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PROJECT REPORT

on

STUDY OF ADVISOR RECRUITMENT AND

SATISFACTIONAt

ICICI PREUDENTIAL LIFE

INSURANCE

JAIPUR

Submitted to

Kanoria P.G. Mahila Mahavidhyalaya, Jaipur

(For Partial Fulfillment of BBA Degree)

Supervised By:- Supervised By:-

MISS SHRUTI GUPTA DEEPTI

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PREFACE

A PROJECT STUDY REPORT of a bachelor student plays an important

role to develop her as a well groomed professional. It is a golden opportunity

for her to give the theoretical concepts with a practical shape in the field of

application. It gives an idea of dynamic and versatile professional world

as well as an exposure to the intricacies.

It was a real interesting experience and we enjoyed every part of it and hope

that it would be helpful in our future.

I choose ICICI as a platform to apply my skills. I opted the topic

SIGNIFICANE OF INSURANCE, which will provide me a great

opportunity.

I am sure the experience gained in short duration from ICICI will go a long

way in all my future endeavors.

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ACKNOWLGEMENT

.

First, of all, I am highly indebted to my collage”KANORIA P.G.MAHILA

MAHAVIDALYA” and Dr.Rashmi Chaturvedi, Prinicipal of collage for giving me

this opportunity to pursue my project report with this prestigious organization and

their help & cooperation throughout our project.

I express my sincere thanks to Miss Shruti Gupta, for guiding me right from the

inception till the successful completion of the project .sincerely acknowledge her for

extending his valuable guidance, support for literature critical reviews of project

and the report and above all the moral support she had provided to me all stages of

this project.

Last but not the least I am thankful to Mr.Ashish Shukla for extending their

unflinching moral support and encouragement during the preparation of the project

study.

DEEPTI MANSUKHANI

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TABLE OF CONTENTS

S.NO CONTENTS PAGE

NO.1. COMPANY PROFILE

A. Introduction To industry

B. Introduction To company

2. Methods & Limitations of Recruitment

3. Methodology & Research

4. IRDA5. Suggestion & Conclusion

6. Bibliography

7. Annexure

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Executive summary

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ICICI PRUDENTIOAL LIFE INSURANCE

COMPANY LTD .

The company 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 company to begin operation in December 2000 after receiving approval from

Insurance Regulatory Authority of India (IRDA). ICICI Prudential’s equity base stands atRs.1185 crore with ICICI BANK and Prudential plc holdings 74% and 26% stake

respectively.

For the period April-December 2000,the company garnered Rs.1430 crore of new business

premium for a total sum assured of Rs. 15,170 crore and wrote 497765 policies. For the

past four years, ICICI Prudential has retained its position as the NO.1 Private life insurer in

the country, with a wide range of flexible product that meant the needs of the Indian

customer at every step in life. ICICI Prudential is also the only private life insurer in India

to receive a National Insurer Financial Strength rating of AAA (ind) from Fitch rating. The

AAA rating is the highest credit rating and is a clear assurance of ICICI Prudential’s

ability to meet its obligation to customers at the time of maturity or claims.

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Distribution

ICICI Prudential has one of the largest distribution network amongst private life in India having

commenced operation in over 116 cities and town in India stretching from Bhuj in the west to

Guwahati in the east , and Amritsar in north to Trivandrum in the south , the company has 8

banc assurance tie-ups, having Ernakulam Bank Lord Krishna Bank and some co operative

banks as well as about 290 corporate agent and broker. It has also tied up with NGOs, MFIs and

corporate for the distribution of rural policies and organization like Dhan for distribution of

Salaam Zindagi a Policy for the socially and economically underprivileged sections of society.

ICICI Prudential has recruited and trained more than 65000 insurance advisors to interface with

advice customers. Further, it leverages its state of the art IT infrastructure to provide superior

quality of services to customers.

PRODUCTS

Insurance solution for individual ICICI Prudential Life Insurance offers a range of innovativeICICI Prudential Life Insurance offers a range of innovative customers-centric products that

meet the needs of customers at every life stages. Its products can be enhanced with up to 5

riders, to create a customized solution for each policyholder.

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Saving 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 level of protection

along with adequate returns.

Saves Protect: is a traditional endowment saving plan that offers life protection along

with adequate returns.

Cash bank: is an anticipated endowment policy ideal for meeting milestone expenses

like a child’s marriage , expenses for a child’s higher education of purchase of an asset.

Life time & life timeII offer: customers has flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 Fund option –

Preserver, Protector, Balancer, Maximiser.

Golden Years: is a limited premium paying retirement solution that offers tax benefits up to rs

100000 u/s 80c with flexibility Saving Solutions


protection.







Life time & life timeII offer: customers has flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 Fund option –


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Golden Years: is a limited premium paying retirement solution that offers tax benefits up to rs

100000 u/s 80c with flexibility in both the accumulation and payout stages. in both the accumu

Saving Solutions


protection.







Life time & life timeII offer: customers has flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 Fund option –


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

to rs 100000 u/s 80c with flexibility in both the accumulation and payout stages.

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Group Insurance Solution

ICICI Prudential also offers Group insurance solutions for companies seeking to enhance

benefits to their employees.

ICICI Pru Group Gratuity Plan : ICICI Pru's group gravity plan helps employers fund

their statutory gravity obligation in a scientific manner. The plan can also be customized

to structure schemas that can provide benefits beyond the statutory obligations.

Life Lind II : is a single premium market linked Insurance plan which combines life

insurance cover with the opportunity to stay invested in the stock market.

Premier Life : is a limited premium paying plan that offers customers life insurance

cover till the age of 75.

Invest Shield : life is a marked linked plan that provides capital grantee on the invested

premium and declared bonus interest along with flexible liquidity options.

Invest Shield Gold : is a marked linked plan that provides capital grantee on the

invested premium and declared bonus interest along with limited premium payment

terms.

Protection Solutions

Life Guard : is a protection plan, which offers life cover at very low cost. It is available

in three options? Level term assurance, level term assurance with return of premium and

single premium.

Home Assure : is a mortgage reducing term assurance plan designed specially to the

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

Child Plans

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Smart Kid education Plans : provides guaranteed educational benefits to a child along

with life insurance cover for the parent who purchase the policy. The policy is designed

to provide money at important milestones in the child's

life. Smart kid plans are also available in unit-link form? Both single premium and

regular premium.

Retirement Solutions

Forever Life : is a retirement product targeted at individuals in their thirties.

Secure Plus Pension : is a flexible pension plan that allows one to select between three

levels of cover.

Market-Linked Retirement Products

Life Time Pension I : 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 ingestible premium and declared bonuses

ICICI Pru Grop Superannuation Plan : ICICI Pru offers a flexible deigned

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 Pru's flexible group term solution helps to 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 to paid to the

beneficiary nominated by the member on the his/her death.

Flexible Rider Options

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ICICI PRU Life offer 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 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 be entitled to twice the sum assured as additional

benefit.

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

due to accident.

Critical Illness Benefit : protects the insured against financial loss in the event of 9

specified critical illness prior of death.

Income Benefit : this rider pays a 10% of the sum assured to the nominees every year,

till maturity, in the event of the death of the life assured. It is available on the 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.

Vision and Mission

Their vision is to make ICICI Prudential Life Insurance Company the dominant new

insurer in the life insurance industry. This they hope to achieve through their commitment

to excellence, focus on service, speed and innovation, and leveraging our technological

expertise. The success of the organisation will be founded on its strong focus on values

and clarity of purpose. These include:

Understanding the needs of customers and offering them superior products and service.

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Building long lasting relationships with their partners

Providing an enabling environment to foster growth and learning for their employees

They believe that they can play a significant role in redefining and reshaping the sector.Given the quality of their parentage and the commitment of their team, they feel that

there will be no limits to their growth. Sponsors ICICI Ltd was established in 1955 by the

World Bank, the Government of India and the India Industry, to promote industrial

development of India by providing project and corporate finance to Indian industry. Since

inception, ICICI has grown from a development bank to a financial conglomerate and has

become one of the largest public financial institutions in India. ICICI has financed all

major sectors of the economy, covering 6,848 companies and 16,851 projects. In the

fiscal year 2000-2001, ICICI had disbursed a total of Rs. 319.65 billion.

ICICI has now developed a whole range of activities to become a Universal Bank.

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

-ICICI Infotech, transaction processing, software development Investment Banking-

ICICI Securities, one of the key players in the India Capital Markets Mutual Fund-Prudential ICICI AMC, leading private sector mutual fund player in India Venture

Capital- ICICI Venture, leading private equity investor with focus on IT and Health Care

Retail Services- ICICI PFS, Marketing and Distribution of Retail Asset Products

Distribution-ICICI Capital, Distribution and Servicing of Retail Liability Products ICICI

is listed on the Indian stock Exchanges and on the New York Stock Exchange (NYSE).

On September 22, 1999, it became the first Indian company t be listed on the NYSE

(symbol:IC and IC.D). This has been followed by the listing of ICICI Bank on NYSE

(symbol:IBN) on arch 28, 2000.

Prudential Plc

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Prudential Plc was founded in 1848. Since then it has grown to became one of the largest

providers of a wide range of savings products for the individual including life insurance,

pensions, annuities, unit trusts and personal banking. It has a presence in over 15

countries and caters to the financial needs of over 10 million customers. It manages assets

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

Prudential plc has its presence in Asia for the past 75 years catering to over 1 million

customers across 11 Asian countries.

Prudential is the largest life insurance company in the United Kingdom (Source: S&P's

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

Prudential and it has a presence in Asia for over 75 years. In fact Prudential's first

overseas operation was in India way back in 1923 to establish Life and General Branch

agencies. In the US, Prudential controls approximately 4% of all the listed shares on the

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

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

generation and is one of the first financial service organization to use the internet on a

fully integrated basis. In October 1998, Prudential launched a "branchless" bank based on

the internet. Unusual titled as "egg." The bank has in a short span of its existence become

a leading banking service provider in the UK. Infect in the first six months of its

existence it garnered over 5 billion (US$ 8 billion) in deposits from over 500,000

customers. Development of superior products and service that offer value for money and

security while producing superior financial returns, enables Prudential to maximise the

value of its shareholders investment and to establish lasting relationships with customers

and policy holders. ICICI and Prudential came together in 1993 to provide mutual found

products in India and today are the largest private sector mutual fund company in India.

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

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known for their professionalism , excellent quality of service and long term commitment

to you.

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is joint venture between the ICICI Group and Prudential

plc, of the UK. ICICI started off its operations in 1955 with providing finance for

industrial development, and since then it has diversified into housing finance, consumer

finance, mutual funds to being a Virtual Universal Bank and its latest venture Life

Insurance.

Foreign Partner:

Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance and

mutual fund company in U.K. Prudential plc. has had its presence in Asia for the past 75

years catering to over 1 million customers across 11 Asian countries. Prudential is the

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

Digest, 1998). ICICI and Prudential came together in 1993 to provide mutual fund

products in Indian and today are the largest private sector mutual fund company in India.Their latest venture ICICI Prudential Life plans to take care of the insurance needs at

various stages of life. Account Information means with respect to each of the

Relationship Accounts which includes but shall not be limited to information such as (as

may be applicable to the concerned Relationship Account) details of policies, due dates

of payment of premium, periodicity of payment, maturity date of policy, tax exemptions

if any, name and address of nominees, benefits payable under the policy, general terms

and conditions applicable on the policy, locations of branches of ICICI Prudential where

the Facilities are made available, details of previous transactions etc. ICICI Prudential

shall however have full discretion to provide/not provide any or all of the details

mentioned above. For the purpose of this definition of Affiliate, "control" together with

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grammatical variations when used with respect to any Person, means the power to direct

the management and policies of such Person, directly or indirectly, whether through the

ownership of the vote carrying securities, by contract or otherwise howsoever, and

"Person" means a company, corporation, a partnership, trust or any other entity or

organisation or other body whatsoever. Advisor means a life insurance agent of ICICI

Prudential who has completed the regulatory requirements for being an Advisor as

prescribed by the Insurance Regulatory and Development Authority, holds a current and

valid license issued by IRDA to act as a life insurance agent and is regd. as an advisor

with ICICI Prudential. Advisor Account means the account accessible by an Advisor on

the website by using the Advisor ID and the Advisor Password to view / download such

info / documents as may be put up on the websites by ICICI Prudential including viewing

information pertaining to Policy holders solicited by him, productivity of the Advisor

Commission tables etc. Advisor ID means the user identification provided to an Advisor

by ICICI Prudential to enable access to the Facility.

Advisor Password means the password provided to the Advisor for access to the Facility

as may be put up on the websites by ICICI Prudential including viewing information

pertaining to Policy holders solicited by him, productivity of the Advisor, commission

tables etc. Alerts means e-mail/inbox reminders/ information which may be requested for

by the Registered Users, Customers and Advisor with respect to general information

including the introduction of new life insurance products / policies, etc. and in the case of

the Customers this would also include specific information in relation to Account

Information such as such as reminders for payment of premia, etc and in the case of

Advisors this would also include specific information pertaining to commissions etc.

Bank Account refers to a customer's account with ICICI Bank / or any other bank

acceptable to the Company ("Approved Bank"), which may either be a current account,

savings account, fixed deposit, term deposit or any other account that ICICI Bank /

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Approved Bank may offer from time to time. Call Center means the call center of ICICI

Prudential to assist Customers of ICICI Prudential with respect to various transactions

and to furnish information etc. Credit Card Account means the account of the Customer

with ICICI Bank / Approval Bank, in relation to the use and operation of an ICICI Bank

credit card/Approved Bank credit card, by such Customer. Customer means a

Policyholder accessing the Web Site for obtaining Account Information or conducting

Account Transactions or Fund Transfer Transactions in relation to the respective

Relationship Accounts, including all Facilities that are provided / offered to the Visitors,

Customers and Registered Users from time to time on the Web. Site. Customer ID means

the user identification provided to a Customer by ICICI Prudential to enable access to the

Relationship Accounts. Customer Password means the password or other means of

authentication as ICICI Prudential may specify from time to time provided to / required

to be provided by provided to the Customer for access to the Relationship Account and

using which the Customer may authorize transaction which shall include but shall not be

limited to (as may be applicable to the concerned Relationship Account) downloadable

request for application forms for various life insurance products that are offered by ICICI

Prudential, change in policy details including but not limited to change in address and

change in nominee details, stop transfers, payment of dues through Payment Account

Band Account etc. ICICI Prudential may decide to permit other transactions or to

discontinue existing transactions from time to time, further details of which shall be

provided on the Web Site (the “Account Transactions”).

Customized News means information in the areas of insurance, finance etc or other information

which may be requested by registered Users, Customers and Advisors and is provided by ICICI

Prudential. Facility (ies) shall mean and include access to or use of all, any, or some of the

following. HTML code, Graphics, ASP code, Java, Java script, literature, information software,

products, analytical tools or services provided or available on the Website, whether pursuant to

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subscription or otherwise and shall further include the facility that is provided through the Web

Site by ICICI Prudential both on behalf of itself with reference to some of the facilities and on

behalf of ICICI Bank / Approved Bank and the payment utility sites, in the case of the facilities

which are sourced from them, for. ICICI Bank means ICICI Bank Limited, a company

incorporated under the Companies Act, 1956 and having its Registered Office at Landmark,

Race Course Circle, Vadodara 390 007. The term shall include the successors and / or assigns

of ICICI Bank. ICICI Prudential / We means ICICI Prudential Life Insurance Company

Limited, a company incorporated under the Companies Act, 1956 and licensed under and in

terms of the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act

1999 to carry out the business of life insurance and having its Registered Officer at ICICI Pro-

life Toweres, 1089 Appasaheb Marathe Marg, Prabhadevi Mumbai – 400025. The term shall

include the successors and / or assigns of ICICI Prudential. Infinity means the Internet banking

facility, which is presently being offered by ICICI Bank to its customers who register for such

service. Partner means persons / entities with whom ICICI Prudential may have a tie-up for

online offering of their products and services or relationship accounts. Payment Account means

an account that the Customer shall have with Billjuntction .com or any other payment utility site

that ICICI Prudential may tie up with from time to time. Personal Information means the

information provided by the Customer to ICICI Prudential in the application form availing of

the Facility or otherwise from time to time.

Policy means the various life insurance policies that ICICI Prudential has introduced or will

introduce from time to time. Policy Holder means a person who purchases the Policy from

ICICI Prudential. Registered User means a user of the Web Site who may access the facilities of

“Alerts” and “Customized News” (and including all facilities that are provided to the Visitors)

and other facilities offered from time to time on the Web Site with a Registered User ID and a

Registered User for Password Registered User ID means the user name that is chosen by the

Registered User for access to the Web Site. Registered User Password means the password that

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is chosen by the Registered User for access to the Web Site or such means of authentications as

may be required by ICICI Prudential from a Registerd User. Terms or Terms and conditions

means these terms and conditions for use of the Facility and website. Transaction Password

means the password that is provided by ICICI Prudential or other means of authentication as

ICICI Prudential may specify from time to time to the Customer upon provision of which, the

Customer would be able to authorize direct debit from his Banjk Account to the credit of the

ICICI Prudential., ICICI Prudential may decide to permit other transactions from time to time

further details of which shall be provided on the Web Site (the “Fund Transfer Transactions”).

Visitor means any person not being a Regd. User Customer and / or Advisor having general

access (without ID) to the Web Site for general information about ICICI Prudential and its

products including downloadable request for application forms for the same and other facilities

offered from time to time on the Web Site. Web Site menas the website access through domain

mane “ww.iciciprulife.com”, through which the Facility is offered to the Visitors, Registered

Users, Customers and the Advisors. You / Your means the Visitor, Registered User, Customer

or the Advisor, as the case may be. In this document, all references to the Visitor, Customer,

Registered User and Advisrors being referred to in masculine gender shall be deemed to include

the feminine gender and Singular include plural and vice and the world “includes” should to be

construed “ without limitation”.

Applicability of Terms

These terms and Conditions, in so far as they refer to the Visitor, Registered User,

Customer and the Advisor form the contract and agreement between the Visitor / Registered

User / Customer / Advisor and ICICI Prudential unconditionally.

Right to Alter The Services

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The facility shall be offered in a phased manner at the discretion of ICICI Prudential.

ICICI Prudential reserves the right to add, amend, revise, suspend or cancel in whole or in part

any of the services which are part ofr the Facility, without any prior notice to the Visitor ,

Customers, Registered Users or Advisors. Any addition, amendment, revision, suspension or

cancellation shall be effective and binding on the Visitor, Registered User, Customer and the

Advisor. ICICI Prudential may introduce new services on the Web Site from time to time. The

existence and availability of the new services as part of the Facility will be notified on the Web

Site as and when they become available and any revisions in the Terms and Conditions will take

place in accordance with these Terms and Conditions B. Terms of usage of the site with

reference to the VISITORS.

Acceptance of the Terms

By accessing the Web Site and the Facility, the Visitor unconditionally & absolutely

acknowledges and accepts these terms and Conditions.

Information and Advice

The availability of the information, advice and the guidance as part of the Consulting

Services does not constitute a recommendation by ICICI Prudential or any of their personnel or

the experts used by ICICI Prudential for the Web Site, to buy any policies etc. Discussed therein

by ICICI Prudential or any of their personnel or the experts invited by them. Anby investment

of other decisions will be based solely on the Visitor’s own evaluation of the policies / products

of ICICI Prudential, his financial circumstances and need for the same.

While adequate care would be taken to ensure completeness, accuracy etc of the

information / services provided, neither ICICI Prudential nor any of their personnel or any

expert invited vby ICICI Prudential for the Web Site shall in any circumstance be liable for bay

loss or damage (including any incidental or consequential loss or damage) caused by Visitor’s

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reliance on information obtained through the Web Site. It is the sole responsibility of the Visitor

to evaluate the completeness, accuracy or usefulness of any opinion, guidance or other content

made available on the Web Site and the Visitor should consult his/its own legal counsel,

business Advisor and / or tax Advisor as to the legal, business, tax and related matter

concerning any policies with respect to which guidance is sought or given.

Acceptance of Terms

By applying to the usage of and access the Web Site through choosing a Registered User

ID and a Registered User Password, the Registered User acknowledges and accepts these

Terms.

Access

The Registered User would have the right to access all the information on the Web Site,

including the Consulting Services, Alerts, Customized News except for Account Information

However, in case of delay or error in inability to access or site not being available for any

reason whatsoever neither ICICI Prudential nor any of their personnel representatives would be

responsible for such delay, error, inability to access caused by any reason whatsoever including

by reason of failure of systems, virus / denial of service attacks, natural calamity, flood, fire,

natural disasters, legal restraints, telecommunications failure, software / hardware failure or

error, any Act of God or for any reason beyond the control of ICICI Prudential. Under no

circumstances shall ICICI Prudential or any of their personnel be liable for any damages

whatsoever whether such damages are direct, indirect, incidental consequential and irrespective

of whether any claim is based on loss of revenue, investment, production, goodwill, profit,

interruption of business or any other loss of any character or nature whatsoever and whether

sustained by the Registered User or any other person.

Information and Advice

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The provisions, which are applicable to the of the Information and Advices Services by

the Visitor (i.e. clause 5 of these Terms), shall apply mutatis mutandis to the Consulting

Services that may be accessed by the Registered User.

Alerts

ICICI Prudential shall Endeavour to ensure that the Alerts are e-mailed / sent to the inbox

of the Registered User in terms of the registration by the Registered User in this regard.

However, neither ICICI Prudential nor any of their personnel would be responsible for non –

dispatch or delay in dispatch by ICICI Prudential or nay delay in the receipt of the Alerts by

ther Registered User for any reason whatsoever including by reason of failure of systems, virus

attacks, denial of service attacks, natural calamity, floods, fire and othe natural disasters, legal

restraints, faults or failure of the telecommunication network or systems network, software or

hardware failure or error or any other reason beyond the control of ICICI Prudential. Under no

circumstances shall ICICI Prudential or any of their personnel be liable for any damages

whatsoever whether such damages are direct, indirect, incidental consequential and irrespective

of whether any claim is based on loss of revenue, investment, production, goodwill, profit,

interruption of business or any other loss of any character or nature whatsoever and whether

sustained by the Registered user or nay other person for such non-dispatch or delay in dispatch

or any delay in the receipt of the Alerts. Non-receipt of Alerts does not remove / reduce the

Customer’s liability to pay any dues to ICICI Prudential which have arisen and would have

been paid by him in the normal course.

What is Life Insurance ?

Life insurance is a guarantee that your family will receive financial support, even in your

absence. Put simply, life insurance provides your family with a sum of money should something

happen to you. It thus permanently protects your family from financial crises. In addition to

serving as a protective cover, life insurance acts as a flexible money-saving scheme, which

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empowers you to accumulate wealth- to buy a new car, get your children married and even

retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To know more,

read the Key Benefits of Life Insurance Key Benefits of Life Insurance Life insurance

especially tailored to meet financial needs.

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 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. While most financial instruments have the underlying benefit of asset

appreciation, life insurance is unique in that it gives the customer the reassurance of asset

protection, along with a strong element of asset appreciation. The core benefit of life insurance

is that the financial interests of one’s family remain protected from circumstances such as loss

of income due to critcal illness or death of the policyholder. Simultaneously, insurance

products also have strong inbuilt wealth creation proposition.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly married

couple, it could be buying a house. Once, they decide to start a family, the goal changes to

planning for the education or marriage of their children. As one grows older, planning for one’s

retirement will begin take precedence. Clearly, as your life stage and therefore your financial

goals change, the instrument in which you invest should offer corresponding benefits pertinent

to the new life stage. Life insurance is the only investment option that offers specific products

tailor-made for different life stages. It thus ensures that the benefits offered to the customer

23



reflect the needs of the customer at that particular life stage, and hence ensures that the financial

goals of that life stage are met.

Human Life Value

Beyond all about your life is invaluable. Yet, there is a certain worth that can be

attributed to the financial support you offer your parents, spouse or children. This worth is

referred to as Human Life Value (HLV). In the future, if you family does not have the

protective blanket of your presence, they will no longer be able to enjoy the benefits of the

income you earned. Put simply, Human Life Value is the present value of your future earnings.

As a thumb rule, if you are 30 years of age, you should insure yourself for an amount

approximately 8 times your annual income. At 35, your investment should be close to 6 times

your income. Of course, the exact amount of your investment should be determined by the

number of people who depend on you, your existing investment and your life stage. For

example, if you are 30 years of age and have two children and parents to provide for, the

amount you invest should be reflective of your requirements.

Life Stage Profiler

All through your life, several significant events the birth of your child, moving to a larger

home, his or her education and wedding, buying a new car, retiring from work will occur at

various stages and demand your financial commitment. If you plan in advance for these events

you will quite naturally be prepared when they occur. Life insurance is an effective tool that

assists you to plan for your future such that you are financially equipped to meet all your goals.

Which important goals should you plan for in advance?

Your Family’s Protection :- so the your loved ones are secure should an

unfortunate event happen to you. Life insurance can guarantee that your family

24



receives a lump sum that safely tides them over any financial crises that might

occur in your absence.

Child’s Education :- As parent, your primary responsibility is to guarantee your

children’s future. Our Education Insurance plans ensure your child receives money

at key stages of his or her education even in your absence.

Savings :- Savings plans allow you to steadily save toward a pre-decided goal in a

secure manner. These plans provide you with a host of benefits. You can choose

the premium, the underlying fudn in which you want to invest your money, the

ratio between protection and investment as per your requirements.

Retirement:- Retirement plans help you secure guaranteed income for your retired

life. During the Accumulation phase, yu systematically save while you are

working. When you retire, the Payout stage of the plan begins. You then purchase

an annuity, which will serve as a steady stream of income, for the rest of your life.

Health :- An integral part for financial planning is protectin oneself against any

medical emergencies as well. Hence, a very prudent decision would be to choose a

combination of plans that look after your finances and offer you a protective health

cover to ensure your financial planning is in track despite any major illnesses.

ICICI Prudential offers 3 comprehensive benefit based products that cover major critical

illnesses.

Types of Insurance Plans – Traditional or Unit Linked

Insurance Plan – At a glance

Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A

brief detail of both segments ULIPs have gained high acceptance due to attractive features they

offer. These include:

25



Flexibility

Flexibility to choose sum Assured.

Flexibility to choose premium amount.

Option to change level of Premium/sum Assured even after the plan has started.

Flexibility asset allocation by switching between funds.

Transparency

Charges in the plan & net amount invested are known to the customer .

Convenience of tracking one’s investment performance on a daily basis.

Liquidity

Option to withdrow money after few years (comfort required in case of exigency)

Low minimum tenure.

Partial / Systematic withdrawal allowed.

Fund Options

A choice of funds (ranging from equity, debt, cash or a combination )

Option to choose your fund mix based on desired asset allocation.

Traditional Plans

These are the oldest types of plans available. These plans caters to customers with

a low risk appetite. Some of the common features of traditional plans are:

Steady Investment

Major chunk of inventible funds are in debt instruments.

26



Steady and almost assured returns over the long term.

Features

Death benefit is Sum Assured + guaranteed & vested bonus.

Helps in asset creation as they are for a long tenure.

Premium to Sum Assured ratios are fixed for each plan and age.

ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The

authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500

Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%). The

Company was granted Certificate of Registration for carrying out Life Insurance business, by

the Insurance Regulatory and Development Authority on November 24, 2000. It commenced

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

players to enter the liberalized arena. The Company is now operational in Mumbai, New Delhi,

Pune, Chennai, Kolkata, Bangalore, Chandigarh, Ahmedabad, Hyderabad, Lucknow, Nasik

Jaipur, Cochin, Meerut, Mangaloreand Ludhiana . Till march 31, 2002 the Company has issued

100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum

assured of over Rs. 15,000 Million.

The Company recognizes that the driving force for gaining sustainable competitive advantage in

this business is superior customer experience and investment behind the brand. The Company

aims to achieve this by striving to provide world class service levels through constant

innovation in products, distribution channels and technology based delivery. The Company has

already taken significant steps to achieve this goal..

About The Promoter

ICICI Bank (NSYE:IBN) is India’s second largest bank and largest private sector bank

with assets of Rs. 1892.18 billion as on September 30, 2005. ICICI Bank provides a broad

27



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 a

growing through customer base of more than 14 million customer through a multi-channel

access network which includes over 590 branches and extension counters, 2,030 ATM’s call

enters and Internet Banking (www.icicibank.com<http://www.icicibank.com>).

Established in London in 1884, Prudential plc, through its business in the and Europe, the

US and Asia, provides retail financial services products and services to more than 16 million

customers, policyholder and unit holders worldwide. As of June 30, 2004, financial services

product that now include life assurance, mutual funds, banking, investment management and

general insurance. In Asia, Prudential is the leading European life insurance company with a

vast network of 24 life and mutual fund operations in 12 countries China, Hong Kong, India

Indonesia, Japan, Korea, Malaysia ,Singapore, Taiwan, Thailand and Vietnam. the company to

market an integrated range of

28



S.W.OT.ANALYSIS OF ICICI

PRUDENTIAL

STRENGTHS

Strong Tie Up

Brand Equity

Strong Network

Huge Customer

Database

Strong Financial

WEAKNESS

Low Customer

Awareness

Less Promotion

29



OPPURTUNITIES

Large uninsured

Population

Network Building

Targeting the Rural

Segment

THREATS

Large Uninsured

Population

Network Building

Targeting the Rural

Segment

INTRODUCTION TO ON THE JOB TRINING

Summer Training Program

Is an opportunity to satiate your curiosity. There you are expected to actively participate

and take ownership for the internship, and to experience the professional environment,

thus making the internship meaningful to the company one works with and to oneself in

one’s career prospects.

One the job training

Is an important part of any professional course. The 45 days practical on the job training

which is incorporated in the BBA course helps the students to see for it is my privilege

that I had undergone “On the job training” in ICICI PRUDENTIAL COMPANY

LTD. at Jaipur. I sincerely hope that the valuable experience I gained in ICICI

Prudential Company Ltd. would be great help to me. I hereby got opportunities to making

myself familiar with the various aspects of the management.

30



In OJT my work is do recruitment, as my company has assigned me to recruit minimum

20 insurance advisors in our span of two months. TO active target, I prospect 20-30

peoples in a week and also follow up the customer of last week and try to get as more

references from them. As I am working with ICICI Prudential it becomes my duty to

recruit best fits for the vacant positions and to make population aware about the

company.

In two of Summer training Program I understand company’s products, learn how to

work under organizational pressure, also increase my marketing skills and how to

manage time.

METHODLOGY

Marketing Research is a systematic and objective study of problem pertaining to the

goods and services. Marketing Research specifies the information required to address

these issues; designs the method of collecting information; manages and implements thedata collection process; analyses the result and communicated the findings and their

implications.

For the survey a simple size of 100 was taken. The questionnaire was designed in such a

manner that it is self explanatory, and the data thus collected has been very

comprehensive one. Then a task of tabulating the whole data, editing the whole data ad

finally analyzing the data was done to come out with certain conclusion. Thequestionnaire consisted of 7 questions regarding Insurance Advisors satisfaction on

documentation process in Insurance Company.

31



This study is a survey covering the Insurance Companies in Jaipur itself, about the

Insurance Advisors satisfaction regarding documentation process of recruitment and the

recruitment criteria of those companies.

Research Type

For this particular research project explanatory as well as descriptive research design is

used. Explanatory research design is used as this project deals with real problem faced in

recruitment profess in human Resource.

Research Design

Universe / Population contain Insurance advisors of ICICI Prudential, HDFC Standard Life

Insurance, Bajaj Allianz, ING Vyasa and LIC

both who are working in the organization and who had left the job.

Sampling Plan

The study confines to the Insurance Advisors view and recruitment criteria of different

Insurance Companies. As all the data has to be generated the basic research method is

primary. In primary research, survey method is used to provide on orderly and structured

approach to data gathering.

Time Frame

The over all project was covered in the period of two months out of which the time spent

tabulation, analysis and presentation.

Analysis and Interpretation

The analysis interpretation of the collective data would be done in the following manner:-

32



Edit the collected data.

Code the collected data.

Tabulate the collected data.

Analyze the data using the statistical tools.

Interpret the data drawing inferences.

Draw summary and Conclusion.

33



INSURANCE REGULATORY AND

DEVELOPMENT AUTHORITY (IRDA)

Insurance regulatory and development authority was constituted in 1999 by an act of

Parliament to protect the interest of the policy holders and to regulate, promote and

ensure orderly growth of insurance industry. IRDA consist of a 10 member's team that

comprises a chairman, 5 whole time members and 4 part time members.

IRDA allows registration of new players in insurance field. It also has the authority to

renew, modify, withdraw, suspend or cancel such registration. IRDA ensures protection

of the interest of the policy holder in matter concerning assigning of policy, nomination

by policy holders, insurable interest, settlement of insurance claim, surrenders values of

policy and other term and condition of contract of insurance.

It specify requisite qualification, code of conduct and practical training for intermediary

or insurance intermediaries and agent.

After creation of IRDA, insurance sector has been tremendous growth. Before IRDA

came into force there were only player insurance field namely Life Insurance Corporation

of India (LIC) and General Insurance Corporation of India (GIC). Since then 23 new

players entered in the insurance sectors.

34



DUTIES, POWERS AND FUNCTIONS OF IRDA

Sec of 14 IRDA Act, 1999 lays down the duties, powers and function of IRDA.

Subject to the provision of this act and any other law for the time being in force,

the authority shall have the duties regulate, promote and ensure orderly growth of the

insurance business and re-insurance business.

without prejudice to the generality of the provision contain in sub-section 1, the

powers and function of the authority shall include.

Issue to the applicant a certificate of registration, renew modify, withdraw, suspend

or cancel such registration.

Protection of the interest of the policy holders in matters concerning assigning of

the policy, nomination by policy holder. Insurable interest, settlement of insurance

claim surrender value of policy and other terms and condition of contact of

insurances.

Specifying request qualification, code of conduct and practical training

intermediary or insurance intermediaries and agents.

Specifying the code of conduct for servers and loss assessors.

Promoting efficiency in the conduct of insurance business.

Promoting and regulating professional organization connected with the insurance

re-insurance business.

Levying fees and other charging for carrying out the purposes of this act.

Regulating investment of funds by insurance companies.

35



Regulating maintenance of margin of solvency. Supervising the functioning of the

tariff advisory committee.

36



RECRUITMENT PROCESS OF ICICI

PRUDENTIAL

Finding prospects

Convincing the person

Filling the recruitment form

Taking registration fee

18 days IRDA classes Training session

IRDA exam

37



These are the documents required by the different insurance companies in

Jaipur

Company

Name

ICICI

Prudential

Bajaj

Alianz

ING

Vysya

HDFC

Standard

LIC of

India `

D.O.B.

Proof

Required Required Required Required Required

Residential

Proof

Not

Required

Not

Required

Required Required Required

Photographs Seven Five Five Eight Five

Fees 1600 500 1500 600 250

Higher

Education

Proof

+2 +2 +2 +2 +2

38



SAMPLE SIZE

There are the insurance companies in Jaipur and I had taken sample size of 100 insurance

advisors, from which I had taken 20 advisors from every company.

ICICI Prudential

Bajaj AllianzHDFC Standard

ING Vysya

LIC

39



The data has been collected from the following Insurance companies:-

ICICI Prudential.

Bajaj Allianz.

ING Vysya.

HDFC Standard Life Insurance.

Life Insurance Corporation of India.

Ques 1. Are you satisfied with the documentation process of Recruitment followed by your

company if no why?

Ans:- According to the survey of different company agents I have collected following data.

0

5

10

15

20

Sati

Not

Satisfied 13 15 14 12 11

ICICI LIC Bajaj HDFC ING

40



From the above data more number of advisors is satisfied with the documentations process

followed by the company. From the total sample size more number of LIC agent are satisfied

due to less formalities and less charges.

Ques 2. An insurance advisor has to attend IRDA training classes, which is of 100 hrs. Or 50

hrs. Or 18 hrs?

Ans:- According to the survey of different companies agent I have collected following data:-

0

5

10

15

20

Sho

Sho

2 4 4 5 7


41



From the above data more number of advisors say’s that insurance advisors have to

attend IRDA training. The largest number of advisors saying no is in ING Vysya

because of more extra fee.

Ques 3. Advisors has to pass pre-recruitment exam conducted by IRDA. Are you satisfied with

it?

YES [ ] NO [ ]

Ans:- According to survey of different company agents I have collected following data.

0

5

10

15

20

16 14 18 18 17


42



From the above data the advisors from Bajaj Allianz and HDFC Standard have largely

saying no

Ques 4. From how much time you are working in the organization?

[a] 0-1 Year [b] 1-2 Year

[c] 2-3 Year [d] more than 3 Year


0

2

4

6

8

10

12

14

16


0-1 Year

1-2 Years

2-3 Years

>3 Years


0-1 Year 8 5 9 10 15

43



1-2 Years 9 8 7 8 5

2-3 Years 2 5 4 2 0

>3 Years 1 2 0 0 0

According to the above data the insurance agents of company like ICICI and LIC work for

longer time and for the other work.

Ques 5. Company charges fees for license, examination also for product training it should be

charged?

[a] At the time of recruitment

[b] After completing IRDA training.

[c] After passing exam

[d] After getting first policy


44



0

2

4

6

8

10

12

14


[a][b]

[c]

[d]


[a] 2 2 0 0 1

[b] 2 2 3 2 1

[c] 6 6 7 4 5

[d] 10 10 10 14 13

Ques 6. Insurance Advisors has to work on commission basis. Are you satisfied or not?

Yes [] No[]


45



0

2

4

6

8

10

12

14

YES

NO

YES 11 12 10 14 13

NO 9 8 10 6 7


FUTURE POSSIBLITIES

Job opportunities are likely to increase manifold. The number of people working in the

insurance sector in India is the roughly the same as in the UK with a population that is 1/7

India’s; the US with a population 1/4th the size of India has nearly 4 times the number. The

liberalization r the insurance sector promises new jobs opportunities for those employed in the

46



finance sector that are equipped with degrees in finance. There will be demand for marketing

specialist, finance expert, human resource professionals, engineers from diverse streams

like the petrochemical and power sectors, systems professionals, statisticians and even medical

professionals. There could be a huge inflow of funds into the country. Given the industry’s huge

requirement of start-up capital, the initial year after opening up are bond to see a strong inflow

of foreign capital. Substantial shift in the distribution of insurance in India is likely to take

place. Initially, insurance is seemed as a complex product with a high advice and service

component. Buyers prefer a face-to-face interaction and place high premium on brand name and

reliability.

Finally, some potential Indian entrant into insurance hope to ride their existing distribution

networks and customer bases.

For example, financial organizations like, ICICI, HDFC, or Kotak Mahindra intend to tap the

thousands of customers who already buy their deposits, consumer loans or housing finance

Other hopeful entrants anticipate specific alliances such as with hospitals to provide health

cover.

47



LIMITATIONS OF THE STUDY

The primary data used for present study is very time consuming.

The primary data obtained consists of personal biases of the respondents and even the

non-response factor was observed.

To obtain the secondary data which is sufficiently accurate and which exactly

Fits the needs of study is difficult to find.

The data collected by using a questionnaire, involves uncertainty about the response given

by the respondent and hence the accuracy of the answers given is difficult to presume.

48



RECOMENDATIONS

After a through and careful analysis of all the result obtained in present study, I would like to

put forward the following suggestions, which would in turn if successfully implemented,

could give much needed boost to the insurance companies.

Various suggestions given by the advisors are helpful improving the satisfaction level. Some

of the suggestions given by the advisors are:

Insurance company has to charge their registration fees and training fees after getting the

policy from the insurance advisors.

IRDA has to maintain equal commission rate to every company in this insurance

sector to advisors.

There is a need of regular meetings between the unit manager and insurance advisors.

There should be regular training classes for the advisors, if there is any amendment in

the company’s products.

49



CONCLUSION

Personal Information

Every insurance company gives due consideration on the personal information about the

candidate before hiring them.

Qualification

Almost every insurance company looks at academic background of the candidate beforeobserving.

References

All the insurance companies are very keen to know about the number of references

candidate have in the company.

Date of Birth Proof

Every company demand D.O.B. proof from every candidate.

Formalities

LIC and Bajaj Allianz are only companies which have less formality in the recruitment

from such as less fees and photographs etc.

Satisfaction

50



Insurance advisors of LIC and ICICI Prudential are satisfied with the brand name of the

company because of that there targets become easy to achieve where as insurance advisors of

other companies are satisfied with there high commission rates.

51



BIBLIOGRAPHY

www.licidia.com

www.bimanonline.com

www.irdaindia.com

www.insurancefinder.com

www.bazazallianz.com

www.iciciprudentiallife.com

www.hdfcslic.com

www.google.com

www.iciciprulife.com

www.ingvysya.com

52



QUESTIONNAIRE

Insurance Advisor Satisfaction on Documentation Process of Recruitment In Insurance

Company.

Personal Information ......................................

Name ......................................

Name of the Company ......................................

Contact No. Land Line/ Mobile ......................................

1. Are you satisfied with the documentation process of recruitment followed by your

company? If no, why?

Yes [ ]

No [ ]

2. Working in the Organization from last?

0-1 Year [ ]

1-2 Year [ ]

2-3 Year [ ]

More than 3 Year

53



3. An insurance advisor has to attend IRDA training classes, which is of 100hrs or

50hrs or 18hrs?

Yes [ ]

No [ ]

4. For becoming insurance advisor you have to pass-recruitment exam are you

satisfied with it?

Yes [ ]

No [ ]

5. Company charge fees for license, exam and for product training should be

charged?

a). At the time or recruitment

b). After completing IRDA training

c). After passing exam

d). After getting first policy

54



6. Insurance advisor have to work on commission basis are you satisfied with it?

Yes [ ]

No [ ]

7. Any suggestion from your side?

Documents

Deeptis Project With Bar Graphs