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OVERVIEW
Insurance sector size is estimated at Rs.500 billion.
Annual growth rate of 15-20%
Only 400 million people can afford
20% have insurance
22 players
FUNCTION
provide protection against the possible chances of generating losses
eliminates worries and miseries of losses by destruction of property and death
provides capital to the society
Mission and Vision
MissionEnsure & enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.
Vision
A trans-nationally competitive financial conglomerate of significance to societies & PRIDE OF INDIA
Values Initiative and Innovation
• Integrity and Transparency
• Participation and Relationship
• Trustworthiness and Reliability
7 P’s of Marketing Mix PRODUCT
• PRICING • PLACE
• PROMOTION
• PEOPLE • PROCESS
• PHYSICAL DISTRIBUTION
About Company
Joint Venture
First Private Insurance Company
First Company to get AAA Rating by Fitch
Most Trusted Private Life Insurer: Economic Times
Vision
Be dominant in Life, Health and Pension Player
Strategies
•Understanding needs of Customers
•Levering Technology
•Risk management and Investment Strategies
•Growth and Learning for Employees
•Transparency
• Traditional Plans
- Steady Investment
- Generally withdrawals are not allowed• Unit Linked Insurance Plan
- Flexibility
- Transparency
- Liquidity
- Fund options (funds from equity, debit , cash..)
Insurance plans
Insurance Plans
Education Insurance
PLAN TYPE PLAN NAME
1) Smart kid new regular Unit linked
2) Smart kid new single Unit linked
3) Smart kid regular Premium Traditional
PLAN TYPE PLAN NAME
1) Investshield Life New Unit Linked
2) Investshield Cash bank Unit linked
Premium Guarantee Plan
PLAN NAME PLANT TYPE
1) Life Guard Traditional
2) Save “n” Protect Traditional
3) Cash Bank Traditional
4) Home Assure Traditional
Protection Plan
Retirement PlansPLAN NAME PLANT TYPE
1) Life Link Super Pension Plans
Traditional
2) Lifetime Super Pension Plans
Traditional
PLAN NAME PLAN TYPE
1) Life Time Gold Unit Linked
2) Life Link Super Unit Linked
3) Premier Life Gold Unit Linked
4) Life Time Plus Unit Linked
5) Life Stage Unit Linked
PLAN NAME PLAN TYPE
1) Crisis Cover Unit Linked
2) Hospital Care Unit Linked
3) Diabetes Care/ Diabetes Care Plus Unit Linked
4) Cancer Care Unit Linked
5) Health Assure Plus Unit Linked
Health Care Plans
Health Care Plans
Summary of key achievements
Sustained private market leadership: 6 years in
a row
More than 6 million policies sold
Rs 284.09 bn (USD 7.2 bn) of assets held
Awarded most respected private life insurer
Fitch rating of ‘AAA (Ind)’
Total premiums of Rs 77.58 bn (USD 2.0 bn) in
9m-2008
Distribution & Scale
● Rural foray: Continue to expand to smaller towns to take advantage of potential market and increased affluence
● Expand advisor base with focus on efficiencies
● Leverage technology to match scale
Going forward
Profitability
Comprehensive & customer centric product portfolio
Thrust on pensions and health Continue to focus on innovation
Product
Disclosure Enhanced business and financial
reporting
Manage expenses through increased efficiency and economies of scale
Reasons for Success Strength of the ICICI Bank
brand behind it Started out with the
traditional endowment products
Started offering Ulip policies from Year 1 and was selling more policies
Endowment products had little transparency
Product innovation First to come up with health
products
Allowed customers to pay varying amounts depending on the stage of life
ICICI's upfront charges have always been lower
Competitors charged 50-60 per cent of the first year premium, ICICI charged 18-20 per cent
ICICI remains among the top advertisers
Big advantage of leverage of customer base of its parent.
Pension Plans
LIC
Jeevan Needhi
Features:- Regular Premium Retirement option from age
of 40 Years Joint Life Last Survivor
Annuity: 50% Annuity
ICICI Prudential
LifeLink Super Pension
Features:- Option of One time Permium Retirement option from age of
45 years Joint Life Last Survivor
Annuity: 100% Choice of Investment Switching option
Child Plans
Child Fortune Fund Life Insured: Child Death Benefit: Sum
Assured Maturity Benefit: Fund
Value paid in Lump sum
Smart Kid Unit Linked Life Insured: Parent Death Benefit: Sum
Assured + Policy Benefit Maturity Benefit: Fund
Value settlement options Riders Available: Income
Benefit, Accidental death and Benefit
Choice of Investment Funds