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

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friends , relatives and near and dear ones for their

wholehearted support in this efforts of mine.

NANDEEP KUMAR

INDEX

S.NO CONTENT

1. Introduction of Project

2. Objectives of Project

3. Company Logo

4. Company’s Profile

4.1 About AVIVA

4.2 History

4.3 Board of Directors

4.4 Management

4.5 Awards Received

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4.6 What is AVIVA’S Life Insurance

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

PREFACEMarketing is now regarded as a system of integrated business activities and 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 firm’s need.

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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.

INTRODUCTION OF

PROJECT:-

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The project was basically “A survey of customer satisfaction”.

The study was done to the geographical boundaries of Jammu.

PROJECT TITLE:-

“To Study the Customer

Behaviour and Customer

Satisfaction”…

DURATION OF THE PROJECT:

The duration of the project was 8 weeks.

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

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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.

OBJECTIVES OF THE

PROJECT:-

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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.

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 largest and the world’s 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.

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In India, Aviva has a long history dating back to 1834. At the

time of nationalization 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, 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) Aviva’s 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 customer’s long-term savings and insurance needs.

Depending on the life stage and earnings of the customer, the

12

FHC assesses and recommends the right insurance product for

them.

Aviva pioneered the concept of Ban assurance in India, and has

leveraged its global expertise in Ban assurance successfully in

India. Currently, Aviva has Ban assurance tie-ups with ABN

Amro 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

Aviva can trace its heritage back over 300 years.

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The group was formed as CGNU in 2000 following the merger of

CGU and Norwich Union. CGU was itself the result of an earlier

merger, between Commercial Union and General Accident in

1998.

Key dates in the company history are as follows:

1696 The Hand-in-Hand was formed at Tom's coffee house, in

London. It is the oldest of the many companies that have been

absorbed into

what is now Aviva.

1797 Norwich Union was founded as a mutual fire insurance society

by Thomas Bignold in Norwich, Norfolk.

1808 A particularly severe winter involving widespread suffering and

loss of life prompted Thomas Bignold to establish the Norwich

Union Life Insurance Society, again on the mutual principle.

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1824 Norwich Union's first overseas agency was opened, in Portugal.

Eventually the Norwich Union name spread across mainland

Europe to 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 asset manager Groupe

Victoire.

1997 In the year of its bicentenary, Norwich Union demutualised and

floated as

2004 Aviva sells its general insurance businesses in Asia, its Your

Move estate agency and e.surv surveying businesses in the UK.

It also acquires HPI Group Holdings Ltd, the UK’s leading

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provider of vehicle status checks for used-car purchasers, and

closes UK broker subsidiary Hill House Hammond.

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.

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

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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

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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 &

Co’s Brewery plc (drinks) and AEA Technology plc

(commercial/technology).

Executive directors ;-

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Andrew Moss,

chief executive

View Andrew 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 Lloyd’s

(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 Mark Hodges' 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

View Andrea 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

Ramachandra

n

Chief Executive Officer & Managing

Director

Abhay

JohoreyChief Operating Officer

Rajeev Arora Director, Finance & Actuarial

Monica

AgrawalDirector, Corporate Initiatives

Mohammad

ShahberAssociate Director, Human Resources

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Vishal Gupta Director, Marketing

Sumit Behl Director, Business Risk & Internal Audit

Ravi BhadaniCompany Secretary and Associate

Director – Compliance & Legal

Munish

ShardaDirector, Direct Sales Force

Rishi

PiparaiyaDirector, 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.

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

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as per the Grate Place to Work survery in the last four

years.

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.

Aviva India won the coveted Award for Talent

Management during the national round of Asia Pacific

HRM Congress

Aviva India was also felicitated by the HR Excellence

Award by Amity Business School

“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.

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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

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.

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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.

AVIVA Life Insurance

Overview:-

Life insurance is something that not everybody is comfortable

talking about, or even thinking about. When we are young and

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healthy, we feel immortal. The unexpected death of a loved one

or us is the furthest thing from our minds.

However, the fact of the matter is it is never too early to start

thinking about your family’s protection in the event of tragedy.

All life insurance professionals agree that the sooner you start

thinking about life insurance the more options and the more

affordable life insurance can be. There are many logical

answers to the question “Why Buy Life Insurance?...

What to Look For

It’s easy to get a free quote on affordable life insurance for

your family. However a low monthly premium should not be

your only consideration when shopping for a life insurance

policy. You need to carefully consider what is best for your

family. People often do not realize just how much money is

needed to support a family given the tragic loss of a primary

income provider. Besides the monthly expenses such as rent

and mortgage that your spouse may now be left with, have you

considered the cost of a funeral, health benefits which may not

be continued in the event of death of a working spouse, the

additional childcare expenses that may now be required of a

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single parent? The list goes on and on. In this discussion of life

insurance basics we will help you make an informed and

educated decision on the type and amount of life insurance

that is best for your needs and your budget.

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

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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 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

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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?

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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 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

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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.

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

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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

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Investment Options

Transparency

Adjustable Life Cover

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,

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but they are structured differently. In ‘with profits’ policies, the

insurance company credits the premium to a common pool

called 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.

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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.

Why do insurers

prefer ULIPs?

39

Insurers love ULIPs for several reasons. Most important of all,

insurers can sell these policies with less capital of their

own than what would be required if they sold traditional

policies.

In traditional ‘with profits’ policies, the insurance company

bears the investment risk to the extent of the assured

amount. In ULIPs, the policyholder bears most of the

investment risk.

Since ULIPs are devised to mobilise savings, they give

insurance companies an opportunity to get a large chunk of the

asset management business, which has been traditionally

dominated by mutual funds.

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Aviva New Unit Linked Product Portfolio

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“RESEARCH

METHODOLOG

Y”

RESEARCH

METHODOLOGY;-94

Research is a careful investigation or enquiry especially a

search for new facts in any branch of knowledge and a

systematized effort to gain new knowledge. Marketing research

is the systematic and objective identification, collection,

analysis dissemination and use of information for the purpose

of improving decision making related to the identification and

solution of problems and opportunities in marketing. We define

or identify the marketing research problem or opportunity and

then determine what information is needed to investigate it.

The research was conducted for improving the walk-in and

knowing customer awareness towards AVIVA LIFE

INSURANCE CO. services and customer satisfaction.

RESEARCH TYPE ;-

1. A TYPE OF ACADEMIC RESEARCH

This project has been done mainly for the fulfillment of

academic requirements.

RESEARCH DESIGN

A research design is the arrangement of conditions for

collection and analysis of data in a manner that aims to

combine relevance to the research purpose with economy in

procedure. Research designs are of following types;

DESCRIPTIVE

DIAGNOSTIC

EXPERIMENTAL

95

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 about characteristics of certain group. As in this

particular case I wanted information regarding a particular

group i.e. customer. Hence I selected “Exploratory research”

as the type of research.

RESEARCH DURATION:-

The research was conducted over duration of 4

weeks.

DATA COLLECTION:-

For this project work I collected data from both the

Secondary and Primary data sources.

SECONDARY DATA SOURCE :-

96

Data is mainly collected mainly from company web-

sites and other related websites,

Newspapers, Journals, magazines etc.

PRIMARY DATA SOURCE :-

The survey done to collect the data from the customers is

mainly by questionnaires, observations and

interviews were the major sources of

primary data.

Reason for selecting primary data :-

In terms of primary data structure questionnaire was prepared

to interview the professional, unemployed students,

housewives, investment consultant, post office agent and other

in Mumbai location. Analysis clearly reflected the views and

preference regarding the perception of the people towards

joining HDFC standard life.

There are two types of mode to collect the data:-

Observation method.

Survey method.

97

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.

Telephonic interview.

SAMPLING ;-

Sampling is one of the most fundamental concepts underlying

any research work. Most research studies attempt to make

generalization or draw inferences regarding the population,

based on their study of a part of the population that is the

sample.

METHOD OF SAMPLING ;-

Sampling is one of the most fundamental concepts underlying

any research work. The sampling method used for project was

simple Random and purposive sampling. The sample size is

selected randomly with a purpose to cover maximum possible

customer.

SAMPLE SIZE :-

98

The sample size taken for analysis was 200 customers.

Sometimes customers were not cooperative in providing

personal or secretive data, figures or information. But an effort

has been made to collect data as much correct as possible to

make the study more effective and I have tried to compile each

and every detail to the study to make it more meaningful.

STEPS FOR RESEARCH

METHODOLOGY…

Research methodology has following steps:

Step: 1 To decide the objective of the study.

99

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.

.

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

available policies and the services that the company are

marketing presently.

100

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 udhampur region.

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

doesn’t 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.

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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 result could 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 data supplied by the concern branch of the

company.

Data Analysis and

Interpretation…

102

1) PERCEPTION ABOUT AVIVA ULIP’S

;-

1.Heading: perception of respondent about AVIVA

ULIP’S Plans

2.Tabulated Presentation:

Excellen Very Good Poor

103

t Good

NO. of

respondent

s

37 63 86 14

3. Diagrammatic representation:

19%

32%42%

7%

Perception about the AVIVA ULIP'S Plans

EXCELLENT

VERY GOOD

GOOD

POOR

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. Digrammatic representation :-

105

Friend

s

Family

members

Agents other

s

NO. of

respondent

s

68 42 57 33

33%

29%

21%

17%

Information of AVIVA'S ULIP Plans

FRIENDS

AGENTS

FAMILY FRIENDS

OTHERS

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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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

33 79 65 23

3. Diagrammatic representation:

107

17%

39%32%

12%

AVIVA ULIP'S Services to its Customers

EXCELLENT

VERY GOOD

GOOD

POOR

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.

D) AVIVA ULIP’S PLANS

BENEFITS SCHEMES TO ITS

CUSTOMERS:-

1. Heading: Whether AVIVA ULIP gives beneficial schemes

to its existing customers .

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2. Tabulation of information:

Yes No Can’t say

NO. of

respondents

134 48 18

3. Diagrammatic representation:

67%

24%

9%

Beneficial schemes to its customers

YES

NO

CAN'T SAY

109

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.

E) AVIVA ULIP’S CHARGES AND

FEES:-

1. Heading: Resonablity of maintenance charges & fees.

2. Tabulation of information:

Yes No

NO. of 167 33

110

respondents

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.

F) PAYMENT FOR PAYING ULIP

PREMIUM:-

111

1. Heading: Mode of payment for paying premium 

2. Tabulation of information:

Draft Cheque Cash

NO. of

respondents

13 187 0

3. Diagrammatic representation:

112

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.

G) AVIVA ULIP’S SATISFACTION

SERVICES TO CUSTOMERS:-

1. Heading: Satisfaction with the service of AVIVA ULIP .

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2. Tabulation of information:

Yes No

NO. of

respondents

174 26

3. Diagrammatic representation:

87%

13%

Satisfaction Services of AVIVA ULIP'S Plans

YES NO

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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H) PRODUCT’S SURRENDER

VALUE:-

1. Heading: Satisfaction with the product’s surrender

value.

2. Tabulation of information:-

Yes No

NO. of

respondents

153 47

3. Diagrammatic representation:

115

Satisfaction with the product’s surrender value

76%

24%

Yes

No

4. Interpretation:

76% of respondents say that they are satisfied with the

product’s surrender value and only 24% are not happy.

116

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.

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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.

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

the company.

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;

It is recommended to the concern that it should try to

differentiate their policies and establish exclusive brand

names for them.

118

Company should use more modern information devices to

inform the customer about its products and policies.

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

modern banking environment with the private banks.

It is suggested to increase its branches at different areas to

provide convenience for customers.

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 customer;

And In the end, the concern is suggested to concentrate

more on building relationship; their efforts should be directed

towards ultimate customer satisfaction.

119

ANNEXURE

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

120

C)Advetisements

D)Others

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 ULIP’S

Plans ?

A)Yes

B)No

8) Are you satisfied with the product’s surrender

value ?

A)Yes

B)No

9) Whether AVIVA offering additional online

facilities ?

A)Yes

B)No

122

10) Whether AVIVA ULIP Plans offering effective

promotional schemes ?

A)Yes

B)No

11) Any furher suggession to serve you better ?

________________________________________________________________________________________________________________________________________________________________________________________________________________________________

BIBLIOGRAPHY

123

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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