Download - BHUVNESH KUMAR
FINAL PROJECT REPORT
ON
THE SURVEY OF CUSTOMER SATISFACTION
AT
AVIVA LIFE INSURANCE CORPORATION OF INDIA
DR IT. INSTITUTE OF MANAGEMENT AND TECNOLOGY
(IMT)
In partial fulfillment of requirement of degree of
( BACHELOR OF BUSINESS ADMINSTRATION)
SUBMITTED TO: SUBMITTED BY:Mr. LINCON JEET BHUVNESH KUMAR PAL SINGH 80907320011 BBA 6TH SEM
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(CONTENT)
Introduction of Project
Objectives of Project
Limitation of project
Company’s Profile
About AVIVA
Board of Directors
What is AVIVA’S Life Insurance
ULIP Plans of AVIVA
Aviva New Young Scholar
Aviva New Sachin Century Plan
Aviva New Safe Guard
Aviva New Life Line
Aviva Life Bond Plus
Aviva New Freedom Life Plan
Research Methodology
Research Design
Data Sources
Data Analysis
Conclusion
Biblography
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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 express my sincere thanks to my project guide Mr. Lincon Jit Pal Singh 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.
Bhuvnesh kumar
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INTRODUCTION OF PROJECT:-
The project was basically “A survey of customer satisfaction”. The study was done to
the geographical boundaries of SHIMLA.
PROJECT TITLE:-
“A Survey of Customer Satisfaction”
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
need to go to each & every customer i.e. Door-to-Door, and get the opinion from the
customers about what they feel about product and services.
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OBJECTIVES OF THE PROJECT :
1. To know the feedback of customers regarding the services of the company.
2. To understand customer satisfaction regarding the products offered by the
company.
3. To understand the reasons for demand of a particular product.
4. To find out the problems faced by customer.
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LIMITATION OF THE STUDY
The limitations of the study are
.Some of the respondents of the survey were unwilling to share the information.
.Due to the shortage of the time it was not possible to cover each and every aspect.
.Due to lack of personal interest people were not ready to fill up the questionnaire.
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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 largest and the worlds fifth largest insurance Group. It
is one of the leading providers of life and pensions products to
Europe and has substantial businesses elsewhere around the
world. With a history dating back to 1696, Aviva has a 40 million-
customer base worldwide. It has more than 364 billion of assets
under management.
In India, Aviva has a long history dating back to 1834. At the time
of nationalisation it was the largest foreign insurer in India in terms
of the compensation paid by the Government of India. Aviva was
also the first foreign insurance company in India to set up its
representative office in 1995.
In India, Aviva has a joint venture with Dabur, one of India's oldest,
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and largest Group of companies. A professionally managed
company, Dabur is the country's leading producer of traditional
healthcare products.
In accordance with the government regulations Aviva holds a 26
per cent stake in the joint venture and the Dabur group holds the
balance 74 per cent share.
With a strong sales force of over 27,000 Financial Planning
Advisers (FPAs), Aviva has initiated an innovative and
differentiated sales approach to the business. Through the
Financial Health Check (FHC) Avivas sales force has been able to
establish its credibility in the market. The FHC is a free service
administered by the FPAs for a need-based analysis of the
customers long-term savings and insurance needs. Depending on
the life stage and earnings of the customer, the FHC assesses and
recommends the right insurance product for them.
Aviva pioneered the concept of Bancassurance in India, and has
leveraged its global expertise in Bancassurance successfully in
India. Currently, Aviva has Bancassurance tie-ups with ABN Amro
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Bank, American Express Bank, Canara Bank, Centurion Bank of
Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, Co-
operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar,
West Bengal, Andhra Pradesh and Maharashtra and regional Banks.
History.
2005
Aviva brings together Norwich Union Insurance and RAC in the UK for about
£1.1 billion. Aviva appoints new chairman. In Ireland, Hibernian enters a
bancassurance joint venture with AIB.
2006
Aviva announces changes to group organisation to create Aviva UK and Aviva
International. Aviva partners with Centurion Bank of Punjab in India and
announces an acquistion and bancassurance deal in Sri Lanka. Aviva receives
a licence in Russia and acquires AmerUs in the US.
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2009
Aviva Australia is acquired by National Australia Bank (NAB), one of Australia’s
major banks. Together with Aviva, MLC and NAB Wealth (the wealth management
division of the NAB) will have the largest combined life insurance book in Australia
with market leading individual and group insurance offers and will be the largest
investment platform provider in Australia.
Board of Directors
Lord Sharman of Redlynch OBE,
chairman
View Lord Sharman of Redlynch's full biography and recent interviews
born February 1943
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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 & Co’s
Brewery plc (drinks) and AEA Technology plc (commercial/technology).
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
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Sumit Behl Director, Business Risk & Internal Audit
Ravi BhadaniCompany Secretary and Associate Director – Compliance &
Legal
Munish Sharda Director, Direct Sales Force
What Is AVIVA Life Insurance?
Life Insurance policies can be paid in a lump sum or in several installments; the amount
of money you pay to your insurance company is called a premium.
When you buy a Life Insurance policy you provide a measure of financial security to your
beneficiaries (family, loved ones) so that upon death they will be able to meet financial
responsibilities previously covered by your income.
We recommend you to speak to a Licensed Life Insurance agent in your state by doing a
search in our site, so that you can determine how much protection you need and can
afford, as well as what type of Life Insurance policy to choose.
These are the most common Life Insurance types:
Term Life Insurance
Permanent / Whole Life Insurance
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There are other variations of Life Insurance policies, such as, Universal Life, Excess
Interest Whole Life, Variable Life, Limited-Payment Whole Life and Single-Premium
Whole Life.
We recommend you to speak to a local licensed insurance agent so that you can learn
more about Life Insurance. Please feel free to contact the licensed agents listed on our
site for more
Types of AVIVA Life Insurance
What is AVIVA Life Insurance? Life insurance at its most basic level is a contract between
you and a life insurance company to pay a sum of money to your beneficiaries in the
event of your death, to cover expenses and make up for the lack of your income. Life
Insurance premiums are based on the type of insurance you buy, the benefit amount, and
your chances of dying based on your over all health and lifestyle, during the period when
the policy is in effect.
There are basically two types of life insurance. You may have heard of them - Term Life
Insurance and Permanent Life insurance. In this discussion we will review in broad terms
the difference between the two. You can find more details on Term Life Insurance and the
various types of Permanent Life Insurance at any time by accessing these links.
Term Life Insurance – As the name implies, Term Life insurance is life insurance
that you purchase for a specific length of time, usually 5, 10 or 20 years. At the end
of the term you are given the option of renewing the policy. Term Life insurance is
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strictly that, only life insurance that pays a death benefit, as opposed to Permanent
Life insurance policies that accrue cash value. Term Life pays a lump sum single
benefit at the time of death. Your family can use that money to cover funeral
expenses, immediate bills, and invest in annuities to make up for the loss of salary
to pay on-going monthly expenses. Term Life insurance is the easiest and most
affordable life insurance to obtain. Term Life insurance is great for young families
just starting out.
Permanent Life Insurance – Unlike Term Life insurance, there is no fixed time limit
to Permanent Life insurance, so long as you keep making your monthly premium
payments the contract between you and the life insurance company remains in
effect. The other key difference between permanent and term life insurance is that
a Permanent Life insurance policy gains “cash value” Part of your monthly
premium goes into a tax-deferred investment account that you do have access to
while you are alive. There are various types of Permanent Life insurance such as
Whole Life, Universal Life and Variable-Universal Life
How Much Do I Need?
That is a very good question, especially since the answer will change over time
depending on your age and life circumstances. You may feel you may not even need life
insurance at all if you are young and single, but with the average cost of a funeral being
$10,000.00 or more, you have reason to consider it. Once you have people that depend
on your income such as a spouse and children, life insurance is an absolute necessity.
Even then your needs will change as your standard of living changes and your family
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grows. A young family with an infant and a small rental apartment will obviously require
less life insurance then a family with a house, a mortgage, and two kids in college. Feel
free to use our benefits calculator to help determine the right amount for your
circumstances.
No matter what stage of life you are in here are some basic guidelines and considerations
to determine the amount of life insurance you will need.
Be sure to consider the cost of a funeral. Even if your final wishes do not include a
traditional burial, the cost needs to be factored into your death benefit. It is
advisable to find out a good approximate cost of whatever final arrangements you
chose. Also when considering “final costs” that may be incurred by your
beneficiaries be sure to consider all federal and state taxes that may be due
immediately upon your death. These usually amount to 10% of the total value of
your Estate.
The next thing to consider is the effect of your loss of income on your family. You
need to project how long you think your family will need to “make up” for your lost
income. Will your spouse work? Remarry in a short amount of time? You need to
discuss such matters. Consider all of your debt and your monthly expenses
determine the amount of money that your family needs yearly to make up for your
lost income, and multiply that by the amount of years you think they will need it and
you will have arrived at your minimum required amount of Life Insurance. So if you
think they will need $50,000.00 a year for 10 years, you will need at least a $
500,000.00 policy.
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Finally consider the amount of debt that you family will be faced with upon your
death, you may want them to have enough to pay that off in a lump sum, rather
then making that part of their monthly expenses determined in (2) above.
Once you have done your best to determine your needs, it is advisable to discuss benefit
amounts with one of our qualified life insurance agents, who will help ensure you get the
right amount of coverage that is best for you.
Unit Linked Insurance plans
Unit linked Insurance plans (ULIP) is life insurance solution that
provides for the benefits of protection and
flexibility in investment. The investment is denoted
as units and is represented by the value that it has
attained called as Net Asset Value (NAV). The
policy value at any time varies according to the value of the
underlying assets at the time. ULIP provides multiple benefits to
the consumer.
The benefits include:
Life protection
Investment Options
Transparency
Adjustable Life Cover
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Flexibility
Liquidity
Tax planning
Investment and Savings
Options to take additional cover against- Death due to
accident, Disability, Critical Illness, Surgeries etc.
In a ULIP, the insurer deducts charges towards life insurance
(mortality charges), administration charges and fund management
charges. The rest of the premium is used to invest in a fund that
invests money in stocks or bonds. The policyholder’s share in the
fund is represented by the number of units. The value of the unit is
determined by the total value of all the investments made by the
fund divided by the number of units. If the 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:
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Bond fund, Secured Fund, Balanced Fund, Growth Fund
So, in ULIPS is that the investor knows exactly what is happening
to his money and two, it allows the investor to choose the assets
into which he wants his funds invested.
Unit plans are investment plans for those who realise the worth of
hard-earned money. These plans help you see your savings yield
rich benefits and help you save tax even if you don't have
consistent income.
Unit-linked insurance plans, ULIPs, are distinct from the more
familiar ‘with profits’ policies sold for decades by the Life
Insurance Corporation.
‘With profits’ policies are called so because investment
gains (profits) are distributed to policyholders in the form of a
bonus announced every year.
ULIPs also serve the same function of providing insurance
protection against death and provision of long-term savings, but
they are structured differently. In ‘with profits’ policies, the
insurance company credits the premium to a common pool called
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the ‘life fund’, after setting aside funds for the risk premium on
life insurance management expenses.
Every year, the insurer calculates how much has to be paid to
settle death and maturity claims. The surplus in the life fund left
after meeting these liabilities is credited to policyholders’
accounts in the form of a bonus.
In a ULIP too, the insurer deducts charges towards life insurance
(mortality charges), administration charges and fund management
charges. The rest of the premium is used to invest in a fund that
invests money in stocks or bonds. The policyholder’s share in the
fund is represented by the number of units.
The value of the unit is determined by the total value of all the
investments made by the fund divided by the number of units. If
the insurance company offers a range of funds, the insured can
direct the company to invest in the fund of his choice.
Insurers usually offer three choices- an equity (growth) fund,
balanced fund and a fund which invests in bonds. In both ‘with
profits’ policies as well as unit-linked policies, a large part of the
first year premium goes towards paying the agents’ commissions.
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Aviva New Unit Linked Product Portfolio
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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.
Research design –descriptive
Data sources- primary data and secondary data
Research approach – face to face interview, observation, individual depth
interview
Research instrument – Questionnaire.
Sampling technique – Random sampling.
Sample size – 200 existing customers of AVIVA ULIP Plans
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Data Collection:
Primary Data:
1) Use of a Questionnaire for carrying out a survey
Secondary Data.
1) Internet
2) Booklet
This project is about studying the insurance industry which is on the boom.
The introductory part contains the meaning of insurance, its evolution, some,
Statistics of Indian insurance Industry.
There are one types of mode to collect the data:-
Survey method.
As for as the data collection method for this project is concerned, designing the
data collection forms or survey forms is applicable to the project. The method
selected survey method.
A survey can be conducted by:-
Personal interview.
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DATA ANALYSIS
1)PERCEPTION ABOUT AVIVA ULIP’S
1.Heading:perception of respondent about AVIVA ULIP’S Plans
2.Tabulated Presentation:
Excellent Very Good Good Poor
NO. of respondents 19 32 42 7
3. Diagrammatic representation:
4.Interpretation:
Perception of most of the respondents i.e., 42% is good, 32% is very good, 19%
excellent and only 7% have a poor perception about AVIVA ULIP.
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2) INFORMATION OF AVIVA’S ULIP PLANS .
1.Heading:Respondent get information of AVIVA ULIP’S Plans from
which sources
2.Tabulated Presentation:
3. Diagrammatic representation:
4. Interpretation:
33% the respondents came to know about AVIVA ULIP’s Plans from friends, 29%
from various Agents, 21% from family members and 17% from other sources.
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Friends Family members Agents Others
NO. of respondents 33 21 29 17
C) INFORMATION OF AVIVA’S ULIP SERVICES TO
CUSTOMERS:
1. Heading: AVIVA ULIP’s service to its customers .
2. Tabulation of information:
Excellent Very good Good Poor
NO. of respondents 17 39 32 12
3. Diagrammatic representation:
4. Interpretation:Majority of the customers are satisfied with the service of the
company. 39% say the service is very good, 32% say its good, 17% say its excellent
and only 12 are not satisfied.
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D) AVIVA ULIP’S PLANS BENEFITS SCHEMES TO ITS
CUSTOMERS:
1. Heading: Whether AVIVA ULIP gives beneficial schemes to its existing
customers .
2. Tabulation of information:
Yes No Can’t say
NO. of respondents 67 24 9
3. Diagrammatic representation:
4. Interpretation:Majority of the customers are satisfied with the beneficial
schemes the company. 67% say that AVIVA ULIP is giving beneficial schemes to
its customers, 24% they are not getting any such schemes and 9% cant sat about
these things.
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E) AVIVA ULIP’S CHARGES AND FEES:
1. Heading: Resonablity of maintenance charges & fees.
2. Tabulation of information:
Yes No
NO. of respondents 83 17
3. Diagrammatic representation:
Resonablity of maintenance charges & fees
83%
17%
Yes
No
4. Interpretation:
83% of respondents say that the charges are reasonable and only 17% are not
happy with the service charges.
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F) PAYMENT FOR PAYING ULIP PREMIUM:
1. Heading: Mode of payment for paying premium
2. Tabulation of information:
Draft Cheque Cash
NO. of respondents 7 93 0
3. Diagrammatic representation:
Mode of payment for paying premium
7%
93%
0%
Draft
Cheque
Cash
4. Interpretation:
93% of respondents prefer to pay by cheque, 7% by draft and non of the
respondents prefer cash for paying premium.
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G) AVIVA ULIP’S SATISFACTION SERVICES TO CUSTOMERS
1. Heading: Satisfaction with the service of AVIVA ULIP .
2. Tabulation of information:
Yes No
NO. of respondents 87 13
3. Diagrammatic representation:
4. Interpretation:
87% of respondents say that they are satisfied with the company’s service and
only 13% are not happy with the service.
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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 AVIVAULIP’S Plans.
2. People don‘t 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 that’s why people who really need traditional
plans are still not satisfied.
5. Majority of the customers are satisfied with the beneficial schemes the
company.
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Questionnaire
1)What do you think about AVIVA ULIP’s Plans?
A)Excellent
B)Very Good
C)Good
D)Poor
2) From where did you got information of AVIVA ULIP’s Plans ?
A)Friends
B)Family members
C)Advetisements
D)Others
3) Whether AVIVA giving eficient service to its customers ?
A)Excellent
B)Very Good
C)Good
D)Poor
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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
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 ULIP’S Plans ?
A)Yes
B)No
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BIBLIOGRAPHY
1-www.google.com
2-www.avivalifeinsurance.com
3-Research methodology , Mohit Gupta, Navdeep
Aggarwal
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