1

A TRAINING REPORT

ON
CONSUMER PERCEPTION TOWARDS AVIVA LIFE
INSURANCE LIFE INSURANCE

Submitted to:
Satyug Darshan Institute of Engineering and Technology
By:

ABHI KHANEJA
Roll No. 2029947
Batch 2015 – 2018

In Partial Fulfillment of
Bachelor of Business Administration
(Industry-Integrated)
(Specialization: Financial Services and Banking)

MAHARSHI DAYANAND UNIVERSITY

ROHTAK
(April, 2018)

Satyug Darshan Institute of Engineering and Technology

Bhupani Lalpur Road, Village Bhupani
Faridabad - 121002, NCR, Haryana, India

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TABLE OF CONTENTS

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DECLARATION

I, ABHI KHANEJA student of SDIET, hereby declare that this training report
titled “CONSUMER PERCEPTION TOWARDS AVIVA LIFE INSURANCE
LIFE INSURANCE” is the record of authentic work carried out by me during the
period from 08 January 2018 to 10 April 2018 and has not been submitted to any
other University or Institute for the award of any degree / diploma etc.

(Signature)
ABHI KHANEJA

Date:

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COMPANY CERTIFICATE

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BONAFIDE CERTIFICATE

This is to certify that Ms. ABHI KHANEJA student of Satyug Darshan Institute
of Engineering and Technology has successfully completed the project work
titled “CONSUMER PERCEPTION TOWARDS AVIVA LIFE INSURANCE
LIFE INSURANCE” in partial fulfillment of requirement for the completion of
Bachelor in Business Administration (BBA-IIFSB) course as prescribed by the
Maharshi Dayanand University, Rohtak, (HARYANA).

This project report is the record of authentic work carried out by her during the
period from 08 January 2018 to 10 April 2018. She has worked under my
guidance.

(Signature)

Dr. Sapna Taneja

Assistant Professor, BBA Department

Project Guide (Internal)

Date:

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ACKNOWLEDGEMENT

I take this opportunity to express my deep sense of gratitude, thanks and regards
towards all of those who have directly or indirectly helped me in the successful
completion of this project. I present my sincere thanks to Mr Sumit Bhatnagar.

I also thank to Dr. Sapna Taneja who has sincerely supported me with the valuable
insights into the completion of this project.

I am grateful to all my friends who have helped me in the successful completion of

this project.

Last but not the least; I am indebted to my parents who provided me their time,
support and inspiration needed to prepare this report.

Date:

Place:

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PREFACE

Many students may have done work on this project in different ways I have also
tried to work on this project in a different way.

It was for the first time I got the opportunity to work in such a prestigious and well
known organization and things which I have experienced in my training time are
going to help me throughout my life time. I have worked on this project with great
enthusiasm and zeal I have tried to cover almost all the things which I have
experienced and learned from the company’s management.

No doubt at present working atmosphere is fine but it needs some alterations

keeping in minds this view I have also suggested some improvements /suggestions.

ABHI KHANEJA

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CHAPTER-1
INTRODUCTION

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Consumer perception towards Insurance

“The Business of Insurance is related to the protection of the economic values of the assets”.
Every human being has the tendency to save to protect him from risks or events of future.
Insurance is one form of savings where in people try to assure themselves
against risks or uncertainties of future. It is assurance against risks or events or losses. People can
save their earnings either in the form gold, fixed assets like property or in banking and
insurances. All the savings of people of a country account for gross domestic savings. In India,
although savings rate is high but people prefer to invest either in gold or fixed assets so that they
can make money out of it. Hence insurance sector is still untapped in India

CONCEPT OF INSURANCE

Life has always been an uncertain thing. To be secure against unpleasant possibilities, always
requires the utmost resourcefulness and foresight on the part of man. To pray or to pay for
protection is the spirit of the humanity. Man has been accustomed to pray God for protection and
security from time immemorial. In modern days Insurance Companies want him to pay for
protection and security. The insurance man says "God helps those who help themselves";
probably he is correct.
Too many people in this country are not in employment; and work for too many no longer
guarantees income security. Several millions are part-time, self-employed and low-earning
workers living under pitiable circumstances where there is no security cover against risk. Further
the inherent changing employment risks, the prospect of continual change in the work place with
its attendant threats of unemployment and low pay especially after the adoption of New
Economic Policy and the imminent lifecycle risks - a new source of insecurity which includes
the changing demands of family life, separation, divorce and elderly dependents are tormenting
the society. Risk has become central to one's life. It is within this background life insurance
policy has been introduced by the insurance companies covering risks at various levels. Life
insurance coverage is against disablement or in the event of death of the insured, economic
support for the dependents. It is a measure of social security to livelihood for the insured. Or
dependents. This is to make the right to life meaningful, worth living and right to livelihood a
means for sustenance. Therefore, it goes without saying that an appropriate life insurance policy
within the paying capacity and means of the insured to pay premium is one of the social security
measures envisaged under the Indian Constitution. Hence, right to social security, protection of
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the family, economic empowerment to the poor and disadvantaged are integral part of the right to
life and dignity of the person guaranteed in the constitution.
Man finds his security in income (money) which enables him to buy food, clothing, shelter and
other necessities of life. A person has to earn income not only for himself but also for his
dependents, viz., wife and children. He has to provide legally for his family needs, and so he has
to keep aside something regularly for a rainy day and for his old age. This fundamental need for
security for self and dependents proved to be the mother of invention of the institution of life
insurance.
OVERVIEW OF CURRENT INSURANCE INDUSTRY

WHAT IS INSURANCE?

Insurance is a tool by which fatalities of a small number are compensated out of funds (premium
payment) collected from plenteous. Insurance is a safeguard against uncertain events that may
occur in the future. It is an arrangement where the losses experienced by a few are extended over
several who are exposed to similar risks. It is a protection against financial loss arising on the
happening of an unexpected event. Insurance companies collect premium to provide security for
the purpose. Loss is paid out of the premium collected from people and the insurance companies
act as trustees to the amount so collected. These companies have proposal forms which are filled
to give details of insurance required. Depending upon the answers in the proposal from insurance
companies assess the risk and decide on the premium. Insurance companies are risk bearers.
They underwrite the risk in return for an insurance premium. The function of insurance is to
provide protection, prevent losses, capital formation etc.

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hence insurance can be defined as a tool in which a sum of money as a premium is paid by the

insured in consideration of the insurer’s bearing the risk of paying a large sum .it may also be

defined as a contract wherein one party (insurer) agrees to pay the other party (insured) or his

beneficiary, a certain sum upon a given contingency against which insurance is required.

Insurance industry commands massive funds through sales of insurance products to large number

of clients. Insurers also create liabilities and commit themselves to compensate for losses

occurring to the policyholders on future date. It also plays an important role in process of capital

formation.

NATURE OF INSURANCE

a) Risk sharing and risk transfer:

Insurance is used to share the financial losses that might occur to an individual or his family on

the happening of specified events. The loss arising from such events are shared by all the insured

in the form of premium. Example: suppose in a village, there are 250 houses, each valued at

Rs.200000.Everyyear one house gets burnt, resulting into a total loss of Rs 200000.If all the 250

owners come together and contribute Rs.800 each, the common fund would be Rs200000.This is

enough to pay to the owner whose house gets burnt. Thus the risk of one owner is spread over

250 house owners of the village.

b) Risk assessment in advance:

Insurance companies are risk bearers. They assess the risk before insuring to charge the amount

of premium.

c) It’s not gambling or charity:

The uncertainty is changed to certainty by insuring property and life because the insurer

promises to pay a definite sum at damage or death. Insurance is antithesis of gambling. Failure of

insurance amounts to gambling because the uncertainty of loss is always looming.

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Moreover, insurance is not possible without premium. So it is different from charity because
charity is given without consideration.

d) Huge number of insured people:

It is essential to insure larger number of people or property to make cost of insurance less
consequently premium would also be less.

e) Assists in capital formation:

Insurance provides capital to society. Accumulative funds are invested in productive channels.

ADVANTAGES OF LIFE INSURANCE

1. In the event of death, the settlement is easy. The heirs can collect the moneys quicker,
because of the facility of nomination and assignment. The facility of nomination is now
available for some bank accounts.
2. There is a certain amount of compulsion to go through the plan of savings. In other
forms, if one changes the original plan of savings, there is no loss. In insurance, there is a
loss.
3. Certain cannot claim the life insurance moneys. They can be protected against
attachments by courts.
4. There are tax benefits, both in income tax and in capital gains.
5. Marketability and liquidity are better. A life insurance policy is property and can be
transferred or mortgaged. Loans can be raised against the policy. The following tenets help
agents to believe in the benefits of life insurance. Such faith will enhance their determination
to sell and their perseverance.
6. Life insurance is not only the best possible way for family protection. There is no other
way.
7. Insurance is the only way to safeguard against the unpredictable risks of the future. It is
unavoidable.
8. The terms of life are hard. The terms of insurance are easy.
9. The value of human life is far greater than the value of property. Only insurance can
preserve it.

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10. Life insurance is not surpassed by many other savings or investment instrument, in terms
of security, marketability, stability of value or liquidity.

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11. Insurance, including life insurance, is essential for the conservation of many businesses,
just as it is in the preservation of homes.
12. Life insurance enhances the existing standards of living.
13. Life insurance helps people live financially solvent lives.
14. Life insurance perpetuates life, liberty and the pursuit of happiness.
15. Life insurance is a way of life.

SEMANTICS
1. Risk: It is defined as an uncertainty of a financial loss. It is the unintentional decline in or
disappearance of value arising from contingency..
2. Policy: It is the document which embodies the insurance contract.
3. Whole life policy: It is the policy under which the amount of policy will be paid only on
death of the insured. Premiums may be payable throughout the life or for a limited period.
4. Endowment policy: Endowment policies entitle the insured to receive the amount of the
policy on his reaching a certain age and premiums also stops. If death occurs earlier, amount
of the policy will be paid at that time and payment of premium will also stop at that time.
5. Claim: It is the amount which an insurer has to pay against a policy.
6. Reinsurance: It refers to placing a part of the risk by an insurer with another insurer. The
object is to reduce the possible loss to be borne by the original insurer, who pays premiums at
the ordinary rates to the reinsurer. Reinsure must pay commission to the original insurer.
7. Premium: A periodic payment made on an insurance policy.
8. Insurance penetration: It is defined as insurance premium as a share of gross domestic
product.
9. Insurance density: Insurance density is defined as per capita expenditure on insurance
premium i.e. premium per capita.
10. Actuary: The actuary is a specialist who combines an understanding of risks and
mathematical technique to develop financial products to manage these risks, price these
products. He helps in designing insurance plans and then evaluates the financial risk of the
company which it takes while selling an insurance policy.

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TYPES OF INSURANCE
Insurance is broadly divided in two segments, based on the nature of insurance, those are:
1. Life Insurance &
2. Non-Life Insurance or General Insurance.

 Fire Insurance
 Marine Insurance
 Social Insurance
 Miscellaneous Insurance. (Health insurance, Liability Insurance etc….)

HISTORY OF INSURANCE

For now we know the meaning of insurance, different types of insurance. Now let us know the

history and reasons for and behind different types of insurance.

Insurance has existed for thousands of years. The first ever type of insurance was Property

Insurance. It became popular about 3000 BC in China. It all started when Chinese merchants, as

well as their investors, wanted to ensure that they would see a profit from their goods that they

shipped overseas. In the event that a ship was lost at sea, an insuring partner would reimburse the

owners of the ship and goods. To pay for the loss the merchant would be sold into slavery to the

insurer until the debt was repaid. This was so because, a merchant could not afford to pay for the

lost goods or even to buy a ship unless someone invested.

Property insurance was also seen in Babylon as well. In Babylon, merchants and investors

entered into a contract, in which the supplier of money for a trade agreed to cancel the loan if the

trader was robbed of his goods. The trader who borrowed the money paid an extra amount for

this protection in addition to the usual interest. As for the lender, collecting these premiums from

many traders made it possible for him to absorb the losses of the few. Later this contract was

extended to include provisions for a family's home and even the death of the insured, where life

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insurance came into existence. Slowly this concept started to spread across other places like

Greek, Roman. Since ancient times, communities have pooled some of their resources to help

individuals who suffer loss. Like, about 3500 years ago, Moses instructed the nation of Israel to

contribute a portion of their produce periodically for "the alien resident and the fatherless boy

and the widow. Later the origin of credit insurance, which was included in the Code of

Hammurabi, a collection of Babylonian laws said to predate the Law of Moses. Credit insurance

means, in ancient times the ship owners obtained loans from investors to finance their trading

expeditions. In case, if a ship was lost, the owners were not responsible to pay back the loans to

the investors. The risk to the lenders was covered by the interest paid by numerous ship owners,

since many ships returned safely.

By the middle of the 14th century, marine insurance was one of the most popular types of

insurance among nations of Europe. Things changed dramatically in the 17thcentury in Europe.

In 1666, the Great Fire of London bought the need for fireinsurance .The Great Fire of London

burned for four days and nights. It destroyed 436acres, 13,200 houses, 89 churches (including

Saint Paul's Cathedral), the Custom House, the Royal Exchange and dozens of other public

buildings. Only six people were victims in the flames, but hundreds died from shock and

exposure.

By 1688, Edward Lloyd was running a coffeehouse in London. Where, London merchants and

bankers met informally to do business. There financiers who offered insurance contracts to

seafarers wrote their names under the specific amount of risk that they would accept in exchange

for a certain payment, called premium. These insurers came to be known as underwriters.

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Finally, in 1769, Lloyd's became a formal group of underwriters that in time grew as an

insurance company.

The concept of insurance developed at a fast pace with the growth of British commerce in the

17th and 18th century. The first stock companies to engage in insurance were chartered in

England in the year 1720.

In 1735, the first insurance company in the American colonies was founded at Charleston. Later

in the year 1787, fire insurance corporations were formed in New York. Then later in the year

1759, the life insurance corporation was started in Philadelphia, America.

The New York fire which occurred in the year 1835 was the main reason to draw attention to

create reserves to meet unexpected losses. In the year 1837, Massachusetts was the first state to

require companies by law to maintain such reserves. After 1840, life insurance entered a boom

period.

The Workmen's Compensation Act of 1897 in Britain required employers to insure their

employees against industrial accidents. Public liability insurance, fostered by legislation, made

its appearance in the 1880s.It attained major importance with the advent of the automobile.

Until the 1950s, most insurance companies in the United States were restricted to provide only

one type of insurance, but then legislation was passed to permit fire and casualty companies to

underwrite several classes of insurance. Many firms have since expanded and also were

responsible for many mergers.

From this brief accounting of history we can see how insurance came into existence. Fortunately

for us we no longer have to sell ourselves into slavery if our car is stolen nor we have to be

scared of losses due to absence of reserves. However we can be confident that we will be

compensated for our loss.

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CHAPTER: 2

COMPANY PROFILE

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HISTORY

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 40 million-
customer base worldwide. It has more than £377 billion of assets under management.

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 health care 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

26%

DABUR74%

AVIVA26%

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With a strong sales force of over 28,000 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 Banc assurance in India, and has leveraged its global expertise in
Banc assurance successfully in India. Currently, Aviva has Banc assurance tie-ups with ABN
Amro Bank, American Express Bank, IndusInd 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.

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 (LifeLong), endowment (LifeSaver, EasyLife Plus, LifeSaver Plus), child
policy (Young Achiever, SaveGuard Junior, Aviva Little Master) single premium (LifeBond and
LifeBond Plus), Pension (PensionPlus), Term (LifeShield), fixed term protection plan (Freedom
LifePlan) 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 choose 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.

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Aviva has 176 Branches in India (including rural branches) supporting its distribution network.
Through its Bancassurance partner locations, Aviva products are available in close to 500 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.

Aviva has been felicitated with the "Bronze Award for Excellence in People Management" by
Grow Talent Company Limited and Businessworld. This honour is given to Aviva based on the
ranks received in top 25 list of the Great Place to Work India studies conducted in the last four
years. Aviva was ranked 12th in 2003, 14th in 2004 and 13th in the year 2005.

JOIN VENTURE

Dabur

Founded in 1884, Dabur is one of India's oldest and largest group of companies with
consolidated annual turnover in excess of Rs 1,899 crores. A professionally managed
company, it is the country's leading producer of traditional healthcare products.

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 40 million
customer base worldwide. It has more than £377 billion of assets under management.

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Competitors of AVIVA LIFE INSURANCE

LIC
ICICI PRUDENTIAL.
BIRLA SUN LIFE\
BAJAJ.ALLIANZE
S.B.I LIFE INSURANCE
HDFC STANDARD LIFE
TATA AIG\
MAX NEWYORK
MET LIFE

AVIVA‟s Vision

Aviva - where exceeding expectations through innovative solutions is "our"

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 they live and work but also serve as
a reminder to deliver the best to their 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 they have collectively defined and
committed to working towards.

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Partners

Aviva has committed to help its customers get 'Kal par Control' and make the most out
of their lives. It is their constant endeavor to ensure that their customers have easy access
to AVIVA products and services at all times.

.Aviva has pioneered banc assurance in the country through its tie-ups with 22 leading
private and nationalized Banks in the country. Aviva also focuses on banc assurance
worldwide and has a proven track record of successful banc assurance 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

American Express Bank

The Lakshmi Vilas Bank Ltd

Canara Bank

Punjab & Sind Bank

Centurion Bank of Punjab

IndusInd Bank

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Locations

EAST – 27

WEST- 29

NORTH – 26

SOUTH – 21

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AVIVA GUIDING PRINCIPLES

Recruit the best

Accept personal responsibility

Build an empowered team

Building a shared vision and purpose

Leadership Development

Reward and Recognition

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Recruit the best

Aviva India has a well-articulated equal opportunity policy, which lays strong emphasis
on hiring of individuals irrespective of age, race, caste or gender. As a best practice in
recruitment, they deploy identified psychometric tools such as SHL and Belbin and
designate ability tests to eliminate any biases in the resourcing process and facilitate
hiring of diverse profiles (vis-à-vis gender, background, experience levels and
competencies). The focus is on competence-based credentials rather than past experience
or length of service

“AVIVA does not follow a very descriptive hierarchy – you have transparency at each
level, unlike most other organizations, where managers and senior management don‟t
„look‟ after their subordinates. Here you feel comfortable talking with your seniors”

At Aviva they have an Employee Referral Programme, which seeks to encourage

employees to be brand ambassadors of the Company and actively contribute to the
resourcing process by recommending candidates with relevant competencies and
potential, thereby facilitating in strengthening domain expertise within the Organization.

They have a robust Campus Programme, which is aimed at hiring students fresh from
key B-Schools and providing them with structured inputs and an environment for their
personal and professional growth. The Summer Trainee Program is designed to expose
people to the vibrancy of a complex and competitive business environment, challenge
you intellectually and encourage people to find innovative solutions.

They aim at providing a business perspective and Summer Trainees work on live
projects, which form the core of our business strategy. Not only do they get the freedom
to experiment and make decisions, but also spend quality time with their Project Guide or

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mentor, who provides them the perspective of the 'bigger picture'. The programme thus
gives them a unique opportunity to integrate their classroom learning with the realities of
real business, in a live yet safe environment.

Build an Empowered Team

To institutionalize an open and honest environment with shared goals and participative
decision-making, they have various open forums, one such initiative being the Town
Hall(s). These are conducted on a monthly basis by the Managing Director and designate
leadership team members.

To share information on celebrations, events and people across locations, a quarterly

newsletter „Buzz‟ is circulated to all members of the Aviva team. It features a message
from the Managing Director, celebrates achievements and Milestones of individuals and
teams and updates employees on new and ongoing initiatives and highlighting news of
past and futures events

“Employees are not working with AVIVA, they are living in AVIVA ”

In line with their vision statement and one of Aviva‟s key values - Innovation,
the Company introduced the popular „Ideas 4 Aviva‟ scheme. This is an enriching programme
in which every member of Aviva has an open invitation to influence any aspect of business by
giving suggestions and ideas on how to work smarter and better.

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Build Shared Vision and Purpose

“You feel as if you are part of the system when you are included in all the decisions being
made for your function.”

As a Company, they encourage self-starters. Given their dynamic environment, one is

expected to deliver from day one. Somewhere between adjusting to the new environment
and proving their worth they forget to ASK. Ask basic questions

About the facilities, infrastructure, processes, key people and dynamics of the
Organization etc. Information, which if provided on time can be very useful. This is how
the „Buddy Programme‟ was envisaged. Launched in July 2003, it addresses the need
of a new employee in terms of extending a friendly hand apart from the support provided
by the Line and HR managers. The objective is simple: To facilitate a semless transition
of the new hire into the Aviva family.

Career Management

Campus Programme

They have a robust Campus Programme, which is aimed at hiring students fresh from key B-
Schools and providing them with structured inputs and an environment for their personal and
professional growth. The Summer Trainee Programme is designed to expose them to the
vibrancy of a complex and competitive business environment, challenge intellectually and
encourage them to find innovative solutions.

Leadership Development

To strengthen entrepreneurial capabilities required to operate in a fiercely competitive and

dynamic insurance market environment and plan effective succession planning by building
futuristic leadership competencies, various initiatives are taken by the Aviva Group

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Reward and recognize performance

To build a meritocratic environment, they have implemented a robust value based performance
management process wherein they recognize significant contributions made by their employees
in an objective and transparent manner and on demonstrated competence levels. Further, they
also recognize people who 'walk that extra mile' in living the Aviva values.

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 Products & Services

They have a full range of transparent, flexible and value for money products that include
whole life (LifeLong), endowment (LifeSaver, EasyLife Plus, LifeSaver Plus), child
policy (Young Achiever, SaveGuard Junior, Aviva Little Master) single premium
(LifeBond, LifeBond Plus), Pension (PensionPlus), Term (LifeShield), fixed term
protection plan (Freedom LifePlan) and a 5 year recurring premium investment cum
protection plan (LifeBond5). Aviva products are modern and contemporary unitised
products that offer unique customer benefits like flexibility to choose cover levels,
indexation and partial withdrawals.

They also offer customer a choice of investment options. They can choose between their
unit linked fund or our with profit fund.

With Profits Fund guarantees that the selling price of the units will never fall. The unit
value of this fund is increased by crediting bonuses on a daily compounding basis. The
fund provides investment security to the capital.

The Unit Linked Fund is designed to provide relatively more progressive capital growth
wherein customer automatically receive the benefit related to the investment performance
of the fund.

Under Unit Linked Fund, on some of our products they offer a choice of fund options:

 Protector Fund
 Secure Fund
 Growth Fund
 Balanced Fund

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 CHAPTER: 3
RESEARCH METHODOLOGY

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OBJECTIVES OF THE STUDY

 To Study the Awareness of AVIVA LIFE INSURANCE Life Insurance Company.

 To know which source has made aware about AVIVA LIFE INSURANCE Life
Insurance.
 To determine which factors customer look for while investing in AVIVA LIFE
INSURANCE Life Insurance.
 To determine the Customer Perception towards AVIVA LIFE INSURANCE Life
Insurance.
 To Study the Attitude of the Existing customers of AVIVA LIFE INSURANCE Life
Insurance.

RESEARCH PROBLEM

The research problem is to study the “Customer Awareness, Perception and Attitude towards AVIVA
LIFE INSURANCE Life Insurance Company, Faridabad”.

METHODOLOGY
Methodology explains the methods used in collecting information to the steps touch are
as follows.

MEANING OF RESEARCH

Marketing Research design specify the procedure for conducting a research project. The
survey is conducted with the objective to know the Customer Awareness, Perception and
Attitude towards AVIVA LIFE INSURANCE Life Insurance Company.
In this, two types of research methods are used.

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1) DESCRIPTIVE RESEARCH.

Descriptive Research is used to collect various information from customer to study the
Awareness, Perception and Attitude, Opinion With the Life Insurance.

2) EXPLORATORY RESEARCH.
Exploratory Research is concerned with discovering the general nature of the problem
and the variables that are related to research study.

The researcher has used Exploratory Research Design.

RESEARCH DESIGN

A Research design is a framework or a blueprint for conducting the research project. It

specifies the details of the procedure necessary for obtaining the information needed to
structure or to solve the research problem.

The type of research design used by me is Qualitative research here I focused on the
understanding & expectations of the respondents. A major chunk of my research was based
on the conclusive research design.

Page | 33
 INTERPRETATION OF COLLECTION OF
DATA DATA

ANALYSIS OF ORGANISATION
DATA OF DATA

PRESENTATION
OF DATA

DATA COLLECTION TECHNIQUES

For the purpose of research study the data from two sources has been collected mainly,

1) Primary Data.
2) Secondary Data.

PRIMARY DATA
Primary Data is the data collected for the first time for the purpose to solve the problem at hand.
In this study the primary data is collected by survey research. i.e. collection of information
directly from the respondents by personal interview, a questionnaire method is used to collect the
information from the respondent.

SECONDARY DATA
The major sources of secondary data are as follows,
1. WEBSITES.
2. Broachers

Page | 34
The method used to collect data for the study was through Secondary Data.

SAMPLING
SAMPLING PROCEDURE

Descriptive field studies require collection of first hand information or data pertaining to the
units of study from the field. The units of study may include the area covered under the
Faridabad .
“The process of drawing a sample from large population is called Sampling”.

SAMPLING PROCESS

POPULATION: The Aggregate of all units pertaining to the study is called Population. The
population of this project is a survey of Walking Customers and Existing Customer.

SAMPLING FRAME: A Sampling Frame is a means of representing the elements of the

population.

SAMPLING UNIT: The Sampling Unit is basic unit containing the elements of the population
to be sampled

SAMPLING EXTENT: It is the scope of study Sampling Extent is Faridabad .

TIME PERIODS: The Period of study was also limited to 60 days.

SAMPLE SIZE: The total Sample Size is 60 from different locations of Faridabad .

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LIMITATIONS OF THE STUDY

Despite of all possible efforts to make the market research mare comprehensive and
scientific, study has certain following Limitations.

 The study is confined to Faridabad only. Any suggestions given by analyzing data
Collected may not be accurate for other locations as people requirements and
Expectations differ from one place to other.

 There existed some respondents who refused to respond and these respondents who
Did not participate in the survey may not be distinct & might have affected the
Result of the study.
 The sample size was chosen randomly which might not be appropriate which lead
to few errors in the study.

 Many of respondents did not furnish true information, they provided Information
Just to complete the interview, which has affected the study?

 Some of the respondents did not furnish all the information required for the study.

Page | 36
\
CHAPTER: 4
DATA ANALYSIS &
INTERPRETATION

Page | 37
 TABLE:-3.1 Qualification of Respondents.

QUALIFICATION NO.OF RESPONDENTS PERCENTAGE

UNDER GRADUATE 15 25.0%
GRADUATE 28 46.6%
POST GRADUATE 11 18.3%
OTHER 06 10.0%

QUALIFICATION OF RESPONDENTS

30
25
20
15
10
5
0
UNDER GRADUATE POST OTHER
GRADUATE GRADUATE

NO.OF RESPONDENTS PERCENTAGE

Fig:3.1

Interpretation:- The figure shows 3.1 the qualification of respondents and it is clear that
majority of respondents are graduates followed by postgraduates and undergraduates.

Page | 38
 TABLE:-3.2 Occupation of Respondents.

OCCUPATION NO.OF RESPONDENTS PERCENTAGE

BUSSINESSMEN 30 50%
PRIVA.EMPLOYEE 09 15%
GOVT. EMPLOYEE 07 11.6%
PROFESSIONALS 09 15%
STUDENTS 02 3.3%

OTHERS 03 4.8%

RATING OF RESPONDENTS
3%
5%
BUSSINESSMEN
15%
PRIVA.EMPLOYEE
50%
12% GOVT. EMPLOYEE
PROFESSIONALS
15%
STUDENTS
OTHERS

Fig:3.2

Interpretation:- The Figure shows 3.2 that major respondents are Businessmen followed by
other occupation.

Page | 39
 TABLE:-3.3 Age Group of Respondents.

AGE GROUP NO. OF RESPONDENTS PERCENTAGE

18 TO 25 08 13.3%
26 TO 35 28 46.6%
36 TO 45 19 31.6%
46 &ABOVE 05 8.3%

AGE GROUP OF RESPONDENTS

8% 13%

32% 18 TO 25
26 TO 35

47% 36 TO 45
46 &ABOVE

Fig:3.3

Interpretation:- According to the Figure 3.3 it is showing that the respondents lies between 26
to 35 are more than other age group that is 47%.

Page | 40
 TABLE:-3.4 Family Size of Respondents

FAMILY SIZE NO.OF RESPONDENTS PERCENTAGE

0 TO 3 10 16.6%
3 TO 5 22 36.6%
5 TO 7 15 25.5%
7 & ABOVE 13 21.6%

FAMILY SIZE OF RESPONDENTS

36.60%
40.00%
35.00%
25.50%
30.00% 0 TO 3
21.60%
25.00% 3 TO 5
16.60%
20.00%
5 TO 7
15.00%
10.00% 7 & ABOVE
5.00%
0.00%

Fig: 3.4

Interpretation:- The Figure 3.4 shows that majority of respondents belong to size of family
between (3to 5) that is 37%.

Page | 41
 TABLE:- 3.5 Income Group of respondents

INCOME GROUP NO.OF RESPONDENTS PERCENTAG

E
3000 TO 5000 /month 08 13.3%
5000 TO 10000/month 17 28.3%
10000 TO15000/month 19 31.6%
15000 TO ABOVE 16 26.6%

INCOME GROUP OF RESPONDENTS

13%
27%
3000 TO 5000 /month
5000 TO 10000/month
28% 10000 TO15000/month
15000 TO ABOVE

32%

Fig:3.5

Interpretation:- The Figure shows 3.5 whose income lies between 10000 to 15000 month has
maximum respondents with 32%.

Page | 42
 TABLE:-3.6 respondents Awareness about Life Insurance.

YES 60 100%

NO 00 00%

AWARNESS OF RESPONDENTS

60

50

40
YES
30 NO
20

10

0
1 2

Fig:3.6

Interpretation:- Figure 3.6 shows that all respondents are Aware of Life Insurance.

Page | 43
TABLE:-3.7 Are respondents Aware about AVIVA LIFE INSURANCE Life Insurance
Company?

YES 32 53.3%

NO 28 46.6%

AWARNESS ABOUT AVIVA LIFE

INSURANCE
35
30
25
20
15
10
5
0
YES NO

Fig:3.7

Interpretation:- Figure 3.7 shows that majority respondents are Aware of AVIVA LIFE
INSURANCE Life Insurance but still few respondents are unaware about company

Page | 44
 TABLE:-3.8 respondents Sources of Awareness.

SOURCES NO.OF RESPONDENTS PERCENTAGE

MEDIA 12 37.5%
AGENT 9 28.1%
FRIENDS 7 21.8%
NEWS PAPER 3 9.3%

SOURCES OF AWARENESS

10%
39%
22% MEDIA
AGENT
FRIENDS
29% NEWS PAPER

Fig:3.8

Interpretation:- Figure 3.8 shows that major source of Awareness of respondents is Media that
is 39%.

Page | 45
TABLE:-3.9 respondents Influence Factors

FACTORS NO.OF RESPONDENTS PERCENTAGE

SECURITY 12 37.5%
HIGHRETURNS 8 25.0%
RISK COVERAGE 7 21.8%
SERVICE 4 12.5%
OTHERS 1 3.1%

INFLUENCE FACTORS
14
12
10
8
6
4 NO.OF RESPONDENTS
2 PERCENTAGE
0

Fig:3.9

Interpretation:- Figure shows that majority of respondents influenced by security while

investing in AVIVA LIFE INSURANCE Life Insurance that is 37.5%..

Page | 46
TABLE:-3.10 Respondents Happy with the Benefits of AVIVA LIFE INSURANCE Life
Insurance.

YES 28 87.5%
NO 04 12.5%

12%

1
2

88%

Fig:3.10

Interpretation:- Figure 3.9 shows that the major respondents are happy with the Benefits of
AVIVA LIFE INSURANCE Life Insurance.

Page | 47
TABLE:-3.11 Respondents rating with the Benefits of AVIVA LIFE INSURANCE Life
Insurance.

RATING NO.OF RESPONDENTS PERCENTAGE

VERY GOOD 15 46.8%
GOOD 9 28.1%
OK 5 15.6%
NOT GOOD 3 9.3%

RATING OF RESPONDENTS

9%
16%
47% VERY GOOD
GOOD
OK
28%
NOT GOOD

Fig:3.11

Interpretation:- Figure shows 3.11 that the Majority of respondents have satisfied with the
Benefits of AVIVA LIFE INSURANCE Life Insurance.

Page | 48
 CHAPTER: 4
FINDINGS, CONCLUSION &
SUGGESTIONS

Page | 49
FINDINGS

 From the market research study it has been observed that 90% of the respondents are Aware of
Life Insurance.

 From the market research study it has been observed that 53% of the respondents are Aware of
AVIVA LIFE INSURANCE Life Insurance

 62% of the respondents are Aware of AVIVA LIFE INSURANCE Life Insurance through
Agent.

 About 91% of the respondents are look for security while investing in a AVIVA LIFE
INSURANCE Life Insurance.

 It was founded that 63% of the respondents are rate the service of AVIVA LIFE
INSURANCE Life Insurance as very good.

 90% of the Existing Customers are Happy with the Benefits of AVIVA LIFE INSURANCE
Life Insurance.
 80% of the respondents rate the Benefits of AVIVA LIFE INSURANCE Life Insurance as
good.

Page | 50
CONCLUSION

Following are the Conclusions drawn after analysis of the data collected from the survey
research.

 Almost, all the population of Faridabad is Aware Life Insurance.

 Most of the people are not Aware of AVIVA LIFE INSURANCE Life Insurance Company.

From overall study it can be concluded that Almost, all the people are Aware of AVIVA LIFE
INSURANCE Life Insurance through Agent.

 It can be concluded that the people Expectations in a Private Life Insurance

Company is Security and Service while purchasing.

 From overall study it can be concluded that, almost all Existing Customers are

Happy with the Benefits of AVIVA LIFE INSURANCE Life Insurance.

Page | 51
SUGGESTIONS

 The AVIVA LIFE INSURANCE Life Insurance Company should concentrate heavily on
attractive Advertisements and various Promotional Strategies like, giving Pamphlets, put the
hoardings and banners at important locations of the Faridabad where the movement of the people
is very high, Should be used to bring out the Awareness.

 People should be educated by giving seminar in Business Conferences, installing stalls in

Business Exhibitions. And Company should conduct seminars in Educational Institutions to
provide information about company and its products.

 Company has to create a sense of security among the customers. Because most of the people
fear about security in Private life Insurance. So Company has to explain and highlight about
IRDA, which will give support to the Private life Insurance.

 Whenever company launches a new products company can conduct some functions for
existing policyholders, which ensures direct interaction with exiting costumers. And create the
policyholder clubs that gives sense of belongingness.

Page | 52
BIBLIOGRAPHY

TEXT BOOKS

 MARKETING MANAGEMENT

By. Philip Kotler.

WEB SITES

www.google.com

www.avivalife.co.in

Page | 53
 QUESTIONNAIRE
1. Name: _____________________________________
Address: ________________________________________________

_______________________________________________________

Phone-No: ___________________

2. Sex: Male  Female 

3. Educational Qualification

a Under Graduate  b Graduate 

c Post Graduate  d) Other 

4. Occupation
a) Govt Employee  b) Private Employee 

c) Businessman  d) Professional 

e) Student  f) Other 

5. Age

a) 18 to 25  b) 26 to 35 

c) 36 to 45  d) 46 & above 

Page | 54
6. Family Size

a) 0 to 3  b) 3 to 5 

c) 5 to 7  d) 7 & above 

7. Income

a) 3000 to 5000 p.m  b) 5000 to 10000 p.m 

c) 10000 to 15000 p.m  d) 15000 & above 

8. Are you aware of Life Insurance?

a) Yes  b) No 

9. Which are the Life Insurance Companies are you aware of?

a. _ _ _ __ _ _ _ __ _ d. _ _ _ _ _ _ _ __ _ _ _

b. _ _ _ _ __ _ _ _ _ _ e. _ _ _ _ _ _ _ _ _ __ _

c. _ _ _ _ _ _ _ _ _ _ _ f. _ _ _ _ _ _ _ _ _ _ _ _

10. Are you aware of AVIVA LIFE INSURANCE Life Insurance Company?

a) Yes  b) No 

( If No, go to Q. No. 12)

Page | 55
11. If Yes, Which of the fallowing sources has made you aware about AVIVA LIFE
INSURANCE Life Insurance Company?

a) Media  b) Agent 

c) Friends  d) News paper 

12. Which factors do you looking for while investing in a AVIVA LIFE INSURANCE Life

Insurance? ( More than one)

a) Security   b) High Returns 

c) Risk Coverage  d) Service 

13. Rate the fallowing benefits of different Private Insurance Companies.

(1Very Good, 2Good, 3Average, 4Bad, 5Poor

Benefits HDFC BAJAJ ICICI MetLife ING

Standard Allianz Prudential Vysya

1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5

Security                         

Returns                         

Service                         

Coverage                         

Page | 56
14. Your Expectations Or Preference in a Life Insurance while purchasing.

a. _ _ _ _ _ _ _ _ _ _ c. _ __ __ __ _ _ _ _

b. _ _ _ _ _ _ _ __ _ d. _ _ _ _ _ _ _ _ __

Page | 57