EXECUTIVE SUMMARY

Aviva Life insurance is the oldest life insurance company in the world. It is
the largest insurer in the UK and is the 28th largest company in the world. In
India, the company is marketing life insurance products and unit linked
investment plans. From my research at Aviva, I found that the company has
a lot of competition from other private insurers like ICICI, HDFC, Birla Sun
Life and Tata Aig. It also faces competition from LIC. To compete
effectively Aviva could launch cheaper and more reasonable products with
small premiums and short policy terms (the number of year’s premium is to
be paid). The ideal premium would be between Rs. 5000 – Rs. 25000 and an
ideal policy term would be 10 – 20 years. Aviva must advertise regularly
and create brand value for its products and services. Most of its competitors
like HDFC, ICICI, Reliance and LIC use television advertisements to
promote their products. The Indian consumer has a false perception about
insurance – they feel that it would not benefit them if they do not live
through the policy term. Nowadays however, most policies are unit linked
plans where a customer is benefited even if their death does not occur during
the policy term. This message should be conveyed to potential customers so
that they readily invest in insurance.
Family responsibilities and high returns are the two main reasons people
invest in insurance. Optimum returns of 16 – 20 % must be provided to
consumers to keep them interested in purchasing insurance. On the whole
Aviva life insurance is a good place to work at. Every new recruit is
provided with extensive training on unit linked funds, financial instruments
and the products of Aviva. This training enables an advisor/ sales manager
to market the policies better. Aviva was ranked 13 in the Best Places to
Work survey.

1
 CHAPTER I

INDIAN INSURANCE

INDUSTRY

“AN OVERVIEW”

2
 THE INSURANCE INDUSTRY IN INDIA

AN OVERVIEW

With the largest number of life insurance policies in force in the world,
Insurance happens to be a mega opportunity in India. It’s a business growing
at the rate of 15-20 per cent annually and presently is of the order of Rs 450
billion (for the financial year 2004 – 2005). Together with banking services,
it adds about 7% to the country’s Gross Domestic Product (GDP). The gross
premium collection is nearly 2% of GDP and funds available with LIC for
investments are 8% of the GDP.

Even so nearly 80% of the Indian population is without life insurance cover
while health insurance and non-life insurance continues to be below
international standards. A large part of our population is also subject to
weak social security and pension systems with hardly any old age income
security. This in itself is an indicator that growth potential for the insurance
sector in India is immense.

A well-developed and evolved insurance sector is needed for economic

development as it provides long term funds for infrastructure development
and strengthens the risk taking ability of individuals. It is estimated that over
the next ten years India would require investments of the order of one
trillion US dollars. The Insurance sector, to some extent, can enable
investments in infrastructure development to sustain the economic growth of
the country.

3
 HISTORICAL PERSPECTIVE

The history of life insurance in India dates back to 1818 when it was
conceived as a means to provide for English Widows. Interestingly in those
days a higher premium was charged for Indian lives than the non - Indian
lives, as Indian lives were considered more risky to cover. The Bombay
Mutual Life Insurance Society started its business in 1870. It was the first
company to charge the same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General

insurance business in India, on the other hand, can trace its roots to Triton
Insurance Company Limited, the first general insurance company
established in the year 1850 in Calcutta by the British. Till the end of the
nineteenth century insurance business was almost entirely in the hands of
overseas companies.

Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the Provident Fund Act of 1912.
Several frauds during the 1920's and 1930's sullied insurance business in
India. By 1938 there were 176 insurance companies.

The first comprehensive legislation was introduced with the Insurance Act
of 1938 that provided strict State Control over the insurance business. The
insurance business grew at a faster pace after independence. Indian

4
companies strengthened their hold on this business but despite the growth
that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly
corporation and Life Insurance Corporation (LIC) was born. Nationalization
was justified on the grounds that it would create the much needed funds for
rapid industrialization. This was in conformity with the Government's
chosen path of State led planning and development.

The non-life insurance business continued to thrive with the private sector
till 1972. Their operations were restricted to organized trade and industry in
large cities. The general insurance industry was nationalized in 1972. With
this, nearly 107 insurers were amalgamated and grouped into four
companies- National Insurance Company, New India Assurance Company,
Oriental Insurance Company and United India Insurance Company. These
were subsidiaries of the General Insurance Company (GIC).

KEY MILESTONES

1912: The Indian Life Assurance Companies Act enacted as the first statute
to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-life
insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act

with the objective of protecting the interests of the insuring public.

5
1956: 245 Indian and foreign insurers along with provident societies were
taken over by the central government and nationalized.

LIC was formed by an Act of Parliament- LIC Act 1956- with a capital
contribution of Rs. 5 crore from the Government of India.

INDUSTRY REFORMS

Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a
statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies. Since
being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations.

The other decision taken simultaneously to provide the supporting systems

to the insurance sector and in particular the life insurance companies was the
launch of the IRDA online service for issue and renewal of licenses to
agents. The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products.

PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN

INDIA

The life insurance industry in India grew by an impressive 36%, with

premium income from new businesses at Rs. 253.43 billion during the fiscal

6
year 2004-2005. Though the total volume of LIC's business increased in the
last fiscal year (2004-2005) compared to the previous one, its market share
came down from 87.04 to 78.07%.
The 14 private insurers increased their market share from about 13% to
about 22% in a year's time. The figures for the first two months of the fiscal
year 2005-06 also speak of the growing share of the private insurers. The
share of LIC for this period has further come down to 75 percent, while the
private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players
have entered the market. The restriction on these companies is that they are
not allowed to have more than a 26% stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of

Rs. 8.7 billion have poured into the Indian market and 14 private life
insurance companies have been granted licenses.

Innovative products, smart marketing, and aggressive distribution have

enabled fledgling private insurance companies to sign up Indian customers
faster than anyone expected. Indians, who had always seen life insurance as
a tax saving device, are now suddenly turning to the private sector and
snapping up the new innovative products on offer. Some of these products
include investment plans with insurance and good returns (unit linked
plans), multi – purpose insurance plans, pension plans, child plans and
money back plans.

7
 CHAPTER II

RESEARCH DESIGN

8
 RESEARCH DESIGN

INTRODUCTION
A Research Design is the framework or plan for a study which is used as a
guide in collecting and analyzing the data collected. It is the blue print that
is followed in completing the study. The basic objective of research cannot
be attained without a proper research design. It specifies the methods and
procedures for acquiring the information needed to conduct the research
effectively. It is the overall operational pattern of the project that stipulates
what information needs to be collected, from which sources and by what
methods.
TITLE OF THE STUDY

“A Study on Market Segmentation of the Insurance Industry in India

for Aviva Life Insurance India Pvt. Ltd.,”

STATEMENT OF THE PROBLEM

This study was undertaken to identify which type of insurance plans Aviva
should market to particular market segments in India. A survey was
undertaken to understand the preferences of Indian consumers with respect
to insurance. While marketing policies the sole duty of an advisor/ agent is
to provide insurance plans as per customer requirements.

9
In effect plans (insurance products) should be flexible to suit individual
requirements. This research tries to analyze some key factors which
influence the purchase of insurance like the term of the policy, the type of
company, the amount of annual premium payable (capacity and willingness
to spend), risk taking ability and the influence of advertising. Solutions and
recommendations are made based on qualitative and quantitative analysis of
the data.
OBJECTIVES OF THE STUDY

 To find the market share of various life insurers in India

 To suggest additions to the current product portfolio
 To recognize the popular insurance plans
 To showcase the influence of advertising
 To suggest ideal policy term and premium for insurance
 To showcase the consumers willingness to spend on life insurance
 To showcase the factors that motivate purchase of insurance
policies
 To understand the type of company preferred for investment
 To understand the awareness level of consumers about unit linked
insurance plans

RESEARCH METHODOLOGY

TYPE OF DATA COLLECTED

10
There are two types of data used. They are primary and secondary data.
Primary data is defined as data that is collected from original sources for a
specific purpose. Secondary data is data collected from indirect sources.

PRIMARY SOURCES

These include the survey or questionnaire method, telephonic interview as

well as the personal interview methods of data collection.

SECONDARY SOURCES

These include books, the internet, company brochures, product brochures,

the company website, competitor’s websites etc, newspaper articles etc.

LIMITATIONS OF THE STUDY

 The study was limited only to the city of Bangalore

 The study was conducted only for a short period of one month

 The study is based on the assumption that information provided by the

respondents is true

OVERVIEW OF CHAPTER SCHEME

CHAPTER 1:

11
Introduction to insurance - An overview of the industry in India,
history, key milestones, reforms in the industry, present scenario in India.

CHAPTER 2: Research Design - Introduction, title of the study,

statement of the problem, objectives of the study, research methodology,

sampling, plan of analysis, study area and limitations of the study.

CHAPTER 3:

Company Profile – Introduction to Aviva, products and services, vision

and core values, human resource, organizational structure, introduction to
unit linked funds, national & international presence of the organization.

CHAPTER 4:

Competitive analysis – Information about the plans offered by LIC and

other private insurers in India. Comparisons between the plans to find the
most popular and beneficial plans which Aviva can incorporate into their
product portfolio.

CHAPTER 5:

Marketing problems - The techniques used to market insurance and

their advantages and disadvantages along with suggestions for
improvement.

CHAPTER 6:

12
Problems requiring more research – Future line of work

CHAPTER 7:
Conclusion

CHAPTER 8:
References

CHAPTER III

COMPANY PROFILE

13
 COMPANY PROFILE

AVIVA LIFE INSURANCE

INTRODUCTION
Aviva plc was previously known as CGNU plc. The name change was
effected on 1st July 2002. Prior to the re – branding, CGNU was using 50
trading names across the world. The decision for the re – branding was taken
with the objective of creating a strong and powerful international services
brand.

HISTORY OF THE AVIVA GROUP

• 1696 – The world’s oldest insurance company Hand in Hand formed

in London

• 1797 – Norwich Union founded in London

• 1861 – Commercial Union founded in London

14
 • 1885 – General Accident founded in Perth, Scotland

• 1998 – CGNU formed with the merger of Commercial Union and

General Accident

• 2000 – CGNU formed with the merger of CGU and Norwich Union

• 2002 – CGNU re - branded as Aviva plc on 1st July, 2002

KEY POINTS - AVIVA

• 5th largest insurance group in the world

• Largest insurer in the United Kingdom

• 28th largest company in the world

• Premium income from new business 32 billion USD

• Total premium income 36 billion pounds

• Shareholders funds of 14.9 billion

• Over 35 million satisfied customers worldwide

• Listed on the London, Paris and Dublin stock exchanges

• Top five positions in Holland, Ireland, Singapore, Spain, Turkey and

Poland

15
 • Long term savings and asset management account for 71% of

premiums

KEY POINTS - AVIVA LIFE INSURANCE INDIA

• Got licensed on 14th May 2002 and started operations on 6th June 2006

• Pioneered the concept of indexation

• Pioneered the concept of unitization

• Tie - ups with ABM Amro, American Express, Canara Bank &

Lakshmi Vilas Bank

• 26 million customers and over 67734 crores in deposits

• Paid up capital of Rs.559 crores

• Growth of 118% since the last year from new business

VISION

“Aviva - Where exceeding expectations through innovative solutions is

our way of life”

CORE VALUES

• Passion for winning

• Integrity

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 • Innovation

• Customer centricity

• Empowered Team

PRODUCTS & SERVICES

The right investment strategies won't just help plan for a more comfortable
tomorrow -- they will help you get “Kal Par Control”. At Aviva, life
insurance plans are created keeping in mind the changing needs of you and
your family. Our life insurance plans are designed to provide you with
flexible options that meet both protection and savings needs. We offer our
customers a full range of transparent, flexible and value for money products.
Aviva products are modern and contemporary unitized products that offer
unique customer benefits like flexibility to choose cover levels, indexation
and partial withdrawals. (Source: www.avivaindia.com)

PLANS MAINLY FOR PROTECTION (LIFE COVER)

1) LIFE LONG
Life Long is designed to suit individual requirements, no matter which life
stage you are at, and changes as your needs change during your entire life.

17
For the same premium, you can opt for a higher life cover (protection) and
lower savings or lower life cover and higher savings. The choice of
protection-savings mix is yours, and the decision can be based on your
priorities and age. You can also cover your spouse under the same policy
without any additional expense through a joint life policy (first death basis).
The entry age is 18 – 60 years. If any rider is opted the maximum entry age
is 55 years (last birthday). This is a whole life plan with premium payment
age up to 85 years. The minimum annual premium is Rs. 6000. The
minimum sum assured is 0.5* (70 – entry age) * Annual premium and the
maximum sum assured is Annual premium * Cover level, where the cover
level ranges from 10 to 100, depending upon age at entry.

Sample Cover Level

Age 20 years 30 years 40 years 50 years

Cover 97 82 54 30
Level

One can invest their monies in a With Profits Fund and 3 Unit Linked funds;
Protector, Growth and Balanced Funds. An individual can opt for riders like
accidental death and disbursement rider, critical illness and permanent total
disability rider and hospital cash benefit. There will be 5% extra allocation
of units on the 15th policy year.

How is the money invested?

Life Long offers a With Profits Fund and 3 Unit Linked Funds which give
you the flexibility of choosing how your money should be invested in terms

18
of the risk and the security of the return on the investment. You can invest
100% of your premiums either in the With Profits Fund or in any of the Unit
Linked Funds. The minimum allocation in each selected unit linked fund
must be 10%.

Changing Allocation Proportions

You have the option to change the allocation proportion of your premiums
to different funds at anytime, up to 2 times a year, for all future premiums.
The minimum allocation in each selected fund must be 10%. A policy
holder can switch accumulated funds from one investment fund to another
(either partly or fully). In case of a part switch, the minimum amount
switched should be Rs. 10,000 and the minimum balance in the fund after
the switch should be Rs. 5,000. The first 2 switches in a policy year are free
of charge.

Allocation of Units

• Units purchased with the first year’s premium and the first

incremental regular premium due to indexation and / or additional

regular premium will be used to allocate initial units. Units purchased

from the second year’s premium onwards and after the first

incremental regular premium due to indexation and / or additional

regular premium will be used to allocate accumulation units

• The unit price shall be calculated on a daily basis in accordance with

Insurance Regulatory and Development Authority (IRDA) guidelines

19
 from time to time. The Unit Price will be calculated as follows: Unit

price for Unit Linked Funds is equal to the market value of assets

held by the fund plus the value of current assets and accrued

income minus the value of current liabilities, fund management

charges and provisions, if any, divided by the total number of

units outstanding

• Unit price for With Profits Fund is calculated by applying the

equivalent daily rate to the current unit price on a daily compounding

basis. The equivalent daily unit growth rate = (1 + annual regular

bonus rate) ^ (1/365)*(1-fund management charge per annum /

365) - 1. Aviva guarantees that the unit price in this fund will

never fall

• Units shall be allocated on the day the proposal is completed and

results into a policy by adjustment of application money towards

premium. The premium shall be adjusted on the due date even if it has

been received in advance

• In respect of premiums received within a time specified by IRDA

through a local cheque or a demand draft, payable at par, at the place

where the premium is received, the closing NAV of the day on which

20
 premium is received shall be applicable. Currently, this time is 4:15

p.m.

• In respect of premiums received after the time specified by IRDA

through a local cheque or a demand draft, payable at par, at the place

where the premium is received, the closing NAV of the next business

day shall be applicable

Extra Allocation of Units

On the 15th policy anniversary, Life Long gives you a 5% Extra Allocation
on existing units. These units are given if all the due premiums have been
paid. The additions will apply to the units attributable to regular premiums
existing at the end of the specified policy anniversary. This benefit will not
be applicable to units pertaining to the top-up premiums or additional
regular premiums.

Can I make lump-sum investments?

You have the flexibility of making lump-sum investments through top-up

premiums to increase the investment value of your policy without increasing
the sum assured provided all due premiums till date are paid. The minimum
top-up premium is Rs. 1,500.

The total of top-up premiums cannot exceed 25% of the total regular
premiums paid till date at any point in time. Units purchased from top-up
premiums will be used to allocate accumulation units to various investment
funds in the same proportion as selected by you for your regular premiums

21
Can I increase the sum assured?
You can increase your sum assured anytime before age 67 or the 27th policy
year, whichever is earlier, provided that all due premiums have been paid.
This is subject to the maximum increase allowed at that age. The sum
assured under the riders (except HCB) will also increase up to the maximum
limit allowed under each rider. Evidence of health may be required before
such an increase in sum assured is made.

Can I increase my regular premium?

You can increase your regular premiums through any of the 2 methods
mentioned below:

Indexation

You have the option to increase your regular premiums by an indexation rate
at any policy anniversary to protect the real value of your investment against
inflation. The rate of indexation will be in line with the increase in the
Whole Sale Price Index (or in the event that this Index ceases to be
published such other index as the Company may select for this purpose).
The base sum assured and sum assured of any attached rider (except HCB)
would also be increased by the corresponding indexation increase.
The maximum sum assured limits under the riders for the purchased policy
would not apply in this case. You can opt for indexation at the inception of
the plan only. Once opted for, this will become a default option unless
altered by you. The indexation benefit is available till age 67 or the 27th
policy year, whichever is earlier.

22
Additional Regular Premiums (ARP)
On every policy anniversary you have the option to increase the regular
premium amount through ARP at any time up to age 67 or the 27th policy
year, whichever is earlier. The minimum ARP is Rs. 1,000. ARP will
increase the sum assured automatically. The sum assured of any attached
rider (except HCB) would also increase provided the increased sum assured
is within the maximum limits allowed for the riders. Evidence of health may
be required before such an increase in sum assured is made.
When can I withdraw my money?

You have the flexibility of making partial withdrawals from accumulation

units in respect of regular premiums as well as top up premiums provided all
due premiums till date are paid. Any partial withdrawal will first be made
from the top up premium account (if any and if eligible for withdrawal)
followed by the regular premium account, if required.

• Partial withdrawals from top-up premium account can be made after 3

years from the allocation date of that top-up premium

• Partial withdrawals from units pertaining to regular premiums can be

made after completion of 3 policy years

• Only 4 partial withdrawals are allowed in a policy year.

• The minimum partial withdrawal is Rs. 5,000 and the fund value

should not be less than two times the annual premium

23
 • Till age 58 years, the total partial withdrawal with respect to regular

premiums in a policy year should not exceed 25% of the fund value

pertaining to regular premiums at the beginning of the policy year.

• Post age 58 years this restriction does not apply. There is no

restriction on the maximum amount of partial withdrawal with respect

to top-up premiums.

What are the riders that I can opt for?

Apart from the death cover under the base plan, Life Long offers extra
protection through optional riders:

• Accidental Death and Dismemberment Rider (AD&D): Coverage

from risk of death or dismemberment due to an accident

• Critical Illness and Permanent Total Disability Rider (CI&PTD):

Coverage against contracting a critical illness or becoming totally and

permanently disabled due to a disease or an accident

• Hospital Cash Benefit Rider (HCB): The Company will make fixed

cash payments for each day of hospitalization. These riders can be

attached to the base plan at inception only and the rider covers expire

at 60 years of age.

24
What happens if I die?

In the unfortunate event of your death or if your spouse dies before you (if

jointly assured) the following payments would be made:

• Higher of sum assured or fund value (value of initial and

accumulation units in respect of regular premiums) is payable

• An additional sum assured would also be payable if AD&D rider has

been opted for and death is due to accident

• The sum assured as well as the rider sum assured will be reduced by

all partial withdrawals made from regular premium account within the

last 2 years prior to death. If death occurs after age 60, the sum

assured will be reduced by all partial withdrawals made after age 58

till death

• The value of units attributable to the top-up premiums, if any, would

also be payable

• If you have invested in the With Profits fund, a final bonus, if any,

will also be payable

What are the charges on my policy?

• Policy Administration Charge (PAC): Rs. 67 per month, which will

increase by 5% p.a. on the 1st of January each year. PAC will be

25
 deducted monthly by cancellation of units from the accumulation unit

account. If premiums are discontinued, this charge would reduce to

60% of the charge applicable for the premium paying policies

• Initial Management Charge (IMC): 10% p.a. of initial units during

the first 30 years. IMC will be deducted monthly from initial units

• Fund Management Charge (FMC): 1% p.a. on With Profits Fund,

1% p.a. on Protector Fund, 1.25% p.a. on Balanced Fund and 1.50%

p.a. on Growth Fund. FMC will be applied on the fund while

calculating NAV on a daily basis. The maximum FMC on any fund is

2% p.a. subject to prior approval by the IRDA

• Mortality Charge: The Mortality Charge will apply on the Sum at

Risk (SAR = Sum Assured less the Fund Value pertaining to regular

premiums). It will be deducted by monthly cancellation of units from

the accumulation unit account. The Mortality Charge shall remain

guaranteed throughout the policy term.

• Rider Premium Charges: Rider charges will be made by monthly

cancellation of units from the policy accumulation unit account. The

AD&D rider charge will apply on Sum Assured; the CI&PTD rider

26
 charge will apply on the Sum at Risk, while the HCB rider charge is a

fixed amount.

• Rider charges may change based on the Company’s claims experience

and approval by the IRDA. The Company shall charge the applicable

service tax over and above the mortality charge and rider premium

charge mentioned above

• Surrender Charge – on Initial Units: [1-(1/1.10^N)] * value of initial

units, at the unit price, on the date of surrender – on Accumulation

Units pertaining to regular premiums: [1-{1/(1 + x)}^N] * value of

accumulation units, at their unit price, on the date of surrender.

What are the tax benefits I get?

Tax benefits will be as per Section 80C & Section 10(10D) of the Income
Tax Act, 1961. Insurance is tax free up to Rs. 100000 per annum and the
returns on investment on maturity of the policy are also tax free.

Illustration

This illustration is of a 30 year old, who pays premiums annually for a sum
insured of Rs. 1,000,000.

Policy Base Base Annual Discount* Base Annual

Term Annual Premium for @50 Annual Premium
(Years Premium Pension Plus paise/'000 Premium for Pension
) (Rs.) Policyholder (Rs.) (Rs.) Plus
(with 7.5% Policyholder

27
 discount)(Rs.) (Rs.)
10 3160 2923 500 3160 2423
15 3390 3136 500 3390 2636
20 3620 3349 500 3620 2849

2) LIFE SHIELD

Life Shield is an ideal life insurance plan that helps you protect your
family's future. While there can be no compensation for the loss of life, Life
Shield ensures that your family's financial needs are met should something
unfortunate happen to you. Its aim is to pay out a guaranteed cash amount in
the unfortunate event of your death during the term of the policy.

Key Features of Life Shield

• Life Shield is a low cost life insurance plan which guarantees to pay a

lump sum amount in case of your death during the term of the policy.

• Life Shield can be purchased for any life between 18 to 55 years of

age. However, the maximum age of the life insured at expiry of the

policy is 65 years.

• The minimum and maximum policy terms are 5 years and 40 years,

respectively.

• The minimum annual premium is Rs.2000 and the minimum sum

insured is Rs.500000.

28
• The sum insured of the policy can be increased (only up to 40 years of

age) once by 50% (subject to maximum increase of Rs.1,000,000)

during the term of the policy, without submitting any evidence of

good health, if:

- You decide to increase the sum insured within three months of

your marriage.

- You decide to increase the sum insured within three months of

the birth of your child.

• This option to increase the sum insured is available if the policy has
been accepted on standard rates.

What are the benefits of this plan?

• The plan pays out a sum insured in the unfortunate event of your
death before the maturity date.
• We offer preferred rates to customers opting for higher sum insured
and to Pension Plus policyholders of Aviva.

- You will receive a discount of Rs. 0.50 per thousand of sum

insured on standard premium rates if you are opting for a sum
insured of Rs. 1,000,000 and above.
- If you are a Pension Plus policyholder, you will get an
additional discount of 7.5% on the premium rate stated in the
Premium Rate Table of Life Shield, provided your Life Shield
policy has been accepted on standard rates.

29
 PLANS MAINLY FOR SAVINGS & INVESTMENT

1) EASY LIFE PLUS

Easy Life Plus is a simple unit linked endowment plan with the benefit of
life protection. By choosing an appropriate premium level and term, you can
match the maturity date of the plan to a specific savings need such as your
child’s education, wedding or any other financial need. Easy Life Plus also
offers an extra protection against accident without requiring you to undergo
any medical examinations.

The entry age for the policy is 18 – 50 years. The policy term is 10, 15, 20
or 25 years. Maximum age at maturity is 60 years.

The minimum annual premium is Rs. 6000 and maximum is Rs. 50000. Sum
assured is calculated as higher of 10 times the annual premium and 0.5 *
policy term * annual premium subject to a minimum of Rs. 60,000 and a
maximum of Rs. 50,000. The investment fund options available are
protector, growth and balanced funds.

On maturity, you can either take out the maturity proceeds (fund value in
respect of regular premiums) and terminate the policy or opt for a settlement
option wherein all or part of maturity proceeds would be paid out to you as
structured payouts in accordance with the settlement option then offered by
the Company. The settlement option is available only on Unit Linked funds
and only if all due premiums have been paid.

What happens if I die?

30
In case of a non accidental death in the first policy year 50% of the sum
assured or fund value which ever is higher is paid. From the 2nd policy year,
higher of sum assured or fund value is payable. In case of accidental death
an additional sum assured is payable.

What are the charges on my policy?

• Policy Administration Charge (PAC): Rs. 43 per month, which will

increase by 5% p.a. on the 1st of January each year. PAC will be

deducted monthly by cancellation of units from the accumulation unit

account. If premiums are discontinued, this charge will reduce to 60%

of the charge applicable for the premium paying policies

• Initial Management Charge (IMC): 5% p.a. of initial units during

the policy term. IMC will be deducted monthly from initial units

• Fund Management Charge (FMC): 1% p.a. on With Profits Fund,

1% p.a. on Protector Fund, 1.25% p.a. on Balanced Fund and 1.50%

p.a. on Growth Fund. FMC will be applied on the fund while

calculating NAV on a daily basis. The maximum FMC on any fund is

2% p.a. subject to prior approval by the IRDA

• Mortality Charge: The Mortality Charge will apply on the Sum at

Risk (SAR = Sum Assured less the Fund Value). It will be deducted

by monthly cancellation of units from the accumulation unit account.

The Mortality Charge shall remain guaranteed throughout the policy

31
 term. The charge for the ADPTD benefit will apply on Sum Assured

and will remain flat throughout the term of the policy.

2) YOUNG ACHIEVER

Young Achiever is a regular premium life insurance product designed to

meet the financial needs of your children - be it higher education, marriage,
starting a career or a business, or any other need. The plan can be purchased
on the life of any one of the parents with the child as the nominee. Through
this policy, you save regularly to meet your children’s needs, and at the
same time their financial needs are taken care of should something
unfortunate happen to you.

The entry age for this policy is 21 – 55 years. The term of the policy is 8 to
21 years (maximum age at maturity 65 years). If your child’s age is between
0 – 13 years, the policy term will be 21 minus the age of your child at entry.
For example if the age of your child is 10 years at the time of purchasing the
policy, the policy term will be 11 years (21 – 10). The minimum annual
premium payable is Rs. 6000. The minimum sum assured is Rs. 36000 and
maximum sum assured is Rs. 10,000,000. For each policy term there is a
low and high sum assured to choose from ranging from 6 to 21 times the
annual premium.

Can I withdraw my money during the policy term?

You have the flexibility of making partial withdrawals from accumulation

units in respect of regular premiums as well as top up premiums provided all

32
due premiums till date are paid. Any partial withdrawal will first be made
from the top up premium account (if any and if eligible for withdrawal)
followed by the regular premium account, if required.

• Partial withdrawals from top-up premium account can be made after 3

years from the allocation date of that top-up premium

• Partial withdrawals from units pertaining to regular premiums can be

made in the last 4 policy years. There is no restriction on the

maximum amount of partial withdrawal with respect to top-up

premiums

• The minimum partial withdrawal is Rs. 5,000 and the fund value

should not be less than two times of annual premium

• Only 4 partial withdrawals are allowed in a policy year

• No partial withdrawal can be made from the initial units

What are the charges on my policy?

• Policy Administration Charge (PAC): Rs. 57 per month, which

will increase by 5% p.a. on the 1st of January each year. PAC will

be deducted monthly by cancellation of units from the

accumulation unit account. If premiums are discontinued, this

charge would reduce to 60% of the charge applicable for the

premium paying policies

33
 • Initial Management Charge (IMC): 10% p.a. of initial units

during the policy term. IMC will be deducted monthly from initial

units

• Fund Management Charge (FMC): 1% p.a. on With Profits

Fund, 1% p.a. on Protector Fund, 1.25% p.a. on Balanced Fund

and 1.50% p.a. on Growth Fund. FMC will be applied on the fund

while calculating NAV on a daily basis. The maximum FMC on

any fund is 2% p.a. subject to prior approval by the IRDA

3) LIFE SAVER

Life saver is a flexible endowment savings plan. Its entry age is 18 – 65

years. This policy can be taken jointly with your spouse. The sum
assured is calculated as annual premium * cover level; where cover level
ranges from 5 – 68 depending upon the age at entry and the policy term.
Since it is an endowment plan the sum assured is fixed right from the
acceptance of the policy. The minimum policy term is 5 years and
maximum age at maturity is 70 years. The policy term may be selected
according to the goals of the prospect.

The minimum premium payable is Rs. 6000 and there is no maximum

limit. This is a contribution based plan. It means that the customer can
decide how much money he wants to set aside in his investment. The
premium payment term is the same as the policy term and it encourages
disciplined savings. Top up premiums are allowed with a minimum top

34
 up of Rs. 1500 and a maximum of up to 25% of the total regular
premium paid. The allocation rate for the top up premium is 96%.

A policy holder can avail a premium holiday 6 months after the 5th policy
year for 4 times during the policy term. During this time the policy does
not lapse. A grace period of 30 extra days are given to the policy holder
to pay premium beyond the premium paying due date. On the death of
the policy holder the higher of the sum assured or fund value is paid. The
sum assured protects the policy holder and their corpus whereas invest
able premiums grow the savings component.

The customer has the option to return the policy within 15 days and no
surrender penalty would be levied on the same. You can experience the
service and if you are not satisfied you have a chance to cancel the
policy. This is called the free look period. Tax free partial withdrawal is
allowed after the three policy years. No surrender value is payable in the
first three policy years. If the policy has lapsed it can be reinstated within
two years from the date of the first unpaid premium. The settlement
option is available at maturity.

4) LIFE BOND

A wide age band can opt for this policy. The eligibility is 1 – 65 years.
There are no riders available with this policy. The minimum sum assured is
Rs. 31,250 and there is no maximum limit. The minimum premium payable
is Rs. 25000 and there is no maximum limit. The customer decides how
much money he wants to set aside in this investment. Only single premium
is allowed. No additional regular premiums are allowed. The minimum top

35
up premium is Rs. 6250 and the maximum top up premium is 25% of the
total regular premiums paid.

Policy administration charge: 1.5% p.a. of the single premium for the first
year and 1% p.a. thereafter. This is also true for the top – up premiums.

• Fund management charges: 1% on with profit and protector, 1.25%

on the balanced fund and 1.5% on the growth fund.

• Mortality Charges: Apply on the sum at risk which is the sum

assured less the fund value

5) SAVE GUARD

This policy is a limited premium paying term whole life plan. The eligibility
age for this plan is 18 – 50 years. The minimum premium payable is Rs.
12000 and the maximum is Rs. 360000. Annual premiums have to be
multiples of 6000.

The sum assured is calculated as 0.5*PT*AP and the maximum is Rs.

18,00,000 for 10, 15 years term and 12,00,000 for 20, 25 and 30 years term.
The premium paying term is 10, 15, 20, 25 and 30 years. The minimum
policy term is 10 years and maximum is 30 years. The maximum age at
maturity is 70 years. The three funds available for investment are secure
fund, balanced fund and growth fund.

Policy proceeds are tax free under the section 10 (10D) of the Income Tax
Act, 1961 (provided the total premium paid in any policy year does not

36
exceed 20% of the capital sum assured). A tax deduction is also applicable
under section 80C of the Income Tax Act, 1961.

6) TREASURE PLUS

Treasure plus is a savings cum protection plan. The entry age is 18 to 50

years. The maximum age at maturity is 65 years. This policy has various
premium payment terms of 10, 15 and 20 years. The minimum annual
premium is Rs 12000/- and the minimum sum assured is 10 times annual
premium subject to a maximum of 6 lakhs. The investment option available
is 100% investment in secure fund. The composition of the fund is 0-20%
equity 50-100% debt and 0-20% money market.

The maturity benefit is higher of the fund value or minimum maturity value
where minimum maturity value is equal to annual premium into policy term.
The administration charges is Rs 38/- per month. The initial management
charge of 7% per annum will be charged on initial units during the premium
paying term. Mortality charges are based on gender, age and term of the
policy.

7) FREEDOM LIFE PLAN

Freedom life plan is a limited payment term investment cum protection plan.
The eligibility age is 18 – 60 years. This policy can cover you and your
spouse for the same premium amount. The maximum age at maturity is 70
years. The policy term is 10 – 30 years. The minimum premium payable is
Rs. 25000 p.a. for 10, 15, 20, 25 or 30 years and a minimum of Rs. 200000
p.a. for 3 or 5 years.

37
The minimum sum assured is 0.5*PT*AP and the maximum sum assured is
1.25*PT*AP. There is an option of increasing the sum assured before the
age of 40 years by 50%, within 3 months of marriage or within 3 months of
the birth of the child. This feature helps the policy holder to alter the policy
to suit his life stage and need. There are guaranteed loyalty additions of 5%
on the 10th policy year and 3% on every subsequent 5th policy anniversary
till the date of maturity. The HCB, CIPTD and ADD riders are available.

8) PENSION PLUS

It is a regular savings personal pension plan. The eligibility age is 18 – 65

years. The term of the policy is equal to the premium paying term
(maximum up to the age of 70 years). You have the option to choose term
based on retirement age. The minimum premium is Rs. 6000 per annum for
regular premium and Rs. 100,000 for single premium.

The term of the policy is subject to a maximum of 70 years. The minimum

vesting is 40 years and maximum vesting age is 70 years. You have the
provision to start your pension from as early as 40 years of age. The
allocation rate is 98% for below Rs.500, 000 and 99% for above Rs.
500,000.

The maturity benefit is 100% of the corpus used to purchase regular pension
from the annuity options available and commutation of 33.33% and the
balance for purchasing pension from Aviva or the open market.

HUMAN RESOURCE

With a strong sales force of over 16,000 Financial Planning Advisers

(FPA’s), Aviva has initiated an innovative and differentiated sales approach

38
to the business. Through the “Financial Health Check” (FHC) Aviva’s sales
force has been able to establish its credibility in the market. The FHC is a
free service administered by the FPA’s 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 Financial Health Check assesses and
recommends the right insurance product for them.

ORGANIZATION STRUCTURE

Zonal Manager

Branch Manager

Operations
HR
Sales Manager Sales Manager Department
Department

Financial Planning Advisors Tele callers

General
(team) (Recruiting)
Staff

39
At Aviva in Bangalore, the internal structure of the organization was as
given above. The branch was headed by the zonal manager. He controlled
the south zone. The branch manager was the next person in authority. All
strategic decisions about the firm’s future were taken by these two
individuals. There job profile was to monitor the performance of the
organization and see that all the operations were going smoothly.

The HR department was responsible for recruiting new financial planning

advisors. The department was headed by a HR Manager. The main sales
force comprised of the sales managers and the advisors. The sales managers
had to manage teams of 15 – 20 advisors. They would help in filling out
applications, providing relevant databases to prospect customers,
accompany advisors on their sales calls and make sure everyone in the team
is motivated.

The financial planning advisors are the main link between the customer and
the company. They are the individuals who try to market the insurance
policies to prospects. They are provided training for the same. Every advisor
must pass the insurance examination as specified by the IRDA. Only a
licensed advisor is allowed to procure business for the firm. Apart from this
training is provided on unit linked funds and the savings/ protection
products Aviva offer.

INTROUCTION TO UNIT LINKED FUNDS

Unit linked plans are based on the component of the premium or the
contribution of the customer towards the plan. This contribution can be in
different modes like yearly, half yearly, quarterly and monthly. Unit linked

40
plans have multiple benefits like life protection, rider protection, savings,
transparency, investment choices, liquidity and planning for taxes. These
plans work like mutual funds.

The premium is collected from the policy holder. He is allotted a certain

number of units based of his contribution. The Net Asset Value is the value
of each unit of the fund. It is found by subtracting the charges and current
liabilities from the current assets and investments and dividing this number
by the total number of outstanding units. Let us take an example. There are
100 investors and each invests Rs. 10 in a fund. The total value of the fund
is Rs. 1000 and each person is allotted 1 unit of Rs 10. Now the money (Rs.
1000) is invested in the debt or equity market.

Suppose the fund value increased by 20%. As a result the Rs. 1000 invested
became Rs. 1200. Hence the value of every investor is now Rs. 12 and not
Rs. 10.

NATIONAL & INTERNATIONAL PRESENCE

Aviva has over 59000 employees serving 40 million customers worldwide.

It is present in the United Kingdom, Asia, Australia, Canada, China, France,
Germany, Cyprus, Greece, Hong Kong, Hungary, India, Ireland, Italy,
Luxembourg, Netherlands, Poland, Romania, Russia, Singapore, Spain, Sri
Lanka, Turkey and USA. Aviva has 113 branches in India supporting its
distribution network. Aviva products are available is 497 towns and cities
across India thanks to the Bancassurance partner locations.

41
CHAPTER IV

COMPETITIVE
42
 ANALYSIS

COMPETITIVE ANALYSIS

LIFE INSURANCE CORPORATION OF INDIA (LIC)

LIC has an excellent money back policy which provides for periodic
payments of partial survival benefits as long as the policy holder is alive.
20% of the sum assured is payable after 5, 10, 15 and 20 years and the
balance 40% is payable at the 20th year along with accrued bonus.

For a 25 years term , 15% of the sum assured becomes payable after 5,10,15
and 20 years and the balance 40% plus the accrued bonus becomes payable
at the 25th year. An important feature of these types of policies is that in the
event of the death of the policy holder at any time within the policy term the

43
death claim comprises of full sum assured without deducting any of the
survival benefit amounts which have already been paid. The bonus is also
calculated on the full sum assured.

Aviva does not have a money back policy. It could offer a money back plan
and capture some portion of this market. While marketing insurance
products I found that many customers wanted to purchase these plans.

LIC offers 66 different plans; plans are formulated for specific occasions –
whole life plans, term assurance plans, money back plan for women, child
plans, plans for the handicapped individuals, endowment assurance plans,
plans for high worth individuals, pension plans, unit linked plans, special
plans, social security schemes – diversified portfolio of products. Aviva
could diversify its product portfolio. It could add more plans for high worth
individuals and women.

The minimum premium payable for an LIC policy is Rs. 5000 p.a. It
increases at Rs. 1000 per year. At Aviva minimum premium for easy life
plus is Rs. 6000 which increases in multiples of 6000 per year. Hence Aviva
should reduce the minimum premium amount payable to compete with LIC.
The guaranteed sum assured in case of the death of the policyholder is larger
in LIC than in Aviva.
Switching from one fund to another is cheaper – for LIC it is only Rs. 100 to
switch from one fund to another whereas at Aviva it is Rs. 500. More
number of switches is allowed free per year in the case of LIC.

44
There are however some drawbacks to investing in LIC. The allocation
charges are higher. Therefore the money invested in the fund is lower than
what Aviva will invest. This is true across all policies. Aviva covers its costs
over the policy term whereas LIC charges a high amount for the first five
years and then charges a very nominal amount from the 6th year onwards.
The investment benefit is not as high as Aviva.

ICICI PRUDENTIAL
ICICI Prudential is a stiff competitor for Aviva. The company is a merger
between ICICI Bank which is the biggest private bank in India and
Prudential Plc which is a global life insurance company.

The company has an investment plan which is market related – Invest Shield
Life. In this plan even if the market falls, the premium will be returned to
investors. It is a guaranteed plan which ensures the company carefully
invests your money. The stock market performance of ICICI Prudential is
much better than Aviva. The returns on the growth fund were 46.28%
compared to the 39.59% offered by Aviva. Customers are attracted by
higher returns and this is a plus point for Prudential.

The company is very well advertised. The advertisements are showcased in

movies, television, newspapers, magazines, bill boards, radio etc. The
company has an excellent brand ambassador – Mr. Amitabh Bacchan. His
promotion of the company builds trust and faith in the minds of our people.

45
However the charges are very high in the plans offered by ICICI Prudential.
It is 35% during the first year, 15% in the next year and 3% from the third
year onwards. Also a higher minimum premium of Rs. 8000 is charged.
Hence the policies are not accessible to the lower strata of the society.
(Source: www.iciciprulife.com)

BIRLA SUN LIFE

Birla Sun Life Insurance Company Limited is a joint venture between The
Aditya Birla Group, one of the largest business houses in India and Sun Life
Financial Inc., a leading international financial services organization. The
local knowledge of the Aditya Birla Group combined with the expertise of
Sun Life Financial Inc., offers a formidable protection for your future. The
Aditya Birla Group has a turnover close to Rs. 33000 crores with a market
capitalization of Rs. 53400 crores (as on 31st March 2006). It has over
72000 employees across all its units worldwide. It is led by its Chairman -
Mr. Kumar Mangalam Birla. Some of the key organizations within the
group are Hindalco and Grasim.

Sun Life Financial Inc. and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Hong
Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. It had
assets under management of over US$343 billion, as on 31st March 2006.
The company is a leading player in the life insurance market in Canada.

46
Being a customer centric company, BSLI has invested heavily in technology
to build world class processing capabilities. BSLI has covered more than a
million lives since inception and its customer base is spread across more
than 1000 towns and cities in India. All this has assisted the company in
cementing its place amongst the leaders in the industry in terms of new
business premium income. The company has a capital base of 520 crores as
on 31st July, 2006.

Its Flexi Life Line Plan offers life long insurance cover till the policy holder
is 100 years of age. There are guaranteed returns of 3% p.a. net of policy
charges after every 5 years from the eleventh policy year onwards. However
the charges are very high. The initial charges for the first year are 65%.
Hence the fund value is greatly reduced.

BAJAJ ALLIANZ
Bajaj Allianz is a joint venture between Allianz AG with over 110 years of
experience in over 70 countries and Bajaj Auto, a trusted automobile
manufacturer for over 55 years in the Indian market. Together they are
committed to offering you financial solutions that provide all the security
you need for your family and yourself. Bajaj Allianz is the number one
private life insurer for the year 2005 – 2006. It is leading by 78 crores. It has
experienced a whopping growth of 216% in the last financial year.

The company has sold 13, 00,000 policies and is backed by 550 offices
across India. It offers travel insurance, motor insurance, home insurance,
health and corporate insurance. The mortality charges are lower than Aviva.

47
The entry age could be zero years which allow even new born babies to be
insured.

TATA AIG

Tata Aig is a joint venture between the Tata group and American
International Group Inc. In one of the plans the company offers hospital
cash benefit wherein it will pay Rs. 2500 per day in case of hospitalization
and Rs.12.5 lakhs in case the person suffers from any critical illness. Annual
premium is much less (about Rs. 6712) to avail such a good benefit. Charges
are relatively low compared to Aviva for some policies.

The company offers high coverage plans at low cost. There is a plan even
for a policy term of 1 year. Your family can continue to enjoy their current
lifestyle even in the case of something happening to you. These plans are
very flexible and Aviva could adopt this idea of insuring individuals for
short periods of time. For example; there is a family of four. The only
earning member is the father.

He has just taken a loan from a bank of 20 lakhs to purchase a new home.
He is able to repay the loan with his current salary in 15 years. The problem
arises if something were to happen to him within these fifteen years. Not
only will the family face the emotional and financial loss of their father but
they will also have to repay the home loan or risk being homeless.

48
CHAPTER V

49
 MARKETING

PROBLEMS

MARKETING PROBLEMS

The old and out dated technique of tele marketing is used to prospect
customers. More modern techniques must be adopted. The company must
sponsor shows and give presentations in corporate houses. The financial
health check must be performed for every prospect to assess his/her true
financial position and needs. Some of the advisors skip this vital step and the
prospect ends up with a plan they do not appreciate and soon surrender or
discontinue.

Some of the main problems in marketing the policies are:

50
 Large amount of competition (15 players in the market)

 Other brands are well advertised and have higher recall value

 LIC is considered a safer option

 Face competition from banks and mutual funds

 High premium policies are difficult to market

 Incorrect perception about insurance

 Interested prospects might have a lack of time and postpone

investments

 Customers get defensive if you cold call

 Short term plans are available only at large premium

 Customers do not have risk appetite to invest in shares

 Some prospects have already invested and are not interested in further

investments

 Consumers don’t want to undertake medical examinations

 Large amount of documentation

 Customers do not like their money locked up for many years

 Lack of awareness about the unit linked funds in the market

 No money back plan present in the product portfolio

51
SUGGESTIONS FOR IMPROVEMENT

 Advertise about the company and its products – it motivates

individuals to purchase insurance

 Create a positive perception about insurance

 Speak about the good features a plan offers like high returns, life

cover, tax benefits, indexation, accident cover while prospecting

customers

 Try to sell the product/plan which the consumer requires and not the

plan where the advisors benefit is higher

 Improve the efficiency in operations

 Bring out policies with small premiums payable for short periods of

time – Rs. 5000 – Rs. 10000 per annum for 10 years

 Attract the youth of India with higher returns on investment as returns

are the motivating factor which influence purchase of insurance

 Promote insurance in colleges and corporate houses

 Promote Aviva as an Indian Company to build trust

 Aviva is actually Aviva Dabur – Dabur has a good brand name and

this brand name could be used to give a push to its products

52
 Aviva could have a brand ambassador or a mascot to promote its

services

 Should have partial withdrawals from the first year onwards

 Tap the rural market where there is large potential

 Diversify product portfolio

 Make products more straight forward – reduce complexities

53
 CHAPTER VI

FUTURE LINE OF

RESEARCH

FUTURE LINE OF RESEARCH

The future topics for research in the organization could be setting up of an

appropriate ad campaign. It is very vital to the companies’ success that the
people of India know about Aviva, its products and their special features and
how insurance in general can help them in their future. The advertisements
have to be emotionally appealing. They might also include a celebrity. The
brand name of Dabur could be used to give a push to Aviva and its products.
The general perception of insurance as “inauspicious” should be done away

54
with and individuals and corporations accept insurance on power with other
investment opportunities.

The other area of research could be in the management of funds Aviva

possesses and how it can maximize returns for its investors. A research
project could be undertaken on how to ensure that the money gets invested
in the right companies and earns a medium – high return on investment.
Another area of research could be an analysis of the sales and marketing
techniques used by Aviva. A large number of changes could be introduced
and this would help in saving operating costs and improving the efficiency
of the firm.

55
 CHAPTER VII

CONCLUSION

CONCLUSION

Aviva life insurance is one of the world’s largest and oldest life insurance
companies. It has businesses spread out across the globe. It came to India in
the year 2002. It currently ranks number 7 amongst the insurers in India.

The company faces a large amount of competition. To sustain itself it must

promote its products through advertising and improve its selling techniques.
Consumers must be aware of the new plans available at Aviva.

56
The medium of advertising used could be television since most of its
competitors use this tool to promote their products. The company must be
promoted as an Indian company since consumers seem to have more trust in
investing in Indian firms. Hence its association with Dabur should be
showcased since Dabur is a trusted name in India and it could be used to
provide a push to the products Aviva has to offer.

The unit linked concept must be specifically promoted. The general

perception of life insurance has to change in India before progress is made
in this field. People should not be afraid to invest money in insurance and
must use it as an effective tool for tax planning and long term savings.

Aviva could tap the rural markets with cheaper products and smaller policy
terms. There are individuals who are willing to pay small amounts as
premium but the plans do not accept premiums below a certain amount. It
was usually found that a large number of males were insured compared to
females. This was a general conclusion drawn during prospecting clients.

REFERENCES

“Products and Services.” Aviva. 20 Apr. 2007

<http://www.avivaindia.com>.

“Historical perspective.” Wikipedia. 19 Apr.

2007<http://www.wikipedia.com>.

“Overview." Indiacore. 18 Apr. 2007 <http://www.indiacore.com>.

57
“Reforms." Wikipedia. 17 Apr. 2007 <http://www.wikipedia.com>.

“Unit Linked Plans." Life insurance Corporation of India. 17 Apr.

2007 <http://www.lic.com>.

“Stock price of Aviva." Money Control. 17 Apr. 2007

<http://www.money control.com>.

“Unit Linked Plans." Tata aig. 16 Apr. 2007

<http://www.tataaig.com>.

“Life Insurance." Bajaj allianz. 17Apr. 2007

<http://www.bajajallianz.com/

BagicCorp/index.jsp>.

“Life Insurance." ICICI Prudential. 18Apr. 2007

<http://www.icici.prulife.com>.

“Convenience Sampling.” Statpac. 26 Apr. 2007

<http://www.statpac.com>.

58