awarenefss of icici life insurance
TRANSCRIPT
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I wish to express my deep sense of gratitude to Mr.Ravi SankarTrivadi. (Unit Manager) ICICI Prudential, New Delhi, for hisvaluable guidance, adviser and suggestion, during the course ofthis study.
Positive thinking, hopeful attitude and optimistic outlook areindispensable qualities that are developed by an instructor in hisstudent. He enables them to face the problem in different waysfor success.
I feel great pleasure to express my cordial thanks to Mr. NitinBawari. (Assistance sale Manager) for his expert guidance and
encouragement for my project work.And finally but immensely I express all my gratitude to myparents and faculties who inspired me all the time with their loveand support, also my friends who always help me in the course ofstudy.
(Amit Chandra prabhakar)
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I hereby declare that the project report prepared and submitted by
me is the original work, the report is based on the data collected
by me during the training tenure.
Duringmy training I worked under
the able guidance of Mr.Ravi Sankar Trivadi. (Unit Manager)
ICICI PRUDENTIAL LIFE INSURANCE COMPANY, NEW
DELHI.
(AMIT CHANDRA PRABHAKAR)
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Marketing is so basic that it cant be considered a separate
function. It is the whole business seen from the point of view
of its final results , that is from the customers point of
view.Business is not determined by the producer but by the
customer
Peter Ducker
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EXECUTIVE SUMMARY
Today is the age of science & technology. it is the age where paper tiger
is about to move out from the stationary abode & is ready to an
extraordinary phase in one of the historys most defining moments that is
moving towards 21st century.
So Indian consumer market has taken a new dimension. Number of
MNCs and Tran globes with new technology and ideas coming to market
resulting the Indian consumer market thronged with uncountable
consumer products.
The study under the name of ICICI PRUDENTIAL - making benchmark
in private insurance sector aims towards exposure to the industry.
Purpose of the study is to observe the real market scenario under the
guidance of executive of the organization for mutual benefit of the trainee
as well as the organization.
I observed life insurance market of the country and Delhi in particular
during the tenure, I studied the various dimension, methodologies &
philosophy adapted by the company in the highly competitive insurance
segments.
I hope my findings, if found suitable will be implemented for the region.
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TITLE OF STUDY :- Awareness of Life Insurance
PLACE OF STUDY :- New Delhi
TIME OF FIELD WORK :- 9:30 A.M. TO 3:00 P.M.
4:00 P.M. TO 6:00 P.M.
(Filing Of Records)
SAMPLE UNIT :- 300
SAMPLE SIZE :- 300 (DELHI)
SAMPLE PROCEDURE :- Random Sampling
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OVERVIEW OF THE MARKET
India with about 200 million middle class household, present as a huge
untapped potential for player in the insurance industry, saturation of
markets in many developed economies has made the Indian market even
more attractive for global insurance majors. D Data reflects the low
percentage and per capita penetration of insurance in India compared to
other developed and developing country too.
With the per capita income in India expected to grow at over 6% for the
next 10 years and with improvement in awareness levels, the demand for
insurance is expected to grow at an attractive rate in India. An
independent consulting company, The Monitor Group has estimated that
the life insurance and market will grow from Rs.218 billion in 1998 to Rs.
1003 billion by 2008(a compound annual growth of 16.5% )
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Insurance in India
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a labialized market
again, tracing the developments in the Indian insurance sector reveals the
360 degree turn witnessed over a period of almost two country.
A Brief History of The Insurance Sector
The business of life insurance in India in its existing from started in India
in the year 1818 with the establishment of the ORIENTAL LIFE
INSURANCE COMPANY in KOLKATA.
Some of the important miles stones in the life insurance business in India
are:-
1912: The Indian life assurance companies act enacted as the first statute
the regular the life insurance business.
1928: The Indian insurance companies act enacted to enable thegovernment to collect statistical information about both life & non-
life insurance businesses.
1938: Earlier legislation consolidated and amended to by the insurance
act with objective of protecting the interest of the insuring public.
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1956:245 Indian and foreign insurers and provident societies taken over
by the central government and nationalized. LIC formed by an Act
of parliament, viz. LIC Act, 1956, with a capital contribution of
Rs. 5 crore from the Government of India.
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. Some to 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 (Nationalization) Act, 1972 Nationalized the
General insurance business in India with effect from 1st
January
1973.
107 insurers amalgamated and grouped into four companies viz.
the National Insurance Company Ltd., the New India Assurance
company Ltd.,
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The Oriental Insurance Company Ltd. and the United India
Insurance Company Ltd. GIC incorporated as a company.
Insurance Sector Reforms:-
In 1993 Malhotra committee, headed by former finance secretary and RBI
Governor R.N.Malhotra, was formed to evaluate the Indian insuranceindustry and recommend its future direction.
The Malhotra committee was set up with the objective of complementing
the reforms initiated in the financial sector.
The reforms were aimed at creating a more efficient and competitive
financial system suitable for the requirements of the economy keeping in
mind the structural changes currently underway and recognizing that
insurance is an important part of the overall financial system where it was
necessary to address the need for similar reforms
In 1994, the committee submitted the report and some of the key
recommendations included:
i) Structure
Government stake in the insurance companies to be brought
down to 50%.
Government should take over the holding of GIC and its
subsidiaries so that these subsidiaries can act as independent
corporations.
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All the insurance companies should be given greater freedom to
operate.
ii) Competition
Private companies with a minimum paid up capital of Rs. 1bn
should be allowed to enter the industry.
No company should deal in both life and general insurance
though a single entity.
Foreign companies may be allowed to enter the industry in
collaboration with the domestic companies.
Postal Life Insurance should be allowed to operate in the rural
market.
Only one State Level Life Insurance Company should be allowedto operate in each state.
iii) Regulatory Body
The Insurance Act should be changed.
An Insurance Regulatory body should be set up.
Controller of Insurance (Currently a part from the FinanceMinistry) should be made independent.
iv) Investments
Mandatory Investments of LIC Life Fund in government
securities to be reduced from 75% to 50%.
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GIC and its subsidiaries are not to hold more than 5% in any
company (There current holdings to be brought down to this level
over a period of time)
V) Customer Service
LIC should pay interest on delays in payments beyond 30 days.
Insurance companies must be encouraged to set up unit linked
pension plans.
Computerization of operations and updating of technology to be
carried out in the insurance industry The committee emphasized
that in order to improve the customer services and increase the
coverage of the insurance industry should be opened up to
competition. But at the same time, the committee felt the need to
exercise caution as any failure on the part of new players could
run the public confidence in the industry. Hence, it was decided
to allow competition in a limited way by stipulating the minimum
capital requirement of Rs. 100 corers. The committee felt the
need to provide greater autonomy to insurance companies in
order to improve their performance and enable them to act as
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independent companies with economic motives. For this purpose,
it had proposed setting up independent regulatory body.
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The Insurance Regulatory and Development Authority
Reforms in the Insurance sector were initiated with the passage of the
IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously stuck to
its schedule of framing regulations and registering the private sector
insurance companies.
The other decisions taken simultaneously to provide the supporting
systems to the insurance sector and in insurance sector and in particular
the life insurance companies were the launch of the IRDAs online service
for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce ofinsurance agents in place to sell their products, which are expected to be
introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.
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THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank, a premier financial powerhouse and prudential plc,a leading
international financial service group headquartered in the UnitedKingdom. ICICI Prudential was amongst the first private sector insurance
companies to being operation in December 2000 after receiving approval
from Insurance Regulatory Development Authority (IRDA).
ICICI Prudentials equity base stands at Rs.675 core with ICICI Bank and
prudential plc holding 74% and 26% stake respectively. In the year ended
march 31,2004 the company had issued over 4,30,000 policies, for a total
sum assured the company is the #1 private life insurer in the country .
ICICI BANK
(NYSE:IBM) is Indias second largest bank with an assets base of Rs.
106812 crore. ICICI bank provides a broad spectrum of financial serviceto individuals and companies. This includes mortgages, car and personal
loans, credit and debit cards, corporate and agricultural finance.
The bank services a growing customer base of more than 7 million
customer accounts and 5 million bondholders accounts through a multi-
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channel access network. This includes about 450 branches and extension
counters, 1675 ATMs, call centers and internet banking.
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ICICI bank posted a net profit of Rs.1206 crore for the year ended March
31, 2003. ICICI Bank is the only Indian company to be rated above the
country rating by the international rating agency Moodys and the only
Indian company to be awarded an investment grade international rating.The banks enjoy the highest AAA (or equivalent) rating from all leading
Indian rating agencies.
PRUDENTIAL plc
Established in 1848, prudential plc is a leading international financing
services company in the UK, with around US $250 billion fund under
management, and more than 16 million customers worldwide. Prudential
has brought to market an integrated range of financial service products
that now includes life assurance, pensions, mutual funds, banking,
investment management and general insurance. In Asia, prudential isUKs largest life insurance company with a vast network of 22 life and
mutual fund operation in 12 countries- China, Hongkong, India,
Indonesia, Japan, korea, Malaysia, Philippines, Singapore, Tiwan,
Thiland and Vetnam.
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OUR VISION:
To make ICICI Prudential the dominant life and pension 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
policyholder.
Providing an enabling environment to faster growth and learning
for ouremployees.
And above all, building transparency in all our dealings.
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The success of the company will be founded in its unflinching
commitment to 5 crore values --- Integrity, Customer first, Boundary
less, Ownership, and Passion. Each of the values describes what the
company stands for, the qualities of our people and the way we work.
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We do believe that we are on the threshold of an exciting newopportunity, where we can play a significant role in redefining and
reshaping the sector. Given the quality of our parentage and the
commitment of our team, there are no limits to our growth.
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ICICI PRUDENTIAL LIFE INSURANCE COMPANY
L.I.C
HDFC LIFE INSURANCE
BIRLA SUNLIFE
MAX NEW YORK LIFE
DABAR AVIVA
TATA AIG
ING VYSYA
ALLIANZ BAJAJ
AMP SANMAR ASSURANCE COMPANY
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ACE INSURANCE
SBI LIFE
OM KOTAK
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Nothing in this world is as powerful as an idea whose time has
come
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Victor Hugo
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CHIEF EXECUTIVE OFFICER
INDIA HEAD
ZONAL / INDIA HEAD
ZONAL MANAGER
BRANCH SALES MANAGER
TERRITORY MANAGER
SALES MANAGER
ASSISTANT SALES MANAGER
UNIT MANAGER
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ADVISOR FRONT LINE
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Board Of Directors:
The ICICI prudential life insurance company limited Board comprises
reputed people from the finance industry both from India and abroad.
Mr. K.V.Kamath, Chairman.
Mr. Mark NERCO.
Mrs. Lalita D. Gupta.
Mrs. Kalpna Morparia
Mrs. Chanda Kochhar.
Mr. Kevin Holmgren.
Mr. M.P.Modi.
Ms. Shikha Sharma, Managing Director.
Management Team
Ms. Shikha Sharma, Managing Director.
Mr.Sandeep Batra, Chief Financial Officer & Company Secretary.Mr. Shubhro J. Mitra, Chief Human Resources.
Mr. Puneet Nanda, Head Investments.
Ms. Anita Pai, chief Operation & Underwriting.
Mr. V.Rajagopalan, Appointed Actuary.
Mr.Shridhar Sethuram, chief-Sales & Marketing.
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Mr. Anil Tikoo, Head Information Technology.
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COMPANY PROFILE
ICICI Prudential life insurance is a joint venture between ICICI, the
leading financial services provider in India, and PRUDENTIAL plc of
U.K one of the finest life insurance companies in the world.
ICICI Prudential was established in December 2000 with a commitment
to expend & shape the life insurance industry in India.
It provides an extensive range of life insurance products that offer
comprehensive protection at every stage in life.
ICICI Bank is one of the largest financial institutions in India. It has boardspectrum of financial solution for corporate and retail customers. It has
assets of more than Rs.1 Lakh crores and is the first Indian company to be
listed on New York Stock Exchange.
PRUDINTIALA plc of U.K, started operations in 1848, and is now one of
the largest life insurance companies in the world, presence in U.K,
EUROPE, & U.S and throughout Asia. IT has a solid reputation built over
151 years. It has 75 years experience in Asia. Prudential has over 45000
Staff agent, over 1 million customers in 12 countries throughout Asia. So
that it is a truly global brand.
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ICICI Prudential offers a complete and diversified portfolio of product.
In Asia prudential has a vast network of 22 life and mutual fund
operations.
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It also received the best product innovation award for KID-e-Bank
account from the Asian banker in 2001. Its equity shares are listed on allprestigious stock exchanges at Chennai, Delhi, Kolkata, Vadodra,
Mumbai, NSE and NYSE.
ICICI PRUDENTIAL is Indias No.1 private life insurance company.
The company was amongst the first private sector Insurance Company to
begin operations after receiving approval from Insurance Regulatory
Development Authority (IRDA) and in the time since has taken several
steps towards realizing its goal.
ICICI Prudential Life is well ahead of its competitors. Though state
owned Life Insurance Corporation still enjoy market share of 92 percent,
amongst the new private players, ICICI Prudential Life with 37.1 percentshare (as per IRDA data for year 02-03) is the clear leader.
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(ICICI PRUDENTIAL LIFE INSURANCE)
ICICI PRUDENTIAL LIFE INSURANCE Company Ltd. is offeringvarious products in the Insurance segment for all the age groups takinginto consideration their varied needs and purposes. Prominent products ofthe company are as follows:
ICICI Pru Lifetime ICICI Pru Life Link
ICICI Pru Cash Bak
ICICI Pru Smart Kid
ICICI Pru Assure Invest
ICICI Pru Re Assure
ICICI Pru Forever Life
ICICI Pru Lifetime Pension
ICICI Pru Life Link Pension
ICICI Pru Save n Protect
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ICICI Pru Life Guard
ICICI Pru Cash Plus
ICICI Pru Secure Plus
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ABOUT THE PRODUCTS
ICICI Pru Life Time
It is the policy accommodating lifes changing investments and protection
needs. The plan gives flexibility, protection needs and control. It can
vary and cover in a lifetime financial solution for complete peace of
mind.
ICICI Pur Life Link
This is an ideal market-linked single premium insurance plan that enables
and enjoys the upside of market returns, while protecting family from the
downsides.
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The gives the flexibility of choosing investment options. A unique plan
that combines the security of a life insurance policy with the opportunity
of enjoying high returns on investments without the market risk
compromising the protection of family.
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ICICI Pru Cash Bak
An ideal plan for every milestone in life. It combines life cover, liquidity
and savings. It offers the advantage of liquidity by providing survival
benefits after every three or four years. It is a fixed term policy of 15 to 20
years, in which premiums are paid throughout the term of the policy. Cash
Bak is single plan that combines protection, savings and liquidity.
ICICI Pru Smart Kid
Smart Kid is designed to provide the flexibility in accordance to the
needs. It has the security of assured plan depending on the benefit
structure chosen.
As responsible parents always want the best for child all through the
formative years of life. One key concern undoubtedly is to cake sure that
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the child is capable of handling the varied challenges that crop up in
everyday life and emerge from all of them as a winner.
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ICICI Pru Assure Invest
This is and ideal plan for a one off investment with healthy returns and
the added benefit of insurance Protection. It is a good way to use
that windfall or a hefty bonus. This policy gives fixed benefits. The
policy has a fixed term of seven to ten years.
ICICI Pru Re Assure
This is a sage and comprehensive plan meant for those who are about to
retire or have retired. It combines the best of insurance and investment. It
offers liquidity with assured and steady annual returns. Re Assure offers
complete safety of principal paid.
ICICI Pru Forever Life
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This is an ideal plan for people around 30 years of age. It offers retirement
benefits and takes care of present protection needs. The benefits include
Postponement of Retirement age and flexibility to choose from four
annuity options and four modes of pension payments. It is the solution
that gives the power of maintaining lifestyle needs all through the life.
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ICICI Pru Life Time Pension
This is a regular premium market linked pension plan. Part of the
investment is used as premium for the chosen death benefit and the
balance is invested in the
Plan of the choice to save for the retirement. On retirement the
accumulated value of investment is used to provide pension.
The plan gives the power to choose from three investment plans and three
annuity options.
ICICI Pru Life Link Pension
This is a single premium market linked pension plan, which gives the
freedom to choose the amount of premium and invest the money in
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market linked funds to generate potentially higher returns. A part of the
premium paid is used to pay for the death benefit (if any) opted or by you
and the rest would be invested in the plan of choice.
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ICICI pru Save n Protect
It is and ideal policy combining saving and life cover. It gives the
flexibility to choose between the add-on benefit for a nominal extra
premium to ensure that get comprehensive protection. It is a fixed term
policy that combines savings with life cover.
The plan is ideal for those who want to accumulate funds on a regular
basis while enjoying insurance protection.
ICICI Pru Life Guard
This is a policy that anyone can use to insure his or her life and provide
total security to that family at a very affordable price.
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This is an ideal, low cost policy that covers the family from lifes
uncertainties. It comes with a choice of two convenient premium payment
modes, one time and regular.
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DISTRIBUTION
ICICI prudential has one of the largest distribution networks amongst
private life insurance in India, having commenced operations in 58 cities
and towns in India. These are : Agra, Ahmedabad, Ajmer, Allahabad,
Amritsar, Aurangabad, Bangalore, Bhatinda, Bhopal, Bhubhaneshwar,
Calcutta, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur,
Gurgon, Hyderabad, Hubli, Indors, Jaipur, Jalandhar, jamnagar,
Jamshedpur, Jodhpur, Kanpur, Kraal, Kochi, Kolkata, Kota, Kolhapur,
Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai,
Nagpur, Nasik, Noida, New Delhi, Patiala, Prune, Raipur, Rajkot, Ranchi,
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Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vashli,
Vijayawada and Vizag.
The company has eleven bank assurance tie-ups, having agreements with
ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord
Krishna Bank, and Punjab & Maharashtra Co-operative Bank, Goa State
Co- operative Bank, Indoor Paraspar Sahakari Bank, Manipal State Co-
operative Bank, Shamro Vithal Co-operative Bank, Jalgaon Peoples Co-
operative Bank, as well as some corporate agents.
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It has also tied up with organizations like Dhan for distribution of Salaam
Zindagi, a policy socially and economically underprivileged sections of
society.
ICICI prudential has recruited and trained over 32,000 insurance advisors
to interface with and advice customers. Further, it leverages its state-of-
the-art IT infrastructure to provide superior quality of service tocustomers.
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S :- STRENGTH
W :- WEEKNESS
O :- OPPORTUNITY
T :- THREATS
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ICICI Prudential is the largest player in the insurance industry
(private sector) in India.
It is the largest Financial Institution in India.
ICICI Bank is the largest private sector bank in India.
Prudential is 154 year old company (founded in year 1848).
ICICI was the first company to be listed on NYSE.
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ICICI was the first company to pierce the sovereign rating given by
moody.
ICICI enjoy the highest AAA credit rating, which ensures highest
safety of money.
ICICI has been awarded the best presented Accounts award by ICAI
for the last three years.
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Some customer is not satisfied with the service of ICICI Pru.
Only 28 Branches over in India.
High period insurance duration.
High premium.
Low awareness of the ICICI Prudential in rural area.
ICICI Prudential policy targets only high income group.
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Huge opportunity in Insurance market.
ICICI Prudential first implemented ULIP Pension plan.
First company to launch on line premium payment.
Due to increase in literacy rate, literate people prefer ICICI Pru.
Better products as compare to other companies.
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ICICI Pru gives opportunity to other business to grow in market.
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Tough competition from LIC.
Tough competition from private companies like: - HDFC, Birla Sun
Life, etc.
Due to low premium rural market is with LIC.
Threat for ICICI Pru. Pension plan, 12 new pension companies are
entering into the market.
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Current ICICI Pru is the NO. One private player and the major
threats are to sustain the position.
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ICICI Prudential Joins Hands With Federal Bank For Premium
Payment
Kochi, June 16, 2004
Policyholders can pay through any of 327 branches.
ICICI Prudential Life Insurance, Indias leading private life insurer, has
tied up with Federal Bank, Keralas largest scheduled commercial bank,
to accept premium from any of its customer in Kerala. Through this
unique arrangement, ICICI Pru policyholders can walk into any of
Federal Banks 372 branches across the state and make a renewal
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premium payment through cash or the banks same branch cheques. The
arrangement will shortly be extended to include cheques of other banks as
well as demand drafts.
The facility is available to all policyholders and there will be no extra
charge levied for availing of this service. The premium payment process
is very simple. Policyholders just need to step into a Federal Bank branch
and complete pre-designed pay-in-slip, which is to be handed over along
with the cash or cheques.
It is our endeavor to continuously enhance the service and products thatwe offer our customers and this initiative is another step in that direction.
Federal Banks has widespread branches across kerala, and such a facility
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will greatly help our customers from across the state conveniently and
easily pay their premiums in a timely manner, said Shubha Mayya,
Regional head South & West, customer service & operations, ICICI
Prudential Life Insurance.
ICICI Prudential and Federal Bank entered into a highly successful bankassurance tie-up under the referral model in May 2002; through which
Federal Bank refer customers interested in buying life insurance to ICICI
Prudential Life Insurance. Recently, Federal Bank went a step further to
become the first bank corporate agent for ICICI Pru Life.
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ICICI Pru Tops Premium Income Chart
Business Standard: April 15, 2004
Mumbai: ICICI Prudential Life Insurance Company has topped the
premium income chart among private insurance players for the third year
in row. It logged a premium income of Rs. 989 crore in the financial year
2003-04.This reflects a 135 percent growth over last years (2002-03) income of
Rs.420 crore. New business income rose by 106 percent to Rs.751 crore
and despite a 15 percent lapse rate in policy renewals, the company
renewal premium increased by 325 percent to Rs. 238 crore.
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At present ICICI Prudential Life Insurance has around a 40 percent share
among the private insurance industry in retail sales. The total sum assured
since its inception has risen to Rs.16, 000 crore added in fiscal 2004.
ICICI Prudential Life chief executive officer and managing director
Shikha Sharma said that over 80 percent of the 4.36 lakh policies sold
were unit linked plans, with pension plans accounting for just 28 percent
of new businesses.
We intend to come out with more pension and annuity products in the
current fiscal (2004-05) as we find this as an undeveloped market, saidShikha Sharma.
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Not enough products exist in the market today as the industry continues to
await tax reforms. Today policyholders can get total tax exemption up to
Rs. 10,000 under section 10 CCC of the Income Tax Act.
As such, without tax reforms it is not conducive for customers to invest
more under pension plans. On the group side, ICICI Prudential has notbeen as active as it has been a late entrant.
We started targeting group insurance this year (2003-04) and have been
able to tap around 100 clients. The premium has been minuscule as the
sales cycle is long and varies between six-nine months to close a
truncation, said Shikha Sharma.
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Moreover, with the rate war rampant in group term, ICICI Prudential has
been choosy on the business it underwriters.
Group term is a commodity, and as business is purely rate-driven, this is
not our focus area, she added.
50
Best Life Insurance Award
Outlook Money :March 15, 2004
Winner: ICICI Prudential
In the short span since the insurance sector was opened up, ICICI
Prudential Life Insurance has literally directed the markets evolution.
Catering to all age and income segments, the company started out with
the traditional insurance policies that were easy to understand. The idea
was to entice customers used to LICs style of functioning.
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Soon, ICICI Prudential began exploring new areas. It introduced modern
products, like the market-linked product where returns are linked to the
market performance of the underlying assets.
ICICI Prudential leads in virtually all parameters: size of agent force,
number of policy sold, total sum assured, premium income and
productivity of agents. It has set exacting standards for its range of
products, riders offered, quality of information in promotional material
and even in the insurance awareness events organized.
What has been in favor of ICICI Prudential is its range of products ineach segment of life insurance-traditional, unit-linked and single-premium
options, be they for retirement plans or child plans. With such a
comprehensive bouquet, it caters to all financial goals of the customer.
51
ICICI Prudential also has a strong sales network and tie-ups with banks to
offer bank assurance products. Its supplementary marketing channels
contribute close to 30 percent of its premium income. The company is
now reaching out to new and untapped markets. ICICI Prudential works
closely with NGOs and micro-finance institutions to spread awarenessabout the concept of insurance in rural areas. This helps meet the social
obligation mandated by IRDA, but the company has gone a step ahead by
actively involving the villagers and working closely with them.
The gap between ICICI Prudential and the second in-line private insurer
is vast. In fact, this hiatus has led some analysts to wonder if the company
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isnt a trifle too aggressive. But others say this has more to do with the
companys customer-centric focus, its pan-India presence and superior
risk management and investment strategies. ICICI Prudential is not,
however, resting on its laurels. The company will continue to innovate
and set the standards.
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38
The technique of finding facts from the row data. We use sampletechnique for New Delhi areas.
SAMPLE: Sampling is simply the process of learning about populationon the basis of sample drawn from it. Under this method a small group ofthe universe is taken as the representative of the whole mass and the resultare drawn. It is a method to make social investigation practicable andeasy.
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A stastical sample is a miniature picture or cross-section of the entiregroup or aggregate from which the sample is taken. A sample is thereflection of the universe and bears all the characteristics of the universe.
I have taken, taken 300 sample from the Delhi population.
300 Delhi.
CLUSTER SAMPLING:
Under this method the total population is divided into some recognizable
sub-division which are termed as cluster and a simple random sample ofthese clusters is drawn and then the survey of each and every unit in theselected cluster is made.
Principle of cluster sampling:-
Cluster should be a sample as possible with the cost andlimitation of the survey.
The number of sampling units in each cluster should beapproximately same.
39
Detail of cluster sampling from the project (Delhi).
Age No of Sampling.
25-35 100
35-45 100
45-55 50
55-above 50
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Area of survey: DELHI
FACTS ABOUT DELHI
* Total population - 160.47 lakh.(As per the survey of 2003-2004)
# Male - 72, 77,422# Female - 60, 20,578
(As per the survey of 1999-2000)
* Sex Ratio - 1000:827(In the year 1991)
40
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53
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SURVEY FOR AWARENESS
OF LIFE INSURANCE
AMONG PEOPLE
(2004-05)
54
LIFE INSURANCE:-
According to the according U.S life Management Association Inc(LOMA) life insurance is define as Life insurance provide a sum ofmoney if the person who is insured dies whilst the policy is in effect.NEED OF LIFE INSURANCE:-
Today the need of life insurance has raised, every one ask for a lifeinsurance, some of the following points throw light on the need of theinsurance.
TEMPORARY NEED / THREATS:-
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The original purpose of life insurance remains an important element,namely providing for replacement of income on death.
REGULAR SAVING:-
Providing for ones family and oneself, as a medium to long termexercise. This has become more relevant in recent time as people seekFinancial independence from their family.
INVESTMENT:-
Put simply, the building up of saving while safeguarding it from theravages of inflation. Unlike regular saving products, investment productsare traditionally lump sum investment, where the individual makes a one
time payment.
RETIREMENT:-
Provisions for ones own later years become increasingly necessary,especially in a changing cultural and social environment. One can buy asuitable insurance policy, which will provide periodical payment in onesold age.
55
BENEFITS FROM LIFE INSURANCE
It is superior to traditional saving vehicles:-
As well as providing a secure vehicle to buildup savings, it providespeace of mind to the policyholder. In it event of untimely death, of say themain earner in the family, the policy will pay out the guaranteed sumassured, which is likely to be significantly more than the total premiums
paid with more traditional savings vehicles, such as fixed deposits, Theonly return would be the amount invested plus any interest accrued.
It encourages saving and forces thrift:-
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Once an insurance contract has been entered into, the insured has anobligation to continue paying premium, until the end of the term of the
policy, otherwise the policy will lapse. In other words, it becomes
compulsory for the insured to save regularly and spend wisely.
It provides easy settlement and protection against creditors:-
Once a person is appointed for receiving the benefits (assignment) of, aclaim under the life insurance contract can be settled easily.
It helps to achieve the purpose of the life assured:-
If someone receives a large sum of money, it is possible that they mayspend the money unwisely or in a speculative way. To overcome this, the
person taking the policy can instruct the insurer that the claim amount isgiven in installment. For example, if the total amount to receive by thedependent is Rs. 2, 00,000 say Rs. 50,000 can be taken out as a lump sumand the balance paid out in smaller installment, say Rs. 5,000 per month.
56
It can be enchased and facilitated borrowing:-
Some contract may allow policy can be surrendered for cash amount, if apolicyholder is not in position to pay the premium. A loan, against certainpolicies, can be taken for a temporary period to tie over the difficulty.Some lending institution will accept a life insurance policy as collateralfor a personal or commercial loan.
Tax Relief:-
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The policyholder obtains income tax rebates by the insurance premium.The specified forms of saving which enjoy a tax rebate, under section 88of the income tax act, include life insurance premiums and contribution toa recognized provident fund etc.
57
ROLE OF INSURANCE IN THE DEVELOPMENT OF THE
ECONOMY
Every rupee invested in life insurance contributes in three ways to thedevelopment of the economy:-
A. Firstly, it relieves those insuring from the worry and anxiety they mayhave about how they or their family would meet the cost of certain
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events, such as the marriage of the children, the premature death ofthe main income provider or maintaining a regular income in theirretirement. If an individual is free from these worries he can perform
better in his job, which helps the economy.
B. Secondly, it directs peoples savings. The insurers invest these fundsin various Business enterprises, government bonds, and loans to
public and private projects including infrastructure and sociallyorientated projects. Thus the insurance premium provides the muchneeded funds for the development of the nations economy.
C. Thirdly, these saving act as an Anti inflationary force in the nationsfinancial structure. Inflation happens when prices of goods go up.One of the causes is when a lot of buying takes place, due to thespending of a major portion of income by people.
58
Malhotra Report 1994
The government of India appointed a committee under the chairmanshipof late R.N.Malhotra, popularly known as the Malhotra committee forsuggesting reforms in the insurance sector. The committee submitted itsreport in January 1994 recommended that:
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i. Government stake in the insurance companies to be brought down to50%. All the insurance companies should be given grater freedom tooperate.
ii. Private companies with a minimum paid up capital of Rs. 1 billionshould be allowed to enter the industry. No companies should dealin both life and general insurance through a single entity. Foreigncompanies may be allowed to enter the industry in collaborationwith the domestic companies.
iii. The insurance act to change. The committee felt the need to providegrater autonomy to insurance companies in order to improve their
performance and enable them to act as independent companies witheconomic motives. For this purpose, it proposed setting up anindependent regulatory body.
Based on the above recommendation of the Malhotra committee theinsurance regulatory authority (IRD) was set up in January 1996. The
word development was added later and the IRDA bill was passed.
59
Insurance Regulatory & Development Authority Act 1999 (IRDA)
Role of IRDA: IRDA is a revolutionary piece of legislation. The IRDAwas established to regulate, promote & ensure orderly growth of the lifeand general insurance industry.The Authority consists of the following members:
1. A chairperson.2. Not more than five whole time members.
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3. Not more than fore part time members.
The members would be appointed by the central government. The tenureof the chairperson and members would be five years.
Function of IRDA:
1. To exercise all power and function of controller of insurance.2. Protection of the interest of the policyholders.3. To issue, renew, modify, withdraw or suspend certificate of
registration.
4. To specify requisite qualifications and training for insuranceintermediaries.
5. TO promote and regulate profession organizations connected withinsurance.
6. TO conduct inspection/ investigation etc.7. To prescribe method of insurance accounting.8. TO regulate investment of fund and margins of solvency.9. To adjudicate upon disputes.
10. To conduct inspection and audit of insurers, intermediaries andother organization concerned with insurance.
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62
CONTENTS OF SURVEY (DELHI)
Awareness in Different Age Groups.
Age Group No of Sampling.
25-35 100
35-45 100
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45-55 50
55-above 50
Purpose of Insurance.
Group No Of SampleBusinessmen - 100
Government empl. - 100
Private empl. - 100
Degree of Awareness in Different Gender of Society.
Male - 200
Female - 100
63
FINDING OF AGE GROUP
(25-35)
15.21
10.2 29.6
45
K.I.N.P
T.P
U.T
N.K.I
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Total no of sample: - 100
Area of survey :- Delhi
Finding :- 1. This age group is having second maximum noof policyholders among all age group.
2. Second highest awareness of insurance among
people.
PEOPLE FEEDBACK
K.I.N.P :- Know about insurance but not taken the policy.T.P :- Taken policy.
N.K.I :- Not aware of insurance.U.T :- Useless thing.
64
FINDING OF AGE GROUP
(35-45)
15.21
10.2 29.6
45
K.I.N.P
T.P
U.T
N.K.I
15.2
4.425.1
55.3
T.P
K.I.N.P
U.T
N.K.I
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Total no of sample: - 100
Area of survey :- Delhi
Finding :- 1. This age group is having maximum no ofpolicyholders among all age group.
2. Highest awareness of insurance among
people.
PEOPLE FEEDBACK
K.I.N.P :- Know about insurance but not taken the policy.T.P :- Taken policy.
N.K.I :- Not aware of insurance.U.T :- Useless thing.
65
FINDING OF AGE GROUP
(45-55)
44%
20%
6%
30%
N.K.I
U.T
T.PK.I.N.P
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Total no of sample: - 50
Area of survey : - Delhi
Finding : - 1. This age group is having low no ofpolicyholders among all age group.
2. Low awareness of insurance among people.
PEOPLE FEEDBACK
K.I.N.P :- Know about insurance but not taken the policy.T.P :- Taken policy.
N.K.I :- Not aware of insurance.U.T :- Useless thing.
66
FINDING OF AGE GROUP
(55-ABOVE)
39%
19%
9%
33%
K.I.N.P
T.P
N.K.I
U.T
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Total no of sample: - 50
Area of survey : - Delhi
Finding : - 1. This age group is having lowest no ofpolicyholders among all age group.
2. Lowest awareness of insurance among people.
PEOPLE FEEDBACK
K.I.N.P :- Know about insurance but not taken the policy.T.P :- Taken policy.
N.K.I :- Not aware of insurance.U.T :- Useless thing.
67
PURPOSE OF AGE GROUP
(BUSINESS CLASS)
24%21%
23%
16%
16%
INVESTMENTAX SAVING
LIFE
PENSION
CHILD LIFE
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Total no of sample: - 100
Area of survey : - Delhi
Finding : - 1. The major finding of this part of study is thatBusiness class mainly look Insurance as toolof investment and tax saving.
2. They spend less on Pension and Life plans.
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PURPOSE OF AGE GROUP
(PRIVATE EMPLOYEES)
18% 18%
20%
24%
20%
LIFE
TAX SAVINGINVESTMENT
PENSION
CHILD LIFE
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Total no of sample: - 100
Area of survey : - Delhi
Finding : - 1. The major finding of this part of study is thatPrivate employees mainly use Insurance as
an old age security and they spend equally onchild life, there life and tax saving,investment.
.
69
PURPOSE OF AGE GROUP
(GOVERNMENT EMPLOYEES)
20% 18%
26%
15%
21%
TAX SAVINGINVESTMENT
LIFE
PENSION
CHILD LIFE
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Total no of sample: - 100
Area of survey : - Delhi
Finding : - 1. The major finding of this part of study is that,Government employees spend more on theirlife and child life compare to other section ofsociety.
70
DEGREE OF AWARENESS AMONG DIFFERENT GEDER OF
SOCIETY
MALE:-
NO of sample:-200. Area of survey:- DELHI.
FEMALE:-
22%
45%
33%
DONT
KNOW
INSURANCCANT SAY
KNOWINSURANCE
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NO of sample:-100. Area of survey:- DELHI.
71
27%
44%
29%
CANT SAY
KNOW
INSURANCE
DONT
KNOW
INSURANCE
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72
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73
INSURANCE OPPORTUNITY: LOW PENETRATION
0
2
4
6
8
10
12
1234567
JAPAN
SOUTH KOREA
3-D COLUMN 1
40 - ICICI PRU
6.5 - MAX NYL
9.3 - HDFC
11.9 - BIRLA SUN
7.8 - ALLINCE BAJAJ
4.3 - OM KOTAK
3.4 - SBI LIFE7.1 - TATA AIG
9.5 - OTHERS
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INSURANCE PREMIUM AS A% OF GDP.
74
MALAYSIA
U.S
INDIAC
H
I
N
A
Bubble 1
0
500
1000
1500
2000
2500
3000
3500
4000
4500
-10 -5 0 5 10 15
Bubble 1
1
23 4 5 6
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INSURANCE DENSITY
1. JAPAN : 30002. UK : 25003. US : 15004. SOUTH KOREA : 7505. MALAYSIA : 2546. CHINA : 1207. INDIA : 90
75
DIVERSIFIED, ROBUST, & GROWING ECONOMY
7
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Sector Sartorial Groth-Q1-FY Groth-Q2-FY
Share of GDP 2004 (%) 2004 (%)
Service 56.1 7.4 9.8
Industry 21.8 5.8 6.3
Agricultural 22.1 1.7 7.4
GDP - 5.7 8.4
..sustained services growth and strong agricultural performance
taking GDP growth over 10% in Q3 2004.
76
Saving towardslife inc. fund (%)
2001-02
13.9
2000-01
12.9
1999-00
11.3
1998-99
10.6
1997-98
10.6
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77
Variety based positioning:-
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This type of positioning is based of varieties in products andservices rather than customer segments. It is a sensible strategy for
those companies who have distinctive advantage or strengths inoffering certain products and services. In the insurance industry too,it is possible to achieve a unique position by focusing on certaincategory of product. One such example is Birla Sun Life Insurance,which has been placing particular focus on investment related
products since its launch in India. Through it superior fundmanagement capabilities, the insurance company can deliver betterreturns on the investment linked products and there by carve of it
self a leadership position in this segment.
Need based positioning:-
This type of positioning is based on the differing need of differentgroups of consumers. This can be done successfully if a company
has unique strength to service a group of consumers needs betterthan others.The insurance need of customers vary significantly for different
group of customers. The insurance needs of young family with smallchildren will be quite different from that of family in which theincome earner closes to retirement. However, in India most o0f thelife insurance companies have a wide variety of products tailored fordifferent customers need and there is no company focusing on a
particular need.
78
Access based positioning:-
Positioning of customers can also done by the way they areaccessible. That is different of customers may be accessible in
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different ways even through they may have similar needs. Access istypically a function of customer geography or customer scale.There is excellent opportunity in the insurance industry to employaccess used positioning by targeting the rural insurance sector. The
rural market for life insurance is very different from the urbanmarket in terms of need, income levels and distribution, penetrationof media and so on. So far except for LIC, no other buyer has paidattention or focus on the rural sector.
Choosing the the right strategy:-
The right strategy choice is not matter of positioning choice a alone.It involves the very way a company organize its self to do business.It is the configuration of the entire value chain of the companythrough a different set of activities to deliver unique value toconsumers. The set of activates over all upstream and downstreamactivities, from the selection of the product mix, the way the productare priced, promoted , the type of distribution mechanism used, the
way customer s are serviced and so on.Some life insurance companies focusing on rural market haveadopted innovative means distribution. Instead of appointing agentsas is done typically, they have used gramsevaks in different villageacross the country to promote life insurance and act as there salesarm. This enabled them to tape into there special knowledge of therelocal.
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80
Market Expansion:-
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There has been an overall expansion in the market. This has been possibledue to improved awareness level thanks to the large number of
advertising companies launched by the player. The scope of expansion isstill unlimited as virtually all the players are concentrating on large citiesand town except by LIC to and extent there was no significant attempt totap the rural market.
New Product Offering :-
There has been a plethora of new and innovative products offered by thenew players, mainly for the stable of their international partners.Customers have tremendous choice for a large variety of products from
pure term (risk) insurance to unit linked investment products .Customersis offered unbundled products with a variety of benefits as riders fromwhich they are choose. More customers are buying products and services
based on there truer need and not just traditional money batch policy,
which is not considered very appropriate for long term protection andsaving. However, there still some key new products yet to be introduce-e.g. health products.
81
Channels of Distribution:-
Till two years back, the only mode of distribution of life insuranceproducts through agents. While agents continue to be the predominantdistribution channel, today a number of innovative alternative channel are
being offered to consumers. Some of them are banc assurance, broker, the
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interest and direct marketing. Through, it is too easy to predict, the widespread of bank branch network in India could lead banc assuranceemerging as a significant distribution mechanism.
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83
Accident:-
The term accident is sometime defined in the policy documentas follows the accident must be caused by violent, externaland visible means and cause of the injury or injuries solely andindependently of any other means.
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Accidental death benefit:-
Benefit, which provides for the payment of an additional(usually equal to the sum insured of the basic policy) in theevent of death by an accident.
Amount payable:-
This refers to the amount that is payable according to the termsand condition of the insurance policy to the legal owner of theinsurance policy.
Annuity:-
Annuity contract is an agreement under which the insurance
company, in return for the payments of a certain sum, makes aseries of agreed payments at regular intervals from a fixeddate. This continues until the death of the individual on whoselife the annuity is bought.
Anticipated endowment:-
An endowment where you do not have to wait for the maturitydate before receiving part the maturity amount.
Applicant/Owner/life of another:-
The applicant is the person on whose life insurance cover issought. Owner is the person who has the legal title to the
policy. Life of another on whose life he or she has an insurableinterest.
84
Balanced fund:-
A fund that maintains a balance portfolio, generally60%
bounds or preferred stocks and 40% common stocks.
Bear market:-
A period of time in which the market, or securities in generallose money.
Benchmark:-
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A reference point that is chosen for the purposes of comparingother related values.
Beneficiary:-
The person or party the owner of a life insurance policy namesto receive the policy benefit.
Bid or sell price:-
The price at which a funds units or shares are redeemed(bought back) by the fund. The bid or redemption price meansthe current net asset value per share, less any redemption freeor back end loan.
Blue chip stock fund:-
A fund that consists of a portfolio of large or well knowncompanies for the purpose of achieving growth.
Bond:-
A bond is security in the form of a convertible loan with amaturity date, where the investor lends money to a company or
government.
Bull market:-
A good market in which a price of securities increase greatlyover a specific period of time.
85
Capitalization:-
The value of a fund derived by multiplication of the fundsshare price by the number of outstanding shares. Most often,this is applied in order to determine the value of the specificcompanies.
Cash surrender values:-
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The amount that is available to the owner if a life insurancepolicy is surrendered any time before the maturity date. Theamount represents the cash value minus surrender changes andany outstanding loans due upon cancellation of the policy.
Claim:-
Written request by an insured for the insurance company tocover and incurred loss, usually submitted on the companysstandard form.
Compounding:-Earning on an investments earnings. Over time, compounding
can produce significant growth in value of an investment.
Date of commencement:-
The date on which cover beings, following acceptance of therisk by the insurer.
Death benefit payable:-
The amount payable, at stated in a life insurance policy, to the
designated beneficiary (ies) upon the death of the insured. Theamount paid is the phase value, plus any riders that areapplicable, less any outstanding loans.
86
Differed annuity:-An annuity contract under which periodic benefits are
scheduled to begin at some designated future date after thedate on which the annuity was purchased.
Depreciation:-
A decline in the investments value.
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Endowment:-
A type of insurance policy which provide for the face amountstated in the contract to be payable in a fixed date or on the lifeinsureds earlier death.
Equity:-A stock or the interest in capital gains received from the
ownership of a stock.
Hazardous occupation:-
An occupation that has high risk for insurance purposes.Example : a window cleaner on high-rise building.
Immediate annuity:-
An annuity where, income benefits begin one annuity periodafter the annuity is issued. If it is specified that benefits are
paid annuity, than the benefit payment being one year afterissue.
Insurance:-
A fund that primarily seeks current income rather than growthof capital. It will tend to invest in stock and bonds that
normally pay high dividend and interest.
87
Insurable interest:-
An annuity where, income benefits begin one annuity periodafter the annuity is issued. If it is specified that benefits are
paid annuity, than the benefit payment being one year afterissue.
Insurance ombudsman:-
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A fund that primarily seeks current income rather than growthof capital. It will tend to invest in stock and bonds thatnormally pay high dividend and interest.
Investment:-An assets acquired for the purpose if producing income and
capital gain to its owner.
Investment objective:-
The financial goal (long term growth, current income, etc) thatan investor or a fund pursues.
Investment trust:-A corporation, partnership or trust that invests the pooled
monies of many investors. It provides grater professionalmanagement and diversification of investments than mostinvestor can obtain independently. Mutual funds, or open ended investment companies, are the most popular for ofinvestment company.
Joint and survivor option:-
An option on an annuity that provides that the annuity payoutwill continue through the lives if two people. If one of the
payees dies, payment continue to the second payee throughoutthat payees lifetime.
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o MARKETING MANAGEMENT :- PHILIP KOTLER.
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o RESEARCH METHODOLOGY :- C.R.KOTHARI.
o TIMES OF INDIA :- (MARCH JUNE)
o ECONOMIC TIMES :- (MARCH JUNE)
o www.irdaindia.org
o www.iciciprulife.com
o JOURNAL
1. IRDA 2002-03
2. IRDA 2003-04
o MAGAZINE
1. Business Today
2. Business World
3. Business Today
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Perception of customers regarding the products of ICICI prudential.
1. Have you taken any insurance policy?
a) Yes b) NO
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2. Which policy you are having?
a) LIC b) Private company.
3. Have you taken any ICICI Prudential products?
a) Yes b) No
4. If yes then which policy?
a) Retirement policy b) Saving policy
5. How many policies do you have in your family?
6. Through which channel you got aware about ICICI Prudential?a) Advisor b) Friend / Relative.
c) Advertisement d) Neighbor.
7. Is the policy / policies taken by you are suitable for you & your
family?
a) Yes b) No
90
8. What is the single most important reason behind purchasing ICICI
Prudential products?
a) Persuasion of Advisor b) Tax liability
c) Indirect motivation by d) Risk coverage.
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Someone.
9. Are satisfied with the regular services which are been provided by
ICICI Prudential?
a) Yes b) No
10.Whether in your opinion ICICI Prudential is capable to face
competition from players?
If Yes
If No
11.And what is your suggestion to make it competitive.
DATE:
PLACE:
91
SUMMER TRAINING PROJECT REPORTON
AWARENESS OF ICICI LIFE INSURANCE
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ICICI PRUDENTIAL LIFE INSURANCE CO.
LTD.(3rd Floor, Videocon Tower,
E-1 Link road, Jhandewala Extention ,
NEW DELHI-110055
(INDIA)
In Partial Fulfillment OfMaster Of Business Administration(M.B.A) Course
BATCH:- 2003-2005
Submitted To:- Submitted By:-
Mr.N.N.Sen Gupta Mr.Amit Chandra prabhakar(H.O.D Of MBA) (MBA Marketing)
INTERNATIONAL INSTITUTE OF
MANAGEMANT
& TECHNOLOGY; MEERUT
(U.P)
U.P TECHNICAL UNIVERSITY,
(LUCKNOW)
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PREFACE
Summer training is an integral part ofMBA curriculum that is to be done
after the completion of IInd semester. So when I had to undergo the
training I started looking for options where I could under take a project.
Working for ICICI PRUDENTIAL LIFE INSURANCE was my
foremost priority. So when I got the opportunity to work forICICI
PRUDENTIAL, I went for that.The training introduced me a totally a new field of sales and distribution
management in DELHI. Initially I had no knowledge of sales and
distribution management in actual working environment but after working
on project and being in constant touch with the people working for the
company. I have been able to gain immense knowledge about this field.
The project assign to me was AWARENESS OF INSURANCE OF
ICICI PRUDENTIAL
All the inference is on the basis of data collected for the month through
structured questionnaire and interview with people.
The experience was enriching. I had tried to give my best to this project. Ihope the work that I have completed comes to the expectation of
everybody posed their trust in me.
6
CONTENTS
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Company certificate. 3
HOD certificate. 4
Candidates Declaration. 5 Preface. 6
Acknowledgement. 7
Executive Summary. 8
PART-- 1
Introduction To The Company: 10
*History. 11
*Vision. 19
*Major Player. 21
*Company profile. 22
*Company product. 27
*Company network. 34 Over View Of The Market. 36
PART2
Study Profile:- 37
*Title of study.*Place of study.
*Time of field work.
*Sample size.
*Sample procedure.
1
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Research Methodology. 38
SWOT Analysis. 41
Current News. 46 Introduction About The Topic of Survey. 53
Findings. 61
PART 3
Suggestion. 77
Conclusion. 80 Glossary. 83
Questioners. 89
Bibliography. 92
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2
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61