icici life insurance recruitment of advisers for selling the financial products

8/3/2019 Icici Life Insurance Recruitment of Advisers for Selling the Financial Products

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SUMMER TRAINING PROJECT REPORTON

RECRUITMENT OF ADVISERS FOR SELLING THE FINANCIALPRODUCTS UNDERTAKEN IN I.C.I.C.I PRUDENTIAL LIFE

INSURANCE COMPANY LTD.

SUBMITTED TOWARDS THE PARTIAL FULFILLMENT FORAWARD OF DEGREE OF

MASTER IN BUSINESS ADMINISTRATIONAFFILIATED TO U.P.T.U., LUCKNOW

SUBMITTED BYSAMSAD ALI ANSARI

MBA-II YEARROLL NO. : 0911470091

A-13/1, South Side, G.T. Road, NH-24, Ghaziabad 201010


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PREFACE

The business of insurance is related to the protection of economic value of assets. The assets would have been created through the efforts of the owner,

in the expectation that, either through the income generated there from or

some other output; some of his needs would be met. If asset gets lost earlier,

being destroyed or made non-functional, through an accident or other

unfortunate event, the owner and those deriving benefits there from suffer.

Insurance is a mechanism that helps to reduce such adverse consequences.

Insurance plays a major role in different perspective. For economic

development investment are necessary. Investments are made out of savings.

A life insurance company is a major instrument for the mobilization of

savings of people, particularly from the middle and lower income groups.

These savings are changed in to the investment for economic growth. In

order to amenable to statistical predictions. Insurance risk must be handledon a large scale.

All organization face changes in their environment with resultant changes in

their markets and in the ability to satisfy their markets. Each organization is

faced with new marketing problems and opportunities in their existing and

potential market.

Marketing decision makers cope with these challenges in a variety of ways.

The marketers is being required to forecast, forecast the risk uncertainness in their own way, supported by market research.


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Man on earth can entirely eliminate knows no method but scientific method

can minimize the elements of uncertainties that can result from lack of

information without orientation. Market research is a process of collecting

information about who, why, and how of actual and potential consumers in

a particular market. The main purpose of market research is the ability to

continually foresee both in the long and short term.

This project report is the outcome of summer training report at ICICI

PRUDENTIAL LIFE INSURANCE COMPANY LIMITED at Noida. Thistraining is a part of the curriculum of MASTER OF BUSINADMINISTRATION program at Institute of Professional excellencemanagement Ghaziabad, U.P. Technical University, Lucknow.


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Acknowledgement

There are many people in ICICI Prudential who had helped me during the

course of the project. It is my duty to acknowledge and thank them for their

help. As a matter of course thanks are due to the following persons in the

given order.

Sales manager : Mr. Jatin Dua who has seen that I get each and every

facility that a regular employee at ICICI Prudential gets.

Unit Manager: Mr. Naveen Tyagi who all have been there as and when I

required their help in no matter what respect. Never the less I have learnt the

major managerial skills which would be helpful in my career.

Faculty in charge: Ms. Charu Agarwal helped me out when ever their help

was required in my project till the end.

Others: This part includes the day to day people whom I use to meet in the

organization. They are the advisors working there; this includes the staff working there; this includes the staff working out there and even the people

whom I met in the great city VARANSI, who were kind enough to spare a

few minutes of their precious time and to take part in the survey.

I am sincerely thankful the above persons who were very kind and co-

operative with me when ever I needed them.

SAMSAD ALI ANSARI


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STUDENT DECLARATION

I hereby declare that the project report entitled

RECRUITMENT OF ADVISERS FOR SELLING THE FINANCIAL

PRODUCTSUNDERTAKEN IN I.C.I.C.I PRUDENTIAL LIFE

INSURANCE COMPANY LTD . which is submitted in partial

fulfillment of the requirement of the degree of Master of Business

Administration to U.P. Technical University. This is my original

work and has not been submitted earlier to this or any other

institution to the best of my knowledge.

SAMSAD ALI ANSARI

MBA- 3 rd semester

(2009-2011)


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TABLE OF CONTENT

TITAL PAGE ..

PREFACE .0

ACKNOWLEDGEMENT ....04

DECLARATION ..05

1. Certificate from organization

2. Certificate from the Project Guide and the Director of the institute

PART-1

BREAF HISTRY OF THE ORGANIZATION 09

ORGANIZATION STRUCTURE ...29

VISION, MISSION, PHILOSOPHY OF THE ORGANIZATION...33

PERFORMANCE .41

PRODUCT /SERVICE .50

PROBLEMS AND FUTURE OF THE ORGANIZATION ...56


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PART-2

OBJECTIVE 64

RESEARCH METHODOLOGY 67

DATA ANALYSIS .72

FINDINGS AND RESULTS .90

RECOMMENDATION ..94

LIMITATIONS ...97

ANNEXURE ...98

BIBLIOGRAPHY .103


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The business of life insurance in India in its existing form

started in India in the year 1818 with the establishment of theOriental Life Insurance Company in Calcutta. Some of the

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

non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of the

insuring public.

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,canTrace its roots to the Trito n Insurance Company Ltd., the first

general insurance company established in the year 1850 in

Calcutta by the British.Some of the important milestones in the

general insurance business in India are:


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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 setminimum solvency margins and the Tariff Advisory Committee

set up.

1972: The General Insurance Business (Nationalization) Act,

1972 nationalized the general insurance business in India with

effect from 1st January 1973.

Further insurers amalgamated and grouped into four companies

viz. the National Insurance Company Ltd., the New India Assurance

Company Ltd., the Oriental Insurance Company Ltd. and the United India

Insurance Company Ltd. GIC incorporated as a company.

Insurance in India

India is the largest democracy in the world having a population more than

one billion. It is 5th largest in the world in terms of purchasing power parity


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(PPP). India GDP growth rate is over 6 percent per year on average for the

last decade and saving rate is around 26 percent of GDP.Through India's

economic development, it becomes the most lucrative insurance markets in

the world. Before the year 1999 there were monopoly of state run Life

Insurance Corporation of India (LIC) in life insurance sector and General

Insurance Corporation of India (GIC) with its four subsidiaries in general

sector. In the wake of reform process and passing Insurance Regulatory

Development Act (IRDA) through Indian Parliament in 1999, Indian

Insurance was opened for private companies.

History

Insurance industries in India have a long history. Life insurance in existing

form came in India from UK in 1818 with Oriental Life Insurance Company.

The Indian life Assurance companies Act, 1912 was the first measure to

regulate life Insurance business. Later in 1928 the Indian InsuranceCompanies act was enacted, which was amended in 1938. Finally this act

was amended by Government of India in 1950.Life Insurance Corporation of

India was formed in September 1956 by passing LIC Act, 1956 in Indian

parliament.The first general Insurance Company, Triton Insurance Company

Ltd. was established in Calcutta in 1850. In 1957 the General Insurance

Council a wing of Insurance Association of India formed a code of conduct.In 1961 an insurance act was passed to form General Insurance Company

Ltd. which was amended in 1968. General Insurance business was

nationalized with effect from 1.1.73 by the General Insurance Business Act.

From 1973, The General Insurance Company (GIC) as a holding company
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divided in four subsidiaries as: National Insurance Company Ltd., The New

India Assurance Company Ltd., The Oriental Insurance Company Ltd. and

The United Assurance Company Ltd.

Indian Insurance Sector

an Overview

Indian insurance market size is presently estimated at US$ 66-70 million.

By 2005, it is expected to grow five-fold to US$ 377 million. In 2000-01fiscal years, total premiums stood at US$ 9933 million which is 0.41

percent of total global premiums of US$ 2443.6 billion. Total premiums

of Indian insurance industry in 2000-01 fiscal was 2.32 percent of

country's GDP. Per capita premium stood at US$ 9.9. Indian insurance

market potential could be gauged by the fact that currently about 40-42

million people have been brought under insurance whereas the potential is

estimated at 200-250 million. Insurance companies could tap only 5

percent of Indian middle class segment.In India, insurance is generally

considered as a tax-saving device instead of its other implied long term

financial benefits. Indian people are prone to investing in properties and

gold followed by bank deposits. They selectively invest in shares also but

the percentage is very small 4-5%. Even to this day, Life Insurance

Corporation of India dominates Indian insurance sector. With the entry of

private sector players backed by foreign expertise, Indian insurance

market has become more vibrant .Indian federal government considers

insurance as one of major sources of funds for infrastructure
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Development. The government has identified the following as major

thrust areas:

Timely and reliable statistical data and information about policies

and markets to instill a degree of credibility;

A code of good practices based on international best practices to

raise the standard of Indian insurance sector;

Strengthening of supervision and regulation;

Market participation in decision-making;

High solvency standard' and Developing alternative channels.

Till end of 1999-2000 fiscal year, two state-run insurance companies,

namely, Life Insurance Corporation (LIC) and General Insurance

Corporation (GIC) were the monopoly insurance (both life and non-life)

providers in India. Under GIC there were four subsidiaries-- National

Insurance Company Ltd, Oriental Insurance Company Ltd, New India

Assurance Company Ltd, and United India Assurance Company Ltd. Infiscal 2000-01, the Indian federal government lifted all entry restrictions

for private sector investors. Foreign investment insurance market was also

allowed with 26 percent cap .GIC was converted into Indias nationalreinsure from December, 2000 and all the subsidiaries working under the

GIC umbrella were restructured as independent insurance

companies .Indian Parliament has cleared a Bill on July 30, 2002 delinking

the four subsidiaries from GIC. A separate Bill has been approved by

Parliament to allow brokers, cooperatives and intermediaries in the

sector.A currently insurance company- both private and public-- has to

cede 20 percent of its reinsurance with GIC.
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GIC is planning to increase re-insurance premium by 20 percent which

works out at Rs 3000 cr.GIC is actively considering entry into overseas

markets including West Asia, South-east Asia and SAARC region.To

regulate, promote and ensure orderly growth of the insurance business and

re-insurance business, a regulatory authority -- Insurance Regulatory and

Development Authority (IRDA) -- was set up under IRDA Act, 1999.

IRDA is composed of a chairman, five whole time members and four part-

time members. There are four types of Indian insurance business: Life,

Fire, Marine, and Miscellaneous. In life insurance more than 80 percent

business relates to Endowment Assurance (Particip ating) and Money Back

(participating). Motor Vehicles insurance is compulsory in India. Indian

insurance industry has Ombudsmen in 12 cities empowered to reduce

customers grievances in respect of insurance contracts on personal liveswhere the insured amount is less than Rs 20 lakhs.In the first year of

insurance market liberalization (April 2-December 31, 2001) as much as 16private sector companies including joint ventures with leading foreign

insurance companies have entered the Indian insurance sector. Of this, 10

were under the life insurance category and six under general insurance.

Since then, till June, 2002 two more joined the life insurance sector. Thus

in all there are 18 players ( 12 life insurance and 6 general insurance) in the

Indian insurance industry till date.Up to end 2001, 16 insurance players had

made a total investment of Rs 1910.95 crore including investments made

from policyholders' funds. In life category Allianz Bajaj topped the list

with Rs 147.01 crore closely followed by Om Kotak's Rs 146.25 crore and

ICICI Prudential's Rs 134.64 crore. In non-life segment, Tata AIG General
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led the list with Rs 161.68 crore followed by Reliance General's Rs 121.86

crore and Royal Sundaram's Rs 111.86 crore.Foreign equity in broking

firms is capped at 26 percent.Brokers have been divided into four

categories: Direct general insurance broker (category I); Direct life

insurance broker (category II); Reinsurance broker (category III); and

Composite broker (categoryIV).Category wise net worth for insurance

brokers is Rs 25 lakhs for category I and category II; Rs 2 crore for

category III and Rs 3crore for category IV. For insurance consultants, net

worth is Rs10lakhs.In India, motor vehicle insurance premium is 2.5

percent of the vehicle cost against international standard of 6 percent. The

Indian insurance regulatory authorities has asked the insurance companies

operating in the country to take into account the investment income

earned on the funds earmarked for outstanding claims, unreported claims

and unexpired risks while calculating the underwriting margins. These

funds are called technical funds belonging to the policyholders. Hence theincome earned on such funds should be considered as contributions from

the policyholders of the concerned insurance companies.

Insurance Reforms

In April 1993 a committee on reforms in the INSURANCE SECTOR(CRIS) was set up under the chairmanship of late Shri. R.N. Malhotra,

former governor of the Reserve Bank of India. The committee had wide-

ranging terms of references. It was required to review the existing setup and

make suitable recommendations for internal reforms and recognition of


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existing players; to review the overall structure of the insurance industry as

such, including the general framework of policy, keeping in mind the

structural changes that were underway in the overall financial system and

economy. To make recommendations for a modern and strengths insurance

regulatory in system in tune with the emerging scenario.

The Insurance Institute of India

The Insurance Institute of India (Regd.) formerly known as Federation of

Insurance Institutes (J.C. Setalvad Memorial) (Regd.) was established in the

year 1955, for the p urpose of promoting Insurance Education & Training in

the country. The Institute is a professional body serving the cause of the

Insurance Industry. The Institute conducts qualifying examinations at three

basic levels: Licentiate, Associate ship and Fellowship as also introductory

examinations - Inspectors and Certificate in Insurance Salesmanship. It also

organizes tuition service both oral and postal.Two corporate members - TheLife Insurance Corporation of India and the General Insurance

Corporation of India and its subsidiaries as also 89 local Institutes across the

country, support the Institute.It is the only professional insurance institute in

India. It is a charter member in the recently started Institute of Global

Insurance Education (IGIE).The membership of the Institute is through local

associated Institutes only. The Sri Lanka Insurance Institute, the Sri Lanka

Insurance Academy and the R.I.C.B. Insurance Institute, Bhutan are the

affiliated Institutes outside India.


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Membership

The membership of the Institute is through its local Associated Institutes.

There are at present 81 local Associated Institutes spread all over the

country. The Insurance Institute of Sri Lanka and the Royal Insurance

Corporation of Bhutan Insurance Institute are affiliated to the Institute. The

members of the local Associated Institutes and the Affiliated Institutes

automatically become the members of the Institute. The Life Insurance

Corporation of India and the General Insurance Corporation of India and its

subsidiaries are its two corporate members.

Governing Body

The Governing Body of the Institute is its Council, which functions through

its two Committees, the Administration Committee and the Board of

Education. The Board of Education is the supreme body in all matters of

education and examinations.

Secretariat

The Institute is headed by a Secretary-General, assisted by Dy.Secretary,

Asst. Secretaries, and Officers & Staff.

There are some benefits of life Insurance as:

Protection: Life Insurance guarantees full protection against risk of death

of the assured. In case of death, full sum assured is payable.
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Long term saving: Life Insurance encourages long term saving. By

paying a small premium in easy installments for a long period a handsome

saving can be achieved.

Liquidity: Loan can be obtained against a policy assured whenever

required.

Tax Profit: Tax relief in income tax and wealth tax can be availed on the

premium paid for Life Insurance.

By the year 1956, 154 Indian insurance, 16 non -Indian insurance and 75

provident societies were carrying on Life insurance business in India. On 1st

September 1956 all the Insurance Companies were nationalized. On

September 1956, LIC Act was passed by Indian Parliament and the state run

Life Insurance Corporation of India (LIC) has held the monopoly in

countries life Insurance sector.

In the year 1999, the Insurance Regulatory Development Act (IRDA) was

passed in Indian Parliament. By this act a door was open for private

companies with foreign equity Life Insurance. By this act an Indian

promoter can invest either wholly in an Insurance venture or team up with a

foreign insurer, with a cap of 26 percent of equity for a foreign partner.
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List of Insurance companies

S.No. RegistrationNumber

Date of Reg.

Name of the company

1. 101 23.10.2000 HDFC Standard Life InsuranceCompany Ltd.2. 104 15.11.2000 Max New York Life Insurance Co. Ltd.3. 105 24.11.2000 ICICI Prudential Life InsuranceCompany Ltd.4. 107 10.01.2001 Om kotak Mahindra Life Insurance Co.Ltd.5. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.7. 111 30.03.2001 SBI Life Insurance Company Ltd.8. 114 02.08.2001 ING Vysya Life Insurance CompanyPvt. Ltd.9. 116 03.08.2001 Allianz Bajaj Life Insurance companyLtd.10. 117 06.08.2001 MetLife India Insurance Company Pvt.Ltd.11 121 03.01.2002 AMP SANMAR Assurance CompanyLtd.

GENERAL INSURANCE LISTS.no. Registration

numberDate of Reg. Name of the Company

1. 102 23.10.2000 Royal Sundaram Alliance InsuranceCompany Ltd.

2. 103 23.10.2000 Reliance General Insurance CompanyLtd.3. 106 04.12.2000 IFFCO Tokyo General Insurance Co.Ltd.4.

10822.01.2001 TATA AIG General Insurance Company

Ltd.5. 113 02.05.2001 Bajaj Allianz General InsuranceCompany Ltd.6. 115 03.08.2001 ICICI Lombard General Insurance

Company Ltd.
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Indian Insurance Industry: New Avenues for GrowthOctober 18-19, 2004, New Delhi

Address by Mr. C S Rao, Chairman, IRDA

The insurance sector was opened up for private participation four years ago

and FICCI has doing yeoman service to the development of this sector by

facilitating exchange of views between the industry, policymakers, and the

regulator through the annual conference. This has provided a forum to take

stock of the developments and discuss the future course of action. Theseannual conferences before and after the reforms in the sector have provided

useful inputs to the policy makers and the regulatory body and the FICCI

deserves appreciation for the professional manner in which these

conferences are organized and should be legitimately proud of the

contribution made by it in the growth and development of insurance

sector.The reasons that prompted the government to bring in reform in theinsurance sector are well known. While the Public Sector insurance

companies made enormous contribution in the spread of awareness about

insurance, and expanded the market, it was recognized that their reach was

still limited, the range of products offered restricted and the service to the

consumer inadequate. It was also felt that the rapid economic growth

witnessed in the 90s cannot be sustained without a thriving insurance

sector.It was also recognized that India has a vast potential that is waiting to

be tapped and this could be achieved when sufficient competition is

generated and it is exposed to the developments in the rest of the world. The

insurance sector was, therefore, opened up for private sector participation


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with provision for limited foreign equity exposure. We have now four years

experience of the public and private sector together operation in the market.

The gains are obvious for anyone who has been closely monitoring the

Indian insurance scene. The total premium collected by the insurers both life

and non-life in the year 2003-2004 is Rs.82, 415 crores (Rs.66, 288 crores in

life and Rs. 16,127 crores in non-life) compared to Rs. 44, 985 crores

(Rs.34, 898 crores in life and Rs. 10,087 crores in non-life) during the year

2000-2001. This represents an 83% increase in the last three years over the

base year 2000-01. This is what we have witnessed after the opening up of

the sector. If we take the three year block prior to the opening of the sector,

we find that the total premium collected in 1997-98 was Rs.27, 089

crores(Life: Rs.19354 crores; non-life Rs.7735 crores) which has grown to

Rs.44, 985 by 2000-2001 representing an increase of 66%. Insurance sector

has obviously started growing at a rapid pace after the sector was opened up.

The private sector accounts for nearly 13% of the first year premium market.

The market share of the private players has to be seen in the context of thisenlarged market. There is also evidence to show that the rate of growth of

public sector undertakings had not shown any decline after the entry of the

private sector companies. All of them are obviously having a share of a

larger market. The Credit for enlarging the market should however, go to the

private sector as they came up with an aggressive marketing strategy to

establish their presence. The Public Sector has, in its turn, redrawn its

priorities, revamped their marketing strategy, and together the public and

private sectors have enlarged the market. The evidence of the enlargement of

the market can be seen in various other parameters as well.Indian insurance

business, which remained under developed with low levels of insurance


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penetration and insurance density has shown signs of improvement. The

insurance penetration i.e. premium as percentage of GDP has increased from

2.32% in 2000 to 2.88% in 2003. The insurance density i.e. premium per

capita has increased from USD 9.90 in 2000 to USD 16.40 in 2003. The

overall world rankings in terms of total premium volumes have improved

from 23rd in 2000 to 19th in 2003 and our share in the world market has

increased from 0.41% to 0.59% during the same period. The world ranking

in terms of life insurance premium volumes has improved from 20th in 2000

to 18th in 2003 and the share in world market has increased from 0.50% to

0.81%. Similarly in non life insurance rankings in term of premium volumeshas improved from 29th in 2000 to 28th in 2003 and he share of world

market has increased from 0.25% to 0.29%. While the improvements are not

dramatic, we are reassured that we are moving in the right direction.As

indicated by me earlier the insurance market has grown due to public sector

continuing its presence by holding on to its market prompting the private

companies to market new products. This they have been able to do as theyhave geared themselves to face the competition.With its considerable

presence in the whole country the LIC would continue to play a major role

in the life insurance market. This would, in turn, prompt the private

companies to innovate, find niche markets and expand into the N.C.R areas.

As a result the insurance penetration would increase and the customer would

stand to gain.We are already witness to the beneficial effects of this type of

competition between the public and private sector. The pension market has

been developing in a big way which would benefit the large section of the

people in the organized and unorganized sector. There is a thriving Unit

Linked insurance market that has been generated exclusively by the private


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sector. The annuity market has started growing. There is a plethora of new

and innovative products offered by the new players. Customers are offered

unbundled products with a variety of benefits as riders from which they can

choose. They can buy products and services that they need while hitherto

they were purchasing products as they alone are available in the market. This

choice has empowered the customers and this is a positive signal. In the case

of general insurance also, the public sector has responded to the challenge by

entering into corporate agency relationships with providers of goods and

services. The scope for innovation being limited in the tariff market, the

private general insurance companies seem to be concentrating on provisionof total risk management services to their corporate clients. This has enabled

them to make in-roads into the profitable corporate accounts of state

insurers. In addition the private sector has concentrated on providing a host

of services to their clients like point of sale issuance of policies, cashless

settlement in the case of motor repairs, and SMS alerts on motor claim

status. The accent is on providing high-class service to the customers andearning goodwill which would in due course help access large corporate

accounts. The general insurers have to come out with innovative products in

the personal lines if they are to expand business. I have no doubt that this

would happen and the IRDA would be happy to facilitate it by removing any

regulatory or tariff related obstacles.

In addition to the growth of insurance market the other area where there is

significant beneficial change with the entry of the private insurance

companies is in the area of insurance intermediation. Till two years ago, the

only mode of distribution or life insurance products was through agents. We

have today alternate channels like banc assurance, brokers, and corporate


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agents and direct marketing through internet. Though it is too early to

predict, banc assurance has the potential to emerge as a significant

distribution mechanism. Banks have not only data from which they can

identify potential clients, but have also extensive reach and provide a point

of contact for the insured. The Bank branch unlike an agent cannot be

elusive after the sale of the product and has to respond to the needs of the

insured. If there is proper disclosure at the time of sale of policy and

efficient post sale service, there will be significant increase in the use of this

model by the insurers to enlarge their business.The insurance broker offers

the most efficient distribution system through which clients purchasecommercial insurance. As the non-life insurance market open gradually, the

value of the insurance broker's role will be better understood. There will be

increasing opportunities to serve the needs of midsize companies arid small

enterprises by delivering the specific services these clients need and in the

way they want them delivered.These are perhaps the reasons for various

agencies evincing interest in broking companies. In spite of a predominantlytariff driven market and a discount for placing of business by the insured

without any intermediary, the number of applications for licensing of

broking companies has increased. This implies that there is enough business

for a large number of brokers for the present and an early start would give

them adequate time and opportunity to equip themselves with necessary

skills to provide professional services when the market is finally detariffed.

We are happy that FICCI has setup a task force on de tariffing, we shall be

happy to have its input in our efforts at detariffaction.Corporate Agency is

another area, which has been expanding rapidly. This is a new institution

and we have no experience of the functioning of this new class of


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intermediary, as such an institution is not prevalent in insurance markets in

the world. While this model has the potential to reach a large section of the

population in a short time, there are concerns about the mode of sale of the

policies. Insurance products are becoming complicated and unless the agent

is conversant with the benefits and conditions attached to the policy, there is

a distinct possibility of the sale being affected without full disclosure. While

this may not be intentional the repercussions could have far-reaching

consequences. The insurers will have to be extremely careful in dealing with

corporate agents and keep a vigilant eye on the way the sales are affected.

The IRDA would be issuing some guidelines on the manner of selection of corporate agents, the manner in which their activities should be monitored

and the precautions to be taken to ensure that there is complete disclosure to

the clients of the policy implications.In spite of the proliferation of the

intermediary channels, the traditional agent continues to play a dominant

role in the sale of insurance policies. The regulations provide for minimum

qualifications, specified training programmed followed by a pass in the testconducted by the Insurance Institute of India for becoming an agent. The

insurers have been aggressively recruiting candidates as agents and after

getting they trained sending them for the examination. In view of the large

numbers the Institute is finding it difficult to exercise the required controls

for conducting the examination. We have come across some irregularities in

the conduct of both training and the examination. I have no doubt that the

insurers are interested in recruiting for their agency force a person with good

academic qualification and with impeccable credentials and conduct. While

from the Regulatory side we shall take action necessary to ensure the fair

and proper conduct of training and examination, I would appeal to the CEO's


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through this forum to send the message down to their HR managers that they

should exercise due diligence in the recruitment of agents.

A significant feature in the post reforms era is the ability of the agency force

to assess the requirements of risk cover for their prospect and suggest the

policies that suit their individual requirements. It may be recalled that one of

the criticisms against the public sector insurers is that they concentrated on

sale of policies without looking into the needs of the customers. As a result

many of the individuals remained underinsured. The average size of the life

insurance policy before the opening up of the sector was around Rs.50, 000/-

. This has now risen to about Rs.80, 000/-. The policies sold by the private

insurers are in the range of Rs.1.1 lakhs to Rs.1.2 lakhs, way above the

industry average.While these are the gains we see as a result of the reform

process, there are also areas where the expectations have not been met

adequately. Though the number of medical insurance policies sold increased

from 7.53 million in 2001-2002 to 10.28 million in 2003-2004, there are still

concerns about adequacy of coverage, the type of covers provided and themanner in which the claims are processed. As one of the main constraints for

popularizing. Health insurance was inadequacy of data; the IRDA

concentrated on identifying the existing obstacles in database creation and

the manner in which they can be overcome. The Subgroup of the Working

Group on Health Insurance has recommended a methodology for collecting

data on a uniform basis and we shall be taking up with insures and TPAs

implementation of these recommendations. We are also exploring the

various options available to overcome the problem of repudiation of claims

on grounds of "pre-existing conditions". Another aspect being considered is

devising a mechanism to enable portability of insurance so that


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policyholders have the freedom to switch their policies from one insurer to

another. We hope to resolve these issues to the satisfaction of all concerned

during the course of this year.As we look back at these four years, one can

reasonably be proud of the strides made by the industry. We are witnessing a

demographic change in the country and the younger generation which is

exposed to the outside world demands products and services which are at par

with what is available in the advanced countries. This is the biggest

challenge. I have no doubt that theIndian insurance companies would face

this challenge and provide services on par with services provided in the

advanced countries. The regulatory regime would be happy to facilitate thisprocess whenever its intervention is required.

Purpose of recruiting Service Adviser

My topic is concern with recruit an adviser for selling the financial product in the market, for this purpose insurance company hasneed THE SERVICE ADVISER, who could convey the insurance policy tothe customer and sale them. So for company recruit to the eminent serviceadviser. Within my summer training period we visited to the person and make a survey about opinion of the people who either involve in theinsurance business or they want to be. With the help of our sales manager we select some of the right person, who could fulfill the required objective of the company.


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SALES

MANAGER

AREA SALES

MANAGER

AREA SALES

MANAGER

AREA SALES

MANAGER

UNIT

MANAGER

UNIT

MANAGER

ADVISORS

UNIT

MANAGER

ADVISORS ADVISORS

In the insurance industry the sales team following the typical organization

structure:

HIERARCHY IN INSURANCE COMPANY


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IMPORTANCE OF ADVISER IN INSURANCE COMPANY

The sales managers of the company manage the area sales manager and

ASM manage the own individual team of Unit manager and in turn

Managers their own team of financial advisors.

Each team of ASMs competing with each other in surge of achietargets; each unit manager depends on their advisors for their business. So

whats the use of unit manager, why are they getting paid? There work

manage their team of advisors extend them support in what ever waypossible including regular training of products, closing big calls, database

management.But it is the advisors that carriers the flag of the company in the

market. They bear the burnt in the field. They represent the company in the

market to the customers, so nobody can deny the importance of advisors in

the whole system.They providing the company with the business and help

their respective Unit Manager to achieve their targets. So a unit Manager hasto be really careful while recruiting their Advisors.The most important

responsibility is to achieve the first P or product ion growth its what stayingin business requires of an ICICI Prudential Manager. Part of this is

accomplished by improving the productivity of the existing agency member.

However, bringing sufficient number of high quality new producers in to

your sales organization each year is an absolute must.During the year of

appointment, new Advisor is a different usually account for a relatively

small proportion of the organizations total production. These pointsparticularly significant fact, one that causes to have a natural tendency to

neglect the recruiting responsibility. It is simply this- the penalty for not


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recruiting, or for inadequate recruiting, is a differed penalty.Nonetheless, the

penalty will be realized in due time. Again, the number one job is to achieve

consistent production increases. The most promising means of successfully

getting this job done is to induct a sufficient number of quality advisors each

year.The most promising means of achieving profitable production growth

lies in your sales organizations capacity to give policy owner good counsand prompt; courteous serves to give them value for premium paid. Thebest guarantee of having that capacity comes from retaining large no. of

productive advisor, in turn retention and productivity of advisor in your

organization depends largely on the quality and quantity of your recruitingefforts. Consequently, the development needs of your sales organization call

for successful recruiting. Its a necessity. The induction of a sufficquantity of high potential advisor results in substantial, steady growth in

production. This is why manager who move to the top of ICICI Prudential

honor roll and stay there are always found to be man-power focused.

ICICI Prudential Life Insurance Company Limited

Introduction

ICICI Prudential Life Insurance Company Limited was incorporated on July

20, 2000. The authorized capital of the company is Rs.2300 Million and the

paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI

(74%) and prudential plc UK (26%). The Company was granted Certificate

of Registration for carrying out Life Insurance business, by the Insurance

Regulatory and Development Authority on November 24,2000.Itcommenced


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commercial operations on December 19, 2000, becoming one of the first few

private sector players to enter the liberalized area. The Company is now

operational in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore,

Chandigarh, Ahmedabad, Hyderabad,Lucknow,Nasik,Jaipur,Cochin,Meerut,

Mangalore and Ludhiana.Till March 31,2002 the Company has issued

100,000 polices translating into a Premium Income of around Rs.

1,200Million and a sum assured of over Rs.15,000Million. The Company

recognizes that the driving force for gaining sustainable competitive

advantage in this business is superior customer experience and investment

behind the brand. The Company aims to achieve this by striving to provideworld class service levels through constant innovation in products,

distribution channels and technology based delivery. The Company has

already taken significant steps to achieve this goal.

Vision and Mission

Their vision is to make ICICI Prudential Life Insurance Company the

dominant new insurer in the life insurance industry. This they hope to

achieve through their commitment to excellence, focus on service, speed and

innovation, and leveraging our technological expertise.

The success of the organization will be founded on its strong focus on values

and clarity of purpose. These include:

Understanding the needs of customers and offering them superior

products and service

Building long lasting relationships with their partners

Providing an enabling environment to foster growth and learning for

their employee and above all building transparency in all our dealings.


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They believe that they can play a significant role in redefining and reshaping

the sector. Given the quality of their parentage and the commitment of their

team, they feel that there will be no limits to their growth.

Sponsors

ICICI Ltd was established in 1955 by the World Bank, the Government of

India and the Indian Industry, to promote industrial development of India by

providing project and corporate finance to Indian industry. Since inception,

ICICI has grown from a development bank to a financial conglomerate

and has become one of the largest public financial institutions in India.

ICICI has financed all major sectors of the economy, covering 6,848

companies and 16,851 projects. In the fiscal year 2000-2001, ICICI had

disbursed a total of Rs 319.65 billion.ICICI has now developed a whole

range of activities to become a Universal Bank. Some of ICICI's spectrum of

activities includes:

* Commercial Banking - ICICI Bank, India's first internet bank.

* Information Technology - ICICI InfoTech, transaction processing,

development

* Investment Banking - ICICI Securities, one of the key players in the

Indian Capital Markets

* Mutual Fund - Prudential ICICI AMC, leading private sector

Mutual fund player in India

* Venture Capital - ICICI Venture, leading private equity investor


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With focus on IT and HealthCare

* Retail Services - ICICI PFS, Marketing and Distribution of

Retail Asset Products

* Distribution - ICICI Capital, Distribution and Servicing of

Retail Liability Products

ICICI is listed on the Indian Stock Exchanges and on the New York Stock

Exchange (NYSE). On September 22, 1999, it became the first Indian

company to be listed on the NYSE (symbol: IC and IC.D). This has been

followed by the listing of ICICI Bank on NYSE (symbol: IBN) on March

28,2000.

Prudential PLC

Prudential plc was founded in 1848. Since then it has grown to become one

of the largest providers of a wide range of savings products for theindividual including life insurance, pensions, annuities, unit trusts and

personal banking. It has a presence in over 15 countries, and caters to the

financial needs of over 10 million customers. It manages assets of over US$

259 billion (Rupees 11,39,600 crores approx.) as of December 31, 1999.

Prudential plc. has had its presence in Asia for the past 75 years catering to

over 1 million customers across 11 Asian countries.Prudential is the largest

life insurance company in the United Kingdom (Source : S&P's UK Life

Financial Digest, 1998). Asia has always been an important region

forPrudential and it has had a presence in Asia for over 75 years. In fact

Prudential's first overseas operation was in India, way back in 1923 to


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establish Life and General Branch agencies In the US, Prudential owns

Jackson National Life, one of the leading life insurance companies.

Prudential controls approximately 4% of all the listed shares on the second

largest stock exchange in the world, the London Stock Exchange, making it

one of the largest institutional investors in the UK. Prudential is focused on

the internet generation and is one of the first financial service organizations

to use the internet on a fully integrated basis. In October 1998, Prudential

launched a "branchless" bank based on the internet. Unusually titled as "

egg:|". The bank has in a short span of its existence become a leading

banking service provider in the UK. Infect in the first six months of itsexistence it garnered over 5 billion (US$ 8 billion) in deposits from over

500,000 customers. Development of superior products and services that offer

value for money and security while producing superior financial returns,

enables Prudential to maximize the value of its shareholder's investment and

to establish lasting relationships with customers and policyholders.ICICI and

Prudential came together in 1993 to provide mutual fund products in Indiaand today are the largest private sector mutual fund company in India. The

two companies bring together two of the strongest financial service brands in

Asia known for their professionalism, excellent quality of service and long

term commitment to you.


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ICICI INTERNATIONALLY

ICICI Prudential Life Insurance opens office in Dubai

In a move to consolidate its position in the Gulf region, ICICI Prudential

Life Insurance (ICICI Prudential), India's No. 1 private life insurance

company, and today opened its representative office in Dubai, becoming

the first private life insurer from India to open an office in the Emirate.

Mr. Bhargav Dasgupta , Executive Director, ICICI Prudential LifeInsurance speaking at the press conference to announce the start of Dubaioffice.

ICICI Prudential's Dubai office comes soon after the company opened its

first overseas office in the Kingdom of Bahrain in November 2005 and

marks a move to further strengthen the company's ability to cater to the vast

non-resident Indian (NRI) population in the Gulf.


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ICICI Prudential Dubai, located in Bur Dubai, will be able to service the 1.4

million discerning NRIs in UAE. The office will promote and service the lifeinsurance needs of the NRIs through ICICI Prudential's wide range of

products, which include wealth creation, education insurance, retirement

solutions and health solutions.

ICICI Prudential's Dubai office will be inaugurated today by Mr. Venu

Rajamony, Counsel-General of India, Dubai, in the presence of Mr. Bhargav

Dasgupta, Executive Director, ICICI Prudential Life Insurance, Mr. AmeySaxena, Senior Vice President & Head - Priority Circle & GCC, ICICI

Prudential Life Insurance and other senior officials from ICICI Prudential

Life Insurance and ICICI Bank. 'ICICI Prudential is delighted to announce

the opening of its Dubai office. GCC is an important region for ICICI

Prudential's future growth plans and UAE, as one of the fastest growing

economies with a large NRI population, is key to this growth.' said Mr.Bhargav Dasgupta at a press conference to mark the inauguration of the

Dubai office.

'The booming UAE economy has resulted in greater wealth for NRIs, most

of who are seeking to use their enhanced earnings to secure the future of

their families back home in India, be it for their retirement planning, child's

education or wealth creation needs. ICICI Prudential's range of insuranceproducts is ideally suited to meet all these needs in a comprehensive manner.

Today we are delighted to bring our brand and service promise closer to

Indians who live and work in UAE. As we establish our presence here, we


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hope to partner with them as they secure the future of their families and

themselves here as well as in IndiaICICI Prudential's journey since inception

has been marked with a series of pioneering steps, the launch of the office in

Dubai, UAE, being the most recent. As of March 31, 2007, the company

garnered Rs. 4,843 crore (1.11 bn USD) of weighted retail + group new

business premiums and wrote over 1.96 million retail policies. The company

has assets held to the tune of over Rs. 17,500 crore (4.02 bn USD). For the

past six years, ICICI Prudential has retained its position as the No. 1 private

life insurance in India.ICICI Prudential is also the only private life insurer in

India to receive a National Insurer Financial Strength rating of AAA (Ind)from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear

assurance of ICICI Prudential's ability to meet its obligations to customers at

the time of maturity or claims. In India, the company has a multi-channel

distribution strategy to reach customers. In addition to advisors, tie-ups with

and referrals through established banks and corporate agents are integral to

the company's goal to expand distribution, and have yielded excellent resultsthus far notes and media contacts.

About ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank and Prudential plc. It was one of the first players to commence

operations when the insurance industry was opened to the private sector in2000. For the financial year ending March 31, 2007, the company garnered

Rs. 4,843 crore of weighted retail + group new business premiums and

crossed the 4 million policies milestone during the month. The company has

a network of over 580 offices, over 234,000 advisors; as well as 22 bank


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partners. It is also the only life insurer in India to be assigned AAA (Ind.)

credit rating from Fitch Ratings. For the past six years, ICICI Prudential has

retained its position as the No. 1 private life insurer in the country, with a

wide range of flexible products that meet the needs of the Indian customer at

every step in life.

Posted by Medilyn Manibo, Assistant News Editor

Monday, July 09 - 2007 at 16:13 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited

without the prior written consent of AME Info FZ LLC / Emap

Communications.


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INTRODUCTION OF THE TOPIC

The object of my topic was to recruit the advisor who posses thefollowing qualities.

1-Confidence

2-Self motivation

3-Persuasion

4-Urge to be financially independent

5-Able to establish and maintain good and long term

relationshipI met a no. of persons and found out whetherI have

to recognize where a person (whom I meet to recruit him/her as

an advisor) having all these characteristics or not. If some

person is closed enough to these characteristics then .1

discussed the following support package with him/her.

WE ARE PARTNERS IN YOUR GROWTH

SuperiorProducts

High qualityManagement Support

Attractivepayments andbenefits

Strongreputation

ExecutingTraining

Excellentcustomerservice


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After getting all these information an advisor basically asked about the

working environment. Then I discussed the working environment and try

to convince him/her that he/she has the potential to become an

agent/advisor.

1. To be part of a world class sales team.

2. Work from his/her (advisor) own office or residence.

3. Work full time or part time.

4. Earn commission, bonus and incentives.

5. No upper limits on earnings.

6. Flexible career.Therefore the first and for most problem is to convinced that person

those who having enough patience to listen my companies idea/views.My

objective is to recruit those potential advisors. The role of the advisor

is to quite effective to search a good prospect.

MY TASK I have done the work to analyze all these functions to the advisors. I

discussed these with the advisors so that he/she can understand what they

are supposed to do after becoming an advisor.

ROLE OF AN ADVISOR:

1. Identify future clients/prospect

2. Making appointment.

2. Conduct financial review meeting with prospect.

4. Close sale.

5. Get referral

6. Provide service to clients/prospect.


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7. Follow internal sales and reporting system.

After analyzing the quality (which the company is looking for), back

officeservice (which the company is giving to that person). Functions to beperformed. Role to be played. I used to describe the benefits which the

advisor can get out of his/her joining as an advisor in ICICI

Prudential Life Insurance Company.

FUNCTION OF ADVISORS

Advisors provide on going financial advice for his /her client/prospect.In our official term prospect is a person who can buy life insurance

from us. The advisors study the prospects needs and persuade them to

buy a policy.Complete all formalities for proposal of new insurance,

including filling up forms. Collecting premium. Arranging medical

examination, collecting proofs (of age/income), reports and information

required by the underwriter.After having sold a new insurance policy,

the advisor has to ensure that the policy continues. Without a lapse.

Till it becomes a claim. For that reason an advisor has to do the

following.

1. Keep in touch with the policy holder to make sure that renewal

premiums are paid in time.

2.Ensure that nominations are made or changed ,if

necessary.3. Assist in collecting claim amounts.As an advisor you

contribute in bringing in new business for the

company. Offer world pre and post sales service to the

clients with the support of the organization. But an


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advisor to us means much more than a

salesman/saleswoman, we at ICICI Prudential recognize

our advisors as the ambassadors of our organization in

the market place and we consider the advisor force would

be our biggest differentiating factor in the coming years.

That is why; we take a lot of care in recruiting and

developing our advisor force, so that we can maintain our

standards of quality in service and salesmanship.The

competition and the customer awareness have forced the

times to be a knowledge oriented marketplace.Appreciating the same we strive to get people with

reasonably good graduation background as our advisors.

We also acknowledge and recognize prior 11 sales

experience of the persons, at the time of recruitment.The

other function is to be of assistance to the policy holder in

case he/she needs a loan under the policy.OPPORTUNITIES

1. No start up capital is required to becoming an advisor.

2. Flexible working environment.

3. Be his/her own boss.

4. Unlimited earning potential.5. To be part of world class team.

Besides these ICICI Pru has given the following benefits to the individual

those who are willing to join as an advisor in our company.


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BENEFIT AND EXPOSURE TO THE ADVISORS

The advisor is remunerated by way of commission on the premium paid

under policies canvassed by him/her. The rates of commission vary

according to the plans of insurance and the term of the policy. It also differs

between first year premiums and subsequent premiums. To analyze the

premium structure it is necessary to discuss the product portfolio. ICICI

Pru has more than 28, types of different policy and we can classify them into three groups.

Endowment Unit Link Pension

In summary we can say that, at the highest level, the commission payable is

22 percent of the 1 st ' year's premiums, 7.5 % percent of the second and 3 rd year's premiums and 5 percent of the subsequent pertain. When the

business exceeds specified level, the 1st year's commission can go up by

another 16 percent making it 35 percent instead of 25 percent.


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There should be issued some life long facilities for each and every advisor

such as bonus and points. Bonus is payable to the advisors after policy to

be continued by the policy maker This means only when the policy maker

renewed his/her prevailing policy then the matter of bonus will be maid in

to account. Bonus is paid on the renewal premium. Instead of bonus the

advisor enjoyed the benefit of different types of gifts and recognition which is

paid by the company not in terms of rupees but in terms of kind. This kind

is allotted to that advisor those who are able to get more and more POINTS

in terms of the performance they gave. Each advisor's performance is

calculated by the company and they are ranked according to the points theyachieved in their performance appraisals. In IC1C1 Prudential each point

is recognized by equal amount of rupees and this quality is

determined at the beginning of the year by the company. This year one

point is amounted to twelve rupees. Before the year ending total points

multiplied by the rupee and the amounted sum is used to buy a gift for that

advisor.In ICICI Prudential some contest and initiative will be taken at thebeginning of the year. These are discussed below:

CONTEST AND INITIATIVES

(I) 1. ICICI Pru star club - India

2. ICICI Pru star club - international.

3. Presidents club.

(II ) 1. MDRT, COT, TOT.2. MDRT nite.

3. Beat the Heat.

(III) 1. Aaj ke sham aap ke naam.

2. Challengers cup II


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3. Double credit for star club.

(IV) 1. Pinnacle program.

2. Tiger team, /mobile trainer.REWARDS AND RECOGNITION:

In ICICI Pru, three types of rewards and recognitions can be achieved by

an advisor. These are discussed below:

Million Dollar Round Table:

It is getting only when an advisor can achieve the quality criteria of

both base commission and production in terms of policy selling.

QUALITY CRITERIA FOR MDRT. COT, TOT FOR THE

FINANCIAL YEAR 2005-2006

CLUB MEMBERSHIP:

A-PRESIDENTS CLUB -

One advisor can get a membership in this club by qualifying the

following details.

Qualification criteria:

Base commission Production

MDRT Rs.529. 400 Rs. 21. 17.600

COT Rs,15, 88 200 Rs. 63,52,8800

TOT Rs.31. 76.400 Rs. 1,27,05,600


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Logins between 1 st Jan; 2005 up to 3l" Dec. 2005.

# Issues between 1st Jan, 2005 up to 15 th Jan, 2006.

# Only urban and enforce policies will be considered at the time of results.

# Activation based on Activity Chart.

# Baseline WRP Rs. 30. 00.000.

# No lives criteria for qualification.

# Persistency required minimum 85 percent based on premiums.

B-ICICI PRU STAR CLUB INDIA-

This club membership also is divided in to three branches of category

namely A, B, C category. There are also some qualification criteria.


Category A Towns: 6 Lakes WRP, 40 LIVES

Category B Towns: 5.5 Lakes WRP, 40 LIVES

Category C Towns: 4.5 Lakes WRP. 40 LIVES

C-ICICI PRL STAR CLUB INTERNATIONAL-

Contest prevails in between three categories A, B, C branches. The

qualifying criteria and activity chart and winning criteria are also

different.


Category A Towns: 10 Lakh WRP, 40 LIVES Category

Category B Towns: 9 Lakh WRP. 40 LIVES

Category C Towns: 8 Lakh WRP, 40 LIVES


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Life Insurance Retirement Plans HealthInsurance
http://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Health-plans/Health-Insurance-Products.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Retirement-Plans-Need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htmhttp://www.iciciprulife.com/public/Life-plans/Plan-Life-need.htm


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Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its 27products can be enhanced with up to 6 riders, to create a customized solutionfor each policyholder.

Savings Solutions Secure Plus is a transparent and feature-packed savings plan that

offers 3 levels of protection.

Cash Plus is a transparent, feature-packed savings plan that offers 3levels of protection as well as liquidity options. Save n Protect is a traditional endowment savings plan that offers life

protection along with adequate returns. Cash Back is an anticipated endowment policy ideal for meeting

milestone expenses like a child? s marriage, expenses for a chihigher education or purchase of an asset.

Lifetime & Lifetime II offer customers the flexibility and control tocustomize the policy to meet the changing needs at different lifestages. Each offer 4 fund options? Preserver, Protector, Balancer andMaxi miser.

Life Link II is a single premium Market Linked Insurance Plan whichcombines life insurance cover with the opportunity to stay invested inthe stock market.

Premier Life is a limited premium paying plan that offers customerslife insurance cover till the age of 75.

Invest Shield Life is a Market Linked plan that provides capital

guarantee on the invested premiums and declared bonus interest. Invest Shield Cash is a Market Linked plan that provides capital

guarantee on the invested premiums and declared bonus interest alongwith flexible liquidity options.

Invest Shield Gold is a Market Linked plan that provides capitalguarantee on the invested premiums and declared bonus interest alongwith limited premium payment terms.


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Protection Solutions

Life Guard is a protection plan, which offers life cover at very low

cost. It is available in 3 options? Level term assurance, level termassurance with return of premium and single premium.

Children Plans

Smart Kid education plans provide guaranteed educational benefits toa child along with life insurance cover for the parent who purchasesthe policy. The policy is designed to provide money at importantmilestones in the childs life. Smart Kid plans are also available inunit-linked form? Both single premium and regular premium.

Retirement Solutions

Forever Life is a retirement product targeted at individuals in theirthirties.

Secure Plus Pension is a flexible pension plan that allows one toselect between 3 levels of cover.

Market-linked retirement products

Lifetime Pension II is a regular premium market-linked pension plan Life Link Pension II is a single premium market-linked pension plan. Invest Shield Pension is a regular premium pension plan with a

capital guarantee on the investible premium and declared bonuses.

ICICI Prudential also launched Salaam Zindagi , a social sector groupinsurance policy targeted at the economically underprivileged sections of thesociety.


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Group Insurance Solutions

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

ICICI Pru Group Gratuity Plan: ICICI Pru. Group gratuity planhelps employers fund their statutory gratuity obligation in a scientificmanner. The plan can also be customized to structure schemes thatcan provide benefits beyond the statutory obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexibledefined contribution superannuation scheme to provide a retirementkitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partialcommutation of the annuity at the time of retirement.

ICICI Pru Group Term Plan: ICICI Prus flexible group termsolution helps provide affordable cover to members of a group. Thecover 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.

RURAL PLANS

ICICI Prudential Life Rural Products are designed to meet needs of the ruralconsumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover3. Savings Option4. Hassle free procedure

ICICI Prudential offers 2 specially designed rural plans.

1. ICICI Pru Mitr - Endowment Plan


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2. ICICI Pru Suraksha Regular Premium

3. ICICI Pru Mitr Endowment Plan

ICICI Pru Mitr offers the following features:

Life Cover and Savings

Regular Premiums

Age at entry : 18 45 Yrs

Premium Mode : Half Yearly / yearly

Term : 5, 10, 15 Yrs

Sum assured: Rs. 5, 000 20, 000

Premium / Year : Rs. 507 553 ( SA: Rs. 10, 000)

Maturity/Death benefit : Sum assured

ICICI Pru Suraksha Regular Premium

ICICI Pru Suraksha is a regular premium policy with the following features:

Individual Policy

Only Life Cover

Term-3 & 5 Yrs

Age Independent Premium

Age At Entry : 18 45 Yrs

Sum Assured : Single


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Premium /Year : Rs 50 200

Maturity/ Death Benefit: RS 5,000 20,000

Death Benefit : Sum Assured

NRI PLANS

Being away from India doesnt mean you have to compromise the safetsecurity of your loved ones. In fact, your savings from your time overseas

can be easily channelised to meet your familys needs- now and in the

future. So, whether its your dream to retire in your hometown; to secur Funds for your childrens education; or to build assets, ICICI Prudentiaa range of solutions that can be customized to meet your needs.

Investment Plans Savings Plans Retirement Plans Child Plans

INVESTMENT PLANS

You can hedge your investments with investment like Life Link Super

vehicles that provide you with a diversified portfolio.

KEYMAN INSURANCE PLANS

A key man is an individual who directly affects the profitability and thecontinuity of a business and whose absence may have an adverse effect

on the health and continuity of the business. Key man insurance is a life

insurance policy taken by the company on the life of such a key person.


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The objective of the key man insurance is to provide the company with

money so that the financial losses to the company can be protected in

absence of the key man; the aim is to indemnify the company of these

losses and to allow business continuity.

All premiums paid for securing a key man life insurance policy aretreated as business expenditure u/s 37 (1)

Our Lifeguard plan is ideally suited for the purpose of key maninsurance.

PROBLEMS

The best way of understanding the problem is to discuses it with

owns colleagues or with those having some expertise in the matter. In

an organization the researcher can seek the help from a guide who is

usually an experienced man and has several research problems in

mind. Often, the guide puts the problem in general terms and it is up to

the researcher to narrow it down and phrase the problem in operational

term. In private business units, the problem is usually marked by the

administrative agencies with whom the researcher can discussed as to

how the problem originally came about and what consideration areinvolved in its possible solutions.

By using the above concept throughout the two months project I have

faced several problems but the main problem behind these all problems


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is that to find out a potential advisor, This implies that I have to

choose an advisor those who are highly good networks with other

people. Besides the jobs which has to be performed by an advisor till

become much easier only when he/she has a good contact with other.

Some problems which I faced in a regular manner are summarized

in the following points.

1. People never get interested.

2. People already have one license.

3. People vivant to know about product profile.

4. People do not afford the training period.

5. People do not interested to invest Rs1000

6. People like to have a fixed salary job.

MARKET SCENARIO AND SWOT ANALYSIS

With increasing life expectancy on one hand and rising inflation and medical

costs on the other, the need for planning ones retirement was merging important one .How ever, it was quite surprising to know only 11% of

Indias total working population was adequately covered for post retirelife. This was mainly due to low awareness of and attitudinal barriers with

respect to these issues among consumers.


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THE OPPORTUNITY:

About 90% of the working population in India was without retirement cover.

Of this, a sizeable portion belonged to the age group of 30 to 40 year a big

market left unexploited so far. Even the market leader LIC, which has been

in the country for decades, had failed truly drive growth of the retirement

products category. Proof being the mere 4.16% contribution of pension

products to its entire portfolio.

THE THREATS

The task of capturing the unexploited market how ever, turned out to be an

uphill one. The first barrier was low awareness of the need for early

retirement planning among the consumers .Add to it the consumers nthat planning for retirement start only in your 50s. The bigger issue however,

was the consumer perceptions and fears as for as retirement was conceThe word retirement itself brought to mind all the negative associateold age loss of independence (social, financial and physical), causingavoidance or deferment of decisions regarding the same.

THE CHALLENGE

To re position the concept of

icici life insurance recruitment of advisers for selling the financial products

Documents