Every individual's ultimate goal is to seek financial security for himself and his family members. In today's world of rising prices and uncertain markets, the resources available to fulfill needs and aspirations are limited. A planned approach helps to realize almost all dreams, needs and desires by optimum utilization of available resources. It gives a sense of financial support especially during a time of crisis irrespective of the fluctuations in the stock market. Insurance provides career goals right from our childhood years. Life insurance is all about making sure of adequate financial resources to make those plans and dreams come true. The potential for growth in the Indian market can be gauged by the fact that the Indian Insurance Market registered the highest growth in the Asian region even though India's Share of global insurance market is less than 0.5% (1998). The private players know that market penetration is low and the potential to exploit is high. Some of these factors that make the Indian Market lucrative as per capita in India is very low as far as Insurance Premium is concerned due to the presence of a very large middle class. The Confederation of Indian Industry (CII) has projected a growth of Life Insurance premium from Rs.350 Billion to Rs.1400 billion by 2009. The changes that are been brought about is spectacular by the opening of life insurance business which handled a single entity known as life insurance corporation of India. Today we have around 12 players in this field and Life Insurance Corporation still continues to stride ahead as a dominant player.
[...] An overview of LIFE INSUARNCE INSURANCE Your family counts on you every day for financial support: food, shelter, transportation, education, and much more. Insurance provides you with that unique sense of security that no other form of investment provides. It gives us a sense of financial support especially during that time of crisis irrespective of the fluctuations in the stock market. Insurance provides for your career goals right from your childhood years. Life insurance is all about making sure your family has adequate financial resources to make those plans and dreams come true. [...]
[...] Bajaj Allianz Life Insurance The fastest growing private life insurance company in India , with a growth rate of 380%. Over satisfied customers. One of the fastest growing private sector life insurers in India. Ranked no-2 among private life insurance companies in India has sold over 1 million policies to satisfied customer. Is backed by a network of 550 offices spanning the country. Assets under Management is Rs crores. Shareholder capital base of Rs.250 crores. Decentralized organizational structure for increased response and Service levels. [...]
[...] We aim to be among the top five competitors in the markets in which we choose to participate SYSTEM System in Bajaj Allianz is follows as given chart 0PERATION MANAGER; looking forward after the branch Accountant; Taking care of account of branch CSR; Giving service related policy to the customer and insurance consultant Branch manager; leading of the sales manager , motivating them fixed target on them, then make them to achieve target SALES MANAGER; do the recruitment of IC , Train Them to do business INSURANCE CONSULTANT; working on commission basis selling all the product related to life insurance STAFF DUTIES Estimate risk Procure business Secure business Undertake policy Serve the client Analyses the need Motivate the staff Render actuarial advice to the management. [...]
[...] - Centurion Bank Moreover, it is trying to expand its reach to large number of regional banks also Ownership pattern It is a joint venture between Bajaj and Allianz group wherein Bajaj share is 76% and Allianz share is 24%. It is a private limited company Competitors information Life Insurance Companies There are 13 private insurance companies, & LIC (public sectors) being the major competitors. They are A. Government Company Life Insurance Corporation of India (LIC) B. Private Companies ICICI Prudential collaboration between ICICI and Prudential U.K Birla Sun life A collaboration between Birla and Sun life of Canada Tata-AIG collaboration between TATA.India and AIG (America International Group) HDFC Life Insurance Company Limited Max New York Life Insurance Company Limited Om Kotak Mahindra Life Insurance Company Limited SBI Life Insurance Company Limited ING Vysya Life Insurance Company Limited MetLife India Life Insurance Company Limited AMP Sanmar Life Insurance Company Limited Dabur Aviva Life Insurance Company Limited Reliance life insurance company limited Kotak Mahindra. [...]
[...] SUMMARY OF ANNUAL REPORT With respect to the operations of Bajaj Allianz Life Insurance Company Limited Company') for the financial year 1April 2006 to 31 March 2007 and a result thereof, the Management of the Company confirms and declares that: 1. The registration certificate granted by Insurance Regulatory and Development Authority (IRDA) is valid and the same has been renewed for the year 2007- All relevant statutory dues payable by the Company have been generally deposited on time There has been no transfer of shares during the year and the shareholding pattern is in accordance with the statutory and regulatory requirement The management has not directly or indirectly invested outside India, the funds of the holders of policies issued in India The required solvency margins have been maintained as required by the IRDA The Company recognizes the risks associated with the life insurance business and manages the risks by adopting prudent policies to counter the key risks of the Company namely underwriting and investment risks. [...]
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