icici prud
TRANSCRIPT
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INDUSTRIAL TRAINING REPORT
ON
Prepared By
Chandni P. Patel
S.Y.B.B.A
Roll No: 60
Seat No:
Academic Year: 2007-2008
CollegeJ.H. Bhalodia Womens College , Rajkot.
Submitted ToSaurashtra University
Guided By
Prof. Smita C.Vyas
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PREFECE
T he I nd ia n m a r ke t f o r i n su ra n ce i s b i g . T h er e a re
c h a l l en g e s f a c ed b y n e w e n t r an t s t o t h e b u s in es s.
T a p p i n g t h e f u l l p o t e n t i a l w o n t b e e a s y . I C I C I
P r u de n t i a l , a j o in t v e nt u r e b e t w e e n t h e l o c al I C I CI a n d
U K b as ed i ns ur e r P ru de nt ia l , h as a l r ea dy k ic ke d o ff
o pe r at i on s i n I n d i a . I CI C P r u de n t i a l i n t en d s t o p a y a
l ea di ng r ol e i n r es ha pi ng t he i ns ur an ce s ec to r i n t he
c o u n t r y a n d d r i v e m a r k e t e x p a n s i o n .
I C I C I P r u d e n t i a l f e e l s t h a t w i t h t h e i r n e e d b a s e d s e l l i n g,
d i f f e r e n t i at e d p r o d u c t - o f f e r i n g s a n d s e r v i c e , t h e y w i l l b e
a b le t o e x pa n d t h e m a r ke t s i g ni f i ca n t ly . T h ei r p r o du c t s
h av e b ee n d es ig ne d t o p ro vi de t he c on su me rs m or e
f r e e d o m o f c h o i c e , c o m p r e h e n s i v e p r o t e c t i o n a n d v a l u e
p r i c i n g . I n a d d i t i o n , t h e y h a v e i n c o r p o r a t e d s o m e
f ea tu re s , w hi ch a r e u ni qu e t o t h ei r p r od uc ts . T he ir
m a r ke t i ng s t r at e g y i s c l ea r l y t o r e p os i t io n t h e c a t eg o r y
b y c h a n g i n g c o n s u m e r a t t i t u d e s .
I C I C I w i l l b e h a p p y t o g o f o r a m u l t i - c h a n n e l
d is t r ib ut i on n et wo rk i n t h e f or m o f b an ca ss ur an ce ,
c or po ra te a ge nt s , e tc . , s ub je ct t o c er ta in r eg ul a t or y
c h an g es , w h i c h a r e ex p ec t e d s oo n . D i r ec t m a r ke t i ng i s
g o i n g t o p l a y a k e y r o l e , a n d s o w i l l t h e I n t e r n e t , w h i c h
I C I C I P r ud e n t i a l p l a n s t o u s e f o r d i s s e m i n a t i n g
i n f o r m a t i o n a n d p r o d u c t s o u r c i n g .
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In order to find how the management is handled at organization, we
made a detailed study of the marketing department and Human
Resource department at ICICI Pru Life Insurance Company. We
have tried our best to prepare this organizing report, as well our
understanding and views about it.
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Acknowledgements
One must thank those who have been guiding them like milestones in
their journey. We are lucky enough to get the opportunity to thank the
guiding stars for our project.
Through this acknowledgement to all those who helped us in the
preparation of this project report which has been a clearing experience.
First of all, we would like to thank our project co-ordinater Mrs
Smita C. Vyas(Prof.) and Mr Kanani(Principal). They had been really
very supportive and kind enough to share his views with us. We are alsothankful other staff members.
I must thank my project guide at ICICI Prudential, Mr. Pankaj
Sankhavra (Unit Manager) for his generous support and guidance at each
and every step of the project.
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Sr. No. Particulars1. General Information
2 Marketing Department
3 Personnel Department
4 Financial Department
5 Products of ICICI Prudential
6 About Project
7 SWOT Analysis
8 Findings and Suggestions
9 Conclusion
10 Bibliography
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GeneralInformation
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INDEX
SR NO
1 Background
2 What is life insurance?
3 The Company
4 Vision
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1. INTRODUCTION
================================================
=============
1.1 BACKGROUND
ICICI Prudential Life Insurance was established in 2000 witha commitment to expand and reshape the life insurance
industry in India. The Company was amongst the first private
sector insurance companies to begin operations after receiving
approval from Insurance Regulatory Development Authority
(IRDA), and in the time since, has taken several steps towards
its realizing its vision.
The companys wide range of products, distribution strengthsand powerful brand has driven its growth across a cross-
section of people and cities. As on March 31,2003, the company
had issued nearly 350000 policies, with a total premium
income of over INR 5 billion and a total sum assured in excess
of INR 87 billion. Today, the company has established itself as
the No. 1 private life insurer in the country.
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can be much lesser than the sum assured. Evidently, the potential financial
loss to the family of the policyholder is sizable.
Encourages And Forces Thrift
A savings deposit can easily be withdrawn. The payment of life insurance
premiums, however, is considered sacrosanct and is viewed with the same
seriousness as the payment of interest on a mortgage. Thus, a life insurance
policy in effect brings about compulsory savings.
Easy Settlement and Protection Against Creditors
A life insurance policy is the only financial instrument the proceeds of
which can be protected against the claims of a creditor of the assured by
effecting a valid assignment of the policy.
Administering The Legacy For Beneficiaries
Speculative or unwise expenses can quickly cause the proceeds to be
squandered. Several policies have foreseen this possibility and provide for
payments over a period of years or in a combination of installments and
lump sum amounts.
Ready Marketability and Suitability for Quick Borrowing
A life insurance policy can, after a certain time period (generally three
years), be surrendered for a cash value. The policy is also acceptable as a
security for a commercial loan, for example, a student loan. It is particularly
advisable for housing loans when an acceptable LIC policy may also cause
the lending institution to give loan at lower interest rates.
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THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture
between ICICI, a premier financial powerhouse andPrudential Plc, a leading international financial services group
headquartered in the United Kingdom.
ICICI Bank is Indias second largest bank with an asset base
of Rs.106812 crores. ICICI Bank provides a broad spectrum of
financial services to individuals and companies. This includes
mortgages, car and personal loans, credit and debit cards,
corporate and agricultural finance. The Bank services agrowing customer base of more than 7 million customer
accounts and 5 million bondholders accounts through a multi-
channel access network. This includes about 450 branches and
extension counters, 1675 ATMs, call centers and Internet
banking (www.icicibank.com). ICICI Bank posted a net profit
of Rs.1206 crores for the year ended March 31, 2003. ICICI
Bank is the only Indias company to be rated above the
country rating by the international rating agency Moodysand the only India company to be awarded an investment
grade international credit rating. The Bank enjoys the highest
AAA (or equivalent) rating from all leading India rating
agencies.
Prudential Plc Established in 1848, is a leading international
financial services company in the UK, with some US$ 250
billion funds under management and more than 16 million
customers worldwide. Prudential has brought to market an
integrated range of financial services products that nowincludes life assurance, pensions, mutual funds, banking,
investment management and general insurance. In Asia,
Prudential is UKs largest life insurance company with a vast
network of 22 life and mutual fund operations in twelve
countries- China, Hong Kong, India, Indonesia, Japan, Korea,
http://www.icicibank.com/http://www.icicibank.com/ -
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Malaysia, the Philippines, Singapore, Taiwan, Thailand and
Vietnam. Since 1923, Prudential has championed customer
centric products and services, supported by over 60,000 staff
and agents across the region.
1.2 VISION
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To make ICICI Prudential the dominant Life and Pension
player built on trusty by world-class people and service.
This vision of ICICI
Understanding the need of customers and offering them
superior products and service
Leveraging technology to service customers quickly,
efficiently and conveniently
Developing and implementing superior risk management
and investment strategies to offer sustainable and stable
returns to our policyholders
Providing an enabling environment to foster growth and
learning for our employees
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2 - MARKETING
MANAGEMENT
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SR NO PARTICULARS
1 Introduction
2 Organisational chart
3 Marketing Mix of ICICI Prudential
4 Marketing Strategies of ICICI Prudential5 Promotional Campaign for Distribution
Channel Development
6 Advertisement Strategy of ICICI Prudential
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IntroductionThe term marketing may be defined as the performance of
all those business activities that direct the flow of goods and
services from producers to consumers.
Marketing is frequently considered as synonymous with
selling, but selling refers to the transfer of goods and services,
which are already sold to the customer in exchange of money.
In marketing, understanding of the needs and wants of
customers is of prime importance and then production and
distribution of the goods and services takes place accordingly.
Selling concept:
Focus: products already manufactured
Means: selling and promoting
Aim: profit through sales volume
Marketing concept:
Focus: customer influencing the production goods.
Means: consumer oriented marketing mix.Aim: profit through consumer satisfaction.
Marketing under sellers and buyers market:
While deciding the marketing strategy businessmen
have to basically consider the market situation for the
concerned product and service.
Sellers market is a market situation in which there is a
shortage of goods on the one hand and large number of
unsatisfied buyers on the other hand. There is tremendous
demand of goods but supply is not adequate to satisfy them.
Manufacturer-suppliers have complete control over the
market. Consumers may have accept the goods and services of
whatever the quality and price of them.
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ORGANISATION CHART OF THE MARKETING
DEPARTMENT
MARKETING MANAGER
SALES MANAGER
SALES DEPARTMENT EXECUTIVES
SLAES REPRESENTATIVES
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2.1MARKETING MIX OF THE ICICI Pru LIFE
INSURANCE
2.1.1 PRICING POLICY:
Price means the amount of money charged for a product or
service, or the sum of the values that consumers exchange for
the values that consumers exchange for the benefits of having
or using the product or service. Price is all around us. All
Profit organization and many non-profit organizations must
set prices on their products or service. Price has been the
major factor affecting buyer choice. Price is one of the most
flexible demands of the marketing mix.
Particularly in the case of Life Insurance sector the prices arethe premiums paid by the policyholders. In the case of the
premiums the first premium and subsequent premiums are
two categories. The premium charges are differing from case
to case.. Further there are many criteria, which are necessary
for determining the premiums. They are:
1 Age of the policyholder.
2 Time span of insurance coverage
3 Medical check-up of the policyholder4 The ability of policyholder for payment.
5 Convenience of policyholder.
6The place where the policyholder live.
7The occupation of the policyholder means whether he is doing
service, he has some business, or he is engaged in some
profession.
The family background of the person, etc.
Particularly in the ICICI Pru they are using different schemes
determining the premium charges. They have major 9 schemes
recently designed for each category of the persons and their
requirement. This schemes includes all the matters like:
1 The amount of Insurance
2 The time duration
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3 Annual premium charges
4 Income tax benefit
5 After tax actual amount to be paid
6 The total amount obtained on the maturity
7 total amounts to be obtained8 The net profit
9 The timing of various instalments to be obtained
10 The various other benefits obtained by the policyholder, etc.
2.1.2 PRODUCT PLANNING
A Product means anything that can be offered to a market for
attention, acquisition, use, or consumption that might satisfy awant or need. The following are the product, which the ICICI
Pru provides for the customers
ICICI Prudential
PRODUCTS DETAILS
Single premium bond Investing bonus or a windfall
as a one-time premium. Term
plan for 5 to 10 years.
Level term assurance Providing financial support to
family in case of death. Term
plan of 5 to 25 years.
Forever life (deferred annuity) Retirement planning. Annuity
for life or for 5,10,15 years.
Cash back (anticipated
endowment assurance)
Meeting periodic financial
requirements. Fixed term of
15 or 20 years.
Save n protect (endowment
Assurance with extended life
cover)
For those who want to
accumulate funds on regular
basis while being recovered.
Works like an endowment
policy.
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Riders: Accident/disability benefit.
Critical illness
Major surgical assistance benefit
Flexible term
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2.1.3 PLACE
Delivering products elements to customers involves decision on
the place and time of delivery as well as on the methods and
channels employed.
Distribution, so critically important for Insurance products, isa bottleneck that new player have to navigate. In their attempt
to tap distribution channels, insurance companies are hawking
their products through the ready distribution channels of
banks, NBFCS and housing companies. It is the only way that
the new insurance company can expand its reach, say Vijay
Singh, director, Birla Sun Life Insurance. The companies have
to be a little careful because they are creating levels of
distribution and distance that they cant control. The distanceexposes the company to quality control issue.
.
As the IRDA is fixing norms for delivery channels, or
intermediaries, even the public sector companies will have to
follow suit. New India has already got IRDA accreditation for
its corporate and regional training centres at Chennai,
Bangalore and Coimbatore. The company started training
agents at its Chennai centre in January this year.
Making the technology face complete are the IVRS
(Interactive Voice Recognition System) across 60 locations,
which offers complete information about policy status, survival
benefit, due dates for premium payments, and should you need
a lone, then how to go about that as well. Every possible
operation from issuing a policy to claim settlement has been
computerized.
Earlier, a successful agent was one who would be needy and
greedy. Today, he just has to be tech savvy.
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2.2 STRATEGIES OF ICICI Pru LIFE INSURANCE
ICICI Prudential a joint venture between the local ICICI and
UK based insurer Prudential has already kicked of its
operation in India. ICICI-prudential life insurance co has six
products. These bare a combination of saving and protection
products, which have certain rider options that can take along
with the basic policy. For example, the critical illness rider
providers accelerated payment of maturity benefits in case the
policyholder is affiliated by critical illness. This provides living
benefits towards medical expenses or the major surgical
assistance rider, which provides for payment of lump sum in
the event of medical emergencies that involve surgicalprocedures. The level term rider offers the policyholders the
option to in cress his protection at a marginal incremental cost.
The accident and disability rider provides added protection
against accidental death and disability caused as a result of an
accident. The difference lies in the various rider option that a
person can opt for. Most of our products are priced lower than
other comparable products available in the market, says
ICICI-Prudentials Chief marketing officer, Saugata Gupta.Companies products are design to provide the customer more
freedom of choice, comprehensive protection and value in
pricing. Their marketing strategy is clearly to reposition the
category by changing consumer attitudes. This will be achieved
through differentiated products; need base sealing,
communication and service
2.2.1 MARKETING STRATEGY
Importance of service
Characteristics of a service product
Marketing of services has come to occupy a prominent place in
the economy of every country. Service is assuming paramount
importance in terms of contribution to the GDP of a country
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and also in generation of employment. In our country also in
service sector. In our country also it has gone beyond 60% Life
insurance industry is also part of the services sector. Life
insurance industry is also part of the services sector. Life
insurance industry is also part of the service and therefore it isnecessary that the concepts and practices of this sector are
understood and appreciated.
1. IMPORTANCE OF SERVICES:
Concepts of marketing initially developed for selling
physical products. But the society cannot depend upon only
manufactured products. There are several industries whichprovide the much needed services like hotels airlines, banks
insurance companies etc. Rising affluence, more leisure time
and growing complexity of products all require servicing.
Service industry varies greatly. Government itself is a great
provider of services to the people through courts, employment
services hospital military and police services and fire and
postal service schools etc.
2. CHARACTERSTICS OF A SERVICE PRODUCTR:A service is any activity of benefit that one party can
offer to another that is essentially intangible and does not
result in the ownership of anything. The characteristics of any
service product are..
Intangibility
Inseparability
Variability and
Perishability
2.3PROMOTIONAL CAMPAIGN FOR DISTRIBUTION
CHANNEL DEVELOPMENT
One of the major challenges faced by the private insurance
companies is to develop a strong distribution channel to
compete against their big competitor LIC, who commands
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91% market share. LIC has around 200,000 insurance agents
whereas ICICI Prudential has around 18,000 advisors. Most of
these private have following channels of distribution.
Insurance Advisors
Direct Selling Agents
Insurance Brokers & Financial Consultants
Banc assurance
ADVERTISING STRATEGY OF ICICI PRUDENTIAL
LIFE INSURANCE
The Marketing Challenge facing ICICI Prudential:
The task for ICICI Prudential was to build a relevant brand
that customers could trust. It also involved breaking some
myths. Life insurance had long been regarded as expensive,
rigid, and difficult to understand and good only for tax saving.
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The Challenges established category drivers (death payment &
tax saving) and to get the consumer to evaluate insurance on a
more emotional platform (protection) rather than a mere
rational decision (tax saving).
The Campaign Objectives:
Reposition the category in the consumers mind.
Influence the consumer to view it as a protection
instrument and not as a tax saving product alone.
In the process, create differentiation of the ICICI
Prudential brand as a provider of social security and
family protection.
Achieve leadership status in image and product
parameters.
Build credibility and trust.
To present the visiting card of the company to the public
at large and build credibility and status, so as to give the
consumer the confidence that here is a company that
can be trusted to invest funds with.
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To position ICICI Prudential as the new and modern face
of the life insurance provider in India.
Change the perceptions of the target audience to view
insurance not as a compulsory tax saving instrument, but
as a means to lead a worry free and secure life.
This required a corporate campaign, which started with
advertising to establish the brand, build awareness and give
the brand a larger than life image.
The Target Audience:
Target Audience representes an ideal mix of medium to high
net worth individuall and the consumers most disposed
towards buying life Insurance.They are: Middle-aged
professionals, salaried and self employed, age group: 28-45
years, household income: Rs.20, 000 and above.
:
The Creative Execution:.
Amongst ICICI Prudentials innovative was the introduction
of life stage and need-based Solutions selling, thereby
unshackling the category and meeting specific customer needs.
The brand proposition for all the ad campaign was reflected inthe line We cover you. At every step in life, i.e., that ICICI
Prudential Life is the only private life insurance company that
provides consumer insurance solution which are relevant to
the unique needs at every stage of life.
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The campaign also provided several lines of support serving to
inculcate trust and belief in the company, such as the
competitive advantage or product performance, a showcase of
product available for different segments, the flexibility and
value addition in products and the sound financial backing andcredentials of ICICI and Prudential.
The advertising idea was encapsulated in an endearing, lasting
and universally recognized symbol of protection- the
sindoor. The company launched a mass media campaign
print, outdoor Internet and radio and finally culminating in
the corporate film.
TVC: With the geographical expansion of the company, TVbecame a viable medium and the corporate campaign was run
on TV, because the medium lends itself well to an emotional
type of film that strikes a chord with the audience
Radio: ICICI Prudential has bought spots both in the morning
(8 am to 9:30 am) and the evening (7 pm to 8:30 pm) on Radio
City. Says Saugata Gupta, chief marketing officer, ICICI-
Prudential: Our target audience for insurance is the young
executive driving to office and back home in his car. Soadvertising in the right time segmentation makes immense
sense.
Press: It gives the consumer a rational and tangible reason to
buy insurance first and secondly from ICICI Prudential. The
product specific advertising focussed on changing the
prevalent perception about insurance and breaking a few
myths like non- affordability, insurance not being good
investment option and the myth that insurance was good onlyfor tax saving.
Selling the Product: Once the corporate image and brand
identity were established, we had to give the customer a
rational and tangible reason too buy- first of all insurance, and
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Personnel
Department
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INDEX
SR NO PARTICULARS
1 Introduction
2 Recruitment and Promotion
3 Resignation, Increament and Travelling Allowance
4 Benefits to Employees
5 Training to Sales Agents
6 Three Import Concept
7 What is in for Advisor
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INTRODUCTION
Only LIC is an old player in life insurance market of India. Otherplayers are new. So in person most of the information available is about LIC
only. P&IR and OS Department of the Divisional Office should the
responsibility of providing the main infrastructure facilities like men and
material, for smooth functioning of all the offices of the Division. These two
departments also look after various needs of the employee and benefits to
employees.
Managers (P&IR) & (OS) are in charge of the Department. Some of
the important function of Managers P& IR can be said to be.
Man- power planning which includes recruitment, training,
promotion, placement, transfer, etc. This requires great care as
manning pattern is to be developed keeping in view the needs of
various offices and long term regards to future expansion.
Playing the role as Industrial Relation Manager, by creating a sense of
belonging to the organization in each member and also developing
cordial relation with Employees Union and Association, employees
and colleagues.
Disseminate and formulate new concept as are useful in proper
utilization of human resource.
Interpreting policies of the organization. Effective communication
would make every one participate in the achievement objectives of
the corporation ..
Maintaining high standard of discipline and keeping the moral of the
staff high, which helps in the general working.
Keeping record of latest developments in the spheres of labors laws.
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Holding Training sessions for Division Office and Branch Personnel
including induction training for newly recruited assistants.
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Recruitment and Promotion
Recruitment
Section 49 of the LIC act, empowers corporation, to make regulation with
the previous approval of the central government by notification in thegazette of India, to prove for the method of recruitment of employees and
the terms and conditions of their service, as also the terms and conditions of
service of persons, who have become employees of the corporation by virtue
of their service, as also the terms and condition of service of person, who
have become employee of the corporation by virtue of their being
transferred employees under section 11 of the Act. Sub- section 23(i) of the
Act empowers the corporation to employ such number of persons as it
deems fit for the purpose of enabling it to discharge its functions. Staffs of
the corporation are classified as:
Class I OfficerClass II Team Leader
Class III supervisory and Clerical Staff
Class IV subordinate staff (Agent)
.
Promotion
As per (staff) Regulation 1960 (as amended up to date) promotions
are based on merit, seniority and suitability. Eligible candidates for
promotion within class III cadre or from class IV cadre to class III cadre are
required to qualify in written test/tests and also qualify in the interview.
.
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Resignation, Increament and Travelling Allowance
Resignation
An employee (other than probationary) shall leave or discontinueservice on giving notice in writing. Period of notice is 3 months in case of
class I officers and 1 month in case of other employees. Notice may be
waived in part or full by the competent authority at his discretion. On the
alternative three months or one month salary respectively may be paid to the
corporation in lieu of notice.
Increments
Increments shall fall due on the first day of the month following that
in which employee completes 12 months service from the date of hisappointment. Increments shall ordinary be drawn as a matter of course,
unless employee has reached maximum of the grade or is with held as a
disciplinary measure. In case of release of E.B (Employee Benefit) and also
for stagnation increments a special C.R (Customer Relation) is obtained
before releasing the increment.
Travelling Allowance
The competent authority may sanction Tours on official business.Rates of Travelling allowances and conditions under which they become
payable are regulated in accordance with Schedule V of Staff Regulations,
and the (Travelling & transfer Allowances in India) Instruction, 1977 as
revised and amended from time to time.
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Some Of The Benefits Available To Employees
Housing loan with concessional rate of interest.
Rebate on life insurance premium.
Medical benefits
Reimbursement of medical expenses for ailments of casual nature.
Reimbursements from LIC Employees Relief Fund in deserving
cases.
Injuries arising out of accident while on duty.
Emergency Medical / First Aid arising during office hours.
Leave travel concession.
Travelling allowance and daily allowance on tours and transfers.
Group personal accident insurance scheme.
Encashment of Privilege leave.
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Training To The Sales Agents
The stress is now on the quality of agents. Hence, the training
program is more stringent. IRDA has recommended 100 hours of trainingfor insurance consultants or agents for both life and non-life areas.
Nationwide, there are 47 training institutions, both registered with and
approved by the IRDA. These institutions are currently conducting pre-
licensing training for recently licensed private sector insurance. For now, the
focus is on Mumbai and Delhi.
The IRDA specified 100 hours of training would get the consultants
license to sell. However, most companies are going beyond the stipulated
100 hours. HDFC Standard Life has structured its course in such a way that
75 per cent of the time is spent on the technicalities of insurance-what
insurance is all about and how to develop selling skills through interactive
training programs. It has spent as many as 20 months in developing its
training program. In fact, the National Stock exchange has been authorized
by IRDA to conduct on line examination for insurance agents.
ICICI Pru provides its advisor with additional in company training
of 50 hours, so that the advisor are well aware of the culture, codes and
products details before venturing out in the market. The end result is a
different class of agents altogether. In addition, it is necessary for the agentto be able to compete with multiple other channels like corporate agents,
corporate brokers, banks and the Internet. Hence employee with right set of
knowledge skill and attitude are needed to service the insurance sector. The
need of the customer will be identified accurately and the right product will
be targeted.
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THREE IMPORT CONCEPTS
On the onset of the project we were understand that SALES here has
three important aspects:FIND: This deals with the identification of the target segment. It is an
exercise involving how to find the segment and where to get them. This part
of the project deals with the survey of the area.
WIN: This step deals with convincing the target segment. Here one has to
make the following vital decisions:
What to say?
Where to say?
How to say?
What will be the follow up exercise?
KEEP: This is a corporate policy to maintain communication with the
segment to retain them. This is much of human resource but sales also play
a vital role in it.
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WHAT IS IN IT FOR AN ADVISOR.
ICICI Prudential Life Company Limited aspires to provide state of the art
customer service and opportunities and avenues for enterprising people to
grow and prosper. Backed by the latest technology, we will offer our customer:
Complete and diversified product portfolio
Faster and more accurate service.
Multi-channel distribution system.
Highly trained professional salesperson offering high quality pre and
post sales service.
BENEFIT:
Your earning potential is unlimited.
You have a clear career path
You are supported in your effort with exclusive advertising, your own
in-house consult, and supervisor training.
Flexi-time business Being a part of world class sales team
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THE DETAILS OF THE OFFER:
ICICI Prudential Life Insurance Company Limited has the following
career options available
The Agency Offer
This involves enrolling a prospective advisor for the training program
and after the training program, the prospect has to clears an examination
conducted by IRDA. Then the prospect is issued a license by IRDA to issue
policies.
To keep the agency active the advisor has to sell at least 12 policies in
a year. The advisor receives commissions on the premium he collects by
selling policies.
The commission structure:
% of the premium collected
1st year 25-35%
2nd & 3rd 7.5%
4th to the end of policy term 5%
Over and above these commissions the advisor is also given
incentives if he achieves his minimum targets, which include: monetary
benefits, Membership to various worldwide clubs.
Career Option for Advisors
In this offer if the advisor is able to sell around 30-40 policies within
6 months of issue of the license, then he gets an offer letter from the
company to join in as Unit Manager (Average package 2-2.5 lakhs). The
Unit Manager is responsible for heading and guiding a team of 30 advisors.He can further grow in the organization to Agency Manager.
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FinanceDepartment
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Products OfICICI
Prudential
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PRODUCTS OF ICICI PRUDENTIAL
Market Linked Plans
Lifetime:
Life time is a Regular Premium Product that has the option of
the yearly, half yearly and monthly modes of premium.
Lifetime works in the form of units, which are issued to the
policyholder depending upon the U nit Value and the investment done
in the form of premium.
The riders associated to this are Accidental DeathBenefit(ADB), Major Surgical Assistance (MSA) and Critical Illness
Rider (CI)
Key Features:
Death Benefit: Death benefit will be the multiple of the yearly
premium. The policy holder has the flexibility to choose the death benefit.
Withdrawal: the policy holder can withdraw the units at the unit
value on the pricing date following the receipt of the withdrawal request.
The value of withdrawal reduces the sum assured with the same amount.
Flexibility Option:
o Increase in death benefit: the policy holder can increase the
death benefit by 25% subject to a maximum of Rs. 100,000 every time. This
can be done every third year (3rd, 6th, & 9th year), without further
underwriting. The DB can be increased further with underwriting.
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o Decrease in Death Benefit: the policy holder has the option of
decreasing the death benefit in the multiples of Rs.100,000. However a
minimum residual death benefit of Rs. 100,000 will have to be maintained.
o Premium Holiday: The policy holders can discontinue the
premium payment, but his death benefit and the rider benefits cover would
continue. The premium for this will be deducted from the unit fund. The
policyholder can enjoy this facility if hes facing some financial constraints
and he wants to discontinue the premium payment for a certain period.
Choice of fund: There are four funds options for the policy holder to
invest the money. He has the flexibility of investing in all the four funds inthe proportions he wishes, fewer than one single policy.
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The funds are as follows :
PLANPLAN
OBJECTIVE
RISKINVESTMENT
PATTERN
Protector
(Income)
Steady Returns
over a long timeModerate
Debt Instruments: Max
100%
Money Market and Cash:
Max 25%
Balancer
(Balanced)
Balance of capital
appreciation and
steady returns over
a long term
Average
Debt, Money Market and
Cash: Min 60%
Equity and Equity Related
security: Max 40%
Maximiser
(Growth)
High growth and
capital
appreciation over a
long time
High
Equity and equity related
Security: Max 100%
Debt, Money market and
Cash: Max 25%
Preserver
(Liquid)
Capital
PreservationLow
Debt Market: Max 50%
Money Market and Cash:
Min 50%
Switching: The policy holder would have the control to direct his
investments depending upon the market conditions by switching the money
between the funds. Four switches a year are free for the policy holder.
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Top - Ups: the policyholder can put top up premium only if he has
paid up to date regular premiums. Top up gives the flexibility to the policy
holder of increasing the value of his investments over a long term.
Flexible Contribution: The regular premium can be increased or
decreased. The policyholder can up to 20% of the initial premium choose
the maximum decrease on any occasion at the time of inception of the
policy.
Bonus Units Allocation for Policyholders: At the end of 4th, 8th and
12
th
years the policy holder will be provided with additional allocation ofunits. This would be credited to the policyholders unit account, only if the
regular premiums are completely paid.
Loans: A loan can be availed on the policy if it has acquired a
surrender value. No partial withdrawal can be done during the loan period. If
the loan amount along with the accrued interest becomes equal to the value
of units, then the policy will be terminated.
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Minimum age at entry 0
Max age at entry 60 years
Max cover ceasing age 70 years
Minimum contribution
Annual Rs.18000
Half Yearly Rs.9000
Monthly Rs.1500
Modes of payment Yearly, half yearly and monthly
Death Benefit
The death benefit is higher of the
sum assured reduced by the
withdrawals or the value of units, at
the time of death.
Life Link:
Life link is a unique single premium market linked plan that combines the
security of a life insurance policy with the opportunity of enjoying high
returns on investments.
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Key features
Death Benefit: Death benefit in this plan is the higher of the sum assured
chosen reduced by the amount of withdrawals made and the value of
investments at the time of death.
Sum Assured: Sum assured in life link is a multiple of the single
contribution that is paid by the policyholder. However, this product has two
options of sum assured, which the policyholder can choose from at the
inception of the policy.
Value of Units: Value of units in the policy would be the total sum of all the
value of units held by the policyholder in the various investment options at a
particular point of time.
Life Cover: life cover is the part on which the cost of insurance is charged,
in case of Life link. Life cover at any point of time during the tenure will be
Life cover = sum assured at that point of time value of units at that
point of time
Mortality charges are always calculated on the life cover
Investment Options:
Single contribution : The policy holder has the option to put
a contribution amount that he is comfortable with and that
would be required as per the financial requirements of the
person.
Minimum contribution to be done is Rs. 50,000.
Choice of Funds : It is same as in case of Life Time plan.
Switch Between The Funds : Same as Life Time.
Top Ups : The allocation of all the top up is 99%. The
policyholder can make as many top ups as he may like
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during the tenure of the policy. The top ups can be invested
in any of the funds irrespective of the fund pattern of the
regular contribution.
Liquidity with withdrawal Option : ULIP offer the liquidity
to the policyholder to make the product more attractive for
them. Life link provides the flexibility of partial
withdrawal from the value of the investments of the
policyholders, after first year of the policy. Minimum
amount of partial withdrawal should be Rs. 2000.
Liquidity with Loan Option : the loan facility is alsoavailable with life link. Loan will be available after the
first year premium is paid. The amount of loan would be
linked to the surrender value of the policy and would be
40% of the surrender value, at the time of taking loan
Surrender Value : life link allows the policy holder the
option of surrendering the policy from the first year of the
policy itself.
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Policy Specifications
Min Age at Entry 0 years
Max Age at Entry 62 years
Max Cover Ceasing Age 65 yearsMin. Contribution Rs.50,000/-
Min Term 5 years
Unit Linked Smart Kid
It is a regular premium unit linked child solution, which provides
flexible options for the client so as to match the requirement of the
childs education and other future needs.
Key Features:
1. Sum Assured: In Smart Kid plan the sum assured is the multiple of
the annual contribution that is paid by the policyholder.
2. Premium Holiday: Even in case if the policyholder discontinues the
premium payment, the death benefit and the rider benefits will
continue. The premium for this will be debited from the unit fund.
Premium holiday option can be used only after 5 complete policy
years.
3. Death Benefit: In this case even after the death of the policy holder,
the policy continues. Therefore on death of the policy holder, the
product offers following benefits;
4. The sum assured chosen at the inception by the policy holder is paid
immediately on death.
5. The policy keeps on continuing and hence the withdrawals from the
plan can be done as per the needs and the appointee will have the
right to do so.
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6. All the future annual premiums are waived, till the end of the term of
the policy i.e. the co. will pay on behalf of the policyholder.
Additional Protection Options:
Cover for annual recurring expenses in case
of death: in the income benefit rider in case of death, 10% of the sum
assured under this rider is paid from the year of death till the maturity
of the plan.
Cover against accidental death/disability: An extra accidental cover is
available by help of added benefit of accidental death benefit rider.With this protection, the nominee of the policy holder would receive
additional insurance cover over and above the death benefit payable
by the base product.
Cover against accidental disability: the added protection against the
accidental disability with this plan can be availed by taking the
advantage of Waiver of Premium Rider.
Annual Contribution : The policyholder has the option to start with a
contribution amount that he is comfortable with and that would be
required as per the financial requirements of the person. Minimum
contribution to be made is Rs.18000 per annum.
Change in Annual Contribution : the policy holder can change the
annual contribution;
Increase in contribution: Under Smart kid plan the policy holder has
this added flexibility to increase the contribution. But this can be done
only on the policy anniversaries. Minimum increase has to be Rs.
500.
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Traditional Plans
Traditional plans are those plans, which work only on insurance and saving
objectives, usually are of low premium and long term.
Save n Protect:
It is a with profit endowment plan with free extended life cover. The
prospect chooses a term and a sum assured for this plan. It provides life
cover during the term of the plan. After the end of the term, on maturity
the policy holder gets the whole sum assured along with the bonuses if
any.
Key Features:
Death Benefit:
o If age at death is less than 7 years then death benefit is equal to
the sum of the total premiums paid.
o If the age at death is 7 years or more then the death benefit is
sum assured + guaranteed additions (GA @ 3.5% compounded
annually on SA for the first 4 years) + vested bonus.
o If death occurs during extended life cover period then death
benefit is 50% of sum assured.
Extended Life Cover:
After maturity of the plan, free life cover is
provided to the policyholder for 5 more years. It
makes this plan very useful for senior citizens because
they can enjoy the free life cover.
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Maturity Benefit: On maturity the policyholder is paid Sum assured
+ guaranteed additions for 4 years + vested bonus.
Target Market:
Young people who have just started career
Low income groups i.e. min 10,000 pm.
Cash Back:
It is also with profits anticipated endowment plan. It provides liquidity at
regular intervals of time and also helps in saving money.Key Features:
Death Benefit: Death Benefit is sum assured + guaranteed additions
+vested bonus.
Maturity Benefit: On maturity the policy holder is paid 50% of sum
assured + guaranteed additions for 4 years + vesting bonus on entire
sum assured.
General Features:
o Surrender: It can be surrendered after three completed policy
years
o Loan: No loans are provided, as regular payouts are allowed.
o Paid Up: policy attains paid up after three years.
o Tax Benefits: It carries sec 88 on the premium and sec 10(10)
D benefit on death and maturity claim.
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A. Target Market:
Young people of the age group 20-30 years who have just
started a career and family
Income group of minimum Rs. 10,000 per month.
Middle aged professional, service holders and businessmen.
ForeverLife :
Life Guard is with profit deferred annuity plan with life cover. This plan
is made keeping in mind the recent increase in life expectancy and
decrease in earning period. That is well live long but will earn for a
short time. There fore theres a need to make money work for us.
ForeverLife is a retirement solution that assists in meeting with that need
in a disciplined planner.
Key Features:
Death Benefit: If death occurs during the deferment period and the
spouse survives the annuitant has the following options
o Take the sum assured along with the guaranteed additions and
vested bonuses accrued.
o Commute up to 33.33% of the money as a lump sum and use
the remaining fund to take an annuity.
o Use the entire money to take an annuity
Maturity Benefit: the plan vests once the deferment
period is over. The annuitant then uses the purchasing price to
purchase an annuity. On maturity the following options are
available:
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Life Annuity: Provides an annuity till the time the annuitant lives, once
the annuitant dies then the contract ends. It is suitable for people who
dont have any dependent or heirs.
Life Annuity with return of Purchase Price: The annuity is paid till the
annuitant survives and after the demise the purchase price is given as a
claim to the nomination or beneficiary.
Joint Life Annuity, Last survivor Annuity: annuity is paid to the
annuitant and after the annuitant passes away and the spouse survives,the same annuity will be disbursed to the spouse. With the death of
spouse annuity will stop and nothing will be payable.
Annuity option once taken cannot be changed, it has a 5
or 7 years reset option
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OTHER PLANS AT A GLANCE
Insurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-
centric products that meet the needs of customers at every life stage. Its 20
products can be enhanced with up to 6 riders, to create a customized solution
for 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 3
levels of protection as well as liquidity options.
Save-n-Protect is a traditional endowment savings plan that offers life
protection along with adequate returns.
CashBakis an anticipated endowment policy ideal for meeting milestone
expenses like a childs marriage, expenses for a childs higher education
or purchase of an asset.
Lifetime & Lifetime II offers customers the flexibility and control to
customize the policy to meet the changing needs at different life stages.
Each offer 4 fund options i.e. Preserver, Protector, Balancer and Maxi
miser. Life Link II is a single premium Market Linked Insurance Plan, which
combines life insurance cover with the opportunity to stay, invested in the
stock market.
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Premier Life is a limited premium paying plan that offers customers life
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 along
with flexible liquidity options.
Invest Shield Gold is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest alongwith limited premium payment terms.
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Protection Solutions
Lifeguard is a protection plan, which offers life covers at very low cost. It is
available in 3 options i.e. level term assurance, level term assurance with
return of premium and single premium.
Child Plans
Smart Kid education plans provide 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 important milestones in
the childs life. Smart Kid plans are also available in unit-linked form both
single premium and regular premium.
Retirement Solutions
ForeverLife is a retirement product targeted at individuals in there
thirties.
Secure Plus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
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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 group
insurance policy targeted at the economically underprivileged sections of the
society.
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.
ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner. The
plan can also be customized to structure schemes that can provide benefits
beyond the statutory obligations.
ICICI Pru Group Superannuating Plan: ICICI Pru offers a flexible
defined contribution superannuating scheme to provide a retirement kitty for
each member of the group. Employees have the option of choosing from
various annuity options or opting for a partial commutation of the annuity at
the time of retirement.
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ICICI Pru Group Term Plan: ICICI Prus flexible group term solution
helps provide affordable cover to members of a group. The cover could be
uniform or based on designation/rank or a multiple of salary. The benefit
under the policy is paid to the beneficiary nominated by the member on
his/her death.
Flexible Rider Options
ICICI Pru 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 additionalamount equal to the sum assured under the policy. If the death occurs while
traveling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
Accident Benefit: This rider option pays the sum assured under the
rider on death due to accident.
Critical Illness Benefit: protects the insured against financial loss in
the event of 9 specified critical illnesses. Benefits are payable to the insured
for medical expenses prior to death.
Major Surgical Assistance Benefit: provides financial support in the
event of medical emergencies, ensuring benefits is payable to the life
assured for medical expenses incurred for surgical procedures. Cover is
offered against 43 surgical procedures.
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Income Benefit: This rider pays the 10% of the sum assured to the
nominee every year, till maturity, in the event of the death of the life
assured. It is available on Smart Kid, Secure Plus and Cash Plus
Waiver of Premium: In case of total and permanent disability due to
an accident, the premiums are waived till maturity. This rider is available
with Secure Plus and Cash Plus.
Cancer Care : it s new product for cancer people, which is launch recently
by company.
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About
Project
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About the Project
During this 1.5 months training period that Ive undergone at ICICI
Prudential (Barouche Branch), my project was to do the Recruitment Calls
and to make the Sales Presentations.
First I would like to tell about what are recruitment calls.
Recruitment Calls means to meet people or call people to make them awareof the Organization and its functions and then to offer them the business
opportunity of joining the organization as an Advisor. Under this job, I too
met people and talked about the business opportunity of joining with ICICI
Prudential. The person should be HSC Pass for becoming an Advisor, but if
hes from rural area then he should be SSC pass. For conducting this
project, Ive visited homes of people and even contacted the people on
phone by getting a prospective list of phone numbers from job website. The
following method was used to inform .By joining like an advisor the person
will have role:
To provide the financial advice to the clients; this can be done by ;
o Identifying the future clients
o Making appointments
o Conduct financial review meetings with prospects/ clients
o Get referrals
o Provide service to clients.
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The opportunity:
o No start up capital required
o Flexible working environment
o Hes his own boss
o Unlimited earning potential
o Being a part of world class team
Working environment
o Being part of markets number one player
o Work from own office or home
o Work full time or part time
o No upper limits on earning
Support Package for advisors:
o High quality management support
o Attractive payments and benefits
o Strong reputation
o Excellent customer service
o Extensive training
o Superior products
Extensive Product Portfolio:
o Product range that provides financial solutions to cover all
basic needs like;
o Premature death
o Living too long
o Living death
o Childrens future
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o Wealth creation
Trainings conducted on:
o Selling skills
o Product knowledge
o Relationship skills
Training delivery by:
o Face to face
o Online
o Self Learning
Recognition Programs:
o Foreign trips and seminars
o Select club memberships
o MDRT (Million Dollar Round Table) memberships
Career Progression and Future Opportunities:
o Exclusive program for high achievers
o A fast tract career path
o Recognition as Tiger
o Continuance as Advisor
o Criteria
Age 25 40 years
At least 1 year in system
2 cases per month
Mobile Tigers
o Part time career as a trainer
o Conduct foundation programs
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Agency Champion:
o Take business to next level
o Now act like entrepreneurs, i.e. develop own
business
o Recruit new advisors and make own team
o Increased reach and earning potential
o Criteria:
Age at least 1 year in system
Minimum 36 policies and 3.6 laces
premium
Selection process(assessment centers)
for further development
o Next Step:
Confirmation of mutual interest
Selection interview
Profiling test dates
Draft payment favoring
ICICI Prudential Life Insurance Company payable at
Mumbai
Finalize training dates and venue.
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The Procedure for Recruitment
The procedure for recruitment as an Advisor in the ICICI Prudential
Life Insurance Company is either through personal contact or by phone
calls. Since personal contact could be done when we know that person so I
followed the calling option. I got the prospective list of people form my
peers group, my friends or other source i.e. from internet or reference from
other people. From total 75 people I talked to, almost 20 people were
interested in the opportunity that I discussed. From those 20 people 5 are on
way to turn up as advisors and others will take time in deciding for it. From
the 75 people I contacted 80% were jobbers and rest 20% people were small
or middle level businessmen. There were 10% housewives also and they too
show the interest in joining the business as it will be a source of extra
income.
The people who refused to join the organization had the following
reasons for it:
They wanted to finish studies first.
They were happy with their respective job and salary
They were already having a part time business.
They could not find time for extra works.
After talking to the interested people, and finalizing their admission in the
organization they were made to attend the 18 days IRDA training conducted
at RNIS College of Insurance, Shalimar Complex, Barouche.
After that they will attend the 3 days product training given by the trainer
from Baroda Office. After completing this part they will give their exam for
the license at Ahmedabad, which will be conducted by Insurance Institute of
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India. After 15 20 days theyll get their licenses and they can start the
career as an Insurance Advisor for ICICI Prudential.
Sales Presentation:
Apart from giving the recruitment calls I also did the sales
presentation along with my Project Guide and Unit Manager Mr. Ahoy
Polecat. Under this exercise I had to tell the prospect about insurance and
the various assistance provided by ICICI Prudential in the area of life
insurance. It is more of convincing act of making the prospect convert into
client. For this purpose I had gone through the 18 days IRDA training and 3
days product training conducted by the organization it self. This trainingmade me through in area of what is insurance and its other details and the
product training provided the details of the products that the company
provides. At the starting level I have avoided going for the cold sales calls
(contacting people who are unknown to us), so I took the natural market for
my prospecting.
Procedure adopted for giving the sales presentation:
The Opening:
In the opening of the presentation firstly I introduced the company and
myself. And the following points were discussed
As an insurance company what ICICI Prudential is doing and how it
is functioning in the corporate world.
The various needs of a person in life (i.e. premature death, accidental
disability, childrens future etc) and how to deal with them.
What my role is? I.e. how I can help the person according to the
different needs of his life.
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or higher personnel if needed, which included my project guide and other
Unit Managers.
In usual cases, there were some common doubts that almost every
client asked so the solution for that was prepared.
The following approaches were followed in dealing with the
doubts/objections:
Listening with out interrupting: listening is the first step of good
communication so or dealing with clients objections also we have to listentheir part of case. Interruption will deny the kind of respect the client needs
which may lead to misunderstanding. Even though I knew what the client
was going to say I listened to his part then gave him the respective solution.
Agree and counter: According to this approach I agreed to the clients
statement but countered it in terms of what the reality was. For example, a
client referred to the competitors policy and asked if the same thing is in
our policy or not. So the simple thing was told that it is not available but
other benefits are available.
Closing the Presentation:
Closing was the last step in presentation, in this the client was asked
summarized over what all things were discussed by me and what the
objections and solutions given, in a way the whole presentation was
discussed in a nut shell. In this I also asked the client about their
interest in investing money, or what they feel about all things
discussed. If interested then further formalities were done.
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Follow Up:
If the client shows not enough interest then also he has to be taken
care of, his details like name, phone no. and other information taken
earlier was taken along in case he changes his decision and can be
converted into prospect to client.
While giving the sales presentation the following main points were
discussed
About ICICI Prudential
o The bank
o The joint venture
o About prudential
Life style Changes
o Talking about how the needs change as per our age.
My Role
oIt explains what I am doing and how I can help the client
with by suggestions
oHow to make the life of the client smooth i.e. with less of
uncertainty.
The Risks in Life
o Premature Death
How one can make his family financially sound
even if
hes not in the family (if hes the bread winner)
To make them aware of the need of insurance.
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o Living Too Long
It is the retirement solution that what to do after
job, with no source of income.
The decreasing rupee value and increasing
prices
The medical expenses
o Living Death
It is the unfortunate situation when the person is not in
state of good health i.e. he may not be able to do any
work for income.
There will be additional medical expenses.
oChildrens Future
The increasing expenses of education needs some
extra source of money
To give the best possible education to the child.
No compromise on their future
oWealth Creation
For the financially independent future
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SWOT ANALYSES OF ICICI Pru LIFE INSURANCE
1.STRENGTH
Introduction of innovate wide range of products, by Way of
trying up with foreign companies.
Fully computerized environment
Make most use of the groups experience & brand name.
Less manpower with increased working hours
Created flexibility.
Settlement of smaller claims within 24 hrs.
2. WEAKNESS
Lack of experience in the Indian insurance sector
Fear of insolvency in the minds of public.
Large finding for creating the good brand image.
Less distribution network.
Difficulty to tap the Indian rural mkt.
3. OPPORTUNITIES
Target the industrial as well as industrial customer with better
service.
Speedy settlement of claims.
Can attracts the experience insurance professionals with better
Package.
4. THREATS
Large distribution network public sector companies.
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FINDING AND SUGGESTION
Though there are many private insurance companies in the market it is
evident that ICICI prudential one of the leading company. ICICI has the
major proportion of the market share then its competitors but there is much
to be done as in Ahmedabad there is a large market which is still untapped.
In the current situation the financial and investment field is saturated
and there is a tough competition which is haunting the companies in such a
perspective it is the marketing and sales people who are promising and canmake the required changes which can help in giving a winning edge over its
competitors.
From the research conducted it is evident that the people are aware
about the life insurance and the players that are involved in it. Thus now
there is a need to give them the full knowledge about the products which are
offered by the company and the benefits which the people can receive by
taking the policies.
To increase the market share the company must come up with new
attractive gift packages for the customers and also provide more benefits to
the investors. It is the only possible way in which the company can make
more profit.
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CONCLUSION
The success of any company depends on the quality of staff it holds
and it is convincing power of this staff, which leads to the success of the
company. Thus Marketing can be said as the important section of the ICICI
Prudential because it is this section that is involved in direct marketing of
the products offered by the company.
The competition within the insurance companies is intensifying day
by day. But with its prudent portfolio and its wide distribution ICICIPrudential Life Insurance Co., is the number one player in private Life
Insurance Sector.
Other Insurance players are also looking forward to compete with the
Product of the Company. Company is going to provide good job
opportunities for management graduates, along with a lot of growth
potential.
Gradually we gained much confidence talking with people and it was
a great experience working with the ICICI Prudential.
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BIBLIOGRAPHY
www.iciciprulife.com
Principal of Management L.M. Prasad
Management Sherleker & Sherleker
http://www.iciciprulife.com/http://www.iciciprulife.com/