FINAL PROJECT REPORT

ON

THE SURVEY OF CUSTOMER SATISFACTION

AT

AVIVA LIFE INSURANCE CORPORATION OF INDIA

DR IT. INSTITUTE OF MANAGEMENT AND TECNOLOGY

(IMT)

In partial fulfillment of requirement of degree of

( BACHELOR OF BUSINESS ADMINSTRATION)

SUBMITTED TO: SUBMITTED BY:Mr. LINCON JEET BHUVNESH KUMAR PAL SINGH 80907320011 BBA 6TH SEM

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(CONTENT)

Introduction of Project

Objectives of Project

Limitation of project

Company’s Profile

About AVIVA

Board of Directors

What is AVIVA’S Life Insurance

ULIP Plans of AVIVA

Aviva New Young Scholar

Aviva New Sachin Century Plan

Aviva New Safe Guard

Aviva New Life Line

Aviva Life Bond Plus

Aviva New Freedom Life Plan

Research Methodology

Research Design

Data Sources

Data Analysis

Conclusion

Biblography

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ACKNOWLEDGEMENT

Talent & capabilities are of course necessary but opportunities and good

guidance are two very important things without which no persons can climb

those infant ladders towards progress.

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

giving me strength for completion of my Internship.

. I express my sincere thanks to my project guide Mr. Lincon Jit Pal Singh for

providing me her valuable time and fruitful guidance. Lastly but not least , I

thank my friends , relatives and near and dear ones for their wholehearted

support in this efforts of mine.

Bhuvnesh kumar

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INTRODUCTION OF PROJECT:-

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

the geographical boundaries of SHIMLA.

PROJECT TITLE:-

“A Survey of Customer Satisfaction”

PROCEDURE USED FOR CARRYING OUT THIS PROJECT:

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

related to the company from its existing customers. A survey was conducted were in I

need to go to each & every customer i.e. Door-to-Door, and get the opinion from the

customers about what they feel about product and services.

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OBJECTIVES OF THE PROJECT :

1. To know the feedback of customers regarding the services of the company.

2. To understand customer satisfaction regarding the products offered by the

company.

3. To understand the reasons for demand of a particular product.

4. To find out the problems faced by customer.

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LIMITATION OF THE STUDY

The limitations of the study are

.Some of the respondents of the survey were unwilling to share the information.

.Due to the shortage of the time it was not possible to cover each and every aspect.

.Due to lack of personal interest people were not ready to fill up the questionnaire.

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This is a Project report on the study

conducted on the

Unit Linked Insurance plans of AVIVA.

So, first of all we would like to discuss a few

things about AVIVA,

the company. This section precisely studies

the company, its objectives,

its operations, its achievements and also

analyse its income and expenditure in a

precise manner .

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ABOUT AVIVA

Aviva is UKs largest and the worlds fifth largest insurance Group. It

is one of the leading providers of life and pensions products to

Europe and has substantial businesses elsewhere around the

world. With a history dating back to 1696, Aviva has a 40 million-

customer base worldwide. It has more than 364 billion of assets

under management.

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

of nationalisation it was the largest foreign insurer in India in terms

of the compensation paid by the Government of India. Aviva was

also the first foreign insurance company in India to set up its

representative office in 1995.

In India, Aviva has a joint venture with Dabur, one of India's oldest,

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and largest Group of companies. A professionally managed

company, Dabur is the country's leading producer of traditional

healthcare products.

In accordance with the government regulations Aviva holds a 26

per cent stake in the joint venture and the Dabur group holds the

balance 74 per cent share.

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

Advisers (FPAs), Aviva has initiated an innovative and

differentiated sales approach to the business. Through the

Financial Health Check (FHC) Avivas sales force has been able to

establish its credibility in the market. The FHC is a free service

administered by the FPAs for a need-based analysis of the

customers long-term savings and insurance needs. Depending on

the life stage and earnings of the customer, the FHC assesses and

recommends the right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has

leveraged its global expertise in Bancassurance successfully in

India. Currently, Aviva has Bancassurance tie-ups with ABN Amro

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Bank, American Express Bank, Canara Bank, Centurion Bank of

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

operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar,

West Bengal, Andhra Pradesh and Maharashtra and regional Banks.

History.

2005

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

£1.1 billion. Aviva appoints new chairman. In Ireland, Hibernian enters a

bancassurance joint venture with AIB.

2006

Aviva announces changes to group organisation to create Aviva UK and Aviva

International. Aviva partners with Centurion Bank of Punjab in India and

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

a licence in Russia and acquires AmerUs in the US.

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2009

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

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

division of the NAB) will have the largest combined life insurance book in Australia

with market leading individual and group insurance offers and will be the largest

investment platform provider in Australia.

Board of Directors

Lord Sharman of Redlynch OBE,

chairman

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

born February 1943

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Appointed to the board in January 2005 and became chairman in January 2006.

Currently an independent non-executive director of BG Group plc (utility) and Reed

Elsevier plc (publishing). Former chairman of Aegis Group plc (media services) and

KPMG International (auditors), former deputy chairman of Group 4 Securicor plc

(security services), former member of the supervisory board of ABN AMRO NV

(banking) and is a former independent non-executive director of Young & Co’s

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

Management Team

Name Designation

TR Ramachandran Chief Executive Officer & Managing Director

Abhay Johorey Chief Operating Officer

Rajeev Arora Director, Finance & Actuarial

Monica Agrawal Director, Corporate Initiatives

Mohammad

ShahberAssociate Director, Human Resources

Vishal Gupta Director, Marketing

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Sumit Behl Director, Business Risk & Internal Audit

Ravi BhadaniCompany Secretary and Associate Director – Compliance &

Legal

Munish Sharda Director, Direct Sales Force

What Is AVIVA Life Insurance?

Life Insurance policies can be paid in a lump sum or in several installments; the amount

of money you pay to your insurance company is called a premium.

When you buy a Life Insurance policy you provide a measure of financial security to your

beneficiaries (family, loved ones) so that upon death they will be able to meet financial

responsibilities previously covered by your income.

We recommend you to speak to a Licensed Life Insurance agent in your state by doing a

search in our site, so that you can determine how much protection you need and can

afford, as well as what type of Life Insurance policy to choose.

These are the most common Life Insurance types:

Term Life Insurance

Permanent / Whole Life Insurance

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

Interest Whole Life, Variable Life, Limited-Payment Whole Life and Single-Premium

Whole Life.

We recommend you to speak to a local licensed insurance agent so that you can learn

more about Life Insurance. Please feel free to contact the licensed agents listed on our

site for more

Types of AVIVA Life Insurance

What is AVIVA Life Insurance? Life insurance at its most basic level is a contract between

you and a life insurance company to pay a sum of money to your beneficiaries in the

event of your death, to cover expenses and make up for the lack of your income. Life

Insurance premiums are based on the type of insurance you buy, the benefit amount, and

your chances of dying based on your over all health and lifestyle, during the period when

the policy is in effect.

There are basically two types of life insurance. You may have heard of them - Term Life

Insurance and Permanent Life insurance. In this discussion we will review in broad terms

the difference between the two. You can find more details on Term Life Insurance and the

various types of Permanent Life Insurance at any time by accessing these links.

Term Life Insurance – As the name implies, Term Life insurance is life insurance

that you purchase for a specific length of time, usually 5, 10 or 20 years. At the end

of the term you are given the option of renewing the policy. Term Life insurance is

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strictly that, only life insurance that pays a death benefit, as opposed to Permanent

Life insurance policies that accrue cash value. Term Life pays a lump sum single

benefit at the time of death. Your family can use that money to cover funeral

expenses, immediate bills, and invest in annuities to make up for the loss of salary

to pay on-going monthly expenses. Term Life insurance is the easiest and most

affordable life insurance to obtain. Term Life insurance is great for young families

just starting out.

Permanent Life Insurance – Unlike Term Life insurance, there is no fixed time limit

to Permanent Life insurance, so long as you keep making your monthly premium

payments the contract between you and the life insurance company remains in

effect. The other key difference between permanent and term life insurance is that

a Permanent Life insurance policy gains “cash value” Part of your monthly

premium goes into a tax-deferred investment account that you do have access to

while you are alive. There are various types of Permanent Life insurance such as

Whole Life, Universal Life and Variable-Universal Life

How Much Do I Need?

That is a very good question, especially since the answer will change over time

depending on your age and life circumstances. You may feel you may not even need life

insurance at all if you are young and single, but with the average cost of a funeral being

$10,000.00 or more, you have reason to consider it. Once you have people that depend

on your income such as a spouse and children, life insurance is an absolute necessity.

Even then your needs will change as your standard of living changes and your family

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grows. A young family with an infant and a small rental apartment will obviously require

less life insurance then a family with a house, a mortgage, and two kids in college. Feel

free to use our benefits calculator to help determine the right amount for your

circumstances.

No matter what stage of life you are in here are some basic guidelines and considerations

to determine the amount of life insurance you will need.

Be sure to consider the cost of a funeral. Even if your final wishes do not include a

traditional burial, the cost needs to be factored into your death benefit. It is

advisable to find out a good approximate cost of whatever final arrangements you

chose. Also when considering “final costs” that may be incurred by your

beneficiaries be sure to consider all federal and state taxes that may be due

immediately upon your death. These usually amount to 10% of the total value of

your Estate.

The next thing to consider is the effect of your loss of income on your family. You

need to project how long you think your family will need to “make up” for your lost

income. Will your spouse work? Remarry in a short amount of time? You need to

discuss such matters. Consider all of your debt and your monthly expenses

determine the amount of money that your family needs yearly to make up for your

lost income, and multiply that by the amount of years you think they will need it and

you will have arrived at your minimum required amount of Life Insurance. So if you

think they will need $50,000.00 a year for 10 years, you will need at least a $

500,000.00 policy.

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Finally consider the amount of debt that you family will be faced with upon your

death, you may want them to have enough to pay that off in a lump sum, rather

then making that part of their monthly expenses determined in (2) above.

Once you have done your best to determine your needs, it is advisable to discuss benefit

amounts with one of our qualified life insurance agents, who will help ensure you get the

right amount of coverage that is best for you.

Unit Linked Insurance plans

Unit linked Insurance plans (ULIP) is life insurance solution that

provides for the benefits of protection and

flexibility in investment. The investment is denoted

as units and is represented by the value that it has

attained called as Net Asset Value (NAV). The

policy value at any time varies according to the value of the

underlying assets at the time. ULIP provides multiple benefits to

the consumer.

The benefits include:

Life protection

Investment Options

Transparency

Adjustable Life Cover

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Flexibility

Liquidity

Tax planning

Investment and Savings

Options to take additional cover against- Death due to

accident, Disability, Critical Illness, Surgeries etc.

In a ULIP, the insurer deducts charges towards life insurance

(mortality charges), administration charges and fund management

charges. The rest of the premium is used to invest in a fund that

invests money in stocks or bonds. The policyholder’s share in the

fund is represented by the number of units. The value of the unit is

determined by the total value of all the investments made by the

fund divided by the number of units. If the insurance company

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

invest in the fund of his choice. Insurers usually offer four choices:

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Bond fund, Secured Fund, Balanced Fund, Growth Fund

So, in ULIPS is that the investor knows exactly what is happening

to his money and two, it allows the investor to choose the assets

into which he wants his funds invested.

Unit plans are investment plans for those who realise the worth of

hard-earned money. These plans help you see your savings yield

rich benefits and help you save tax even if you don't have

consistent income.

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

familiar ‘with profits’ policies sold for decades by the Life

Insurance Corporation.

‘With profits’ policies are called so because investment

gains (profits) are distributed to policyholders in the form of a

bonus announced every year.

ULIPs also serve the same function of providing insurance

protection against death and provision of long-term savings, but

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

insurance company credits the premium to a common pool called

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the ‘life fund’, after setting aside funds for the risk premium on

life insurance management expenses.

Every year, the insurer calculates how much has to be paid to

settle death and maturity claims. The surplus in the life fund left

after meeting these liabilities is credited to policyholders’

accounts in the form of a bonus.

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

(mortality charges), administration charges and fund management

charges. The rest of the premium is used to invest in a fund that

invests money in stocks or bonds. The policyholder’s share in the

fund is represented by the number of units.

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

investments made by the fund divided by the number of units. If

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

direct the company to invest in the fund of his choice.

Insurers usually offer three choices- an equity (growth) fund,

balanced fund and a fund which invests in bonds. In both ‘with

profits’ policies as well as unit-linked policies, a large part of the

first year premium goes towards paying the agents’ commissions.

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Aviva New Unit Linked Product Portfolio

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RESEARCH METHODOLOGY

Research methodology has following steps:

Step: 1 To decide the objective of the study.

Step: 2 To frame the research design.

Step: 3 To determine the source of data.

Step: 4 To design data collection form.

Step: 5 To determine sample size and sample design.

Step: 6 To organize and conduct fieldwork.

Step: 7 To process and analyze the collected data.

Step: 8 To prepare the research report.

Research design –descriptive

Data sources- primary data and secondary data

Research approach – face to face interview, observation, individual depth

interview

Research instrument – Questionnaire.

Sampling technique – Random sampling.

Sample size – 200 existing customers of AVIVA ULIP Plans

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Data Collection:

Primary Data:

1) Use of a Questionnaire for carrying out a survey

Secondary Data.

1) Internet

2) Booklet

This project is about studying the insurance industry which is on the boom.

The introductory part contains the meaning of insurance, its evolution, some,

Statistics of Indian insurance Industry.

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

Survey method.

As for as the data collection method for this project is concerned, designing the

data collection forms or survey forms is applicable to the project. The method

selected survey method.

A survey can be conducted by:-

Personal interview.

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DATA ANALYSIS

1)PERCEPTION ABOUT AVIVA ULIP’S

1.Heading:perception of respondent about AVIVA ULIP’S Plans

2.Tabulated Presentation:

Excellent Very Good Good Poor

NO. of respondents 19 32 42 7

3. Diagrammatic representation:

4.Interpretation:

Perception of most of the respondents i.e., 42% is good, 32% is very good, 19%

excellent and only 7% have a poor perception about AVIVA ULIP.

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2) INFORMATION OF AVIVA’S ULIP PLANS .

1.Heading:Respondent get information of AVIVA ULIP’S Plans from

which sources

2.Tabulated Presentation:

3. Diagrammatic representation:

4. Interpretation:

33% the respondents came to know about AVIVA ULIP’s Plans from friends, 29%

from various Agents, 21% from family members and 17% from other sources.

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Friends Family members Agents Others

NO. of respondents 33 21 29 17

C) INFORMATION OF AVIVA’S ULIP SERVICES TO

CUSTOMERS:

1. Heading: AVIVA ULIP’s service to its customers .

2. Tabulation of information:

Excellent Very good Good Poor

NO. of respondents 17 39 32 12

3. Diagrammatic representation:

4. Interpretation:Majority of the customers are satisfied with the service of the

company. 39% say the service is very good, 32% say its good, 17% say its excellent

and only 12 are not satisfied.

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D) AVIVA ULIP’S PLANS BENEFITS SCHEMES TO ITS

CUSTOMERS:

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

customers .

2. Tabulation of information:

Yes No Can’t say

NO. of respondents 67 24 9

3. Diagrammatic representation:

4. Interpretation:Majority of the customers are satisfied with the beneficial

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

its customers, 24% they are not getting any such schemes and 9% cant sat about

these things.

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E) AVIVA ULIP’S CHARGES AND FEES:

1. Heading: Resonablity of maintenance charges & fees.

2. Tabulation of information:

Yes No

NO. of respondents 83 17

3. Diagrammatic representation:

Resonablity of maintenance charges & fees

83%

17%

Yes

No

4. Interpretation:

83% of respondents say that the charges are reasonable and only 17% are not

happy with the service charges.

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F) PAYMENT FOR PAYING ULIP PREMIUM:

1. Heading: Mode of payment for paying premium 

2. Tabulation of information:

Draft Cheque Cash

NO. of respondents 7 93 0

3. Diagrammatic representation:

Mode of payment for paying premium

7%

93%

0%

Draft

Cheque

Cash

4. Interpretation:

93% of respondents prefer to pay by cheque, 7% by draft and non of the

respondents prefer cash for paying premium.

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G) AVIVA ULIP’S SATISFACTION SERVICES TO CUSTOMERS

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

2. Tabulation of information:

Yes No

NO. of respondents 87 13

3. Diagrammatic representation:

4. Interpretation:

87% of respondents say that they are satisfied with the company’s service and

only 13% are not happy with the service.

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CONCLUSION

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

learning experience. It has helped me a lot learning about different kinds of

investments and the pros-corns of its. It has also helped me to know about how

works in a corporate world is done.

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

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

sometime it became very difficult for us to convince people that we are from the

company and not an agent.Mostly small investors are not satisfied with the charges

of the AVIVA ULIP.

1. Customers are much more relying upon AVIVAULIP’S Plans.

2. People don‘t rely upon private insurance sector.

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

very hard to sale.

4. Less number of traditional plans that’s why people who really need traditional

plans are still not satisfied.

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

company.

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Questionnaire

1)What do you think about AVIVA ULIP’s Plans?

A)Excellent

B)Very Good

C)Good

D)Poor

2) From where did you got information of AVIVA ULIP’s Plans ?

A)Friends

B)Family members

C)Advetisements

D)Others

3) Whether AVIVA giving eficient service to its customers ?

A)Excellent

B)Very Good

C)Good

D)Poor

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4) Whether AVIVA ULIP Plans gives beneficial schemes to its existing

customers ?

A)Yes

B)No

C)Cant say

5) Is the maintenance charges & fees are reasonable?

A)Yes

B)No

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

A)Draft

B)Cheque

C)Cash

7) Are you satisfied with the service of AVIVA ULIP’S Plans ?

A)Yes

B)No

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BIBLIOGRAPHY

1-www.google.com

2-www.avivalifeinsurance.com

3-Research methodology , Mohit Gupta, Navdeep

Aggarwal

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