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A REPORT ON

COMPARITIVE STUDY OF UNIT LINKED POLICIES

AND

ITS MARKET RESEARCH

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EXECUTIVE SUMMARY

After privatization and liberalization in 1991,private sector isgrowing very fast across wide spectrum of Indian economy. A major part

of such liberalization process is finance sector.

That is also applicable to Insurance Industry. Large number of

multinational companies in collaboration with the Indian companies iscompeting with the strong LIC.

At the same time bank rates are going down. So investors are goingfor alternatives. They are investing in market for good returns.

This report titled Comparison study of unit linked policies and itsmarket research contains detail study of unit-linked policies and

comparison unit linked schemes of different companies and also theirmarket potential in Bangalore city.

The main object behind taking this project is to find outstandingterms and conditions of different companies who issue unit linked

policies and market potential for unit linked policies.

At the same time we are interested to know

1. Whether people are aware about unit linked policies or not?2. What factor they are consider while purchasing unit linked policy?

3. What is their expectation from unit linked policy?4. How much they want to invest in Life Insurance?5. In which type of fund they prefer to invest.?

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Based on this an appropriate questionnaire was prepared. Data wascollected through market survey . The data is analyzed using code sheet,percentages, averages, sums and weightages .

Findings

1. 96% of the people know about life insurance and 18% know about

unit linked policy2. Responded people ranked LIC as first, ICICI as second and Allianz

Bajaj as third3. Most people want to invest in Life insurance in the range of Rs300000 to

Rs 5000004. The Responded people mostly want to invest in balanced fund.

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Above study shows that awareness of Allianz Bajaj isvery low. But there is a potential market for unit-linked policies. So ALBJshould come up with some salient features to tap the market. They

should come up with some special offers like giving bonus or fixing someminimum guarantee amount.

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BACKGROUND

AN INTRODUCTION:

The insurance industry in India is evolving andassuming different proportions since it was privatized. There was a time

when only traditional insurance products used to dominate the arena, but

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with innovation coming into play, unit-linked/market-linked products

have also found a place.

It is worth mentioning here that world over unit-linkedproducts constitute quite a substantial chunk of the total portfolio of

insurance companies.

The emergence of unit-linked insurance policiescombines the characteristics of both endowment insurance policies andmutual funds. With falling interest rates questioning the economics of

traditional products, most insurers are launching unit-linked policies.

In the developed market, products more incommon with mutual funds have overtaken traditional life insurance

products. Customers too are looking for products that give stability ofreturns in the long run and total protection.

In India, Birla Sun Life, ICICI Prudential, AllianzBajaj, LIC are the some life insurance companies dealing in unit-linkedinsurance products.

HOW THE UNIT LINKED PLAN WORKS?

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Unit linked plans combines the protection of life

insurance and benefits of mutual fund .The main reason for increasinginterest towards unit linked plans is that they allow you to earn morereturn on your investment in this declining interest scenario, and at the

same time offer financial protection to your family in unfortunate event ofyour death. They also allow you the flexibility of withdrawing or

surrendering your unit wholly or partially to meet any contingency likeyour children’s education marriage, etc.

Unit linked plans come in the form of units where thepremium paid by you is used to buy units and an investment fund isallotted to you. Most of the companies offer two or more options to you

with regard to the fund. The choice of the fund allows you to determineas to how much premium paid by you should be invested and in which

financial instrument. The performance of the fund depends upon thecurrent value of units in the market.

For e.g. if current value of unit is Rs 10/- and youpay annual premium of Rs 10000/-, than the number of units you buy

with this premium is 1000 units. If the market is bullish and the value ofa unit become Rs 13 /- then you can surrender the units for a profit.

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According to the IRDA, a company offering unit linkedplans must give the investor an option to choose among debt, balancedand equity funds.

If you opt for a unit-linked endowment policy, you canchoose to invest your premiums in debt, balanced or equity funds. If you

choose a debt fund, the majority of your premiums will get invested indebt securities like gilts and bonds.

If you choose equity, then a major portion of yourpremiums will be invested in the equity market. The type of fund you

choose would depend on your risk profile and your investment need.

In case of death during the premium paying term or

the term of the policy, the sum assured, or value of policy fund,whichever is higher, is paid to the beneficiaries.

In case of survival up to maturity, the value of the fundis paid out. Therefore, the risk here is transferred to the policyholder and

nothing is guaranteed. So, if the fund value falls below the amountinvested, the policyholder will receive a lower amount.

Taking a closer look at charges and feesone comes toknows that, there is an initial administrative charge deducted everymonth from units. This could be very high, around 15% per annum in the

first year, around 7% p a in the second and around 2-3% p a thereafter.

Suppose you buy a policy wherein the annual premium

works out to Rs 10,000, in the first year, Rs 1,500 would be deductedtowards administrative charges, Rs 700 in the second year and around Rs

300 from the third year. These rates vary from company to company butare more or less in this range.

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There is an investment management charge too, whichwould vary according to the fund selected; for instance, an equity fund

would attract a higher investment management fee of around 1% p acompared with a debt fund that might attract a fee of 0.25%.

So continuing with the same example, a sum of Rs 100would be deducted from the annual premium if an equity fund is opted

for. Next, companies charge an annual administration charge. In case ofsome companies this charge is a flat rate, say, Rs 20 per month. In thecase of others, this charge is again a percentage of net assets for each

fund.

Finally, there is a deduction for risk cover. This goes

towards contribution to the sum assured or the life insurance cover. It isbased on mortality rates as calculated by actuaries. For comprehensivelysummarising our example, we will assume the age of the male

policyholder to be 30 years and sum assured Rs 1,00,000.

Of a total premium of Rs 10,000 paid in the first year,Rs 1,500 is deducted towards initial administration fees, Rs 100 towardsinvestment management fees (assuming the fund opted for is equity) and

Rs 240 towards annual administration fees.

That leaves a balance of Rs 8,160 in the first year. Out

of this, Rs 169 would be deducted towards risk cover. Hence, finally Rs7,991 would be invested in the fund. In the second year, the figure would

stand at Rs 8,791 and third year onwards, around Rs 9,191 for the termof the policy. So, every time you make your premium payment, only a partof it is actually invested in the fund of your choice.

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Combination of mutual fund and insurance cover:

Unit-linked plans are a combination of an investmentfund and an insurance policy. A major part of the premium amountreceived on such policies is invested in the stock market by the insurer in

select funds depending on the risk level chosen by the customer. Mindyou, this is after deducting administration charges and management

expenses that may vary from one fund to the other.

Choice of Funds:

The customer has the option of choosing from debt, balance and equityfunds. If the individual chooses a debt fund, a major part of his premia isinvested in debt securities like gilts and bonds. But if it is equity, a major

portion goes towards investments in the stock market. So depending onthe risk profile the individual may choose his investment option.

Survival Benefits:

As regards survival benefits the fund value as on that date is paid to theindividual.

Death Benefits:

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In case of death the individual is paid higher of the sum assured or thefund value standing to his account.

Fund Value:

The fund value is the value of your investment as on a given date. This isinfluenced by the ups and downs in the sensex.

So Fund Value = Unit Price x Number of Units

Switching between Funds:

The advantage one gets in case of a unit linked fund is that the working

is similar to a mutual fund. One can ship out of a fund if he feels itsperformance is not up to the mark. Companies allow certain number offree switches in a year. For any more switches one may have to pay.

Risk Element:

On the face of it investment in unit-linked plans are not

entirely safe. An element of risk is definitely in the hands of the individual.An individual choosing to park his funds in equities stands to gain or losedepending on the bull run in the stock market. When the market is

buoyant he stands to gain handsomely but on the other hand he may loseheavily when it tanks out.

Unit-linked insurance plans are all of a sudden much talkedabout, publicized and sold. While these are not a recent phenomenon,

since a number of insurance companies already had these products as apart of their portfolio, of late these plans have seen sudden frenzy.

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It is perhaps the bull phase or the lure of market-linkedreturns that insurance companies have been shouting hoarse about that

is responsible for these products outselling others.

While this is not to dissuade from purchasing unit linkedcovers it would be once own interest to take a peek at the ‘market linkedreturns’ you can expect. And if you think that the entire premium you pay

is invested in avenues chosen by you to maximize returns you could bewrong.

Expenses during the first year:

The insurance company towards various charges reducing

the investable amount considerably deducts a substantial amount fromyour premium income. In the first year Allianz Bajaj through its Unit GainSP Plus claims to allocate 100 percent of the single premium you invest

but cancels units on a monthly basis towards various charges from yourfund.

Accordingly Kotak Safe Investment Plan allocates 86 percentand LifeTime of ICICI Pru Life allocates 80 percent for amounts less than

Rs 50,000 and 82 percent for those above Rs 50,000 towardsinvestments.

Administration expenses:

The fund expense is the highest in the first year. ICICI PruLife charges administration expenses of 20 percent of the premium for

amounts below Rs 50,000 and 18 percent for amounts over Rs 50,000 inthe first year while it is 7 percent for amounts upto Rs 20,000 in case of

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Kotak Safe Investment plan.

Again there are annual administrative charges that are as

high as 1.25 percent per annum of net assets on Life Link of ICICI Pru Lifeand on Unit Gain SP Plus of Allianz Bajaj Life Insurance.

Mortality charges:

While the annual administrative charges stand at 1.25 percent of netassets for ICICI Pru Life and Allianz Bajaj Life Insurance the differences in

mortality charges is quite a bit. ICICI Pru Life charges 1.48 per thousandof sum assured at age 30 while Allianz Bajaj charges 1.29 at age 31.

Switching:

Now what if you plan to switch from one fund to the other.ICICI Pru Life offers only one free switch every year and charges a

switching fee of 1 percent for extra switches. In contrast Allianz Bajajoffers three switches free with subsequent switches charged at the rate of1% of switch amount or Rs 100 which ever is higher while with OM Kotak’

s Safe Investment plan you can switch any number of times at no extracost.

Besides there are fund management charges that variesdepending on the type of fund you choose to park your funds. OM Kotak

charges 0.6 percent if you choose to invest in money market funds, ongilt funds it is 1 percent, on balanced funds it is 1.3 percent and ongrowth funds it is 1.5 percent.

Transaction costs:

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Also Allianz Bajaj charges transaction costs at 0.5 percentbut not exceeding 0.7 percent of the equity investment while it is 0.1percent not exceeding 0.2 percent of the debt investments. Moreover,

there exist underwriting charges on the basis of the age of the individual.

Know that when you buy unit-linked insurance products, a

major part of the risk is transferred to you from the insurance company.Unit linked risk products may not be a good investment option when

taken into account the high costs and the risk associated with volatilemarkets.

These products will entail regular monitoring since they aremarket linked and may perhaps be a good bet when the market is at apeak but if the market bottoms out you may lose heavily. So know that

you are playing with your risk cover.

Unit-linked vs. traditional insurance products.

While in a unit-linked insurance product part ofthe premium paid by the policyholder goes towards administrative and

mortality charges (that provides life cover) and the balance into aninvestment account, in a traditional policy (with or without profit policy),the premiums are put in a common fund, part of which is invested and

part goes into paying for the risk cover.

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However, the entire profit from investment is notdeclared as bonus in a traditional policy. Some is held back by theinsurance company to build reserves to pay end bonus and other returns.

Also, there is a chance of using the money tocross-subsidise other products i.e. paying more returns towards single

premium products. The performance of the investible portion of premiumin a unit-linked scheme is monitored in the form of mutual fund units.

Unit-linked insurance products allow

policyholders to define their underlying investment with choices varyingfrom a conservative to an aggressive option.

In effect, a customer can create his/her ownpersonal investment plan backed by an insurance policy with at least a

minimum guaranteed return, in some cases. On the contrary, a traditionalpolicyholder has to rely on the investment manager.

Besides, unit-linked products offer benefits liketransparency, liquidity and flexibility. The insured has the flexibility of

changing the investment option after completing one policy year takingadvantage of market movements to plan investments and earn returns,

giving him complete control of his funds.

Thus, in a scenario when the equity market is not

performing well, a policyholder with high exposure to equities can switchto the option, which has a high proportion of fixed income instruments.

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Above all, as in the case of other insurance products,the premiums are taxing deductible and the benefits i.e. the maturitybenefit, withdrawal, surrender and death benefits are all tax-free.

Mode of premium payment:

Paying single premium or regular premium in the form

of yearly /half yearly, quarterly and monthly installment and premiumpaid by you is used to buy units.

Hence unit linked policies multiply your profits and

brings you the return and liquidity of the stock market and the safety ofthe insurance at the same time.

Allianz Bajaj Life Insurance Company Limited

Allianz Bajaj Life Insurance Co. Ltd. is a jointventure between two leading conglomerates- Allianz AG, one of the

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world's largest insurance companies, and Bajaj Auto, one of the biggest 2and 3 wheeler manufacturers in the world.

Allianz AG with over 110 years of experience in over

70 countries and Bajaj Auto, trusted for over 55 years in the Indianmarket, together are committed to offering you financial solutions thatprovide all the security needed for once family and oneself

Allianz Bajaj Life Insurance

Is the fastest growing private life

Insurance company in India

Currently has over Rs 3,00,000 p.a. satisfied customers

Is backed by a network of 68 Customer Care Centers spanning 55locations across the country

One of India's leading private life insurance companies

COMPANY PROFILE

Allianz Group

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Allianz Group is one of the world's leading insurers and financial services providers.

Founded in 1890 in Berlin, Allianz is now present in over 70 countrieswith almost 174,000 employees. At the top of the international group isthe holding company, Allianz AG, with its head office in Munich.

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,Asset Management and Banking.

ALLIANZ AG- A GLOBAL FINANCIAL POWERHOUSE

Worldwide 2nd by Gross Written Premiums - Rs.4, 46,654 cr.

3rd largest Assets Under Management (AUM) & largest amongstInsurance cos. -

AUM of Rs.51, 96,959 cr.

12th largest corporation in the world

49.8 % of global business from Life Insurance

Established in 1890, 110 yrs of Insurance expertise

70 countries, 173,750 employees worldwide

Bajaj Group

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Bajaj Auto Ltd, the flagship company of the Rs. 8000 crore Bajaj group

is the largest manufacturer of two-wheelers and three-wheelers in India and one of

the largest in the world.

A household name in India, Bajaj Auto has a strong brand

image & brand loyalty synonymous with quality & customer focus.

A STRONG INDIAN BRAND- HAMARA BAJAJ

One of the largest 2 & 3 wheeler manufacturer in the world21 million+ vehicles on the roads across the globe

Managing funds of over Rs 4000 cr.Bajaj Auto finance one of the largest auto finance cos. in India

Rs. 4,744 Cr. Turnover & Profits of 538 Cr. in 2002-03It has joined hands with Allianz to provide the Indian consumerswith a distinct. Option in terms of life insurance products

As a promoter of Allianz Bajaj Life Insurance Co. Ltd., Bajaj Autohas the following to offer - Financial strength and stability to

support the Insurance Business

A strong brand-equity.

A good market reputation as a world-class organization.

An extensive distribution network.

Adequate experience of running a large organization.

Shared Vision

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A household name in India teams up with a global conglomerate...

Bajaj Auto Ltd, the flagship company of the Rs. 8000crore Bajaj group is the largest manufacturer of two-wheelersand three-wheelers in India and one of the largest in the world.

A household name in India, Bajaj Auto has a strong

brand image & brand loyalty synonymous with quality & customer focus.With over 15,000 employees, the company is a Rs. 4000 crore auto giant,is the largest 2/3-wheeler manufacturer in India and the 4th largest in

the world. AAA rated by Crisil, Bajaj Auto has been in operation for over55 years. It has joined hands with Allianz to provide the Indianconsumers with a distinct option in terms of life insurance products.

As a promoter of Allianz Bajaj Life Insurance Co. Ltd.,Bajaj Auto has the following to offer

Financial strength and stability to support the Insurance Business.

A strong brand-equity.

A good market reputation as a world class organization.

An extensive distribution network.

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

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BOARD OF DIRECTORS OF ALLIANZ BAJAJ ARE

1. Rahul Bajaj

2. Niraj Bajaj

3. Sanjivnayan Bajaj

4. Ranjit Gupta

5. Govind Prasad Laddha

6. J.Shridhar

7. Bajaj Auto Limited

8. Dr Wemer Zedelius

9. Heinz Dollberg

10. Don Nguyen

11. Alan Wilson

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Allianz Bajaj brings several innovative products, the details of which asfollowes

ALLIANZ BAJAJ’S PRODUCTS

Individual Plans

UNITGAIN

A Unit Linked Plan

UNITGAIN SP

A Single Premium Unit Linked Plan

INVESTGAIN

An Endowment Plan

CHILDGAIN

Children's Policy

CASHGAIN

Money Back Plan

SWARNA VISHRANTI

Retirement Plan

RISK CARE

Pure Term Plan

TERM CARE

Term Plan with Return-of-Premium

LIFETIME CARE

Whole Life Plan

SAVE CARE ECONOMY SP

Single Premium Endowment Plan

LOAN PROTECTOR

A Mortgage Reducing Term Insurance Plan

KEYMAN INSURANCE

A Promising Business Opportunity

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.

Group Plans

GROUP CREDIT CARE

Available for Employer - Employee Groups

and Non Employer-Employee Groups

GROUP TERM LIFE

Available for Employer - Employee Groups

and Non Employer-Employee Groups

GROUP TERM LIFE SCHEME

in lieu of EDLI (Employees Deposit Linked Insurance)

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COMPARISON STATEMENTParticulars

Allianz Bajaj Birla sun life ICICI LIC

1) Typesof policyIssued

a) Unit Gainb) Unit Gain SP

a) Flexi SavePlusEndowment

Planb) Flexi cashflow money

back Planc) Flexi Life

Line Plan

a) Lifetimeb) Life link

a) Life Timeb) Life Time SP

2)

Eligibility

From 1year to 60

years

From 30 days

to 65 years

From 0year to

60 years

From 12 years

to 55 years

3)Minimu

mpremiumamount

( in Rs)

Rs 10,000 regular

Rs 25,000 singlepremium

50,000 for

minor75,000 foradults

18,000 p.a.

or9,000 for halfyearly and

1,500 formonthly.

5,000regular

20,000 single

4) Termof thePlan

Death or lowbalance whicheveris first

As per policyterm5,10,15,20,25o

r30or as per

maturity age15,20,25,30or35years for

minor &60,65,70,80for adult

At the age of100

10 years

5)Premium

paymentfrequency

Yearly, Halfyearly,

Quarterly andSingle premium[Monthly –with

salary deductionscheme.]

Yearly, Halfyearly,

Quarterly andSinglepremium

[Monthly –with

Yearly, Halfyearly, and

Monthly

Yearly, Halfyearly,

Quarterly andSinglepremium

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6)

Maturitybenefit

Total value of that

you hold in fund/funds

Total value of

that you holdin fund /funds

Total value of

that you holdin fund/funds

Bid value of

the fund alongwith maturitybonus at 5% of

sum assured.

7) Death

benefit

Sum assured

chosen or value ofunitsWhichever is

higher

Face amount

+Policy fund

Sum assured

chosen orvalue of unitsWhichever is

higher

-Death in 1st

6months –30%of S.A+fundvalue

-Death in 2nd

half of 1st year–60% of S.A

+ fund value-1st year &

above S.A +fund Value-On 10th year

5% bonus ofSA+ bid value of

fund```

8) Freeswitches

Three freeswitches every

year.

One free switchevery year.

One freeswitch every

year.

Twice duringthe term of

plan.

SAAB MARFIN MBA9)Minimum and

maximumSumAssured

For Single PremiumMin=1.01 time the SP

Max=Y time the SPWhere Y as per followingtableA

g

e

0-

30

31-

35

36

-4

0

41

-4

5

46

-6

0

Y 45 40 25 15 5

For Regular Premium

Min=5 time APMax=Y time the APWhere Y as per following

tableA

g

e

0

-

3

0

31

-3

5

36

-4

0

41-

45

46

-5

5

56

60

Y 1

2

5

10

5

75 55 30 20

Amountchosen by

thecustomer

For SinglePremium

Min =Rs20,000Max =Rs

10,00,000

For

RegularPremium

Min =Rs50,000Max =Rs

10,00,000

10) Cash

withdrawal option

You may withdraw money

any time after ‘3’ full years

You may

withdrawmoney anytime after

‘4’full years

You may

withdrawmoney anytime after ‘3’

full years

After ‘3’

years thepolicyholder

canwithdrawmax of

50%.

11)Invest

mentoption

Equity Fund

Balanced fund

Debt fund

Cash fund

Protecto

r

Builder

Enhance

r

Maximiser

Protector

Balancer

Secure

d fund

Balanced

fund

Risk

fund

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The fund value is always depend upon the market

condition. On the total premium the deductions are

Allocation charges

Other charges

ALLOCATION RATES

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Allianz Bajaj Birla Sunlife ICICI Om Kotak

YearlyAllocation(%)

CumulativeAllocation (%)

Commission(%)

YearlyAllocation(%)

CumulativeAllocation(%)

Commission(%)

YearlyAllocation(%)

CumulativeAllocation(%)

Commission(%)

YearlyAllocation(%)

CumulativeAllocation(%)

Commission(%)

Year 1 30 30 40 35 35 35 80 80 8 86 86 10

Year 2 98 128 5 96.5127.5

5 92.5172.5

5 86.5 182.5 3.50

Year 3 99 227 5 95222.5

5 96268.5

3 86.5 279 3.50

Year 4 100 327 5 95317.5

5 96364.5

2 86.5 375.5 3.50

Year 5 100 427 5 95412.5

5 96460.5

2 86.5 472 3.50

Year 6 100 527 5 95507.5

5 96556.5

2 86.5 568.5 3.50

Year 7 100 627 5 95602.5

5 96652.5

2 86.5 665 3.50

Year 8 100 727 5 95697.5

5 96748.5

2 86.5 761.5 3.50

Year 9 100 827 5 95792.5

5 96844.5

2 86.5 858 3.50

Year10

100 927 5 95887.5

5 96940.5

2 86.5 954.5 3.50

Year11

100 1027 5 95982.5

5 96 1036.5

2 86.5 1051 3.50

Year12

100 1127 5 95 1077.5

5 96 1132.5

2 86.5 1147.5 3.50

Year13

100 1227 5 95 1172.5

5 96 1228.5

2 86.5 1244 3.50

Year14

100 1327 5 95 1267.5

5 96 1324.5

2 86.5 1340.5 3.50

Year15

100 1427 5 95 1362.5

5 96 1420.5

2 86.5 1437 3.50

Year16

100 1527 5 95 1457.5

5 96 1516.5

2 86.5 1533.5 3.50

Year17

100 1627 5 95 1552.5

5 96 1612.5

2 86.5 1630 3.50

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Non al l ocat ed amount

In the long run say 20 years, the non allocation will be

Particulars AllanzBajaj

Birla Sunlife ICICI Om Kotak

Year 1 70% 65% 20% 16%

Year 2 2% 7.5% 7.5% 3.5%

Year3 1% 5% 4% 3.5%

Year4 5% 4% 3.5%

Year5 5% 4% 3.5%

Year6 5% 4% 3.5%

Year7 5% 4% 3.5%

Year8 5% 4% 3.5%

Year9 5% 4% 3.5%

Year10 5% 4% 3.5%

Non allocation

charge(cumulative)

73% 112.5% 59.5 47.5

Particulars AllanzBajaj

BirlaSunlife

ICICI Om Kotak

Non allocation

Charges(cumulative)

73% 162.5% 99.5% 82.5%

Average non

allocation peryear will be

3.65% 8.125% 5% 4.125%

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The main determinant of how policy operates isallocation of fund and growth rate of the company. The growth rates areavailable in the newspaper.

However, some insurers do guarantee a part of the

return. Birla, for instance, guarantees a minimum return of 6% in case ofProtector option, 4.5% in Builder and 3% in Enhancer. Birla, as ofNovember 2003 has declared, since inception, a return of 13.55 % on

Protector, 18.23% on Builder and 25.61% on Enhancer.

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RESEARCHMETHODOLOGY

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RESEARCH METHODOLOGY

PROBLEM DEFINITION

` In the market, bank interest rates are coming downand peoples prefer other investment avenues like mutual funds. The mainfocus of this project is to know about unit-linked policy ( combination of

mutual fund and life coverage), how this plan works in the market andhow people consider its attributes and factors.

OBJECTIVE

The main objective of the research is to find potential

market for the unit linked plans in Bangalore city.

SUB OBJECTIVES

1. To know potential market for life insurance.2. To know awareness of different insurance companies.3. To know which attributes people consider most important.

4. To know what factor people consider while purchasing unit linkedpolicy.

5. To know the investment criteria6. To know in which range people want to invest.

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Keeping above objective in mind a questionnaire wasdesigned and field survey conducted in Bangalore city.

SAMPLE PROFILE

Businessmen, Employees and other are population for

this project. Efforts were made to get the respondents with income of Rs3,00,000 & more. Sampling units are taken from the Bangalore city.

SAMPLE SIZE

Sample size was 100 in Bangalore city

SAMPLING TECHNIQUE

Samples were chosen from different areas of Bangalore i.e.

Jayanagar, M G Road, Corporation area, Electronics city and tried tomaintain 1:1:1 ratio of businessman, employees and other among the

respondents

DATA COLLECTION PROCEDURE

Data collection for unit linked policy

Secondary data collected from following source

1. Literature from Allianz Bajaj office

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2. Articles from Economictimes3. Article from Insurance Cover

Primary data was collected through field survey by framing

the questionnaire

DATA ANALYSIS TECHNIQUE

The data collected was consolidated, the sum averagewas calculated. Various charts were prepared which helped to analyze thedata better .Data analysis involved converting of recorded observation in

to descriptive statement.

LIMITATION OF THE STUDY

1. The findings are relevant only to Bangalore city , however a

generalized view can be applicable to cities with similarcharacteristics.

2. Since the sampling technique was random, the finding might not

give an accurate picture.3. Since the time and cost were the a constraints, result may not beaccurate, as surveyor could not survey the entire customer and

potential investors.4. Some of the customers could not give an accurate response to

some of the questions

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SCOPE OF THE STUDY

The project includes

1. Study of unit linked policy.2. The eligibility criteria of the applicant

3. Brief idea about the company called Allianz Bajaj life insurancecompany limited.

4. Comparison study of different unit inked policies of different

companies5. Terms and conditions of different companies unit linked policies

6. Different types of policies issued by Allianz Bajaj

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FINDINGS

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Findings:

1) Have you bought any Insurance policy/ know about unit linkedpolicy?

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2) Rank the Insurance companies you are aware of?

Respondents ranked life insurance companies as below

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The ranking is

1. Life Insurance Corporation2. ICICI3. Allianz Bajaj Life Insurance Company Limited

4. Tata AIG Life Insurance Company Limited5. Aviva Life Insurance Company Limited

3) Have you bought any unit linked policy?

Out of 100 samples only 2 people bought unit linked policy.

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4) Are you interested in buying unit linked policy?

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5)Rank the below attributes do you consider while purchasing?

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6) Rank the factors do you consider while purchasing LifeInsurance/Unit Linked policy?

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7) How much do you want to invest?

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8) In which fund do you prefer to invest(rank them accordingly)

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ANALYSIS

ANALYSIS HAS BEEN MADE IN THREE PARTS

Respondents in general

Respondents whose income is more than

Rs Rs 3,00,000 p.a.

Respondents who knows about Unit Linked

Policy

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RESPONDENTS IN GENERAL

INCOME OF THE RESPONDENTS

Four types of income group has been responded, accordingly respectivepercentage has been given.

1. Below Rs 1,50,000 28%2. Rs 1,50,000-Rs 3,00,000 p.a. 20%3. Rs Rs 3,00,000 p.a.-5,00,000 30%

4. Above Rs 5,00,000 22%

In Rs

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AWARENESS OF LIFE INSURANCE

Awareness of the life insurance is out of the 100samples 2 peoples don’t know about the life insurance.

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AWARENESS OF UNITLINKED POLICY

Out of 98 people 22% know about the unit linked policy.

RANKING OF LIFE INSURANCE COMPANIES

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Respondents ranked life insurance companies as below

The ranking is

1. Life Insurance Corporation2. ICICI

3. Allianz Bajaj Life Insurance Company Limited4. Tata AIG Life Insurance Company Limited5. Aviva Life Insurance Company Limited

Respondents ranked Allianz Bajaj as 3rd among 6 life insurancecompanies.That means awareness is less about the company. Therefore

company should take some measure to create awareness.

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While purchasing unit linked policy, people considerthe attributes like Creation of estate, Life coverage, Mode of paying premium,

Withdrawal benefits, Saving component echo much importance they give to each

attribute is given below

While purchasing life insurance people

considered most important is life coverage than Creation of estate thansaving component than other attributes like maturity benefits,withdrawal benefits and mode of paying premium .the least important

attribute is charges levied.

As people consider most important as lifecoverage, in the policy of Unit gain they should concentrate on Deathbenefits and life coverage period.

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After consideration of attributes the next step towards the

purchase of life insurance by the prospective buyer are following factors1. Brand Image2. Risk Factor

3. Income4. Age factor

5. Influence of relatives and friends6. Market condition

Respondents considered very important as Risk factorthan the factors like Income, Age, and Market conditions. Brand image

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as less important and Influence of relatives and friends as very leastimportant.

As people are tend to avoid risk and give more

importance to risk factor it shows that people are willing to take risk.

PEOPLE’S INTEREST OF INVESTING IN LIFE INSURANCE

Respondents got a option of five categories as shown above. Theresponse was

Below Rs 1,00,000 13%

Rs 1,00,000 –2,00,000 18%

Rs 2,00,000 – Rs 3,00,000 p.a. 27%

Rs Rs 3,00,000 p.a.- 5,00,000 29%

Above Rs 5,00,000 13%

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Most peoples are interested in taking the policy of Rs3,00,000 p.a. to 5,00,000.Next to it is the policy of Rs2,00,000 to Rs3,00,000 p.a..

PEOPLE ‘S PREFERENCE OF INVESTING PREMIUM AMOUNT

Customer got several option to invest their premium .The preferenceaccording to respondents are given below

Rankings are given below1. Balanced fund 28%

2. Equity fund 25%3. Cash fund 24%

4. Debt fund 23%

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RESPONDENTS WHOSE INCOME IS MORE THANRS Rs 3,00,000 p.a.

Ranking according to respondents whose income is more than Rs3,00,000 p.a.

1. LIC2. ICICI

3. Birla Sunlife

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4. Allianz Bajaj5. Tata AIG6. Aviva

Respondents whose income is more than Rs 3,00,000p.a. considered attributes as below

Respondents considered very important attribute as Creationof estate, Saving components and life coverage. Next important as

Mode of paying premium and next is Withdrawal benefits next isMaturity benefits and the least important is Charges levied.

Respondents even consider Saving component and creation

of estate as very important.

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Respondents whose income is more than Rs 3,00,000 p.a.considered factors affecting to buy life insurance as below

Respondent considered all the above-mentionedattributes as most important In percentage most important is Age,

Income, Market conditions, Risk Factor and least important is Brandimage and influence of relatives and friends.

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Respondents whose income is more than Rs 3,00,000 p.a.considered the investment criteria as follows

Respondent interested to invest money more between

Rs3,50,000-5,00,000 p.a.Next is Rs2,00,000-3,50,000 p.a. and same percentage of people wants

to invest inRs1,00,000-2,00,000 p.a. and 19% want to invest in above Rs5,00,000 p.a. and least people want to invest in below Rs 1,00,000 p.a.

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Respondents whose income is more than Rs 3,00,000 p.a.considered investing their money in following funds

Rankings are given below

1. Balanced fund 31%2. Cash fund 25%3. Equity fund 22%

4. Debt fund 22%

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OPINION OF THE RESPONDENTSWHO KNOW ABOUT THEUNITLINKED POLICY.

Respondents considered very important attribute as Lifecoverage next important as Withdrawal benefits next is Saving

components and Creation of estate next important as Maturity benefitsnext important attribute is Mode of paying premium and the leastimportant is Charges levied.

Here most important to note is every attribute isconsidered important because all the percentage is more than 10%.

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Very important Risk factorLess important Income, ageImportant Market conditionsNot important Brand imageLeast important Influence of relatives &friends

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Respondents got an option of five categories as shown above. The

response was

Below Rs 1,00,000 09%

Rs 1,00,000 –2,00,000 00%

Rs 2,00,000 – Rs 3,00,000 p.a. 09%

Rs Rs 3,00,000 p.a.- 5,00,000 55%

Above Rs 5,00,000 27%

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Rankings are given below

1. Balanced fund 32%2. Equity fund 25%

3. Cash fund 23%4. Debt fund 20%

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SUGGESTIONS:

1. The above study showed that the awareness about Allianz Bajaj isless . People ranked it 3rd in the life insurance companies .So

companies should take some measure to create awareness in theminds of customer .For that it may go for aggressive advertisingcampaign or sponsor for some events, go for banners or hoardings

2. The competitor companies of ALBJ is very strong in unit linkedpolicies Birla Sunlife and LIC are going extremely well in themarket.their growth rates are very high .So ALBJ should highlight

their strong points like

Choosing the sum assured

Low allocation charges in the long run

Good service

Low switching charges

Term of policy is unlimited

Salary deduction schemes

3. The unit-linked policies are suitable to those who are active

investors and at the same time they want to cover their life.

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4. There are various categories of people who can be differentiatedlike

Men and WomenMen usually take the risk, where as women hesitate to take risk.

So this policy is more suitable to men

Age factorYoung people are more willing to take the risk, where old people

are not. So it is suitable to young income people

Income group

If income of the person is high than he can take risk butlow-income group cant take the risk. So this policy is suitable tohigh-income group people.

5. Life insurance is the classical example of unsought goods. The

nature of that is the consumer does know about or does notnormally think of buying.

It requires personal selling support. So agents should be fullyinformative and they should be able to tell the entire informationcustomer needed.

6. As awareness is less , Allianz Bajaj should open some morebranches

so that acccess becomes easy. So that people can approach thecompany and take service.

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7. As people consider risk factor as very important company shouldgive minimum guarantee of money so that people may considerthis policy as most secured and also giving good profit.

8. Company should come up with group unit linked plans so thatpeople may have option to go for unit-linked policy.

CONCLUSION

In new economy things are moving at a nanosecond pace; that our

markets are characterised by hyper competition; that disruptive

technologies are changing every business and every business must adapt

to the empowered consumer. In such an environment ALBJ is performing

on a consistence basis. It is not a result of luck, trick plays or misfortune

of the competitors, but service and attractive schemes of ALBJ. Allianz

Bajaj sustained efforts are yielding superior long-term result.

The above study showed that unit linked policy has attractive

market. But main problem is awareness. So Allianz Bajaj should create

awareness among the people. They should explain the advantages they

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are getting out of unit-linked policy. They should come up with some

salient features like different investment criteria, group investment plans

etc.In India people are not willing to invest their money in market but

they make idle investment. So it is the work of middlemen win the

willingness of people to invest in market. Also company should

concentrate on death benefit and term of policy.

BIBLIOGRAPHY

1. Donald .S.Tull & Hawkins – Marketing research measurement and

method,

Prentice Hall of India Private Limited,New Delhi-2001

2. Literature available at Allianz Bajaj Branch office, Bangalore.

3. www.AllianzBajaj.com

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4. www.economictimes.com

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APPENDIX

MARKET SURVEY ON UNIT LINKED POLICIES

Sir/Madam,

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I am MBA student studying in KLS’s IMER ,Belgaum. I am doingsurvey on unit linked plans. Please co-operate and spare a few minutes of yourtime to fill up the following questionnaire. The information provided by you willbe kept confidential since this project is for academic purpose.

Name :Address :

Ph .No :

Gender : Age :

Profession/Occupation:

Annual income: a) below 150000 b)150000-300000

c) 300000-500000 d) above 500000

1. Have you bought any Insurance policy / know about unit linked policy?

Yes No

2. Rank the insurance companies you are aware off

L I C Allianz Bajaj

Birla Sunlife Aviva

I CI C I Tata AIG

3. Have you bought any unit linked policy?Yes No

If YesCompany name :If No

4. Are you interested in buying unit linked policiesYes No

If yesFrom which companyAnd why

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5 . Rank the below attributes do you consider while purchasing Life Insurance/Unit Linked policies (For very important 5 to least important 1)

Attributes 5 4 3 2 1Creation of estateLife coverageMode of payingpremiumWithdrawal benefitsMaturity benefitsSaving componentCharges levied

6. Rank the below factors are you consider while purchasing Life Insurance/Unit Linked policies (For very important 5 to least important 1)

Factors 5 4 3 2 1Brand imageRisk factorIncomeAgeRelatives and friendsMarket conditions

7. How much do you want to invest?Below -10000 100000-20000010000-50000 Above 20000050000-100000

8. In which fund do you prefer to invest (rank them accordingly)Equity fund Cash fundDebt fund Balance fund

Thank you

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1 12 13 14 15 16 17 18 19 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 1

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36 137 1 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 1

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86 1 187 188 189 190 191 192 193 194 195 196 197 198 199100

28 20 30 22 100

Knowinsurancepolicy

Don’t know insurancepolicy

know unit linkedpolicy

don’tknow unitlinkedpolicy

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10

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96 4 18 0

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LIC Birla Sunlife ICICI Allianz Bajaj Aviva Tata AIG1 2 31 3 4 21 4 2 5 6 31 2 312 4 3 11 2 4 3 6 51 2 34 1 3 2 5 64 3 5 1 6 21 3 21 4 2 5 6 31 2 31 4 2 3 6 51 5 2 4 6 31 5 2 4 6 31 4 2 3 6 51 4 2 3 6 51 5 2 3 6 41 3 2 4 6 31 6 2 4 5 31 6 2 4 3 51 21 4 2 31 4 2 5 6 31 3 21 5 2 4 6 31 2 4 31 2 3 4 5 61 4 2 3 6 51 3 2 4 6 51 3 5 2 6 41 5 2 6 4 32 3 1 4 6 5

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1 4 2 3 6 51 21 4 2 31 4 3 6 5 2111 3 25 3 2 4 6 11 5 2 4 6 31 21 3 4 2 6 51 2 3 5 6 41 5 4 2 6 34 1 5 2 6 21 21 2 31 3 4 21 4 2 5 6 31 2 312 4 3 11 2 4 3 6 51 2 34 1 3 2 5 64 3 5 1 6 21 3 21 4 2 5 6 31 2 31 4 2 3 6 51 5 2 4 6 31 5 2 4 6 31 4 2 3 6 51 4 2 3 6 51 5 2 3 6 41 3 2 4 6 31 6 2 4 5 31 6 2 4 3 51 21 4 2 31 4 2 5 6 31 3 21 5 2 4 6 31 2 4 31 2 3 4 5 61 4 2 3 6 51 3 2 4 6 51 3 5 2 6 41 5 2 6 4 32 3 1 4 6 51 4 2 3 6 5

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1 21 4 2 31 4 3 6 5 2111 3 25 3 2 4 6 11 5 2 4 6 31 21 3 4 2 6 51 2 3 5 6 41 5 4 2 6 34 1 5 2 6 21 2

LIC

552 222 366 286 94 228

1 85 6 5102 4 5 203 0 4 04 6 3 185 2 2 4 Bought unit linked policy6 0 1 0 2

552Interested to buy unit lipolicy9

1 4 6 242 6 5 303 16 4 644 24 3 725 14 2 286 4 1 4

222

1 2 6 122 52 5 2603 16 4 644 6 3 185 6 2 126 0 1 0

366

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1 4 6 242 20 5 1003 16 4 644 26 3 785 8 2 166 4 1 4

286

1 0 6 02 0 5 03 6 4 244 2 3 65 8 2 166 48 1 48

94

1 2 6 122 12 5 603 30 4 1204 6 3 185 7 2 146 4 1 4

228

LIC ICICI Allianz Bajaj Tata AIG Birla Sunlife Aviva552 366 286 228 222 94

31.57895 20.93822 16.36156 13.04348 12.70023 5.3775741748

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attributesCreation ofestate

Lifecoverage

Mode of payingpremium

Withdrawalbenefits

Maturitybenefits

Savingcomponent Charges levied

1 1 1 5 5 3 2 42 5 1 5 5 5 5 53 1 1 4 1 1 1 14 2 1 4 1 1 1 35 3 1 1 3 2 1 46 2 5 3 5 5 4 57 3 2 3 1 3 2 58 2 1 2 3 1 3 49 1 3 1 2 3 2 310 1 1 1 1 1 1 211 3 5 3 1 3 3 412 3 2 3 4 4 2 513 1 5 1 5 1 1 514 1 2 2 4 3 4 415 2 5 5 3 4 3 516 2 2 3 2 2 1 317 3 4 4 5 3 4 418 4 2 2 1 3 2 319 1 2 1 3 1 1 520 5 2 3 4 1 2 321 2 1 3 1 1 1 122 2 1 3 2 4 3 123 1 1 2 1 3 1 424 1 2 1 3 4 2 525 1 2 1 3 1 3 226 1 1 1 3 2 2 427 1 2 1 2 3 2 228 1 2 1 2 1 3 429 2 1 2 1 3 4 530 2 1 3 2 4 1 531 3 1 3 2 2 1 432 1 1 2 2 2 1 4

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33 2 1 3 1 1 1 234 1 2 1 3 1 3 435 1 2 2 1 1 1 436 1 1 2 1 3 1 437 1 2 1 3 4 2 538 1 1 5 2 3 4 239 3 1 1 4 3 1 540 2 1 3 2 1 1 341 3 1 1 1 1 1 142 7 1 3 2 2 3 443 4 1 4 1 1 1 444 1 1 3 3 2 4 545 2 1 3 1 3 2 546 2 1 3 2 3 2 547 2 1 3 2 4 3 548 1 2 1 2 3 2 549 1 1 5 2 3 4 550 1 1 5 5 3 2 451 5 1 5 5 5 5 552 1 1 4 1 1 1 153 2 1 4 1 1 1 354 3 1 1 3 2 1 455 2 5 3 5 5 4 556 3 2 3 1 3 2 557 2 1 2 3 1 3 458 1 3 1 2 3 2 359 1 1 1 1 1 1 260 3 5 3 1 3 3 461 3 2 3 4 4 2 562 1 5 1 5 1 1 563 1 2 2 4 3 4 464 2 5 5 3 4 3 565 2 2 3 2 2 1 366 3 4 4 5 3 4 467 4 2 2 1 3 2 368 1 2 1 3 1 1 569 5 2 3 4 1 2 370 2 1 3 1 1 1 171 2 1 3 2 4 3 172 1 1 2 1 3 1 473 1 2 1 3 4 2 574 1 2 1 3 1 3 275 1 1 1 3 2 2 476 1 2 1 2 3 2 277 1 2 1 2 1 3 478 2 1 2 1 3 4 579 2 1 3 2 4 1 580 3 1 3 2 2 1 481 1 1 2 2 2 1 482 2 1 3 1 1 1 2

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83 1 2 1 3 1 3 484 1 2 2 1 1 1 485 1 1 2 1 3 1 486 1 2 1 3 4 2 587 1 1 5 2 3 4 288 3 1 1 4 3 1 589 2 1 3 2 1 1 390 3 1 1 1 1 1 191 7 1 3 2 2 3 492 4 1 4 1 1 1 493 1 1 3 3 2 4 594 2 1 3 1 3 2 595 2 1 3 2 3 2 596 2 1 3 2 4 3 597 1 2 1 2 3 2 598 1 1 5 2 3 4 599100 382 418 342 356 358 378 216

16.89518 18.48739 15.12605 15.74525 15.8337 16.71827 9.5532951 42 5 210 1 30 5

2 28 4 112 2 30 43 16 3 48 3 20 34 4 2 8 4 8 25 4 1 4 5 10 1

Creation of estate 382 Withdrawal benefits

1 56 5 280 1 322 30 4 120 2 163 2 3 6 3 344 2 2 4 4 145 8 1 8 5 4

Life coverage 418 Maturity benefits

1 30 5 150 1 382 16 4 64 2 263 34 3 102 3 184 8 2 16 4 145 10 1 10 5 2

Mode of paying premium 342 Saving component

1 82 103 124 325 36

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Charges levied

factorsBrandimage

Riskfactor Income Age

Relatives&friends Market condition

5 1 13 3 3 25 1 5 5 1 11 1 1 1 5 21 1 1 2 2 21 1 2 3 5 25 5 5 5 1 14 1 2 2 5 31 3 2 1 4 11 2 2 2 5 23 1 1 1 4 12 4 3 1 3 34 1 1 1 5 21 1 1 1 5 13 2 5 5 5 45 4 3 4 3 53 1 3 2 5 13 2 3 1 4 51 1 1 1 1 13 2 2 2 4 15 4 2 3 2 11 1 1 1 2 12 1 3 2 5 13 2 2 1 4 14 1 1 1 3 14 2 2 1 5 33 2 2 2 3 11 1 1 2 1 24 3 2 2 5 15 1 2 2 4 33 2 1 2 4 21 5 1 3 2 1

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2 1 1 2 3 21 2 1 1 4 13 2 1 1 4 13 2 1 1 4 13 2 2 1 4 14 1 1 1 3 15 1 2 4 3 51 1 1 2 3 53 1 2 3 1 51 1 1 1 3 11 1 1 3 4 31 1 1 1 5 33 5 1 2 2 45 1 1 1 1 13 2 2 2 4 13 1 1 1 4 25 1 2 3 4 31 1 3 2 4 35 1 13 3 3 25 1 5 5 1 11 1 1 1 5 21 1 1 2 2 21 1 2 3 5 25 5 5 5 1 14 1 2 2 5 31 3 2 1 4 11 2 2 2 5 23 1 1 1 4 12 4 3 1 3 34 1 1 1 5 21 1 1 1 5 13 2 5 5 5 45 4 3 4 3 53 1 3 2 5 13 2 3 1 4 51 1 1 1 1 13 2 2 2 4 15 4 2 3 2 11 1 1 1 2 12 1 3 2 5 13 2 2 1 4 14 1 1 1 3 14 2 2 1 5 33 2 2 2 3 11 1 1 2 1 24 3 2 2 5 15 1 2 2 4 33 2 1 2 4 21 5 1 3 2 12 1 1 2 3 2

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1 2 1 1 4 13 2 1 1 4 13 2 1 1 4 13 2 2 1 4 14 1 1 1 3 15 1 2 4 3 5

1 1 1 2 3 53 1 2 3 1 51 1 1 1 3 11 1 1 3 4 31 1 1 1 5 33 5 1 2 2 45 1 1 1 1 13 2 2 2 4 13 1 1 1 4 25 1 2 3 4 31 1 3 2 4 3

307 414 400 394 248 386 214914.28571 19.2647718.6133118.3341111.54025 17.961841001 32 5 160 1 42 5 2102 6 4 24 2 32 4 1283 30 3 90 3 14 3 424 12 2 24 4 4 2 85 9 1 9 5 6 1 6

307 3941 56 5 280 1 12 5 602 26 4 104 2 10 4 403 4 3 12 3 20 3 604 6 2 12 4 32 2 645 6 1 6 5 24 1 24

414 248

1 46 5 230 1 48 5 2402 32 4 128 2 20 4 803 12 3 36 3 16 3 484 0 2 0 4 4 2 85 6 1 6 5 10 1 10

400 386

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person want to investAbove1Lakh

1Lakh-2Lakhs

2 Lakhs-3Lakhs

3 Lakhs-5Lakhs Above 5 Lakhs

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11

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20 22 16 28 14 100

20 22 16 28 14

Equityfund

Debtfund Cash fundBalance fund

1 3 4 24 3 2 13 2 4 13 4 2 14 3 1 24 3 1 24 3 2 11 4 3 24 3 2 11 4 3 24 2 3 14 3 1 24 1 2 34 2 3 11 3 4 24 3 2 11 2 3 42 3 4 13 2 1 42 3 1 41 2 3 4

SAAB MARFIN MBA

1 4 3 24 3 2 14 3 2 11 2 3 41 2 4 34 3 2 11 2 3 41 4 3 24 2 1 34 3 2 12 1 3 42 1 4 33 2 1 44 3 2 14 3 2 14 3 2 11 3 2 42 3 4 14 3 2 12 1 4 31 4 3 24 3 1 21 3 4 21 2 3 42 3 4 14 3 2 13 4 1 21 3 2 41 3 4 24 3 2 13 2 4 13 4 2 14 3 1 24 3 1 24 3 2 11 4 3 24 3 2 11 4 3 24 2 3 14 3 1 24 1 2 34 2 3 11 3 4 24 3 2 11 2 3 42 3 4 13 2 1 42 3 1 41 2 3 41 4 3 2

SAAB MARFIN MBA

4 3 2 14 3 2 11 2 3 41 2 4 34 3 2 11 2 3 41 4 3 24 2 1 34 3 2 12 1 3 42 1 4 33 2 1 44 3 2 14 3 2 14 3 2 11 3 2 42 3 4 14 3 2 12 1 4 31 4 3 24 3 1 21 3 4 2

1 2 3 42 3 4 14 3 2 13 4 1 21 3 2 4

232 222 246 280

980

23.6734722.6530625.10204 28.57143

100

1 32 4 128 1 18 4 722 14 3 42 2 34 3 1023 10 2 20 3 26 2 524 42 1 42 4 20 1 20

232 246

1 8 4 32 1 40 4 1602 24 3 72 2 26 3 783 52 2 104 3 10 2 204 14 1 14 4 22 1 22

222 280

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