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A PROJECT REPORT ON A study of to measure customer satisfaction level towards Bajaj Alliance UNDERTAKEN AT Bajaj Alliance, Place: - Bardoli

SUBMITTED BY Group No. Id No. 11MBA099 11MBA100 11MBA101 11MBA102 Enrollment No. 201104100710097 201104100710098 201104100710099 201104100710100 Name of Students Agaraval Narendra H. Vishnoi Seema B. Dholakiya Ashok Meruliya Ankur

SUBMITTED TO Dr.Prashant Joshi, Professor, SRIMCA Mr.JiteshParmar, Assistant Professor, SRIMCA FOR THE SUBJECT 040070201 - Business Research II (Fieldwork) MBA Semester II [2011-2013] Department of Management ShrimadRajchandra Institute of Management and Computer Application Uka Tarsadia University, Tarsadi.

ACKNOWLEDGEMENTS
We are student of management faculty studying in F.Y.M.B.A in Shrimad Rajchandra Institute of Management &Computer Application, Tarsadi, DistSurat. We fell great pleasure to prepare this report at this stage, Which is outcome of we and others who helped throughout the preparation. We hope that will acknowledge this project. We are extremely grateful to Director Dr. Shivendra Gupta, We college mentors (Dr.Prashant Joshi and Mr.JiteshParmar), Mr.Gunjan Shah, Mr.Gautam Donga who have given necessary guidance at every stage of we project, so here by we thanking them. I am sincerely thankful to the manager Mr. Prashant Shah, we company mentor Ms. Rita Gupta and other officer of the unit for providing we necessary information about the organization, Which WE have incorporated in this report. AGARAVAL NARENDRA (11MBA099)

VISHNOI SEEMA (11MBA100)

DHOLAKIYA ASHOK (11MBA101)

MERULIYA ANKUR (11MBA102)

EXECUTIVE SUMMARY
About the topic:
Insurance provider monetary compensation against a predetermined risk. An insurance company offer such protection for a payment (or premium). It is also the amount the insurance company agrees to pay when an unfortunate event occurs. Insurance is a benefit to the society at large by allowing individuals to share the risks faced by many people. An insurance policy is a written agreement between an insurance company and an individual or organization that requires insurance. The insurance policy sets out the terms and condition and specifies the risks that will be compensated for. Online insurance quote helps you to shop for insurance via the internet. It offer a quick, safe and convenient method to shop for insurance from the comfort of your home.

Research objective:
To measure consumer satisfaction level towards Bajaj Alliance. To identify different services provided by the company. .

Research methodology:
Descriptive research design was used and 100 samples was taken. The data are collected on primary and secondary basis. Primary data were collected with the help of structured questioner field by respondent. Secondary data were collected from internet and books.

TABLE OF CONTENTS

Chapter No. 1 2 3 4 5 6 7 8 Acknowledgements Executive Summary Introduction Literature Review

Particulars

Page Nos.

Objectives and Research Methodology Data Interpretation and Analysis Findings Conclusion Recommendations References ANNEXURES

INTRODUCTION TO THE ORGANIZATION


Bajaj Allianz Life Insurance Company Limited is a union between worlds two leading conglomerates Allianz SE, one of the worlds largest insurance companies and Bajaj Auto, one of the biggest 2 and 3 wheeler manufactures in the world. Bajaj Allianz Life Insurance co. Ltd. Was incorporated on March 12, 2001. The company received the insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) No 116 on August 3, 2001 to conducted Life Insurance business in India.

ABOUT ALLIANZ GROUP:Allianz group was founded in 1890 in Berlin and is one of leading providers of insurance and asset management products and services worldwide. Allianz se is amongst the largest assets managers in the world managing worth over 996 billion Eros (Rs. 53, 64,456crore). Allianz SE has 115 years of financial experience in over 70 countries. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of Property and Casualty Insurance, Life and Health Insurance, Assets Management and Banking.

ABOUT BAJAJ AUTO:Bajaj Auto Limited is the flagship company of Bajaj Group which was incorporated in the year 1945 as Bachraj Trading Corporation. It is one of the Indias largest two and three wheeler manufacturer and the fourth largest manufacturer of two wheelers in the world with an annual turnover of Rs. 42.16 billion. Bajaj Auto has been in operation for over 55 years. As promoters of Bajaj Allianz General Insurance Company Ltd., Bajaj Auto has

The following to offers: Vast distribution network. Knowledge of Indian consumers. Financial strength and stability to support the insurance business. Visit Bajaj Autos website. A strong brand equity. A good market reputation as a world class organization. Adequate experience of running a large organization. A 10 million strong base of retail customers using Bajaj products. Advanced information technology in extensive use. Experience in the financial services industry through Bajaj Auto Finance Ltd.

VISION:To be the BEST Life Insurance Company in India To Buy from, Work for & Invest in.

BAJAJ ALLIANZ LIFE INSURANCE: The New leader in Private sector life insurance Bajaj Alliance Life is No. 1 among other private life insurers with over Rs. 703,478 crore lead. New Business Premium of Rs.3466 crore a 29% growth over previous year. Industry Market share of 8.0%.

Positive aspects of Bajaj Allianz: Wide Network and Large Sales Force Decentralization

Enabling IT Infrastructure Banc assurance Ties-up with UAE Exchange Micro insurance products

IRDA Certificates:Bajaj Allianz Life Insurance Co. Ltd was granted renewal of IRDA Certification on 28th March 2006.

Bajaj Allianz A growing force: The growing private life insurance company in India, with a growth rate of 95% as per the IRDA results for financial year 2009-10. Sales of over 2.6 billion policies to satisfied customers. A country wide network of 1200+ branch Assets under the management Rs. 171,57 crore Shareholders capital base of Rs. 1210 crore

Years

No. of policies sold in gwp in Fiscal Fiscal year (Rs .in cr.) 21,376 1,15,965 1,86,443 2,88,189 7,81,685 20,79,217 3744742 2590765 2230686 7 69 221 1002 3134 4269 9725 10,625 11,420

year

2001 2002 2002 2003 2003 2004 2004 -2005 2005 2006 2006 -2007 2007 2008 2008 2009 2009 2010

Bajaj Allianz The Milestones: One of the fast growing private life insurance Companies in India with over 107% growth for last year in succession. Currently ranked third amongst private sector life insurance companies as per the IRDA results for April 2009- January 2010 for few business market shares. It covers 40, 00,000 satisfied customers. The company was first to touch 1, 00,000 and 2, 00,000 customers mark amongst private insurance companies. Present in more than 1163 branches and with 2.50 lacs + insurance consultants, providing the finest customer services. It gross premium collections last financial year2009-10 were Rs. 11420 crore or a growth of 99%.

At present it has a product portfolio of 26 products and a capital base of Rs.7234 crore, with a market share of 5.2% on premium base and 5.1% on policy base.

Geared to perform: Product tailored to suit customers needs. Decentralized organizational structure enables faster response. Wide reach to serve customers better- a network of 1100+ branches across the India. Specialized departments for Bancassurence, corporate Agency and Group Business. Well networked with state of the- art IT systems. High standards of customer services & simplifying claim settlement process in the industry. Website to provide assistance and information across all products and services, online buying and online renewals Toll-free number to answer customers queries, accessible from anywhere in the country. A strong Telemarketing and direct marketing team.

Network to reach: Strong network in over 840 towns and growing every day. Over 9000+ Sales Team Managers In 2010 , 2 TOT, 8 COT , and 428 MDRT qualifiers Over 40, 00,000 satisfied customers.

UNDER STANDING THE BUSINESS AND WORKING OF THE COMPANY


In the Bajaj Allianz Life insurance co. Ltd are working in the following ways:

AGENCY CHANNEL:
A country wide network of 966 total offices. Over 9000 sales managers. Over 2.5 lakhs insurance consultants. Business contribution to BALIC-70%

BANKASSURENCE:
Offices/ hubs: 13 No of employees: 959 Contribution to BALIC Business: 10%

ALTERNATE CHANNELES:
Corporate Insurance Consultants: -Team life care - ECPL -Golden Enterprises -Life sure consultancy Brokers:-Bajaj capital -SMC insurance - AR insurance brokers FRANCHISEES: V. Aparna Reddy Dilip Kumar

LITERATURE REVIEW
P. Muthulakshmi conducted a study on Satisfaction of insured in Private Insurance Company Ltd.. The objectives were to examine the satisfaction of the insured, to study the performance of private insurance company and to offer suitable suggestions. She found not that, most of the respondents were of the viewthat, the advertisement about the policies of insurance is inadequate. Hence it was suggested that, the information regarding the insurance policies are to be advertised through notices, postures and banners. She found that the people in rural area are illiterates. The proposal forms and claim forms were printed only in English. Rural people could not read and understand it. So it was suggested that the insurance companies should print the forms in Tamil or both in English and Tamil. Dr. N. Raman & Ms. C. Gayathri conducted a study on A Study on Customers Satisfaction towards New Insurance Companies and they concluded that life insurance is a contract for payment of a sum of money to the person assured on the happening of the event insured against. Usually the contract provides for the payment of premium periodically to the corporation by the assured. Life insurance is universally acknowledged to be an institution, which eliminated risk. It certainly substitutes for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurances civilizations partial solution to the problems caused by death. Customer service has become a distinct component of both product and service sectors and with the developments in information technology many businesses find demanding and knowledgeable customers. The worldwide trend toward service quality was initiated in the 1880s when businesses realized that a quality product, in itself, is not guaranteed to maintain competitive advantage (van der Wal et al., 2002). Many researchers recognize that service quality can bring an organization a lasting competitive advantage (Moore and Lewis). Quality of services can be the difference between success and failure in both service and manufacturing firms. Service quality, customer satisfaction and customer value have become the main concern of both

manufacturing and service organizations in the increasingly intensified competition for customers in today's customer-cantered era (Wang et al., 2004). As a result, many organizations are paying increasing attention to improve service quality. In some manufacturing industries "service quality" is considered a more important order winner than "product quality" (Ghobadian et al., 1994). Service quality improvements will lead to customer satisfaction and cost management that result in improved profits (Stevenson, 2002). Contemporary service sector firms are compelled by their nature to provide excellent service in order to prosper in increasingly competitive domestic and global marketplaces (Sultan and Simpson, 2000). As service firms find themselves in an increasingly competitive and complex business environment, they are inevitably driven to examine their service delivery processes critically. The focus of such internal analysis is ultimately about customer satisfaction, and how bottom-line results can be actualized through delivering quality services to customers via flawless interface platforms This is not only the case in the private sector, but it also is increasingly so in the public sector. Public sector firms are trying to make administration more efficient and more citizenoriented (Scharitzer and Korunka, 2000).

Source of data: http://www.trikal.org/ictbm11/pdf/ServiceIndustry/D1209done.pdf

Research Methodology
Research Objectives:
1. Primary Objective: To measure consumer satisfaction level towards Bajaj Alliance. 2. Secondary Objective: To identify different services provided by the company. To identify the expectation of the customer.

Research Method:
It means which method researcher is going to use for satisfying his objective. Now we will see the method by which the whole research is going to fulfil.

Research Design:
Descriptive Research Design: Descriptive of phenomena or characteristics associated with the subject population is description research design. A descriptive study may simple or complex. It may be done in many setting, whatever the form, descriptive study can be just as demanding of research skills as the causal study and we should insist on the same high standards for design and execution.

Data collection Method:


There are two type of data collection method. 1. Primary Data Collection Method: For this survey primary data collection method was used. The primary data were collected though a structured questionnaires. 2. Secondary data collection method: I have gained secondary data from magazine, journals, internet and books.

Sample Size:
This research includes 100 samples.

Sample Techniques:
In this research convenient sampling from non-probability convenience sampling technique is used.

ANALYSIS

FREQUENCY TABLE
Age Frequency Percent Valid Percent Valid 20-25 26-30 31-35 36-40 >40 Total 31 33 14 9 13 100 31.0 33.0 14.0 9.0 13.0 100.0 31.0 33.0 14.0 9.0 13.0 100.0 Cumulative Percent 31.0 64.0 78.0 87.0 100.0

INTERPRETATION: Customer who are in age group of 26-30 year give 33% response to invest in insurance sector and age group of 20-25 give 31% response to invest in insurance sector, age group of 31-35 year give 14% response to invest in insurance sector. Gender Frequency Percent Valid Percent Valid male female Total 82 18 100 82.0 18.0 100.0 82.0 18.0 100.0 Cumulative Percent 82.0 100.0

INTERPRETATION: Customer who are in gender group of male give 82% response to invest in insurance sector, female give only 18% response to invest in insurance sector.

Income level Frequency Percent Valid Percent Valid <100000 100001-150000 150001-200000 200001-250000 250001-300000 >300000 Total 6 19 21 26 18 10 100 6.0 19.0 21.0 26.0 18.0 10.0 100.0 6.0 19.0 21.0 26.0 18.0 10.0 100.0 Cumulative Percent 6.0 25.0 46.0 72.0 90.0 100.0

INTERPRETATION: Customer who are in 200001-250000 income group of give 26% response to invest in insurance sector, income group of 150001-200000 give 21% response to invest in insurance sector, income group of <100000 are less invest in insurance sector. Education qualification Frequency Percent Valid Percent Valid school final graduate post graduate professional degree Total 38 31 28 3 100 38.0 31.0 28.0 3.0 100.0 38.0 31.0 28.0 3.0 100.0 Cumulative Percent 38.0 69.0 97.0 100.0

INTERPRETATION: Customer who are in education group of school final give 38% response to invest in insurance sector, graduate give 31%response to invest in insurance sector, professional degree are only invest 3% in insurance sector.

Occupation Frequency Percent Valid Percent Valid professional business service retired agricultural other Total 8 42 25 1 10 14 100 8.0 42.0 25.0 1.0 10.0 14.0 100.0 8.0 42.0 25.0 1.0 10.0 14.0 100.0 Cumulative Percent 8.0 50.0 75.0 76.0 86.0 100.0

INTERPRETATION: Customer who are in occupation group of business 42% response to invest in insurance sector, service people are 25% are invest in insurance sector,and only 1`% response to invest in insurance sector.

Essential of life insurance Frequency Percent Valid Percent Valid yes no Total 97 3 100 97.0 3.0 100.0 97.0 3.0 100.0 Cumulative Percent 97.0 100.0

INTERPRETATION: Investment in insurance sector 97% people are agree with insurance are necessary , and only 3% people are say no necessary of insurance sector.

Kotak mahindra life insurance Frequency Percent Valid Percent Valid n0 yes Total 87 13 100 87.0 13.0 100.0 87.0 13.0 100.0 Cumulative Percent 87.0 100.0

INTERPRETATION: People are invest in insurance sector 87% people are say they have not more preferred kotak Mahindra life insurance, only 13% people are said to invest in kotak Mahindra life insurance.. LIC Frequency Percent Valid Percent Valid N0 YES Total 51 49 100 51.0 49.0 100.0 51.0 49.0 100.0 Cumulative Percent 51.0 100.0

INTERPRETATION: People are invest in insurance sector 51% people are say they have not more preferred LIC , only 49% people are said to invest in LIC. BAJAJ ALLIANCE Frequency Percent Valid Percent Valid YES 100 100.0 100.0 Cumulative Percent 100.0

INTERPRETATION: In Bajaj alliance 100% respondents are invest in insurance sector.

TATA AIG Frequency Percent Valid Percent Valid NO YES Total 91 9 100 91.0 9.0 100.0 91.0 9.0 100.0 Cumulative Percent 91.0 100.0

INTERPRETATION: People are invest in insurance sector 91% people are say they have not more preferred Tata AIG , only 9% people are said to invest in Tata AIG. MAX NEWYORK LIFE INSURANCE Frequency Percent Valid Percent Valid N0 YES Total 87 13 100 87.0 13.0 100.0 87.0 13.0 100.0 Cumulative Percent 87.0 100.0

INTERPRETATION: People are invest in insurance sector 87% people are say they have not more preferred max newyork life insurance , only 13% people are said to invest in max newyork life insurance. HDFC LIFE INSURANCE Frequency Percent Valid Percent Valid NO YES Total 87 13 100 87.0 13.0 100.0 87.0 13.0 100.0 Cumulative Percent 87.0 100.0

INTERPRETATION: People are invest in insurance sector 87% people are say they have not more preferred max HDFC life insurance , only 13% people are said to invest in max HDFC life insurance.

ICICI PRODENTIAL LIFE INSURANCE Frequency Percent Valid Percent Valid NO YES Total 86 14 100 86.0 14.0 100.0 86.0 14.0 100.0 Cumulative Percent 86.0 100.0

INTERPRETATION: People are invest in insurance sector 86% people are say they have not more preferred more ICICI prudential life insurance , only 14% people are said to invest in ICICI prudential life insurance.

SBI Frequency Percent Valid Percent Valid NO YES 3 Total 89 10 1 100 89.0 10.0 1.0 100.0 89.0 10.0 1.0 100.0 Cumulative Percent 89.0 99.0 100.0

INTERPRETATION: People are invest in insurance sector 89% people are say they have not more preferred SBI life insurance , only 11% people are said to invest in SBI life insurance.

RATE OF RETURN Frequency Percent Valid Percent Valid HIGHLY SATISFIED SATISFIED NEUTRAL DISSATISFIED Total 49 44 6 1 100 49.0 44.0 6.0 1.0 100.0 49.0 44.0 6.0 1.0 100.0 Cumulative Percent 49.0 93.0 99.0 100.0

INTERPRETATION: Customer who are in insurance sector 49% people rate of return of Bajaj alliance are highly satisfied, 445%of people are satisfied of the rate of return, and only 1% people are not interested in rate of return.

MATURITY BENEFIT Frequency Percent Valid Percent Valid highly satisfied satisfied neutral highly dissatisfied Total 26 45 28 1 100 26.0 45.0 28.0 1.0 100.0 26.0 45.0 28.0 1.0 100.0 Cumulative Percent 26.0 71.0 99.0 100.0

INTERPRETATION: Customer who are in insurance sector 45% people maturity benefits of Bajaj alliance are satisfied, 28% of people are neutral of the maturity benefit, and only 1% people are highly dissatisfied .

Surrender benefit Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied highly dissatisfied Total 17 48 28 6 1 100 17.0 48.0 28.0 6.0 1.0 100.0 17.0 48.0 28.0 6.0 1.0 100.0 Cumulative Percent 17.0 65.0 93.0 99.0 100.0

INTERPRETATION: Customer who are in insurance sector 48% people surrender benefits of bajaj alliance are satisfied, 28% of people are neutral of the surrender benefit, and only 1% people are highly dissatisfied .

Tax benefit Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied Total 21 41 27 11 100 21.0 41.0 27.0 11.0 100.0 21.0 41.0 27.0 11.0 100.0 Cumulative Percent 21.0 62.0 89.0 100.0

INTERPRETATION: Customer who are in insurance sector 41% people tax benefits of Bajaj alliance are satisfied, 27% of people are neutral of the maturity benefit, and only 11% people are highly dissatisfied .

Tax transparency Frequency Percent Valid Percent Valid 0 highly satisfied satisfied neutral dissatisfied Total 1 18 30 41 10 100 1.0 18.0 30.0 41.0 10.0 100.0 1.0 18.0 30.0 41.0 10.0 100.0 Cumulative Percent 1.0 19.0 49.0 90.0 100.0

INTERPRETATION: Customer who are in insurance sector 41% people are tax transparency of Bajaj alliance are neutral, 30% of people are satisfied of the tax trsparency, and only 10% people are highly dissatisfied .

Risk Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied highly dissatisfied Total 16 52 25 5 2 100 16.0 52.0 25.0 5.0 2.0 100.0 16.0 52.0 25.0 5.0 2.0 100.0 Cumulative Percent 16.0 68.0 93.0 98.0 100.0

INTERPRETATION: customer who are in insurance sector 52% people risk of Bajaj alliance are satisfied, 25% of people are neutral of the risk, and only 2% people are highly dissatisfied .

Procedure follow Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied highly dissatisfied Total 17 29 41 11 2 100 17.0 29.0 41.0 11.0 2.0 100.0 17.0 29.0 41.0 11.0 2.0 100.0 Cumulative Percent 17.0 46.0 87.0 98.0 100.0

INTERPRETATION: Customer who are in insurance sector 41% people procedure follow of Bajaj alliance are neutral, 29% of people are satisfied of the procedure follow, and only 2% people are highly dissatisfied . Procedure money back Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied highly dissatisfied Total 14 42 37 6 1 100 14.0 42.0 37.0 6.0 1.0 100.0 14.0 42.0 37.0 6.0 1.0 100.0 Cumulative Percent 14.0 56.0 93.0 99.0 100.0

INTERPRETATION: Customer who are in insurance sector 42% people are procedure for money back of Bajaj alliance are satisfied, 37% of people are neutral of procedure for money back, and only 1% people are highly dissatisfied .

Death benefit Frequency Percent Valid Percent Valid highly satisfied satisfied neutral dissatisfied highly dissatisfied Total 17 42 24 12 5 100 17.0 42.0 24.0 12.0 5.0 100.0 17.0 42.0 24.0 12.0 5.0 100.0 Cumulative Percent 17.0 59.0 83.0 95.0 100.0

INTERPRETATION: Customer who are in insurance sector 42% people are death benefit of Bajaj alliance are satisfied, 24% of people are neutral of procedure for money back, and 17% people are highly satisfied, only 5% are highly dissatisfied.

(1) Do you think is it essential to have life Insurance? Essential of life insurance Frequency Percent Valid Percent Valid yes no Total 97 3 100 97.0 3.0 100.0 97.0 3.0 100.0 Cumulative Percent 97.0 100.0

INTERPRETATION: Investment in insurance sector 97% people are agree with insurance are necessary , and only 3% people are say no necessary of insurance sector. (2) Which are the companies you invested your money for life insurance? Multiple Responses Case Summary Cases Valid N Lifeinsurancea Percent N 0 100 100.0% Missing Percent .0% N Total Percent 100 100.0%

a. Dichotomy group tabulated at value 1. Case summary table display the number of cases that include the valid, missing and total value of all media, other additives and brand. Here total number of valid value is 100 and percent is 100%.

$Lifeinsurance Frequencies Responses N Invested company Kotak Mahindra life insurance Lic BAJAJ ALLIANCE TATA AIG MAX NEWYORK LIFE INSURANCE HDFC LIFE INSURANCE ICICI PRODENTIAL LIFE INSURANCE SBI Total a. Dichotomy group tabulated at value 1. life insurance frequencies table display the people are which companies invest the money. Here total 221 responses, out of this responses 100people are prefer a Bajaj alliance , 49 people are prefer a lic, 14 people of response for the ICICI prudential life insurance, and 13 people are response for respectively kotak Mahindra, max newyork, HDFC life insurance, and only 9 people are response for Tata AIG. 13 49 100 9 13 13 14 10 Percent 5.9% 22.2% 45.2% 4.1% 5.9% 5.9% 6.3% 4.5% Percent of Cases 13.0% 49.0% 100.0% 9.0% 13.0% 13.0% 14.0% 10.0% 221.0%

221 100.0%

(3)Which of the following plan you have take? Occupation * PLAN TAKEN Crosstab Count PLAN TAKEN ULIP PLAN occupatio profession n al business service retired agricultura l other Total 2 11 10 0 1 5 29 CHILD PLAN 1 20 6 0 3 2 32 PENSION PLAN 4 7 7 1 6 2 27 OTHER 1 4 2 0 0 5 12 Total 8 42 25 1 10 14 100

INTERPRETATION: Customer who are in professional field 4 respondent are taken pension plan, business field 20 respondents are taken plan for the child plan, in service sector respondent 10 respondents are take ULIP plan, retired respondent are taken pension plan, agriculture respondents are 6 respondents take also pension plan.

Chi-Square Tests Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 27.825a 26.360 1.481 100 df 15 15 1 Asymp. Sig. (2-sided) .023 .034 .224

a. 17 cells (70.8%) have expected count less than 5. The minimum expected count is .12. INTERPRETATION: Null hypothesis (H0): There is a no significance association between occupation and plan in Bajaj alliance insurance. Alternative hypothesis (H1): There is a significance association between occupation and plan in Bajaj alliance insurance. INTERPRETATION: I have used 95% level. C.I from the above table we can see that rhe value is .023 which is less than .05 so, the null hypotheses is rejected and there is association between occupation and plan.

Education qualification * PLAN TAKEN Crosstab Count PLAN TAKEN ULIP PLAN education qualification school final Graduate post graduate professional degree Total 10 7 11 1 29 CHILD PLAN 16 9 7 0 32 PENSION PLAN 12 12 2 1 27 OTHER 0 3 8 1 12 Total 38 31 28 3 100

INTERPRETATION: Customer who are in school final 16 respondent are taken child plan, graduate 12 respondents are taken plan for the child pension plan, in post graduate respondent 12 respondents are take pension plan, professional degree respondent 1 respectively are taken pension plan, ulip plan, other plan.

Chi-Square Tests Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 22.510a 27.227 1.252 100 df 9 9 1 Asymp. Sig. (2-sided) .007 .001 .263

a. 7 cells (43.8%) have expected count less than 5. The minimum expected count is .36. INTERPRETATION: Null hypothesis (H0): There is a no significance association between education level and plan in Bajaj alliance insurance. Alternative hypothesis (H1): There is a significance association between education level and plan in Bajaj alliance insurance. INTERPRETATION: I have used 95% level. C.I from the above table we can see that rhe value is .007 which is less than .05 so, the null hypotheses is rejected and there is association between education level and plan.

Income level * PLAN TAKEN Crosstab Count PLAN TAKEN ULIP PLAN income level <100000 100001150000 150001200000 200001250000 250001300000 >300000 Total 2 3 6 10 3 5 29 CHILD PLAN 1 4 7 10 8 2 32 PENSION PLAN 0 8 6 5 5 3 27 OTHER 3 4 2 1 2 0 12 Total 6 19 21 26 18 10 100

INTERPRETATION: Customer who are in income level < 100000 income 3 respondents are take other plan,100001-150000, 8 respondents are take pension plan,150001200000, 7 respondents are take child plan,200001-250000, 10 respondents are respectively take ULIP plan and child plan. 250001-300000, 8 respondents are take child plan, >300000 are taken ULIP plan more.

Chi-Square Tests Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 22.416a 22.336 5.086 100 df 15 15 1 Asymp. Sig. (2-sided) .097 .099 .024

a. 13 cells (54.2%) have expected count less than 5. The minimum expected count is .72. INTERPRETATION: Null hypothesis (H0): There is a no significance association between income level and plan in Bajaj alliance insurance. Alternative hypothesis (H1): There is a significance association between income level and plan in Bajaj alliance insurance. INTERPRETATION: I have used 95% level. C.I from the above table we can see that the value is .097 which is greater than .05 so, the null hypotheses is accepted and there is no association between income level and plan.

Gender * PLAN TAKEN Crosstab Count PLAN TAKEN ULIP PLAN gender male female Total 21 8 29 CHILD PLAN 28 4 32 PENSION PLAN 24 3 27 OTHER 9 3 12 Total 82 18 100

INTEORETATION: Customer who are in gender group male respondent are 28 respondents take child plan and 24 respondents take pension plan and 21 respondents are take ULIP plan, others plan take only 9 respondents. and in gender group female respondents are 8 respondents are take ULIP plan and 4 respondents are take child plan.

Chi-Square Tests Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 3.728a 3.670 .593 100 df 3 3 1 Asymp. Sig. (2-sided) .292 .299 .441

a. 2 cells (25.0%) have expected count less than 5. The minimum expected count is 2.16.

INTERPRETATION: Null hypothesis (H0): There is a no significance association between gender and plan in Bajaj alliance insurance. Alternative hypothesis (H1): There is a significance association between gender and plan in Bajaj alliance insurance. INTERPRETATION: I have used 95% level. C.I from the above table we can see that rhe value is .292 which is greater than .05 so, the null hypotheses is accepted and there is no association between gender and plan.

Age * PLAN TAKEN Crosstab Count PLAN TAKEN ULIP PLAN age 20-25 26-30 31-35 36-40 >40 Total 10 10 6 1 2 29 CHILD PLAN 6 14 4 4 4 32 PENSION PLAN 9 5 3 3 7 27 OTHER 6 4 1 1 0 12 Total 31 33 14 9 13 100

INTERPRETATION: Customer who are in age group of 26-30, 14 people give response to take child plan and 10 people response to ULIP plan, 20-25 age, 10 respondent who are taken ULIP plan, 31-35, 6 age respondent who are taken the also ULIP plan, >40, 7 respondent give response to take pension plan.

Chi-Square Tests Value Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases 14.814a 16.207 .027 100 df 12 12 1 Asymp. Sig. (2-sided) .252 .182 .871

a. 14 cells (70.0%) have expected count less than 5. The minimum expected count is 1.08. INTERPRETATION: Null hypothesis (H0): There is a no significance association between age and plan in Bajaj alliance insurance. Alternative hypothesis (H1): There is a significance association between age and plan in Bajaj alliance insurance. INTERPRETATION: I have used 95% level. C.I from the above table we can see that the value is 0.252 which is greater than .05 so, the null hypotheses is accepted and there is no association between age and plan.

(4) Which criteria you take into consideration while investing in bajaj alliance policy? Factor Analysis KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square Df Sig. .619 104.595 36 .000

KMO & Bartletts test table displays the results for interpreting the adequacy of data for factor analysis. The P value of Bartletts test of sphericity should be less than 0.05. In this example the value of KMO test is 0.619 and the p value of Bartletts test is 0.000. Communalities Extractio Initial n RATE OF RETURN MATURITY BENEFIT surrender benefit tax benefit tax trasparency risk procedure follow procedure fmoney back death benefit 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 .623 .501 .275 .549 .599 .627 .530 .450 .664

Extraction Method: Principal Component Analysis.

Communalities mean the proportion of variance due to common factors and shared by several items. Communalities help estimate the variance that is unique to each variable; this uniqueness is calculated by total variance explained by the variable minus the communality of that variable. Total Variance Explained Initial Eigenvalues Extraction Sums of Squared Loadings Rotation Sums of Squared Loadings

% of % of % of Compone Tota Varian Cumulati Tota Varian Cumulati Tota Varian Cumulati nt l ce ve % l ce ve % l ce ve % 1 2 3 4 5 6 7 8 9 2.30 25.575 2 1.38 15.431 9 1.12 12.540 9 .951 10.562 .844 9.380 .742 8.245 .693 7.705 .523 5.809 25.575 41.006 53.546 64.108 73.488 81.732 89.438 95.246 2.30 25.575 2 1.38 15.431 9 1.12 12.540 9 25.575 41.006 53.546 1.92 21.425 8 1.45 16.213 9 1.43 15.908 2 21.425 37.638 53.546

.428 4.754 100.000

Extraction Method: Principal Component Analysis. Total variance explained table displays the total variance, percentage variance and cumulative percentage variance for both rotated and unroasted components. The cumulative variance for both the unroasted and rotated components is 53.546 percent. Component 1 accounts for 21.425 percent of total variance, component 2 accounts for 16.213 percent of total variance, and component 3 accounts for 15.908 percent for total variance in the model. The cumulative percentage of variance of unroasted as well as rotated components is always same.

Component Matrix Component 1 RATE OF RETURN MATURITY BENEFIT surrender benefit tax benefit tax transparency risk procedure follow procedure money back death benefit .618 .537 .487 .504 .721 .284 .405 .373 .486 2 -.106 -.331 .182 -.513 -.279 .642 .593 .333 .138 3 -.480 -.322 .064 .178 .032 -.366 -.119 .448 .639

Extraction Method: Principal Component Analysis. a. 3 components extracted. Component matrix table shows the three components that are extracted. The unroasted component matrix displays the correlation between variables and extracted components. These correlations are known as factor loadings.

Rotated Component Matrixa Component 1 RATE OF RETURN MATURITY BENEFIT surrender benefit tax benefit tax trasparency risk procedure follow procedure fmoney back death benefit .705 .702 .270 .599 .701 .021 .058 -.028 .096 2 -.100 -.070 .351 .276 .328 .011 .263 .644 .809 3 .340 .055 .281 -.338 -.006 .792 .676 .189 -.024

Extraction Method: Principal Component Analysis. Rotation Method: Varian with Kaiser Normalization. a. Rotation converged in 5 iterations. Rotated component matrix, each number represents the partial correlation coefficient between variable and the rotated component. In our example of, the investing Bajaj alliance policy, variables constituting component 1 are: Rate of return, Maturity benefits, Surrender benefits, Tax benefits, Tax transparency, Risk, Procedure followed, Procedure money taking, Death benefits. The variables constituting component 2 are: Rate of return, Maturity benefits, Surrender benefits, Tax benefits, Tax transparency, Risk, Procedure followed, Procedure money taking, Death benefits. The variables constituting component 3 are: Rate of return, Maturity benefits, Surrender benefits, Tax benefits, Tax transparency, Risk, Procedure followed, Procedure money taking, Death benefits.

Component Transformation Matrix Comp onent 1 2 3 1 .790 -.510 -.341 2 .517 .255 .817 3 .330 .821 -.465

Extraction Method: Principal Component Analysis. Rotation Method: Varian with Kaiser Normalization. The component transformation matrix table displays the specific rotation applied to the components. Rotated factor loadings are obtained by multiplying the unroasted factor loadings matrix with component transformation matrix. Since factor 1 can be renamed Short term benefits Since factor 2 can be renamed long term benefits Since factor 3 can be renamed investment decision.

FINDINGS
Majority of in age group of 26 -30 age people are more invest in insurance sector. Majority of in gender group of male are more invest in insurance sector. Majority of in income level group of 200001- 250000 income people are more invest in insurance sector. Majority of in group of education school final people are more invest in insurance sector.

CONCLUSION
From the above analysis and interpretation we can conclude that the customer are satisfied with the return, tax benefit, procedure for taking money back, risk covered by the policy. Policy of customer has not matured so we cannot measure the maturity benefits, death benefits.

RECOOENDATION
I would like to recommend that company should collect the premium from the banks also so that customer can easily pay their premium. A customer of child plan can become their money I lesser time period so company should keep their maturity period short.

REFERENCES
BOOK: -Black k, (2004) business statistics, willey India publication. -SPSS for windows step by step, tenth edition, Darren George, palu mallery. WEBSITES: http://www.bajajalliancz.com

ANNEXURES
QUESTIONNIRE We are studying in MBA at SRIMCA , Bardoli conducting this survey on To measure consumer satisfaction level toward Bajaj Alliance I need some data from you and it is just for an academic purpose. I ensure you that the data which are collected by the will remain highly confidential.

Personal Information

Name :______________________________ Contact No. :______________ Place: __________________ Age (In years):_____________

Gender

Male

Female

Income Level

: (Yearly)

<100,000 100,001 150,000 150,001 200,000 200,001250,000 250,001 300,000 >300,000

Education Qualification: School Final Graduate Professional Degree Post Graduate

Occupation: Professional Retired Agricultural Business Service

Other: _____________________________

------------------------------------------------------------------------------------------------------1. Do you think is it essential to have Life Insurance?

YES__________________ NO_____________________ 2. Which are the companies you invested your money for Life Insurance? a) Kotak Mahindra Life Insurance b) LIC c) Bajaj Allianz d) Tata AIG e) Max New York Life Insurance f) HDFC Life Insurance g) ICICI Prudential Life Insurance h) SBI 3. Which of the following plan you have taken? ULIP plan Pension plan child plan other____________

4Which criteria you take into consideration while investing in Bajaj Alliance policy? Highly Satisfied Highly Dissatisfie d

Particular

Satisfied

Neutral

Dissatisfied

Rate of Return Maturity benefit Surrender benefit Tax benefits Tax transparency Risk Procedure followed Procedure followed for taking money back Death benefit