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SUBMITTED TO: SUBMITTED BY:

DR.RAGHBIR SINGH KANIKA KHOSLA

ROLL NO. 1052

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INTRODUCTION REVIEW OF LITERATURE ABOUT IRDA COMPANY PROFILE

COMPANY PRODUCTS OBJECTIVES OF THE STUDY RESEARCH METHODOLOGY LIMITATIONS OF THE STUDY SWOT ANAYSIS ANALYSIS AND INTERPRETATION FINDINGS SUGGESTIONS

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WHAT IS LIFE INSURANCE? Insurance is an agreement that guarantees

the payment of a stated amount of

monetary benefits at the end of specifiedterm or on the death of life insured.

Factors affecting insurance cost

Age

Health income

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Financial security Familys protection

Childs education

Savings Retirement

health

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ADVENT OF EAST INDIA COMPANY

ORIENTAL COMPANY,1818

INSURANCE ACT,1870

NATIONALISATION OF LIFE INSURANCE,1956

PRIVATISATION,1991

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ICICI prudential lifeinsurance company is ajoint venture between ICICIbank and prudential plc.

ICICI bank holding a stakeof 74% and prudential plc

holding 26%. Began operations in 2000. 2100 branches. 1,116 micro offices. 2,90,000 advisors. 18 bancassurance partners.

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Understanding needs

Leveraging technology

risk management

Learning environment

transparency

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UNIQUE PAYERWAIVER BENEFIT(PWB)

IN CASE OF DEATH OFPARENT, COMPANY PAYSALL FUTURE PREMIUMS ONBEHALF OF THE PARENT

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ICICI Prudential GroupGratuity Plan

ICICI Prudential GroupSuperannuation Plan

ICICI Prudential GroupTerm Plan

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FOREVER LIFE

LIFETIME PENSION

INVEST SHIELDPENSION

SECURE PLUSPENSION

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Accident &disability benefitAccident benefitMajor surgicalassistance benefitIncome benefitCritical illnessbenefitWaiver of premium

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LIFE STAGE WEALTH ELITE WEALTH

FUTURE SECURE

PINNACLE SUPER WEALTH BUILDER

WHOLE LIFE

LIFETIME PREMIER

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To understandcustomer attitude

towards insurance

and the company.

To measuresatisfaction level

of the customers.

To create an

image of the

company.

To determine the

potential buyers.

To understand

the needs.

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JUSTIFICATION

TO IDENTIFY SHORTCOMINGS

TO BE AWARE OF COMPANYS PROFILE

TO CREATE EFFECTIVE DATABASE

TO CREATE BRAND AWARENESS

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DATA COLLECTING METHODS

questionnaire

interview

Primary

directory

Database

from internet

secondary

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Time constraint Limited study

Some outdated telephone numbers

Less interested respondents Wrong perception about private insurance co.

Difficulty in getting appointment

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2ndLargest ininsurancesector in

India

Initialpaid upcapital:

150Crores

Presentpaid upcapital:8114

Crores

No ofpolices:1 Million

Premium:1584

Crores

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Non-governmentorganization -people arehaving more faith on L.I.C.Not reachable to the village

area still.

Most of the people are ofthe thought that private lifeinsurance company will not

last for long and hence, theyprefer to invest in

Government undertaking

Slightly less brandawareness for brand of ICICI

Prudential.

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opportunities

Biggestfinancialorganizationin India

Over 76%people in Indianot

insuranced

Goodinfrastructure.

Now daysmore peopleare conscious

about theinsurance.

threats

competition heavymarketing.

Rational

decision

making

Monopolyof LIC

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OVERALL AWARENESS RATE IN LIFE INSURANCE -MEDIUM

AWARENESS RATE ABOUT THE CO.- 86%

USAGE- 58%

BRAND IMAGE- 25%

PREFERRED INVESTMENT AREA- 36%

RELIABILITY ON ANOTHER CUSTOMER VIEWS- 73%

SATISFACTION RATE - 70%

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Satisfactory services Good usage rate

Slightly less awareness

Low awareness in rural areas

Less usage in lower income groups

major competitor LIC

Major reason for opting the co. is attractive

policies

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increase the awareness of insurance.

concentrate on interest rates.

introduce quality products.

decrease the premium of the products.

concentrate on rural areas.

update the customers about changes

Consider the middle level families

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OVERALL BRAND IMAGE OF ICICI PRUDENTIALLIFE INSURANCE COMPANY IS AT NO. 1AMONG THE PRIVATE PLAYERS IN THEINDUSTRY.

TO COMPETE WITH LIC IT NEEDS TO INCREASEBRAND AWARENESS

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