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    EXECUTIVE SUMMARY

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

    country, and 2 nd Life Insurance Company in India. The ICICI Group has been in

    e istence since !"## when ICICI Ltd., was created. ICICI Prudential started in 2$$2 as

    subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of % million

    with total assets e ceeding &s.!, $$,$$$ Cr. making it the 2 nd largest life insurance

    company in the country, ne t only to LIC.

    The Insurance sector, after the opening up, pro'ides greater opportunities. (e'eral

    global players ha'e emerged and the market has changed significantly. In the changed

    scenario, the e pectation is that the low Insurance premium as a percentage of G)P

    pre'ailing in India will impro'e and will offer better opportunities to the insurance

    players.

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

    e ists. In India currently the life insurance premium as a percentage of G)P is !.* per

    cent against #.2 per cent in the +(, but in the liberali ed scenario, the life insurance

    premiums were pro-ected to grow at around ! / to 2$/ from &s 2!# billion in !"" 0 ""to &s #"2 billion in 2$$%0$# and to &s !%#$ billion by 2$$"0!$. Corporate non0life

    premium was pro-ected to grow from &s % billion in !"" 0"" to &s * 1 billion in 2$$"0

    !$ and personal line non0life from &s % billion to &s #! billion.

    In the life Insurance segment the Life Insurance Corporation of India LIC3 is the

    ma-or player. The LIC has 2$#$ branches. It is constituted in to se'en 4ones. Currently

    there are #, 1$,$$$ LIC agents in India. General Insurance is another segment, which has

    been growing at a faster pace.

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    INTRODUCTION

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

    insured co'ered in the policy. 5ssentially, a life insurance policy is a contract between the

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

    an agreed upon sum of money to the insured6s named beneficiary so long as the insured6s

    premiums are current.

    7ith a large population and the untapped market area of this population insurance

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

    the rate of !#02$/ annually. Together with banking ser'ices, it adds about 8 percent to

    the countries G)P. In spite of all this growth statistics of the penetration of the insurancein the country is 'ery poor. 9early $/ of Indian populations are without life insurance

    co'er and the health insurance. This is an indicator that growth potential for the insurance

    sector is immense in India.

    It was due to this immense growth that the regulations were introduced in the insurance

    sector and in continuation :;alhotra Committee< was constituted by the go'ernment in

    !""* to e amine the 'arious aspects of the industry. The key element of the reform

    process was participation of o'erseas insurance companies with 21/ capital. Creating a

    more competiti'e financial system suitable for the re=uirements of the economy was the

    main idea behind this reform.

    (ince then the insurance industry has gone through many changes. The liberali ation of

    the industry the insurance industry has ne'er looked back and today stand as one of the

    most competiti'e and e ploring industry in India. The entry of the pri'ate players and the

    increased use of the new distribution are in the limelight today. The use of newdistribution techni=ues and the IT tools has increased the scope of the industry in the

    longer run.

    Insurance is the business of pro'iding protection against financial aspects of risk, such as

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    those to property, life health and legal liability. It is one method of a greater concept

    known as risk management >which is the need to mange uncertainty on account of

    e posure to loss, in-ury, disad'antage or destruction.

    Insurance is the method of spreading and transfer of risk. The fortunate many who aree posed to some or similar risk shares loss of the unfortunate. Insurance does not protect

    the assets but only compensates the economic or financial loss.

    In insurance the insured makes payment called :premiums< to an insurer, and in return is

    able to claim a payment from the insurer if the insured suffers a defined type of loss. This

    relationship is usually drawn up in a formal legal contract.

    Insurance companies also earn in'estment profits, because they ha'e the use of the

    premium money from the time they recei'e it until the time they need it to pay claims.This money is called the float. 7hen the in'estments of float are successful they may

    earn large profits, e'en if the insurance company pays out in claims e'ery penny recei'ed

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

    premiums. The e cess amount that they pay to policyholders is the cost of float. ?n

    insurance company will profit if they in'est the money at a greater return than their cost

    of float.

    ?n insurance contract or policy will set out in detail the e act circumstances under whicha benefit payment will be made and the amount of the premiums.

    Classification of insurance

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

    !3 Life insurance.

    23 9on0life general3 insurance.

    1) Life insurance:

    Life insurance can be defined as :life insurance pro'ides a sum of money if the person

    who is insured dies while the policy is in effect

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    In ! ! @ritish introduced to India, with the establishment of the oriental life insurance

    company in Calcutta. The first Indian owned Life Insurance CompanyA the @ombay

    mutual life assurance society was set up in ! 8$.the life insurance act, !"!2 was the first

    statuary measure to regulate the life insurance business in India. In !" *, the earlier

    legislation was consolidated and amended by the insurance act, !"* , with

    comprehensi'e pro'isions for detailed effecti'e control o'er insurance. The union

    go'ernment had opened the insurance sector for pri'ate participation in !""", also

    allowing the pri'ate companies to ha'e foreign e=uity up to 21/. Bollowing the opening

    up of the insurance sector, !2 pri'ate sector companies ha'e entered the life insurance

    business.

    Benefits f !ife insurance

    Life insurance encourages sa'ing and forces thrift.

    It is superior to a traditional sa'ings 'ehicle.

    It helps to achie'e the purpose of life assured.

    It can be enchased and facilitates =uick borrowing.

    It pro'ides 'aluable ta relief.

    Thus insurance is found to be 'ery useful in the li'es of the person both in short term and

    long term.

    Bundamental principles of life insurance contractA

    !3 Principle of almost good faith

    :? positi'e duty to 'oluntary disclose, accurately and fully, all facts, material to the risk

    being proposed whether re=uested or not

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    in ! #$, whose shares were mainly held by the @ritish. The first general insurance

    company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was

    stabili ed in !"$8 . there emerged many a player on the Indian scene thereafter.

    The general insurance business was nationali ed after the promulgation of GeneralInsurance Corporation GIC3 DB India undertook the post0nationali ation general

    insurance business.

    CONCE&TUAL BAC'(ROUND

    Satisfaction is defined as . . .

    A persons feeling of pleasure or disappointment resulting from comparing a products

    perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all ants or ishes! fulfilling conditions or desires! or the state of the mind anything that ma"es a customer

    feel pleased or contented.

    C nsu er Be*a+i r:

    Consumer beha'ior is defined as the beha'ior that consumers display in searching for,

    purchasing, using, e'aluating and disposing of products and ser'ices that they e pect willsatisfy their needs. The study of the processes in'ol'ed when indi'iduals or groups select, purchase, use, or

    dispose of products, ser'ices ideas, or e periences to satisfy needs and desires

    Cust er +a!ue: The ratio between the customersEs percei'ed benefits economic,

    functional and psychological3 and the resources momentary, time, effort, psychological3

    used to obtain those benefits.

    Cust er satisfacti n: Customer satisfaction is the indi'idualEs perception of the

    performance of the product or ser'ice in relation to his or her e pectations.

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    ?n inno'ation refers to any good, ser'ice, or idea. That is percei'ed by someone as new.

    The idea may ha'e long history, but it is an inno'ation to the person who sees it as new.

    Inno'ation takes time to spread through the special system. The consumer adoption

    process focuses on the mental process through which an indi'idual passes from first

    hearing about an inno'ation to final adoption. ?dopters of new products ha'e mo'ed

    through the following fi'e stages.

    !. ?7?&595(( The consumer becomes aware of the inno'ation but lacks

    information about it.

    2. I9T5&5(T The consumer is stimulated to see the information about the

    inno'ation.

    *. 5F?L+?TID9 The Consumer considers whether to try the inno'ation or not.

    %. T&I?L The consumer tries the inno'ation to impro'e his estimate of its 'alue.

    #. ?)DPTID9 The consumer decides to make full and regular use of the

    inno'ation.

    STATEMENT O/ T.E &ROBLEM

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    :(tudy of consumer beha'ior customer satisfaction towards ICICI Prudential Life

    Insurance Products

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    7ebsites

    ;aga ine

    @rochure

    SAM&LIN( &LAN:

    It is 'ery difficult to collect information from e'ery member of a population .?s

    time and costs are the ma-or limitation that the researcher faces.

    ? sample of 133 was taken the sample si e of !$$ indi'iduals were selected on

    the basis of con'enient sampling techni=ue. The indi'iduals were selected in the

    random manner to form sample and data were collected from them for theresearch study.

    ANALYSIS AND INTER&RETATION:

    )ata collection through =uestionnaire and personnel inter'iew resulted in

    a'ailability of the desired information but these were useless until there were

    analy ed. Farious steps re=uired for this purpose were editing, coding and

    tabulating. Tabulating refers to bringing together similar data and compiling them

    in an accurate and meaningful manner. The data collected by =uestionnaire was

    analy ed, interpreted with the help of table, bar chart and pie chart.

    1 INDUSTRY &RO/ILE

    1 1 Insurance in In2ia

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

    market to nationali ation and back to a liberali ed market again. Tracing the

    de'elopments in the Indian insurance sector re'eals the *1$ degree turn witnessed o'er a

    period of almost two centuries.

    1 " A Brief *ist r, f t*e Insurance Sect r

    The business of life insurance in India in its e isting form started in India in the year

    ! ! with the establishment of the Driental Life Insurance Company in Calcutta.

    (ome of the important milestones in the life insurance in India areA

    !"!2 The Indian Life ?ssurance

    Bor o'er #$ years, life insurance in India was defined and dri'en by only one company0

    the Life Insurance Corporation of India LIC3. 7ith the Insurance &egulatory and

    )e'elopment ?uthority I&)?3 @ill !""" pa'ing the way for entry of pri'ate companies

    into both life and general sectors there was bound to be new0found e citement0 and new

    success stories. Today, -ust three years since their entry, their cumulati'e share has

    crossed !*/ source I&)?3, far e ceeding e pectations. Clearly insurance is on a

    growth path.

    The percentage of premium income to G)P which was -ust 2.*/ in 2$$$0$! rose to *.*/

    in 2$$20$*A and life insurance has emerged as the dominant contributor to this growth.The industry presented a huge opportunity. Life insurance penetration, for instance, was

    at an abysmal 22/ of the insurable population. owe'er, pri'ate players ha'e had to rise

    to many challenges. They were faced with attitudinal barriers towards the category and

    the perception that insurance was only a ta sa'ing tool. Insurance per se had lost it basic

    rationale protection. It wasnEt surprising then that its potential lay fro en and

    une ploited. The challenge for pri'ate insurance players was to change the established

    category dri'er and get customers to e'aluate life insurance as an in'estment0cum0

    protection tool.

    PREMIUM UNDERWRITTEN BY LIFE INSURERS

    The life insurance industry recorded a premium income of &s. 2 #%. $ crore during the financial year2$$#0$1 as against &s.111#*.8# crore in the pre'ious financial year, recording a growth of 2%.*! per cent.The contribution of first year premium, single premium and renewal premium to the total premium was

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    &s.!# !.** crore !".!1 per cent3A &s.!$**1.*$ crore !2.%8 per cent3A and &s.#11*8.!1 crore 1 .*1 percent3, respecti'ely. In the year2$$$0$!, when the industry was opened up to the pri'ate players, thelife insu rance premium was &s.*%, " .% crore which constituted of &s. 1""1."# crore of first year

    premium, &s. 2#!"!.$8 crore of renewal premium and &s. 28%$.%# crore of single premium. Post openingup, single premium had declined from &s.", !"%.$8 crore in the year 2$$!0$2 to &s.#18%.!% crore in2$$20$* with the withdrawal of the guaranteed return policies. Though it went up marginally in 2$$*0$% to

    &s.#"*1.#$ crore %.12 per cent growth3 2$$%0$#, howe'er, witnessed a significant shift with the single premium income rising to &s. !$**1.*$ crore showing 8%.!! per cent growth o'er 2$$*0$%.

    &s. lakh3

    Insurer "334#35 "335#36

    /irst ,ear -re iu inc!u2in% Sin%!e -re iu

    LICK !8*%81!.8% 2$1#*$1.*1

    1.*%3 !".$#3

    Pri'ate (ector 2%%$8$.# ##1%#8.*%

    !#2.8%3 !28.""3

    Tta! 17899 " " "6"186 83

    !%.1 3 *2.%"3

    Renewal Premium

    LIC %1! # $."1 #%%8%22.12

    !".%83 !8."#3

    Pri'ate (ector 18"12.$# 2!12"*.%

    *%*.!23 2! .213

    Tta! 469654 31 566 816 13

    2$.8#3 2$. #3

    Total Premium

    LIC 1*#**%2.8$ 8#!282 ."

    !#.1*3 ! .2#3

    Pri'ate (ector *!2$*2.1* 8828#$. 2

    !8 . *3 !%8.1#3

    Tta! 6665 85 9"95487 93

    ! ."!3 2%.*!3

    1 Brief Re+ie; f Scenari < Insurance

    Insurance in India started without any &egulation in 9ineteenth century.

    It was story of a typical colonial era. ? few @ritish companies dominated

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    the market mostly in large urban centers.

    Insurance was nationali ed mainly on * counts Birst, Indian li'es were not insured.

    (econd, e'en if they were insured, they were treated as substandard li'es and e tra

    premium was charged. Third, there were gross irregularities in the functioning of Life

    insurance was nationali ed in the year !"#1, and then general insurance was

    nationali ed in the year !"82. In !""", the pri'ate insurance companies were allowed

    back again into insurance sector with ma imum cap of 21 percent foreign holding.

    ! ! The @ritish introduce to India, with the establishment of the Driental Life

    Insurance company in Calcutta.

    ! #$ 9on life insurance debuts, with Triton Insurance Company.

    ! 8$ @ombay ;utual life ?ssurance (ociety is the first Indian0owned life insurer

    !"$8 Indian mercantile Insurance is the first Indian non0life insurer.

    !"!2 The Indian life assurance companiesE act enacted to regulate the life

    insurance business.

    !"* The insurance act, which forms the basis for most current insurance laws,

    replaces earlier act.

    !"#1 Life insurance nationali ed, go'ernment takes o'er 2%# Indian and foreigninsurers and pro'ident societies.

    !"#1 Go'ernment sets up LIC

    !"82 9on life insurance nationali ed, GIC set up.

    !""* ;alhotra committee, headed by former &@I go'ernor &.9.;alhotra, set up

    to draw up a blue print for insurance sector reforms.

    !""% ;alhotra Committee recommends re0entry of pri'ate players, autonomy ot

    P(+ insurers. !""8 Insurance regulator I&)? Insurance &egulatory and )e'elopment

    ?uthority3 set up.

    2$$$ I&)? starts gi'ing licensed to pri'ate insurers

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    2$$! ICICI Prudential Life Insurance came into the market to sell a policy.

    2$$2 @anks were allowed to sell insurance plans, as TP?s enter the scene,

    insurers start settling non0life claims in the cashless mode.

    1 4 T*e Insurance Re%u!at r, an2 De+e! - ent Aut* rit, $IRDA):

    &eforms in the Insurance sector were initiated with the passage of the I&)? @ill in

    Parliament in )ecember !""". The I&)? since its incorporation as a statutory body in

    ?pril 2$$$ has fastidiously stuck to its schedule of framing regulations and registering

    the pri'ate sector insurance companies.

    The other decisions taken simultaneously to pro'ide the supporting systems to the

    insurance sector and in particular the life insurance companies were the launch of the

    I&)?Es online ser'ice for issue and renewal of licenses to agents.

    The appro'al of institutions for imparting training to agents has also ensured that the

    insurance companies would ha'e a trained workforce of insurance agents in place to sell

    their products, which are e pected to be introduced by early ne t year.

    (ince being set up as an independent statutory body the I&)? has put in a framework of

    globally compatible regulations. In the pri'ate sector !2 life insurance and 1 general

    insurance companies ha'e been registered.

    7ith the demographic changes and changing life styles, the demand for insurance co'er

    has also e'ol'ed taking into consideration the needs of prospecti'e policyholder for

    packaged products. There ha'e been inno'ations in the types of products de'eloped by the

    insurers, which are rele'ant to the people of different age groups, and suit their

    re=uirements. Continued inno'ations in product de'elopment has resulted in a wide range

    of fle ible products to meet the re=uirements for co'er at different stages of life 0today a

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    'ariety of products are a'ailable ranging from traditional to +nit linked pro'iding

    protection towards child, endowment, capital guarantee, pension and group solutions. ?

    number of new products ha'e been introduced in the life segment with guaranteed

    additions, which were subse=uently withdrawn toned downA single premium mode has

    been populari edA unit linked productsA and add0on riders including accidental

    deathA dismemberment, critical illness, fi ed term assurance risk co'er, group hospital

    and surgical treatment, hospital cash benefits, etc. Comprehensi'e packaged products

    ha'e been populari ed with features of endowment, money back, whole life, single

    premium, regular premium, rebate in premium for higher sum assured, premium mode

    rebate, etc., together with riders to the base products.

    1 5 .ist rica! &ers-ecti+e

    &ri r t 1756 02%2 companies operating

    1756 09ationali ation0 LIC monopoly player 0Go'ernment control

    "331 0Dpened up sector

    1 6 C ntri=uti n t In2ian Ec n ,

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    Life Insurance is the only sector which garners long term sa'ings.

    (pread of financial ser'ices in rural areas and amongst socially less pri'ileged.

    Long term funds for infrastructure.(trong positi'e correlation between de'elopment of capital markets and

    insurance pension structure.

    5mployment generation.

    1 8 Insurance In2ustr, -ri r t 2e#re%u!ati n

    Prior to deregulation in 2$$$, market was a public monopoly.

    Public ;onopoly

    0 2$$$ Dffices

    0 D'er $$,$$$ agents

    )istribution through tied agents only

    (ales approach primarily on a ta sa'ings platform

    Traditional style product offering 5ndowment and money back plans

    Inade=uate and infle ible products

    Pensions (mall part of product offer

    Limited focus on customer needs

    1 9 I -r +in% Ser+ice Stan2ar2s

    &re Dere%u!ati n < Li ite2 Distri=uti n

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    & st Dere%u!ati n < Ser+ice t*r u%* Distri=uti n

    " COM&ANY &RO/ILE

    ICICI &ru2entia! Life Insurance C -an, Li ite2 Mthe CompanyE3 a -oint 'enture

    between ICICI Ban> Li ite2 and &ru2entia! -!c f U' was incorporated on Nuly

    2$, 2$$$ as a company under the Companies ?ct, !"#1 Mthe ?ctE3. The Company

    is licensed by the Insurance &egulatory and )e'elopment ?uthority MI&)?E3 for

    carrying life insurance business in India.

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    C*anne! Access Ser+ice & ints Use f IT

    ?d'isors @ranch 9etwork Limited use of IT

    Mu!ti C*anne! Access Mu!ti-!e Ser+ice

    & ints

    Use f IT

    ?d'[email protected] Corporate [email protected]

    Call [email protected] 9etwork

    (horter time aroundtimeClaimsPolicy Issuance

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    ICICI &ru2entia! Life Insurance C -an, is a -oint 'enture between ICICI @ank, a

    premier financial powerhouse and -ru2entia! -!c , a leading international financial

    ser'ices group head=uartered in the +nited Oingdom +O3. The company brings together

    the local market e pertise and financial strength of ICICI @ank and PrudentialEs

    International life insurance e perience. The company was granted a certificate of

    &egistration by the I&)? on 9o'ember 2%, 2$$$ and eighteen days later, issued its first

    policy on )ecember !2. ICICI Prudential was amongst the first pri'ate sector insurance

    companies to begin operations in )ecember 2$$$ after recei'ing appro'al from Insurance

    &egulatory )e'elopment ?uthority I&)?3.

    Brom its early days, ICICI Prudential seemed to ha'e the wherewithal for a large0scale

    business. @y ;arch *!, 2$$2, a little o'er a year since its launch, the company had issued!$$,$$$ policies translating into premium income of appro imately &s. !,2$$ million on

    a sum assured of o'er &s.2* billion. 7hen the company began its operations, the need

    was to build a brand that was relatable to, symboli ed trust and was easily recogni ed and

    understood. It launched a corporate campaign ICICI Prudential also made using the

    theme of M(indoorE to epitomi e protection, trust, togetherness and all that is IndianA

    endearing itself to the masses. The success of the campaign, Mthe calling card of the

    companyE saw the brand awareness scores almost at par with its %$ year old competitor.

    The theme of protection was also e tended to subse=uent product and category specific

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

    will be with its customers at e'ery step of life.

    Brom day one, the company has unflinchingly focused on being mass0market player,

    de'eloping products, creating a distribution network and deploying resources that would

    further its goal. ?part from ramping up thoroughly training its ad'isors, the company has

    twel'e [email protected] partners >the largest in the country. It swiftly re'ised and added toits initial range of products, pioneering market0linked products and pension plans, to offer

    customers the most fle ible life insurance policies in the country. In Bebruary 2$$%,

    ICICI Prudential increased its capital base by &s. #$$ million, its ninth capital hike,

    bringing the total paid >up e=uity capital to &s. 1,8#$ million. 7ith the authori ed capital

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    of the company standing at &s. !2 billion, ICICI Prudential continues to ha'e the highest

    capital base amongst all life insurers in the country. The challenge ICICI Prudential now

    faces is to retain its top0notch position and continue to deli'er the finest life insurance

    and pension solutions to its e'er0growing customer base.

    ICICI PrudentialEs e=uity base stands at &s. !! # crore with ICICI @ank and Prudential

    plc holding 8%/ and 21/ stake respecti'ely. Bor the year ended ;arch *!, 2$$1, the

    company garnered &s.2, %!2 crore of weighted new business premium and wrote *8,"1*

    policies. The sum assured in force stands at &s.%#, crore. The company has a

    network of o'er 82,$$$ ad'isorsA as well as " bancasurance partners and o'er 2$$

    corporate agent and broker tie0ups.

    ICICI Prudential is also the only pri'ate life insurer in India to recei'e a 9ational Insurer

    Binancial (trength rating of ??? Ind3 from Bitch ratings. The ??? rating is the highest

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

    to customers at the time of maturity or claims.

    Bor the past fi'e years, ICICI Prudential has retained its position as the 9o.! pri'ate

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

    Indian customer at e'ery step in life.

    @eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric,

    becoming the number one pri'ate life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst pri'ate life insurers in India, with branches

    in #% cities. The total number of policies issued stands at more than 8 $,$$$ with a total

    sum assured in e cess of &s.!1$ billion.

    ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$

    billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en

    mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The

    companyEs retail market share amongst pri'ate companies stood at *1/, making it clear

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    leader in the segment. To add to its achie'ements, in the year 2$$* $% it was ad-udged

    ;ost Trusted Pri'ate Life Insurer 5conomic Times M;ost Trusted @rand (ur'eyE by ?C

    9ielsen D&G0;?&G3. It was also conferred the MDutlook ;[email protected] Life InsurerE

    award for the second year running. The company is also proud to ha'e won (il'er at

    5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential

    was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2.

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

    choice. This has been the dri'ing force behind its multi0channel distribution strategy,

    which includes ad'isors, banks, direct marketing and corporate agents. In fact, ICICI

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

    choice and accessA thus reducing dependency on any one channel, great strides in theretirement solutions and pensions market.

    The CompanyEs penetration of the retirement market was dri'en by the focused approach

    towards creating awareness through sustained campaignA M&etire from work, not lifeE.

    7ithin si months, the campaign rewarded ICICI Prudential with an increased share of

    2*/ of the total pensions market and 8 / amongst pri'ate players. ICICI Prudential has

    one of the largest distribution networks amongst pri'ate life insurers in India, ha'ing

    commenced operations in !*2 cities and towns in India, stretching from @hu- in the westto Guwahati in the east, and Nammu in the north to Tri'andrum in the south.

    The company has " bank partnerships for distribution, ha'ing agreements with ICICI

    @ank, @ank of India, Bederal @ank, (outh Indian @ank, Lord Orishna @ank, and some

    co0operati'e banks, as well as o'er 2$$ corporate agents and brokers, it has also tied up

    with 9GDs, ;BIs and corporates for the distribution of rural policies.

    ICICI Prudential has recruited and trained more than 82,$$$ insurance ad'isors tointerface with and ad'ise customers. Burther, it le'erages its state0of0the0art IT

    infrastructure to pro'ide superior =uality of ser'ice to customers.

    A= ut t*e &r ters

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    ICICI Ban> 9H(5 [email protected] is IndiaEs second largest bank with an asset base of

    &s.2#!*. " billion as on ;arch *!, 2$$1. ICICI @ank pro'ides a broad spectrum of

    financial ser'ices to indi'iduals and companies. This includes mortgages, car and

    personal loans, credit and debit cards, corporate and agricultural finance. The @ank

    ser'ices a growing a customer base of more than !8 million customers through a multi

    channel access network which includes o'er 12$ branches and e tension counters, 22$$

    ?T;s, call centers and internet banking www.icicibank.com 3

    &RUDENTIAL -!c? 5stablished in London in ! % , through its business in the +O and

    5urope, the +( and ?sia, pro'ides retail financial ser'ices products and ser'ices to more

    than !1 million customers, policy holder and unit holders world wide. ?s of )ecember

    *!, 2$$#, the company had o'er +( %$$ billion in funds under management. Prudential

    has brought to market an integrated range of financial ser'ices products that now includes

    life assurance, pensions, mutual funds, banking, in'estment management and general

    insurance. In ?sia, Prudential is the leading 5uropean life insurance company with a 'ast

    network of 2* life and mutual fund operations in twel'e countries >China, ong Oong,

    India, Indonesia, Napan, Oorea, ;alaysia, the Philippines, (ingapore, Taiwan, Thailand

    and Fietnam.

    Ac*ie+e ents

    @eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric,

    becoming the number one pri'ate life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst pri'ate life insurers in India, with branches

    in #% cities. The total number of policies issued stands at more than 8 $,$$$ with a totalsum assured in e cess of &s.!1$ billion.

    ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed

    premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$

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    billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en

    mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The

    companyEs retail market share amongst pri'ate companies stood at *1/, making it clear

    leader in the segment. To add to its achie'ements, in the year 2$$* $% it was ad-udged

    ;ost Trusted Pri'ate Life Insurer 5conomic Times M;ost Trusted @rand (ur'eyE by

    ?C9eilsen D&G0;?&G3. It was also conferred the MDutlook ;[email protected] Life InsurerE

    award for the second year running. The company is also proud to ha'e won (il'er at

    5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential

    was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2.

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

    Prudential has embraced the M(IQ (IG;?E approach to =uality, an e ercise that beginsand ends with the customer from capturing his 'oice to measuring and responding to his

    e periences. This initiati'e is currently helping the company impro'e processes,

    turnaround times and customer satisfaction le'els. ?nother 9o'el introduction is the

    ICICI Prudential Lifestyle &ewards Club, IndiaEs first rewards programme for Life

    ?d'isorsA it allows ICICI Prudential ?d'isors to redeem points for items ranging from

    kitchenware to gold, white goods, and e'en international holidays.

    &r ti n

    ICICI Prudential is a case study in how ad'ertising and marketing can play a 'ital role in

    re0shaping an industry. It has demonstrated how an industry where the customer was

    nothing more than a policy number has changed to one where Mcustomer preferenceE rules

    the roost.

    @rand0building in a comple category like life insurance is an uphill and multi0faceted

    task. ?t the time of launching operations, the communications task was to buildcredibility, so as to gi'e the customer the confidence that it was Ma company that could be

    trusted to in'est funds withE. The aim was to encourage people to 'iew insurance not as a

    compulsory ta sa'ing instrument, but as a means to lead a worry0free, secure life and in

    the process, create the differentiator for brand ICICI Prudential.

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    The brand proposition for all the campaigns was reflected in the line M(uraksha 4indagi

    ke har kadam parE. The campaign featured a significant competiti'e ad'antage, the sound

    financial backing and credentials of ICICI Prudential, and showcased products from

    different segments. The ad'ertising idea was encapsulated in the symbol of protection >

    the M(indoorE. This campaign contributed e tensi'ely to raising brand awareness and

    creating a distincti'e identity for the company.

    The Company recently tied up with the Borbes (i (igma rated )abbawalla organi ation

    in ;umbai for a direct marketing e ercise. In a +ni=ue effort to create awareness about a

    ta sa'ing product, the company attached a creati'e of a bitten apple to ;umbaiEs

    ubi=uitous lunchbo es. It worked wonderfully with ;umbaiEs office0goers and one that

    translated into substantial business for the company.

    Bran2 Va!ues

    ;arket &esearch re'eals that the 'alues people associate with ICICI Prudential are,

    indeed, those that the company hopes to pro-ect lifelong protection and 'alue for money.

    The core 'alue is protecting your lo'ed ones, throughout lifeEs ups and downs. It is a

    powerful propositionA one, which ICICI Prudential, is taking into the market place.

    DISTRIBUTION SYSTEM

    Tie2 A%enc,

    Tied ?gency is the largest distribution channel of ICICI Prudential, comprising a large

    ad'isor force that targets 'arious customer segments. The strength of tied agency lies in

    an aggressi'e strategy of e panding and procuring =uality business. 7ith focus on sales people de'elopment, tied agency has emerged as a robust, predictable and sustainable

    business model.

    Bancassurance an2 A!!iances

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    ICICI Prudential was a pioneer in offering life insurance solutions through banks and

    alliances. 7ithin a short span of two years, and with nearly a large number of partners,

    @ ? has emerged as a 'ital component of the companyEs sales and distribution

    strategy, contributing to appro imately one third of companyEs total business.

    The business philosophy at @ ? is to le'erage distribution synergies with our partners

    and add 'alue to its customers as well as the partners. Ble ibility, adaptation and

    e perimenting with new ideas are the hallmarks of this channel.

    CUSTOMER SERVICE AND O&ERATIONS

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

    company to ensure consistent and =uality ser'ice to the customer. To streamline the

    operations, the Dperations department interfaces between the clients and the agents, the branches and the underwriters, and manages work processes.

    The Fision at Customer (er'ice is to deli'er M7orld Class (er'iceE at e'ery opportunity.

    +nits such as the " to " contact centre, Dutbound Call Centre, Customer Care and Juery

    &esolution +nit are all committed to pro'iding effecti'e solutions to o'er lakhs of

    customers across the country.

    Inf r ati n Tec*n ! %,

    The Information Technology function at ICICI Prudential is committed to enable

    business through the use of technology. It is segmented into % groups to enable highest

    le'els of deli'ery to the customers Life ?sia (olutions Group that pro'ides fle ibility in

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    designing better product offerings to end0users, the (olutions Group0 7eb that pro'ides

    real0time information to customers and is responsible for customer relationship

    management, IT ?rchitecture Corporate (olutions Group is in charge of de'eloping

    and maintaining a blueprint for the IT architecture for the enterprise as a whole. This

    team works as an in house & ) (olution Group, e ploring new technological initiati'es

    and also caters to information needs of corporate functions in the organi ation. IT

    Infrastructure group is responsible for pro'iding hardware, software, network ser'ices to

    the whole organi ation. This group runs the 6)igital 9er'ous (ystem6 of the 5nterprise at

    the highest le'els of efficiency and pro'ide robust, scalable and highly a'ailable platform

    for deployment of business application.

    Mar>etin%

    The ;arketing function at ICICI Pru co'ers an array of acti'ities 0 brand and media

    management, channel support, direct marketing and corporate communications. The

    @rand and Communications team is in charge of ad'ertising, consumer research, media

    planning buying and Public &elationsA that helps de'elop and nurture ICICIPrudential6s corporate identity while effecti'ely communicating its 'aried product

    offerings to the customer. Channel marketing pro'ides support to the sales force by

    streamlining the design and de'elopment of collaterals and sales tools across distribution

    channels. The )irect marketing team was set up to generate high =uality leads for

    profitable business. The team achie'es this through target database ac=uisition and

    communicating customi ed product information through e0mailers, telemarketing and

    inno'ati'e direct mailers.

    /inance

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

    aligned to shareholder e pectations. Binance basically comprises of four functions. .

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    Corporate Planning and ;I( pro'ide feedback on business strategies. This includes

    dri'ing the budgeting process, pro'iding strategic inputs for decision0making and

    management reporting and analysis. The ?ccounts function includes preparation and

    maintenance of financial records, funds management, and e pense processing and

    treasury operations. Compliance ensures that e'ery action is within the regulatory

    framework. This includes re'iewing compliance re=uirements and supporting the ethical

    framework of ICICI Pru life. Internal audit pro'ides assurance to the management o'er

    the organi ations6 control framework and includes process risk management, information

    security assessment and business continuity assessment.

    .u an Res urce

    The people strategy of ICICI Prudential is :To build a committed team with a culture of

    inno'ation, learning and growth. The uman &esource Bunction at ICICI Prudential

    dri'es the people strategy of the business. 7ith its initial focus on operational e cellence

    to deli'er benefits and ser'ices to staff members, & is now committed to building

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

    compensation system and a segmented training architecture enable it to deli'er 'alue tothe organi ation.

    Business [email protected]!!ence

    The @usiness 5 cellence function is committed to building a =uality mindset across the

    organi ation. ICICI Prudential is the first organi ation in the Insurance Industry that has

    adopted the (i (igma ;ethodology for process efficiency and measurement. The team

    is also dri'ing the ;alcolm @aldrige framework across the organi ation, an inter'ention

    that e amines management of key inputs for @usiness 5 cellence.

    Bancassurance

    Dne of the most significant ad'ances in the financial ser'ices sector o'er the past

    couple of years has been the growth of @ancassurance > which, in simplest terms,

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    ;ost of the @ancassurance operations in India fall into the first model, which in a way is

    =uite a prudent decision. The Indian @ancassurance scene as of now looks as promising

    as perilous, being a 'ast, une plored and uncharted e panse. ?s banks are =uite risk

    a'erse, it is but natural for them to withhold from making any long term commitment,

    which would be =uite costly if the @ancassurance business runs into trouble. In terms of

    the present regulatory framework, one bank can tie0up with only one life and one non0life

    insurer, while insurers ha'e the choice to tie0up with any number of banks. 7e also ha'e

    e amples of -oint 'entures between the bank and insurer such as (@I Life and ICICI

    Prudential.

    Sta%es in & !ic, Issuance

    1) &r - sa!

    ? Proposal (tage is the Birst stage before the policy is issued at CDP(. ?t this stage, the

    application form is recei'ed by CDP(, but it is pending for issuance due to further

    clarifications re=uired from the customer.

    ") L %in

    ? proposal which is complete i.e., duly filled with all necessary documents attached to it

    accepted by the @ranch ops, is called a Login

    ) Re ect

    ?n ?pplication gets re-ected at the @ranch Dps le'el due to necessary details not filled in

    the form or necessary documents not submitted is a &e-ect. It is then sent back to the

    ?d'isor for completion.

    4) Issuance

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

    5) Dec!ine Status

    7hen a customer refuses to take a policy post login but before Issuance is called a

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    )ecline

    6) Cance!!ati n

    7hen the che=ue gi'en by the customer bounces, it amounts to cancellation of the policy

    8) La-se

    ? policy for which the Customer fails to pay subse=uent premiums is a Lapsed Policy.

    9) /ree! >

    Post issuance of the policy, the policyholder has the option to turn down the policy within

    !# days from the date of issuance. This period of !# days is called Breelook Period.

    7) Surren2er: 7hen a customer wants to discontinue with the policy.

    The joint strengths

    A powerful joint venture partnership with each carrying a set of strengthscomplementing each others

    Reputation

    Insuranceexpertise

    Product

    Distribution

    Operations

    rand strength

    Infrastructure

    !ustomer base

    "ocal #nowledge

    $ar#et Innovators

    PR%D&'TIA"I!I!I

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    " 4 &RODUCT SERVICES &RO/ILE

    ICICI PrudentialEs ultimate promise is financial security. ? strong brand certainly boosts

    sale, but without customer0friendly, inno'ati'e products, e'en the best brand would not

    last long.

    ICICI PrudentialEs product range has been de'eloped on the understanding that different

    people ha'e their own sets of needs at 'arious stages of their li'es. It has thus built a

    fle ible portfolio of products that can be customi ed to cater to 'arying needs of people

    at each stage, and thus ensure protection in e'ery step of life. The companyEs philosophy

    has been to help customers understand their financial needs and work closely with them

    to customi e a product that would meet. ?d'isors can offer a complete range of products

    >(a'ings plans, Child plans, ;arket0linked plans, Protection plans, and &etirement plans

    > and tailor a fle ible solution to meet customersE changing needs at e'ery stage of life.

    In fact, ICICI Prudential was the first to un0bundle product benefits, pioneering the

    concept of MridersE and soon after introduce comprehensi'e market0linked and retirement

    plans.

    ICICI Prudential has launched a handful of products that are analy ed below

    ICICI Prudential6s life insurance products may be loosely categori ed under three forms

    pure life insurance products without an in'estment angle to themA a product that is a mi

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    of a cumulati'e in'estment scheme and an insurance productA and, finally, standard

    products such as money0back and endowment policies.

    Sin%!e &re iu B n2 The (ingle Premium @ond is the name of a policy that combinesthe features of an in'estment in a cumulati'e deposit scheme with that of an insurance

    product.

    Policy0holders are re=uired to pay a one0time premium based on a target sum assured. ?t

    maturity, the policy0holder gets the sum assured and guaranteed additions that work out

    to a compound return of %.# per cent the sum assured.

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

    case of the demise of the policy0holder. The si e of the death benefit is linked to thenumber of years left for the policy to e pire. Dn maturity date, the maturity 'alue is also

    paid in addition to the death benefits that would ha'e been paid earlier.

    Life (uar2 - !icies The company offers two pure life insurance products that ha'e an

    umbrella name, Life Guard. Dne of them in'ol'es a one0time premium for which there

    are no maturity benefits. The other re=uires regular premium payments that are returned

    at the end of the policy. Life Guard offers absolutely no in'estment0related return and is

    suitable for indi'iduals looking for an unadulterated insurance package.

    Insurance S !uti ns f r In2i+i2ua!s

    ICICI Prudential Life Insurance offers a range of inno'ati'e, customer0centric products

    that meet the needs of customers at e'ery life stage. Its products can be enhanced with up

    to # riders, to create a customi ed solution for each policyholder.

    Sa+in%s S !uti ns

    Secure Plus is a transparent and feature0packed sa'ings plan that offers * le'els

    of protection.

    Cash Plus is a transparent, feature0packed sa'ings plan that offers * le'els of

    protection as well as li=uidity options.

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    Save n Protect is a traditional endowment sa'ings plan that offers life protection

    along with ade=uate returns

    CashBa is an anticipated endowment policy ideal for meeting milestone

    e penses like a childEs marriage, e penses for a childEs higher education or purchase of an asset.

    L!"eT!#e an$ L!"eT!#e II offer customers the fle ibility and control to customi e

    the policy to meet the changing needs at different life stages. 5ach offer % fund

    options >Preser'er, Protector, @alancer and ;a imiser.

    L!"eL!n Su%er is a single premium +nit Linked Insurance Plan which combines

    life insurance co'er with the opportunity to stay in'ested in the stock market.

    Pre#!er L!"e is a limited premium paying plan that offers customers life

    insurance co'er till age of 8#.

    InvestSh!el$ L!"e is a +nit Linked plan that pro'ides capital guarantee on the

    in'ested premiums and declared bonus interest.

    InvestSh!el$ Cash is a +nit Linked plan that pro'ides capital guarantee on the

    in'ested premiums and declares bonus interest along with fle ible li=uidity

    options. InvestSh!el$ &ol$ is a +nit Linked plan that pro'ides capital guarantee on the

    in'ested premiums and declares bonus interest along with limited premium

    payment terms.

    &r tecti n S !uti ns

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    L!"e&uar$ is a protection plan, which offers life co'er at 'ery low cost. It is

    a'ailable in * options >le'el term assurance with return of premium and single

    premium.

    'o#e(ssure is a mortgage reducing term assurance plan designed specifically tohelp customers co'er their home loans in a simple and cost0effecti'e manner.

    C*i!2 &!ans

    S#art)!$ education plans pro'ide guaranteed educational benefits to a child

    along with life insurance co'er for the parent who purchases the policy. The

    policy is designed to pro'ide money at important milestones in the childEs life.

    (martOid plans are also a'ailable in unit0linked form > both single premium and

    regular premium.

    Retire ent S !uti ns

    ForeverL!"e is a retirement product targeted at indi'iduals in their thirties.

    SecurePlus Pens!on is a fle ible pension plan that allows one to select between *

    le'els of co'er.

    Mar et*l!n e$ ret!re#ent %ro$ucts

    L!"eT!#e Pens!on II is a regular premium market0linked pension plan. L!"eL!n Pens!on II is single premium market linked pension plan.

    InvestSh!el$ Pens!on is a regular premium pension plan with a capital guarantee

    on the in'estible premium and declared bonuses

    &ol$en Years+ is a limited premium paying retirement solution that offers ta

    benefits up to &s !$$,$$$ u s $C, with fle ibility in both the accumulation and

    payout stages.

    .ea!t* S !uti ns

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    e=ual to the rider sum assured under the policy. If the death occurs while

    tra'eling in an authori ed mass transport 'ehicle, the beneficiary will be

    entitled to twice the sum assured as additional benefit.

    2. (cc!$ent Bene"!t+ This rider option pays the sum assured under the rider on

    death due to accident.

    *. Cr!t!cal Illness Bene"!t+ Protects the insured against financial loss in the e'ent

    of " specified critical illnesses. @enefits are payable to the insured for medical

    e penses prior to death

    %. Inco#e Bene"!t+ This rider pays the !$/ of the sum assured to the nominee

    e'ery year, till maturity, in the e'ent of the death of the life assured. It is

    a'ailable in (martOid, (ecurePlus, and CashPlus.

    #. Wa!ver o" Pre#!u#+ In case of total and permanent disability due to an

    accident, the premiums are wai'ed till maturity. This rider is a'ailable with

    (ecurePlus and CashPlus.

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    DATA ANALYSIS AND INTER&RETATION

    !. ?ge of the respondents

    P?&TICT+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

    Less than 2# !! !!/2# 0 *# %$ %$/*# 0 %# 2$ 2$/?bo'e %# 2" 2"/TDT?L !$$ !$$

    0

    20

    40

    60

    80

    100

    Lessthan 25

    25 - 35 35 - 45 Above45

    TOTAL

    Age of the Respondents

    NO.OF.RESPONDENT PERENTA!E

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    ANALYSIS:

    Brom the sur'ey it was found that amongst !$$ respondents

    a3 !!/ of the respondents are less than 2# years old. b3 %$/ of the respondents are between 2# and *# years of age.c3 2$/ of the respondents are between *# and %# years of age.d3 2"/ of the respondents are more than %# years of age.

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    2. Jualification of the respondents.

    P?&TIC+?L& 9D.DB.&5(PD9)59T P5&C59T?G5Graduate #2 #2/Post Graduate 2" 2"/)iploma /Dther discipline !! !!/TDT?L !$$ !$$/

    0

    20

    40

    60

    80

    100

    NO.OF.RESPONDENT

    PER ENTA!E

    Qualification of the Respondents

    !"a#$ate Post !"a#$ate D%&'o(a

    Othe" #%s)%&'%ne TOTAL

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    ANALYSIS:

    Brom the sur'ey it was found that amongst !$$ respondentsa3 #2/ of the respondents were graduate

    b3 2"/ of the respondents were post graduatec3 / of the respondents were diplomad3 !$/ of the respondents were other discipline

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    *3 Dccupation of the respondents

    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&[email protected] man *% *%/Professionals ! ! /Nob holders *8 *8/Dthers !! !!/TDT?L !$$ !$$/

    0

    20

    4060

    80

    100

    NO.OF.RESPONDENT

    Occupation of the Respondents

    *$s%ness (an P"o+ess%ona's ,ob ho'#e"s

    Othe"s TOTAL

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0* 0

    ANALYSIS:

    Brom the sur'ey it was found that amongst !$$ respondents

    a3 *%/ of the respondents are businessmen. b3 ! / of the respondents are professionals.c3 *8/ of the respondents are -ob holders.d3 !!/ of the respondents are background.

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    %3 ?'erage annual income of respondents.

    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5+p to ! lakh ** **/! lakh 0 * lakh %* %*/* lakh 0 # lakh 2$ 2$/# lakh abo'e % %/TDT?L !$$ !$$/

    0

    20

    40

    60

    80

    100

    NO.OF.RESPONDENT

    Average annual income of

    respondents(

    & to 1 'a h

    1 'a h - 3 'a h

    3 'a h - 5 'a h

    5 'a h / above

    TOTAL

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0*"0

    ANALYSIS:

    Brom the sur'ey it was found that amongst !$$ respondents

    a3 **/ of the respondents ha'e an a'erage annual income up to !

    lakh b3 %*/ of the respondents ha'e an a'erage annual income from !lakh to * lakh

    c3 2$/ of the respondents ha'e an a'erage annual income from *lakh to # lakh

    d3 %/ of the respondents ha'e an a'erage annual income abo'e #lakh

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    #3 Bamily si e of respondents

    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

    @elow # members #$ #$/# 0 !$ members *2 *2/?bo'e !$ members 2 2 /TDT?L !$$ !$$/

    )A$I"* +I,&

    50

    32

    28

    be'o 5 (e(be"s

    5- 10 (e(be"

    above 10 (e(be"

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0%$0

    ANANLYSIS:

    Brom the sur'ey it was found that amongst !$$ respondents

    a3 #$/ of the respondents are below # members. b3 *2/ of the respondents are between # to !$ members.

    c3 2 / of the respondents are abo'e !$ members.

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    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

    Hes !8 !8/ 9o * */

    TDT?L !$$ !$$/

    0

    20

    40

    60

    80

    100

    NO.OF.RESPONDENT

    Awareness of I!I!I Pru

    es No TOTAL

    3 ?wareness regarding insurance.

    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0%20

    ANALYSIS:

    Brom the sur'ey it was found that amongst !$$ respondents

    a3 */ of the respondents say that they are aware of ICICIPrudential life insurance co.

    b3 !8/ of the say that they are unaware of ICICI Prudential lifeinsurance co

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    Hes 2 2/ 9o " " /TDT?L !$$ !$$/

    0102030

    40506008070

    100

    es No TOTAL

    I'+%RA'!& A-AR&'&++

    NO.OF.RESPONDENT

    PER ENTA!E

    "3 / of respondents who are under different plans of ICICI Prudential life insurance co.

    P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

    In'est gain plan %! %!/

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0%*0

    ANALYSIS:Brom the sur'ey it was found that amongst !$$ respondents

    a3 " / of the respondents say that they are aware of insurance. b3 Dnly 2/ are unaware of insurance.

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    ?dditional benefit 2$ 2$/;aturity date !2 !2/(um ?ssured /TDT?L !$$ !$$/

    010203040

    506008070

    100

    1 2

    enefits of Particular Products

    R%s )ove"a e

    A##%t%ona' bene+%t

    :at$"%t #ate

    S$( Ass$"e#

    TOTAL

    !!3 / of disad'antages in insurance plan

    P?&TIC+?L&( 9D.DB.&5(PD9)59T P5&C59T?G5Li=uidity *# *#/Lapsation 2$ 2$/+nable to decide premium !" !"/igh risk co'erage !% !%/Bi ed Term !2 !2/TDT?L !$$ !$$/

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0%#0

    ANALYSIS:a3 *1/ of the respondents say that a benefit of choosing the particular

    Product is for (afety of life. b3 2$/ of the respondents say that a benefit of choosing the particular

    products is for additional benefit to familyc3 !2/ of the respondents say that a benefit of choosing the particular

    products is for maturity dated3 / of the respondents say that a benefit of choosing the particular

    products is for sum assured

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    0

    20

    40

    6080

    100

    NO.OF.RESPONDENT

    Disadvantages in Insurance Plans

    L%;$%#%t La&sat%on

    -nab'e to #e)%#e &"e(%$(

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    TDT?L !$$ !$$/

    I'.&+T$&'T A.&'%&+

    40

    25

    10

    11

    57

    R.D

    E;$%t

    *a'an)e# +$n#

    :$t$a' F$n#

    Debt F$n#

    ash F$n#

    /INDIN(S

    Dn an analysis and e'aluation of the data collected from the respondents the

    following findings were found.

    @efore establishment of pri'ate concerns the share of LIC was 22/ hence there is

    a wide scope for pri'ate concerns to enter in to market.

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0%80

    ANALYSIS:

    Brom the sur'ey it was found amongst !$$ respondents

    a3 %$/ of respondents say that they want to in'est in &.) b3 2#/ of respondents say that they want to in'est in e=uityc3 !$/ of respondents say that they want to in'est in balanced fund

    d3 !!/ of respondents say that they want to in'est in mutual funde3 #/ of respondents say that they want to in'est in debt marketf3 "/ of respondents say that they want to in'est in cash

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    Total !$$ respondents ha'e been approached out of which 8# are the potential

    respondents who ha'e shown interest for in'estment and finance plan

    ?bo'e 2$/ of respondents are shown interest for in'estment and financial plan

    ?bout **.**/ of respondents are not interest to gi'e their personal records.

    ?bout !2.18/ of respondents ha'e already been co'ered by other insurance

    companies.

    ?bout !$/ of respondents ha'e gi'en in'alid records.

    ?bout !$/ of respondents are newly employed or trainees.

    ?bout !$/ of respondents interested for in'estment plan after knowing ICICI

    P&+)59TI?L LIB5 I9(+&?9C5 products.

    RECOMMENDATIONS TO COM&ANY:

    (ince ICICI Prudential Life Insurance co. ltd is the largest in terms of B)I in'ested, in

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

    positi'e stands of the company place at the number one position. Dn second aspect

    whate'er amount of money ICICI Prudential sa'e, can be used to increase the no. of

    policies, which will helpful to increase the market share of the company. (ince thecustomers think about the companies in the industry, when they in'est money in the life

    insurance industry. (o itEs necessary to increase the market share of the company. There

    are some recommendations.

    O-en s e re =ranc*es in se i ur=an an2 rura! area

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

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

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

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0% 0

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    @ecause they are the one who interact directly with the customers. (o good

    training will gi'e them the right way to deal with the potential customers.

    UESTIONNAIRE

    )ear (ir ;adam, I am a student of Fis'es'arya Technological +ni'ersity @elgaum, conducting a

    marketing sur'ey on C#$S%&' '*A+,#% A$- C%S #&' SA ,S/AC ,#$ of ,C,C, 0rudential 1,/' ,$S% A$C'! ,$ angalore C, 2. I re=uest you to fill this=uestionnaire I assure that this data will be used only for study purpose it will bekept confidential.

    !. 9ame RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0#$0

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    2. ?ddress RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

    *. ?ge

    a. Less than 2# c. *#0%# b. 2# > *# d. %# and abo'e

    %. Jualification

    a. Graduate c. )iploma b. Postgraduate d. Dther discipline

    #. Dccupation

    a. @usiness c. Nob holder b. Professional d. Dther

    1. 7hat is your a'erage annual incomeS

    a. +p to ! lakh b. ! lakh to * lakhsc. * lakhs to # lakhsd. # lakhs and more

    8. Hour family si e

    a. @elow # members b. # > !$ membersc. ?bo'e !$ members

    8. ?ccording to you life insurance is,a. ? ta sa'ing plan

    b. ? sa'ing scheme with good returnc. ? financial security for the familyd. &isk co'eragee. ?ll the abo'e

    . a'e you taken any life insurance product of ICICI Prudential Life insuranceS

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0#!0

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    H5( 9D

    If yes". 7hich are in theseS

    a. +nit gain plan

    b. In'est gain planc. 7hole life pland. Children plane. Pension planf. Dthers RRRRRRRRRRRRRRRRRR

    !$. ?re you aware of the benefits in your policyS Hes 9o

    If yes what are theyS

    (um assured

    ?dditional benefits;aturity date&isk co'erage

    !!. ?ccording to you what are the disad'antages in an insurance planS

    LapsationLi=uidityBi ed term+nable to decide your premium+nable to decide the sum assuredigh risk co'erage at high premiumsDther disad'antages

    !2. In which of the following would you like to in'estS

    5=uity fund)ebt [email protected] fundCash fund;utual fund&ecurring deposits

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0#20

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    !*. ?ny suggestion for ICICI Prudential Life Insurance RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

    RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

    Thank you for sparing your 'aluable time

    BIBLIO(RA&.Y

    Mar et!n. Mana.e#ent by Philip Ootler, Pearson 5ducation 2 nd ed.

    Consu#er Behav!or by Leon G.(chiffman, Prentice0 all India th ed.

    IRD( /ournal

    ICICI Pru$ent!al Co#%an- #a.a0!nes

    Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

    0#*0

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    Ne1s%a%er an$ Bus!ness #a.a0!nes

    EBSITES

    .iciciprulife.com .google.co.in3indian insurance industry

    .irdaindia.org

    http://www.iciciprulife.com/http://www.google.co.in/indian%20insurance%20industryhttp://www.irdaindia.org/http://www.iciciprulife.com/http://www.google.co.in/indian%20insurance%20industryhttp://www.irdaindia.org/