analysis of icici prudential

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A

Project Study Report

On

ANALYSIS OF ICICI PRUDENTIALLIFE INSURANCE

Submitted in partial fulfillment for the

Award of degree of

Master of Business Administration

Submitted by Submitted to

Miss Saloni Garg Miss Swati jain

PSOM 2ndYear

POORNIMA SCHOOL OF MANAGEMENT

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CERTIFICATE

This is to certify that MS. SALONI GARG of MBA fourth semester of POORNIMA

COLLEGE OF ENGINEERING, Jaipur, has completed her project report on the topic of

ICICI PRUDENTIAL LIFE INSURANCE under the supervision of MS. SWATI

JAIN, Faculty member, PSOM

To best of my knowledge the report is original and has not been copied or submitted

anywhere else. It is an independent work done by her.

MS. SWATI JAIN

Faculty, PSOM, Jaipur.

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ACKNOWLEDGEMENT

I express my sincere thanks to my project guides, Ms. SWATI JAIN, MS.

MAUSAMI BANDYOPADHAYAY (Faculty) Department of Management Studies,

Poornima College of Engineering, Jaipur and Mr. SACHIN JAIN for guiding me right

from the inception till the successful completion of the project. I sincerely acknowledge

him for extending their valuable guidance, support for literature, critical reviews of

project and the report and above all the moral support he had provided to me with all

stages of this project.

I would like to thank RAJASTHAN TECHINICAL UNIVERSITY for giving anopportunity to work on a valuable project.

I would also like to thank the supporting staff of Poornima school of management,

for their help and cooperation throughout our project.

Saloni garg

MBA 4th Sem.

(psom)

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PREFACE

This project report has been prepared as per the requirement of the syllabus of

MBA course structure under which the students are required to undertake real

life short term corporate study. The vision of this project study is to evaluate

which brand of detergent is prefer by customers at Jaipur city in Rajasthan.

Performing such study and surveying the market was a firsthand experience for

me. I was exposed to the professional set-up and faced the market, which was

really a great experience.

During project period, I had very touching experiences. When business is

involved, experiences counts a lot, as we know, experience are an instrument,

which leads towards success. We all know that working in market on the grass

route level has always been a pleasure.

Now I take this opportunity to present the project report and sincerely hope that it

will be as much knowledge enhancing to the readers as it was to use during the

fieldwork and the completion of the report.

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EXECUTIVE SUMMARY

ICICI PRUDENTIAL Life insurance is the oldest life insurance company in the

world. It is the largest insurer in the UK and is the 28th

largest company in theworld. In India, the company is marketing life insurance products and unit linked

investment plans. From my research at ICICI , I found that the company has a lot

of competition from other private insurers like HDFC, Aviva, Birla Sun Life and

Tata AIG. It also faces competition from LIC. To compete effectively ICICI

PRUDENTIAL could launch cheaper and more reasonable products with small

premiums and short policy terms (the number of years premium is to be paid).

The ideal premium would be between Rs. 5000 Rs. 25000 and an ideal policy

term would be 10 20 years.

ICICI must advertise regularly and create brand value for its products and

services. Most of its competitors like Aviva, HDFC, Max, Reliance and LIC use

television advertisements to promote their products. The Indian consumer has a

false perception about insurance they feel that it would not benefit them if they

do not live through the policy term. Nowadays however, most policies are unit

linked plans where a customer is benefited even if their death does not occur

during the policy term. This message should be conveyed to potential customers

so that they readily invest in insurance.

Family responsibilities and high returns are the two main reasons people invest

in insurance. Optimum returns of 16 20 % must be provided to consumers to

keep them interested in purchasing insurance.

TABLE OF CONTENTS

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1. Intoduction to the industry

2. Introduction to the organization

3. Research Methodology

3.1 Title of the study

3.2 Duration of the study

3.3 Objective of the study

3.4 Type of research3.5 Sample size

3.6 Scope of the study

3.7 Limitation of the study

4. Interpretation & analysis

5. Facts & findings

6. SWOT

7. Conclusion

8. Recommendation9. Appendix

10. Bibliography

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life insurance is the bridge which covers the economic gap

between the time a man dies & the time he should die

INTRODUCTION OF INDUSTRY

Insurance is a legal Contract that protects people from the financial costs those

results from loss of life, loss of health, lawsuits, or property damage. Insurance

provides a means for individuals & society to cope up with some of the risks

faced in every day life by every body. People purchase contracts of insurance,

called a Policy, from various insurance companies.

Insurance can be divided into three categories:

1) Life Insurance

2) General Insurance

3) Health Insurance

Life insurance is a contract for payment of a sum of money to the person assured

on the happening of the event insured against. Usually the contract provides for

the payment of an amount on the date of maturity or at specified intervals or at

unfortunate death. The contract also provides for payment of premium

periodically to the corporation by the assured.

General insurance includes many areas of insurance like marine, motor,

engineering, health, fire, etc. The contract provides for the payment of an amount

on the happening of some contingency. These types of contracts are annual in

nature.

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History of insurance

In some sense we can say that insurance appears simultaneously with the

appearance of human society. We know of two types of economies in human

societies: money economies (with markets, money, financial instruments and so

on) and non-money or natural economies (without money, markets, financial

instruments and so on). The second type is a more ancient form than the first. In

such an economy and community, we can see insurance in the form of people

helping each other. For example, if a house burns down, the members of the

community help build a new one. Should the same thing happen to one's

neighbour, the other neighbours must help. Otherwise, neighbours will not

receive help in the future. This type of insurance has survived to the present day

in some countries where modern money economy with its financial instruments is

not widespread (for example countries in the territory of the former Soviet Union).

Turning to insurance in the modern sense (i.e., insurance in a modern money

economy, in which insurance is part of the financial sphere), early methods of

transferring or distributing risk were practised by Chinese and Babylonian traders

as long ago as the 3rd and 2ndmillennia BC, respectively.[8]

Chinese merchantstravelling treacherous river rapids would redistribute their wares across many

vessels to limit the loss due to any single vessel's capsizing. The Babylonians

developed a system which was recorded in the famous Code of Hammurabi, c.

1750 BC, and practised by early Mediterranean sailing merchants. If a merchant

received a loan to fund his shipment, he would pay the lender an additional sum

in exchange for the lender's guarantee to cancel the loan should the shipment be

stolen.

Achaemenian monarchs of Ancient Persia were the first to insure their people

and made it official by registering the insuring process in governmental notary

offices. The insurance tradition was performed each year in Norouz (beginning of

the Iranian New Year); the heads of different ethnic groups as well as others

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