AVIVA LIFE INSURANCE

Submitted by:

KULSUMFATEMA .G. RAJEDIYA.

T.Y.B.C.B.I. ( SEMESTER VI)

Under the guidance of :

Prof: PRAJNA SHETTY.

Submitted to:

UNIVERSITY OF MUMBAI

RAJASTHANI SAMMELAN’S

Ghanshyamdas Saraf College

Affiliated to University of Mumbai

ACCREDITED BY NAAC WITH ‘A’ GRADE

&

Durgadevi Saraf Junior College

(Arts & Commerce)

S.V Road, Malad (West),

Mumbai – 4000 064.

Year : 2014 -2015

RAJASTHANI SAMMELAN’S

GHANSHYAMDAS SARAF COLLEGE

Affiliated to University of Mumbai

ACCREDITED BY NAAC WITH ‘A’ GRADE

CERTIFICATE

I Prof. Prajna Shetty hereby certify that Miss:

KULSUMFATEMA .G. RAJEDIYA. a student of

Ghanshyamdas Saraf College of T.Y.B.C.B.I. (Semester

VI) has completed project on “AVIVA LIFE INSURANCE”

in the academic year 2014-2015. This information

submitted is true and original to the best of my

knowledge.

External Examiner : Principal : Date :

Project Co-ordinator : College Seal

ACKNOWLEDGEMENT

All these years we have just been studying and

passing out our exams. But this time we have got an

opportunity to make such a project study. So it is

very obvious for me to thank all those people

associated with the making of the project. I would

like to thank the University of Mumbai for giving

me this chance.

I owe a great many thanks to my project guide

prof. PRAJNA SHETTY who has been a constant

support and guidance throughout the making of my

project and for monitoring my project with attention

and care. She has taken the pains to go through

the project and make necessary corrections as needed.

I would also like to thank our course coordinator

Mrs. Urvi Jain for being a moral support to us

during the making of the project.

I express thanks to my college Principal Mrs.

Sujata Karmarkar for extending her support.

And last but not the least I would take the

opportunity to thank my parents without whom the

project would have been a distant reality. Sincere

thanks to all my fellow mates and well wishers.

DECLARATION

I Miss: KULSUMFATEMA .G. RAJEDIYA , a student

of Ghanshyamdas Saraf College of Arts &

Commerce, T.Y.B.C.B.I. (Semester VI) hereby

declare that I have completed project on

“AVIVA LIFE INSURANCE ” in the academic

year 2014-2015. This information submitted is true

and original to the best of my knowledge.

Date : Signature of Student:

CONTENT

Chapter 1 – Introduction

1.1Overview of industry as a whole

1.2 Profile of the organisation

1.3 Problems of the

organisation

1.4 Competion information

1.5 S.W.O.T Analysis of the organasation

Chapter 2 – Objective and Methodology

2.1 Significance

2.2 Objectives

2.3 Scope of the study

2.4 Methodology

Chapter: 3 - Data Analysis

Chapter 4 -Findings and Recommendations

Annexures Bibliography

CHAPTER - 1

INTRODUCTION

1.1 OVERVIEW OF THE INDUSTRY – INSURANCE

INDUSTRY

The insurance sector in India has come a full circle from being an

open competitive market to nationalization and back to a liberalized

market again. Tracing the mends in the Indian insurance sector reveals

the 360 degree turn witnessed over a period of almost two centuries.

With such a large population and the untapped market area of this

population Insurance happens to be a very big opportunity in India.

Today it stands as a business growing at the rate of 15-20 per cent

annually. Together with banking services, it adds about 7 per cent to

the country’s GDP .In spite of all this growth the statistics of the

penetration of the insurance in the country is very poor. Nearly 80% of

Indian populations are without Life insurance cover and the Health

insurance. This is an indicator that growth potential for the insurance

sector is immense in India. It was due to this immense growth that the

regulations were introduced in the insurance sector and in continuation

“Malhotra Committee” was constituted by the government in 1993 to

examine the various aspects of the industry. The key element of the

reform process was Participation of overseas insurance companies with

26% capital.

Since then the insurance industry has gone through many sea

changes .The competition LIC started facing from these companies were

threatening to the existence of LIC. The entry of the private players

and the increased use of the new distribution are in the limelight today.

The use of new distribution techniques and the IT tools has increased

the scope of the industry in the longer run.

A BRIEF HISTORY

The origin of insurance is very old .The time when we were not even

born; man has sought some sort of protection from the unpredictable

calamities of the nature. The basic urge in man to secure himself

against any form of risk and uncertainty led to the origin of insurance.

The business of life insurance in India in its existing form started in

India in the year 1818 with the establishment of the Oriental Life

Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India

are:

1912: The Indian Life Assurance Companies Act enacted as the first

statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and

non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance

Act with the objective of protecting the interests of the insuring

public.

1956: 245 Indian and foreign insurers and provident societies taken

over by the central government and nationalized. LIC formed by

an Act of Parliament, viz. LIC Act, 1956, with a capital

contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace

its roots to the Triton Insurance Company Ltd., the first general

insurance company established in the year 1850 in Calcutta by the

British.

Some of the important milestones in the general insurance business in

India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to

transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association

of India, frames a code of conduct for ensuring fair conduct and

sound business practices.

1968: The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee

set up.

1972: The General Insurance Business (Nationalisation) Act, 1972

nationalised the general insurance business in India with effect

from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz.

1. National Insurance Company Ltd.

2. Oriental Insurance Company Ltd.

3. New India Assurance Company Ltd.

4. United India Insurance Company Ltd.

INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee, headed by former Finance Secretary and

RBI Governor R.N. Malhotra, was formed to evaluate the Indian

insurance industry and recommend its future direction.

The Malhotra committee was set up with the objective of

complementing the reforms initiated in the financial sector.

The reforms were aimed at “creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping

in mind the structural changes currently underway and recognising that

insurance is an important part of the overall financial system where it

was necessary to address the need for similar reforms…”

In 1994, the committee submitted the report and some of the key

recommendations included:

i) Structure

Government stake in the insurance Companies to be brought

down to 50%

Government should take over the holdings of GIC and its

subsidiaries so that these subsidiaries can act as independent

corporations

All the insurance companies should be given greater freedom to

operate

ii) Competition

Private Companies with a minimum paid up capital of Rs.1bn

should be allowed to enter the industry.

No Company should deal in both Life and General Insurance

through a single entity.

Foreign companies may be allowed to enter the industry in

collaboration with the domestic companies.

Postal Life Insurance should be allowed to operate in the rural

market.

Only one State Level Life Insurance Company should be

allowed to operate in each state.

iii) Regulatory Body

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of Insurance (Currently a part from the Finance

Ministry) should be made independent.

iv) Investments

Mandatory Investments of LIC Life Fund in government

securities to be reduced from 75% to 50%

GIC and its subsidiaries are not to hold more than 5% in any

company (There current holdings to be brought down to this

level over a period of time)

v) Customer Service

LIC should pay interest on delays in payments beyond 30 days.

Insurance companies must be encouraged to set up unit linked

pension plans.

Computerization of operations and updating of technology to be

carried out in the insurance industry.

The committee emphasized that in order to improve the customer

services and increase the coverage of the insurance industry, it should

be opened up to competition. But at the

same time, the committee felt the need to exercise caution as any

failure on the part of new players could ruin the public confidence in

the industry.

Hence, it was decided to allow competition in a limited way by

stipulating the minimum capital requirement of Rs.100 crores. The

committee felt the need to provide greater autonomy to insurance

companies in order to improve their performance and enable them to

act as independent companies with economic motives. For this purpose,

it had proposed setting up an independent regulatory body.

The Insurance Regulatory and Development

Authority(IRDA)

Reforms in the Insurance sector were initiated with the passage of the

IRDA Bill in Parliament in December 1999. The IRDA since its

incorporation as a statutory body in April 2000 has fastidiously stuck to

its schedule of framing regulations and registering the private sector

insurance companies.

The other decisions taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance

companies was the launch of the IRDA’s online service for issue and

renewal of licenses to agents.

The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of

insurance agents in place to sell their products, which are expected to

be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put

in a framework of globally compatible regulations. In the private sector

12 life insurance and 6 general insurance companies have been

registered.

CURRENT SCENARIO OF THE INDUSTRY

INSURANCE MARKET IN INDIA

India with about 200 million middle class household shows a huge

untapped potential for players in the insurance industry. Saturation of

markets in many developed economies has made the Indian market even

more attractive for global insurance majors. The insurance sector in

India has come to a position of very high potential and competitiveness

in the market.

Innovative products and aggressive distribution have become the say of

the day. Indians, have always seen life insurance as a tax saving

device, are now suddenly turning to the private sector that are providing

them new products and variety for their choice.

Life insurance industry is waiting for a big growth as many Indian and

foreign companies are waiting in the line for the green signal to start

their operations. The Indian consumer should be ready now because the

market is going to give them an array of products, different in price,

features and benefits. How the customer is going to make his choice

will determine the future of the industry.

1. Customer Service

Consumers remain the most important centre of the insurance sector.

After the entry of the foreign players the industry is seeing a lot of

competition and thus improvement of the customer service in the

industry. Computerisation of operations and updating of technology has

become imperative in the current scenario. Foreign players are bringing

in international best practices in service through use of latest

technologies. The one time monopoly of the LIC and its agents are

now going through a through revision and training programmes to catch

up with the other private players. Though lot is being done for the

increased customer service and adding technology to it but there is a

long way to go and various customer surveys indicate that the standards

are still below customer expectation levels.

2. Distribution Channels

Till date insurance agents still remain the main source through which

insurance products are sold. The concept is very well established in the

country like India but still the increasing use of other sources is

imperative. It therefore makes sense to look at well-balanced, alternative

channels of distribution.

LIC has already well established and have an extensive distribution

channel and presence. New players may find it expensive and time

consuming to bring up a distribution network to such standards.

Therefore they are looking to the diverse areas of distribution channel

to have an advantage. At present the distribution channels that are

available in the market are:

Direct selling

Corporate agents

Group selling

Brokers and cooperative societies

Banc assurance

BANCASURANCE - India has an extensive bank network established

over the years. What Insurance companies have to do is to just take

advantage of the customers' long-standing trust and relationships with

banks. This is a mutually beneficial situation as banks can also expand

their range of products on offer to customers, while the insurance

company will also earn profits from the exposure. Another advantage is

that banks, with their network in rural areas, help to fulfill rural and

social obligations stipulated by the Insurance Regulatory and

Development Authority (IRDA) recently. Insurance companies should see

banc assurance as a tool for increasing their market penetration in India.

It is also good for the one who sees banc assurance in terms of

reduced price, high quality product and delivery at doorsteps. Everybody

is a winner here. The creation of banc assurance operations has made

an important impact on the financial services industry at large. This is

though a new concept but it has gained a lot of importance in the

industry at present and has a great future.

3. Product Innovation

There has been a plethora of new and innovative products offered by

the new players. Customers have tremendous choice from a large

variety of products from pure term (risk) insurance to unit-linked

investment products. Customers are offered unbundled products with a

variety of benefits as riders from which they can choose. More

customers are buying products and services based on their true needs

and not just traditional money-back policies, which is not considered

very appropriate for long-term protection and savings. There is lots of

saving and investment plans in the market. However, there are still

some key new products yet to be introduced - e.g. health products.

4. Rural Marketing

Rural India seems to have an appetite for mobile phones, computers,

and cars and to add to it we have insurance. In India with the private

players having entered into the insurance industry, the expected

explosion in job opportunities may not actually happen but for them the

catchments area is the opportunities in the rural India. In India the

insurance business can be said to be "a marathon, not a sprint". This is

because of the nature of the business being long term. With merely two

years of the industry being opened, not surprisingly, the new comers are

making losses. The public sector companies, notably the LIC, have

gained in strength, thanks to the deepening of the market consequent to

the awareness created by the new companies. However this does not

deterred the private sector, which knows know that the race is a

marathon, not a sprint. However it seems that they if not anything, are

only increasing their spending, though only out of the capital. Today,

there are 18 insurance companies in India excluding the PSU’s, with 12

in the life insurance business and the rest in non-life .As insurance

companies go more and more rural in search of business, there will be

opportunities in the rural sector. A research conducted exhibited that the

rural consumers are willing to dole out anything between Rs 3,500 and

Rs 2,900 as premium each year. In the insurance the awareness level

for life insurance is the highest in rural India, but the consumers are

also aware about motor, accidents and cattle insurance. In a study

conducted by MART the results showed that nearly one third said that

they had purchased some kind of insurance with the maximum

penetration skewed in favor of life insurance. The study also pointed

out the private companies have huge task to play in creating awareness

and credibility among the rural populace. The perceived benefits of

buying a life policy range from security of income bulk return in

future, daughter's marriage, children's education and good return on

savings, in that order, the study adds.

Regulatory and Development Authority (IRDA) have set stiff rural

targets for insurance companies. For the life sector, in the first year, 5

per cent of the total policies written should come from the rural sector.

This will go up to 15 per cent in five years. Similarly, for the non-life

sector, two per cent of the total gross premium income should come

from the rural sector going up to 5 per cent in five years, according to

the regulation. All these moves will make the investment the rural area

a big start.

5. Information Technology And Insurance

In the insurance industry today, there is a clear trend away from selling

a broad range of products to a large volume of customers in a one –

size-fits-all manners. Instead of focusing on their different products lines

as silos (i.e., life, property and casualty etc) insurers are looking for

ways to offer highly targeted insurance products that are tailored to the

individuals customers with the highest propensity to buy them.

There is a evolutionary change in the technology that has revolutionized

the entire insurance sector. Insurance industry is a data-rich industry,

and thus, there is dire need to use the data for trend analysis and

personalization.

With increased competition among insurers, service has become a key

issue. Moreover, customers are getting increasingly sophisticated and

tech-savvy. People today don’t want to accept the current value

propositions, they want personalized interactions and they look for more

and more features and add ones and better service The insurance

companies today must meet the need of the hour for more and more

personalized approach for handling the customer. Today managing the

customer intelligently is very critical for the insurer especially in the

very competitive environment. Companies need to apply different set of

rules and treatment strategies to different customer segments. However,

to personalize interactions, insurers are required to capture customer

information in an integrated system.

With the explosion of Website and greater access to direct product or

policy information, there is a need to developing better techniques to

give customers a truly personalized experience. Personalization helps

organizations to reach their customers with more impact and to generate

new revenue through cross selling and up selling activities. To ensure

that the customers are receiving personalized information, many

organizations are incorporating knowledge database-repositories of content

that typically include a search engine and lets the customers locate the

all document and information related to their queries of request for

services. Customers can hereby use the knowledge database to mange

their products or the company information and invoices, claim records,

and histories of the service inquiry. These products also may be able to

learn from the customer’s previous knowledge database and to use their

information when determining the relevance to the customers search

request.

The insurance sector remains a very competitive market and those

companies that are able to best utilize their data and provide their

customer with the most personalized options will have the distinct

competitive advantage. The insurers that come up to the top will be

those who leverage the appropriate technology solutions effectively in

order to foster customer loyalty, attract new customers and improve

operational efficiency by providing common information across their

lines of business.

6. Mergers And Aquisitions

This is an era of mergers and acquisitions. Private companies including

MNC’s are amalgamating the world over to get more competitive edge.

Currently, the general insurance industry has been opened up. The

question here is that for over two years, eight private companies have

operated and has the size of the cake expanded. The insurers are doing

enough to raise the level of risk awareness or are they merely content

to compete in the markets organized and established. However sooner or

later the private sector players will have to put in place strategies

aimed not at winning the existing accounts of the public players but at

diversifying markets penetration as a whole. The private players in the

future would have to turn their attention to working in the unorganized

and under served markets.

What is likely to happen is that the private players would continue to

skim the profitable segments of the already organized business in the

urban areas? The time has already come for the government of India to

evaluate the performance of private companies’ vis-à-vis their declared

objective of opening up the industry.

However it is high time for the government to realize that importance

of merging the public sector general insurance companies into single

entity. The resent scenario calls for a better performance from part of

each of the public sector insurance companies against each other; or in

other words a competition to be the best. The result what we see is the

undercutting of premium to retain or wrest business and quoting an

uneconomical rate of premium. While this allows one of the Public

Sectors Company to win a business form another in this manner. The

others suffer a loss and the resultant effect is a cannibalization with a

fall in the average premium of the public sector itself. This at many

times brings advantage to the private players who grab the business

because of the

unethical competition among the public players.

The purpose of having four companies all subsidiaries of General

Insurance Corporation of India (GIC)– National Insurance Company,

New India Assurance Company, Oriental Insurance Company, And The

United India Insurance Company; at the time of nationalization was to

have competition among themselves –in service and products at the

same price. The service provided by them was also equally good or

bad depending on the experience of the customers.

It is thus clear that it is good for the public sector companies to merge

immediately when they are still strong, lest a merger becomes inevitable

later after the independent public sector companies fail one after

another. This does not bid well for the public sector, nor fort he

insuring public and not for the economic development either. For a

progress me require merger of strong public sector companies. Else it

would render public sector companies weak and destroy them.

NAME OF THE PLAYER

MARKET SHARE (%)

LICICICI

PRUDENTIALBIRLA

SUNLIFE

ALLIANZBAJA SBI LIFE

HDFC STANDARDTATA AIGHDFC SLIC

AVIVAOM KOTAK MAHINDRA

ING VYASAAMP SANMAR

METLIFE

82.3

5.63

2.56

2.03

1.80

1.36

1.29

0.90

0.79

0.51

0.37

0.26

0.21

POTENTIAL OF INSURANCE INDUSTRY IN

INDIA :

Only ONE out of FIVE insurable population in India have insurance

coverage.

In terms of Insurance premium per capita and premium per GDP,

India ranks as one of the lowest in the world.

Life insurance premium constitutes only 9% of domestic savings.

By 2010, hundred million elderly look to planning for old age

pension and annuities.

More than 325 million labor forces have no social security.

With an annual growth rate of 15-20% and the largest number of life

insurance policies in force, the potential of the Indian insurance industry

is huge. Total value of the Indian insurance market (2004-05) is

estimated at Rs. 450 billion (US$10 billion). According to government

sources, the insurance and banking services' contribution to the country's

gross domestic product (GDP) is 7% out of which the gross premium

collection forms a significant part. The funds available with the state-

owned Life Insurance Corporation (LIC) for investments are 8% of

GDP.

Till date, only 20% of the total insurable population of India is covered

under various life insurance schemes, the penetration rates of health and

other non-life insurances in India is also well below the international

level. These facts indicate the of immense growth potential of the

insurance sector.

The year 1999 saw a revolution in the Indian insurance sector, as major

structural changes took place with the ending of government monopoly

and the passage of the Insurance Regulatory and Development Authority

(IRDA) Bill, lifting all entry restrictions for private players and allowing

foreign players to enter the market with some limits on direct foreign

ownership.

Though, the existing rule says that a foreign partner can hold 26%

equity in an insurance company, a proposal to increase this limit to

49% is pending with the government. Since opening up of the insurance

sector in 1999, foreign investments of Rs. 8.7 billion have poured into

the Indian market and 21 private companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have

enabled fledgling private insurance companies to sign up Indian

customers faster than anyone expected. Indians, who had always seen

life insurance as a tax saving device, are now suddenly turning to the

private sector and snapping up the new innovative products on offer.

The life insurance industry in India grew by an impressive 36%, with

premium income from new business at Rs. 253.43 billion during the

fiscal year 2004-2005, braving stiff competition from private insurers.

Though the total volume of LIC's business increased in the last fiscal

year (2004-2005) compared to the previous one, its market share came

down from 87.04 to 78.07%. The 14 private insurers increased their

market share from about 13% to about 22% in a year's time. The

figures for the first two months of the fiscal year 2005-06 also speak

of the growing share of the private insurers. The share of LIC for this

period has further come down to 75 percent, while the private players

have grabbed over 24 percent.

There are presently 12 general insurance companies with four public

sector companies and eight private insurers. According to estimates,

private insurance companies collectively have a 10% share of the non-

life insurance market.

1.2 PROFILE OF THE ORGANISATION— AVIVA

LIFE INSURNACE CO. LTD.

Aviva is UK’s 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 35 million-customer base

worldwide. It has more than £332 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,

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 12,000 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

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 Bank,

American Express Bank, Canara Bank, Centurion Bank of Punjab, The

Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 15 Co-operative

Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal

and Maharashtra and one regional Bank in Sikkim.

When Aviva entered the market, most companies were offering

traditional life products. Aviva started by offering the more modern Unit

Linked and Unitised With Profit products to the customers, creating a

unique differentiation. Aviva’s products have been designed in a manner

to provide customers flexibility, transparency and value for money. It

has been among the first companies to introduce the more modern Unit

Linked

Products in the market. Its products include: whole life (Life Long),

endowment (Life Saver, Easy Life Plus), and child policy (Young

Achiever) single premium (Life Bond and Life Bond Plus), Pension

(Pension Plus), Term (Life Shield), fixed term protection plan (Freedom

Life Plan) and a tax efficient investment plan with limited premium

payment term (LifeBond5). Aviva products are modern and

contemporary unitised products that offer unique customer benefits like

flexibility to chose cover levels, indexation and partial withdrawals.

Aviva’s Fund management operation is one of its key differentiators.

Operating from Mumbai, Aviva has an experienced team of fund

managers and the range of fund options includes Unitised With-Profits

Fund and four Unit Linked funds: - Protector Fund, Secure Fund,

Balanced Fund and Growth Fund.

Aviva has 112 Branches in India (including rural branches) supporting

its distribution network. Through its Bancassurance partner locations,

Aviva products are available in 378 towns and cities across India.

Aviva is also keen to reach out to the underprivileged that have not

had access to insurance so far. Through its association with Basix (a

micro financial institution) and other NGOs, it has been able to reach

the weaker sections of the society and provide life insurance to them.

For three consecutive years in 2005, 2006 and 2007, Aviva has had

relatively high scores on the parameters of Credibility, Respect, Fairness,

Pride and Camaraderie in the survey administered by Grow Talent

Company Ltd. along with Great Places to Work® Institute, Inc. and

Business World magazine.

WHO IS AVIVA

AVIVA

Aviva is UK’s 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 35 million-customer base

worldwide. It has more than £332 billion of assets under management.

VISION

Aviva - where exceeding expectations through innovative solutions is

"the" way of life This is the compelling vision that Aviva India has

created through the active contribution of its employees. These lines not

only define the way we live and work but also serve as a reminder to

deliver the best to our customers, shareholders, colleagues, partners &

employees at all times.

Embedded in this vision are the core values of Integrity, Customer

centricity, Passion for winning, Innovation and Empowered team that we

have collectively defined and committed to working towards.

PARTNERS

Aviva is committed to helping our customers get 'Kal par Control' and

make the most out of their lives. It is the constant endeavour to ensure

that our customers have easy access to Aviva products and services at

all times.

Aviva has pioneered bancassurance in the country through its tie-ups

with 22 leading private and nationalised Banks in the country. Aviva

also focuses on bancassurance worldwide and has a proven track record

of successful bancassurance relationships. It has 40 major partnerships

with leading banks across the globe. Aviva is a leading bancassurer in

countries such as France, Italy, Spain, Australia and New Zealand.

ABN AMRO Bank

ABN AMRO is a prominent international bank with European roots and

a clear focus on consumer and commercial banking gaining a

competitive edge on the chosen markets and client segments. ABN

AMRO Bank (India) ventured into the Indian market in 1920 primarily

to finance the diamond trading business and evolved by mid 1990’s into

a fastest growing retail bank and a well-respected wholesale bank.

The Bank is recognized as one of the most successful consumer

banking outfits in the county, known for its innovation and aggression.

ABN India consumer banking pioneered the distribution of third party

financial products like mutual funds, bonds and life insurance.

Aviva's relationship with ABN India commenced in June 2002 under

which the bank introduces its customers to Aviva for insurance and

provides access to its affluent customer base across the country through

its operations in 21 branches at 14 locations.

American Express Bank

American Express Company is a diversified worldwide travel and

financial services company founded in 1850. It is the world’s largest

single card issuer, based on purchase volume generated of nearly 55

million cards worldwide. Present in India since 1921, American Express

provides high quality travel related and financial services in India.

Aviva Life Insurance entered into a strategic alliance with American

Express for distribution of Life Insurance in June 2002 to offer top-of

the line saving-cum-protection plans to Amex bank and card customers.

Aviva offers tailor-made investment solutions to the high net worth

clients of the Wealth Management channel. The retail card segment is

being tapped through outbound calling to the Amex cardholders. The

American Express Inbound call center also pitches Aviva products to its

callers.

The Lakshmi Vilas Bank Ltd

The Lakshmi Vilas Bank Ltd, based out of Karur, is among the top

private banks in India. It has 221 branches with a customer base of 1.2

million, across 10 states. Currently Aviva products are sold across 204

branches of LVB.

Canara Bank

Canara Bank is one of the largest retail banks in India with 2,513

branches spread across 25 States and 4 Union Territories. The customer

base of Canara Bank exceeds 27 million. With a net profit of INR

1110 Crores, deposits of over INR 96,908 Crores, 47389 employees for

the year ending Mar 2005, Canara Bank is truly a Bank to be reckoned

with for the sheer magnitude of coverage it offers its clients. Canara

Bank has tied up with Aviva as a Corporate Agent for its Life

Insurance Products. Aviva products are currently offered in 1030 Canara

Bank branches in 103 Cities.

1.3 PROBLEMS OF AVIVA LIFE INSURNACE

Since Aviva Life Insurance is a private player in the insurance

industry, it has not yet reached break-even. Hence, it has high

cost due to which its premiums are high as compared to LIC.

It has to create credibility in the public.

It has to compete with the wide range of products that its

competitors offer.

It has to focus towards rural segment also which has a great

scope of growth.

It has to decide on the strategies to be adopted which will help

to counter competition.

It has to increase its no. of branches and also enhance its

network of agents so that it can compete with LIC.

It has to focus on providing effective training to its agents so

that the customer base can be increased and moreover customer

satisfaction can be ensured.

1.4 COMPETITORS INFORMATION

Bajaj Allianz

Birla Sun Life Insurance

HDFC Standard Life Insurance

ICICI Prudential

ING Vysya

Kotak Mahindra

LIC

MetLife India Insurance

SBI Life Insurance

Shriram Life Insurance

Tata AIG Life Insurance

BAJAJ ALLIANZ

Bajaj Allianz is a joint venture between Allianz AG one of the world’s

largest insurance companies, and Bajaj Auto, one of the biggest 2 and

3 wheeler manufacturers in the world. Bajaj Allianz is into both life

insurance and general insurance.

Allianz Group is one of the world’s leading insurers and financial

services providers. Founded in 1890 in Berlin, Allianz is now present in

over 70 countries with almost 174,000 employees. Bajaj group is the

largest manufacturer of two-wheelers and three-wheelers in India and

one of the largest in the world.

Today, Bajaj Allianz is one of India’s leading and fastest growing

insurance companies. Currently, it has presence in more than 550

locations with over 60,000 Insurance Consultants.

BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance Company Limited is a joint venture between

Aditya Birla Group and Sun Life Financial of Canada. Aditya Birla

Group is an Indian multinational conglomerate with presence in India,

Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia and

China.

Sun Life Assurance, Sun Life Financial’s primary insurance business, is

one of the leading insurance companies of the world and ranks amongst

the largest international financial services rganizations in the world. The

Group has presence in several countries such as Canada, United States,

Philippines, Japan, Indonesia, India and Bermuda.

ICICI PRUDENTIAL LIFE INSURANCE

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse and Prudential plc, a

leading international financial services group headquartered in the United

Kingdom.

ICICI was established in 1955 to lend money for industrial

development. Today, it has diversified into retail banking and is the

largest private bank in the country. Prudential plc was established in

1848 and is presently the largest life insurance company in the UK.

ICICI Prudential is curently the No. 1 private life insurer in the

country. For the financial year ended March 31, 2005, the company

garnered Rs 1584 crore of new business premium for a total sum

assured of Rs 13,780 crore and wrote nearly 615,000 policies.

ING VYSYA LIFE INSURANCE

ING Vysya Life Insurance Company Limited is a joint venture between

Vysya Bank and ING Group of Holland, the world's 4th largest

financial services group, with presence across 50 countries, and a

heritage of over 150 years.

ING Vysya Life Insurance Company Private Limited entered the private

life insurance industry in India in September 2001. With in a short span

of time ING Vysya Life Insurance has registered an impressive growth.

The company currently has over 10,000 active advisors working from

75 branches (in 30 cities) across the country and over 2300 employees.

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture

between Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc. Kotak

Mahindra is one of India's leading financial institutions and offers a

range of financial services such as commercial banking, stock broking,

mutual funds, life insurance, and investment banking.

Old Mutual was established more than 150 years ago and offers a

diverse range of financial services in South Africa, the United States

and the United Kingdom. The company is listed on the London Stock

Exchange with a market capitalization and has its headquarters in

London.

LIFE INSURANCE CORPORATION OF INDIA (LIC)

Life Insurance Corporation of India (LIC) is an autonomous body

authorized to run the life insurance business in India with its Head

Office at Mumbai. It has been established by an act of the Parliament

and started functioning from 1/9/1956.

LIC is the biggest insurance player in the country. Out of the total

premium of Rs 3766 crore generated by the insurance industry through

group business in the year 2005-06, LIC alone accounted for Rs 3051

crore.

In the financial year 2005-06, LIC has grown at 30.68%. In respect of

number of lives insured, LIC has shown a growth of over 152%. In

respect of number of schemes, LIC has a growth of 2%. LIC's market

share in number of individuals covered and number of policies stands at

77% and 81%, respectively.

METLIFE INDIA INSURANCE

MetLife India Insurance Co. Pvt Ltd is a joint venture between MetLife

Group and its Indian partners. The Indian partners include J&K Bank,

Dhanalakshmi Bank, Karnataka Bank, Karvy Consultants, Geojit

Securities, Way2Wealth, and Mini Muthoothu.

Met Life Group has presence in America and Asia and has an

experience of over 137 years in providing financial services. The

MetLife companies are the number one life insurer in the U.S. with

approximately US $2.8 trillion of life insurance in force. MetLife serves

88 of the top one hundred FORTUNE 500 companies. MetLife entered

Indian insurance sector in 2001.

RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital

Ltd. of the Reliance - Anil Dhirubhai Ambani Group. The company

acquired 100 per cent shareholding in AMP Sanmar Life Insurance

Company in August 2005. Taking over AMP Sanmar Life provided

Reliance Life Insurance a readymade infrastructure and a portfolio.

AMP Sanmar Life Insurance was a joint venture between AMP,

Australia and the Sanmar Group. Headquartered in Chennai, AMP

Sanmar had over 90 offices across the country, 9,000 agents, and more

than 900 employees.

SBI LIFE INSURANCE

SBI Life Insurance is a joint venture between the State Bank of India

and Cardif SA of France. SBI Life Insurance is registered with an

authorised capital of Rs 500 crore and a paid up capital of Rs 350

crores.

State Bank of India is the largest banking franchise in India. Along

with its 7 Associate Banks, SBI Group has a network of over 14,000

branches across the country, the largest in the world.

Cardif is a wholly owned subsidiary of BNP Paribas, which is The

Euro Zone's leading Bank. BNP is one of the oldest foreign banks with

a presence in India dating back to 1860.

SHRIRAM LIFE INSURANCE

Shriram Life Insurance Company Ltd is a joint venture between the

Chennai-based Shriram Group and the South African insurance major

Sanlam.

The company launched its operations in India in December 2005.

Shriram Life has set a target of achieving a premium income of Rs

110 crore during the first year of operations. While focussing largely on

the strong network of over 65,000 agents and distribution network of

more than 550 branches, Shriram Life is also contemplating

bancassurance alliances with couple of banks.

TATA AIG LIFE INSURANCE

Tata AIG Life Insurance Company Limited is a joint venture between

Tata Group and American International Group, Inc. (AIG). Tata Group

is one of the oldest and leading business groups of India. Tata Group

has had a long association with India's insurance sector having been the

largest insurance company in India prior to the nationalisation of

insurance. The Late Sir Dorab Tata, was the founder Chairman of New

India Assurance Co. Ltd., a group company incorporated way back in

1919.

American International Group, Inc is the leading U.S. based international

insurance and financial services organization and the largest underwriter

of commercial and industrial insurance in the United States. AIG has

one of the most extensive life insurance networks in the world.

1.5 S.W.O.T ANALYSIS OF AVIVA LIFE INSURANCE

STRENGTHS

Premiums are increasing and so are commissions.

The variety of products is increasing.

Transparency in working is followed.

Fund charges are less i.e. 0.8%

Stronger financial base.

Employee centric organization.

WEAKNESS

Strong competitors like LIC, ICICI Pru, Birla Sun Life etc.

Premium is priced high as compared top the market leader.

Infrastructure cost is high.

Less expenditure on promotion.

Products not customized for lower segment.

OPPORTUNITIES

The ability to cross sell financial services barely being tapped.

Technology is improving to the point that paperless transactions are

available.

The client's increasing need for an "insurance consultant" can open

new ways to service the client and generate income.

THREATS

Government regulations on issues like health care, mold and

terrorism can quickly change the direction of insurance.

The increasing expenses and lower profit margins.

Intense competition from LIC.

CHAPTER – 2

OBJECTIVE & METHODOLOGY

2.1 Significance

1. Risk and Insurance

2. Global insurance

3. Penetration of insurance sector at world level as well as

in India

4. Saving habits of Indian people

5. Liberalization of Indian Insurance Sector

6. Role of the Insurance Regulatory Authority of India

7. Performance of private players in insurance sector

8. A comparitive stidies on private and public sector of

insurance companies

9. Performance evalustion of non-ife insurers (public and

private

10. Evalustion of General Insurance Sector in India

11. Urban and Rural penetration of Insurance sector in India

12. Role of Insurance Sector In terms of infrastructure

development in India

2.2 OBJECTIVES OF STUDY

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. 

Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. 

Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. 

Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. 

Act as trustees of the insured public in their individual and collective capacities.

Meet the various life insurance needs of the community that would arise in the changing social and economic environment. 

Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. 

Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

2.3 Scope of the Study

To understand the...

1. Philosophy of customer orientation

2. Firms to uncover customer needs first

3. Coordinate all their activities to satistfy those needs

4. Marketing research is vital to maintaining and improving a

company’s overall competitiveness.

5. Understanding the external environment helps to intelligently plan

for the future

6. Many firms continually collect and evaluate environmental

information to identify future market oppurtunities and threats.

7. Nature of its product

8. Ways to promote their product

9. Will identify whether the marketing mix is effective enough to

maximise the benifits to the firm from available oppurtunities.

10. Many successful products launches were preceded by extensive

marketing research.

Research Undertaken

PrimaryResearch

SecondaryResearch

Indepth Interview

Questionnaires for employees Internet

browsing

Reference Books

COLLECTION TOOLS

QUESTIONNAIRE

A questionnaire is a structured technique for data collection consisting

of a series of question, written or verbal, to which a respondent replies

, is interpret as questionnaire.

MODE OF DATA COLLECTION

The data has been collected through filling up of the questionnaire from

different various segments of the society and interviewing them about

their various options of investments.

SAMPLE SIZE

CHAPTER – 3

DATA ANALYSIS

COMPARISION AND ANALYSIS

1. Comparision of the distribution of occupation of the

respondents.

Emp. (Pvt.sec-

tor)62%

Emp. (Pubic.sector)18%

Self - employed14%

others.6%

Fig1.1

Analysis

18 respondents belonged to the employee in the private sector,

62 belong to the employee in the private sector, 14 are self

employed and 6 are in the other category.

The average score received was calculated by adding the score

given by each respondent divided by the total number of

respondent. Also it was noted that in case of LIC there were

total of 13 respondents who give rating of 5 or less than 5 but

the same in case of Aviva Life Insurance were only 3.

2. Comparison of the effectiveness of means of

communication

Advertising Trends DSAs

Aviva Life

Insurance

34 4 26

Table 1.2

0

5

10

15

20

25

30

35

40

Advertising Trends DSAs

AdvertisingTrendsDSAs

3. Which marketing srategy would you prefer?

Fig 1.3

INTERPRETATION

In the above figure all the respondents marked more than one

option given in the questionnaire advertisements in print media,

television, radio etc, and 11 responses went in favor of word

of mouth communication through friends and relatives. Of the

total respondents of Aviva Life Insurance, 34 responses went in

favor of advertisements, 26 went in favour of DSAs, and only

4 went in favor of friends and relatives.

Advt. Frends DSAs

0

5

10

15

20

25

30

35HDFC SLIC

4. Comparision of incentive schemes

High

satisfied

Satisfied Moderate Unsatisfied Highly

unsatisfied

LIC 24 7 9 4 2

Aviva Life

Insurance

26 10 6 4 6

Table1.4

INTERPRETATION

Of the total respondents of LIC (as shown in figure 4.10), 28

responded that they are very much satisfied with the incentive

schemes associated with their policies, 7 were only satisfied

High satis-fied

Satisfied Moderate Unsatisfied Highly unsatis-

fied

0

5

10

15

20

25

30

LIC

Aviva

LIC Aviva

with the incentive scheme, 9 were moderate with regards to the

incentive scheme and 6 people were either unsatisfied or highly

unsatisfied with the incentive schemes. However, of the total

respondents of the Aviva Life Insurance, 24 were highly satisfied

with the incentive scheme associated with their life policy while

only 6 people were highly unsatisfied with regards to the same.

5. Are you interested in products offered by the Aviva Life

Insurance?

Yes 61%

No 22%

Will think 17%

Fig 1. 5

INTERPRETATION

The good thing is that at least the corporates were quite eager to find

out what Aviva Life Insurance has to offer whereas the major 39 % of

the corporates were not even interested in the products as they are quite

61%22%

17%

Yes

No

Will think

satisfied by the LIC and they are not in breaking their long relationship

with them. The private players will have to play a long battle in order

to ensure that they are serious player in the market. Basically corporates

think that its too early to invest in private companies as they have just

entered the scene and they are unsure of the security they will have

about their investment

6. Are you satisfied with your present insurer?

YES 95%

No 5%

Yes No 0%

20%40%60%80%

100% 95%

5%

Se-ries1

Fig1.6

INTERPRETATION

Here is where the challenge is. Inevitably most of the players are very

satisfied with their present insurer which makes it more tough for the

private players to attract the corporates. The remaining 5 % are also

not very dissatisfied by the services but they are just open to new

avenues and are looking forward that private companies come with good

offers so that they may shift to them. Thus private players will have to

be very proactive and in this regard since LIC is the leader and Aviva

Life Insurance is lagging behind its competitors in terms of competition.

7. Where would you like to insure if given chance?

LIC - 60

ICICI - 10

Aviva Life Insurance - 15

TATA AIG - 9

SBI - 8

KOTAK MAHINDRA - 2

Fig 1.7

INTERPRETATION

Thus we see that the companies are comfortable in having business

with govt. owned companies as they feel its safe & secure to have

business with them which is followed by Aviva Life Insurance and then

LIC

SB

I

TA

TA

AIG

ICIC

I

HD

FC

SL

IC

KO

TA

K M

A...

0

10

20

30

40

50

60

60

8 9 1015

2

followed by ICICI & TATA AIG as the name TATA is associated with

it which commands huge premium in the market .

8. What is people’s main concern while taking a insurance

policy?

Security 70%

Returns 10%

Tax rebate 20%

Fig 1. 8

INTERPRETATION

People invest in insurance mainly because of security concern.

TAX REBATE20%

SAVINGS70%

SECURITY10%

TAX REBATE

SAVINGS

SECURITY

Very High; 40%

High; 30%

Moderate ; 11%Low; 10%

Very Low; 9%

9. Please express your opinion for the premiums paid for the above policy?

Very HighHighModerate LowVery Low

Fig 1. 9

INTERPRETATION

Here we found that 40%people are very highly satisfied ,30%

of people are highly satisfied,11% are moderate ,10% of people

are low satisfied,9% are very low satisfied.

10. Are you satisfied with insentive associated with your

policy?

Highly satis-fied

Satisfied Moderate Unsatisfied Highly Unsat-isfied

0%

5%

10%

15%

20%

25%

30%

35%

40%

30%

40%

15%

5%

10%

6). Are you satisfied with the incentives associated with your policy?

Highly satisfied

Satisfied

Moderate

Unsatisfied

Highly Unsatisfied

Fig 1. 10

Interpretation

30% people are highly satisfied,40% satisfied,15%are

moderate,5% are unsatisfied and 10%are highly unsatisfied.

11. What other plans or flexibility you expect from

insurance companies?

30%

20%

50%

More returns

Complementary gifts

Investment Pattern

Fig 1. 11

Interpretation

50%people are satisfied with investment pattern, 30% are

satisfied with more returned and only 20% people expect

complimentary gifts.

12. Role of union in the organization.

43%

57%

yes

no

Fig 1.12

There is hardly any presence of union in the organization. This industry

deals with software productions. As a result most of the employees are

either engineer or post graduate software specialist. The workers

performing operational level to decision making are all well educated

employees. So for the welfare of the quality of work life and other

activities related to the welfare of the workers, they are not take into

such consideration. Basically this is an industry related to special kind

of production. It is not like that of automobile or any other heavy

production industry where there is working class like labor. In those

industry union exit because the quality of work life is something

different. Their heavy work relating to manual function is present. So I

don’t think there is any need arise for the presence of union.

So, an industry like this has no union. It is one of the important parts

of my study of any kind of software industry, where there is no union.

From this kind of research I can infer that in recruitment and selection

process which is done by the Bharti Axa Life Insurance like this

(software industry), but not by employee’s association.

13. Changes occurred in Recruitment and Selection Procedure

In his question I was looking for any sort of changes at list during the

preceding two years. Every year there are some changes take place in

recruitment and selection process for better result and production. It is

such an industry where in every moment some innovation takes place.

So the Aviva Life Insurance needs some new skills to achieve the

required fulfillment.

For the last couple of years the Aviva Life Insurance is focusing more

on campus interview to give more chances to the fresher. This

resembles that the Aviva Life Insurance recruitment policy, the Aviva’s

needs for greater committed employee and also motive behind

concentrating more on fresher, as it is the belief from Aviva’s

perspective to be working smartly with full enthusiasm. They are also

updated with the current concepts, which are required in software

industry.

The Aviva Life Insurance is dealing in making, developing and

maintaining the software packages. The companies target audience is

foreign market. Most of the customers come from abroad. For these

very reason employees has to conduct project in foreign countries.

That’s why freshers are targeted to fill up the vacancies. It is also

experienced, as the Aviva Life Insurance is dealing with creating

software packages, developing and maintaining the software, so it the

obvious need for the Aviva Life Insurance is to effectively deal with

the foreign market . Most of the Aviva’s customers are from abroad.

For this the employees has to conduct project in the foreign countries,

which makes way for the freshers to upgrade their career growth

opportunity quiet wide open.

72%

28%

Yes

No

Fig 1.13

14 Satisfaction level of customers

70%

30%

yes

no

Fig 1.14

Interpretation

All the customersare satisfied with the services offered by Aviva Life

Insurance are 70%. They say Aviva Life Insurance is good in customer

reletionships.

15. Well defined policy

Agree Disagree Cant say0

10

20

30

40

50

60

Answer

Fig 1.15

INTERPRETATION

According to a survey of 100 customers, 56 of them were agree on

having a well defined policy in the organization,24 were disagree and

the rest 20 were not sure or cant say.

Chapter – 4

FINDINGS AND RECOMMENDATIONS

FINDINGS

It is still finded that people are not aware of services provided

or rendered by Aviva Life Insurance, it is because lack of proper

proportional activities or adverrtisement. Television is most

impoetant source for advertisement, but not the only and

reliable source. Aviva Life Insurance also follows the same

strategy.

Customers are very much aware of the type of products

ornfinancial advice given to them. But still it has been noticed

that people do not know the exact brnrfits of the products. But

however these are very less in number.

Aviva Life Insurance are very good in meeting with new people.

They do it by conopies, having, references with their existing

customers.

Aviva Life Insurance is very tranparent with their products and

the customers.

RECOMMENDATIONS

More emphasis should be on promotional activities.

Plenty of advertisement should be done through T.V, Newspaper and

Radio as these media’s are having maximum recall value.

Total financial planning and advice should be given to every

customer.

More business opportunity seminars should be conducted to make

people aware of the offer given.

The company should quite frequently send their agent to the

customer so that they should be aware of the latest offer.

The company should attempt to open more and more of its branches

in the country so as to promote their product publicity.

ANNEXURE

Sample Questionnaire

Q.1 Do you have any life insurance policies?

Yes [ ] No [ ]

If yes -

Name of the Company ________________

Name of the plan ________________

Annual Amount of premium ________________

Term of plan ________________

Are you satisfied with present insurer?

A) YES B) NO

.

Q.2 Which are the main issues that you take into consideration

while purchasing any life insurance policy?

a) Security [ ]

b) Returns [ ]

c) Tax saving [ ]

d) Others please specify_________

Q.3 Are you aware of Unit Linked Insurance Plans offered by

various companies in India?

A)ICICI [ ] B) KOTAK MAHINDRA [ ]

C) TATA AIG [ ] D) BAJAJ ALLIANZ [ ]

E) LIC [ ] F) BIRLA SUNLIFE [ ]

G) AVIVA LIFE INSURANCE [ ]

Q.4 Do you have a life insurance policy from Aviva Life

Insurance?

a) Yes [ ] b) No [ ]

Q.5 If yes, which policy have you taken?

_________________________________________________

Q.6 Does this policy satisfy your financial needs? (Please

rate on the scale of 1 to 10 with one being

least satisfied)

Q.7 Please express your opinion for the premiums paid for

the above policy?

a) Very high [ ] b) High [ ] c) Moderate [ ]

d) Low [ ]

e) Very Low [ ]

Q.8 How do you come to know about this policy? (Please

tick).

a) Advertisements [ ] b) Friends and relatives [ ]

c) Direct selling agents [ ].

d) Others (please specify)_____________________.

Q.9 Are there any incentives (tax benefits or Bonuses)

associated with this policy? (Please give appropriate details

about it).

_________________________________________________________

_________________________________________________________

____

Q.10. Are you satisfied with the incentives associated with

your policy?

a) Highly satisfied [ ]. b) Satisfied [ ] c)

Moderate [ ]

d) Unsatisfied [ ] e) Highly Unsatisfied [ ].

Q.11 If you are given a choice, which one you take:

A) ICICI B) OM KOTAK MAHINDRA

C) TATA AIG D) Aviva Life Insurance

E) LIC F) SBI

Q12 What other plans or flexibility you expect from Insurance

companies?

A) More returns [ ]

B) Complementary gifts [ ]

C) Investment Pattern [ ]

Q13 Which company will you prefer while takiing an insurance

policy?

LIC - [ ]

ICICI - [ ]

AVIVA LIFE INSURANCE - [ ]

TATA AIG - [ ]

SBI - [ ]

KOTAK MAHINDRA - [ ]

Q14 Are you satisfied with your present insurer?

YES [ ]

No [ ]

BIBLIOGRAPHY

Magazines

Mehra, Puja, “India Today (27th MAY, 2009) – PAGE 43

Sinha, Prabhakar, “The Times Of India” (16thMAY, 2009) –

PAGE 1

“Brunch”(16th July 2009)

Websites

http://www.avivaindia.com

http:// www.standardlife.com

http://www.sebi.com

http://www.nse..com