SGPC’s GNIMS BUSINESS SCHOOL

Matunga (E), Mumbai – 400 019

Summer Internship Project Report

Titled
“Comparative analysis for health insurance products of
HDFC Ergo and Bajaj Allianz.”
In the partial fulfilment of the Degree of

Post Graduate Diploma in Management

(Banking and financial services)
Ms. Kedari Aditi Dilip
[PGDM(B&F), Division-A & Roll No:20]
Trimester IV & Specialization:
BANKING & FINANCIAL SERVICES
Batch: 2021-23
Under the Guidance of
Company Guide
Mr. Chintan Mehta
Himatlal company

Faculty Guide
Prof. Samidha Angne
(Project Guide)
Porf.Dr. Shama Shaha
Academic Year 2022-23
 SGPC’s GNIMS BUSINESS SCHOOL
Matunga (E), Mumbai – 400 019

CERTIFICATE
This is to certify that Ms. Aditi Dilip Kedari. a student of Class: PGDM Banking and finance
Semester: 4 bearing Roll No. 20 has successfully completed the project titled,
“COMPARATIVE ANALYSIS FOR HEALTH INSURANCE PRODUCT OF HDFC ERGO AND
BAJAJ ALLIANZ”, in the partial fulfilment of the Degree of PGDM.

Place:

Date:

Name of the Project Guide:

Signature of the Project Guide:

Signature Signature

(Dr. Kiran Yadav) (Dr. D.Y.Patil)

Director Group Director

Institutes Seal:
 STUDENT DECLARATION

I hereby declare that the project titled ““COMPARATIVE ANALYSIS FOR HEALTH INSURANCE

PRODUCT OF HDFC ERGO AND BAJAJ ALLIANZ””is my own work conducted under the supervision
of Prof. Shama shaha.

I further declare that no part in this project work has been plagiarized without proper citations and has not
formed the basis for the award of any degree, diploma, associateship, fellowship previously.

Name of Student: Aditi Dilip Kedari

Signature of the Student:

 Acknowledgement

The internship opportunity I had with Himatlal & co. was a great chance for learning and professional
development. Therefore, I consider myself as a very lucky individual as I was provided with an opportunity
to be a part of it. I am also grateful for having a chance to meet so many wonderful people and professionals
who led me though this internship period.

I am using this opportunity to express my deepest gratitude and special thanks to the senior executive of
Himatlal & Co., Mr. Bhavik Mehta and Mr. Chintan Mehta who in spite of being extraordinarily busy with
his duties, took time out to hear , guide and keep me on the correct path and allowing me to carry out my
internship at their esteemed organization.

I express my deepest thanks to prof. Shama shah, project guide allotted by the institute for helping me in
decision & giving necessary advice, guidance and arranging all facilities to make life easier. I choose this
moment to acknowledge his contribution gratefully.

I am also thankful to each and every person involved with me in the project. Their encouragement and
support enabled the project to materialize and contributed it to its completion.
 TABLE OF CONTENTS

Sr.no Topic Page no.

1 Executive summary 1
2 Introduction to the topic 2-14
3 Industry overview 15-23
4 Company overview 24-26
5 Project details 27-28
6 Data analysis and interpretation 29-45
7 Recommendations / findings 46-47
8 Key learning 46-49
9 Conclusion 48-49
10 Bibliography 50-51
11 Approved project synopsis 52-53
12 Project progress report duly filled and signed 54
 EXECUTIVE SUMMARY

This is the internship report based on the two-month long internship program that I had successfully
completed in himatlal & Co. from 02.05.2022 to 02.07.2022 as a requirement of my PGDM banking and
finance program of guru Nanak institute of management studies. As being completely new to practical,
corporate world setting, every hour spent in the company gave me a taste of the corporate world all of which
cannot be explained in words. But nevertheless, they are all very useful for my career. the small company
has no divisions and all the work is to be mutually divided among the employees with the consent of the
owner.

The things that were though by them are as follows:

1. Client acquiring process,

2. Choosing the best insurance company suitable for the clients.
3. How to keep clients motivated as well as how to help clients in getting the legitimate claims fulfilled
4. Learning the different type of insurance products that a general insurance company offers, etc.

I have worked in himatlal & Co. and they had given me many opportunities to work in corporate life. In first
week, they give us knowledge about their insurance product. After that we study there product fully and give
many ppt presentation about what we learn. Then they give us sales target to complete within period of
summer internship. In 3rd week they give information about there daily work and how to maintain customers
relationship with company. In 4th week They provide us their old policy premium document to read it and
scan it in document file. we learn many important thinks from there policy document like how premium
calculate how different policy have different advantages. Then 5th week we continued with doing same work.
In 6th week they teach us to how to create a new policy of their exciting customers. After that in 7th week
they give 400 leads for cold calling. In final week they provide us various location to visit their corporate
offices, hotels, shops to sales the insurance product.

1
INTRUDUCTION TO THE TOPIC

2
 COMPARATIVE ANALYSIS: is the process of comparing items to one another and distinguishing their
similarities and differences. In this project I am comparing two different insurance company’s health
insurance products with their similarities and differences. The companies are HDFC ergo and Bajaj Allize.
These companies are most leading insurance companies of India. I am going to compare their health
insurance product with each other. And then analysis which companies’ product better for investment.

Insurance is a contract. Here one party the insurance company called insurer undertakes to indemnify
specified losses suffered by the other party called insured for a special consideration called premium the
term of the insurance contract insurance policy. an insurance policy is a legal contract that binds both
policyholder and the insurance company towards each other. It has all the details of the conditions or
circumstances under which either the insured individual or policy nominee receives insurance benefits from
the insurer.

Insurance is a method by which you can protect yourself and your loved ones from facing a financial crisis.
You buy an insurance policy for the same, while the insurance company takes the risk involved and offer
insurance cover at a specific premium.

In case of any eventuality, the insured or nominee can file a claim with the insurer. Based on the evaluation
criteria for claims, the insurer reviews the claim application and settles the claim. The four most common
types of Insurances that people buy are

 Life Insurance
 Health Insurance
 Motor Insurance
 Home Insurance

My project topic is all related to health insurance so we will know more about that.
What Is Health Insurance
Health insurance is a contract that requires an insurer to pay some or all of a person's healthcare costs in
exchange for a premium. More specifically, health insurance typically pays for medical, surgical,
prescription drug, and sometimes dental expenses incurred by the insured. Health insurance can reimburse
the insured for expenses incurred from illness or injury, or pay the care provider directly.

It is often included in employer benefit packages as a means of enticing quality employees, with premiums
partially covered by the employer but often also deducted from employee pay checks. The cost of
health insurance premiums is deductible to the payer, and the benefits received are tax-free.
3
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by
the insured. Choosing a health insurance plan can be tricky because of plan rules regarding in- and out-of-
network services, deductibles, co-pays, and more. Since 2010, the Affordable Care Act has prohibited
insurance companies from denying coverage to patients with pre-existing conditions and has allowed
children to remain on their parents' insurance plan until they reach the age of 26. Medicare and the
Children's Health Insurance Program (CHIP) are two public health insurance plans that target older
individuals and children, respectively. Medicare also serves people with certain disabilities.

Health insurance terminologies

 Cashless Claims: 

It refers to health insurance claims filed for a medical treatment availed in the network hospitals.

 Hospitalisation Expenses:

Any medical condition requiring urgent hospitalisation is covered under standard health insurance plans.
However, claims are only entertained, provided the disease has not been previously diagnosed when the
insurance plan was not availed.

 Pre and post hospitalisation charges:

Pre hospitalisation expenses such as diagnosis expenses, and doctors’ fees etc. can be covered by a health
insurance plan. Expenditures post-release such as medication, routine check-ups, injections, etc. are also
reimbursed by most insurance companies.

 Cover day care

A surgery or medical procedure that used to need a lengthy hospital stay but may now be finished in under
24 hours is known as a day care operation. As a result, even when the patient is in the hospital for a little
period of time, he or she does not stay there for the required minimum of 24 hours before filing a claim.

 Bariatric surgery

Until 2019, bariatric surgery was a standard exclusion in mediclaim policies. However, with technological
advancements and new IRDAI guidelines, many insurance companies pay for bariatric surgery. However,
the benefit is only available if it's medically necessary and is not being used for cosmetic purposes.

 Covers organ donor

This benefit covers the medical and surgical expenses of the organ donor when harvesting a major organ
transplant for the insured. It ensures that expenses of the donor are covered, and the insured gets the organ
that is required in time, and without any unwanted complications!
4
  Ayurvedic and homeopathic treatment
AYUSH stands for Ayurveda, Yoga, Unani, Siddha and Homeopathy. Under the AYUSH the person can get
cover for any of these treatments which are the alternates of allopathic sciences. Considering the rise in
popularity of alternative treatments, the Insurance Regulatory and Development Authority of India (IRDAI)
directed all general insurance companies to include AYUSH treatments in their health insurance policies.

 Sum insured reinstatement

Sum Insured Restoration” benefit provides an option to reinstate the entire sum insured, in case it gets
exhausted during a policy year. It works well both to floater policy and individual health insurance policy. 

 Road Ambulance expenses

It is provided for transportation of the insured person for medical emergencies. The plan also covers air
ambulance charges of up to 10% of the basic sum assured during the entire policy period.

 Recharge benefit

With a recharge benefit, the sum insured of your health insurance policy is immediately refurbished even
after being utilised completely. For example, if you buy a health insurance policy with the recharge benefit,
which offers you a sum assured of Rs. 2 lakh and you end up spending that amount in case of a medical
emergency, your insurer will again be able to provide you with a Rs. 2 lakh sum assured if you require
further medical attention.
 Critical illness:

the critical illness scheme is competitive because of its well-defined claims criteria, pre-determined list of
critical illnesses, fixed benefits etc. the lump sum benefit offered is more attractive than other income
benefits.

 Cumulative Bonus:

Cumulative bonus is similar to NCB (No Claim Bonus). For every claim free year, the sum insured increases
by a fixed percentage as per policy, but cannot exceed 50 per cent of the Main Sum Insured and is
admissible only if the policy was renewed continuously.

5
  Grace Period: 

The specified period of 15 days immediately after expiry of the due date of premium payment. During this
period the payment can be made to renew or continue a policy without loss of continuity benefits such as
waiting periods and coverage of Pre-existing diseases.

 Pre-existing disease:

 Pre-existing disease is, any condition, ailment or injury or related condition(s) for which insured had
symptoms, and / or was diagnosed, and / or received medical advice / treatment within 48 months to prior to
the first policy issued by the insurer. 

 Waiting period:

 The period during which certain benefits of the policy will not be available to the insured, when a new
health insurance policy is taken. This is usually a fixed period of time from the date of commencement of
policy, after the completion of which, certain specific benefits of the policy take effect. For example, the
usual waiting period for pre-existing conditions is 4 years.

Type of health insurance

1. Individual Health Insurance

An individual health insurance policy, like its name suggests covers the treatment cost of a single individual.
This cover can be availed for yourself, parents including your spouse and children. Under this plan, every
family member gets an individual sum insured.

2. Family Floater Health Insurance

Under such plans, a single sum insured is available for all individuals under one policy. This entire sum can
be disbursed for treatment of one person respectively, in which case no subsequent claims are covered in the
event of another medical emergency. Senior citizens are not eligible under family floater plans, as their
medical needs tend to be more complicated. 

6
 3. Senior Citizen Health Insurance

Tailor-made to suit all medical expenses of aged individuals, such plans can only be obtained by people
above the age of 60 years. Comprehensive coverage for different types of illnesses which might develop due
to old age is extended.

4. Group Health Insurance

Companies extend such plans to their employees. Premium is paid by the employer itself and has provisions
which ensure refill of the sum insured. Such group health insurance policies are cost-effective and are
undertaken disbursed as an employee retention tactic.

5. Health Insurance with Maternity Insurance

All pre and postnatal care expenses incurred during pregnancy are covered under maternity insurance cover.
Medical bills of a new-born are included for the first three months as well. However, such policies come
with a waiting period of two years.

6.Critical Illness

As life-threatening diseases are accompanied by extensive medical bills generated for adequate treatment.
A critical illness insurance policy provides coverage against such specific conditions, providing financial
protection for optima treatment and recovery of a patient.  However, you should remember that the fixed
sum insured offered under this cover can only be availed under the condition of the insured person remaining
alive for 30 days post-diagnosis. 

7. Top-Up Health Insurance

Oftentimes, the treatment costs you estimate while availing a health insurance cover can increase over time
even though your sum insured remains unchanged. Under such circumstances, you can choose to avail a top-
up for your existing cover, instead of purchasing a separate policy. This top-up policy helps to increase the
overall sum insured which you can use in case of any emergency.

7
Health Insurance Benefits

1.Tax Benefits

If you avail a health insurance policy, you can avail tax benefits under Section 80D of the Income Tax Act,
1961.

Eligibility Exemption Limit

For self and family (spouse, dependent children) Up to ₹25,000, For self, family + parents (below 60
years of age) Up to (₹25,000 + ₹25,000) = ₹50,000, For self and family (where the eldest member is below
60 years of age) + parents (above 60 years) Up to (₹25,000 + ₹50,000) = ₹75,000, For self and family
(eldest member is above 60 years of age) + parents (above 60 years of age) Up to (₹50,000 + ₹50,000) =
₹1,00,000

2. Coverage for medical expenses

You cannot predict when a chronic medical problem may occur to you or your loved ones. If you have a
family floater or individual health policies, your insurer would take care of the medical bills while you can
concentrate on the treatment process instead.

3.Cashless Claim Service

With cashless claim services, you can get treated at some of the best hospitals across India without paying
anything out of your pocket. You just have to get admitted at any one of the network hospitals with which
your insurer has a tie-up.

4.Portability Benefits

Portability of health insurance means you can change your insurance policy from one insurance company to
another, or one plan to another without losing the benefits that you have accumulated. This is as per the new
rules of the IRDAI.

5.Hospitalisation Daily Allowance

A daily hospital cash benefit or daily allowance provides a lump sum amount every day in case of
hospitalization.

8
6.Lifetime Renewability Benefit

Earlier, many insurers did not provide insurance coverage after a particular age. However, now, the IRDAI
has made guaranteed renewability compulsory for health insurance policies so, you can get the benefits of the
policy throughout your life with a lifetime renewability option.

HEALTH INSURANCE PREMIUM

Medical insurance premium depends upon various factors:

 The number of members covered a single policy.

 The age of the eldest member
 Sum insured
 Types of features chosen in a plan

HOW TO CHOOSE AN IDEAL HEALTH INSURANCE PLAN?

Health needs vary from person to person and what may be best for one may not suit the other, to meet your
ever-changing requirement you need to be vigilant while selecting your ideal health plan.

Step 1 : choose your ideal health insurance company

go with a company that offers cashless facility has good customer service, comes with a decent market share
and offers a wide range of health product.

Step 2: evaluate your needs and requirement

Once you need choose your ideal company evaluate your family health needs thoroughly and decide the type
of plan you want to buy.

Step 3: compare coverage and premium

After you have shortlisted a few plans on the basis of your needs and requirement just compare their benefits
with each other. Ideally its recommended to go with a plan that offers maximum benefits.

9
HEALTH INSURANCE EXCLUSIONS LIST

Every health insurance plans come with a certain list of illnesses or treatments that are not covered by them
these exclusions may vary from company to company as per IRDAI, some common diseases or medical
conditions that are not covered under health insurance plans

 Pre-existing diseases (PEDs), however, some companies cover PED’S after a waiting period.
 Eyes and dental care, but some new plans have started covering them
 Suicidal injuries or intentional self-injuries.
 STDs like HIV
 Health issues that arise due to the consumption of alcohol or drugs
 Health issues or injuries caused due to war , nuclear , chemical or biological weapons.

Top 10 Best Health Insurance Companies in India

10
COMPANY ENLIGHTENMENT

BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD.

Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s
leading insurer, and Bajaj FinServ Limited. The Company received the certificate of registration from IRDA
on 2nd May 2001 to conduct general insurance business in India.
Bajaj Allianz General Insurance, today, is one of the largest private insurers in the industry with offices in
over 1100 towns and cities. The Company has continuously been expanding its operations to reach out to its
customers.
On May 2nd, 2021 They completed 20 years of care. In those two decades long journey we rose from a
humble start-up to an industry leader. We have gained the trust of close to 11 crore customers with the help
of over 9000 employees, a robust distribution network of more than 80,000 agents, almost 9,000 motor
dealer partners and over 240 bank partners. We are also associated with most brokers, web aggregators and
major e-commerce platforms. We have formed meaningful relationships with our partners, customers and
employees in the course of our journey so far. The Company registered strong financial results by posting
revenue of ₹ 13,788 crore in FY 2021-22. The company recorded a net profit of ₹ 1,339 crore. Bajaj Allianz
General Insurance also reported a healthy Combined Ratio of 99.6% and solvency Ratio of 344% for the
period.

KEY PERSONES

 SANJIV BAJAJ – chairman, non-executive and non-independent director.

 RITU ARORA – non-executive and non-independent director.

11
PRODUCT
CYBER SAFE INSURANCE: Buy cyber safe insurance and get covered for cyber risks like phishing,
identity theft, cyber extortion.

HOME INSURANCE: Buy home insurance and secure your home and its contents against natural
calamities, burglary, theft, etc.

HEALTH INSURANCE: We offer best health Insurance and medical insurance plans at affordable premium
rates.

TRAVEL INSURANCE: Buy travel insurance policy online for domestic & International travel.

Claim Settlement Ratio-

is a ratio of the number of claims paid to customers by the insurance company to the total claims received by
the company. This is expressed as a percentage. The balance claims are rejected for impersonation,
misrepresentation, fraud, or pending decision by the Life Insurance Companies. As per IRDA, 2021-22 Bajaj
Allianz claim settlement ratio is 98.02 % which is considered a high CSR. It means for every 100 claims
received, 98 cases are settled.

12
 HDFC ERGO

HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the
insurance entities of the Munich Re Group in Germany operating in the insurance field under
the BFSI sector. The company offers products in the retail, corporate and rural sectors. The retail sector
products are health, motor, travel, home, personal accident, and cybersecurity policy. Corporate products
include liability, marine, and property insurance. Rural sector caters the farmers with crop insurance and
cattle insurance.

HDFC Ltd. And ERGO International AG formed a joint venture firm named HDFC ERGO General
Insurance Company Limited. ERGO became a 49% stakeholder in the Company in 2015. In June 2019,
HDFC announced plans to acquire 51.2 per cent stake in Apollo Munich Health Insurance and later merged
it with its general insurance arm, HDFC ERGO.

In 2020, HDFC Ergo Health Insurance( earlier known as Apollo Munich Health Insurance)[2] merged with
the company after the receipt of final approval from the Insurance Regulatory and Development Authority of
India (IRDAI) making it the second-largest private insurer in the accident and health
insurance business. With this merger, the company's product suite expanded to over 50 in this segment.

In May 2021, Housing Development Finance Corporation (HDFC), had entered into a share purchase
agreement for sale of 44,12,000 equity shares of Rs. 10 each, representing 0.62% of the issued and paid-up
share capital of HDFC ERGO, in accordance with the direction of Reserve Bank of India to reduce its
shareholding in the latter to 50% or below, and subsequent to this HDFC ERGO would cease to be a
subsidiary company of HDFC.

Headquarters – Mumbai, Maharashtra , India

Key people – Mr. Ritesh Kumar MD

Products
13
1. General insurance

2. health insurance

3. vehicle insurance

4. travel insurance

5. home insurance

6. accidental insurance

Claim Settlement Ratio-

the private general insurance companies, HDFC Ergo General Insurance tops the chart with 99.8% claims
settled in first 3 months of making the claim. 

14
INDUSTRY OVERVIEW

15
The insurance sector is made up of companies that offer risk management in the form of insurance
contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an
uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium
to the insurer in exchange for that protection on that uncertain future occurrence. As an industry, insurance
is regarded as a slow-growing, safe sector for investors. This perception is not as strong as it was in the
1970s and 1980s, but it is still generally true when compared to other financial sectors.

The insurance industry of India has 57 insurance companies - 24 are in the life insurance business, while 34
are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector
company. There are six public sector insurers in the non-life insurance segment. In addition to these, there is
a sole national re-insurer, namely General Insurance Corporation of India (GIC Re). Other stakeholders in
the Indian Insurance market include agents (individual and corporate), brokers, surveyors and third-party
administrators servicing health insurance claims.

History of insurance sector

 The first insurance company in the U.S. dates back to colonial days: the Philadelphia Contribution
ship, co-founded by Ben Franklin in 1752.
 Throughout U.S. history, new types of insurance have evolved as new risks (such as the automobile)
have emerged.
 In the late 19th century, scandals and shady practices rocked the young insurance industry.
 Under the McCarran-Ferguson Act of 1945, insurance companies became exempt from most federal
regulation and are instead subject to state law.
 In recent years, the internet has had a major impact on how insurance is sold and how insurance
companies evaluate risk.

History of insurance sector in India.

Indian insurance dates back to the days of ancient India legislation. It was then designed to pool national
resources in order to deal with the occurrence of calamities such as fires, floods, famines and epidemics. The
first traces of insurance were found in the form of maritime loans and carrier contracts.

Modern insurance is a legacy of the British occupation, with the industrial revolution in the West and mainly
in England boosting trade and shipping during the 17 th century. These factors had largely contributed to the
rise of the insurance industry in India, a large country producer of raw materials needed by England.

The life business began in 1818 in Calcutta with the establishment of Oriental Life Insurance Company. The
first non-life insurance company was not set up until 32 years later. Its name was Triton Insurance, a
company founded by some British in Calcutta.

16
For over a century, the market had been dominated by representation offices and branches of foreign,
mostly, British, insurers. Among these entities are Albert Life Assurance, Royal Insurance and Liverpool &
London Globe Insurance, companies which had prospered considerably in India, prompting strong
competition with other market players.

The marginalization of local companies pushed the Indian government to nationalize life insurance activities
in 1956. For its part, non-life insurance was not nationalized until 1972.

Life Insurance Corporation (LIC) was established in 1956, taking over the portfolio of 245 national and
foreign companies. LIC had tapped into life operations monopoly from 1956 to the late 1990s and the
opening of the insurance sector to private investors.

In the non-life insurance, the portfolios of the 107 companies present on the market in 1972 were pooled up
into four large national companies whose head offices are based in the four corners of the country:

 National Insurance Company (Calcutta),

 New India Insurance Company (Mumbai),

 Oriental Insurance Company (Delhi),

 United India Insurance Company (Madras).

These four national companies are overseen by General Insurance Corporation (GIC) whose head office is in
Bombay. GIC, created in 1972, intervened on the market as a national reinsurer and shareholder of the four
direct companies.

The government will not reopen the doors of the Indian insurance market to the private sector until the early
2000s. The entry into activity in 1999 of the Insurance Regulatory and Development Authority (IRDAI)
marked the end of State monopoly and the opening of the market to private and foreign investment.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORTY INDIA

The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under

the jurisdiction of Ministry of Finance , Government of India and is tasked
with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the
Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by
the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved
from Delhi in 2001.

IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by
the government of India.

History of Insurance IRDAI

17
in India Insurance in India dates back to the 19th Century with the establishment of Oriental Life Insurance
Company in Kolkata in 1818. The Indian Life Insurance Assurance Companies Act of 1912 was the first law
that regulated life insurance in the country. Life Insurance Corporation was established in the year 1956 with
the nationalisation of the life insurance sector. The LIC absorbed then currently functioning 154 Indian and
16 non-Indian insurers and 75 provident societies. LIC enjoyed a complete monopoly till the late 1990s
when the insurance sector was opened to the private sector general insurance in India, on the other hand,
began during the Industrial Revolution with the establishment of Triton Insurance Company in Kolkata in
1850. In the year 1907, the Indian Mercantile Insurance was formed. It was the first company to underwrite
all the classes of general insurance. In 1957, a wing of Insurance Association of India – General Insurance
Council – was established to frame the code of conduct and regulate the means of fair business practices.
The General Insurance Business (Nationalisation) Act was passed in 1972 and the insurance industry was
nationalised on January 1st 1973. A hundred and seven insurers were amalgamated and formed a group of
four insurance companies – National Insurance Company, New India Assurance Company, Oriental
Insurance Company and United India Insurance Company. The General Insurance Corporation of India (GIC
Re) was established in 1971 and was effective on January 1st 1973. By the year 1991, the Government of
India began to plan the economic reforms in the insurance sector. For the purpose, a committee was formed
in 1993 for the reforms in the insurance sector. The committee was headed by Shri R. N. Malhotra (Retired
Governor of the Reserve Bank of India). The Malhotra Committee recommended some major reforms in the
insurance sector such as allowing private sector companies to promote insurance in the country, allowing
foreign promoters in the domestic insurance Market and formation of an independent regulatory body
answerable to Parliament and the Government. An interim body called Insurance Regulatory Authority was
set up in 1996. In the year 1999 Insurance Regulatory and Development Authority (IRDA) Act was passed
and on April 19th 2000, Insurance Regulatory and Development Authority (IRDA) of India received
autonomous status.

Structure of IRDAI

is a ten-member body that consists of:

One Chairman (for five years and maximum age of 60 years) Five whole-time members (for five years and
maximum age of 62 years) Four part-time members (not more than five years) The chairman and the
members of IRDA are appointed by the Government of India.

Current Chairman of IRDA is Mr Subhash Chandra Khuntia.

Objectives of IRDAI

 To promote the interests and rights of the policyholders.

 To promote and monitor the growth of the insurance industry.

18
  To prevent frauds and misspelling of insurance product and ensure speedy settlement of genuine
claims To bring transparency and proper code of conduct in financial markets dealing with insurance.

Functions and Duties of IRDA:

According to Section 14 of IRDA Act of 1999, the agency has the following functions and duties:

 Issuing the registration certificates to insurance companies and regulate them

 Protect the interests of the policyholders
 Provide licences to insurance intermediaries like agents and brokers after stating the required
qualifications and set guidelines for their code of conduct
 Promote and regulate professional organisations related to insurance to enhance the development of
the sector
 Regulate and supervise the premium rates and terms of the insurance policies
 Specify the conditions and manners by which the insurance companies have to present their financial
reports
 Regulate the investment of the policyholders’ funds by the insurance companies.
 Ensure the maintenance of the solvency margin i.e. the ability of an insurance company to pay out
claims.

Types of Insurance

There are two broad types of insurance:

 Life Insurance
 General Insurance

What is Life Insurance

Life insurance is a contract that offers financial compensation in case of death or disability. Some life
insurance policies even offer financial compensation after retirement or a certain period of time. Life
insurance, thus, helps you secure your family’s financial security even in your absence. You either make a
lump-sum payment while purchasing a life insurance policy or make periodic payments to the insurer. These
are known as premiums. In exchange, your insurer promises to pay an assured sum to your family in the
event of death, disability or at a set time.

Type of life insurance

19
Term Insurance-

It is the most basic type of insurance. -It covers you for a specific period. -Your family gets a lump-sum
amount in the case of your death. -If, however, you survive the term, no money will be paid to you or your
family.

Money-back Policy-

A certain percentage of the sum assured will be paid to you periodically throughout the term as survival
benefit. -After the expiry of the term, you get the balance amount as maturity proceeds. -Your family gets
the entire sum assured in case of death during the policy period. This is regardless of the survival benefit
payments made.

Unit-linked Insurance Plans (ULIPs)-

Such products double up as investment tools. -A part of your premium goes towards your insurance cover. -
The remaining amount is invested in Debt and Equity. -A lump-sum amount will be paid to your family in
the event of your death.

Pension Plans-

This helps build your retirement fund. -You can get a regular pension amount after retirement. -In the case of
your death, your family can claim the sum assured.

What is General Insurance?

A general insurance is a contract that offers financial compensation on any loss other than death. It insures
everything apart from life. A general insurance compensates you for financial loss due to liabilities related to
your house, car, bike, health, travel, etc. The insurance company promises to pay you a sum assured to cover
damages to your vehicle, medical treatments to cure health problems, losses due to theft or fire, or even
financial problems during travel.

Types of General Insurance

Health Insurance

This type of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay
towards the treatment of any injury or illness.

20
Motor Insurance

Motor insurance is for your car or bike what health insurance is for your health. It is a general insurance
cover that offers financial protection to your vehicles from loss due to accidents, damage, theft, fire or
natural calamities You can also get motor insurance for your commercial vehicles. In India, you cannot drive
or ride without motor insurance.

 Third Party Insurance –

Compensates for the damages caused to another individual, their vehicle or a third-party property.

 Comprehensive Car Insurance

Covers all kinds of damages and liabilities caused to you or a third party. It includes damages caused by
accidents, sabotage, theft, fire, natural calamities, etc.

Travel insurance

A travel insurance compensates you or pays for any financial liabilities arising out of medical and non-
medical emergencies during your travel abroad or within the country.

Home Insurance

Home insurance is a cover that pays or compensates you for damage to your home due to natural calamities,
man-made disasters or other threats.It covers liabilities due to fire, burglary, theft, flood, earthquakes, and
sabotage. It not only offers financial protection to your home, but also takes care of the valuables inside the
property.

Fire Insurance

Fire insurance pays or compensates for the damages caused to your property or goods due to fire. It covers
the replacement, reconstruction or repair expenses of the insured property as well as the surrounding
structures. It also covers the damages caused to a third-party property due to fire. In addition to these, it
takes care of the expenses of those whose livelihood has been affected due to fire.

Insurance Premium Calculation Method

Calculating Formula

 Insurance premium per month = Monthly insured amount x Insurance Premium Rate.
 Insured person's self-paid premium per month= Monthly insured amount x Insurance Premium Rate
x Insured person's self-paid ratio
21
 Insurance premium paid by the governments per month = Monthly insured amount x Insurance
premium rate – Insured person's self-paid premium

22
Market share

23
OVERVIEW OF THE COMPANY

24
 Himatlal & Co.
Best Insurance Agency in India

As I have worked in himatlal and co.

Himatlal & Co. was started in the year 1944 and over the past 75 years, focusing on customers and valuing
people have helped Himatlal & Co. become one of the largest insurance services providers in India. Their
products are Health, Motor, Marine, Fire, Commercial, Hotel, Co-operative Societies, Pet and more. Under
the guidance and leadership of Mr Chintan Mehta and Mr Parag Mehta the company has assisted and guided
clients with unique solutions. They specialize in Claim settlement and the team consist of highly qualified
employees which has matched each and every client’s needs and satisfied them with available insurance
solutions. They mostly have a huge business with Bajaj Allianz General Insurance Company Ltd at
Prabhadevi branch code 1901.

History:

it was established in 1960 by 4 sons of himatlal Mehta. After 30 years they all got separated and started their
own different business in the same industry so now they are having competition with I the family it become
very difficult to handle such kind of competition. They mostly have a huge business with Bajaj Allianz
general insurance company ltd Prabhadevi branch code.

Address:

6/A, Mani Niwas Senapati Bapat Marg Matunga West Opp. Matunga, Rd. West Railway Station, Mumbai,
Maharashtra 400016 India

Nature of business:

They mostly deal in general insurance product. Hence the nature of business of the business is insurance
services.

25
Business volume:

The turnover of to this organization is 5 cr. Volume is very low because company lost many big clients
while splitting up with their partners.

Main offices:

Main offices of the company are located in Dadar tt , Prabhadevi , churchgate, and matunga west. But office
located in matunga west as the head office of the company.

Total staff strength:

The total number of staff being employed by this corporate agent is 30 and along with this staff the company
has approximately 15 agents appointed under it.

Products that it deals in:

1. Property Insurance.

2. Householder.

3. Shopkeeper.

4. Corporate Insurance.

5. Marine Insurance.

6. Motor Insurance.

7. Travel Insurance.

Competitors:

1. Beacon Insurance Brokers Pvt Ltd

2. Mankad & Associates Insurance Broking Private Limited.
3. Icare Insurance Broking services Pvt Ltd
4. Global-India Insurance Brokers
5. Peraj Insurance Brokers Private Limited
6. Athena Insurance & Reinsurance Brokers Pvt Ltd
7. Vibhuti insurance brokers pvt.ltd

26
PROJECT DETAILS

27
OBJECTIVES OF THE PROJECT

 To better understanding the issue and strategies both the company.

 Help to know which company is better to make investment for investors.
 To understand which company, have better market position.

LIMITATIONS OF THE PROJECT

 There is some information which are confidential in nature than cannot be availed for the purpose of
study.
 The finding and results are limited to Mumbai only which might not have reflected their picture of
entire Indian market.

METHODOLOGY TO BE USED

The study is based on secondary data sourced from the annual reports of Insurance Regulatory Development
Authority (IRDA), various journals, research articles and websites. An attempt has been made to evaluate
the performance of the health insurance sector in India. Appropriate research tools have been used as per the
need and type of the study. The information so collected has been classified, tabulated and analysed as per
the objectives of the study.
Secondary data analysis has been done using google form

SOURCES OF DATA

Firstly, prepared questionnaire and then conduct the survey and collect the primary data and responses and
also use company’s web site and brochure for collecting the secondary data.
 Sources of primary data: Google form.
 Sources of secondary data: company’s website and various other.
 websites, and company’s product brochure.

28
DATA INTERPRETATION AND ANALYSIS

29
In this project I am going to compare the two one of the most leading companies of insurance industry. Bajaj
Allianz and HDFC Ergo. I am going to do compression between 6 health insurance product of Bajaj Allianz
and HDFC ergo.

PRODUCT NO 1.

Bajaj Allianz health guard.

Health Guard Policy provides you with a comprehensive range of benefits, ensuring you are covered for the
larger expenses related to Illness/surgery. Bajaj Allianz’s Health Guard is designed to suit all your health
care needs. It takes care of the medical treatment expenses incurred during hospitalization resulting from
serious illness or accident. This cover has comprehensive benefits with affordable price suitable to your
needs.

HDFC ergo optima secure.

When it comes to safeguarding the health of your family, choosing the right health insurance plan is of
utmost importance. With Optima Restore, you not only get the benefit of cashless treatment at our network
hospitals, but also get other great features to meet all your healthcare needs.

PLANS

Bajaj Allianz health guard.

There are three plans under this plan

 Silver plan – Rs. 1.5 / 2 lakhs

 Gold plan – Rs. 3 / 50 lakhs
 Platinum plan – Rs. 5 / 1 cr.

HDFC ergo optima secure.

In this plan there are no such a plan. But different sun insured options are available.

3/ 5/ 10/ 15/20/25/50 lakhs, and 1 cr.

POLICY TERM

Bajaj Allianz health guard.

Policy can be taken for 1 year / 2 year / 3 years.

Individual as well as floater.

HDFC ergo optima secure.

30
Policy can be taken for 1 year / 2 year / 3 years.

Individual as well as floater.

ENTRY AGE

Bajaj Allianz health guard.

 Proposer /Spouse /Parents/Sister/ Brother/Parents-in-law/ Aunt/ Uncle 18 yrs. to 65 years

 Dependent Children/Grandchildren: 3 months – 30 yrs.

HDFC ergo optima secure.

 This policy covers persons in the age group 18 days to 65 years.

 The minimum entry age children between 91 days to 5 years.

FEATURES

Bajaj Allianz health guard. HDFC ergo optima secure

 In-patient Hospitalization  60 and 180 days pre and post

 60 and 90 days pre and post hospitalisation hospitalisation
 Road Ambulance  Home healthcare
 Organ Donor Expenses  Daily cash for a shared room
 Bariatric Surgery Cover  Preventive health check-up
 Ayurvedic & Homeopathic Expenses  E-opinion on 51 critical illnesses
 Convalescence Benefit  Hospitalisation expenses
 Daily Cash Benefit for accompanying an  AYUSH treatment
insured child,  Domiciliary hospitalisation
 Maternity Expenses for Normal Delivery  Organ donor expenses
(Including New Born Baby Cover),  Emergency air ambulance
 Maternity Expenses for Caesarean
Delivery (Including New Born Baby
Cover),
 Preventive Health Check Up, Recharge

Benefit.

31
BENEFIT / USP

Bajaj Allianz health guard. HDFC ergo optima secure

 Sum insured reinstatement benefit  Secure benefit- 2X coverage from 1 day

 Ayurvedic / homeopathic expenses.  Plus benefits- 100% increase after 2 year.
 Tax benefits  Restore benefits- 100% Restore.
 Convalescences benefit  Tax benefit
 Maternity and new born baby cover.

WAITING PERIOD

Bajaj Allianz health guard.

Waiting period 36 months for any pre-existing disease. And 30 days for 1st policy commencement.

HDFC ergo optima secure

30 days initial waiting period for hospitalization other than accidental injuries. 24 months waiting period on
specific illnesses and surgical procedures. 36 months waiting period on pre-existing diseases.

PRODUCT NO 2

Bajaj Allianz Critical Illness Plan-

There was a time when life cover was enough, your main fear was probably of dying prematurely and
leaving your family to cope without a breadwinner. However due to the advancement in medical technology
Many life-threatening illnesses such as heart attack, cancer can now be cure.

Critical Illness Insurance: HDFC Ergo

These critical illnesses require expensive treatments, which can put financial burden on a person, so it is
necessary that these expenses are often covered. And to help you ease your financial pressure, it is essential
to get a Critical illness Insurance cover along with the best health insurance policy. 

ENTRY AGE AND POLICY PERIOD

Bajaj Allianz Critical Illness Plan-

 Entry age for adult is 18years – 65years.

 Entry age for dependent Children is 6 years - 21 years.
32
  POLICY PERIOD – 1/2/3 years

Critical Illness Insurance platinum: HDFC Ergo

 Individuals who are in the age group of 5 to 65 years are only eligible to avail this critical illness
plan.
 POLICY PERIOD – 1/2/3 years

SUM INSURED OPTION:

Bajaj Allianz Critical Illness Plan-

 Sum Insured options of 100000/- to 5000000/- for age group 6 years to 60 years.
 Sum Insured options of 100000/- to 500000/- for age group 61 years to 65 years.

Critical Illness Insurance platinum: HDFC Ergo-

 Sum Insured available from 100,000 to 50,00,000.

CRITICAL ILLNESSES COVERED UNDER THE POLICY

Bajaj Allianz Critical Illness Plan-

 First Heart Attack (Myocardial Infarction)  Major Organ Transplantation

 Open Chest CABG (Coronary Artery
Disease Requiring Surgery)
 Stroke Resulting in Permanent Symptoms
 Cancer of Specified Severity
 Kidney Failure Requiring Regular Dialysis
 Multiple Sclerosis with Persisting
Symptoms
 Surgery of Aorta
 Primary Pulmonary Arterial Hypertension
 Permanent Paralysis of Limbs

Critical Illness Insurance platinum: HDFC Ergo-

 Myocardial Infarction (First Heart Attack-  Open Heart Replacement or Repair of

Of Specified Severity) Heart Valves
 Primary (Idiopathic) Pulmonary  Open Chest CABG
Hypertension  Stroke Resulting in Permanent Symptoms
 Benign Brain Tumour  Cancer of specified severity
 Parkinson’s Disease  Kidney Failure Requiring Regular Dialysis
 Alzheimer’s Disease  Major Organ Transplantation
 End Stage Liver Failure

33
  Multiple Sclerosis With Persisting  Permanent Paralysis Of Limbs
Symptoms  Surgery of Aorta

BENEFITS/ USP
Bajaj Allianz Critical Illness Plan Critical Illness Insurance platinum: HDFC Ergo

 lifetime renewability
 portability benefit  Tax benefit
 tax saving  Life long renewability
 100% payable benefit  Free lookup period of 15 days
 Grace period of 30 days  Provides a lump sum benefit
 Tax benefit
 Life long renewability
 Free lookup period of 15 days

WAITING PERIOD
Bajaj Allianz Critical Illness Plan
 Any Critical Illness diagnosed within the first 90 days of the date of commencement of the Policy is
excluded.

Critical Illness Insurance platinum: HDFC Ergo

 Waiting period is 90 days.

PRODUCT NO 3

Bajaj Allianz Health Infinity

Bajaj Allianz’s Health Infinity Policy comes with new comprehensive benefits at competitive premiums and
is a perfect product to take care of medical expenses for you and your family in case of unfortunate event of
hospitalization for illness/ injury

HDFC ERGO Optima Restore

Optima Restore Plan is one of the most-selling health insurance products of HDFC ERGO General
Insurance. The plan comes with three incredible benefits- Restore, Multiplier and Stay Active. Restore adds
100% of the sum insured if you use the policy sum insured fully or partially. Multiplier benefit lets you
enjoy a 100% increase in the Sum Insured in 2 claim free years. 
34
  In-patient Hospitalization Treatment.  Road Ambulance.
ENTRY AGE AND POLICY PERIOD
 Pre-Hospitalization 60 days.  Day Care Procedures.
Bajaj
 Allianz Health Infinity90 days.
Post-Hospitalization  Preventive Health Check Up.

 ERGO
HDFC Entry age for proposer/
Optima Restore spouse/ dependent parents - 18 years to 65 years
 Entry age for dependent Children - 3 months to 25 years
 In-patient Treatment.
 Policy can be taken for 1year/ 2years OR 3years.
 Pre-Hospitalization Covered up to 60 Days.
HDFC
 ERGO Optima Restore
Post-Hospitalization Covered up to 180 Days.
 Day Care Procedures
The maximum All isDay
entry age 65 Care
years.Treatments Covered
 Domiciliary
The minimum Treatment
entry ageCovered up to sum insured
is 91 days.
 Organ Donor
The cover willCovered
be validup
forto1sum
or 2 insured
years.
 Ambulance Cover Up to Rs. 2,000 / Hospitalisation
FEATURES
 Daily Cash for choosing Shared Accommodation
Bajaj
 Allianz Health Infinity
E-Opinion
 Health Check up

BENEFITS/ USP
Bajaj Allianz Health Infinity HDFC ERGO Optima Restore

• choosing health insurance as the per day  2X Multiplies benefits- claim free 1st year
room rent. 50% , claim free 2nd year 100%
• In-patient Hospitalization Treatment  100% Restore benefit without addition.
without any sublimit.
• Income tax benefit under 80 D.
• No pre-policy medical tests up to 45 years  Life long renewal
of age.  Tax benefits
 Family discount

WAITING PERIOD

Bajaj Allianz Health Infinity

• Specified disease/procedure waiting period for 24 month

• Pre-existing disease covered after 36 months from your first Health Policy

35
HDFC ERGO Optima Restore

• Any treatment within first 30 days of cover except any accidental injury.
• Any Pre-existing diseases/conditions will be covered after a waiting period of 3 years.
• 2 years exclusion for specific diseases like cataract, hernia, hysterectomy, joint replacement etc

PRODUCT NO.4

Bajaj Allianz Silver Health Plan for Senior Citizens

Bajaj Allianz Silver Health Plan for Senior Citizens is a health Insurance policy designed specially to suit
senior citizens. Health care can get expensive as you age and this policy ensures that all your healthcare
costs are covered. The plan offers cover to you and your spouse when you need expensive medical care. It is
one of the available to senior citizens.

HDFC ERGO Optima senior

Optima Senior framed by HDFC ERGO General Insurance is a wonderful medical insurance plan that is
designed just for seniors. It takes care of you and your spouse by providing them with a life-long hassle-free
health cover. The plan offers you to get a cover for up to Rs. 5 Lakh. It ensures that you do not have to pay
any additional loading if you fall ill. 

ENTRY AGE, POLICY PERIOD, SUM INSURED OPTION

Bajaj Allianz Silver Health Plan for Senior Citizens

 Eligibility age From age 46 to age 70 years
 Policy year 1 year
 Minimum sum insured – Rs.50,000 Maximum sum insured – Rs.5 lakh

HDFC ERGO Optima senior

 Sum Insured per Insured Person Rs.2.00, 3.00, 5.00 Lakhs

 Age Group for 61 to 85
 Policy term 1 year

36
FEATURES

Bajaj Allianz Silver Health Plan for Senior Citizens

 The policy covers hospitalisation charges  Covers pre-existing illnesses and diseases
 The policy offers a cover amount from second year of the policy
equivalent to 3% of admissible  Offers cover for over 130-day care
hospitalisation charges procedures
 Pre and post hospitalisation expenses  Cataract surgery is covered after a waiting
 Covers ambulance charges in the time of period of one year
emergency subject to a limit of Rs.1,000  Covers health insurance after 4 continuous
claim free years

HDFC ERGO Optima senior

 In-patient Treatment Covered  Domiciliary Treatment Covered

 Pre-Hospitalisation Covered, up to 30
Days
 Post-Hospitalisation Covered, up to 60
Days
 Day Care Procedures Covered
 Organ Donor Covered
 Emergency Ambulance Up to Rs. 2,000
per Hospitalisation
 E-opinion One opinion per Policy Year

BENEFITS/ USP

Bajaj Allianz Silver Health Plan for Senior Citizens

 The policy offers a family discount of 5%
 Benefit of cashless facility at empanelled hospitals in the country
 The members can opt for treatment at non empanelled hospitals and the payment
borne by the policyholder will be reimbursed within 14 days.
 Waiver of co-payment if the policyholder pays more premium
 Tax benefits on the premium paid under section 80D of the income Tax Act
 Offers the benefit of cumulative bonus of 5% to your limit of indemnity for every claim free
HDFC ERGO Optima senior

 Lifelong renewal
37
  Cashless transactions
 No claim-based loading or claim based underwriting
 Cashless transactions
 Portability
 No claim Discount

WAITING PERIOD

Bajaj Allianz Silver Health Plan for Senior Citizens

 Coverage under the Policy after the expiry of 12 months for any pre-existing disease.
 Specified disease/procedure waiting period for 12 months
 Expenses related to the treatment of any illness within 30 days from

HDFC ERGO Optima senior

 All treatments within the first 30 days of cover, except any accidental injury
 Any pre-existing condition will be covered after a waiting period of 3 years.
 2 years waiting period for specific diseases

PRODUCT NO 5

Bajaj Allianz Women Specific Critical Illness

A female-oriented plan, Women Specific Critical Illness Insurance is a critical illness cover by Bajaj Allianz.
An ideal choice to protect oneself against the risk of serious illnesses, Women Specific Critical Illness
Insurance is a worthy investment. Featuring lifelong renewability, Women Specific Critical Illness offers
a sum insured range of Rs. 50,000 to Rs. 2 Lakh. An annual policy by Bajaj Allianz, Women Specific
Critical Illness Insurance covers women between 21 years to 65 years of age. The plan pays 100% of the
sum insured if the insured is diagnosed with a critical illness. 

HDFC ERGO my: Health Women Suraksha 

My: Health Women Suraksha Policy is a comprehensive medical insurance policy especially designed for
women to cover them against numerous illnesses and contingencies they may face during their lifetime. The

38
policy can be purchased by people aged between 18 years and 65 years for a period of 1 year, 2 years, or 3
years, as per their requirement. The policy comes with a wide range of sum insured options between Rs. 1
Lakh and Rs. 1 Crore and gives you the flexibility to choose the most suitable option from them, as per your
requirements and budget.

ENTRY AGE, POLICY PERIOD, SUM INSURED OPTION

Bajaj Allianz Women Specific Critical Illness

 Entry age is 21 yrs. – 65yrs.
 Policy period 1year, 2 years or 3 years
 The available Sum insured options are Rs 50000/- Rs 100000/- Rs 150000/- Rs 200000/-

HDFC ERGO my: Health Women Suraksha 

 Entry age is 18 to 40 years.

 Policy period 1 year, 2-year, 3 years.
 The available Sum insured options are Rs. 1 lakh to 1 cr.

FEATURES

Bajaj Allianz Women Specific Critical Illness

 Specific Critical Illnesses as below Breast Cancer, Fallopian Tube Cancer, Uterine/Cervical Cancer,
Ovarian Cancer, agnail Cancer, Permanent Paralysis of Limbs, Multitrauma Burns.
 Congenital Disability Benefit: 50% of the sum insured would be payable if the insured member gives
birth to a baby having congenital disease/ disorder.
 Children Education Bonus is the 25000
 Loss of Job In the event of the insured person losing her job within a period of 3 months of the date
of diagnosis of any of the Critical Illness as covered pay an amount of Rs 25000/-

HDFC ERGO my: Health Women Suraksha 

 41 Listed Critical Illness / Cancer

 Major Illness, Surgical Procedures,
 Cardiac Illness and Procedures as specified in policy coverage
 Cardiac Aliment & Procedures
 Unique covers like, loss of job, reduced premium benefit
 Coverage for Pregnancy and new born baby complications

39
BENEFITS / USP

Bajaj Allianz Women Specific Critical Illness

 Grace period of 30 days.
 Portability Conditions before 45 days.
 Migration Conditions.
 Free Look Period 15 days.

HDFC ERGO my: Health Women Suraksha 

 Coverage for all the women in the family under single policy
 Comprehensive policy with coverage for women-specific major illnesses and surgeries.
 Wellness features like Fitness discount renewal, Health Incentive, wellness and Health coach etc for
maintenance of good health.

WAITING PERIOD

Bajaj Allianz Women Specific Critical Illness

 Any Critical Illness diagnosed within the first 90 days of the date of commencement of the Policy is
excluded.

HDFC ERGO my: Health Women Suraksha 

 90 days and 180 days as per the illness specified in policy wordings.
 1 year for Pregnancy and New born Complications.
 4 Years for all Pre-existing Conditions declared and/or accepted at the time of applying first policy
with us.

ANAYSIS OF THE PRODUCT

As I did the comparison of these 5 products of both Bajaj Allianz and HDFC ergo company I analysis that
both companies have great feature and benefits in their product. Both the companies are best competitor of
each other.

 The 1st product is Bajaj Allianz health guard and HDFC ergo optima secure. Both the product is most
popular and fast-growing product of both the companies. But optima secure give the 2x benefit, plus
benefit so I think optima secure is the best product to invest in comparison of both products.

40
  The 2nd product is Bajaj Allianz critical illness plan and critical illness insurance HDFC ergo. Bajaj
Allianz critical illness provide different sum insured option for different age group this is there USP.
Also, they provide 100 % payable benefit and profitability benefit also so as compare to HDFC Ergo
product so Bajaj Allianz product is very much recommendable for investment.
 The 3rd product is Bajaj Allianz health infinity and HDFC ergo optima restore. HDFC Ergo optima
restore provide post hospilisation of 180 days and Bajaj provide 90 days. also, HDFC provide 2x
multiplies benefit, 100 % restore benefit and also family discount to so HDFC product is
recommendable.
 The 4th product is Bajaj Allianz silver health plan for senior citizens and HDFC ergo optima senior.
Bajaj Allianz provide policy for age group of 46 to 70 years. Also they provide 5% family discount,
14 days reimbursement to Bajaj Allianz give the 12 month waiting period for both pre existing
disease and specified disease. In compare to HDFC ergo product give 2- and 3-years waiting period
so Bajaj Allianz senior citizen plan is best for a investment.
 The 5th product is Bajaj Allianz women specific critical illness and HDFC Ergo my health women
suraksha. Both the plan provides very much similar benefits and feature so both products are good
for a investment.

PRIMARY DATA COLLECTION AND ANYLSIS

For gaining more information of both of the company I have taken survey for collecting primary
information form people. In that I had prepare a google form and send it to my friends and family. The
question in questionnaire is give below

41
For this question I get 27 responses in that 51.9 % people think that health insurance is extremely important.
48.1 % people think that health insurance naturally important.

59.3% people are having health insurance coverage its indicate that people are aware about there health. in
think this is pure impact of covid 19.

42
54.5% of the people are investing in government company rather than private because they think
government company much more safer than private. In government company there investment will be safe.
45.5 % are investing in private because private company give more benefit.

Most of the people are investing in those policy which company have a less premium. 44% and 48% people
are investing in 500 and 1000 primum policy monthly. So less premium attract more people.

40% people are knowing the Bajaj Allianz insurance company and about their health insurance product.

43
53.8% people are knowing the HDFC ERGO general insurance company and about their health insurance
product.

69.2% people think that Bajaj Alliaze company and there product are best in compare to HDFC Ergo. So its
indicate that Bajaj Alliaze is best company and they have good goodwill in market.

44
FINDINGS AND KEY LEARNINGS

45
Form the Comparative analysis for health insurance product of HDFC Ergo and Bajaj Allianz following
finding have been given

1. Both the HDFC Ergo and Bajaj Allianz companies have big market share in whole insurance
industry.
2. Optima secure and optima restore are most profitable product of HDFC ergo.
3. HDFC Ergo have 99.8% claim settlement ratio in the year of 2022.
4. Bajaj Allianz each and every health insurance product is profitable to company.
5. Bajaj Alliaze have 98.2 % claim settlement ratio in the year of 2022.
6. In comparison of both products, I found that Bajaj Allianz is best company for investment they have
good market reputation.
7. An early entry to any policy is always beneficial
8. No medical required in the initial years.
9. Lesser premium is to be paid.
10. Insurance industry is on pick just of because of covid 19. After a covid 19 people came to know that
health insurance is very much important for them.

46
 11. Health insurance market is not able to attract younger generation of the society. So entry age-based
pricing might attract this group of customers. An individual insured at the age 30 and after 10 years
of continuous coverage the premium will be less than the other individual buying a policy at the age
of 40 for the first time.

KEY LEARNING
HOW THE HEALTH INSURANCE INDUSTRY WORK.

Health insurance industry is very big industry while doing this project I learn what thermology we should
keep in mind while taking the health insurance policy.

An investor should compare and analysis the product of many companies.

47
 CONCLUSION

Health insurance is a part of general insurance which contribute about 29% of premium amongst all
other sectors of general insurance. Health insurance in India typically pays for only inpatient hospitalization
and for treatment at hospitals in India. Outpatient services are not payable under health policies in India. The
first health policy in India was Mediclaim Policy. In 2000, the Government of India liberalized insurance
and allowed private players into the insurance sector. The advent of private insurers in India saw the
introduction of many innovative products like family floater plans, critical illness plans, hospital cash and
top-up policies.

Health insurance in India is an emerging insurance sector after life and automobile insurance sector.
Rise in middle class, higher hospitalization cost, expensive health care, digitization and increase in

awareness level are some important drivers for the growth of health insurance market in India.

By reviewing the policies of both the companies its has been noticed that which ever policy an
individual takes he or she need to take care of certain aspects of the policy

 Waiting period

48
  Entry age exit age
 Discount
 Potability of the policy
 Helpline effectiveness
 Buying process

In this project I compare and analysis both the company’s product and come to conclusion that Bajaj
Allianz give the more benefit facility to customer so Bajaj Allianz is comparatively best company to invest.
Both Health insurance companies needs to be optimistic and have courage to bring in innovation in the areas
of product, services and distribution system. Bring it to the fold as the safety net that smartly covers and craft
a health insurance plan befitting the need of the customers

BIBLIOGRAPHY
49
 Aubu, R. (2014), “Marketing of health insurance policies: a comparative study on public and private
insurance companies in Chennai city”, UGC Thesis, Shodgganga.inflibnet.ac.in.
 Chatterjee, S., Giri, A. and Bandyopadhyay, S.N. (2018), “Health insurance sector in India: a
study”, Tech Vistas, Vol. 1, pp. 105-115.

 Chauhan, V. (2019), “Medical underwriting and rating modalities in health insurance”, The Journal

of Insurance Institute of India, Vol. VI, pp. 14-18.

 Devadasan, N., Ranson, K., Damme, W.V. and Criel, B. (2004), “Community health insurance in

India: an overview”, Health Policy, Vol. 29 No. 2, pp. 133-172.
 https://www.hdfcbank.com/personal/insure/health-and-accident-insurance/hdfc-ergo-health-optima-
restore-plan
 https://www.bajajallianz.com/health-insurance-plans/individual-health-insurance-plans/buy-
online.html?

50
 src=CBM_0612472&utm_source=GoogleBrand&utm_medium=cpc&param1=Brand_Allianz_Healt
h_Mobile_Exact_Top5Location&param2=Medical_Ins+Exact&param3=bajaj%20allianz%20health
%20insurance&utm_content=SEM&gclid=CjwKCAjwrNmWBhA4EiwAHbjEQMnU1z4-
9zR7mLPFmjYiUlKMNZt2xWZEnqhbSMM5UB3vRTOz0Qr3xBoCEhMQAvD_BwE&gclsrc=aw.
ds

SUMMER INTERNSHIP PROJECT SYNOPSIS

Student Name: Aditi Dilip Kedari.

Class & Roll no. PG(B&F) – 20
Specialization: Banking and Finance.

1.PROJECT TITLE: “Comparative analysis for health insurance product of HDFC Ergo and
Bajaj Allianz.”

51
2.OBJECTIVE OF THE PROJECT:
 To better understanding the issue and strategies both the company.
 Help to know which company is better to make investment for investors.
 To understand which company, have better market position.

3.LIMITATION OF THE PROJECT:

 There is some information which are confidential in nature than cannot be availed for
the purpose of study.
 The finding and results are limited to Mumbai only which might not have reflected
their picture of entire Indian market.

4.METHODOLOGY TO BE USED:
Firstly, prepared questionnaire and then conduct the survey and collect the primary
data and responses and also use company’s web site and brochure for collecting the
secondary data.

5.SOURCE OF DATA
 Sources of primary data: Google form.
 Sources of secondary data: company’s website and various other.
 websites, and company’s product brochure.

6.PRIMARY DATA COLLECTION INSTRUMENT: Google form.

(Approved)
Date: 8 July 2022

Project Guide:
Name: Porf.Dr. Shama Shah.

Signature: __________________

52
 PROJECT PROGRESS REPORT

Name of the Student: Aditi Dilip kedari Class & Roll No.: (PGB&F)20

Project Guide: Dr. shama shah

Project Title: “Comparative analysis for health insurance product of HDFC Ergo and Bajaj Allianz.”

NEXT STUDENT PROJECT

SR.NO DATE TOPIC DISCUSSED MEETING SINGATURE GUIDE
DATE SINGATURE

53
54