46322641 project of bba aviva life insurance

8/6/2019 46322641 Project of Bba Aviva Life Insurance

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A

TO STUDY

THE CUSTOMER BEHAVIOUR

AND CUSTOMER SATISFACTION

(AT AVIVA LIFE INSURANCE CO.)

SUBMITTED TO

JAMMU UNIVERSITY

FOR THE PARTIAL FULFILLMENT OF 3 YEAR

FULL TIME COURSE

BACHELORS OF BUSINESS ADMINISTRATION

SUPERVISED BY: SUBMITTED BY:

SHOUKAT HUSSAIN NANDEEP KUMAR


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ACKNOWLEDGEMENT

Talent & capabilities are of course necessary but opportunities and

good guidance are two very important things without which no

persons can climb those infant ladders towards progress. First of all

I am very much indebted and thankful to my parents and God for

giving me strength for completion of my Internship.

I am really thankful to AVIVA LIFE INSURANCE.

For giving me the permission to carry out my summer internship in

their esteemed organization. I wish to express my deep sense of

gratitude to the management and staff of AVIVA , especially to MR.

RAJESH KACHRU company guide for the support , cooperation , and

briefings they provided during internship to make it a success.

I express my sincere thanks to my project guide Professor

SHOUKAT HUSSAIN for providing me her valuable time and fruitful

guidance. Lastly but not least , I thank my friends , relatives and near

and dear ones for their wholehearted support in this efforts of mine.

NANDEEP KUMAR


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INDEX

S.NO CONTENT

1. Introduction of Project

2. Objectives of Project

3. Company Logo

4. Companys Profile

4.1 About AVIVA

4.2 History

4.3 Board of Directors

4.4 Management

4.5 Awards Received

4.6 What is AVIVAS Life Insurance


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5. ULIP Plans of AVIVA

5.1 Aviva New Young Scholar

5.2 Aviva New Life Saver Plus

5.3 Aviva New Sachin Century Plan

5.4 Aviva New Safe Guard

5.5 Aviva New Life Line

5.6 Aviva Life Bond Plus

5.7 Aviva New Freedom Life Plan

5.8 Aviva New Pension Plus

5.9 Aviva New Pension Elite

6. Research Methodology

6.1 Research Design

6.2 Steps for research methodlogy

6.3 Data Sources

6.4 Data Analysis and Interpretation

6.5 Conclusion


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6.6 Suggestions and recommendations

7. Annexure

7.1 Questionnaire

7.2 Bibliography


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PREFACE

Marketing is now regarded as a system of integrated business activitiesand marketing management plays a vital role in developing strategies,

plans and programmes for each typical market activity in order to satisfy

consumer as well as firms need.

Marketing Management assumes unique importance under the

widened market concept. Marketing management performs all functions

from planning to controlling. When we talk about marketing

management it mainly includes plans and decisions relating to product,

price, promotion, place and people.

The marketing mix, a combination of submixes, has been

discussed by a number of experts. The four submixes of marketing mix,

such as the product mix, the price, the place, the promotion, no doubt are

found significant even to the banking organizations but in addition to the

traditional combinations of recipies, the marketing experts have also

been talking about some more mixes for getting the brst result. The

People as a submix is now found getting a new place in the

management of marketing mix. The other submix Process gravitates

our attention on the way of offering the services. It is much more impact

generating that your promises reach to the ultimate users without any

distortion.


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INTRODUCTION OF

PROJECT:-

The projectwas basically A survey ofcustomer satisfaction. The study

was doneto the geographical boundarie s of Jammu.

PROJECT TITLE:-

To Study the Customer Behaviour

and Customer Satisfaction

DURATION OF THE PROJECT:

The duration of the project was 8 weeks.


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PROCEDURE USED FOR CARRYING OUT THIS

PROJECT:

This project was carried out by on the basis of questionnaire about

various factors related to the company from its existing customers. A

survey was conducted were in I needto go to each & everycustomer i.e.

Door-to-Door, and get the opinion from the customers about what they

feel aboutproductand services.


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OBJECTIVES OF THE

PROJECT:-

To know the feedback of customers regarding the services which

are being provided by the company?

To understand the importance of customer relationship with

the company.

To understand customer satisfaction regarding the products

offered by the company.

To understand the reasons for demand of a particular

product.

To find out the problems faced by customer.


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Logo:-


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COMPANY PROFILE

This is a Project report on the study conducted on the

Unit Linked Insurance plans of AVIVA.

So, first of all we would like to discuss a few things about AVIVA, the

company.

This section precisely studies the company, its objectives,

its operations, its achievements and also analyse its income and

expenditure in a precise manner .


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ABOUT AVIVA

Aviva is UKs largestandthe worlds fifth largest insurance Group. It is

one ofthe leading providers of life and pensions products to Europe and

has substantial businesses elsewhere aroundthe world. With a history

dating backto 1696, Aviva has a 40 million-customer base worldwide. It

h

as more

th

an 364 billion of asset

s unde

r manage

me

nt

.

In India, Aviva has a longhistory dating backto 1834. Atthetime of

nationalization itwas the largest foreign insurer in India in terms ofthe

compensation paid bythe Governmentof India. Aviva was also the first

foreign insurancecompany in India to setup its representative office in

1995.

In India, Aviva has a jointventure with Dabur, one of India's oldest, and

largestGroup ofcompanies. A professionally managedcompany, Dabur is

thecountry's leading producer oftraditionalhealthcare products.

In accordance withthe government regulations Aviva holds a 26 percent

stake in the jointventure andthe Dabur group holds the balance 74 per

centshare.


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With a strong sales force of over 27,000 Financial Planning Advisers

(FPAs), Aviva has initiated an innovative and differentiated sales

approachto the business. Throughthe Financial Health Check(FHC)

Avivas sales forcehas been ableto establish its credibility in the market.

The FHC is a free service administered bythe FPAs for a need-based

analysis ofthecustomers long-term savings and insurance needs.

Depending on the life stage andearnings ofthecustomer, the FHC

assesses and recommends the right insurance product forthem.

Aviva pioneeredtheconceptof Ban assurance in India, andhas leveraged

its globalexpertise in Ban assurance successfully in India. Currently,

Aviva has Ban assurancetie-ups with ABN Amro Bank, American Express

Bank, Canara Bank, Centurion Bankof Punjab, The Lakshmi Vilas Bank

Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan,

Jammu & Kashmir, Bihar, WestBengal, Andhra Pradesh and Maharashtra

and regional Banks.


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History

Aviva can trace its heritage backover 300 years.

The group was formed as CGNU in 2000 followingthe merger of CGU and

Norwich Union. CGU was itselfthe resultof an earlier

merger, between Commercial Union and General Accident in 1998.

Key dates in thecompanyhistory are as follows:

1696

The Hand-in-Hand was formed atTom's coffeehouse, in London. It is the

oldestofthe manycompanies thathave been absorbed into

what is now Aviva.

1797

Norwich Union was founded as a mutual fire insurance society byThomas

Bignold in Norwich, Norfolk.


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1808

A particularly severe winter involving widespread suffering and loss of life

promptedThomas Bignoldto establishthe Norwich Union Life Insurance

Society, again on the mutual principle.

1824

Norwich Union's firstoverseas agency was opened, in Portugal. Eventually

the Norwich Union name spread across mainland Europeto the Middle

East, Africa, India, the Far East, Australia, New Zealand, the United

States, Canada and South America.

1863

Commercial Union continued its overseas expansion and within two years

had agencies in India, South Africa, the Caribbean.

1994

Commercial Union acquired French assetmanager Groupe Victoire.


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1997

In the year of its bicentenary, Norwich Union demutualised and floated as

2004

Aviva sells its general insurance businesses in Asia, its Your Moveestate

agency ande.surv surveying businesses in the UK. Italso acquires HPI

Group Holdings Ltd, the UKs leading provider of vehicle status checks for

used-car purchasers, andcloses UK broker subsidiary Hill House

Hammond.

2005

Aviva brings together Norwich Union Insurance and RAC in the UK for

about1.1 billion. Aviva appoints newchairman. In Ireland, Hibernian

enters a bancassurance jointventure with AIB.

2006

Aviva announces changes to group organisation to create Aviva UK and

Aviva International. Aviva partners with Centurion Bankof Punjab in India


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and announces an acquistion and bancassurance deal in Sri Lanka. Aviva

receives a licence in Russia and acquires AmerUs in the US.

2009

Aviva Australia is acquired by National Australia Bank (NAB), one of

Australias major banks. Together with Aviva, MLC and NAB Wealth (the

wealth managementdivision ofthe NAB) willhavethe largestcombined

life insurance book in Australia with market leading individual and group

insurance offers and will bethe largest investmentplatform provider in

Australia.


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Board of Directors

Lord Sharman of Redlynch OBE,

Chairman

View Lord Sharman of Redlynch's full biography and recent interviews

born February 1943

Appointed to the board in January 2005 and became chairman in January

2006. Currently an independent non-executive director of BG Group plc

(utility) and Reed Elsevier plc (publishing). Former chairman of Aegis

Group plc (media services) and KPMG International (auditors), former

deputy chairman of Group 4 Securicor plc (security services), former

member of the supervisory board of ABN AMRO NV (banking) and is a

former independent non-executive director of Young & Cos Brewery plc

(drinks) and AEA Technology plc (commercial/technology).


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Executive directors ;-

Andrew Moss,

chief executive

ViewAndrew Moss'full biography, recent interviews and presentations

born March 1958

Appointed to the board in May 2004. Joined as group finance director and

became chief executive in July 2007. Previously director finance, risk

management and operations in Lloyds (insurance) and formerly held a

number of senior management positions at HSBC plc (banking).


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Patrick Regan,

chief financial officer

23 Oct 09 - Aviva appoints

Patrick Regan as CFO

born March 1966

Appointed to the board in February 2010 as chief financial officer.

Previously group chief financial officer and group chief operating officer

at Willis Group Holdings Ltd (insurance broking). Previously group

financial controller for RSA plc (insurance) and formerly held a number of

senior management positions at Axa Insurance (insurance) and GE

Capital (financial services).


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Mark Hodges,

chief executive, Aviva UK

View MarkHodges'full biography, recent interviews and presentations

born September 1965

Appointed to the board in June 2008. Joined Norwich Union in January

1991 and held a number of senior roles within the finance function

before becoming finance director of Norwich Union Insurance in 1998

and managing director of Norwich Union General Insurance in 2005.

Appointed chief executive of Aviva UK, comprising Aviva UK Life (formerly

Norwich Union Life), and Aviva UK General Insurance (formerly Norwich

Union General Insurance) in January 2010.


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Andrea Moneta,

chief executive, Europe

ViewAndrea Moneta's full biography

born September 1965

Appointed to the board in September 2009. Joined as chief executive of

Aviva Europe in July 2008. Previously managing director of Dubai

Financial Group (financial services) and formerly. held a number of senior

management positions with UniCredit (banking) and the European

Central Bank (banking).


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Management Team

Name Designation

TR Ramachandran Chief Executive Officer & Managing Director

Abhay Johorey Chief Operating Officer

Rajeev Arora Director, Finance & Actuarial

Monica Agrawal Director, Corporate Initiatives

Mohammad

ShahberAssociate Director, Human Resources

Vishal Gupta Director, Marketing

Sumit Behl Director, Business Risk & Internal Audit

Ravi Bhadani

Company Secretary and Associate Director

Compliance & Legal


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Munish Sharda Director, Direct Sales Force

Rishi Piparaiya Director, Bancassurance


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Awards and Recognition

We believe that our employees are our greatest strength and the only

asset that can be replicated. It is the passion of our people which

continues to help us achieve the 'impossible' and make Aviva India great

place to work.

y Aviva has been felicitated with the "Bronze Award for Excellence in

People Management" by Grow Talent Company Limited and

Businessworld. This honour was given based on our ranking amonst

the top 25 companies as per the Grate Place to Work survery in the

last four years.

y Aviva was ranked 4th in the Best Workplaces in India study for the

year 2008 by the Great Place to Work Institute. We were the only

Insurance company in the top 10 ranking that year.

y Aviva India won the coveted Award for Talent Management during

the national round of Asia Pacific HRM Congress

y Aviva India was also felicitated by the HR Excellence Award by

Amity Business School


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What Is AVIVA Life

Insurance?.

Life Insurance policies can be paid in a lump sum or in several

installments; the amountof money you payto your insurancecompany is

called a premium.

When you buy a Life Insurance policy you provide a measure of financial

securityto your beneficiaries (family, loved ones) so thatupon deaththey

will be ableto meet financial responsibilities previouslycovered by your

income.

We recommend you to speakto a Licensed Life Insurance agent in your

state by doing a search in our site, so thatyou can determinehow much

protection you need andcan afford, as well as whattype of Life Insurance

policyto choose.


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These arethe mostcommon Life Insurancetypes:

y Term Life Insurance

y Permanent / Whole Life Insurance

There are other variations of Life Insurance policies, such as, Universal

Life, Excess InterestWhole Life, Variable Life, Limited-PaymentWhole

Life and Single-Premium Whole Life.

We recommend you to speakto a local licensed insurance agentso that

you can learn more aboutLife Insurance. Please feel freeto contactthe

licensed agents listed on our site for more.


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AVIVA Life Insurance

Overview:-

Life insurance is somethingthatnoteverybody is comfortabletalking

about, oreven thinking about. When we are young andhealthy, we feel

immortal. The unexpected death of a loved one or us is the furthestthing

from our minds.

However, the factofthe matter is it is nevertoo earlyto startthinking

aboutyour familys protection in theeventoftragedy. All life insurance

professionals agreethatthe sooner you startthinking about life

insurancethe more options andthe more affordable life insurancecan

be. There are many logical answers to the question Why Buy Life

Insurance?...

Whatto LookFor

Its easyto geta free quote on affordable life insurance for your family.

However a low monthly premium should notbe your onlyconsideration

when shopping for a life insurance policy. You needto carefullyconsider


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what is best for your family. People often do not realize justhow much

money is neededto supporta family given thetragic loss of a primary

income provider. Besides the monthlyexpenses such as rentand

mortgagethatyour spouse may now be leftwith, have you consideredthe

costof a funeral, health benefits which may notbecontinued in theevent

of death of a working spouse, the additionalchildcareexpenses thatmay

now be required of a single parent?The listgoes on and on. In this

discussion of life insurance basics we willhelp you make an informed and

educated decision on thetype and amountof life insurancethat is best

for your needs and your budget.


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Types of AVIVA Life Insurance

What is AVIVA Life Insurance? Life insurance at its most

basic level is a contractbetween you and a life insurancecompanyto pay

a sum of moneyto your beneficiaries in theeventof your death, to cover

expenses and make up forthe lackof your income. Life Insurance

premiums are based on thetype of insurance you buy, the benefit

amount, and yourchances of dying based on your over allhealth and

lifestyle, duringthe period when the policy is in effect.

There are basicallytwo types of life insurance. You mayhaveheard of

them - Term Life Insurance and PermanentLife insurance. In this

discussion we will review in broadterms the difference between thetwo.

You can find more details on Term Life Insurance andthe various types of

PermanentLife Insurance atanytime by accessingthese links.

y Term Life InsuranceAs the name implies, Term Life

insurance is life insurancethatyou purchase for a specific length of

time, usually 5, 10 or 20 years. Attheend oftheterm you are given

the option of renewingthe policy. Term Life insurance is strictly

that, only life insurancethatpays a death benefit, as opposedto


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PermanentLife insurance policies thataccruecash value. Term Life

pays a lump sum single benefitatthetime of death. Your familycan

usethatmoneyto cover funeralexpenses, immediate bills, and

invest in annuities to make up forthe loss of salaryto pay on-going

monthlyexpenses. Term Life insurance is theeasiestand most

affordable life insuranceto obtain. Term Life insurance is great for

young families juststarting out.

y Permanent Life Insurance UnlikeTerm Life insurance,

there is no fixedtime limitto PermanentLife insurance, so long as

you keep making your monthly premium payments thecontract

between you andthe life insurancecompany remains in effect. The

otherkey difference between permanentandterm life insurance is

thata PermanentLife insurance policy gains cash value Partof

your monthly premium goes into a tax-deferred investmentaccount

thatyou do have access to while you are alive. There are various

types of PermanentLife insurance such as Whole Life, Universal

Life and Variable-Universal Life.


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How Much Do I Need?

That is a very good question, especially sincethe answer willchange over

time depending on your age and lifecircumstances. You may feel you may

noteven need life insurance atall if you are young and single, butwith

the averagecostof a funeral being $10,000.00 or more, you have reason

to consider it. Once you have peoplethatdepend on your income such as

a spouse andchildren, life insurance is an absolute necessity. Even then

your needs willchange as your standard of livingchanges and your family

grows. A young family with an infantand a small rental apartmentwill

obviously require less life insurancethen a family with a house, a

mortgage, andtwo kids in college. Feel freeto use our benefits calculator

to help determinethe rightamount for yourcircumstances.

No matter whatstage of life you are in here are some basic guidelines

andconsiderations to determinethe amountof life insurance you will

need.

y Be sureto considerthecostof a funeral. Even if your final wishes

do not include a traditional burial, thecostneeds to be factored

into your death benefit. It is advisableto find outa good

approximatecostof whatever final arrangements you chose. Also

when considering finalcoststhatmay be incurred by your


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beneficiaries be sureto consider all federal and statetaxes that

may be due immediately upon your death. These usually amountto

10% ofthetotal value of your Estate.

y The nextthingto consider is theeffectof your loss of income on

your family. You needto projecthow long you thinkyour family will

needto make up for your lost income. Will your spouse work?

Remarry in a shortamountoftime? You needto discuss such

matters. Consider all of your debtand your monthlyexpenses

determinethe amountof moneythatyour family needs yearlyto

make up for your lost income, and multiplythatbythe amountof

years you thinkthey will need itand you willhave arrived atyour

minimum required amountof Life Insurance. So if you thinkthey

will need $50,000.00 a year for 10 years, you will need at leasta $

500,000.00 policy.

y Finallyconsiderthe amountof debtthat you family will be faced

with upon your death, you may wantthem to haveenoughto pay

thatoff in a lump sum, ratherthen makingthatpartoftheir

monthlyexpenses determined in (2) above.

Once you have done your bestto determine your needs, it is advisableto

discuss benefitamounts with one of our qualified life insurance agents,

who willhelp ensure you getthe rightamountofcoveragethat is best for

you.


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In a ULIP, the insurer deducts charges towards life insurance (mortality

charges), administration charges and fund managementcharges. The rest

ofthe premium is usedto invest in a fundthat invests money in stocks or

bonds. The policyholders share in the fund is represented bythe number

of units. The value of the unit is determined by the total value of allthe

investment s made by the fund divided by the number of unit s. Ifthe

insurance company offers a range of funds, the insured can direct the

company to invest in the fund of his choice. Insurers usually offer four

choices:

Bond fund, Secured Fund, Balanced

Fund, Growth Fund

So, in ULIPS is thatthe investorknows exactly what is happeningto his

money andtwo, itallows the investorto choosethe assets into whichhe

wants his funds invested.

Unit

plans are

investme

nt

plans forth

ose

wh

o re

alise

the

worth

ofh

ard-

earned money. These plans help you see your savings yield rich benefits

andhelp you savetaxeven if you don'thaveconsistent income.


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Unit-linked insurance plans, ULIPs, are distinct from the more familiar

with profits policies sold for decades bythe Life Insurance Corporation.

With profits policies arecalled so because investment gains (profits) are

distributedto policyholders in the form of a bonus announcedevery year.

ULIPs also serve the same function of providing insurance protection

against death and provision of long-term savings, butthey are structured

differently. In with profit s policies, the insurance companycredits the

premium to a common poolcalledthe life fund, after setting aside funds

forthe riskpremium on life insurance managementexpenses.

Every year, the insurercalculates how muchhas to be paidto settle death

and maturityclaims. The surplus in the life fund left after meeting these

liabilities is creditedto policyholders accounts in the form of a bonus.

In a ULIP too, the insurer deducts charges towards life insurance

(mortality charge s), administration charge s and fund management

charges. The rest of the premium is used to invest in a fundthat invests

mone y in stock s or bonds. The policyholders share in the fund is

represented bythe number of units.


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The value of the unit is determined by the total value of all the

investment s made by the fund divided by the number of unit s. Ifthe

insurance company offers a range of funds, the insured can direct the

companyto invest in the fund ofhis choice.

Insurers usually offer three choice s- an equit y (growth ) fund, balanced

fund and a fund which invests in bonds. In both with profits policies as

well as unit-linked policie s, a large part of the first year premium goes

towards payingthe agentscommissions.


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Why do insurers prefer

ULIPs?

Insurers love ULIPs for several reasons. Most importantof all, insurers

can sell these policie s with less capital of their own than what

would be required ifthey soldtraditional policies.

In traditional with profits policies, the insurancecompany bears the

investment risk to the extent of the assured amount. In ULIPs,

the policyholder bears mostofthe investment risk.

Since ULIPs are devisedto mobilise savings, they give insurance

companies an opportunityto geta largechunkofthe assetmanagement

business, whichhas been traditionally dominated by mutual fund s.


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Aviva New Unit Linked Product Portfolio


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RESEARCH

METHODOLOGY


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RESEARCH

METHODOLOGY;-

Research is a careful investigation orenquiryespecially a search for new

fact s in any branch ofknowledge and a systematizedeffort to gain new

knowledge. Marketing research is the systematic and objective

identification, collection, analysis dissemination and use of information

forthe purpose of improving decision making relatedto the identification

and solution of problems and opportunitie s in marketing. We define or

identify the marketing research problem or opportunit y andthen

determine what information is neededto investigate it.

The research was conducted for improving the walk-in and knowing

customer awareness towards AVIVA LIFE INSURANCE CO. services

andcustomer satisfaction.

RESEARCH TYPE ;-

1. A TYPE OF ACADEMIC RESEARCHThis projecthas been done mainly forthe fulfillmentof academic

requirements.RESEARCH DESIGN

A research design is the arrangementofconditions forcollection and

analysis of data in a mannerthataims to combine relevanceto the


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research purpose witheconomy in procedure. Research designs are of

followingtypes;

DESCRIPTIVE

DIAGNOSTIC

EXPERIMENTAL

CAUSAL

EXPLORATORY

In this project, EXPLORATORY TYPE of research

design has been used.

RESEARCH TYPE -: EXPLORATORY RESEARCH.

This method is undertaken when researcher is interested in knowledge

aboutcharacteristics ofcertain group. As in this particularcase I wanted

information regarding a particular group i.e. customer. Hence I selected

Exploratory research as thetype of research.

RESEARCH DURATION:-

The research was conducted over duration of 4 weeks.


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DATA COLLECTION:-

Forthis projectwork I collected data from boththeSecondary and

Primary data sources.

SECONDARY DATA SOURCE :-

Data is mainlycollected mainly from company web-sites and other

relatedwebsites, Newspapers, Journals, magazines etc.

PRIMARY DATA SOURCE :-

The surve y done to collect the data from the customers is mainly by

questionnaires, observations andinterviews were the major

sources of primary data.

Reason for selecting primary data :-

In terms of primary data structure questionnaire was prepared to

interviewthe professional, unemployed students, housewives, investment

consultant , post office agent and other in Mumbai location. Analysis

clearly reflectedthe views and preference regardingthe perception ofthe

peopletowards joining HDFC standard life.

There aretwo types of modeto collectthe data:-


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and purposive sampling. The sample size is selected randomly with a

purposeto cover maximum possiblecustomer.

SAMPLE SIZE :-

The sample sizetaken for analysis was 200 customers.

Sometimes customers were not cooperative in providing personal or

secretive data, figure s or information. But an effort has been made to

collectdata as muchcorrectas possibleto makethe study moreeffective

and I havetriedto compileeach andevery detailto the studyto make it

more meaningful.


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STEPS FOR RESEARCH

METHODOLOGY

Research methodology has following steps:

Step: 1 To decide the objective of the study.

Step: 2 To frame the research design.

Step: 3 To determine the source of data.

Step: 4 To design data collection form.

Step: 5 To determine sample size and sample design.

Step: 6 To organize and conduct fieldwork.

Step: 7 To process and analyze the collected data.

Step: 8 To prepare the research report.

.


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OBJECTIVES

OBJECTIVES OF THE STUDY:-

1. To study the customer behavior and customer satisfaction level of

the concern.

2. To determine the level of customer satisfaction, their requirements,

expectations and interest towards various company policies.

3. To study the extent of customer awareness regarding the availablepolicies and the services that the company are marketing

presently.

4. To conduct an analysis of the services provided by the company and

customers perception, knowledge, satisfaction towards the

services provided by the concern.

5. To review the various policies available in the concern.

6. To examine whether the promotional activities conducted by the

concern are effective or not.

7. To know the new Policies and strategies adopted by the concern.

8. To suggest some Pragmatic steps in order to make improvements

in the concern.

9.To find out the various policies/services been used by

customers in jammu and udhamp ur region.


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LIMITATIONS

i) Sample size is small and may not be representative of the

universe of study i.e. Jammu and Udhampur city.

ii) Some times no exact data is found as customers doesnt

provide exact information.

iii) Efforts for the marketing of company products are less

and hence there is less awareness and usage of most of

the AVIVA policies.

iv) Some question carry multiple response and percentage have not

been computed for them.

v) The analysis is based entirely on responses of individuals and

may vary with future changing trends.

vi) Time constraint.

vii) As the data is collected in the month of dec to feb, the resultcould not be considered consistent for the whole year.

viii) I faced problem of avoidance towards giving information. The

customer thinks it to be Useless and wastage of time.

In spite of the above limitations an effort has been made to make the

analysis possible and reliable after cross examination of the dat a

supplied by the concern branch of the company.


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Data Analysis and

Interpretation


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1) PERCEPTION ABOUT AVIVA ULIPS ;-

1.Heading: perception of respondent about AVIVA ULIPS

Plans

2.Tabulated Presentation:

Excellent Very

Good

Good Poor

NO. of

respondents

37 63 86 14

3. Diagrammatic representation:

19%

32%42%

7%

Perception about the AVIVA ULIP'S Plans

EXCELLENT

VERY GOOD

GOOD

POOR


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4.Interpretation:

Perception of most ofthe respondents i.e., 42% is good, 32%

is very good, 19% excellent and only 7% have a poor

perception aboutAVIVA ULIP.

2) INFORMATION OF AVIVAS ULIP

PLANS :-

1. Heading: Respondentget information of AVIVA ULIPS Plans

from which sources.

2. Tabulated Presentation:

Friends Family

members

Agents others

NO. of

respondents

68 42 57 33


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3. Digrammatic representation :-

4. Interpretation:

33% the respondents came to know about AVIVA ULIPs Plans from

friends, 29% from various Agent s, 21% from family members and 17%

from other sources.

33%

29%

21%

17%

I f rmati f I 'S LI la s

F

IEN

S

ENTS

F

MILY F

IEN S

THE

S


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C) INFORMATION OF AVIVAS ULIP

SERVICES TO CUSTOMERS:-

1. Heading: AVIVA ULIPs serviceto its customers .

2. Tabulation of information:

Excellent Very good Good Poor

NO. of

respondents

33 79 65 23


17

39

32

12

AVIVA ULIP'S Services to its usto ers

EX ELLENT

VERY GOOD

GOOD

POOR


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4. Interpretation: Majority ofthecustomers are satisfied withthe

service ofthecompany. 39% saythe service is very good, 32% say its

good, 17% say its excellentand only 12 are notsatisfied.

D) AVIVA ULIPS PLANS BENEFITS

SCHEMES TO ITS CUSTOMERS:-

1. Heading: Whether AVIVA ULIP gives beneficial schemes to its

existing customers .


Ye s No Cantsay

NO. of

respondents

134 48 18


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4. Interpretation: Majorit y ofthe customers are satisfied with the

beneficial schemes the company. 67% say that AVIVA ULIP is giving

beneficial schemes to its customers, 24% the y are not getting any such

schemes and 9% cantsataboutthesethings.

67

24

9

0

Be eficial sc emes t its c st mers

YES

N

C

N'T S

Y


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E) AVIVA ULIPS CHARGES AND FEES:-

1. Heading: Resonablity of maintenancecharges & fees.


Ye s No

NO. of

respondents

167 33


Resonablity of maintenance charges & fees

83%

17%

Yes

No


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4. Interpretation: 83% of respondent s saythat the charge s are

reasonable and only 17% are nothappy withthe servicecharges.

F) PAYMENT FOR PAYING ULIP

PREMIUM:-

1. Heading:Mode of payment for paying premium


Draft Cheque Cash

NO. of

respondents

13 187 0


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110


4. Interpretation: 93% of respondents prefer to pay bycheque , 7%

by draftand non ofthe respondents prefercash for paying premium.

G) AVIVA ULIPS SATISFACTION

SERVICES TO CUSTOMERS:-

1. Heading: Satisfaction withthe service of AVIVA ULIP .

Mode of payment for paying premium

7%

93%

0%

Draft

Cheque

Cash


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111


Ye s No

NO. of

respondents

174 26


4. Interpretation:

87% of respondent s saythat the y are satisfied with the companys

service and only 13% are nothappy withthe service.

87%

13%

Satisfacti Services f I LI 'S

la s

ES

N


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H) PRODUCTS SURRENDER VALUE:-

1. Heading: Satisfaction withthe products surrender value.

2. Tabulation of information:-

Ye s No

NO. of

respondents

153 47


Satisfaction with the products surrender

value

76%

24%

Yes

No


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4. Interpretation:

76% of respondent s saythat the y are satisfied with the products

surrender value and only 24% are nothappy.


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CONCLUSION

Working with AVIVA Life Insurance for two months was a very nice and a

good learning experience. It has helped me a lot learning about different

kinds of investments and the pros-corns of its. It has also helped me to

know about how works in a corporate world is done.

Though we had a very nice experience but we had to face

some problems even, like we were not given any identity card by the

company so sometime it became very difficult for us to convince people

that we are from the company and not an agent. Mostly small investors

are not satisfied with the charges of the AVIVA ULIP.

1. Customers are much more relying upon AVIVAULIPS Plans.

2. People dont rely upon private insurance sector.

3. All products are not attractive to the customers so that kind of

products are very hard to sale.

4. Less number of traditional plans thats why people who really need

traditional plans are still not satisfied.

5. Majority of the customers are satisfied with the beneficial schemes

the company.

6. Majority of the customers are satisfied with the service of the

company.


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Suggestions and

Recommendations ;-

Following are a few suggestions;

like the company should carry out market research on a regular basis.

This will facilitate indication of customer groups, analysis of the

customer needs and requirements. It will be helped in engendering

valuable feed back to the officers to assess the level of customer

satisfaction, which in turn could be used in upgrading the service

levels;

y It is recommended to the concern that it should try to differentiate

their policies and establish exclusive brand names for them.

y Company should use more modern information devices to inform the

customer about its products and policies.

y Company should use the E- banking concept, to compete in modern

banking environment with the private banks.

y It is suggested to increase its branches at different areas to provide

convenience for customers.y It is suggested that concern should also provide regular training to

their employees. Proper training will keep the employees knowledge

up to-date and they will be able to serve customer in a better way. It

will help them in promoting the company Good will among the


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customer;

y And In the end, the concern is suggested to concentrate more on

building relationship; their efforts should be directed towards ultimate

customer satisfaction.


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ANNEXURE

Questionnaire

1) What do you think about AVIVA ULIPs Plans?

A)Excellent

B)Very Good

C)Good

D)Poor

2) From wheredid you got information of AVIVA ULIPs Plans ?

A)Friends

B)Family members

C)Advetisements

D)Others


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3) Whether AVIVA giving eficient service to its customers ?

A)Excellent

B)Very Good

C)Good

D)Poor

4) Whether AVIVA ULIP Plans gives beneficial schemes to its

existing customers ?

A)Yes

B)No

C)Cant say

5) Is the maintenance charges & fees are reasonable?

A)Yes

B)No


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6) Which mode of payment do you prefer to pay your premium ?

A)Draft

B)Cheque

C)Cash

7) Are you satisfied with the service of AVIVA ULIPS Plans ?

A)Yes

B)No

8) Are you satisfied with the products surrender value ?

A)Yes

B)No

9) Whether AVIVA offering additional online facilities ?

A)Yes

B)No


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10) Whether AVIVA ULIP Plans offering effective promotional

schemes ?

A)Yes

B)No

11) Any furher suggession to serve you better ?

________________________________________________________

________________________________________________________

________________________________________________________

________________________________________________________


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BIBLIOGRAPHY

Philip Kotler Marketing Management

C.N Sontakki Marketing Management

S.A Sherleker Marketing Management

Company Magzine

Bank Quest

Newspapers

Websites :- www.Google.com

www.BankersIndia.com

www.aviva.com


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