Need Analysis Of Icici Pru.

A Summer training report on “NEED ANALYSIS OF CUSTOMERS FOR ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.”

Under the supervision ofMr.Kuldeep Mishra Project Guide (ICICI Pru.)

Faculty GuideDr.Shekhar Trivedi Faculty Member GHS-IMR Submitted ByVishvajeet Singh Roll No. -1070

Submitted In Partial Fulfillment of Post Graduate Diploma in Management for the Batch 2008-2010(Full Time)

Dr. Gaur Hari Singhania Institute of Management & Research KANPUR-208005

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CERTIFICATE TO WHOMSOEVER IT MAY CONCERN

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ACKNOWLEDGEMENT “There is joy in work. There is no happiness except in the realization that we have accomplished something” -Henry Ford The making of any project requires contribution from many people, right from inception till its completion. In our case also, there had been a few people who have made this happen. It was not only learning but also an enriching experience. I feel indebted and place my special thanks to Mr. Kuldeep Mishra Unit Manager ICICI PRUDENTIAL LIFE INSUEANCE COMPANY LTD.for his active guidance and support from time to time during the training and project and in the final understanding of the “need analysis of customers for ICICI Pru.Life Insurance co. ltd.” I would like to place my sincere thanks to Mr.Sandeep Sachan(CRM UNION BANK) for providing me the required inputs for the completion of the training and project and always being there every time needed and required. Even I would like to place my special thanks to the staff of the SAGAR Branch of ICICI Pru. Life insurance co. ltd.for their generous help. I would like to thank my faculty guide Dr.Shekar Trivedi for explaining the concepts of Marketing to me, for being a source of inspiration and for the valuable suggestions provided throughout. His constant follow-ups and result orientation ensured that I successfully meet the deadlines. The Director, Additional Director, Faculty Members and colleagues of the institute deserve the praise for their role in shaping this summer training project. I am grateful to my family for their moral support and understanding Finally, I express my thanks to the Library and Computer Lab Staff (Mr. Jugal, Mr. Shusheel, and Mr.Suraj) of the Institute, who provided great help. “Teachers open the door, but you must enter by yourself” Chinese Proverb

VISHVAJEET SINGH

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PREFACE

This report deals with the facts and findings regarding.ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. The project assigned to me was to study “NEED ANALYSIS OF CUSTOMERS FOR ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.” with special reference of SAGAR (M.P.) branch. In the modern age of several competitions, customer’s need and satisfaction is gaining top priority; due to this customer based concept marketing is going to more and more critical. Before making any product every producer has to solve this typical problem to mould the situation in his favor. Before launching any product every producer has to think .Who are my customers? Where are they? What they need? Who are my competitors? How can I keep them down? How and which channel of distribution should I set up for distributing my products? How can I motivate the consumer to use my products? I hope this report will help the management of organization.

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TABLE OF CONTENTS  Certificate from the Organization  Letter of authorization  Acknowledgemen  Preface  Need and significance of the report  Objective of the study  Executive Summary  Chapter-1

Introduction---------------------------------------------Page No

1.1 Customer Satisfaction…………………………………………………12 1.2 Overview of the Industry…………………………………………….13-14 1.3 IRDA…………………………………………………………………15 1.4 Profile of the Organization…………………………………………….16 -

Overview of ICICI PRUDENTIAL………………………………17-18

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Vision & Value…………………………………………………….19

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Promoters…………………………………………………………..20

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Fact Sheet………………………………………………………….21

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Sales Distribution…………………………………………………..22

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Management Profile………………………………………………..23

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Brand Value……………………………………………………….24

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Achievements……………………………………………………...24

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Products……………………………………………………………25-30

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Stages in Policy issuance…………………………………………...31

1.5 Comparative Study…………………………………………………….32-39 1.6 SWOT Analysis………………………………………………………..40-43

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 Chapter-2----------------------------------------------------------------------Page No. Research Methodology……………………………………………..44 2.1 Statement of the Problem……………………………………….45 2.2 Research Design………………………………………………...45 2.3 Methodology……………………………………………………45 2.4 Sampling Techniques used……………………………………..46 2.5 Selection of Sample Size……………………………………….46 2.6 Data Collection…………………………………………………46 2.7 Statistical Tools Used………………………………………….47 2.8 Limitations of the Study……………………………………….47  Chapter-3-------------------------------------------------------------------Page No.  Data Analysis And Finding ……………………………………….48-60  Chapter-4---------------------------------------------------------Page No.  Conclusion and Suggestion………………………………………..61-65  Learning From the study…………………………………………..66  Questionnaire  Bibliography

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NEED AND SIGNIFICANCE OF THE REPORT In modern business distribution network has a great impact on the success of any Business. In the insurance sector the role of an excellent distribution channel becomes even more crucial because the delivery of financial Product is based on customer’s need. Hence in order to survive and thrive in a highly competitive market you have to have a distribution channel which has no problem at any point of the distribution channel. The factor which is of crucial importance to survive in any business is the understanding of the mind of the individual consumers. What are main characteristics which consumer consider while making a purchasing decision regarding Financial Product. In order to make right decision regarding all these aspects the company requires a complete knowledge of the problems faced in distribution channel and what should be done in order to overcome all these problems. With this background the company has given me the study to find out all these problems and market coverage provide further recommendations in this regard.

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OBJECTIVES OF THE STUDY The main objective of this study is to carry on brief study on “Need Analysis of Customers For ICICI Prudential Life Insurance Co. Ltd. through this I am able to get the different Life Insurance Policies and their products. Other objectives of this project are as follows: •

To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions.

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Comparative study of various insurance players in the market

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To study the varied reasons of availing life insurance plans

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To identify which type of insurance product are purchased by the customers.

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To assess the source from which the customers purchase the products of ICICI.

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To assess main competitors of ICICI which are present in the market?

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Find out the satisfaction of Customers with the distribution channel of ICICI.

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To find out the main problems which are faced by the Customers in the distribution channel and what are the main improvements which they want in the distribution system.

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Find out the areas which require improvements with regard to Customers satisfaction.

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EXECUTIVE SUMMARY This project is based on the “NEED ANALYSIS OF CUSTOMERS FOR ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.”. It has done to find out whether the customers are satisfied with the Benefits they get with their respective policies or not. For the purpose of this study, I prepared a research tool - questionnaire, to find out the relevant primary data pertaining to the functioning and working of these Companies. The data was collected based on information provided by the respondents. Besides the primary data collected with the help of the questionnaire, I have also collected the relevant secondary data from various sources like magazines, books and Internet and newspapers. Based on the relevant primary and secondary data, a Comparative analysis has been done so as to find out the areas of excellence and areas of Improvement. The areas of excellence and improvement have been identified based on factual Information, in light of which recommendations and suggestions have been provided for the overall improvement of the organizations in the future. METHODOLOGYEvery project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

This research methodology also includes:•Familiarization with the concept of insurance and its various terms. •Thorough study of the information collected. •Conclusions based on findings. Further, in this ProjectChapter 1 includes the introduction of the company wherein I told about the Objectives of the study and profile of the ICICI Prudential. Chapter 2 includes the Research Methodology wherein I have discussed the Research Design and Various sources of the Data Collection. Chapter 3 includes the Data analysis and Findings wherein I have analyze the data collected from the Questionnaire. Chapter 4 represents the conclusion and the suggestions based on the customer satisfaction survey. 9

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ANALYSIS•

According to the survey it is found those 62% respondents are already insured.

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In which we have found that in 62%insured person 82% are satisfied.

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According to survey it is found that ICICI (14%) is the major attractive company in insurance sector after the LIC (48%).

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By the research it is found that 40% people purchased insurance product for tax benefit reason.

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According to research it is found that after the introduction of private company in insurance sector service is getting improved.

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After the research it is found that 42% people are able to knowing about insurance product by direct selling.

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INTRODUCTION

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Customer satisfaction What is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customer’s expectations. A customer may be defined as someone who: • •

has a direct relationship with, or is directly affected by your agency and Receives or relies on one or more of your agency’s services or products.

Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organization with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organizations will: • • • •

determine the customers’ expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important? There are a number of reasons why need of customers and satisfaction is important in Insurance Sector: • • •

Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes. Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector. Customers are recognized as key partners in shaping service development and assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.

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Overview of the Industry The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers. Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiaries—usually spouses and dependent children—upon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of one’s life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other people’s property. Most policies, such as automobile and homeowner’s insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers.

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Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance. In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.

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The Insurance Regulatory and Development Authority (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’s online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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COMPANY PROFILE About ICICI BANK: ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization*. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

ICICI Prudential Life Insurance

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Overview ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches (inclusive of 1,095 micro-offices), over 261,000 advisors; and 24 banc assurance partners. ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

The ICICI Prudential Edge

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The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders.

1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products. 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term. 5. Last but definitely not the least, our 28,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

Vision & Values Our vision:18

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To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by: • • • •

Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

Our values:Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

Promoters

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ICICI BANK ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branches and extension counters, and 2,000 ATMs.

Prudential Plc Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholders and unit holders worldwide. As of June 30, 2004, the company had over US$300 billion in funds under management. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Fact Sheet The Company 20

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ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of March, 2009) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2008 to March 31, 2009, the company has posted a growth of 13%, garnering total received premium (new business + renewal) of Rs 15,356 crores as against Rs 13,563 crores in FY2008 and has underwritten over 9 million policies since inception. The company has assets held over Rs. 32,000 crores as on March, 2009. ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. For the past eight years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Distribution 21

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ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with 2099 branches (including 1,116 micro-offices) and an advisor base of over 276,000 (as on March, 2009). The company has 18 banc assurance partners having tie-ups with ICICI Bank, South Indian Bank, Jalgaon Peoples Co-op Bank, Idukki District Co-op Bank, Wainganga Krishna Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath CoOperative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank.

SALES DISTRIBUTION Tied Agency Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. With focus on sales & people development, tied agency has emerged as a robust, predictable and sustainable business model.

Banc assurance and Alliances ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a large number of partners, B & A has emerged as a vital component of the company’s sales and distribution strategy, contributing to approximately one third of company’s total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting with new ideas are the hallmarks of this channel.

Management Profile Board of Directors

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The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman Ms. Chanda Kochhar, Director Mr. Barry Stowe, Director Mr. H.T. Phong, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Ms. Rama Bijapurkar, Director Mr. Keki Dadiseth, Director Ms. Shikha Sharma, Managing Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Management Team The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad.

Ms. Shikha Sharma, Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President – Customer Service & Technology Dr. Avijit Chatterjee, Appointed Actuary

Brand Values Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. 23

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The core value is protecting your loved ones, throughout life’s ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place.

Achievements Beginning operations in December 2000, ICICI Prudential’s success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the company’s range of unique unit-linked policies and pension plans. The company’s retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002. In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, India’s first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays.

PRODUCT/SERVICES PROFILE Insurance Solutions for Individuals 24

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ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder.

Savings & Wealth Creation Solutions Save 'n' Protect is an ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection.

Cashbook is a single policy that combines the triple benefit of protection, savings & periodic liquidity.

Lifetime Gold is a unit-linked plan which offers potentially higher returns over the long term with flexible investment options to help you achieve your goals. It offers 8 fund options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth.

Life Stage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously re-distributes your money across various asset classes based on the customer’s profile, helping him achieve his desired financial goals.

Life Link Super is a single premium unit linked insurance which offers attractive premium allocation along with the opportunity to enjoy potentially high returns over the long term, without compromising on the protection of your family.

Invest Shield Life New is a unit linked plan that provides premium guarantee and allows the customer to enjoy the benefits of potentially higher returns while guaranteeing him that he will get back at least all the premiums paid by him, while providing protection to your family with a life insurance cover.

Invest Shield Cashbook is a unit linked plan that provides premium guarantee while maintain a balance between return, safety & liquidity. 25

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Wealth Advantage is a unique whole life single premium unit linked plan that provides long term coverage up to the age of 70 years and provides you the option to systematically withdraw your money.

Life Stage Assure a unit linked insurance plan that provides Guaranteed Maturity Addition of 100%- 450% of first year premium based on the term and number of premiums paid, with the additional advantage of a lifecycle based portfolio strategy that allocates the investor’s money across various asset classes based on his age and risk appetite.

Protection Solutions

Pure Protect is a flexible and affordable term product, with which you can ensure your life and provide total security for your family in case of an unfortunate event.

Lifeguard is a protection plan, which offers life cover at low cost. It is available in 2 options –level term assurance with return of premium & single premium.

Home Assure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner.

Child Plans

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Smart Kid New ULRP The policy is designed to provide money at key educational milestones in the child's life. Smart Kid plans are also available in traditional form.

Retirement Solutions Forever Life is a traditional retirement product that offers guaranteed returns for the first 4 years.

Lifetime Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase price) at the time of retirement.

Life Stage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your age and risk profile.

Life Link Super Pension is a single premium unit linked pension plan. Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options.

Health Solutions 27

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Hospital Care is a fixed benefit plan covering various stages of treatment – hospitalization, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has long term guaranteed coverage up to 20 years.

Crisis Cover is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death.

Diabetes Care Active is a long term insurance policy created for individuals with Type II diabetes and pre-diabetes. It offers long term (up to 20 years) control over diabetes through a specially designed Wellness Program me including regular health checkups and a Diabetes Coach to facilitate diabetes management. It also provides you coverage against seven major critical illnesses.

Cancer Care is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions.

MediAssure is a health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years.

Health Saver provides comprehensive hospitalization cover and reimburses all other medical expenses by building a health fund.

Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. 28

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Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimize returns for members of the trust and rationalize cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.

Group Immediate Annuities: CICI Prudential Life realizes the importance of prudent retirement planning. With this in mind, we have developed a suite of annuity products that not only give you an income for life but also provide you options to match your needs. In addition to the annuities offered to existing superannuation customers, we offer immediate annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

Flexible Rider Options ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider 29

We Cover You…At Every Step In Life.

sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. If the death occurs while travelling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.

Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical illnesses to the policyholder when attached to the basic plan.

Waiver of premium: On total and permanent disablement due to accident all future premiums under the base plan will be waived till the end of the term of the rider or death of assured life, if earlier.

Income benefit rider: In case of death of the Life Assured during the term of the policy, 10% of the Sum Assured is paid annually to the nominee on each policy anniversary till the maturity of the rider.

Stages in Policy Issuance 1) Proposal A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer.

2) Login A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login

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3) Reject An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion.

4) Issuance Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status When a customer refuses to take a policy post login but before Issuance is called a Decline

6) Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy.

7) Lapse A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

8) Free look Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period.

9) Surrender: When a customer wants to discontinue with the policy.

COMPARATIVE STUDY 31

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1) LIFE TIME VS LIC BIMA PLUS ON THE BASIS OF AGE: LIFE TIME0-60YEARS BIMA PLUS12-55 YEARS

ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years.

BIMA PLUS10 YEARS

ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured; subject to a minimum sum assure of Rs 1 lakh.

BIMA PLUSMaximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of unit three years onward.

BIMA PLUSBid value of the funds units along with maturity bonus at 5% of sum assured.

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ON THE BASIS OF WITHDRAWAL BENBEFIT: LIFE TIMEPartial or complete withdrawal is available from three years onwards.

BIMA PLUSPremature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum Rs 18000 per annum.

BIMA PLUSNot specified.

ON THE BASIS OF INVESTMENT OPTION: LIFE TIMEMaximiser,balancer,protector and preserver.

BIMA PLUSBalanced, secured and risk.

2) LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE: LIFE TIME0-60 YEARS.

LIFE MAKER12-60 YEARS. 33

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ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years.

LIFE MAKER10-58 YEARS.

ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured subject to a minimum sum assured of Rs1lakh.

LIFE MAKERChoice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of units three years onwards.

LIFE MAKERValue of units.

ON THE BASIS OF WITHDRAWAL BENEFIT: LIFE TIMEComplete or partial withdrawals are available after three years.

LIFE MAKER34

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Partial withdrawals are available from the third year and complete withdrawals are available from first year onwards itself, subject to surrender penalties.

ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum premium of Rs18000 per annum.

LIFE MAKERMinimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT: LIFE TIMEAvailable

LIFE MAKERNot available

ON THE BASIS OF BONUS UNIT: LIFE TIMEAvailable

LIFE MAKERAvailable in the last policy year.

3)LIFE TIME VS HDFC LINKED ON THE BASIS OF AGE: LIFE TIME35

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0-60 YEARS

LINKED18-60 YEARS

ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years.

LINKED10-30 YEARS

ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured, subject to a minimum sum assured of Rs1 lakh.

LINKEDOnly 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of units third year onwards.

LINKEDValue of units.

ON THE BASIS OF DEATH BENEFIT: LIFE TIMEHigher or sum assured or value of units.

LINKED36

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Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT: LIFE TIMEPartial or complete withdrawals are available from third year onwards.

LINKEDPartial withdrawals are available from third year onwards provided, that the value of units does not go below the sum assured.

ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum Rs18000 per annum.

LINKEDMinimum Rs10000 per annum.

ON THE BASIS OF INVESTMENT OPTION: LIFE TIMEMaximiser, balancer, protector and preserver.

LINKEDFive fund option-balancer, defensive managed safe managed, liquid and growth.

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI ON THE BASIS OF AGE: 37

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LIFE TIME PENSION-218-60 YEARS.

JEEVAN NIDHI18-65 YEARS.

ON THE BASIS OF TERM: LIFE TIME PENSION-2Minimum term of 10 years.

JEEVAN NIDHI5-35 years.

ON THE BASIS OF SUM ASSURED: LIFE TIME PENSION-2Default sum assured is zero, however, the policy holders can also opt for a sum assured.

JEEVAN NIDHIMinimum of Rs50000 and multiples of Rs5000 thereafter.

ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIME PENSION-2Unit value to purchase an annuity.

JEEVAN NIDHISum assured+gurantee additions+terminal bonus.

ON THE BASIS OF DEATH BENEFIT: 38

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LIFE TIME PENSION-2Value of units in case the sum assured is zero. In case a sum assured is chosen, it will be higher of the sum assured or value of units.

JEEVAN NIDHISum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION: LIFE TIME PENSION-2Minimum Rs10000 per annum.

JEEVAN NIDHIMinimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION: LIFE TIME PENSION-2Protector pension, balancer pension, maximiser pension and pension preserver.

JEEVAN NIDHI: Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT: LIFE TIME PENSION-2Not available.

JEEVAN NIDHI39

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Not available.

SWOT ANALYSIS STRENGTHS: i.

ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the private players

ii.

ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has

deposited Rs 60 crore so far. iii.

ICICI Prudential is the first life insurance company to offer ECS debit facility.

iv.

ICICI Prudential is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan.

v. •

Products

Flexibility to switch your fund value at your own discretion four times a year viz. maximizer, protector, balancer, preserver.

•

Greater transparency-policy holder knows what is happening to his money and where the company has invested his money.

•

Liquidity options-you can make complete or partial withdrawals any time after 3 years.

•

Life insurance plans are eligible for deduction under sec 80. 40

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WEAKNESSES: i.

Industry in nascent stage.

ii.

Rural areas still not covered.

iii.

Not very known among Indian population.

iv.

Lack of credibility among the people because ICICI being a private player.

v.

Premiums are high as compared to its competitors.

vi.

Very few branches in the country.

vii.

Products: •

The policy doesn’t have the surrender option before third year.

•

Plan does not offer any guarantee or assured return.

•

Product profile is not very comprehensive.

•

Mortality, management and administrative charges are sky scrapping as compared to its competitors.

OPPORTUNITIES i.

Liberalization of Indian economy.

ii.

As the industry is growing the whole market is virgin.

iii.

The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies.

iv.

It’s a volume business that is even if the company has few good corporates the turnover cease to increase by manifold. 41

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v.

Products: •

Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in short-term rate by RBI.

•

Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore higher economic growth.

THREATS i.

The government players will become aggressive thus growth is going to be tough.

ii.

Entry of other players is not ruled out.

iii.

Apprehension towards ICICI Prudential being a private life insurance company.

iv.

We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and ICICI Prudential fortunes.

v.

Products: 42

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•

Past performance of these plans is not indicative of the future performance of the plan.

•

The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved.

•

All benefits payable under the policy are subject to tax laws and other financial enactment, as they exist from time to time.

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Research Methodology

Statement of Problem: The research is carried on in a proper planned and systematic manner. • • •

The research was particularly a telephonic research. We have to sell products to list of people which include their names and contact numbers given by ICICI. During the telephonic we have to sell different products by explaining the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only. Age limit for selling product/policies was 1 month to 60 yrs – this mean that a policy can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or below it.

Research Design: 44

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The research design of this project is exploratory. Though each research study has its own specific purpose but the research design of this project on ICICI is exploratory in nature as the objective is the development of the hypothesis rather than their testing.

METHODOLOGY Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

According to Clifford Woody, “Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to conclusions.” Accordingly, the methodology used in the project is as follows: Defining the objectives of the study Framing of questionnaire keeping objectives in mind (considering the objectives) Feedback from the employees Analysis of feedback Conclusion, findings and suggestions.

Sampling Technique Used: This research has used convenience sampling technique.

1) Convenience sampling technique: Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient

Selection of Sample Size: For the survey, a sample size of 50 has been taken into consideration.

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Sources of Data Collection: Research will be based on two sources: 1. Primary data 2. Secondary data

1) PRIMARY DATA: Questionnaire: Primary data was collected by preparing questionnaire for customers. 2) SECONDARY DATA: Secondary data will consist of different literatures like books which are published, articles, internet, the company manuals and websites of company- www.iciciprulife.com. In order to reach relevant conclusion, research work needed to be designed in a proper way.

This research methodology also includes:• • •

Familiarization with the concept of insurance and its various terms. Thorough study of the information collected. Conclusions based on findings.

Statistical Tools Used The main statistical tools used for the collection and analyses of data in this project are: • • •

Questionnaire Pie Charts Bar Diagrams 46

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Limitations of study Due to the following unavoidable and uncontrollable factors the factors, the result might not be accurate. Some of the problems faced while conducting the survey are as follows:-

• • • •

Time and cost constraints were also there. Chances of some biasness could not be eliminated. A Samples size of fifty has been use due to time limitations. A majority of respondents show lack of cooperation and are biased towards their own opinions.

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Data Analysis & Findings

Data Analysis Q1. Are you currently insured? Particulars Yes No Total

No. of Respondents

Percentage

31 19 50

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62% 38% 100%

No. of Respondents

19 Yes No 31

ANALYSIS: From the survey it was found that amongst 50 respondents a) 62% of the respondents are already insured. b) 38% of the respondents are not insured.

Q2. Are you satisfied with your current insurer? Particulars Yes No Total

No. of Respondents

Percentage

41 9 50

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82% 18% 100%

No. of Respondents

9

Yes No

41

ANALYSIS: From the survey it was found that amongst 50 respondents a) 82% of the respondents are satisfied. b) 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company? Particulars LIC ICICI HDFC Birla Sun Life

No. of Respondents

Percentage

24 7 5 4 50

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48% 14% 10% 8%

Bajaj Allianz Others Total

4 6 50

8% 12% 100%

0.6

Share in %

0.5 0.4 0.3 0.2 0.1 0 LIC

ICICI

HDFC

Birla Sun

Bajaj Allianz

Others

Insurance companies

ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e) f)

48% of the respondents like LIC. 14% of the respondents like ICICI. 10% of the respondents like HDFC. 8% of the respondents like Birla Sun Life. 8% of the respondents like Bajaj Allianz. 12% of the respondents like other companies.

Q4. Are you interested in the products offered by ICICI Prudential?

Particulars Yes No

No. of Respondents

Percentage

30 12 51

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60% 24%

Can’t Say Total

8 50

16% 100%

No. of Respondents

8

Yes No 12

Can't Say

30

ANALYSIS: From the survey it was found that amongst 50 respondents a) 60% of the respondents are attracted towards ICICI products. b) 24% of the respondents are not attracted towards ICICI products. c) 16% of the respondents can’t Say about it.

Q5. What is your main concern while taking an insurance policy? Particulars

No. of Respondents

Tax Benefit Security Investments/Savings Total

Percentage

20 16 14 50 52

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40% 32% 28% 100%

No. of Respondents

25 20 15 Series1 20

10

16

14

5

ng s av i en t/S In ve st m

Se cu rit y

Ta x

Be ne fit

0

ANALYSIS: From the survey it was found that amongst 50 respondents a) 40% of the respondents are concerned about Tax Benefit. b) 32% of the respondents are concerned about their Security. c) 28% of the respondents are concerned about Investment/Savings.

Q6. Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 5 with 1 being least satisfied) Rating 1 2 3

No. of Respondents

Percentage

9 9 8 53

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18% 18% 16%

4 5 Total

10 14 50

20% 28% 100%

1 2 5

1 2 3 4 5

3

4

ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e)

18% of the respondents are highly unsatisfied. 18% of the respondents are Unsatisfied. 16% of the respondents are Moderate. 20% of the respondents are satisfied. 28% of the respondents are highly satisfied.

Q7. Please express your opinion for the premiums paid for the above policy?

Particulars Very High High Moderate

No. of Respondents

Percentage

14 11 13 54

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28% 22% 26%

Low Very Low Total

8 4 50

16% 8% 100%

No. of Respondents

4 8

14 Very High High Moderate Low Very Low

13

11

ANALYSIS: From the survey it was found that amongst 50 respondents a) 28% of the respondents think that Premium is Very High. b) 22% of the respondents think that Premium is high. c) 23% of the respondents think that Premium is Moderate. d) 15% of the respondents think that Premium is Low. e) 12% of the respondents think that Premium is Very Low.

Q8. How do you come to know about this policy?

Particulars

No. of Respondents

Advertisements Friends and Relatives Direct Selling Agents

Percentage

10 12 21 55

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20% 24% 42%

Others Total

7 50

14% 100%

No. of Respondents

7

10 Advertisements Friends and Relatives Direct Selling Agents Others

12 21

ANALYSIS: From the survey it was found that amongst 50 respondents a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends and Relatives. c) 42% of the respondents know about it from Direct Selling Q9. AreAgents. you satisfied with the incentives (tax benefits or Bonuses) associated with your policy?know about it from Other Sources. d) 14% of the respondents

Rating Highly satisfied Satisfied Moderate

No. of Respondents

Percentage

9 12 10 56

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18% 24% 20%

Unsatisfied Highly Unsatisfied Total

11 8 50

22% 16% 100%

No. of Respondents

8

9 Highly Satisfied Satisfied Moderate

11 12

Unsatisfied Highly Unsatisfied

10

ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e)

18% of the respondents are Highly Satisfied. 24% of the respondents are satisfied. 20% of the respondents are Moderate. 22% of the respondents are Unsatisfied. 16% of the respondents are Highly Unsatisfied.

Q10. According to you, in what areas should the insurance companies work upon? Particulars

No. of Respondents

Easy Procedures Fewer premiums More Returns Transparency

Percentage

14 10 9 17 57

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28% 20% 18% 34%

Total

50

100%

18

No. of Respondents

16 14 12 10

Series1

17

8

14

6

10

4

9

2 0 Easy Returns

Fewer premiums

More Returns Transperancy

ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d)

28% of the respondents want Easy procedures. 20% of the respondents want fewer premiums. 18% of the respondents want more returns. 34% of the respondents want Transparency.

Q11. Do you think that services have improved after allowing private players in insurance sector? Particulars Yes No

No. of Respondents

Percentage

40 10 58

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80% 20%

Total

50

100%

20% Yes No 80%

ANALYSIS: From the survey it was found that amongst 50 respondents a) 80% of the respondents think that services have improved. b) 20% of the respondents think that services have not improved.

Findings According to my survey the noteworthy points are: •

Most of the people buy life insurance as just a tax benefit tool or as a life cover while only a few of the respondent take it as a saving option. The reason for this is lack of knowledge of insurance benefits among the people. 59

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• • • • •

A Majority of the respondent buy insurance products because of the need reason while rest of the respondents buy for the brand purpose. A Majority of the people come to know about the policies from the Direct Selling Agents. A Majority of the people are satisfied by the incentives associated with their policies but rest of them are not satisfied so company should put a proper concentration over that which convert unsatisfied to satisfied.. Most of the respondents are satisfied by the services offered by their insurance company while some says that they are not satisfied by the services. Most of the respondents want more Transparency from the side of the company.

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Conclusion and Suggestion

CONCLUSION

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After overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector to give befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that

•

There is very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers.

•

ICICI is not left behind in the present race of advertisement.

•

The entries of more Pvt. Players in the Insurance Sector have expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers.

•

ICICI has vast market and very firm grip on its traditional customers and monopoly of life insurance products.

•

We see in this survey that LIC and ICICI have a strong presence in the market.

•

We know that LIC is more preferred company because of low premium facility.

•

. Availability of ICICI is perfect.

•

LIC and ICICI are strong in distribution network.

•

The time of purchasing of any product, consumer mostly goes for price of premium and what will be return.

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IRDA is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level of the customers to the private players.

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Recommendation and Suggestions

The study has provided with the useful data from the respondents. There has a lot to be recommended. Following are the recommendations:

•

There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses.

•

More returns should be provided on Insurance plans.

•

As the bank provides the Insurance facility to its customers. It should provide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have choice while selecting a suitable Insurance plans. This will definitely add to the goodwill & profit for the bank.

•

Distributor try to put all effort for preventing the interference of other distributor in his areas then only company can know real market of his area.

•

Distribution network should be more emphasized by company

•

Company should give more attention on Campaigning tools Scheme

•

There should be gift hamper to advisors and customers.

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•

Proper sales promotion schemes in city

•

Still rural market is untouched.

•

Company Persons are not able to give advice in reasonable time.

•

There should be a proper visit of company person

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Learning from the study It was a great opportunity for me to do my internship in ICICI PRUDENTIAL LIFE INSURANCS CO. LTD.., which is one of the well-known companies in India. It was a starting for me to get the knowledge of real corporate world. Today experience and knowledge of things is much more important than the degrees in hand. Although the learning’s were numerous in number but I have concluded a few as major learning’s and they are as follows: •

I got such a good project at ICICI PRUDENTIAL LIFE INSURANCE CO. LTD., which gave me the opportunity to meet the various people in the corporate as well as in the market. I have visited few segment of the market but the experiences of these visits have been and will be prove tremendous help in my career.

•

I came to know how to tackle people of different attitude and of different mindsets, which will definitely help me in future. Planning a day in advance and the activities that I performed during that day gave me confidence in my planning and implementation. This project also exposed me and my skill sets to the corporate world, where I came to know my flaws and rectified them, but a chance may be there.

•

I was an active member at customer dealing, which gave me confidence and knowledge about how to convince a customer and handle all sorts of queries and problems.

•

I learned real marketing and sales experience during this time period. I learnt how to make good relationships with customer as well as colleagues or subordinate. The practical aspects of marketing theories are materialized during the course of this study

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QUESTIONNAIRE Name Age Occupation

- _____________ - _____________ - _____________

Q1. Are you currently insured? - Yes - No If yes, please give the details of company, plan, premium etc. Q2. Are you satisfied with your current insurer? - Yes - No Q3. Which is your favoured insurance company? - LIC - ICICI - HDFC - Birla sun life - Bajaj Allianz - Others

Q4 Are you interested in the products offered by ICICI Prudential? - Yes - No - Cant say Q5. What is your main concern while taking an insurance policy? -

Tax benefit Security Investment/Savings 67

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Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 10 with 1 being least satisfied)

Q.7 Please express your opinion for the premiums paid for the above policy? -Very high [ ] -High [ ] -Moderate [ ] -Low [ ] -Very Low [ ] Q.8 how do you come to know about this policy? (Please tick). -Advertisements [ ] -Friends and relatives [ ] -Direct selling agents [ ]. - Others (please specify) _____________________. Q.9 Are there any incentives (tax benefits or Bonuses) associated with this policy? (Please give appropriate details about it). -

___________________________________________________________ ___________________________________________________

10. Are you satisfied with the incentives associated with your policy? -Highly satisfied [ ]. -Satisfied [ ] -Moderate [ ] -Unsatisfied [ ] -Highly Unsatisfied [ ].

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Q11. According to you, in what areas should the insurance companies work upon? -

Less complicated procedures Fewer premiums More returns Transparency

Q12. Do you think that services have improved after allowing private insurance sector?

players in

- Yes - No

Your comments on ICICI Prudential

__________________________________________________________________ __________________________________________________________________

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Bibliography •

www.icicibank.com

•

www.iciciprulife.com

•

www.licindia.com

•

www.hdfcinsurance.com

•

www.maxnewyorklife.com

•

Brochures provided by the ICICI Prudential

•

Book of marketing research “Naresh K. Malhotra.”

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