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Guru Nanak Dev University SUMMER TRAINING PROJECT REPORT AVIVA LIFE INSURANCE CO. LTD. Submitted in partial fulfillment For the requirement of the award of Bachelor of Business Administration (BBA) FINANCIAL BOOM IN INSURANCE SECTOR DUE TO PRIVATE PLAYERS FOR AVIVA LIFE INSURANCE IN NEW DELHI Training Supervisor Submitted by: Enrolment No.: BBA 3rd Year Session- 200-20 1 ACKNOWLEDGEMENT The success of my research report would not hint at any one individual, but it was a consolidated effort on the part of all who contributed to this report. I am thankful to for providing me an opportunity to gain both theoretical and practical knowledge in the field of Marketing and extending their full support. Last but not the least, I would like to thanks my parents and friends for their moral support throughout the project. 2 EXECUTIVE SUMMARY This project aims at providing information regarding insurance sector and how emergence of private players proved to be a boom to this sector. Chapter 1 explains about the concept of insurance, its purpose and need in contemporary world. This chapter also includes origination of insurance; its nationalization in India; benefits; advantages; basic principles that make insurance remain a popular and fair arrangement; mechanism; governing legislation over insurance. IRDA (Insurance Regulatory and Development authority) governs insurance industry. Its duties, powers and functions are mentioned. Chapter 2 is all about the main as well as sub objectives of the organization and what are their research methodologies. Chapter 3 is about a brief comparison between private players and LIC. Chapter 4 includes the analysis of data being collected regarding the Aviva Life Insurance Co. Ltd. over other private players. In chapter 5 findings are based on data analysis presented in earlier chapter and in the later half of this chapter recommendations are given. Chapter 6 is the conclusion made on the basis of this project. New players are leading the sector due to their strategic management and tailor made projects. People opting for Aviva plans are more as compared to other private players but the latter are gaining momentum in the market day by day. 3 CONTENTS Chapter 1.0 INTRODUCTION 1.1 Insurance Industry Overview 1.2 Profile of Aviva Life Insurance Co. Ltd. 1.3 Problems of the Organization 1.4 Competition Information 1.5 S.W.O.T- Analysis Chapter 2.0 OBJECTIVES AND METHODOLOGY 2.1 Significance 2.2 Managerial Usefulness of the study 2.3 Research Objective 2.4 Scope of the study 2.5 Research Methodology Chapter 3.0 CONCEPTUAL DISCUSSION Chapter 4.0 DATA-ANALYSIS Chapter 5.0 FINDING AND RECOMMENDATIONS Chapter 6.0 CONCLUSIONS ANNEXURES BIBLIOGRAPHY 4 5 CHAPTER 1.0 INTRODUCTION 1.1 Insurance Industry Overview 1.2 Organization profile of Aviva 1.3 Competition Information 1.4 Problems of the Organization 1.4 S.W.O.T- Analysis 1 INTRODUCTION 1.1 OVERVIEW OF INSURANCE INDUSTRY 1.1.1 Insurance? Every asset has a value for its owner and for those who are benefited with the existence of that asset. Insurance is concerned with the protection of economic value of assets. All of us are interested in the creation of assets because: i. All assets have values. ii. They yield income to the owner. iii. They meet some other needs of the owner. iv. They may provide satisfaction of some needs and also yield income to the owner. Every asset has normally an expected lifetime. During this period, it is expected to perform and provide income/comfort to the owner. The owner, being aware of this, plans the things in such a way that by the time the expected lifetime of the asset expires, he is ready with the funds required for its replacement. In this way, he ensures that the value or income from the asset is not lost. Well, this appears to be a fine arrangement provided the asset completes its expected lifetime. All assets carry the risk of being destroyed or damaged. But all assets may not necessarily get destroyed or damaged. Only in a few instances, the probability turns out to be true and the assets gets actually lost or destroyed by accident or some other unfortunate event before the compilation of its expected lifetime. The owner and those deriving benefits from the asset will suffer because the arrangement to make available its substitute is not yet ready. 2 Insurance is helpful in mitigating such adverse consequences. To sum up, assets are insured, as they are likely to be lost or made non-functional through an accidental occurrence. Insurance does not protect the assets. This means that insurance cannot prevent loss to the assets due to perils. Nor can insurance avoid the occurrence of perils. It only compensates, may not be fully, the economic or financial loss resulting to the asset from such damage or destruction. 1.1.2 BRIEF HISTORY OF INSURANCE 1.1.2.1 The beginning The beginning of insurance business is traced to the city of London. It started with the marine business. Marine traders, who used to gather at Lloyd’s coffee house in London, agreed to share losses to goods during transportation by ship. Marine related losses included:- • Loss of ship by sinking due to bad weather in high seas. • Goods in transit by ship robbed by sea pirates. • Loss of or damage to the goods in transit by ship due to bad weather in high seas. The first insurance policy was issued in England in 1583. 1.1.2.2 Life insurance in India In India, insurance started with life insurance. It was in early 19th century when the Britishers on their postings in India felt the need of life insurance cover. It started with English Companies like, ‘The European and the Albert’. The first Indian insurance company was the Bombay Mutual Assurance Society Ltd., formed in 1870. 3 In the wake of the Swadeshi Movement in India in the early 1900s, quite a good number of Indian companies were formed in various parts of the country to transact insurance business. To name a few :: ‘Hindustan Co-operative’ and ‘National Insurance’ in Kolkata; ‘United India’ in Chennai; ‘Bombay Life’, ‘New India’ and ‘Jupiter’ in Mumbai and ‘Lakshmi Insurance’ in New Delhi. 1.1.2.3 Nationalization of life insurance in India In 1956, life insurance business was nationalized and LIC of India came into being on 1.9.1956. the government took over the business of 245 companies (including 75 provident fund societies) who were transacting life insurance business at that time. Thereafter, LIC got the exclusive privilege to transact life insurance business in India. Relevant laws in India were amended in 1999 and LIC’s monopoly right to transact life insurance business in India came to an end. At the close of financial year ending 31.3.2004, twelve new companies were registered with the Insurance Regulatory & Development Authority(IRDA) to transact life insurance business in India. 1.1.3 What is Life Insurance? Life Insurance is a contract providing for payment of a sum of money to the person assured or, to the person entitled to receive the same, on the happening of a certain event. A family is dependent for its food, clothing and shelter on the income brought by the family's breadwinner. The family is secure so long as this breadwinner is alive and is capable of earning. A sudden death (or disability) may leave the family in a financially difficult situation. Uncertainty of death is inherent in human life and this uncertainty makes it necessary to have some protection against the financial loss arising from untimely death. Life insurance offers this protection. The earliest type of life insurance was started by the Greeks and Romans. Contributions were made by all surviving members for the burial cost of a 4 member. In case of the death of a member the cost of burial was made out of the contributed fund. The first organized life insurance company was founded in 1759 in Philadelphia, in North America. Subsequently, over the past three centuries, numerous life insurance companies sprung up, making life insurance a popular tool for protection coupled with investment. 1.1.4 Purpose and need for insurance • Assets are likely to be destroyed or made non-functional due to accidental occurrences called perils. Assets can, therefore, be insured. A few examples of perils are: fire, floods, breakdowns, lighting and earthquakes. Perils are the events. Risks are the consequential losses or damages. • Possibility of damage to asset caused by any peril is the risk that asset is exposed to. • Risk means uncertainty or unpredictability about future loss or damage, which may or may not happen. This refers to the losses, which may happen suddenly and unexpectedly. • This is because of uncertainty about the risk that insurance plays the role. • Insurance become relevant only if there are uncertainties of occurrences of event leading to losses. Insurance is done against the contingency of the happening of such events. • No uncertainty- No insurance. 5 1.1.5 Benefits of Life Insurance 1.1.5.1 Replacement of Income Life insurance products can provide support to the family and take care of the family's financial requirements. It provides a lump sum or periodic payments to help replace the income stream, in case of an unfortunate event or an untimely demise of the breadwinner. 1.1.5.2 Lifestyle Maintenance Life insurance products can help you build a corpus to protect and maintain your lifestyle against fluctuations in your future income 1.1.5.3 Costs of Education You need to support your child with a sound educational background, to help your child achieve his/her dreams.
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