Professional Documents
Culture Documents
Undertaken at
ICICI Prudential Life Insurance Co. Ltd.
On
“Brand Awareness of ICICI Prudential”
Submitted in Partial Fulfilment
Of the Requirement for the
Award of the Degree of
Certificate
This is to certify that Mr. Sajadul Ashraf has completed his Summer
Training on and from 12th of May 2010 to 2nd of July 2010, during which he was
successfully completed and the same is presented in the form of the present
Project Report.
reflects his original work and on the work assigned to him for the Summer
Training and that the present project report has not been submitted elsewhere
Agency Manager
Declaration
Bharati Vidyapeeth University, Pune, hereby declare that I have undergone the Summer
Training at ICICI Prudential Life Insurance Co. Ltd. under the supervision of Mr. Yasir
I also declare that the present project report is based on the above summer training and
is my original work. The content of this project report has not been submitted to any other
university or institute either in part or in full for the award of any degree, diploma or
fellowship.
Further, I assign the right to the university, subject to the permission from the
organisation concerned, use the information and contents of this project to develop cases, case-
lets, case leads, and papers for publication and/or for use in teaching.
therefore, would like to wait for few moments and thank IMED, BVU, for encouraging me to
take up my Summer Project in Marketing Sector. I am also very thankful to all my faculty
members for their extensive support by imparting in us the practical approach of corporate
sector, and their valuable backing of getting ourselves involved with the functioning of the
Insurance Co. Ltd. who allowed me to do Summer Training and helped me in the completion
of this project. I am extremely grateful to all the concerned employees for their full support and
I would like to express my special and sincere thanks to Mr. Yasir Ahmad (Agency
Manager) who happened to be my industry guide for rendering valuable guidance and
Last but not the least; I shall fail in my duty, if I don’t thank all those concerned people
who have directly or indirectly contributed in the completion of this entire Summer Internship
Project.
PREFACE
Recognizing that investment comprises an important part of our lives today, we all invest
our money one or the other way of our secure future. Most of the common type of investment
which mostly follows is that to invest in an insurance policy. So insurance is a vital part of the
overall financial system where it was necessary to address the need for financial reforms.
Government appointed a Committee on Reforms in the Insurance sector in April 1993 better
known as Malhotra Committee. The committee was asked to look into the structure of and the
need for change in the Insurance sector. The Committee submitted its report in January
1. That the Insurance sector should be gradually for participation by private sector
insurance companies both in life and non-life. The committee did not favours
composite offices.
2. Foreign companies are allowed through joint ventures established in India with Indian
partners. The minimum paid up capital of the new Insurance Companies should not be
less that Rs.100crore, i.e., approximately US$ 25 million capital adequacy should be
safeguards.
5. The promoters share holdings should not exceed 40 percent of the paid up capital.
established the interim Insurance Regulatory Authority by an executive order in January 1996.
The authority was given some of the powers of the controller of Insurance so as to have an
An estimated 300 million people in India can afford Life Insurance. Only 70 million of
them have it. The government’s own estimates show that the insurance market in India will
grow tenfold to $80 billion by the end of 2010. Swiss Re forecasts an average of 14% annual
growth in the life insurance market for the next 5 years. Insurance companies and pension
funds play a pivotal role in financial markets and the economy in general the world over. They
have a decisive impact on the development of the economic infrastructure as well as the
stability developing countries. Today there are 13 Life Insurance companies in India and an
equal number of Life Insurers, many more move will start business as the market matures. As
talent pool of employees and agents that will make the difference.
In my report I have given much thrust on ULIP investments as they are the most
preferred type of investments made by masses in present times, I also have taken to justify the
1. INTRODUCTION 12
2. RESEARCH METHODOLOGY 22
2.7 Limitations 27
2.9 Questionnaire 30
3.5 Achievements 41
3.6 Promotion 42
3.13 Awards 52
4 WORKING ENVIRONMENT 56
4.1 Introduction 57
7 CONCLUSION 79
8 SUGGESTIONS 82
9 BIBLIOGRAPHY 84
4.1 Table-1 64
4.2 Table-2 65
4.3 Table-3 66
4.4 Table-4 67
4.5 Table-5 68
4.6 Table-6 69
4.7 Table-7 70
4.8 Table-8 71
4.9 Table-9 72
4.10 Table-10 73
4.11 Table-11 74
4.12 Table-12 75
INTRODUCTION
With a large population and the untapped market area of this population insurance
happens to be a very big opportunity in India. Today it stands as a business growing at the rate
of 15-20% annually. Together with banking services, it adds about 7 % to the country’s GDP.
In spite of all this growth statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without life insurance cover and the health
insurance. This is an indicator that growth potential for the insurance sector is immense in
India.
It was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation “Malhotra Committee” was constituted by the government in 1993
to examine the various aspects of the industry. The key element of the reform process was
participation of overseas insurance companies with 26% capital. Creating a more competitive
financial system suitable for the requirements of the economy was the main idea behind this
reform.
Since then the insurance industry has gone through many changes. The liberalization of
the industry the insurance industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players and the increased
use of the new distribution are in the limelight today. The use of new distribution techniques
and the IT tools has increased the scope of the industry in the longer run.
Insurance is the method of spreading and transfer of risk. The fortunate many who are
exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the
assets but only compensates the economic or financial loss.
In insurance the insured makes payment called “premiums” to an insurer, and in return
is able to claim a payment from the insurer if the insured suffers a defined type of loss. This
relationship is usually drawn up in a formal legal contract.
Insurance companies also earn investment profits, because they have the use of the
premium money from the time they receive it until the time they need it to pay claims. This
money is called the float. When the investments of float are successful they may earn large
profits, even if the insurance company pays out in claims every penny received as premiums.
In fact, most insurance companies pay out more money than they receive in premiums. The
excess amount that they pay to policyholders is the cost of float. An insurance company will
profit if they invest the money at a greater return than their cost of float.
An insurance contract or policy will set out in detail the exact circumstances under
which a benefit payment will be made and the amount of the premiums.
Classification of insurance
The insurance industry in India can broadly classified in two parts. They are.
1) Life insurance.
1) Life insurance:
In 1818 British introduced to India, with the establishment of the oriental life insurance
company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life
assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure
to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated
and amended by the insurance act, 1938, with comprehensive provisions for detailed effective
control over insurance. The union government had opened the insurance sector for private
participation in 1999, also allowing the private companies to have foreign equity up to 26%.
Following the opening up of the insurance sector, 12 private sector companies have entered the
life insurance business.
Thus insurance is found to be very useful in the lives of the person both in short term and long
term.
“A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being
proposed whether requested or not”.
“Relationships with the subject matter (a person) which is recognized in law and gives legal
right to insure that person”.
Triton insurance co. ltd was the first general insurance company to be established in
India in 1850, whose shares were mainly held by the British. The first general insurance
company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was
stabilized in 1907. There emerged many a player on the Indian scene thereafter.
The general insurance business was nationalized after the promulgation of General
Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance
business.
1.3. Some of the important milestones in the life insurance business in India are:
British-India Period:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started
functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started
its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crores from the Government of India.
2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting
non-life claims in the cashless mode
2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance
Broker, Bonsai Insurance Broking Pvt Ltd.
RESEARCH
METHDOLOGY
✔ What is happening in the market? What are the trends? Who are the competitors?
✔ Which needs are important? Are the needs being met by current products?
Descriptive research refers to a set of methods and procedures that describe marketing
variables. Descriptive studies portray these variables by answering who, what, why and how
questions. These types of research studies may describe such things as consumers’ attitudes,
intentions, and behaviour, or the number of competitors and their strategies.
BARAMULLA.
e) To find out the reason behind less impetus of people towards Insurance.
f) To find out a strategy to make people aware and develop their interest in insurance and
Investments.
Based on the varied needs of the information required, the questionnaire was designed
in such a manner that it satisfied our need and it was prepared in consultation with the Sales
Manager of ICICI Prudential Life Insurance Company.
The necessary parameters which were taken care of during this phase were:
✔ The information needs should be completely met.
✔ Ease of understanding of the Queries.
✔ Ease of administering the questionnaire.
✔ Probing nature of the questionnaire.
✔ To make it free from biased Queries.
✔ There should be no implicit responses.
✔ The person responding to the schedule should not be able to make assumptions
about the information collection agency to prevent any intended bias that could
creep in because of that.
During the Interviewer development phase, emphasis was put on the following areas:
1. Question Issues
a. What types of questions can be asked?
b. How complex will the questions be?
c. Will cross check questions be needed?
d. Will lengthy questions be asked?
e. Will open ended questions be asked
3. Bias Issues
a. Can interviewer distortion and subversion be controlled?
b. Can false respondents be avoided?
c. The questionnaire should be anonymous i.e. the respondent should
not be able to know on behalf of which telecom operator the
research was being conducted. This was done to minimize bias.
4. Administrative Issues
a. Costs
b. Facilities
QUESTIONNAIRE
Name:
-___________________________________________________________________________
Address:
-___________________________________________________________________________
__
Contact No :
__________________________________________________________________________
Q13: WHAT COULD BE THE REASONN BEHIND LESS IMPETUS AND INTEREST
TOWARDS INSURANCE?
a) REGION AWARENESS b) MOTIVATION
c) INCOME d) OTHERS.
COMPANY
PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
which is one of India's foremost financial services companies, and Prudential Plc, which is a
leading international financial services group headquartered in the United Kingdom. ICICI
Prudential began the operations in December 2000. Today, this company has over 2100
branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance
partners.
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country,
and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955
when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd.,
Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1,
00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC.
Brandstrength Reputation
Insurance
expertise
Infrastructure
ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs.
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.
Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has
been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in
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.
The introduction of private players in the industry has added colors to the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the one time monopoly of the LIC market. Since the advent of the private
players in the market, the industry has seen new and innovative steps, taken by the players in
this sector. The new players have improved the service quality of the insurance.
The following companies are present in the Life Insurance Industry in India.
ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in
total income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's
current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007.
ICICI Bank is one of the Big Four Banks of India, along with State Bank of India, Axis
Bank and HDFC Bank — its main competitors.
Prudential plc (LSE: PRU, NYSE: PUK) is a British financial services company. The
company has over 21 million customers worldwide. As well as the UK arm of its operations it
has operations in 12 countries in Asia and owns Jackson National Life in the United States. It
founded the Egg internet bank, which it sold to Citigroup in 2007. It is listed on the London
Stock Exchange and is a constituent of the FTSE 100 Index.
Type: Public (LSE: PRU, NYSE: PUK)
Industry: Financial services
Founded: 1848
Headquarters: London, England, UK
Key people: Harvey McGrath, (Chairman)
Tidjane Thiam, (CEO)
3.5. 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 year’s
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 ACNielsen ORG-MARG). It was also
conferred the ‘Outlook Money-Best Life Insurer’ award for the second year
running. The company is also proud to have won Silver 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.
3.6. Promotion:
ICICI Prudential is a case study in how advertising and marketing can play a vital role
in re-shaping an industry. It has demonstrated how an industry where the customer was nothing
more than a policy number has changed to one where ‘customer preference’ rules the roost.
The brand proposition for all the campaigns was reflected in the line: ‘Suraksha:
Zindagi ke har kadam par’. The campaign featured a significant competitive advantage, the
sound financial backing and credentials of ICICI Prudential, and showcased products from
The Company recently tied up with the Forbes Six Sigma rated Dabbawalla
organization in Mumbai for a direct marketing exercise. In a Unique effort to create awareness
about a tax saving product, the company attached a creative of a bitten apple to Mumbai’s
ubiquitous lunchboxes. It worked wonderfully with Mumbai’s office-goers and one that
translated into substantial business for the company.
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.
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a sum
assured of over Rs.23 billion. When the company began its operations, the need was to build a
brand that was relatable to, symbolized trust and was easily recognized and understood. It
launched a corporate campaign ICICI Prudential also made using the theme of ‘Sindoor’ to
epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses.
The success of the campaign, ‘the calling card of the company’ saw the brand awareness
scores almost at par with its 40 year old competitor. The theme of protection was also extended
to subsequent product and category specific campaigns –from child plans to retirement
solutions –which highlight how the company will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Bancasurance’ partners –the largest in the country. It swiftly revised and added to its
initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004, ICICI
Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the total
paid –up equity capital to Rs. 6,750 million. With the authorized capital of the company
standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base amongst
all life insurers in the country. The challenge ICICI Prudential now faces is to retain its top-
notch position and continue to deliver the finest life insurance and pension solutions to its ever-
growing customer base.
ICICI Prudential 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 rating is the
highest credit 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 five years, ICICI Prudential has retained its position as the No.1 private
insurer in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
ICICI Prudential closed the financial year ended march 31, 2004 with
a total received premium income of Rs. 9.9 billion; up 135% last year’s
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 AC Nielsen 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.
The Company’s penetration of the retirement market was driven by the focused
approach towards creating awareness through sustained campaign; ‘Retire from work, not life’.
Within six months, the campaign rewarded ICICI Prudential with an increased share of 23% of
the total pensions market and 78% amongst private players. ICICI Prudential has one of the
largest distribution networks amongst private life insurers in India, having commenced
operations in 132 cities and towns in India, stretching from Bhuj in the west to Guwahati in the
east, and Jammu in the north to Trivandrum in the south.
The company has 9 bank partnerships for distribution, having agreements with ICICI
Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some co-
operative banks, as well as over 200 corporate agents and brokers, it has also tied up with
NGOs, MFIs and corporates for the distribution of rural policies.
ICICI Prudential has recruited and trained more than 72,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.
ICICI Pru Save 'n' Protect is an ideal plan for those who want to accumulate funds on a
regular basis while enjoying insurance protection.
ICICI Pru CashBak is a single policy that combines the triple benefit of protection, savings
& periodic liquidity.
ICICI Pru Lifetime Maxima 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 also
offers you a unique strategy that allows you to protect gains made through your funds invested
in the equity markets from any future equity market volatility.
ICICI Pru Assure Wealth is a whole life insurance and savings unit linked plan that rewards
you with a guaranteed addition and also provides you an insurance cover, 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.
ICICI Pru ACE is a unit-linked plan which has no premium allocation charge for any regular
premiums, which means 100% of your money is invested in Funds on premium payment. It
also offers you a unique strategy that allows you to protect gains made through your funds
invested in the equity markets from any future equity market volatility.
Protection Solutions
ICICI Pru 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.
ICICI Pru 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.
ICICI Pru 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
ICICI Pru SmartKid Assure is a policy that not only provides money at key educational
milestones in your child's life but also rewards you with a guaranteed addition.
Retirement Solutions
ICICI Pru ForeverLife is a traditional retirement product that offers guaranteed returns for
the first 4 years.
ICICI Pru LifeTime Pension Maxima is a regular premium unit linked pension plan that
helps you accumulate money for your retirement and offers 5 ways of receiving pension. It
also offers you a unique strategy that allows you to protect gains made through your funds
invested in the equity markets from any future equity market volatility.
ICICI Pru LifeStage Pension Advantage is a regular premium unit linked pension plan
which has no premium allocation charge for any regular premiums, which means 100% of your
money is invested in Funds on premium payment.
ICICI Pru Assure Pension is a unique pension plan that assures guaranteed additions of up to
170% of the first year premium, giving investors an unmatched start towards accumulating for
their retirement kitty.
ICICI Pru Elite Pension II is a unit linked pension plan that provides flexibility to the
customer to pay for a limited term and lets him build a kitty for his retirement to provide an
annuity for life.
Health Solutions
ICICI Pru Hospital Care is a fixed benefit inpatient hospitalisation plan, covering various
stages of treatment with a daily allowance, ICU, procedures & recuperating allowance. It
covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage
upto 20 years.
ICICI Pru Crisis Cover is a 360-degree product that will provide long-term coverage against
35 critical illnesses, total and permanent disability, and death.
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.
Group Leave encashment Plan: ICICI Prudential Life’s Group offers a market linked and
traditional leave encashment plan designed to aid the employer to build a fund to meet their
future leave encashment liability. The contributions made will be invested as per the chosen
investment plans and will be available for payment of the benefit when it falls due.
Additionally, the product also provides for term cover for all the employees covered under the
policy.
Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked and
traditional schemes that provide substantial benefits to both employers and employees. Both
defined contribution (DC) and defined benefit (DB) schemes are offered to optimise returns for
members of the trust and rationalise 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 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.
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.
1. 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 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.
2. Critical illness benefit: Critical Illness Benefit Rider provides protection against 9
critical illnesses to the policyholder when attached to the basic plan
ICICI Prudential Life was awarded the Life Insurance Company of the Year at the 12th
Asia Insurance Industry Award 2008.
WORKING
ENVIRONMENT
STRUCTURE OF HR DEPARTMENT:
DATA
INTERPRETATION
AND ANALYSIS
Yes No Total
Responses 74 6 80
%age 92 8 100
Table 1
Chart 1
The graphs show that approximately 92% of the respondents were having
knowledge of Life Insurance.
Inference
This shows that there is a great market potential for Life Insurance and
people are ready to invest if guided properly.
Chart 2
The graphs show that approximately 25% of the respondents were exposed to
Life Insurance through Insurance Agents.
Inference
This shows that the Company should recruit more and more Insurance
Agents to be successful in this competitive scenario. Advertisements and other
media should not be neglected as they too comprise a considerable
percentage.
Q3. Do you have knowledge about Insurance Companies other than LIC?
Ans: Responses were (Out of 80)
Chart 3
The graphs show that Bajaj Allianz and MetLife have considerable number of
followers other than LIC.
Inference
This shows that the ICICI Prudential should make strategies keeping in view
the strategies of Bajaj Allianz and MetLife.
Q4. Are you a present policy holder?
Ans: Responses were (Out of 80)
Yes No Total
Responses 24 56 80
%age 30 70 100
Table 4
Chart 4
The graphs show that approximately 70% of the respondents were without
policies.
Inference
d
Responses 9 38 21 12
%age 11 48 26 15
Table 5
The graphs show that almost 15 % of the respondents are not satisfied with
the existing products and services.
Inference
This shows that the plans should be customized and more features
should be added to products to make them more profitable and more attractive.
Q6. Do you think ICICI Prudential is a reliable insurance company?
Ans: Responses were (Out of 80)
Yes No Total
Responses 48 32 80
Table 6
The graphs show that almost 40% of the respondents lacked trust in ICICI
Prudential Life Insurance Company.
Inference
This shows that much needs to be done in order to develop trust and
reliability of ICICI Prudential Life Insurance Company among people.
Q7. Are you aware about the products of ICICI Prudential?
Ans: Responses were (Out of 80)
Yes No Total
Responses 22 58 80
%age 73 27 100
Table 7
‘
The graphs show that approximately 73% of the respondents were unaware
about the products of ICICI Prudential Life Insurance Company.
Inference
Yes No Total
Responses 59 21 80
%age 74 26 100
Table 8
The graphs show that approximately 74% of the respondents are interested to
know about the ICICI Prudential Life Insurance Company.
Inference
This shows that proper course of action should be followed to make people
aware of ICICI Prudential Life Insurance Company so that they can invest in it.
This also shows that ICICI PRUDENTIAL INSURANCE COMPANY enjoys a
good image among the masses.
Q9. Do you think Insurance Polices should provide more returns besides risk
cover?
Ans: Responses were (Out of 80)
Table 9
The graphs show that approximately 53% of the respondents are interested in
more returns besides risk cover from Life Insurance Companies.
Inference
This shows that insurance companies should focus on investments that provide
considerable amount of returns besides Insurance Cover.
Q10. Where do you invest your savings?
Ans: Responses were (Out of 80)
Table 10
The graphs show that approximately 64% of the respondents invest their
savings in banks
Yes No Total
Responses 19 61 80
%age 24 76 100
Table 11
The graphs show that approximately 24% of the respondents are tax payers
and need to save tax.
Inference
This shows that tax saving benefits should be highlighted during the marketing
of insurance products to increase the customer base of the Insurance
Companies.
Q12. Life Insurance Policies provide security and financial Solution for your
tomorrow?
Ans: Responses were (Out of 80).
Table 12
%age 14 39 29 18
Table
13
The graphs show that approximately 39% of the respondents do not take
insurance because of motivational factors.
Inference
This shows that there is still a lot of confusion about the functioning of
insurance companies. The ULIP products should be promoted and also sales
force needs to be trained properly to increase the customer base.
FINDINGS OF THE
STUDY
CONCLUSION
➢ ICICI Prudential was amongst the first private sector insurance companies to
➢ This research report is based on the survey for finding the position of various
provide a definite amount of money to the dependants of the insured in case the
life insured dies during his active income earning period or becomes disabled on
➢ An individual can also protect his old age when he ceases to earn and has no
of these companies and their product range have to be given in the first part of
this report.
various stages of life of any person. Covering the risk is become so important
and necessary for any person. In the present scenario the life is becoming so
risky due to the innovation of the various latest technology and modern way of
livings. Insurance products available for life and non-life are many.
➢ In non-life, apart from personal covers such as accident covers and health
insurance, there are products covering liabilities under a particular law and or
common law. The various products are designed to cater to different needs of an
householder’s policy.
consideration for a payment in the form of premium from the insured. Human
life cannot be valued. Hence the sum assured (or the amount guaranteed to be
paid in the event of a loss) is by way of a ‘benefit’ in the case of life insurance.
➢ The conclusion of this report is that the life insurance is the necessary and
considerable factor for any person for covering the risk of life and for future
security.
SUGGESTIONS
Insurance companies should not mislead to customer to provide wrong information about
own policy.
Rural area in India lacks this facility so the insurance policy should spread their business in
Insurance companies should make personal contact with customer or own client for improve
brand promotion.
Most of person does not know about the full knowledge about insurance policy so the
companies should try to provide the complete knowledge about insurance policy to the
customer.
BIBLIOGRAPHY
Websites:
www.lic.com
www.iciciprulife.com
www.irda.com
www.goolge.com
www.icicibank.com.
Books of References: