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A SUMMER TRAINING REPORTON
“STUDY OF LIFE INSURANCE POLICIES AND
INVESTMENT STRATEGIES IN AVIVA LIFE INSURANCE COMPANY INDIA LIMITED”
AT
SUBMITTED IN THE PARTIAL FULLFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSSINESS ADMINISTRATION
U.P.Technical University
2008-10
SUBMITTED BY KULDEEP BHATIMBA (2008-2010)
(Enrollment No- 0809470050)
GALGOTIAS INSTITUTE OF MANAGEMENT AND TECHNOLOGY, GREATER NOIDA
COMPANY CERTIFICATE
(LETTER HEAD of the Company)
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TO WHOM IT MAY CONCERN
This is to certify that KULDEEP BHATI, a student of Galgotias Institute of Management and technology, G.Noida , undertook a project on “STUDY OF LIFE INSURANCE POLICIES“STUDY OF LIFE INSURANCE POLICIES AND INVESTMENT PORTFOLIO IN AVIVA LIFE INSURANCE COMPANY INDIAAND INVESTMENT PORTFOLIO IN AVIVA LIFE INSURANCE COMPANY INDIA LIMITED”LIMITED” at AVIVA Life Insurance Ltd. Ghaziabad from 18th May, 2009 to 18th July, 2009.
KULDEEP BHATI has successfully completed the project under the guidance of Mr. Deep Bansal (Branch Training Manager). He is a sincere and hard-working student with pleasant manners.
We wish him all success in his future endeavours.
Signature(Deep Bansal)(Branch Training Manager)(AVIVA Life Insurance India Ltd., Ghaziabad)
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CERTIFICATE Of ORIGIN
This is to certify that Kuldeep Bhati , a student of Post Graduate Degree in MBA
(International Business), Galgotias Institute of Management and Technology,G.Noida has
worked in AVIVA Life Insurance India Ltd., under the able guidance and supervision of Deep
Bansal, designation Branch Training Manager, Company AVIVA Life Insurance India Ltd.
(Ghaziabad).
The period for which he was on training was for 8 weeks, starting from
18 th May, 2009 to18th July, 2009. This Summer Internship report has the requisite standard for
the partial fulfillment the Post Graduate Degree in International Business. To the best of our
knowledge no part of this report has been reproduced from any other report and the contents
are based on original research.
Signature Signature(Faculty Guide) (Student)
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ACKNOWLEDGEMENT
I would like to thank AVIVA Life Insurance India Ltd. (Ghaziabad) & Deep Bansal,Branch
Training Manager for providing me with this unique opportunity to explore my academic
interests in the field of Marketing & Sales.
It has been a highly enriching experience to do my Internship at AVIVA Life Insurance India
Ltd., during the summers of 2009. It has been possible to achieve the perfect blend of the
valuable experience gained from the work place and the indispensable knowledge gathered
from there. My initial days at AVIVA Life Insurance India Ltd., has given me a new
experience in life. The corporate culture was all new to me.
I wish to thank my Industry Guide Naveen Aggarwal, Sales Manager AVIVA Life Insurance
India Ltd. (Ghaziabad) for giving me this chance to work on this project and extending all
support to me during my internship. With his persistent guidance, motivation and
encouragement in all my ventures I could successfully complete my project.
I would like to express my sincere gratitude towards my faculty guide
for guiding me throughout the project and providing me constant moral support & invaluable
feedback.
I would also like to thank entire team of AVIVA Life Insurance India Ltd. (Ghaziabad) who
have been a pillar of support for me.
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Signature(Student)
OBJECTIVE
I had made some extensive objectives for my study which are as listed below.
1. To determine the current status of the Aviva Life Insurance Company.
2. To find out the customers response towards Aviva Life Insurance Company.
3. To study the satisfaction level of customers in different attributes of Aviva Life Insurance Company.
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TABLE OF CONTENTS
Chapters Page No.
1. COMPANY PROFILE 7
2. OVERVIEW OF INSURANCE HISTORY 24
3. RESEARCH METHODOLOGY 55
4. DATA ANALYSIS 62
5. FINDINGS 79
6. RECOMMENDATIONS AND SUGGESTION 83
7. LIMITATION 86
8. CONCLUSION 88
9. GLAOSSARY 90
10. BIBLIOGRAPHY 96
11. ANNEXURE 98
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COMPANY PROFILECOMPANY PROFILE
Aviva is UK’s largest and the world’s fifth largest insurance Group. It is one of the leading
providers of life and pensions products to Europe and has substantial businesses elsewhere
around the world. With a history dating back to 1696, Aviva has a 35 million-customer base
worldwide. It has more than £332 billion of assets under management.
In India, Aviva has a long history dating back to 1834. At the time of nationalisation it was the
largest foreign insurer in India in terms of the compensation paid by the Government of India.
Aviva was also the first foreign insurance company in India to set up its representative office
in 1995.
In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of
companies. A professionally managed company, Dabur is the country's leading producer of
traditional healthcare products.
In accordance with the government regulations Aviva holds a 26 per cent stake in the joint
venture and the Dabur group holds the balance 74 per cent share.
With a strong sales force of over 12,000 Financial Planning Advisers (FPAs), Aviva has
initiated an innovative and differentiated sales approach to the business. Through the
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“Financial Health Check” (FHC) Aviva’s sales force has been able to establish its credibility
in the market. The FHC is a free service administered by the FPAs for a need-based analysis
of the customer’s long-term savings and insurance needs. Depending on the life stage and
earnings of the customer, the FHC assesses and recommends the right insurance product for
them.
Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise
in Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN
Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab, The Lakshmi
Vilas Bank Ltd. and Punjab & Sind Bank, 15 Co-operative Banks in Gujarat, Rajasthan,
Jammu & Kashmir, Bihar, West Bengal and Maharashtra and one regional Bank in Sikkim.
When Aviva entered the market, most companies were offering traditional life products. Aviva
started by offering the more modern Unit Linked and Unitised With Profit products to the
customers, creating a unique differentiation. Aviva’s products have been designed in a manner
to provide customers flexibility, transparency and value for money. It has been among the first
companies to introduce the more modern Unit Linked
Products in the market. Its products include: whole life (Life Long), endowment (Life Saver,
Easy Life Plus), and child policy
(Young Achiever) single premium (Life Bond and Life Bond Plus), Pension (Pension Plus),
Term (Life Shield), fixed term protection plan (Freedom Life Plan) and a tax efficient
investment plan with limited premium payment term (LifeBond5). Aviva products are modern
and contemporary unitised products that offer unique customer benefits like flexibility to
chose cover levels, indexation and partial withdrawals.
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Aviva’s Fund management operation is one of its key differentiators. Operating from Mumbai,
Aviva has an experienced team of fund managers and the range of fund options includes
Unitised With-Profits Fund and four Unit Linked funds: - Protector Fund, Secure Fund,
Balanced Fund and Growth Fund.
Aviva has 112 Branches in India (including rural branches) supporting its distribution
network. Through its Bancassurance partner locations, Aviva products are available in 378
towns and cities across India.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so
far. Through its association with Basix (a micro financial institution) and other NGOs, it has
been able to reach the weaker sections of the society and provide life insurance to them.
For three consecutive years in 2005, 2006 and 2007, Aviva has had relatively high scores on
the parameters of Credibility, Respect, Fairness, Pride and Camaraderie in the survey
administered by Grow Talent Company Ltd. along with Great Places to Work® Institute, Inc.
and Business World magazine.
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WHO IS AVIVA
DABUR
A professionally managed company, it is the country's leading producer of 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. 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 35 million-customer base
worldwide. It has more than £332 billion of assets under management.
VISION
Aviva - where exceeding expectations through innovative solutions is "the" way of life This is
the compelling vision that Aviva India has created through the active contribution of its
employees. These lines not only define the way we live and work but also serve as a reminder
to deliver the best to our customers, shareholders, colleagues, partners & employees at all
times.
Embedded in this vision are the core values of Integrity, Customer centricity, Passion for
winning, Innovation and Empowered team that we have collectively defined and committed to
working towards.
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PARTNERS
Aviva is committed to helping our customers get 'Kal par Control' and make the most out of
their lives. It is the constant endeavour to ensure that our customers have easy access to Aviva
products and services at all times.
Aviva has pioneered bancassurance in the country through its tie-ups with 22 leading private
and nationalised Banks in the country. Aviva also focuses on bancassurance worldwide and
has a proven track record of successful bancassurance relationships. It has 40 major
partnerships with leading banks across the globe. Aviva is a leading bancassurer in countries
such as France, Italy, Spain, Australia and New Zealand.
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ABN AMRO Bank
ABN AMRO is a prominent international bank with European roots and a clear focus on
consumer and commercial banking gaining a competitive edge on the chosen markets and
client segments. ABN AMRO Bank (India) ventured into the Indian market in 1920 primarily
to finance the diamond trading business and evolved by mid 1990’s into a fastest growing
retail bank and a well-respected wholesale bank.
The Bank is recognized as one of the most successful consumer banking outfits in the county,
known for its innovation and aggression. ABN India consumer banking pioneered the
distribution of third party financial products like mutual funds, bonds and life insurance.
Aviva's relationship with ABN India commenced in June 2002 under which the bank
introduces its customers to Aviva for insurance and provides access to its affluent customer
base across the country through its operations in 21 branches at 14 locations.
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American Express Bank
American Express Company is a diversified worldwide travel and financial services company
founded in 1850. It is the world’s largest single card issuer, based on purchase volume
generated of nearly 55 million cards worldwide. Present in India since 1921, American
Express provides high quality travel related and financial services in India.
Aviva Life Insurance entered into a strategic alliance with American Express for distribution
of Life Insurance in June 2002 to offer top-of the line saving-cum-protection plans to Amex
bank and card customers.
Aviva offers tailor-made investment solutions to the high net worth clients of the Wealth
Management channel. The retail card segment is being tapped through outbound calling to the
Amex cardholders. The American Express Inbound call center also pitches Aviva products to
its callers.
The Lakshmi Vilas Bank Ltd
The Lakshmi Vilas Bank Ltd, based out of Karur, is among the top private banks in India. It
has 221 branches with a customer base of 1.2 million, across 10 states. Currently Aviva
products are sold across 204 branches of LVB.
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Canara Bank
Canara Bank is one of the largest retail banks in India with 2,513 branches spread across 25
States and 4 Union Territories. The customer base of Canara Bank exceeds 27 million. With a
net profit of INR 1110 Crores, deposits of over INR 96,908 Crores, 47389 employees for the
year ending Mar 2005, Canara Bank is truly a Bank to be reckoned with for the sheer
magnitude of coverage it offers its clients. Canara Bank has tied up with Aviva as a Corporate
Agent for its Life Insurance Products. Aviva products are currently offered in 1030 Canara
Bank branches in 103 Cities.
Punjab & Sind Bank
Punjab & Sind Bank was established in the year 1908. Based on the principles of social
commitment to the people, help the farmers, and the weaker sections of the society to raise
their standard of living and play a significant role in the development of the country. Even
after 96 years of its inception, Punjab & Sind Bank stands committed to honor the high ideals
of its founding fathers. Punjab and Sindh Bank has a network of 759 branches and 132
extension counters all over the country with close to 9,765 employees. 42 per cent of its
branches are in the rural and semi urban areas.
In line with spirit of liberalisation the Bank has laid special emphasis on International banking,
Hire purchase, Leasing, Tele-banking and Credit card facilities. The bank has also started their
Rural Development Division, High
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Tech Agricultural Branches, Specialised Locker Branches, Industrial Finance and SSI
branches, besides Housing Finance Branch for the convenience of its customers.
Centurion Bank of Punjab
Centurion Bank of Punjab is a new generation private sector bank offering a wide spectrum of
retail and corporate banking products and services. It holds leadership positions in retail two-
wheeler loans and commercial vehicle loans. It has been among the earliest banks to offer a
technology-enabled customer interface that provides easy access and superior customer
service.
RBI has approved the merger between Centurion Bank and Bank of Punjab effective from
October 1st, 2005. The merged entity, named Centurion Bank of Punjab, has a strong
nationwide franchise of 241 branches and extension counters and 389 ATMs. With strengths
in the retail, SME and agriculture businesses the bank is well poised to capture the
opportunities that exist in the Indian market. The combined bank’s 3,500 employees will
continue to provide support and an enhanced banking experience to our customers, as part of a
bigger, stronger bank. “Aviva’s key strength is its fund management capabilities with an
experience of 30 years in money management.”
EQUITY
The much-awaited correction finally materialised in the quarter ended June 2006. The BSE
Sensex, which peaked at 12612 levels on 10th May 2006, has corrected to around 10000
levels. After three years of sustained Bull Run, the recent correction has been a timely
reminder that the markets, in the short term, may see downsides too. Compared to the rise in
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the market, the downtrend has not been very large though it has been quicker than
expectations. Even post this 20% or so correction from its peak, the Sensex is up 12.9% year
to date. This much-needed correction has weeded out some of the euphoria and the focus on
value is back. Does this correction reflect any change in the key fundamentals of India? We
do not think so. The three-year rally was in the first place due to appreciation of India’s
sustainable growth story. The second reason was an improvement in the global liquidity as
investor’s appetite for risk iJhansieased. The India growth story remains intact and the GDP
growth in the last few quarters is an evidence of this. We expect GDP to grow by over 7% on a
sustainable basis and hence India would continue to be an attractive investment destination.
The major reason for the correction has been liquidity moving out of the markets. This has
been caused by fall in the commodity prices from their peak, rising global interest rates and
high crude prices causing worries about inflation and a global meltdown. With the tightening
of global liquidity and reduced risk appetite of investors, there have been outflows from
emerging markets including India. Secondly, valuations in India were among the highest in
emerging markets and hence witnessed a greater compression. One of the major fears globally
is that of a slowing economy in the US and China. India is highly resilient to global
meltdowns as private consumption accounts for 62% of our GDP and exports account for only
12% of GDP. With a favourable demographic profile- iJhansieasing working population and
improved disposable income in the hands of the consumer, this resilience will only improve.
This coupled with superior growth and demographics will drive flows back to India in the long
term. In the short term, the markets could continue to witness volatility as the direction would
be determined by global liquidity, progress of monsoons and the quarterly results for June
2006. We believe, for the long-term investor, this correction would provide a good opportunity
to participate in the India growth story. However, expectations of returns from equity should
be moderate with stock returns tracking earnings growth.
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FIXED INCOME
Is virtuous cycle turning vicious? Inflation has touched one year high of 5.44%, and INR has
touched 2 year low of 46.04. Aligning with these movements, yield on benchmark 10 year
Government Bond also went up to a four year high of 8.10%. The latest balance of payments
numbers for 2005-06 show an overall balance of $15 bn, helped by a less-than-expected deficit
on the current account ($10.6 bn). This was essentially due to strong invisibles (private
remittance and net software exports) providing cover for a trade deficit, which was itself
moderated by a strong 28% y-o-y growth in exports. Net inflows on the capital account stood
at $24.7 bn with $5.7 bn coming from net FDI and $12.5 bn being accounted for by portfolio
inflows. Though headline inflation recently has picked up with prices of food and non food
articles in the ‘primary goods’ category rising, the government has taken short-term measures
in the form of liberalizing imports of wheat and sugar and banning exports of pulses in order
to ease the supply situation. Core inflation, that is, excluding the more volatile primary and
fuel categories, has picked up a bit in comparison to last year. However it is expected to
remain in a manageable range. RBI seems committed to containing inflation and would thus
act accordingly. Recently, RBI chose to iJhansiease rates to manage inflationary expectations
and in response to various central banks hiking rates globally. This has led to a few banks
raising lending rates in addition to getting reflected in the money and bond markets. GDP
growth for 2005-06 came in at a better than expected 8.4%, propped up by improved
agriculture performance. For 2006-07 also, despite inflationary pressures, the GDP is expected
to grow at over 7%. Going forward, monetary tightness will weigh on the interest rate outlook
and it is expected to remain firm.
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OVERVIEW OF INSURANCE HISTORY
Origin of Insurance
Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear risk of the
caravan trade by giving loans that had to be later repaid with interest when the goods arrived
safely. In 2100 BC, the Code of Hammurabi granted legal status to the practice that, perhaps,
was how insurance made its beginning.
Life insurance had its origins in ancient Rome, where citizens formed burial clubs that would
meet the funeral expenses of its members as well as help survivors by making some payments.
As European civilization progressed, its social institutions and welfare practices also got more
and more refined. With the discovery of new lands, sea routes and the consequent growth in
trade, Medieval guilds took it upon themselves to protect their member traders from loss on
account of fire, shipwrecks and the like.
Since most of the trade took place by sea, there was also the fear of pirates. So these guilds
even offered ransom for members held captive by pirates. Burial expenses and support in
times of sickness and poverty were other services offered. Essentially, all these revolved
around the concept of insurance or risk coverage. That's how old these concepts are, really.
In 1347, in Genoa, European maritime nations entered into the earliest known insurance
contract and decided to accept marine insurance as a practice.
The first step...
Insurance as we know it today owes its existence to 17th century England. In fact, it began
taking shape in 1688 at a rather interesting place called Lloyd's Coffee House in London,
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where merchants, ship-owners and underwriters met to discuss and transact business. By the
end of the 18th century, Lloyd's had brewed enough business to become one of the first
modern insurance companies.
Insurance and Myth...
Back to the 17th century. In 1693, astronomer Edmond Halley constructed the first mortality
table to provide a link between the life insurance premium and the average life spans based on
statistical laws of mortality and compound interest. In 1756, Joseph Dodson reworked the
table, linking premium rate to age.
Enter companies...
The first stock companies to get into the business of insurance were chartered in England in
1720. The year 1735 saw the birth of the first insurance company in the American colonies in
Charleston, SC. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life
insurance corporation in America for the benefit of ministers and their dependents. However,
it was after 1840 that life insurance really took off in a big way. The trigger: reducing
opposition from religious groups.
The growing years...
The 19th century saw huge developments in the field of insurance, with newer products being
devised to meet the growing needs of urbanization and industrialization. In 1835, the infamous
New York fire drew people's attention to the need to provide for sudden and large losses. Two
years later, Massachusetts became the first state to require companies by law to maintain such
reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge losses
in densely populated modern cities. The practice of reinsurance, wherein the risks are spread
among several companies, was devised specifically for such situations.
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There were more offshoots of the process of industrialization. In 1897, the British government
passed the Workmen's Compensation Act, which made it mandatory for a company to insure
its employees against industrial accidents.With the advent of the automobile, public liability
insurance, which first made its appearance in the 1880s, gained importance and acceptance.
In the 19th century, many societies were founded to insure the life and health of their
members, while fraternal orders provided low-cost, members-only insurance.
Even today, such fraternal orders continue to provide insurance coverage to members as do
most labour organizations. Many employers sponsor group insurance policies for their
employees, providing not just life insurance, but sickness and accident benefits and old-age
pensions. Employees contribute a certain percentage of the premium for these policies.
In India
Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of
Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda.
The term suggests that a form of "community insurance" was prevalent around 1000 BC and
practised by the Aryans.Burial societies of the kind found in ancient Rome were formed in the
Buddhist period to help families build houses, protect widows and children.
Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in
1870. Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-
90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a
big boom in India with several more companies being set up.
As these companies grew, the government began to exercise control on them. The Insurance
Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that
looked into investments, expenditure and management of these companies' funds. By the mid-
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1950s, there were around 170 insurance companies and 80 provident fund societies in the
country's life insurance scene. However, in the absence of regulatory systems, scams and
irregularities were almost a way of life at most of these companies.
As a result, the government decided nationalise the life assurance business in India. The Life
Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For
years thereafter, insurance remained a monopoly of the public sector. It was only after seven
years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the
first serious document calling for the re-opening up of the insurance sector to private players --
that the sector was finally opened up to private players in 2001.
The Insurance Regulatory & Development Authority, an autonomous insurance regulator set
up in 2000, has extensive powers to oversee the insurance business and regulate in a manner
that will safeguard the interests of the insured.
Meaning of insurance:Meaning of insurance:
Insurance may be described as a social device to reduce or eliminate risk of loss to life and
property. Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few
people among a large number of people as people prefer small fixed liability instead of big
uncertain and changing liability. Insurance is a scheme of economic cooperation by which
members of the community share the unavoidable risks.
Insurance can be defined as a legal contract between two parties whereby one party called
insurer undertakes to pay a fixed amount of money on the happening of a particular event,
which may be certain or uncertain. The other party called insured pays in exchange a fixed
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sum known as premium. The insurer and the insured are also known as Assured, or
Underwriter, and Assured, respectively. The document which embodies the contract is called
the policy.
i) Principal of utmost good faith: It means maximum truth. All material information
regarding the subject matter of insurance should be disclosed by both the parties- the
insurer and the insured. This duty of full disclosure rests more heavily on the insured than
the insurer. The insurer has a right to avoid the contract if the insured fails to make the full
disclosure.
ii) Principle of indemnity: This means that if the insured suffers a loss against which the
policy has been made, he shall be fully indemnified only to the extent of loss. In other
words, the insured is not entitled to make a profit on his loss.
iii) Doctrine of subrogation: This means the insurer has the right to stand in the place of the
insured after settlement of claims in so far as the insured right of recovery from an
alternative source is involved. The purposes of subrogation are to hold the negligent third
party any loss payments made to the insured. The purposes of subrogation are to hold the
negligent persons responsible for the loss and prevent the insured from collecting twice for
the same loss,
iv) Principle of cause proxima: The cause of loss must be direct and an insured one in order
to claim for compensation.
v) Principle of insurable interest: The life or property insured. Insurable interest is that
interest which considerably alters the position of the assured in the event of loss taking
place and if the event does not take place, he remains in the same old position. One who
has to lose as a result of loss may be said to have insurable interest in the life or property
insured. If this principle is absent, the insurance contract degenerates into a wagering
contract. It is taken as given that an individual has insurable interest in his\her own life or
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property. Cases where no proof of insurable interest is required are that of a husband’s
interest in his wife’s life and wife’s interest in her husband’s life. In cases of business and
family relationships, proof of insurable interest is required.
Types of insurance contract
Life insurance
General insurance
WHAT IS LIFE INSURANCE?
Life insurance is a contract for payment of money to the person assured (or to the person
entitled to receive the same) on the occurrence of the event insured against.
Usually the contract provides for –
Payment of an amount on the date of maturity or at specified periodic intervals or at death, if it
occurs earlier.
Periodical payment of insurance premium by the assured, to the corporation who provides the
insurance.
Who can buy a life insurance policy?
Any person above 18 years of age, who is eligible to enter into a valid contract,
Subject to certain conditions, a policy can be taken on the life of a spouse or children.
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What is a Whole Life Policy?
When most people think of life insurance, they think of a traditional whole life policy. These
are the simplest policies to understand: You pay a fixed premium every year based on your
age and other factors, you earn interest on the policy's cash value as the years roll by, and your
beneficiaries get a fixed benefit after you die.
The policy takes you into old age for the same premium you started out with. Whole life
insurance policies are valuable because they provide permanent protection and accumulate
cash values that can be used for emergencies or to meet specific objectives. The surrender
value gives you an extra source of retirement money if you need it.
What is an Endowment policy?
Unlike whole life, an endowment life insurance policy is designed primarily to provide a
living benefit and only secondarily to provide life insurance protection. Therefore, it is more
of an investment than a whole life policy. Endowment life insurance pays the face value of the
policy either at the insured's death or at a certain age or after a number of years of premium
payment.
Endowment life insurance is a method of accumulating capital for a specific purpose and
protecting this savings program against the saver's premature death. Many investors use
endowment life insurance to fund anticipated financial needs, such as college education or
retirement. Premium for an endowment life policy is much higher than those for a whole life
policy.
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What is a Money Back policy?
This is basically an endowment policy for which a part of the sum assured is paid to the
policyholder in the form of survival benefits, at fixed intervals, before the maturity date. The
risk cover on the life continues for the full sum assured even after payment of survival benefits
and bonus is also calculated on the full sum assured. If the policyholder survives till the end of
the policy term, the survival benefits are deducted from the maturity value.
SCOPE OF LIFE INSURANCE
Why do one need Life Insurance?
Life insurance is designed to protect you and your family against financial uncertainties that
may result due to unfortunate demise or illness. You can also view it as a comprehensive
financial instrument – as a part of your financial planning offering you savings & investment
facilities along with cover against financial loss. By choosing the right policy as per your
needs i.e. customized solutions, you will be able to plan for a secure future for yourself and
your loved ones.
Choosing the right plan
Identifying the right plan basis your needs is the first crucial step towards insurance planning.
At HDFC SLIC we help you through this decision by identifying your various needs and
offering plans that are customized for you. You may also choose a plan for yourself by
identifying the life stage you are at.
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Analyzing Needs
The following needs of a person can be fulfilled by insurance:-
Protection
Need for a sound income protection in case of your unfortunate demise
Investment
Need to ensure long-term real growth of your money
Saving
Save for the milestones and protect your savings too
Pension
Need to save for a comfortable life post retirement
Once you have analyzed your needs as per above classification, you need to then ascertain
important factors such as type of cover, insurance amount as per one's income, life stage and
dependents
Objectives of Life Insurance
1. To spread life insurance and provide life insurance protection to the masses at
reasonable cost.
2. To mobilize peoples savings through insurance-linked savings schemes.
3. To invest the funds to serve the best interests of both the policy holders and the nation.
4. To conduct business with maximum economy, always remembering that the money
belongs to the policy holders.
5. To act as trustees of the policy holders and protect their individual and collective
interests.
6. To innovate and adapt to meet the changing life insurance needs of the community.
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GENERAL INSURANCE
General (non-life) insurance provides a short-term coverage, usually for a period of one
year. General insurers transact fire insurance, motor insurance, marine insurance, and
miscellaneous insurance business. Among these categories fire and motor insurance
business are predominant. Motor vehicle insurance is compulsory in India and the motor
insurance industry. Moreover, motor insurance due to third party liability claims has
substantially contributed to underwriting losses.
General insurance Products
Fire insurance :-
Fire Insurance is a comprehensive policy which covers loss on account of fire, earth
quake, riots, floods, strikes, and malicious intent. It can be taken only by the owner of the
premises to be insured.
Motor Insurance:- The coverage is :
In motor insurance, the rates were revised. Upwards twice, once in 1982 and then
in1990 as the high cost of repairs coupled with third party claims had adversely affect the
insured loss ratio. Motor insurance is Mandatory leading to good amount of premium
collection but it is not being fancied upon as it could lead to litigation problem.
Marine Cargo Insurance: This covers:
a. Cargo in Transit.
b. Cargo Declaration policy.
It includes insurance of Marine Hull Insurance Inland Vessels, ocean going
Vessels, fishing and scaling vessels, freight at risk, construction of ships, voyage insurance
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of various vessels, ship breaking insurance, oil and energy in respect of onshore
and offshore risks, including construction risk.
No-Traditional/Rural:
Including contractor’s all-risk cover and the marine-cum- Cattle/hens, crop, water
pump for agriculture, hut, other livestock. Besides the traditional products, general
insurers introduced longer-term contracts such as deferred health insurance and
project insurance erection risk cover and credit insurance.
OBJECTIVE OF INSURANCE
1. The main Objective Of insurance behind the nationalization:
Life Insurance to the rural areas and to the Socially and economically backward classes
with a view to reach all insurable persons in the country and providing them adequate
financial cover of reasonable cost.
2. Conduct business with utmost economy and with the full realization that the money to
the public.
3. Meet the various life insurance need of the community that would arise in the changing
social and economical environment.
4. Maximize mobilization of peoples’ saving by making insurance – linked securing
adequately attractive.
5. Involve all people working in the corporation to the best of their capability in
furthering the interests of the insurance public by providing efficient service with
courtesy.
6. Bear in mind, the investment of funds, the primary obligation to its policy holders,
whose money it holder in trust, without losing sight of the interest of the community as
a whole; the fund is to be deployed to the best advantage of the investors as the
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community as whole, keeping in view national as well as the community attractive
return.
BENEFITS TO THE INSURANCE POLICY HOLDER
(1) Tax Benefits:
Relief in income tax is available for amount paid by way of premium for life insurance.
investment qualifying for rebate viz. insurance premia, premium paid toward annuity
plans for life insurance are specified under section 88(2) of the income tax Act.
(2) Safety:
Saving through insurance guarantee financial Protection against risk of death of
the police holder. In life insurance, on death, the full sum assured is payable (with
bonuses wherever applicable) whereas in other saving scheme, only the amount (saved
with interest) is payable.
(3) Liquidity:
Loans can be raised on sole security of the policy which has acquired a paid-up
value. Besides, a Life Insurance policy is also generally accepted as security for even a
commercial loan/housing loan,
(4) Aid to Thrift:
Life Insurance encourages ‘thrift’ Long term saving can be made in a relatively
painless manner because of ‘easy installment facility’ (Premium can be made through
monthly, quarterly half-yearly or yearly installment). The salary saving scheme,
popularly known as SSS provide a convenient method if paying premium each month
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through deduction from one’s salary. The salary saving scheme can be introduced in
an institution of establishment subject to specified terms and condition.
(5) Money at the tine of Requirements:
A suitable insurance plan or a combination of different plans can be taken to meet
specific needs that are likely to arise in future such as children’s education, start in-life
or marriage provision or even periodical needs for cash ones a predetermined stretch of
tine. Alternatively, policy money can be so arranged to be used for other investments
subject to certain conditions, loans are granted to policy holders for house or for
purchase of flats.
(6) Insurance affords peace of mind:
The security is the prime motivating factor. The security ends the tension and finally leads to
peace to mind.
(7) Insurance Eliminate Dependency
At the death of husband or the father or any lead person, the family would suffer a lot. The
insurance is here to assist then like to provide adequate amount at the time of suffering. The
economic dependency if the family is reduced.
(8) Insurance encourages savings:
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In most of the life policies, element of saving is predominant, this policies combine of
programme of Insurance and saving. Saving with insurance has certain extra advantage.
(9) Economic Growth of the country :
For the growth of the country insurance provides string hand and mid to protect against
loss of death. From the insurance government get more financial resource and utilize
strengthen the economic condition of the country.
Brief overview of Indian insurance industry
Other Insurance companies in India
Aviva
Bajaj Allianz
Birla sun life
ICICI prudential
ING vysya
Life insurance corporation
Max New-York life
Metlife India
Om Kotak Mahindra
Reliance life insurance
SBI life insurance
Tata AIG
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AVIVA
The life insurance joint venture company between Dabur india and the Aviva UK.
Dabur is one of the India’s oldest and largest group of companies with consolidated Annual
turnover in excess of Rs 1,350 corers, country’s leading producer of traditional Healthcare
products.
Aviva Plc is UK’s largest and the world’s fifth largest insurance group. It is one of the leading
providers of life & pension products to Europe and has substantial business elsewhere around
the world.
Bajaj Allianz
Bajaj Allianz Life Insurance co. Ltd. Is a joint venture between Allianz AG, and Bajaj Auto,
one of the biggest 2 & 3 wheeler manufacturer in the world. Bajaj Auto Ltd, the Flagship
Company of the Rs. 8000 crores Bajaj group is the largest manufacturer of two-wheelers and
three-wheelers in India and one of the largest in the world.
Allianz
Allianz group is insurers and financial service providers.
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000
employees. At the top of the holding company, Allianz AG, with its head office in Munich.
ING Vysya
ING Vysya Life Insurance company private Limited entered the private life insurance
industry in India in September 2001, and in a short span pf 3 years has established itself as a
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distinctive Life insurance brand with an innovative, attractive and customer friendly product
portfolio and a professional advisor force. It also distributes products in close cooperation with
the ING Vysya Bank network. The company is headquartered at Bangalore
Birla sun life insurance company Limited
Birla sun Life Insurance is the coming together of the Aditya Birla group & Sun Life Financial
of Canada to enter the Indian insurance sector. The Aditya Birla Group, a multinational
conglomerate has over 75 business units in India and Overseas with operations in Canada, US,
UK, Thailand, Indonesia, Philippines, Malaysia, and Egypt.
To name a few Foreign partner:
Sun life assurance, sun life financials primary insurance business, has excellent rating with the
world’s top rating agencies. With assets under management as on September 30, 2000 totaling
more than CDN billion, it ranks amongst the largest international financial service
organizations in the world.
METLIFE INDIA
MetLife India was incorporated as a joint venture between MetLife
International Holdings, inc. Jammu & Kashmir Bank, M Pallonji & Co and other private
investors. MetLife India is headquartered in Bangalore with offices and presence in major
Indian cities, and an additional 1000 outreach points through its channel partner.
ICICI Prudential Life Insurance
ICICI Prudential Life insurance is a joint venture between the ICICI group and Prudential Plc,
of the UK. ICICI standard off its operation in 1955 with providing finance for industrial
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development, and since then it has diversified into housing finance, consumer finance , mutual
funds to being a Universal Bank and its latest venture Life insurance.
Foreign Partner
Established in 1848, Prudential plc. Of U.K has grown to be the largest life insurance and
mutual fund Company in U.K. Prudential plc. Has had its presence in Asia for the past 75
years catering to over 1 million customers across 11 Asian countries. Prudential is the largest
Life Insurance company in the United Kingdom.
ICICI and prudential came together in 1993 to provide mutual fund product in India and
today are the largest private sector mutual fund company in India.
Their largest venture ICICI Prudential Life plans to take care of the insurance needs at various
stages of life.
MAX NEW YORK LIFE
MAX India
Max India Limited is a multi-business corporation that has business interest in telecom
service, bulk pharmaceuticals, electronic components and specialty products. It is also the
service-oriented businesses of healthcare, life insurance and information technology.
NEW YORK Life
New York Life has grown to be a fortune 100 company and an expert in life insurance. It
was the first insurance company to offer cash dividends to policy owners. In 1894, New York
Life pioneered then unheard-of-concept of insuring women at the same rate as men.
Thereafter, it continued to introduce a series of firsts – a disability benefit clause in 1920,
unemployment insurance in 1992 and complete customer care of the web in 1998.
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Today New York Life has over US billion in assets under management and over 30,000
agents and employees worldwide. The October 2000 fortune survey named New York Life
amongst the top three most admired life and health insurance companies worldwide. With
over 3 million policyholders, New York Life is a leading provider of insurance in a host of
countries worldwide.
Life insurance corporation of India (LIC)
The Life insurance Corporation was established about 44 years ago with a view to provide
an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a
monopoly status and become synonymous with life insurance.
Its main asset is its staff strength of 1.24 lakh employed and 2,048 branches and Over
six lakh agency force.LIC has hundred divisional offices and has established extensive
training facility. At all levels, At the apex, is the Management Development Institute, seven
zonal Training Centre and 35 sales Training Centers.
At the industry level, along with the Government and the GIC, it has helped establish the
National Insurance Academy. It presently transacts individual Life Insurance business,
group Insurance business, social security schemes and Pensions, grants housing loans
through its subsidiary and markets savings and Investment products through its mutual fund.
it pays off about Rs 6,000 crore Annually to 5.6 million policyholders.
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Om kotak mahindra life insurance
Established in 1985 as Kotak capital management finance promoted by Uday kotak the
company has come a long way since its entry into corporate finance. It has dabbled in leasing,
auto finance, hire purchase, investment banking, consumer finance, broking etc. the company
got its name Kotak Mahindra as industrialists Harish and Anand Mahindra picked a stake in
the company. Kotak mahindra is today one of India’s leading Financial institute.
OLD Mutual:-
Old mutual plc is an international Financial service group in london with expanding operations
in life assurance, asset management, banking and general insurance. OLD Mutual is listed on
the London Stock Exchange and also on the south-African, Namibian, Malawi, and Zimbabwe
stock exchanges. It has 156 years of experience in life insurance business.
OM Kotak Mahindra:-
OM Kotak Mahindra is the coming together of Kotak Mahindra Finance Ltd. and Old Mutual
plc to enter the Indian insurance arena to offer a wide rang of innovative life insurance
products.
Reliance Life Insurance:-
Reliance Life Insurance Company Ltd is a part of Reliance Capital Ltd. of the Reliance –
Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading private sector
Financial services Companies, and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Reliance capital has interests in asset management
and mutual funds, stock broking, life and general insurance, proprietary investments, private
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equity and other activities in financial services. Reliance Capital Ltd is a Non-Banking
Financial company (NBFT) registered with the Reserve Bank Of India under section 45-1A of
the Reserve Bank of India Act, 1934.Reliance Capital sees immense Potential in the rapidly
growing Financial service sector in India And aims to become a dominant player in this
Industry and offer fully integrated financial services. Reliance Life Insurance is another step
forward for Reliance Capital Ltd to offer need based Life Insurance solution to individual and
corporate.
SBI Life Isurance:-
SBI Life Insurance Company Ltd is a joint venture between India’s largest bank, State Bank
Of India and Cardiff S.A. a leading Life Insurance Company in France.
State bank of India is a household name, and it stands as the last world for financial strength
and security in the country. SBI’s background dates back to the year 1806 when it started
business, as a presidency bank, known as bank of Bengal. Over the long journey, it has learnt
to combine the best of banking practices handed down from the imperial management with the
more Dynamic ways of doing banking in the modern India. It has grown as a responsible giant
in the banking field over the years. Cardiff came into being in the year 1973. Since then it has
grown into a vibrant insurance company specializing in personal lines such as long-term
saving, protection products and creditor insurance. Cardiff had a premium income of over US$
4 billion in 1999. And more than US$ 23 billion of funds under its management. Cardiff has
been specializing in the art of selling insurance products through Commercial bank in France
and 23 other countries.
SBI Life Insurance Company Ltd is registered as a life Insurance Company with the Insurance
Regulatory & Development Authority of India and has been issued License number 111 on
29th March 2001. the Company’s authorized capital is Rs. 250 crore, and the paid up capital
at present Is Rs.125 crore. SBI owns 74% of the total equity , and Cardiff the balance 26%.
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TATA AIG:-
The TATA AIG joint venture is a tie up between the established Tata Group and American
International Group Inc. The TATA Group is one of the largest and most respected industrial
houses in the country, while AIG is a leading US based insurance and financial service
company with a presence in over 130 countries and jurisdiction around the world.
ABOUT IRDA
About the IRDA
Composition of Authority under IRDA Act, 1999
As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority
(IRDA, which was constituted by an act of parliament) specify the composition of Authority
The Authority is a ten member team consisting of
(a) A Chairman;
(b) five whole-time members;
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(c) four part-time members,
(all appointed by the Government of India)
Duties, Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of
IRDA.
(1) Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the
insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include,
(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of insurance;
(c) specifying requisite qualifications, code of conduct and practical training for intermediary
or insurance intermediaries and agents;
(d) Specifying the code of conduct for surveyors and loss assessors;
(e) promoting efficiency in the conduct of insurance business;
(f) promoting and regulating professional organisations connected with the insurance and re-
insurance business;
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(g) Levying fees and other charges for carrying out the purposes of this Act;
(h) Calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and
other organisations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be offered by
insurers in respect of general insurance business not so controlled and regulated by the Tariff
Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
(k) regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) Specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organisations referred to in clause (f);
(p) Specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector; and
(q) Exercising such other powers as may be prescribed
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CHAPTER – 3CHAPTER – 3RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Research is a common language refers to a search of knowledge. Research is scientific &
systematic search for pertinent information on a specific topic, infect research is an art of
scientific investigation. Research Methodology is a scientific way to solve research problem. It
may be understood as a science of studying how research is don’t scientifically. In it we study
various steps that are generally adopted by researchers in studying their research problem. It is
necessary for researchers to know not only know research method techniques but also
technology.
The scope of Research Methodology is wider than that of research methods.
The research problem consists of series of closely related activities. At times, the first step
determines the native of the last step to be undertaken. Why a research has been defined, what
data has been collected and what a particular methods have been adopted and a host of similar
other questions are usually answered when we talk of research methodology concerning a
research problem or study. The project is a study where focus is on the following points:
RESEARCH DESIGN
A research design is defined, as the specification of methods and procedures for
acquiring the Information needed. It is a plant or organizing framework for doing the study
and collecting the data. Designing a research plan requires decisions all the data sources,
research approaches, Research instruments, sampling plan and contact methods.
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Research design is mainly of following types: -
1. Exploratory research.
2. Descriptive studies
3. Casual studies
EXPLORATORY RESEARCH
The major purposes of exploratory studies are the identification of problems, the
more precise Formulation of problems and the formulations of new alternative courses of
action. The design of exploratory studies is characterized by a great amount of flexibility and
ad-hoc veracity.
DESCRIPTIVE STUDIES
Descriptive research in contrast to exploratory research is marked by the prior
formulation of specific research Questions. The investigator already knows a substantial
amount about the research problem. Perhaps as a Result of an exploratory study, before the
project is initiated. Descriptive research is also characterized by a Preplanned and structured
design.
CASUAL OR EXPERIMENTAL DESIGN
A casual design investigates the cause and effect relationships between two or
more variables. The hypothesis is tested and the experiment is done. There are following types
of casual designs:
I. After only design
II. Before after design
III. Before after with control group design
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IV. Four groups, six studies design
V. After only with control group design.
VI. Consumer panel design
VII. Exposit facto design
B) DATA COLLECTION METHOD
PRIMARY SECONDARY
Direct personal Interview
Indirect personal Interview
Information from correspondents Govt.publication
Mailed questionnaire Report Committees & Commissions
Question filled by enumerators. Private Publication
Research Institute
Period of Study: This study has been carried out for a maximum period of 8 weeks.
Area of study: The study is exclusively done in the area of marketing. It is a process requiring
care, sophistication, experience, business judgment, and imagination for which there can be no
mechanical substitutes.
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Sampling Design: The random sampling is done because any probability sampling procedure
would require detailed information about the universe, which is not easily available further, it
being an exploratory research.
Sample Procedure: In this study “random sampling procedure is used. Random sampling is
preferred because of some limitation and the complexity. Area sampling is used in
combination with random sampling so as to collect the data from different regions of the city
and to iJhansiease reliability.
Sampling Size: The sampling size of the study is 100.
Method of the Sampling:
Probability Sampling
It is also known as random sampling. Here, every item of the universe has an equal chance or
probability of being chosen for sample.
Probability sampling may be taken inform of:
Simple Random Sampling
A simple random sample gives each member of the population an equal chance of being
chosen. It is not a haphazard sample as some people think! One way of achieving a simple
random sample is to number each element in the sampling frame (e.g. give everyone on the
Electoral register a number) and then use random numbers to select the required sample.
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Random numbers can be obtained using your calculator, a spreadsheet, printed tables of
random numbers, or by the more traditional methods of drawing slips of paper from a hat,
tossing coins or rolling dice.
Systematic Random Sampling
This is random sampling with a system! From the sampling frame, a starting point is chosen
at random, and thereafter at regular intervals.
Stratified Random Sampling
With stratified random sampling, the population is first divided into a number of parts or
'strata' according to some characteristic, chosen to be related to the major variables being
studied. For this survey, the variable of interest is the citizen's attitude to the redevelopment
scheme, and the stratification factor will be the values of the respondents' homes. This factor
was chosen because it seems reasonable to suppose that it will be related to people's attitudes
Cluster and area Sampling
Cluster sampling is a sampling technique used when "natural" groupings are evident in a
statistical population. It is often used in marketing research. In this technique, the total
population is divided into these groups (or clusters) and a sample of the groups is selected.
Then the required information is collected from the elements within each selected group. This
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may be done for every element in these groups or a subsample of elements may be selected
within each of these groups.
Non Probability Sampling
It is also known as deliberate or purposive or judge mental sampling. In this type of sampling,
every item in the universe does not have an equal, chance of being included in a sample.
It is of following type:
Convenience Sampling
A convenience sample chooses the individuals that are easiest to reach or sampling that is
done easy. Convenience sampling does not represent the entire population so it is considered
bias.
Quota Sampling
In quota sampling the selection of the sample is made by the interviewer, who has been given
quotas to fill from specified sub-groups of the population.
Judgment Sampling
The sampling technique used here in probability > Random Sampling.
The total sample size is 100.
Data Collection : -
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Data is collected from various customers through personal interaction. Specific questionnaire
is prepared for colleting data. Data is collected with mere interaction and formal discussion
with different respondents and we collect data in Aviva Life Insurance Company India Ltd.
and face to face contact with the persons from whom the information is to be obtained (known
as informants). The interviewer asks them questions pertaining to the survey and collects the
desired information. Thus, the we collect data about the working conditions of the workers of
Aviva Life Insurance Company India Ltd.; we worked at Aviva Life Insurance Company India
Ltd. and contact the workers and obtain the information. The information obtained are first
hand or original in character.
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CHAPTER – 4DATA ANALYSIS
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DATA ANALYSIS
Q.1. Respondent age group
22%
28%36%
14%
18-30
30-45
45-60
60<
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Q.2. Respondent income group (per year)
17%
33%27%
23% Below 50,000
50,000-1,00,000
1,00,000-2,00,000
>2,00,000
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Q.3. Respondent’s Profession
22%
27%31%
20%Serviceman
Businessman
Professionals
others
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Q. 4. Are you aware about life insurance?
63%
37%
Yes
No
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Q. 5. Do you know about IRDA?
71%
29%
Yes
No
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Q. 6. How many numbers of companies in life insurance are you aware of?
18%
21%
34%
27%
One
Two to Four
Four to Eight
Less then Eight
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Q.7. Do you know about AVIVA LIFE INSURANCE?
67%
33%
Yes
No
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Q.8. Sources of awareness of AVIVA LIFE INSURANCE?
27%
19%23%
31%Advertisement
Friend circle
Family member
FC of AVIVIA
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Q. 9. Do you have any life insurance policy in any company?
73%
27%
Yes
No
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Q.10. Do you have any life insurance policy in AVIVA LIFE INSURANCE?
68%
32%
Yes
No
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Q.11. Which type of life insurance policy do you have?
23%
31%33%
13%Protection Plan
Pension Plan
Investment Plan
Saving Plan
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Q.12. Are you satisfied with AVIVA LIFE INSURANCE Plans?
12%
26%
33%
29%
Dissatisfied
Average
Satisfied
Highly Satisfied
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Q.13. Are you satisfied with customer services given by the AVIVA LIFE
INSURANCE?
7%
33%
37%
23%
Dissatisfied
Average
Satisfied
Highly Satisfied
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Q.14. Rank the AVIVA LIFE INSURANCE with other Insurance Companies in Noida.
21%
32%
37%
10%
Best
Good
Average
Bad
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Q. 15. Do you know about any F.C. of AVIVA LIFE INSURANCE?
72%
28%
Yes
No
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Q.16. Why do you invest in life insurance?
22%
29%21%
28%
For risk cover
For investment
For safe futurereturn
For tax benefits
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CHAPTER – 5CHAPTER – 5FINDINGS
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FINDINGS
After analyzing and interpreting the collected data. The findings are as under.
1. HYPOTHESIS :
a. Null Hypothesis :
The null hypothesis is rejected because the result of survey in areas of JHANSI
shows that people have much more interest in insurance sector then our
assumption, i.e. more than 80% of people are interested in insurance sector.
Alternate Hypothesis:
The alternate assumption was right. According to this peoples are more devoted in
insurance sector.
b. Null Hypothesis:
Null hypothesis is rejected because it says that “Most of the population in the areas
of JHANSI has no awareness about AVIVA.”
Alternate Hypothesis:
Alternate hypothesis is accepted; because it says that 70% population which has awareness
about AVIVA.
The awareness of IRDA in JHANSI is very low. Only 8% of people know about the IRDA.
The people who know about the IRDA these are mostly professional like as
Advocate, CA and serviceman
While interacting with people of rural areas I found that a large portion of market i.e.
approx. 85% is aware of insurance sector.
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Till today people do not have a right concept about insurance sector, they relate it with
death, besides as a security and investment for future etc.
Although a big percentage of population is aware about the private insurance companies.
Out of which only 70% are aware about an AVIVA life insurance company.
The people who have the life insurance policy of any company their percentage is very
high it is 69% and only 31% people in JHANSI don’t have any type of insurance
policy of any company.
In the JHANSI there are percentage of people who know the AVIVA is very high but ratio
of people have the life insurance policy are very low only 19% of people have the
policy of AVIVA and rest 81% don’t have the policy of AVIVA but they have the
life insurance policy of other companies.
50% of the surveyed people have satisfied perception regarding AVIVA, while 29% have
average perception.15% of the surveyed people have highly satisfied perception
and Rest 6%. have dissatisfied perception.
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CHAPTER – 6CHAPTER – 6RECOMMENDATIONS AND SUGGESTIONS
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RECOMMENDATIONS AND SUGGESTIONS
Followings are the recommendations and the suggestions not only for the Aviva life
insurance company but also for other private life insurance companies if the want
to complete with public/government life insurance companies.
1. Creating positive image :
Private companies should try their level best to create positive and favorable image in the
minds of people i.e. in the minds of their target customers.
2. Training and development of F.C.:
Company must provide training to their agents and financial so that the can satisfy
customer and doubts effectively.
3. Concern towards customers :
Serious concern must be given to the customers as in today’s scenario it regarded as
“Customer is a king”. In formal words we can say that if can customers more loyal towards
the company.
4. Agency holder must be well educated :
The Company should give agency to that person who is well educated and can convince
the customer b handling his queries and doubts.
5. Co-operation with agents and branch managers:
The Company must full co-operate with branch managers and agents.
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6. Availability of branch offices:
There must be the branch offices in each20-30 Km. areas;
7. Efficient management:
The management appointed must be that much capable that it can control the whole team
and improve the goodwill and image of the company.
8. Sales promotion and marketing:
The marketing department must be so aggressive that it can have a close watch on the
competitors’ activities. Not only this but also it must take care of the need and wants of the
customers also.
9. Incentive schemes and permanency in job:
There must be good incentive schemes to be designed as these can acts as good motivators
for the agents. The scheme of permanent job placement must be introduce for those F.C.
and agents who have shown extra ordinary performance.
10.Solution of Grievances:
There must regular meetings with the financial consultants and agents to motivate them
and to solve grievances if there are any.
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CHAPTER –7CHAPTER –7LIMITATION
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LIMITATIONS
Although every effort has been in to collect the relevant information through the sources
available, still some relevant information could not be gathered.
Busy Schedule of Concerned Executives:
The concerned executives were having very busy schedule because of which they were
reluctant to give appointment.
Time:
The time duration could not provide ample opportunity to study every detail of the company.
Unawareness:
Executives were unaware of many terms related to same while asking to them.
Confidential Information:
As the company on account of confidential report has not disclosed some figures. Moreover,
in some cases separate accounts of division are not separately maintained thereby, leading to
restrictions in study.
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CHAPTER – 8CHAPTER – 8CONCLUSION
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CONCLUSION
The size of the market has grown and size of the insurable population in India is needed vast
and the existing player has managed to cover amount one – fourth of it. The opportunities
before the players are therefore a plenty in terms of target audience.
Life Insurance has today become a mainstay of any market economy since it offers plenty of
scope for garnering large sums of money for long periods of time. A well – regulated Life
Insurance industry which moves with the times by offering its customers tailor made products
to satisfy their financial needs is, therefore, essential if we desire to progress towards a worry
free future.
People used to buy Insurance for tax exemption but time has changed now, advertising has
made the people understand the need of Life Insurance in their lives and people are taking
initiatives to buy it. Urge of people to have Insurance and strong marketing can really make
the industry reach the sky.
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GLOSSORY
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GLOSSORY
Contract The common name for a scheme or policy
Corporate Governance A term used to describe the way in which rights and
responsibilities are shared in the business world. In particular, how companies are managed,
including the structure of boards, the duties of directors, executive remuneration, and how and
when important information is shared with the market. Statutory bodies, self-regulation and
codes of best practice may set standards.
Critical illnesses cover a life insurance policy with the benefits payable on diagnosis of
one of a number of specified medical conditions.
Bull An investor who expects share prices to rise or, more generally, has an optimistic
outlook. A bull market is a period of rising share prices. The opposite of bear.
Capital Money invested typically in buildings and machinery.
Capital Gain The profit made on the sale of investments, such as shares or property.
Capital gains tax the tax paid on any profit or gain made by selling something for more
than it was bought.
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Capital growth IJhansiease in the value of an investment reflected in the higher selling
price.
Claim A call by a policyholder to the benefits payable under an insurance policy or
scheme.
Commission Payment made to a salesman, agent or other intermediary, normally in
return for selling an insurance or investment policy.
Compliance The requirement to operate in accordance with statutory or regulatory
guidelines. In the insurance industry, the most important compliance rules come from the
Insurance Regulatory Development Authority (IRDA). Most insurance companies have
compliance teams whose role is to ensure that the company follows all the necessary rules and
Assets Anything of value owned by a business that can be set against its liabilities.
Assets are usually divided into four types: fixed assets (typically land, buildings and
machines); current assets (cash, stock, investments, work in progress and payments owing);
liquid assets (cash or funds held in a form that can be quickly converted into cash); and
intangible assets (goodwill, trademarks, patents, etc
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Asset Management Investment management service provided by financial
institutions on behalf of their clients.
Assurance A term sometimes used instead of "insurance", generally in connection with life
business, since assurance implies the certainty of an event (such as death) and insurance only
the probability.
Auditor A firm of accountants who check ("audit") a company’s accounts and decide
whether the published report is accurate.
Balance Sheet A statement showing the financial position of a business on a specific
date by listing its assets (what it owns) and its liabilities (the claims on its assets, or what it
owes).
Banc assurance An arrangement whereby banks sell insurance and investment products
to their customers on behalf of other financial providers.
Bear An investor who expects share prices to fall or, more generally, has a pessimistic
outlook about the market. A bear market is a period of falling share prices. See also bull.
Bid Price What the market will pay, or what a seller will receive, for a particular share
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Bid/offer spread the difference between the buying price (bid) and the selling price
(offer) of units in an investment. The mid-price is the middle point between the two and is
often the price quoted in newspapers. Also called the bid/ask spread.
Blue Chip A description usually applied to the biggest and most highly regarded
companies quoted on the stock market, shares in whom are considered a reliable and profitable
investment.
Bond Technically a certificate of debt issued to raise funds, often with a fixed rate of
interest and a fixed repayment date. An example is gilt-edged securities ("gilts") issued by the
government to borrow from investors via the stock market (also known as fixed interest
securities).
Broker A professional intermediary who arranges insurance on behalf of an individual
or company with an insurance company, and represents the policyholder in negotiations and
administration of that insurance with the insurer.
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BIBLIOGRAPHY
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BIBLIOGRAPHY/REFERENCE
Books Referred
Marketing Management by Rama Swamy
Research and Market Decisions by Paul E. Green,
Donald S. Tull, Gerald
Financial Management by Khan & Jain
Internet Resources
Search Sites www.google.com, www.msn.com
Websites of the organization www.aviva.com,
www.avivaindia.com
Other site www.bimaonline.com
Company Resources
Product Brochures and Company Manuals
Inputs from company personnel
Aviva Investor
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ANNEXURE
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QUESTIONNAIRE
NAME OF RESPONDENT:………………………………………………………………
GENDER:……………………………………………………………………
ADDRESS:…………………………………………………………………
CONTACT NUMBER:……………………………………………………
RESERCHER NAME: RANJIT SINGH
Respondent age group
18-30( ) 30-45( )
45-60( ) 60<( )
Respondent income group(per year)
Below 50,000( ) 50,000-1,00,000( )
1,00,000-2,00,000( ) >2,00,000( )
Respondent’s Profession
Serviceman( ) Businessman( )
Professionals( ) others( )
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Are you aware about life insurance
Yes( ) No( )
Do you know about IRDA
Yes( ) No( )
How many numbers of companies in life insurance are you aware of
1( ) 2-4( )
4-8( ) >8( )
Do you know about AVIVA LIFE INSURANCE
Yes( ) No( )
Sources of awareness of AVIVA LIFE INSURANCE
Advertisement ( ) Friend circle( )
Family member( ) FC of AVIVIA ( )
Do you have any life insurance policy in any company
Yes( ) No( )
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Do you have any life insurance policy in AVIVA LIFE INSURANCE
Yes ( ) No( )
Which type of life insurance policy do you have
Protection Plan ( ) Pension Plan ( )
Investment Plan ( ) Saving Plan ( )
Are you satisfied with AVIVA LIFE INSURANCE Plans?
Dissatisfied ( ) Average ( )
satisfied ( ) highly satisfied ( )
Are you satisfied with customer services given by the AVIVA LIFE
INSURANCE?
Dissatisfied( ) Average ( )
satisfied ( ) highly satisfied ( )
Rank the AVIVA LIFE INSURANCE with other Insurance Companies in Noida.
Best ( ) Good ( )
Average ( ) Bad ( )
Do you know about any F.C. of AVIVA LIFE INSURANCE?
Yes ( ) No ( )
Why do you invest in life insurance?
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For risk cover ( )
For investment ( )
For safe future return ( )
For tax benefits ( )
Remarks…………………………………………………………………………………
……………………………………………………………………………………………
……………………………………..
Date-
Place- Respondent signature
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