CONTENTS

INTRODUCTION TO THE TOPIC RESEARCH METHODOLOGY

OBJECTIVES OF THE STUDY RSEARCH METHODOLOGY LIMITATIONS

PROFILE OF THE ORGANISATION INTRODUCTION TO MARKETING MIX MARKETING PRUDENTIAL DATA ANALYISIS & INTERPRETATION FINDINGS & RCOMMENDATIONS CONCLUSION BIBILOGRAPHY MIX ADOPTED BY ICICI

INTRODUCTION TO INSURANCE EVOLUTION OF INSURANCE

The evolution of insurance is dates back as early as the commencement of trade between two countries in England especially between the European countries. During the transportation of goods, there we chances of the ship being drowned in the rough sea conditions or attacked by pirates, leading to a huge loss to the party sending the goods. The traders of England devised a new way whereby the loss of goods would be compensated by every trader by putting in some amount as per their financial strength so hat a single party may not be loser. This is the earlier concept of insurance. This concept is taking shape for the last 300 years, yet in India the first insurance company was established in 1818 with the advent of Europeans widows. The name of the Company was Oriental Insurance Company.

WHAT IS INSURANCE
Insurance is a contract by which one party, for a consideration called premium, assumes a particular risk of the other party and promises to pay him or his nominee a certain or ascertainable sum of the amount on a specified contingency. The person ho seeks protection against risk is known as Insured. The person who provides protection is called Insurer. The document containing terms and condition of the contract is called Policy or Insurance Premium. Policy. The consideration from the insured is called

INSURANCE
Insurance can be classified in two forms:

Life Insurance Non Life Insurance

LIFE INSURANCE
Life Insurance is a contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or on an unfortunate death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the assured. Life insurance is universally acknowledged to be an institution, which eliminates risks, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of the death or of total or permanent disability of the breadwinner. By and large, life insurance is civilizations partial solution to financial uncertainties caused by untimely death.

Definitions
Bierce Amborse, promise of reimbursement in the case of loss;
paid to people or Companies so concerned about hazards that they have made prepayments to an insurance company.

Merge Johan, protection against future loss.

A BRIEF HISTORY OF LIFE INSURANCE SECTOR

The business of life insurance in India in its existing form startd in India in the year 1818 with the establishment of Oriental Life Insurance Company, the first life insurance Company in Calcutta. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalised monopoly corporation and LIC was born. Nationalisation was justified on the grounds that it would create much needed funds for rapidindustrialization. This was in conformity with the Government's chosen path of State- led planning and development. The Bombay Life Insurance Mutual Society started its insurance in 1870s. it was the first company to charge the same premium for Indian and non Indian lives.

Some of important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and nonlife insurance businesses. Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

1938:

1956:

General Insurance
The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. The General insurance industry was nationalized in 1972. With this nearly 107 insurers were amalgamated and grouped into four Companies - National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. These were subsidiaries of the General Insurance Corporation of India (GIC). The basis for general insurance is transfer of risk. It means the insurer agrees to compensate us if we suffer loss. It also includes motor insurance, house insurance, vehicle insurance etc.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972:

The General Insurance Business (Nationalisation) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.

NON LIFE INSURANCE

The different types of human activities that come under the umbrella of non life insurance are as follows: 1. 2. 3. 4. 5. 6. House/Office/Factory or any movable assets - Fire Insurance destroyed in life. Shipment or transportation of goods by ship, - Marine Insurance destroyed in catastrophe. Jwellery/Cash/Household robbed. Goods in transit by goods roads stolen or or - Burglar Insurance - Carrier Insurance - Vehicle Insurance - Health Insurance

railways

destroyed Theft or accident of vehicles Financial cover in ailment/surgery etc.

All these are non life insurance. In conclusion one can safely say that the purpose of insurance whether it is life or non-life insurance is to transfer the financial loss to the insurance Company who spreads in over to the policyholders. Non-life insurance, also called property and casualty insurance, is a type of coverage that is very common and covers businesses and individuals. It protects them, monetarily, from disaster by providing money in the event of a financial loss. Non-life insurance refers to the property and liability insurance.

Types of Insurance
Insurance can be classified in to the following categories:

1. Life Insurance
For most of the people, the purpose of life insurance should be to replace the financial contribution made by a family member. Life insurance can be pure insurance, which pays only on the death of the insure, or cash value insurance, which also has a savings vehicle. Most people who need life insurance are better off with pure insurance and savings for retirement through other vehicles. Proceeds from life insurance cover three types of expenses: replacement of the policyholders income or work, estate taxes and burial costs. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Life insurance contract can be defined as contingent contracts because the loss of life cannot be compensated and only a specified sum of money is paid if the insured dies.

2. Health Insurance
An insurance policy that will pay specified sums for medical expenses or treatments. Health insurance comes in three types, though many policies mix and match traits of the three.

Fee for service, the most expensive, allows you to go to almost ay provider and covers almost anything that is medically necessary. You dont have a primary care physician who has to approve visits to specialists. Preferred provider options (PPOs) allow you to self-refer to any provider in the PPOs list and generally cover a wide variety of services recommenced by those providers. Some PPOs cover other providers, but with a larger co-payment. Health maintenance organizations (HMOs) are the least costly, but the most restrictive. They assign you (or let you select) a primary care physician. That physician acts as a gatekeeper in that he/she decides what is medically necessary and when you may see a specialist. Often the HMO itself has to permit certain treatment and can rule against your doctor if it thinks the treatment is too costly.

3. Auto Insurance
In most states we are required to have auto insurance and we dont want to be without it. Basically, we buy auto insurance for two purposes: to insure against liability we have to others and to against damage that others do to we or our car. We need to have liability insurance. How much e need depends upon how much we have in assets. Whether we need insurance to protect our own ca depends on our car and how detesting it would be to replace it. If our car is expensive and if buying another one would wipe us out financially, consider buying comprehensive and collision. If we have an

older car and wouldnt get much from the insurance company if it were totaled, dont bother. Instead, put the money we would have paid for comprehensive and collision toward saving for our next car.

4. Homeowners Insurance
The purpose of homeowners insurance is to protect us against damage to our home and property from natural disasters. Insurance Companies offer different ratings of insurance and assign these ratings with codes starting with letters HO. While these ratings are fairly standard, they do vary a little with companies, so check with company to see what policies cover. When comparing policies, consider differences among deductible,

coverage of property other than the house (sheds, garages, etc.), and percent of loss covered. Consider also whether the policy covers resale cost or rebuilding cost. Rebuilding usually provides better coverage, but is more expensive. Basic homeowners insurance does not cover the contents, though we can often add t for an additional fee or buy it separately. When buying contents insurance, consider whether it covers replacement value or fair market value. Replacement value is a better buy because it pays to buy a new piece of furniture or appliance, not what your old one is worth. Consider also buying liability of insurance that covers us if someone sustains an injury or other loss on our property. Renters and condominium owners need only contents and possibly liability insurance. Many companies have policies tailored to these purposes.

5. Appliance Protection
Dont buy any extended warranties or protection plans when w buy small or major appliances. These plans are pure profit to the appliance stores. Thats why the sales people, push them so hard, especially if they are on commission. They usually cover only periods when very little is likely to go wrong and have numerous exclusions.

6. Business Insurance
Business insurance protects the contents of our businss against fire, theft and other losses. It is prudnt for any business to purchase a number of basic types of insurance. In a business, there are number of assets used and it involves huge investment. So its protection from fire, theft, and other losses is required. In order to protect assets, businessman uses business insurance. Also in the modern day world a number of utility specific insurance policies are being launched by the various players in the insurance market in an effort to stay one step ahead of their competitors.

CONTRACT OF INSURANCE
Life insurance can be defined as a contract, where for stipulated considerations is called the premium the insurer agrees to pay to the insured or a beneficiary, a defined amount upon occurrence of death or some other specified event. The contract of life insurance can be defined as a contract of contingency as the loss caused by the death cannot be calculated in monetary terms

PRICIPLES OF LIFE INSURANCE

1.
2. 3. 4. 5. Life Insurance Contract Insurable Interest Utmost Good Faith Risk Classification Moral Hazards

1. LIFE INSURANCE CONTRACT

Life insurance is a contract between the insurer and insured. In this contract the insurer in consideration of a premium undertakes to pay a certain sum of money either on a death of the insured or on the expiry of certain period, whichever is earlier. Under life insurance contract a assured sum of money is paid to the insured on the expiry of the policy period or to his nominee in case of the death of the insured. Life insurance contract is not a contract of indemnity, because the insurer agrees to pay a definite sum on maturity of policy or at the death of insured, whichever is earlier. It is contract of contingency.

2. INSURABLE INTEREST
Insurable interest is the most essential characteristic of life insurance contract. The insured must have an insurable interest in the life to be insured for a valid contract. Insurable interest arises out of the pecuniary relationship that exists between the policy holder and the life insured, so that the policy holder stands to loose by death of the insured and

continue to gain by his survival. If such relationship exists, then the policy holder has insurable interest in the life of insured. The loss should be monetary or financial. The insurable interest in life insurance can b divided into the following two categories: Insurable interest in Owns life to an indefinite extent. Insurable interest in the life of others.

3. UTMOST GOOD FAITH

The life insurance contract requires that the principle of utmost good faith should be observed by both the parties i.e., the insured and insurer. The principal of utmost good faith provides that both the parties, insured and insurer must be of the same mind at the time of contract because only then the risk may be correctly ascertained. Both the parties must make full and true disclosure of all material facts to each other. Material facts are those information which may effect the decision of parties to enter or not to enter into a life insurance contract. The principal of utmost good faith means the contracts which requires absolute and utmost good faith on part of both the parties i.e., insured and insurer concerned with life insurance contract.

4. RISK CLASSIFICATION
The determination of individual risk acceptable to the Company is
called risk selection; the separation of groups of insurance risks into the categories of standard and the degrees of substandard is called risk classification. The Companys underwriting policy makers

determine the risk classes, and the underwriters assign each individual risk to the appropriate class. The risk selection process starts with the Life Advisors, who has a responsibility, as well as self interest, to write applications only on people who need and are likely to qualify for, insurance. The underwriters continue the selection process by obtaining information sufficient to determine whether or not the risk is acceptable. Other factors like: Age and gender Height & weight Personal medical history Current health details Insurance history Smoking & drinking habits Family history Income & educational details Occupation & potentially dangerous pastimes.

5. MORAL HAZARDS

The law gives an individual an unlimited insurable interest in his

own life and hence the need for insurance as determined for such factors as financial status and dependence, largely governs the maximum amount the company will sell him. The insurance company will want to know about insurable interest, i.e., the extent of economic loss, which the death of the insured will cause to the applicant. Insurance applicant for a speculative purpose are rare when compared with

total insurance sold but the cases are frequent enough to be significant and it is these cases that involve moral hazard. Moral hazards cannot be measured like physical hazards. It

involves good faith, personal reputation, character, business ethics, speculation habits, sexual habits, standard of living, income etc. There could be tendency among some life insured to hide such hazards. If there is a physical hazard, an extra premium can be charged and the position of the insurer can be secured. But no amount of extra premium can be sufficient to meet moral hazards, as they are not so easy to assess or qualified. So when a moral hazard should be suspected? When there is no need of insurance or there is no insurable interest; When the amount of interest sought is too large as compared to income;

When a large amount of insurance is sought for the first time at an advance stage; When there is non disclosure of previous insurance history;

ADVANTAGES OF LIFE INSURANCE

death;

Provides

protection

against

risk

of

untimely

Provides protection during old age; Encourages compulsory savings; Educational requirements and charity; Nomination and assignment; Marketability and sustainability for borrowing; Loans from the insurance company;

Tax benefits; Eliminates Dependency; Covers Risk of Death; Profitable Investment; Facilitates Liquidity; Loan Facility.

PLAYERS MARKET SHARE (%)

Players
LIC ICICI PRUDENTIAL SBI LIFE HDFC STANDARD BAJAJ ALLIANZ RELIANCE LIFE INSURANCE BIRLA SUNLIFE MAX NEW YORK TATA AIG KOTAK MAHINDRA METLIFE AVIVA ING VYASA Share 68.7 6.3 6.0 3.2 2.8 2.4 1.7 1.6 1.1 1.0 0.6 0.6 0.5

THE

INSURANCE

RGULATORY

AND

DEVELOPMENT AUTHORITY
The IRD Authority was established by an Act of Parliament-Insurance Regulatory & Development Authority Act, 1999 and was constituted on April 19, 2000 by a notification issued in the Gazette of India. The Authority was established with a view to protect the interests of the holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. The Authority, in terms of section 13 of Insurance Regulatory and Development Authority Act, 1999 [Act], has been vested with the assets and liabilities of the Interim Insurance Regulatory Authority as are available on the appointed day i.e. April 19, 2000. In terms of section 16 of the Act a fund shall be constituted namely The Insurance Regulatory and Development Authority Fund [Fund]. The Fund shall constitute of all Government grants, fees and charges received by the Authority, all sums received by the Authority from such other source as may be decided upon by the Central government and the percentage of prescribed premium income received from the insurer. The Fund shall be applied for meeting the salaries, allowances and other remuneration of the members, officers and other employees of the Authority and the other expenses of the Authority in connection with discharge of its functions and for the purpose of the Act. The mission of Insurance Regulatory and Development Authority (IRDA) is to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.

OBJECTIVES OF THE STUDY

ICICI Prudential Life Insurance Company wants to know the awareness of the customers regarding insurance sector and their attitude towards different insurance companies. So I took the same as my objective and conducted the study. So the main objective of the study was to know the view of working class customer about the Life Insurance and ICICI prudential Life Insurance Company. So potential customers are approached. The research was done to create awareness of ICICI Pru Life Insurance & its products offered in the market among the working class and the people living in the villages. The main objectives were: To know the customer awareness regarding Life Insurance; To know the customer awareness regarding the Privatization in Life Insurance Sector; To know the customer awareness regarding the various Life Insurance companies in the insurance sector; To know the customer awareness regarding the ICICI Pru Life Insurance and its products; To know the customer preference towards the Private or Public Life Insurance sector; To know about the future plans of the people for buying an insurance policy; To know the priority of the people while selecting different Saving Schemes.

RESEARCH METHODOLOGY
Introduction and Meaning
Research in common parlance refers to a search for knowledge. Research is a careful investigation or inquiry especially through search for new facts in branch of knowledge. It specifies the information required to address these issues, designs the methods for collecting information, manage and implements the data collection process that analyses the results and communicates the finding and their implications. It is the process of gathering information for the purpose of initiating, modifying or terminating a particular investment or group of investments. Research is thus an original contribution to the existing stock of knowledge making for its advancement. It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowledge through objective and systematic method of finding solution to a problem is research.

Research problem is the one which requires a researcher to find out the best solution for the given problem that is to find out the course of action, the objectives can be obtained optionally in the context of a given environment. It is in general refers to some difficulty which a researcher experiences in the context of either theoretical or practical situation and wants to obtain a solution for the same. Research Methodology is the systematic way to solve a research problem. It not only considers the methods used for solving a problem but also includes the logic behind them.

Data Collection
The objectives of the project are such that both primary and secondary data is required to achieve them. So both primary and secondary data was used for the project. The mode of collecting the primary data is th questionnaire mode and sources of secondary data are various magazines, books, newspapers & websites etc.

1.

Primary Data

The primary data was collected to study the consumer awareness regarding the various products offered by ICICI PRU. The primary data was collected by means of questionnaire and analysis was done on the basis of response received from the customers. The questionnaire has been designed in such a manner that the consumers satisfaction level can be measured and consumer can enter his responses easily. No much personal questions were asked in the questionnaire which will hurt the feelings of the consumers. The questionnaires has been designed in such easily understandable language so that every one can understand it easily.

2.

Secondary Data

The purpose of collecting secondary data was to achieve the objective of studying the consumer awareness regarding ICICI PRU and to compare the products with other companies.

Techniques of Data Collection

The problem definition can be said to be the quite essential part of the research process; as it determine precisely, what the managerial problem is and the type of the information that the research can generate to help the problem before conducting the fieldwork. It is better to decide upon the method/technique of data collection. Generally there are two techniques of data collection which are as: 1. Census Technique 2. Sample Technique or Convenient Sampling.

1.

Census Technique

A complete enumeration of each and every unit of population is known as census inquiry or technique. It is presumed in it that when all the items are covered in it then no element of chance is left and highest accuracy is obtained. But in reality it is not practice because an inquiry gets larger and slightest element of bias get larger and larger. It is also a costly and time consuming method. It requires grater experience and knowledge also. So it is not possible to adopt this technique for any inquiry.

2.

Sample Technique

Sampling technique is different from census technique. It is a technique in which only a part of the universe is selected and studied and conclusion about the entire universe is drawn on about that basis. In simple words sampling technique is that technique in which an item is selected as sample and after analysis conclusions are drawn. In this all items are not analyzed. The availability of resources, time factor degree of accuracy desire and scope of the problem enable us to apply sample technique. It is time saving and less costly technique.

Methodology Adopted
The methodology adopted by me for studying the objectives was surveying the working segment in the city of Hoshiarpur. So keeping in view the nature of requirement of study to collect all the relevant information regarding the privatization of the insurance sector direct personal interview method with the structured questionnaire method was found to be the best method for collection of primary data. For this purpose a set of questionnaire was designed for the working segment and the survey was conducted. Although this method was difficult and required the researcher to visit and meet the respondents at different places and at different times, but had the advantage of higher accuracy. Secondary data has been collected through various magazines, books and by surfing on the internet and the guide that I took also help me a lot in this and I also visited the ICICI PRU Life Insurance Bank in order to get more knowledge of the same. The staff of the bank also helped me a lot.

Sample Plan
Sample Size: Keeping in mind all the constraints 50 working people who are the local residents of Hoshiarpur city were selected. Sampling Unit: Hoshiarpur Sampling Technique: Convenient Sampling

Analysis and Interpretation

After the data collection, it was complied, classified and tabulated manually and with the help of computer. Then the task of drawing inferences was accomplished with the help of percentage and graphic method. Different suggestions given by me after analyzing the views of very respondent are also given in the report.

LIMITATIONS OF THE STUDY

It is said, Nothing is perfect and if it is quite true then I am sure that there would be few shortcomings in this project also. Sincere efforts have been made to eliminate discrepancies as far as possible but few would have reminded due to limitations of the study. These are:

1.

Limited Scope

The survey was conducted in Hoshiarpur. Thus the respondents belonged to only this region of the country. Thos could have brought bias into the study.

2.

Nature of Study

The survey concentrated on personal information about income, saving and investment. All these are highly sensitive and of secretive nature. Therefore there could have been untrue answers to some of the questions.

3.

Ambiguous Replies

Some of the respondents gave ambiguous replies for certain questions or omitted the responses to some of them. The interpretation of such response becomes difficult and could generate wrong results.

4.

Unrepresentative Sample Size

The sample size taken for the purpose of the study does not very significantly represent the whole society and their saving investment patterns may not clearly bring out the average trends existing in the market.

5.

Assumptions for the Purpose of Analysis

Some assumptions ere made while doing analysis and interpretation; there could be few limitations regard these.

6.

No Interest shown by the People

While doing survey a problem also occurs that some people has not shown much interest in it and thy also refuses to give the answers. This is also the one of the biggest limitation in the survey.

7.

Time consuming

The method taken by me is a very convenient and accurate method for the survey as it gives the correct and accurate results but it is a time consuming and difficult method for survey which also causes some delays in getting accurate results.

8.

Problem in convincing people

It is not easy to convince people to fill the questionnaires to give the answers of the questions. Because they took it as their wastage of time and even working class people dont have much time to fill the questionnaires.

ICICI PRUDNTIAL LIFE INSURANCE

Introduction
Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential Plc, a leading international financial services group headquartered in United Kingdom. ICICI Prudential Life Insurance was the amongst the first private sector insurance companies to begin operations in December in 2000 after receiving approval from Insurance Regulatory Development Authority(IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of March 31, 2011) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2010 to March 31, 2011, the company has garnered total premium of Rs 17,881 crores and has underwritten over 12 million policies since inception. The company has assets held over Rs. 68,000 crores as on March 31, 2011. ICICI Prudential Life is rated iAAA by ICRA, which indicates highest claims paying ability, a fundamentally strong position and the prospect of meeting policyholder obligations is the best. 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. ICICI Prudential Life Insurance Company is the country's leading private life insurance company.

Promoters ICICI Bank

ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of over US$ 120 billion as of March 31, 2011. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence currently spans 19 countries, including India.

Prudential
Established in 1848, Prudential plc is a leading international financial services company in the UK, with some US$276 billion funds under management and more than 13 million customers worldwide. 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 UK's largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Vision of ICICI Pru Life

To make ICICI Prudential 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. Core values of ICICI Pru Life. The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.

Distribution of ICICI Pru Life

ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with around 1,400 branches and an advisor base of over 1,70,000 (as on March 31, 2011). The company has bancassurance partners having tie-ups with ICICI Bank and Proddatur Co-Op Town Bank Ltd. ICICI Prudential has recruited and trained about 30,000 insurance agents and corporate agents to interface with and advise customers. Further it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.

Management of ICICI Pru Life Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Ms. Chanda D. Kochhar, Chairperson Mr. N. S. Kannan, Director Mr. K. Ramkumar, Director Mr. Rajiv Sabharwal, Director Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, Independent Director Prof. Marti G. Subrahmanyam, Independent Director Ms. Rama Bijapurkar, Independent Director Mr. Vinod Kumar Dhall, Independent Director Mr. Sridar Iyengar, Independent Director Mr. Sandeep Bakhshi, Managing Director & CEO Mr. Puneet Nanda, Executive Director Mr. Madhivanan Balakrishnan, 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. Mr. Puneet Nanda, Executive Director Mr. Madhivanan B., Executive Director Mr. Tarun Chugh, Executive Vice President Dr. Avijit Chatterjee, Appointed Actuary Mr. Judhajit Das, Chief Human Resources

Awards and Recognitions

Awards:
The International Council of Customer Service Organizations (ICCSO)
recently awarded ICICI Prudential Life the International Service Excellence Awards 2009in the categories of Customer Charter - Winner, Service Excellence in Large Business - Highly Commended and Customer Service Leader awarded to Ms.Priya Nayak, VP-Service Quality.

ICICI Prudential Life Insurance has won the first runner up award for the
Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.

ICICI Prudential Life was awarded the Life Insurance Company of the Year
atthe12th Asia Insurance Industry Awards 2008.

ICICI Prudential Life was awarded with two Bronze Effie's in the services category
for its Corporate campaign and Retirement Number campaign.

ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runne rup
at the Outlook Money & NDTV Profit Awards 2008.

ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects Award
for its IT practice.

ICICI Prudential Life won the Award for Brand Excellence in the Banking and
Financial services category at the Asia Brand Congress 2008.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. Was
adjudged the Businesswoman of the year at The Economic Times Awards for Corporate Excellence, 2007-08.

ICICI Prudential Life won the ICICI Group Marketing Excellence Award
2008 in three key categories for its marketing initiatives.

ICICI Prudential Life was awarded the INDYs Award for Excellence in
Mass Communication in the category of Most Creative AdvertisementTelevision.

 India's Most Customer Responsive Insurance Company. Avaya Global

Connect -Economic Times. Customer Responsiveness Awards, 2007.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged as one of the 50 Most Powerful Women in Business by the Financial Express.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged the Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
awarded the Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader Awards 2007.

ICICI Prudential Life Insurance won the award for the Best Life InsurerRunner up at the Outlook Money & NDTV Profit Awards 2007.

ICICI Prudential Lifes, retirement solutions campaign for the year 200607 was awarded the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Adclub.

ICICI Prudential Lifes website, www.iciciprulife.com was awarded the

best website among private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards 2007 for commendable work in the online.

Innovation Award for launching Diabetes Care Prudence Award 2006.

People Award for excellence in training and people development Prudence Award 2006.

India's Most Customer Responsive Insurance Company. Avaya Global

Connect -Economic Times. Customer Responsiveness Awards.

Most Trusted Private Life Insurer. The Economic Times - A C Nielsen

Survey of Most Trusted Brands 2003, 2004 and 2005.

Prudence

Customer

Centricity

Award

2004

&

2005.

Prudential

Corporation Asia.

 Best Life Insurer 2003. Outlook Money Awards 2003 & 2004. IMM Award for Excellence. Institute of Marketing & Management. Organization with Innovative HR Practices Indira Group of Institutes
Super brand 2003-04.

Organization with Innovative HR Practices Asia-Pacific H R Congress

Awards for HR Excellence.

Silver Effie for Effectiveness of the Retire from Work not lifes
advertising campaign Effies 2003.

RECOGNITIONS:
ICICI Prudential Life was recognized as the most trusted brand amongst
private life insurers in the Economic Times-Most Trusted Brand survey 2008.

IMM Award for Excellence. Institute of Marketing & Management. Organization with Innovative HR Practices Indira Group of Institutes
Super brand 2003-04.

Organization with Innovative. HR Practices Asia-Pacific H R Congress Awards for HR Excellence.

PRODUCTS
Insurance Solutions for individuals
ICICI Prudential Life Insurance offers a range of innovative, customercentric 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.

1. Savings & Wealth Creation Solutions

o

ICICI Pru LifeStage Wealth II is a unit linked insurance plan that offers multiple choices to decide how your savings would be invested based on your risk appetite. ICICI Pru Pinnacle Super is a unit linked insurance plan that gives you the advantage of varying exposure to equities with downside protection, so that your investments are protected in financially volatile times. ICICI Pru LifeTime Premier is a comprehensive savings plan that offers you a choice of portfolio strategies for your savings and at the same time secures you against uncertainties of life. ICICI Pru LifeLink Wealth SP is a unique single premium ULIP that provides you the opportunity to enjoy potentially higher returns over the long term on your investments, with just a single premium. ICICI Pru Guaranteed Savings Insurance Plan is a limited pay endowment product that allows you to enjoy the benefits of a long term savings plan ensuring that you and your family are free of any financial worries.

ICICI Pru Whole Life provides you with a unique double advantage of savings and protection that not only allows you to meet your goals but also seeks to ensure that your dear ones will continue to live their lives in comfort without financial worries in case of unforeseen eventuality 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.

2.
o

Protection Solutions ICICI Pru iProtect is a term insurance plan that you can buy online at your convenience at their home loans in a simple and cost-effective manner.
o

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

3. Child Plans
o

ICICI

Pru

SmartKid

Regular

Premium

is

fixed-term

insurance plan that provides you with funds at regular intervals.

ICICI Pru Smartkid Premium is a ULIP plan which ensures your childs education continues even if we are not around.

4.
o

Retirement Solutions ICICI Pru LifeLink Pension SP is a single premium pension policy that provides you the opportunity to enjoy regular income post retirement by paying just a single premium.
o

ICICI Pru ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years. ICICI Pru 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.

7.
o

Health Solutions ICICI Pru Hospital Care II is a family floater plan covering your spouse and children. This fixed benefit hospitalisation and surgical plan complements your existing coverage by offering payouts over and above any health plan you have, thus availing best possible medical treatment, without having to bother about the cost of the treatment or quality of care.
o

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 Pru Health Saver is a whole of life comprehensive health insurance policy which provides a hospitalisation cover for you and your family and reimburses all other medical expenses not covered in the hospitalisation benefit by building a health fund for you and your family.

6.

Group Insurance Solutions

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

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 Lifes 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 Immediate Annuities: ICICI Prudential Life realises the importance of prudent retirement planning. With this in mind, it has developed a suite of life and joint life annuities which guarantee periodic payment to annuitants upto death. Further

there are options which return the purchase price on death annuitants. These annuity options are offered to our existing superannuation customers, and also 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.

7.
Options

Flexible Rider

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.
o

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

ICICI Pru Forever Life (Deferred Pension)

When you plan for retirement, you also need to plan for the security of your family. You need a solution that provides you a regular income for life and also provides your spouse with financial security, in case something happens to you. ICICI Prudential Life Insurance presents ICICI Pru Forever Life. A regular premium deferred pension plan that provides the security of life cover during the Accumulation Phase and offers five ways to get your pension, after retirement. When you retire, you can still continue doing things you have always enjoyed. After all, you would like to retire from work, not life.

Salient Features
Protection to your family, with the life insurance cover. In case of an unfortunate event of death, the Sum Assured along with guaranteed additions and vested bonuses (if any), will be paid to your nominee. Choice of a retirement date to decide when you want to start receiving pension. 5 flexible options to receive your retirement benefits.

Life Annuity Life Annuity with Return of Purchase Price Life Annuity Guaranteed for 5/10/15 years Joint Life Last Survivor with Return of Purchase Price Joint Life Last Survivor without Return of Purchase Price

Applicable tax benefits on premium paid for tax-effective accumulation

Decide on a vesting age between 50 to 70 years. You can postpone the

original vesting date indicated by you, up to a maximum of 70 years of age.

This option can be exercised once at the time of vesting. During the postponement period, your accumulated amount will earn interest as determined by the company, from time to time. During this period, you don't need pay any premium and there is no life cover.

In case of accidental death, the nominee gets an additional Sum Assured

under this rider. (a) In case of accidental death while traveling by mass surface transport, the nominee will get twice the Sum Assured under the rider. (b) In the event of total and permanent disability due to an accident which impairs one's capacity to earn, 10% of the Sum Assured is paid every year for 10 years.

The premiums paid by you under the base plan are eligible for tax benefit
under Section 80CCC as per the prevailing tax laws. The premium paid for critical illness rider is eligible for tax benefits under Section 80D as per the prevailing tax laws. The policy also offers life cover during the deferment phase.

CashBak (ICICI Pru Life)

Casbak is with profit anticipated endowment plan. This plan provides liquidity at regular intervals of time and also helps in saving money. This policy is suitable for those people who wish to have combined benefit of savings and liquidity all the while having insurance protections. Policy provides for the periodic financial requirements of an individual with the added benefit of insurance protection. CashBak is a fixed term policy of 15 or 20 years, in which premiums are payable by you throughout the term of the policy. In turn survival benefit payments are made to you at regular intervals, to provide you with liquidity. Full Sum Assured, along with the guaranteed

additions at the rate of 3.5% compounded annually for the first 4 years and the vested bonuses would be payable on death, irrespective of the survival benefits paid.

Salient Features
It is a money back plan where in the lumpsum amounts are payable to life assured at regular periodic intervals. Premiums are payable through out the term of the policy or till earlier death. Guaranteed additions and bonus payable under the policy. In case of death of the life assured within the term, the total sum insured along with guaranteed additions and bonus are paid to the nominee, irrespective of earlier survival benefits. Period of the policy can be 15 or 20 years.

Policyholder can opt for the rider at the time of taking the policy at a
marginally additional premium. Riders available are: Accident and Disability benefit Critical Illness Benefit Major Surgical Assistance and Level term Insurance

Life Guard (ICICI Pru Life)

LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times. It is an insurance solution of the ICICI Prudential. These plans provide with optimum financial protection in case of death. These plans are extremely reasonable and are so cost effective that we just cant afford not to have one. Maximum thrust is on family protection. This

policy is suitable for people who wish to provide large sums for the benefit of their family at an economical cost.

Salient Features
Death benefit: Provide for your beneficiary to receive the Sum Assured
should something happen to you.

Extended life cover: Invest in LifeGuard with Return of Premium plan

and safeguard your family with an additional coverat 50% of the original Sum Assuredfor 5 years after your policy terminates.

Additional riders: Protect your family from accidents and disability by

adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR).

ADBR: The rider benefit amount will be paid to your family in the WOPR: In the case of total and permanent disability due to an

event of death or disability due to an accident.

accident, all further premiums will be waived and policy benefits will continue.

Tax benefits: Receive tax deductions on premiums paid (u/s 80

C). Enjoy tax exemptions on maturity proceeds and death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws.

Maturity benefit: Invest in LifeGuard with Return of Premium plan and

receive all the premiums you have paid, when your policy matures. It comes in three variants: (1) Level Term Assurance. (2) Level Term Assurance with return of premium (3) Single Premium

Save n Protect (ICICI Pru Life)

It is a fixed term policy that combines savings with life cover. It is a fixed term plan in which you pay premia regularly during the term. On the death of the life assured, the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses. Once the policy matures, i.e. at the end of the term, you can get the full sum assured and guaranteed additions as well as the vested bonuses. In addition, you will get an extended term insurance cover for five years after the maturity date of the policy for 50% of the sum assured. You will not have to pay any premia for the same.

Features

Sum Assured: Choose your Sum Assured depending on the level of

cover with which you want to protect your family. The minimum Sum Assured is Rs.50,000.

3 premium paying modes: Choose to pay your premium in monthly,

bi-annual or annual installments. Your premium is determined based on your age and the Sum Assured you choose.

Death benefit: Your nominee will immediately receive the Sum Assured
and accrued guaranteed and vested bonuses, should something happen to you.

Maturity benefit: Receive guaranteed and vested bonuses plus the

Sum Assured when your policy matures.

Extended life cover: Opt to protect your family even after you have
stopped paying the premium. Enjoy an extended cover for 5 years, at 50% of the Sum Assured, after your policy matures.

 Tax benefits: Enjoy tax deductions on your premiums (u/s 80 C) and

tax exemptions on maturity proceeds and death benefit [u/s 10 (10 D)] as per prevailing Income Tax laws.

Additional riders: Keep our family financially secure even in the event
of a critical illness, accident and disability. Invest in Critical Illness Rider (CIR), Accident and Disability Benefit Rider (ADBR) and Accident Benefit Rider (ABR).

Smart Kid (ICICI Pru Life)

ICICI Prudentials Smart Kid is a fixed-term insurance plan that provides you with funds at regular intervals. The plan helps to create funds for child needs at the various stages of his life and his need for education etc. It is a with profits anticipated endowment plan that helps parents in creating asset through which they can plan for their children. It is a plan that provides guaranteed educational benefits to the child along with insurance cover and hence is suitable for parents (between 20-60yars) with children in the age group of 10 -12 years.

Salient Features

Flexible premium payment options: we can either pay premium throughout the policy term or for a limited period Partial withdrawals: Facility to provide money at key educational milestones of your child Tax Benefits: On premiums paid and benefits received, as per prevailing tax laws.

Death benefit: In the unfortunate event of death of the parent (Life Assured) during the term of the Policy, the following benefits are payable: Higher of Sum Assured and 105% of the total premiums (including top-up premiums) paid till date would be paid All future premiums payable under the policy will be waived by the Company

Coverage options: Ensure a comprehensive safety net for Single life Insurance coverage for yourself, and Joint life Insurance coverage for both you and your

your child by choosing between:

spouse in the same policy

Life Link (ICICI Pru Life)

This is the single premium unit linked insurance solution. ICICI Pru Lifelink Pension plan is the first unit-linked pension plan launched by any private insurer after the rollout of new Ulip guidelines. This is a single premium plan that comes with pension guarantee funds which provides a minimum guaranteed net asset value (NAV) at maturity. This guarantee is quite captivating, since it is much higher than that proposed by the regulators under the guidelines.

Salient Features
2 options of Sum Assured: Choose to receive either 125% or 500% of
the single premium amount.

Flexible policy term: Decide how long you wish to invest in this policy.
You can

invest for a minimum of 5 years and keep your investment growing for as long as you wish after that

Partial withdrawal of money: Withdraw funds in installments from

the 4th year onwards.

Attractive premium allocation rates: Enjoy 100% allocation for

premium amounts equal to or greater than Rs. 5 lacs.

7 investment funds: Select among Flexi-Growth, R.I.C.H., Multiplier,

Flexi-Balanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile.

Switch benefit: Switch between funds anytime to maximize on market

movements. You can switch funds 4 times a year, at no cost. For subsequent switches, you will be required to pay a switch fee of Rs. 100.

Maturity benefit: Receive the Fund Value when your policy matures.
Choose to take this value as a single lump-sum amount or in monthly, bi-annual or annual installments spread over 1 to 5 years.

Death benefit: Your family receives the higher of Fund Value or Sum
Assured should something happen to you.

Group Gratuity Plan (ICICI Pru Life)

Gratuity is a statutory benefit paid to employees who have worked in an organization for at least 5 years. Under the Payment of Gratuity Act, 1972, your employees are eligible for 15 days of pay for each completed year of service. The employer can structure a gratuity benefit such that it is higher than statutory requirements. The gratuity benefit is payable on cessation of employment (either by resignation, death, retirement or termination, etc) by taking the last drawn salary as the basis for the calculation. ICICI

Prudential's Group Gratuity Plan enables us to fund your gratuity obligation in a systematic manner while enjoying applicable tax benefits at the same time. Gratuity payment liability tends to increase as the salaries and tenure of employment increase annually. An employer may pay out gratuity proceeds from his current revenue; however, to ascertain the gratuity liability of the employer and for more prudent financial planning, it is beneficial to set up a gratuity fund.

Features of Group Gratuity Plan

Multiple investment options with market-linked plans : Choose
between short-term debt, debt, balanced, and growth funds depending on your financial objectives.

Portfolio transparency : Manage your funds more efficiently with

daily disclosures of Unit Value and regular disclosures of each fund's portfolio.

Switch benefit : Switch between funds at any time to adjust your

portfolio depending on your goals and risk profiles.

Life insurance : Safeguard your employee's wellbeing with a

bundled life insurance cover that requires minimal amount of underwriting.

Actuarial services : Make a scientific estimation of your gratuity

liability.

Low explicit charge structure with conditions for exit specified

upfront.

Faster claim settlement, easier access to information and regular

statements.

End-to-end solution in the legal and regulatory approval process

for scheme set up or transfers.

 Employer Benefits:
o

Deductions : Enjoy a deduction on your annual contribution up to 8.33% of salary bills in a financial year, for the purpose of computation of profits and gains of business. Tax benefits : Enjoy tax benefits on your contribution towards past service liabilities, as per IT rules and regulations.

Group Term Assurance (ICICI Pru Life)

ICICI Prudential Group Term Assurance Plan a flexible solution that insures employees against unfortunate incidents like death, disability or disease. The benefits under the policy would be payable to the member/ beneficiary on occurrence of the event. This is a single policy that can be issued to a group of employees of any organization to provide life insurance to the members of the group. Under this policy the employer will pay the premium for the cover provided to the group of employees.

Salient Features
One master policy covers all the proposed employees in your groupwhich should comprise a minimum of 25 members. New members can join the group and current members can leave at any time during the policy term.

Cover can be extended to all employees between 18 and 70

years of age.

Cover is calculated uniformly, or based on designation or rank, or

as a multiple of salary, or against outstanding loan amount.

Premiums you pay are treated as a business expense in the year of

payment.

 Employees enjoy greater convenience with relaxed underwriting

and medical requirements.

Free Cover Limits' with simplified underwriting depending on the

number of employees in your group and the level of cover you choose.

Employees are additionally covered with an Accident and

Disability Benefit Rider and Critical Illness cover.

Group members' nominees receive the entire benefit should

something happen to your member.

It provides Accident and Disability Benefit Rider (ADBR ) as

follows: On death due to accident caused by violent, external and visible means, the sum assured under the rider will be paid. The maximum benefit that can be availed of is equal to the basic sum assured subject to a maximum limit of Rs. 10 lakhs Death in a mass surface public transport - double benefit payable (ADBR only) On total and permanent disability due to accident, the sum Assured under the rider will be payable in ten annual installments, each equal to one-tenth of the amount of accidental cover. On death of such a Member before the last such installment, then the installments remaining unpaid shall become payable immediately. (ADBR)

Cash Plus (ICICI Pru Life)

ICICI Pru CashPlus Plan is an insurance plan that gives protection, savings along with liquidity. Suitable for people who are looking at insurance cum investment plan with good return and the security of the investment and liquidity.

Salient Features
This is an flexible investment cum endowment plan offering triple benefits of insurance protection, good return and security of investment and liquidity. The policy offers the flexibility of choosing three levels of cover (in the form of sum assured) for the same amount of total annual contribution. The policyholder has the option to choose amongst Basic, Standard and Enhanced level of cover. Basic Standard (Term-5) x Annual Premium (Term) x Annual Premium

Enhanced (Term+5) x Annual Premium The policyholder has the flexibility of shifting between the three levels of cover. For each level of sum assured, applicable mortality charges would be deducted from the premium. The premiums paid would be invested after deducting the charges involved in the product. These costs are related to policy issuance, administration, servicing and mortality charges. At the end of every year, the company would declare a bonus

 interest that would be applied on the allocable portion* of your premium. Policy guarantees a bonus of 4% on the invested premium for the first year. This bonus interest will have a compounding effect on the value of your policy. Policy offers liquidity, allowing the policyholder to make withdrawals each year from the 6th year onwards. Policyholder can withdraw upto 10% of the accumulated value of the policy every year, after the first five years of the policy. Loans can be availed of under this policy. The policy benefits can be enhanced by taking add-ons by paying additional premium. The sum assured under the riders cannot exceed the base sum assured. The riders available with this policy are: Critical Illness Rider (Accelerated) Major Surgical Assistance Rider Accident and Disability Benefit Rider Accident Benefit Cover Income Benefit Rider Waiver of Premium Rider

Marketing Mix
Meaning of Marketing Mix
Marketing Mix is a term generally used to denote particular combination of marketing variables which are controllable, by an entrerprise and which are used to appeal to particular market segments. Marketing mix, simply stated, is the process of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. In short, marketing mix involves decisions regarding products to the made available, the price to be charged for the same, the incentives to be provided to the consumers in the markets where products would be made available for sale. These decisions are taken keeping in view the influence of marketing forces outside the organisation. According to N.H. Borden, Marketing Mix is the combination of fair inputs which constitute the case of Companys marketing system. The marketing mix depends upon the number of decisions with regard to the four major variables:

(i) Product (ii) Price (iii) Place (iv) Promotion

The above classification was given by Jerome. McCarthy and this classification is popularly known as four Ps of Marketing.

Elements Io Marketing Mix 1. Product Mix

The product is the focus of making efforts. Product is the sum total of physical and psychological satisfaction it provides to the buyer. A product is the sum total of parts like materials used in its construction and its ability to perform, its packing, its brands and the intangibles associated with it all that speak about its personality or image. The product mix is the composite of products offered for sale by the firm, over a period of time.

The Product Mix Variables : The product mix has the following
important variables and deserve a brief outlining:

a)

The Product Line & Product Range: Product line is

a group of closely related products which are able to satisfy a class of need, to be used together, to be sold to the same consumer groups, to be moved through the same distribution channels or fall within given price ranges. Each firm has its own product line.

b)

Product Design : the marketing decisions start with

designing the product in a way which is required by the target consumer. Product design is an important factor in the sale of products designed properly enhance their utility, attractiveness, ease of operation, the safety and appeal; good design; therefore, increases sales volume, provides advertising and selling features permit higher prices reduces manufacturing costs, minimizes service and rduce transportation charges.

c)

Product Package : package is te container or

a wrapper

used to house to the product. Packaging is the general group of activities in

designing the container or wrappers for the products. A good package provides convenience to the consumers, increases economy. Package protect the product against deterioration, preserve freshness and favor, insure against evaporation loss and physical changes due to climate conditions.

d)

Product Quality : Product quality standards are based on

factors like colour, texture, flavor, weight, finish, appearance, size, shrinkage, shape, and other physical features depending on the nature of the product. Product quality depends on the proper design, choice of materials, manufacturing processes, workmanship and packaging.

e)

Product Labeling : A product label may be either descriptive,

information, grade designing or combination of these. Labels are fixed to product to identify them and to describe their quality, quantity and other characteristics. A grade label designates the ISI standard mark to which the product confirms.

f) Product Branding : A brand is a symbol, a mark, a name, a

communication which brings about an identity of given product. A brand is a product image, a quality, a value, a personality.

g)

After sales services and guarantees : with every

increase machinery, equipments and gadgets, there is inherent need for after-sal services such as installation, guarantees, and warrantees against defect, servicing, repairs, spar parts, maintenance and the like. The heard of sound service policy is a product guarantee or warranty which defines the producers liability for defects in materials or workmanship over a certain period of time ranging from one year to five year under normal circumstances.

2.

The Place Mix

Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service.

The Place Mix Variables : the product mix variables are

transportation, warehousing, channels of distribution. These are described in brief as follows:

a)

Transportation: A selection is to be made of most

efficient, economical, rapid and dependable mode of transport for the firm product taking into rail-road, motor trucks, inland waterways, pipe lines and post parcels. The transportation policy its choice is influenced by at least seven factors namely, consumer demand, plant location, advertising, profit, competition and product value.

b)

Warehousing : Warehousing has its own place in

distribution of goods that create time utility by adjusting supply and demand, preserving and conditioning the product and obtaining more favorabl demand and market price.

c)

Channel of distribution : Every manufacturer or

producer is faced with a problem of developing plans and policies involving the choice of a channels of distribution for his products. In developing and implementing these plans & policies, the manufacturer should take into account the factors such as the type of product, the nature and extent of market, the channels employed by competitors, the relative merits & demerits by the intermediaries, the potential volume, cost & profit derived in case of each alternative channel.

3.

The Price Mix

Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3ps are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation.

The Price Variables: The price mix is made up of pricing policies

and strategies, the term of delivery, margins and the resale price maintenance.

a)

The pricing Policies & Strategies: The price policies

and strategies are the guidelines and the frames within which management administers prices so to match them to the market needs. These policies can be broadly identified as policies involving price variations, geographical price policies, policies involving price differentials, price policies involving leadership imitation and involving psyche of the consumers.

b)

Terms of Delivery : Delivery of goods to the dealer,

middleman and customers is also a vital importance. Clear cut policies are to be spelled out regarding the terms of delivery as to quantity, time and place of delivery and the conditions of valid delivery.

c)

Margin : Margin here refers to the difference between final

price paid by the consumer and the total cost incurred in making available to him the product or service. This includes margin of retailers, wholesaler and the producer.

d)

Resale

Price

Maintenance

Resale

price

maintenance is a practice whereby manufacturers or the distributors or the importers recommended and the price and the profit margin at which a product will be sold in a section or sections forwarded actually. Resale price maintenance is designed to prevent excessive price cuttings by the wholesalers and retailers and the consequent reductions in their profit margins.

4.

The Promotion Mix

It is the Communication mix which deals with the personal and impersonal communication about the product or service of the manufacturer. Though the Companies communicate with their present and potential customers in wide variety of ways, the most distinguishable categories are two namely personal & impersonal.

The Promotion Mix Variables : These are as follows: a) Personal selling - A process of helping and persuading one

or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Examples: Sales presentations, sales meetings, sales training and incentive programs for intermediary salespeople, samples, and telemarketing. Can be face-to-face or via telephone.

b)

Advertising - Presentation and promotion of ideas, goods, or

services by an identified sponsor. Examples: Print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, motion pictures, Web pages, banner ads, and emails (Not Always Paid For).

c)

Sales promotion - Media and non-media marketing

communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples: Coupons, sweepstakes, contests, product samples, rebates, tie-ins, self-liquidating premiums, trade shows, trade-ins, and exhibitions.

d)

Public relations - Paid intimate stimulation of supply for a

product, service, or business unit by planting significant news about it or a favorable presentation of it in the media. Examples: Newspaper and magazine articles/reports, TVs and radio presentations, charitable contributions, speeches, issue advertising, and seminars.

e) f)

Direct Marketing is often listed as a the fifth part of the Exhibitions - are try-outs. You make your product, and let

marketing mix.

potential buyers try the product, this way, you know directly what people see in your product. The downside, your competitor can see exactly what you are doing.

Marketing Mix of ICICI Pru Life Insurance

1. a) PRODUCTS Save n Protect

As the name suggests this is a policy that helps the client in compulsory saving, creating wealth and having life protection. Let us see, how Save n Protect will helps an individual and what are the features of the plan that makes it a unique and the most solid plan in the market. Features: A policy that helps to save money for us and protect our family. Maturity Benefit. Whole Life protection from 10 to 30 years. Death Benefit. Extended Life Cover protection when we need it must. The life assured can be between 0-60 years of age. The minimum sum assured is Rs. 50,000/- and the maximum sum assured is Rs. 1,00,00,000. Tax Benefits.

b)

Cash Back Plan

In the fast life of today there are lots of wants and desires. There are also a ways and opportunities to fulfill these wants. Cash back plan will be an ideal plan, which gives us options like: Liquidity. Life Cover. Compulsory Savings. Wealth Creation. Flexible Options.

Features:
Policy designed to give you the money at regular intervals, provide
life cover and creates wealth. Survival benefits paid in shorter period of time.

Increasing payouts better planning and asset acquisition.

Minimum protection starts at a sum assured of Rs. 75,000/-. Tax Benefits. Cash Back pays a total of 120%
Years %age of SA For 3 Lakhs Years %age of SA For 3 Lakhs

3 6 9 12 15 Total

10% 15% 20% 25% 50%+GA+VB 120% + GA + VB

30,000 45,000 60,000 75,000 1,50,000 3,60,000 + GA+VB

4 8 12 16 20

10% 15% 20% 25% 50%+GA+VB 120% + GA + VB

30,000 45,000 60,000 75,000 1,50,000 3,60,000 + GA+VB

More Protection : Cash back can be taken with the additions to riders; Critical Illness Benefit Ride Major Surgical Assistance Rider Accident & Disability Benefit Rider Accident benefit Rider

C) Life Guard Plan

After all what is Life Insurance all about, in its simplest form, it is protecting our loved ones from the uncertainties of death. Death is inevitable and primarily what people may look forward to is getting

maximum security against the uncertainty of death. When w talk about Human Life Value, then there is need of the products that are able to provide that large amount of life insurance at a cost that is comfortable and affordable to the client. Term policies happen to be one of the most economical ways to ensure that the support is not lost. ICICI PRU Life Guard is the solution, which is presented by ICICI Pru Life Insurance.

Features:
Providing maximum life protection at a low cost.
Death benefit. In case the policyholder pass away during the term of the policy then the entire sum assured is paid to the nominee/beneficiary of the policyholder. Return of premium on maturity of the plan.

Additional benefits:
Accident and Disability Benefit Rider. Accident Benefit Rider. Life protection can be brought from age of 18 to age 55; Facility of taking both short and long terms, (5 yrs 25 Sum assured from Rs. 1,00,000 to Rs. 10,00,000/- & Minimum premium of Rs. 2400 per annum Tax benefits.

yrs). above.

Cover till 65 years.

d)

Smart Kid

A dream to make him/her engineer or a doctor or a scientist or a management executive can not be fulfilled easily. Dreams are as unlimited as they can be. But these dreams also bring with them a host of responsibilities and worries. How to provide for bst up bringing and education for the child? How to ensure that any unfortunate event doesnot become a limiting factor in the realization of the dreams for their child.

How to gt the confidence that Whether the dream, childs future is guaranteed. Let us see how ICICI Pru Smart Kid will help in realizing the dreams and aspirations. ICICI Pru Smart Kid: the policy that secures the future of our child today.

Features:
A policy that is designed exclusively to meet the childs education needs. Parents wit children between the ages of 0 to 12 years can purchase ICICI Pru Smartkid. The Applicants proposer is the parent and the child is te beneficiary. The proposer can be between the age of 20-60 years of age.

Guaranteed educational benefits. A arent can choose a maturity age of the policy, between the ages of
22 to 25 years of the child. The payout is structured as follows:

At the end Child's Age Education of 13th year Secondary of policy 15 years completed (Term-7) 15th year of policy (Term-5) 18th year of policy (Term-2) 12th year of policy (Term) 17 years Higher secondary completed Graduation completed

Payout 20% of SA*

Needs met Extra tuition, preparation for professional courses. Join a graduation college.

25% of SA*

20 years

25% of SA*

Higher studies, postgraduation. Further education in the India or abroad. Or, for marriage.

22 years

Post30% of SA*+Guaranteed graduation Additions+Bonuses completed

f)

Assure Invest Plan

An investment plan for risk free savings, with guarantee and with life protection. assure invest is a single premium plan that provides risk free investment. It is an ideal plan for all ages and caters to business class, VRS personnel and salaried people, wherein they can invest their annual bonuses. The policy may be availed for 5, 7 or 10 years. Eligibility Minimum Age Maximum Age Maximum Age at Maturity Minimum Term of the Policy Minimum Sum Assured Rider Attachability The following riders can be attached with this plan: 07 Years 62 Years 67 Years NA Rs 25,000

Single Premium Level term rider Single Premium Accident and Disability benefit rider. Single Premium Accident Benefit rider.

With the attach ability of the rider the policyholder can have more life cover and protection.

f)

Forever Life Retirement Plan

ICICI Prudential Life Insurance believe in the philosophy of providing meaningful solutions and not just products. Its with this thought as a backup that they developed solutions to make retirement years of ones life worry free.

Features:
An annuity plan that gives Life Protection during the deferment period. Policy design that give you an annuity, when anyone need it.

Enjoy tax savings on the premiums paid by the policyholder.

The flexibility to choose form five different annuity options:

Life Annuity Life Annuity with Return of Purchase Price Life Annuity Guaranteed for 5/10/15 years Joint Life Last Survivor with Return of Purchase Price Joint Life Last Survivor without Return of Purchase Price.

Eligibility

Minimum Sum Assured Minimum Premium Minimum/ maximum entry age Minimum/Maximum Term Minimum/Maximum vesting age

Rs. 50,000 Rs. 6,000 per annum 20 years 60 years 5 years 30 years 50 years 70 years

The annuity option needs to be exercised in 6 months prior to vesting. The annuity under this plan is not guaranteed and the annuitant will get the annuity as per the immediate annuity rate being given by the Company as on so the year of vesting. The purchase price will be used to purchase the annuity. The annuitant also has the option to commute 25% of the price at vesting. The remaining 75% will be used to provide for annuity.

2.

PRICE

Pricing of ICICI Prudential depends on various factors. Such as: Age of the person. Weight of the person. Previous medical history of the person and his family. Income of the person Sum assured taken by the person. Product chosen by the customer.

Factors that determines that whether the Company has to charge any Extra Premium on the Person that is to be insured or not. These are as follows: 1. Medical Records; 2. Overweight; 3. Habits of the person that whether he is smoker or not etc.; 4. Occupation like air force pilot or he is an army personnel etc. So these are some of the situations under which the Company charges extra premium from the person. The extra premium may range from Rs. 1/1000 to Rs. 13/1000.

Modes of Payment
To make pricing more consumer friendly there are three modes of payment. These are as follows: 1. Monthly 2. Half Yearly 3. Yearly

The above said periods are all depending upon the suitability of the consumer. Rebates on the Premiums are also available. There are two types of rebates available that is based on the mode chosen and the higher sum assured. Here is an example stated below:

ICICI Prudential- Pure Protect

Below is the table that shows premium for various age-term

combinations for a Sum Assured of Rs.50 lakhs. Age 30 year 35 year 40 year Features 1. Entry Age Policy Minimum age(years) Maximum age(years) 2. Policy Term: Policy Minimum age(years) Pure Protect Classic 10 Pure Protect Elite 3 Pure Protect Classic 18 65 Pure Protect Elite 18 65 10 years Rs.7608 Rs.9889 Rs.14394 of 15 years Rs.8378 Rs.11390 Rs.17064 Pure 20 years Rs.9444 Rs.13,327 Rs.20067 25 years Rs.12558 Rs.18809 Rs.27075 Protect :

Maximum age(years)

30

15

3.

PLACE

ICICI Prudential has one of the largest distribution networks amongst the private life insurers in India, having commenced operations in 1400 cities and towns in India. The main of them are as follows: Ahmedabad Bhopal ChandigaRH Coimbtore Gurgaon Goa Hydrabad Jaipur Jodhpur Karnal Kolkata Lucknow Madurai Meerut Nagpu New Delhi Patiala Rajkot Thane Vadodara Vashi Banglore Bhubnaeshwar Chennai Dehradun Guwhati Guntur Indore Jalandhar Kanpur Kochi Kottayam Ludhiana Mangalore Mumbai Nasik Noida Pune Surat Thrissur Vijaywada Vizag

The company has bancassurance partners having tie-ups with ICICI Bank and Proddatur Co-Op Town Bank Ltd.

4. PROMOTION
Various promotional activities are undertaken time by time by the Company to boost up their sales. Some of the promotional plans have already been taken up by the Company successfully plans that have already been broken up by the Company.

Over the last few months, ICICI Prudential has been advertising in outdoor, TV and press. The company launched a corporate television campaign Saat Phere which took the emotions and thoughts of initial Sindoor corporate film a few steps further. The film highlights the strength of promises that a husband makes to his wife, through the depiction of everyday situations, and then goes on to emphasise that ICICI Prudential will stand by the husband to help him to fulfill all these promises. The TV campaign has also been extended to outdoor. The company has also undertaken press and internet campaigns to inform customers about benefits of some of its products, particularly retirement solutions, through the Chintamani campaign. After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns, ICICI Prudential Life Insurance also introduced some innovations in the category, such as: having a tax planner by the name of Chintamani on radio, who would answer consumers queries about the role of insurance in financial planning. Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a direct marketing exercise, to talk to the customer through a noncluttered route, and thereby have a higher impact. The direct mailer was about ICICI Prudentials retirement solutions and the tax benefits that one

can avail of by investing in any of these. About 100,000 direct mailers were attached to the dabbas, in areas such as Churchgate, Bandra and Andheri where there are mostly office-goers In addition to advertising, the company has also initiated several activities to raise consumer awareness about life insurance and ICICI Prudential. It includes seminars ICICI Prudential regularly holds consumer awareness meets on the need for retirement planning in different cities such as Pune,

Aurangabad, Coimbatore, Nagpur, Bangalore and Mangalore. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Apart from this, it also entered into alliances with telecom companies, as well as companies like BPCL and Dominos. Some of the promotional strategies or variables are as follows:

Advertising: it not life.

promotes

its

products

through

Television,

radio,

movies, and theatres. Some of adds are: Jeetey Raho, Retire from work

Print media: it also promots its products by giving adds in hoardings, newspaper, magazines. Publicity: It make popular its products by conducting many road shows, campus visits, sandwich man, Sponsorship. Sales promotion: It provides various gifts, discount and commission, incentives, etc. to its customers to popularize its products among the people and also to its employees to boost up their morale and to increase their efforts to increase the sales.

Personal selling: It does Cross-sale (selling at competitors place), personalized service to influence customers. Telemarketing: It also has one source Call center (mind space) who listen the problems of their customers and satisfy them by providing appropriate solution to their problems.

5.People
People are the main assets in any organization. They are very precious in the service sector. Therefore, ICICI Prudential Life has good number of talented people in their organization. The people strategy of ICICI Prudential is To build a committed team with a culture of innovation, learning and growth. The Human Resource Function at ICICI Prudential drives the people

strategy of the business. With its initial focus on operational excellence to deliver benefits and services to staff members, HR is now committed to building capability through state of the art processes. A robust performance management system, compensation system and a segmented training architecture enable it to deliver value to the organization. The company provides an enabling environment to foster growth and learning for their employees. Every member of the ICICI Prudential team is committed to 5 core values: Integrity Customer First Boundaryles Ownership Passion

These values shine forth in all we do, and have become the keystones of our success. As these people are the key components for the insurance sector, so ICICI Prudential also provides very good and ample opportunities to these sales people. These programmes are as follows:

Pinnacle Programmes for Sales Staff

For Advisors: An advisor can become a unit manager within six months by giving 30 policies of at least premium of Rs. 3 Lacs.

To become a unit manager a person must be graduate and have to clear the test and the interview which can be taken by senior officials of the Company. Unit mangers get a package of Rs. 1.80 Lacs per annum approx.

Unit Manager

Advisor

For Unit Managers: A unit Manager can become the Agency Manager within six months by giving minimum 100 policies of minimum 25 lacs premium. For becoming agency manager a person must have a post graduation degree, after qualifying this criteria he / she must have computer knowledge and has to clear the interview also which is held by the senior personnel in Company. The Agency manager receives package of Rs. 2.75 Lacs per annum. Agency Manager

Unit Manager

So in this way the Company has adopted following criteria for promotion of their employees:

Advisors

Unit Manager

Agency Manager

Assistant Sales Manager

Sales Manager

Branch Sales Manager

Zonal Sales Manager

Grand Slam Contest for Operational Staff: This contest is for Underwriters. After scrutinizing these policies, on the basis of their performance the underwriters get promotion according to the criteria adopted by the Company.

Comparison of ICICI Prudential and HDFC Insurance

Indias top two private-sector banks -ICICI Bank and HDFC Bank has been trading at a discount to the latter for several years; despite being the larger bank (ICICI Bank is three times as large as HDFC Bank by balance sheet).Thats because investors award higher marks to HDFC Bank for consistently delivering a strong and, more importantly, high-quality performance. In addition, despite being larger, ICICI Bank, in the past, has posted lower net interest margins and higher non-performing assets. Of late, the credit crisis has dealt a blow to ICICI Banks operations. While advances thanks to a higher proportion of retail and unsecured loans - shrank by 3 percent, 2 per cent in FY09, gross non-performing assets also climbed to an alarming 4.5 per cent of advances.Net profit growth has also been either flat or negative in the past four quarters; on the other hand, HDFC Bank has grown by more than 30 percent in the same period. Not surprisingly, ICICI Banks stock price has also been less stable than HDFC Banks, trading at a price-to-book value of 1.5 times for FY09. HDFC Banks stock trades at around 3 times to its FY09 book value. While HDFC will continue to command a premium for the quality of its earnings and consistent performance, the valuation gap between the two banks could narrow a wee bit just for a short while if some positive triggers materialize for ICICI Bank. Currently the value of ICICI Banks insurance business at around Rs. 100 per share, equivalent to 19 per cent to its fair value. The bank currently holds a 74 per cent stake in its insurance joint venture with Prudential UK. It has said that it might look at a listing or a higher foreign partner stake if investment limits are raised.

S. W.O.T. Analysis of ICICI Prudential Life Insurance

 Strengths:
ICICI Prudential Life insurance is one of the largest Financial Institutions of India. Money Power, which makes them ignorant in the gestation period. Motivation factors provided by the Company. Service quality, which is the crux of their mission. Highest paid up capital deposited in IRDA in comparison to other players. Training provided to all other peoples associated with ICICI Prudential. Dedicated Employees. Well efficient management and Technology

Weaknesses:
Highest targets for financial advisors and for sales Many competitors in the market offers same department. products by title different in premium and offerings. Very huge premiums of policies. Problematic to advisors also. Lack of awareness among people about insurance. Lack of good services. Less coverage in rural areas.

Opportunities:
Tie ups with more corporate agents in all over India. And tie up with brokers (agents) also.

Strong Brand of the Company helps to Attract more people of providing

boost sales in the market. customer centric products. Increasing per capita income.

different distribution networks. players. IRDA. the market.

Threats:
Players like HDFC and Bajaj Allianz with low premium for similar plans. People are not familiar with Threat from existing

Threat from new entrants. Changes in the policies of Cut throat competition in

DATA ANALYSIS AND INTERPRETATION

Keeping in mind the objectives of the study, the surveys were being done and following interpretation being drawn. 1. According to you Life Insurance is _____________________ Objective: - to know what people think about life Insurance and they treat it whether as a tax saving technique or a saving scheme with good return or risk covering? Awareness of the consumer Life Insurance Tax Saving 14 A saving Scheme 13 Risk coverage 20 Others 3

CONAUMER AWARENESS RGARDING LIFE INSURANCE

Tax Saving 6% 28% Saving Schem e Risk coverage 26% Others

40%

Interpretation

The evident from above show that out of 50, only 20 people treat it as a risk coverage which is very low rate.

2. What do you know about Privatization in Life Insurance sector? Objective: to know the awareness of Privatization in insurance sector, this question is asked. As there are a no of private insurance companies, which provide a variety of products and services as compared to nationalized insurance companies. Awareness of Privatization in insurance sector Yes 40 No 10

CONAUMER AWARENESS RGARDING LIFE INSURANCE

20% Yes No 80%

Interpretation
The evident from above finding showed out that out of 50 respondents, 40 respondents are aware of the private companies present in the insurance sector and rest of the respondents i.e., 10 is not aware of private insurance companies.

3. Have

you

heard

about

Private

insurance

Company

ICICI

Prudential Life Insurance? Objective: - To know about the awareness of customer regarding ICICI Pru Life Insurance. Awareness of the consumer regarding ICICI Pru Life Insurance Yes 37 No 13

CONAUMER AWARENESS RGARDING ICICI PRU LIFE INSURANCE

26% Yes No 74%

Interpretation
The above figure depicts that out of 50 respondents, 37 respondents are aware of ICICI Prudential Life Insurance and rests of the respondents i.e., 13 are not aware of ICICI Prudential Life Insurance.

4. From where did you come to know about ICICI Prudential Life Insurance? Objective: - To know about the media, which helps in promotion of ICICI Pru Life Insurance. As we know that in the present era media plays an important role in the promotion of Companies. Role of Media in the Promotion of ICICI Pru Life Insurance Publicity Print Media Agents Others 10 10 27 03

ROLE OF MEDIA IN PROMOTION OF ICICI PRU LIFE INSURANCE

6% 36% 20%
Electronic Media Print Media Agents Others

38%

Interpretation
According to above data Electronic Media plays a vital role in the promotion of ICICI Pru Life Insurance. As 19 respondents are aware through Electronic Media. 18 through Agents, 10 through Print Media and 3 through Others like friends and relatives.

5. Do you think the services provided by the Private Sector Companies will be better than Public Sector Companies? Objective: - To know about the thinking of awareness of the people regarding that whether the think that services provided by the private sector companies are better then public sector companies. As most of the people think that private sector companies provide better services. Comparison of Services provided are better by Private Sector than Public Sector Yes 32 No 18

COMPARISON OF SERVICES PROVIDED

26%

74%

Yes

No

Interpretation
the above figure shows that out of total 50 respondents, 32 respondents believe that services provided by the private sector companies are better as compared to public sector companies. Only 18 respondents believe that public sector companies provide better services.

6. Do you have any Insurance Policy? Objective: - To know the number of persons who presently have life insurance policy. As most of the persons are very much concerned about their family and life to cover the risk by an insurance policy. No. of persons having Insurance Policy Yes 34 No 16

NO. OF PRSONS HAVING LIFE INSURANCE POLICY

32%

68%

Yes

No

Interpretation
The above evident shows that as most as 34 of the total respondents have insurance policy to cover the risk of life & tax. This shows that most pople are interested in buying insurance policy.

7. With which Company do you have Insurance Policy?

Objective: - To know no. of customers dealing with different insurance companies. As there is a no. of companies providing different products. No. of customers dealing with different insurance companies ICICI Pru LIC HDFC Std. Life Others 14 27 06 03

NO. OF CUSTOMERS DEALING WITH DIFFERENT INSURANCE COMPANIES

12%

6%

28%

54%
ICICI Pru LIC HDFC Life Others

Interpretation
The evident shows that out of total respondents 27 are dealing with LIC, which is a public sector company, 14 respondents are dealing with ICICI Pru life and 06 with HDFC Life respectively, 3 respondents are dealing with other insurance companies such as SBI, TATA AIG, Bajaj Allianz.

8. What according to you are the motives of buying a Life Insurance Policy?

Objective: - To know the motive of buying insurance policy. There is always a reason to buy life insurance policy as it protects the insurr from different aspects even after death. Motive of buying Insurance Policy Tax Saving Life Cover Liquidity Secure Investment 22 10 06 12

MOTIVE OF BUYING INSURANCE POLICY

24% 44% 12% 20%

Tax Saving Life Covr Liquidity Secure Investment

Interpretation
As above figure showed that most of the respondents buy insurance policy for the purpose of saving tax. 22 respondents are in favor of this, 12 respondents gave preference to secure investment, 10 & 6 to life cover and liquidity respectively.

9. Do you have any plan to buy Insurance policy in future? Objective: - To know the customer preference to buy insurance policy in near future.

Preference to buy insurance policy in future Yes No 34 16

PREFERENCE TO BUY INSURANC POLICY IN FUTURE

32%

68%

Yes

No

Interpretation
As the above figure depicts that mostly respondents are interested to buy insurance policy in the future. 34 out of total respondents are in favor of this and rest16 dont want any insurance.

10.

If you have any plan to buy an Insurance Policy, which

policy would you prefer? Objective: - To know the customer preference regarding various insurance plans provided by insurance companies. Preference regarding various insurance plans

Saving Plan Protection Plan Children Plan Pension Plan

13 09 18 10

PREFERENCE REGARDING VARIOUS PLANS

20%

26%

36%
Saving Plan Protection Plan Children Plan

18%
Pension Plan

Interpretation
As the above figure depicts that as most as 18 of the total respondents prefer to invest in children plan, 13 prefer to have saving plan, 10 prefer pension plan and rest 9 prefer to protection plan.

11.

If you are not taking any insurance policy, please tell us

the reasons why? Objective: - To know the reasons not to buy any insurance policy by respondents.

Reasons for not buying an insurance policy

We could not afford We dont see any benefit with the system We dont want insurance We dont understand how system work

06 14

10 20

REASONS NOT TO BUY INSURANCE POLICY

12% 40% 28% 20%

Not Afford No benefit Don't Want Not Understand

Interpretation
As evident shows that as most as 20 of the total respondents dont understand the working of the insurance system and nearly 14 of the respondents dont see any benefit with the system, 10 & 6 of the respondents dont want insurance and couldnt afford insurance respectively.

12.

Are you aware of the benefits in your Insurance Policy, if

you have any? Objective: - To know the information about the benefits they have from their insurance policy tat they have. Benefits from their own policy that they have Yes No 30 20

INFORMATION OF BENEFITS THEY HAVE FROM THEIR POLICY

40% 60%

Yes

No

Interpretation
As the diagram depicts that put of total respondent 30 respondents have the knowledge of the benefits they have from their insurance policy and 20 dont have the complete knowledge.

FINDINGS
Age has negligible while the occupation has an impact on buying of a Life insurance policy. LIC has now becomes a generic now. People believe in LIC only and therefore, everybody wants to go in fo a policy with LIC. It will take a lot of time, to private Companies to win confidence of the people.

As far as future decision making about the policy is concerned most of

the people would go in for Saving Plan.

It is the service class, which has maximum number of LIC and Private
sector policies. As far as future decision making is concerned most of the service class prefer to Protection Plan.

 Since, LIC is the oldest player in the Insurance market, so people are more aware of it as compared to new players. This is clearly comes out that the survey conducted that most of the people comes to know about ICICI Prudential Life Insurance Company through print media.

It has clearly comes out that most of the people like to go in for a
policy, which gives them tax benefits, that is why most of the people prefer Pension Plans. The survey also reveals that people have strong faith in the services and capabilities of the private sector.

It has hardly comes out that most of the businessman have surplus
money at their disposal, so they prefer to go in for Investment Plan. ICICI Prudential is the largest player in the insurance industry. There are few short term plans that are not known to the people.

Recommendations
To introduce innovative products offerings a right mix of

flexibility/risk/eturn dpending, this will suit the requirements of the customers and should target specific niches, which are poorly served or not served at all. Open some more branches in Rural Areas. People have a high priority to securities of their investments,

therefore the promotion schemes should concentrate on educating the customer that private sector players have a strong financial backing like that of LIC.

Number of formalities should be reduced, as customer feels

irritated with lots of formalities.

Most of the people are interested on Sum Assured and Additional

benefits and some people are interested in minimum premium, hence company has to formulate those policies which are mostly preferred by customers and prospects.

Rural people are not interested and they are not understanding

about life insurance. So, if the company concentrates on rural area and to make awareness of them, then they can assure their life of benefit.

Company should make their products flexible for the convenience

of their customer and the companies should now try to identify the gap between current level of customer service and customer expectations.

It should lay more stress on advertisements, both in print as well

as in other media. The Company should deal with rural areas and with cities not

having authorized Pin code.

CONCLUSION
ICICI Prudential is one of the largest Life Insurance Company in the world with the Insurance and Investment funds exceeding Rs. 4,780 Crore. ICICI Prudential is the challenge against the other insurance Companies in the 21 st centaury with the emerging hopes and aspirations for humankind a vision of a new, just, equitable and fair global order governed by a time tested value system bsed on a noble human passion love, compassion, tolerance and mutual understanding. Globalization has opened new frontiers of technology, knowledge, communication and information. ICICI Prudential is a gift of globalization for

the maintenance and development of these frontiers throws before us a daunting challenge i.e., the utilization of all the facilities to create a brave nw world in which a qualitative and a clear change between yesterdays and tomorrows can be easily perceived. I have done a detailed analysis regarding the comparative study of ICICI Prudential with HDFC and LIC as well as other private Companies and concluded the most of people preferred to deal with nationalized insurance companies. About the Awareness regarding the products offered by ICICI Prudential, I conclude that most oft the people are aware but they still need more publicity among the citizens of the city. ICICI Prudential has set all the strategies and mission after proper vision and is achieving the targets by working in co-operative and co-coordinated manner and giving the people full services and facilities and making work easy. So, I would like to conclude by saying that ICICI Prudential is a wonderful gift given to the mankind in the new era for the people development and maintenance of the world as well as India.

BIBLIOGRAPHY
BOOKS
Kothari C.R., Research Methodology Vishwa Prakashan: Research & Techniques

Naresh K. Malhotra:Marketing Research

C. N. Sontakki: Marketing Management S.C. Goyal : Banking & Insurance

BROCHERS AND PAMPHLETS

 Product Module of ICICI Prudential Life Insurance Plans of ICICI Prudential Brochures of HDFC

WEBSITES
www.iciciprulife.com www.hdfclifeinsurance.com www.google.com www.isurancedeal.com

QUESTIONNAIRE
Dear Sir / Madam I am a student of Panjab University, Chandigarh doing a project A study of Marketing Mix of ICICI Pru Life Insurance Company. Please request you to fill this questionnaire & I assure you that this information will be used for study purpose only and will be kept confidential. Name: ____________________________________

Address: ______________________________________

______________________________________ ______________________________________ Phone No. ______________________________________

Sex: Age:

(a) Male (a) Below 18 (c) 35 50

(b) Female (b) 18 35 (d) Above 50 (b) Graduate (d) Others

Education: (a) Under Graduate (c) Post Graduate

Occupation: (a) Business (c) Professional Income: (a) Less than Rs. 50,000 (b) Rs. 50,000 to Rs. 1,50,000 (c) Rs. 1,50,000 to Rs. 3,00,000 (d) Rs. 3,00,000 & above

(b) Job holder (d) Others

Your Family size:

(a) Blow 5 members (b) 5 10 members (c) Above10 members

1. _______________

According to you, Life Insurance is

a.
b.

Tax saving plan A saving scheme with good return

c. Risk converge d. Others

2. Life Insurance Sector? (a) Yes

What do you know about Privatization in

(b) No

3.

Have you heard about Private insurance

Company ICICI Prudential Life Insurance? (a) Yes (b) No

4.

From where did you come to know

about ICICI Prudential Life Insurance? (a) Electronic Media (c) Agents (b) Print Media (d) Others

5.

Do you think the services provided by

the Private Sector Companies will be better than Public Sector Companies? (a) Yes (b) No

If yes, Remarks_______________________________________________ _______________________________________________ If No, Then Why ________________________________________________ ________________________________________________

6. (a) Yes 7. Insurance Policy?

Do you have any Insurance Policy? (b) No With which Company do you have

_______________________________________________________

8. of buying a Life Insurance Policy?

What according to you are the motives

(a) Tax Saving (c) Liquidity 9. policy in future? (a) Yes

(b) Life Cover (d) All these Do you have any plan to buy Insurance

(b) No

10.

If you have any plan to buy an

Insurance Policy, which policy would you prefer? (a) Saving Plan (c) Pension Plan (b) Protection Plan (d) Children Plan

11.

If you are not taking any insurance

policy, please tell us the reasons why?

(a) We could not afford (b) We dont see any benefit with the system (c) We dont want insurance

(d) We dont understand how system works? 12. Insurance Policy, if you have any? (a) Yes If Yes, what are they? (a) Sum assured (b)Additional benefit (c) Maturity date (d) Risk coverage (e) Any other 13. Life insurance? _______________________________________________________ Any suggestions for ICICI Prudential (b) No Are you aware of the benefits in your

Thank you for sparing your valuable time. Signature: Date:

ACKNOWLEDGEMENT As the professional courses not only require the theoretical knowledge but also require practical knowledge. That is why

universities started conducting training or projects for the students so that they get ample view of practical knowledge. The research work embodied in the project has been carried out under the guidance and supervision of Mrs. RANI SHARMA, Lecturer in HIMT, Hoshiarpur. I express my deep sense of gratitude to Mrs. RANI SHARMA, for her invaluable guidance, which helped me a lot in improving progressively the quality of this project. Its my privilege to express my profound indebtness to ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. I would also like to thank the employees of ICICI Prudential, Hoshiarpur, for sparing their valuable time in provide me knowledge about the products and facilities offered by it. Finally, I would like to thank to my family members & all those, who are instrumental in making this work possible. ANITA RATTI