SUMMER TRAINING REPORT ON

DEVELOPMENT OF FINANCIAL PLANNING ADVISOR

For

AVIVA LIFE INSURANCE COMPANY LIMITED

By

KUMARI ALKA

E 27 In fulfillment for the award of the degree

Post graduate Diploma in Business Management

2009-2011

NEW DELHI INSTITUTION OF MANAGEMENT

F -13 Okhla Phase –1,New delhi , Pin -110020

DEVELOPMENT OF FINANCIAL

PLANNING ADVISOR

For

AVIVA LIFE INSURANCE COMPANY INDIA

LIMITED

Under the supervision of

Mr. Gunjan triar

Submitted by FACULTY GUIDE

Kumari Alka Abha Grover

(Roll no-E 27) NEW DELHI INSTITUTION OF MANAGEMENT

OKHLA, F-13, PHASE-1, NEW DELHI

ACKNOWLEDGEMENT

I am thankful and owe a deep debt of gratitude to all those who have helped

me in preparing this report. I am extremely grateful to Mr.SRU manager

Gunjan triar & Sales Manager Mr.Shashank singh and as well to the other

host of officials for their active help and cooperation at each stage of the

study.

I am also very thankful to my faculty project mentor Abha Grover without

whose able guidance and support I would not have been able to complete my

report. I will also like to extend my thanks to our director Mr. M. Adhikari

who gave me an opportunity to have an exposure to the working

environment of the corporate world. It helped me to bridge the gap between

the textbook knowledge and the real industry environment.

DECLARATION

I Kumari Alka student of New Delhi Institution of Management Batch

(2009-2011) declare that every part of the Project Report “

DEVELOPMENT OF FINANCIAL PLANNING ADVISOR”

That I have submitted is original.

I was in regular contact with the nominated guide and contacted several

times for discussing the project.`

Date of project submission:

Signature of the student

FACULTY COMMENTS:

Signature of Faculty guide

Name

CONTENTS

S. NO TOPICS PAGE NO

1 EXECUTIVE SUMMARY

2 AN OVERVIEW

3 METHODOLOGY

4 RECRUITMENT PROCESS

5 ANALYSIS AND FINDINGS

6 RECOMMENDATIONS

7 CONCLUSION

8 BIBLIOGRAPHY

9 REFERENCE

EXECUTIVE SUMMARY

Identifying different profiles of the people and giving them a Business

Opportunity to join AVIVA life insurance as an advisor/agent. (Detailed

study on advisors/agent).

A market survey was done on life insurance companies. Different questions

regarding the companies training programs for agents/advisor, top 5 usp's,

training centers etc were asked. The report contains details of different life

insurance companies, which are in healthy competition with AVIVA life

insurance.

Insurance industry is growing rapidly day-by-day. India itself has a

population of 1.2billion out of which roughly 6.72% people are insured. This

clearly shows that most of the people are not insured just because they don’t

know much about insurance.

Company overview – Aviva life insurance

COMPANY 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 40 million-customer base worldwide. It has more

than £377 billion of assets under management.

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.

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, IndusInd Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank

Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan,

Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra

and regional Banks. When Aviva entered the market, most companies were

offering traditional life products. Aviva started by offering the more modern

Unit Linked and Unitised With Profit products to the customers, creating a

unique differentiation. Aviva’s products have been designed in a manner to

provide customers flexibility, transparency and value for money.

Aviva has 176 Branches in India (including rural branches) supporting its

distribution network. Through its Bancassurance partner locations, Aviva

products are available in more than 1600 locations across India. 

Partners Royal Bank of Scotland Group In 300 years, The Royal Bank of Scotland Group has grown to become one of the largest financial services groups in the world. They operate around the globe to provide banking services for individuals, businesses and institutions. RBS offers a broad range of transaction banking, fixed income and foreign exchange products and services, including sales and trading, fixed income origination, derivatives, structured lending and commodity financing. Additionally, they provide a diverse range of product offerings including personal loans, credit cards, savings accounts, financial planning, investment and insurance services, to meet the everyday financial needs of over a million Personal Banking clients in India. Aviva's relationship with RBS commenced in June 2002 when the bank was known as ABN AMRO. The Bank introduces its customers to Aviva for insurance and provides access to its affluent customer base across the country through its operations in 31 branches at 22 locations.   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.Punjab & Sind Bank The Punjab & Sind Bank was established in the year 1908. Based on the principles of social commitment to the people, to 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 100 years of its

inception, the Punjab & Sind Bank stands committed to honour the high ideals of its founding fathers. Punjab and Sind Bank has a network of 915 branches spread all over the country with close to 9400 employees. Fifty one per cent of its branches are in the rural and semi-urban areas.

Aviva signed Corporate Agency Agreement with PSB in September 2004 under which the bank deployed its Insurance Officers (SPs) to sell the Life Insurance products to its customers through vast network of branches spread over 175 Districts, 25 States and Union Territory of Chandigarh. IndusInd Bank IndusInd Bank Ltd., is one of the leading new-generation private-sector banks in India. It commenced operations in 1994 and had a net worth of Rs.866 crore as of March 31, 2006. At present, the Bank has a network of 148 branches and 87 offsite ATMs spread over 118 geographical locations in 24 states and Union Territories. Bank of Rajasthan A private sector bank with 467 branches and a major presence in North (Rajasthan) has its Head Office in Mumbai. Having a customer base of nearly 14 lakh and a Rs 13,000 crore deposit base, the bank spreads across 12 regions of Jaipur, Jodhpur, Bikaner, Kota, Bhilwara, Udaipur, Chandigarh, Delhi, Kolkata, Indore, Mumbai and Bangalore. Management Team

Name Designation

TR Ramachandran Chief Executive Officer & Managing Director

Rajeev Arora Director, Finance & Actuarial

Monica Agrawal Director, Corporate Initiatives

Vishal Gupta Director, Marketing

Sumit Behl Director, Business Risk & Internal Audit

Ravi Bhadani Company Secretary and Senior Vice President-

Compliance & Legal

Munish Sharda Director, Direct Sales Force

Rishi Piparaiya Director, Bancassurance

Sandip Mallik Director, HR

Jyoti Vaswani Chief Investment Officer & Director, Fund Management

K K Dharni Appointed Actuary

Snehil Gambhir Sr. Vice President, Transformation & Services

Rajiv Sehgal Chief Information Officer & Sr, Vice President, IT

Vijayalakshmi Natarajan Senior Vice President, Operations

Fact Sheet

JV partner: Dabur (74% stake) Foreign partner: Aviva plc (26% stake). One of the world's top

Insurance groups and the biggest in the UK. It is one of the leading providers of life and pensions products to Europe. Aviva has a 50 million-customer base worldwide with £352 billion assets under management.

Managing Director & Chief Executive Officer: Mr. TR Ramachandran

Paid up Capital: Rs 1,888 crores Locations: 195 branches, close to 3,000 locations Bank partners: ABN Amro Bank, The Lakshmi Vilas Bank Ltd,

Punjab & Sind Bank, IndusInd Bank, Bank of Rajasthan and more than 30 Cooperative Banks and Regional Rural Banks

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.

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

Programme highlights of today -

Aviva Life Insurance India has 40 Branches in India, including rural branches supporting its distribution network. With over 30,000 Financial Planning Advisers (FPAs) and the Financial Health Check (FHC) programme it has been successful in setting up its position in the Indian market. The FHC is a free service administered by the FPAs which analyses the customer's long-term savings and insurance needs and depending on the life stage and earnings of the customer it selects the proper insurance product for them.

Aviva Life Insurance India initiated the concept of Bancassurance in India and at present it 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, 11 Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra and one regional Bank in Sikkim. This has helped to distribute Aviva products in nearly 378 towns and cities across India.

Aviva Life Insurance India offers more modern Unit Linked and Unitized with Profit money products to the customers. Following the IRDA guidelines, with effect from 1 July 2006, these units - linked products have been modified.

The products of Aviva insurance group of India are: Lifelong Lifesaver or Easy Life Plus

Young Achiever Life Bond and Life Bond Plus Pension Plus Life Shield Freedom Life Plan LifeBond5 The fund management operations of Aviva Life Insurance India is

controlled from Mumbai and the fund options includes Unitized With-Profits Fund and four Unit Linked funds:

Protector Fund - The fund comprises of debt securities in the range of 60-100%, equities in the range of 0-20% and money market and cash in the range of 0-20%.

Secure Fund - The fund comprises of debt securities in the range of 50-100%, equities in the range of 0-20% and money market and cash in the range of 0-20%.

Balanced Fund - The fund comprises of debt securities in the range of 50-90%, equities in the range of 0-45% and money market and cash in the range of 0-10%.

Growth Fund - The fund will comprise of debt securities in the range of 0-50%, equities in the range of 0-85% and money market and cash in the range of 0-20%.

These funds provides investment security to the capital of the customers.

Through their association with Basix (a micro financial institution) and other NGOs, Aviva Life Insurance India have been able to reach out to those underprivileged who had no access to insurances till day.

In Aviva Life Insurance India, thus, by combining protection and long term savings the customers can safeguard and provide life products for their family with their changing needs.

Insurance Company Insurance companies Insurance Finance Top Insurance Companies Insurance News

What is Life Insurance?A policy that will pay a specified sum to beneficiaries upon the death of the

insured.

OR

An agreement that guarantees the payment of a stated amount of monetary

benefits upon the death of the insured.

Why Insurance?

Insurance is the protection of life and assets against unforeseen

circumstance. Whether it is a general accident policy, a Mediclaim policy or

a pension policy, an insurance policy helps you to scope with uncertainty

and insecurity.

Ever thought about why you should take an insurance policy. For one, it

helps you to hedge risks against unforeseen circumstances and save more. If

that's not all, it is:

Superior to an ordinary savings plan as it provides full protection

against risk of death.

Encourages and forces compulsory savings unlike others saving

instruments, wherein the saved money can be easily withdrawn.

Provides loan to tie over a temporary difficult phase and is also

acceptable as security for a commercial loan.

Offers tax relief to policyholders.

Hedges risk against uncertainty.

For a policy taken under the MWP Act 1874, (Married Women's

Property Act), a trust is created for wife and children as beneficiaries.

Based on the concept of sharing of losses, the society will benefit as

catastrophic losses are spread globally.

Who can buy a life insurance policy? Any person above 18 years of age, who is eligible to enter into a valid

contract, can go for an insurance policy. Subject to certain conditions, a

policy can be taken on the life of a spouse or children.

How is a life insurance policy useful? Planning for the financial consequences of a premature death is an essential

part of every financial plan. Generally, the consequences are simply too

large to ignore and cannot be totally covered with your own resources.

Life insurance is nothing but a contract with an insurance company under

which the insured (purchaser) pays a premium in exchange for coverage of

specified losses. Life insurance protects your family against the risk of the

premature death of you (or your spouse). Life insurance planning should

consider your family's short-term needs (for example, medical expenses) and

long-term needs (for example, replacing your income).

In the course of our life we are accosted by risk-that of failing health,

financial losses, accidents and so on. Insurance is a means by which life's

uncertainties are addressed in financial terms. It offers a monetary

compensation against those losses. Insurance is considered more as a

hedging mechanism rather than a true investment avenue. Life insurance, in

particular is essentially acknowledged as a mechanism that eliminates risk-

substituting certainty for uncertainty primarily by transferring risk from the

insured to the insurer.

Is life insurance a saving instrument? Life insurance is mainly considered as a saving instrument rather than an

investment avenue as it promotes compulsory savings besides reducing tax

burden on the policyholder and protects the family of the policyholder in the

event of unforeseen happening. It is the only saving instrument, which

covers the life risk besides giving tax concession both at entry (premium

paid) and at exit points. The section 10 (D) of the income tax act totally

exempts payment of tax on any amount received as bonus against life

insurance policies.

What is a contract of insurance? A contract of insurance is a contract of utmost good faith, technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principal that applies to all forms of insurance. The purpose, who is one of the parties to the contract, is presumed to have means of knowledge that are not accessible to the corporation who is the other party to the contract. Therefore, the purpose is bound to tell the insurer everything affecting the judgment of the insurer. In all the contracts of insurance the proposes is bound to make full disclosure of all material facts and not merely, those which he thinks material Misrepresentation non-disclosure or fraud in any document leading to the acceptance of the risk automatically discharges the corporation from all liability under the contract. Although Section 45 of the Insurance Act, 1938 provides that no policy can be called in question after a period of two years from the date of its issue on the ground that any statement in proposal or a related document was false or inaccurate (making the policy indisputable), This provision is not applicable if the corporation can prove that misrepresentation or non- disclosure was on a material fact and was fraudulently made and that the policyholder knew at the time that statement he made was false. It is, therefore, in the interest of the would be policyholder to disclose all the material facts to the corporation to avoid any complication when the claim arises. It is equally obligatory on an agent to see that the assured doesn't obtain the contract by means of untrue representation or concealment in

any respect. It is the duty that the agent owes both to his client and to the corporation.

Classification of insurance business: The insurance is broadly classified as:

1.Life insurance business2. Non-life insurance business

Life insurance business: It is the business of effecting contracts of insurances upon human life

including any contract whereby the payment of money is assured on death or on

the happening of any 10 Involve all people working in the Corporation to the best of their

capability in furthering The interests of the insured public by providing efficient service with

courtesy. Promote amongst all agents and employees of the Corporation a

sense of participation, pride and job satisfaction through discharge of their duties with ded1cat1on towards achievement of Corporate Objective.

OBJECTIVES OF THE STUDY

The basic objectives of my project was basically aimed at helping the

reliance life insurance in increasing its advisor/agent base by targeting

the people who had large social and professional circle. My objectives

are divided into two categories are: -

MAIN OBJECTIVE

Recruitment of the agents (life insurance advisors) for the company.

SUB OBJECTIVE

1) To look for all segments of the people with good profile who are willing

to act as an advisor for the companies.

2) Providing company with the suggestions in respect to Improvement in the

recruitment methods and Making recruitment convenient for the company.

NEED FOR INSURANCE:

Life InsuranceWhy do you need Life Insurance?Life is full of uncertainties & you can’t really presume that your future is devoid of risks, so to be safe one has to get himself insured so that his dependents are offered with financial help in any unforeseen event. Life Insurance caters to your following requirements: • Financial Security to your family• Investment & saving options• Protection of your home mortgage• saving options for Retirement through Pension plans• saving options for Children through Children Insurance Plans Cash and income needs on an immediately following death. Family income needs. Income needs of a widow on the death of her husband. Cash and income needs of a husband on the death of his wife. Retirement income needs. Education needs. Business needs Need for insurance:

INSURANCE NEEDS AT DIFFERENT STAGES OF

LIFEInsurance needs change as per the life, from starting to work to enjoying

one’s golden years and all the stages in between. Each one of these stages

may pose a different insurance need/cover for a person.

Fig. 1: A Diagram depicting different stages in a Human Life.

1. Young and SingleAn important stage, where one lays down the foundation of a successful life

ahead. One should take advantage of the time and power of compounding to

ensure that one can build up his dreams. So one should start saving early.

2. Just MarriedMarriage brings about a significant change. New dreams and new

opportunities also bring in additional responsibilities. While both the

spouses look forward to a happy and secure life, it is equally important to

ensure that eventualities don’t come in the way of shaping their dreams.

3. Proud Parents

Once a person has children, his need for life insurance is even more. He

needs to protect his family from an untoward incident. He should ensure his

protection umbrella takes into account the future cost of securing the child’s

dream by having enough life insurance.

4. Planning for RetirementWhile one is busy climbing the ladder of success today, it is important for

him to take time and plan for the life after retirement. Having an early start

for retirement planning can make a significant difference to the savings.

Unfortunately, Life Insurance is probably the least favorite thing to plan for.

And, as a result, adequate planning is often put off until it's too late.

Although it may sound simple, there are many things to consider.  There are

many ways to protect one’s family with life insurance.

Suppose for example a person dies at an early age, Life insurance can

provide a surviving spouse, children, and other dependents with the funds

necessary to maintain their standards of living, can help repay debt, and can

fund education tuition costs. The amount one needs depends on one’s

situation.

In this way, Life Insurance provides two-fold advantage, the first in the form

of small savings and the other in the form of security in the event of

premature death. Thus, a life insurance is a combination of savings as well

as security. By taking a suitable life insurance policy one feels a sense of

security. He is assured that insurance company will come to the rescue of his

family in case of his pre-mature death. If there is no claim and the policy

matures for payment, the savings so made will be sufficient to meet the old

age expenses. In India, Life insurance Corporation transacts the life

insurance business. Personal accident and sickness insurance cover the risk

of death due to accident and also pay compensation for self-injury and

sickness.

THE PRODUCT MIX

1. Young scholar plan Aviva New Young Scholar is a comprehensive plan that enables you to secure your child’s future in any eventuality through:

Attractive returns, enhanced by loyalty additions every year starting end of 5th year and maturity addition to build the desired corpus of funds on maturity of the policy

All future premiums being waived off and invested as a lump sum amount in to the funds, so the policy continues even in the unfortunate event of the parent’s death, disability or on contracting a critical illness, while the Sum Assured is paid out immediately

Provision of a regular income for the minor child, in the event of parent’s death

Systematic Transfer Plan (STP) for safe entry and safer exit into equities

Option to minimize the effect of inflation through Indexation

2. Aviva Health Plus:

Most of the health policies that you see, offer financial backing only for medical emergencies.  But in a case where a medical emergency does not arise at all, most of the policies do not offer any maturity benefits.  There, the Aviva Health Plus stands out as a different health plan since it gives you a guaranteed maturity benefit.

A Double Bonanza with healthAviva Health Plus is a combination of a health and savings plan that insures you securely against death and ill health. In the event of your unfortunate death, your nominee is provided with an assured life cover.  The policy will be terminated after the death benefits are paid.

The health benefit offers you the provision of being protected against 18 critical illnesses.  If you are able to claim all the health benefits you are eligible to get from this policy you can get a combined health benefit of at least twenty one lakhs.  Even after the period of health benefits are over, you will get an extended period of 5 more years as extended death and disability cover.

In addition to these benefits, you will also get a maturity benefit on the date of maturity even though all your health benefits have been claimed by you.  The maturity benefit you get depends on your age to entry to the policy.

The various health benefits that are available to you through this policy are Accidental Death and Disability benefit, Sickness – only total Permanent Disability, Critical Illness Benefit, Surgical Cash Benefit, and Hospital Cash Benefit.  All these are riders which you have to opt for at the time of taking the policy.  Only then you can avail of their benefits.

Tax benefits in this policy can be got under the laws pertaining to the Income Tax Act, 1961.

For those of you having to look out for more health benefits, this is the policy that you should take.  ‘Health is wealth’ as the saying goes; if one is healthy wealth automatically finds its way into the house.  So join Aviva’s Wealth Plus and benefit from it.

3.Aviva India Child Plan: Aviva India is one of the most popular insurance company in India. You name any kind of insurance plans, Aviva India will surely help you in your insurance needs.

There are various Aviva India Child Plan that any one can go for. But before you go for any Aviva India Child Plan, you must check the company profile and the history of the return and services.

Insurance is a subject matter of solicitation so when you buy any Child Plan from Aviva India, you must read all the documents carefully and once you are sure, then only sign the document. Aviva India Child Plan will surely help you in your insurance requirement.

We believe that every one should go for Aviva India Child Plan, to protect their future from any mis happening.

4. Aviva India Retirement Plan:

Aviva India is one of the most popular insurance company in India. You name any kind of insurance plans. Aviva India will surely help you in your insurance needs.

There are various Aviva India Retirement Plan that any one can go for. But before you go for any Aviva India Retirement Plan, you must check the company profile and the history of the return and services.

Insurance is a subject matter of solicitation so when you buy any Retirement Plan from Aviva India, you must read all the documents carefully and once you are sure, then only sign the document. Aviva India Retirement Plan will surely help you in your insurance requirement.

We believe that every one should go for Aviva India Retirement Plan, to protect their future from any mis happening.

Aviva India Savings Plan:

Aviva India is one of the most popular insurance company in India. You

know about any kind of insurance plans, Aviva India will surely help you in

your insurance needs.

There are various Aviva India Savings Plan that any one can go for. But

before you go for any Aviva India Savings Plan, you must check the

company profile and the history of the return and services.

Insurance is a subject matter of solicitation so when you buy any Savings

Plan from Aviva India, you must read all the documents carefully and once

you are sure, then only sign the document. Aviva India Savings Plan will

surely help you in your insurance requirement.

We believe that everyone should go for Aviva India Savings Plan, to protect

their future from any mis happening.

Aviva India Protection Plan:Aviva India is one of the most popular insurance company in India. You

name any kind of insurance plans; Aviva India will surely help you in your

insurance needs.

There are various Aviva India Protection Plan that anyone can go for. But

before you go for any Aviva India Protection Plan, you must check the

company profile and the history of the return and services.

Insurance is a subject matter of solicitation so when you buy any Protection

Plan from Aviva India, you must read all the documents carefully and once

you are sure, then only sign the document. Aviva India Protection Plan will

surely help you in your insurance requirement.

We believe that every one should go for Aviva India Protection Plan, to

protect their future from any mis happening.

Aviva India Polices » Aviva Health Plus » Aviva Life Shield Plus » Aviva Dhan

Vriddhi» Aviva Little Master » Aviva Pension Elite » Aviva Save Guard

» Aviva Wealth Plus » Aviva Young Scholar plan » Riders

» Aviva Life Saver plus » Aviva LifeLong » Aviva LifeSaver

Aviva India Protection Plan

» Aviva Life Shield Plus » Riders » Aviva LifeShield

‘Aviva Street to School’ – Recognizing ‘Education is Insurance’

Education is pivotal to human progress. It is the main tool that empowers individuals to make informed choices. Every child has the right to basic education so that their future is built on a strong foundation; enabling them to free themselves from the vicious circle of ignorance, poverty and disease.

At Aviva, we recognize that education is insurance for a better future. In line with this thought, ‘Aviva Street to School’, our new, international charity partnership programme, aims to improve the lives of thousands of street children and young people around the world by helping them off the streets and into education and training.

Children living and working on the streets is a global issue. Aviva Street to School is about ‘recognising that Education is Insurance’ – not only doing the right thing, but also standing by our brand promise and improving the lives of young people and helping them develop their full potential.

In India, we have partnered with CRY’ (Child Rights and You) and ‘Save the Children’ to facilitate education (including other related factors that could prevent a child from attending school) for over 50,000 children by 2012. In the first year, Aviva will be reaching out to 20,000 children across 9 projects in 5 states.

We seek to better the lives of underprivileged children and thereby contribute towards building a brighter future for the country.

Aviva Great Wall of Education

The Aviva Great Wall of Education, a book donation drive, presented by Hindustan Times, for the underprivileged children supported by Save the Children India, culminated into a book distribution ceremony on November 16, 2009. Honourable Union Human Resource Development Minister of India, Shri Kapil Sibal, along with Mr TR Ramachandran, CEO& MD, Aviva India and Mr. Sanjoy Narayan, Editor-in-Chief, Hindustan Times presented 92,300 books to Mr. Thomas Chandy, CEO, Save the Children, India. The event was well attended by close to 200 children from select schools across Delhi, who had participated in the donation drive.

As part of Aviva’s Street to School program, the books from the wall will be used to educate thousands of underprivileged children with Save the Children India, a leading independent organisation working to ensure the rights of children in India.

TR Ramachandran, CEO & MD, Aviva India, said, "We are greatly humbled with the astounding success of the ‘Aviva Great Wall of Education’ and are truly grateful to the people of Delhi who offered their undeterred patronage towards this noble cause. This is indeed a significant stepping stone towards building a brighter future for the underprivileged children by helping them into education."

Sanjoy Narayan, Editor-in-Chief, Hindustan Times said, "As a responsible newspaper, we are committed to improving awareness and the level of education in society. The ‘Book Wall’ is an excellent way to reach out to underprivileged children by making books that they would have otherwise not been able to read accessible to them. It also provides an opportunity to more privileged children to do their bit for society."

Thomas Chandy, CEO, Save the Children, said, “This is a great initiative that Aviva has undertaken which will translate into hundreds of children from the most marginalized communities having a chance at education. Providing education to the poorest child from the poorest community is the best way of ensuring that the child has access to life opportunities that she otherwise may not have. People have been calling us every day, publishers, institutions, individuals, offering to give us books. Aviva has indeed triggered a truly noble humanitarian initiative.

The five day donation drive was flagged off on Nov 11, National Education Day by the Honourable Minister of Education(Delhi) Shri Arvinder Singh Lovely. The drive was activated across Delhi and NCR region through drop boxes placed at schools, corporate and residential apartments. Children from 300 schools actively donated their old text books, note books towards the cause. Many individuals have also come forward and donated books for the underprivileged children. Scholastic Publishing House has also come forward in support of the cause by donating 10,000 books towards this initiative.

The ‘Aviva Great Wall of Education’ marks another step by Aviva, towards helping underprivileged children into education. Aviva Life

Insurance has partnered with CRY’ (Child Rights and You) and ‘Save the Children’ to facilitate education (including other related factors that could prevent a child from attending school) for over 50,000 children by 2012

under the Street to School initiative. In the first year, Aviva will be reaching out to 20,000 children. across 9 projects in 5 states

The Insurance Players… - HDFC Standard Life Insurance Company Limited- Aviva Life Insurance Company Limited- Birla Sun Life Insurance Company Limited

-TATA AIG Life Insurance Company Limited– Max New York Life Insurance Company Limited– Kotak Mahindra Old Mutual Life Insurance Limited– SBI – Cardiff Life Insurance Company Limited– ING Vysya Life Insurance Company Limited– Bajaj Allianz Life Insurance Company Limited– ICICI Prudential Life Insurance Company Limited– MetLife Life Insurance Company Limited– Reliance Life Insurance Company Limited– Sahara India Life Insurance Limited– Shriram Life Insurance Company Limited

DIRECT COMPETITORS

Life Insurance Corporation of India (LIC)

The Life Insurance Corporation (LIC) 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 became

synonymous with life insurance.

Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches

and over six-lakh agent force all over India.

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 businesses, group insurance businesses, 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.

Training activities for agents/advisors.

As per IRDA, 50 hrs training is compulsory for 17 days.

Only classroom training is available.

Only full-time training is given.

(Reliance advantage: - Part time option available.)

Commission Structure .

Depends on the plan or the product / policy Term which the advisor sells to

the customer. Every policy has a commission amount fixed on it as per

specifications of IRDA.

Modes & ways through which the company recruits agents.- Through development officers.

- Through corporate agencies (Bankers and Brokers).

- Carrier agent branch (i) rural carrier agent

(ii) Urban carrier agent.

Current agent force25000 agents in Delhi

Top 5 USP’s (Unique Selling Proposition) Of LIC

- TRUST (since 1956), ORG marks survey has rated LIC most trusted

branch in life insurance

Having a vast network of 2050 branches and over 6 lakh agents.

Best claim performance in the world by Depth and Maturity claim.

A government-undertaken company ensuring safe and corruption free

insurance.

Variety of plans available to match the customer’s needs.

HDFC - Standard Life

HDFC Standard Life Insurance Company is a joint venture between India's

largest housing finance provider, HDFC and Europe's largest mutual life

assurance company The Standard Life Assurance Company (U. K).

Standard Life, UK, founded in 1825, has been at the forefront of the UK

insurance industry for 175 years by combining sound financial judgment

with integrity and reliability.

It is the Largest Mutual Life company in Europe and has total assets of Rs.

5,50,000 crore.

Training activities for agents/advisors.

As per IRDA guidelines, 100hrs training is compulsory.

Both online & classroom training are available.

Training is compulsory with both part-time & full time Options.

A clear exam is conducted by IRDA, the minimum qualification

required is-

12th pass for urban areas

10th pass for rural areas.

Commission Structure.

Depends on the product, like on savings

20-40% 1st year premium.

Modes & ways through which the company recruits agents.

Direct contacts.

Newspaper adds.

Consultants.

Member of the company can introduce a new member.

Current agent force

200-300 in Delhi.

Top 5 USP’s (Unique Selling Proposition) Of HDFC Std.Life

Best insurer according to Outlook.

Well supported by foreign 1st private sector life insurance Company

to be granted a license.

Declared bonus every year from the day of incorporation (only

company.)

Provides fast service to the customers in terms of claim.

Partner Standard Life, U.K which was recently voted ' company of the

decade' in U.K by the Independent Brokers called IFAs.

Max New York Life.

Max India:

Max India Limited is a multi-business corporation that has business

interests in telecom services, 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 the 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 on the

Web in 1998.

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.

Training activities for agents/advisors.

As per IRDA, 100hrs training is compulsory.

Only classroom training is available.

Only fulltime training is given.

(Reliance advantage: - Part time option available.)

Commission Structure.

Minimum - 2%

Maximum - 35%.

Varies from product to product- 25%, 7.5%, 10% & 15%.

Modes & ways through which the company recruits agents.

Reference (only)

Max New York life recruits agents only on basis of reference.

Current agent force

2000-3000 in Delhi.

Top 5 USP’s (Unique Selling Proposition) Of Max New York

Training, which is compulsory for every agent/advisor so that they

work according to the company’s working style.

Emphasizes on whole life products.

Flexibility of the product to adapt to customers changing needs in

future.

Believes in healthy competition with other life insurance companies.

Agent is the power.

Birla Sun Life Insurance Company Limited

Birla Sun Life Insurance is the coming together of the Aditya Birla

group and 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, USA,

UK, Thailand, Indonesia, Philippines, Malaysia and Egypt to name a

few.

Foreign Partner:

Sun Life Assurance, Sun Life Financials primary insurance business,

has excellent ratings 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 services organizations in the world.

Training activities for agents/advisors.

As per IRDA, 100hrs training is compulsory.

Both online & classroom training are available:

Classroom training is 100hrs (13 days) or 50 hrs (7 days)- C.A, Dr,

Advocate & MBA.

Online training is for

100hrs- general

50hrs- CA/Dr/Advocate/MBA.

25hrs (3 days) - Renewal.

Both part time & full time training option is available.

Modes & ways through which the company recruits agents.

Interviews & written exam.

Newspaper adds.

Current agent force

750 agents in Delhi.

Top 5 USP’s (Unique Selling Proposition) Of Birla Sun Life

Trusted name, as a part of Aditya Birla group.

India’s second largest business house.

Multinational company, which is growing rapidly.

Having second position in private life insurance.

Offers different plans with ethical and good claim settlement.

Methodology Used

The basic aim of the company in providing us with this assignment was to find out the people’s perception of their brand in the market and via this increasing their advisor base by encashing on their brand name.

1) Hence, our sales pitch in recruiting the good profile advisor was based on:

Money: For those who are needy, greedy and speedy

Excellent back end support, attractive payments and benefits and

Extensive training for that edge over competition

Reward and RecognitionFor those who want to be recognized and honored

Several programs including foreign trips, seminars etc. Selected club memberships, rare privilege Club, Achievements rewarded with trophies and certificates as

well with Point rewards to give you a flying start.

Carrier Prospects For people who want to climb the success ladder fast.

Can become sales manager or business associate

RECRUITMENT PROCESS OF ADVISORS

Who is an insurance agent?

An agent is the representative of an insurance company who sells different

policies or product to its clients.

Another term used for insurance agents is advisors

Today in life insurance companies’ advisors are known to be the backbone

of the whole system. Advisors/agents do not work on monthly payroll basis;

they receive a certain commission on the policies they sell to the clients.

The eligibility required to become an advisor/agent is that he/she should be

12th pass to operate in urban area and 10th pass for rural areas. Before a

person becomes an advisor/agent he/she has to undergo 100hrs training

according to IRDA norms, which is compulsory.

A person who wants to be an advisor has first to fill a recruitment form and

has to pay a fee of Rs. 750/- in favor of Aviva. Then, he has to pass a test,

which is compiled by IRDA. After he gets through that test he is awarded a

license and then his training starts in the company regarding the insurance

business. Reliance provides this training in 3 modes as per the suitability of

the advisors viz: -

1) Classroom training: - it is a Full Time Training with a period of 17

days regular between 9 am to 5pm at the training centers allotted to

the advisor.

2) Online training: - it is another mode of training where the company

provides CD’S and books to the advisor for his own study.

3) Classroom training: - it is a Part Time Training with a period of 36

days regular between 5 pm to 8 pm at the training center only.

Advisor Role.

To provide ongoing financial advice for his/her clients:

Identify future clients

Making appointments

Conduct financial review meetings with prospects/clients.

Close sales

Get referrals

Provide service to clients.

Follows internal sales and reporting system.

Working Environment of an advisor/agent.

To be a part of world-class sales team.

Work from your own office or residence.

Work full time or part time (an advisor can work part time by

undergoing only 50hrs of training and 100hrs training is for full

time advisors.)

Earn Commission, Bonus & Incentives.

No upper limits on earnings.

Flexible career.

Opportunities for an Advisor/agent.

No startup capital required.

Flexible working environment.

Be your own boss.

Unlimited earning potential.

To be a part of a world-class team.

Commission Structure.

Different products will have different commission structures.

For example: Single Premium products will have a commission of 2%.

Renewal Commission is paid at the following rates:

2nd yr: 7.5% 3rd yr: 7.5% 4th yr: 5% 5th yr: 5% onward1

Payments & benefits-commission Structure for

advisors/agents.Year 1 Year 2 Year 3

Number of Policies Sold 50 75 100

Average Premium Rs. 10000 10000 10000

Total Premium Earned Rs. 500000 750000 1000000

Commission @ 25% 125000 187500 250000

Bonus @ 40% of Commission 50000 75000 100000

Earnings from New Business Rs. 175000 262500 350000

Commission on Renewal Premium@7.5% 37500 56250

For year 2, 3, and 5% after that 37500

Earnings from renewal business Rs. 37500 93750

Total Earnings Rs. 175000 300000 443750

Most preferred profiles to recruit as Advisors/agents.

Housewives

Income Tax Consultant

Chartered Accountant

Sales Personnel’s working in

Automobile Dealership

Credit Card Co.

Telecom

Mutual Fund

DSA’s

M R’s

Doctors

Teachers

VRS Holders

Advisors of other insurance companies

Post Office Agents

Business Men

Accountants

COI in an organization

Stock Brokers

How does an advisor/agent work .

Firstly an advisor/agent has to make a list of 100 people that he/she

knows.

Then the Advisor/agent makes a call to these clients and tries to fix an

appointment.

When an appointment is fixed the advisor/agent meets the customer &

tries to sell the product.

After that the advisor/agent asks for the reference of maximum

number of people from the client.

The reference is asked in context to make future calls and the whole

procedure is repeated again.

ANALYSIS AND FINDINGS

1. AGE-WISE REPRESENTATION OF RESPONDENTS

The maximum number of respondents lied in the age group of 30-40 yrs

of age, which was 38% of the total sample.

Category Percentage Of Respondents

Under 20 yrs 4%

20-30 28%

30-40 38%

40-50 22%

50-60 8%

Over 60 yrs 0

(Source: Survey)

2. GENDER-WISE REPRESENTATION OF RESPONDENTS

Graph No. 1

The number of males in the respondents constituted 84%, and the number of

females constituted 16% of the total number of respondents.

(Source: Survey)

3. OCCUPATION-WISE REPRESENTATION OF RESPONDENTS

Category Percentage of Respondents

Male 86

Female 16

Graph No. 2

Maximum number of respondents, which was 36%, belonged to the category of people involved in

Business.

Category Percentage of Respondents

Business 36%

Salaried 34%

Profession 10%

Housewife 8%

Student 8%

Retired 4%

Others 0%

(Source: Survey)Graph No. 3

4. PROPORTION OF RESPONDENTS AS PER THEIR MARITAL STATUS.

A large number of respondents who buy insurance plans are married and

they made up to 72% of the total sample surveyed.

Category Percentage of Respondents

Married 72%

Single 28%

(Source: Survey)

Graph No. 4

5. INCOME-WISE REPRESENTATION OF RESPONDENTS

A major portion of the respondents were in the income group of Urban

Higher Middle, which constituted 52%, followed by the income group of

Urban Middle of 32%.

Category Percentage of RespondentsRural Poor 0%Urban Poor 0%Urban lower 0%

Urban Middle 32%Urban Higher middle 52%

Urban Rich 16%

(Source: Survey)Graph No. 5

6. REPRESENTATION AS PER THE NO. OF DEPENDENTS OF RESPONDENTS .

The number of dependents on the respondents was highest in the range of

3 to 5 dependents.

Family Profile of Respondents as per their No. of Dependents

16%

60%

24%

0%0%

10%

20%

30%

40%

50%

60%

70%

Less Than 3 From 3 - 5 More Than 5 None

(Source: Survey)

7. DIVISION OF RESPONDENTS BASED ON, WHETHER THEY HAVE AN INSURANCE POLICY OR NOT.

All the hundred respondents whom I questioned for my research work, the

level of insured people was found to be ninety two percent i.e. 88

respondents were insured either with LAT or with some other company.

Category Percentage of Respondents

Insured 88

Graph No. 6

Not Insured 12

8. DIVISION OF THE POLICYHOLDERS ON THE BASIS OF THE TYPE OF INSURANCE PLAN THEY HAVE TAKEN. (ULIP OR TRADITIONAL)

A huge number of the respondents who had taken insurance policies,

there was 64% of unit linked insurance products out of those and the rest

were traditional products.

Graph No. 7

(Source: Survey)9. PROPORTION OF THE OTHER MEANS OF SAVINGS OF THE RESPONDENTS IN ADDITION TO INSURANCE.

The respondents in the questionnaire could mark more than one option of

their other means of savings apart from insurance. Therefore the results

shown in the graph is more than the actual number of respondents i.e.

hundred.

Category No. Of Respondents

Fixed Deposits 20

Savings Bank a/c 22

Provident Fund 14

Equity 8

Mutual Funds 24

Any Other 12

Graph No. 8

(Source: Survey)10. DIVISION OF THE RESPONDENTS ON THE BASIS OF THEIR AWARENESS ABOUT LAT INSURANCE CO.

All the hundred respondents whom I questioned for my research work, the

awareness about LAT was found to be hundred percent i.e. all the

respondents were well informed about the presence of LAT GIAin the

market, whether they are policyholders of LAT GIAor not.

11. DIVISION OF SOURCES OF AWARENESS OF LAT TO THE RESPONDENTS.

The respondents in the questionnaire could mark more than one option of

their source of information about LAT. Therefore the results shown in the

graph is more than the actual number of respondents i.e. hundred.

Graph No. 9

Company Awareness from Various Sources

Company Representative, 22

Friend/Relative, 18Newspaper/magazi

ne, 24

Telemedia, 16

Internet, 4

Hoardings, 17Company Representative

Friend/Relative

Newspaper/magazine

Telemedia

Internet

Hoardings

(Source: Survey)

12. PERCENTAGE BREAK-UP OF RESPONDENTS SURVEYED.

The total number of respondents insured with LAT GIA was 52 out of

hundred, which was approximately half of the total sample size. Out of the

rest 48, 36 were insured with other insurance companies and 12 did not have

any type of insurance.

Category Percentage of Respondents

Insured with LAT GIA 52%

Insured with Other Companies 36%

Not Insured 12%

Graph No. 10

(Source: Survey)

13. PERCENTAGE BREAK-UP OF ULIP AND TRADITIONAL PLANS OF RESPONDENTS WHO ARE POLICYHOLDERS OF LAT.

Graph No. 11

(Source: Survey)

14. THE RATING GIVEN BY THE RESPONDENTS ON A SCALE OF 1-5 ON THE FOLLOWING FEATURES, WITH RESPECT TO THEIR CURRENT INSURANCE PLAN.

64%

10%

26%

0%

10%

20%

30%

40%

50%

60%

70%

Product attributes Services Provided Your Satisfaction

Series1

(Source: Survey)15. DIVISION OF RESPONDENTS BASED ON THEIR INSURANCE NEED.

Graph No. 12

Graph No. 13

The respondents in the questionnaire could mark more than one option for

their insurance need with respect to their current insurance plan. Therefore

the results shown in the graph is more than the actual number of respondents

i.e. hundred.

Category No. of Respondents

Security 30

Tax Planning 40

Investment 36

Spouse/Children 10

Expenses 4

(Source: Survey)

Security, 30

Tax Planning, 40

Investment, 36

Spouse/Children, 10

Expenses, 4

0

5

10

15

20

25

30

35

40

45

Graph No. 14

16. REPRESENTATION OF THE AMOUNT WHICH THE RESPONDENTS CAN SPARE MONTHLY FOR THEIR INSURANCE NEED.

A large number of respondents selected the range of 500 to 1000 as the

amount which they can spare on insurance monthly, and the rest 56 percent

chose the range till Rs. 5000 and there was no one in the range of 5000 to

10000.

Category Percentage of Respondents

500-1000 44%1000-2500 36%2500-5000 20%5000-10000 0%

44%

36%

20%

0%0%5%

10%15%20%25%30%35%40%45%

500-1000 1000-2500 2500-5000 5000-10000

(all figures are in Rs.)

(Source: Survey)Graph No. 15

INSURANCE CONSULTANT SURVEY

Gender of the respondent

Inference

As we can see from the figure itself that there is a sex ratio difference between males and females, which is 3:1 in the insurance industry. It is mainly because advisor’s job

Is demanding in terms of rigorous fieldwork and hence women finds difficult to cope up with it.

23.1

76.9

FemaleMale

Gender of the respondent

marital status of the respondent

Table 2

75.4

24.6

marriedunmarried

marital status of the respondent

Inference

More married people work, as advisors and company prefer to employ them in comparison to unmarried ones because being family people they tend to take their work more seriously. Because generally a laid back attitude has been observed in the unmarried people.

educational qualification of the respondent

Inference

Among insurance advisors, it has been observed that 61.5% of them are graduates in comparison to professionals like CA’s or MBA’s who are just 30.8%. While intermediate pass people just make 7.7% of the whole lot.

7.7

61.5

30.8

intergraduateprofessional

educational qualification of the respondent

agency to which respondent was associated

LIC ICICI PRU LIFE OTHERS ALL0

10

20

30

40

50

60

Perc

ent

13.8

26.2

1.5

58.5

agency to which respondent was associated

Inference

The majority of the agents whom we met and surveyed were found to be associated with LIC (58.5%) while 1.5% was found to be linked with all companies.

contacting the customer by the respondent

9

10

46

personal meeting & telephonetelephone & referencesall

contacting the customer by the respondent

Inference

When respondents were asked that what are the ways they use for contacting the clientele base they are having then 70.8% of them named telephone calls,

personal meetings and references as the major means of keeping in touch with their customers while only 15.4% named telephone calls and references as their sources.

frequency of visiting the customer by the respondent

once a month twice a month more than that0

10

20

30

40

50

Freq

uenc

y

frequency of visiting the customer by the respondent

Inference

75.4% of the advisors were find to visit their customers almost twice a month for various purposes like updating the customers for new policies and products company is introducing etc. and only 15.4% visited their clients once a month.

Inference

The commission earned by the advisors on the policy they sell to their customers is called the premium or the productivity. 70.8% of them had an annual productivity of

source of information of the customer

newspapers television and radio relatives/friends other sources0

5

10

15

20

25

Freq

uenc

y

source of information of the customer

Inference

As per the point of view of the 36.9%advisors, the customers usually get to know about the policies and products of any insurance company via their relatives or friends while 23.1% advisors gave the credit to the advertising in the newspapers as

the source of information to the people. TV and Radio had 21.5% of the advisors favoring them.

Parameters Demanded in insurance policies

21.54

27.69

16.92

33.85

servicequalityproduct featuresbrand

parameters demanded in insurance policies

Inference

33.8% advisors feel that while buying a policy what customer looks is the brand name associated with it. Like for selling a LIC, which is a generic brand you don’t need to do that much hard work because customer knows it.27.7% favored quality of the product they are selling as the top priority of the customer.16.9% advisors gave their consent to the product features as one of the enticing factor for the customers in buying into a policy.

PURPOSE OF GETTING INSURANCE

13.85

15.38

13.85

20

16.92

20

protectionsavingschild futureretirementinvestmenttax saving

purpose of getting an insurance

Inference

20% of the advisors felt that retirement and tax saving are the main purpose of the people for getting an insurance done. While 13.8% felt that child

future and protection were the causes for the people to get an insurance done.16.9% favored investment as the reason and 15.4% voted for savings as one of the cause for getting an insurance.

CHAPTER NO 6

CONCLUSION AND RECOMMENDATIONS Recommendations and Suggestions

During the exposure of 1 month I had in the insurance industry via AVIVA,

it helped me to develop the basic understanding of how this industry works

and the work experience & knowledge gained has also helped me to give the

recommendations as stated below:

An insurance policy is a product, which needs a lot of convincing before it

can be sold because what I analyzed in this internship that there are very few

people who have a basic knowledge about life insurance especially the lower

middle class society. So, it is essential for the advisor to know what the

customer actually needs and then letting the customer know what benefits he

will get out of it.

During the calls where I went along with the sales manager, I observed that

people in general have the perception that insurance is all about getting

discount in tax & investments. People should be made realize that it is a

great way of saving for the future too.

Besides doing market research, my other job was also to increase the advisor

base of the company. And company preferred the profiles of the already

established insurance advisors of the other company especially the LIC ones.

What I suggest is that before approaching these prominent agents we need to

do a SWOT analysis of the co. they are into. Like LIC Agents usually

complain of LOW returns and hence AVIVA can tap them on this loophole

of LIC.

Instead of approaching these good profile agents personally, the company

can hold Seminars Or Club Meetings because every one comes for free

lunches. Once they come, they can be given Business Opportunity

presentations about the incentives, commission structure etc is offering to its

advisors.

Since the commission structure has been fixed by the IRDA only so no

insurance company can give more commission on products but every

company has a different mode of distributing commission, since AVIVA has

all kind of products and policies with it (including the products which LIC

have and even those which LIC do not (have) thus every agent can earn as

much (NO UPPER LIMIT ON EARNINGS) as he wants because he has

more choice to offer to the customer. This can be one of the sales pitch for

the aviva life insurance.

CONCLUSION

AVIVA is aiming to become number 1 by Year 2010 Presently

having 176 branches all over the country.

But if we analyze in all sectors of life insurance then LIC has been the

most dominant player since 1956. The impact of LIC has been so

much in both rural and urban areas that people use the term LIC

instead of life insurance.

AVIVA faces a big challenge in front of them to stay in the race with

Life insurance corporation (LIC) because with the entrance of others

companies

Like BHARTI AXA, PANTALOON, HSBC etc the competition will

become tougher.

But insurance is also growing day by day, India has a population of

1.2 billion and only 6.73% population is insured. This means

insurance is an upcoming industry but Aviva has to work a lot on their

strategies to overcome LIC.

SURVEY OF INSURANCE CONSULTANTS

Name: - Age: - Address: -

Contact no: -

1) Gender a) Male b) Female

2) Marital status a) Married b) Unmarried

3) Educational qualification a) Inter b) Graduate c) Professional

4) Agency recruited to a) LIC b) ING VYSYA c) ICICI PRU d) OTHERS If holding more than one specify:………………………………..

5) Insurance Club Membership a) Yes b) No If yes, specify the clubs:………………………………….

6) Experience in the field a) 0-6 months b) 6-12 months c) More than 1 yr

7) No of policies sold in a month: a) 1 to 5 b) 5 to 10 c) more than 10

8) Does any other family member holds any agency: a) Yes b) no

If anyone interested: …………………………………

9) Annual Productivity (net premium per annum)a) Below Rs. 50,000

b) Rs. 50,000—1,00,000

c) Above Rs. 1,00,000

10) Contacting the customer: -a) Personal Meetingsb) Telephone Callsc) References

11) Frequency of visiting the customer to keep him updated about the policy?

a) Once a monthb) Twice a monthc) More than that

12) How the customer gets to know about the different policies?a) News papers/ Magazinesb) Television/ Radioc) Relatives/ Friendsd) Other Sources

13) What parameters people demand in an insurance product? a) Serviceb) Qualityc) Product Featuresd) Brand

14) Purpose of insurancea) Protectionb) Savingsc) Child Futured) Retiremente) Investmentsf) Tax Saving

BIBLOGRAPHY

WWW.GOOGLE.COM

WWW.MONEYCONTROL.COM

BOOK

IRDA

WWW.AVIVALIFEINSURANCE.COM