Professional Documents
Culture Documents
ON
THE SURVEY OF CUSTOMER SATISFACTION
AT
AVIVA LIFE INSURANCE CORPORATION OF INDIA
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(CONTENT)
Introduction of Project
Objectives of Project
Limitation of project
Company’s Profile
About AVIVA
Board of Directors
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
First of all I am very much indebted and thankful to my parents and God for
. 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
Bhuvnesh kumar
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INTRODUCTION OF PROJECT:-
The project was basically “A survey of customer satisfaction”. The study was done to
PROJECT TITLE:-
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
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OBJECTIVES OF THE PROJECT:
company.
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LIMITATION OF THE STUDY
.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
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
In India, Aviva has a long history dating back to 1834. At the time of
compensation paid by the Government of India. Aviva was also the first
1995.
In India, Aviva has a joint venture with Dabur, one of India's oldest, and
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the country's leading producer of traditional healthcare products.
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),
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
stage and earnings of the customer, the FHC assesses and recommends the
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, Co-operative Banks in Gujarat, Rajasthan, Jammu &
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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
2006
2009
major banks. Together with Aviva, MLC and NAB Wealth (the wealth management
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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
Board of Directors
chairman
Appointed to the board in January 2005 and became chairman in January 2006.
Elsevier plc (publishing). Former chairman of Aegis Group plc (media services) and
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KPMG International (auditors), former deputy chairman of Group 4 Securicor plc
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
Associate Director, Human Resources
Shahber
Vishal Gupta Director, Marketing
Sumit Behl Director, Business Risk & Internal Audit
Company Secretary and Associate Director – Compliance &
Ravi Bhadani
Legal
Munish Sharda Director, Direct Sales Force
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
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
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
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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
There are basically two types of life insurance. You may have heard of them - Term Life
Insurance and Permanent Life insurance. In this discussion we will review in broad terms
the difference between the two. You can find more details on Term Life Insurance and the
various types of Permanent Life Insurance at any time by accessing these links.
• Term Life Insurance – As the name implies, Term Life insurance is life insurance
that you purchase for a specific length of time, usually 5, 10 or 20 years. At the end
of the term you are given the option of renewing the policy. Term Life insurance is
strictly that, only life insurance that pays a death benefit, as opposed to Permanent
Life insurance policies that accrue cash value. Term Life pays a lump sum single
benefit at the time of death. Your family can use that money to cover funeral
expenses, immediate bills, and invest in annuities to make 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
• 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
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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,
That is a very good question, especially since the answer will change over time depending
on your age and life circumstances. You may feel you may not even need life insurance at
all if you are young and single, but with the average cost of a funeral being $10,000.00 or
more, you have reason to consider it. Once you have people that depend on your income
such as a spouse and children, life insurance is an absolute necessity. Even then your
needs will change as your standard of living changes and your family grows. A young
family with an infant and a small rental apartment will obviously require less life insurance
then a family with a house, a mortgage, and two kids in college. Feel free to use our
benefits calculator to help determine the right amount for your circumstances.
No matter what stage of life you are in here are some basic guidelines and considerations
• 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
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beneficiaries be sure to consider all federal and state taxes that may be due
immediately upon your death. These usually amount to 10% of the total value of
your Estate.
• The next thing to consider is the effect of your loss of income on your family. You
need to project how long you think your family will need to “make up” for your lost
income. Will your spouse work? Remarry in a short amount of time? You need to
discuss such matters. Consider all of your debt and your monthly expenses
determine the amount of money that your family needs yearly to make up for your
lost income, and multiply that by the amount of years you think they will need it and
you will have arrived at your minimum required amount of Life Insurance. So if you
think they will need $50,000.00 a year for 10 years, you will need at least a $
500,000.00 policy.
• Finally consider the amount of debt that you family will be faced with upon your
death, you may want them to have enough to pay that off in a lump sum, rather
then making 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
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and is represented by the value that it has attained called as Net
Asset Value (NAV). The policy value at any time varies according
• Life protection
• Investment Options
• Transparency
• Flexibility
• Liquidity
• Tax planning
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fund is represented by the number of units. The value of the unit is
invest in the fund of his choice. Insurers usually offer four choices:
his money and two, it allows the investor to choose the assets into
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.
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Unit-linked insurance plans, ULIPs, are distinct from the more
familiar ‘with profits’ policies sold for decades by the Life Insurance
Corporation.
the ‘life fund’, after setting aside funds for the risk premium on life
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
form of a bonus.
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invests money in stocks or bonds. The policyholder’s share in the
The value of the unit is determined by the total value of all the
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Aviva New Unit Linked Product Portfolio
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RESEARCH METHODOLOGY
Research methodology has following steps:
interview
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Data Collection:
Primary Data:
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,
• 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
• Personal interview.
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DATA ANALYSIS
1)PERCEPTION ABOUT AVIVA ULIP’S
2.Tabulated Presentation:
3. Diagrammatic representation:
7%
19%
EXCELLENT
VERYGOOD
42% GOOD
POOR
32%
4.Interpretation:
Perception of most of the respondents i.e., 42% is good, 32% is very good, 19%
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2) INFORMATION OF AVIVA’S ULIP PLANS .
which sources
2.Tabulated Presentation:
NO. of respondents 33 21 29 17
3. Diagrammatic representation:
Information of AVIVA'SULIPPlans
17%
33%
FRIENDS
AGENTS
21% FAMILYFRIENDS
OTHERS
29%
4. Interpretation:
33% the respondents came to know about AVIVA ULIP’s Plans from friends, 29%
from various Agents, 21% from family members and 17% from other sources.
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C) INFORMATION OF AVIVA’S ULIP SERVICES TO
CUSTOMERS:
2. Tabulation of information:
3. Diagrammatic representation:
12% 17%
EXCELLENT
VERY GOOD
32% GOOD
POOR
39%
company. 39% say the service is very good, 32% say its good, 17% say its excellent
CUSTOMERS:
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1. Heading: Whether AVIVA ULIP gives beneficial schemes to its existing
customers .
2. Tabulation of information:
NO. of respondents 67 24 9
3. Diagrammatic representation:
9%
YES
24%
NO
67% CAN'T SAY
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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2. Tabulation of information:
Yes No
NO. of respondents 83 17
3. Diagrammatic representation:
17%
Yes
No
83%
4. Interpretation:
83% of respondents say that the charges are reasonable and only 17% are not
2. Tabulation of information:
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Draft Cheque Cash
NO. of respondents 7 93 0
3. Diagrammatic representation:
0%
7%
Draft
Cheque
Cash
93%
4. Interpretation:
2. Tabulation of information:
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Yes No
NO. of respondents 87 13
3. Diagrammatic representation:
13%
YES
NO
87%
4. Interpretation:
87% of respondents say that they are satisfied with the company’s service and
CONCLUSION
Working with AVIVA Life Insurance for two months was a very nice and a good
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investments and the pros-corns of its. It has also helped me to know about how
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
3. All products are not attractive to the customers so that kind of products
4. Less number of traditional plans that’s why people who really need
5. Majority of the customers are satisfied with the beneficial schemes the
company.
Questionnaire
1)What do you think about AVIVA ULIP’s Plans?
A)Excellent
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B)Very Good
C)Good
D)Poor
A)Friends
B)Family members
C)Advetisements
D)Others
A)Excellent
B)Very Good
C)Good
D)Poor
customers ?
A)Yes
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B)No
C)Cant say
A)Yes
B)No
A)Draft
B)Cheque
C)Cash
A)Yes
B)No
BIBLIOGRAPHY
1-www.google.com
2-www.avivalifeinsurance.com
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3-Research methodology , Mohit Gupta, Navdeep
Aggarwal
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