AN OVERVIEW OF INSURANCE INDUSTRY Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalization b) Nationalization and c) Post Nationalization. Life Insurance was the first to nationalize in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various insurance companies. General Insurance followed suit and was nationalized in 1973. General Insurance Corporation of India was set up as the controlling body with New India, United India, National and Oriental as its subsidiaries. The process of opening up the insurance sector was initiated against the background of which commenced from 1991. For this purpose Malhotra Committee was formed during this year who submitted their report in 1994 and Insurance Regulatory Development Act (IRDA) was passed in 1999. Resultantly Indian Insurance was opened for private companies and Private Insurance Company effectively started operations from 2001.

INTRODUCTION

Aviva Life Insurance India is a private insurance company formed from collaboration between the Aviva insurance group of UK and the Dabur group, one of India's oldest and top producers of traditional health care products. Aviva's products are meant to provide customers flexibility, transparency and value for money. Aviva insurance group in UK with a history dating back to 1696, today stands as one of the leading provider of life and pension products to Europe and other parts of the world. The history of Aviva Life Insurance India starts at 1834 during nationalization when Aviva was the largest foreign insurance group in terms of th compensation paid by the Indian Government. In 1995 Aviva was the first foreign insurance company to start its representative office in India. At present in AvivaLifeInsurance India, the Aviva group is a 26% share holder and the Dabur group holds 74% shares in the joint venture.

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. Aviva is the worlds fifth-largest insurance group and the largest insurance services provider in the UK. We are one of the leading providers of life and pension products in Europe and are actively growing our long-term savings businesses in Asia Pacific and the USA. Its main activities are long-term savings, fund management and general insurance.

COMPANY PROFILE OF AVIVA LIFE INSURANCE Aviva India is a joint venture between one of the countrys oldest and largest groups, Dabur, and Aviva Group, one ofthe UK's largest insurance group, whose association with India dates back to 1834. Our vision is to be amongst Indias leading life insurers with a quality business model, focused on sustainable growth. We seek to build a robust product portfolio meeting all customer lifecycle needs related to Protection,Retirement, Savings andInvestments. With a strong sales force of over 14,000 Financial Planning Advisers (FPAs), we have initiated and pioneered many innovative sales approaches, including the concept of Bancassurance and Financial Health Check services. We are among the first companies to introduce the contemporary unit-linked products. A seasoned team of fund managers make our fund management one of the key differentiators. In India, with a wide distribution network of 134 branches spreading across nearly 1,000 towns and cities, we operate in partnership with the Dabur Group through our 26% interest in Aviva Life Insurance Company India Ltd. Keeping with our commitment of social responsibility, we have been successful in reaching out to the underprivileged strata through our Microinsurance initiatives. "This is Aviva" tells the story of Aviva in the words of our customers, employees and charity partners. It gives an insight into how Aviva makes a difference to the lives of our 34 million customers around the world. Please let us know what you think about "This is Aviva" and we'd be pleased for you to share it. The film was commissioned by Aviva plc, produced by Visual Media, and would not have been possible without the support of Aviva's customers and employees.

VISSION AND MISSION

Vision: One Aviva, twice the value.

By working together across our businesses, we will optimize our performance in theglobal marketplace and maximize the value we can generate for all our stakeholders.

MISSION Aviva's strategic plan has three main objectives:1. Narrow focus- Focus on fewer business segments where we believe we can produce attractive returns and with a high probability of success.2. Build financial strength- Achieve target economic capital levels in line with our industry peers, reduce capital volatility, and bring leverage down to a conservative level.3. Improve financial performance- Aim to deliver a higher level of revenue growth, a lower cost-income ratio, lower losses and claims and higher return on capital, notwithstanding the subdued economic environment in developed markets.

AWARDS AND RECOGNITION Aviva India won aBronze at the Effies 2010for the Aviva Great Wall of Education, part of Aviva's Street to School Program. The Effies are among the top award platforms for the advertising community in India and worldwide. Aviva Great Wall of Education wasawarded this elite recognition for the marketing effectiveness displayed during this campaign. Aviva India has won aGold at the SPIKES Asia Awards, 2010for the 'Aviva Great Wall of Education' which is part of the Street to School programme. The SPIKES Awards is one the most prestigious awards for creative advertisingacross the Asia Pacific region. Aviva Great Wall of Education was awarded this elite recognition for the category- 'Best use of Ambient Media'. AvivaIndia has won the "Corporate Social Responsibility Award" at the prestigious Asia Insurance Industry Awards 2010 for its corporate social responsibility programme 'Street to School' for demonstrating how corporate social responsibility can be closely and Aviva Life Insurance India was selected from a number of high profile companies competing for the honour of receiving the award. Aviva India has won two major awards, at the CMO Asia Awards held in SingaporeExcellence in Branding and Marketing in Banking and Financial services, and Social Marketing. Aviva India was selected for the two prestigious awards from among more than 200 nominations from across Asia. Aviva has been felicitated with the "Bronze Award for Excellence in People Management" by Grow Talent Company Limited and Business world. This honour was given based on our ranking amonst the top 25 companies as per the Great Place to Work survery in the last four years.

HISTORYAviva can trace its history back to the establishment of theHand in Hand Fire & Life Insurance Societyin London in 1696.

Predecessor company London and Lancashire Fire and Life, pictured in Dublin, ca. 1871

It was created by a merger of two British insurance firms,Norwich UnionandCGU plc (itself created by the 1998 merger ofCommercial UnionandGeneral Accident) as CGNU in 2000. The Aviva name was adopted in July 2002.Thereafter, most of the group operations, except for some strong local brands, were carried out under the uniform brand "Aviva".

During March 2005 Aviva acquired theRAC plcbreakdown recovery operation for around 1.1billion.

In July 2006, Aviva greatly increased its presence in the United States by acquiring AmerUs Group, aDes Moines-based financial services company founded in 1896 in a $2.9 billion (1.6 billion) deal.AmerUs Group was rebranded as Aviva USA when the acquisition was completed.

The Company continued to use theNorwich Unionname as a trading name in the UK until 1 June 2009 when it became formally known as Aviva within the United Kingdom. The launch was supported by a 9million advertising campaign to promote the rebranding (one of the most expensive ever in the UK insurance field), with the participation of celebrities includingBruce WillisandAlice Cooper.

In June 2009 the Company decided to dispose ofNavigator, its Australian wealth management business, toNational Australia Bankfor A$825million (401million).

In October 2009 the company decided to focus on its commercial insurance sector and demonstrate its commitment to brokers by launching their 'find a broker' facility, using the British Insurance Brokers Association search engine. To help them with this endeavour,Paul Whitehousewas recruited to play the part of a successful hairdresser running three salons. The message of the campaign focused on business insurance throughinsurance brokers.[16]The closing line of the campaign was "We're in business to keep you in business".In September 2011, Aviva completed the sale ofRAC plcbreakdown recovery operation for 1.0billion toThe Carlyle Group. In February 2012, Aviva sold its occupational health business to the British support services companyCapita.

In July 2012, Aviva announced plans to sell or close 16 non-core businesses in order to simplify its activities and

boost shareholder returns.As part of the plans Aviva announced the sale of its operations in South Korea and the closure to new business of its bulk-buying annuity unit in the United Kingdom.

In August 2012, Aviva announced that up to 800 jobs would be lost following a reorganization caused by further turmoil in theEurozone.

In December 2012, Aviva agreed to sell Aviva USA Corporation toAthene Holdingfor US$1.8 billion (1.1 billion) as part of a plan to improve shareholder returns and reduce the group's capital requirements.Athene subsequently sold the life insurance business of Aviva to Atlantic Global.

objective

PRIMARY OBJECTIVES To know about Promotional policies of Aviva Life Insurance.SECONDARY OBJECTIVES The main objectives of this project is to find, what steps Aviva Life Insurance is adapting to be market leader and to differentiate itself from its competitors. The basic objective of this project is as mentioned above to find ways so that Aviva Life Insurance remain market leader by considering all the needs &wants and fulfilling their demand. To find out the Strategy of Aviva Life Insurance to remain market leader in future. It should do something to give after sales service and collect feedback from the customers.

PRODUCTS OF AVIVA LIFE INSURANCE1.Aviva Child Plansa.Aviva Young Scholar AdvantageOverviewAviva Young Scholar Advantage is a comprehensive plan that enables you to secure your childs future in any eventuality throughAll 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 parents death while the Life Cover (Sum Assured) is paid out immediately. Provision of a regular income for the minor child, in the event of parents death if Aviva Child Education (CE) Rider is opted forAn additional lumpsum being paid in the event of parents death if Aviva Term Plus Rider is optedLoyalty Additions to enhance your Fund ValueA choice of 9 fund options; Investment flexibility through Automatic Asset Allocation (AAA) and Systematic Transfer Plan (STP)The product will be offered only to those who have atleast one child

b.Aviva Young Scholar SecureOverviewAt Aviva we believe there is no greater insurance in the world than a good education. Education is the bridge between your childs dreams and reality. This journey has many milestones -schooling years leading up to Board exams, entrance exams, college years and professional courses. Each of the milestones has a cost attached to it right from extra coaching for Boards to reference material for entrance exams to admission fee for a professional course.

Now guarantee funds for each of these milestones with Aviva Young Scholar Secure and provide your child the best education. With Aviva Young Scholar Secure you can plan your savings and payouts for your childs education in a manner that match the childs educational journey.c.Aviva Family Income BuilderOverviewAt Aviva we recognize your efforts & hard work to provide your loved ones with a comfortable life today and tomorrow. Presenting Aviva Family Income Builder, a plan that helps you in ensuring a comfortable future income for your family by guaranteeing returns equal to double the premiums you have paid. Not only is this guaranteed income paid on your survival, it is also passed onto your family in case of your unfortunate death to take care of their future financial requirements. This ensures that you continue to provide your family with the same lifestyle thanks to a guaranteed future income.

2.Aviva Saving Plansa.Aviva Wealth BuilderOverviewWe all have aspirations and milestones that we hope to achieve in our life. Be it commitments such as a childs education/marriage, or dreams of purchasing a house, or retiring comfortably. We plan for the time when these events are likely to happen, but dont always plan for having enough to fulfil them as per our dreams. At Aviva we recognise this and have specially designed Aviva Wealth Builder plan to help you achieve these dreams to the fullest. This life insurance plan guarantees double the amount of total premium that you pay, at maturity. Thats not all, Aviva Wealth Builder also ensures that your family is well protected, in case you are not around. So, go ahead and fulfil your dreams. Key attractions of the plan are:Doubles your money for defined milestones

Guaranteed protection for your family in case of your death Flexibility in choosing premium payment and policy termsTax Benefits at the time of investment as well as maturity, for regular premium policies

b.Aviva Live Smart PlanOverviewAviva Live Smart PlanTM is a non-participating Unit Linked endowment plan designed to meet your future financial needs by helping you invest as per your risk-taking capacity. It also offers a high life cover to protect your family in case of your sudden death. This life cover includes both the Sum Assured & Fund Value, thus providing you complete peace & comfort.Flexibility to choose Investment term of 15/20/25 and 30 yearsComprehensive protection in case of death Higher of Sum Assured or 105 percent of all premiums paid plus the Fund Value to address immediate financial concerns of your dependentsOption to choose from 7 investment fund optionsFlexibility to use your money in case of emergency through partial withdraws and systematic partial withdrawalsPay top-up premiums to increase the savings element along with a nominal life cover c.Aviva Dhan SamruddhiOverviewAviva Dhan Samruddhi is a traditional life insurance plan that gives guaranteed cash back every 5 years in addition to guaranteed maturity benefit, to meet your short and long term needs.

Guaranteed returns: Your policy earns a Guaranteed Addition of 7% per annum to 9% per annum of the Annualized Premium (excluding taxes and any other extra premium), depending upon the policy term chosen by you,till the end of the policy term which is SSpayable at maturity.Liquidity: Your policy pays back 125% of the Annualized Premium (excluding taxes and any other extra premium) as Survival Benefit every 5 years (except at maturity)Guaranteed Maturity Benefit: At maturity, you get the Sum Assured plus accrued Guaranteed Additions minus Survival Benefits already paid. Rebate for high Sum Assured: Rebate on basic premium is allowed if your Sum Assured is Rs. 5 Lacs or higher. d.Aviva Dhan VriddhiOverviewAviva Dhan Vriddhi is a traditional money back plan that provides you a guaranteed amount of money at regular intervals along with protection through the Life Cover (Sum Assured), in the event of deathGuaranteed returns: Guaranteed Additions @7% of Life Cover for each completed policy year till maturityLimited premium payment: Premiums are not required to be paid during the last five years of the policyAdditional protection: You can opt from 2 riders to enhance protection Rebate for high Sum Assured: Rebate on basic premium is allowed if your Sum Assured is Rs. 1 Lac or higherd.Aviva Dhan VarshaOverviewAviva Dhan Varsha is a traditional investment cum protection plan that provides you Guaranteed Addition of 6% to 9% of the sum assured along with life protectionGuaranteed Additions basis the policy term, longer the Policy Term, higher the rate of Guaranteed Additions

Guaranteed Survival Benefit equal to sum of all accrued guaranteed addition at the end of the Premium Payment TermGuaranteed Maturity Benefit at the end of the Policy TermNo premium payment liability during the last five years for policy term of 10, 15 and 20 yearse.Aviva LifeBond Advantage

OverviewAviva LifeBond Advantage is a Single Premium unit linked insurance plan that offers you an opportunity to invest a lump sum for medium to long term together with Life Cover and flexibility to access your money after 5 years, besides the regular tax benefits through:7 unit linked funds as well as two options for life coverExtra financial protection through the inbuilt Accidental Death BenefitSystematic partial withdrawal for hassle free structured withdrawalOpportunity for additional investment with a nominal life cover (top-up)

f.Aviva Freedom Life AdvantageOverviewAviva Freedom Life Advantage allows you to choose the proportion of savings and protection and change it subsequently, in line with your changing needs, with the option to pay premiums for as few as 5 years, through:Option to increase / decrease Life Cover (Sum Assured)

Option to cover husband and wife under the same policy100% allocation from sixth year if Annual Premium is Rs. 1 lakh or moreInbuilt Accidental Death coverLoyalty additions every 3 years from the end of 10th policy year

Pay off all the premiums in 5 years or choose to pay throughout the termFlexibility to choose Life coverEnhance maturity proceeds and life cover with Top-up Premiums7 fund options (Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure and PSU), AAA & STP

3.Aviva Retirement Plansa.Aviva Next Innings Pension PlanOverviewWouldnt it be great if you could lead a comfortable lifestyle even after retirement? Realizing this need, Aviva presents a plan that can guarantee a regular income stream for your post retirement years. Aviva Next Innings Pension Plan- a pension plan that helps in building a lump sum through a regular or onetime investment. This lump sum allows you to get an uninterrupted income throughout your retirement years. Aviva Next Innings Pension Plan is a unique combination of a built in guarantee to build a lump sum amount to secure regular income for your retirement years. So go ahead and plan for a great next innings!Key features of the plan are:

Guaranteed corpus for retirement which will be 210% of the premiums you have paid, if you continue this policy till maturity date by paying all due premiums. Protection for your family in case of death to ensure that your family receives a corpus basis the amount of premiums you have paid along with an interest. Limited Premium Payment term to ensure that you enjoy your income without worries when you are nearing retirement

b.Aviva Freedom Life AdvantageOverviewAviva Freedom Life Advantage allows you to choose the proportion of savings and protection and change it subsequently, in line with your changing needs, with the option to pay premiums for as few as 5 years, through:Option to increase / decrease Life Cover (Sum Assured)Option to cover husband and wife under the same policy100% allocation from sixth year if Annual Premium is Rs. 1 lakh or moreInbuilt Accidental Death coverLoyalty additions every 3 years from the end of 10th policy yearPay off all the premiums in 5 years or choose to pay throughout the termFlexibility to choose Life coverEnhance maturity proceeds and life cover with Top-up Premiums

7 fund options (Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure and PSU), AAA & STP

4.Aviva Health Plan a.Aviva Health SecureOverviewDue to our current lifestyle and stress levels, incidents of critical illnesses, especially at younger ages have gone up. You would also be aware that the costs incurred in the treatment of such illnesses are very high. Often, your savings are not enough to cover for these expenses which can lead to a compromise in getting the best treatment.Aviva Health Secure is an online health insurance plan that pays you a lump sum amount as decided by you in case you are diagnosed with any of the 12 critical illness and procedures as listed ahead like First Heart Attack, Stroke resulting in permanent symptoms etc.6.Aviva Rural Plan a.Aviva Amar Suraksha

OverviewAviva Amar Suraksha is an ideal protection plan that helps you secure your family's future through:A guaranteed lump sum amount in the unfortunate event of your deathMinimal annual premium of Rs. 500.

b.Aviva Jana SurakshaOverviewAviva Jana Suraksha provides comprehensive financial protection for your children/dependants through:Low cost life insuranceGuaranteed lump sum amount in case of your death during the term of the policy.c. Aviva Grameen SurakshaOverviewAviva Grameen Suraksha is an ideal low cost solution to help you protect your loved ones through:Payment of Sum Assured to your family in the event of your deathPremium payment for 2 years and benefits for full the policy term

PROMOTIONAL POLICIES OF AVIVA LIFE INSURANCE

Aviva Life Insurance today announced the launch of a nationwide campaign, Whats your Big Plan, to give an opportunity to young parents to fulfill their childs aspirationsAviva encourages children to dream big - Kicks off Whats your Big Plan campaign20 winners to get Aviva scholarships and a chance to interact and play cricket with SachinTie-up with Croma and McDonalds stores in select citiesCampaign open for children in the age group of 3 years to 10 years Mumbai/ New Delhi, August 12, 2013: Aviva Life Insurance today announced the launch of a nationwide campaign, Whats your Big Plan, to give an opportunity to young parents to fulfill their childs aspirations. The month long campaign will give 20 children a chance to win scholarships worth Rs 20,000 each from Avivas brand ambassador Sachin Tendulkar and play cricket with him. To participate, students have to log on to www.avivaindia.com, share their big plan in life and how their parents are supporting them to realise this dream. In addition to this grand prize, 10,000 children will receive educational DVDs from Aviva.

To maximize the reach of the campaign, Aviva has partnered with select Croma stores in 7 cities (New Delhi, Kolkata, Pune, Hyderabad, Bangalore, Mumbai and Chennai) and McDonalds stores in 4 cities (Mumbai, New Delhi, Kolkata, Pune) where children can walk-in and drop their entries. Besides entering the contest online and

through Croma and McDonalds stores, students from more than 200 schools in these 7 cities will get an opportunity to participate through an on-ground activation programme. Final winners will be selected by an eminent jury from the field of media and advertising.

Speaking about the campaign, Avivas Brand Ambassador, Sachin Tendulkar said My big plan in life was to play cricket and my father and family supported me in it. Avivas Whats your big plan is an exciting initiative that will encourage children to dream big, and help parents take a step towards realising their childs big plan in life. Mr. Rishi Piparaiya, Director-Marketing, Aviva Life Insurance said We believe that each parent has a very important role to play in encouraging their child to dream big. Taking this insight forward and the brand promise of securing childrens future, we have launched Whats your Big Plan campaign, which will give parents an opportunity to protect and nurture their childs dreams in life. It will not only give children a platform to aspire for a brighter future, but also help parents to be financially prepared in order to fulfill their plans.

PROMOTIONAL TOOLS Social Media Campaign Review: Whats Your Big Plan by Aviva Life InsuranceAviva Life Insurance has initiated a nationwide campaign called Whats Your Big Plan in association with The Times of India as the presenting partner and Croma as the activity partner. The duration of this campaign is one month starting from the 12th of August 2013.Objective:To give young parents the opportunity to fulfil their childs aspirations and promote their life insurance policies through brand management.Execution:Aviva India wanted to reach out to young parents and provide them an opportunity to secure their childs future through this campaign. They are giving 20 children a chance to win scholarships worth Rs. 20,000 each. Sachin Tendulkar, the brand ambassador has been used to promote the campaign. The winning kids will also get a chance to play cricket with him.

SWOT ANALYSIS

SWOT ANALYSIS

Strength1.Robust and Diverse Product portfolio2. Has network across 3000 towns and 20,000 Financial Planning Advisors3.Focus on Schemes with social importance4.Good brand visibility through advertisement campaigns5.Globally, Aviva has over 46,000 employees6. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries

Weakness1.Controversial advertisement campaign caused a problem2. Customer complaints for policy execution problems

Opportunity1.Growingruralmarket2.EarningUrbanYouth3. Increasing awareness amongst people about securing their future

Threats1.Economiccrisis2. Entry of new NBFCs in the sector

Competition

Competitors1. Bajaj Allianz2. Sahara Life Insurance3. HDFC Standard Life

sss

18 | Page