Docshare

PART-I
1
EXECUTIVE SUMMARY
2
EXECUTIVE SUMMARY
Overall, the life insurance and ensi!n sect!r is set f!r raid chan"es and "r!#th in
the $ears ahead% &eliverin" service, 'uildin" trust and 'ein" inn!vative are (e$ areas
in #hich an$ c!)an$ #ill have t! e*cel in !rder t! d! #ell in the l!n" r!ad ahead%
&ifferent c!)anies #ill ta(e different ar!aches and it #!uld 'e )$riad !f
s!luti!ns that #ill 'e f!und t! deli"ht the Indian cust!)er%
&urin" the first art, I #as "iven c!)lete classr!!) trainin" a'!ut the vari!us unit
lin(ed as #ell as the traditi!nal lans and s!luti!ns #hich the c!)an$ !ffers%
+ater, Mar(et Research #as d!ne thr!u"h vari!us activities and tele,callin" #hich are
discussed further in the re!rt% Activities led t! ractical e*!sure and tau"ht )e the
asects !f cust!)er dealin"%
-inall$, interestin" c!nclusi!ns #ere dra#n !ut !f the data c!llected re"ardin" the
A#areness !f -inancial .lannin" a)!n" the e!le in t!da$/s envir!n)ent%
It #as "reat e*erience 'ecause sellin" an insurance r!duct de)ands a "reat deal !f
c!nfidence and r!duct (n!#led"e%
0
INDUSTRY PROFILE
1
INDUSTRY PROFILE
The 'usiness !f life insurance in India in its e*istin" f!r) started in India in the $ear
1212 #ith the esta'lish)ent !f the Oriental +ife Insurance C!)an$ in Calcutta%
The st!r$ !f insurance is r!'a'l$ as !ld as the st!r$ !f )an(ind% The sa)e instinct
that r!)ts )!dern 'usiness)en t!da$ t! secure the)selves a"ainst l!ss and disaster
e*isted in ri)itive )en als!% The$ t!! s!u"ht t! avert the evil c!nse3uences !f fire
and fl!!d and l!ss !f life and #ere #illin" t! )a(e s!)e s!rt !f sacrifice in !rder t!
achieve securit$% Th!u"h the c!ncet !f insurance is lar"el$ a devel!)ent !f the
recent ast, articularl$ after the industrial era 4 ast fe# centuries 4 $et its
'e"innin"s date 'ac( al)!st 5666 $ears%
+ife Insurance in its )!dern f!r) ca)e t! India fr!) En"land in the $ear 1212%
Oriental +ife Insurance C!)an$ started '$ Eur!eans in Calcutta #as the first life
insurance c!)an$ !n Indian S!il% All the insurance c!)anies esta'lished durin"
that eri!d #ere 'r!u"ht u #ith the ur!se !f l!!(in" after the needs !f Eur!ean
c!))unit$ and these c!)anies #ere n!t insurin" Indian natives%
• 7!)'a$ Mutual +ife Assurance S!ciet$ heralded the 'irth !f first Indian life
insurance c!)an$ in the $ear 1286, and c!vered Indian lives at n!r)al rates%
• 7harat Insurance C!)an$ 912:5; #as als! !ne !f such c!)anies insired
'$ nati!nalis)% The S#adeshi )!ve)ent !f 1:6<,1:68 "ave rise t! )!re
insurance c!)anies%
• The United India in Madras, =ati!nal Indian and =ati!nal Insurance in
Calcutta and the C!,!erative Assurance at +ah!re #ere esta'lished in 1:65%
<
• In 1:68, >industan C!,!erative Insurance C!)an$ t!!( its 'irth in !ne !f
the r!!)s !f the ?!rasan(!, h!use !f the "reat !et Ra'indranath Ta"!re, in
Calcutta%
• The Indian Mercantile, @eneral Assurance and S#adeshi +ife 9later 7!)'a$
+ife; #ere s!)e !f the c!)anies esta'lished durin" the sa)e eri!d%
The .arlia)ent !f India assed the +ife Insurance C!r!rati!n Act !n the 1:th !f
?une 1:<5, and the +ife Insurance C!r!rati!n !f India #as created !n 1st Sete)'er,
1:<5, #ith the !'Aective !f sreadin" life insurance )uch )!re #idel$ and in
articular t! the rural areas #ith a vie# t! reach all insura'le ers!ns in the c!untr$,
r!vidin" the) ade3uate financial c!ver at a reas!na'le c!st%
Some of the important mie!tone! in the ife in!"ran#e $"!ine!! in In%ia are&
12<6B =!n life insurance de'uts #ith trit!n insurance c!)an$%
1286B 7!)'a$ )utual life assurance s!ciet$ is the first Indian !#ned life insurer%
1:12B The Indian +ife Assurance C!)anies Act enacted as the first statute t!
re"ulate the life insurance 'usiness%
1:22B The Indian Insurance C!)anies Act enacted t! ena'le the "!vern)ent t!
c!llect statistical inf!r)ati!n a'!ut '!th life and n!n,life insurance 'usinesses%
1:02B Earlier le"islati!n c!ns!lidated and a)ended t! '$ the Insurance Act #ith the
!'Aective !f r!tectin" the interests !f the insurin" u'lic%
1:<5B 21< Indian and f!rei"n insurers and r!vident s!cieties ta(en !ver '$ the
central "!vern)ent and nati!naliCed% +IC f!r)ed '$ an Act !f .arlia)ent, viC% +IC
5
Act, 1:<5, #ith a caital c!ntri'uti!n !f Rs% < Cr!re fr!) the @!vern)ent !f India%
In!"ran#e !e#tor reform!
In 1::0, Malh!tra C!))ittee, headed '$ f!r)er -inance Secretar$ and R7I
@!vern!r R% =% Malh!tra, #as f!r)ed t! evaluate the Indian insurance industr$ and
rec!))end its future directi!n%
The Malh!tra c!))ittee #as set u #ith the !'Aective !f c!)le)entin" the ref!r)s
initiated in the financial sect!r%
The ref!r)s #ere ai)ed at Dcreatin" a )!re efficient and c!)etitive financial
s$ste) suita'le f!r the re3uire)ents !f the ec!n!)$ (eein" in )ind the structural
chan"es currentl$ under#a$ and rec!"niCin" that insurance is an i)!rtant art !f the
!verall financial s$ste) #here it #as necessar$ t! address the need f!r si)ilar
ref!r)sEF%
The In!"ran#e Re'"ator( an% De)eopment A"thorit( *IRDA+
The Insurance Act, 1:02 had r!vided f!r settin" u !f the C!ntr!ller !f Insurance t!
act as a str!n" and !#erful suervis!r$ and re"ulat!r$ auth!rit$ f!r insurance% .!st
nati!naliCati!n, the r!le !f C!ntr!ller !f Insurance di)inished c!nsidera'l$ in
si"nificance since the @!vern)ent !#ned the insurance c!)anies%
7ut the scenari! chan"ed #ith the rivate and f!rei"n c!)anies f!ra$in" in t! the
insurance sect!r% This necessitated the need f!r a str!n", indeendent and aut!n!)!us
Insurance Re"ulat!r$ Auth!rit$ #as felt% As the enactin" !f le"islati!n #!uld have
ta(en ti)e, the then @!vern)ent c!nstituted thr!u"h a @!vern)ent res!luti!n an
Interi) Insurance Re"ulat!r$ Auth!rit$ endin" the enact)ent !f a c!)rehensive
le"islati!n%
8
The Insurance Re"ulat!r$ and &evel!)ent Auth!rit$ Act, 1::: is an act t! r!vide
f!r the esta'lish)ent !f an Auth!rit$ t! r!tect the interests !f h!lders !f insurance
!licies, t! re"ulate, r!)!te and ensure !rderl$ "r!#th !f the insurance industr$ and
f!r )atters c!nnected there#ith !r incidental theret! and further t! a)end the
Insurance Act, 1:02, the +ife Insurance C!r!rati!n Act, 1:<5 and the @eneral
insurance 7usiness 9=ati!naliCati!n; Act, 1:82 t! end the )!n!!l$ !f the +ife
Insurance C!r!rati!n !f India 9f!r life insurance 'usiness; and @eneral Insurance
C!r!rati!n and its su'sidiaries 9f!r "eneral insurance 'usiness;%
In!"ran#e Se#tor Reform!
.ri!r t! li'eraliCati!n !f Insurance industr$, +ife insurance #as )!n!!l$ !f +IC%
In 1::0, Malh!tra C!))ittee, headed '$ f!r)er -inance Secretar$ and R7I
@!vern!r R%=% Malh!tra, #as f!r)ed t! evaluate the Indian insurance industr$ and
rec!))end its future directi!n% The Malh!tra c!))ittee #as set u #ith the
!'Aective !f c!)le)entin" the ref!r)s initiated in the financial sect!r% The ref!r)s
#ere ai)ed at creatin" a )!re efficient and c!)etitive financial s$ste) suita'le f!r
the re3uire)ents !f the ec!n!)$ (eein" in )ind the structural chan"es currentl$
under#a$ and rec!"niCin" that insurance is an i)!rtant art !f the !verall financial
s$ste) #here it #as necessar$ t! address the need f!r si)ilar ref!r)s% In 1::1, the
c!))ittee su')itted the re!rt and s!)e !f the (e$ rec!))endati!ns includedB
Structure
@!vern)ent sta(e in the insurance C!)anies t! 'e 'r!u"ht d!#n t! <6G%
@!vern)ent sh!uld ta(e !ver the h!ldin"s !f @IC and its su'sidiaries s! that these
su'sidiaries can act as indeendent c!r!rati!ns%
2
Competition
.rivate C!)anies #ith a )ini)u) aid u caital !f Rs%1 'illi!n sh!uld 'e all!#ed
t! enter the sect!r% =! C!)an$ sh!uld deal in '!th +ife and @eneral Insurance
thr!u"h a sin"le entit$% -!rei"n c!)anies )a$ 'e all!#ed t! enter the industr$ in
c!lla'!rati!n #ith the d!)estic c!)anies%
Re'"ator( ,o%(
The Insurance Act sh!uld 'e chan"ed% An Insurance Re"ulat!r$ '!d$ sh!uld 'e set
u% C!ntr!ller !f Insurance, a art !f the -inance Ministr$, sh!uld 'e )ade
indeendent
In)e!tment!
Mandat!r$ Invest)ents !f +IC +ife -und in "!vern)ent securities t! 'e reduced fr!)
8<G t! <6G% @IC and its su'sidiaries are n!t t! h!ld )!re than <G in an$ c!)an$
9there current h!ldin"s t! 'e 'r!u"ht d!#n t! this level !ver a eri!d !f ti)e;
STATISTICS *INDIAN - .LO,AL+
This secti!n "ives the users i)!rtant and detailed statistics !f the Indian as #ell as
the @l!'al insurance industr$% These statistics #!uld "ive i)!rtant insi"hts !f #here
the resective )ar(ets are headed f!r%
• The "l!'al life insurance )ar(et stands at H1,<21%2 'illi!n #hile the n!n,life
insurance )ar(et is laced at H:22%1 'illi!n%
• The United States itself acc!unts f!r a'!ut !ne,third !f the H2110%5 'illi!n
"l!'al insurance )ar(et and ?aan stands ne*t #ith a 26%52G share%
:
• India ta(es the 20rd !siti!n #ith US H:%:00 'illi!n annual re)iu)
c!llecti!ns and a )ea"er 6%11G share%
• Out !f !ne 'illi!n e!le in India, !nl$ 0< )illi!n e!le are c!vered '$
insurance%
• IndiaIs life insurance re)iu) as a ercenta"e !f @&. is Aust 1%88 er cent%
• The inc!)e derived '$ @IC and its su'sidiar$ c!)anies thr!u"h invest)ent
#as Rs%21:1%85 cr!re and the investa'le fund "enerated #as Rs%2210 cr!re in
1:::,2666%
• Indian insurance )ar(et is set t! t!uch H2< 'illi!n '$ 2616, !n the assu)ti!n
!f a 8 er cent real annual "r!#th in @&.%
NATURE OF INDUSTRY
The insurance industr$ r!vides r!tecti!n a"ainst financial l!sses resultin" fr!) a
variet$ !f erils% 7$ urchasin" insurance !licies, individuals and 'usinesses can
receive rei)'urse)ent f!r l!sses due t! car accidents, theft !f r!ert$, and fire and
st!r) da)a"eJ )edical e*ensesJ and l!ss !f inc!)e due t! disa'ilit$ !r death%
The insurance industr$ c!nsists )ainl$ !f insurance carriers 9!r insurers; and
insurance a"encies and 'r!(era"es% In "eneral, insurance carriers are lar"e c!)anies
that r!vide insurance and assu)e the ris(s c!vered '$ the !lic$% Insurance a"encies
and 'r!(era"es sell insurance !licies f!r the carriers%
Insurance c!)anies assu)e the ris( ass!ciated #ith annuities and insurance !licies
and assi"n re)iu)s t! 'e aid f!r the !licies% In the !lic$, the c!)anies states
16
the len"th and c!nditi!ns !f the a"ree)ent, e*actl$ #hich l!sses it #ill r!vide
c!)ensati!n f!r, and h!# )uch #ill 'e a#arded%
The re)iu) char"ed f!r the !lic$ is 'ased ri)aril$ !n the a)!unt t! 'e a#arded
in case !f l!ss, as #ell as the li(elih!!d that the insurance carrier #ill actuall$ have t!
a$% In !rder t! 'e a'le t! c!)ensate !lic$h!lders f!r their l!sses, insurance
c!)anies invest the )!ne$ the$ receive in re)iu)s, 'uildin" u a !rtf!li! !f
financial assets and inc!)e,r!ducin" real estate #hich can then 'e used t! a$ !ff
an$ future clai)s that )a$ 'e 'r!u"ht%
There are t#! 'asic t$es !f insurance carriersB &irect and Reinsurance%
&irect carriers are res!nsi'le f!r the initial under#ritin" !f insurance !licies and
annuities, #hile Reinsurance carriers assu)e all !r art !f the ris( ass!ciated #ith the
e*istin" insurance !licies !ri"inall$ under#ritten '$ !ther insurance carriers%
&irect insurance carriers !ffer a variet$ !f insurance !licies%
+ife insurance r!vides financial r!tecti!n t! 'eneficiariesKusuall$ s!uses and
deendent childrenKu!n the death !f the insured%
&isa'ilit$ insurance sulies a reset inc!)e t! an insured ers!n #h! is una'le t!
#!r( due t! inAur$ !r illness
>ealth insurance a$s the e*enses resultin" fr!) accidents and illness%
An Annuit$ 9a c!ntract !r a "r!u !f c!ntracts that furnishes a eri!dic inc!)e at
re"ular intervals f!r a secified eri!d; r!vides a stead$ inc!)e durin" retire)ent
f!r the re)ainder !f !ne/s life%
11
.r!ert$,casualt$ insurance r!tects a"ainst l!ss !r da)a"e t! r!ert$ resultin" fr!)
haCards such as fire, theft, and natural disasters%
+ia'ilit$ insurance shields !lic$h!lders fr!) financial res!nsi'ilit$ f!r inAuries t!
!thers !r f!r da)a"e t! !ther e!le/s r!ert$% M!st !licies, such as aut!)!'ile
and h!)e!#ner/s insurance, c!)'ine '!th r!ert$,casualt$ and lia'ilit$ c!vera"e%
C!)anies that under#rite this (ind !f insurance are called r!ert$,casualt$ carriers%
12
/hat i! Life In!"ran#e0
>u)an life is su'Aect t! ris(s !f death and disa'ilit$ due t! natural and accidental
causes% Lhen hu)an life is l!st !r a ers!n is disa'led er)anentl$ !r te)!raril$,
there is a l!ss !f inc!)e t! the h!useh!ld% The fa)il$ is ut t! hardshi% Ris(s are
unredicta'le% &eathMdisa'ilit$ )a$ !ccur #hen !ne least e*ects it% There are a
nu)'er !f life insurance r!ducts #hich !ffer r!tecti!n and als! c!uled #ith
savin"s%
A Ter) insurance r!duct r!vides a fi*ed a)!unt !f )!ne$ !n death durin" the
eri!d !f c!ntract%
A Lh!le +ife insurance r!duct r!vides a fi*ed a)!unt !f )!ne$ !n death%
An End!#)ent Assurance r!duct r!vided a fi*ed a)!unt !f )!ne$ either !n death
durin" the eri!d !f c!ntract !r at the e*ir$ !f c!ntract if life assured is alive%
A M!ne$ 7ac( Assurance r!duct r!vides n!t !nl$ fi*ed a)!unts #hich are a$a'le
!n secified dates durin" the eri!d !f c!ntract, 'ut als! the full a)!unt !f )!ne$
assured !n death durin" the eri!d !f c!ntract%
An Annuit$ r!duct r!vides a series !f )!nthl$ a$)ents !n stiulated dates
r!vided that the life assured is alive !n the stiulated dates%
A +in(ed r!duct r!vides n!t !nl$ a fi*ed a)!unt !f )!ne$ !n death 'ut als! su)s
!f )!ne$ #hich are lin(ed #ith the underl$in" value !f assets !n the desired dates%
10
There are a variet$ !f life insurance r!ducts t! suit t! the needs !f vari!us cate"!ries
!f e!leKchildren, $!uth, #!)en, )iddle,a"ed ers!ns, !ld e!leJ and als! rural
e!le, fil) act!rs and un!r"aniCed la'!rers%
+ife insurance r!ducts c!uld 'e urchased fr!) re"istered life insurers n!tified '$
the IR&A% Insurers a!int insurance a"ents t! sell their r!ducts%
As er re"ulati!ns, insurers have t! "ive the vari!us features !f the r!ducts at the
!int !f sale% The insured sh!uld als! "! thr!u"h the vari!us ter)s and c!nditi!ns !f
the r!ducts and understand #hat the$ have '!u"ht and )et their insurance needs%
The$ !u"ht t! understand the clai) r!cedures s! that the$ (n!# #hat t! d! in the
event !f a l!ss%
INDIAN INSURANCE SECTOR
RE.ULATORY ,ODY
Insurance is a federal su'Aect in India% The ri)ar$ le"islati!n that deals #ith
insurance 'usiness in India isB Insurance Act, 1:02, and Insurance Re"ulat!r$ N
&evel!)ent Auth!rit$ Act, 1:::%
The Insurance Re"ulat!r$ and &evel!)ent
Auth!rit$ 9IR&A;
Ref!r)s in the Insurance sect!r #ere initiated #ith the assa"e !f the IR&A 7ill in
.arlia)ent in &ece)'er 1:::% The IR&A since its inc!r!rati!n as a statut!r$ '!d$
in Aril 2666 has fastidi!usl$ stuc( t! its schedule !f fra)in" re"ulati!ns and
re"isterin" the rivate sect!r insurance c!)anies%
11
The !ther decisi!n ta(en si)ultane!usl$ t! r!vide the su!rtin" s$ste)s t! the
insurance sect!r and in articular the life insurance c!)anies #as the launch !f the
Ir&A/s !nline service f!r issue and rene#al !f licenses t! a"ents% Since 'ein" set u
as an indeendent statut!r$ '!d$ the IR&A has ut in a fra)e#!r( !f "l!'all$
c!)ati'le re"ulati!ns%
MISSION-IRDA
DT! r!tect the interests !f the !lic$h!lders, t! re"ulate, r!)!te and ensure !rderl$
"r!#th !f the insurance industr$ and f!r )atters c!nnected there#ith !r incidental
theret!%F
IMPACT OF LI,ERALISATION
The intr!ducti!n !f rivate la$ers in the industr$ has added t! the c!l!rs in the dull
industr$% The initiatives ta(en '$ the rivate la$ers are ver$ c!)etitive and have
"iven i))ense c!)etiti!n t! the !n ti)e )!n!!l$ !f the )ar(et +IC% Since the
advent !f the rivate la$ers in the )ar(et the industr$ has seen ne# and inn!vative
stes ta(en '$ the la$ers in this sect!r%
The ne# la$ers have i)r!ved the service 3ualit$ !f the insurance% As a result +IC
d!#n the $ears have seen the declinin" hase in its career% The )ar(et share #as
distri'uted a)!n" the rivate la$ers% Th!u"h +IC still h!lds the 8:G !f the
insurance sect!r 'ut the uc!)in" natures !f these rivate la$ers are en!u"h t! "ive
)!re c!)etiti!n t! +IC in the near future% +IC )ar(et share has decreased fr!)
:<G 92662,60; t! 21 G9 2661,6<;%
1<
+IC has the current )ar(et share !f 8:G%
A)!n" the rivate la$ers ICICI .rudential has the )a*i)u) !f a*% <%56G
7harti A*a has the current )ar(et share !f <G%
-!ll!#ed '$ 7aAaA AllianC 90%28 G; and >&-C Standard +ife !f a'!ut 0%11G%
7el!# is the ta'le that sh!#s the )ar(et share !f vari!us la$ers !f the industr$%
15
The foo1in' #ompanie! ha)e the re!t of the mar2et !hare of the in!"ran#e
in%"!tr(3
COMPANY NAME MAR4ET S5ARE
+IC 67389
ICICI .RU&E=TIA+
7>ARTI AXA
:3;8
:
7A?A? A++IA=O 83<6
>&-C STA=&AR& +I-E 83==
7IR+A SU=+I-E <38<
TATA AI@ =3>:
S7I +I-E =3<>
MAX =ELYORP 9379
AVIVA +I-E 93?<
I=@ VYSYA 93;;
OM POTAP +I-E 93:>
AM. SA=MAR 938?
MET+I-E 9388
RE+IA=CE +I-E 939:
The li'eraliCati!n !f the Indian insurance sect!r has !ened ne# d!!rs t! rivate
c!)etiti!n and the ne# and i)r!ved insurance sect!r t!da$ r!)ises several ne#
A!' !!rtunities% Lith rivate la$ers n!# in the field, there #ill 'e inn!vative
r!ducts, 'etter ac(a"in", i)r!ved cust!)er service, and, )!st i)!rtantl$, "reater
e)l!$)ent !!rtunities%
18
There are a nu)'er !f !ti!ns t! ch!!se fr!) f!r a career in Insurance% Ideall$ an
insurance c!)an$ #ill have !enin"s in the f!ll!#in" fieldsB
• Actuaries
• Under#riter
• Surve$!r
• Invest)ent
• Mar(etin" N &istri'uti!n
A#t"arie!
• Evaluates the ris( f!r c!)anies t! 'e used f!r strate"ic )ana"e)ent
decisi!ns%
• Actuaries use their anal$tical s(ills t! redict the ris( !f #ritin" insurance
!licies thr!u"h the use !f )athe)atical, statistical and ec!n!)ic )!dels%
• An actuar$ n!t !nl$ fi*es the re)iu) rates f!r ne# r!ducts, 'ut als! revises
'!th r!ducts and rices% The$ calculate c!sts t! assu)e ris(
Un%er1riter!
• Insurance under#riters revie# insurance alicati!ns and decide #hether the$
sh!uld 'e acceted !r reAected 'ased !n the de"ree !f ris(s inv!lved in
insurin" the e!le !r !'Aects !f c!ncern%
• In the life insurance 'usiness, an under#riter is e*ected t! filter the Q'ad !r
su'standard livesQ% Lhereas, in the "eneral insurance se")ent, he ta(es care
!f ris( )ana"e)ent%
12
CURRENT SCENARIO OF T5E INDUSTRY
INSURANCE MAR4ET IN INDIA
India #ith a'!ut 266 )illi!n )iddle class h!useh!ld sh!#s a hu"e untaed !tential
f!r la$ers in the insurance industr$% Saturati!n !f )ar(ets in )an$ devel!ed
ec!n!)ies has )ade the Indian )ar(et even )!re attractive f!r "l!'al insurance
)aA!rs% The insurance sect!r in India has c!)e t! a !siti!n !f ver$ hi"h !tential and
c!)etitiveness in the )ar(et%
Inn!vative r!ducts and a""ressive distri'uti!n have 'ec!)e the sa$ !f the da$%
Indians, have al#a$s seen life insurance as a ta* savin" device, are n!# suddenl$
turnin" t! the rivate sect!r that are r!vidin" the) ne# r!ducts and variet$ f!r their
ch!ice% +ife insurance industr$ is #aitin" f!r a 'i" "r!#th as )an$ Indian and f!rei"n
c!)anies are #aitin" in the line f!r the "reen si"nal t! start their !erati!ns% The
Indian c!nsu)er sh!uld 'e read$ n!# 'ecause the )ar(et is "!in" t! "ive the) an
arra$ !f r!ducts, different in rice, features and 'enefits% >!# the cust!)er is "!in"
t! )a(e his ch!ice #ill deter)ine the future !f the industr$%
1:
DISTRI,UTION C5ANNELS
+IC has alread$ #ell esta'lished and have an e*tensive distri'uti!n channel and
resence% =e# la$ers )a$ find it e*ensive and ti)e c!nsu)in" t! 'rin" u a
distri'uti!n net#!r( t! such standards% Theref!re the$ are l!!(in" t! the diverse areas
!f distri'uti!n channel t! have an advanta"e% At resent the distri'uti!n channels that
are availa'le in the )ar(et areB
R &irect sellin"MRetail
R C!r!rate a"ents
R @r!u sellin"
R 7r!(ers and c!!erative s!cieties
R 7ancassurance
An a"ent sh!uld 'e a leasin" ers!nalit$ #ith c!)lete (n!#led"e a'!ut the vari!us
lans and s!luti!ns #hich the c!)an$ has t! !ffer and )ust als! understand the
cust!)er/s s$ch!l!"$ #ell t! deal in an efficient )anner%
,ANCASSURANCE
7ancassurance is the distri'uti!n !f insurance r!ducts thr!u"h the 'an(Is distri'uti!n
channel% It is a hen!)en!n #herein insurance r!ducts are !ffered thr!u"h the
distri'uti!n channels !f the 'an(in" services al!n" #ith a c!)lete ran"e !f 'an(in"
and invest)ent r!ducts and services% T! ut it si)l$, 7ancassurance, tries t! e*l!it
s$ner"ies 'et#een '!th the insurance c!)anies and 'an(s%
26
A%)anta'e! to $an2!
• .r!ductivit$ !f the e)l!$ees increases%
• 7$ r!vidin" cust!)ers #ith '!th the services under !ne r!!f, the$
can I)r!ve !verall cust!)er satisfacti!n resultin" in hi"her cust!)er retenti!n
+evels%
• Increase in return !n assets '$ 'uildin" fee inc!)e thr!u"h the sale !f
In!"ran#e pro%"#t!3
• Can levera"e !n face,t!,face c!ntacts and a#areness a'!ut the
financial C!nditi!ns !f cust!)ers t! sell insurance r!ducts%
• 7an(s can cr!ss sell insurance r!ducts e%"%B Ter) insurance r!ducts #ith l!ans%
A%)anta'e! to in!"rer!
• Insurers can e*l!it the 'an(sI #ide net#!r( !f 'ranches f!r distri'uti!n !f
r!ducts% The enetrati!n !f 'an(sI 'ranches int! the rural areas can 'e
utiliCed t! sell r!ducts in th!se areas%
• Cust!)er data'ase li(e cust!)ersI financial standin", sendin" ha'its,
invest)ent and urchase caa'ilit$ can 'e used t! cust!)iCe r!ducts and sell
acc!rdin"l$%
• Since 'an(s have alread$ esta'lished relati!nshi #ith cust!)ers, c!nversi!n
rati! !f leads t! sales is li(el$ t! 'e hi"h% -urther service asect can als! 'e
tac(led easil$%
21
A%)anta'e! to #on!"mer!
• C!)rehensive financial advis!r$ services under !ne r!!f% i%e%, insurance
services al!n" #ith !ther financial services such as 'an(in", )utual funds,
ers!nal l!ans etc%
• Enhanced c!nvenience !n the art !f the insured
• Eas$ accesses f!r clai)s, as 'an(s are a re"ular "!%
• Inn!vative and 'etter r!duct ran"es
/5AT DOES LIFE INSURANCE 5AVE TO OFFER0
+ife insurance is )an$ different thin"s t! )an$ different e!le% -!r s!)e, it is a
re)iu) t! 'e aid !n ti)e% -!r !thers it !ffers li3uidit$ since cash can 'e '!rr!#ed
#hen needed% -!r the invest)ent,)inded, it den!tes a c!nstantl$ "r!#in" caital
acc!unt and nu)er!us !ther 'enefits%
The c!ntractual "uarantee is the r!)ise t! a$, 'ac(ed '$ !ne !f the !ldest and )!st
sta'l$ re"ulated financial industr$ !eratin" in the Indian su',c!ntinent t!da$%
1; Insurance 7u$s Ti)e and M!ne$
.e!le li(e t! refer t! life insurance as ti)e insurance, the reas!n 'ein" that life
insurance r!ceeds are aid t! the insuredIs 'eneficiaries in case !f death% The )!ne$
r!ffered '$ life insurance hels 'u$ ti)e t! adAust t! the chan"e !f circu)stances%
Insurance r!vides lar"e a)!unts !f cash that #ill (ee the lifest$le f!r the surviv!rs
the #a$ it #as 'ef!re the insuredIs death%
2; Insurance Offers .eace !f Mind
22
-!r the ers!n #h! 'u$s an insurance !lic$, it !ffers a's!lute and c!)lete eace !f
)ind% >e !r she (n!#s that the decisi!n )ade '$ hi) #ill r!vide s!und 'enefits in
the future, #hether !r n!t the individual )a$ live t! see it%
0; Multile Alicati!ns
The future is uncertain f!r each and ever$ !ne% =! !ne (n!#s h!# l!n" he !r she #ill
live% The invest)ent 'enefit is aid t! the insuredIs 'eneficiaries after his death !r it
can 'e used durin" the life as #ell% +ife insurance !lic$ !#ners can turn t! the cash
value !f the !lic$ in case !f a financial e)er"enc$ #hen all avenues are either
'l!c(ed !r denied%
1; Endurin" Elasticit$
Since life insurance is fle*i'le en!u"h t! serve several needs, the insured can (ee
several l!n",ter) "!als in )ind !nce he !r she invests in the insurance lan% The cash
value !f the !lic$ can 'e all!cated t!#ards au")entin" the )!nthl$ inc!)e durin"
the retire)ent $ears% +eisure $ears sh!uld 'e turned int! leasure $ears% .er)anent
life insurance is desi"ned !n the c!ncets !f l!n",ter) fle*i'ilit$%
<; -inancial Securit$
The insurance !lic$ !ffers c!ntractual "uarantees t! e!le l!!(in" f!r eace !f
)ind #hen the$ 'u$ life insurance% +ife insurance !ffers c!)lete financial securit$%
The urchase !f life insurance de)!nstrates c!ncern f!r a fa)il$Is future financial
#ell 'ein"%
5; Re"ard f!r -a)il$
20
The urchase !f life insurance clearl$ disla$s care and c!ncern f!r the e!le the
!lic$ !#ner l!ves%
8; Insurance is Safer
=! financial instituti!n can d! #hat life insurance d!es% =! industr$ can 'ac( its
r!ducts #ith reserves and surlus as s!und as th!se !f the insurance industr$%
The r!!f !f stren"th and safet$ that insurance c!)anies have ensured even under
the )!st adverse !f c!nditi!ns is a )atter !f ride f!r the entire insurance industr$%
-!r "enerati!n after "enerati!n, life insurance has 'een acclai)ed as the ver$
'ench)ar( !f securit$ a"ainst #hich the !ther industries are )easured%
OPPORTUNITIES FOR INSURANCE COMPANIES
In the n!# !en sect!r !n insurance, the f!ll!#in" is #hat I feel #ill deter)ine the
success !f the c!)an$ in articular and the industr$ in "eneralB
• A chan"e in the attitude !f the !ulati!n
Indians have al#a$s 'een #ar$ !f e)l!$in" their hard,earned )!ne$ in a venture
that #ill a$ the) !n their death% Insurance has al#a$s 'een used as a Ta* savin"
t!!l% =! )!re, n! less% It is u!n the insurers t! educate the e!le t! secureMinsure
their future a"ainst an$ un(n!#n cala)it$ and )a(e a shield ar!und their fa)ilies
and 'usinesses%
• An !en and transarent envir!n)ent created under the IR&A%
The reas!n f!r this 'ein" !n the t! !f !ur understandin" is that #hen ever #e have
seen an$ sect!r !en u in India there are al#a$s "re$ areas and unsure !licies%
21
These are n!t e*actl$ #hat an$ la$er, 'e it Indian !r f!rei"n, l!!(s f!r% It creates an
air !f uncertaint$ in all the decisi!n )a(in" r!cess% Insurance as a sect!r re3uires
la$ers #h! are str!n" financiall$ and are #illin" t! #ait f!r returns% Their c!nfidence
can 'e '!lstered !nl$ if there is an !en and a transarent !lic$ "uidelines% This #ill
als! hel the c!nsu)ers feel safe that the re"ulat!r$ is an active !ne and cares t! d!
ever$thin" !ssi'le t! (ee thin"s under c!ntr!l and hel the insurance envir!n)ent
"r!# )aturel$%
• A #ell,esta'lished distri'uti!n net#!r(%
T! cater t! the lar"est de)!crac$ in the #!rld is '$ n! )eans a ca(e#al(% Insurance
r!fits are directl$ related t! nu)'er !f insured and this is in turn related t! the reach%
• Trained r!fessi!nals t! 'uild and sell the r!duct%
It is said that the insurance a"ent is the 'est sales)an in the #!rld% >e )a(es $!u a$,
re"ularl$, an a)!unt r!)isin" t! a$ 'ac( !nl$ !n $!ur death% Thus the la$ers #ill
re3uire an e*cellent sales tea) t! sell their r!ducts in the n!# c!)etitive
envir!n)ent%
• Enc!ura"e)ent !f ne# and 'etter r!ducts and lettin" the hac(ne$ed !nes die !ut%
This #ill itself ensure the )ar(et "r!#s% And that ever$ classMs!ciet$ "ets a r!duct
that 'est suits the)%
2<
SPECIAL PROVISIONS
The Inc!)e Ta* Act and +ife Insurance !licies
• Under Secti!n 16916&;, an$ su) received under a +ife Insurance !lic$ 9n!t
'ein" a Pe$ Man !lic$; is als! e*e)t fr!) ta*ati!n% 7ut it is #ise t! re)e)'er
that .ensi!ns received fr!) Annuit$ lans are n!t e*e)ted fr!) Inc!)e Ta*%
• Secti!n 26C r!vides a deducti!n u t! Rs%1,66,666M, t! an individual assesses
f!r an$ a)!unt aid as a re)iu)%
25
POLICY5OLDERS .RIEVANCES
.!lic$h!lders )a$ have c!)laints a"ainst insurers either in resect !f their !licies
!r their clai)s% As er Re"ulati!ns f!r .r!tecti!n !f !lic$h!lders/ interests, 2662,
ever$ insurer sh!uld have in lace, a "rievance redressal s$ste) t! address the
c!)laints !f !lic$h!lders% The IR&A has a @rievance Redressal Cell #hich la$s a
facilitative r!le '$ ta(in" u c!)laints a"ainst insurers #ith the resective
c!)anies f!r seed$ res!luti!n% The IR&A h!#ever d!es n!t adAudicate !n
c!)laints%
S/OT ANALYSIS OF INSURANCE INDUSTRY
STREN.T5
1% 7est returns #ith the added advanta"e !f 166G life insurance c!vera"e%
2% @!!d !ti!n f!r ne# invest!rs int! the )ar(et as all the )!ne$ is invested '$ 'est
fund )ana"ers s! #ith less (n!#led"e als! the$ can earn "!!d Returns%
0% 7est c!))issi!n char"es aid t! the a"ents #hich var$ fr!) 12G t! 0<G #hich is
)uch hi"her as c!)ared t! )utual funds i%e% , !nl$ 2,2%<G%
/EA4NESS
1% 7>ARTI AXA c!uld n!t a'le t! )atch +IC in re)!te areas services%
2% Misleadin" facts "iven '$ life advis!rs a'!ut the returns !f U+I.s%
0% >idden char"es ta(en '$ the c!)anies%
1% +ess .r!)!ti!nal Ca)ai"ns%
28
OPPORTUNITY
1% 26 ercent !f Indian !ulati!n is still under insured% S! there is a 'i" !!rtunit$
f!r insurance c!)anies%
2% As the st!c( )ar(et can 'e under the )ar( an$ ti)e s! it can 'rin" l!ss t! the
invest!rs 'ut as in U+I.s there is r!er )i*ture !f de't securities and e3uit$ s!
the l!ss is incurred durin" dar( tradin" da$s als!%
0% Unit,lin(ed r!ducts are e*e)ted fr!) ta* and the$ r!vide life insurance%
1% Increasin" c!nsu)er a#areness a'!ut Insurance and its use%

T5REAT
1% Canni'alis) #ithin the industr$ '$ r!vidin" )isleadin" fi"ures t! the invest!rs%
2% @!vt%/s insta'ilit$ has a l!n" ter) reercussi!ns affectin" c!)an$/s !licies
and its "r!#th%
To prote#t (o"r fami( finan#ia(
Y!u l!ve $!ur fa)il$ and feel res!nsi'le t!#ards the) in ever$ #a$% A life
insurance lan c!vers $!ur life at n!)inal c!sts s! that $!u can fulfill $!ur
res!nsi'ilit$ #ith ease and $!ur fa)il$ never has t! face financial c!nstraints%
/h( %o I nee% to !e#"re m( fami( 1hen I@m there for them0
A life insurance lan #ill ta(e care !f $!ur fa)il$ in case $!u are n!t ar!und f!r
the)%
Y!u need t! r!tect $!ur fa)il$ a"ainst unf!reseen events% A life insurance lan hels
$!u d! s! ver$ easil$%
22
Prote#t (o"r o)e% one! a'ain!t finan#ia #ontin'en#ie! at nomina #o!t!
Y!u l!ve $!ur fa)il$ and feel res!nsi'le t!#ards the) in ever$ #a$% 7ut life can 'e
uncertain and unf!reseen c!ntin"encies can )eet $!u an$ti)e% At such ti)es, life
insurance c!)es t! $!ur rescue% As s!)e!ne #h! #ants !nl$ the 'est f!r their fa)il$,
#e understand $!ur need t! safe"uard $!ur fa)il$ a"ainst an$ crisis% Our r!tecti!n
lans !ffer $!u hi"h life c!ver at n!)inal c!sts s! that $!u can fulfill $!ur
res!nsi'ilit$ #ith ease and $!ur fa)il$ never has t! face financial c!nstraints%
To maAimi!e (o"r !a)in'!
+ife insurance lans n!t !nl$ ensure $!ur fa)il$Is securit$ 'ut are als! a health$
invest)ent !ti!n% These invest)ents ensure $!ur )!ne$ #!r(s hard f!r $!u '$
"ivin" $!u "!!d returns al!n" #ith eace !f )ind, as $!ur fa)il$ is r!tected% S!
#hether it is $!ur !#n h!)e, the 'est educati!n f!r $!ur child !r even a c!)f!rta'le
lifest$le, life insurance lans are the 'est s!luti!ns%
5o1 %oe! a Life In!"ran#e pan maAimi!e m( !a)in'!0
There are variants !f +ife Insurance lans availa'le t!da$ that can )a*i)ise $!ur
savin"s%
The traditi!nal lans "ive $!u definite a)!unt as assured )!ne$ 'ac(% U+I.s !r
)ar(et,lin(ed lans invest $!ur )!ne$ in the )ar(ets t! hel $!u rea hi"h returns
al!n" #ith life insurance 'enefits%
2:
-und )ana"ers are the e*erts that ta(e care !f $!ur invest)ent lans t! ensure $!u
)a*i)ise $!ur savin"s%
Do I nee% to 1orr( a$o"t the !afet( of m( in)e!tment!0
There are different lans that $!u can invest in, deendin" !n h!# )uch ris( $!u are
read$ t! ta(e% The lans can 'e su))ed u int! , Traditi!nal .lans, U+I.s and
@uarantee .lans
Tra%itiona Pan!
Traditi!nal .lans "ive $!u "uaranteed returns !n the invested )!ne$% The returns $!u
earn thr!u"h these lans are re,decided and c!))unicated t! $!u at the ti)e !f
issuance !f !lic$%
ULIP!
Unli(e Traditi!nal .lans, Unit +in(ed Insurance .lans 9U+I.s; invest a art !f $!ur
re)iu) a)!unt int! the financial )ar(ets% The returns under these !licies deend
!n )ar(et erf!r)ance% Mar(et us#in"s can ensure $!u earn hi"h returns% There are
vari!us fund !ti!ns availa'le under these lans% 7asis $!ur ris( aetite, $!u can !t
f!r the ar!riate fund !ti!n%
."arantee Pan!
@uarantee .lans are Unit +in(ed .lans, #ith an in,'uilt I"uaranteeI feature% These
lans safe"uard the )!ne$ invested a"ainst an$ )ar(et d!#nturns% Lhen the )ar(et
06
is u, $!u can enA!$ hi"h returns and in case !f )ar(et d!#ns#in"s, there is a
)ini)u) "uaranteed a)!unt aid t! $!u that ensures $!u d! n!t l!se $!ur hard
earned )!ne$%
En!"re (o"r fami(@! !e#"rit( a! (o" maAimi!e (o"r !a)in'!
Y!u can )a(e $!ur )!ne$ #!r( harder #ith !ur Lealth Creati!n #ith .r!tecti!n
lans% These lans c!)e #ith the d!u'le advanta"e !fB
• C!)lete eace !f )ind as $!ur fa)il$ is financiall$ r!tected and
• @!!d invest)ent !ti!n that ensures l!n",ter) financial "!als are )et

Lhether it is a 'i""er h!)e, a drea) vacati!n !r even a c!)f!rta'le future, these life
insurance lans are the 'est s!luti!ns al!n" #ith the suret$ !f financial r!tecti!n%
Our life insurance c!vera"e lans include Itraditi!nalI lans that "ive "uaranteed
)!ne$ !n )aturit$% Lhile, #e als! !ffer )ar(et,lin(ed lans that "ive $!u the 'enefit
!f "!!d )ar(et erf!r)ance t! )a*i)ise $!ur savin"s%
Pan! that hep (o"r #hi% reai!e hi! potentia an% et him a#hie)e 1hat he
%ream! of
As a res!nsi'le arent $!u #ill never #ant t! )a(e an$ c!)r!)ises #hen it c!)es
t! $!ur child% L!uldn/t it 'e nice if $!u have a trusted friend #h! ta(es care !f all the
finances f!r $!ur childIs "r!#in" drea)sS Child lans, #ith a life insurance c!)an$
01
li(e !urs, have 'een created t! hel $!u r!vide the 'est f!r $!ur childIs (e$ sta"es
and hel hi) secure a 'ri"ht future%
To f"fi (o"r #hi%@! %ream!
As a res!nsi'le arent, $!u #!uldn/t li(e t! )a(e c!)r!)ises #hen it c!)es t!
$!ur child% Child lans hel $!u secure $!ur childIs future in a lanned and s$ste)atic
)anner% These lans can hel $!u fulfill $!ur res!nsi'ilities t!#ards $!ur child
c!nvenientl$%
Y!u can s$ste)aticall$ lan f!r the finances re3uired f!r $!ur childIs future #ith
these lans% Y!u can select the ter) !f the lan deendin" !n $!ur childIs
re3uire)ents at their (e$ life sta"es, hisMher educati!n, hi"her studies !r even
)arria"e% And thr!u"h eri!dic #ithdra#als fr!) the !lic$, $!u can r!vide
financial assistance f!r the (e$ )ilest!nes !f $!ur child% 7$ investin" in this lan, $!u
can )a(e $!ur )!ne$ "r!# !ver a eri!d !f ti)e, there'$ securin" $!ur childIs
drea)s%
/i m( #hi% 'et the $enefit from thi! panB in #a!e I@m not aro"n%0
The uni3ue Laiver !f .re)iu) feature ta(es care !f this c!ncern% &urin" the ter) !f
the !lic$, sh!uld an$thin" unf!rtunate haen t! $!u, the r!tecti!n c!ver is aid !ut
and all future re)iu)s are #aived !ff% This ensures that the !lic$ c!ntinues till
)aturit$ and $!u need n!t fear !f !lic$ lase 'ecause $!u are n!t ar!und t! a$ the
future re)iu)s% Child lans in that sense #ill ta(e care !f $!ur child and his future,
even in $!ur a'sence%
02
EnCo( a 'o%en retirement
Retire)ent lans are the 'est #a$ t! s$ste)aticall$ lan f!r $!ur "!lden $ears% 7$
investin" in these l!n",ter) lans, $!u can earn a re"ular inc!)e even after $!uIve
st!ed #!r(in"% Lith!ut #!rr$in" a'!ut risin" c!sts, $!u can 'e self,reliant and
lead a c!)f!rta'le retired life%
These are l!n",ter) lans since the$ ai) t! r!vide a re"ular inc!)e t! $!u !st $!ur
retire)ent% The earlier $!u start, the 'etter it is, s! that #hen the ter) !f the lan
ends, $!u can enA!$ a "!!d c!rus as ensi!n%
7$ investin" in retire)ent lans t!da$, $!u can ensure $!u lead a c!)f!rta'le life,
even after $!uIve st!ed #!r(in"%
Sta( 1orr(-free a$o"t (o"r me%i#a eApen!e!
>ealth r!'le)s !ften hit us suddenl$ and the$ 'rin" #ith the) hu"e )edical 'ills%
T! av!id 'ein" financiall$ strained, due t! health c!ntin"encies, $!u can !t f!r a
health insurance lan and sta$ #!rr$,free%
>ealth r!'le)s can arise an$ti)e% Lith the hel !f a health lan, $!u can invest
s$ste)aticall$ t!da$, s! that in case !f an$ health crisis, $!ur heft$ )edical 'ills are
ta(en care !f%
Lhat/s )!re, health insurance lans als! ta(e care !f certain critical illnesses and
disa'ilities t! ensure health r!'le)s d! n!t i)act $!ur fa)il$Is financial securit$%
00
NATURE - DEFINITION OF INSURANCE
Insurance is defined as a c!,!erative device t! sread the l!ss
caused '$ a articular ris( !ver a nu)'er !f ers!ns #h! are
e*!sed t! it and #h! a"ree t! ensure the)selves a"ainst that
ris(% Ris( is uncertaint $ !f a financial l!ss% It sh!uld n!t 'e
c!nfused #ith the chance !f l!ss, #hich is the r!'a'le nu)'er
!f l!sses !ut !f c!nfused #ith eril, #hich is defined as the
cause !f l!ss !r #ith haCard, #hich is a c!nditi!n, )a$ increase
the chance !f l!ss%
Ever$ ris( inv!lves the l!ss !f !ne !r !ther (ind% The functi!n
!f insurance is t! sread the l!ss !ver a lar"e nu)'er !f ers!ns
#h! are a"reed t! c!,!erate each !ther at the ti)e !f l!ss% The
ris( cann!t 'e !ver rated 'ut l!ss !ccurrin" due t! a certain ris(
can 'e distri'uted a)!n"st the a"reed ers!ns% The$ are a"reed
t! share the l!ss 'ecause the chance !f l!ss is there%
Ever$'!d$/s "reatest asset durin" hisMher #!r(in" $ears is
hisMher a'ilit $ t! earn an inc!)e% It is i)!rtant t! ade3uatel $
safe"uard this asset t! ensure hisMher cash fl!# #ill c!ntinue in
the event !f an une*ected disaster% >isMher insurance !licies
#ill hel t! r!tect hi)Mher 9if an$; a"ainst an$ unf!reseen !dds%
01
There are t#! (inds !f insurance availa'le viC% +ife Insurance
and @eneral Insurance%
 .r!vides f!r deendents in case !f death%
 Relaces earnin" !#er, if disa'led%
 .r!tects hisMher a'ili t $ t! )eet accu)ulati!n M
educati!n M )arri a"e "!als%
.enera In!"ran#e
 Addresses health care c!ncerns%
 .r!vides f!r aut!, h!)e and ers!nal lia'il it $
r!tecti!n%
 .r!vides f!r !tential l!n",ter) care c!sts%
 .lans f!r 'usiness c!ntinuati!n%
.ENERAL DEFINITION
The "eneral definiti!ns are "iven '$ the s!cial scientists N
the$ c!nsider insurance as a device t! r!tecti!n a"ainst
ris(s, !r a r!visi!n a"ainst inevita'le c!ntin"encies !r a
c!,!erative device !f sreadin" ris(s% S!)e !f such
definiti!ns are "iven 'el!#B
 In the #!rds !f ?!hn Ma"ee , “Insurance is a plan by
which large number of people associate themselves
0<
& transfer to the shoulder of all, risks that attach to
individuals. ”
 In the #!rds !f Sir Lilli a) 7evrid"es , “The
collective bearing of risks is insurance. ”
 In the #!rds !f 7!!ne N PurtC , “Insurance is a
substitution for a small known loss (the insurance
premium for a large unknown loss, which may or
may not occur.”
 In the #!rds !f Th!)as , “Insurance is a provision,
which a prudent man makes against for the loss or
inevitable contingencies, loss or misfortune. ”
 In the #!rds !f Allen O% Ma$ers!n , “Insurance is a
device for the transfer to an insurer of certain risks
of economic loss that would otherwise come by the
insured. ”
 In the #!rds !f @h!sh N A"ar#al , “Insurance is a
co!operative form of distributing a certain risk over
a group of persons who are e"posed to it. ”
FUNDAMENTAL STATEMENT
These are 'ased !n ec!n!)ic !r 'usiness !riented since it
is a device r!vidin" financial c!)ensati!n a"ainst ris(
!r )isf!rtune%
 In the #!rds !f &% S% >arsell , “Insurance may be
defined as a social device providing financial
05
compensation for the effects of misfortune, the
payments being made from the accumulated
contribution of all parties participating in the
scheme. ”
 In the #!rds !f R!'ert I% Mehr N E)ers!n
Ca))ar( , “Insurance is purchased to offset the risk
resulting from ha#ards, which e"poses a person to
loss. ”
 In the #!rds !f Rie"el N Miller , “Insurance is a
social device whereby the uncertain risks of
individuals may be combined in a group & thus
made more certain small periodic contributions, by
the individuals providing a fund, out of which, those
who suffer losses may be reimbursed. ”
 Insurance f!ll!#s i)!rtant characteristics%
Sharin' of Ri!2!
Insurance is a c!,!erative device t! share the 'urden !f
ris(, #hich )a$ fall !n haenin" !f s!)e unf!reseen
events, such as the death !f head !f the fa)il $, !r !n
haenin" !f )arine erils !r l!ss !f '$ fire%
Co-operati)e De)i#e
Insurance is a c!,!erative f!r) !f distri'utin" a certain
ris( !ver a "r!u !f ers!ns #h! are e*!sed t! it 9@h!sh
08
N A"ar#al;% A lar"e nu)'er !f ers!ns share the l!sses
arisin" fr!) a articul ar ris(%
E)a"ation of Ri!2
-!r the ur!se !f ascertainin" the insurance re)iu), the
v!lu)e !f ris( is evaluated, #hich f!r)s the 'asis !f
insurance c!ntract%
Pa(ment of happenin' of !pe#ifie% e)ent
On haenin" !f secified event, the insurance c!)an$ is
'!und t! )a(e a$)ent t! the insured% >aenin" !f the
secified event is certain in life insurance, 'ut in the case
!f fire, )arine !r accidental insurance, it is n!t necessar$%
In such cases, the insurer is n!t lia'le f!r a$)ent !f
inde)nit $%
Amo"nt of pa(ment
The a)!unt !f a$)ent in inde)nit $ insurance deends !n
the nature !f l!sses !ccurred, su'A ect t! a )a*i)u) !f the
su) insured% In life insurance, h!#ever, a fi*ed a)!unt is
aid !n the haenin" !f s!)e uncertain event !r !n the
)aturit $ !f the !lic$%
Lar'e n"m$er of in!"re% per!on!
The success !f insurance 'usiness deends !n the lar"e
nu)'er !f ers!ns insured a"ainst si)ilar ris(% This #ill
ena'le the insurer t! sread the l!sses !f ris( a)!n" lar"e
02
nu)'er !f ers!ns, thus (eein" the re)iu) rate at the
)ini)u)%
In!"ran#e i! not a 'am$in'
Insurance is n!t a "a)'lin"% @a)'lin" is ille"al, #hich
"ives "ain t! !ne art$ N l!ss t! the !ther% Insurance is a
valid c!ntract t! inde)ni t $ a"ainst l!sses% M!re!ver,
insura'le interest is resent in insurance c!ntracts N it has
the ele)ent !f invest)ent als!%
In!"ran#e i! not #harit(
Charit $ a$s #ith!ut c!nsiderati!n 'ut in the case !f
insurance, re)iu) is aid '$ the insured t! the insurer in
c!nsiderati!n !f future a$)ent %
Prote#tion a'ain!t ri!2!
Insurance r!vides r!tecti!n a"ainst ris(s inv!lved in
life, )aterials N r!ert $% It is a device t! av!id !r
reduce ris(s%
Sprea%in' of ri!2
Insurance is a lan, #hich sread the ris(s N l!sses !f fe#
e!le a)!n" a lar"e nu)'er !f e!le% ?!hn Ma"ee
#rites, “Insurance is a plan by which large number of
people associates themselves & transfer to the shoulders
of all, risks attached to individuals. ”
0:
Tran!fer of ri!2
Insurance is a lan in #hich the insured transfers his ris(
!n the insurer% This )a$ 'e the reas!n that Ma$ers!n
!'serves, that insurance is a device t! transfer s!)e
ec!n!)ic l!sses t! the insurer, and !ther#ise such l!sses
#!uld have 'een '!rne '$ the insured the)selves%
A!#ertainin' of o!!e!
7$ ta(in" a life insurance !lic$, !ne can ascertain his
future l!sses in ter)s !f )!ne$% This is d!ne '$ the
insurer t! deter)inin" the rate !f re)iu), #hich is
calculated !n the 'asis !f )a*i )u) ris(s%
A #ontra#t
Insurance is a le"al c!ntract 'et#een the insurer N insured
under #hich the insurer r!)ises t! c!)ensate the
insured financial l $ #ithin the sc!e !f insurance !lic$, N
the insured r!)ises t! a$ a fi*ed rate !f re)iu) t! the
insurer%
,a!e% "pon #ertain prin#ip e
Insurance is a c!ntract 'ased u!n certain funda)ental
rinciles !f insurance, #hich includes ut)!st "!!d faith,
insura'le interest, c!ntri'uti!n, inde)nit $, causa r!*i)a,
su'r!"ati!n, etc% , #hich are the 'asis f!r successful
!erati!n !f insurance lan%
16
Utmo!t .oo% Faith
Insurance is a c!ntract 'ased !n "!!d faith 'et#een the
arties% Theref!re, '!th the arties are '!und t! discl!se
the i)!rt ant facts affectin" t! the c!ntract 'ef!re each
!ther% Ut)!st "!!d faith is !ne !f the i)!rt ant
rinciles !f insurance%
T! c!nclude, insurance is a device f!r the transfer !f ris(s fr!)
the insured t! the insurers, #h! a"ree t! it f!r a c!nsiderati!n
9(n!#n as re)iu);, N r!)ises that the secified e*tent !f l!ss
suffered '$ the insured shall 'e c!)ensated% It is a le"al
c!ntract !f a technical nature%
T! c!nclude, insurance is a device f!r the transfer !f ris(s fr!) the insured t!
the insurers, #h! a"ree t! it f!r a c!nsiderati!n 9(n!#n as re)iu);, N
r!)ises that the secified e*tent !f l!ss suffered '$ the insured shall 'e
c!)ensated% It is a le"al c!ntract !f a technical nature%
11
INTRODUCTION TO INSURANCE COMPANY3
In !rder t! "! thr!u"h the A!urne$ !f +IC 4 .ath !f rivate sect!r
insurance c!)anies t! nati!naliCe c!)an$ t! a"ain rivate sect!r
insurance c!)anies is "iven as 'el!#B
Path
.rivate +ife Insurance C!)anies
=ati!naliCati!n
.rivatiCati!n !f +ife Insurance Sect!r
1286 4
1:<5
+ife Insurance c!ncet #as
acceted #ith al)!st 2<6 .rivate
+ife Insurance C!)anies
1:<5
Mer"in" !f al)!st 2<6 .rivate
Sect!r +ife Insurance C!)anies in
!ne nati!naliCed
+ife Insurance C!r!rati!n !f India
1::<
.r!!sal t! rivatiCe life insurance
'usiness
?une
2666
Re"istrati!n r!cess #as n!tified
Au"ust Alicati!n #as filed
12
2666
Oct!'er
2666
1
st
license #as issued #ith
intr!ducti!n !f IR&A
2662
&urin" the )!nth !f ?anuar$, 11
+ife and =!n,+ife .rivate Insurance
license #ere issued
In !rder t! ela'!rate the a'!ve ath lets "! thr!u"h the hist!r$ !f +ife
Insurance Sect!r%
On 0
rd
&ece)'er 1586, seven earnest )en !f 7!)'a$ #ith Aust seven ruees
f!r initial e*enses "ave shae t! a lan !f !fferin" insurance t! the u'lic
#ith!ut the ris( !f ruin and the 7!)'a$ Mutual +ife Insurance S!ciet$ ca)e
int! e*istence%
Ri"ht u t! the end !f the 1:
th
centur$, f!rei"n insurance c!)anies had an
uer hand in the )atter !f insurance 'usiness and the$ enA!$ed )ere
)!n!!l$ and the artialit$ #ere !'served in the f!r) that Indian lives #ere
insured #ith 16G e*tra re)iu) as a c!))!n ractice, at that ti)e +ala
>ari(ishan +al fr!) +ah!re #as called DThe =a!le!n !f Indian -inanceF as
he #as then called t! launch the 7harat Insurance C!)an$ at +ah!re 912:5;
in .unAa'%
.ri!r t! 1:12, India had n! le"islati!n f!r re"ulatin" insurance% The +ife
Insurance C!)anies Act 1:12 and the .r!vident -und Act 1:12 #ere
assed%
The Insurance Act 1:02 #as the first c!)rehensive le"islati!n "!vernin" n!t
!nl$ life 'ut als! n!n,life 'ranches !f insurance t! r!vide strict state c!ntr!l
!ver insurance 'usiness%
10
7ut after the intr!ducti!n !f Insurance Act 1:02, the de)and f!r
nati!naliCati!n !f +ife Insurance Industr$ #as raised, there #ere s! )an$
reas!ns in !rder t! nati!naliCe the insurance sect!r%
The$ areB
 .!lic$h!lders #ill 'e r!vided cent ercent securit$%
 E*enses #ill 'e reduced due t! A'sence !f dulicati!n,
#asteful c!)etiti!n
 7etter service due t! a'sence !f r!fit )!tive%
 The funds #ill 'e availa'le f!r nati!n 'uildin" activities%
 Insurance is servicin" sect!r and s! that it sh!uld 'e in the
hands !f "!vern)ent !nl$%
A'!ve are fe# 'ut str!n" reas!ns, #hich have c!ntri'uted t!#ards
nati!naliCati!n !f insurance sect!r, and then after in the $ear 1:<5, all
insurance c!)anies #ere )er"ed in t! !ne and +ife Insurance C!r!rati!n !f
India ca)e int! e*istence%
Till the $ear 1:::, +IC !f India #as the !nl$ insurance sect!r in ec!n!)ic
)ar(et #ith ever,increasin" "r!#th rate and )ar(et share #ith the caacit$ t!
earn hi"h rate !f r!fit and thus r!fita'ilit$% In site !f all these )erits !f
+IC, the !verall status !f insurance sect!r #as n!t s! satisfact!r$%
7usiness fi"ure 'ef!re the intr!ducti!n !f IR&A
.!ulati!n 1%66 7illi!n
11
Insura'le .!ulati!n 6%05 7illi!n
=!% Of insured individuals 6%62 7illi!n
.!tential uninsured
individuals
6%22 7illi!n
=e# 7usiness re)iu) 6%55 7illi!n
A'!ve stated fi"ures clearl$ sh!#s that fr!) 1 7illi!n !ulati!n !f India,
al)!st 6%22 7illi!n !ulati!n #as uninsured% A"ain the e*istin" "!vern)ent
unit did n!t r!erl$ )eet the e)er"in" se")ents li(e retire)ent, disa'ilit$%
M!re!ver, the "!vern)ent #anted 2<G %a% "r!#th rate in ne# 'usiness
re)iu) fr!) insurance sect!r% All these fact!rs c!)'ine f!rced the
"!vern)ent t! ta(e the decisi!n a'!ut the rivatiCati!n !f insurance sect!r%
In !rder t! increase the 'usiness activities, the intr!ducti!n !f IR&A #as
)ade '$ @!vern)ent% Thus, IR&A 9Insurance Re"ulat!r$ and &evel!)ent
Auth!rit$; #itnessed the e*istence !#er t! c!,!rdinate re"ular and c!ntr!l
the insurance 'usiness%
Pri)ate In!"rer! in In%ian In!"ran#e Mar2et
Re'i!tration
No3
Date of
Re'i!tration
Name of the Compan(
1<
161 20% 16% 2666 >&-C Standard +ife
161 1<% 11% 2666 Ma* =e# Y!r( +ife
16< 21% 11% 2666 ICICI .rudential +ife
168 16% 61% 2661 O) P!ta( Mahindra +ife
16: 01% 61% 2661 7irla Sun +ife Insurance
116 12% 62% 2661 TATA AI@ +ife Insurance
111 06% 60% 2661 S7I +ife Insurance

15
COMPANY PROFILE
18
COMPANY PROFILE
INTRODUCTION TO ICICI .ROUP
ICICI ,AN4
ICICI 7an( is India/s sec!nd,lar"est 'an( #ith t!tal assets !f a'!ut
Rs%112%621 cr!re and a net#!r( !f a'!ut 1<6 'ranches and !ffices and a'!ut
18<6 ATMs% ICICI 7an( !ffers a #ide ran"e !f 'an(in" r!ducts and
financial services t! c!r!rate and retail cust!)er thr!u"h a variet$ !f
deliver$ channels and thr!u"h its secialiCed su'sidiaries and affiliates in the
areas !f invest)ent 'an(in", life and n!n,life insurance, venture caital, asset
)ana"e)ent and inf!r)ati!n techn!l!"$% ICICI 7an(/s e3uit$ shares are
listed in India !n st!c( e*chan"es at
Chennai% &elhi, P!l(ata and Vad!dara, the St!c( E*chan"e, Mu)'ai and the
=ati!nal St!c( E*chan"e !f India +i)ited and its A)erican &e!sitar$
Receits 9A&Rs; are listed !n the =e# Y!r( St!c( E*chan"e 9=YSE;%
ICICI 7an( #as !ri"inall$ r!)!ted in 1::1 '$ ICICI +i)ited, an Indian
financial instituti!n, and #as its #h!ll$ !#ned su'sidiar$% ICICI/s
shareh!ldin" in ICICI 7an( #as reduced t! 15G thr!u"h a u'lic !fferin" !f
shares in India in fiscal 1::2, an e3uit$ !fferin" in the f!r) !f A&Rs listed !n
the =YSE in fiscal 2666, ICICI 7an(/s ac3uisiti!n !f 7an( !f Mathura
+i)ited in an all,st!c( a)al"a)ati!n in fiscal 2661, and sec!ndar$ )ar(et
sales '$ ICICI t! instituti!nal invest!rs in fiscal 2661 and fiscal 2662% ICICI
12
#as f!r)ed in 1:<< at the initiative !f the L!rld 7an(, the @!vern)ent !f
India and reresentatives !f Indian industr$% The rincial !'Aective #as t!
create a devel!)ent financial instituti!n f!r r!vidin" )ediu) ter) and l!n"
ter) r!Aect financin" t! Indian 'usinesses% In the 1::6s, ICICI transf!r)ed
its 'usiness fr!) a devel!)ent financial instituti!n !fferin" !nl$ r!Aect
finance t! a diversified financial services "r!u !fferin" a #ide variet$ !f
r!ducts and services, '!th directl$ and thr!u"h a nu)'er !f su'sidiaries and
affiliates li(e ICICI 7an(, In 1:::, ICICI 'ec!)e the first Indian c!)an$
and the first 'an( !r financial instituti!n fr!) n!n,?aan Asia t! 'e listed !n
the =YSE%
After c!nsiderati!n !f vari!us c!r!rate structurin" alternatives in the c!nte*t
!f the e)er"in" c!)etitive scenari! in the Indian 'an(in" industr$, and the
)!ve t!#ards universal 'an(in", the )ana"e)ent !f ICICI and ICICI 7an(
f!r)ed the vie# that the )er"er !f ICICI #ith ICICI 7an( #!uld 'e the
!ti)al strate"ic alternative f!r '!th entities, and #!uld create the !ti)al
le"al structure f!r the ICICI "r!u/s universal 'an(in" strate"$% The )er"er
#!uld enhance value f!r ICICI shareh!lders thr!u"h the )er"ed entit$/s
access t! l!#,c!st de!sits, "reater !!rtunities f!r earnin" fee,'ased
inc!)e and the a'ilit$ t! articiate in the a$)ent s$ste) and r!vide
transacti!n,'an(in" services% The )er"er #!uld enhance value f!r ICICI
7an( shareh!lders thr!u"h a lar"e caital 'ase and scale !f !erati!ns,
sea)less access t! ICICI/s str!n" c!r!rate relati!nshis 'uilt u !ver five
decades, entr$ int! ne# 'usiness se")ents, hi"her )ar(et share in vari!us
'usiness se")ents, .articularl$ fee,'ased services, and access t! the vast
1:
talent !!l !f ICICI 7an( ar!ved the )er"er !f ICICI and t#! !f its
#h!ll$,!#ned retail finance su'sidiaries, ICICI .ers!nal -inancial Services
+i)ited and ICICI Caital Services +i)ited, Lith ICICI 7an(%
Shareh!lders !f ICICI and ICICI 7A=P ar!ved the )er"er in ?anuar$
2662, '$ the >i"h C!urt !f @uAarat at ?alandhar in March 2662, and '$ the
>i"h C!urt !f
?udicature at Mu)'ai and the Reserve 7an( !f India in Aril 2662%
C!nse3uent t! the )er"er, the ICICI "r!u/s financin" and 'an(in"
!erati!ns, '!th #h!lesale and retail, have 'een inte"rated in a sin"le entit$%
ICICI 7an( is the !nl$ Indian c!)an$ t! 'e rated a'!ve the c!untr$ ratin"
'$ the internati!nal ratin" a"enc$ )!!d$ Ds and the !nl$ Indian c!)an$ t!
'e a#arded an invest)ent "rade internati!nal credit ratin"% The 7an( enA!$s
the hi"hest AAA 9!r e3uivalent; ratin" fr!) all +eadin" Indian ratin"
a"encies%
Pr"%entia P3L3C3
Esta'lished in 1212, t!da$ rudential lc is a leadin" internati!nal financial
services c!)an$ #ith s!)e 15 )illi!n cust!)ers, !lic$h!lders and unit
h!lders and s!)e 26,666 e)l!$ees #!rld#ide% In the UP .rudential is a
leadin" life and ensi!ns r!vider #ith ar!und seven )illi!n cust!)ers%
MN@ #as ac3uired '$ .rudential in 1::: and is the @r!u/s UP and
Eur!ean fund )ana"er, res!nsi'le f!r )ana"in" !ver !f 111 'illi!n !f
funds 9as at &ece)'er 2660;% +aunched '$ .rudential in 1::2, E"" is an
<6
inn!vative financial services c!)an$, #ith !ver three )illi!n cust!)ers,
#ith nearl$ si* er cent !f UP credit card 'alances% In Asia, .rudential is the
leadin" Eur!ean life insurer #ith 20 life and fund )ana"e)ent !erati!ns in
12 c!untries servin" s!)e five )illi!n cust!)ers% In the US, .rudential !#ns
?ac(s!n =ati!nal +ife, a leadin" life insurance c!)an$, and has )!re than
1%< )illi!ns !licies and c!ntracts in f!rce%
.rudential has 'r!u"ht t! )ar(et an inte"rated ran"e !f financial services
r!ducts that n!# includes life assurance, ensi!ns, )utual funds, 'an(in",
invest)ent )ana"e)ent and "eneral insurance% In Asia, .rudential is UPFs
+ar"est life insurance c!)an$ #ith a vast net#!r( !f 22 life and )utual fund
!erati!ns in t#elve c!untries 4 China, >!n" P!n", India, Ind!nesia, ?aan,
P!rea, Mala$sia, the .hiliines, Sin"a!re, Tai#an, Thailand and Vietna)%
Since 1:20, .rudential has cha)i!ned cust!)er,centric r!ducts and
services, su!rted '$ !ver 56,666 staff and a"ents acr!ss the re"i!n%
.rudential lc/s str!n" )i* !f 'usiness ar!und the #!rld !siti!ns us #ell t!
'enefit f!r) the "r!#th in cust!)er de)and f!r asset accu)ulati!n and
inc!)e in retire)ent% Our internati!nal reach and diversit$ !f earnin"s '$
"e!"rahic re"i!n and r!duct #ill c!ntinue t! "ive us si"nificant advanta"e%
Our c!))it)ent t! the shareh!lders #h! !#n .rudential is t! )a*i)iCe the
value !ver ti)e !f their invest)ent% Le d! this '$ investin" f!r the l!n" ter)
t! devel! and 'rin" !ut the 'est in !ur e!le and !ur 'usinesses t! r!duce
<1
sueri!r r!ducts and services, !ur internati!nal eer "r!u in ter)s !f t!tal
shareh!lder returns%
At .rudential !ur ai) is lastin" relati!nshis #ith !ur cust!)ers and
!lic$h!lders, thr!u"h r!ducts and services that !ffer value f!r )!ne$ and
securit$% Le als! see( t! enhance !ur C!)an$/s reutati!n, 'uilt !ver 1<6
$ears, f!r inte"rit$ and f!r actin" res!nsi'l$ #ithin s!ciet$%
ICICI Pr"%entia Life In!"ran#e&
ICICI .rudential +ife Insurance C!)an$ is a A!int venture 'et#een ICICI
7an(, a re)ier financial !#erh!use and .rudential .lc, a leadin"
internati!nal financial services "r!u head3uartered in the United Pin"d!)%
ICICI .rudential #as a)!n"st the first rivate sect!r insurance c!)anies t!
'e"in !erati!ns in &ece)'er 2666 after receivin" ar!val fr!) insurance
Re"ulat!r$ &evel!)ent Auth!rit$ 9IR&A;%
ICICI .rudential/ s e3uit$ 'ase stands at Rs%5%8< 'illi!n #ith ICICI 7an( and
.rudential lc h!ldin" 81G and 25G sta(e resectivel$% In the $ear ended
March 01,2661 the c!)an$ had issued !ver 106,666 !licies, f!r a t!tal su)
assured !f !ver Rs 2,666 cr!re and re)iu) inc!)e in e*cess !f Rs%:26
cr!re% The c!)an$ has a net#!r( !f a'!ut 06,666 advis!rsJ as #ell as 12
'anc assurance tie,us% T!da$ the c!)an$ is the nu)'er !ne rivate life
insurer in the c!untr$%
Mana'ement
<2
43 V3 4amath
Mana"in" &irect!r and Chief E*ecutive Officer
<0
Lalita Gupte
Joint Managing Director
Kalpana Morparia
Joint Managing Director
Chanda Kochhar
Deputy Managing Director
Nachiket Mor
Deputy Managing Director
,oar% Committee!
A"%it Committee
,oar% .o)ernan#e -
Rem"neration Committee
Mr% Sridar I$en"ar
Mr% =arendra Mur(u)'i
Mr% M% P% Shar)a
Mr% =% Va"hul
Mr% Anua) .uri
Mr% M% P% Shar)a
Mr% .% M% Sinha
.r!f% Marti @% Su'rah)an$a)
C"!tomer Ser)i#e
Committee
Cre%it Committee
=% Va"hul
=arendra Mur(u)'i
M%P% Shar)a
.%M% Sinha
P% V% Pa)ath
Mr% =% Va"hul
Mr% =arendra Mur(u)'i
Mr% M %P% Shar)a
Mr% .% M% Sinha
Mr% P% V% Pa)ath
Fra"% Monitorin'
Committee
Ri!2 Committee
Mr% M% P% Shar)a
Mr% =arendra Mur(u)'i
Mr% P% V% Pa)ath
Ms% Palana M!raria
Ms% Chanda &% P!chhar
Mr% =% Va"hul
Mr% Sridar I$en"ar
.r!f% Marti @% Su'rah)an$a)
Mr% V% .re) Latsa
Mr% P% V% Pa)ath
<1
Share Tran!fer -
Shareho%er!@D
In)e!tor!@ .rie)an#e
Committee
A!!et-Lia$iit( Mana'ement
Committee
Mr% M% P% Shar)a
Mr% =arendra Mur(u)'i
Ms% Palana M!raria
Ms% Chanda &% P!chhar
Ms% +alita &% @ute
Ms% Palana M!raria
Ms% Chanda &% P!chhar
&r% =achi(et M!r
Committee of Dire#tor!
Mr% P% V% Pa)ath
Ms% +alita &% @ute
Ms% Palana M!raria
Ms% Chanda &% P!chhar
&r% =achi(et M!r
<<
PRODUCTS - SERVICES
<5
PRODUCTS - SERVICES
In!"ran#e !o"tion for in%i)i%"a!E33
ICICI .rudential +ife Insurance !ffers a ran"e !f inn!vative,
cust!)er,centric r!ducts that )eet the needs !f cust!)ers at ever$
life sta"e% Its 18 r!ducts ca' is enhanced #ith u t! 5 riders, t! create
a cust!)iCed s!luti!n f!r each !lic$h!lder%
Savin"s S!luti!nsE%%
Secure .lus is a transarent and feature,ac(ed savin"s lan that !ffers 0
levels !f r!tecti!n% Cash .lus is a transarent, feature,ac(ed savin"s lan
that !ffers 0 levels !f r!tecti!n as #ell as li3uidit$ !ti!ns% Save n .r!tect is
a traditi!nal end!#)ent savin"s lan that !ffers life r!tecti!n al!n" #ith
ade3uate returns% Cash 7ac( is an anticiated end!#)ent !lic$ ideal f!r
)eetin" )ilest!ne e*enses li(e a child/s )arria"e, e*enses f!r a child/s
hi"her educati!n !r urchase !f an asset%
<8
.r!tecti!n S!luti!nsEE%
+ife@uard is a r!tecti!n lan, #hich !ffers life c!ver at ver$ l!#
c!st% It is availa'le in 0 c!u!ns 4 level ter) assurance, level ter)
assurance #ith return !r re)iu) and sin"le re)iu)%

Child S!luti!nsEE%
S)art (id child lans r!vide "uaranteed educati!nal 'enefits t! a
child al!n" #ith life insurance c!ver f!r the arent #h! urchases the
!lic$% The !lic$ is desi"ned t! r!vide )!ne$ at i)!rtant
)ilest!nes in the child/s life% S)artPid child laned are als! availa'le
#ith in unit,lin(ed f!r) 4 '!th sin"le re)iu) and re"ular re)iu)%
Mar(et,lin(ed S!luti!ns
+ife+in( is a sin"le re)iu) Mar(et +in(ed Insurance .lan, #hich
c!)'ines life insurance c!ver #ith the !!rtunit$ t! sta$, invested in
<2
the st!c( )ar(et% +ife Ti)e !ffers cust!)ers the fle*i'ilit$ and c!ntr!l
t! cust!)iCe the !lic$ t! )eet the chan"in" needs at different life
sta"es% It !ffers 0 invest)ent !ti!ns 4@r!#th .lan, Inc!)e lan and
7alance lan%
Retire)ent S!luti!nsEE
-!rever +ife is a retire)ent r!ducts tar"eted at individual in there
thirties% Secure .lus .ensi!n is a fle*i'le ensi!n lan that all!#s !ne
t! select 'et#een 0 levels !f c!ver%
Mar(et,lin(ed retire)ent r!ducts
+ife Ti)e .ensi!n is a re"ular re)iu) )ar(et,lin(ed ensi!n lan%
+ife +in( .ensi!n is a sin"le re)iu) )ar(et lin(ed ensi!n lan%
ICICI .rudential als! launched DSalaa) Oinda"iF, a s!cial sect!r
"r!u insurance !lic$ tar"eted at the ec!n!)icall$ underrivile"ed
secti!ns !f the s!ciet$%
<:
@r!u Insurance S!luti!nsEE
ICICI .rudential als! !ffers @r!u Insurance S!luti!ns f!r c!)anies
see(in" t! enhance 'enefits t! their e)l!$ees%
@r!u @ratuit$ .lanEE
ICICI .ruFs "r!u "ratuit$ lan hels e)l!$ers fund their statut!r$
"ratuit$ !'li"ati!n in a scientific )anner% The lan can als! cust!)iCe
t! structure sche)es that can r!vide 'enefits 'e$!nd the statut!r$
!'li"ati!ns%
@r!u Suerannuati!n .lan
ICICI 7an( !ffers fle*i'le defined c!ntri'uti!n suerannuati!n
sche)e t! r!vide a retire)ent (itt$ f!r each )e)'er !f the "r!u%
E)l!$ees have the !ti!n !f ch!!sin" fr!) vari!us annuit$ !ti!ns
!r !tin" f!r artial c!))utati!n !f the annuit$ at the ti)e !f
retire)ent%
@r!u Ter) .lan
56
@r!u Ter) .lanEE
ICICI .ruFs fle*i'le "r!u ter) s!luti!n hels r!vides aff!rda'le
c!ver t! )e)'ers !f "r!u% The c!ver c!uld 'e unif!r) !r 'ased !n
desi"nati!nMran( !r a )ultile !f salar$% The 'enefit under the !lic$
is aid t! the 'eneficiar$ n!)inated '$ the )e)'er !n hisMher death%
-le*i'le Rider Oti!ns
ICICI .ru +ife !ffers fle*i'le riders, #hich can 'e added t! the 'asic !lic$ at
)ar"inal c!st, deendin" !n the secific !f the cust!)er%
A##i%ent - %i!a$iit( $enefit& If death !ccurs as the result !f an accident
durin" the ter) !f the !lic$, the 'eneficiar$ receives an additi!nal a)!unt
e3ual t! the su) assured under the !lic$% If the death !ccurs #hile travelin"
in an auth!riCed )ass trans!rt vehicle, the 'eneficiar$ #ill 'e entitled t!
t#ice the su) assured as additi!nal 'enefit%
51
A##i%ent $enefit& This rider !ti!n a$s the su) assured the rider !n death
due t! accidents%
Criti#a Ine!! ,enefit& r!tects the insured a"ainst financial l!ss in the
event !f : secified critical illnesses% 7enefits are a$a'le t! the insured f!r
)edical ri!r t! death%
MaCor S"r'i#a A!!i!tan#e ,enefit!& r!vides financial su!rt in the event
!f )edical e)er"encies, ensurin" that 'enefits are a$a'le t! the life assured
f!r )edical e*enses Incurred f!r sur"ical r!cedures% C!ve is !ffered a"ainst
10 different sur"ical r!cedures%
In#ome ,enefit& This rider a$s the 16G !f the su) assured t! the n!)inee
ever$ $ear, till )aturit$, in the event !f the death !f the life assured% It is
availa'le !n S)artPid, Secure.lus and Cashlus%
/ai)er of Premi"m& In Case !f t!tal and er)anent due t! an accident, the
re)iu)s are #aived till )aturit$% This rider is availa'le #ith Secure.lus and
Cash.lus%
52
PART-II
50
INTRODUCTION OF TOPIC
51
INTRODUCTION OF TOPIC
C"!tomer Sati!fa#tion
/hat i! #"!tomer !ati!fa#tion0
Cust!)er satisfacti!n refers t! h!# satisfied cust!)ers are #ith the r!ducts !r
services the$ receive fr!) a articular a"enc$% The level !f satisfacti!n is deter)ined
n!t !nl$ '$ the 3ualit$ and t$e !f cust!)er e*erience 'ut als! '$ the cust!)er/s
e*ectati!ns%
A cust!)er )a$ 'e defined as s!)e!ne #h!B
• has a direct relati!nshi #ith, !r is directl$ affected '$ $!ur a"enc$ and
• receives !r relies !n !ne !r )!re !f $!ur a"enc$/s services !r r!ducts%
Cust!)ers in hu)an services are c!))!nl$ referred t! as service users, c!nsu)ers !r
clients% The$ can 'e individuals !r "r!us%
An !r"anisati!n #ith a str!n" cust!)er service culture laces the cust!)er at the
centre !f service desi"n, lannin" and service deliver$% Cust!)er centric
!r"anisati!ns #illB
• deter)ine the cust!)ers e*ectati!ns #hen the$ lan
• listen t! the cust!)er as the$ desi"n
• f!cus !n the deliver$ !f cust!)er service activities
5<
• Value cust!)er feed'ac( #hen the$ )easure erf!r)ance%
/h( i! it important0
There are a nu)'er !f reas!ns #h$ cust!)er satisfacti!n is i)!rtant in Insurance
Sect!rB
• Meetin" the needs !f the cust!)er is the underl$in" rati!nale f!r the e*istence
!f c!))unit$ service !r"aniCati!ns% Cust!)ers have a ri"ht t! 3ualit$
services that deliver !utc!)es%
• Or"aniCati!ns that strive 'e$!nd )ini)u) standards and e*ceed the
e*ectati!ns !f their cust!)ers are li(el$ t! 'e leaders in their sect!r%
• Cust!)ers are rec!"niCed as (e$ artners in shain" service devel!)ent and
assessin" 3ualit$ !f service deliver$%
The r!cess f!r )easurin" cust!)er satisfacti!n and !'tainin" feed'ac( !n
!r"aniCati!nal erf!r)ance are valua'le t!!ls f!r 3ualit$ and c!ntinu!us service
i)r!ve)ent%
55
RESEARC5 MET5ODOLO.Y
58
RESEARC5 MET5ODOLO.Y
Statement Of Pro$em&
The research is carried !n in a r!er lanned and s$ste)atic )anner%
• The research #as articularl$ a teleh!nic research% Le have t! sell r!ducts
t! list !f e!le #hich include their na)es and c!ntact nu)'ers "iven '$
ICICI%
• &urin" the teleh!nic #e have t! sell different r!ducts '$ e*lainin" the
'enefits !f a articular r!duct, 'ut% The )ini)u) a)!unt f!r sellin" a !lic$
t! a cust!)er is e3ual t! !r )!re then Rs% 12666 !nl$%
• A"e li)it f!r sellin" a r!ductM!licies #as 1 )!nth t! 56 $rs 4 this )ean that
a !lic$ can 'e s!ld t! ers!n 'et#een the a"e !f 1 )!nth t! 56 $rs and n!t
an$thin" e*ceedin" !r 'el!# it%
Re!ear#h De!i'n&
The research desi"n !f this r!Aect is e*l!rat!r$% Th!u"h each research stud$ has its
!#n secific ur!se 'ut the research desi"n !f this r!Aect !n ICICI is e*l!rat!r$ in
nature as the !'Aective is the devel!)ent !f the h$!thesis rather than their testin"%
MET5ODOLO.Y
Ever$ r!Aect #!r( is 'ased !n certain )eth!d!l!"$, #hich is a #a$ t! s$ste)aticall$
s!lve the r!'le) !r attain its !'Aectives% It is a ver$ i)!rtant "uideline and lead t!
c!)leti!n !f an$ r!Aect #!r( thr!u"h !'servati!n, data c!llecti!n and data
anal$sis.
52
A##or%in' to Ciffor% /oo%(B
DResearch Meth!d!l!"$ c!)rises !f definin" N redefinin" r!'le)s, c!llectin",
!r"aniCin" Nevaluatin" data, )a(in" deducti!ns Nresearchin" t! c!nclusi!ns%F
Acc!rdin"l$, the )eth!d!l!"$ used in the r!Aect is as f!ll!#sB ,
&efinin" the !'Aectives !f the stud$
-ra)in" !f 3uesti!nnaire (eein" !'Aectives in )ind 9c!nsiderin" the !'Aectives;
-eed'ac( fr!) the e)l!$ees
Anal$sis !f feed'ac(
C!nclusi!n, findin"s and su""esti!ns%
Sampin' Te#hniF"e U!e%&
This research has used c!nvenience sa)lin" techni3ue%
1; Con)enien#e !ampin' te#hniF"e B C!nvenience sa)lin" is used in e*l!rat!r$
research #here the researcher is interested in "ettin" an ine*ensive ar!*i)ati!n !f
the truth% As the na)e i)lies, the sa)le is selected 'ecause the$ are c!nvenient
See#tion of Sampe SiGe&
-!r the surve$, a sa)le siCe !f <6 has 'een ta(en int! c!nsiderati!n%
So"r#e! of Data Coe#tion&
Research #ill 'e 'ased !n t#! s!urcesB
1% .ri)ar$ data
2% Sec!ndar$ data
5:
=+ PRIMARY DATA&
H"e!tionnaire& .ri)ar$ data #as c!llected '$ rearin" 3uesti!nnaire f!r cust!)ers%
The 3uesti!nnaire #as filled thr!u"h teleh!nic research%
<+ SECONDARY DATA&
Sec!ndar$ data #ill c!nsist !f different literatures li(e '!!(s #hich are u'lished,
articles, internet , the c!)an$ )anuals and #e'sites !f c!)an$,
###%icicirulife%c!)%
In !rder t! reach relevant c!nclusi!n, research #!r( needed t! 'e desi"ned in a r!er
#a$%
This research )eth!d!l!"$ als! includesB,
• -a)iliariCati!n #ith the c!ncet !f insurance and its vari!us ter)s%
• Th!r!u"h stud$ !f the inf!r)ati!n c!llected%
• C!nclusi!ns 'ased !n findin"s%
Stati!ti#a Too! U!e%
The )ain statistical t!!ls used f!r the c!llecti!n and anal$ses !f data in this r!Aect
areB
• Tuesti!nnaire
86
• .ie Charts
• 7ar &ia"ra)s
81
Limitation! of !t"%(
&ue t! the f!ll!#in" unav!ida'le and unc!ntr!lla'le fact!rs the fact!rs,the result
)i"ht n!t 'e accurate% S!)e !f the r!'le)s faced #hile c!nductin" the surve$ are as
f!ll!#sB,
• Ti)e and c!st c!nstraints #ere als! there%
• Chances !f s!)e 'iasness c!uld n!t 'e eli)inated%
• A Sa)les siCe !f fift$ has 'een use due t! ti)e li)itati!ns%
• A )aA!rit$ !f res!ndents sh!# lac( !f c!!erati!n and are 'iased t!#ards
their !#n !ini!ns%
82
O,IECTIVE
80
O,IECTIVE OF T5E STUDY
The )ain !'Aective !f this stud$ is t! carr$ !n 'rief stud$ !n DC"!tomer !ati!fa#tion
!"r)e( on in!"ran#e pro%"#t! of ICICI PRUDENTIALF thr!u"h this I a) a'le t!
"et the different +ife Insurance .!licies and their r!ducts%
Other o$Ce#ti)e! of thi! proCe#t are a! foo1!&
• T! identif$ the insurance needs !f the Indian !ulati!n #ith resect t! their
e)!ti!nal, h$sical and financial c!nditi!ns%
• C!)arative stud$ !f vari!us insurance la$ers in the )ar(et
• T! stud$ the varied reas!ns !f availin" life insurance lans
81
DATA ANALYSIS AND
INTERPRETATION
8<
DATA ANALYSIS AND INTERPRETATION
T1% Are $!u currentl$ insuredS
.articulars =!% !f Res!ndents .ercenta"e
Yes 01 52G
=! 1: 02G
T!tal <6 166G
No. of Respondents
31
19
Yes
No
85
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 52G !f the res!ndents are alread$ insured%
'; 02G !f the res!ndents are n!t insured%
T2% Are $!u satisfied #ith $!ur current insurerS
.articulars =!% !f Res!ndents .ercenta"e
Yes 11 22G
=! : 12G
T!tal <6 166G
No. of Respondents
41
9
Yes
No
88
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 22G !f the res!ndents are satisfied%
'; 12G !f the res!ndents are n!t satisfied%
T0% Lhich !ne is $!ur fav!red insurance c!)an$S
.articulars =!% !f Res!ndents .ercenta"e
+IC 21 12G
ICICI 8 11G
>&-C < 16G
7irla Sun +ife 1 2G
7aAaA AllianC 1 2G
Others 5 12G
T!tal <6 166G
T1% Are $!u interested in the r!ducts !ffered '$ ICICI .rudential S
82
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 12G !f the res!ndents li(es +IC%
'; 11G !f the res!ndents li(es ICICI%
c; 16G !f the res!ndents li(es >&-C%
d; 2G !f the res!ndents li(es 7irla Sun +ife%
e; 2G !f the res!ndents li(es 7aAaA AllianC%
f; 12G !f the res!ndents li(es !ther c!)anies%
T1% Are $!u interested in the r!ducts !ffered '$ ICICI .rudential S
.articulars =!% !f Res!ndents .ercenta"e
Yes 06 56G
=! 12 21G
Can/t Sa$ 2 15G
T!tal <6 166G
No. of Respondents
30
1
!
Yes
No
"an#t $ay
8:
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 56G !f the res!ndents are attracted t!#ards ICICI r!ducts%
'; 21G !f the res!ndents are n!t attracted t!#ards ICICI
r!ducts%
c; 15G !f the res!ndents Can/t Sa$ a'!ut it%
T<% Lhat is $!ur )ain c!ncern #hile ta(in" an insurance !lic$ S
.articulars =!% !f Res!ndents .ercenta"e
Ta* 7enefit 26 16G
Securit$ 15 02G
Invest)entsMSavin"s 11 22G
T!tal <6 166G
0
1%
14
0
&
10
1&
0
&
'
a
(

)
e
n
e
f
i
t
$
e
c
u
r
i
t
y
*
n
+
e
s
t
,
e
n
t
-
$
a
+
i
n
g
s
N
o
.

o
f

R
e
s
p
o
n
d
e
n
t
s
$eries1
26
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 16G !f the res!ndents are c!ncerned a'!ut Ta* 7enefit%
'; 02G !f the res!ndents are c!ncerned a'!ut their Securit$%
c; 22G !f the res!ndents are c!ncerned a'!ut
Invest)entMSavin"s%
T5% &!es this !lic$ satisf$ $!ur financial needsS 9.lease rate !n the
scale !f 1 t! < #ith 1 'ein" least satisfied;
Ratin" =!% !f Res!ndents .ercenta"e
1 : 12G
2 : 12G
0 2 15G
1 16 26G
< 11 22G
T!tal <6 166G
21
1

3
4
&
1

3
4
&
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 12G !f the res!ndents are >i"hl$ unsatisfied%
'; 12G !f the res!ndents are Unsatisfied%
c; 15G !f the res!ndents are M!derate%
d; 26G !f the res!ndents are Satisfied%
e; 22G !f the res!ndents are >i"hl$ satisfied%
T8% .lease e*ress $!ur !ini!n f!r the re)iu)s aid f!r the a'!ve !lic$S
.articulars =!% !f Res!ndents .ercenta"e
Ver$ >i"h 11 22G
>i"h 11 22G
M!derate 10 25G
+!# 2 15G
Ver$ +!# 1 2G
T!tal <6 166G
22
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 22G !f the res!ndents thin( that .re)iu) is Ver$ >i"h%
'; 22G !f the res!ndents thin( that .re)iu) is >i"h%
c; 20G !f the res!ndents thin( that .re)iu) is M!derate%
d; 1<G !f the res!ndents thin( that .re)iu) is +!#%
e; 12G !f the res!ndents thin( that .re)iu) is Ver$ +!#%
No. of Respondents
14
11
13
!
4
.ery /ig0
/ig0
Moderate
Lo1
.ery Lo1
T2% >!# d! $!u c!)e t! (n!# a'!ut this !lic$S
.articulars =!% !f Res!ndents .ercenta"e
Advertise)ents 16 26G
-riends and Relatives 12 21G
&irect Sellin" A"ents 21 12G
Others 8 11G
T!tal <6 166G
20
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 26G !f the res!ndents (n!# a'!ut it fr!) Advertise)ents%
'; 21G !f the res!ndents (n!# a'!ut it fr!) -riends and
Relatives%
c; 12G !f the res!ndents (n!# a'!ut it fr!) &irect Sellin"
A"ents%
d; 11G !f the res!ndents (n!# a'!ut it fr!) Other S!urces%
No. of Respondents
10
1
1
2
3d+ertise,ents
4riends and Relati+es
Direct $elling 3gents
5t0ers
T:3 Are $!u satisfied #ith the incentives 9ta* 'enefits !r 7!nuses;
ass!ciated #ith $!ur !lic$S
Ratin" =!% !f Res!ndents .ercenta"e
>i"hl$ satisfied : 12G
Satisfied 12 21G
M!derate 16 26G
Unsatisfied 11 22G
>i"hl$ Unsatisfied 2 15G
T!tal <6 166G
21
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 12G !f the res!ndents are >i"hl$ Satisfied%
'; 21G !f the res!ndents are Satisfied%
c; 26G !f the res!ndents are M!derate%
d; 22G !f the res!ndents are Unsatisfied%
e; 15G !f the res!ndents are >i"hl$ Unsatisfied%
No. of Respondents
9
1
10
11
!
/ig0ly $atisfied
$atisfied
Moderate
6nsatisfied
/ig0ly 6nsatisfied
T16% Acc!rdin" t! $!u, in #hat areas sh!uld the insurance c!)anies #!r( u!nS
.articulars =!% !f Res!ndents .ercenta"e
Eas$ .r!cedures 11 22G
-e#er re)iu)s 16 26G
M!re Returns : 12G
Transarenc$ 18 01G
T!tal <6 166G
14
10
9
12
0

4
%
!
10
1
14
1%
1!
7asy Returns 4e1er
pre,iu,s
More Returns 'ransperancy
N
o
.

o
f

R
e
s
p
o
n
d
e
n
t
s
$eries1
2<
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 22G !f the res!ndents #ant Eas$ r!cedures%
'; 26G !f the res!ndents #ant -e#er re)iu)s%
c; 12G !f the res!ndents #ant M!re returns%
d; 01G !f the res!ndents #ant Transarenc$%
T11% &! Y!u thin( that services have i)r!ved after all!#in" rivate la$ers in
insurance sect!r S

.articulars =!% !f Res!ndents .ercenta"e
Yes 16 26G
=! 16 26G
T!tal <6 166G
!08
08
Yes
No
25
ANALYSIS&
-r!) the surve$ it #as f!und that a)!n"st <6 res!ndents
a; 26G !f the res!ndents thin( that services have i)r!ved%
';26G !f the res!ndents thin( that services have n!t i)r!ved%
FINDIN.S
28
FINDIN.S
Acc!rdin" t! )$ surve$ the n!te#!rth$ !ints areB
• M!st !f the e!le 'u$ life insurance as Aust a ta* 'enefit t!!l !r as a life
c!ver #hile !nl$ a fe# !f the res!ndent ta(e it as a savin" !ti!n%The reas!n
f!r this is lac( !f (n!#led"e !f insurance 'enefits a)!n" the e!le%
• A MaA!rit$ !f the res!ndent 'u$ insurance r!ducts 'ecause !f the need
reas!n #hile rest !f the res!ndents 'u$ f!r the 'rand ur!se%
• A MaA!rit$ !f the e!le c!)e t! (n!# a'!ut the !licies fr!) the &irect
Sellin" A"ents%
• A MaA!rit$ !f the e!le are satisfied '$ the incentives ass!ciated #ith their
!licies%
• M!st !f the res!ndents are satisfied '$ the services !ffered '$ there insurance
c!)an$ #hile s!)e sa$s that the$ are n!t satisfied '$ the services%
• M!st !f the res!ndents #ant )!re Transarenc$ fr!) the side !f the
c!)an$%
22
CONCLUSION
2:
CONCLUSION
After !verhaulin" the all situati!n that '!!sted a nu)'er !f .vt% C!)anies
ass!ciated #ith )ultinati!nal in the Insurance Sect!r t! "ive 'efittin" c!)etiti!n t!
the esta'lished 'ehe)!th ICICI in rivate sect!r, #e c!)e at the c!nclusi!n that
• There are ver$ t!u"h c!)etiti!n a)!n" the rivate insurance c!)anies !n
the level !f ne# trend !f advertisin" t! lull a )aA!r art !f Cust!)ers%
• ICICI is n!t left 'ehind in the resent race !f advertise)ent%
• The entr$ !f )!re .vt% la$ers in the Insurance Sect!r have e*anded the
r!duct se")ent t! )eet the different level !f the re3uire)ent !f the
cust!)ers% It has 'r!u"ht a'!ut "reater ch!ice t! the cust!)ers%
• ICICI has vast )ar(et and ver$ fir) "ri !n its traditi!nal cust!)ers and
)!n!!l$ !f life insurance r!ducts%%
IR&A, is als! la$in" ver$ c!)rehensive r!le '$ re"ulatin" n!r)s )andatin" t!
rivate la$ers in this sect!r, that increases the c!nfidence level !f the cust!)ers t!
the rivate la$ers%
:6
LIMITATIONS
:1
LIMITATIONS
• It #as difficult t! c!llect s!)e inf!r)ati!n 'ecause !f s!)e c!)an$ rules%
• Interacti!n #ith the e)l!$ees #as li)ited 'ecause !f the #!r( schedule%
• It #as difficult t! c!ver all the t$es !f rati!s 'ecause !f lac( !f inf!r)ati!n i%e%
re"ardin" invent!ries, de't!r/s turn!ver etcE%%
:2
RECOMME=&ATIO=
:0
RECOMMENDATION
The stud$ has r!vided #ith the useful data fr!) the res!ndents% There has a l!t t!
'e rec!))ended% -!ll!#in" are the rec!))endati!nsB
• There is a need f!r 'etter r!)!ti!n f!r the invest)ent r!ducts N services%
The 'an( sh!uld advertise its r!ducts thr!u"h televisi!n 'ecause it #ill
reach t! the )asses%
• M!re returns sh!uld 'e r!vided !n Insurance lans%
• As the 'an( r!vides the Insurance facilit$ t! its cust!)ers% It sh!uld
r!vide this facilit$ '$ tie u #ith the !ther Insurance !r"aniCati!ns as #ell%
The )ain reas!n is that, the entire cust!)ers d! n!t #ant Insurance !f !nl$
!ne c!)an$% The$ sh!uld have ch!ice #hile selectin" a suita'le Insurance
lans% This #ill definitel$ add t! the "!!d#ill N r!fit f!r the 'an(%
:1
,I,LIO.RAP5Y
:<
,I,LIO.RAP5Y
• ###%icici'an(%c!)
• ###%icicirulife%c!)
• en%#i(iedia%!r"M#i(iMMainU.a"e
• ###%licindia%c!)
• ###%hdfcinsurance%c!)
• ###%)a*ne#$!r(life%c!)
• 7r!chures r!vided '$ the ICICI .rudential
• P!thari C R, $%esearch and &ethodology! &ethods & Techni'ues(, =e#
A"e Internati!nal 9.; +td%, 2661
:5
ANNEXURE
:8
ANNEXURE
=a)e , UUUUUUUUUUUUU
A"e , UUUUUUUUUUUUU
Occuati!n , UUUUUUUUUUUUU
T1% Are $!u currentl$ insuredS
, Yes
, =!
If $es, lease "ive the details !f c!)an$, lan, re)iu) etc%
T2% Are $!u satisfied #ith $!ur current insurer S
, Yes
, =!
T0% Lhich is $!ur fav!ured insurance c!)an$ S
, +IC
, ICICI
, >&-C
, 7irla sun life
, 7aAaA AllianC
, Others
:2
T1 Are $!u interested in the r!ducts !ffered '$ ICICI .rudential S
, Yes
, =!
, Cant sa$
T<% Lhat is $!ur )ain c!ncern #hile ta(in" an insurance !lic$ S
, Ta* 'enefit
, Securit$
, Invest)entMSavin"s
,
T%5 &!es this !lic$ satisf$ $!ur financial needsS 9.lease rate !n the scale
!f 1 t! 16 #ith 1 'ein" least satisfied;

T%8 .lease e*ress $!ur !ini!n f!r the re)iu)s aid f!r the a'!ve !lic$S
,Ver$ hi"h V W
,>i"h V W
,M!derate V W
,+!# V W
,Ver$ +!# V W
::
T%2 >!# d! $!u c!)e t! (n!# a'!ut this !lic$S 9.lease tic(;%
,Advertise)ents V W
,-riends and relatives V W
,&irect sellin" a"ents V W%
, Others 9lease secif$; UUUUUUUUUUUUUUUUUUUUU%
T%: Are there an$ incentives 9ta* 'enefits !r 7!nuses; ass!ciated #ith this
!lic$S 9.lease "ive ar!riate details a'!ut it;%
, UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
UUUUUUUUUU
16% Are $!u satisfied #ith the incentives ass!ciated #ith $!ur !lic$S
,>i"hl$ satisfied V W%
,Satisfied V W
,M!derate V W
,Unsatisfied V W
,>i"hl$ Unsatisfied V W%
T11% Acc!rdin" t! $!u, in #hat areas sh!uld the insurance c!)anies #!r( u!nS
, +ess c!)licated r!cedures
, -e#er re)iu)s
166
, M!re returns
, Transarenc$
T12% &! Y!u thin( that services have i)r!ved after all!#in" rivate la$ers in
insurance sect!r S
, Yes
, =!
Y!ur c!))ents !n ICICI .rudential
UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
UUU
UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
UUU
161