The fund flow management of aviva’s ulips and the work culture of its employees

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Abstract

Today in the competitive world, the insurance sector has the maximum growth and potential as compared to other sector. The Premium/GDP of the economy is at around 4% of the Indian Economy. A growth of over 200 percent is likely to be seen by 2009-10 in which private insurance business would grow at around 140%. in view of aggressive marketing techniques. Insurance has the maximum growth rate of around 80 to 90% while FMCG has growth rate of only 12 to 15% only.  Privatization in insurance industry ended the monopoly of LIC in life insurance in India and currently there are more than 23 private players in the insurance industry with market share of around 52%.

Among these 23 private players AVIVA is a major player in these sectors. It holds a share nearly of 26%. The report is basically about the FUND FLOW MANAGEMENT OF Unit Linked Plans (ULIPs) of Aviva. The report will be mainly concentrating on the various funds of ULIPs of AVIVA that are existing in INDIA and what are the sources of these funds. the various equities from which these funds come from. And then a survey is done to know the work environment of AVIVA at Jayanagar,

OVERVIEW OF THE COMPANY:

Aviva India is a joint venture between one of the country's oldest and largest groups, Dabur, and Aviva plc,the UK's largest insurance group, whose association with India dates back to 1834.

Our vision is to be amongst India's 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  Savings, Retirement, Investments and Protection.

With a strong sales force of over 20,000 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. With a wide distribution network of159 branches and close to 40 Bancassurance partnerships, we are spread across nearly 3,000 towns and cities in India. .

PARTNERS

  • Royal Bank of Scotland Group
  • PUNJAB AND SIND BANK
  • IndusInd Bank
  • DBS

Promoters

Dabur Group

Founded in 1884, DaburGroupis one of India's oldest and largest group of companies with a consolidated annual turnover in excess of Rs 2,834 crores. A professionally managed company, it is the country's leading producer of traditional healthcare products.

Aviva Group

Aviva is a leading provider of life and pension products in Europe (including the UK) with substantial positions in other markets around the world, making it the world sixth largest insurance group based on gross worldwide premiums at 31 December 2009. Aviva principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of $47.1 billion and funds under management of £402 billion at 31 December, 2010.

Management Team

TR Ramachandran

Chief Executive Officer & Managing Director

Rajeev Arora

Director, Finance & Actuarial

Monica Agrawal

Director, Corporate Initiatives & Business Development

Gaurav Rajput

Associate Director, Marketing

Sumit Behl

Director, Business Risk & Internal Audit

Ravi Bhadani

Company Secretary and Senior Vice President- Compliance & Legal

Munish Sharda

Director, Direct Sales Force

Rishi Piparaiya

Director, Bancassurance

Sandip Mallik

Director, HR

Jyoti Vaswani

Chief Investment Officer & Director, Fund Management

Sanjeeb Kumar

Appointed Actuary

Snehil Gambhir

Director Operations & Business Excellence

Rajiv Sehgal

Chief Information Officer & Sr, Vice President, IT

Vijayalakshmi Natarajan

Senior Vice President, Operations

Awards and Recognition

We believe that our employees are our greatest strength and the only asset that can be replicated. It is the passion of our people which continues to help us achieve the 'impossible' and make Aviva India great place to work.

AWARDS

CAUSE

Bronze at the Effie's 2010

'Aviva Great Wall of Education'

Gold at the SPIKES Asia Awards, 2010

'Aviva Great Wall of Education'

"Corporate Social Responsibility Award",2010

FOR corporate social responsibility program STREET TO SCHOOL

The CMO Asia Awards in Singapore

Excellence in Branding and Marketing in Banking and Financial services, and Social Marketing

Award for Excellence in People Management"

Because of the ranking among the top 25 companies as per GREAT PLACE TO WORK survey in the last 4 years.

Award for Talent Management

during the national round of Asia Pacific HRM Congress

HR Excellence Award

HR Excellence Award

Corporate Responsibility 

Aviva believes that Education is insurance. It is investment that never depreciates. It is our belief in the power of education that has fueled our endeavors to guarantee it, most importantly to those who cannot afford it. Through Corporate Responsibility initiatives Aviva wish to empower as many children as it can.

Fact Sheet

  • JV partner:  Dabur (74% stake)
  • Foreign partner:  Aviva plc (26% stake). The world's 6th largest Insurance groups and the biggest in the UK. It is one of the leading providers of life and pensions products to Europe. Aviva has a 53 million-customer base worldwide with £402 billion assets under management at 31 December 2010.
  • Managing Director & Chief Executive Officer:  Mr. TR Ramachandran
  • Paid up Capital: Rs 2004 crores
  • Locations: 159 branches, close to 3,000 locations
  • Bank partners: RBS,Punjab & Sind Bank, IndusInd Bank and more than 30 Cooperative Banks and Regional Rural Banks

Bottom of Form

INTRODUCTION

Description of Project in Brief:

The report is basically restricted to the UNIT LINKED INSURANCE PLANS i.e. ULIPs of Aviva. The report will basically be on the Fund Flow Management of Aviva's ULIPs and the work culture of its employees ULIPs are a category of goal-based financial solutions that combine the safety of Insurance protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards providing you life cover. The residual portion of the ULIP is invested in a fund which in turn is invested in stocks or bonds; the value of investments alters with the performance of the underlying fund opted by the customers. 

The report will be basically about the various ULIPs plan of Aviva and how Funds flow in these plans, what are the various sectors from where the funds come.

The ULIPs plan of AVIVA is:

  • FREEDOM LIFE ADVANTAGE
  • YOUNG SCHOLAR ADVANTAGE
  • LIFE BOND ADVANTAGE
  • LIFE SHIELD ADVANTAGE
  • LIFE SAVER ADVANTAGE
  • SACHIN EXTRA COVER.

Objective of the Project:

  • To study the various sources of Fund Performance Of AVIVA's ULIPs
  • To know about all the AVIVA's ULIPs that are existing in India and a detailed study about these plans
  • To know the various funds that come under Life Unit Linked and Pension Unit Linked to know about their ASSET ALLOCATION PATTERN, ASSET MIX, PORTFOLIO RETURN, with reference to 

§ Benchmark performance of the funds

§ Year On Year  fund performance

§ Portfolio of the funds

  • To study the work culture at Aviva ltd in JAYANAGAR Branch
  • To explore the factors where the employees are satisfied and to explore the factors for which the employees are not at all satisfied, which is not affecting the working environment.

Methodology:

  • Descriptive analysis of the data (using descriptive statistics and figures) collected through the survey in order to describe the  work culture at AVIVA
  • Different Measures of association will be used in order to describe the existing relationship among the variables under the study
  • Various financial ratios will be used to assess the fund performance

SCOPE:

The scope of the project is limited to AVIVA at Jayanagar branch.

CHAPTER-1

Today in the competitive world, the insurance sector has the maximum growth and potential as compared to other sector. The Premium/GDP of the economy is at around 4% of the Indian Economy. A growth of over 200 percent is likely to be seen by 2009-10 in which private insurance business would grow at around 140%. in view of aggressive marketing techniques. Insurance has the maximum growth rate of around 80 to 90% while FMCG has growth rate of only 12 to 15% only.  Privatization in insurance industry ended the monopoly of LIC in life insurance in India and currently there are more than 23 private players in the insurance industry with market share of around 52%.

Aviva is playing a lead role in this industry, and the UNIT LINKED  PLANS of AVIVA are as follows:

The different Unit Linked Insurance Plans of Aviva are:

FREEDOM LIFE ADVANTAGE:

It is a flexible plan of AVIVA which helps the individual to meet any financial goals.

Aviva 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.

YOUNG SCHOLAR ADVANTAGE:

Young Scholar Advantage is an insurance cum investment plan to helps tosecure the child's education of its customers.

LIFE BOND ADVANTAGE:

Aviva Life Bond 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:

  • Eight unit linked funds as well as two options for life cover
  • Extra financial protection through the inbuilt Accidental Death Benefit
  • Systematic partial withdrawal for hassle free structured withdrawal
  • Opportunity for additional investment with a nominal life cover (top-up)

LIFE SHIELD ADVANTAGE:

Aviva Life Shield Advantage provides comprehensive protection for your family incase you are not around. Additionally, all the money paid as premium will be returned to you on survival at the end of the Policy Term through:

  •    Payment of Life Cover (Sum Assured) to your family in the event of your death (Option A)
  •    Additional protection against Accidental Permanent Total Disability (Option B)
  •    Return of the money paid towards the base premium on your survival at the end of the policy  

Term

  • Additional protection against Permanent Total Disability (PTD) and 18 Critical Illness covered   by the Aviva Dread Disease (DD) Rider (available with Option A regular premium mode)
  • A rebate on your premium for higher levels of Sum Assure

LIFE SAVER ADVANTAGE:

Aviva Life Saver Advantage is predominantly a savings plan that offers disciplined saving with high level of financial security for the family, in case something untoward happens

  • Increasing death benefit:
    • Life Cover (Sum Assured) plus Fund Value as death benefit
  • Flexible Life Cover (1.05 x Policy Term x Annual Premium) to (1.5 x Policy Term x Annual Premium)
  • Inbuilt Accidental Death cover
  • Select from the two optional riders i.e. Aviva Child Education (CE) Rider and Aviva Dread Disease (DD) rider
  • Long-term savings in line with changing needs:
    • Pay top-up premiums to increase the savings element along with a nominal life cover
    • Reduce life cover under the base plan
  • Fund options- Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure, PSU and Index-II Funds,
  • STP option available for safer entry into and exit from equities

SACHIN EXTRA COVER :

Aviva Sachin Extra Cover Advantage is a hassle-free savings plan that gives you a high life cover without undergoing any medical examination by signing a self-declaration of good health. This planoffers high Life Cover (Sum Assured) in the first 10 years and reduces in the last 10 years balancing your need for high protection during initial years and investment towards maturity.

  • No medical examination
  • Higher Life Cover
  • Loyalty Additions to boost maturity proceeds
  • Eight fund options including Infrastructure and PSU Fund

In-built accidental death covers for enhanced protection

The fund flow management of Aviva is basically divided into two heads i.e.

LIFE UNIT LINKED

PENSION UNIT LINKED

LIFE UNIT LINKED:

Life unit Linked is a life assurance policy where the investment benefits are directly proportional to number of unit trusts purchased on the policy holders behalf.

The various kinds of LIFE UNIT LINKED funds are

BOND FUNDS :

The investment objective of the debt fund is to provide progressive capital growth with relatively lower investment risks.

ASSET ALLOCATION PATTERN

Government and other Debt Securities.

60%- 100%

Cash and Money Market

0%- 40%

ASSET MIX

PORTFOLIO RETURNS

(As on December 31,2010)

Since inception

Last 1 year

PORTFOLIO RETURN

7.9%

6.4%

BENCHMARK*

4.3%

5.7%

NOTE:

The BENCHMARK of BOND FUND is CRISIL COMPOSITE BOND FUND INDEX and the RETURN for more than one year are COMPOUNDED ANNUALISED GROWTH RATE (CAGR)

The detail of the asset mix is given in ANNEXURE-1.

SECURE FUNDS:

The investment objective of secure fund is to provide progressive returns on your investment and carry capital guarantee.

ASSET ALLOCATION PATTERN

GOVERNMENT

AND OTHER DEBT SECURITIES

60%-100%

EQUITY

0%-20%

CASH AND MONEY MARKET

0%-40%

THE DETAILED STUDY OF THE ASSET IS BEING ATTACHED IN APPENDIX-2

ASSET MIX

The detail of the asset allocation is appended in appendix-2

PORTFOLIO RETURN

(As on December 31, 2010)

Since inception

Last 5years*#

Last 3 years*#

Last 1 year

Portfolio return

8.2%

6.9%

6.8%

Benchmark*

6.1%

6.7%

5.3%

7.7%

PROTECTOR FUND :

Protector fund is a fund which progressively gives return on the investment by investing majority portion in debt securities, with a minimum exposure to equities.

ASSET ALLOCATION PATTERN

Government and other Debt Securities 60%- 100%

Equity 0%- 20%

Cash and Money Market 0%- 40%

ASSET MIX

PORTFOLIO RETURN

(AS on December 31,2010)

Since inception#

Last 3 years#

Last 1 year#

Portfolio return

6.7%

6.1%

5.9%

Benchmark*

7.1%

5.2%

7.2%

NOTE:

BENCHMARK RETURN has been computed by applying benchmark weightages on CRISIL COMPOSITE FUND INDEX and S&P CNX NIFTY

# Returns for more than one year are compounded annualized growth rate (CAGR)

BALANCED FUND :

The Balanced Fund is designed to provide long term cumulative capital growth while controlling risk, by availing opportunities in debt and equity markets

ASSET ALLOCATION PATTERN

GOVERNMENT AND OTHER DEBT SECURITIES 50%- 90%

EQUITY 0%- 45%

CASH AND MONEY MARKET0%- 40%

ASSET MIX

Portfolio Return:

Since inception

Last 5 years#

Last 3 years#

Last 1 year

Portfolio return

17.9%

4.9%

9.2%

Benchmark

12.5%

9.7%

3.7%

10.9%

NOTE:

BENCHMARK RETURN has been computed by applying benchmark weightages on CRISIL COMPOSITE FUND INDEX and S&P CNX NIFTY

# Returns for more than one year are compounded annualized growth rate (CAGR)

NAV MOVEMENT:

GROWTH FUND :

The Growth Fund is designed to provide long term cumulatie capital growth while managing the risk of a relatively high exposure to equity markets. The policy holder gets the full benefit of a rise in the market.

ASSET ALLOCATION PATTERN

GOVERNMENT AND OTHER DEBT SECURITIES 0%- 50%

EQUITY 30%-85%

CASH AND MONEY MARKET 0%- 40%

ASSET MIX

PORTFOLIO RETURN

(AS ON DECEMBER 31,2010)

Since inception

Last 5 years#

Last 3 years

Last 1year

Portfolio return

20.7%

0.7%

10.9%

Benchmark*

16.5%

15.0%

2.5%

15.2%

Note:

Past Return are not indicative of future performance. Benchmark return has been computed by applying benchmark weight ages on CRISIL Composite Bond Fund and S&P CNX NIFTY

# Returns for more than one year compounded annualized growth rate (CAGR)

ENHANCER FUND :

The Growth Fund is designed to provide long term cumulative capital growth while managing the risk of a relatively high exposure to equity markets. The policy holder gets the full benefit of a rise in the market.

ASSET ALLOCATION PATTERN

CASH AND MONEY MARKET 0%- 40%

EQUITY   60%- 100%

ASSET MIX

PORTFOLIO RETURN

SINCE INCEPTION

LAST 1 YEAR

PORTFOLIO RETURN

8.9%

17.2%

BENCHMARK*

7.6%

17.8%

NOTE:

Past returns are not indicative of future performance .

Benchmark is S&P CNX NIFTY

#RETURN for more than one year are compounded annualized growth rate(CAGR)

NAV MOVEMENT

INDEX FUND :

The investment objective of index fund is to generate returns in line with the stock market index- NIFTY

ASSET ALLOCATION PATTERN

EQUITY  80%- 100%

DEBT SECURITIES INCL. MONEY MARKET 0%-  20%

ASSET MIX:

The details of the asset allocation is attached in appendix - 7

Portfolio Return:

Since inception

Last 1 year

Portfolio return

0.9%

18.4%

Benchmark*

0.1%

17.8%

NOTE :

Past Returns are not indicative of future performance

Benchmark Return has been computed by applying benchmark weightages on CRISIL Liquid Fund Index S&P CNX NIFTY

# returns for more than one year are compounded annualized growth rate (CAGR)

NAV MOVEMENT

PSU FUND:

The investment objective of PSU FUND is to generate steady returns through investment in PSU FUNDs and related equities.

ASSET ALLOCATION PATTERN

CASH AND MONEY MARKET   0%-40%

EQUITY  60%-100%

ASSET MIX

NAV MOVEMENT

INFRASTRUCTURE FUND :

The investment objective of the fund is to generate steady returns through investment in infrastructure and related equities.

ASSET ALLOCATION PATTERN

CASH AND MONEY MARKET 0%- 40%

EQUITY  60%- 100%

ASSET MIX

NAV MOVEMENT

PENSION UNIT LINKED :

SECURE FUNDS :

It is an investment option for the Pension Plus Policy holders. The investment objective of the fund is to provide progressive return on investment and carry capital guarantee

ASSET ALLOCATION PATTERN

GOVERNMENT AND OTHER DEBT EQUITIES 60%- 100%

EQUITY 0%- 20%

CASH AND MONEY MARKET 0%- 40%

ASSET MIX

Portfolio Return:

Since inception

Last 5 years

Last 3 years

Last 1 year

Portfolio Return

8%

6.9%

6.9%

Benchmark

7%

6.7%

5.3%

7.7%

NOTE: past return are not indicative of future performance

Benchmark return has been computed by applying benchmark weightages on CRISIL COMPOSITE BOND FUND INDEX and S&P CNX NIFTY

Nav movement

  • PROTECTOR FUND  :

    Protector Fund is the progressive return on the investment in which majority portion is invested in debt securities with a minimum exposure to equities.

    ASSET ALLOCATION PATTERN

    GOVERNMENT AND OTHER DEBT SECURITIES 60%- 100%

    EQUITY 0%- 20%

    CASH AND MONEY MARKET 0%- 40%

    ASSET MIX:

    PORTFOLIO RETURN

    SINCE INCEPTION

    LAST 1 YEAR

    PORTFOLIO RETURN

    6.6%

    5.6%

    BENCHMARK*

    4.5%

    6.7%

    NOTE:

    PAST RETURN are not indiacative of future performance.

    Benchmark return has been computed by applying weightages on CRISIL and S&P CNX NIFTY

    #return for more than 1 year are compounded annualized growth rate(CAGR)

    NAV MOVEMENT

    BALANCED FUND:

    Balanced Fund is an investment option for pension plus holders where the fund is designed to provide log term cumulative capital growth while controlling overall opportunities in debt and equity market.

    ASSET ALOCATION PATTERN

    GOVERNMENT AND OTHER DEBT SECURITIES   50%- 90%

    EQUITY  0%- 45%

    CASH AND MONEY MARKET 0%- 40%

    ASSET MIX

    PORTFOLIO RETURN

    SINCE INCEPTION

    LAST 5 YEARS

    LAST 3 YEARS

    LAST 1 YEAR

    PORTFOLIO RETURN

    15.5%

    5.2%

    10.6%

    BENCHMARK

    11.4%

    9.5%

    3.5%

    10.9%

    NOTE:

    PAST RETURN are not indiacative of future performance.

    Benchmark return has been computed by applying weightages on CRISIL and S&P CNX NIFTY

    #return for more than 1 year are compounded annualized growth rate(CAGR)

    Nav movement

    GROWTH FUND :

    Growth Fund is an investment option for the Pension Plus Policy holders . it is designed to provide long term cumulative growth while managing the risk of relatively high exposure to equity markets.

    ASSET ALLOCATION PATTERN

    GOVERNMENT AND OTHER SECURITIES   20%- 60%

    EQUITY   20%- 60%

    CASH AND MONEY MARKET    0%- 40%

    ASSET MIX

    PORTFOLIO RETURN

    SINCE INCEPTION

    LAST 5 YEARS

    LAST 3 YEARS

    LAST 1 YEAR

    PORTFOLIO RETURN

    14.8%

    6.1%

    11.9%

    BENCHMARK

    13.2%

    11.5%

    3.8%

    13.0%

    NAV MOVEMENT :

    INDEX FUND :

    The investment objective of INDEX FUND is to generate returns in line with the stock market index-NIFTY

    ASSET ALLOCATION PATTERN

    EQUITY  80%- 100%

    DEBT SECURITIES Incl. MONEY MARKET 0%- 20%

    ASSET MIX

    PORTFOLIO RETURN

    SINCE INCEPTION

    LAST 1 YEAR

    PORTFOLIO RETURN

    8.4%

    18.4%

    BENCHMARK*

    8.1%

    17.8%

    NOTE:

    PAST RETURNS are not indicative of future performance,

    Benchmark return has been computed by applying benchmark weightages on CRISIL LIQUID FUND INDEX AND NIFTY

    #RETURNS for more than 1 year are compounded by applying benchmark weightages on CRISIL LIQUID FUND INDEX NIFTY

    NAV MOVEMENT

    INFRASTRUCTURE FUND :

    Infrastructure Fund is an investment option for the Pension Plus Policyholders. In this the fund is designed to generate steady returns through investment in infrastructure and related equities.

    ASSET ALLOCATION PATTERN

    CASH AND MONEY MARKET 0%- 40%

    EQUITY 60%- 100%

    ASSET MIX

    NAV MOVEMENNT

    PSU FUND. :

    PSU FUND is an investment option for the Pension Plus Policy holders. This fund is designed to generate steady returns through investment in PSU and related equities.

    ASSET ALLOCATION PATTERN

    CASH AND MONEY MARKET 0%- 40%

    EQUITY 60%- 100%

    ASSET MIX

    NAV MOVEMENT

    CHAPTER - 2

    THE STUDY OF THE WORK CULTURE OF ITS EMPLOYEES :

    Though the ULIPs Plan is completely different from the Traditional Insurance so there is a lot of difference between the  WORK CULTURE of Aviva's ULIPs as the work culture of the organization differs as and when the condition of their work changes.

    Basically Work culture is a combination of qualities in an organization and its employees that arise from what is generally regarded as appropriate ways to think and act.

    It is important because :

    • Culture is the vehicle through which individuals coordinate their activities to achieve common goals and expectations
    • Culture helps individuals understand how their roles fit within the larger picture
    • Culture defines the norms of acceptable conduct
    • Culture develops consistent interpretations of behaviors throughout the organization
    • The well-managed culture can improve performance significantly while the unmanaged culture will impede even the best-intentioned change effort

    The "work culture" of an organization is a product of its history, traditions, values, and vision.It is"a pattern of basic group assumptions that has worked well enough to be considered valid, and, therefore, is taught to new members as the correct way to perceive, think and feel."

    Desirable work culture includes shared institutional values, priorities, rewards and other practices which foster inclusion, high performance, and commitment, while still allowing diversity in thought and action.

    To know the employees view about the work culture of the organization a set of questionnaires has been formed which would help us to know about some basic concepts of Human Resource  Management. :

    These are the set of questionnaires with the help of which we would know

    • the amount of stress the employees are taking
    • the level of satisfaction that the employees get from different factors like wages, salaries. Compensations, working hours etc.
    • the level of their satisfaction with their work
    • the relationship with their peers and superiors
    • their views about the recreational facilities
    • the job profile of the organization

    Stress:

    Stress is the body's reaction to a change that requires a physical, mental or emotional adjustment or response. Stress can come from any situation or thought that makes you feel frustrated, angry, nervous, or anxious. Stress is caused by an existing stress-causing factor or "stressor." Stress in a work environment is mainly caused because of the high pressure of the job.

    Through this survey we can know exactly whether the employees are stressed out with the work or they enjoy the work environment.

    Through the survey that we are going to do we will be analyzing the stress level that the employees are having.

    JOB SATISFACTION:

    The term Job Satisfaction means whether the employees are happy and satisfied with the work environment or not. The people are more happy  and they retain themselves  in the organization when they are satisfied  with their job , the more satisfied they are said to be. Through the survey I have come to a conclusion of the percentage of the employees who are satisfied with their job in AVIVA Jayanagar branch. It also shows how necessary is job satisfaction for retaining the employees in the organization.

    PERFORMANCE APPRAISAL:

    Performance appraisal is the tool to know about the employee's performance in the accounting year. In this the superiors grade their juniors and tell them where to improve, and if they are performing extraordinary then they recommend them for promotions.usually in performance appraisal there are two guides who grade an individual,

    Through the survey we will exactly know whether a fair appraisal is being given to the employees in AVIVA Life Insurance, JAYANAGAR branch.

    ANALYSIS AND INTERPRETATION OF THE SURVEY

    The survey was being conducted in Aviva Jayanagar branch; the survey is restricted to the ULIPS plan of AVIVA. In this survey the number of respondent is restricted to only 30 employees.

    So the sample size is restricted to only 30 employees.

    1. Interaction with colleagues

    SAMPLE SIZE

    No.of respondents

    Over Friendly

    30

    5

    Friendly

    30

    15

    Restricted to only Professional Interactions

    30

    7

    Dominating

    30

    3

    Through the above data we can conclude that 50% of the employees are friendly with their coworkers, in AVIVA. only 3among the thirty responded that their colleagues are dominating, and 7 felt that the employees are very professional. So almost there is no change needed in the attitude of the employees.

    2. RATING FEEDBACK AND THE RESPONSE FROM THE SUBORDINATES:

    SAMPLE SIZE

    No.of respondents

    EXTREMELY FAIR

    30

    5

    FAIR

    30

    10

    AVERAGE

    30

    15

    BIASED

    30

    5

    Through the above data we can easily conclude that the response from the subordinates to the subordinates is Average as maximum number of employees agrees with it.

    3. RATING OF FUN ACTIVITIES:

    SAMPLE SIZE

    No.of respondents

    EXCELLENT

    30

    5

    GOOD

    30

    15

    AVERAGE

    30

    10

    NOT UPTO THE MARK

    30

    5

    INTERPRETATION:

    From the above figure it is clear that the 50% of the employees rated  the FUN ACTIVITIES as  good, whereas only 16.66% says that they find it excellent and 16.66% also finds not up to the mark.

    4. AVIVA AS A PAYMASTER

    SAMPLE SIZE

    No.of respondents

    EXCELLENT

    30

    6

    GOOD

    30

    12

    AVERAGE

    30

    7

    CAN BE BETTER

    30

    5

    From the above graph it is clear that only 20% of the employess  says that AVIVA is a great as a PAYMASTER, and 40% rated it as good and 23.33% rated it as an average and only 23.33% rated it to be better and they want it to be better than it is.

    5. Role of the incentives and compensation :

    SAMPLE SIZE

    No. of respondents

    EXCELLENT

    30

    12

    average

    30

    6

    ABOVE AVERAGE

    30

    7

    BELOW AVERAGE

    30

    5

    INTERPRETATION:

    From the above figure it is clear that 40% of the employees are satisfied with the incentives and compensation plans that are being provided by AVIVA, and 23.33% of the employees rated it as above average and20% rated it as average and only 16.66% rated it as below average. So as maximum employees are satisfied with the plan, so there is no need to change the plan.

    6 .APPRAISAL SYSTEM IN AVIVA

    SAMPLE SIZE

    NO. OF RESPONDENTS

    YES

    30

    18

    NO

    30

    12

    Interpretation:

    One of the most important aspect to retrain the employees have been through APPRAISALs. In order to tackle with the crises of employees leaving the organization, AVIVA has been practicing a fair policy in appraisal which is clearly indicated with the 60% confirming that they are satisfied with the Appraisal system. 

    7. ETHICS OF THE ORGANISATION:

    SAMPLE SIZE

    NO. OF RESPONDENTS

    YES

    30

    20

    NO

    30

    10

    INTERPRETATION:

    Ethics are something that every organization should have, it is clear from the above figure that 66% of the employees are happy with the ethics ofAVIVA and 33.33% of the employeesare not at all happy with the organizations ethics.

    8.STRESS LEVEL DUE TO WORK :

    SAMPLE SIZE

    NO. OF RESPONDENTS

    YES SOMETIMES

    30

    15

    YES ALWAYS

    30

    8

    NO SOMETIMES

    30

    2

    CANT'T SAY

    30

    10

    INTERPRETATION:

    From the above figure it is clear that 50% of the employees are sometimes stressed out because of the work pressure, 27% responded that the work pressure is so high that they are always being stressed out, and only 7% responded that they are stressed sometimes and 33.33 % of the employees couldn't determine whether they are really stressed out or not.

    9.WORKING HOURS

    Working hours means the number of hours an individual works in an organization.

    SAMPLE SIZE

    NO OF RESPONDENTS

    HAPPY WITH THE WORKING HOURS

    30

    20

    NOT AT ALL HAPPY

    30

    10

    INTERPRETATION:

    From the above figure it is clear that 60% of the employees are happy with the working hours and 40% ofthem are not at all happy with the working hours.

    10. DRESS CODE AND SEATING ARRANGEMENT:

    SAMPLE SIZE

    NO OF RESPONDENTS

    VERY COMFORTABLE

    30

    8

    COMFORTABLE

    30

    18

    UNCOMFORTABLE

    30

    3

    NONE OF THE ABOVE

    30

    1

    INTERPRETATION

    From the above figure it is clear that 60% of the employees are comfortable with the drees code and seating arrangement of the organization, where as 26.66% are very comfortable and 10%  are uncomfortable and they believe it is monotonous and is affecting their mood to work and 3.5% of the employees didn't respond.

    Limitation of the Study:

    TIME CONSTRAINT:

    As the project is only for a period of three months i.e. till may so, I can't get all the information beyond that period.

    • The study covers only the UNIT LINKED INSURANCE PLANS and not the TRADITIONAL PLANS.s
    • Can get only limited information, as an intern can't get the confidential information of the organization.
    • Won't be dealing with the competitive analysis of ULIPS as it is a vast study, and a period of three months is too short to study in detail about its Competitive analysis
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