Title of the study

“Consumer Awareness and satisfaction about the various insurance plans provided by different Life Insurance Companies.”
2.2 Objectives of the study
1. To find out consumer’s awareness about private life insurance companies.
2. To rank out difference life insurance companies on the basis of customer preference.
3. To know that up to what extent a customer is satisfied with the company in which the has invested.
Significance of the study
Every research is conducted to fulfill certain objectives and these objectives in turn fulfill some purpose and are of significance for one or more than one partly these research is significant for :-
1) To the Researcher
This study the researcher a practical insight of various activities and functions of the Insurance company.
The researcher will also be able to develop on in depth knowledge of insurance sector.
The study is also required for the partial fulfillment of the requirement for the degree of M.B.A. as per the curriculum.
2) To the company
The study would help Allianze Bajaj to know the consumer’s awareness, perception and satisfaction level towards insurance plan.
3) To others
The study will be helpful to other students also who are interested to know all the detail about the insurance sector for further study regarding insurance plan.
2.6 Limitations of the study
Though tried to take care, to make the research work exhaustive, still the researcher could not rule out the presence of few and unavoidable flows in research.
The research was restricted to Udaipur city only, so it was difficult to generalize the interpretations would be make out of the findings.
The researcher has to depend upon the information provided by the respondents, which might be false as respondents are very reluctant in providing right information.
The conclusion arrived at are based on very less experience of the researcher in the field of insurance.
The time provided for the collection of data was a major constraint and increased size could give better result.
PLANS
Allianze Bajaj Child Care Plan
Tailor made to suit your children’s need-be it education marriage, etc.
Payment of premium limited till age 21 or age 24 of the child.
Payout begins at age 18, when money is required for entry into college. In case the maturity age is 21, the payouts are made at age 18, 19, 20 and 21. In case the maturity age is 24, the payouts are made at age 18, 20 and 24.
In case of death or accidental permanent total disability of the policyholder during the premium payment term, all future premiums are waived.
In addition, FIB that pays 1% of the sum assured per month (12% per annum) is paid till the end of the policy term to sustain the family and ensure that the education the child is not affected.
The start of life benefit is also available that pays an additional sum assured with the final payout, in case of death or accidental permanent total disability of the policyholder.

Allianze Bajaj Invest Gain Plan
Because life has a second chance.
It’s one of its kind participating savings cum protection plant that gives you a lump sum at the policy term.
The only savings pan that offers a FIB to sustain the regular income of the family.
On death or accidental permanent total disability, FIB pays a monthly income of 1% of sum assured (12% per annum) till the end of the policy term or at least for a period of 10 years.
This plan offers high protection, quadruple protection going up 4 times the basic sum assured.
Available as invest gain economy, gold (double cover), diamond (triple cover, platinum (quadruple cover) a host additional benefits to select from – FIB, CAP, CI, HCB.
Allianze Bajaj Risk Care Plan
A pure term insurance plan.
Offers financial security to your loved ones at very economical rates.
Offers you the option to pay premiums regularly or just ones and get covers for a period of your choice and an amount of your choice.
Allianze Bajaj Save Care Economy Single Premium Plan
A single premium investment plan for 10 years.
The plan participating in the profits of the company.
Offers good return; and high risk covers as a financial safety net to provide for unpredictable adversities.
Offers high liquidity.
Ideal for parking lump sum income like bonuses.
Allianze Bajaj Swarn Vishranti Plan
A plan that helps you plans for & enjoys your life after retirement.
The ideal plan to combine your retirement capita building and life insurance requirements.
It enjoy tax benefits under Section 80CCC(1)
You have the option to enhance your life cover and buy additional protection with the help of your term cover.
In addition you can choose from the following additional benefits : FIB, CAP, CI and HCB.
You have the option to take out 33% at vesting age. The balance will be used to purchase an immediate annuity to provide you with a regular income post retirement.
You have the option to purchase an immediate annuity from Allianze Bajaj or any provider at the time of vesting.
Allianze Bajaj Term Care Plan
A term insurance plan.
Premiums paid are returned at maturity.
Offers you the option to pay premium regularly or just once and get cover for a period of your choice and an amount of your choice.
Allianze Bajaj Life Time Care Plan
A whole of life plan that pays out maturity benefits at age 80.
Low cost savings plan that has limited premium payment options.
Your contribution grows by the way of compounded annual bonuses.
Ideal for young people to build a saving habit.
Available life time care economy (base package), life time care protect (protection in case of accidents), life time care health (protection incase of hospitalization and critical illness), life time care total (protection in case of accidents, hospitalization and critical illness).
Allianze Bajaj Cash Gain Plan
A unique participating money back plan.
Available in widest range of terms : 15, 20, 25, 30 years.
A cash payout is made every 1/5th of the term, ensuring that your receive money more frequency in this plan.
75% of the sum assured is paid out in the first four cash payouts. 50% of the sum assured is paid on maturity, taking guaranteed payouts to 125% of the sum assured.
In addition, you will receive the compounded reversionary bonuses declared by the company at maturity (non guaranteed)
This is the only money back plan that offers quadruple protection going up 4 times the basic sum assured.
Available as cash gain economy, gold (double cover), diamond (triple cover), platinum (quadruple cover).
The only money back plan that offers a family income benefit to sustain the regular income of the family.
On death or accidental permanent total disability, FIB pays a monthly income of 1% of sum assured (12% per annum) till the end of the policy term or at least for a period of 10 years.
A host of additional benefits to select from- FIB, CAP, CI, HCB.
THE SELLING PROCESS
Selling process which is complex communication and learning process for sales personal and the prospective customer. A variety of analytical and administrative duties are important component of it.
STEPS IN SELLING PROCESS
(1) Processing
1. Prospecting
(i) Identify and potential
(ii) Quality customer
2. Preparing
(i) Pre approach call planning
3. Presentation
(i) Approach demonstration
4. Handing Objections
5. Closing
6. Follow up
(1) Prospecting
The Selling process begins with prospecting or finding qualified potential customers. Prospecting involves two major activities.
(a) Identifying potential customers also known as prospects
(b) Qualifying them in order to determine if they are valid prospects.
(A) Identifying Prospects : Few techniques and sources for finding prospects are discussed below :-
Present Customer :- Sales persons existing satisfied customers. It is much easier to sell additional gods and services to existing customers than to attract new customers.
Endless Chain :- In this method consumer’s use satisfied customers as source of referrals, sales representatives ask current customers for names of friends or business associates who might need similar product or services.
Centre of Influence :- A centre of Influence, a person with information about other or influence over them that can help a sales person identify good prospects.
Spotters :- Spotters are usually ‘sales trainees’ who help sales person identifying prospects, this saving time and qualifying sales lead.
Cold Call :- Involves Knocking on doors. The sales person makes contact with a potential customers, introduces himself or herself, and as per if there is a use for product or service.
Directories :- Telephone directory is most obvious one.
Mailing lists :- Specialized companies compile lists of individuals and organizations for direct mail advertisers.
(B) Qualifying Prospects
Once the sales person has identified, potential customers, he or she must qualify them to determine, if they are valid prospects. One approach to qualifying often called MAN (money, Authority, Need) approach.
(2) Preparation :- This stage involves two key activities per approach and call planning.
(a) Pre-approach :- This step includes all the information gathering activities necessary to learn relevant facts about the prospects and his or her needs and situations.
(b) Call Planning :- Involves a specific planning sequence. The sales person defines the objective of the call, devise a selling strategy to achieve this objective, and makes the appointments.
(3) Presentation :- Objectives is to explain how the product meets the special needs of the consumers.
Sales Presentation is classified into five different categories:-
SALES PRESENTATION
(1) Fully Automated
(i) Film or slide presentation
(2) Semi Automated
(i) Brochures or Literatures
(3) Memorized
(i) Company message
(4) Organized
(i) Outline or checklist
(5) Unstructured
(i) Explore the problems
Sales presentations comprises of two distinct activities approach and demonstration :-
(a) Approach :- Four basis approach are
APPROACH
(1) Introductory approach
(2) Product approach
(3) Consumer Benefit approach
(4) Referral approach
(b) Demonstration :- The demonstration is the care of the selling process. The sales person actually transmits the information and attempts to persuade prospect through product demonstration to make a customer.
(4) Handling Objection :- Sales resistance takes the form of an objections classified as started or hidden.
State their objections to a proposition openly and give the sales person a chance to ans. Them Hidden objection keep the prospect talking by asking probing question
Hidden the insights gained through experience in selling the product, combined with a knowledge of the prospect situation, to perceive the hidden objection.
(5) Closing :- Few effective closing techniques, action technique, gifts close technique, yes close technique, direct close technique.
(6) Follow Up :- After sales activities are important part of the whole selling process effective sales follow-up reduces the buyers doubt about the product or Services and improves the chance that the person will buy again in future.
RESEARCH METHODOLOGY
Research Methodology is the backbone of any research undertaken.
The whole study was basically based on collection of data from primary sources but secondary sources were also used.
Research methodology deals with the efficient plan and decisions on sources of gathering the needed on data, Research Instrument to be used, Research design, Contact method, Analysis and Interpretation.
Methodology has been extensively discussed under the heading given below on the following :-
Research Design
Collection of Data
Research Instrument and contact method Sampling plan
Field work
Research Design
Research Design is the overall description of all the steps thought which the projects has proceed form the setting of objectives to the writing of the project report.
Below is given the various steps in brief of the research design for the project.
Research Objective
The Research is designed to assess the satisfaction level of customer.
To Generate awareness of the different plans of the Baja Allianze.
Find out the purpose / need of keyman cover.
To Generate awareness of the keyman insurance.
To find the inclination of the consumer towards a different Pvt. Life Insurance source of this gathering the information required for reaching the objectives of this project.
The questionnaire deals with all types of questions necessary together information required for the project information gathered from the consumer was the entirely the primary data. Both primary and secondary data were used for tabulation and analysis of the information to obtain results.
Data Sources
Data was gathered through primary and secondary data.
Primary Sources : It consists of original information gathered for the specific purpose the data is generally collected by survey. Primary sources were preferred because of its relevance to the issue to have a focused approach due emphasis was given to obtain accurate information from the respondent.
Secondary Data : It consists of information that already exists having been collected for another purpose. With the help of secondary data collected from various magazines, newspapers and trade Journals, market patterns.
RESEARCH INSRUMENT AND CONTACT METHOD
Survey method was used to collect the primary data on various parameters by way of personal interviews supported by a well structured questionnaire. Questionnaire is enclosed in last.
Sampling Plan
This calls for 2 decisions :
Sample unit : Who are to be surveyed.
Sample size : How many are to be surveyed
Going by the sampling objectives of the study there was all those sales team manager, C.A., Tax consultant, ICC etc. which are considered to be a sample unit and together constitute universe. Respondents were incorporated in he study on the basis of simple random sampling technique.
FIELDS WORK
Mainly the company’s agent is doing their field work.
S.T. M. (sales team managers) recruit the agents and agents work is that, they give fixed % of Business to S.T.M. and this Business basically work for the personal selling and agents receives that, fixed % of commission on it.

2) When the respondents were asked hat they are aware about the Private Life Insurance Companies or not then the following results were obtained
Responses
No. of Respondents
Yes
39
No
61

39% of the respondents said that they aware about the private life insurance companies, and 61% of the respondents said that they are not aware about the Private Life insurance companies.
3) When the respondents were asked to remember some names of the Private Life Insurance Companies then the following results were obtained
Sr. No.
Responses
No. of Respondents
1
ICICI Prudential
39
2
Bajaj Allianze
29
3
Birla Sun Life
21
4
TATA AIG
19
5
Max New York
11
6
HDFC Life Standard
10
7
OM Kotak
8
8
AVIVA
5
9
AMP Sanmar
1
10
VYASYA
1
33 of the respondents remembered ICICI Prudential,29 responded Bajaj Allianze, 10 responded HDFC Life Standard, 21 responded Birla Sun Life, 19 responded TATA AIG, 8 responded OM Kotak and 11 responded Max New York.
4) When the respondents were asked to remember the first private life Insurance company came in Udaipur City then the following results were obtained
Responses
No. of Respondents
Yes
21
No
79
21% of the respondents said that they are aware about it. Rest 79% responded that they were not having knowledge about it.
Responses
No. of Respondents
Bajaj Allianze
12
ICICI Prudential
6
TATA AIG
3
Out of 21, 12 of the respondents responded Bajaj Alliaze, responded ICICI Prudential and 3 responded TATA AIG. Only 12 of the respondents have the perfect knowledge.
5) When the respondents were asked are they insured then the following results were obtained
Responses
No. of Respondents
Yes
53
No
47
53% of the respondents were having life insurance policy and rest al 47% of respondents were not insured.
6) When the respondents were asked are they aware about the plan provided by different life insurance companies then the following results were obtained.
Responses
No. of Respondents
Yes
26
No
74
26% of the respondents were having knowledge about plant and rest 74% were not aware about the plans.
7) When the respondents were asked, are they having any of the plans provided by different life insurance companies then the following results were obtained.
Responses
No. of Respondents
Yes
23
No
77
23% of the respondents were having the plans and rest 77% were not having any plan.

Out of 23 respondents who were having the plans, 74% of the respondents.
Were having the policy from LIC of India, 9% from Bajaj Allianze and ICICI Prudential and 4% from Biral Sun Life and TATA AIG.
8) When the respondents were asked about the Factors taken into consideration before taking any policy from the Life Insurance Company then he following results were obtained.
Out of total