Ashish Jha Final Report

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    A

    PROJECT REPORT ON

    Target Marketing for the Position of Advisor

    Submitted For the Partial Fulfillment of

    POST GRADUATE DIPLOMA IN MANAGEMENT

    2008-10

    Submitted To Submitted By:

    Prof. P.K.Agarwal Ashish Kumar JhaDirector Roll no: M08023

    IIMT PROFESSIONAL COLLEGEIIMT Nagar, Ganga Nagar, Mawana Road, Meerut-250001

    Ph:-91-121-2620284, 2620287, FAX: 91-121-2649606, 2621006Email :- [email protected] ; Web Site:-www.iimtindia.net

    1

    mailto:[email protected]:[email protected]
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    Acknowledgement

    My sincere thanks to Dr.P K Agarwal of IIMT Professional College, Meerut for

    his support and encouragement in execution of my training and preparation of my

    report.

    This project would have been difficult to complete, but by the invaluable contribution

    from some important person. Let me take this opportunity to thank them. But firstly, I

    like to thank ICICI Prudential for giving me such a challenging project to work upon. I

    hope this challenge has brought the best out of me.

    It was an exhilarating experience to be attached with a company that is a market leader in

    insurance sector in India. I express my deep sense to gratitude to AMIT SHEKAR for

    providing me great opportunity to complete my project and training .

    It was dynamic experience which enabled me to get introduction of real situation. Which

    I shall be facing during my work in corporate world.

    Ashish kumar

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    Contents

    EXECUTIVE SUMMARY

    3

    CHAPTER NO. PARTICULARS PAGE NO.

    Chapter 1

    INTRODUCTION TO THE STUDY

    Executive Summary

    Company Profile

    History of the Company

    2-34

    Chapter-2PRODUCT PROFILE

    35-48

    Chapter 3

    OBJECTIVE OF THE STUDY

    RESEARCH METHODOLGY49-56

    Chapter 4DATA ANALYSIS & INTERPRETATION

    57-70

    Chapter 5 FINDINGS, IMITATIONS

    RECOMMENDATIONS & CONCLUSION

    71-76

    BIBLIOGRAPHY77

    ANNEXURE

    Qestionnaire

    84-86

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    ICICI Prudential Life Insurance is one of the largest Insurance networks in the country,

    and 2nd Life Insurance Company in India. The ICICI Group has been in existence since

    1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of

    ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets

    exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the

    country, next only to LIC.

    The Insurance sector, after the opening up, provides greater opportunities. Several global

    players have emerged and the market has changed significantly. In the changed scenario,

    the expectation is that the low Insurance premium as a percentage of GDP prevailing inIndia will improve and will offer better opportunities to the insurance players.

    Life Insurance sector is one of the key areas where enormous business potential exists. In

    India currently the life insurance premium as a percentage of GDP is 1.3 per cent against

    5.2 per cent in the US, but in the liberalized scenario, the life insurance

    premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99

    to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life

    premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-

    10 and personal line non-life from Rs 4 billion to Rs 51 billion.

    In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major

    player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there

    are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been

    growing at a faster pace.

    INTRODUCTION

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    Life insurance is a form of insurance that pays monetary proceeds upon the death of the

    insured covered in the policy. Essentially, a life insurance policy is a contract between the

    named insured and the insurance company wherein the insurance company agrees to pay

    an agreed upon sum of money to the insured's named beneficiary so long as the insured's

    premiums are current.

    With a large population and the untapped market area of this population insurance

    happens to be a very big opportunity in India. Today it stands as a business growing at

    the rate of 15-20% annually. Together with banking services, it adds about 7 percent to

    the countries GDP. In spite of all this growth statistics of the penetration of the insurance

    in the country is very poor. Nearly 80% of Indian populations are without life insurance

    cover and the health insurance. This is an indicator that growth potential for the insurance

    sector is immense in India. It was due to this immense growth that the regulations were

    introduced in the insurance sector and in continuation Malhotra Committee was

    constituted by the government in 1993 to examine the various aspects of the industry.

    The key element of the reform process was participation of overseas insurance companies

    with 26% capital. Creating a more competitive financial system suitable for therequirements of the economy was the main idea behind this reform.

    Since then the insurance industry has gone through many changes. The liberalization of

    the industry the insurance industry has never looked back and today stand as one of the

    most competitive and exploring industry in India. The entry of the private players and the

    increased use of the new distribution are in the limelight today. The use of new

    distribution techniques and the IT tools has increased the scope of the industry in the

    longer run.Insurance is the business of providing protection against financial aspects of

    risk, such as those to property, life health and legal liability.

    It is one method of a greater concept known as risk management which is the need to

    mange uncertainty on account of exposure to loss, injury, disadvantage or destruction.

    Insurance is the method of spreading and transfer of risk. The fortunate many who are

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    exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect

    the assets but only compensates the economic or financial loss.

    In insurance the insured makes payment called premiums to an insurer, and in return isable to claim a payment from the insurer if the insured suffers a defined type of loss. This

    relationship is usually drawn up in a formal legal contract.

    Insurance companies also earn investment profits, because they have the use of the

    premium money from the time they receive it until the time they need it to pay claims.

    This money is called the float. When the investments of float are successful they may

    earn large profits, even if the insurance company pays out in claims every penny received

    as premiums. In fact, most insurance companies pay out more money than they receive in

    premiums. The excess amount that they pay to policyholders is the cost of float. An

    insurance company will profit if they invest the money at a greater return than their cost

    of float.

    An insurance contract or policy will set out in detail the exact circumstances under which

    a benefit payment will be made and the amount of the premiums.

    Classification of insurance

    The insurance industry in India can broadly classified in two parts. They are.

    1) Life insurance.

    2) Non-life (general) insurance.

    1) Life insurance:

    Life insurance can be defined as life insurance provides a sum of money if the person

    who is insured dies while the policy is in effect.

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    In 1818 British introduced to India, with the establishment of the oriental life insurance

    company in Calcutta. The first Indian owned Life Insurance Company; the Bombay

    mutual life assurance society was set up in 1870.the life insurance act, 1912 was the first

    statuary measure to regulate the life insurance business in India. In 1983, the earlier

    legislation was consolidated and amended by the insurance act, 1938, with

    comprehensive provisions for detailed effective control over insurance. The union

    government had opened the insurance sector for private participation in 1999, also

    allowing the private companies to have foreign equity up to 26%. Following the opening

    up of the insurance sector, 12 private sector companies have entered the life insurancebusiness.

    Benefits of life insurance

    Life insurance encourages saving and forces thrift.

    It is superior to a traditional savings vehicle.

    It helps to achieve the purpose of life assured.

    It can be enchased and facilitates quick borrowing.

    It provides valuable tax relief.

    Thus insurance is found to be very useful in the lives of the person both in short term and

    long term.

    Marketing is a basic that, it can`t be considered a separate function. It is whole business

    seen from the point of view of its final result,that is the consumer point of view.

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    Marketing is to convert social needs into profitable opportunity. The 21 st century is the

    era of advertising and sale production; marketing is to convert social needs into profitable

    opportunity. As it is said marketing thinking starts with human needs and wants.

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    Industrial Credit and Investment Corporation of India Limited

    Company :- ICICIFounded :- 1955Founder :- Mr. N. vaghulCountry of origin: - IndiaLocation :- MumbaiIndustry :- FinancialProducts :- financialWebsite :- www.icici.com

    The (ICICI) Industrial Credit and Investment Corporation of IndiaLimited incorporated in 1955 at the initiative of the World Bank.The Government of India and representatives of Indian industry, withthe objective of creating a development financial institution forproviding medium-term and long-term project financing to Indianbusinesses.

    Mr.A.Ramaswami Mudaliar elected as the first Chairman ofICICILimited.

    ICICI emerges as the major source of foreign currency loans to Indianindustry. Besides funding from the World Bank and other multi-lateralagencies, ICICI was also among the first Indian companies to raisefunds from international markets

    Now here are the important dates which has special roles to build up the company ofICICI

    1955: ICICI founded

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    1956: ICICI declared its first dividend of 3.5%

    1958: Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd

    1969: The first two regional offices in Calcutta and Madras set up.

    1972: The second entity in India to set up merchant banking services.

    1982: ICICI became the first ever Indian borrower to raise European Currency Units.

    1986: ICICI became the first Indian institution to receive ADB Loans.

    1994: ICICI Securities and Finance Company Limited in joint venture with J. P. Morgan

    set up.

    1997: SCICI merged with ICICI Ltd. Mr. K.V. Kamath appointed the Managing

    Director and CEO of ICICI Ltd

    1998: The name The Industrial Credit and Investment Corporation of India Ltd changedto ICICI Ltd.

    2001: ICICI Bank became the first commercial bank from India to list its stock on NYSE

    ICICI Group 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

    group companies, subsidiaries and affiliates in the areas of personal banking, investment

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    banking, life and general insurance, venture capital and asset management. With a

    strong customer focus, the ICICI Group Companies have maintained and enhanced

    Life insurance ( icici prudential)

    General insurance (icici Lombard)

    Banking

    Mutual fund

    Home finance

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    ICICI LOMARD

    ICICI Lombard General Insurance Company. It is joint venture with the Canada based

    Fairfax Financial Holdings, which is the largest private sector general insurance

    company.

    It has a comprehensive product portfolio catering to all corporate and retail insuranceneeds and is present in over 300 locations across the country.

    ICICI Lombard General Insurance has achieved a market share of 27.2% among

    private sector general insurance companies and an overall market share of 11.2% during

    fiscal 2009. The gross return premium grew by 2.2% from Rs. 33.45 billion in fiscal

    2008 to 34.20 billion in fiscal 2009.

    .ICICI Prudential Life Insurance Company.

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    http://www.icicilombard.com/app/ilom-en/default.aspxhttp://www.iciciprulife.com/http://www.icicilombard.com/app/ilom-en/default.aspxhttp://www.iciciprulife.com/
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    IT is a 74:26 joint venture with prudential plc (UK).

    It is the largest private sector life insurance company offering a comprehensive suite of

    life, health and pensionsproducts.

    It is also the pioneer in launching innovative health care products like Diabetes Care

    Active and health Saver. The company operates on a multi-channel platform and has

    distribution strength of over 2, 76,000 financial advisors operating from more than 2000

    branches spread across 1800 locations across the country. In addition to the agency force,

    it also has tie-ups with various banks, corporate agents and brokers. In fiscal 2009, ICICI

    Prudential attained a market share of 10.9% based on retail weighted premium and

    garnered a total premium of Rs 153.56 billion registering a growth of 13% and held

    assets of Rs. 327.88 billion as on March 31, 2009

    The Company was founded on 30 May 1848 in Hatton Garden in London as The

    Prudential Mutual Assurance Investment and Loan Association providing loans to

    professional and working people. In 1854 the Company began selling the relatively new

    concept of industrial branch insurance policies to the working class population for

    premiums as low as one penny through agents acting as door to door salesmen. The army

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    http://en.wikipedia.org/wiki/May_30http://en.wikipedia.org/wiki/1848http://en.wikipedia.org/wiki/Hatton_Gardenhttp://en.wikipedia.org/wiki/Hatton_Gardenhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/May_30http://en.wikipedia.org/wiki/1848http://en.wikipedia.org/wiki/Hatton_Gardenhttp://en.wikipedia.org/wiki/London
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    of premium collection agents was for many many years identified with the Prudential as

    the "Man from the Pru

    It moved to its traditional home at Holborn Bars in 1879 and converted to a limited

    company in 1881. The building was designed by Alfred Waterhouse, and is built of

    terracotta manufactured by Gibbs and Canning Limited of Tamworth (c.1878) two of

    the same driving forces behind theNatural History Museum in London.

    The Company was first listed on the London Stock Exchange in 1924. In 1997 the

    Company acquired Scottish Amicable, a business originally founded in 1826 inGlasgow

    as the West of Scotland Life Insurance Company, for $1.75bn.In June 2000 the Company

    was first listed on theNew York Stock Exchange to help focus on the US market.

    Found :- 1848

    Head quarter :- London, uk

    Key person :- Harvey McGrath, (chairman)

    :- Mark tracker, (Ceo)

    INDUSTRY :- Financial

    Products :- Life insurance

    Revenue :- 18,993 million (2008)

    Operating income:- (2,074) million (2008)

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    http://en.wikipedia.org/wiki/High_Holbornhttp://en.wikipedia.org/wiki/Limited_companyhttp://en.wikipedia.org/wiki/Limited_companyhttp://en.wikipedia.org/wiki/Alfred_Waterhousehttp://en.wikipedia.org/wiki/Gibbs_and_Canning_Limitedhttp://en.wikipedia.org/wiki/Natural_History_Museumhttp://en.wikipedia.org/wiki/Natural_History_Museumhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Glasgowhttp://en.wikipedia.org/wiki/Glasgowhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Pound_sterlinghttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Pound_sterlinghttp://en.wikipedia.org/wiki/High_Holbornhttp://en.wikipedia.org/wiki/Limited_companyhttp://en.wikipedia.org/wiki/Limited_companyhttp://en.wikipedia.org/wiki/Alfred_Waterhousehttp://en.wikipedia.org/wiki/Gibbs_and_Canning_Limitedhttp://en.wikipedia.org/wiki/Natural_History_Museumhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Glasgowhttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Revenuehttp://en.wikipedia.org/wiki/Pound_sterlinghttp://en.wikipedia.org/wiki/Earnings_before_interest_and_taxeshttp://en.wikipedia.org/wiki/Pound_sterling
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    Net income :- (391) million (2008)

    Employees :- 28,000 (2008)[1]

    Website :- http://www.prudential.co.uk

    ManagementTeam

    Chairman of Board of Directors Harvey McGrath Group Chief Executive

    Mark TuckerGroup Finance DirectorTidjane Thiam

    President & Chief Executive Officer forJackson National LifeClark Manning

    Chief Executive of M&G Michael McLintock

    Chief Executive of Prudential Corporation Asia Barry Stowe

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    http://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Pound_sterlinghttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Prudential_plc#cite_note-groupfigures-0http://en.wikipedia.org/wiki/Websitehttp://www.prudential.co.uk/http://en.wikipedia.org/wiki/Mark_Tucker_(business)http://en.wikipedia.org/wiki/Tidjane_Thiamhttp://en.wikipedia.org/wiki/Jackson_National_Lifehttp://en.wikipedia.org/wiki/Clark_Manninghttp://en.wikipedia.org/wiki/Clark_Manninghttp://en.wikipedia.org/wiki/Net_incomehttp://en.wikipedia.org/wiki/Pound_sterlinghttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Prudential_plc#cite_note-groupfigures-0http://en.wikipedia.org/wiki/Websitehttp://www.prudential.co.uk/http://en.wikipedia.org/wiki/Mark_Tucker_(business)http://en.wikipedia.org/wiki/Tidjane_Thiamhttp://en.wikipedia.org/wiki/Jackson_National_Lifehttp://en.wikipedia.org/wiki/Clark_Manning
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    Chief Executive of UK & European Insurance Operations Nick Prettejohn

    COMPANY PROFILE

    ICICI Prudential Life Insurance Company Limited (the Company) a joint venture

    between ICICI Bank Limited and Prudential plc of UKwas incorporated on July

    20, 2000 as a company under the Companies Act, 1956 (the Act). The Company

    is licensed by the Insurance Regulatory and Development Authority (IRDA) for

    carrying life insurance business in India.

    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 (UK). The company brings together

    the local market expertise and financial strength of ICICI Bank and Prudentials

    International life insurance experience. The company was granted a certificate of

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    Registration by the IRDA on November 24, 2000 and eighteen days later, issued its first

    policy on December 12. ICICI Prudential was amongst the first private sector insurance

    companies to begin operations in December 2000 after receiving approval from Insurance

    Regulatory Development Authority (IRDA).

    ICICI Prudential is the largest private insurance company and second

    largest insurance in India after LIC. 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 December 2000 after receiving

    approval from Insurance Regulatory Development Authority (IRDA).

    ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI

    Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended

    March 31, 2008, the company garnered Retail New Business Weighted premium of Rs.

    6,684 crores, registering a growth of 68% over the last year and has underwritten nearly 3

    million retail policies during the period.

    The company has assets held over Rs. 30,000 crore as on April 30, 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 obligationsto customers at the time of maturity or claims. 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 customer at every step in life.

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    Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has

    been one of the earliest private players. Since the time, ICICI Pru Life has been the leader

    in terms of market share as indicated by the IRDA (Insurance Regulatory and

    Development Authority, the regulator for Indian Insurance Industry) at its website.

    Arguably the most innovative Indian Life insurer in terms of customer services and

    products, ICICI Prudential has one of the largest distribution and servicing network with

    over 2,000 proprietary offices & customer touch points across India. The 30,000

    employee strong organization has one of the largest agency distributions in the industry.

    With a growing product range to match the complex needs of the demanding customers

    in a growing economy, the organization also has a history of successful.During 2007-08,

    the organization's focus on rural business has proved its complex project execution

    capability and strong partnerships for customer servicing.

    In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK

    Healthcare to settle insurance claims of its users.From its early days, ICICI Prudential

    seemed to have the wherewithal for a large-scale business. By March 31, 2002, a little

    over a year since its launch, the company had issued 100,000 policies translating into

    premium income of approximately Rs. 1,200 million on a sum assured of over Rs.23

    billion. When the company began its operations, the need was to build a brand that was

    relatable to, symbolized trust and was easily recognized and understood. It launched a

    corporate campaign ICICI Prudential also made using the theme of Sindoor to

    epitomize protection, trust, togetherness and all that is Indian; endearing itself to the

    masses. The success of the campaign, the calling card of the company saw the brand

    awareness scores almost at par with its 40 year old competitor.

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    The theme of protection was also extended to subsequent product and category specific

    campaigns from child plans to retirement solutions which highlight how the company

    will be with its customers at every step of life.

    From day one, the company has unflinchingly focused on being mass-market player,

    developing products, creating a distribution network and deploying resources that would

    further its goal. Apart from ramping up thoroughly training its advisors, the company has

    twelve Bancasurance partners the largest in the country. It swiftly revised and added to

    its initial range of products, pioneering market-linked products and pension plans, to offer

    customers the most flexible life insurance policies in the country.

    In February 2004, ICICI Prudential increased its capital base by Rs. 500 million, its ninth

    capital hike, bringing the total paid up equity capital to Rs. 6,750 million. With the

    authorized capital of the company standing at Rs. 12 billion, ICICI Prudential continues

    to have the highest capital base amongst all life insurers in the country.

    The challenge ICICI Prudential now faces is to retain its top-notch position and continue

    to deliver the finest life insurance and pension solutions to its ever-growing customer

    base.

    ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential

    plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the

    company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963

    policies. The sum assured in force stands at Rs.45, 888 crore. The company has a

    network of over 72,000 advisors; as well as 9 bancasurance partners and over 200corporate agent and broker tie-ups.

    ICICI Prudential is also the only private life insurer in India to receive a National Insurer

    Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest

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    credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations

    to customers at the time of maturity or claims.

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

    insurer in the country, with a wide range of flexible products that meet the needs of the

    Indian customer at every step in life.

    Beginning operations in December 2000, ICICI Prudentials success has been meteoric,

    becoming the number one private life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst private life insurers in India, with branches

    in 54 cities. The total number of policies issued stands at more than 780,000 with a total

    sum assured in excess of Rs.160 billion.

    ICICI Prudential closed the financial year ended march 31, 2004 with a total received

    premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20

    billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven

    mainly by the companys range of unique unit-linked policies and pension plans.

    The companys retail market share amongst private companies stood at 36%, making it

    clear leader in the segment. To add to its achievements, in the year 2003/04 it was

    adjudged Most Trusted Private Life Insurer (Economic Times Most Trusted Brand

    Survey by AC Nielsen ORG-MARG). It was also conferred the Outlook Money-Best

    Life Insurer award for the second year running. The company is also proud to have wonSilver at EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI

    Prudential was also short-listed to the final round for its Sindoor campaign in EFFIES

    2002.

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    ICICI Prudentials success is rooted in its philosophy to always offer the customer a

    choice. This has been the driving force behind its multi-channel distribution strategy,

    which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI

    Prudential was the first life insurer to invest in multiple channels and offer the customer

    choice and access; thus reducing dependency on any one channel, great strides in the

    retirement solutions and pensions market.

    The Companys penetration of the retirement market was driven by the focused approach

    towards creating awareness through sustained campaign; Retire from work, not life.

    Within six months, the campaign rewarded ICICI Prudential with an increased share of

    23% of the total pensions market and 78% amongst private players. ICICI Prudential hasone of the largest distribution networks amongst private life insurers in India, having

    commenced operations in 132 cities and towns in India, stretching from Bhuj in the west

    to Guwahati in the east, and Jammu in the north to Trivandrum in the south.

    The company has 9 bank partnerships for distribution, having agreements with ICICI

    Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and someco-operative banks, as well as over 200 corporate agents and brokers, it has also tied up

    with NGOs, MFIs and corporates for the distribution of rural policies.

    ICICI Prudential has recruited and trained more than 72,000 insurance advisors to

    interface with and advise customers. Further, it leverages its state-of-the-art IT

    infrastructure to provide superior quality of service to customers.

    About the Promoters

    ICICI Bank (NYSE:IBN) is Indias second largest bank with an asset base of

    Rs.2513.89 billion as on March 31, 2006. 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

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    services a growing a customer base of more than 17 million customers through a multi

    channel access network which includes over 620 branches and extension counters, 2200

    ATMs, call centers and internet banking (www.icicibank.com)

    PRUDENTIAL plc, Established in London in 1848, through its business in the UK and

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

    than 16 million customers, policy holder and unit holders world wide. As of December

    31, 2005, the company had over US$ 400 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 23 life and mutual fund operations in twelve countries China, Hong Kong, India,

    Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and

    Vietnam.

    Achievements

    Beginning operations in December 2000, ICICI Prudentials success has been meteoric,

    becoming the number one private life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst private life insurers in India, with branches

    in 54 cities. The total number of policies issued stands at more than 780,000 with a total

    sum assured in excess of Rs.160 billion.

    ICICI Prudential closed the financial year ended march 31, 2004 with a total received

    premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20

    billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven

    mainly by the companys range of unique unit-linked policies and pension plans. The

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    companys retail market share amongst private companies stood at 36%, making it clear

    leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged

    Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by

    ACNeilsen ORG-MARG).

    It was also conferred the Outlook Money-Best Life Insurer award for the second year

    running. The company is also proud to have won Silver at EFFIES 2003 for its Retire

    from work, not life campaign. Notably, ICICI Prudential was also short-listed to the final

    round for its Sindoor campaign in EFFIES 2002.

    In Keeping with its belief that a happy customer is the best endorsement, ICICI

    Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins

    and ends with the customer from capturing his voice to measuring and responding to his

    experiences. This initiative is currently helping the company improve processes,

    turnaround times and customer satisfaction levels. Another Novel introduction is theICICI 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.

    Promotion

    ICICI Prudential is a case study in how advertising and marketing can play a vital role in

    re-shaping an industry. It has demonstrated how an industry where the customer wasnothing more than a policy number has changed to one where customer preference rules

    the roost.

    Brand-building in a complex category like life insurance is an uphill and multi-faceted

    task. At the time of launching operations, the communications task was to build

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    credibility, so as to give the customer the confidence that it was a company that could be

    trusted to invest funds with. The aim was to encourage people to view insurance not as a

    compulsory tax saving instrument, but as a means to lead a worry-free, secure life and in

    the process, create the differentiator for brand ICICI Prudential.

    The brand proposition for all the campaigns was reflected in the line: Suraksha: Zindagi

    ke har kadam par.

    The campaign featured a significant competitive advantage, the sound financial backing

    and credentials of ICICI Prudential, and showcased products from different segments.

    The advertising idea was encapsulated in the symbol of protection the Sindoor.

    This campaign contributed extensively to raising brand awareness and creating a

    distinctive identity for the company.

    The Company recently tied up with the Forbes Six Sigma rated Dabbawalla organization

    in Mumbai for a direct marketing exercise. In a Unique effort to create awareness about a

    tax saving product, the company attached a creative of a bitten apple to Mumbais

    ubiquitous lunchboxes. It worked wonderfully with Mumbais office-goers and one that

    translated into substantial business for the company.

    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.

    DISTRIBUTION SYSTEM

    Tied Agency

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    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, predictable and sustainable

    business model.

    Bancassurance 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 our partners

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

    experimenting with new ideas are the hallmarks of this channel.

    CUSTOMER SERVICE AND OPERATIONS

    The Operations department oils the work processes between the customer and the

    company to ensure consistent and quality service to the customer. To streamline the

    operations, the Operations department interfaces between the clients and the agents, the

    branches and the underwriters, and manages work processes.

    The Vision at Customer Service is to deliver World Class Service at every opportunity.

    Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer Care and Query

    Resolution Unit are all committed to providing effective solutions to over lakhs of

    customers across the country.

    Information Technology

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    Finance

    Finance function in ICICI Prudential is committed to create an infrastructure that is

    aligned to shareholder expectations. Finance basically comprises of four functions. .

    Corporate Planning and MIS provide feedback on business strategies. This includes

    driving the budgeting process, providing strategic inputs for decision-making and

    management reporting and analysis.

    The Accounts function includes preparation and maintenance of financial records, funds

    management, and expense processing and treasury operations. Compliance ensures that

    every action is within the regulatory framework. This includes reviewing compliance

    requirements and supporting the ethical framework of ICICI Pru life.

    Internal audit provides assurance to the management over the organizations' control

    framework and includes process risk management, information security assessment and

    business continuity assessment.

    Human ResourceThe people strategy of ICICI Prudential is To build a committed team with a culture of

    innovation, learning and growth. The Human Resource Function at ICICI Prudential

    drives the people strategy of the business. With its initial focus on operational excellence

    to deliver benefits and services to staff members, HR is now committed to building

    capability through state of the art processes. A robust performance management system,

    compensation system and a segmented training architecture enable it to deliver value to

    the organization.

    Business Excellence

    The Business Excellence function is committed to building a quality mindset across the

    organization. ICICI Prudential is the first organization in the Insurance Industry that has

    adopted the Six Sigma Methodology for process efficiency and measurement. The team

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    is also driving the Malcolm Baldrige framework across the organization, an intervention

    that examines management of key inputs for Business Excellence.

    Bancassurance

    One of the most significant advances in the financial services sector over the past couple

    of years has been the growth of Bancassurance which, in simplest terms, means the

    distribution of insurance products through a banks distribution channels. In other words,

    Bancassurance is a service which can fulfill both banking and insurance needs at the

    same time. Bancassurance as a concept first began in India with the opening up of the

    insurance industry to private sector participation in December 1999 which saw the entry

    of 20 new players - with 12 in the life insurance sector and 8 in the non-life sector.

    Bancassurance has also seen significant rise in other Asian markets. For example,

    Bancassurance accounted for 24% of new life insurance sales by weighted premium

    income in Singapore in 2002.

    This is a significant increase on the equivalent 2001 statistic of 15% and is as a result of

    growth in significant bank-centric Bancassurance operations.

    Although the concept of Bancassurance looks simple enough, it is far from that in real

    life practice. Legislative differences, consumer behavior, impact of history and culture,

    product complexity, employee work culture and many such other factors have contributed

    to significant differences in results across countries. For example, in France and Spain

    60% to 80% of life insurance products are sold through bank branches compared to 10%

    in UK and USA.

    Bancassurance Models

    Globally we have 4 kinds of Bancassurance business models:

    Distribution alliance between the insurance company and the bank

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    JV between the two

    Merger between bank and insurer

    Bank builds or buys own insurance products

    Most of the Bancassurance operations in India fall into the first model, which in a way is

    quite a prudent decision. The Indian Bancassurance scene as of now looks as promising

    as perilous, being a vast, unexplored and uncharted expanse. As banks are quite risk

    averse, it is but natural for them to withhold from making any long term commitment,

    which would be quite costly if the Bancassurance business runs into trouble. In terms of

    the present regulatory framework, one bank can tie-up with only one life and one non-life

    insurer, while insurers have the choice to tie-up with any number of banks.

    Stages in Policy Issuance

    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 further

    clarifications 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 theAdvisor for completion.

    4) Issuance

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

    5) Decline Status

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    When a customer refuses 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) Freelook

    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 Freelook Period.

    9) Surrender: When a customer wants to discontinue with the policy.

    Joint Venture

    ICICI Prudential is a joint venture betweenICICI Bankand Prudential plc engaged in

    the business of life insurance inIndia.

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    http://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/Prudential_plchttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/Prudential_plchttp://en.wikipedia.org/wiki/India
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    The joint strengths

    Apowerful joint venture partnership with each carrying a set of strengths

    complementing each others

    Reputation

    Insurance

    expertise

    Product

    Distribution

    Operations

    Brand strength

    Infrastructure

    Customer base

    Local knowledge

    Market Innovators

    PRUDENTIALICICI

    Product of joint venture, of icici and prudential life insurance company

    Founded :- K. V. Kamath

    Products :- Life insurance

    Jingle :- Jeetey Raho

    Date of innovation :- 22 Dec 2000

    Need for Life Insurance

    Today, there is no shortage of investment options for a person to choose from.

    Modern day investments include gold, property, fixed income

    instruments, mutual funds and of course, life insurance. Given the

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    plethora of choices, it becomes imperative to make the right choice

    when investing your hard-earned money. Life insurance is a unique

    investment that helps you to meet your dual needs - saving for life's

    important goals, and protecting your assets.

    Asset Protection

    From an investor's point of view, an investment can play two roles -

    asset appreciation or asset protection.

    Core benefit

    The core benefit of life insurance is that the financial interests of ones

    family remain protected from circumstances such as loss of income

    due to critical illness or death of the policyholder. Simultaneously,

    insurance products also have a strong inbuilt wealth creation

    proposition. The customer therefore benefits on two counts and life

    insurance occupies a unique space in the landscape of investment

    options available to a customer.

    Management Profile

    Board of Directors:-

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    The ICICI Prudential Life Insurance Company Limited Board comprises reputed peoplefrom the finance industry both from India and abroad.

    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

    Management Team

    The ICICI Prudential Life Insurance Company Limited Management teamcomprises reputed people from the finance industry both from India andabroad.

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    Ms. Shikha Sharma, Managing Director & CEO

    Mr. N. S. Kannan, Executive Director

    Mr. Bhargav Dasgupta, Executive Director

    Ms. Anita Pai, Executive Vice President Customer Service & Technology

    Dr. Avijit Chatterjee, Appointed Actuary

    ICICI Prudential offers a wide range of insurance plans to suit the various needs ofindividuals. The insurance plans by the company are enlisted:

    Life Insurance Plans:

    Education Insurance Plans Premium Guarantee plans Wealth Creation Plans Protection Plans

    Retirement Solutions:

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    http://www.iciciprulife.com/public/About-us/ProfileTeam-NSKannan.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BhargavDasgupta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-Dr.%20Avijit%20Chatterjee.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-NSKannan.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BhargavDasgupta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-Dr.%20Avijit%20Chatterjee.htm
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    has been to help customers understand their financial needs and work closely with them

    to customize a product that would meet. Advisors can offer a complete range of products

    Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans

    and tailor a flexible solution to meet customers changing needs at every stage of life.

    In fact, ICICI Prudential was the first to un-bundle product benefits, pioneering the

    concept of riders and soon after introduce comprehensive market-linked and retirement

    plans.

    ICICI Prudential has launched a handful of products that are analyzed below:

    ICICI Prudential's life insurance products may be loosely categorized under three forms:

    pure life insurance products without an investment angle to them; a product that is a mix

    of a cumulative investment scheme and an insurance product; and, finally, standard

    products such as money-back and endowment policies.

    Single Premium Bond: The Single Premium Bond is the name of a policy that combines

    the features of an investment in a cumulative deposit scheme with that of an insurance

    product.

    Policy-holders are required to pay a one-time premium based on a target sum assured. At

    maturity, the policy-holder gets the sum assured and guaranteed additions that work out

    to a compound return of 4.5 per cent the sum assured.

    The insurance part of the package comes in the form of death benefits that are paid in the

    case of the demise of the policy-holder. The size of the death benefit is linked to the

    number of years left for the policy to expire. On maturity date, the maturity value is also

    paid in addition to the death benefits that would have been paid earlier.

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    Life Guard policies: The company offers two pure life insurance products that have an

    umbrella name, Life Guard. One of them involves a one-time premium for which there

    are no maturity benefits. The other requires regular premium payments that are returned

    at the end of the policy. Life Guard offers absolutely no investment-related return and is

    suitable for individuals looking for an unadulterated insurance package.

    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 5 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 Protectis a traditional endowment savings plan that offers life protection

    along with adequate returns

    CashBak is 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 and LifeTime IIoffer customers the flexibility and control to customize

    the policy to meet the changing needs at different life stages. Each offer 4 fund

    options Preserver, Protector, Balancer and Maximiser.

    LifeLink Superis a single premium Unit 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 age of 75.

    InvestShield Life is a Unit Linked plan that provides capital guarantee on theinvested premiums and declared bonus interest.

    InvestShield Cash is a Unit Linked plan that provides capital guarantee on the

    invested premiums and declares bonus interest along with flexible liquidity

    options.

    InvestShield Gold is a Unit Linked plan that provides capital guarantee on the

    invested premiums and declares bonus interest along with limited premium

    payment terms.

    Protection Solutions

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

    available in 3 options level term assurance with return of premium and single

    premium.

    HomeAssure is a mortgage reducing term assurance plan designed specifically to

    help customers cover their home loans in a simple and cost-effective manner.

    Child Plans

    SmartKid 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.

    SmartKid plans are also available in unit-linked form both single premium and

    regular premium.

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    Retirement Solutions

    ForeverLife is a retirement product targeted at individuals in their thirties.

    SecurePlus Pension is a flexible pension plan that allows one to select between 3

    levels of cover.

    Market-linked retirement products

    LifeTime Pension IIis a regular premium market-linked pension plan.

    LifeLink Pension IIis single premium market linked pension plan.

    InvestShield Pension is a regular premium pension plan with a capital guarantee

    on the investible premium and declared bonuses

    Golden Years: is a limited premium paying retirement solution that offers tax

    benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and

    payout stages.

    Health Solutions

    Health Assure and Health Assure Plus: Health Assure is a regular premium

    plan which provides long term cover against 6 critical illnesses by providing

    policy holder 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.

    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

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    customized to structure schemes that can provide benefits beyond the statutory

    obligations.

    ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined

    contribution superannuation 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.

    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.

    1. Accident and 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 the death occurs while

    traveling in an authorized mass transport vehicle, the beneficiary will beentitled to twice the sum assured as additional benefit.

    2. Accident Benefit: This rider option pays the sum assured under the rider on

    death due to accident.

    3. 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

    4.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

    in SmartKid, SecurePlus, and CashPlus.

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    5.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

    SecurePlus and CashPlus.

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    Market OverviewEquity Indices 30-Jun-09 29-May-09 % Change

    BSE SENSEX 14,494 14,625 -0.9

    S&P CNX NIFTY (50) 4,291 4,449 -3.6INDIA BSE MIDCAP 5,076 5,057 0.4

    CNX MIDCAP INDEX 5,427 5,359 1.3

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    42

    Global Indices30-Jun-

    09

    29-May-

    09

    %

    Change

    DOW JONESINDUSTRIALS

    8,447 8,500 -0.6

    HANG SENG 18,379 18,171 1.1

    FTSE 100 4,249 4,418 -3.8NIKKEI 225 STOCKAVERAGE

    9,958 9,523 4.6

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    The above data show that the in the recession time when the larger company are inproblem , but this company stay in good position and very soon he able to came out

    himself from himself this crisis .

    In month of the June, when our country was running in the deflation the icici prudentialface only a bit the change in their average growth , which is very less in compare to theall sector .

    43

    Benchmark Returns 1 Y 3 Y 5 YBSE 100 7.70 12.05 24.21

    CRISIL Bond Index 11.20% 6.90% 5.34%

    GDP Growth

    5 Year CAGR FY 08 9M FY 098.80% 9.00% 6.70%

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    HIERARCHY OF THE COMPANY

    Five scope branch

    One hub branch

    Five hub branch

    A regional office

    Three regional

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    One divisional office

    COMPARATIVE STUDY

    1) LIFE TIME VS LIC BIMA PLUS

    ON THE BASIS OF AGE:

    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:

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    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-

    Partial or complete withdrawal is available from three years onwards.

    BIMA PLUS-

    Premature withdrawal allowed after one year.

    ON THE BASIS OF CONTRIBUTION:

    LIFE TIME-

    Minimum Rs 18000 per annum.

    BIMA PLUS-

    Not specified.

    ON THE BASIS OF INVESTMENT OPTION:

    LIFE TIME-

    Maximiser, balancer, protector and preserver.

    BIMA PLUS-

    Balanced, secured and risk.

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    2)LIFE TIME VS MAX NEW YORK LIFE MAKER

    ON THE BASIS OF AGE:

    LIFE TIME-

    0-60 YEARS.

    LIFE MAKER-

    12-60 YEARS.

    ON THE BASIS OF TERM:

    LIFE TIME-

    Minimum premium payment term of three years.

    LIFE MAKER-

    10-58 YEARS.

    ON THE BASIS OF SUM ASSURED:

    LIFE TIME-

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

    LIFE MAKER-

    Choice of 2 insurance covers.

    ON THE BASIS OF SURVIVAL BENEFIT:

    LIFE TIME-

    Value of units three years onwards.

    LIFE MAKER-

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    Value of units.

    ON THE BASIS OF WITHDRAWAL BENEFIT:

    LIFE TIME-

    Complete or partial withdrawals are available after three years.

    LIFE MAKER-

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

    available from first year onwards itself, subject to surrender penalties.

    ON THE BASIS OF CONTRIBUTION:

    LIFE TIME-

    Minimum premium of Rs18000 per annum.

    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

    ON THE BASIS OF BONUS UNIT:

    LIFE TIME-

    Available

    LIFE MAKER-

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    Available in the last policy year.

    3) LIFE TIME VS HDFC LINKED

    ON THE BASIS OF AGE:

    LIFE TIME-

    0-60 YEARS

    LINKED-18-60 YEARS

    ON THE BASIS OF TERM:

    LIFE TIME-

    Minimum premium payment term of three years.

    LINKED-

    10-30 YEARS

    ON THE BASIS OF SUM ASSURED:

    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.

    ON THE BASIS OF SURVIVAL BENEFIT:

    LIFE TIME-

    Value of units third year onwards.

    LINKED-

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    Value of units.

    ON THE BASIS OF DEATH BENEFIT:

    LIFE TIME-

    Higher or sum assured or value of units.

    LINKED-

    Higher or sum assured or value of units.

    ON THE BASIS OF WITHDRAWAL BENEFIT:

    LIFE TIME-

    Partial or complete 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 per annum.

    LINKED-

    Minimum Rs10000 per annum.

    ON THE BASIS OF INVESTMENT OPTION:

    LIFE TIME-

    Maximiser, balancer, protector and preserver.

    LINKED-

    50

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    LIFE TIME PENSION-2-

    Unit value to purchase an annuity.

    JEEVAN NIDHI-

    Sum assured+gurantee additions+terminal bonus.

    ON THE BASIS OF DEATH BENEFIT:

    LIFE TIME PENSION-2-

    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 or value of units.

    JEEVAN NIDHI-

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

    ON THE BASIS OF CONTRIBUTION:

    LIFE TIME PENSION-2-

    Minimum Rs10000 per annum.

    JEEVAN NIDHI-

    Minimum Rs3000 per annum.

    ON THE BASIS OF INVESTMENT OPTION:

    LIFE TIME PENSION-2-

    Protector pension, balancer pension, maximiser pension and pension preserver.

    JEEVAN NIDHI:

    Not available.

    ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:

    LIFE TIME PENSION-2-

    Not available.

    JEEVAN NIDHI-

    Not available.

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    53

    Future Function

    Snapshot

    Company: ICICI PrudentialProject: Total automation ofHR processes

    IT Head / Project Lead: Anita Pai, Executive VPCustomerService and Technology

    Operating in a highly competitive industry, ICICI Prudential wanted to move towards

    the goal of a paperless office by automating processes in different HR functions. This

    would improve process efficiencies and result in substantial cost reduction. With this

    aim, ICICI Prudential embarked on an exercise to develop a fully integrated HR system

    using highly customized core HRMS ERP software and non-core satellite applications.

    Accordingly, the firm designed a solution that had two major components: core HRMS

    and satellite applications. Core HRMS activities included customization on PeopleSoft

    HCM 9.0. Subsequently, non-core satellite .

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    The above data show the detail of 4 year achievement of the Munger.

    Total percentage of Munger Branch In the life insurance sector

    Approx

    ICICI Prudential : - 25%LIC : - 50%Aviva Life Insurance : - 5%Bajaj Allianz : - 3%

    Other Co. :- 17%

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    SWOT ANALYSIS

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    STRENGTHS

    ICICI Prudential is the largest private player in India, with a market share of

    around 36% amongst the private players

    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.

    ICICI Prudential is the first life insurance company to offer ECS debit facility.

    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.

    Products

    Flexibility to switch your fund value at your own discretion four times a year viz.

    maximizer, protector, balancer, preserver.

    Greater transparency-policy holder knows what is happening to his money and

    where the company has invested his money.

    Liquidity options-you can make complete or partial withdrawals any time after 3

    years.

    Life insurance plans are eligible for deduction under sec 80.

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    WEAKNESSES:

    Industry in nascent stage.

    Rural areas still not covered.

    Not very known among Indian population.

    Lack of credibility among the people because ICICI being a private player.

    Premiums are high as compared to its competitors.

    Very few branches in the country.

    Products:

    The policy doesnt have the surrender option before third year.

    Plan does not offer any guarantee or assured return.

    Product profile is not very comprehensive.

    Mortality, management and administrative charges are sky scrapping as compared

    to its competitors.

    OPPORTUNITIES

    Liberalization of Indian economy.

    As the industry is growing the whole market is virgin.

    The whole private sector is opened to be trapped even though the competition is

    fierce from government owned insurance companies. Its a volume business that is even if the company has few good corporates the

    turnover cease to increase by manifold.

    Products:

    Preserver funds look good due to comfortable liquidity in the economy and there

    is little chance hike in short-term rate by RBI.

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    Finance minister unveiled a budget favoring consumer spending, boosting

    demand and therefore higher economic growth.

    THREATS

    The government players will become aggressive thus growth is going to be tough.

    Entry of other players is not ruled out.

    Apprehension towards ICICI Prudential being a private life insurance company.

    We expect the industry to rationalize in future that is mergers and acquisitions

    will happen, which will impact the industry and ICICI Prudential fortunes.

    Products:

    Past performance of these plans is not indicative of the future performance of the

    plan.

    The sum invested in the funds is subject to market risks and there can be no

    assurance that the objective of plan will be achieved.

    All benefits payable under the policy are subject to tax laws and other financial

    enactment, as they exist from time to time.

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    Research Methodology

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    Statement Of Problem:

    The research is carried on in a proper planned and systematic manner.

    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.

    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.

    Age limit for selling 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 or below it.

    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.

    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,

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    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 objectives in mind (considering the objectives)

    Feedback from the employees

    Analysis of feedback

    Conclusion, findings and suggestions.

    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

    1) PRIMARY DATA:

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    Questionnaire: Primary data was collected by preparing questionnaire for customers.

    The questionnaire was filled through telephonic research.

    2) SECONDARY DATA:

    Secondary data will consist of different literatures like books which are published,

    articles, internet , the company manuals and websites of company-

    www.iciciprulife.com.

    In order to reach relevant conclusion, research work needed to be designed in a properway.

    This research methodology also includes:-

    Familiarization with the concept of insurance and its various terms.

    Thorough study of the information collected.

    Conclusions based on findings.

    Statistical Tools Used

    The main statistical tools used for the collection and analyses of data in this project are:

    Questionnaire

    Pie Charts

    Bar Diagrams

    \

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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:-

    Time and cost constraints were also there.

    Chances of some biasness could not be eliminated.

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

    A majority of respondents show lack of cooperation and are biased towards their

    own opinions.

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    Data Analysis & Findings

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    Data Analysis

    Q1. Are you currently insured?

    Particulars No. of Respondents Percentage

    Yes 31 62%

    No 19 38%Total 50 100%

    No. of Respondents

    31

    19

    Yes

    No

    66

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 62% of the respondents are already insured.b) 38% of the respondents are not insured.

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    Q2. Are you satisfied with your current insurer?

    Particulars No. of Respondents Percentage

    Yes 41 82%

    No 9 18%

    Total 50 100%

    No. of Respondents

    41

    9

    Yes

    No

    67

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 82% of the respondents are satisfied.b) 18% of the respondents are not satisfied.

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    Q3. Which one is your favored insurance company?

    Particulars No. of Respondents Percentage

    LIC 24 48%

    ICICI 7 14%

    HDFC 5 10%

    Birla Sun Life 4 8%

    Bajaj Allianz 4 8%Others 6 12%

    Total 50 100%

    68

    0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    LIC ICICI HDFC Birla Sun BajajAllianz

    Others

    Insurance companies

    Sharein

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

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

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

    Particulars No. of Respondents Percentage

    Yes 30 60%

    No 12 24%

    Cant Say 8 16%Total 50 100%

    No. of Respondents

    3012

    8

    Yes

    No

    Can't Say

    69

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 60% of the respondents are attracted towards ICICI products. b) 24% of the respondents are not attracted towards ICICIproducts.c) 16% of the res ondents Cant Sa about it.

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    Q5. What is your main concern while taking an insurance policy ?

    Particulars No. of Respondents Percentage

    Tax Benefit 20 40%

    Security 16 32%

    Investments/Savings 14 28%

    Total 50 100%

    2016 14

    0

    5

    10

    15

    20

    25

    TaxBe

    nefit

    Secu

    rity

    Inve

    stment/S

    avin

    gs

    No.ofRespondents

    Series1

    70

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 40% of the respondents are concerned about Tax Benefit.b) 32% of the respondents are concerned about their Security.c) 28% of the respondents are concerned about

    Investment/Savings.

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    Q6. Does this policy satisfy your financial needs? (Please rate onthe 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%

    71

    1

    2

    3

    4

    51

    2

    3

    4

    5

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    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 abovepolicy?

    Particulars No. of Respondents Percentage

    Very High 14 28%High 11 22%

    Moderate 13 26%

    Low 8 16%

    Very Low 4 8%

    Total 50 100%

    72

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 28% of the respondents think that Premium is Very High.b) 22% of the respondents think that Premium is High.c) 23% of the respondents think that Premium is Moderate.

    d) 15% of the respondents think that Premium is Low.e) 12% of the respondents think that Premium is Very Low.

    No. of Respondents

    14

    1113

    8

    4

    Very High

    High

    Moderate

    Low

    Very Low

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    Q8.How do you come to know about this policy?

    Particulars No. of Respondents Percentage

    Advertisements 10 20%

    Friends and Relatives 12 24%Direct Selling Agents 21 42%

    Others 7 14%

    Total 50 100%

    73

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 20% of the respondents know about it from Advertisements.b) 24% of the respondents know about it from Friends andRelatives.c) 42% of the respondents know about it from Direct SellingAgents.

    d) 14% of the respondents know about it from Other Sources.

    No. of Respondents

    10

    12

    21

    7

    Advertisements

    Friends and Relatives

    Direct Selling Agents

    Others

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    Q9. Are you satisfied with the incentives (tax benefits or Bonuses)associated with your policy?

    Rating No. of Respondents Percentage

    Highly satisfied 9 18%

    Satisfied 12 24%

    Moderate 10 20%

    Unsatisfied 11 22%

    Highly Unsatisfied 8 16%

    Total 50 100%

    74

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 18% of the respondents are Highly Satisfied.b) 24% of the respondents are Satisfied.c) 20% of the respondents are Moderate.d) 22% of the respondents are Unsatisfied.e) 16% of the respondents are Highly Unsatisfied.

    No. of Respondents

    9

    12

    10

    11

    8

    Highly Satisfied

    Satisfied

    Moderate

    Unsatisfied

    Highly Unsatisfied

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

    Particulars No. of Respondents Percentage

    Easy Procedures 14 28%

    Fewer premiums 10 20%

    More Returns 9 18%

    Transparency 17 34%

    Total 50 100%

    14

    10 9

    17

    0

    2

    46

    8

    10

    12

    14

    16

    18

    Easy Returns Fewer

    premiums

    More Returns Transperancy

    No.

    ofRespondents

    Series1

    75

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 28% of the respondents want Easy procedures.b) 20% of the respondents want Fewer premiums.c) 18% of the respondents want More returns.d) 34% of the respondents want Transparency.

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    Q11. Do You think that services have improved after allowing privateplayers in insurance sector ?

    Particulars No. of Respondents Percentage

    Yes 40 80%

    No 10 20%

    Total 50 100%

    80%

    20%

    Yes

    No

    FINDINGS

    76

    ANALYSIS:

    From the survey it was found that amongst 50 respondents

    a) 80% of the respondents think that services have improved.b)20% of the respondents think that services have not improved.

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    Research finding

    On an analysis and evaluation of the data collected from the respondents the

    following findings were found.

    Before establishment of private concerns the share of LIC was 22% hence there is

    a wide scope for private concerns to enter in to market.

    Total 100 respondents have been approached out of which 75 are the potential

    respondents who have shown interest for investment and finance plan

    Above 20% of respondents are shown interest for investment and financial plan About 33.33% of respondents are not interest to give their personal records.

    About 12.67% of respondents have already been covered by other insurance

    companies.

    About 10% of respondents have given invalid records.

    About 10% of respondents are newly employed or trainees.

    About 10% of respondents interested for investment plan after knowing ICICI

    PRUDENTIAL LIFE INSURANCE products.

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    Implication in companySince ICICI Prudential Life Insurance co. ltd is the largest in terms of FDI invested, in

    terms of work force, in terms of market share, in terms of no. of customers. All these

    positive stands of the company place at the number one position. On second aspect

    whatever amount of money ICICI Prudential save, can be used to increase the no. of

    policies, which will helpful to increase the market share of the company. Since the

    customers think about the companies in the industry, when they invest money in the life

    insurance industry. So its necessary to increase the market share of the company. Thereare some recommendations.

    Open some more branches in semi urban and rural area.

    ICICI Prudential has almost its branches in urban area or metros. So in order to

    increase the no. of customer, ICICI Prudential should increase the approach

    towards potential customers. For that it has to increase the branches in the semi

    urban cities like C, D grade cities. And the rural marketing is the best option for

    ICICI Prudential to increase its base in the market

    Improve customer services.

    In order to take the advantage of being industry leader in private sector, ICICI

    Prudential has to improve its customer services. According to my experience in

    the company, a good number of customers forget to pay their premium at time so

    it causes a big loss to the company. ICICI Prudential has already collaborated

    with the ICICI bank for its Bancassurance facility and then can include another

    feature in it. ICICI bank can offer a bank account with the life insurance policy in

    which an ATM card will be provided. This card will have all the information

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    regarding the policy as like future premium payment dates, payment made, money

    value of the policy at that date, value of the unit linked plan and all other

    information what the customer want. This will help the customer to pay premium

    on time and save their losses. This will be mutually helpful for both sister

    companies, ICICI bank will get new account and ICICI prudential will be able to

    more efficient services to their customers.

    Bring some unit linked life insurance plans in the market.

    Being a market leader doesnt ensure the leadership in the future. Since after

    increment in FDI from 26% to 49% all player will have the opportunity to capture

    the market share. So in order to maintain its position ICICI Prudential should

    -Introduce some new market linked insurance plan, which will give a competitive

    advantage to the ICICI Prudential against its competitors.

    Trained the financial advisors more efficiently.

    In the changed scenario, more efficient training will be needed, so ICICI

    Prudential should provide good and efficient training to their financial advisors.

    Because they are the one who interact directly with the customers. So good

    training will give them the right way to deal with the potential customers.

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    Limitation

    While working on the topic assigned to me for research work, I have chosen the way of

    random sampling. But while carrying out the work I have faced the following problems

    i.e. limitation to my studies:

    In the month of June to August in when the temperature was high & due to

    frequent power cut in city some people were not ready to talk over the topic

    covered under Questionnaire.

    Due to uneven social environment in Sadar, the area was not fully covered as

    planned.

    While involved in advisor recruitment process, sometime not got appointment from the

    persons due to their busy schedule

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    SUGGESTIONS

    1. More lucrative plan should be launched.

    2. Company should also check the plans whether the plans are going either in proper

    manner or not.

    3. Plans should not be so complicate that customer should be problem to understand.

    4. There should be launch only appropriate not in large way.

    5. Advertising must be done properly specially in rural area and should launch special

    plan.

    6. Open branch also in rural area.

    7. Special gift should be given to agent if work properly

    8. Public welfare plan should be undertaken specially in rural area in order to highlight

    the company image before the government

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    Conclusion

    The study of different aspects and functional marketing programs and visibility in and

    around the Munger, leads to number of conclusions, which can put in the following

    words .

    ICICI PRUDENTIAL got a better position and giving the rough competition to other

    insurance company.

    1. Now almost customer likes it due to good service facility.

    2. There are lots of plan available in this company

    3. New plan 80(D) has got a significant position in the market.

    4. Today Icici pru become a most popular company among others insurance

    company

    5. ICICI Prudential Jeetey Raho is excellent

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    BIBILOGRAPHY

    Reference books

    Concepts of marketing

    1. Marketing management -- Philip kotler

    2. Marketing research -- C.R.Kothari

    3. Consumer behavior -- Schiffman

    4. Marketing management -- Ranjan sexena

    6. Others sources

    Internet

    www.icicipru.com www.icici.com www.prudential.co.uk

    83

    http://www.icicipru.com/http://www.icici.com/http://www.prudential.co.uk/http://www.icicipru.com/http://www.icici.com/http://www.prudential.co.uk/
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    ANNEXURE

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    QUESTIONNAIRE

    Dear Sir/Madam,I am a student of IIMT Professional College, Meerut, conducting a marketing survey

    on CONSUMER BEHAVIOUR AND CUSTOMER SATISFACTION of ICICIPrudential LIFE INSURANCE, IN MUNGER CITY. I request you to fill thisquestionnaire & I assure that this data will be used only for study purpose & it will be

    kept confidential.

    Name _________________________________

    Address ________________________________________________________