awarenefss of icici life insurance

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I wish to express my deep sense of gratitude to Mr.Ravi SankarTrivadi. (Unit Manager) ICICI Prudential, New Delhi, for hisvaluable guidance, adviser and suggestion, during the course ofthis study.

Positive thinking, hopeful attitude and optimistic outlook areindispensable qualities that are developed by an instructor in hisstudent. He enables them to face the problem in different waysfor success.

I feel great pleasure to express my cordial thanks to Mr. NitinBawari. (Assistance sale Manager) for his expert guidance and

encouragement for my project work.And finally but immensely I express all my gratitude to myparents and faculties who inspired me all the time with their loveand support, also my friends who always help me in the course ofstudy.

(Amit Chandra prabhakar)

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I hereby declare that the project report prepared and submitted by

me is the original work, the report is based on the data collected

by me during the training tenure.

Duringmy training I worked under

the able guidance of Mr.Ravi Sankar Trivadi. (Unit Manager)

ICICI PRUDENTIAL LIFE INSURANCE COMPANY, NEW

DELHI.

(AMIT CHANDRA PRABHAKAR)

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Marketing is so basic that it cant be considered a separate

function. It is the whole business seen from the point of view

of its final results , that is from the customers point of

view.Business is not determined by the producer but by the

customer

Peter Ducker

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EXECUTIVE SUMMARY

Today is the age of science & technology. it is the age where paper tiger

is about to move out from the stationary abode & is ready to an

extraordinary phase in one of the historys most defining moments that is

moving towards 21st century.

So Indian consumer market has taken a new dimension. Number of

MNCs and Tran globes with new technology and ideas coming to market

resulting the Indian consumer market thronged with uncountable

consumer products.

The study under the name of ICICI PRUDENTIAL - making benchmark

in private insurance sector aims towards exposure to the industry.

Purpose of the study is to observe the real market scenario under the

guidance of executive of the organization for mutual benefit of the trainee

as well as the organization.

I observed life insurance market of the country and Delhi in particular

during the tenure, I studied the various dimension, methodologies &

philosophy adapted by the company in the highly competitive insurance

segments.

I hope my findings, if found suitable will be implemented for the region.

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TITLE OF STUDY :- Awareness of Life Insurance

PLACE OF STUDY :- New Delhi

TIME OF FIELD WORK :- 9:30 A.M. TO 3:00 P.M.

4:00 P.M. TO 6:00 P.M.

(Filing Of Records)

SAMPLE UNIT :- 300

SAMPLE SIZE :- 300 (DELHI)

SAMPLE PROCEDURE :- Random Sampling

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OVERVIEW OF THE MARKET

India with about 200 million middle class household, present as a huge

untapped potential for player in the insurance industry, saturation of

markets in many developed economies has made the Indian market even

more attractive for global insurance majors. D Data reflects the low

percentage and per capita penetration of insurance in India compared to

other developed and developing country too.

With the per capita income in India expected to grow at over 6% for the

next 10 years and with improvement in awareness levels, the demand for

insurance is expected to grow at an attractive rate in India. An

independent consulting company, The Monitor Group has estimated that

the life insurance and market will grow from Rs.218 billion in 1998 to Rs.

1003 billion by 2008(a compound annual growth of 16.5% )

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10

Insurance in India

The insurance sector in India has come a full circle from being an open

competitive market to nationalization and back to a labialized market

again, tracing the developments in the Indian insurance sector reveals the

360 degree turn witnessed over a period of almost two country.

A Brief History of The Insurance Sector

The business of life insurance in India in its existing from started in India

in the year 1818 with the establishment of the ORIENTAL LIFE

INSURANCE COMPANY in KOLKATA.

Some of the important miles stones in the life insurance business in India

are:-

1912: The Indian life assurance companies act enacted as the first statute

the regular the life insurance business.

1928: The Indian insurance companies act enacted to enable thegovernment to collect statistical information about both life & non-

life insurance businesses.

1938: Earlier legislation consolidated and amended to by the insurance

act with objective of protecting the interest of the insuring public.


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11

1956:245 Indian and foreign insurers and provident societies taken over

by the central government and nationalized. LIC formed by an Act

of parliament, viz. LIC Act, 1956, with a capital contribution of

Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can

trace its roots to the triton insurance company ltd., the first general

insurance company established in the year 1850 in Calcutta by the

British. Some to the important milestones in the general insurance

business in India are:

1907: The Indian mercantile insurance Ltd. set up, the first company to

transact all classes of general insurance business.

1957: General insurance council, a wing of the insurance Association of

India, frames a code of conduct for ensuring fair conduct and

sound business practices.

1968: The insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory committee set

up.

1972: The General insurance (Nationalization) Act, 1972 Nationalized the

General insurance business in India with effect from 1st

January

1973.

107 insurers amalgamated and grouped into four companies viz.

the National Insurance Company Ltd., the New India Assurance

company Ltd.,


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12

The Oriental Insurance Company Ltd. and the United India

Insurance Company Ltd. GIC incorporated as a company.

Insurance Sector Reforms:-

In 1993 Malhotra committee, headed by former finance secretary and RBI

Governor R.N.Malhotra, was formed to evaluate the Indian insuranceindustry and recommend its future direction.

The Malhotra committee was set up with the objective of complementing

the reforms initiated in the financial sector.

The reforms were aimed at creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping in

mind the structural changes currently underway and recognizing that

insurance is an important part of the overall financial system where it was

necessary to address the need for similar reforms

In 1994, the committee submitted the report and some of the key

recommendations included:

i) Structure

Government stake in the insurance companies to be brought

down to 50%.

Government should take over the holding of GIC and its

subsidiaries so that these subsidiaries can act as independent

corporations.


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13

All the insurance companies should be given greater freedom to

operate.

ii) Competition

Private companies with a minimum paid up capital of Rs. 1bn

should be allowed to enter the industry.

No company should deal in both life and general insurance

though a single entity.

Foreign companies may be allowed to enter the industry in

collaboration with the domestic companies.

Postal Life Insurance should be allowed to operate in the rural

market.

Only one State Level Life Insurance Company should be allowedto operate in each state.

iii) Regulatory Body

The Insurance Act should be changed.

An Insurance Regulatory body should be set up.

Controller of Insurance (Currently a part from the FinanceMinistry) should be made independent.

iv) Investments

Mandatory Investments of LIC Life Fund in government

securities to be reduced from 75% to 50%.


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14

GIC and its subsidiaries are not to hold more than 5% in any

company (There current holdings to be brought down to this level

over a period of time)

V) Customer Service

LIC should pay interest on delays in payments beyond 30 days.

Insurance companies must be encouraged to set up unit linked

pension plans.

Computerization of operations and updating of technology to be

carried out in the insurance industry The committee emphasized

that in order to improve the customer services and increase the

coverage of the insurance industry should be opened up to

competition. But at the same time, the committee felt the need to

exercise caution as any failure on the part of new players could

run the public confidence in the industry. Hence, it was decided

to allow competition in a limited way by stipulating the minimum

capital requirement of Rs. 100 corers. The committee felt the

need to provide greater autonomy to insurance companies in

order to improve their performance and enable them to act as


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independent companies with economic motives. For this purpose,

it had proposed setting up independent regulatory body.

15

The Insurance Regulatory and Development Authority

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

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

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

its schedule of framing regulations and registering the private sector

insurance companies.

The other decisions taken simultaneously to provide the supporting

systems to the insurance sector and in insurance sector and in particular

the life insurance companies were the launch of the IRDAs online service

for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce ofinsurance agents in place to sell their products, which are expected to be

introduced by early next year.

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

framework of globally compatible regulations. In the private sector 12 life

insurance and 6 general insurance companies have been registered.


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16

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 service group headquartered in the UnitedKingdom. ICICI Prudential was amongst the first private sector insurance

companies to being operation in December 2000 after receiving approval

from Insurance Regulatory Development Authority (IRDA).

ICICI Prudentials equity base stands at Rs.675 core with ICICI Bank and

prudential plc holding 74% and 26% stake respectively. In the year ended

march 31,2004 the company had issued over 4,30,000 policies, for a total

sum assured the company is the #1 private life insurer in the country .

ICICI BANK

(NYSE:IBM) is Indias second largest bank with an assets base of Rs.

106812 crore. ICICI bank provides a broad spectrum of financial serviceto individuals and companies. This includes mortgages, car and personal

loans, credit and debit cards, corporate and agricultural finance.

The bank services a growing customer base of more than 7 million

customer accounts and 5 million bondholders accounts through a multi-


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channel access network. This includes about 450 branches and extension

counters, 1675 ATMs, call centers and internet banking.

17

ICICI bank posted a net profit of Rs.1206 crore for the year ended March

31, 2003. ICICI Bank is the only Indian company to be rated above the

country rating by the international rating agency Moodys and the only

Indian company to be awarded an investment grade international rating.The banks enjoy the highest AAA (or equivalent) rating from all leading

Indian rating agencies.

PRUDENTIAL plc

Established in 1848, prudential plc is a leading international financing

services company in the UK, with around US $250 billion fund under

management, and more than 16 million customers worldwide. Prudential

has brought to market an integrated range of financial service products

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

investment management and general insurance. In Asia, prudential isUKs largest life insurance company with a vast network of 22 life and

mutual fund operation in 12 countries- China, Hongkong, India,

Indonesia, Japan, korea, Malaysia, Philippines, Singapore, Tiwan,

Thiland and Vetnam.


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18

OUR VISION:

To make ICICI Prudential the dominant life and pension player built on

trust by world class people and service.

This we hope to achieve by:-

Understanding the needs of customers and offering them superior

products and service. Leveraging technology to service customers quickly, efficiently

and conveniently.

Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our

policyholder.

Providing an enabling environment to faster growth and learning

for ouremployees.

And above all, building transparency in all our dealings.


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The success of the company will be founded in its unflinching

commitment to 5 crore values --- Integrity, Customer first, Boundary

less, Ownership, and Passion. Each of the values describes what the

company stands for, the qualities of our people and the way we work.

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We do believe that we are on the threshold of an exciting newopportunity, where we can play a significant role in redefining and

reshaping the sector. Given the quality of our parentage and the

commitment of our team, there are no limits to our growth.


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20

ICICI PRUDENTIAL LIFE INSURANCE COMPANY

L.I.C

HDFC LIFE INSURANCE

BIRLA SUNLIFE

MAX NEW YORK LIFE

DABAR AVIVA

TATA AIG

ING VYSYA

ALLIANZ BAJAJ

AMP SANMAR ASSURANCE COMPANY


19/94

ACE INSURANCE

SBI LIFE

OM KOTAK

21

Nothing in this world is as powerful as an idea whose time has

come


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Victor Hugo

22

CHIEF EXECUTIVE OFFICER

INDIA HEAD

ZONAL / INDIA HEAD

ZONAL MANAGER

BRANCH SALES MANAGER

TERRITORY MANAGER

SALES MANAGER

ASSISTANT SALES MANAGER

UNIT MANAGER


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ADVISOR FRONT LINE

23

Board Of Directors:

The ICICI prudential life insurance company limited Board comprises

reputed people from the finance industry both from India and abroad.

Mr. K.V.Kamath, Chairman.

Mr. Mark NERCO.

Mrs. Lalita D. Gupta.

Mrs. Kalpna Morparia

Mrs. Chanda Kochhar.

Mr. Kevin Holmgren.

Mr. M.P.Modi.

Ms. Shikha Sharma, Managing Director.

Management Team

Ms. Shikha Sharma, Managing Director.

Mr.Sandeep Batra, Chief Financial Officer & Company Secretary.Mr. Shubhro J. Mitra, Chief Human Resources.

Mr. Puneet Nanda, Head Investments.

Ms. Anita Pai, chief Operation & Underwriting.

Mr. V.Rajagopalan, Appointed Actuary.

Mr.Shridhar Sethuram, chief-Sales & Marketing.


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Mr. Anil Tikoo, Head Information Technology.

24

COMPANY PROFILE

ICICI Prudential life insurance is a joint venture between ICICI, the

leading financial services provider in India, and PRUDENTIAL plc of

U.K one of the finest life insurance companies in the world.

ICICI Prudential was established in December 2000 with a commitment

to expend & shape the life insurance industry in India.

It provides an extensive range of life insurance products that offer

comprehensive protection at every stage in life.

ICICI Bank is one of the largest financial institutions in India. It has boardspectrum of financial solution for corporate and retail customers. It has

assets of more than Rs.1 Lakh crores and is the first Indian company to be

listed on New York Stock Exchange.

PRUDINTIALA plc of U.K, started operations in 1848, and is now one of

the largest life insurance companies in the world, presence in U.K,

EUROPE, & U.S and throughout Asia. IT has a solid reputation built over

151 years. It has 75 years experience in Asia. Prudential has over 45000

Staff agent, over 1 million customers in 12 countries throughout Asia. So

that it is a truly global brand.


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ICICI Prudential offers a complete and diversified portfolio of product.

In Asia prudential has a vast network of 22 life and mutual fund

operations.

25

It also received the best product innovation award for KID-e-Bank

account from the Asian banker in 2001. Its equity shares are listed on allprestigious stock exchanges at Chennai, Delhi, Kolkata, Vadodra,

Mumbai, NSE and NYSE.

ICICI PRUDENTIAL is Indias No.1 private life insurance company.

The company was amongst the first private sector Insurance Company to

begin operations after receiving approval from Insurance Regulatory

Development Authority (IRDA) and in the time since has taken several

steps towards realizing its goal.

ICICI Prudential Life is well ahead of its competitors. Though state

owned Life Insurance Corporation still enjoy market share of 92 percent,

amongst the new private players, ICICI Prudential Life with 37.1 percentshare (as per IRDA data for year 02-03) is the clear leader.


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27

(ICICI PRUDENTIAL LIFE INSURANCE)

ICICI PRUDENTIAL LIFE INSURANCE Company Ltd. is offeringvarious products in the Insurance segment for all the age groups takinginto consideration their varied needs and purposes. Prominent products ofthe company are as follows:

ICICI Pru Lifetime ICICI Pru Life Link

ICICI Pru Cash Bak

ICICI Pru Smart Kid

ICICI Pru Assure Invest

ICICI Pru Re Assure

ICICI Pru Forever Life

ICICI Pru Lifetime Pension

ICICI Pru Life Link Pension

ICICI Pru Save n Protect


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ICICI Pru Life Guard

ICICI Pru Cash Plus

ICICI Pru Secure Plus

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ABOUT THE PRODUCTS

ICICI Pru Life Time

It is the policy accommodating lifes changing investments and protection

needs. The plan gives flexibility, protection needs and control. It can

vary and cover in a lifetime financial solution for complete peace of

mind.

ICICI Pur Life Link

This is an ideal market-linked single premium insurance plan that enables

and enjoys the upside of market returns, while protecting family from the

downsides.


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The gives the flexibility of choosing investment options. A unique plan

that combines the security of a life insurance policy with the opportunity

of enjoying high returns on investments without the market risk

compromising the protection of family.

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ICICI Pru Cash Bak

An ideal plan for every milestone in life. It combines life cover, liquidity

and savings. It offers the advantage of liquidity by providing survival

benefits after every three or four years. It is a fixed term policy of 15 to 20

years, in which premiums are paid throughout the term of the policy. Cash

Bak is single plan that combines protection, savings and liquidity.

ICICI Pru Smart Kid

Smart Kid is designed to provide the flexibility in accordance to the

needs. It has the security of assured plan depending on the benefit

structure chosen.

As responsible parents always want the best for child all through the

formative years of life. One key concern undoubtedly is to cake sure that


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the child is capable of handling the varied challenges that crop up in

everyday life and emerge from all of them as a winner.

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ICICI Pru Assure Invest

This is and ideal plan for a one off investment with healthy returns and

the added benefit of insurance Protection. It is a good way to use

that windfall or a hefty bonus. This policy gives fixed benefits. The

policy has a fixed term of seven to ten years.

ICICI Pru Re Assure

This is a sage and comprehensive plan meant for those who are about to

retire or have retired. It combines the best of insurance and investment. It

offers liquidity with assured and steady annual returns. Re Assure offers

complete safety of principal paid.

ICICI Pru Forever Life


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This is an ideal plan for people around 30 years of age. It offers retirement

benefits and takes care of present protection needs. The benefits include

Postponement of Retirement age and flexibility to choose from four

annuity options and four modes of pension payments. It is the solution

that gives the power of maintaining lifestyle needs all through the life.

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ICICI Pru Life Time Pension

This is a regular premium market linked pension plan. Part of the

investment is used as premium for the chosen death benefit and the

balance is invested in the

Plan of the choice to save for the retirement. On retirement the

accumulated value of investment is used to provide pension.

The plan gives the power to choose from three investment plans and three

annuity options.

ICICI Pru Life Link Pension

This is a single premium market linked pension plan, which gives the

freedom to choose the amount of premium and invest the money in


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market linked funds to generate potentially higher returns. A part of the

premium paid is used to pay for the death benefit (if any) opted or by you

and the rest would be invested in the plan of choice.

32

ICICI pru Save n Protect

It is and ideal policy combining saving and life cover. It gives the

flexibility to choose between the add-on benefit for a nominal extra

premium to ensure that get comprehensive protection. It is a fixed term

policy that combines savings with life cover.

The plan is ideal for those who want to accumulate funds on a regular

basis while enjoying insurance protection.

ICICI Pru Life Guard

This is a policy that anyone can use to insure his or her life and provide

total security to that family at a very affordable price.


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This is an ideal, low cost policy that covers the family from lifes

uncertainties. It comes with a choice of two convenient premium payment

modes, one time and regular.

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DISTRIBUTION

ICICI prudential has one of the largest distribution networks amongst

private life insurance in India, having commenced operations in 58 cities

and towns in India. These are : Agra, Ahmedabad, Ajmer, Allahabad,

Amritsar, Aurangabad, Bangalore, Bhatinda, Bhopal, Bhubhaneshwar,

Calcutta, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur,

Gurgon, Hyderabad, Hubli, Indors, Jaipur, Jalandhar, jamnagar,

Jamshedpur, Jodhpur, Kanpur, Kraal, Kochi, Kolkata, Kota, Kolhapur,

Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai,

Nagpur, Nasik, Noida, New Delhi, Patiala, Prune, Raipur, Rajkot, Ranchi,


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Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vashli,

Vijayawada and Vizag.

The company has eleven bank assurance tie-ups, having agreements with

ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord

Krishna Bank, and Punjab & Maharashtra Co-operative Bank, Goa State

Co- operative Bank, Indoor Paraspar Sahakari Bank, Manipal State Co-

operative Bank, Shamro Vithal Co-operative Bank, Jalgaon Peoples Co-

operative Bank, as well as some corporate agents.

34

It has also tied up with organizations like Dhan for distribution of Salaam

Zindagi, a policy socially and economically underprivileged sections of

society.

ICICI prudential has recruited and trained over 32,000 insurance advisors

to interface with and advice customers. Further, it leverages its state-of-

the-art IT infrastructure to provide superior quality of service tocustomers.


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S :- STRENGTH

W :- WEEKNESS

O :- OPPORTUNITY

T :- THREATS

41

ICICI Prudential is the largest player in the insurance industry

(private sector) in India.

It is the largest Financial Institution in India.

ICICI Bank is the largest private sector bank in India.

Prudential is 154 year old company (founded in year 1848).

ICICI was the first company to be listed on NYSE.


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ICICI was the first company to pierce the sovereign rating given by

moody.

ICICI enjoy the highest AAA credit rating, which ensures highest

safety of money.

ICICI has been awarded the best presented Accounts award by ICAI

for the last three years.

42

Some customer is not satisfied with the service of ICICI Pru.

Only 28 Branches over in India.

High period insurance duration.

High premium.

Low awareness of the ICICI Prudential in rural area.

ICICI Prudential policy targets only high income group.


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Huge opportunity in Insurance market.

ICICI Prudential first implemented ULIP Pension plan.

First company to launch on line premium payment.

Due to increase in literacy rate, literate people prefer ICICI Pru.

Better products as compare to other companies.


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ICICI Pru gives opportunity to other business to grow in market.

44

Tough competition from LIC.

Tough competition from private companies like: - HDFC, Birla Sun

Life, etc.

Due to low premium rural market is with LIC.

Threat for ICICI Pru. Pension plan, 12 new pension companies are

entering into the market.


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Current ICICI Pru is the NO. One private player and the major

threats are to sustain the position.

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46

ICICI Prudential Joins Hands With Federal Bank For Premium

Payment

Kochi, June 16, 2004

Policyholders can pay through any of 327 branches.

ICICI Prudential Life Insurance, Indias leading private life insurer, has

tied up with Federal Bank, Keralas largest scheduled commercial bank,

to accept premium from any of its customer in Kerala. Through this

unique arrangement, ICICI Pru policyholders can walk into any of

Federal Banks 372 branches across the state and make a renewal


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premium payment through cash or the banks same branch cheques. The

arrangement will shortly be extended to include cheques of other banks as

well as demand drafts.

The facility is available to all policyholders and there will be no extra

charge levied for availing of this service. The premium payment process

is very simple. Policyholders just need to step into a Federal Bank branch

and complete pre-designed pay-in-slip, which is to be handed over along

with the cash or cheques.

It is our endeavor to continuously enhance the service and products thatwe offer our customers and this initiative is another step in that direction.

Federal Banks has widespread branches across kerala, and such a facility

47

will greatly help our customers from across the state conveniently and

easily pay their premiums in a timely manner, said Shubha Mayya,

Regional head South & West, customer service & operations, ICICI

Prudential Life Insurance.

ICICI Prudential and Federal Bank entered into a highly successful bankassurance tie-up under the referral model in May 2002; through which

Federal Bank refer customers interested in buying life insurance to ICICI

Prudential Life Insurance. Recently, Federal Bank went a step further to

become the first bank corporate agent for ICICI Pru Life.


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48

ICICI Pru Tops Premium Income Chart

Business Standard: April 15, 2004

Mumbai: ICICI Prudential Life Insurance Company has topped the

premium income chart among private insurance players for the third year

in row. It logged a premium income of Rs. 989 crore in the financial year

2003-04.This reflects a 135 percent growth over last years (2002-03) income of

Rs.420 crore. New business income rose by 106 percent to Rs.751 crore

and despite a 15 percent lapse rate in policy renewals, the company

renewal premium increased by 325 percent to Rs. 238 crore.


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At present ICICI Prudential Life Insurance has around a 40 percent share

among the private insurance industry in retail sales. The total sum assured

since its inception has risen to Rs.16, 000 crore added in fiscal 2004.

ICICI Prudential Life chief executive officer and managing director

Shikha Sharma said that over 80 percent of the 4.36 lakh policies sold

were unit linked plans, with pension plans accounting for just 28 percent

of new businesses.

We intend to come out with more pension and annuity products in the

current fiscal (2004-05) as we find this as an undeveloped market, saidShikha Sharma.

49

Not enough products exist in the market today as the industry continues to

await tax reforms. Today policyholders can get total tax exemption up to

Rs. 10,000 under section 10 CCC of the Income Tax Act.

As such, without tax reforms it is not conducive for customers to invest

more under pension plans. On the group side, ICICI Prudential has notbeen as active as it has been a late entrant.

We started targeting group insurance this year (2003-04) and have been

able to tap around 100 clients. The premium has been minuscule as the

sales cycle is long and varies between six-nine months to close a

truncation, said Shikha Sharma.


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Moreover, with the rate war rampant in group term, ICICI Prudential has

been choosy on the business it underwriters.

Group term is a commodity, and as business is purely rate-driven, this is

not our focus area, she added.

50

Best Life Insurance Award

Outlook Money :March 15, 2004

Winner: ICICI Prudential

In the short span since the insurance sector was opened up, ICICI

Prudential Life Insurance has literally directed the markets evolution.

Catering to all age and income segments, the company started out with

the traditional insurance policies that were easy to understand. The idea

was to entice customers used to LICs style of functioning.


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Soon, ICICI Prudential began exploring new areas. It introduced modern

products, like the market-linked product where returns are linked to the

market performance of the underlying assets.

ICICI Prudential leads in virtually all parameters: size of agent force,

number of policy sold, total sum assured, premium income and

productivity of agents. It has set exacting standards for its range of

products, riders offered, quality of information in promotional material

and even in the insurance awareness events organized.

What has been in favor of ICICI Prudential is its range of products ineach segment of life insurance-traditional, unit-linked and single-premium

options, be they for retirement plans or child plans. With such a

comprehensive bouquet, it caters to all financial goals of the customer.

51

ICICI Prudential also has a strong sales network and tie-ups with banks to

offer bank assurance products. Its supplementary marketing channels

contribute close to 30 percent of its premium income. The company is

now reaching out to new and untapped markets. ICICI Prudential works

closely with NGOs and micro-finance institutions to spread awarenessabout the concept of insurance in rural areas. This helps meet the social

obligation mandated by IRDA, but the company has gone a step ahead by

actively involving the villagers and working closely with them.

The gap between ICICI Prudential and the second in-line private insurer

is vast. In fact, this hiatus has led some analysts to wonder if the company


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isnt a trifle too aggressive. But others say this has more to do with the

companys customer-centric focus, its pan-India presence and superior

risk management and investment strategies. ICICI Prudential is not,

however, resting on its laurels. The company will continue to innovate

and set the standards.

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38

The technique of finding facts from the row data. We use sampletechnique for New Delhi areas.

SAMPLE: Sampling is simply the process of learning about populationon the basis of sample drawn from it. Under this method a small group ofthe universe is taken as the representative of the whole mass and the resultare drawn. It is a method to make social investigation practicable andeasy.


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A stastical sample is a miniature picture or cross-section of the entiregroup or aggregate from which the sample is taken. A sample is thereflection of the universe and bears all the characteristics of the universe.

I have taken, taken 300 sample from the Delhi population.

300 Delhi.

CLUSTER SAMPLING:

Under this method the total population is divided into some recognizable

sub-division which are termed as cluster and a simple random sample ofthese clusters is drawn and then the survey of each and every unit in theselected cluster is made.

Principle of cluster sampling:-

Cluster should be a sample as possible with the cost andlimitation of the survey.

The number of sampling units in each cluster should beapproximately same.

39

Detail of cluster sampling from the project (Delhi).

Age No of Sampling.

25-35 100

35-45 100

45-55 50

55-above 50


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Area of survey: DELHI

FACTS ABOUT DELHI

* Total population - 160.47 lakh.(As per the survey of 2003-2004)

# Male - 72, 77,422# Female - 60, 20,578

(As per the survey of 1999-2000)

* Sex Ratio - 1000:827(In the year 1991)

40


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53


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SURVEY FOR AWARENESS

OF LIFE INSURANCE

AMONG PEOPLE

(2004-05)

54

LIFE INSURANCE:-

According to the according U.S life Management Association Inc(LOMA) life insurance is define as Life insurance provide a sum ofmoney if the person who is insured dies whilst the policy is in effect.NEED OF LIFE INSURANCE:-

Today the need of life insurance has raised, every one ask for a lifeinsurance, some of the following points throw light on the need of theinsurance.

TEMPORARY NEED / THREATS:-


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The original purpose of life insurance remains an important element,namely providing for replacement of income on death.

REGULAR SAVING:-

Providing for ones family and oneself, as a medium to long termexercise. This has become more relevant in recent time as people seekFinancial independence from their family.

INVESTMENT:-

Put simply, the building up of saving while safeguarding it from theravages of inflation. Unlike regular saving products, investment productsare traditionally lump sum investment, where the individual makes a one

time payment.

RETIREMENT:-

Provisions for ones own later years become increasingly necessary,especially in a changing cultural and social environment. One can buy asuitable insurance policy, which will provide periodical payment in onesold age.

55

BENEFITS FROM LIFE INSURANCE

It is superior to traditional saving vehicles:-

As well as providing a secure vehicle to buildup savings, it providespeace of mind to the policyholder. In it event of untimely death, of say themain earner in the family, the policy will pay out the guaranteed sumassured, which is likely to be significantly more than the total premiums

paid with more traditional savings vehicles, such as fixed deposits, Theonly return would be the amount invested plus any interest accrued.

It encourages saving and forces thrift:-


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Once an insurance contract has been entered into, the insured has anobligation to continue paying premium, until the end of the term of the

policy, otherwise the policy will lapse. In other words, it becomes

compulsory for the insured to save regularly and spend wisely.

It provides easy settlement and protection against creditors:-

Once a person is appointed for receiving the benefits (assignment) of, aclaim under the life insurance contract can be settled easily.

It helps to achieve the purpose of the life assured:-

If someone receives a large sum of money, it is possible that they mayspend the money unwisely or in a speculative way. To overcome this, the

person taking the policy can instruct the insurer that the claim amount isgiven in installment. For example, if the total amount to receive by thedependent is Rs. 2, 00,000 say Rs. 50,000 can be taken out as a lump sumand the balance paid out in smaller installment, say Rs. 5,000 per month.

56

It can be enchased and facilitated borrowing:-

Some contract may allow policy can be surrendered for cash amount, if apolicyholder is not in position to pay the premium. A loan, against certainpolicies, can be taken for a temporary period to tie over the difficulty.Some lending institution will accept a life insurance policy as collateralfor a personal or commercial loan.

Tax Relief:-


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The policyholder obtains income tax rebates by the insurance premium.The specified forms of saving which enjoy a tax rebate, under section 88of the income tax act, include life insurance premiums and contribution toa recognized provident fund etc.

57

ROLE OF INSURANCE IN THE DEVELOPMENT OF THE

ECONOMY

Every rupee invested in life insurance contributes in three ways to thedevelopment of the economy:-

A. Firstly, it relieves those insuring from the worry and anxiety they mayhave about how they or their family would meet the cost of certain


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events, such as the marriage of the children, the premature death ofthe main income provider or maintaining a regular income in theirretirement. If an individual is free from these worries he can perform

better in his job, which helps the economy.

B. Secondly, it directs peoples savings. The insurers invest these fundsin various Business enterprises, government bonds, and loans to

public and private projects including infrastructure and sociallyorientated projects. Thus the insurance premium provides the muchneeded funds for the development of the nations economy.

C. Thirdly, these saving act as an Anti inflationary force in the nationsfinancial structure. Inflation happens when prices of goods go up.One of the causes is when a lot of buying takes place, due to thespending of a major portion of income by people.

58

Malhotra Report 1994

The government of India appointed a committee under the chairmanshipof late R.N.Malhotra, popularly known as the Malhotra committee forsuggesting reforms in the insurance sector. The committee submitted itsreport in January 1994 recommended that:


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i. Government stake in the insurance companies to be brought down to50%. All the insurance companies should be given grater freedom tooperate.

ii. Private companies with a minimum paid up capital of Rs. 1 billionshould be allowed to enter the industry. No companies should dealin both life and general insurance through a single entity. Foreigncompanies may be allowed to enter the industry in collaborationwith the domestic companies.

iii. The insurance act to change. The committee felt the need to providegrater autonomy to insurance companies in order to improve their

performance and enable them to act as independent companies witheconomic motives. For this purpose, it proposed setting up anindependent regulatory body.

Based on the above recommendation of the Malhotra committee theinsurance regulatory authority (IRD) was set up in January 1996. The

word development was added later and the IRDA bill was passed.

59

Insurance Regulatory & Development Authority Act 1999 (IRDA)

Role of IRDA: IRDA is a revolutionary piece of legislation. The IRDAwas established to regulate, promote & ensure orderly growth of the lifeand general insurance industry.The Authority consists of the following members:

1. A chairperson.2. Not more than five whole time members.


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3. Not more than fore part time members.

The members would be appointed by the central government. The tenureof the chairperson and members would be five years.

Function of IRDA:

1. To exercise all power and function of controller of insurance.2. Protection of the interest of the policyholders.3. To issue, renew, modify, withdraw or suspend certificate of

registration.

4. To specify requisite qualifications and training for insuranceintermediaries.

5. TO promote and regulate profession organizations connected withinsurance.

6. TO conduct inspection/ investigation etc.7. To prescribe method of insurance accounting.8. TO regulate investment of fund and margins of solvency.9. To adjudicate upon disputes.

10. To conduct inspection and audit of insurers, intermediaries andother organization concerned with insurance.

60


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62

CONTENTS OF SURVEY (DELHI)

Awareness in Different Age Groups.

Age Group No of Sampling.

25-35 100

35-45 100


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45-55 50

55-above 50

Purpose of Insurance.

Group No Of SampleBusinessmen - 100

Government empl. - 100

Private empl. - 100

Degree of Awareness in Different Gender of Society.

Male - 200

Female - 100

63

FINDING OF AGE GROUP

(25-35)

15.21

10.2 29.6

45

K.I.N.P

T.P

U.T

N.K.I


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Total no of sample: - 100

Area of survey :- Delhi

Finding :- 1. This age group is having second maximum noof policyholders among all age group.

2. Second highest awareness of insurance among

people.

PEOPLE FEEDBACK

K.I.N.P :- Know about insurance but not taken the policy.T.P :- Taken policy.

N.K.I :- Not aware of insurance.U.T :- Useless thing.

64


(35-45)

15.21

10.2 29.6

45

K.I.N.P

T.P

U.T

N.K.I

15.2

4.425.1

55.3

T.P

K.I.N.P

U.T

N.K.I


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Area of survey :- Delhi

Finding :- 1. This age group is having maximum no ofpolicyholders among all age group.

2. Highest awareness of insurance among

people.

PEOPLE FEEDBACK



65


(45-55)

44%

20%

6%

30%

N.K.I

U.T

T.PK.I.N.P


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Area of survey : - Delhi

Finding : - 1. This age group is having low no ofpolicyholders among all age group.

2. Low awareness of insurance among people.

PEOPLE FEEDBACK



66


(55-ABOVE)

39%

19%

9%

33%

K.I.N.P

T.P

N.K.I

U.T


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Finding : - 1. This age group is having lowest no ofpolicyholders among all age group.

2. Lowest awareness of insurance among people.

PEOPLE FEEDBACK



67

PURPOSE OF AGE GROUP

(BUSINESS CLASS)

24%21%

23%

16%

16%

INVESTMENTAX SAVING

LIFE

PENSION

CHILD LIFE


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Finding : - 1. The major finding of this part of study is thatBusiness class mainly look Insurance as toolof investment and tax saving.

2. They spend less on Pension and Life plans.

68


(PRIVATE EMPLOYEES)

18% 18%

20%

24%

20%

LIFE

TAX SAVINGINVESTMENT

PENSION

CHILD LIFE


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Finding : - 1. The major finding of this part of study is thatPrivate employees mainly use Insurance as

an old age security and they spend equally onchild life, there life and tax saving,investment.

.

69


(GOVERNMENT EMPLOYEES)

20% 18%

26%

15%

21%

TAX SAVINGINVESTMENT

LIFE

PENSION

CHILD LIFE


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Finding : - 1. The major finding of this part of study is that,Government employees spend more on theirlife and child life compare to other section ofsociety.

70

DEGREE OF AWARENESS AMONG DIFFERENT GEDER OF

SOCIETY

MALE:-

NO of sample:-200. Area of survey:- DELHI.

FEMALE:-

22%

45%

33%

DONT

KNOW

INSURANCCANT SAY

KNOWINSURANCE


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NO of sample:-100. Area of survey:- DELHI.

71

27%

44%

29%

CANT SAY

KNOW

INSURANCE

DONT

KNOW

INSURANCE


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72


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73

INSURANCE OPPORTUNITY: LOW PENETRATION

0

2

4

6

8

10

12

1234567

JAPAN

SOUTH KOREA

3-D COLUMN 1

40 - ICICI PRU

6.5 - MAX NYL

9.3 - HDFC

11.9 - BIRLA SUN

7.8 - ALLINCE BAJAJ

4.3 - OM KOTAK

3.4 - SBI LIFE7.1 - TATA AIG

9.5 - OTHERS


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INSURANCE PREMIUM AS A% OF GDP.

74

MALAYSIA

U.S

INDIAC

H

I

N

A

Bubble 1

0

500

1000

1500

2000

2500

3000

3500

4000

4500

-10 -5 0 5 10 15

Bubble 1

1

23 4 5 6


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INSURANCE DENSITY

1. JAPAN : 30002. UK : 25003. US : 15004. SOUTH KOREA : 7505. MALAYSIA : 2546. CHINA : 1207. INDIA : 90

75

DIVERSIFIED, ROBUST, & GROWING ECONOMY

7


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Sector Sartorial Groth-Q1-FY Groth-Q2-FY

Share of GDP 2004 (%) 2004 (%)

Service 56.1 7.4 9.8

Industry 21.8 5.8 6.3

Agricultural 22.1 1.7 7.4

GDP - 5.7 8.4

..sustained services growth and strong agricultural performance

taking GDP growth over 10% in Q3 2004.

76

Saving towardslife inc. fund (%)

2001-02

13.9

2000-01

12.9

1999-00

11.3

1998-99

10.6

1997-98

10.6


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Variety based positioning:-


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This type of positioning is based of varieties in products andservices rather than customer segments. It is a sensible strategy for

those companies who have distinctive advantage or strengths inoffering certain products and services. In the insurance industry too,it is possible to achieve a unique position by focusing on certaincategory of product. One such example is Birla Sun Life Insurance,which has been placing particular focus on investment related

products since its launch in India. Through it superior fundmanagement capabilities, the insurance company can deliver betterreturns on the investment linked products and there by carve of it

self a leadership position in this segment.

Need based positioning:-

This type of positioning is based on the differing need of differentgroups of consumers. This can be done successfully if a company

has unique strength to service a group of consumers needs betterthan others.The insurance need of customers vary significantly for different

group of customers. The insurance needs of young family with smallchildren will be quite different from that of family in which theincome earner closes to retirement. However, in India most o0f thelife insurance companies have a wide variety of products tailored fordifferent customers need and there is no company focusing on a

particular need.

78

Access based positioning:-

Positioning of customers can also done by the way they areaccessible. That is different of customers may be accessible in


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different ways even through they may have similar needs. Access istypically a function of customer geography or customer scale.There is excellent opportunity in the insurance industry to employaccess used positioning by targeting the rural insurance sector. The

rural market for life insurance is very different from the urbanmarket in terms of need, income levels and distribution, penetrationof media and so on. So far except for LIC, no other buyer has paidattention or focus on the rural sector.

Choosing the the right strategy:-

The right strategy choice is not matter of positioning choice a alone.It involves the very way a company organize its self to do business.It is the configuration of the entire value chain of the companythrough a different set of activities to deliver unique value toconsumers. The set of activates over all upstream and downstreamactivities, from the selection of the product mix, the way the productare priced, promoted , the type of distribution mechanism used, the

way customer s are serviced and so on.Some life insurance companies focusing on rural market haveadopted innovative means distribution. Instead of appointing agentsas is done typically, they have used gramsevaks in different villageacross the country to promote life insurance and act as there salesarm. This enabled them to tape into there special knowledge of therelocal.

79


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80

Market Expansion:-


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There has been an overall expansion in the market. This has been possibledue to improved awareness level thanks to the large number of

advertising companies launched by the player. The scope of expansion isstill unlimited as virtually all the players are concentrating on large citiesand town except by LIC to and extent there was no significant attempt totap the rural market.

New Product Offering :-

There has been a plethora of new and innovative products offered by thenew players, mainly for the stable of their international partners.Customers have tremendous choice for a large variety of products from

pure term (risk) insurance to unit linked investment products .Customersis offered unbundled products with a variety of benefits as riders fromwhich they are choose. More customers are buying products and services

based on there truer need and not just traditional money batch policy,

which is not considered very appropriate for long term protection andsaving. However, there still some key new products yet to be introduce-e.g. health products.

81

Channels of Distribution:-

Till two years back, the only mode of distribution of life insuranceproducts through agents. While agents continue to be the predominantdistribution channel, today a number of innovative alternative channel are

being offered to consumers. Some of them are banc assurance, broker, the


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interest and direct marketing. Through, it is too easy to predict, the widespread of bank branch network in India could lead banc assuranceemerging as a significant distribution mechanism.

82


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83

Accident:-

The term accident is sometime defined in the policy documentas follows the accident must be caused by violent, externaland visible means and cause of the injury or injuries solely andindependently of any other means.


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Accidental death benefit:-

Benefit, which provides for the payment of an additional(usually equal to the sum insured of the basic policy) in theevent of death by an accident.

Amount payable:-

This refers to the amount that is payable according to the termsand condition of the insurance policy to the legal owner of theinsurance policy.

Annuity:-

Annuity contract is an agreement under which the insurance

company, in return for the payments of a certain sum, makes aseries of agreed payments at regular intervals from a fixeddate. This continues until the death of the individual on whoselife the annuity is bought.

Anticipated endowment:-

An endowment where you do not have to wait for the maturitydate before receiving part the maturity amount.

Applicant/Owner/life of another:-

The applicant is the person on whose life insurance cover issought. Owner is the person who has the legal title to the

policy. Life of another on whose life he or she has an insurableinterest.

84

Balanced fund:-

A fund that maintains a balance portfolio, generally60%

bounds or preferred stocks and 40% common stocks.

Bear market:-

A period of time in which the market, or securities in generallose money.

Benchmark:-


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A reference point that is chosen for the purposes of comparingother related values.

Beneficiary:-

The person or party the owner of a life insurance policy namesto receive the policy benefit.

Bid or sell price:-

The price at which a funds units or shares are redeemed(bought back) by the fund. The bid or redemption price meansthe current net asset value per share, less any redemption freeor back end loan.

Blue chip stock fund:-

A fund that consists of a portfolio of large or well knowncompanies for the purpose of achieving growth.

Bond:-

A bond is security in the form of a convertible loan with amaturity date, where the investor lends money to a company or

government.

Bull market:-

A good market in which a price of securities increase greatlyover a specific period of time.

85

Capitalization:-

The value of a fund derived by multiplication of the fundsshare price by the number of outstanding shares. Most often,this is applied in order to determine the value of the specificcompanies.

Cash surrender values:-


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The amount that is available to the owner if a life insurancepolicy is surrendered any time before the maturity date. Theamount represents the cash value minus surrender changes andany outstanding loans due upon cancellation of the policy.

Claim:-

Written request by an insured for the insurance company tocover and incurred loss, usually submitted on the companysstandard form.

Compounding:-Earning on an investments earnings. Over time, compounding

can produce significant growth in value of an investment.

Date of commencement:-

The date on which cover beings, following acceptance of therisk by the insurer.

Death benefit payable:-

The amount payable, at stated in a life insurance policy, to the

designated beneficiary (ies) upon the death of the insured. Theamount paid is the phase value, plus any riders that areapplicable, less any outstanding loans.

86

Differed annuity:-An annuity contract under which periodic benefits are

scheduled to begin at some designated future date after thedate on which the annuity was purchased.

Depreciation:-

A decline in the investments value.


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Endowment:-

A type of insurance policy which provide for the face amountstated in the contract to be payable in a fixed date or on the lifeinsureds earlier death.

Equity:-A stock or the interest in capital gains received from the

ownership of a stock.

Hazardous occupation:-

An occupation that has high risk for insurance purposes.Example : a window cleaner on high-rise building.

Immediate annuity:-

An annuity where, income benefits begin one annuity periodafter the annuity is issued. If it is specified that benefits are

paid annuity, than the benefit payment being one year afterissue.

Insurance:-

A fund that primarily seeks current income rather than growthof capital. It will tend to invest in stock and bonds that

normally pay high dividend and interest.

87

Insurable interest:-

An annuity where, income benefits begin one annuity periodafter the annuity is issued. If it is specified that benefits are

paid annuity, than the benefit payment being one year afterissue.

Insurance ombudsman:-


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A fund that primarily seeks current income rather than growthof capital. It will tend to invest in stock and bonds thatnormally pay high dividend and interest.

Investment:-An assets acquired for the purpose if producing income and

capital gain to its owner.

Investment objective:-

The financial goal (long term growth, current income, etc) thatan investor or a fund pursues.

Investment trust:-A corporation, partnership or trust that invests the pooled

monies of many investors. It provides grater professionalmanagement and diversification of investments than mostinvestor can obtain independently. Mutual funds, or open ended investment companies, are the most popular for ofinvestment company.

Joint and survivor option:-

An option on an annuity that provides that the annuity payoutwill continue through the lives if two people. If one of the

payees dies, payment continue to the second payee throughoutthat payees lifetime.

88


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92

o MARKETING MANAGEMENT :- PHILIP KOTLER.


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o RESEARCH METHODOLOGY :- C.R.KOTHARI.

o TIMES OF INDIA :- (MARCH JUNE)

o ECONOMIC TIMES :- (MARCH JUNE)

o www.irdaindia.org

o www.iciciprulife.com

o JOURNAL

1. IRDA 2002-03

2. IRDA 2003-04

o MAGAZINE

1. Business Today

2. Business World

3. Business Today

93
http://www.irdaindia.org/http://www.iciciprulife.com/http://www.irdaindia.org/http://www.iciciprulife.com/


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89

Perception of customers regarding the products of ICICI prudential.

1. Have you taken any insurance policy?

a) Yes b) NO


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2. Which policy you are having?

a) LIC b) Private company.

3. Have you taken any ICICI Prudential products?

a) Yes b) No

4. If yes then which policy?

a) Retirement policy b) Saving policy

5. How many policies do you have in your family?

6. Through which channel you got aware about ICICI Prudential?a) Advisor b) Friend / Relative.

c) Advertisement d) Neighbor.

7. Is the policy / policies taken by you are suitable for you & your

family?

a) Yes b) No

90

8. What is the single most important reason behind purchasing ICICI

Prudential products?

a) Persuasion of Advisor b) Tax liability

c) Indirect motivation by d) Risk coverage.


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Someone.

9. Are satisfied with the regular services which are been provided by

ICICI Prudential?

a) Yes b) No

10.Whether in your opinion ICICI Prudential is capable to face

competition from players?

If Yes

If No

11.And what is your suggestion to make it competitive.

DATE:

PLACE:

91

SUMMER TRAINING PROJECT REPORTON

AWARENESS OF ICICI LIFE INSURANCE


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ICICI PRUDENTIAL LIFE INSURANCE CO.

LTD.(3rd Floor, Videocon Tower,

E-1 Link road, Jhandewala Extention ,

NEW DELHI-110055

(INDIA)

In Partial Fulfillment OfMaster Of Business Administration(M.B.A) Course

BATCH:- 2003-2005

Submitted To:- Submitted By:-

Mr.N.N.Sen Gupta Mr.Amit Chandra prabhakar(H.O.D Of MBA) (MBA Marketing)

INTERNATIONAL INSTITUTE OF

MANAGEMANT

& TECHNOLOGY; MEERUT

(U.P)

U.P TECHNICAL UNIVERSITY,

(LUCKNOW)


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PREFACE

Summer training is an integral part ofMBA curriculum that is to be done

after the completion of IInd semester. So when I had to undergo the

training I started looking for options where I could under take a project.

Working for ICICI PRUDENTIAL LIFE INSURANCE was my

foremost priority. So when I got the opportunity to work forICICI

PRUDENTIAL, I went for that.The training introduced me a totally a new field of sales and distribution

management in DELHI. Initially I had no knowledge of sales and

distribution management in actual working environment but after working

on project and being in constant touch with the people working for the

company. I have been able to gain immense knowledge about this field.

The project assign to me was AWARENESS OF INSURANCE OF

ICICI PRUDENTIAL

All the inference is on the basis of data collected for the month through

structured questionnaire and interview with people.

The experience was enriching. I had tried to give my best to this project. Ihope the work that I have completed comes to the expectation of

everybody posed their trust in me.

6

CONTENTS


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Company certificate. 3

HOD certificate. 4

Candidates Declaration. 5 Preface. 6

Acknowledgement. 7

Executive Summary. 8

PART-- 1

Introduction To The Company: 10

*History. 11

*Vision. 19

*Major Player. 21

*Company profile. 22

*Company product. 27

*Company network. 34 Over View Of The Market. 36

PART2

Study Profile:- 37

*Title of study.*Place of study.

*Time of field work.

*Sample size.

*Sample procedure.

1


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Research Methodology. 38

SWOT Analysis. 41

Current News. 46 Introduction About The Topic of Survey. 53

Findings. 61

PART 3

Suggestion. 77

Conclusion. 80 Glossary. 83

Questioners. 89

Bibliography. 92


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awarenefss of icici life insurance

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