Icici

INDIAN INSURANCE INDUSTRY

1.1 Introduction About Insurance First 1.1.1 Began to trace the insurance business to the City of London. Is working with the sea business, the ship trade, who had been collected at the Lloyd London Cafe, we agreed to share the

lost

goods

during

the

transportation

process.

Ocean-related

losses

include:

• The ship sank due to bad weather on the high seas • robbery by pirate shipments of goods in transit • Loss or damage caused by bad weather on the high seas caused by freight. • The first insurance was issued in the UK in 1583.

Insurance industry to provide a guarantee for financial losses result from the dangers of varity. Through the purchase of insurance, individuals and businesses can obtain reimbursement owing to accident, property theft, fire and storm damage, as well as medical expenses, loss of income due to disability or death loss Insurance industry mostly by the insurance company (or insurance), insurance agencies and brokers. In general, insurance companies and large companies provide life insurance and assume some risk carriers.While cover direct and specific insurance company subsidiaries only sell carriers policies many of which are independent, and therefore is free of charge listed insurance companies varity policy. In adding to supporting these two main components appear, including the establishment of insurance provide insurance. Insurance companies bear the risk associated with annuties and insurance premium payment and distribution policy. In the policy, under the conditions specified vector length and protocol, what kinds of losses it will provide compensation.

1.2 Life Insurance

Life insurance is your long-term financial planing.Every people and their families should be part of the life insurance criticle. If you are particularly important to your family's only breadwinner life. You and your loss of income would destroy your family. Life insurance will ensure that if there is what happens to you once loved you can financialy management. But don t desert, as the life insurance, if you are A stay-AT-home spouses. Your family will include the value of child care and many other functions, which will likely become paid feature if you are gone. 1.3 life insurance principle 1 Principle of utmost good faith: In ordinary commercial contracts, both partie that is governed by the principle of caveat emptor let buyers beware. 2. The principle of insurance benefits: There are some property, life or potential liability can be insured, namely financial measurements. 3 principle of compensation: Insurance can not be used as B as a means to earn profits backup insurance mechanism is to compensate for the loss. 1.4 Insurance in India By India economic develeopment, it become the world's most profitable insurance market. In the life insurance business and general insurance Corporation of India (GIC), the monopoly of its general industry four subsidiaries prior to 1999 had the country's life insurance business in India (LIC). After the reform and through the Indian Parliament PROCES Insurance Regulatory Development (IRDA) in 1999, India's insurance was opened for private companies. It has been three years since, the Indian insurance market is already open, and enter new markets has opened stores in every major city. Public sector companies in the market has established itself. But there are also faces thease insurance companies, two of which are criticle multiple challenges. Product Desigining phase adapted to market Use the correct disribution channels reach customers.

India's per capita spends on insurance is $ 9, with $ 2500 and US $ 50-100 Compare in Southeast Asia. The rise in the number of nuclear families will provide growth impetus. However, thiss line parallel to the development of the industry needs support. 1.5 LIFE insurance to be the case 1.Risk cover: - life insurance contract allows individuals to any future unfortunate incidents risk protection. 2.Tax deduction: --1961 years a Income Tax Act 80 ℃ can get insurance fees and taxes of up to one hundred thousand rupess.Life Paul dedectgion single so decrese of individhual Overall taxable income. 3.Loans: - a person can easily pass through his policy pledge loans visit different financial institutions. 4.Retairment Planning: - What are the consequences of premature deaths provide a response to the financial protection can now be used to help them enjoy retairment years.Moreover, cash value can be used as additional income in old age. 5.Educational Requirements: - similar retirement plans, from the flow in one's life cash value insurance plans available for the insured or his children's educational needs.

Economic growth in life insurance 1.8 effect Life insurance business has an enviable performance of the public sector units. It is the steady growth accompained consistent profits and dividends recorded in its financial resources. Through government investment and socially- oriented industrial sector has made great contributions to the development of the nation. The industry is one of the largest nationally

recognized financial institutions. By the industry in mutual funds, are sponsored housing finance companies are doing very well a few years. To protect the country foreign exchange reserves, reinsurance arrangements, so that the organization within the scope of the country may become the largest preserved, and at the same time protect the interests of policy holders. 1.5.1 Against India India is a global market due to insurance market. India of the insurance market is still in its early stages of development. This is reflected in the low permeability and low per capita premiums.

1.6 INSURANCE REGULATOR AND DEVELOPMENT AUTHORITY (IRDA) India's insurance laws began in 1912, "Life Insurance Company Law" and "1912 Provident Fund Law" adopted. The first comprehensive legislation was proposed for the 1938 Insurance Act, which provides strict state control over the country's insurance business. Supervise the director of the insurance.

The liberalization of the insurance business is one of the goals of the Uruguay Round negotiations under the auspices of the General Agreement on Trade and Tariffs (UAT). In 1993, the Government thus appointed a committee led by R.M.Malhotra to review the reports required in the insurance industry report.

The Insurance Regulatory and Development Agency (IRDA) was established in April 2000 as the agency has established and developed its insurance and reinsurance business in accordance with the 1999 International Court of Justice Act.

1.7 INSURANCE SHARE IN INDIA’S GDP The growth in the Indian insurance industry has not kept pace with the economy in 200708. The contribution of insurance to the country’s gross domestic product(GDP) has splipped from 3.26%

last year

2.88 %

during the current financial year. This is contrast to the

international trend where the ratio of world insurance premium to global gross domestic product has improved from 3.88% to 3.48%. Both the life and non-life insurance business have contributed to the decline. The contribution of life insurance premium to GDP has come down to 2.26% from 2.59% a year ago while the contribution of non-life insurance has declined to 0.62% from 0.67%. This is a reversal of a three year trend where the contribution of insurance was rising steadily.The average premium per Indian has gone up slightly from $ 14.7 in 2006-07 to $ 16.4 in 2007-08. This has helped move India two notches up the ranking ladder to the 78th position in terms of premium per capita. In terms of life insurance premiums to the country has retained its ranking on the nomber 18 position while in non-life it has slipped one place to the 28 position. In dollar terms,India’s Overall life insurance premium accounts for $13590 million while non-life premium amounts of $3712 million.India’s Overall premium of $17.3 billion.

PREMIUM Country

Per capita(S)

As A% of GDP

Volume($bn)

US

3637.7

9.6

1055

Japan

3770.9

10.8

478.8

UK

4058.5

13.4

246.8

China

1243.0

9.6

59.7

Taiwan

1433.0

11.3

32.4

India

16.4

2.9

17.3

1.8 TYPES OF INSURANCE TYPES OF INSURANCE

GENERAL INSURANCE

LIFE INSURANCE

1.9.1 LIFE INSURANCE  Provide protection for families to avoid the risk of premature death of their income members.  Life insurance is a contract by paying a sum of money to the insured or, in some cases, hijacking the person who is entitled to receive the money.  The uncertainty of death is inherent in human life, which is a risk, which increases the need for some form of protection against financial damage caused by death. The insurance determinism replaces this uncertainty.

1.9.2 GENERAL INSURANCE Non life insurance can be grouped under three heads.

General insurance

Fire insurance

Types of General insurance

Marine insurance

Miscellaneous insurance

 Fire insurance It covers losses caused by fire.  Marine insurance It covers all marine losses that is to say,the losses incidental to marine adventure  Miscellaneous insurance a)

Motor vechiles insurance

b)

Personal accident insurance

COMPANY PROFILE 2.1 Background and the inception of the company 2.1.1 BEGINNING ICICI group ICICI was founded in 1995 at the World Bank's Creativity. ICICI Bank is India's second largest bank, the total assets of the rupee. Up to $ 341.58 billion as at 31 March 2007 and $ 100 billion for the financial year 2008 to provide a wide range of banking and finance for corporate and retail clients Services to obtain after-tax benefits.

In 1999, India became the first industrial investment credit listed on the New York Stock Exchange (NYSE) and the first non-Japanese Asian bank or financial institution of the Indian company. Banks in India have about 950 ATMs and 210,000 users (as of July 2008) and exist in 17 countries' networks. About ICICI Prudential Life Insurance 2.1.2 letter CO.LTD. Prudential policy was on the 30th May 1848 in Kazakhstan was established in Kensington Gardens, London.It has more than 210,000 customers, policyholders and unit holders worldwide.

Prudential wide range of financial services, in order to provide services such as life insurance, mutual funds, banking, investment management, as well as pension and general insurance. In the Asia, Prudential is 12 countries in Europe's leading life insurance companies in 24 mutual fund business of life, such as China, Hong Kong, India, Japan, Indonesia, Korea, Malaysia, Singapore, Taiwan, Vietnam, as well as a huge network Philippines. This is the ICICI Bank, the major financial powers, while Prudential, Britain headquarterd a leadding International Financial Services Group joint venture. This is the first private insurance companies began operating in December 2000, the Overall capital injection standing rupees. 20.60 one billion, with ICICI Bank holds 74% of shares and Prudential Group holding 26%, as of

April,

2007 as the first insurance company to obtain a AAA rating by Fitch.

Continuous ICICI Prudential received documents.For 3 years and 8 days Claim 92% of the set recording has been selected as India's most private life insurance companies trust.

2.2 Nature of business conducted (ICICI'S GROUP) 

ICICI Life Insurance



ICICI find each other



ICICI capital



ICICI general insurance



ICICI Asset Building



ICICI consumer financial

Part 2.2.1 ICICI Life Insurance ICICI Life Insurance, ICICI Group is India's wildest growing life insurance companies in the first four private segment LFE insurance has a pan-India presence and a variety of products to meet the needs of individuals and businesses . ICICI has a (450) of the 56 cities and 1,00,000 agent. It offers 22 products cover savings, protection and investment needs. ICICI endover This will achieve leadership position in the market in the following few years, by further expanding, and

called for further strengthening distribution network, diversified product offerings to meet the altered and specific needs of separate customers. 2.2.2 ICICI mutual fund it is India's largest mutual fund, the average asset management at Rs.90,813 crore in June 2008, over 6.7 million investor base of. ICICI mutual fund investors to provide a comprehensive product portfolio to meet the needs of different investors. ICICI mutual fund has been in existence in many cities across the country and continue to strive to offer innovative products and customer service initiatives to increase the value of depositors. 2.2.3 ICICI ICICI general insurance general insurance, non-life insurance company is the first one to get a license from IRDA. ICICI general insurance in India is the fastest growing general insurance company, and has been throughout the 56 cities and 450 former agency 3 23,000 private-sector insurance. ICICI general insurance provides a comprehensive range of insurance products, covering almost all the risks, including automotive, health, family, property, tourism, marine and commercial. 2.2.4 ICICI MONEY It is India's leading and fastest growing of the top private financial services companies 3 private sector financial services and banking companies in terms of net worth. This is a fully electronic trading platform that offers a wide range of asset classes. Its efforts to change India's financial markets and financial transactions invoked as services. 2.2.5 ICICI consumer financial This is a wide range of products, including personal loans, car loans, home loans, loans against property and SME loans, ICICI this division and strengthen consumer finance and retail banking segment.The the main focus is to establish the existence of a high-quality loan portfolio, it has established a risk management framework to reach this point. 2.2.6 ICICI asset restructuring which is one of the largest asset restructuring company, the main sponsor / shareholders of other promoters / shareholders of corporate banking, Bank of India, India, Dacecroft the GIC and the Blue Ridge. It is determined to become a healthy and targeted resolution of non-performing assets economicaly benificial to stabilize the financial market, the main players, thereby promoting economic growth and development.

2.3 Vision and MISSION 2.3.1 VISION 

India's global financial services brands.



The financial services industry the most preferred employer.



The most trusted financial services companies.



Create value.



To become the dominant account of life, health and pension trust built on world-class players of pepole and services.

2.3.2 MISSION 

"To protect the welfares of policyholders.



In order to regulate, promote and ensure the insurance industry as well as matters related to or incidental to the orderly development.

ICICI Life Insurance 2.4 Products / services configuration file

PREMIER 2.4.1 ICICI Prudential Life Insurance Plan which is flexibility 3 or 5-year limited warranty fee payment period. In the unfortunate event of death before the home, the spouse receives the value of the fund. This can be used to purchase annuities from the company as a lump sum. 2.4.2 ICICI Prudential cancer care plan it is through its extensive coverage of early and advanced cancer covers most forms of cancer tumors comprehensive insurance plan that provides the necessary funds to allow one more in early banknotes opportunities to get the best medical care and maximize survival. 2.4.3 ICICI Prudential crisis COVER comprehensive plan long-term health plans to provide coverage 35 pairs of major diseases, Overall and permanent residual waste, also died. A person is

3 times more likely to meet the major diseases, not death in a given year. Continue even after the reported benefits of selecting the clamping of major diseases. 2.4.4 ICICI Prudential Health ASSURE plan. The program also provides life insurance, protection of the family in the unfortunate death of a person occurs. It provides cover aginst 6 major diseases, namely cancer, heart disease, kidney failure, stroke, coronary artery bypass, major organ transplant, the benefits of doing the amount will be paid only for 28 days to ensure the life of the major disease-free survival the date of diagnosis.

2.5 operating region, the global national regional ICICI has a huge distribution network, including one of the private life insurance company in India, with 54 cities began operating in India and 549 towns. ICICI life insurance companies operating 4 Jones, north, south, east, and west. Each area is responsible by a regional manager. In each regional manager, branch manager who is also responsible for its respective branch and the branch sales manager in turn has been the basis of his / her some sales manager. In each sales manager, sales manager appointed by the presence of life consultant.

2.6 All right PATTREN 2.6.1 Board of Directors 

Mr. KV card Maas, chairman



Mr. Mark Tucker



Pull Ms. Rita D. Gupte



Danny Mr. Badin



Card Serpa satisfied Mrs. Morparia



Mr. Modi MP



- [R Narayanan Mr.



Mr. SP Subhedar



Mr. Derek Stout



Ms. Shikha Sharma, Managing Director

2.6.2 Milestone CROSSED 

At 1,00,000 Since its inception, the introduction of policies



Lubi Jia sum insured of Rs 2,500 billion



Insurance fee income of more than Rs. Rs 27,000



Participants from the private premium of 40% of the hunt to find the corner market share



The first China launched market-linked life insurance business plan.

2.6.3 strength in numbers 

24 products



10 regular premium products



8 Single premium products



6 riders - Tax benefit (sec 80 D)



Good for the general public and the mass affluent segment

2.7 competitor information

Insurance industry 2004 - at 16 new entrants in 2005, namely, Life Insurance: There are significant market so many competitors, but thease major competitor ICICI life insurance. SL

registered Date of registration. company name

No

number HDFC Standard Life

1

101

October 23, 2000 Limited Liability Company The maximum life of New Yorkers

2

104

15.11.2000 Company Linited

3

105

OLD ESTD

LIC

4

107

October 2001

Kotak Life Insurance

Fives 109

January 31, 2001

Life insurance than people Perla

6

110

February 12, 2001

Tata AIG Life Insurance Company

7

111

March 30, 2001

SBI Life Insurance Company Limited Division ING Vysya Life Inurance company

8

114

August 2, 2001 Private limited Pakistan Gujie An Life Insurance Company

9

116

March 8, 2001 limited

10

117

2.7.1 competitor

June 8, 2001

Metropolitan Insurance Company Pvt.Ltd India

The main market participants: There are 17 life insurance companies in

the country. There was only one listed company LIC, the remaining 16 from the private sector. While LIC has been dominating the life insurance business, because in the past few years, private players have now started to build up motion.

2.7.2 HDFC - standard human life HDFC Standard Life Insurance Company of India's largest housing finance provider, HDFC and Eroupe largest mutual life insurance company in the joint venture. Standard Life Insurance Company (UK). The company registered in 23/10/2000. FY 2005-06 market share was 2.87% 2.7.3 India Life Insurance Company (LIC) of India life insurance company is a 100% government has been publicn sector companies. As the first to be estblished LIC is the pioneer life insurance industry. FY 2005-06 market share was 71.44 percent. 2.7.4 Pakistan Gujie An Life Insurance Company Pakistan Gujie An Life Insurance Company is a 74:26 Join Bajaj car restrictions, the joint venture between Allinz AIG. The company was registered in 2000, March 8. FY 2005-06 market share of 7.56%. 2.7.5 TATA AIG Group AIG TATA Group is a joint venture of India's Tata Group and American International Group between 74:26. It belongs to the private sector. The company was registered in December 2, 2001. Market share of 1.29% for the 2005/2006 financial year. 2.7.6 SBI LIFE INSURANCE COMPANY LTD: SBI life insurance company of the SBI and Cardiff SA, the 74:26 joint venture between the companies registered in 31/3/2001. This is a private company. FY 2005-06 market share of 2.31%. 2.7.7 SAHARA Indian life insurance company's first wholly-owned Indian private life insurance company. The Company from the 30th October 2004 in FY 2005 - 2006 market share of 0.06% in operation 2.7.8 Kotak Life Insurance Co., Ltd. joint venture 76:24 Kotak Kotak Mahindra Old Mutual Life Insurance Old Mutual plc group company between. 2.7.9 ING VYSYA life insurance ING Vysya Life Insurance Company Private Limited (the Company) entered into the private life insurance industry in India in September 2001; it has more than 11,000 people respect the industry, sales force COMMITED consultants in the country from 3300 employes around 70 major cities 131 work.

2.8 infrastructure facilities

main office is situated in about 4,000 square feet in India Bombay office space. Our ICICI branches together occupy another 10,000 square feet of office space across India for the March 31, 2005, our position in the whole of India 56 459. ICICI Prudential Life Insurance on the network design where retail investors can touch the investment opportunities are convenient and comfortable atmosphere with. Project offices across India look and feel for the company consistent with the image of the branch. It is easy to see the potential investment area between branches 750sft to 1000sft of commercial spaces ranging set. 

Most offices are located on the first floor and second floor of the huge glass front to promote sports for easy access and a reflection of our attitude completely transparent.



The main part of the branches using dedicated client area. The furniture is in the form of CKD purposes branch investors, increasing flexibility.



Connection NSE trading facilities.



Television and other electronic media to promote information to our customers real-time updates and dissemination.



Each branch consists of trained and qualified investment adviser to take care of the needs of customers.



Lunch room, elevator and lounge facilities, provided to each employee



Branches and entertainment through a free lunch, offer coupons available.

2.9 The main office is located in about 4,000 square feet in India Bombay office space. Our ICICI branches together occupy another 10,000 square feet of office space across India for the March 31, 2005, our position in the whole of India 56 459. Man of the Year Award in 2006 in the development of prudent national team trainers and excelence 

Silver Effie "retirement from the working life is not advertising outreach activities and effectiveness: Effie 2003.



Best of 2003 life insurance awards.



Outlook Money Award 2003-04.



India's Most Customer Response Insurance Company - Customer Response Economic Times Award in 2004.



Customer care center Award - in 2004 and 2005, Prudential Corporation Asia.



IMM Excellence Award: Marketing and Management Institute.



Organizational innovation and human resource practices: Enterprise Indira Group.

2.10 workflow model (end to end) Workflow model of the organization is represented by a flow chart.

Dealers/ salesmen / surveyor obtain contact information about prospective customer

Walk-in of prospective clients

Investment counselor or relationship manager.

Obtain clients detail and financial requirement (Short and long term)

Branch Development manager, Prepares Decides On Financial Plan

Contacts clients and explains details of proposed plan and

Customer account is opened in ICICI PRU LIFE INSURANCE  Mutual funds  Insurance  Equity

2.11 Growth and future prospects ICICI Prudential Life Insurance plans to exposed around the country are currently fisical 450 stores. The company's CEO, Mr. Vaidyanathan introduction of new products "fast life", clamined

product was supported by a Life Insurance cover fastest way. Talking FE on the sidelines of the launch, he said the company has high expectations of our country. Which has a dynamic economy filled the country. He said 19 states each country will have ATLEAST a branch. Mr.vaidyanathyan said that the insurance business is 75,000 crore industry and there is space for the player in this market. In his view, ICICI market in a relatively new entant, but added that this is all private sector players in the insurance fifth month. He claimed that between ICICI Prudential Life Insurance August 2018 period, in August 2017 grew 358%, while about 30 percent of industry growth. The company has a market share of seven percent of the life insurance, he claimed. He said that insurance penetration in India will be hit by the 2019 Chaina