and other perks and amenities( such as - food, medical, transport, air passage,

accommodation and more) the employer is providing.

Letter of Authority:

The client company will issue a letter of authority in favourof India Recruitment Agency addressing to the consulategeneral of the concerned embassy in India. The letterinforms the concerned that that India Recruitment Agency istheir bonafide manpower recruitment agent fully authorized

to deal with all visa matters , submissions and delivery, withthe concerned embassy.

Agreement of Employment:

Agreement of employment is a standard contract of employment between the employer and employee.

Selection:

The selection procedure involves different stages and thefirst is - the documentation and collection of paperworkrequired for establishing identity and qualifications of candidates and the authentication of details furnished bycandidate.

We carry out different testing and screening procedures tocheck the ability of candidate for the desired job profile. Thefinal selection of candidates is based on a cumulative resultof a range of tests and stringent selection procedure, whichensure effectiveness.

Medical Checkup:


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After the final selection process is completed, we make surethat the selected candidates undergo a medical check-up byauthorized medical personnel as required by our clientcompany.

Application for Visa:

India Recruitment Agency also conducts visa applicationprocedures in respective embassies on behalf of therespective candidates.

Ticketing and Emigration:

We, at India Recruitment Agency, fulfill all travelingrequirements of selected clients. This is done in closeinteraction with the employer and it also facilitates theemigration procedures in consultation with the concerneddepartments of Government.

Orientation Before Departure:

As part of our commitment to make available well informedcandidates, we provide basic orientation and guidance forcandidates in respect with the laws and regulations of thecountry of emigration .

13. Conclusion By the study policies of Bajaj Allianz life Insurance, Iconcluded following:-


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The market values of companys share are growingday by day which are not common in every field.

Better plan prove for better sales of policies whichis good advantage of this company.

It is multinational private Ltd provide goodopportunity to its customer in the field of Insurance.

It gives better policies to its customer whichsatisfied them.

It contributes in GDP growth of India. Indian economy is getting better day by day.

People in India are now more concerned towardsInsurance. This sector is providing lot of employment &

careen.


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BIBLIOGRAPHY

COMPANY PRODUCT CATALOGUES & WEBSITE.

SEBI WEBSITE.

GOOGLE.COM

WWW.BAJAJALLIANZ.COM .

AMFI INDIAN WEBSITE.
http://www.bajajallianz.com/http://www.bajajallianz.com/

Documents

Bajaj Alliance[1]