A

TO STUDY

“ THE CUSTOMER BEHAVIOUR

AND CUSTOMER SATISFACTION”

(AT AVIVA LIFE INSURANCE CO.)

SUBMITTED TO

“ JAMMU UNIVERSITY”

FOR THE PARTIAL FULFILLMENT OF 3 YEAR

FULL TIME COURSE

“BACHELORS OF BUSINESS ADMINISTRATION”

SUPERVISED BY: SUBMITTED BY:
SHOUKAT HUSSAIN NANDEEP KUMAR

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
1
indebted and thankful to my parents and God for giving me strength for

completion of my Internship.

I am really thankful to AVIVA LIFE INSURANCE.

For giving me the permission to carry out my summer internship in their

esteemed organization. I wish to express my deep sense of gratitude to

the management and staff of AVIVA , especially to MR. RAJESH

KACHRU company guide for the support , cooperation , and briefings they

provided during internship to make it a success.

I express my sincere thanks to my project guide Professor “ SHOUKAT

HUSSAIN” for providing me her valuable time and fruitful guidance.

Lastly but not least , I thank my friends , relatives and near and dear ones

for their wholehearted support in this efforts of mine.

NANDEEP KUMAR

INDEX
S.NO CONTENT

1. Introduction of Project

2
 2. Objectives of Project

3. Company Logo

4. Company’s Profile

4.1 About AVIVA

4.2 History

4.3 Board of Directors

4.4 Management

4.5 Awards Received

4.6 What is AVIVA’S Life Insurance

5. ULIP Plans of AVIVA

5.1 Aviva New Young Scholar

5.2 Aviva New Life Saver Plus

5.3 Aviva New Sachin Century Plan

5.4 Aviva New Safe Guard

5.5 Aviva New Life Line

5.6 Aviva Life Bond Plus

5.7 Aviva New Freedom Life Plan

3
 5.8 Aviva New Pension Plus

5.9 Aviva New Pension Elite

6. Research Methodology

6.1 Research Design

6.2 Steps for research methodlogy

6.3 Data Sources

6.4 Data Analysis and Interpretation

6.5 Conclusion

6.6 Suggestions and recommendations

7. Annexure

7.1 Questionnaire

7.2 Bibliography

4
 PREFACE
Marketing is now regarded as a system of integrated business activities and
marketing management plays a vital role in developing strategies, plans and
programmes for each typical market activity in order to satisfy consumer as
well as firm’s need.

Marketing Management assumes unique importance under the widened

market concept. Marketing management performs all functions from planning to
controlling. When we talk about marketing management it mainly includes
plans and decisions relating to product, price, promotion, place and people.

The marketing mix, a combination of submixes, has been discussed by a

number of experts. The four submixes of marketing mix, such as the product
mix, the price, the place, the promotion, no doubt are found significant even to
the banking organizations but in addition to the traditional combinations of
recipies, the marketing experts have also been talking about some more mixes
for getting the brst result. The “People” as a submix is now found getting a new
place in the management of marketing mix. The other submix “Process”
gravitates our attention on the way of offering the services. It is much more
impact generating that your promises reach to the ultimate users without any
distortion.

5
 INTRODUCTION OF

PROJECT:-
The project was basically “A survey of customer satisfaction”. The study was

done to the geographical boundaries of Jammu.

PROJECT TITLE:-

“To Study the Customer Behaviour and

Customer Satisfaction”…

DURATION OF THE PROJECT:

The duration of the project was 8 weeks.

PROCEDURE USED FOR CARRYING OUT

THIS PROJECT:

6
 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.

OBJECTIVES OF THE

PROJECT:-
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 To know the feedback of customers regarding the services which are

being provided by the company?

 To understand the importance of customer relationship with the company.

 To understand customer satisfaction regarding the products offered by the

company.

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

 To find out the problems faced by customer.

Logo:-

8
 COMPANY PROFILE
This is a Project report on the study conducted on the

Unit Linked Insurance plans of AVIVA.

So, first of all we would like to discuss a few things about AVIVA, the

company.

This section precisely studies the company, its objectives,

its operations, its achievements and also analyse its income and expenditure

in a precise manner .

9
 ABOUT AVIVA

Aviva is UKs largest and the world’s fifth largest insurance Group. It is one of

the leading providers of life and pensions products to Europe and has

substantial businesses elsewhere around the world. With a history dating back

to 1696, Aviva has a 40 million-customer base worldwide. It has more than 364

billion of assets under management.

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

10
 Group of companies. A professionally managed company, Dabur is the

country's leading producer of traditional healthcare products.

In accordance with the government regulations Aviva holds a 26 per cent stake

in the joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 27,000 Financial Planning Advisers (FPAs),

Aviva has initiated an innovative and differentiated sales approach to the

business. Through the Financial Health Check (FHC) Aviva’s sales force has

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

administered by the FPAs for a need-based analysis of the customer’s long-

term savings and insurance needs. Depending on the life stage and earnings of

the customer, the FHC assesses and recommends the right insurance product

for them.

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

global expertise in Ban assurance successfully in India. Currently, Aviva has

Ban assurance tie-ups with ABN Amro Bank, American Express Bank, Canara

Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab &

Sind Bank, Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir,

Bihar, West Bengal, Andhra Pradesh and Maharashtra and regional Banks.

11
 History

Aviva can trace its heritage back over 300 years.

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

Norwich Union. CGU was itself the result of an earlier

merger, between Commercial Union and General Accident in 1998.

Key dates in the company history are as follows:

1696
The Hand-in-Hand was formed at Tom's coffee house, in London. It is the oldest

of the many companies that have been absorbed into

what is now Aviva.

1797
Norwich Union was founded as a mutual fire insurance society by Thomas

Bignold in Norwich, Norfolk.

12
1808
A particularly severe winter involving widespread suffering and loss of life

prompted Thomas Bignold to establish the Norwich Union Life Insurance

Society, again on the mutual principle.

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

Norwich Union name spread across mainland Europe to the Middle East,

Africa, India, the Far East, Australia, New Zealand, the United States, Canada

and South America.

1863
Commercial Union continued its overseas expansion and within two years had

agencies in India, South Africa, the Caribbean.

1994
Commercial Union acquired French asset manager Groupe Victoire.

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

13
2004
Aviva sells its general insurance businesses in Asia, its Your Move estate

agency and e.surv surveying businesses in the UK. It also acquires HPI Group

Holdings Ltd, the UK’s leading provider of vehicle status checks for used-car

purchasers, and closes UK broker subsidiary Hill House Hammond.

2005
Aviva brings together Norwich Union Insurance and RAC in the UK for about

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

bancassurance joint venture with AIB.

2006
Aviva announces changes to group organisation to create Aviva UK and Aviva

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

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

a licence in Russia and acquires AmerUs in the US.

2009
Aviva Australia is acquired by National Australia Bank (NAB), one of

Australia’s major banks. Together with Aviva, MLC and NAB Wealth (the

wealth management division of the NAB) will have the largest combined life

insurance book in Australia with market leading individual and group

14
insurance offers and will be the largest investment platform provider in

Australia.

Board of Directors

Lord Sharman of Redlynch OBE,

Chairman

15
View Lord Sharman of Redlynch's full biography and recent interviews

born February 1943

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

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

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

services) and KPMG International (auditors), former deputy chairman of Group

4 Securicor plc (security services), former member of the supervisory board of

ABN AMRO NV (banking) and is a former independent non-executive director

of Young & Co’s Brewery plc (drinks) and AEA Technology plc

(commercial/technology).

Executive directors ;-

Andrew Moss,

chief executive

16
View Andrew Moss' full biography, recent interviews and presentations

born March 1958

Appointed to the board in May 2004. Joined as group finance director and

became chief executive in July 2007. Previously director – finance, risk

management and operations in Lloyd’s (insurance) and formerly held a number

of senior management positions at HSBC plc (banking).

Patrick Regan,

chief financial officer

17
23 Oct 09 - Aviva appoints

Patrick Regan as CFO

born March 1966

Appointed to the board in February 2010 as chief financial officer. Previously

group chief financial officer and group chief operating officer at Willis Group

Holdings Ltd (insurance broking). Previously group financial controller for

RSA plc (insurance) and formerly held a number of senior management

positions at Axa Insurance (insurance) and GE Capital (financial services).

Mark Hodges,

chief executive, Aviva UK

18
View Mark Hodges' full biography, recent interviews and presentations

born September 1965

Appointed to the board in June 2008. Joined Norwich Union in January 1991

and held a number of senior roles within the finance function before becoming

finance director of Norwich Union Insurance in 1998 and managing director of

Norwich Union General Insurance in 2005. Appointed chief executive of Aviva

UK, comprising Aviva UK Life (formerly Norwich Union Life), and Aviva UK

General Insurance (formerly Norwich Union General Insurance) in January

2010.

Andrea Moneta,

chief executive, Europe

19
View Andrea Moneta's full biography

born September 1965

Appointed to the board in September 2009. Joined as chief executive of Aviva

Europe in July 2008. Previously managing director of Dubai Financial Group

(financial services) and formerly. held a number of senior management

positions with UniCredit (banking) and the European Central Bank (banking).

Management Team

Name Designation
TR Chief Executive Officer & Managing Director
20
Ramachandran
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 –
Ravi Bhadani
Compliance & Legal
Munish Sharda Director, Direct Sales Force
Rishi Piparaiya Director, Bancassurance
 

21
 Awards and Recognition

We believe that our employees are our greatest strength and the only asset that

can be replicated. It is the passion of our people which continues to help us

achieve the 'impossible' and make Aviva India great place to work.

 Aviva has been felicitated with the "Bronze Award for Excellence in

People Management" by Grow Talent Company Limited and

Businessworld. This honour was given based on our ranking amonst the

top 25 companies as per the Grate Place to Work survery in the last four

years.

 Aviva was ranked 4th in the Best Workplaces in India study for the

year 2008 by the Great Place to Work Institute. We were the only

Insurance company in the top 10 ranking that year.

22
  Aviva India won the coveted Award for Talent Management during the

national round of Asia Pacific HRM Congress

 Aviva India was also felicitated by the HR Excellence Award by Amity

Business School

“What Is AVIVA Life

Insurance?”….
Life Insurance policies can be paid in a lump sum or in several installments;

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

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.

23
These are the most common Life Insurance types:

 Term Life Insurance

 Permanent / Whole Life Insurance

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

Excess Interest Whole Life, Variable Life, Limited-Payment Whole Life and

Single-Premium Whole Life.

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.

24
AVIVA Life Insurance

Overview:-
Life insurance is something that not everybody is comfortable talking about, or

even thinking about. When we are young and healthy, we feel immortal. The

unexpected death of a loved one or us is the furthest thing from our minds.

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

your family’s protection in the event of tragedy. All life insurance professionals

agree that the sooner you start thinking about life insurance the more options

and the more affordable life insurance can be. There are many logical answers

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

What to Look For

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

However a low monthly premium should not be your only consideration when

shopping for a life insurance policy. You need to carefully consider what is best

for your family. People often do not realize just how much money is needed to

support a family given the tragic loss of a primary income provider. Besides the

monthly expenses such as rent and mortgage that your spouse may now be left

25
with, have you considered the cost of a funeral, health benefits which may not

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

expenses that may now be required of a single parent? The list goes on and on.

In this discussion of life insurance basics we will help you make an informed

and educated decision on the type and amount of life insurance that is best for

your needs and your budget.

Types of AVIVA Life Insurance

What is AVIVA Life Insurance? Life insurance at its most basic

level is a contract between you and a life insurance company to pay a sum of

money to your beneficiaries in the event of your death, to cover expenses and

26
make up for the lack of your income. Life Insurance premiums are based on the

type of insurance you buy, the benefit amount, and your chances of dying based

on your over all health and lifestyle, during the period when the policy is in

effect.

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

Term Life Insurance and Permanent Life insurance. In this discussion we will

review in broad terms the difference between the two. You can find more details

on Term Life Insurance and the various types of Permanent Life Insurance at

any time by accessing these links.

 Term Life Insurance – As the name implies, Term Life insurance

is life insurance that you purchase for a specific length of time, usually 5,

10 or 20 years. At the end of the term you are given the option of

renewing the policy. Term Life insurance is strictly that, only life

insurance that pays a death benefit, as opposed to Permanent Life

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

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

cover funeral expenses, immediate bills, and invest in annuities to make

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.

27
  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 grows. A young family with an

28
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

29
 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 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
30
 Transparency

Adjustable Life Cover

Flexibility

Liquidity

Tax planning

Investment and Savings

Options to take additional cover against- Death due to accident,

Disability, Critical Illness, Surgeries etc.

In a ULIP, the insurer deducts charges towards life insurance (mortality

charges), administration charges and fund management charges. The rest of the

premium is used to invest in a fund that invests money in stocks or bonds. The

policyholder’s share in the fund is represented by the number of units. The

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

the fund divided by the number of units. If the insurance company offers a range

of funds, the insured can direct the company to invest in the fund of his choice.

Insurers usually offer four choices:

Bond fund, Secured Fund, Balanced

Fund, Growth Fund

31
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 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.

32
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.

33
 Why do insurers prefer

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

sell these policies with less capital of their own than what would be

required if they sold traditional policies.

In traditional ‘with profits’ policies, the insurance company bears the

investment risk to the extent of the assured amount. In ULIPs, the

policyholder bears most of the investment risk.

Since ULIPs are devised to mobilise savings, they give insurance companies an

opportunity to get a large chunk of the asset management business, which has

been traditionally dominated by mutual funds.

34
Aviva New Unit Linked Product Portfolio

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 “RESEARCH
METHODOLOGY
”

RESEARCH
METHODOLOGY;-
88
Research is a careful investigation or enquiry especially a search for new facts
in any branch of knowledge and a systematized effort to gain new knowledge.
Marketing research is the systematic and objective identification, collection,
analysis dissemination and use of information for the purpose of improving
decision making related to the identification and solution of problems and
opportunities in marketing. We define or identify the marketing research
problem or opportunity and then determine what information is needed to
investigate it.
The research was conducted for improving the walk-in and knowing customer
awareness towards AVIVA LIFE INSURANCE CO. services and customer
satisfaction.

RESEARCH TYPE ;-
1. A TYPE OF ACADEMIC RESEARCH
This project has been done mainly for the fulfillment of academic requirements.
RESEARCH DESIGN
A research design is the arrangement of conditions for collection and analysis
of data in a manner that aims to combine relevance to the research purpose
with economy in procedure. Research designs are of following types;

 DESCRIPTIVE
 DIAGNOSTIC
 EXPERIMENTAL
 CAUSAL
 EXPLORATORY

89
In this project, EXPLORATORY TYPE of research
design has been used.

RESEARCH TYPE -: EXPLORATORY

RESEARCH.
This method is undertaken when researcher is interested in knowledge about
characteristics of certain group. As in this particular case I wanted information
regarding a particular group i.e. customer. Hence I selected “Exploratory
research” as the type of research.

RESEARCH DURATION:-
The research was conducted over duration of 4 weeks.

DATA COLLECTION:-
For this project work I collected data from both the Secondary and
Primary data sources.

SECONDARY DATA SOURCE :-

Data is mainly collected mainly from company web-sites and other
related websites, Newspapers, Journals, magazines etc.

PRIMARY DATA SOURCE :-

90
The survey done to collect the data from the customers is mainly by

questionnaires, observations and interviews were the major

sources of primary data.

Reason for selecting primary data :-

In terms of primary data structure questionnaire was prepared to interview the

professional, unemployed students, housewives, investment consultant, post

office agent and other in Mumbai location. Analysis clearly reflected the views

and preference regarding the perception of the people towards joining HDFC

standard life.

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

 Observation method.

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

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

method selected survey method.

A survey can be conducted by:-

 Personal interview.

 Telephonic interview.
91
SAMPLING ;-
Sampling is one of the most fundamental concepts underlying any research
work. Most research studies attempt to make generalization or draw inferences
regarding the population, based on their study of a part of the population that is
the sample.

METHOD OF SAMPLING ;-
Sampling is one of the most fundamental concepts underlying any research
work. The sampling method used for project was simple Random and purposive
sampling. The sample size is selected randomly with a purpose to cover
maximum possible customer.

SAMPLE SIZE :-
The sample size taken for analysis was 200 customers.
Sometimes customers were not cooperative in providing personal or secretive
data, figures or information. But an effort has been made to collect data as
much correct as possible to make the study more effective and I have tried to
compile each and every detail to the study to make it more meaningful.

92
 STEPS FOR 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.

93
 OBJECTIVES

OBJECTIVES OF THE STUDY:-

1. To study the customer behavior and customer satisfaction level of the
concern.
2. To determine the level of customer satisfaction, their requirements,
expectations and interest towards various company policies.
3. To study the extent of customer awareness regarding the available
policies and the services that the company are marketing presently.
4. To conduct an analysis of the services provided by the company and
customers perception, knowledge, satisfaction towards the services
provided by the concern.
5. To review the various policies available in the concern.
6. To examine whether the promotional activities conducted by the concern
are effective or not.
7. To know the new Policies and strategies adopted by the concern.
8. To suggest some Pragmatic steps in order to make improvements in the
concern.

9. To find out the various policies/services been used by customers

in jammu and udhampur region.

94
 LIMITATIONS
i) Sample size is small and may not be representative of the universe of
study i.e. Jammu and Udhampur city.

ii) Some times no exact data is found as customers doesn’t

provide exact information.

iii) Efforts for the marketing of company products are less and
hence there is less awareness and usage of most of the
“AVIVA” policies.
iv) Some question carry multiple response and percentage have not been
computed for them.
v) The analysis is based entirely on responses of individuals and may
vary with future changing trends.
vi) Time constraint.

vii) As the data is collected in the month of dec to feb, the result could not
be considered consistent for the whole year.

viii) I faced problem of avoidance towards giving information. The

customer thinks it to be Useless and wastage of time.

In spite of the above limitations an effort has been made to make the analysis
possible and reliable after cross examination of the data supplied by the concern
branch of the company.

95
 Data Analysis and

Interpretation…

1) PERCEPTION ABOUT AVIVA ULIP’S ;-

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

96
 2.Tabulated Presentation:

Excellent Very Good Poor

Good
NO. of 37 63 86 14

respondents

3. Diagrammatic representation:

Perception about the AVIVA ULIP'S Plans

7%
19% EXCELLENT
VERY GOOD
42% GOOD
32%
POOR

4.Interpretation:

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

very good, 19% excellent and only 7% have a poor perception

about AVIVA ULIP.

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2) INFORMATION OF AVIVA’S ULIP

PLANS  :-

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

from which sources.

2. Tabulated Presentation:

Friends Family Agents others

members
NO. of 68 42 57 33

respondents

3. Digrammatic representation :-

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 Information of AVIVA'S ULIP Plans

17%
FRIENDS
33%
AGENTS
21% FAMILY FRIENDS
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:-

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

2. Tabulation of information:

Excellent Very good Good Poor

NO. of 33 79 65 23

respondents

3. Diagrammatic representation:

AVIVA ULIP'S Services to its Customers

12%
17% EXCELLENT
VERY GOOD
32% GOOD
39%
POOR

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

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

17% say its excellent and only 12 are not satisfied.

D) AVIVA ULIP’S PLANS BENEFITS

SCHEMES TO ITS CUSTOMERS:-

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

customers .

2. Tabulation of information:

Yes No Can’t say

NO. of 134 48 18

respondents

3. Diagrammatic representation:

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 Beneficial schemes to its customers

9%
YES
24% NO
67% CAN'T SAY

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 167 33

respondents

3. Diagrammatic representation:

Resonablity of maintenance charges & fees

17%

Yes
No

83%

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4. Interpretation: 83% of respondents say that the charges are reasonable
and only 17% are not happy with the service charges.

F) PAYMENT FOR PAYING ULIP

PREMIUM:-

1. Heading: Mode of payment for paying premium 

2. Tabulation of information:

Draft Cheque Cash

NO. of respondents 13 187 0

3. Diagrammatic representation:

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 Mode of payment for paying premium

0%
7%

Draft
Cheque
Cash

93%

4. Interpretation: 93% of respondents prefer to pay by cheque, 7% by

draft and non of the respondents prefer cash for paying premium.

G) AVIVA ULIP’S SATISFACTION

SERVICES TO CUSTOMERS:-

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

2. Tabulation of information:

105
 Yes No

NO. of 174 26

respondents

3. Diagrammatic representation:

Satisfaction Services of AVIVA ULIP'S Plans

13%
YES
NO
87%

4. Interpretation:

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

and only 13% are not happy with the service.

H) PRODUCT’S SURRENDER VALUE:-

106
1. Heading: Satisfaction with the product’s surrender value.

2. Tabulation of information:-

Yes No
NO. of 153 47

respondents

3. Diagrammatic representation:

Satisfaction with the product’s surrender

value

24%

Yes
No

76%

4. Interpretation:

107
 76% of respondents say that they are satisfied with the product’s surrender

value and only 24% are not happy.

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

108
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.

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

Suggestions and

Recommendations ;-

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 Following are a few suggestions;
like the company should carry out market research on a regular basis. This
will facilitate indication of customer groups, analysis of the customer needs
and requirements. It will be helped in engendering valuable feed back to the
officers to assess the level of customer satisfaction, which in turn could be
used in upgrading the service levels;
 It is recommended to the concern that it should try to differentiate their
policies and establish exclusive brand names for them.
 Company should use more modern information devices to inform the
customer about its products and policies.
 Company should use the E- banking concept, to compete in modern banking
environment with the private banks.
 It is suggested to increase its branches at different areas to provide
convenience for customers.
 It is suggested that concern should also provide regular training to their
employees. Proper training will keep the employees knowledge up to-date
and they will be able to serve customer in a better way. It will help them in
promoting the company Good will among the customer;
 And In the end, the concern is suggested to concentrate more on building
relationship; their efforts should be directed towards ultimate customer
satisfaction.

110
 ANNEXURE

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

A)Excellent

B)Very Good

C)Good

D)Poor

111
 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

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

112
 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

8) Are you satisfied with the product’s surrender value ?

A)Yes

B)No

9) Whether AVIVA offering additional online facilities ?

A)Yes

B)No

113
 10) Whether AVIVA ULIP Plans offering effective promotional

schemes ?

A)Yes

B)No

11) Any furher suggession to serve you better ?

________________________________________________________
________________________________________________________
________________________________________________________
________________________________________________________

BIBLIOGRAPHY

Philip Kotler “Marketing Management”

114
C.N Sontakki “Marketing Management”
S.A Sherleker “Marketing Management”

Company Magzine
Bank Quest
Newspapers

Websites :- www.Google.com
www.BankersIndia.com
www.aviva.com

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