SYNOPSIS FOR DISSERTATION

NAME:
REGISTRATION NO:

AVINASH K A
B11220265

NAME OF THE PROGRAMME:

PGDM

ADDRESS FOR CORRESPONDENCE:

4B, SAPTHAGIRI NILAYA,

ANTHAPPA LAYOUT
DORESANIPALYA, BILEKAHALLI
B G ROAD, IIM POST, BANGALORE
560076.
E-mailavijnash@gmail.com
Ph-9739178502
PROJECT GUIDE:
DESIGNATION AND ADDRESS:

Mr. ANIL KUMAR AGARWAL

SALES MANAGER
No 3/20, 27th Cross, 11th Main,
Near-Tanishq Jeweller, Jayanagar 4th Block
Bangalore, Karnataka

TITLE OF THE PROJECT: Factors affecting consumer buying decision

making of Aviva Young Scholar Secure Child Education Insurance policy in
Bangalore

WORKING TITLE

Factors affecting consumer buying decision making of Aviva Young Scholar

Secure Child Education Insurance policy in Bangalore.

PURPOSE OF STUDY
Today companies work in a war zone of rapidly changing competitive
environment technological advances, changing government policies diminishing
customer loyalty and so on. Now a day world of stiff competition, the companies with
existing marketing strategies need to be changed in a manner so as to cope up with
its rapidly changing competitive environment, technical up-gradation, varying
government policies, rules and regulation during customer loyalty etc. So, in this
context, the Aviva is also facing a stiff competition in the market from its competitors
and for this the company is gearing up themselves to face the competition.
The future of the Indian insurance sector looks bright. The sector which
stood at a strong US$ 72 billion in 2012 has the potential to grow to US$ 280 billion
by 2020. This growth is driven by Indias favorable regulatory environment which
guarantees stability and fair play. This environment has given rise to an insurance
market which encourages foreign investors to tap into the sectors massive potential.
Aviva India is an Indian life insurance firm, and a joint venture between
Aviva plc., a British insurance company, and Dabur Group, an Indian conglomerate.
Aviva India was amongst the first companies to introduce modern unit-linked and
unitized with-profit policies. Its products include: Protection plans (Aviva Life Shield
Platinum, Aviva Life Shield Advantage), Endowment plans (Aviva Money back, Aviva
Dhansamruddhi), Child policy (Aviva Young Scholar Secure), Retirement plans (Aviva
Freedom Life Advantage, Aviva Annuity Plan, and Aviva Next Innings Pension Plan). In
addition to these, a new traditional plan called Family Income Builder was launched
in August 2012.
Education is the greatest insurance, and every parent strives to guarantee this
for their child. For a good education, it becomes essential to build a sound corpus
when cost of education is rising every year and deliver at the time their child
education needs the money. Aviva Young Scholar Secure is a traditional child plan
and is designed in such a way that parent will receive the guaranteed annual
payouts as soon as your premium payment term ends. Their requirement for the

finances to pay the tuition fees when the child pursues education up to class 12th,a
lump-sum amount for college admission when the child turns 18, and a higher lumpsum when the child turns 21 and pursues higher education such as post-graduation
is paid to them in those intervals. Apart from the above said benefits, Aviva young
scholar secure ensures an uninterrupted education to the child even when the
Insured (parent) is not around. In case of death of the parent (Insured), a lump-sum
death benefit which is equivalent to the sum assured is paid and the future
premiums are waived off. The policy still continues with the all the benefits
supporting the child's education.
As the customer play a key role in the todays market; their preferences,
attitude and perceptions are of utmost value to the marketers keeping all the
objectives of the study in mind and to give a proper dimension to the study
undertaken, a comprehensive consumer survey is to be undertaken with the aid of a
well-framed questionnaire. Different factors that affect consumer buying decision
making of Aviva Young Scholar Secure Child Education Insurance policy in
Bangalore have to be analyzed. The factors that could affect are:
Demographic factors such as Age group, Parent Occupation and Monthly

income.
Family size and expenses
Financial planning - Family / Parent
Children education planning
Advertising
Brand image
Policy premium & terms
Comfort and convenience
Customer relationship pre and after sale
As the part of the partial fulfillment of the PGDM course a project has been

incorporated in the curriculum during which a study to be under taken mainly to take
out the newly acquired knowledge and skill from an actual work situation and take
book and classroom teaching give us through back ground of different functional
area devoid of practical experience to how those area are to be administered and
managed respectively. This report has given an opportunity to gain an inside into a
practical applicability of management concept and theory, learning faster and
developed better ability to analysis problems and in decision that contribute
significantly for better use of resource available to the management. With this view

to understand the concept, I have undertaken a project study in Aviva India, which
has equipped me to prepare a report with a proper solution of the problem faced by
the organization.
This area of work was chosen by me as this had all the ingredient of
marketing research and other aspect of marketing as well the report offer a glimpse
of various stages at project work in order to serve purpose of the study in systematic
manner and hope that the findings and recommendation will go a long way in
helping the organization.
This project aims to Study the factors affecting consumer buying decision
making of Aviva Young Scholar Secure Child Education Insurance policy in
Bangalore.

AIM
1. To analyze the factors affecting consumer buying decision making of Aviva
Young Scholar Secure Child Education Insurance policy in Bangalore and to
make proposals for future action for the improvement of the marketing
strategies to increase the sales.
2. To study different factors such as demographic factors such as age group
,occupation and monthly income price, Family size and expenses, Financial
planning - Family / Parent, Children education planning, Advertising, Brand
image, Policy premium and terms, Comfort and convenience, Customer
relationship pre and after sale etc.

3. To study the relative importance of different factors affecting consumer buying

decision making of Aviva Young Scholar Secure Child Education Insurance
policy in Bangalore.

4. To study if there is any relationship between the different factors responsible

for consumer buying decision making.

OBJECTIVES
Primary:
To make a study of the factors affecting consumer buying decision making of Aviva
Young Scholar Secure Child Education Insurance policy in Bangalore.
Secondary:

1. To study the importance of various attribute which effect the purchasing

decision of customers in regard of Aviva Young Scholar Secure Child
2.
3.
4.
5.

Education Insurance policy.

To study the Demographic factors that affects the consumer buying decision.
To study the impact of media and customer relationship on the customers.
To study the level of comfort the customers expect in their insurance policy.
To study different policy benefits they expect while purchasing an insurance

policy.
6. To study the type financial planning of customers which impact the selecting
policy premium of an insurance policy.

KEY QUESTIONS
1. Are the existing Customers happy with the use of the product and if not
how can the services be improved to achieve it?
2. What are the added benefits which need to be given to the customers so
that in this competitive scenario also they turn brand loyal?
3. How can the strategies be revised which can actually double the
satisfaction level of the customers on overall performance?
4. How to utilize the understanding of customers buying behavior to make
better strategies?

HYPOTHESIS
The demographical social and psychological factors have a direct impact on the
purchase decision.

RESEARCH METODOLOGY
STEP 1 : Preliminary Survey: - The project study is undertaken with general
discussion and informal interview with the customer both possessing and
prospective. The objective is set mainly to gain an idea about consumers buying
behaviors of Aviva Young Scholar Secure Child Education Insurance policy.

STEP 2 : Sampling Method:-The data are collected from primary sources. The
primary data are collected from respondents possessing, prospective & non policy
holders of Aviva Young Scholar Secure Child Education Insurance policy. Surveying
method through personal or direct interviews with the help of questionnaire
designed especially for the purpose.

STEP 3 : Sampling Size:-A sample of 100 respondents of which 25 will be policy

holders and 75 will be non-policy holders representing different age, gender, income
group and family size would be taken for the proposed research .

STEP 4 : Area Of Study:-The research would be carried out in Bangalore.

STEP 5 : Research Period:-Research work will be carried out for 5 - 6 weeks.
STEP 6 : Research Instrument: - The work will be carried out through selfadministered questionnaires. The questions included will have multiple choices and
are close ended.

STEP 7 : Data Collection:I.

PRIMARY DATA

Through distributing structured Questionnaires directly to the respondents

who are holders of Aviva Young Scholar Secure Child Education Insurance
policy, prospective holders of Aviva Young Scholar Secure Child Education
Insurance policy & non- holders of Aviva Young Scholar Secure Child
Education Insurance policy.

II.

SECONDARY DATA
The information is obtained from the brochures, company articles,
websites, newsletters, journals, magazines, newspapers etc.

STEP 8 : Data Analysis:Quantitative data from the survey and secondary data would be
organized and analyzed using appropriate Tabular and Graphical forms. Data
gathered from the interviews will be transcribed, summarized and grouped under
appropriate headings/categories keeping the objective in mind.

CONTENTS (PROPOSED)
CHAPTER 1- Introduction
This Chapter includes the introduction to the topic chosen and the
overview of the

industry

Chapter 2- Industry and company profile

CHAPTER 3 Research Design
This chapter contains the objectives of research, types of research,
sources of data collection and the sampling.
CHAPTER 4 Analysis of the data and Interpretation
The collected data would be analyzed using suitable techniques and
interpreted for the purpose of providing suitable recommendation.

CHAPTER 5 Summary of Findings and recommendations

This chapter would provide an overview of the project, summary of
findings and would provide the conclusions, recommendations and
suggestions based on findings.
CHAPTER 6 References and Annexure.

Work Plan
Study of the concept

1 days

Framing of objective and preparation of Questionnaire

1 days

Conducting the Survey

30 days

Organizing the data

2 days

Data analysis ,Suggestion & Conclusion

2 days

Reporting

1 days

QUESTIONNAIRE
My name is AVINASH K A. I am a student pursing PGDM course. As part of my
course, I am conducting a market research. I would just need a few minutes of
your time and co-operation. I would like to inform you that this is a research work
only for academic purpose and the data will be kept strictly confidential.

Questionnaire No: -
Date: -

Location:..
Name:
Age: -

Gender: - Male

Female

Occupation: -

Annual Income: -

Address:.......................................................

.......................................................

E-Mail Address: -

Phone Number: -

I have an insurance policy from AVIVA.

a. Yes

b.

No

(If your answer to the above question is YES please respond to Part A & if your
answer is NO please respond to Part B.)

Part A (Please tick against the choices)

Q1. Which of the following insurance policy do you hold from Aviva?
AVIVA CHILD PLAN
AVIVA PROTECTION PLAN
AVIVA SAVINGS PLAN
AVIVA RETIREMENT PLAN
AVIVA HEALTH PLAN
AVIVA RURAL PLAN

Q2. How did you buy the Aviva policy?

a) Insurance agents
b) Directly online

(
(

)
)

c) Banks
d) Other mode

Q3. How did you come to know about the Aviva policy?

(
(

)
)

a) Advertisement on TV

)
b) Insurance Agents

)
(

c) Newspaper & magazines

)

d) Reference & friends

)
Q4. My total family income per month: (in rupees)
a) 20,000 40,000
b) 60,000 90,000
c) 90,000 1,20,000

(
(
(

)
)
)

d) 40,000 60,000
e) Above 1,20,000

(
(

)
)

Q5. My family income is from:

a) Me only

(
)
b) Both of us

c) my spouse only

Plus other sources {property & savings} also

Q6. I have long term financial liabilities: yes / no {strike the odd}
If yes, then it is
a) Home loan
b) Personal loan

(
(

)
)

c) other property loan

d) vehicle loan

)
(

Q7. I am currently the parent of: child/ children

My children age and their aspiration to become are:
1) Daughter/ son
2) Daughter/ son
3) Daughter/ son

years &....................................
years &....................................
years &....................................

Q8. I have Aviva Young Scholar Secure (CHILD PLAN ) for my loved one: yes/ not

yet

{strike the odd}

a)
b)

If yes, then Annual premium:. (in rupees)

If not yet, then wish to have the policy - YES / NO {strike the odd}

Q9. My satisfaction level with Aviva service provider for the insurance policy (from
policy promotion to and after policy purchase):

Very high

High and

Ok kind of and required

Fair and

and feel

feel happy

more information on

need

secured

& good

policy

help

Q10.Would like to refer Aviva policy to others : yes / no

If yes, through and during:
Facebook

E-mail & sms

Twitter

Telephone/ Mobile

Whatsapp

Talk in parks and party

Other social

Social gathering and

media

meetings

Signature of the Customer:

Part B (Please tick against the choices)
Q1. Which of the following insurance policy do you like to hold from Aviva?
AVIVA CHILD PLAN
AVIVA PROTECTION PLAN
AVIVA SAVINGS PLAN
AVIVA RETIREMENT PLAN
AVIVA HEALTH PLAN
AVIVA RURAL PLAN

Q2. How do you like to buy the Aviva policy?

a) Insurance agents
b)

Directly online

)
(

c) Banks
)

d) Other mode

Q3. How do like to you come to know more about the Aviva policy?
a) Advertisement on TV
)

c) Newspaper & magazines

b) Insurance Agents

d) Reference & friends

)
Q4. My total family income per month: (in rupees)
a) 20,000 40,000
b) 60,000 90,000
c) 90,000 1,20,000

(
(
(

)
)
)

d) 40,000 60,000
e) Above 1,20,000

(
(

)
)

Q5. My family income is from:

a) Me only

(
)
b) Both of us

c) my spouse only

Plus other sources {property & savings} also

Q6. I have long term financial liabilities: yes / no {strike the odd}
If yes, then it is
a) Home loan
b) Personal loan

(
(

)
)

c) other property loan

d) vehicle loan

)
(

Q7. I am currently the parent of: child/ children

My children age and their aspiration to become are:
1) Daughter/ son
2) Daughter/ son
3) Daughter/ son

years &..................................
years &..................................
years &..................................

Q8. I would like to have Aviva Young Scholar Secure for my loved one:

Yes / not now but later/not at all

a)
b)

{strike the odd}

If yes, then Annual premium would likely to be:. (in rupees)

If not now but later, then required time and space to think about the policy
-YES/NO{strike the odd}

Q9. My high satisfaction level with Aviva service provider for the insurance policy will
be when I get to know more about (from policy promotion to and after policy purchase):

Policy benefits

Policy premium

Policy terms

Insurance

After sales and

and risks

and term

and conditions

providing

constant touch

associated

period

company

Q10.Would like to get reference for Aviva policy from others: yes / no

If yes,

through and during:

Facebook

E-mail & sms

Twitter

Telephone/ Mobile

Whatsapp

Talk in parks and party

Other social

Social gathering and

media

meetings

Signature of the Customer:

ANIL KUMAR AGARWAL

Phone: +91 9886718132

E-mail:
anil.agarwal@avivaindia.co

He has a Bachelors degree in Engineering (Electrical) and is a Post Graduate

in Management (MBA Marketing) with more than 13 years of work
experience. He has worked with Indias major IT

company ,WIPRO

Technologies, where he was a QA Lead Auditor for Support Projects.

Currently, he is working as SALES MANAGER at AVIVA INDIA LTD, managing 30
Insurance Agents under him. He is involved in recruiting Agents and providing
training with regards to Insurance products of AVIVA INDIA LTD. He is main
role is to manage sales from the Insurance Agents and provide market related
information to the company. Under him, business is consistent from his team
and he is a qualified Certificate Licentiate for AVIVA INDIA LTD.

Conducted Personal Interview & GD skills training for Agents.

Has guided more than 10 students for their project works at the
Post graduate and under graduate level.

Has attended many national and international seminars.

Attended 4 sales training and management programme.