icici pru final summer report

8/7/2019 Icici Pru Final Summer Report

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A

PROJECT REPORT

On

Customer satisfaction survey on insurance products of

ICICI PRUDENTIAL LIFE INSURANCE PVT LTD.

Under the Guidance of

Companys guide Name Facultys Guide

Name

Mr . .Ashish Awasthi Ms.swati priya

Sales manager Lecturer of MBA DEPTT.

Submitted In Partial Fulfillment For the award of Master of Business

Administration

from

GBTU

Batch 2009-2011

SUBMITTED

By

SHIVENDRA SHARMA

MBA III semester ( Roll no. 0914170054)


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PREFACE

Marketing as a subject of study, has received wide-spread support from both

academic and business segment people.

The topic CUSTOMER SATISFACTION ON INSURANCE PRODUCTS in

HAL was selected as to understand the financial need and importance with

special reference to ICICI PRUDENTIAL LIFE INSURANCE PVT LTD .

LUCKNOW.

As the cost control refers to the administration of all the analysis of

cost control ratios and sources and application of funds and the

company by studying, interpreting various financial statements

using various techniques such as comparative statements analysis

etc.

Even efforts have been made to collect the relevant information about the

topic. The present study about CUSTOMER SATISFACTION ON

INSURANCE PRODUCTS in ICICI PRUDENTIAL INSURANCE PVT

LTLD.LUCKNOW it based on my six weeks project study in SALES AND

MARKETING DEPARTMENT in ICICI PRUDENTIAL LIFEINSURANCE PVT

LTD.

This training gives me an opportunity to make a study and analysis

the system adopted by the organization. It enables me to build the

practical knowledge acquired during the class study with practical

training received during my project.


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Acknowledgement

I express my sincere gratitude to the management of ICICI PRUDENTIAL

COMPANY Pvt. Ltd, for providing me material to prepare my project on their

esteem organization.

I would like to thanks Prof. J.K. JAUHARI (Director) and Mr.K.K.MISRA

Associate prof ,HOD of MBA Deptt.who has been a constant source of

inspiration and my special thanks to Ms. Swati priya (project guide from the

institute) forher extensive guidance, cooperation and support.

Finally, I wish to express my gratitude to all those who have in one way or

otherhelped me in the successful completion of my project report.

The Project was completed successfully with the valuable cooperation of

companys personnel.

SHIVENDRA SHARMA


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TABLE OF CONTENTS

Certificate from the Organization

Ce

rtificate f

rom the Institute

Preface

Acknowledgement

Executive Summary

Chapter-1 Introduction Page No

1.1CustomerSatisfaction 13

1.2Overview of the Industry 15

1.3 Objectives of the study 09

1.4 Profile of the Organisation 19

- Overview of ICICI PRUDENTIAL 20

- Competitive situation 20

- Vision & Values 23

- Sales Distribution 26

- Management Profile 28

- Achievements 30

- Products 48

- Stages in Policy insurance 49

1.5 Comparative Study 41

1.6 SWOT Analysis 60

Chapter-2 the project profile & review of literature

2.1Why his project was undertaken

2.2Problem environment


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Chapter-3 Research Methodology

Research Problem 64

Research objective&sub -objective 65

Research Design 65

Research instrument used 66

Sampling Techniques used 67

Selection of Sample Size 67

Data Collection 67

Statistical Tools Used 68

Limitations and scope 69

Chapter-3 Data Analysis and Findings

3.1 Sample profile

3.2 Primary data tabulation & interpretation

Chapter-4 findings

4.1 Findings & recommendation 84

4.2 conclusion 85

Bibliography 86

Appendix 90


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PREFACE

Marketing as a subject of study, has received wide-spread support from both

academic and business segment people.

The topic CUSTOMER SATISFACTION ON INSURANCE PRODUCTS in

HAL was selected as to understand the financial need and importance with

special reference to ICICI PRUDENTIAL LIFE INSURANCE PVT LTD .

LUCKNOW.

As the cost control refers to the administration of all the analysis of

cost control ratios and sources and application of funds and the

company by studying, interpreting various financial statements

using various techniques such as comparative statements analysis

etc.

Even efforts have been made to collect the relevant information about the

topic. The present study about CUSTOMER SATISFACTION ON

INSURANCE PRODUCTS in ICICI PRUDENTIAL INSURANCE PVT

LTLD.LUCKNOW it based on my six weeks project study in SALES AND

MARKETING DEPARTMENT in ICICI PRUDENTIAL LIFEINSURANCE PVT

LTD.

This training gives me an opportunity to make a study and analysis

the system adopted by the organization. It enables me to build the

practical knowledge acquired during the class study with practical

training received during my project.


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EXECUTIVE SUMMARY

Topic: - CUSTOMER SATISFACTION ON INSURANCEPRODUCTS

OBJECTIVES

The main objective of this study is to carry on brief study on Customer

satisfaction survey on insurance products of ICICI

PRUDENTIAL through this I am able to get the different Life Insurance

Policies and their products.

Comparative study of various insurance players in the market.

RESEARCH METHODOLOGY

Types of Research: - Descriptive research design for the final

survey.

Source of Data: - Personal Interviews and departmental analysis.

Sample Design: - Probability sampling design.

Sample Size: - 50 people

Sample universe ; - Lucknow


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FINDINGS

According to my survey the noteworthy points are:

Most of the people buy life insurance as just a tax benefit tool or

as a life cover while only a few of the respondent take it as a

saving option.

The reason for this is lack of knowledge of insurance benefits

among the people.

A Majority of the people come to know about the policies from the

Direct Selling Agents.

A Majority of the people are satisfied by the incentives

associated With their policies.

Most of the respondents are satisfied by the services offered by

there Insurance company while some says that they are not

satisfied by the services.


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SUGGESTIONS

There should be facility of intranet so fax and such other

things must be done through it that can reduce time and

money.

The time delay between rising of purchase order and

preparation of RDR should be reduced.

Wages to direct workers should be given through piece rate

system.

Efficiency of indirect workers should be measured so tha t

slackness can be sorted out.


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CONCLUSION

After overhauling the all situation that boosted a number of Pvt.

Companies associated with multinational in the Insurance Sector

to give befitting competition to the established behemoth ICICI in

private sector, we come at the conclusion that. There are very

tough competition among the private insurance companies on the

level of new trend of advertising to full a major part of Customers.

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

The entry of more Pvt. players in the Insurance Sector have

expanded the product segment to meet the different level of the

requirement of the customers. It has brought about greater choice to

the customers.

ICICI has vast market and very firm grip on its traditional customers

and monopoly of life insurance products.


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Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

y Meeting the needs of the customer is the underlying rationale for the

existence of community service organizations. Customers have a right to

quality services that deliveroutcomes.

y Organizations that strive beyond minimum standards and exceed the

expectations of their customers are likely to be leaders in their sector.

y Customers are recognized as key partners in shaping service

development and assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback on

organizational performance are valuable tools for quality and continuous

service improvement.


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Overview of the Industry

zThe insurance industry provides protection against financial losses resulting

from a variety of perils. By purchasing insurance policies, individuals and

businesses can receive reimbursement for losses due to car accidents, theft of

property, and fire and storm damage; medical expenses; and loss of income due

to disability ordeath.

The insurance industry consists mainly of insurance carriers (or insurers) and

insurance agencies and brokerages. In general, insurance carriers are large

companies that provide insurance and assume the risks covered by the policy.

Insurance agencies and brokerages sell insurance policies for the carriers.

While some of these establishments are directly affiliated with a particular

insurer and sell only that carriers policies, many are independent and are thus

free to market the policies of a variety of insurance carriers. In addition to

supporting these two primary components, the insurance industry includes

establishments that provide other insurance-related services, such as claims

adjustment or third-party administration of insurance and pension funds.

Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the

carrier states the length and conditions of the agreement, exactly which losses it

will provide compensation for, and how much will be awarded. The premium

charged for the policy is based primarily on the amount to be awarded in case

of loss, as well as the likelihood that the insurance carrier will actually have to

pay. In order to be able to compensate policyholders for their losses, insurance

companies invest the money they receive in premiums, building up a portfolio

of financial assets and income-producing real estate which can then be used to

pay off any future claims that may be brought. There are two basic types of

insurance carriers: direct and reinsurance. Direct carriers are responsible for the

initial underwriting of insurance policies and annuities, while reinsurance


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information and, if they decide to take on the policy, contact the customerwith

an offer. This practice gives consumers the freedom to accept the best rate.

The insurance industry also includes a number of independent organizations

that provide a wide array of insurance-related services to carriers and their

clients. One such service is the processing of claims forms for medical

practitioners. Other services include loss prevention and risk management.

Also, insurance companies sometimes hire independent claims adjusters to

investigate accidents and claims for property damage and to assign a dollar

estimate to the claim.


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The Insurance Regulatory and Development Authority

(IRDA)

Reforms in the Insurance sector were initiated with the passage of the

IRDA Bill in Parliament in December 1999. The IRDA since its

incorporation as a statutory body in April 2000 has fastidiously stuck to

its schedule of framing regulations and registering the private sector

insurance companies.

The other decisions taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance

companies were the launch of the 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

of insurance agents in place to sell their products, which are expected

to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put

in a framework of globally compatible regulations. In the private sector

12 life insurance and 6 general insurance companies have been

registered.

COMPANY PROFILE

About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95

billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58

billion for the year ended March 31, 2008. ICICI Bank is second amongst all


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the companies listed on the Indian stock exchanges in terms of free float

market capitalisation*. The Bank has a network of about 1,308 branches and

3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide

range of banking products and financial services to corporate and retail

customers through a variety of delivery channels and through its specialised

subsidiaries and affiliates in the areas of investment banking, life and non-life

insurance, venture capital and asset management. The Bank currently has

subsidiaries in the United Kingdom, Russia and Canada, branches in United

States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai

International Finance Centre and representative offices in United Arab

Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.

OurUK subsidiary has established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and

the National Stock Exchange of India Limited and its American Depositary

Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

ICICI Prudential Life Insurance

Overview

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank - one of India's foremost financial services companies-and Prudential plc

- a leading international financial services group headquartered in the United

Kingdom. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bankholding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). Today, our nation-wide


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team comprises of over 2000 branches (inclusive of 1,095 micro-offices), over

261,000 advisors; and 24 bancassurance partners.

ICICI Prudential is the first life insurer in India to receive a National Insurer

Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a

row, ICICI Prudential has been voted as India's Most Trusted Private Life

Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most

Trusted Brands'. As we grow our distribution, product range and customer

base, we continue to tirelessly uphold our commitment to deliver world-class

financial solutions to customers all over India.


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The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that

we do - be it product development, distribution, the sales process or servicing. Here's

a peek into what makes us leaders.

1. Our products have been developed after a clear and thorough understanding of

customers' needs. It is this research that helps us develop Education plans that offer

the ideal way to truly guarantee your child's education, Retirement solutions that are a

hedge against inflation and yet promise a fixed income after you retire, or Health

insurance that arms you with the funds you might need to recover from a dreaded

disease.

2. Having the right products is the first step, but it's equally important to ensure that

our customers can access them easily and quickly. To this end, ICICI Prudential has

an advisor base across the length and breadth of the country, and also partners with

leading banks, corporate agents and brokers to distribute ourproducts .

3. Robust risk management and underwriting practices form the core of our business.

With clear guidelines in place, we ensure equitable costing of risks, and thereby

ensure a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an

investment philosophy that aims to achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our 28,000 plus strong team is given the

opportunity to learn and grow, every day in a multitude of ways. We believe

this keeps them engaged and enthusiastic, so that they can deliver on our

promise to cover you, at every step in life.


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1.4 COMPETITION INFORMATION:

y Bajaj Allianz General Insurance:Bajaj Allianz General

Insurance CompanyLimited is a joint venture between BajajAuto Limited and Allianz AG of Germany. Both enjoy a

reputation of expertise, stability and strength.

y Birla Sun Life Insurance:The Aditya Birla Group

contributes its knowledge ofthe Indian market while Sun Life

Financial contributes global expertise in the areas of

protection and wealth management.

y HDFC Standard Life Insurance:HDFC and

Standard Life have a long and close relationship built upon

shared values and trust. Providing long term financialsecurity

to policy holders will be the constant endeavor.

y ING Vysya Life Insurance:ING, the worlds second

largest life insurancecompany togetherwith Vysya Bank, one

of Indias leading private sectorbanks,forms ING Vysya Life

Insurance.

y Life Insurance Corporation (LIC):Life Insurance

Corporation (LIC) has been one of the pioneering

organizations in India who introduced use of Information

Technology in theirbusiness.


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y MetLife India:The Metropolitan Life Insurance

Company is the number one insurer in the U.S. It is helping

build financial independence for its customers.

y Oriental Insurance:The Oriental Insurance Company

Ltd. (OICL) is one of the leading General Insurance

companies in India and is a subsidiary of the General

Insurance Corporation (GIC) of India.

y Royal Sundaram Alliance Insurance:Royal

Sundaram marks the coming

y HDFC Standard Life Insurance:HDFC and

Standard Life have a long and close relationship built upon

shared values and trust. Providing long term financialsecurity

to policy holders will be the constant endeavor.

y ING Vysya Life Insurance:ING, the worlds second

largest life insurancecompany togetherwith Vysya Bank, one

of Indias leading private sectorbanks,forms ING Vysya Life

Insurance.

y Life Insurance Corporation (LIC):Life Insurance

Corporation (LIC) has been one of the pioneering

organizations in India who introduced use of Information

Technology in theirbusiness.


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y MetLife India:The Metropolitan Life Insurance

Company is the number one insurer in the U.S. It is helping

build financial independence for its customers.

y Oriental Insurance:The Oriental Insurance Company

Ltd. (OICL) is one of the leading General Insurance

companies in India and is a subsidiary of the General

Insurance Corporation (GIC) of India.

y Royal Sundaram Alliance Insurance:Royal

Sundaram marks the coming together of Sundaram Finance,

one of Indias most respected and trusted finance companies,

and Royal and Sun Alliance, one of the largest insurance

groups in the world.

y Tata AIG Insurance:Life insurance & general

insurance for individuals &Corporate by Tata AIG. This

site will guide you on how to capitalize on opportunities

and protect against uncertainties.


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Our values:-

Every member of the ICICI Prudential team is committed to 5 core values:

Integrity, CustomerFirst, Boundaryless, Ownership, and Passion. These values

shine forth in all we do, and have become the keystones of our success.

Promoters

ICICI BANK

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private

sector bank with over 50 years of financial experience and with assets of Rs.

1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of

banking products and financial services to corporate and retail customers

through a variety of delivery channels and through its specialized subsidiaries

and affiliates in the areas of investment banking, life and non-life insurance,

venture capital and asset management. ICICI Bank is a leading player in the

retail banking market and has over 13 million retail customer accounts. The

Bank has a network of over 570 branches and extension counters, and 2,000

ATMs.

PrudentialPlc

Established in London in 1848, Prudential plc, through its businesses in the UK and

Europe, the US and Asia, provides retail financial services products and services to

more than 16 million customers, policyholders and unit holders worldwide. As of

June 30, 2004, the company had over US$300 billion in funds under management.

Prudential has brought to market an integrated range of financial services products

that now includes life assurance, pensions, mutual funds, banking, investment

management and general insurance. In Asia, Prudential is the leading European life

insurance company with a vast network of 24 life and mutual fund operations in

twelve countries - China, India, Indonesia, Japan, Korea, Malaysia, the Philippines,

Singapore, Taiwan and Thailand.

About the company


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ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse, and Prudential plc, a

leading international financial services group headquartered in the United

Kingdom. ICICI Prudential was amongst the first private sector insurance

companies to begin operations in December2000 afterreceiving approval

from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30,

2008) with ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. For the quarter ended June 30, 2008, the company garnered

Retail Weighted New Business Premium of Rs. 1,174 crores as against

Rs 810 crores for the quarter ended June 30, 2007, thereby posting a

growth of 45% and has underwritten over6 lakh policies over this period.

The company has assets held over Rs. 30,600 crore as on August 31,

2008.

ICICI Prudential Life is also the only private life insurer in India to

receive a National Insurer Financial Strength rating of AAA (Ind) from

Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear

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

customers at the time of maturity orclaims.

For the past seven years, ICICI Prudential Life has retained its leadership

position in the life insurance industry with a wide range of flexible

products that meet the needs of the Indian customerat every step in life.


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Distribution

ICICI Prudential Life has one of the largest distribution networks

amongst private life insurers in India. It has a strong presence across

India with over 2000 branches (including 1,095 micro-offices) and an

advisorbase of over261,000 (as on August 31, 2008).

The company has 24 banc assurance partners having tie-ups with ICICI

Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank,

Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki

District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur

Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin

Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani

Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op

Bank, Sangli Ur ban Co-Operative Bank, Baramati Co-operative Bank,

Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative

Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank,

Arvind Sahakari Bank, Bhandara Urban Co Operative Bank

SALES DISTRIBUTION

Tied Agency

Tied Agency is the largest distribution channel of ICICI Prudential,

comprising a large advisor force that targets various customer segments.

The strength of tied agency lies in an aggressive strategy of expanding

and procuring quality business. With focus on sales & people

development, tied agency has emerged as a robust, predictabl e and

sustainable business model.


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Bank assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions

through banks and alliances. Within a short span of two years, and with

nearly a large number of partners, B & A has emerged as a vital

component of the companys sales and distribution strategy, contributing

to approximately one third of companys total business. The business

philosophy at B&A is to leverage distribution synergies with ourpartners

and add value to its customers as well as the partners. Flexibility,

adaptation and experimenting with new ideas are the hallmarks of this

channel.

About the Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank

and the second largest bank in the country, with consolidated total assets

of $1 1 2.6 billion as of June 30 , 2008. ICICI Banks subsidiaries

include Indias leading private sector insurance companies and among its

largest securities brokerage firms, mutual funds and private equity firms.

ICICI Banks presence currently spans 19 countries, including India.

Established in London in 1848, Prudential plc, through its businesses in

the UK, Europe, US, Asia and the Middle East, provides retail financial

services products and services to more than 21 million customers,

policyholder and unit holders and manages over 256 billion of funds

worldwide (as of June 30, 2008). In Asia, Prudential is the leading

Europe-based life insurer with life operations in China, Hong Kong,

India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore,


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Taiwan, Thailand, and Vietnam. Prudential is one of the largest asset

management companies in terms of overall assets sourced in Asia ex -

japan, with 34.3 billion funds under management (as of June 30, 2008 )

and operations in ten markets including China, Hong Kong, India, Japan,

Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

Management Profile

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises

reputed people f

rom the finance indust

ry both f

rom India and ab

road.

Mr.K.V.Kamath, Chairman

Ms. Chanda Kochhar, Director

Mr. Barry Stowe, Director

Mr. H.T. Phong, Director

Prof. Marti G. Subrahmanyam, Director

Mr. Mahesh Prasad Modi, Director

Ms. Rama Bijapurkar, Director

Mr. Keki Dadiseth, Director

Ms. Shikha Sharma, Managing Director

Mr. N.S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director


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Management Team

The ICICI Prudential Life Insurance Company Limited Management

team comprises reputed people from the finance industry both from India

and abroad.

Ms. Shikha Sharma, Managing Director& CEO

Mr. N. S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

Ms. Anita Pai, Executive Vice President CustomerService &

Technology

Dr. Avijit Chatterjee, Appointed Actuary

Brand Values

Market Research reveals that the values people associate with ICICI

Prudential are, indeed, those that the company hopes to project: lifelong

protection and value for money. The core value is protecting your loved

ones, throughout lifes ups and downs. It is a powerful proposition; one,

which ICICI Prudential, is taking into the market place.


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Prudential Lifestyle Rewards Club, Indias first rewards programme for

Life Advisors; it allows ICICI Prudential Advisors to redeem points for

items ranging from kitchenware to gold, white goods, and even

international holidays.

PRODUCT/SERVICES PROFILE

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-

centric products that meet the needs of customers at every life stage. Its

products can be enhanced with up to 4 riders, to create a customized

solution foreach policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that offers life

protection along with adequate returns.

CashBakis an anticipated endowment policy ideal formeeting milestone

expenses like a child's marriage, expenses for a child's higher education

orpurchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility

and control to customize the policy to meet the changing needs at

different life stages. It offers 7 fund options - Preserver, Protector,

Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth.

LifeStage RP is unit linked plan that provides you with an option of

lifecycle-based portfolio strategy that continuously re-distributes your


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money across various asset classes based on your life stage. This will

help you achieve the right Asset Allocation to meet yourdesired financial

goals.

LifeLink Super is a single premium unit linked insurance plan which

combines life insurance coverwith the opportunity to stay invested in the

stock market.

Premier Life Gold is a limited premium paying plan specially structured

for long-term wealth creation.

InvestShield Life New is a unit linked plan that provides premium

guarantee on the invested premiums and ensures that the customer

receives only the benefits of fund appreciation without any of the risks of

depreciation.

InvestShield Cashbakis a unit linked plan that provides premium

guarantee on the invested premiums along with flexible liquidity options.

LifeStage Assure a unit linked insurance plan that provide upto 450 %

of first year premium guarantee on maturity, with the additional

advantage of a lifecycle based portfolio strategy that allocates the

investors money across various asset classes based on his life stage and

risk appetite.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at low cost. It is

available in 3 options - level term assurance, level term assurance with

return of premium & single premium.


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HomeAssure is a mortgage reducing term assurance plan designed

specifically to help customers cover their home loans in a simple and

cost-effective manner.

Education Solutions

SmartKid New ULRP provides guaranteed educational benefits to a

child along with life insurance cover for the parent who purchases the

policy. The policy is designed to provide money at impo rtant milestones

in the child's life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonuses annually.

LifeTime Super Pension is a regular premium unit linked pension plan

that helps one accumulate over the long term and offers 5 annuity options

(life annuity, life annuity with return of purchase price, joint life last

survivor annuity with return of purchase price, life annuity guaranteed for

5, 10 and 15 years & for life thereafter, joint life, last survivor annuity

without return of purchase price) at the time ofretirement.

LifeStage Pension is a regular premium unit linked pension plan that

provides you with a unique lifecycle-based strategy that continuously re-

distributes your money across various asset classes based on your life

stage, eventually providing you with a customized retirement solution.

LifeLink Super Pension is a single premium unit linked pension plan.


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Immediate Annuity is a single premium annuity product that guarantees

income for life at the time ofretirement. It offers the benefit of 5 payout

options.

PremierLife Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit professionals

and businessmen, especially those who require more flexibility and

customization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a

regula

rpremium plan which

provides long term cover against 6 critical illnesses by providing

policyholder with financial assistance, irrespective of the actual medical

expenses. Health Assure Plus offers the added advantage of an equivalent

life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the

diagnosis as well as at different stages in the treatment of various cancer

conditions.

Cancer CarePlus: is a wellness plan that includes all the benefits of

Cancer Care and also provides an additional ben efit of free periodical

cancerscreenings.

Diabetes Care: Diabetes Care is a unique critical illness product

specially developed for individuals with Type 2 diabetes and pre -

diabetes. It makes payments on diagnosis on any of 6 diabetes related

critical illnesses, and also offers a coordinated care approach to managing

the condition. Diabetes Care Plus also offers life cover.


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Diabetes Care Plus: is a unique insurance policy that provides an

additional benefit of life cover forType 2 diabetics and pre -diabetics

Hospital Care: is a fixed benefit plan covering various stages of

treatment - hospitalisation, ICU, procedures & recuperating allowance. It

covers a range of medical conditions (900 surgeries) and has a long term

guaranteed coverage upto 20 years.

Crisis Cover : is a 360-degree product that will provide long-term

coverage against 35 critical illnesses, total and permanent disability, and

death.

MediAssure is a health insurance policy that provides assured

insurability till age 75 years, assured coverage for accepted pre-existing

illnesses after2 years and an assured price for3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for

companies seeking to enhance benefits to theiremployees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner

and also avail of tax benefits as applicable to approved gratuity funds.

Group Superannuation Plan: ICICI Prudential Life offers a flexible

market linked scheme that provides substantial benefits to both employers

and employees. Both defined contribution (DC) and defined benefit (DB)

schemes are offered to optimise returns for members of the trust and

rationalise cost. Members have the option of choosing from various

annuity options or opting for a partial commutation of the annuity at the

time ofretirement.


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Group Immediate Annuities: ICICI Prudential Life realises the

importance of prudent retirement planning. With this in mind, we have

developed a suite of annuity products that not only give you an income

for life but also provide you options to match your needs. In addition to

the annuities offered to existing superannuation customers, we offer

immediate annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term solution

helps provide an affordable cover to members of a group. The cover

could be uniform or based on designation/rank or a multiple of salary.

The benefit under the policy is paid to the beneficiary nominated by the

memberon his/herdeath.

Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the

basic policy at a marginal cost, depending on the specific needs of the

customer.

Accident & disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional

amount equal to the rider sum assured under the policy. If an accident

results in total and permanent disability, 10% ofrider sum assured will be

paid each year, from the end of the 1st year after the disability date for the

remainder of the base policy term or 10 years, whichever is lesser. If the

death occurs while t

ravelling in an autho

rized mass t

ranspo

rt vehicle, the

beneficiary will be entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss in the

event of 9 specified critical illnesses. Benefits are payable to the insured

formedical expenses prior to death.


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Waiver of Premium: In case of total and permanent disability due to an

accident, the future premiums continue to be paid by the company till the

time of maturity. This rider is available with SmartKid, LifeTime Plus,

LifeTime Superand LifeTime SuperPension.

Income benefit rider: In case of death of the life assured during the term

of the policy, 10% of the sum assured is paid annually to the nominee on

each policy anniversary till the maturity of the rider.

RETIREMENT PLANS

Most of you picture yourselves enjoying the fruits of labor after

retirement, going on your dream vacation, or helping your

children's career take wing. But do you realize 28 that

financing all this will most likely depend partly on your

personal savings? Because personal savings and investments

represent a significant source of retirement income for many

people, you can never save too much.

Currently, you are at a stage where you are juggling many

roles, as nurturing parents ,dutiful caregivers to elders,

supportive life partners, while trying to maintain a career .It is

too easy to get carried away handling and solving the day-to-

day problems to not look into your retirement needs. It may

also seem too far away to be of concern. But a look at the


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issues below will make the need for some strategic planning at

this stage amply clear.

Today, thanks to a healthier lifestyle and advances in medicine, the

average Indian lives longer. This makes the challenge of

accumulating enough money for retirement even more difficult,

since it may have to last longer. Also, with the falling interest rate

scenario and the rising costs of medical expenses retirement means

monetary uncertainty for most of us. More so, because there is also

the ever-persistent evil of inflation, which erodes your purchasing

power. The graph below illustrates how much Rupees will

10,000/- amount to after some year

Therefore, the message is simple - no matter whether you

are 30 or 50, you should start planning early to have a

healthy retirement kitty. (See graph below for an

illustration

LifeLink Super Pension is a single premium unit linked

pension plan.

Immediate Annuity is a single premium annuity product

that guarantees income for life at the time of retirement. It

offers the benefit of 5 payout options.


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PremierLife Pension is a unique and convenient

retirement solution with a limited premium paying term of

three or five years, to suit professionals and businessmen,

especially those who require more flexibility and

customization while planning their finances.

Stages in Policy Insurance

1) Proposal

A Proposal Stage is the First stage before the policy is issued at COPS. At

this stage, the application form is received by COPS, but it is pending for

issuance due to furtherclarifications required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary

documents attached to it & accepted by the Branch ops, is called a Login

3) Reject

An Application gets rejected at the Branch Ops level due to necessary

details not filled in the form or necessary documents not submitted is a

Reject. It is then sent back to the Advisor forcompletion .

4) Insurance

Issuance means a policy that is issued to the Customerby Central Ops.


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5) Decline Status

When a customerrefuses to take a policy post login but before Issuance is

called a Decline

6) Cancellation

When the cheque given by the customer bounces, it amounts to

cancellation of the policy .

7) Lapse

A policy for

which the Customer

fails to pay subsequent premiums is a

Lapsed Policy.

8) Free look

Post issuance of the policy, the policyholder has the option to turn down

the policy within 15 days from the date of issuance. This period of 15

days is called Free look Period.

9) Surrender:

When a customerwants to discontinue with the policy.

COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:


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LIFE TIME-

0-60YEARS

BIMA PLUS-

12-55 YEARS

ON THE BASIS OF TERM:

LIFE TIME-

Minimum premium payment term of three years.

BIMA PLUS-

10 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIME-

Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.

BIMA PLUS-

Maximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-

Value of unit three years onward.

BIMA PLUS-

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

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-

Higher of sum assured of value of units.

BIMA PLUS-

Death during the first six month-30% of SA+value of units, next six months-60% of

SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:

LIFE TIME-


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LIFE TIME-

Choose your sum assured subject to a minimum sum assured of Rs1lakh.

LIFE MAKER-

Choice of 2 insurance covers.


LIFE TIME-

Value of units three years onwards.

LIFE MAKER-

Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-

Complete orpartial withdrawals are available after three years.

LIFE MAKER-

Partial withdrawals are available from the third year and complete withdrawals are

available from first yearonwards itself, subject to surrenderpenalties.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME-

Minimum premium of Rs18000 perannum.

LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:

LIFE TIME-

Available

LIFE MAKER-

Not available


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ON THE BASIS OF BONUS UNIT:

LIFE TIME-

Available

LIFE MAKER-

Available in the last policy year.

3)LIFE TIME VS HDFC LINKED


LIFE TIME-

0-60 YEARS

LINKED-

18-60 YEARS


LIFE TIME-

Minimum premium payment term of three years.LINKED-

10-30 YEARS


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LIFE TIME-

Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.

LINKED-

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


LIFE TIME-

Value of units third year onwards.

LINKED-

Value of units.


LIFE TIME-

Higheror sum assured orvalue of units.

LINKED-

Higheror sum assured orvalue of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-

Partial orcomplete withdrawals are available from third year onwards.

LINKED-

Partial withdrawals are available from third year onwards provided, that the value of

units does not go below the sum assured.

ON THE BASIS OF CONTRIBUTION:LIFE TIME-

Minimum Rs18000 perannum.

LINKED-



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ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME-

Maximiser, balancer, protectorand preserver.

LINKED-

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

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI


LIFE TIME PENSION-2-

18-60 YEARS.

JEEVAN NIDHI-

18-65 YEARS.



Minimum term of 10 years.

JEEVAN NIDHI-5-35 years.



Default sum assured is zero, however, the policy holders can also opt for a sum

assured.

JEEVAN NIDHI-

Minimum of Rs50000 and multiples of Rs5000 thereafter.



Unit value to purchase an annuity.


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JEEVAN NIDHI-

Sum assured+gurantee additions+terminal bonus.



Value of units in case the sum assured is zero. In case a sum assured is chosen, it will

be higher of the sum assured orvalue of units.

JEEVAN NIDHI-

Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:



JEEVAN NIDHI-


ON THE BASIS OF INVESTMENT OPTION:


Protectorpension, balancerpension, maximiserpension and pension preserver.

JEEVAN NIDHI:

Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:


Not available.

JEEVAN NIDHI-Not available.


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PROJECT PROFILE

CUSTOMER SATISFACTION

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers

are with the products or services they receive from a

particular agency. The level of satisfaction is determined

not only by the quality and type of customer experience

but also by the customers expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by

your agency

receives or relies on one or more of your agencys

services or products.

Customers in human services are commonly referred to as

service users,consumers or clients. They can be

individuals or groups.

An organization with a strong customer service culture

places the customer at the centre of service design,


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planning and service delivery. Customer centric

organizations will

1.determine the customers expectations when they plan.

2.listen to the customer as they design

3.focus on the delivery of customer service activities

4.Value customer feedback when they measureperformance

MEANING OF CUSTOMER SATISFACTION

Customer satisfaction, a business term, is a measure of

how products and services supplied by a company meet

or surpass customer expectation. It is seen as a key

performance indicator with in business and is part of the

four of a Balanced Scorecard.

In a competitive marketplace where businesses compete

for customers, customer satisfaction is seen as a key

differentiator and increasingly has become a key element

of business strategy


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CUSTOMER FOCUS:

Materials are supplied as per the customers order, viz.,

- Quantity.

- Variety.

- Timely dispatched.

- Type of packing.

- Transport Selection.

SPECIAL REQUIREMENT OF CUSTOMER

In addition to our regular products, request for special

products are received. It is the endeavor of the company

to see that special characteristics are in built into the

products, to satisfy the specific requirement of the

customer. Some of the special requests are :-

- Size of end connection.

- Special packaging requirement.

- Special colours of paints used etc.


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CUSTOMER GRIEVANCES:

As with the business, certain grievances would also be

arising. Prompt action istaken to remove any irritants so that grievances are

reduced at the first place. Main

grievances that the unit gets are :

Supply of material at short notice period in the season.

We do inform, the customers, the minimum time required

to supply the materials.

Quality related problems are very few and the reasons

are;

1. Quality raw materials are used.

2. Proper processes are adopted at different stages of

manufacture etc.


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CUSTOMER FEEDBACK

As a part of ISO-9001:2000 system, the company collects

feedback from the customers at regular intervals. Suchfeedbacks

are by various methods, viz.,

- By sending a standard format & collecting the data.

- From our marketing personnel, while they interact with

customers during tours.

- As and when the customers visit the unit.


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MEASURING CUSTOMER SATISFACTION

Organizations need to retain existing customers while targeting non -

customers. Measuring customer satisfaction provides an indication ofhow Success full the organization is at providing products and/or

services to the Market place.

Customer satisfaction is an abstract concept and the

actual manifestation of the state of satisfaction will vary from person to

person and product/ service to product/service. The state of satisfac tion

depends on a number of both psychological and physical variables

which correlate with satisfaction behaviors such as return and

recommend rate. The level of satisfaction can also vary depending on

other factors the customer, such as other products against which the

customer can compare the organization's products.

CUSTOMER COMMUNICATION

Why is it important?

There are a number of reasons why customer satisfaction is

important in Insurance Sector: Meeting the needs of the customer is the underlying rationale

for the existence of community service organizations.

Customers have a right to quality services that deliver

outcomes.


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Organizations that strive beyond minimum standards and

exceed the expectations of their customers are likely to be leaders

in their sector.

The process for measuring customer satisfaction and obtaining feedback

on organizational performance are valuable tools for quality and

continuous service improvement.

CUSTOMER SATISFACTION IN 7 STEPS

It's a well known fact that no business can exist

without customers. In the business of Website design, it's

important to work closely with your customers to make sure the

site or system you create for them is as close to their requirementsas you can manage. Because it's critical that you form a close

working relationship with your client, customer service is of vital

importance. What follows are a selection of tips that will make your

clients feel valued, wanted and loved.

1.Encourage Face-to-Face Dealings

This is the most daunting and downright scary part of interacting

with a customer. If you're not used to this sort of thing it can be a


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pretty nerve-wracking experience. Rest assured, though, it does

get easier overtime.

It's important to meet your customers face to face at leastonce or even twice during the course of a project.

My experience has shown that a client finds it easier to relate

to and work with someone they've actually met in person,

rather than a voice on the phone or someone typing into an

email or messenger program. When you do meet them, be

calm, confident and above all, take time to ask them what they

need. I believe that if a potential client spends over half the

meeting doing the talking, you're well on your way to a sale.

2. Respond to Messages Promptly & Keep Your Clients

Informed

This goes without saying really. We all know how annoying itis to

wait days for a response to an email or phone call. It mightnot

always be practical to deal with all customers' queries withinthe

space of a few hours, but at least email or call them back andlet

them know you've received their message and you'll contactthem


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about it as soon as possible. Even if you're not able to solve a

problem right away, let the customer know you're working onit.

Good example of this is my Web host. They've had some

trouble with server hardware which has caused a fair bit of

downtime lately. At every step along the way I was emailed

and told exactly what was going on, why things were going

wrong, and how long it would be before they were working

again. They also apologized repeatedly, which was nice. Now

if they server had just gone down with no explanation I think

I'd have been pretty annoyed and may have moved my

business elsewhere. But because they took time to keep me

informed, it didn't seem so bad, and I at least knew they were

doing something about the problems. That to me is a prime

example of customer service.

3. Be Friendly and Approachable

A fellow Site Pointer once told me that you can hear a smile

through the phone. This is very true. It's very important to be

friendly, courteous and to make your clients feel like

you're their friend and you're there to help them out. There will

be times when you want to beat your clients over the head

repeatedly with a blunt object - it happens to all of us.


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It's vital that you keep a clear head, respond to your clients'

wishes as best you can, and at all times remain polite and

courteous.

4. Have a Clearly-Defined Customer Service Policy

This may not be too important when you're just starting out,

but a clearly defined customer service policy is going to save

you a lot of time and effort in the long run. If a customer has a

problem, what should they do? If the first option doesn't work,

then what?

Should they contact different people for billing and technical

enquiries? If they're not satisfied with any aspect of your

customer service, who should they tell?

There's nothing more annoying for a client than

being passed from person to person, or not knowing who to

turn to. Making sure they know exactly what to do at each

stage of

their enquiry should be of utmost importance. So make sure

your customer service policy is present on your site -- and

anywhere else it may be useful.

Have you ever received a Happy Birthday email or card

from a company you were a client of? Have you ever had a

personalised sign-up confirmation email for a service that you

could tell


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5. Attention to Detail (also known as 'The Little Niceties')

Have you ever received a Happy Birthday email or card from a

company you were a client of? Have you ever had a

personalised sign-up confirmation email for a service that you

could tell was typed from scratch? These little niceties can be

time consuming and aren't always cost effective, but

remember to do them.

Even if it's as small as sending a Happy Holidays email to all

your customers, it's something. It shows you care; it shows

there are real people on the other end of that screen or

telephone; and most importantly, it makes the customer feel

welcomed, wanted and valued.

6. Anticipate Your Client's Needs & Go Out Of YourWayto Help Them Out

Sometimes this is easier said than done! However, achievingthis

supreme level of understanding with your clients will dowonders

for your working relationship.

Take this as an example: you're working on the front-end for

your client's exciting new e-commerce endeavour. You have

all the images, originals and files backed up on your desktop


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computer and the site is going really well. During a meeting

with your client

he/she happens to mention a hard-copy brochure their internal

marketing people are developing. As if by magic, a couple ofweeks later a CD-ROM arrives on their doorstep complete

with high resolution versions of all the images you've used on

the site. A note accompanies it which reads:

7. Honour Your Promises

It's possible this is the most important point in this article. The

simple message: when you promise something, deliver. The

most common example here is project delivery dates. Clients

don't like to be disappointed. Sometimes, something may not

get done, or you might miss a deadline through no fault of

your own. Projects can be late, technology can fail and sub-

contractors don't always deliver on time. In this case a quick

apology and assurance it'll be ready ASAP wouldn't go a

promises.


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SWOT ANALYSIS:

STRENGTHS:

i. ICICI Prudential is the largest private player in

India, with a market share of around 36%

amongst the private players

ii. ICICI Prudential has deposited a paid up capital

of Rs 925 crore with IRDA caution deposit, the

highest among all the life insurance company in

India where as LIC has deposited Rs 60 crore so

far.

iii. ICICI Prudential is the first life insurance

company to offerECS debit facility.

iv. ICICI Prudential is the first company to introduce

unit link life insurance and pension products.

Presently the maximum numbers of ranges are

under ULIP life insurance, investment as well as

pension plan.

v. Products

y Flexibility to switch your fund value at yourown discretion four

times a yearviz. maximizer, protector, balancer, preserver.

y Greater transparency-policy holder knows what is happening to

his money and where the company has invested his money.

y Liquidity options-you can make complete orpartial withdrawals

any time after3 years.

y Life insurance plans are eligible fordeduction undersec 80.


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WEAKNESSES:

i. Industry in nascent stage.

ii. Rural areas still not covered.

iii. Not very known among Indian population.

iv. Lack of credibility among the people because

ICICI being a private player.

v. Premiums are high as compared to its

competitors.

vi. Very few branches in the country.

vii. Products:

y The policy doesnt have the surrender

option before third year.

y Plan does not offer any guarantee or

assured return.

y Product profile is not very comprehensive.

y Mortality, management and administrative

charges are sky scrapping as compared to

its competitors.

OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is

virgin.

iii. The whole private sector is opened to be trapped

even though the competition is fierce from

government owned insurance companies.


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iv. Its a volume business that is even if the company

has few good corporates the turnover cease to

increase by manifold.

v. Products:

y Preserver funds look good due to comfortable

liquidity in the economy and there is little

chance hike in short-term rate by RBI.

y Finance minister unveiled a budget favoring

consumer spending, boosting demand and

therefore highereconomic growth.

THREATS

i. The government players will become aggressive

thus growth is going to be tough.

ii. Entry of otherplayers is not ruled out.

iii. Apprehension towards ICICI Prudential being a

private life insurance company.

iv. We expect the industry to rationalize in future

that is mergers and acquisitions will happen,

which will impact the industry and ICICI

Prudential fortunes.

v. Products:

y Past performance of these plans is not

indicative of the future performance of the

plan.


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Research Methodology

Research Problem:

The research is carried on in a properplanned and systematic manner.

y The research was particularly a telephonic research. We have to

sell products to list of people which include their names and

contact numbers given by ICICI.

y During the telephonic we have to sell different products by

explaining the benefits of a particular product, but. The minimum

amount for selling a policy to a customer is equal to or more then

Rs. 12000 only.

y Age limit forselling a product/policies was 1 month to 60 yrs this

mean that a policy can be sold to person between the age of 1

month to 60 yrs and not anything exceeding orbelow it .


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RESEARCH OBJECTIVES

The main objective of this study is to carr

y on brief study on Customer

satisfaction survey on insurance products of ICICI PRUDENTIAL

through this I am able to get the different Life Insurance Policies and

theirproducts.

Other objectives of this project are as follows:

To identify the insurance needs of the Indian

population.

Comparative study of various insurance players in the

market.

To study the varied reasons of availing life insurance

plans.

Research Design:

The research design of this project is exploratory. Though each research

study has its own specific purpose but the research design of this project

on ICICI is exploratory in nature as the objective is the development of

the hypothesis rather than their testing.


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METHODOLOGY

Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a very

important guideline and lead to completion of any project work through

observation, data collection and data analysis.

According to Clifford Woody,

Research Methodology comprises of defining & redefining problems,

collecting, organizing &evaluating data, making deductions &researching

to conclusions.

Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study

Framing of questionnaire keeping objecti ves in mind (considering the

objectives)

Feedback from the employees.

Analysis of feedback.

Conclusion, findings and suggestions.


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Research Instrument

Structured questionnaire: open- ended and close- ended

Sampling Technique Used:

This research has used convenience sampling technique .

1) Convenience sampling technique: Convenience sampling is

used in exploratory research where the researcher is interested in getting

an inexpensive approximation of the truth. As the name implies, the

sample is selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data

2. Secondary data


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Limitations of study

Due to the following unavoidable and uncontrollable factors the

factors,the result might not be accurate. Some of the problems faced

while conducting the survey are as follows:-

y Time and cost constraints were also there.

y Chances of some biasness could not be eliminated.

y A Samples size of fifty has been use due to time limitations.

y A majority ofrespondents show lack of cooperation and are biased

towards theirown opinions.

SCOPE OF THE STUDYThe study is for the products of ICICI Prudential Life

Insurance and Consumer Perception of life insurance product

will be limited to the Lucknow and NCR. The information will

be based on the companyswebsite, literature provided by the

company and questionnaire analysis.


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Data Anal i & Findings

DataAnal i

Q1. Are you currently insured?

Particulars No. ofRespondents Percentage

Yes 31 62%

No 19 38%

Total 50 100%

ANAL

From t e survey it was found t at amongst 50 respondents

a) 62% oft e respondents are already insured.b) 38% oft e respondents are notinsured.


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LIC 24 48%

ICICI 7 14%

HDF

C 5 10%Birla Sun Life 4 8%

Bajaj Allianz 4 8%

Others 6 12%

Total 50 100%

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


0

0.1

0.2

0.3

0.4

0.5

0.6

LIC ICICI HDFC Birla Sun Bajaj

Allianz

Others

Insurance companies

Sharein

ANAL

From the survey it was found that amongst 50 respondents

a) 48% ofthe respondents li es LIC.b) 14% ofthe respondents li es ICICI.c) 10% ofthe respondents li es HDFC.d) 8% ofthe respondents li es Birla Sun Life.e) 8% ofthe respondents li es Bajaj Allianz.f 12% ofthe res ondents li es other com anies.


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Total 50 100%

2016 14

0

5

10

15

20

25

TaxBe

nefit

Secu

rity

Inves

tment/S

avin

gs

No.ofRespondents

Series1

ANAL


a) 40% ofthe respondents are concerned about Tax Benefit.b) 32% ofthe respondents are concerned abouttheir Security.c) 28% ofthe respondents are concerned about

Investment/Savings.


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Q6. Does this policy satisfy your financial needs? (Please rate on the

scale of 1 to 5 with 1 being least satisfied ) .

Rating No. of Respondents Percentage

1 9 18%

2 9 18%

3 8 16%

4 10 20%

5 14 28%

Total 50 100%

1

2

3

4

51

2

3

4

5

ANALYSIS:


a) 18% of the respondents are Highly unsatisfied.b) 18% of the respondents are Unsatisfied.c) 16% of the respondents are Moderate.d) 20% of the respondents are Satisfied.

e) 28% of the respondents are Highly satisfied.


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

policy?


Very High 14 28%

High 11 22%

Moderate 13 26%

Low 8 16%

Very Low 4 8%

Total 50 100%

ANAL


a) 28% ofthe respondents thinkthat Premium is Very High.b) 22% ofthe respondents thinkthat Premium is High.c) 23% ofthe respondents thinkthat Premium is Moderate.d) 15% ofthe respondents thinkthat Premium is Low.e) 12% ofthe respondents thinkthat Premium is Very Low.

14

1113

8

4

No. of ondent

Very i!

"

i!

"

#

oderate

$

ow

Very Low


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Q8.How do you come to know aboutthis po licy?


Advertisements 10 20%

Friends and

Relatives

12 24%

Direct Selling

Agents

21 42%

Others 7 14%

Total 50 100%

ANAL


a) 20% ofthe respondents know aboutit from Advertisements.b) 24% ofthe respondents know aboutit from Friends andRelatives.c) 42% ofthe respondents know aboutit from Direct SellingAgents.d) 14% ofthe respondents know aboutit from Other Sources.

10

12

21

7

No. of % espondents

&

dvertisements

Friendsand ' elatives

Direct Selling Agents

Ot(

ers


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

upon?


Easy Procedures 14 28%

Fewer premiums 10 20%

More Returns 9 18%

Transparency 17 34%

Total 50 100%

14

10 9

17

0

2

4

6

8

10

12

14

16

18

Eas0 Returns Fewer

premiums

More Returns Transperanc 0

No.ofRespondents

Series1

ANAL


a) 28% ofthe respondents want Easy procedures.

b) 20% ofthe respondents wantFewer premiums.c) 18% ofthe respondents wantMore returns.d) 34% ofthe respondents want Transparency.


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Q11. Do You think that services have improved after allowing private

players in insurance sector ?


Yes 40 80%

No 10 20%

Total 50 100%

80%

20%

Yes

No

ANAL


a) 80% ofthe respondents thinkthat services have improved.b)20% ofthe respondents thinkthat services have notimproved.


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Conclusion and Suggestions

SuggestionsThe study has provided with the useful data from the respondents. There

has a lot to be recommended. Following are the recommendations:

y There is a need for better promotion for the investment products

& services. The bank should advertise its products through

television because it will reach to the masses.

y More returns should be provided on Insurance plans.

y As the bank provides the Insurance facility to its customers. It

should provide this facility by tie up with the other Insurance

organizations as well. The main reason is that, the entire

customers do not want Insurance of only one company. They

should have choice while selecting a suitable Insurance plans.

This will definitely add to the goodwill & profit for the bank.


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- 87 -

CCOONNCCLLUUSSIIOONN

After overhauling the all situation that boosted a number of Pvt.

Companies associated with multinational in the Insurance Sector to give

befitting competition to the established behemoth ICICI in private sector,

we come at the conclusion that

y There are very tough competition among the private insurance

companies on the level of new trend of advertising to lull a major

part of Customers.

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

y The entry of more Pvt. players in the Insurance Sector have

expanded the product segment to meet the different level of the

requirement of the customers. It has brought about greater choice

to the customers.

y ICICI has vast market and very firm grip on its traditional

customers and monopoly of life insurance products..

IRDA, is also playing very comprehensive role by regulating norms

mandating to private playe

rs in this secto

r, that inc

reases the confidence

level of the customers to the private players.


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- 88 -

ANNEXURE

QUESTIONNAIRE

Name - _____________

Age - _____________

Occupation - _____________

Q1. Are you currently insured?

- Yes

- No

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with yourcurrent insurer ?

- Yes

- No

Q3. Which is your favoured insurance company ?

- LIC

- ICICI

- HDFC

- Birla sun life

- Bajaj Allianz

- Others


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Q.8 How do you come to know about this policy? (Please tick).

-Advertisements [ ]

-Friends and relatives [ ]

-Direct selling agents [ ].

- Others (please specify) _____________________.

Q.9 Are there any incentives (tax benefits or Bonuses) associated with

this policy? (Please give appropriate details about it).

- ____________________________________________________

____________________________________________________

__________________

10. Are you satisfied with the incentives associated with your policy?

-Highly satisfied [ ].

-Satisfied [ ]

-Moderate [ ]

-Unsatisfied [ ]

-Highly Unsatisfied [ ].

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

upon?

- Less complicated procedures

- Fewerpremiums

- More returns

- Transparency


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Q12. Do You think that services have improved after allowing private

players in insurance sector?

- Yes

- No

Yourcomments on ICICI Prudential

__________________________________________________________________

_______________________________________________________________

___


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Bibliography

y www.icicibank.com

y www.iciciprulife.com

y en.wikipedia.org/wiki/Main_Page

y www.licindia.com

y www.hdfcinsurance.com

y www.maxnewyorklife.com

y Brochures provided by the ICICI Prudential

y Kothari C R, Research and Methodology- Methods &

Techniques, New Age International (P) Ltd., 2004

icici pru final summer report

Documents