Explore




Explore





Upload



Go Pro



Login



Signup



Email



Like



Save



Embed

‹›

/103
1

Share


Related



More



A project report on recruitment and channel developmentat icici
prudential 1750 views Like

Insurance as a investment tool @ icici bank project report mba finance



1522 views Like



I express my sincere and deepest gratitude to mr 1465 views Like



Role of ICICI PRU in life insurance sector 1112 views Like



Sales management 668 views Like



Insurance 1459 views Like



A COMPARATIVE STUDY OF HR POLICES OF ICICI COMPANY
LTD 2122 views Like



A project report on a study of investment decisions of individual
investor with … 820 views Like



Comparison between traditional plan & ulip’s 884 views Like



Icici bank 6455 views Like

A project report on stress management at icici prudential 1546 views



Like

ICICI PruLife Customer awareness and customer satisfaction



2794 views Like



ICICI prudent life insurance 15373 views Like



project report 8379 views Like







A project report on the study of solvency margin in icici prudential life
insur… 665 views Like

Icici final presentation 8021 views Like

A study on effectiveness of crm in hdfc standard life insurance in to
increa… 2966 views Like



Advertisement Effectiveness 13886 views Like



HDFC Life and ICICI Prudential : Financial analysis and Portfolio
Comparison 9563 views Like

“STRESS MANAGEMENT” IN ICICI BANK 1682 views Like





Project on recruitment,training and development of icici prudential life
insuran… 24213 views Like



14144757 lic-project-manish 726 views Like



Final report 1249 views Like



A project report on market potential of current account for traders
1434 views Like



Universal banking final 1517 views Like



Icici bank 1 2147 views Like



Icici bank 1 779 views Like



Hdfc standard life insurance www.gameswala.com 1006 views Like



ICICI- A private bank 12 views Like



Market research and customer satisfaction at kotak mahindra life
insurance co. l… 306 views Like



Market%20 research%20and%20customer%20satisfaction%20at
%20kotak%20mahindra%20lif… 176 views Like



Market research and customer satisfaction at kotak mahindra life
insurance co. l… 2950 views Like

+ Follow

project report on icici
by AMITSHANKAR on May 21, 2013


913 views



No comments yet

Subscribe to comments Post Comment

project report on icici Document Transcript


1. -1-A SUMMER TRAINING PROJECT REPORT ON“SUBMITTED IN THE
PARTIAL FULFILLMENT OF THE AWARD OF THEDEGREE OFMASTERS OF
BUSINESS ADMINISTRATIONSession (2011-13)Submitted to: Submitted ByPROF.
SHWETA BATRA PRITESH KUMAR( HOD Of Management Department) MBA: 3rd
semROLL NO: 111290051Forte Institute of Technology, MeerutA



2. -2-SUMMER TRAINING PROJECT REPORTON“MARKETING SURVEY AND
CHANNELDEVELOPMENT”ICICI PRUDENTIAL LIFE INSURANCE LTD.
”SUBMITTED TOWARDS THE PARTIAL FULFILLMENT OFMaster of Business
Administration(Mahmaya Technical University Noida)ACADEMIC SESSION:2011 –
2013UNDER THE GUIDANCE OF: SUBMITTED BY:Ms. PARUL UPPAL MOH
Azhar Khan[H.O.D. of Management] MBA 3rd SemGYAN BHARTI INSTITUTE OF
TECHNOLOGY PARTAPURBYPASS MEERUT



3. -3-



4. -4-ACKNOWLEDGEMENT



5. -5-ACKNOWLEDGEMENTPresenting a Project report of this type is an arduous task,
demanding a lot of time. Icannot in full measure appreciate and acknowledgement the
kindness shown and helpextended by various persons in this endeavor. I will remember
all of them with gratitude.I must, however, especially Render & My special sincere
thanks towards project guideMr. ___________________ (Unit Manager) giving me a
chance to take this research forhis valuable guidance, which helped me on all those
points, which I needed to include in,with full intensity.My sincere thanks are also due to
Pro. Parul Uppal, HOD of Management I can‟t fortheir sign if help extended for the
successful completion of the project. I highly the help Igot from them in providing me
and a lot of information regarding the functioning of thisorganization.I am always be
holder to my God, for always being with me and showing me the rightways, my family,
for always doing favors to me and my friends and colleaguesconsistently helped with
encouragement and criticism throughout the research work, foralways lifting my sights to
higher vision, raising my personality beyond normal limitationand for realizing me my
strengths and potential, as I did not always welcome herexhortation, “try again; you can
do better.” But this research owes a great deal to it – andso do I.Ankit Dutt( MBA III
SEM )



6. -6-DECLARATIONMy self Ankit dutt Student of MBA III SEM here by declared that
theProject report entitled ‘ ANALYSIS OF MARKETING SURVEY ANDCHANNEL
DEVELOPMENT”ICICI PRUDENTIAL LIFEINSURANCE LTD. is completed and
submitted to Prof.Parul Dutt, HODof Management (Gyan Bharti Institute of Technology,
Meerut is my original work.The imperial finding in this report is based on the data
collected by me. I have notsubmitted this project report any other University for the
purpose of complianceof any requirement of any Examination or Degree.Ankit DuttMBA
III SEM



7. -7-PREFACEICICI Prudential Life Insurance is one of the largest Insurance networks
in thecountry, and 2ndLife Insurance Company in India. The ICICI Group has been
inexistence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002
assubsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4
millionwith total assets exceeding Rs.1, 00,000 Cr. making it the 2ndlargest life
insurancecompany in the country, next only to LIC. The Insurance sector, after the
opening up,provides greater opportunities. Several global players have emerged and the
market haschanged significantly. In the changed scenario, the expectation is that the low
Insurancepremium as a percentage of GDP prevailing in India will improve and will offer
betteropportunities to the insurance players.Life Insurance sector is one of the key areas
where enormous business potentialexists. In India currently the life insurance premium as
a percentage of GDP is 1.3 percent against 5.2 per cent in the US, but in the liberalized
scenario, the life insurancepremiums were projected to grow at around 18% to 20% from
Rs 215 billion in 1998- 99to Rs 592 billion in 2004-05 and to Rs 1450 billion by 200910. Corporate non-lifepremium was projected to grow from Rs 84 billion in 1998-99 to
Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion.In
the life Insurance segment the Life Insurance Corporation of India (LIC) is themajor

player. The LIC has 2050 branches. It is constituted in to seven Zones. Currentlythere are
5, 60,000 LIC agents in India. General Insurance is another segment, which hasbeen
growing at a faster pace.


8. -8-CONTENTS1. Preface2. Introduction3. Statement of the problem4. Objective of the
study5. Significance of the study6. Research methodology7. Industry profile8. Company
profile9. product/services profile10. Data analysis and interpretation11. Findings12.
Recommendations to company:13. Appendix14. Questionnaire15. Bibliography



9. -9-INTRODUCTIONLife insurance is a form of insurance that pays monetary
proceeds upon the death of theinsured covered in the policy. Essentially, a life insurance
policy is a contract between thenamed insured and the insurance company wherein the
insurance company agrees to payan agreed upon sum of money to the insureds named
beneficiary so long as the insuredspremiums are current.With a large population and the
untapped market area of this population insurancehappens to be a very big opportunity in
India. Today it stands as a business growing atthe rate of 15-20% annually. Together with
banking services, it adds about 7 percent tothe countries GDP. In spite of all this growth
statistics of the penetration of the insurancein the country is very poor. Nearly 80% of
Indian populations are without life insurancecover and the health insurance. This is an
indicator that growth potential for the insurancesector is immense in India.It was due to
this immense growth that the regulations were introduced in the insurancesector and in
continuation “Malhotra Committee” was constituted by the government in1993 to
examine the various aspects of the industry. The key element of the reformprocess was
participation of overseas insurance companies with 26% capital. Creating amore
competitive financial system suitable for the requirements of the economy was themain
idea behind this reform.



10. -10-Since then the insurance industry has gone through many changes. The
liberalization ofthe industry the insurance industry has never looked back and today stand
as one of themost competitive and exploring industry in India. The entry of the private
players and theincreased use of the new distribution are in the limelight today. The use of
newdistribution techniques and the IT tools has increased the scope of the industry in
thelonger run.Insurance is the business of providing protection against financial aspects
of risk, such asthose to property, life health and legal liability. It is one method of a
greater conceptknown as risk management –which is the need to mange uncertainty on
account ofexposure to loss, injury, disadvantage or destruction.Insurance is the method of
spreading and transfer of risk. The fortunate many who areexposed to some or similar
risk shares loss of the unfortunate. Insurance does not protectthe assets but only
compensates the economic or financial loss.In insurance the insured makes payment
called “premiums” to an insurer, and in return isable to claim a payment from the insurer
if the insured suffers a defined type of loss. Thisrelationship is usually drawn up in a
formal legal contract.



11. -11-Insurance companies also earn investment profits, because they have the use of
thepremium money from the time they receive it until the time they need it to pay
claims.This money is called the float. When the investments of float are successful they

mayearn large profits, even if the insurance company pays out in claims every penny
receivedas premiums. In fact, most insurance companies pay out more money than they
receive inpremiums. The excess amount that they pay to policyholders is the cost of float.
Aninsurance company will profit if they invest the money at a greater return than their
costof float.An insurance contract or policy will set out in detail the exact circumstances
under whicha benefit payment will be made and the amount of the
premiums.Classification of insuranceThe insurance industry in India can broadly
classified in two parts. They are.1) Life insurance.2) Non-life (general) insurance.1) Life
insurance:Life insurance can be defined as “life insurance provides a sum of money if the
personwho is insured dies while the policy is in effect”.In 1818 British introduced to
India, with the establishment of the oriental life insurance


12. -12-company in Calcutta. The first Indian owned Life Insurance Company; the
Bombaymutual life assurance society was set up in 1870.the life insurance act, 1912 was
the firststatuary measure to regulate the life insurance business in India. In 1983, the
earlierlegislation was consolidated and amended by the insurance act, 1938,
withcomprehensive provisions for detailed effective control over insurance. The
uniongovernment had opened the insurance sector for private participation in 1999,
alsoallowing the private companies to have foreign equity up to 26%. Following the
openingup of the insurance sector, 12 private sector companies have entered the life
insurancebusiness.Benefits of life insuranceLife insurance encourages saving and forces
thrift.It is superior to a traditional savings vehicle.It helps to achieve the purpose of life
assured.It can be enchased and facilitates quick borrowing.It provides valuable tax
relief.Thus insurance is found to be very useful in the lives of the person both in short
term andlong term.



13. -13-Fundamental principles of life insurance contract;1) Principle of almost good
faith:“A positive duty to voluntary disclose, accurately and fully, all facts, material to the
riskbeing proposed whether requested or not”.2) Principle of insurable
interest:“Relationships with the subject matter (a person) which is recognized in law and
giveslegal right to insure that person”.2) Non-life (general) Insurance:Triton insurance
co. ltd was the first general insurance company to be established in Indiain 1850, whose
shares were mainly held by the British. The first general insurancecompany to be set up
by an Indian was Indian mercantile insurance co. Ltd., which wasstabilized in 1907 .
there emerged many a player on the Indian scene thereafter.The general insurance
business was nationalized after the promulgation of GeneralInsurance Corporation (GIC)
OF India undertook the post-nationalization generalinsurance business.



14. -14-CONCEPTUAL BACKGROUNDSatisfaction is defined as . . .“A person’s
feeling of pleasure or disappointment resulting from comparing a product’sperceived
performance (or outcome) in relation to his or her expectations.”Customer Satisfaction
can be defined as supplying or gratifying all wants or wishes,fulfilling conditions or
desires, or the state of the mind anything that makes a customerfeel pleased or
contented.Consumer Behavior:Consumer behavior is defined as the behavior that
consumers display in searching for,purchasing, using, evaluating and disposing of
products and services that they expect willsatisfy their needs.The study of the processes

involved when individuals or groups select, purchase, use, ordispose of products, services
ideas, or experiences to satisfy needs and desiresCustomer value: The ratio between the
customers‟s perceived benefits (economic,functional and psychological) and the
resources (momentary, time, effort, psychological)used to obtain those benefits.


15. -15-Customer satisfaction: Customer satisfaction is the individual‟s perception of
theperformance of the product or service in relation to his or her expectations.Motivation:
The processes that account for an individual‟s intensity, direction, andpersistence of
effort toward attaining a goal.Personality can be described ad the psychological
characteristics that both determineand reflect how person responds to his or her
environment.Perception is defined as the process by which an individual
selects,organizes, and interprets stimuli into a meaningful and coherent picture ofthe
world.Consumer learning is the process by which individuals acquire the purchase
andconsumption knowledge and experience they apply to future related behavior.



16. -16-THE CONSUMER ADOPTION PROCESSThe consumer adoption process is the
process by which customers learn about newproducts, try them, and adopt or reject them.
Today many marketers are targeting heavyusers and early adopters of new products
recognizing that specific media can reach bothgroups and tend to be opinion leaders. The
consumer adoption process is influenced bymany factors beyond the marketer‟s control,
including consumers and organizationswillingness to try new products, personal
influences and the characteristics of the newproducts or innovations



17. -17-STAGES OF ADOPTION PROCESSAn innovation refers to any good, service,
or idea. That is perceived by someone as new.The idea may have long history, but it is an
innovation to the person who sees it as new.Innovation takes time to spread through the
special system. The consumer adoptionprocess focuses on the mental process through
which an individual passes from firsthearing about an innovation to final adoption.
Adopters of new products have movedthrough the following five stages.1.
AWARENESS: The consumer becomes aware of the innovation but lacksinformation
about it.2. INTEREST: The consumer is stimulated to see the information about
theinnovation.3. EVALUATION: The Consumer considers whether to try the innovation
or not.4. TRIAL: The consumer tries the innovation to improve his estimate of its
value.5. ADOPTION: The consumer decides to make full and regular use of
theinnovation.



18. -18-STATEMENT OF THE PROBLEM“Study of consumer behavior & customer
satisfaction towards ICICI Prudential LifeInsurance Products”.OBJECTIVE OF THE
STUDYFor every problem there is a research. As all the researches are based on someand
my study is also based upon some objective and these are as follows.1. To understand the
insurance business and products of ICICI Prudential lifeinsurance co ltd.2. To find out the
people‟s perception about life insurance.3. To find out whether people were really aware
of life insurance.4. To find out how people think about private life insurance.5. To find
out what respondents expect from life insurance.6. To understand Consumer buying
behavior7. To come out with conclusion and suggestions based on the analysisand the
Interpretation of data.



19. -19-SIGNIFICANCE OF THE STUDYThe project is concerned with the “STUDY
ON CONSUMER BEHAVIORAND CUSTOMER SATISFACTION AT ICICI
PRUDENTIAL LIFEINSURANCE. This study is very useful as the financial market
become moresophisticated and complex, investor needs a financial intermediary
whoprovides the required knowledge and professional expertise on successfulinvesting
and Life insurance is a form of insurance that pays monetary proceedsupon the death of
the insured covered in the policy. Essentially, a life insurancepolicy is a contract between
the named insured and the insurance companywherein the insurance company agrees to
pay an agreed upon sum of money tothe insureds named beneficiary so long as the
insureds premiums are current



20. -20-RESEARCH METHODOLOGYResearch in common parlance refers to a search
for knowledge. One can alsodefine research as a scientific and systematic search for
pertinent information ona specific topic.The word research has been derived from French
word Researcher means tosearch.FRANCIES RUMMER defined “Research: It is a
careful inquiry or examinationto discover new information or relationship and to expand
or verify existingknowledge.Research is the solution of the problem, whether created or
already generated.When research is done, some new out come, so that the problem
(created orgenerated) to be solved.



21. -21-RESEARCH DESIGN:Research Design is the conceptual structure within which
research is conducted.It constitutes the blueprint for collection, measurement and analysis
of data. Thedesign used for carrying out this research isDescriptive.DATA TYPE: In this
research the type of data collection isPrimary dataSecondary dataDATA SOURCE: The
sources of collection of secondary data
are:QuestionnaireBooksWebsitesMagazineBrochure



22. -22-SAMPLING PLAN:It is very difficult to collect information from every member
of a population .Astime and costs are the major limitation that the researcher faces.A
sample of 100 was taken the sample size of 100 individuals were selected onthe basis of
convenient sampling technique. The individuals were selected in therandom manner to
form sample and data were collected from them for theresearch study.ANALYSIS AND
INTERPRETATION:Data collection through questionnaire and personnel interview
resulted inavailability of the desired information but these were useless until there
wereanalyzed. Various steps required for this purpose were editing, coding andtabulating.
Tabulating refers to bringing together similar data and compiling themin an accurate and
meaningful manner. The data collected by questionnaire wasanalyzed, interpreted with
the help of table, bar chart and pie chart.



23. -23-1. INDUSTRY PROFILE1.1 Insurance in IndiaThe insurance sector in India has
come a full circle from being an open competitivemarket to nationalization and back to a
liberalized market again. Tracing thedevelopments in the Indian insurance sector reveals
the 360 degree turn witnessed over aperiod of almost two centuries.1.2 A Brief history of
the Insurance SectorThe business of life insurance in India in its existing form started in
India in the year1818 with the establishment of the Oriental Life Insurance Company in
Calcutta.Some of the important milestones in the life insurance in India are;1912: The

Indian Life AssuranceFor over 50 years, life insurance in India was defined and driven by
only one company-the Life Insurance Corporation of India (LIC). With the Insurance
Regulatory andDevelopment Authority (IRDA) Bill 1999 paving the way for entry of
private companiesinto both life and general sectors there was bound to be new-found
excitement- and newsuccess stories. Today, just three years since their entry, their
cumulative share has


24. -24-crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on
agrowth path.The percentage of premium income to GDP which was just 2.3% in 200001 rose to 3.3%in 2002-03; and life insurance has emerged as the dominant contributor to
this growth.The industry presented a huge opportunity. Life insurance penetration, for
instance, wasat an abysmal 22% of the insurable population. However, private players
have had to riseto many challenges. They were faced with attitudinal barriers towards the
category andthe perception that insurance was only a tax saving tool. Insurance per se
had lost it basicrationale: protection. It wasn‟t surprising then that its potential lay frozen
and unexploited.The challenge for private insurance players was to change the
established category driverand get customers to evaluate life insurance as an investmentcum-protection tool.



25. -25-PREMIUM UNDERWRITTEN BY LIFE INSURERSThe life insurance industry
recorded a premium income of Rs.82854.80 crore duringthe financial year 2005-06 as
against Rs.66653.75 crore in the previous financial year,recording a growth of 24.31 per
cent. The contribution of first year premium, singlepremium and renewal premium to the
total premium was Rs.15881.33 crore (19.16 percent); Rs.10336.30 crore (12.47 per
cent); and Rs.56637.16 crore (68.36 percent),respectively. In the year2000-01, when the
industry was opened up to the privateplayers, the life insurance premium was
Rs.34,898.48 crore which constituted of Rs.6996.95 crore of first year premium, Rs.
25191.07 crore of renewal premium and Rs.2740.45 crore of single premium. Post
opening up, single premium had declined fromRs.9, 194.07 crore in the year 2001-02 to
Rs.5674.14 crore in 2002-03 with thewithdrawal of the guaranteed return policies.
Though it went up marginally in 2003-04 toRs.5936.50 crore (4.62 per cent growth)
2004-05, however, witnessed a significant shiftwith the single premium income rising to
Rs. 10336.30 crore showing 74.11 per centgrowth over 2003-04.(Rs. lakh)



26. -26-Insurer2010-11 2011-12First year premium including SinglepremiumLIC*
1734761.74 2065306.36(6.34) (19.05)Private Sector 244070.58 556457.34(152.74)
(127.99)Total 1978832.32 2621763.70(14.68) (32.49)Renewal PremiumLIC 4618580.96
5447422.62(19.47) (17.95)Private Sector 67962.05 216293.48(343.12) (218.26)Total
4686543.01 5663716.10



27. -27-(20.75) (20.85)Total PremiumLIC 6353342.70 7512728.98(15.63) (18.25)Private
Sector 312032.63 772750.82(178.83) (147.65)Total 6665375.33 8285479.80(18.91)
(24.31)1.3 Brief Review of Scenario – InsuranceInsurance in India started without any
Regulation in Nineteenth century.It was story of a typical colonial era. A few British
companies dominatedthe market mostly in large urban centers.Insurance was nationalized
mainly on 3 counts First, Indian lives were not insured.Second, even if they were insured,

they were treated as substandard lives and extrapremium was charged. Third, there were
gross irregularities in the functioning of Lifeinsurance was nationalized in the year 1956,
and then general insurance was


28. -28-nationalized in the year 1972. In 1999, the private insurance companies were
allowedback again into insurance sector with maximum cap of 26 percent foreign
holding.1818 The British introduce to India, with the establishment of the Oriental
LifeInsurance company in Calcutta.1850 Non life insurance debuts, with Triton Insurance
Company.1870 Bombay Mutual life Assurance Society is the first Indian-owned life
insurer1907 Indian mercantile Insurance is the first Indian non-life insurer.1912 The
Indian life assurance companies‟ act enacted to regulate the lifeinsurance business.1938
The insurance act, which forms the basis for most current insurance laws,replaces earlier
act.1956 Life insurance nationalized, government takes over 245 Indian and
foreigninsurers and provident societies.1956 Government sets up LIC1972 Non life
insurance nationalized, GIC set up.1993 Malhotra committee, headed by former RBI
governor R.N.Malhotra, set upto draw up a blue print for insurance sector reforms.1994
Malhotra Committee recommends re-entry of private players, autonomy otPSU
insurers.1997 Insurance regulator IRDA (Insurance Regulatory and
DevelopmentAuthority) set up.2000 IRDA starts giving licensed to private insurers



29. -29-2001 ICICI Prudential Life Insurance came into the market to sell a policy.2002
Banks were allowed to sell insurance plans, as TPAs enter the scene,insurers start settling
non-life claims in the cashless mode.1.4 The Insurance Regulatory and Development
Authority (IRDA):Reforms in the Insurance sector were initiated with the passage of the
IRDA Bill inParliament in December 1999. The IRDA since its incorporation as a
statutory body inApril 2000 has fastidiously stuck to its schedule of framing regulations
and registeringthe private sector insurance companies.The other decisions taken
simultaneously to provide the supporting systems to theinsurance sector and in particular
the life insurance companies were the launch of theIRDA‟s online service for issue and
renewal of licenses to agents.The approval of institutions for imparting training to agents
has also ensured that theinsurance companies would have a trained workforce of
insurance agents in place to selltheir products, which are expected to be introduced by
early next year.Since being set up as an independent statutory body the IRDA has put in a
framework ofglobally compatible regulations. In the private sector 12 life insurance and 6
generalinsurance companies have been registered.



30. -30-With the demographic changes and changing life styles, the demand for insurance
coverhas also evolved taking into consideration the needs of prospective policyholder
forpackaged products. There have been innovations in the types of products developed by
theinsurers, which are relevant to the people of different age groups, and suit
theirrequirements. Continued innovations in product development has resulted in a wide
rangeof flexible products to meet the requirements for cover at different stages of life
-today avariety of products are available ranging from traditional to Unit linked
providingprotection towards child, endowment, capital guarantee, pension and group
solutions. Anumber of new products have been introduced in the life segment with
guaranteed additions,which were subsequently withdrawn/toned down; single premium

mode has beenpopularized; unit linked products; and add-on/riders including accidental
death;dismemberment, critical illness, fixed term assurance risk cover, group hospital
andsurgical treatment, hospital cash benefits, etc. Comprehensive packaged products
havebeen popularized with features of endowment, money back, whole life, single
premium,regular premium, rebate in premium for higher sum assured, premium mode
rebate, etc.,together with riders to the base products.1.5 Historical PerspectivePrior to
1956 -242 companies operating1956 -Nationalization- LIC monopoly player
-Government control2001 -Opened up sector


31. Life Insurance is the only-31-1.6 Contribution to Indian Economy Spread of
financial services insector which garners long term savings. Long term funds forrural
areas and amongst socially less privileged. Strong positive correlation between
development ofinfrastructure. Employmentcapital markets andinsurance/pension
structure. generation.1.7 Insurance Industry prior to de-regulationPrior to Public
Monopoly-deregulation in 2000, market was a public monopoly. Distribution through
tied agents2000 Offices- Over 800,000 agents Sales approach primarily on a tax
savings platformonly



32. Traditional style product offering : Endowment and money back-32- Pensions:
Small part of Inadequate and inflexible productsplans Limited focus on customer
needs1.8 Improving Serviceproduct offer StandardsPre Deregulation – Limited
DistributionPost Deregulation – Service through DistributionChannel Access Service
Points Use of ITAdvisors BranchNetworkLimited use of ITMulti Channel Access
Multiple ServicePointsUse of IT



33. -33-2. COMPANY PROFILEICICI Prudential Life Insurance Company Limited („the
Company‟) ajoint venture between ICICI Bank Limited and Prudential plc of UK
wasincorporated on July 20, 2000 as a company under the Companies Act, 1956 („the
Act‟).The Company is licensed by the Insurance Regulatory and Development
Authority(„IRDA‟) for carrying life insurance business in India.ICICI Prudential Life
Insurance Company is a joint venture between ICICIBank, a premier financial
powerhouse and prudential plc, a leading internationalfinancial services group
headquartered in the United Kingdom (UK). The companybrings together the local
market expertise and financial strength of ICICI Bank andPrudential‟s International life
insurance experience. The company was granted aAdvisorsBrokers &Corporate
agentsBancassuranceCall CentersEmailWebsiteBranchNetworkShorter timearound
timeClaimsPolicy Issuance



34. -34-certificate of Registration by the IRDA on November 24, 2000 and eighteen days
later,issued its first policy on December 12. ICICI Prudential was amongst the first
privatesector insurance companies to begin operations in December 2000 after
receivingapproval from Insurance Regulatory Development Authority (IRDA).From its
early days, ICICI Prudential seemed to have the wherewithal for a large-scalebusiness.
By March 31, 2002, a little over a year since its launch, the company had issued100,000
policies translating into premium income of approximately Rs. 1,200 million ona sum

assured of over Rs.23 billion. When the company began its operations, the needwas to
build a brand that was relatable to, symbolized trust and was easily recognized
andunderstood. It launched a corporate campaign ICICI Prudential also made using
thetheme of „Sindoor‟ to epitomize protection, trust, togetherness and all that is
Indian;endearing itself to the masses. The success of the campaign, „the calling card of
thecompany‟ saw the brand awareness scores almost at par with its 40 year old
competitor.The theme of protection was also extended to subsequent product and
category specificcampaigns –from child plans to retirement solutions –which highlight
how the companywill be with its customers at every step of life.From day one, the
company has unflinchingly focused on being mass-market player,developing products,
creating a distribution network and deploying resources that wouldfurther its goal. Apart
from ramping up thoroughly training its advisors, the company hastwelve
„Bancasurance‟ partners –the largest in the country. It swiftly revised and added toits
initial range of products, pioneering market-linked products and pension plans, to offer


35. -35-customers the most flexible life insurance policies in the country. In February
2004,ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital
hike,bringing the total paid –up equity capital to Rs. 6,750 million. With the authorized
capitalof the company standing at Rs. 12 billion, ICICI Prudential continues to have the
highestcapital base amongst all life insurers in the country. The challenge ICICI
Prudential nowfaces is to retain its top-notch position and continue to deliver the finest
life insuranceand pension solutions to its ever-growing customer base.ICICI Prudential‟s
equity base stands at Rs. 1185 crore with ICICI Bank and Prudentialplc holding 74% and
26% stake respectively. For the year ended March 31, 2006, thecompany garnered Rs.2,
412 crore of weighted new business premium and wrote 837,963policies. The sum
assured in force stands at Rs.45, 888 crore. The company has anetwork of over 72,000
advisors; as well as 9 bancasurance partners and over 200corporate agent and broker tieups.ICICI Prudential is also the only private life insurer in India to receive a National
InsurerFinancial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the
highestcredit rating, and is a clear assurance of ICICI Prudential‟s ability to meet its
obligationsto customers at the time of maturity or claims.



36. -36-For the past five years, ICICI Prudential has retained its position as the No.1
privateinsurer in the country, with a wide range of flexible products that meet the needs
of theIndian customer at every step in life.Beginning operations in December 2000, ICICI
Prudential‟s success has been meteoric,becoming the number one private life insurer
within months of launch. Today, it has oneof the largest distribution networks amongst
private life insurers in India, with branchesin 54 cities. The total number of policies
issued stands at more than 780,000 with a totalsum assured in excess of Rs.160
billion.ICICI Prudential closed the financial year ended march 31, 2004 with a total
receivedpremium income of Rs. 9.9 billion; up 135% last years total premium income of
Rs.4.20billion. New business premium income shows a 106% growth at Rs. 7.5 billion,
drivenmainly by the company‟s range of unique unit-linked policies and pension plans.
Thecompany‟s retail market share amongst private companies stood at 36%, making it
clearleader in the segment. To add to its achievements, in the year 2003/04 it was
adjudgedMost Trusted Private Life Insurer (Economic Times „Most Trusted Brand

Survey‟ by ACNielsen ORG-MARG). It was also conferred the „Outlook Money-Best
Life Insurer‟award for the second year running. The company is also proud to have won
Silver atEFFIES 2003 for its „Retire from work, not life‟ campaign. Notably, ICICI
Prudentialwas also short-listed to the final round for its „Sindoor campaign in EFFIES
2002.


37. -37-ICICI Prudential‟s success is rooted in its philosophy to always offer the
customer achoice. This has been the driving force behind its multi-channel distribution
strategy,which includes advisors, banks, direct marketing and corporate agents. In fact,
ICICIPrudential was the first life insurer to invest in multiple channels and offer the
customerchoice and access; thus reducing dependency on any one channel, great strides
in theretirement solutions and pensions market.The Company‟s penetration of the
retirement market was driven by the focused approachtowards creating awareness
through sustained campaign; „Retire from work, not life‟.Within six months, the
campaign rewarded ICICI Prudential with an increased share of23% of the total pensions
market and 78% amongst private players. ICICI Prudential hasone of the largest
distribution networks amongst private life insurers in India, havingcommenced operations
in 132 cities and towns in India, stretching from Bhuj in the westto Guwahati in the east,
and Jammu in the north to Trivandrum in the south.The company has 9 bank partnerships
for distribution, having agreements with ICICIBank, Bank of India, Federal Bank, South
Indian Bank, Lord Krishna Bank, and someco-operative banks, as well as over 200
corporate agents and brokers, it has also tied upwith NGOs, MFIs and corporates for the
distribution of rural policies. ICICI Prudentialhas recruited and trained more than 72,000
insurance advisors to interface with andadvise customers. Further, it leverages its stateof-the-art IT infrastructure to providesuperior quality of service to customers.



38. -38-About CompanayICICI Prudential Life Insurance Company is a joint venture
between ICICI Bank, apremier financial powerhouse, and Prudential plc, a leading
international financialservices group headquartered in the United Kingdom. ICICI
Prudential was amongst thefirst private sector insurance companies to begin operations in
December 2000 afterreceiving approval from Insurance Regulatory Development
Authority (IRDA).ICICI Prudential Lifes capital stands at Rs. 4,793 crores (as of June 30,
2012) with ICICIBank and Prudential plc holding 74% and 26% stake respectively. For
the period April 1,2012 to June 30, 2012, the company has garnered total premium of Rs
2,385 crores andhas underwritten over 13 million policies since inception. The company
has assets heldover Rs. 70,000 crores as on June 30, 2012.ICICI Prudential Life
Insurance has maintained its focus on offering a wide range offlexible products that meet
the needs of the Indian customer at every step in life.



39. -39-About the PromotersICICI Bank (NYSE:IBN) is India‟s second largest bank with
an asset base ofRs.2513.89 billion as on March 31, 2006. ICICI Bank provides a broad
spectrum offinancial services to individuals and companies. This includes mortgages, car
andpersonal loans, credit and debit cards, corporate and agricultural finance. The
Bankservices a growing a customer base of more than 17 million customers through a
multichannel access network which includes over 620 branches and extension counters,
2200ATMs, call centers and internet banking (www.icicibank.com)PRUDENTIAL plc,

Established in London in 1848, through its business in the UKand Europe, the US and
Asia, provides retail financial services products and services tomore than 16 million
customers, policy holder and unit holders world wide. As ofDecember 31, 2005, the
company had over US$ 400 billion in funds under management.Prudential has brought to
market an integrated range of financial services products thatnow includes life assurance,
pensions, mutual funds, banking, investment managementand general insurance. In Asia,
Prudential is the leading European life insurance companywith a vast network of 23 life
and mutual fund operations in twelve countries –China,Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, the Philippines, Singapore,Taiwan, Thailand and
Vietnam.AchievementsBeginning operations in December 2000, ICICI Prudential‟s
success has beenmeteoric, becoming the number one private life insurer within months of
launch. Today,


40. -40-it has one of the largest distribution networks amongst private life insurers in
India, withbranches in 54 cities. The total number of policies issued stands at more than
780,000with a total sum assured in excess of Rs.160 billion.ICICI Prudential closed the
financial year ended march 31, 2004 with a total receivedpremium income of Rs. 9.9
billion; up 135% last years total premium income of Rs.4.20billion. New business
premium income shows a 106% growth at Rs. 7.5 billion, drivenmainly by the
company‟s range of unique unit-linked policies and pension plans. Thecompany‟s retail
market share amongst private companies stood at 36%, making it clearleader in the
segment. To add to its achievements, in the year 2003/04 it was adjudgedMost Trusted
Private Life Insurer (Economic Times „Most Trusted Brand Survey‟ byACNeilsen ORGMARG). It was also conferred the „Outlook Money-Best Life Insurer‟award for the
second year running. The company is also proud to have won Silver atEFFIES 2003 for
its „Retire from work, not life‟ campaign. Notably, ICICI Prudentialwas also short-listed
to the final round for its „Sindoor campaign in EFFIES 2002.



41. -41-In Keeping with its belief that a happy customer is the best endorsement,
ICICIPrudential has embraced the „SIX SIGMA‟ approach to quality, an exercise that
beginsand ends with the customer from capturing his voice to measuring and responding
to hisexperiences. This initiative is currently helping the company improve
processes,turnaround times and customer satisfaction levels. Another Novel introduction
is theICICI Prudential Lifestyle Rewards Club, India‟s first rewards programme for
LifeAdvisors; it allows ICICI Prudential Advisors to redeem points for items ranging
fromkitchenware to gold, white goods, and even international holidays.



42. -42-PromotionICICI Prudential is a case study in how advertising and marketing can
play a vital role inre-shaping an industry. It has demonstrated how an industry where the
customer wasnothing more than a policy number has changed to one where „customer
preference‟ rulesthe roost.Brand-building in a complex category like life insurance is an
uphill and multi-facetedtask. At the time of launching operations, the communications
task was to buildcredibility, so as to give the customer the confidence that it was „a
company that could betrusted to invest funds with‟. The aim was to encourage people to
view insurance not as acompulsory tax saving instrument, but as a means to lead a worryfree, secure life and inthe process, create the differentiator for brand ICICI Prudential.The

brand proposition for all the campaigns was reflected in the line: „Suraksha: Zindagike
har kadam par‟. The campaign featured a significant competitive advantage, the
soundfinancial backing and credentials of ICICI Prudential, and showcased products
fromdifferent segments. The advertising idea was encapsulated in the symbol of
protection –the „Sindoor‟. This campaign contributed extensively to raising brand
awareness andcreating a distinctive identity for the company.


43. -43-The Company recently tied up with the Forbes Six Sigma rated Dabbawalla
organizationin Mumbai for a direct marketing exercise. In a Unique effort to create
awareness about atax saving product, the company attached a creative of a bitten apple to
Mumbai‟subiquitous lunchboxes. It worked wonderfully with Mumbai‟s office-goers
and one thattranslated into substantial business for the company.Brand ValuesMarket
Research reveals that the values people associate with ICICI Prudential are,indeed, those
that the company hopes to project: lifelong protection and value for money.The core
value is protecting your loved ones, throughout life‟s ups and downs. It is apowerful
proposition; one, which ICICI Prudential, is taking into the market place.



44. -44-DISTRIBUTION SYSTEMTied AgencyTied Agency is the largest distribution
channel of ICICI Prudential, comprising a largeadvisor force that targets various
customer segments. The strength of tied agency lies inan aggressive strategy of
expanding and procuring quality business. With focus on sales& people development,
tied agency has emerged as a robust, predictable and sustainablebusiness
model.Bancassurance and AlliancesICICI Prudential was a pioneer in offering life
insurance solutions through banks andalliances. Within a short span of two years, and
with nearly a large number of partners,B & A has emerged as a vital component of the
company‟s sales and distribution strategy,contributing to approximately one third of
company‟s total business.The business philosophy at B&A is to leverage distribution
synergies with our partnersand add value to its customers as well as the partners.
Flexibility, adaptation andexperimenting with new ideas are the hallmarks of this
channel.



45. -45-CUSTOMER SERVICE AND OPERATIONSThe Operations department oils the
work processes between the customer and thecompany to ensure consistent and quality
service to the customer. To streamline theoperations, the Operations department
interfaces between the clients and the agents, thebranches and the underwriters, and
manages work processes.The Vision at Customer Service is to deliver „World Class
Service‟ at every opportunity.Units such as the 9 to 9 contact centre, Outbound Call
Centre, Customer Care and QueryResolution Unit are all committed to providing
effective solutions to over lakhs ofcustomers across the country.Information
TechnologyThe Information Technology function at ICICI Prudential is committed to
enablebusiness through the use of technology. It is segmented into 4 groups to enable
highestlevels of delivery to the customers: Life Asia Solutions Group that provides
flexibility indesigning better product offerings to end-users, the Solutions Group- Web
that providesreal-time information to customers and is responsible for customer
relationshipmanagement, IT Architecture & Corporate Solutions Group is in charge of
developingand maintaining a blueprint for the IT architecture for the enterprise as a

whole. Thisteam works as an in house R&D Solution Group, exploring new technological
initiatives


46. -46-and also caters to information needs of corporate functions in the organization.
ITInfrastructure group is responsible for providing hardware, software, network services
tothe whole organization. This group runs the Digital Nervous System of the Enterprise
atthe highest levels of efficiency and provide robust, scalable and highly available
platformfor deployment of business application.MarketingThe Marketing function at
ICICI Pru covers an array of activities - brand and mediamanagement, channel support,
direct marketing and corporate communications. TheBrand and Communications team is
in charge of advertising, consumer research, mediaplanning & buying and Public
Relations; that helps develop and nurture ICICIPrudentials corporate identity while
effectively communicating its varied productofferings to the customer. Channel
marketing provides support to the sales force bystreamlining the design and development
of collaterals and sales tools across distributionchannels. The Direct marketing team was
set up to generate high quality leads forprofitable business. The team achieves this
through target database acquisition andcommunicating customized product information
through e-mailers, telemarketing andinnovative direct mailers.



47. -47-FinanceFinance function in ICICI Prudential is committed to create an
infrastructure that isaligned to shareholder expectations. Finance basically comprises of
four functions. .Corporate Planning and MIS provide feedback on business strategies.
This includesdriving the budgeting process, providing strategic inputs for decisionmaking andmanagement reporting and analysis. The Accounts function includes
preparation andmaintenance of financial records, funds management, and expense
processing andtreasury operations. Compliance ensures that every action is within the
regulatoryframework. This includes reviewing compliance requirements and supporting
the ethicalframework of ICICI Pru life. Internal audit provides assurance to the
management overthe organizations control framework and includes process risk
management, informationsecurity assessment and business continuity assessment.Human
ResourceThe people strategy of ICICI Prudential is “To build a committed team with a
culture ofinnovation, learning and growth. The Human Resource Function at ICICI
Prudentialdrives the people strategy of the business. With its initial focus on operational
excellenceto deliver benefits and services to staff members, HR is now committed to
buildingcapability through state of the art processes. A robust performance management
system,compensation system and a segmented training architecture enable it to deliver
value tothe organization.



48. -48-Business ExcellenceThe Business Excellence function is committed to building a
quality mindset across theorganization. ICICI Prudential is the first organization in the
Insurance Industry that hasadopted the Six Sigma Methodology for process efficiency
and measurement. The teamis also driving the Malcolm Baldrige framework across the
organization, an interventionthat examines management of key inputs for Business
Excellence.BancassuranceOne of the most significant advances in the financial services
sector over the past coupleof years has been the growth of Bancassurance – which, in
simplest terms, means thedistribution of insurance products through a bank‟s distribution

channels. In other words,Bancassurance is a service which can fulfill both banking and
insurance needs at thesame time.Banc assurance as a concept first began in India with the
opening up of the insuranceindustry to private sector participation in December 1999
which saw the entry of 20 newplayers - with 12 in the life insurance sector and 8 in the
non-life sector. Bancassurancehas also seen significant rise in other Asian markets. For
example, Bancassuranceaccounted for 24% of new life insurance sales by „weighted‟
premium income inSingapore in 2002. This is a significant increase on the equivalent
2001 statistic of 15%and is as a result of growth in significant bank-centric Banc
assurance operations.


49. -49-Although the concept of Bancassurance looks simple enough, it is far from that in
reallife practice. Legislative differences, consumer behavior, impact of history and
culture,product complexity, employee work culture and many such other factors have
contributedto significant differences in results across countries. For example, in France
and Spain 60%to 80% of life insurance products are sold through bank branches
compared to 10% inUK and USA.Bancassurance ModelsGlobally we have 4 kinds of
Bancassurance business models:Distribution alliance between the insurance company and
the bankJV between the twoMerger between bank and insurerBank builds or buys own
insurance productsMost of the Bancassurance operations in India fall into the first model,
which in a way isquite a prudent decision. The Indian Bancassurance scene as of now
looks as promisingas perilous, being a vast, unexplored and uncharted expanse. As banks
are quite riskaverse, it is but natural for them to withhold from making any long term
commitment,which would be quite costly if the Bancassurance business runs into trouble.
In terms ofthe present regulatory framework, one bank can tie-up with only one life and
one non-lifeinsurer, while insurers have the choice to tie-up with any number of banks.
We also have



50. -50-examples of joint ventures between the bank and insurer such as SBI Life and
ICICIPrudential.Stages in Policy Issuance1) ProposalA Proposal Stage is the First stage
before the policy is issued at COPS. At this stage, theapplication form is received by
COPS, but it is pending for issuance due to furtherclarifications required from the
customer.2) LoginA proposal which is complete i.e., duly filled with all necessary
documents attached to it& accepted by the Branch ops, is called a Login3) RejectAn
Application gets rejected at the Branch Ops level due to necessary details not filled inthe
form or necessary documents not submitted is a Reject. It is then sent back to theAdvisor
for completion.



51. -51-4) IssuanceIssuance means a policy that is issued to the Customer by Central
Ops.5) Decline StatusWhen a customer refuses to take a policy post login but before
Issuance is called aDecline6) CancellationWhen the cheque given by the customer
bounces, it amounts to cancellation of the policy.7) LapseA policy for which the
Customer fails to pay subsequent premiums is a Lapsed Policy.8) FreelookPost issuance
of the policy, the policyholder has the option to turn down the policy within15 days from
the date of issuance. This period of 15 days is called Freelook Period.9) Surrender: When
a customer wants to discontinue with the policy.



52. -52-The joint strengthsA powerful joint venture partnership with each carrying a set
of strengthscomplementing each
othersReputationInsuranceexpertiseProductDistributionOperationsBrand
strengthInfrastructureCustomer baseLocal knowledgeMarket
InnovatorsPRUDENTIALICICI



53. -53-2.4 PRODUCT/SERVICES PROFILEICICI Prudential‟s ultimate promise is
financial security. A strong brand certainly boostssale, but without customer-friendly,
innovative products, even the best brand would notlast long.ICICI Prudential‟s product
range has been developed on the understanding that differentpeople have their own sets
of needs at various stages of their lives. It has thus built aflexible portfolio of products
that can be customized to cater to varying needs of peopleat each stage, and thus ensure
protection in every step of life. The company‟s philosophyhas been to help customers
understand their financial needs and work closely with themto customize a product that
would meet. Advisors can offer a complete range of products–Savings plans, Child plans,
Market-linked plans, Protection plans, and Retirement plans– and tailor a flexible
solution to meet customers‟ changing needs at every stage of life.In fact, ICICI
Prudential was the first to un-bundle product benefits, pioneering theconcept of „riders‟
and soon after introduce comprehensive market-linked and retirementplans.ICICI
Prudential has launched a handful of products that are analyzed below:



54. -54-PRODUCT TYPE



55. -55-



56. -56-Brochures Download Centre



57. -57-Online Pay Process



58. -58-ICICI Prudentials life insurance products may be loosely categorized under three
forms:pure life insurance products without an investment angle to them; a product that is
a mixof a cumulative investment scheme and an insurance product; and, finally,
standardproducts such as money-back and endowment policies.Single Premium Bond:
The Single Premium Bond is the name of a policythat combines the features of an
investment in a cumulative deposit scheme with that ofan insurance product.Policyholders are required to pay a one-time premium based on a target sum assured.
Atmaturity, the policy-holder gets the sum assured and guaranteed additions that work
outto a compound return of 4.5 per cent the sum assured.The insurance part of the
package comes in the form of death benefits that are paid in thecase of the demise of the
policy-holder. The size of the death benefit is linked to thenumber of years left for the
policy to expire. On maturity date, the maturity value is alsopaid in addition to the death
benefits that would have been paid earlier.Life Guard policies: The company offers two
pure life insurance products that havean umbrella name, Life Guard. One of them
involves a one-time premium for which there



59. -59-are no maturity benefits. The other requires regular premium payments that are
returnedat the end of the policy. Life Guard offers absolutely no investment-related return
and issuitable for individuals looking for an unadulterated insurance package.Insurance
Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative,
customer-centric productsthat meet the needs of customers at every life stage. Its products
can be enhanced with upto 5 riders, to create a customized solution for each
policyholder.Savings SolutionsSecure Plus is a transparent and feature-packed savings
plan that offers 3 levelsof protection.Cash Plus is a transparent, feature-packed savings
plan that offers 3 levels ofprotection as well as liquidity options.Save „n‟ Protect is a
traditional endowment savings plan that offers lifeprotection along with adequate returns



60. -60-CashBak is an anticipated endowment policy ideal for meeting
milestoneexpenses like a child‟s marriage, expenses for a child‟s higher education
orpurchase of an asset.LifeTime and LifeTime II offer customers the flexibility and
control tocustomize the policy to meet the changing needs at different life stages. Each
offer 4fund options –Preserver, Protector, Balancer and Maximiser.LifeLink Super is a
single premium Unit Linked Insurance Plan whichcombines life insurance cover with the
opportunity to stay invested in the stockmarket.



61. -61-Premier Life is a limited premium paying plan that offers customers lifeinsurance
cover till age of 75.InvestShield Life is a Unit Linked plan that provides capital guarantee
on theinvested premiums and declared bonus interest.InvestShield Cash is a Unit Linked
plan that provides capital guarantee on theinvested premiums and declares bonus interest
along with flexible liquidityoptions.InvestShield Gold is a Unit Linked plan that provides
capital guarantee on theinvested premiums and declares bonus interest along with limited
premiumpayment terms.



62. -62-Protection SolutionsLifeGuard is a protection plan, which offers life cover at very
low cost. It isavailable in 3 options –level term assurance with return of premium and
singlepremium.HomeAssure is a mortgage reducing term assurance plan designed
specificallyto help customers cover their home loans in a simple and cost-effective
manner.Child PlansSmartKid education plans provide guaranteed educational benefits to
a childalong with life insurance cover for the parent who purchases the policy. Thepolicy
is designed to provide money at important milestones in the child‟s life.SmartKid plans
are also available in unit-linked form – both single premium andregular premium.



63. -63-Retirement SolutionsForeverLife is a retirement product targeted at individuals in
their thirties.SecurePlus Pension is a flexible pension plan that allows one to
selectbetween 3 levels of cover.Market-linked retirement productsLifeTime Pension II is
a regular premium market-linked pension plan.LifeLink Pension II is single premium
market linked pension plan.InvestShield Pension is a regular premium pension plan with
a capitalguarantee on the investible premium and declared bonusesGolden Years: is a
limited premium paying retirement solution that offers taxbenefits up to Rs 100,000 u/s
80C, with flexibility in both the accumulation andpayout stages.



64. -64-Health SolutionsHealth Assure and Health Assure Plus: Health Assure is a
regularpremium plan which provides long term cover against 6 critical illnesses
byproviding policy holder with financial assistance, irrespective of the actualmedical
expenses. Health Assure Plus offers the added advantage of anequivalent life insurance
coverCancer Care: is a regular premium plan that pays cash benefit on thediagnosis as
well as at different stages in the treatment of various cancerconditions.Group Insurance
SolutionsICICI Prudential also offers Group Insurance Solutions for companies seeking
toenhance benefits to their employees.ICICI Pru Group Gratuity Plan: ICICI Pru‟s group
gratuity plan helpsemployers fund their statutory gratuity obligation in a scientific
manner. The plan canalso be customized to structure schemes that can provide benefits
beyond thestatutory obligations.



65. -65-ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible
definedcontribution superannuation scheme to provide a retirement kitty for each member
ofthe group. Employees have the option of choosing from various annuity options
oropting for a partial commutation of the annuity at the time of retirement.ICICI Pru
Group Term Plan: ICICI Pru‟s flexible group term solution helpsprovide affordable cover
to members of a group. The cover could be uniform or basedon designation/rank or a
multiple of salary. The benefit under the policy is paid to thebeneficiary nominated by the
member on his/her death.Flexible Rider OptionsICICI Pru Life offers flexible riders,
which can be added to the basic policy at amarginal cost, depending on the specific needs
of the customer.1. Accident and disability benefit: If death occurs as the result of
anaccident during the term of the policy, the beneficiary receives an additionalamount
equal to the rider sum assured under the policy. If the death occurs <2. Accident Benefit:
This rider option pays the sum assured under the rideron death due to accident.



66. -66-3. Critical Illness Benefit: Protects the insured against financial loss in theevent
of 9 specified critical illnesses. Benefits are payable to the insured formedical expenses
prior to death4. Income Benefit: This rider pays the 10% of the sum assured to
thenominee every year, till maturity, in the event of the death of the life assured.It is
available in SmartKid, SecurePlus, and CashPlus.5. Waiver of Premium: In case of total
and permanent disability due to anaccident, the premiums are waived till maturity. This
rider is available withSecurePlus and CashPlus.DATA ANALYSIS AND
INTERPRETATION1. Age of the respondentsPARTICTULARS NO.OF.RESPONDENT
PERCENTAGELess than 25 11 11%25 - 35 40 40%35 - 45 20 20%Above 45 29
29%TOTAL 100 100



67. -67-020406080100Lessthan 2525 - 35 35 - 45 Above45TOTALAge of the
RespondentsNO.OF.RESPONDENT PERCENTAGEANALYSIS:From the survey it was
found that amongst 100 respondentsa) 11% of the respondents are less than 25 years
old.b) 40% of the respondents are between 25 and 35 years of age.c) 20% of the
respondents are between 35 and 45 years of age.d) 29% of the respondents are more than
45 years of age.



68. -68-2. Qualification of the
respondents.PARTICUALRNO.OF.RESPONDENTPERCENTAGEGraduate 52 52%Post
Graduate 29 29%Diploma 8 8%Other discipline 11 11%TOTAL 100 100%



69. -69-020406080100NO.OF.RESPONDENTPERCENTAGEQualification of the
RespondentsGraduate Post Graduate DiplomaOther discipline TOTALANALYSIS:From
the survey it was found that amongst 100 respondentsa) 52% of the respondents were
graduateb) 29% of the respondents were post graduatec) 8% of the respondents were
diplomad) 10% of the respondents were other discipline



70. -70-3) Occupation of the
respondentsPARTICULARSNO.OF.RESPONDENTPERCENTAGEBusiness man 34
34%Professionals 18 18%Job holders 37 37%Others 11 11%TOTAL 100 100%



71. -71-020406080100NO.OF.RESPONDENTOccupation of the RespondentsBusiness
man Professionals Job holdersOthers TOTALANALYSIS:From the survey it was found
that amongst 100 respondentsa) 34% of the respondents are businessmen.b) 18% of the
respondents are professionals.c) 37% of the respondents are job holders.d) 11% of the
respondents are background.



72. -72-4) Average annual income of respondents.PARTICULARS
NO.OF.RESPONDENT PERCENTAGEUp to 1 lakh 33 33%1 lakh - 3 lakh 43 43%3
lakh - 5 lakh 20 20%5 lakh & above 4 4%TOTAL 100
100%020406080100NO.OF.RESPONDENTAverage annual income ofrespondents.Up to
1 lakh1 lakh - 3 lakh3 lakh - 5 lakh5 lakh & aboveTOTAL



73. -73-5) Family size of respondentsPARTICULARS NO.OF.RESPONDENT
PERCENTAGEBelow 5 members 50 50%5 - 10 members 32 32%Above 10 members 28
28%TOTAL 100 100%ANALYSIS:From the survey it was found that amongst 100
respondentsa) 33% of the respondents have an average annual income up to 1lakhb) 43%
of the respondents have an average annual income from 1lakh to 3 lakhc) 20% of the
respondents have an average annual income from 3lakh to 5 lakhd) 4% of the respondents
have an average annual income above 5lakh



74. -74-FAMILY SIZE50%32%28%below 5 members5- 10 memberabove 10
memberANANLYSIS:From the survey it was found that amongst 100 respondentsa) 50%
of the respondents are below 5 members.b) 32% of the respondents are between 5 to 10
members.c) 28% of the respondents are above 10 members.



75. -75-6) According to life insurance
is.PARTICULARSNO.OF.RESPONDENTPERCENTAGERisk Coverage 10 10%Tax
Savings 3 3%Good return 4 4%Security 3 3%All the above 80 80%TOTAL 100



76. -76-020406080100NO.OF.RESPONDENTLife Insurance isRisk Coverage Tax
Savings Good returnSecurity All the above TOTALANALYSIS:From the survey it was
found that amongst 100 respondentsa) 10% of the respondents say risk coverage.b) 3% of

the respondents say tax savings.c) 4% of the respondents say good returns.d) 3% of the
respondents say financial security.e) 80% of the respondents say all of the above.


77. -77-7) Awareness of ICICI Prudential life insurancePARTICULARS
NO.OF.RESPONDENT PERCENTAGEYes 17 17%No 83 83%TOTAL 100 100%



78. -78-]ANALYSIS:From the survey it was found that amongst 100 respondentsa) 83%
of the respondents say that they are aware of ICICIPrudential life insurance co.b) 17% of
the say that they are unaware of ICICI Prudential lifeinsurance
co020406080100NO.OF.RESPONDENTAwareness of ICICI PruYes No TOTAL



79. -79-8) Awareness regarding insurance.PARTICULARS NO.OF.RESPONDENT
PERCENTAGEYes 2 2%No 98 98%TOTAL 100 100%



80. -80-0102030405060708090100Yes No TOTALINSURANCE
AWARENESSNO.OF.RESPONDENTPERCENTAGEANALYSIS:From the survey it
was found that amongst 100 respondentsa) 98% of the respondents say that they are
aware of insurance.b) Only 2% are unaware of insurance.



81. -81-9) % of respondents who are under different plans of ICICI Prudential
lifeinsurance co.PARTICULARS NO.OF.RESPONDENT PERCENTAGEInvest gain
plan 41 41%Unit gain plan 36 36%Child gain plan 8 8%Whole life plan 15 15%Pension
plan No NoTOTAL 100 100%



82. -82-INSURANCE PLANS OF ICICI PRUDENTIAL41%36%8%15%Invest gain
planUnit gain planChild gain planWhole life planPension planANALYSIS:From the
survey it was found that amongst 100 respondentsa) 41% of the respondents are under
invest gain planb) 36% of the respondents are under unit gain planc) 8% of the
respondents are child gain pland) 15% of the respondents are whole life plane) No body
under pension plan



83. -83-10) % of respondents benefits of choosing the particular productsPARTICULARS
NO.OF.RESPONDENT PERCENTAGERisk coverage 60 60%Additional benefit 20
20%Maturity date 12 12%Sum Assured 8 8%TOTAL 100 100%



84. -84-01020304050607080901001 2Benefits of Particular ProductsRisk
coverageAdditional benefitMaturity dateSum AssuredTOTALANALYSIS:a) 36% of the
respondents say that a benefit of choosing the particularProduct is for Safety of life.b)
20% of the respondents say that a benefit of choosing the particularproducts is for
additional benefit to familyc) 12% of the respondents say that a benefit of choosing the
particularproducts is for maturity dated) 8% of the respondents say that a benefit of
choosing the particularproducts is for sum assured



85. -85-



86. -86-11) % of disadvantages in insurance planPARTICUALRS
NO.OF.RESPONDENT PERCENTAGELiquidity 35 35%Lapsation 20 20%Unable to
decide premium 19 19%High risk coverage 14 14%Fixed Term 12 12%TOTAL 100
100%



87. -87-020406080100NO.OF.RESPONDENTDisadvantages in Insurance PlansLiquidity
LapsationUnable to decide premium High risk coverageFixed Term
TOTALANALYSIS:From the survey it was found that amongst 100 respondentsa) 35%
of the respondents say that disadvantages in insuranceplan are liquidity.b) 20% of the
respondents say that disadvantages in insuranceplan are lapsation.c) 19% of the
respondents say that disadvantages in insuranceplan is unable decide premium.d) 14% of
the respondents say that disadvantages in insuranceplan are high risk coverage at high
premium.e) 12% of the respondents say that disadvantages in insuranceplan is fixed term



88. -88-12) % of respondents who want to invest in these different
avenues.PARTICUALRS NO.OF.RESPONDENT PERCENTAGERecurring Deposit 40
40%Equity Fund 25 25%Balanced Fund 10 10%Mutual Fund 11 11%Debt Fund 5
5%Cash Fund 9 9%TOTAL 100 100%



89. -89-INVESTMENT AVENUES40%25%10%11%5%9%R.DEquityBalanced
fundMutual FundDebt FundCash FundANALYSIS:From the survey it was found
amongst 100 respondentsa) 40% of respondents say that they want to invest in R.Db)
25% of respondents say that they want to invest in equityc) 10% of respondents say that
they want to invest in balanced fundd) 11% of respondents say that they want to invest in
mutual funde) 5% of respondents say that they want to invest in debt marketf) 9% of
respondents say that they want to invest in cash



90. -90-CONCLUSIONSUnit – linked policies are a very valuable addition to the
existing array of insuranceproducers. But, when sold to a wrong prospect they loose their
importance. Thecompanies should take proper care that well trained and professional
agents market theseproduct.In view of what was discussed above, I have made certain
conclusions regarding thebuyer‟s behavior and how a company should approach its
prospect buyer.The life insurance provides a range of wealth management services to its
clients, butit is not making proper efforts in advertising the Policy features and benefits to
theprospects.As a part of my summer training project I was required to do an analytical
study ofdifferent responses by the people of different Age groups, Income groups
andOccupational classes. On the basis data collected I have drawn the
followingconclusions:Related to Age groups:i. The dominant age group is the group 2938. Though the Age group 39-48 alsohas the same number of policyholders but if we see
the number of people havingmore than 4 policies we will say that people belonging to
this age group havemore policies. I mean that the people belonging to this age group are
more likelyto buy insurance.ii. We observe a mixed trend in term of Preferred features of
insurance product.



91. -91-Almost every age group says that Security of money is the prime concern.
Itshows that company should try to convey the security feature more strongly.TRENDS

SHOW THAT AS WE MOVE UP IN THE AGE GROUPiii. PEOPLE HAVE MORE
FAITH ON GOVERNMENT (LIC). It means thatpeople with more age are more likely to
take insurance from public sector.iv. Family/Friends emerged as the major reference
group to buy decisions. Itmeans that people look for familiar and personalize counseling
at the time ofpurchase.v. The findings show that people are mostly unaware of insurance
as aninvestment product. The main reason of taking life insurance is Tax
planning.Investment comes at 3rdplace.Related to Income group:i. AS THE INCOME
GROWS PEOPLE USE TO BUY MORE POLICIES.The data collected shows that
people with higher income buy more insurance.ii. People belonging to high-income
group are more likely to buy from Privatecompanies. More than 50% people belonging to
5+ groups have policies fromprivate companies.


92. -92-iii. As the income group changes, the awareness level of people about
insuranceincreases. There is an upward trend in this.iv. People use to take insurance as
investment with the change in income group.v. It means people belonging to high income
group have more interest in ULIP.Related to Occupation:i. Private and self-employed
persons have higher number of policies. Thepersons who have private jobs have more
income comparing to governmentemployees. If somehow we could know the type of
policy a person already haveand then offering him some product which he do not have.ii.
People having government jobs are more aware of Insurance terms andconditions. It
shows the nature of buyer as government service people havelimited and fixed income so
they plan their investment more analytically. So theyfollow Central route to
persuasion.iii. AS MOST OF THE PERSONS BELONGING TO PRIVATE ARE 1928AGE GROUP, SO WE CAN ALSO SAY THAT WE SHOULD OFFERULIP
PRODUCTS TO THEM.iv. The persons belonging to Government job category take
policies primarilyfrom LIC. The trend shows that private and self-employed people are
more likelyto buy from Private companies.After working on this project I got a clear
picture of the life insurance industry. Apartfrom this I got to know about ICICI
Prudential. very closely. The market share is around1.1% and they have a target of 3% in
the coming year.



93. -93-With the fact that the Indian economy zooming ahead at a breath-taking GDP
growthrate of 8%, and expected to assume the primary dominance in the global
economyalong with China by 2025, according to a Goldman Sachs forecast. Considering
thistremendous potential stuffed in the Indian economy, and coupled with the fact thatjust
20% of the total Indian population is insured, which basically amounts to justabout 220
million Indians (assuming the Indian population is 1.1 billion at present).Therefore there
is a huge scope for growth in the insurance business in India.With the purchasing power
of the Indians masses shooting upwards, there isnothing but a clear ‘yes’ to the question
of whether the insurance biggies can makeit a time worthwhile in the Indian subcontinent.From my entire findings I found out that people are not completely aware about
ICICIPrudential. As it is primarily a new company so people don’t have much faith in
thiscompany. The company should try to reach the untapped rural market and semiurbanfor higher growth. We also know that LIC is no longer the only choice for
thecustomers but due to its brand equity it is still doing its business. A lot of value
addedservices is needed to be provided to have a growth.



94. -94-FINDINGSOn an analysis and evaluation of the data collected from the
respondents thefollowing findings were found.Before establishment of private concerns
the share of LIC was 22% hence there isa wide scope for private concerns to enter in to
market.Total 100 respondents have been approached out of which 75 are the
potentialrespondents who have shown interest for investment and finance planAbove
20% of respondents are shown interest for investment and financial planAbout 33.33% of
respondents are not interest to give their personal records.About 12.67% of respondents
have already been covered by other insurancecompanies.About 10% of respondents have
given invalid records.About 10% of respondents are newly employed or trainees.About
10% of respondents interested for investment plan after knowing ICICIPRUDENTIAL
LIFE INSURANCE products.



95. -95-RECOMMENDATIONS TO COMPANY:Since ICICI Prudential Life Insurance
co. ltd is the largest in terms of FDI invested, interms of work force, in terms of market
share, in terms of no. of customers. All thesepositive stands of the company place at the
number one position. On second aspectwhatever amount of money ICICI Prudential save,
can be used to increase the no. ofpolicies, which will helpful to increase the market share
of the company. Since thecustomers think about the companies in the industry, when they
invest money in the lifeinsurance industry. So it‟s necessary to increase the market share
of the company. Thereare some recommendations.Open some more branches in semi
urban and rural area.ICICI Prudential has almost its branches in urban area or metros. So
in order toincrease the no. of customer, ICICI Prudential should increase the
approachtowards potential customers. For that it has to increase the branches in the
semiurban cities like C, D grade cities. And the rural marketing is the best option
forICICI Prudential to increase its base in the market



96. -96-Improve customer services.In order to take the advantage of being industry leader
in private sector, ICICIPrudential has to improve its customer services. According to my
experience inthe company, a good number of customers forget to pay their premium at
time soit causes a big loss to the company. ICICI Prudential has already collaboratedwith
the ICICI bank for its Bancassurance facility and then can include anotherfeature in it.
ICICI bank can offer a bank account with the life insurance policy inwhich an ATM card
will be provided. This card will have all the informationregarding the policy as like future
premium payment dates, payment made, moneyvalue of the policy at that date, value of
the unit linked plan and all otherinformation what the customer want. This will help the
customer to pay premiumon time and save their losses. This will be mutually helpful for
both sistercompanies, ICICI bank will get new account and ICICI prudential will be able
tomore efficient services to their customers.



97. -97-Bring some unit linked life insurance plans in the market.Being a market leader
doesn‟t ensure the leadership in the future. Since afterincrement in FDI from 26% to
49% all player will have the opportunity to capturethe market share. So in order to
maintain its position ICICI Prudential should-Introduce some new market linked
insurance plan, which will give a competitiveadvantage to the ICICI Prudential against its
competitors.Trained the financial advisors more efficiently.In the changed scenario, more
efficient training will be needed, so ICICIPrudential should provide good and efficient

training to their financial advisors.Because they are the one who interact directly with the
customers. So goodtraining will give them the right way to deal with the potential
customers.


98. -98-APPENDIXQUESTIONNAIREDear Sir/Madam,I am a student of CERT,
Meerut, conducting a marketing survey on “CONSUMERBEHAVIOUR AND
CUSTOMER SATISFACTION of ICICI Prudential LIFEINSURANCE, IN Meerut,
U.P.”. I request you to fill this questionnaire & I assure thatthis data will be used only for
study purpose & it will be kept confidential.1. Name
_________________________________2. Address
________________________________________________________________________
___________________________3. Agea. Less than 25 c. 35-45b. 25 – 35 d. 45 and
above4. Qualificationa. Graduate c. Diplomab. Postgraduate d. Other discipline



99. -99-5. Occupationa. Business c. Job holderb. Professional d. Other6. What is your
average annual income?a. Up to 1 lakhb. 1 lakh to 3 lakhsc. 3 lakhs to 5 lakhsd. 5 lakhs
and more7. Your family sizea. Below 5 membersb. 5 – 10 membersc. Above 10
members7. According to you life insurance is,a. A tax saving planb. A saving scheme
with good returnc. A financial security for the familyd. Risk coveragee. All the above



100. -100-8. Have you taken any life insurance product of ICICI Prudential Life
insurance?YES NOIf yes9. Which are in these?a. Unit gain planb. Invest gain planc.
Whole life pland. Children plane. Pension planf. Others __________________10. Are
you aware of the benefits in your  Additional benefits Sum assuredpolicy?Yes NoIf
yes what are they? Risk coverageMaturity date



101. -101-11. According to you  Liquidity Lapsationwhat are the disadvantages in
an insurance plan? Unable to decide the sum Unable to decide your premiumFixed
term Other disadvantages12. In High risk coverage at high premiumsassured Debt
Equity fundwhich of the following would you like to invest? Recurring deposits13.
Any Mutual fund Cash fund Balanced fundfund suggestion for ICICI Prudential
Life
Insurance________________________________________________________________
____________________________________________



102. -102-Thank you for sparing your valuable timeToll Free Help Line Namber



103. -103-BIBLIOGRAPHYMarketing Management by Philip Kotler, Pearson Education
2nded.Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8thed.IRDA
JournalICICI Prudential Company magazinesNewspaper and Business
magazinesWEBSITESwww.iciciprulife.comwww.google.co.in/indian insurance
industrywww.irdaindia.org



Follow us on LinkedIn



Follow us on Twitter



Find us on Facebook



Find us on Google+



Learn About Us



About



Careers



Our Blog



Press



Contact Us



Help & Support



Using SlideShare



SlideShare 101



Terms of Use



Privacy Policy



Copyright & DMCA



Community Guidelines



SlideShare on Mobile



Pro & more



Go PRO



Enterprise Sales



PRO Features



Developers & API



Developers Section



Developers Group



Engineering Blog



Blog Widgets

LinkedIn Corporation © 2014
RSS Feed


ENGLISH