0601077 study the brand image of icici prudential life insurance

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2. ACKNOWLEDGEMENT The completion of the project would have been a dream without the help and support of people who gave their valuable time to me for collection of information needed for the project. Firstly, I would like to thanks for their guidance at each step of my project. I give my vote of thanks to for their valuable support and guidance at any time when required. And lastly, I am thankful to my parents, friends and my colleagues for their valuable encouragement and support and to all those who inspired me in making my dream come true of developing this project (sandeep sharad sankpal) 2 3. CONTENT Sr no. Contents Page no. 1 Executive Summary 2 Objective 3 Introduction to Topic 4 Company Profile 5 Product profile 6 Research methodology 7 Data analysis and Findings 8 Conclusion 9 Recommendations 10 Annexure 11 Bibliography 3 4. EXECUTIVE SUMMARY Insurance is one sector, which holds great future in India. The market is vast and there is a lot of cushion for new entrants to operate alongside our public sector giants viz LIC & GIC.The industry is expected to grow at an average annual inflation adjusted rate of 7.6% and 14% in the non-life segment respectively. Pension is another crucial sector, which has assumed critical dimensions in the past few years. Government reports are indicative of the huge market that remains to be tapped. The objective of the project is To Study the brand Image of ICICI Prudential Life insurance The project was carried out for ICICI Prudential ,Pune. Data is collected from both primary and secondary sources. As a primary source a survey of policyholders & company officials has been conducted. Articles, Newspapers, magazines referral books and internet services have been used as secondary sources of data. Research Instruments Questionnaire method (survey) Customer questionnaire Types of research used: Exploratory research ~ It is always not possible of desirable to use direct questioning to obtain information. In this case the secondary data is used to arrive at conclusion. In this project desk research. This is a part of exploratory research, is used. 4 5. Descriptive research ~ here mainly only primary data is used. It is generally a quantitative measurement of customers attitude and perception of a certain product. Under the descriptive research the sample survey method has been used in the product The Primary objective of my project is to study the Brand image of ICICI Prudential life insurance company. After analyzing the whole survey I come to know that market prospects of insurance is at a growing pace. Privatization is playing an important role in the way of growth of insurance sector in India. Some measures were suggested by the experts like improved marketing strategies, huge distribution network, penetrating the rural sectors etc. Conclusion After completing the study, I have to compile the whole data which include some positive & negative aspects of our compared to the current industry scenario. After compiling the whole data I have to analyse where our company is lacking on the current scenario and they have to improve where we are failing time to time stand in the current market. After compiling and analysis the data after the study company has to implement and improve themselves time to time to stand in the current market otherwise as much products company launches in the market, company can never stand upto the industry norms and needs. 5 6. OBJECTIVES Primary Objectives To study the Brand image of ICICI Prudential life insurance company Secondary Objectives To find out the advantage of the policies offered by ICICI PREDUNTIAL over various companies. To study the differentiating strategies adopted by ICICI PRUDENTIAL to win the customers. To study the viewpoint of policyholders and further to suggest the modalities to improve the efficiency of ICICI PRUDENTIAL. 6 7. INTRODUCTION TO TOPIC Importance: Topic brands image of ICICI Prudential Life Insurance in the century of awesome entrepreneurs, One of the most worthwhile discoveries that have evolved is in the form of BRANDS . A brand is not only created by what the consumer perceive but what the management perceives about their respective prospects. Brands is the make or break in the ongoing world. Today the future is very much dependent on the Brand created. Brand provides a majestic and transparent view of the image all around. Same is the effect in the insurance sector. The more the Brands awareness, more trustworthy the company. In the present scenario LIC Is the leader in the insurance industry because of its highly regarded and proved Brands Image. Same is the case with ICICI Prudential as it is the leader in the private insurance sector. In my project I have highlighted the consumers thrust towards various products and why they regard it as a worthy brand. As of these regards my topic needs a special recognition. Scope : My study will be based on the views of several perspective clients on the brand image of my company. For creating and maintaining the strategic advantage for the ICICI Prudential Life Insurance business through understanding the customers, building sustainable value position and execute every aspect of brand strategy , revenue potential through the design/ deployment of strategic, tactical market plans. As much services company is offering to the prospective clients , but if they are not able to give much benefit to their clients brand image of ICICI Prudential Life Insurance will also be helpless in promoting the companys products. I am elaborating my study by giving an example of today industry scenario. 7 8. LIFE INSURANCE INDUSTRY Life insurance industry may be defined as a plan under which large groups of individuals can equalize the burden of loss from death by distributing funds to the beneficiaries of those who die. From the individual standpoint life insurance is a means by which an estate may be created immediately for ones heirs and dependents. It has achieved its greatest acceptance in Canada, the United states, Belgium, South Korea, Australia, Ireland, New Zealand , The Netherlands, and Japan , countries in which the face value of life insurance policies in force generally exceeds the national incomes. In the United states in 1990 nearly $9.4 trillion of life insurance was in force. The assets of the more than 2,200 U.S. life insurance companies totaled nearly $1.4 trillion, making life insurance one of the largest savings institutions in the United states. Much the same is true of other wealthy countries, In which life insurance has become a major channel of savings and investment, with important consequences for the national economy. Life insurance is relatively little use in poor countries, although its acceptance has been increasing. Types of contracts. The major types of life insurance contracts are term, whole life, and universal life, but innumerable combinations of these basic types are sold. Term insurable contracts. Issued for specified periods of years, are the simplest. Protection under these contracts expires at the end of the stated period, with no cash value remaining , Whole life contracts, on the other hand, run for the whole of the insureds life and gradually accumulate a cash value, The cash value, which is less than the face value of the policy, is paid to the policyholder when the contracts matures or is surrendered. Universal life 8 9. Contracts, a relatively new form of coverage introduced in the United States in 1979, have become a major class of life insurance, They allow the owner to decide the timing and size of the premium and amount of death benefits of the policy. In this contracts, the insurer makes a charge each month for general expenses and death benefit is a set amount, while in type B policies the death benefits is a set amount plus whatever cash value has been built up in the policy. Life insurance may also be classified, according to type of customers, as ordinary group, industrial, and credit. The ordinary insurance market includes customers of whole life, term, and universal life contracts and is made up primarily of individual purchasers of annual premium insurance. The group insurance market consist mainly of employees who arrange group contracts to cover their employees. The industrial insurance market consists of individual contracts sold in small amounts with premium collected weekly or monthly at the policyholders home. Credit life insurance is sold to individuals. usually as part of an installment purchase contracts; under these contracts if the insured dies before the installment payments are completed, the seller is protected for the balance of the unpaid debt. Insurance may be issued with a premium that remains the same throughout the premium-paying period, or it may be issued with a premium that increased periodically according to the age of the insured. Practically all ordinary life insurance policies are issued on a level premium basis. which makes it necessary to charge more than the true cost of the insurance in the earlier years of the contracts in order to make up for much higher costs in the later years; the so- called overcharges in the earlier years are nor really overcharges but re a necessary part of the total insurance plan, reflecting the fact that mortality rates increase with age. The insured is not overpaying for protection, because of the claim on the claim on the cash values or may recapture it completely by lapsing the policy. The insured does not, however, have claim on all the earnings that accr