1. Genetic Recombination of
Bacteria:
Genetic recombination occurs when genetic material is exchanged between two different chromosomes or between different regions within the same We can observe it in both eukaryotes and prokaryotes. Keep in mind that in most cases, in order for an exchange to occur, the sequences containing the swapped regions have to be.
The
following points highlight the economic importance of algae. They are:
1. Algae
Constitute the Link of Food Chain
2. Algae is
Useful in Fish Culture
3. Algae is
Used for Recreational Purposes
4. Algae is
Useful in Sewage Treatment Plants
5. Algae and
Water Supplies
6. Algae as
the Origin of Petroleum and Gas
7. Algae and
Limestone Formation
8. Algae is
Used in Space Research and Other Fundamental Studies
9. Algae is
Used as Food
10. Algae is
Used as Fodder
11. Algae is
Used as Fertilizers
12. Algae is
Used as Medicine
13. Industrial
Utilization of Algae
II
Economic Importance # 1. Algae Constitute the Link of Food Chain:
Both fresh and salt waters
contain an enormous variety of algae which constitute the fundamental or
primary link of many diverse food chains. Algae synthesize organic food stuffs,
just as do the plants of the land. As the flesh of the land is dependent upon
the activities of the green leaf, so the fish and other aquatic forms of animal
life are dependent, directly or indirectly, upon algae, and fish in turn are
important item in the daily diet of larger sea animals and man.
Economic Importance # 2. Algae is Useful in Fish Culture:
That algae are fruitfully
utilized in fish culture can very well be indicated from the successful culture
of the Siamese fish, Tilapia mossambica which is voracious feeder of
filamentous algae. This particular fish has been successfully introduced in
different parts of India. A culture of Scenedesmus is often exclusively used as
a daily dose of fish meal for the culture T. mossambica.
Economic Importance # 3. Algae is Used for Recreational
Purposes:
Certain selected algae are
grown in recreational areas like—lakes and streams along with fish.
Economic Importance # 4. Algae is Useful in Sewage Treatment
Plants:
Species of Chlamydomonas,
Scenedesmus, Chlorella and Euglena are used in sewage treatment plants for
providing through photosynthesis the oxygen necessary for rapid decomposition
of the sewage by bacteria.
Economic Importance # 5. Algae and Water Supplies:
ADVERTISEMENTS:
In
the summer months the phytoplankton in ponds, lakes and reservoirs may become
so abundant as to be extremely conspicuous. The water becomes cloudy and may
assume a yellowish or greenish tinge. A floating mat of scum may develop.
These
manifestations of algal growth are popularly termed ‘water bloom’. Such
concentrations of algae are extremely objectionable, not only in public water
supplies but also in waters used for bathing, fishing and other recreational
purposes.
Economic Importance # 6. Algae as the Origin of Petroleum and
Gas:
The origin of oil and gas
has been a matter of controversy, but it is now generally believed that, like
coal, these fuels owe their energy to photosynthesis in ancient plants. Unlike
coal, however, which was laid down in inland swamps, oil and gas were formed
from organic matter in marine environments.
Economic Importance # 7. Algae and Limestone Formation:
ADVERTISEMENTS:
Many
species of algae withdraw calcium from water, both fresh and salt, and deposit
it, in the form of calcium carbonate, in their cell walls or gelatinous
sheaths. The most significant forms in this category are the blue-greens and
reds, but certain green algae and flagellates are also concerned.
Economic Importance # 8. Algae is Used in Space Research and
Other Fundamental Studies:
In recent years Chlorella
is being used in space research. Chlorella has been found very suitable for
keeping the air in space vehicles pure on long interplanetary flights. The
stale air in which the carbon dioxide has been concentrated is fed into a
flood-lit container containing a mixture of water and nutrient chemicals and
Chlorella.
The alga restores oxygen
into the space vehicle by its photosynthesis. Again species of Chlorella,
Chlamydomonas, and Acetabularia are used as tools for solving fundamental
biochemical and genetical problems.
Economic Importance # 9. Algae is Used as Food:
Large number of algae have
entered into the diets of human beings from ancient times. The earliest records
are those of the Chinese, who mentioned such food plants as Laminaria and
Gracilaria in their ‘materia medica’ several thousand years ago.
Economic Importance # 10. Algae is Used as Fodder:
The orientals developed
wide human uses for marine algae, but Europeans profited by extensive use of
these plants for stock feed. In Iceland and Scandinavia, in the British Isles,
and along the coast of France, stock has long been driven or allowed to wander
to the seashore at low tide to feed on seaweeds.
Economic Importance # 11. Algae is Used as Fertilizers:
The value of seaweeds in
fertilizing the soil was discovered early in the history of agriculture in
coastal Asia, and by the ancient colonizers of the coasts and islands of
North-Western Europe. In some areas of Britain, and along the coast of
North-West France, the cutting of rockweeds for manure has been so intensively
practiced that it became necessary to regulate it by laws that have now been in
effect for nearly 100 years.
Economic Importance # 12. Algae is Used as Medicine:
Medicinal applications of
plants are almost as old as their food uses. From earliest times the Chinese
used Sargassum and various Lamina-riales for treatment of goiter and other
glandular troubles. Gelidium very early became employed for stomach disorders
arid for heat-induced illness.
3.PROCHLORON:-
Economic importance of Algae
Since from olden days
Algae species are intimately connected with human beings as a source food,
medicine and other uses. Algae are taking an active role in human beings.
1.
Primary Producers:
Algae are the main Oxygen producers in aquatic areas. They are also useful in
decreasing water pollution by realizing Oxygen. 10% of photosynthesis is
occurred by the algae in total photosynthesis quantity. With these activity
algae forms 1.6-15.5 x 10 to the power of 11 tones of carbonic material like
food.
2. Algae
as food:
Algae species are used as food in several countries in several forms. Algae
species have proteins, vitamins (A, B, C and E), lipids, and minerals.
Laminaria species is the important edible seaweed in Japan and the food item
‘Kombu’ is prepared from it. ‘Aonori’ from Monostroma; ‘Asakusa Nori’ from
Porphyra are prepared in different countries. Porphyra has 35% protein, 45%
carbohydrates, Vitamins B and C and Niacin. Nostoc is used as food material in
South America.
3. Algae
as fodder for cattle:
Rhodymenia palmate is used as food for sheeps in Narvey.
Laminaria saccharina, Pelvitia, Ascophyllum, etc. species are used as food for
cattles.
4. Algae
as fertilizers:
Blue-green algae are treated as bio-fertilizers from olden days. Nostoc,
Oscillatoria, Scytonema, Spirulina, etc. are used as fertilizers to rice
fields. All these algae are fixed the atmosphere Nitrogen in to ground.
Cultivation of Spirulina is gaining importance as feed for fish, poultry and
cattle.
5. Algae
in Pisi culture:
Sea algae are used as food for fishes. So they play an important role in Pisi
culture. Some green-algae, Diatoms, some blue-green algae are used as food
material to fishes. These are also making the water clean, by realizing Oxygen.
6. Algae in reclamation of alkaline or Usar soils:
Our country has more number of alkaline soils or sterile soils. Blue-green
algae like Nostoc, Oscillatoria, Scytonema, Spirulina are modified the soils in
to fertile soils. Because they fixed Nitrogen in to soil. Nearly they fixed 400
K.g. of Nitrogen per year. Soil erosion is also reduced by these algae.
7. Algea
in industry:
Iodine industry is mainly depended upon algae. Algae belonging to Phaeophyceae,
like Laminaria, Ecklonia, Eisenia, etc. are used in the industry to prepare
Iodine in industries. Phyllophora is used to prepare Iodine in Russia.
8. Alginates:
Alginates are the salts of alginic acid found in the cell wall of phaeophyceae.
Alginates are extracted from Fucus, Laminaria, Macrocystis and Ecklonia.
Alginates are used in the preparation of flame-proof fibrics, plastics, paints,
gauze material in surgical dressing, soups, ice creams etc.
9.
Agar-Agar:
Agar-agar is a jelly like substance of great economic value. It is obtained
from certain red algae like Gelidium, Graciliaria, and Gigartina. Agar is used
as a culture medium for growing callus in tissue culture.
10.
Carragheen or Carragheenin:
It is
extracted from cell walls of red algae like Chondrus and Gigartina. It is a
polysaccharide esterfied with sulphate. It is used as emulsifier in
pharmaceutical industry and also in textile, leather, cosmetics and brewing
industries.
11.
Diatomite:
Diatoms deposits at marine and fresh water areas. They are rich with silica. It
is called as diatomite. It is used in the preparation of Dynamite in olden
days. But now it is used in different industries like glass, metal polishing,
paints, tooth pasts, soups, etc.
12.
Funori:
It is a type of glue obtained from a red alga Gloipeltis furcata. It is used as
an adhesive as well as sizing agent for paper and cloth. Chemically it is
similar to agar-agar except that there is no sulphate ester group.
13.
Minerals:
The brown sea weeds popularly called as kelps yield potash, soda, and iodine.
Some sea weeds are rich source of iron, zinc, copper, manganese and boron.
Bromine is extracted from red algae such as Polysiphonia and Rhodymenia.
14.
Antibiotics and Medicines:
Antibiotic Chlorellin, obtained from Chlorella is effective
against a number of pathogenic bacteria. Extracts from Cladophora, Lyngbya can
kill pathogenic Pseudomonas and Mycobacterium. Laminaria is used as one of the
modern tools for abortion. Seaweeds have beneficial effect on gall bladders,
pancreas, kidneys, uterus and thyroid glands.
15. Role
of Algae in Sewage Disposal:
Some species like Chlamydomonas, Scenedesmus, Chlorella, Pondorhina, Euridina,
etc are living in sewage water. They are mainly useful to clean the water by
realizing Oxygen. They also modified the carbonate material in the water into
N, P, K fertilizers.
16.
Algae as research material:
In biological research algae are useful because of their rapid growth, brief
life span and easy mode of cultivation. Chlorella, Scenedesmus and Anacystis
are used in investigations in photosynthesis. Blue-green algae are used in
studies on nitrogen fixation. Researches in Genetics and Cytology are carried
out on Acetabularia.
17.
Algae in Space:
Chlorella and Synechococcus are finding application in space ships and nuclear
submarines as oxygen regenerating and food and water recycling organisms.
Harmful
aspects of Algae
Some
algae species like Microcystis, Lyngbya are develop water blooms in water
areas. They secrete toxic materials into water. That they polluted the water.
The algae, Cephaleuros virescence causes for red rust tea in tea plant.
Some algae species are caused for some skin diseases.
Dianophlagellate is caused for the death of fishes in water.
NO.3:-
Evolution of green algal
chloroplasts from Prochloron in terms of endosymbiotic theory
Evolutionary pathways for the
origin of plastids (chloroplasts) in support with the endosymbiotic hypothesis is
one of the most interesting and complex problems in the field of evolution and
development. It was a great finding to discover a bacterium like Prochloron which
contains all the light harvesting pigments which are present in chloroplasts.
All green algae have chl b so
the common ancestor of all green algae must be having chl b.
According to the endosymbiotic theory this common ancestor should have been
the host of
the previously free-living symbiotic bacterium (prokaryotic alga) which
ultimately developed into a chloroplast. Hence the green algae must have
acquired their plastids from the endosymbiosis of
a photosynthetic
bacteria having chl b (such as Prochloron).
It is believed that the outer membrane of the chloroplast envelope represents
the vacuolar membrane of the host cell and the inner membrane represents the
cell membrane of the photosynthetic bacteria.
The unique photosynthetic
machinery of Prochloron among cyanobacteria make them
fascinating to scientists who investigate the evolution of the characters in
photosynthetic organisms. Learning more about the genetics of Prochloron will
help researchers to determine relationships between these bacteria and other
photosynthesizers, especially because of their distinct functional and
structural photosynthetic features.
Prochloron cells
are structurally
comparable to the photosynthetic machinery of green plastids, having the
thylakoids placed in the cytoplasm of the bacterial cells (Fig.). This feature
forms the bases for the assumption that Prochloron is similar to
the symbiotic
bacteria which evolved into the first chloroplast within
the autotrophic eukaryotes. The light harvesting pigment composition of Prochloron has
similarity with both cyanobacteria and chlorophytes. In terms of
endosymbiotic theory, it was proposed that Prochloron or
its ancestor is the most probable precursor of the chloroplast found in
photosynthesizing eukaryotes.
Land plants like green algae
also have chloroplast surrounded by a double membrane and their chl b containing
chloroplasts, too can be assumed to have arisen originally by the symbiosis
of Prochloron-like prokaryotic
cells.
Figure: Endosymbiotic
origin of Chloroplast (A) Primary endosymbiosis involving a non-photosynthetic eukaryote and
a Prochloron- like cyanobacterium containing
Chl a & Chl b,
(B) Schematic diagram of a chloroplast containing cell, chloroplast is
structurally comparable to the Prochloron like cyanobacterium.
The outer membrane of the chloroplast envelope represents the vacuolar membrane
of the host cell and the inner membrane represents the cell membrane of the
cyanobacterium. Where: Nu, nucleus; Cy, cytoplasm; SP, secretory pathway; Mt,
mitochondrion.
Figure: Prochloron cells
are structurally comparable to the photosynthetic machinery of green plastids,
having the thylakoids placed at the periphery in the cytoplasm of the bacterial
cells
4. T4 PHAGE
:-
T4 Phage
is a bacteriophage that infects Escherichia
coli bacteria. The T4 phage is a member of the T-even phages, a group including
enterobacteriophages T2 and T6. T4 is capable of undergoing only a lytic lifecycle and
not the lysogenic lifecycle.
Genome and
structure
The
T4 phage's double-stranded DNA genome is about 169 kbp long[1] and encodes 289
proteins. The T4 genome is terminally redundant and is first replicated as a unit, then several genomic
units are recombined end-to-end to form a concatemer. When packaged, the
concatemer is cut at unspecific positions of the same length, leading to
several genomes that represent circular permutations of the original.
DIAGRAM:-
|
PHAGE
T4 |
|
5.SHAPE OF BACTERIA:-
Bacteria are single-celled microorganisms with prokaryotic
cells, which are single cells that do not have organelles or a true nucleus and
are less complex than eukaryotic cells. Bacteria with a capital B refers to the
domain Bacteria, one of the three domains of life. The other two domains of
life are Archaea, members of which are also single-celled organisms with
prokaryotic cells, and Eukaryota. Bacteria are extremely numerous, and the
total biomass of bacteria on Earth is more than all plants and animals combined.
6. Life Cycle of Ectocarpus
Family Ectocarpaceae of Phaeophyta:
Plants are filiform and
more or less branched, or sub-simple from a creeping, penetrating, or disciform
base; generally uniseriate but occasionally some segments in the lower part with
one or two longitudinal septa; reproductive organs lateral, replacing
branchlets, or intercalary from transformed vegetative cells.
Genus Ectocarpus of Phaeophyta:
This is one of the
best-known brown algae containing many species. It is a marine alga of
world-wide distribution being abundant particularly along the Atlantic Coast
but rather scarce along the Pacific Coast. The plant body is composed of an
irregularly prostrate portion and small sparsely or profusely branched
filaments which grow upright in tufts
They may also taper into hairs. Plants are
usually attached to other submerged plants, sometimes to stones or similar
other objects. The individual cell uninucleate and contains plate-like or
band-shaped chloroplast with or without pyrenoids. Growth of the prostrate
system is apical, but that of erect threads shows considerable diversity.
Apical growth is rather rare in the erect threads.
The alga has an isomorphic,
alternation of generations, the gametophyte and the spoiophvte being essentially
alike in appearance. The gametophyte produces plurilocular gametangia. The
plurilocular gametangium is an elongated structure which develops from the
terminal cell of a lateral branchlet (Fig. 102 D to F).
The protoplast of each
cell is metamorphosed into a single pear-shaped swarmer with two laterally
inserted unequal flagella having the longer one directed forward and the
shorter in the backward direction. Liberation of the swarmer is through a pore
on the cell wall (Fig. 103A). The swarmer’s are the same size and
morphologically similar behaving as gametes.
But some are less active
and become passive after a short time. The more active ones cluster around the
relatively passive one and fix themselves to it by their forwardly directed
flagella. But fusion takes place between the passive one and the one of the
more active gametes to form a zygote. This method of fusion and clustering of
the active gametes around the passive one is known as the clump formation
(Fig. 103 B to F).
The zygote so formed
germinates- directly producing a diploid plant—the sporophyte which resembles
in every respect, the gametophyte that has produced plurilocular gametangia,
only difference being the diploid plant bears plurilocular sporangia also known
as neutral sporangia (Fig. 104), and more or less oval unilocular sporangia
(Fig. 102B to C) that are developed with an enlargement of the terminal cells
of short lateral branchlets.
The single nucleus of the
young unilocular sporangium divides and redivides producing 64 nuclei. The
first division of the nucleus is reductional and the rest being equational.
With the completion of the nuclear division there is a cleavage into
uninucleate protoplasts
Each protoplast then
metamorphoses into a pear-shaped zoospore. The zoospores (Fig. 103G) resemble
gametes, but differ in their behaviour by producing haploid individuals, the
gametophytes.
Again the plurilocular
sporangia borne on the sporophytic plant resemble morphologically the
plurilocular gametangia, but they produce diploid zoospores and not gametes
(Fig. 104). Each mature plurilocular sporangium consists of vertical rows of
many small cubical cells or compartments. The protoplast of each compartment is
metamorphosed into a single biflagellate zoospore.
No reduction division takes
place during zoospore formation, hence all the zoospores are diploid. These
diploid zoospores and the haploid zoospores produced in the unilocular
sporangia are morphologically indistinguishable. The diploid zoospores
germinate to give rise to diploid individuals which bear plurilocular and
unilocular sporangia.
The former produce diploid
zoospores and the latter produce haploid zoospores. The haploid zoospores
produce the haploid individuals—the gametophytes. Whereas, the diploid zoospores
serve to multiply the diploid individuals—the sporophytes. This is how the life
cycle is completed (Fig. 104).
This typical life cycle of
Ectocarpus exhibits morpholigically identical filaments representing sporophyte
and gametophyte—isomorphic alternation of generations.
The filaments can only be
differentiated from each other through cytological studies and the nature of
reproductive structure a particular filament bears. The filament produced by
the germination of haploid zoospore bears pluriloculcar reproductive structure
which produces gametes, is the gametophyte, and its cells are haploid.
While the one formed by the
direct germination of the zygote bearing unilocular sporangia and plurilocular
sporangia is the sporophyte having diploid cells.
Reduction division takes
place during the production of zoospores in the unilocular sporaxlgia which
behave as zoosporangia. This type of life cycle has a great resemblance with
the life cycle of the green alga Ulva. Besides this, the nature and development
of swarmer’s in Ectocarpus possibly throw light on the origin of sex in algae.
The gametes and zoospores
are similar in structure, only difference being in their behaviour. It has been
thoroughly investigated in Ectocarpus siliculosus that environmental
conditions, probably temperature commonly inhibit the development of one of the
two generations. During warmer part of the year haploid filaments producing
gametangia and gametes are developed.
While during colder part
diploid filaments bearing unilocular and plurilocular sporangia are produced.
Knight, Kylin and others
working on Ectocarpus siliculosus got some interesting results. They found
diploid plants bearing both unilocular and plurilocular reproductive structures
having a reduction division in the former and none in the latter. They named
the plurilocular reproductive structures as neutral sporangia. The neutral
sporangia produce diploid swarmers which germinate to form sporophytes.
Whereas, the unilocular
sporangia produce haploid zoospores. Zoospores from unilocular sporangia
develop into gametophytes (Fig. 105).
V
LIST OF THE
TABLES
Table 3 : Income wise classification This study has been
carried out with the view to analyze the performance of Shriram life insurance
through the psychological aspects of investors in the competitive insurance
Sector. It will assist the management in making better strategies to have a
sustainable competitive edge in the industry. The main aim of the study is to
carry out a comparative analysis of Shriram life insurance with its rival
company Bajaj Allianz life insurance.
through the company policies on their performance.
Secondary data from various sources The inference drawn from the study was
that, the customer gives importance to not only to company’s publicity and
quality of advisors, but also to their perceptions while making an investment
decision. Another finding was that training and awareness is highly related to
advisor’s impassive performance in their convincing approach.
An
observation points to the fact that the organization must focus on quality of
life advisors in addition to quantity . company should favor 19
Table 4:
Member wise classification 20
Table 5 :
Investment Area 21
Table 6 :
Priorities of investment 22
Table 7 :
Investment reasons 23
Table 8 :
Performable investment 24
Table 9 :
Interested in Traditional plan 25
Table 10 :
Level of annual investment 26
Table 11 :
Choosing of insurance policy 27
Table 12 :
Investment Sectors 28
Table 13 :
Investment Plan Bajaj Allianz 30
5.1Findings 31
5.2 Suggestion 32
5.3 Conclusion 33
5.4 Limitations of the study 33
Appendix 34
Reference /
Bibliography 36
1.Introduction 1
1.2Objective of the Study 2
1.3Scope of the Study 2
1.4Company Profile 3
Chapter – II
2.Literature Review 10
Chapter – III
3.Research Methodology 16
Chapter – IV
4.Data Analysis and Interpretation 17
Chapter – V
5.Findings, Suggestions and Conclusion 31
Table No. Table Name Page
Table 1 :
Age wise Classification 17
Table 2 :
Occupation wise classification 18
VI
CHAPTER – I
Subject
title Page
No.
Certificate of the corporate guide i
Certificate of the faculty guide ii
Declaration of the student iii
Acknowledgements iv
Executive Summary v
Table of contents vi
List of Table vii
List of figures viii
Chapter – I
INTRODUCTION
The scope
of the study of insurance industry of India would be very great as there are ongoing Developments in the
industry after the opening of the sector. Right now the insurance industry has
great opportunities in a country like India or China which huge population.
Also the penetration of insurance in India is very low in both life and non-life
segment so there is lot potential to be tapped.
Insurance
constitutes one of the major segments of the financial market. Insurance
services play predominant role in the process of financial Intermediary. Today
insurance industry is one of the most growing sectors in India. There is lot of
potential in the Indian insurance industry.
The life
insurance industry has an enviable track record among public sector units. It
has a consistent profit and dividend paying record accompanied by a steady
growth in its financial resources. Through investments in the Government sector
and socially-oriented sectors the industry has contributed immensely to the
nation’s development. The industry is recognized as one of the largest
financial institutions in the country.
Basically
people make varied form of investment for creating wealth, to protect their5
families against pre-mature death and to protect income against disability,
sickness or critical illness.
The main
motive of the individuals investing is receives benefits U/S 10/10D. People
generally consider insurance as a tax saving device.
Mostly
people prefer time to time form of investment as they are not willing to
take high degree of risk.
OBJECTIVE OF STUDY
v To have a
detailed understanding of Shriram Life Insurance and Bajaj Allianz Life
Insurance.
v To find out
various reasons considered while investing in policies.
v To get
knowledge about the market exposure and future prospects about Shriram Life
Insurance.
v To know the
perception of the consumers about the life insurance.
v To analyze
the Traditional plans of Shriram Life Insurance and compare it with Bajaj
Allianz.
v To know
about the brand awareness of Shriram Life Insurance, its customer preferences
over Bajaj Allianz in the market.
v To study a
proper knowledge about the life insurance industry.
v To
understand the consumer choice while investing in policies.
SCOPE OF THE STUDY
1. This helps
in finding out vast potential of insurance company.
2. The study
was conducted in National Capital Region (NCR) only.
3. The number
of respondents to be surveyed can be improved.
4. This study
was conducted b y comparing the performances & products of three private
& government insurance players in insurance industry.
5. This study
was conducted to analyze the market stand of Shriram Life insurance Company
limited and Bajaj Allianz Life Insurance Company Limited of India insurance
companies.
6. This study
is done to eliminate all the myths which people have in their minds regarding
insurance Sector.
PROFILE OF THE COMPANY
SHRIRAM LIFE INSURANCE
Shriram
Life Insurance was incorporated in 2005 and it commenced business in 2006.
Since the first year of operations, the company made profits in the first three
consecutive years becoming the only private life insurer to have achieved the
distinction. Compared to industry pees after 7 years of operation, Shriram Life
insurance was the most profitable life insurance company in the country. The
company’s performance stands out in efficient use of capital and low cost of
operations. In line with group by taking life insurance to the section where it
si needed the most – the “AAM AADMI’ (Common Man). The founders have always
maintained a firm focus in the rural market sine they put their first step in
1974 towards building the group. The standing committee of parliament on
insurance, headed by Honorable member of Rajya-Sabha Dr. Maya Singh has
applauded Shriram Life’s sincerity towards business through socially weaker
segment and policies sold in rural areas. Shriram Life generates more the 40%
of its business through the segment, again a confirmation of the business
model. The company also has an outstanding Underwriting record; Underwriting
Profits have emerged every year without a break. Shriram Life was awarded the
best “Underwriting Initiative of the Year” at ‘Stars of the Industry awards by
94.3 My FM’ for innovation in relaxing the underwriting standards to suit the
customer base. The company is poised to make further growth the achieve bigger
milestones in the year to come.
Vision
Empowering
everyone live their dreams
Mission
Create
unmatched value for everyone through dependable, effective, transparent and
profitable life insurance and pension plans.
BAJAJ ALLIANZLIFE INSURANCE
Bajaj
Allianz Insurance Company limited is a joint venture between two leading
conglomerates Bajaj Auto Limited and Allianz AG company. Whose total asset
value is of Rs. 5900000 cr. Bajaj wealth as of now is Rs. 8000 cr. Group in
India. 55 years of experience, 4th largest group in the world. Above 15000
employees, largest 2 & 3 wheeler manufacture in India. Allianz established
in 1890, who has 115 years of experience in financial year, Bajaj Auto is one
of the most trusted name is Indian auto for over 55 years. At Bajaj Allianz
customer delight is our guiding principle. Ensuring world-class solutions by
offereing customized products with transparent benefits, supported by best
technology is our business phi9losophy. Notwithstanding the recession and a volatile
stock market, Bajaj Allianz life insurance posted a profit of Rs 45 cr for
financial year 2009 against a loss or Rs 16cr. In the previous year.
The company
new business premium fell to Rs 4491 cr. In the yer against Rs6674 cr. Recorded
in the last year. We have been able to make a profit of profit of Rs 45 cr.
Even in these difficult times. Our new business premium declined by 30% to Rs
4491 cr. Because the stock market declined and we didn’t open any new office in
FY 09,” Bajaj Allianz country manager and Bajaj Allianz life insurance CEO
Kamesh Goyal said. Bajaj Allianz life insurance has around 1200 offices and the
company would not increase the number this year too, Goyal said. The company’s
renewal premium grew by more than 100% to Rs 6133 cr. In the 2008-2009 as
compared to Rs 3051 cr. In the previous fiscal year, he said. In the year,
Bajaj Allianz life insurance issued 29 lakh policies which were the second
largest in the industry.
Vision
v To be the
first choice insurer for customers.
v To be the preferred
employer for staff in the insurance industry.
v To be the
number one insure for creating shareholder value.
Mission
As a
responsible, customer focused market
leader, we will strive to understand the insurance needs of the
consumers and translate it into affordable products that deliver value for
money.
TRADITIONAL PLANS OF THE COMPANY
TRADITIONAL PLAN OF SHRIRAM LIFE
INSURANCE
Life
insurance products are designed to suit the requirements of customers.
Fundamentally the product provide for:
v Risk cover
v Investment
v Health
cover
In every
product, to a certain degree, risk cover is imperative for it to fall under the
category of insurance. Based on the coverage of the product, the premiums are
calculated and the customer pays accordingly. In order to suggest the right
product, it is essential for an agent to understand the requirements of the
customer well.
The
traditional plans of the company have the following feature:-
v Fixed
Tenure.
v Potential
for better returns
v Transparency
v Flexibility
in investment
v Flexibility
to invest more
v Flexibility
to skip the premium
v Flexibility
to choose the cover
v High
liquidity
v Age, term,
and sum assured decide the amount of premium.
v Top-ups and
switches are not allowed
Shriram
Life Insurance Company Limited has offered 9 Traditional plans to the
customers, which are listed as follows:
1. Shriram
Term Plan
2. Shriram
Whole Life Plan
3. Shriram
Endowment Plan
4. Shriram
Special Endowment Plan
5. Shriram
Cash Flow Plan
6. Shriram
Credit Guadian Plan
7. Shriram
Speical Credit Guardian Plan
Each of the
above traditional plans is discussed as follows:
1)
Shriram
term Plan :-
This
insurance policy is designed for those
who only want life cover for the protection of their family, and do not
wish to save for themselves. It can also be useful to business firms that wish
to provide financial security to their business against the sudden loss of
partners or valuable manpower. Since there is no saving element or bonus
provision, the premium is very low.
Hence, this
is a high-risk plan with a low premium.
Features:-
a. Purely a
term plan
b. Entry age
minimum 18 years and maximum 65 year
c. Maximum
premium pauing term is 30 year
d. Loan
facility N.A
e. Maturity
amount = sum assured
2)
Shriram
Whole Life Plan :-
This
insurance policy is designed for people who do not wish to avail of any
benefits themselves but wish to create an immediate estate to protect their
family by availing of insurance cover on their life at a very low cost.
Features:
a. It is a
whole life insurance policy with profits
b. Low cost
life cover
c. Maturity
age is 85 year or 99 years last birthday as chosed
d. Maturity
amount = sum assured + Vested bonus
e. Tax benefit
is available
3)
Shriram
Endowment Plan:-
Shriram
Life Insurance’s Shriram Endowment Plan is the key to all your financial needs.
It is an inexpensive and easy way to protect you, your family or your business.
In a
nutshell this plan will keep you financially prepared for all the special
occasions in your life-your daughter’s wedding, your child’s university
education or even a new office for your business – by eliminating the burden
that a shortage of money creates.
In the
event of your untimely death, Shriram Endowment plan will also assist your
loves ones through this difficult time by the financial support that it
provides.
Shriram
Endowment Plan also give you the
additional benefit of participating in the company’s profits, which you will
receive at the end of the policy period.
Features:
a. Entry age
minimum is 5 year and maximum 65 year
b. Maturity
age minimum is 18 year and maximum 75 year
c. Minimum
premium paying term is 5 year and maximum 35 year in case of regular and in
case of single 15 year
d. Minimum sum
assured is Rs. 25,000 or as determined by the minimum premium
e. Maximum sum
assured is Rs. 5,00,000 ( entry age below 18 years and no limit for entry age
18 and above )
f.
Premium mode annual, half yearly, quarterly and
monthly ( by salary deduction only)
g. Loan up a
90% of the surrender value of the policy
h. Maturity
amount = Guaranteed sum assured + Reversionary bonus
4)
Shriram
Special Endowment Plan:-
This
insurance policy is designed for people who wish to combine savings with
extended security. The unique feature of this policy is that life protection
continues for five years after you have stopped the payment of premium. Payment
of sum assured at the end of premium paying term and extension of life ocer
thereafter for the full sum assured for a period of 5 year, are characteristics
of the policy. This plan also participates in the profits.
Features:
a. Entry age
minimum 12 year and maximum 65 year
b. Minimum sum
assured is Rs. 25,000
c. Minimum
premium paying term is 10 year and maximum 40 year.
d. Unique
feature of this policy is that five year life protection continues after you
have stopped the payment of premium
e. Tax benefit
is available
f.
Under this policy bonus is compounded yearly
g. Loan
facility is available
h. Maturity
amount = Full sum assured before maturity date +Vested bonus ate the time of
maturity data.
TRADITIONAL PLANS OF BAJAJ ALLIANZ LIFE INSURANCE
1.
ENDOWMENT
PLAN
Saving
plan, which offer bonuses, are excellent long term plan with complete safety.
Our products offer additional benefits which include 4 times life cover at a
little extra cost, limited premium payment terms and compounded revisionary
bonuses making it a very good long term investment.
v Invest Gain
v Save Care
Economy SP
v Life Time
Care
v Super Saver
1.
Bajaj
Allianz Invest Gain
Invest Gain
is a specially designed plan that offers a unique combination of benefits that
help you develop a sound financial portfolio for your family.
4 Times
Life cover at a little extra Cost.
Limited
premium payment option available.
Additional Benefits:
A. Accidental
Death Benefit and Disability Benefit.
B. Critical
illness Benefit and Hospital Cash Benefit.
C. Family
Income Benefit: in case of death or accidental total permanent disability of
insured, all future premiums are waived and 1 % of the sum assured is pain
monthly
2.
Bajaj
Allianz save Care Economy SP
A one –
time payment investment plan that provides for savings with high risk cover for
10 years and also participates in the profits of the company. It offers you
high risk cover with easy liquidity and high returns.
a. A Single
premium endowment plan that participates in the profits.
b. 10 year
investment plan.
c. Benefits payable
on maturity.
d. Loans
available.
3.
Bajaj Allianz
life time care
A whole
life plan, which provides survival benefits at the age of 80, thereby making
sure you are financially secure at the time when you need it the most.
Additional Benefits.
a. Accidental
Death cover and Disability cover.
b. Critical illness
cover and Hospital Cash Cover.
c. Waiver of
Premium Benefit.
4.
Bajaj
Allianz Super Saver Plan
Bajaj
Allianz Super Saver is a regular premium endowment plan, which helps you save
regular amounts for a safer tomorrow. It also provides you with extra benefits
of Guaranteed Additions to your sum assured, at the end of each policy year.
II – MONEY BACK PLAN
Money back plans are Traditional
Insurance Plans that provide the investor with returns at regular stage of
life.
1.
Bajaj
Allianz Cash Gain Plan
A Money
back plan which guarantees 125% payout + bonuses.
Quadruple
life cover.
5 easy
payouts which give up to 125% + bonuses
Additional Benefits:
a. Accidental
Death Benefit and Disability Benefit.
b. Critical
Illness Benefit and Hospital Cash benefit.
c. Family Income
Benefit: in case of death or accidental total permanent disability of insured,
all future premiums are waived and 1% of the sum assured is paid monthly.
CHAPTER – II
LITERATURE REVIEW
MEANING OF INSURANCE
Insurance
may be described as a social device to reduce or eliminate risk of loss to loss
to life and property. Insurance is a collective bearing of risk. Insurance is a
financial device to spread the risk and losses of few people among a large
number of people, as people prefer small fixed liability instead of big
uncertain and changing liability.
Insurance
can be defined as a “legal contract between two parties whereby one party
called insurer undertakes to pay a fixed amount of money on the happening of a
particular event, which may be certain or uncertain.” The other party called
insured pays in exchange a fixed sum known as premium.
Insurance
is desired to safeguard oneself and one’s
family against possible losses on account of risks and perils. It
provides financial compensation for the losses suffered due to the happening of
any unforeseen events.
IMPORTANCE OF INSURANCE
Insurance
constitutes one of the major segments of the financial market, Insurance
services play predominant role in the process of financial intermediary. Today
insurance industry is one of the most 0growing sectors in India. There is lot
of potential in the Indian Insurance Industry.
There are
many issues, which require study. The scope of the study of insurance industry
of India would be very great as there are ongoing developments in the industry
after the opening of the sector. One of the major issues is the effects on LIC
after the entry of private players in the market. Through Market share of LIC
has been affected, it has improved in terms of efficiency.
There are
number of other hot topics like penetration of Health Insurance, Rural
marketing of insurance, new distribution channels, new product ranges,
insurance broker’ regulation, incentive scheme of development officers of LIC
etc. so it offers lot of scope for studying the insurance industry.
Right now
the insurance industry has great opportunities in a country like India or Chine which huge population. Also
the penetration of insurance in India is very low in both life and non-life
segment so there is lot potential to be tapped. Before starting the discussion
on insurance industry and related issues, we have to start with the basics of insurance. So
first we understand what is insurance? How the word ‘insurance’ is different
form the word ‘assurance’? Etc.
HISTORY OF INSURANCE
The concept
of insurance is believed to have emerged almost 4500 year ago in the ancient
land of Babylonia where traders used to bear risk of the caravan by giving
loans, which were later repaid with interest when the goods arrived safely. The
concept of insurance a we know today took shape in 1688 at a place called Lloyd’s
Coffee House in London where risk bearers used to meet to transact business.
This coffee house became so poplar that Lloyd’s became the one of the first
modern insurance companies by the end of the eighteenth century.
Marine
insurance companies came into existence by the end of the eighteenth century.
These companies were empowered to write fire and life insurance as well as marine.
The Great Fire of London in 1966 cased huge loss of property and life. With a
view to providing fire insurance facilities. Dr. Nicholas Barbon set up in 1967
the first fire insurance company known as the fie office. Life insurance in its
modern form came to India from England in 1818. The Oriental Life Insurance
Company was the first insurance company to be set up in India to help the
window of European community. The
insurance companies, which came into existence between 1818 and 1869, treated Indian
lives as subnormal and charged an extra premium of 15 to 20 per cent. The first
Indian insurance company, the banbay Mutual Life Assurance Society came into
existence is 1870 cover Indian lives at normal rates.
The
Insurance Act, 1938 the first comprehensive legislation governing both life and
non-life branches of insurance were enacted to provide strict state control
over insurance business. This amended insurance act looked into investment,
expenditure and management of these companies. By the mid-1950s there were 154
Indian insurance business flourished and so did scams, irregularities and
dubious investment practices by scores of companies. As insurance Corporation
of India (LIC) was set up in 1956. The nationalization of life insurance was
followed by general insurance in 1972.
MEANING OF LIFE INSURANCE
There are
there parties in a life insurance transaction: the insurer, the insured, and
the owner of the policy (policyholder) although the owner and the insured are
often the same person. Another important person involved in a life insurance
policy is the beneficiary. The beneficiary is the person or persons who will
receive the policy proceeds upon the death of the insured.
Life
insurance may be divided into two basic classes – term and permanent.
v Term life
insurance provides for life insurance coverage for a specified them of years
for a specified premium. The policy does not accumulate cash value.
v Permanent
life insurance is life insurance that remains in force until the policy
matures, unless the owner fails to pay the premium when due.
v Whole life insurance provides
for a level premium, and a cash value table included in the policy guaranteed by the company. The
primary advantages of whole life are guaranteed death benefits; guaranteed cash
values, fixed and known annual premiums, and mortality and expense charge will
not reduce the cash clue shown in the policy.
v Universal life insurance (UL) is a
relatively new insurance product intended to provide permanent insurance
coverage with great flexibility in premium payment and the potential for a
higher internal rate of return. A universal life policy includes a cash
account. Premiums increase the cash account. If the want insurance protection
only, and not a savings and investment product, buy a term life insurance
policy.
If
you want to buy a shale life, universal life, or other cash value policy, plan
to hold it for at least 15 years. Canceling these policies after only a few
years can more than double your life insurance costs.
HISTORY OF LIFE INSURANCE
Risk
protection has been a primary goal of humans and instituting throughout
history. Protecting against risk is what insurance is all about.
Over
5000 years ago, in China, insurance was seen as a preventative measure against
piracy on the sea. Piracy, in fact, was so prevalent, that as a way of speeding
the risk, a number of ships would carry a portion of another ship’s cargo so
that if one ship was captured, the entire shipment would not be lost.
In
another part of the world, nearly 4,500 years ago, in the ancient land of
Babylonia, traders used to bear risk of the caravan trade by giving loans that
had to be later repaid with interest when the goods arrived safely.
Life
insurance came about little later in ancient Rome, where burial clubs were
formed to cover the funeral expenses of its members, as well as help survivors
monetarily. With Rome’s fall, around 450 A.D most of the concepts of insurance
were abandoned, but aspects of it did continue through the Middle Ages,
particularly with merchant and artisan guides. These provided forms of member
insurance covering risk like fire, flood, theft, disability, death, and even
imprisonment.
During
the feudal period, early forms of insurance ebbed with the decline of travel
and long distance trade. But during the 14th to 16th
centuries, transportation, commerce, and insurance would again reemerge.
Insurance
in India can be traced back to the Vedas. For instance, yogakshema, the name of
Life Insurance Corporation of India’s corporate headquarters, is derived from
the Rig Veda. The term suggests that form of “community insurance” was
prevalent around 1000BC and practiced by the Aryans
And
similar to ancient Rome, burial societies were formed in the Buddhist period to
help families build houses, and to protect windows and children.
Modern Insurance
Illegal almost everywhere else in Europe, life
insurance in England was vigorously promoted in the three decades following the
Glorious Revolution of 1688. The type of insurance we see today owes its roots
to 17th century England. Lloyd’s of London, or as they were known
then, Lloyd’s Coffee House, was the location where merchants, ship owners and
underwriters met to discuss and transact business deals.
While serving as a means of risk-avoidance, life
insurance also appealed strongly to the gambling instincts of England’s
burgeoning middle class.
Gambling
was so rampant, in fact, that when newspapers published names of prominent
people who were seriously ill, bets were placed at Lloyd’s on their anticipated
dates of death. Reacting against such practices, 79 merchant underwriters broke
away in 1769 and two years later formed a “New Lloyd’s Coffee House” that
became known as the “real Lloyd’s “ Making wagers on people’s deaths ceased in
1774 when parliament forbade the practice.
Insurance move to America.
The U.S
insurance industry was built on the British Modal. The year 1735 saw the birth
of the first insurance company in the American colonies in
Charleston, SC, the Presbyterian Synod of
Philadelphia in 1759, sponsored the first life insurance corporation in America
for the benefit of ministers and their dependents. And the first life insurance
policy for the general public in the United States was issued, in Philadelphia,
on May22, 1761
In 1835 the infamous New York fire drew people’s attention to the need to
provide for sudden and large losses. Two years later, Massachusetts became the
first state to require companies by low to maintain such reserves. The great
Chicago fire of 1871 future emphasized how fires can cause huge losses in
densely populated modern cities. The practices of reinsurance, wherein the
risks are speed among several companies, was devised specifically for such
situations. With the creation of the automobile, public liability insurance,
which first made its appearance in the 1880’s gained importance and acceptance?
More advancement
was made to insurance during the process of industrialization. In 1897 the
British government passed the Workmen’s Compensation Act. Which made it
mandatory for a company to insure its employees against industrial accidental.
During the 19th century, many societies were founded to insure the
life and health of their members, while fraternal orders provided low-cost,
members only insurance. Even today, such fraternal orders continue to provide
insurance coverage to members, as do most labor organization. Many employers
sponsor ground insurance policies for their employees, providing not just life
insurance, but sickness and accident benefit and old-age pension. Employees
contribute a entrain percentage of the premium for these policies.
BENEFITS OF LIFE INSURANCE
1. Risk cover
– life insurance contracts allow an individual to have a risk cover against any
unfortunate event of the future
2. Tax
Deduction – Under section 80C of the income Tax Act of 1961 one can get tax
deduction on premiums up to one lakh rupees. Life insurance policies thus
decrease the total taxable income of an individual.
3. Loans- An
individual can easily access loans from different financial institution by
pledging his insurance policies.
4. Retirement
Planning – What had provided protection against the financial consequences of
premature death may now be used to help them enjoy their retirement years.
Moreover the cash value can be used as an additional income in the old age.
5. Educational
Needs – Similar to retirement planning the cash values that flow from ones life
insurance schemes can be utilized or educational needs of the insurer or his
children.
ROLE OF LIFE INSURANCE IN THE GROWTH OF THE ECONOMY
The life
insurance industry has an enviable track record among public sector units. It
has a consistent profit and dividend paying record accompanied by a steady
growth in its financial resources. Through investments in the Government sector
and socially- oriented sectors the industry has contributed immensely to the
nation’s development. The industry is recognized as one of the largest
financial institutions in the country. The ventures initiated by the industry
in the areas of Mutual Fund, Housing Finance has done exceedingly well in
recent years. To protect the country’s foreign exchange reserves, the
reinsurance arrangement are so organized that maximum retention is made
possible within the country while at the same time protecting interests of the
policy holder.
ROLE OF IRDA
MISSION
“To protect
the interests of the policy holders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected therewith or
incidental thereto”
The
insurance Act, 1938 had provided for setting up of the controller of insurance
to act as a strong and powerful supervisory AND REGULATORY AUTHORITY FOR
INSURANCE. POST NATIONALIZATION, THE ROLE OF Controller of Insurance diminished
considerably in significance since the government owned the insurance
companies. But the scenario changed with the private and foreign companies foraying
in to the insurance sector. This necessitated the need for a strong,
independent and autonomous insurance Regulatory Authority was felt. As the
enacting of legislation would have taken time, the then Government constituted
through a government resolution an Interim insurance Regulatory authority
Pending the enactment of a comprehensive legislation.
The
insurance Regulatory and Development Authority Act. 1999 is an act to provide
for the establishment of an Authority to protect the interest of holders of
insurance policies, to regulate, promote and ensure orderly growth of the
insurance industry and for matters connected therewith or incidental thereto
and father to amend the Insurance Act. 1938 the Life Insurance Corporation Act,
1956 and the General insurance Business ( Nationalization) Act, 1972 to end the
monopoly of the life insurance corporation of India (for life insurance
business). The act extends to the whole of India and will come into force on
such date as the central government may, b notification in the Official Gazette
specify. Different dates may be appointed for different provisions of these
Act.
The Act has
defined certain terms; some of the most important ones are as follows appointed
day means the date on which the Authority is established under the act. Authority
means the established under this Act. Interim insurance Regulatory Authority
means the Insurance Regulatory Authority set up by the Central Government
through
Resolution
No. 14(2) 94-Ins-V dated the 23rd January, 1966. Words and
expressions used and not defined in this act but defined in the insurance Act.
1938 or the life insurance corporation act, 1956 or general insurance Business
(nationalization) Act, 1972 shall have the meanings respectively assigned to
them in those Acts. A new definition of “Indian Insurance Company “ has been
inserted. “Indian insurance company” means any insurer being a company.
(a) Which is
formed and registered under the companies Act. 1956
(b) In which
the aggregate holding of equity shares by a foreign company either by itself or
through its subsidiary companies or its nominees, do not exceed twenty-six
percent, paid up capital in such Indian insurance company.
(c) Whose sole purpose
is to carry on life insurance business,, general insurance business or
re-insurance business.
CHAPTER III
RESEARCH METHODOLOGY
RESEARCH DESIGH:-
COMPARITIVE STUDY- A comparative study has been undertaken to compare the
traditional Plans of Shriram Life Insurance with that of Bajaj Allianz life
insurance.
DATA TYPE
INDTODUCTION :-Any organization whether big or small, private or
public needs different type of information to know its popularity. I have
gathered secondary data and primary data and collected information from the
combination of these two data.
v
PRIMARY DATE:-Primary
data collection method was decided for observing working of the company and
approaching the customers directly face to face. A great care was taken while
collecting the primary data to answer that it is relevant, accurate, current
and unbiased.
v
SECONDARY DATA:-
Secondary data collection method was used by referring to various websites,
books and newspapers for collecting information regarding the project under
study. Secondary data consist of the information that already exists somewhere
else for some another purpose.
SAMPLINGTECHNIQUES:-
SAMPLE SIZE- A sample size
of 50 was taken to be analyzed.
SAMPLE LOCATION :-Bolangir town, Titilagarh and Patnagarh of Bolangir
District.
SAMPLING PROCESS:- Convenient sampling was used to overcome the time
and money constraints that could have been faced by us while collecting the
data. The customers were contacted face to face directly and also by way of
telephonic conversation with them.
ANALYTICAL TOOLS:-The data collected were arranged accordingly and
statistical tools like bar graphs and pie-charts were used to analyze and
present the data.
RESEARCH INSTRUMENT USED:-
SAMPLING MEDIA:-Printed questionnaires consisting several questions
were asked to have an idea of customers view about Shriram Life Insurance plans
followed by personal question.
FIELD WORK:-Rigorous field work was undertaken to locate the
interested and potential respondents to fulfill the objectives of the study.
THE PRIMARY OBJECTIVE OF THE STUDY:-
The
primary objective of the research study is to have a detailed analysis of
Shriram Life Insurance bringing in focus the future prospects of the with
relevance to the customer perception regarding the various plans and product
offered by Shriram Life Insurance
CHAPTER IV
DATA ANALYSIS AND INTERPRETATION
PERSONAL DETAILS
a)
AGE:
a)
18-30
b)
31-50
c)
51-65
Table 1 : Age wise Classification
|
AGE |
NO. OF RESPONDENTS |
PERCENTAGE |
|
18-30 |
21 |
42% |
|
31-50 |
19 |
38% |
|
51-65 |
10 |
20% |
|
TOTAL |
50 |
100% |
Figure 1 : Age wise classification
INTERPRETATION
:-The bar graph reveals that 42% of the
respondents belong to the age group of 18-30 years, 38% lies in the age group
of 31-50 years and 20% of them lie in the age group of 51-65 years.
OCCUPATION:-
a)
Service
b)
Business
c)
Profession
d)
Housewife
e)
Retired
Table 2:
Occupation wise classification
|
OPTION |
NO.
OF RESPONDENTS |
PERCENTAGE |
|
Service |
16 |
32% |
|
Business |
140 |
28% |
|
Profession |
5 |
10% |
|
Housewife |
8 |
16% |
|
Retired |
7 |
14% |
|
Total |
50 |
10050% |
Figure 2:
Occupation wise classification
INTERPRETATION:
- The
above bar graph reveals that 32% of the total respondents were serviceman, 28%
of them belonged to the business class, 10% were professional, 16% were
housewives and 14% of the total respondents fall in the retired category.
f)
INCOME:
a)
150000-300000
b)
300000-500000
c)
Above
500000
Table 3 :
Income wise classification
|
OPTION |
NO. OF RESPONDENTS |
PERCENTAGE |
|
150000-300000 |
24 |
48% |
|
300000-500000 |
14 |
28% |
|
Above 500000 |
12 |
24% |
|
TOTAL |
50 |
100% |
Figure 3:
Income wise classification
INTERPRETATION:- The above bar graph reveals
that out of the total respondents 48% lie in the income group of 150000-300000,
28% of the total respondents belonged to the income group of 300000-500000 and
24% lie in the income group of people earning an income of above Rs. 500000p.a.
d)
FAMILY
MEMBERS
a)
2
b)
3
c)
4
d)
Above
4
Table 4 :
Member wise classification
|
OPTION |
NO. OF RESPONDENT |
PERCENTAGE |
|
2 |
11 |
22% |
|
3 |
9 |
18% |
|
4 |
24 |
48% |
|
Above 4 |
6 |
12% |
|
Total |
50 |
100% |
Figure 4:
Income wise classification
INTERPRETATION: The above bar
graph shows that 22% of the total respondents had a family of 2 Members, 18% of
them had 3 family members, 48% of them had 4 family members and 12% of them had
the no. of family members above 4.
Q 1. Where do
you prefer to invest?
a)
Fixed
deposits
b)
Stock
c)
Mutual
funds
d)
Insurance
e)
Others
Table 5: Investment Area
|
Option |
No. of respondents |
Percentage |
|
Fixed deposits |
5 |
10% |
|
Stock |
10 |
20% |
|
Mutual fund |
10 |
20% |
|
Insurance |
18 |
36% |
|
Others |
7 |
14% |
|
Total |
50 |
100% |
Table
5 : Investment area
Interpretation: The above pie chart shows that out of 50 respondents, 10% preferred
to invest in fixed deposits, 20% in stocks, 20% in mutual funds, 36% in
insurance and 14% in others like property, gold etc.
Q 2. What are
your priorities for investment?
a)
Protecting
your family against pre-mature death
b)
Wealth
creation
c)
Retirement
needs
d)
Child
education and marriage
e)
Protect
income against disability, sickness or critical illness
Table 6:
Priorities of investment
|
Option |
No. of Respondents |
Percentage |
|
Protecting your family against premature
death |
10 |
20% |
|
Wealth creation |
14 |
28% |
|
Retirement needs |
5 |
10% |
|
Child education and marriage |
7 |
14% |
|
Protect income against disability, |
14 |
28% |
|
Protect income against disability sickness or
critical illness |
14 |
28% |
|
Total |
50 |
100% |
Interpretation: The above pie chart shows that out of 50 respondents,
20% of them invest for protecting their family against premature death, 28% for
creating wealth, 10% for meeting their future retirement needs, 14% for child
education & marriage and 28% for protection against disability and sickness
.
Q 3. What is your main
motive behind investing in life insurance?
a)
Tax
benefit
b)
Savings
c)
Risk
cover
Table 7: Investment reasons
|
Option |
No. of Respondents |
Percentage |
|
Tax benefits |
27 |
54% |
|
Savings |
5 |
10% |
|
Risk cover |
18 |
36% |
|
Total |
50 |
|
Figure 7 :
Investment reasons
Interpretation : The above pie
chart shows that out of the sample respondents, 54% have tax benefit 10 % have
savings and 36% have risk cover as their main motive for making an investment
in life.
Q4. What kind of investment
do you prefer?
a)
High
risk high gain
b)
Low
risk low gain
c)
Moderate
d)
Vary
times to tomes
Table 8 :
Preferable investment
|
Option |
No. of Respondents |
Percentage |
|
High risk high gain |
8 |
16% |
|
Low risk low gain |
5 |
10% |
|
Moderate |
12 |
24% |
|
Vary times to times |
25 |
50% |
|
Total |
50 |
100% |
Figure 8:
Preferable investment
Interpretation: The above pie
chart shows that out of 50 respondents, 16% preferred high risk-high gain form
of investment 10% preferred low risk-low gain form of investment, 24% preferred
moderate investment and 50% preferred varied form of investment.
Q 5. Are your interested to
invest in Traditional Plans?
a)
YES
b)
NO
Table 9:
Interested in Traditional Plan
|
Option |
No. of Respondents |
Percentage |
|
Yes |
36 |
72% |
|
No |
14 |
28% |
|
Total |
50 |
100% |
Figure 9:
Interested in Traditional Plan
Interpretation: The above pie chart shows that 72% of the
respondents preferred to invest in Traditional Plans.
Q6. What is your level of annual investment?
a)
Below 20000
b)
20000-40000
c)
Above
40000
Table 10:
Level of annual investment
|
Option |
No. of Respondents |
Percentage |
|
Below 20000 |
41 |
82% |
|
20000-40000 |
7 |
14% |
|
Above 40000 |
2 |
4% |
|
Total |
50 |
100% |
Figure 10:
Level of annual investment
Interpretation :The above pie chart shows that 82% of the respondents, are willing to invest below Rs. 20,000 per annum, 14% of them want to invest within Rs. 20,000 per annum to Rs. 40,000 and 4% wanted to invest over and above Rs. 40,000.
Q7. What factors would you consider most important before choosing an insurance policy?
a) Publicity of the company
b) Reputation of the company
c) Quality of life advisors
d) After sales-supporting of the company
Table 11: Choosing of insurance policy
|
Option |
No.
respondents |
Perentage |
|
Publicity of the co. |
5 |
20% |
|
Repolation of the co. |
25 |
50% |
|
Quality of life advisors |
10 |
10% |
|
After sale-services |
10 |
20% |
|
Total |
50 |
100% |
Figure 11 -
Choosing of insurance policy
Interpretation: Out of the
sample respondents, 20% considers publicity of the company, 50% considers
reputation of the company, 10% considers quality of life advisors, and 20%
considers after sales of the company as the most important factor for choosing
an insurance company.
Q 8. Which life insurance
company would you prefer the most to invest in?
a)
Shriram
life insurance (SLIC)
b)
Bajaj
Allianz life insurance
Table 12:
Investment Sectors
|
Option |
No. of Respondents |
Percentage |
|
SLIC |
21 |
42% |
|
BAJAJ ALLIANZ |
29 |
58% |
|
Total |
50 |
100% |
Figure 12 : Investment Sectors
Interpretation : Out of 50 respondents, 42% preferred to invest in reliance life
insurance over 58% of the respondents who prefer to invest in Bajaj Allianz Life
Insurance.
Q 9. If reliance life insurance, then which
particular plan you would like to invest in?
a)
Shriram
Term Plan
b)
Shriram Whole Life Plan
c)
Shriram Endowment Plan
d)
Shriram Special Endowment
Plan
Table
13: Investment plan Shriram Life
Insurance
|
Option |
No. Respondents |
Percentage |
|
Shriram term plan |
6 |
28.58% |
|
Shriram whole life plan |
3 |
14.28% |
|
Shriram endowment plan |
9 |
42.86% |
|
Shriram special endownment |
3 |
14.28% |
|
Total |
21 |
100% |
Figure 13:
Investment plan Shriram Life Insurance
Interpretation: Out of 21
respondents, 28.58% preferred to invest in term plan, 14.28% in
Whole life plan, 42.86% in endowment plan
and 14.28% of them preferred to invest in special endowment plan of Shriram
Life Insurance.
Q 10: If Bajaj Allianz Life Insurance, then
which particular plan you would like to invest in?
1)
ENDOWMENT PLAN
a)
Bajaj
Allianz Invest Gain
b)
Bajaj
Allianz save Care Economy SP
c)
Bajaj
Allianz life time care
d)
Bajaj
Allianz Super Saver Plan
2
MONEY BLACK
PLAN
a)
Bajaj
Allianz Cash Gain Plan
|
Option |
No. of Respondents |
Percentage |
|
Invest gain plan |
3 |
10.35% |
|
Save care economy SP |
6 |
20.69% |
|
Life time care |
7 |
24.15% |
|
Super saver plan |
3 |
10.35% |
|
Cash gain plan |
10 |
34.46% |
|
Total |
29 |
34.46% |
Table 13: Investment Plan Bajaj Allianz
\
Figure 13: Investment plan in Bajaj
Allianz
Interpretation: Out
of 29 respondents, 10.35% of them plan to invest in Bajaz Allianz Invest Gain,
20.69% wish to invest in Bajaj Allianz save Care Economy SP, 24.15% want to
invest in Bajaj Allianz life time care, 10.35% in Bajaj Allianz Super Saver
plan and 34.46%
Prefer to invest in Bajaj Allianz Cash
Gain plan.
FINDINGS OF THE STUDY
a)
The
survey reveals that still a large proportion of population is interested to
invest in other forms of investment other than insurance as still most of them
are unaware about the importance of insurance in their life.
b)
Basically
people make varied form of investment for creating wealth, to protect their
families
against
pre-mature death and to protect income against disability, sickness or critical
illness.
c)
The
main motive of the individuals investing is receives benefits U/S 10/10D.
People generally consider insurance as a tax saving device.
d)
Mostly
people prefer time to time form of investment as they are not willing to take
high degree of risk.
e)
Most
of the people prefer to make an annual investment up to a maximum of Rs. 20,000
per annum
f)
When
the product is like life insurance, reputation of the company, publicity of the
company & after sale services of the company matters a lot. This means that
people would choose that insurance company only, where the quality of life
advisors is satisfactory.
g)
Most
people prefer to invest in Bajaj Allianz Life Insurance as compared to making
an investment in Shriram Life Insurance.
h)
The
most preferable Traditional plan of Shriram Life Insurance if Endowment Plan.
i)
The
most preferable plan of Bajaj Allianz Life Insurance co. is Cash Gain Plan.
SUGGESTIONS
Based on the observation of
the study some suggestions for the organization are made as follows:
a)
Quality of advisors is also as important as
the quantity. Thus company should go mainly for qualified professionals.
b)
Company
should increase its budgets on publicity so that awareness can be increased.
c)
Clarity
and transparency should be provided to the customer regarding various products.
d)
Training
sessions should be planned in advance so that schedule can be provided to the
advisor in advance.
e)
Apart
from the Brand Positioning in urban area, a strategy should be adopted by
Shriram to make its brand also near to middle level, or high aspirant people
because they are the main source of the business in India.
f)
Awarness
Camp to the sub urban area should be focused by Shriram.
g)
Some
innovative technique or product is required in order to attract the consumer.
CONCLUSION
a)
The
customers are very much sensitive towards their investment. They would like to
invest only in that insurance company which enjoy good public image along with
quality good services.
b)
The
result of the survey conducted shows that Bajaj Allianz Life Insurance is the
leader in life insurance industry but Shriram Life Insurance and other private
players are giving it a close competition.
c)
The
motive of the people behind investing in life insurance is the tax benefits
that they would receive under sec 80C and 10/10D.
d)
In
life Insurance industry, the after sales support of the company is as important
as the quality of life advisors.
LIMITATIONS
There were some limitations faced
during the study as discussed below:
v Since the study was taken for two
months, so there was a constraint of time and effort.
v The study was limited only to some of
the Balangir regions so the results may be biased.
v Questionnaire was given to 125 people
however only 50 responded to it, which is very small for such type of study.
v The biasness of consumer or responses
error cannot be eliminated.
v Most of the people are not aware
about the importance and the necessity of insurance in their life.
v Adverse perception of the people
towards insurance sector- People consider insurance as a tax saving device.
v Lack of awareness about the earning
opportunity in the insurance sector.
