PROJECT RIPORT RISK INSURANCE MANAGMENT

MBA 4 TRIMISTER FIN+MARKETING(G1)

TOPIC NAME

Comparison of two Insurance company Products"

Submitted To:

Submitted By:

We take two Insurance company

Bajaj Allianz Life Insurance Company Limited Birla sun Life Insurance Company Limited

Life insurance

Your family counts on you every day for financial support: food, shelter, transportation, education, and much more. Insurance provides you with that unique sense of security that no other form of investment provides. It gives us a sense of financial support especially during that time of crisis irrespective of the fluctuations in the stock market. Insurance provides for your career goals right from your childhood years. Life insurance is all about making sure your family has adequate financial resources to make those plans and dreams come true.

Registered Office : Birla Sun Life Insurance Company Limited.

One Indiabulls centre Tower-1, 15th & 16th Floor Jupiter Mill Compound, 841, Senapati Bapat Marg , Elphinstone Road, Mumbai 400013.

Company Profile Birla sun life

Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its customers' future. With an experience of over 10 years, BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 6 private life insurance companies in the country. The study named An organizational study of Birla Sun Life Insurance Co. LTD. is conducted

at the Punalur branch in Kollam district. The organizational study is intended to access and to acquire the knowledge regarding the functional as well as the management aspects of the organization. Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable value proposition to customers. An organization study involves the study of the structure and functioning of its departments. Organizing is one of the important functions of Management Known for its innovation and creating industry benchmarks, BSLI has several firsts to its credit.It was the first Indian Insurance Company to introduce "Free Look Period" and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. To establish credibility and further transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped BSLI be closer to its policy holders expectations, which gets further accentuated by the complete bouquet of insurance products (viz. pure term plan, life stage products, health plan and retirement plan) that the company offers. Add to this, the extensive reach through its network of 600 branches and 133,572 empanelled advisors. This impressive combination of domain expertise, product range, reach and ears on ground, helped BSLI cover more than 2.5 million lives since it commenced operations and establish a customer base spread across more than 1500 towns and cities in India. To ensure that our customers have an impeccable experience, BSLI has ensured that it has lowest outstanding claims ratio of 0.00% for FY 2011-12. Additionally, BSLI has the best Turn Around Time according to LOMA on all claims Parameters. Such services are well supported by sound financials that the Company has. The AUM of BSLI stood at 21062 crs as on March 31, 2012, while the company has a robust capital base of Rs. 2450 crs.

Birla Sun Life Insurance India

Birla Sun Life Insurance Company Ltd. is a joint venture company between Aditya Birla Group and Sun Life Financial Inc. of Canada. It started its operation in March 2001 after receiving the license from IRDA in January 2001. Aditya Birla holds 74% stake of the joint venture and Sun Life holds the remaining 26% of the stake as per the guidelines formulated by the government of India. Aditya Birla Group operates in 25 different countries in the world with interests in Cement, Metal, Fertilizers, etc. While, Sun Life is a leading international financial services company, building strengths for over 140 years. Birla Sun Life Insurance Company introduced pioneering insurance-related wealth accumulation products and services for individuals, groups and NRIs in the country. Birla Sun Life offers a broad array of life insurance products to meet the actual needs and expectations of individuals and groups through a multi channel distribution network across the country. The company is backed by its skilled and best sales force. It has a great support system to assist in its market penetration. It has been able to penetrate its distribution network to across 600 branches and over 100,000 advisors. Birla Sun Life Insurance was the first company to offer uniquely designed Unit Linked Life Insurance Solutions in India. Birla Sun Life has strong web-enabled IT systems for superior customer services. It is one of the first insurance providers to have issued insurance products over the Internet. With a rapid growth on the national level, the company is positioned to capture more market share in the fast growing life insurance business in the coming years.

Vision
To be a leader and role model in a broad based and integrated financial services business.

Values
Integrity Commitment Passion Seamlessness Speed

About Birla Sun Life Insurance

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada. With an experience of over a decade, BSLI has contributed to the growth and development of the Indian life insurance industry and currently is one of the leading life insurance companies in the country. BSLI offers a complete range of offerings comprising of protection solutions, children's future solutions, wealth with protection, health and wellness as well as retirement solutions and has an extensive distribution reach over 500 cities through its network of around 600 branches, over 119,200 empanelled advisors and over 200 partnerships with Corporate Agents, Brokers and Banks. The AUM of Birla Sun Life Insurance is close to Rs 21,834 crs and it has a robust capital base of over Rs. 2450 crs as on Aug 31, 2012. For more information, please visit

Products:
Everey individual dreams of a life full of cheerful and happy moments.But life has its own uncertainties and risks. To take care of these uncertainties, one need to plan ahead.At Birla Sun Life Insurance customised solutions are being offered to individual needs. It is this commitment which enables the company to find way to adapt,to change,to adjust. It is this philosophy that has brought the Aditya Birla Group and Sun Life Financial Inc. together to form Birla Sun Life Insurance Company Limited. Birla Sun Life Insurance has clustered its various products into three broad categories. This has been done so as to suit the requirements of each group. The three groups are: Individual Group

Following are the Life Insurance plans offered by Birla Sun life Insurance Company Ltd. Protection Solution
1. Birla Sun Life Insurance Term Plan : This plan can take care of your financial
commitments of yours towards your family by providing large cover at low cost. Minimum age of entry for this plan is 18-55 and maximum maturity age is 70 years.

2. Birla Sun Life Insurance Premium Back Term Plan : This is a low cost life
cover promises you to refund the entire premium on maturity or death. Two options are also there to choose 100% premium back or 125% premium back. Maximum term period for this

plan is 20 years

3. Birla Sun Life Insurance High Networth Term Plan : Its gives your family total
financial security while allowing you to modify the plan and also rewards you for leading a healthy lifestyle.

4. Birla Sun Life Protector Plan - Complete financial protection at an affordable cost.

5. Birla Sun Life Protector Plus Plan - Complete financial protection at an affordable
cost.

Child Insurance Plan 1. Birla Sun Life Insurance (Bachat) Child Plan : Its plan that secures your child's
future even in the event of an untimely demise of the life insured.

2. Birla Sun Life Insurance Children's Dream Plan : Its a unit-linked policy,
which provides you guaranteed returns, 0% allocation charges, and option to double or triple the guaranteed maturity.

3. Birla Sun Life Insurance Classic Child Plan : It is a plan that secures your childs
future, and gives you the freedom to direct your savings to our range of 10 Investment Funds.

Wealth with Protection Solutions

1. BSLI Wealth Secure Plan :A plan that fosters your financial growth while giving you a whole life cover that secures your familys future.

2. BSLI Rainbow :An insurance plan that gives you a guaranteed return on maturity that is
tax free and the financial security of a life cover.

3. Birla Sun Life Insurance Platinum Advantage Plan : This Plan gives you the
advantage to choose from 2 Investment Options Guaranteed Option and Self-Managed Option. With the Guaranteed Option your investments in the Platinum Advantage Fund are safeguarded from any downsides in the capital markets.

4. Birla Sun Life Insurance Dream Endowment Plan : A plan that gives you a
Guaranteed Savings Amount on the date of your choice along with a range of options to provide for your family's future financial protection.

5. Birla Sun Life Insurance Money Back Plus Plan : This is also a non-participating
endowment plan, which gives you maturity and survival both benefits. One remarkable point is that on every policy anniversary it increases your cover by an equal amount of your base premium.

6. Birla Sun Life Insurance Guaranteed Bachat Plan : Its an non participating
endowment plan offers you guaranteed returns and chance to earn survival benefit from the 3rd year onwards. You can withdraw this benefit each tear or can use it as to pay the premium dues.

7. Birla Sun Life Insurance Bachat Endowment Plan : Its provide for your childs
education, to buy a house or other needs in the future.

8. Birla Sun Life Insurance Bachat Money back Plan :This insurance plan secures
your familys future by not just growing your regular savings, but by providing you money at regular intervals as well. You also get the security of a life cover through the tenure of the policy.

9. Birla Sun Life Insurance Classic Endowment Plan : Its plan that lets you
channel your savings to our range of ten investment funds, to suit your investment needs, and also provides financial protection for your family.

Health & Wellness Solutions 1. Birla Sun Life Insurance Health Plan : Its plan allows you to spend time cheering
up your loved ones and not worry about paying for the best care.

2. Birla Sun Life Insurance Universal Health Insurance : Its provide your entire
family with the best medical care without putting a strain on your long-term savings. Retirement Solutions

1. Birla Sun Life Insurance Immediate Income Plan : BSLI Immediate Income
Plan that puts your savings into an annuity to give you a regular income in your retirement years.

2. Birla Sun Life Insurance Secure 58 Plan :You can be rest assured that you have a
guaranteed corpus of funds at the threshold of retirement, plus the accumulated survival benefit that you collect over the years.

3. Birla Sun Life Insurance Classic Life Plan:It is a plan that gives you complete
control over your investments by directing your premiums to our range of 10 Investment Funds along with a range of rider options to give your family the security of financial protection.

4. Birla Sun Life Insurance Dream Life Plan :It is a plan that suits your needs and
gives you the freedom to live life confidently.

METHODOLOGY In the broader sense, we can say that there are two types of data. They are 1. PRIMARY DATA Primary Data are those collected by the investigator himself for the first time. For collecting primary data, I had discussions with the manager of the Punalur Branch, employees, staffs, clients etc. 2. SECONDARY DATA Secondary Data are those which have been collected by some other person for their purpose and published. This was made from the Companys websites, brochures and other documents like yearly diaries, calendars etc. SCOPE OF THE STUDY The study was conducted for a period of 30 days and the scope of study is affected by the limitation of time. The findings and suggestions of the study have to be perceived in the framework of these limitations .The main aim behind the study of researcher is to learn the managerial aspects of how to plan, organize, implement & direct the activities related to the project provided by Birla Sunlife Insurance Ltd.. It helps to understand about doing things in a professional atmosphere. The researcher gets a professional attitude as an intern inside the organization. The company can identify their recent impact among customers about their service quality and improve whether it needs. LIMITATIONS OF THE STUDY The time allotted for conducting the organizational study was only 30 days. It is not enough for understanding about the organization in detail. Unavailability of some documents which were confidential. Employees were busy in their work so they could not give more information. There may be errors due to the bias of the respondents. The study is limited to my experience and knowledge

Introduction of Company

Bajaj Allianz Fact File:

Bajaj Allianz is a joint venture between Allianz AG, one of the world's largest Life Insurance companies and Bajaj Auto, one of the biggest two- and three-wheeler manufacturers in the world.

Owners: Bajaj Auto (India) and Allianz AG (Germany)

Head Office: Pune. Two Insurance companies work under Bajaj Allianz group:-

Bajaj Allianz Life Insurance Company Limited Bajaj Allianz General Insurance Company Limited

 Company Profile

Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion (Over INR. 55, 00,000 Crores). Allianz SE has over 119 years of financial experience and is present in over 70 countries around the world. At Bajaj Allianz Life Insurance, customer delight is our guiding principle. Our business philosophy is to ensure excellent insurance and investment solutions by offering customized products, supported by the best technology.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.

Bajaj Allianz Life Insurance Company Limited Products

Protector (A Mortgage Reducing Term Insurance Plan)

This is the perfect plan to protect the family from the repayment liability of outstanding loans, in the unfortunate case of death of the loaner. There is also an option to cover the co- applicant of the loan at a very nominal cost under this plan... Child Gain Children's Policy Right from providing for your child's education to securing a bright future, this plan is tailor- made to suit your child's needs...

Cash Gain (Money Back Plan)

This is the only money back plan that offers quadruple protection, going up to 4 times the basic sum assured, and a family income benefit

Swarna Vishranti (Retirement Plan)

In addition to life insurance and attractive tax benefits, this plan enables you to make adequate provisions for your years after retirement as well...

 Invest Gain (An Endowment Plan)

This savings plan combines high protection (up to quadruple cover) with a unique family income benefit

Term Plan with Return-of-Premium

An economic way of providing life cover, this plan also ensures the return of all premiums at the time of maturity...

Lifetime Care (Whole Life Plan)

This whole life plan provides survival benefits at the age of 80 thereby making sure you are financially secure at the time when you need it the most...

KEYMAN INSURANCE (A Promising Business Opportunity)

The thumb rule for buying insurance is that your insurance needs are minimal in your early earning years, increase with added responsibilities (Marriage, children, loans etc.) and taper off by the time you retire. It is difficult to find a single Insurance plan that can take care of all your changing requirements in life additional protection, more money to invest, sudden requirement of cash or a steady

Post-retirement income

New Unit Gain Easy Pension Plus

Unit Linked Retirement Plan without life cover Bajaj Allianz Unit Gain Easy Pension is a plan that helps you take control of your future and ensure a retirement you can look forward to. This is a regular premium investment linked deferred annuity policy. Available as: Unit Gain Easy Pension Regular Premium & Unit Gain Easy Pension Single Premium

HealthCare
This is a three-year health insurance plan, providing comprehensive health cover with life insurance benefit. You can choose the amount of cover for each benefit separately in multiples of the minimum cover amount, subject to a maximum multiple of 10.

Capital Unit Gain

Big Boss of all ULIPS

Capital Unit gain is a unit linked endowment regular premium plan that is designed to suit all your insurance & investment needs

Bajaj Allianz Declares Bonus Rates FY 2010-11

Various Types of Insurance Plans

Traditional Plans : Following are the traditional plans offered by Bajaj Allianz Life
Insurance

Endowment Plan 1. Life Time Care : Is a whole life plan, where it helps you financially at the time when your
regular income ends. It provides survival benefits at the age of 80. The plan also has additional benefits like Waiver of Premium , Accidental Death Cover & Disability Cover and Critical Illness Cover & Hospital Cash Cover.

2. Super Saver : Is a regular premium endowment plan, which enables the policyholder to
save an amount regularly for the future. The plan also has an extra benefit of Guaranteed Additions to the sum assured, at the end of each policy year.

3. Save Care Economy SP : A 10year single premium endowment plan which provides
savings with high risk cover. This plan also participates in the companies profits. It is a high risk policy but has easy liquidity and high returns.

4. Invest Gain : This plan offers a combination of benefits that help develop a financial
portfolio for your family. At a small extra cost you get 4 times life cover. Also you have an option of limited premium payment.

Money Back Plan A money back plan which guarantees 5 easy payouts giving upto 125% + bonuses. Also 4 times a life cover. The additional benefits offered are Family Income Benefit Accidental Death Benefit and Disability Benefit. Critical Illness Benefit and Hospital Cash Benefit.

1. CashGain Quadruple life cover. Five easy payouts which give up to 125% + bonuses.

2. ChildGain It help you to enjoy the joys of parenthood responsibly, with the comfort of a
secure future for your child.

3. Cash Rich Insurance Plan Bajaj Allianz CashRich Insurance is a plan that provides you
cash benefits at three important stages of your life cycle to meet your different goals of life.

Term Plans 1. Term Care : Is a term Assurance plan which provides life cover and return of premiums paid at the time of maturity. It has the option of single premium payment. It is the only pure Term Plan which provides Hospital Cash Benefit. 2. New Risk Care II : Is a plan with regular/single premium payment options. This plan comes with a lowest cost for a Life Insurance cover. With regular premium plan you get additional rider benefits. Also accidental death benefit and accidental permanent total/partial disability benefit. Besides that you can also avail of critical illness benefit and hospital cash benefit.

3. Protector : Is a mortgage reducing term assurance plan. At a low premium amount you can secure your family from the burden of paying the Home Loan in your absence. You get an option of both Regular Premium payment and single premium payment. Also there is an option of Joint life availability, where the co-applicant can also be covered in the plan.

4. iSecure Term Plan : Bajaj Allianz iSecure Insurance Plan a level cover term plan that secures your familys financial needs by giving you a level term cover for high sum assured.

Unit Linked Plans (Regular premium & Single Premium)

Regular Premium 1. Bajaj Allianz igain III Bajaj Allianz iGain III Insurance Plan offers you a high allocation, which will make sure that this unit-linked life insurance plan offers you a great potential for high returns.

2. Assured Protection Insurance Plan It is a unique combination of protection and prospects of attractive returns with investments in various mix of assets to make a perfect plan to last you a lifetime of prosperity and happiness.

Single Premium 1. Shield Insurance Plan - This plan also gives you guaranteed unit price at maturity with Shield Plus Fund III. Retirement Plans 1. Swarna Vishranti : Is a plan with an option to take a tax-free lump sum upto 33% of Sum Assured + Accrued Bonuses. Open Market option: Purchase immediate annuity from Bajaj Allianz Life Insurance or any other Life Insurance Company. And also additional benefits can be availed of.

2. Pension Guaranteed : Is a plan that assures a regular income after your retirement for life.

Women Insurance Plan 1. Housewives : Housewives need to safeguard their financial independence. There are additional benefits like the Mahila Gain feature which offers benefits like. Critical Illness Benefits. Reconstructive Surgery Benefits for Breast(s) due to Breast Cancer. Congenital Disability Benefits. Complications of Pregnancy Benefits. Health Plans 1. Health care : Is a plan with 6- in-1 Health Insurance that offers: Life Cover Hospital Cash benefit Surgical benefit Post Hospitalisation Benefit Critical Illness Cover Accidental Permanent Total / Partial Disability (APT/PD) 2. Family Care First : It is a plan for the whole family. This unique hospitalisation plan gives you health cover for your entire family. You can secure your family with one plan.

3. Care First : A Medical Insurance plan till the age of 65years. And you can renew the policy every 3 years. The premium rate is level and guaranteed for the length of each policy term of 3 years with extra benefits like day care treatment and pre and post hospitalization treatment.

Group Plans Non Employer Employee 1. Group Income Protection 2. Group Loan Protector 3. Group Term Life 4. Group Term Life (Non Employer Employe5) 4. Group Suraksha 5. Credit shield 6. Sarve Shakti Suraksha 7. Group Credit Protection Plus Employer Employee 1. Group Annuity 2. Group Save Plus 3. Group Term Life (Employer employe5. 4. Group Term Life in lieu with EDLI 5. Group Leave Encashment Scheme Micro Insurance Plans 1. Alp Nivesh Yojana : An endowment plan with Life cover and Maturity benefit equal to sum assured + vested bonus. 2. Saral Suraksha Yojana : A Term Insurance policy with return of premium on maturity.

3. Jana Vikas Yojana : A single premium plan with maturity benefit of 125% of the single premium payable on survival till the end of the policy term.