BAJAJ ALLIANZ FINAL
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INTRODUCTION OF THE INSURANCE Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to understand that risk is a part of any person’s life and that it increases as a person increases in age, responsibility and wealth. Insurance is risk coverage against financial losses and should not be taken as an investment instrument. There are mainly two parties involved in this – the insurer and the insured. The insurer is the insurance company who will provide the cover to the insured against any financial losses. The insured may be an individual person or a group of people like an employer, members of a society, etc. A policy is the contract between the insurer and the insured, which states the risks covered, the exclusions, if any, and the benefits reimbursed on the happening of an event like death, illness etc. The policy is paid through what is called a premium, which is a set amount that must be paid by the insured on a monthly, semi-annual or annual basis. On the happening of an event like death, disability, fire, etc, for which the insured is covered, the benefit amount stated in the policy contract can be claimed by the insured. Classification of Insurance There are mainly two broad classes of Insurance – Life and Non Life. Life insurance products include Term Life policies, which give a pure risk coverage of only the death benefit, whereas endowment or money back policies have a risk as well as savings component i.e. death as well as maturity benefit. Also coming under the life insurance umbrella are the Unit – Linked Policies in which there is a risk component and a savings component, which is invested in equity, debt or gilt funds, depending on the insurance company. Non Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc. This insurance class deals with all the non-life aspects of an
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Transcript of BAJAJ ALLIANZ FINAL
INTRODUCTION OF THE INSURANCE
Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to understand that risk is a part of any person’s life and that it increases as a person increases in age, responsibility and wealth. Insurance is risk coverage against financial losses and should not be taken as an investment instrument.
There are mainly two parties involved in this – the insurer and the insured. The insurer is the insurance company who will provide the cover to the insured against any financial losses. The insured may be an individual person or a group of people like an employer, members of a society, etc.
A policy is the contract between the insurer and the insured, which states the risks covered, the exclusions, if any, and the benefits reimbursed on the happening of an event like death, illness etc. The policy is paid through what is called a premium, which is a set amount that must be paid by the insured on a monthly, semi-annual or annual basis. On the happening of an event like death, disability, fire, etc, for which the insured is covered, the benefit amount stated in the policy contract can be claimed by the insured.
Classification of Insurance
There are mainly two broad classes of Insurance – Life and Non Life.
Life insurance products include Term Life policies, which give a pure risk coverage of only the death benefit, whereas endowment or money back policies have a risk as well as savings component i.e. death as well as maturity benefit. Also coming under the life insurance umbrella are the Unit – Linked Policies in which there is a risk component and a savings component, which is invested in equity, debt or gilt funds, depending on the insurance company.
Non Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc. This insurance class deals with all the non-life aspects of an insured like his/her house, health, land, office, cargo, etc which might bring financial loss.
The aim of all insurance is to compensate the owner against loss arising from a variety of risks, which he anticipates, to his life, property and business. Insurance is mainly of two types: life insurance and general insurance. General insurance means Fire, Marine and Miscellaneous insurance which includes insurance against burglary or theft, fidelity guarantee, insurance for employer's liability, and insurance of motor vehicles, livestock and crops.
The Insurance Act, 1972 and the General Insurance Business (Nationalisation) Act, 1972 govern Fire and Marine Insurance, while the Indian Marine Insurance At, 1963 governs marine insurance in our country. These laws contain provisions relating to the constitution, management and winding up
of insurance companies and the conduct of insurance business of all types. All insurance business in India has been nationalised.
A Contract of insurance is a contract by which one party undertakes to make good the loss of another, in consideration of a sum of money, on the happening of a specified event, e.g. fire accident or death. Law recognises insurance as a system of sharing risk too great to be borne by one individual
Life Insurance Process Flow
The simplest life insurance business cycle looks like this:
The client approaches the insurer through an agent with a proposal containing his personal details, income details, medical history, products ( the product describes the features provided by the insurer like maturity bonus, claims allowed etc. These features vary from product to product), sum assured (the amount for which the client is covered), term (number of years for which the client is to be covered) and premium amount (installment amount to be paid by the client to the insurer). The agent who brings this proposal is termed as a base/servicing agent for the proposal.
The proposal will go through various stages of approval and risk evaluation by the “Central Processing Centre” of the Insurance Company. Upon final approval, a legal agreement, termed as policy, between the insurer and the client is prepared whereby the insurer covers the client for the sum assured. The client is also entitled for some additional benefits, if any, depending on the features of the product taken in the policy. The base agent gets a commission for the policy.
The client pays a premium at regular intervals. These subsequent premiums are termed as renewal premiums. The base agent gets a commission on the renewal premium also.
The client may come back with some alterations to the policy viz. increase/decrease in sum assured, increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policy and will issue endorsements stating the alterations made and their effect on the policy.
During the term of the policy, the client can submit claims. The insurer makes payment against the claim after verification. Depending on the type of claim the policy is either terminated or is kept in force.
At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit under life insurance policies. In addition to this the client will get the maturity bonus and any other benefits depending on the product feature.
INDUSTRIAL BACKGROUND OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
Vikas Gupta joined Bajaj Allianz close to a year ago. The 26-year-old was entrusted with setting up an office for the life insurance major in Itarsi, a small town in Madhya Pradesh.
Gupta was in charge of finding a suitable location, negotiating the rent, buying the furniture and even hiring a couple of junior managers to work for him. He's now got four sales managers reporting to him, who in turn supervise a team of agents.
It's not the way most insurance companies in India have grown, but small towns and local recruits are the major planks of Bajaj Allianz's distribution strategy. Having discovered that even the smallest towns can prove rich catchment areas, the insurance company is spreading out rapidly into the interiors.
In just about five years, it has rolled out one of the biggest networks in the industry: at present, Bajaj Allianz has around 900 offices across the country, compared with around 330 for market leader ICICI [Get Quote] Prudential.
Before the year is out, it will have more than 1,000 offices covering 586 districts, up from the current 450. Bajaj Allianz will be the first private sector insurance player to have a presence in towns like Akola in Chhattisgarh and Uluberia in West Bengal.
"We want to be a mass brand and that's why we're looking at a large footprint. Of course, a geographical spread helps derisk the model, which is particularly important for insurance. Today we earn our premia almost equally from each of the four regions," says Sanjay Jain, marketing head, Bajaj Allianz.
Still, why so many offices? Jain explains that in the insurance business a physical presence is critical. "People need to know we're going to be around, because insurance is a long-term product where the money is paid out after 15 or 20 years."
An office, however small, is a reassuring sign, he adds. Which is why the company has a presence even in towns where the population is less than 50,000, pleasantly surprised by the purchasing power even in states such as West Bengal and Orissa.
The strategy seems to be paying off. For the first time, in FY05-06, Bajaj Allianz notched up a first year premium of Rs 2,715.62 crore (Rs 27.16 billion), overtaking market leader ICICI Prudential, which earned Rs 2,637.48 crore (Rs 26.37 billion) as premium during the same period.
Observes Arvind Mahajan, executive director, KPMG, "Bajaj Allianz seems to have adapted Allianz's global philosophy - you're never too far from an Allianz
shop - rather well. It has a more pronounced retail approach compared to others."
The retail approach is combined with one of independence. Once Bajaj Allianz decides on a new location, it typically hires local youngsters to man the office, working on the belief that since insurance is all about trust, customers are likely to have more faith in locals.
The new recruits are given a more or less free hand: they scout around for an office, furnish it, hire managers and agents. "We don't pay great salaries but we give our office heads a lot of freedom.
They take almost all decisions including how they want to spend their ad budgets - whether they want to use hoardings or simply remunerate the agents. In that sense, it's a totally decentralised model," says Jain.
Most offices are small - around 350-400 sq ft - and functional, with an eye on cost control. Speed is of essence, and new offices are up and running within a month of the decision to set it up.
At a later stage, budgets and targets are set and agents found. "In some ways it's like an entrepreneurial effort: they [the local recruits] are the ones driving the business through the agents," Jain adds.
Apart from setting up its own offices in smaller towns, Bajaj Allianz has also beefed up its distribution by teaming up with 10 co-operative banks, around 100 district co-operative banks, as well as some regional rural banks to drive business to it. The banks earn a referral fee, so it's an attractive revenue stream for them.
Recently, the company also joined hands with Godrej [Get Quote] Aadhar - the rural retail chain that has around 28 outlets across the country.
"We have agreed to set up shops-in-shops at all Aadhar outlets and we are also talking to other such rural retail chains," says Jain, who adds that the response and interest levels at rural malls has been "a revelation".
Importantly, at every location, whether bank counter or a rural outlet, the company ensures that it posts its own people, the idea being to inspire trust in customers.
While it may use the bank staff for back-office functions, the selling of insurance policies is always done by a company employee. Not surprisingly, Bajaj Allianz already has 18,000 people on its rolls, and will soon be adding another 7,000.
About six months ago, in a bid to strengthen its urban distribution, the company also forged an alliance with GE Money, which has around 200-odd outlets.
However, agents remain the biggest selling channel and so the company ensures that commissions are competitive - the industry average is around 25-30 per cent. Bajaj today has 125,000 agents, way behind LIC's [Get Quote] 1 million but ahead of ICICI Prudential's 100,000.
However, in some of the towns, Bajaj has also used local financial advisors, since it believes the comfort level of the customer may be higher with them than with agents.
STRUCTURE OF INSURANCE INDUSTRY
HISTORICAL PERCEPTIVES
PRIOR TO 1956 242 COMPANIES OPERATING
1956 - 2001 NATIONALISATION – LIC MONOPOLYPLAYER – GOVERNMENT CONTROL
2001 - OPENED UP SECTOR
PRESENT STRUCTURE OF INSURANCE INDUSTRY
(A) LIC - FULLY OWNED BY GOVERNMENT
(B) POSTAL LIFE INSURANCE
(C) PRIVATE LIFE INSURANCE
1. Bajaj Allianz Life Insurance Co. Ltd. 2. Birla Sun Life Insurance Co. Ltd. (BSLI) 3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD LIFE) 4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU) 5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA) 6. Max New York Life Insurance Co. Ltd. (MNYL) 7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE) 8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd. 9. SBI Life Insurance Co. Ltd. (SBI LIFE) 10. TATA AIG Life Insurance Co. Ltd. (TATA AIG) 11. AMP Sanmar Assurance Co. Ltd. (AMP SANMAR) 12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA) 13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE) 14. Shriram Sunlam
Other likely players – PNB Life Insurance, Reliance Life Insurance, Axa Bharti Enterprises
CONTRIBUTION TO INDIAN ECONOMY
(i) Life Insurance is the only sector which garners long term savings
(ii) Spread of financial services in rural areas and amongst socially less privileged
(iii) Long term funds for infrastructure
(iv) Strong positive correlation between development of capital markets and insurance/ pension sector (v) Employment generation
AGGREGATION OF LONG TERM SAVINGS
(i) Total Assets of Life Insurance Companies 2002 – 2003 2003 – 2004 2004 – 2005 2,80,450 3,52,608 4,23,000 *
(ii) Total Premium generated 2002 – 2003 2003 – 2004 2004 – 2005 57,708 cr 66,278 cr 79000 cr *
(iii) Industry is growing @ 19 p.a.
(iv) At this growth rate, the future premium income generated will be 2005 – 2006 2006 – 2007 2007 – 2008 94,000 1,12,000 1,33,000
(v) Life Insurance funds account for 15% of household savings.
(vi) The industry has the potential to increase the share to 20%.
SPREAD OF FINANCIAL SERVICES IN RURAL AREASAND AMONGST SOCIALLY UNDERPRIVILEGED
• IRDA Regulations provide certain minimum business to be done
(i) in rural areas (ii) in the socially weaker sections
• Life Insurance offices are spread over nearly 1400 centres.
• Presence of representative in every tehsil – deeper penetration in rural areas.
• Insurance agents numbering over 6.24 lakhs in rural areas.
• Policies sold in rural areas (2004-05) - No. of policies - 55 lakhs Sum assured 46,000 crores
• Social security - No. of lives covered 2003-04 17.4 lakhs 2004-05 42.1 lakhs
LONG TERM FUNDS FOR INFRASTRUCTURE
• For GDP to grow at 8 to 10%, qualitative improvement in infrastructure is essential.
• Estimates of funds required for development of infrastructure vary widely.
• An investment of 6,19,600 crore is anticipated in the next 5 years (Source : SSKI India)
• Tenure of funding required for infrastructure normally ranges from 10 to 20 years.
• Major portion of these funds are routed through debt/private equity participation.
• Part funding through Central Government/State Government budgetaryallocations. Insurance companies invest in Central/State Governmentapproved securities which ultimately also used for infrastructure projects.
• As per IRDA norms, the pattern of investment of life insurance companies’ funds are : -
(i) In Central Government, State Government and other approved securities – not less than 50%
(ii) Infrastructure – 15%
• Investment in the infrastructure projects is a natural fit for life insurance companies who have long duration funds. Average Term 23 years.
• Has investments of over Rs.40,000 cr in infrastructure.
• It is expected life insurance sector be able to generate approximately Rs.15,000 cr for infrastructure investment in 2006-2007 with amount increasing every year.
DEVELOPMENT OF CAPITAL MARKETS/ECONOMIC GROWTH
Industry also contributes in economic development through investments in capital market. Present level of investments is over Rs. 40,000 crore. (Mark to Market basis around 80,000 crores).
Annual Investment of around 9000 crores in capital markets. Contribution to Five Year Plans 9th Plan 2,30,900 crores Last Two
Years 1,70,900 crores Helps inculcate a sense of security by protecting earning of people in
case of untimely death. Benefits to Policy Holders 2002 – 2003 2003 – 2004 2004 – 2005 20,800 cr 24,200 cr 28,700 cr
EMPLOYMENT GENERATION
• Life insurance industry provides increased employment opportunities.
• Employees in insurance sector as on 31st March, 2005 is around 2 lakhs.
• Many agents depend on insurance for their livelihood – No. of agents on 31st March 2004 – 15.59 lakhs
•Brokers, corporate agents, training establishments provide extra employment opportunities.
• Many of these openings are in rural sectors.
SPECIAL FEATURES OF INSURANCE
Capital Intensive Industry
2002 – 2003 2003 – 2004
(i) Total Income 1631 cr 4053 cr
(ii) Capital employed 2219 cr 3239 cr (Data excludes LIC)
• Tax clubbing of various savings short term and long term into same bracket have a bias towards short term savings.
• Distinction between the short term savings and long term savings is critical from investors point of view. More prone to inflationary pressures
• Clearly, long term savings more than 10 years deserve special consideration under tax regime.
GROWTH POTENTIAL
At present insurance penetration in India is quite low – 2.26% of GDP.
In Korea the penetration stands at 6.77%, in Hongkong, in Singapore – 6.38%.
PHASE OF TRANSITION
• Life Insurance industry is under the phase of infancy after 50 years of monopoly
• Competition from within and other sectors of financial market
• Needs environmental support till it reaches a comfort zone
PROFILE OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
Bajaj Allianz Life Insurance Company Is A Union Between Allianz SE, One Of The World’s Largest Life Insurance Companies And Bajaj Auto, One Of The Biggest 2 & 3 Wheeler Manufacturers In The World.
Allianz SE Is A Leading Insurance Conglomerate Globally And One Of The Largest Asset Managers In The World Over A Trillion Eros (Over R.55,00,000 Crores). Allianz Se Has Over 115 Years Of Financial Experience In Over 70 Countries .
Bajaj Auto Is One Of The Most Trusted Name Is Indian Auto For Over 55 Years . At Bajaj Allianz Customer Delight Is Our Guiding Principle . Ensuring World – Class Solutions By Offering Customized Products With Transperentbenefits, Supported By Best Technology Is Our Buisness Philosophy .
FISCAL YEAR NO OF POLICIES SOLD IN FY
NEW BUISNESS IN FY (RS. IN CR )
2001 – 2002 (6 MTHS) 21,376 72002 - 2003 1,15,965 692003 - 2004 1,86,443 180
2004 - 2005 2,88,189 857
2005 - 2006 7,81,685 2717
2006 - 2007 20,79,217 4270
FEATURES OF BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
_ Favorable economic environment …
_ GDP growth fastest amongst the world
_Asia’s 4th largest emerging market with fastest growth
_ Strong manufacturing base and growing service industry
_ Untapped potential in urban, semi-urban & rural towns
_ Large base of young population
_ Rising aspirations and income levels
_ Increasing awareness on financial security
As a result …
_ Industry growth rate : Overall – 23% Private players – 74%
_ Market penetration – just 4.8%
_ High concentration in metros and large cities
ACCELERATED GROWTH
_ New business premium – 23% to Rs. 930 billion
_ Market share of private insurers – to 36% (P.Yr – 26%)
_Amongst private insurers …
_ Second largest in new business premium
_ In first position on number of policies issues
_ Gross Written Premium – 82% Rs. 97 billion v/s Rs. 53 billion in P. Yr
_ Market share – 10.3% v/s 7.4% in P. Yr
_ Number of policies – 3.7 million v/s 2.1 million in P. Yr
_ Unit linked funds increased by 111%
_ 12 new products launched during the current year
_ Currently 32 individual products & 9 product groups on offer
Performance Summary
Rs. In billion Apr-Mar 08 Apr-Mar 07Gross written premium 97.2 53.4New business premium 67.0 43.0Net earned premium 97.1 53.3
Total income 107.1 57.4Annualized premium
equivalent60.0 32.3
Profit / ( Loss ) (2.1) (0.7)Net contribution to policy
holders account2.9 0.9
SHAREHOLDERS FUNDS
Rs. in million 2007-08 2006-07
Share Capital 1,507 1,504
Share premium 10,600 5,502
Sub-total 12,107 7,006
Balance in P & L account (4,899) (2,760)
Total 7,208 4,246
Total capital infused during the year – Rs. 5,101 million
Share capital – Rs. 3 million
Share premium – Rs. 5,098 million
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED
NEW BUSINESS ACHIEVED PROFIT – FY08
New Business Achieved Profit Rs. 12,029 millionEconomic Assumptions
Particulars Assumptions
Cash / Money Market / TB 5.0%
G Secs 8.0%
Corporate bond 8.5%
Equities 12.0%
Inflation 5.0%
Risk discount rate 13.25%
Tax rate 12.5% ( plus 10% surcharge +3% education cess )
Operating Assumptions
_ Operating assumptions like mortality, morbidity & lapses are based on industry / reinsures experience & validated against our own experience so far
_ Expense assumptions are based on our own expense projection model
Sensitivity
The sensitivity of the New Business Achieved Profit to
Economic assumptions is given below:
Particulars Base Value +1% -1%
Investment Income
12,029 13,020 10,954
Risk Discount rate 12,029 10,717 13,512
Further Consideration
_ Any value addition from riders has been ignored. The proportion of riders with base policies is not very significant
_ Comparison with other Life Companies might not be very relevant as actuarial assumptions & methodology used are likely to vary from
Company to Company, in the absence of any common agreed process
Bajaj Allianz Life Insurance Co LtdCautionary StatementsExcept for the historical information contained herein, certainstatements & values are forward –looking statements &values including, but not limited to, statements & values thatare predictions of or indicate future events, trends, plans or
objective. Undue reliance should not be placed on suchstatements & values because by their nature, they are subject
e-opinion
Bajaj Allianz launches e-opinion rider, which will cover the expenses of 2nd opinion e-consultation services for serious illness in India. The policy offers unprecedented access to over 7000 physicians employed by the renowned hospitals of the WorldCare Consortium. This innovative e-opinion rider gives you an opportunity to obtain best of international expertise at a fraction of the cost.
o Anyone taking this plan is entitled to take a second opinion should there be any illness and an expert consultation is required.
o This rider entitles you to have a 2nd opinion from renowned hospitals of the WorldCare consortium of hospitals like Clevland
Clinic, Duke University, Massachusetts General Hospital, Brigam and Women's Hospital.
o Qualified physicians from these renowned hospitals will render a written report which includes a diagnosis and treatment plan within 7 working days .
Benefits Simple process of sending medical reports in digitized form to
WorldCare consortium.
This product provides independent, world class opinions which will enable the attending doctor and the patient to take informed decisions on the diagnosis and the further course of action.
Three opinions are available per year of coverage and 6 opinions in case it is renewed continuously.
Advantages
Valuable 2nd opinion at nominal cost without physically visiting these renowned hospitals.
Opinions for major critical illnesses
Access to over 7000 physicians employed by the renowned hospitals of the WorldCare Consortium.
Student Companion
Personal Accident -covering death and permanent disablement Medical Expenses and repatriation - covering hospitalisation expenses
arising out of illness/sickness and also repatriation expenses for sending mortal remains to India
Loss of checked baggage - covering total loss of baggage checked by an international airline
Tuition Fee - In the event of the insured unable to continue the school semester due to any of the following reasons arising during the policy period, the Company shall reimburse the tuition fee paid inadvance for the current semester, subject to maximum the limit shown in the schedule: A. Serious medical condition of the insured requiring hospitalization covered under the policy Accident To Sponsor -In the event of the sponsor named in the schedule meets with an accident during the policy period, which results in his death or permanent total disability during the policy
period, the Company shall reimburse the remaining school fee subject to maximum the limit shown in the schedule.
Family Visit-In the event of the insured become hospitalized as a result of an accidental injury or sickness covered under the policy and the attending physician advises the necessary attendance of a Family Member of the Insured, the Company will reimburse the actual cost of economy class transportation by the most direct route via a common carrier subject to maximum the sum insured. For this purpose, family member shall mean spouse, parent, sibling and in laws of the insured.
Personal Liability - covering legal liability attaching in a private capacity during the course of overseas travel.
This coverage is also subject to the exclusions of Personal Accident and Medical Expenses sections of the policy.
Following are the Plans- All Coverage's in USD
Coverage Standard
Family Visit USD 7500
Loss Of Baggage USD 1000
Medical Expenses USD 50000
Personal Acciden USD 50000
Personal Liabili USD 100000
Accident to Spon USD 10000
Tuition Fee USD 10000
Silver
USD 7500
USD 1000
USD 100000
USD 50000
USD 100000
USD 10000
USD 10000
Workmen's Compensation
The Indian Workmen's Compensation Act 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the
event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment.
Features
The maximum compensation payable is upon the following scale (as per W.C. Amendment Act 2000)
Fatal Injury - Rs.4,57,080 Permanent Total Disablement - Rs.5,48,496 Permanent Partial Disablement - According to incapacity caused Temporary Disablement - Rs. 2000 per month upto a period of 5 years
Bajaj Allianz General Insurance Company Limited policies give an employer any of the following two forms of cover :
Indemnity against the Employers legal liability to his Employees under the Indian Workmen's Compensation Act 1923, and subsequent Amendments of the said Act prior to the date of issue of the policy, under the Indian Fatal Accidents Act, 1855, and at common Law.
Indemnity against the Employers legal liability to his Employees under the Indian Fatal Accidents Act, 1855 and at common law.
In addition, the company bears the costs and expenses incurred with its written consent in the settlement of claims.
Extension
The insurance under table "A"can be extended by charging an additional premium of 50% of book rate to cover disease mentioned in part 'C' of Schedule III of Workmen's Compensation Act.
Exclusion
This insurance does not cover any interest and/or penalty which may be imposed on all insured or an insured on account of failure to comply with
ALLIANZ BAJAJ CHANGES ITS NAME TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY
Mumbai, August 03, 2004
Allianz Bajaj Life Insurance Co. Ltd., the fastest growing private life insurance co, today announced that it has changed its corporate name to Bajaj Allianz Life Insurance Co. Ltd., effective from August 03, 2004. The change in company name comes in conjunction with research findings from existing customers, business associates, prospective customers and other stakeholders indicated higher comfort level and ease of recalling Bajaj name first and then Allianz, and hence the name Bajaj Allianz.
Bajaj Allianz General Insurance Co. Ltd & Bajaj Allianz Life Insurance Co. Ltd. will now have a common logo and branding which will help in increasing our visibility and familiarity which will create a much larger awareness and a greater mindshare. The new logo incorporates the new Bajaj Auto logo. Commenting on this occasion Mr. Sam Ghosh, Country Manager, Allianz & CEO, Bajaj Allianz Life insurance said, "We are not only acquiring a new name, but have put in motion a new level of energy and commitment to delivering the best products. The name change coupled with aggressive strategic market initiatives to reach and service customers better will give us an unbeatable position in the insurance market in this country and both Life & General companies together can unleash the 'Power of One' and be the leader in the insurance industry."
Bajaj Allianz Life insurance recently launched over 100 satellite branches, new life & non-life group products which has helped Bajaj Allianz (formerly known as Allianz Bajaj) to log in Rs. 100 Cr. Gross Written Premium (GWP) in the first 100 days of this financial year and has leaped to 3rd position as per IRDA figures ending June 04, from its 7th position at the end of last financial year.
Bajaj Allianz Life Insurance has also brought in key executives, to infuse greater thrust, new ideas, efficiency and professionalism to impart state of the art servicing to the customers across the length and breadth of the country.
About Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Its products include InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain (Unit Linked Whole of Life Plan) and UnitGain Single Premium. Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj
Allianz Life Insurance has a wide pan India presence of office network in 156 cities of the country and is aided with a strong and trained Agency network of over 27,000 agents. Bajaj Allianz has also forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration. Bajaj Allianz Life Insurance has launched a
slew of need-based
Bajaj Allianz tops profit chart of pvt life insurers – May 12th, 2007
Bajaj Allianz Life Insurance, with a Rs 63 crore of profit in 2006-07, has emerged as the most profitable private life insurance company in the industry. The life insurance joint venture between Germany’s largest company Allianz and auto major Bajaj Auto has mobilised a new business premium of Rs 4270 crore during the year .
The company has also 20 lakh policies which is the largest that any private sector life insurance company has sold in the country. Earlier SBI Life had announced a small profit of over Rs 3 crore for 2006-07. Over 70% of the business of the company with a pan India network and strong retail focus was regular premium for the year and in the month of March 07 over 80% of the business was regular premium. With 2,13,000 agents, 900 offices in 840 towns, 200 corporate agents & Bancassurance partners.
The company has he largest distribution network . Rahul Bajaj, chairman, Bajaj Allianz Life insurance has said, “Crossing the $1 billion in new business premium and a healthy profit of Rs 63 crore. in such a short span of time speaks highly of the management team spearheading this accelerated growth.” Sam Ghosh, country manager Allianz & CEO Bajaj Allianz Life said, “This feat was achieved by efficient capital management, strong cost controls across the company.’’ The company has collected more new business premium in this one year alone, then the total of last 5 year’s new business (Rs 3821 crore). The top most private sector life insurance company ICICI Life with a market share of 29% on the basis of weighted received premium had a negative impact of Rs 480 crore on the ICICI Bank’s consolidated profit after tax in FY2007. The company’s unaudited New Business Achieved Profit (NBAP) for FY2007 was Rs 881 crore as compared to Rs 528 crore, in FY2006.products to cater to each varied needs of the customer. Currently Bajaj Allianz Life Insurance has a product portfolio of 18 products and more need-based products are in the pipeline.
Plan Or Scheme Of The Company
Bajaj Allianz Life Insurance Co Ltd is a unique joint venture among the global giants Allianz Group (AG) and Bajaj Auto. Allianz AG's world ranking establishes it among the top insurance companies in the world. Bajaj is the biggest two and three wheeler manufacturer in the world. Bajaj Allianz Life Insurance Company boasts of a nationwide presence with 876 offices and over 4 million satisfied customers. The various insurance products include .
Individuals Plans
Unit Gain Insurances Term Care Plans Lifetime Care Insurance Policy Business Insurance Policies Savings And Security Policies For You And Your Family
Rural Insurance Plan Healthcare Insurance Financial Insurance Pension Plus Retirement Plans Children's Policies Endowment Plans and many more.
Group Insurance Schemes
Insurance For Employee-Employer Groups Insurance For Non-Employer - Employee Groups Employees Deposit Linked Insurance New Group Superannuation Scheme New Group Gratuity Care Scheme
Special Insurance Policies for NRI's
Investgain Endowment Plan Cashgain Money Back Plan Childgain Kids Special Plan Swarna Vishranthi
Bajaj Allianz India offers convenient premium payment and receipt options. The payments can be direct through cheques, DD's or directly from your
accounts or through credit card. The premiums can also be paid online. The insurance policy holders who also have an account with Standard Chartered Bank can avail the direct debit mandate facility.
TERMS AND CONDITIONS OF
BAJAJ ALLIANZ LIFE INSURANCE COMPANY
General By accessing this website (the "Bajaj AllianzWebsite") and using its
content, you acknowledge and you agree that you have read and understood the following terms of use and you agree to be bound by them. Do not use the Bajaj Allianz Website, if you do not agree with these terms of use.
As used below, the terms "we", "us" and "our" refer to Bajaj AllianzAktiengesellschaft and the Allianz subsidiaries ("Bajaj Allianz, Bajaj Auto and other Group Companies").Use of Content The content is available for informational purposes only. The posting of content and access to this website does not render, either explicitly or implicitly, any provision of services or products by us. Information concerning financial products or services (including insurance, asset management and banking) is only available through the respective Bajaj Allianz.
No OfferNo information on the Bajaj Allianz Website is or should be interpreted as an offer or a solicitation for an offer, as investment, legal, tax or other advice. Where such is needed, a professional shall be consulted.
No Duty to updateAll content on the Bajaj Allianz Website is published as of its date only. We assume no responsibility to update or amend.
CopyrightAll content of the Bajaj Allianz Website is protected by copyright with all rights reserved. All rights in the pages, site content and arrangement are owned by Bajaj Allianz Aktiengesellschaft and/or the respective Allianz Group companies. You are prohibited from copying, modifying, displaying, distributing, transmitting, redelivering through the use of "framing" technology, publishing, selling, licensing, creating derivative works or using any site content for any purpose without the prior written approval of Bajaj AllianzAktiengesellschaft and/or the respective Bajaj AllianzGroup Companies.
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Hyperlinked and Referenced WebsitesCertain hyperlinks or referenced websites on the Bajaj Allianzwebsite may for your convenience forward you to third parties' websites, which generally are recognised by their top level domain name. Their content has not been investigated or analysed by us, and we do not warrant the adequacy, accuracy, reliability or completeness of any information on hyperlinked or referenced websites and expressly disclaim any liability for any and all of their content.By accessing the Bajaj Allianz website, you also agree to abide by the proprietary guidelines set forth at any website accessed or hyperlinked to through the Bajaj Allianz website.
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In the event that any provision of these terms is held unenforceable, the validity or enforceability of the remaining provisions will not be affected, and the unenforceable
Bajaj Allianz Life Insurance and Sarva U.P. Gramin Bank Join Hands to Distribute Life Insurance to Masses Across Uttar
Pradesh
Bajaj Allianz Life Insurance, India’s leading private life insurance company offers the strongest distribution network across the country through it own 1000+ branches spread over 950+ towns and its strong bancassurance partnerships which help its reach out to every corner of the nation. Speaking on this occasion the Mr. Yogesh Gupta, Head Business Procurement said “This tie-up will greatly improve our distribution strength in all Uttar Pradesh and help provide life insurance solutions across rural and semi-rural customer base of Sarva U.P. Gramin Bank”Also speaking on this occasion, Shri.A.K.Loomba, Chairman of the Sarva U.P Gramin Bank “we are
very proud to tie-up with Bajaj Allianz Life Insurance and we will now be able to offer insurance benefits and products to our customers”
About Sarva U.P. Gramin Bank
Sarva U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 4 RRBs Viz ( Uttar Pradesh Gramin Bank Meerut, Kissan Gramin Bank Budaun, Rani Laxmi Baye Gramin bank Jhansi and Devi Pattan Gramin bank Gonda) working in the area spread in whole Uttar Pradesh "East to West".
The Bank has its Head Office in Meerut. Sh.A.K. Loomba is the First Chairman of the Bank. The Bank's operational area spreads in Fourteen Districts viz. Meerut, Bulandshahr, Ghaziabad, Gautam Budh Nagar, Bijnor, Gonda, Balrampur, Budaun, Haridwar, Bagpat, Sharanpur, Jhansi, Lalitpur and Muzaffaranagar.
Bajaj Allianz Life Insurance Company is the leading Private Sector life insurance Company in India.. With a pan India presence and over 950 + towns, Bajaj Allianz Life Insurance has already sold over 5 million policies. Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles. For companies it provides comprehensive 'Employee Benefit Solutions' (Group Term Life, EDLI, Gratuity, Super-annuation, Key man Insurance and more); for the individual Invest Gain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain
(Children's plan), Care First, Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Saran Visitant (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain Plus Gold, New UnitGain Super, New Family Gain, New UnitGain
MANAGEMENT REPORT
With respect to the operations of Bajaj Allianz Life Insurance Company Limited (‘the Company’) for the financial year 1 April 2006 to 31 March 2007 and results there of, the Management
of the Company confirms and declares that:
1. The registration certificate granted by Insurance Regulatory and Development Authority (IRDA) is valid and the same has been renewed for the year 2007-2008.
2. All relevant statutory dues payable by the Company havebeen generally deposited on time.
3. There has been no transfer of shares during the year and the shareholding pattern is in accordance with the statutory and regulatory requirement.
4. The management has not directly or indirectly invested outside India, the funds of the holders of policies issued in India.
5. The required solvency margins have been maintained as required by the IRDA.
6. We certify that the values of all the assets have been reviewed on the date of Balance Sheet and in the management’s belief, the assets set forth under eachof the headings in the Balance Sheet are shown in the aggregate at amounts not exceeding their realizable or market value under their related headings - “Loans”,“Investments”, “Agents balances”, “Outstanding Premiums”, “Income accrued on investments”, “Amounts due from other entities carrying on insurance business(including amounts due from reinsurers)”, “Cash” and the several items specified under “Other Accounts”. Market value of investment in debt securities (otherthan unit linked funds) which are valued at amortized cost as per IRDA regulations, is lower than their carrying amount.
7. We certify that, no part of the life insurance fund has been directly or indirectly applied in contravention of the Insurance Act, 1938 (4 of 1938) relating to theapplication and investment of the life insurance fund.
8. The Company recognizes the risks associated with the life insurance business and manages the risks by adopting prudent policies to counter the key risks of the Company – namely underwriting and investment risks. The Company has established robust underwriting procedures to mitigate underwriting risks. Additionallythe Company has entered into reinsurance arrangements wherein it reinsures risk in excess of its retention limits to mitigate its risk exposure. The investment risk is managed by laying down appropriate guidelines in the Investment Policy. The Investment Policy is formulated by the Investment Committee and approved by the Board of Directors. The investment policy is reviewed at least once a year for alignment with the Company’s latest business plan and other developments during the year.9. The Company does not have operations in any other country.
10. Claim settlement time for the claims lodged has been around 7 days from the date of receipt of complete requirements. Ageing of claims indicating the trends inaverage claim settlement time is given below.
Year Days
2006-07 7
2005-06 7
2004-05 3
2003-04 3
2002-03 5
11. We certify that the values, as shown in the Balance Sheet, of the investments (other than unit linked investments), which consists of fixed income securities,equity shares and mutual fund units that have been valued as per accounting policies prescribed by IRDA. Market values have been ascertained for equities on the basis of lower of the closing prices as on the balance sheet date on The National Stock Exchange of India Ltd. and The Stock Exchange, Mumbai. For fixed income securities, valuation is based on procedure issued by Fixed Income and Money Market and Derivative Dealers Association (FIMMDA). The investments in the MutualFunds are valued at the Net Asset Values (NAV) of these Mutual funds as on the Balance Sheet date. We certify that the unit linked investments have been valued on the basis as stated below: Equities have been valued at market values which have been ascertained on the basis of the last quoted closing price on the NSE. In case the equity shares are notlisted on the NSE, then they are valued on the last quoted closing price on BSE. Government securities are valued at prices obtained from Credit Rating InformationServices of India Ltd. (CRISIL). Corporate bonds and debentures are valued on the basis of CRISIL Bond Valuer. Treasury bills, certificate of deposits and commercialpapers are valued at cost plus accretion at yield to maturity. Mutual fund units have been valued at the last available Net Asset Value declared by the respectivemutual fund.The Bajaj Allianz Life Insurance website offers human life value estimator, child education cost calculator, retirement solutions and required pension estimator and premium calculator online. The Bajaj Allianz insurance agents will guide you about the general life insurance policies best suited to your needs. The insurance agent also briefs you about the insurance quote and the terms on the policy quotes.
AUDITORS’ REPORT
ToThe Members of Bajaj Allianz Life Insurance Company Limited
We have audited the attached Balance Sheet of Bajaj Allianz Life Insurance Company Limited (‘the Company’) as at 31 March 2007, and the related Policyholders’ Revenue Account, the Shareholders’ Profit and Loss Account and the Receipts and Payments Account for the year ended on that date, annexed thereto.These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
The Balance Sheet, the Policyholders’ Revenue Account, the Shareholders’ Profit and Loss Account and the Receipts and Payments
Account have been drawn up in accordance with the Insurance Act, 1938 (Act 4 of 1938), Insurance Regulatory and Development Act, 1999, Insurance Regulatoryand Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002 (‘the Regulations’) read with Section 211 of the Companies Act, 1956.As required by the Regulations, we set out in the Annexure,a statement certifying the matters specified in paragraph 4 of Schedule C to the Regulations.Further to our comments in the Annexure referred to above,we report that:
• We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purposes of the audit and have foundthem to be satisfactory;
• In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained bythe Company so far as appears from our examination of those books;
• As the Company’s accounting system is centralised at the head office, no returns for the purposes of our audit are prepared at the branches and other officesof the Company;
• The Balance Sheet, the Policyholders’ Revenue Account, the Shareholders’ Profit and Loss Account and the Receipts and Payments Account referred to in this reportare in agreement with the books of account;
• The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (‘the Appointed Actuary’). The actuarial valuationof liabilities for policies in force as at 31 March 2007 has been duly certified by the Appointed Actuary. The Appointed Actuary has also certified that, in his opinion,the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the Insurance Regulatory and Development Authority (‘IRDA’)and the Actuarial Society of India in concurrence with the authority. We have relied upon the Appointed Actuary’s certificate in this regard in forming our opinion.
• On the basis of the written representations received from the Directors of the Company, as on 31 March 2007 and taken on record by the Board of Directors, noDirector of the Company is disqualified as on 31 March 2007 from being appointed as Director under clause (g) of sub section (1) of Section 274 to the Companies Act,
1956.In our opinion and to the best of our information and according to the explanations given to us, we further report that:
• Investments have been valued in accordance with the provisions of the Insurance Act, 1938 and the Regulations or orders / directions issued by IRDA in this behalf;
• The accounting policies selected by the Company are appropriate and are in compliance with applicable accounting standards and with accounting principles,as prescribed in the Regulations and orders or directions issued by IRDA in this behalf;
• The Balance Sheet, the Policyholders’ Revenue Account, the Shareholders’ Profit and Loss Account and the Receipts and Payments Account referred to in this reportare in compliance with the accounting standards referred to in Section 211 (3C) of the Companies Act,1956; and
• The Balance Sheet, the Policyholders’ Revenue Account, the Shareholders’ Profit and Loss Account and the Receipts and Payments Account together with the notesthereon and attached thereto are prepared in accordance with the requirements of the Regulations, the Insurance Act, 1938, the Insurance Regulatory and Development Act, 1999 and the Companies Act, 1956, to the extent applicable and in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India as applicable to insurance companies:
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2007;
(ii) in the case of the Policyholders’ Revenue Account, of the surplus for the year ended 31 March 2007;
(iii) in the case of the Shareholders’ Profit and Loss Account, of the loss for the year ended 31 March 2007; and
(iv) in the case of the Receipts and Payments Account, of the receipts and payments for the year ended 31 March 2007. Further, on the basis of examination of books and records of the Company and according to the information and
explanations given to us and to the best of our knowledge and belief, we certify that:
• We have reviewed the management report attached to the financial statements for the year ended 31st March 2007, and there is no apparent mistake or material inconsistencies with the financial statements; and
• Based on information and explanations received during the normal course of our audit, management’s representations made to us and the compliance certificate submitted to the Board by the officers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions ofregistration as per subsection 4 of section 3 of the Insurance Act, 1938.
Annexure to the Auditors Report(Referred to in the Auditors’ Report to the members of Bajaj Allianz Life Insurance Company Limited (‘the Company’) on the accounts for the year ended 31 March 2007)
Auditor’s CertificateTo the Members of Bajaj Allianz Life Insurance Company LimitedBased on the information and explanations given to us and to the best of our knowledge and belief, we certify that:
• We have verified the cash balances, to the extent considered necessary, securities relating to the Company’s loans and investments by actual inspection or on the basis of certificates / confirmations received from custodians and / or Depository Participants appointed by the Company, as the case may be. At 31st March 2007, none of the Company’s assets involve reversion or life interests;
• The Company is not the trustee of any trust; and
• No part of the assets of the policyholders’ funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938 relating to the application and investments of the policyholders funds.
• This certificate is issued to comply with the requirements of Schedule ‘C’ of Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002(‘the Accounting Regulations’) read with Regulation 3 of the Accounting Regulations and may not be suitable for any other purpose.
KIRTANE & PANDIT S.R. BATLIBOI & CO. Chartered Accountants Chartered Accountants
Suhas Deshpande per Hemal Shah11th May 2007 Partner PartnerPune Membership No. 31787 Membership No. 42650
Balance Sheet Abstract And Company’s General Business Profile
I. Registration Details
Registration No. State Code15959 11
Balance Sheet Date
31 03 2007
Date Month Year
Ii. Capital Raised During The Year (Amount In Rs. ’000) Public Issue Rights Issue
Bonus Issue Private Placement
Iii. Position Of Mobilisation And Deployment Of Funds (Amount In Rs. ’000) Total Liabelities Total Assets
IV Source Of Funds (Amount In Rs. ’000) Paid Up Capital Reserve And Surplus
- -
- 1342
676,31,851 676,31,851
1,503,680 5,501,600
Secured Loans Unsecured Loans
Policyholders Funds Others
V Application Of Funds (Amount In Rs. ’000) Nett Fixed Assets Investments
Nett Current Assets Miscellaneous Expenditure
Accumulated Loss Others
Vi. Performance Of Company (Amount In Rs. ’000) Turnover Total Expenditure
Profit And Loss Before Tax Profit And Loss After Tax
Accumulated Profits
Earning Per Share Dividend Rate (%)
NOTE :- Being A Life Insurance Company There Is No Turnover .
- -
60,626,480 85
535,694 67,455,659
3,138,261 -
2,760,129 18,630
- -
(717,006) (717,033)
-
(4.77) -
Product Specification of
Bajaj Allianz Life Insurance Co. Ltd
Bajaj Allianz Life Insurance Co Ltd is a unique joint venture among the global giants Allianz Group (AG) and Bajaj Auto. Allianz AG's world ranking establishes it among the top insurance companies in the world. Bajaj is the biggest two and three wheeler manufacturer in the world. Bajaj Allianz Life Insurance Company boasts of a nationwide presence with 876 offices and over 4 million satisfied customers. The various insurance products include
Individuals Plans
Unit Gain Insurances Term Care Plans Lifetime Care Insurance Policy Business Insurance Policies Savings And Security Policies For You And Your Family
Rural Insurance Plan Healthcare Insurance Financial Insurance Pension Plus Retirement Plans Children's Policies Endowment Plans and many more.
Group Insurance Schemes
Insurance For Employee-Employer Groups
Insurance For Non-Employer - Employee Groups Employees Deposit Linked Insurance New Group Superannuation Scheme New Group Gratuity Care Scheme
Special Insurance Policies for NRI's
Investgain Endowment Plan Cashgain Money Back Plan Childgain Kids Special Plan Swarna Vishranthi
Allianz Bajaj Changes Its Name To Bajaj Allianz Life InsuranceMumbai, August 03, 2004:
Allianz Bajaj Life Insurance Co. Ltd., the fastest growing private life insurance co, today announced that it has changed its corporate name to Bajaj Allianz Life Insurance Co. Ltd., effective from August 03, 2004. The change in company name comes in conjunction with research findings from existing customers, business associates, prospective customers and other stakeholders indicated higher comfort level and ease of recalling Bajaj name first and then Allianz, and hence the name Bajaj Allianz.
Bajaj Allianz General Insurance Co. Ltd & Bajaj Allianz Life Insurance Co. Ltd. will now have a common logo and branding which will help in increasing our visibility and familiarity which will create a much larger awareness and a greater mindshare. The new logo incorporates the new Bajaj Auto logo.
Commenting on this occasion Mr. Sam Ghosh, Country Manager, Allianz & CEO, Bajaj Allianz Life insurance said, "We are not only acquiring a new name, but have put in motion a new level of energy and commitment to delivering the best products. The name change coupled with aggressive strategic market initiatives to reach and service customers better will give us an unbeatable position in the insurance market in this country and both Life & General companies together can unleash the 'Power of One' and be the leader in the insurance industry."Bajaj Allianz Life insurance recently launched over 100 satellite branches, new life & non-life group products which has helped Bajaj Allianz (formerly known as Allianz Bajaj) to log in Rs. 100 Cr. Gross Written Premium (GWP) in the first 100 days of this financial year and has leaped to 3rd position as per IRDA figures ending June 04, from its 7th position at the end of last financial year.
Bajaj Allianz Life Insurance has also brought in key executives, to infuse greater thrust, new ideas, efficiency and professionalism to impart state of the art servicing to the customers across the length and breadth of the country
About Bajaj Allianz Life Insurance:
Bajaj Allianz Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Its products include InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain (Unit Linked Whole of Life Plan) and UnitGain Single Premium.
Bajaj Allianz Life Insurance is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Bajaj Allianz Life Insurance has a wide pan India presence of office network in 156 cities of the country and is aided with a strong and trained Agency network of over 27,000 agents. Bajaj Allianz has also forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration. Bajaj Allianz Life Insurance has launched a slew of need-based products to cater to each varied needs of the customer. Currently Bajaj Allianz Life Insurance has a product portfolio of 18 products and more need-based products are in the pipeline.
Research Methodolgy
Meaning :- Research is a common term refers to a search for knowledge .It is a scientific & Systmatic Search for specific information on a Spcific topic Infact research is an art of scientific investigation Research is also a academic activity & as search ,The term should be usd in a technical sense. Research includes defining & redefining problem Formulating hypothesis or suggested solution Collecting, oranising & evaluating data & making deduction & reaching the conclusion to determine another they feed the Formulating hypothesis.
Definition of Research :-
According to ‘Mary’ “ Research is a systematic efforts to gain new Knowledge.”
Objectives of Reaserch :- 1. To gain Familarly with a phenomenon or to
achieve new insight into it ( Formulative research)
2. To test accurately the feature or a Particular individual situation or a group.
3. To determine the Frequency with which something accuse or wih which it is associatedwith something else.
4. To test a Hypothesis of a cadual relationship beteen variable
( Hypothesis testing research ).
Key part of the general corporate strategy
1. Elements of Marketing Strategies :-
A marketing strategy is most effective when it is an integral component of corporate strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. It is partially derived from broader corporate strategies, corporate missions, and corporate goals. As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement.
Sectorial tactics and actions :-
A publishing strategy can serve as the foundation of a marketing plan. A marketing plan contains a set of specific actions required to successfully implement a marketing strategy. For example: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A strategy consists of a well thought out series of tactics to make a marketing plan more effective. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives[3]. Plans and objectives are generally tested for measurable results. A marketing strategy often integrates an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. Similarly, the various strands of the strategy , which might include advertising,
channel marketing, internet marketing, promotion and public relations can be orchestrated. Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategy goals for the next level or group. Each group is expected to take that strategy goal and develop a set of tactics to achieve that goal. This is why it is important to make each strategy goal measurable. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics.
Types of strategies :- Every marketing strategy is unique, but can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:
Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies:
Leader Challenger Follower
Porter generic strategies :–
strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
Cost leadership Product differentiation Market segmentation
Innovation strategies :–
This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
There are three types:
1. Pioneers 2. Close followers 3. Late followers
Growth strategies –
In this scheme we ask the question, “How should the firm grow?”. There are a number of different ways of answering that question, but the most common gives four answers:
Horizontal integration Vertical integration Diversification Intensification
A more detailed scheme uses the categories:
Prospector Analyzer Defender Reactor
Marketing warfare strategies :–
This scheme draws parallels between marketing strategies and military strategies.
Strategic Models :-
Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. An Ansoff Matrix is also often used to convey an organization's strategic positioning of
their marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy.
Marketing Practice :-
In practice, as opposed to theory, research has indicated that the outstanding problems facing marketers lie in the use of specific functions. Most senior managements have committed to the philosophy, even though their junior managers may be cynical about the degree of that commitment. Unfortunately, there
is little evidence to show that this new-found belief has led to positive action. Indeed,
there is little evidence that marketing practice (as opposed to the theory) has been widely embraced. In particular, pricing is largely on a cost-plus or competitive basis, promotional budgets are small (and spent more on sales promotion than advertising or PR), 'place' is - in any case - not relevant, and marketing research is almost all second-hand.
Course Marketing :-
The marketer, in real life, does not face each decision with a copy of a text-book in his or her hand - ready to work through the various lessons. The marketer starts with a quite specific environment, which will immediately limit the range of relevant factors. To the perceptive marketer the range of options to be explored is usually obvious. Beyond this, the position is further constrained by the available resources. For instance, theory always says that the first step is marketing research, but if a competitor has just made a major change in strategy, a company may have just days to react - where research may take months.
Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven.
Thus, for example, new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by 'gut-reaction', to ensure that it is reasonable.
For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory. This will often be 'flying by the seat of the pants', or 'gut-reaction'; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called 'coarse
marketing'; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists.
See also :-
Business model
Customer engagement
References :-
^ UK govt businesslink marketing strategy guide. ^ Marketing strategy Australian administration small business guide. ^ Marketing basics Marketing strategy based on market needs, targets and
goals.
View More Summaries on Marketing strategy
Marketing Strategies
Elements of Marketing Mix Or Variables Of Marketing :
The American Marketing Association defines marketing as "the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives." Marketers use an assortment of strategies to guide how, when, and where product information is presented to consumers. Their goal is to persuade consumers to buy a particular brand or product.
Successful marketing strategies create a desire for a product. A marketer, therefore, needs to understand consumer likes and dislikes. In addition, marketers must know what information will convince consumers to buy their product, and whom consumers perceive as a credible source of information. Some marketing strategies use fictional characters, celebrities, or experts (such as doctors) to sell products, while other strategies use specific statements or "health claims" that state the benefits of using a particular product or eating a particular food.
Impact and Influence :-
Marketing strategies directly impact food purchasing and eating habits. For example, in the late 1970s scientists announced a possible link between eating a high-fiber diet and a reduced risk of cancer. However, consumers did not immediately increase their consumption of high-fiber cereals. But in 1984 advertisements claiming a relationship between high-fiber diets and protection
against cancer appeared, and by 1987 approximately 2 million households had begun eating high-fiber cereal. Since then, other health claims, supported by scientific studies, have influenced consumers to decrease consumption of foods high in saturated fat and to increase consumption of fruits, vegetables, skim milk, poultry, and fish.
Of course, not all marketing campaigns are based on scientific studies, and not all health claims are truthful. In July 2000 a panel of experts from the U.S. Department of Agriculture supported complaints made by the Physicians Committee for Responsible Medicine that the "Got Milk" advertisements contained untruthful health claims that suggested that milk consumption improved sports performance, since these claims lacked scientific
Companies often use characters to appeal to young consumers. Ronald McDonald first appeared on T.V. in 1963, portrayed by Willard Scott. The clown is known worldwide, and according to McDonald's, is the most recognizable figure next to Santa Claus.
[Photograph by Tim Clary. AP/Wide World Photos. Reproduced by permission.]support. In addition, the panel agreed with the physicians' claim that whole milk consumption may actually increase the risk of heart disease and prostate cancer, and recommended that this information be included in advertisements.
The tremendous spending power and influence of children on parental purchases has attracted marketers, and, as a result, marketing strategies aimed at children and adolescents have increased. Currently, about one-fourth of all television
commercials are related to food, and approximately one-half of these are selling snacks and other foods low in nutritional value. Many of the commercials aimed at children and adolescents use catchy music, jingles, humor, and well-known characters to promote products. The impact of these strategies is illustrated by studies showing that when a majority of television commercials that children view are for high-sugar foods, they are more likely to choose unhealthful foods over nutritious alternatives, and vice versa.
Inappropriate Advertisements :-
Attempts to sell large quantities of products sometimes cause advertisers to make claims that are not entirely factual. For instance, an advertisement for a particular brand of bread claimed the bread had fewer calories per slice than its competitors. What the advertisement did not say was that the bread was sliced much thinner than other brands.
Deceptive advertising has also been employed to persuade women to change their infant feeding practices. Advertisers commonly urge mothers to use infant formula to supplement breast milk. Marketing strategies include
One strategy used by advertisers is to feature a celebrity in their advertisements or on their packaging. The implicit message is that the celebrity endorses the product, uses the product, and may even depend on the product for success.
[AP/Wide World Photos. Reproduced by permission.]
Giving women trial packs or coupons for several months of free formula. Often, women are not aware that supplementing breast milk with formula will reduce or stop their milk supply. When the samples and coupons are no longer available, women may try to "stretch" the formula by mixing it with water, unaware that diluting the formula places their infant at risk for malnutrition. Many groups have objected to the use of marketing strategies that include free formula and coupons, and infant-formula manufacturing companies have been forced to modify their marketing practices.
Other marketing strategies involve labeling foods as "light," meaning that one serving contains about 50 percent less fat than the original version (or one-third fewer calories). For example, a serving of light ice cream contains 50 percent less fat than a serving of regular ice cream. As a result, consumers mistakenly believe that eating light food means eating healthful food. However, they fail to realize that a serving of the light version of a food such as ice cream can still contain more fat and sugar than is desirable.
Food labels with conflicting information often confront consumers. For example, labels claiming "no fat" do not necessarily mean zero grams of fat. Food labeling standards define low-fat foods as those containing less than 0.5 gram of fat per serving. Therefore, consuming several servings may mean consuming one or two grams of fat, and people are often unaware of what amount of a food constitutes a "serving." In addition, foods low in fat may be high in sugar, adding additional calories to one's daily caloric intake. Too often, consumers mistakenly translate a claim of "no fat" into one of "no calories."
Other examples of conflicting claims include labels advertising foods as "high in fiber," without specifically indicating the presence of high levels of salt, sugar, or other nutrients. Also,
labels advertising dairy products as high in calcium, and thus offering protection from osteoporosis, are often missing information relating to the high fat content and its possible contribution to the risk of heart disease.
Consumers are also misled by food comparisons. For example, one fruit drink may be advertised as containing more vitamin C than another, when in reality neither of the drinks are a good source of the vitamin. In addition, labels on some fruit drinks claim that the product "contains real fruit juice" when, in reality, the fine print reveals that one serving contains "less than 10% fruit juice."
Bibliography
WEBSITES :- http://www.birlasun.com/
BOOKS :-
Modern Marketing – (R.S.N. Pillai) Marketing Management – (Philip Kotler)
MAGZINES:-
Economic Times
NEWSPAPER:-
The Times Of India
References
1. Alcorta, Ludvico, " New Technologies, Scale and Scope and Location of Production inDeveloping Countries" INTECH Discussion paper Series #9502, March 1995.2. ___________" Flexible Automation and Location of Production in Developingcountries", INTECH Discussion paper series # 9805, May 1998.3. Balance sheets (SFL, SCL, Brakes India, Rane Brake linings), 2002-2003.4. Business Line, “INDO-THAI FREE TRADE PACT: `THAI IMPORTS MAY HITAUTO COMPONENT COS' (ICRA study finds Indian companies could suffer 15-20%percent cost disadvantage)” Feb 4, 2004; pg 2.5. Business World, “MOVING UP THE VALUE CHAIN”, Feb 23, 2004; pg 266. Business Standard, “Indian Auto component sector: Outlook “, 21 February 2004.7. CII, 2nd TPM National Conference, Reference Document8. D’Costa A.P, “ Flexible Governance for mass production goals: economic governance inthe Indian automobile industry”, Industrial and Corporate Change, Vol.13 (2), 2004,pp:335-367.9. Kannan Sethuraman and Devanath Tirupati, “ Lucas-TVS: A Journey towardsManufacturing Excellence”, Vikalpa, Volume 25(2), April-June 2000.10. "Technological Innovation, Industrial Organization and Comparative Advantages ofLatin American Metalworking Industries", Technological Capability in the Third World,(Ed.) Martin Fransman and Kenneth King, Macmillan, London (1984).
DEFINITION OF MARKETING
Marketing in it’s earlir definition & in lgal aspect is said to effort by which the transfer ownership in Goods between the seller & buyer is effected,
The limit the scope of marketing to more transfer of ownership.Marketing in economic point of view , is defind as xchange Function by maintaining suplly demand in equilibrium it aims at the creation wlfere & standard of living object of markrting. “The term refers not to a place, but to a commodity & buyer and sellers who r indirect competition with one another”.
“Chapmen”
“Market includes both place & region in which buyers and sellers are in free copemititionWith one another’’
“Pyle”
GENERAL INFORMATION OF MARKETING
Introduction Meaning Definition
Introduction :- In marketing 21st century, the business environmetal conditions are likely to be more volatile. The multidimensional devt in the information technologies,activa-
Ted & enterged by the developed countries. The intensity of copmpetition is found moving upward marketing problem of number organization.
Where the problem of inefficiency is found at an alarming stage. The development of maketing is evolutionary rather than revolutionary. There is no single answer to the qution of what is marketing. To understood it may be explained in brief as Marketing what marketer does but thin meaninig lacks clarify in understanding the subject evolution of Marketing is old as Himalyas it is one of the oldest profession of the world. Marketing is indeed an ancient ant it has been practiced in one form. We cannot find a single answer,Marketing is a coprensive term.Marketing is defind as different ways. A new definitions of notable authorities are given below. “Marketing includes all activities involves in the reaction of place, time & possession utilities. Place they are needed;.time utility.when thry are needed;.and possession utility,when they are transferred to those who need them,” “Marketing is the process of discovering and translating consumer needs and wants into product and service specification.
MEANING OF MARKETING
The word ‘market’ is defined from latin word ‘Maracatus’ meaning ‘merchandise’Where traffic,trade or a place where business is conducted. Common usage of market means a place where goods areBought or sold.In it’s strict meaning market need not necessary mean a ‘place of exchange’ Marketing is indeed an ancient art; the essence of marketing is an example of transaction intended to satisfy human needs or works. i.e marketing is a human activity at satisfying needs & wants, through and exchange process & A demand is want for which consumer is prepared to pay a price. the consumer desire or seeks wants become demands when backed by purchasing power. The aim marketing is to make sales in order to earn reasonable profit for the producer .Marketing has been defined differently by authorities in different ways.The traditional objectives of marketing had been to make the goods at places where they are needed.This idea was later on changed by shifting the emphasis from ‘exchange’ to “satisfication of human wants.” Different author tried to give suitable definition from their view point. Some are very broad, others rathers to narrow. Some emphasis on the traditional view of producing goods and finding out custmers .others emphasise on the modern that want. As any other subject, it has its own, growth and development . Let us briefly trace the evolution of marketing.The essense of marketing is an exchange or a transaction,intended to satisfy human needs or wants. Marleting is human activilty directed at satisfying needs and wants. A need is anything the consumer freels to keep himself
Alive & healty. Marketing in its earlier definition and in legal aspect is said to be the effort by which the transfer of ownership in goods betweenthe seller & buyer is effecred emphasis ownership transfer. Marketing , in economic point of view , is defined as exchange
funtion by maintaining supply and demand in equilibrium .
Method of collection Data:
primary source of data :-
Is the Prowess database provided by the Centre for Monitoring Indian Economy. For estimation of the production function, the following variables we need the value of output, labor and capital inputs.(check this sentence). There are two types of output measures that can be used to calculate TFP growth. One is value-added output, which is the gross output corrected for purchases of intermediate inputs, and the other measure is gross output. There has been considerable discussion onwhich is the most appropriate measure. Here we use the former i.e. value-added output. We recognize the fact that TFP growth based on the value-added measure is greater than that based on the gross output measure due to the upward bias created by the omission of intermediate goods and services. In fact, this bias makes our forth-coming results stronger.The other inputs such as labor, capital and investments have been collected in real Indian Rupees. All the values are brought to real terms with 1993 as the base year through appropriate CPI and WPI deflators. We use the WPI for motor vehicle parts to deflate the values of output and the WPI for Manufacturing Industry to deflate the values of capitaland investment.
1. Custmer Satisfication Survey
The marketing concept is consumer oriented and the emphasis is more on the consumer rather than on the product. The essence of modern marketing lies in building of profit along with creating meaningful value satisfaction for the costumers, whose needs and desireshave to be coordinated with the set of products and productionprogrammes. Therefore, marketing success an enterprise depends as itsability to create a community of satisfied consumers. All the businessactivities should be carried out in ways which are directed towards thesatisfaction of the consumer needs. Consumer behavior is affectedby a host of variables ranging from personal, professional needs,attitudes and values, personality characteristics, social economic andcultural background, age, gender, professional status to socialinfluences of various kinds exerted a family, friends, colleagues, andsociety as a whole. The combinationof these factors help the consumer indecision making further Psychological factors that as individual consumerneeds, motivations, perceptions attitudes, the learning processpersonality characteristics are the similarities, which operate across thedifferent types of people and influence their behavior.
There are four major factorswhich influences on the buyingbehavior of consumer.
1. Cultural factors
2. Social factors
3. Personal factors
4. Psychological factors
So a study had been conducted
on “ Consumer Behaviour Towards
FOOD PRODUCTION’S ” in the
twin cities i.e. Guwahati and Nagpur with a sample of 100
consumers by selecting haldiram’s product and sweets had been
collected through structured
questionnaire.
MAJOR FACTOR INFLUENCING BUYING BEHAVIOR :
Consumer behavior is affected by a host of variables ranging from personal, professional needs, attitudes and values, personality characteristics, social economic and cultural background, age, gender, professional status to social influences of various kinds exerted afamily, friends, colleagues, and society as a whole. The combinationof these factors help the consumer in decision making further Psychologicalfactors that as individual consumer needs, motivations, perceptionsattitudes, the learning process personality characteristics are thesimilarities, which operate across the
1.Cultural factors :-
Consumer behavior cultural canbe defined as the some total of learnedbelief, values and customs that serveto guide and direct the consumerbehavior of all members of thatsociety.Cultural is a learned through thefollowing three ways:-1. Formal learning2. Informal learning3.Technical learning.Cultural is a most fundamentaldeterminant person’s wants andbehavior, the growing child acquiresa set of values, perceptions,
preferences and behavior, through hisfamily and key institutions.
2.Social factors :-
Consumer behavior is also influenced by such social factors as referencegroups, family and social roles and status.
3 .PERSONAL FACTORS :- Buyer’s decisions are also influenced by personal characteristics, the buyers’ age, life cycle stages, occupation, economic circumstances, lifestyle andpersonality and self-concept.
4. PSYCHOLOGICAL FACTORS :-
‘Abraham Mallows’ needs can be ranked in order of importance from the low biological needs to the higher levels of psychological needs. MASLOW’S hierarchy of human needs make us understand consumermotivation. It is useful for the marketer who can identify whatgeneric level need this brand is capable fulfilling and accordinglyposition his brand up with relevant marketing inputs. Brands such asfood and clothes are bought to fulfill psychological needs.
4 Osmania Journal of Management
Consumer Behavior is Product-Person-Situation-Specific.
2.History Analysis :-
Preferred Websites
Article via ScienceDirect
Article via Elsevier Health Sciences - Elsevier imprints, theclinics.com, and ophsource.org
Article via Elsevier's Beta Program - Patient Research
Background/Purpose: Despite normal clinical history and preoperative radiologic and pH studies, gastroesophageal reflux (GER) can become apparent in neurologically impaired (NI) children after gastrostomy tube placement. An antireflux procedure performed at the time of gastrostomy tube placement may prevent postoperative GER and help avoid the need for a subsequent surgical procedure but is associated with a high morbidity and mortality rate in NI children. The purpose of this study was to determine the role of protective antireflux procedures in NI children undergoing gastrostomy tube placement. Methods: Decision analysis was used to evaluate the effect of a protective
antireflux procedure on morbidity and mortality in NI children. The rate of postoperative GER, need for secondary antireflux procedures, andmorbidity and mortality rates after gastrostomy tube placement without an antireflux procedure in NI children were estimated from the literature and expert opinion and used to construct decision trees. Results: At baseline values, gastrostomy tube placement resulted in a lower morbidity (11% v 13%) than gastrostomy tube placement with a protective antireflux procedure. One-way sensitivity analysis showed that gastrostomy tube
placement was the favored approach when the morbidity of gastrostomy tube placement was less than 11% or the morbidity of antireflux surgery was greater than 10%. At baseline values, gastrostomy tube placement resulted in a lower mortality rate (0.3% v 0.8%) than gastrostomy tube placement with a protective antireflux procedure. Using 1-way sensitivity analysis, no threshold value of any variable was found that favored the use of a protective antireflux procedure with respect to mortality. Conclusions: Although a protective antireflux procedure may reduce the need for additional surgery, inclusion of this procedure is associated with a higher morbidity and mortality rate. Initial placement of a gastrostomy tube without a protective antireflux procedure is the favored approach for NI children without preoperative evidence of GER.
3 . Perception & Survey
Summary Perceptual and insurance effects of vibration applied simultaneously to the distal tendons of the Biceps and Triceps muscles, in isometric conditions and without sight of the stimulated arm, have been studied in human volunteers. insurance effects, measured by surface EMG, are inexistent when the flexor and extensor muscles are simultaneously vibrated at the same frequency. However, EMG activity appears in the muscle being vibrated at the lower frequency when simultaneous vibration is applied at different frequencies. The sensations felt by the subjects were reproduced by the nonvibrated arm and recorded by a goniometer. The studies show that the velocity and the amplitude of the ilusory movement is related to the difference in vibration frequency applied to the two muscles. The direction of movement felt (flexion or extension) is that produced by shortening of the muscle being vibrated at the lower frequency. When the two vibration frequencies are the same, there is either no sensation of movement, or a sensation of very slow movement. These results support the notion that the sensation of movement at a joint may be derived from a central processing of the proprioceptive inflow data obtained from flexor and extensor muscles. This interpretation may also be valid for the results obtained earlier by vibration of a single muscle. Furthermore, it is coherent with data on spindle afferent fibres obtained by microneurography in man during passive or active movements.
Key words Kinesthesia - Muscle afferents - Vibration - EMG
This work was supported by grants from the Ministère de l'Industrie et de la Recherche
References :-
Burgess PR, Clark FJ (1969) Characteristics of knee joint receptors in the cat. J Physiol (Lond) 203: 301–317 Burke D, Hagbarth KE, Löfstedt L, Wallin BG (1976a) The responses of human muscle spindle endings to vibration of non contracting muscles. J Physiol (Lond) 261: 673–693 Burke D, Hagbarth KE, Löfstedt L, Wallin BG (1976b) The responses of human muscle spindle endings to vibration during isometric contraction. J Physiol (Lond) 261: 695–711 Capaday C, Cooke JD (1983) Vibration-induced changes in movement related E.M.G. activity in humans. Exp Brain Res 52: 139–146 Cross MJ, McCloskey DI (1973) Position sense following surgical replacement of joint in man. Brain Res 55: 443–445 Eklund G, Hagbarth KE (1965) Motor effects of vibratory muscle stimuli in man. Electroenceph Clin Neurophysiol 19: 619 Eklund G (1972) Position sense and state of contraction: the effects of vibration. J Neurol Neurosurg Psychiat 35: 606–611 Feldman AG, Latash ML (1982a) Afferent and efferent components of joint position sense; interpretation of kinaesthetic illusions. Biol Cybern 42: 205–214 Feldman AG, Latash ML (1982b) Interaction of afferent and efferent signals underlying joint position sense: empirical and
SUGGESTIONS & CONCLUSION :-
After analyzing the findings, thefollowing suggestions have beenprepared. Great care has been takenin making these suggestions for theimprovement of consumers opinion.
1. There is a heavy demand for Birla Sun Life Insurance in the market,so their supply has to be drastically improved so as to meetthe demand of the customer.
2. Some of the respondents are suggested to improve quality of the product’s
3. A considerable number of respondents opined that there is a need to increasing the production and selling of th product’s .
REFERENCES:
1. Hawkins D.I.Best, R.J. and Convey,
K.A. Consumer Behaviour : Implications
for Marketing Strategy, (Rev.ed),
Business Publications, Inc. Texas, 2001.
2. Howard John H., and Sheth,
Jagdish N., The Theory of Buyers
Behaviour, John Wiley and Sons Inc.,
New York, 2000.
3. Karsarjian H.H. and Robertson T.S.
Perspectives in Consumer Behaviour,
SCOH Forman & Company, Illinois,
2001.
4. Kotler Philip, Marketing
Management, analysis, planning
implementation and control, Prentice
Hall of India Publishing, New
Delhi.2002.
Schiffman G.Leon., Consumer
Behaviour, Prentice Hall of India Pvt.
Ltd., New Delhi 2001.
Birla Sun aims at higher growth
Mumbai June 13 Birla Sun Life Insurance will take another three years to break even.
Mr Vikram Mehmi, President and CEO, Birla Sun Life, said the focus of the company this year would be on growth, though break even is three years away.
"Break even is not as important as increasing the value of our business. This year, we plan on growing faster or at least in line with the industry," he said.
Birla Sun Life Insurance registered a growth of 36 per cent in new business premium at Rs 953 crore in 2006-07.
This was, however, much lower than the life insurance industry's growth of 110 per cent in the recently concluded fiscal.
40% CAGR
Mr Mehmi said there was a slowdown last year as there were some delays in launching new products.
The insurance industry was expected to grow at a compounded annual growth rate of 40 per cent in the next few years and that the company's growth would be in tandem with this.
In the past six months, it has launched six products.
The company would introduce new pension, health and micro-insurance plans this year, he said.
The company plans to double its agency force from 50,000 to 1 lakh.
It has a capital base of Rs 672 crore. Mr Mehmi said that more capital would be infused as per the requirements.
New product
The company on Wednesday launched a new product called "Birla Sun Life Insurance - Gold Plus Plan".
The plan offers the convenience of paying for a limited period of three years as well as the flexibility to reduce the premium from the second policy year.
It offers the choice of seven fund options, one of which involves a maximum investment of 100 per cent in equity.
The minimum annual premium for this particular policy is Rs 10,000. The premium allocation charge is 8 per cent.
Birla Sun Life insurance venture unveiled
Kumarmangalam Birla, chairman, Aditya Birla group, on Monday, announced the Birla Sun Life Insurance Company- a joint venture between Aditya Birla Group and Sun Life Financial Services of USA.
The R2 formalities have been completed and the company expects to receive R3 clearnace from IRDA shortly.
Briefing mediapersons, Birla said, "The insurance sector, which is a knowledge based industry is to be one of our core business. Our vision is to be among the top five insurance companies in India and in this regard, we have aligned with one of the best companies-the Sun Life financial group.
The partnership is based on values, mutual respect, integrity and customer focus. Sun life financial is indeed delighted to be back in India in the insurance sector after almost 40 years."
"Our group holding is 74 per cent, with Indian Rayon and Birla Global Finance Ltd having a stake of 69 per cent and 5 per cent respectively, while Sun Life financial holds 26 per cent.The current capitalisation of this venture stands at Rs 120 crore."
He informed the gathering that the current funding for the insurance business "in no way affects Indian Rayon's existing cap". "Considering the immense growth potential of the life insurance business, this venture will definitely create value for our three lakh shareholders. Our group's extensive presence in India as well as our network of employees, shareholders and distributors are a great advantage, which our insurance business will leverage. We have a receptive population of over a million stakeholders," Birla added.
He also said that the new team for the insurance company was declared and that Don Steward, chairman & CEO of Sun Life financial services, takes over as the chairman of the Birla Sun Life insurance board of directors. Kumarmanagalam Birla continues as a director on the board.The total 12 directors have been nominated consisting of six directors each from Aditya Birla group and Birla Sun Life insurance company.
The company is also in the process of enlisting independent directors on its board. Peter Akers from Sun Life financial services has been named as the CFO and the appointed actuary, Vijay Singh, as a new director of Birla Sun Life insurance, the company said.
Meanwhile, Don Steward also stated that in the first phase Birla Sun Life insurance would be concentrating on setting up fully networked branches in Bombay on Tuesday and in Delhi on
January 31. About 1000 branches are expected to be set up across the country by December-end 2001.
By mid-February, the first batch of 150 insurance advisors will be in place and ready to enter the market.
Birla Sun life insurance plans to harness the power of the internet to further its business. Over the next 12 months, dedicated call centers to service customers across the nation and a customer website will enable a 24 x 7 contract. Its multi-channel distribution set up comprises of insurance advisors for life and an expert marketing team for group products.
An area of focus for Birla Sun life insurance is the rural segment. The company will leverage the network of the Aditya Birla center for community initiative and rural development set up in rural areas, Steward added. He further stated that the Sun Life financial group partner in the joint venture has a long history dating back to 1871.
It has evolved from a single mutual life insurance company into one of the most highly rated insurance and wealth management institutions in the world. The Sun Life financial services' primary insurance business enjoys excellent ratings with the world's top rating agencies like Standard and Poor, Fitch and AM Best amongst others.
Sun Life financial services has a presence in USA, Hongkong, Philippines, Japan, Indonesia and Bermuda.
Meanwhile, a company official also said that with Aditya Birla group's extensive knowledge of the Indian market, its existing presence in a wider range of financial services and Sun Life financial's global expertise in areas of protection and wealth management, the Indian life insurance seekers will be provided with excellent services and flexible product options.
