chandan final report

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A

PROJECT REPORT

ON

“Customer satisfaction survey on insurance products of

ICICI

PRUDENTIAL”

Submitted To: Submitted By:Mr Manish Sharma Chandan Malhotra

Project Guide FMS/MBA/196

(9971770673)

Submitted In Partial Fulfilment of Masters of Business Administration for

the Batch 2009-2011

Faculty Of Management Studies

(Manav Rachna International University , Faridabad)



CERTIFICAT

E

TO WHOM SO EVER IT MAY CONCERN

This is to certify that Chandan Malhotra a student of Masters of Business

Administration Programme (MBA), Manav Rachna International University

Has successfully completed his project under my supervision. He made this project to my.

entire satisfaction and as per requirement of the course

……...

Mr . Manish sharma

(PROJECT GUIDE)

Acknowledgemen

t

I express my sincere gratitude to the management of ICICI PRUDENTIALCOMPANY Pvt. Ltd, for providing me material to prepare my project on

their esteem organization.

I would like to thanks Dr. Chavi Bhargav (Director) who has been a constant

source of inspiration and my special thanks to Mr Manish sharma (project

guide from the institute) for his extensive guidance, cooperation and

support.

Finally, I wish to express my gratitude to all those who have in one way or

other helped me in the successful completion of my project report.

The Project was completed successfully with the valuable cooperation of

company’s personnel.

CHANDAN MALHOTRA

3



TABLE OF CONTENTS

Certificate from the OrganizationCertificate from the InstituteAcknowledgementExecutive Summary

Chapter-1 Introduction Page No 1.1 Customer Satisfaction 8

Overview of the Industry 10 1.2

1.3 Objectives of the study 131.4 Profile of the Organisation 14

Overview of ICICI PRUDENTIAL 16 -

Vision & Values 18 -

Promoters 19 -

Fact Sheet -

20

- Sales Distribution 21- Management Profile 22- Brand Values 23- Achievements 24- Products 25- Stages in Policy issuance 30

1.5 Comparative Study 321.6 SWOT Analysis 40

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Chapter-2 Research Methodology

Statement of the Problem 46 2.1

2.2 Research Design 462.3 Methodology 472.4 Sampling Techniques used 472.5 Selection of Sample Size 482.6 Data Collection 482.7 Statistical Tools Used 49

Limitations of the Study 49 2.8

Chapter-3 Data Analysis and Findings 50

Chapter-4 Conclusion and Suggestions 63

Annexure 66

QuestionnaireBibliography 70

5



.

EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the ICICIPRUDENTIAL insurance Company ltd. It is done to find out whether thecustomers are satisfied with the Benefits they get with their respective

policies or notFurther, in this ProjectChapter 1 includes the introduction of the company wherein I told about theObjectives of the study and profile of the ICICI Prudential.Chapter 2 includes the Research Methodology wherein I have discussed theResearch Design and Various sources of the Data Collection.Chapter 3 includes the Data analysis and Findings wherein I have analyzethe data collected from the Questionnaire.Chapter 4 represents the conclusion and the suggestions based on thecustomer satisfaction survey.

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INTRODUCTION

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Customer SatisfactionWhat is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the productsor services they receive from a particular agency. The level of satisfaction isdetermined not only by the quality and type of customer experience but also

by the customer’s expectations.A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agencyand• receives or relies on one or more of your agency’s services or

products.Customers in human services are commonly referred to as service users,consumers or clients. They can be individuals or groups.An organisation with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organisations will:

• determine the customers expectations when they plan

• listen to the customer as they design• focus on the delivery of customer service activities• Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important inInsurance Sector:

• Meeting the needs of the customer is the underlying rationale for theexistence of community service organizations. Customers have a rightto quality services that deliver outcomes.

• Organizations that strive beyond minimum standards and exceed the

expectations of their customers are likely to be leaders in their sector.• Customers are recognized as key partners in shaping service

development and assessing quality of service delivery.

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The process for measuring customer satisfaction and obtaining feedback onorganizational performance are valuable tools for quality and continuousservice improvement.

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Overview of the Industry

The insurance industry provides protection against financial losses resultingfrom a variety of perils. By purchasing insurance policies, individuals and

businesses can receive reimbursement for losses due to car accidents, theftof property, and fire and storm damage; medical expenses; and loss of income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers)and insurance agencies and brokerages. In general, insurance carriers arelarge companies that provide insurance and assume the risks covered by the

policy. Insurance agencies and brokerages sell insurance policies for thecarriers. While some of these establishments are directly affiliated with a

particular insurer and sell only that carrier’s policies, many are independentand are thus free to market the policies of a variety of insurance carriers. Inaddition to supporting these two primary components, the insurance industryincludes establishments that provide other insurance-related services, such asclaims adjustment or third-party administration of insurance and pension

funds.Insurance carriers assume the risk associated with annuities and insurance

policies and assign premiums to be paid for the policies. In the policy, thecarrier states the length and conditions of the agreement, exactly whichlosses it will provide compensation for, and how much will be awarded. The

premium charged for the policy is based primarily on the amount to beawarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in

premiums, building up a portfolio of financial assets and income-producing

real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: direct andreinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or

part of the risk associated with the existing insurance policies originallyunderwritten by other insurance carriers.Direct insurance carriers offer a variety of insurance policies. Life insurance

provides financial protection to beneficiaries—usually spouses anddependent children—upon the death of the insured. Disability insurancesupplies a preset income to an insured person who is unable to work due to

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injury or illness, and health insurance pays the expenses resulting fromaccidents and illness. An annuity (a contract or a group of contracts thatfurnishes a periodic income at regular intervals for a specified period)

provides a steady income during retirement for the remainder of one’s life.Property-casualty insurance protects against loss or damage to propertyresulting from hazards such as fire, theft, and natural disasters. Liabilityinsurance shields policyholders from financial responsibility for injuries toothers or for damage to other people’s property. Most policies, such asautomobile and homeowner’s insurance, combine both property-casualtyand liability coverage. Companies that underwrite this kind of insurance arecalled property-casualty carriers.Some insurance policies cover groups of people, ranging from a few tothousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among themost common policies of this nature are group life and health plans.Insurance carriers also underwrite a variety of specialized types of insurance,such as real-estate title insurance, employee surety and fidelity bonding, andmedical malpractice insurance.In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites have emerged. These sites allow potential customers toinput information about their insurance policy needs. For a fee, the sitesforward customer information to a number of insurance companies, whichreview the information and, if they decide to take on the policy, contact thecustomer with an offer. This practice gives consumers the freedom to acceptthe best rate.The insurance industry also includes a number of independent organizationsthat provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical

practitioners. Other services include loss prevention and risk management.Also, insurance companies sometimes hire independent claims adjusters toinvestigate accidents and claims for property damage and to assign a dollar estimate to the claim.

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The Insurance Regulatory and Development Authority (IRDA)

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 April2000 has fastidiously stuck to its schedule of framingregulations and registering the private sector insurance

companies.The other decisions taken simultaneously to provide thesupporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’sonline service for issue and renewal of licenses to agents.The approval of institutions for imparting training to agentshas also ensured that the insurance companies would have atrained workforce of insurance agents in place to sell their

products, which are expected to be introduced by early nextyear.

Since being set up as an independent statutory body theIRDA has put in a framework of globally compatibleregulations. In the private sector 12 life insurance and 6general insurance companies have been registered.

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OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on “ Customer

satisfaction survey on insurance products of ICICI PRUDENTIAL ”through this I am able to get the different Life Insurance Policies and their

products.

Other objectives of this project are as follows:

• To identify the insurance needs of the Indian populationwith respect to their emotional, physical and financialconditions.

• Comparative study of various insurance players in themarket

• To study the varied reasons of availing life insurance plans

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COMPANY PROFILE

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About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst allthe companies listed on the Indian stock exchanges in terms of free floatmarket capitalisation*. The Bank has a network of about 1,308 branches and

3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a widerange of banking products and financial services to corporate and retailcustomers through a variety of delivery channels and through its specialisedsubsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currentlyhas subsidiaries in the United Kingdom, Russia and Canada, branches inUnited States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and DubaiInternational Finance Centre and representative offices in United ArabEmirates, China, South Africa, Bangladesh, Thailand, Malaysia andIndonesia. Our UK subsidiary has established branches in Belgium and

Germany.ICICI Bank's equity shares are listed in India on Bombay Stock Exchangeand the National Stock Exchange of India Limited and its AmericanDepositary Receipts (ADRs) are listed on the New York Stock Exchange(NYSE).

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ICICI Prudential Life Insurance

OverviewICICI Prudential Life Insurance Company is a joint venture between ICICIBank - one of India's foremost financial services companies-and Prudential

plc - a leading international financial services group headquartered in theUnited Kingdom. Total capital infusion stands at Rs. 42.72 billion, with

ICICI Bank holding a stake of 74% and Prudential plc holding 26%.We began our operations in December 2000 after receiving approval fromInsurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches (inclusive of 1,095 micro-offices), over 261,000 advisors; and 24 bancassurance partners.ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years ina row, ICICI Prudential has been voted as India's Most Trusted Private LifeInsurer, by The Economic Times - AC Nielsen ORG Marg survey of 'MostTrusted Brands'. As we grow our distribution, product range and customer

base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

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The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, inall that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders.

1. Our products have been developed after a clear and thoroughunderstanding of customers' needs. It is this research that helps us developEducation plans that offer the ideal way to truly guarantee your child'seducation, Retirement solutions that are a hedge against inflation and yet

promise a fixed income after you retire, or Health insurance that arms youwith the funds you might need to recover from a dreaded disease.2. Having the right products is the first step, but it's equally important toensure that our customers can access them easily and quickly. To this end,ICICI Prudential has an advisor base across the length and breadth of thecountry, and also partners with leading banks, corporate agents and brokers

to distribute our products .3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process.4. Entrusted with helping our customers meet their long-term goals, weadopt an investment philosophy that aims to achieve risk adjusted returnsover the long-term.5. Last but definitely not the least, our 28,000 plus strong team is given theopportunity to learn and grow, every day in a multitude of ways. We believethis keeps them engaged and enthusiastic, so that they can deliver on our

promise to cover you, at every step in life.

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Vision & Values

Our vision:-

To be the dominant Life, Health and Pensions 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 policyholders

• Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitmentto 5 core values -- Integrity, Customer First, Boundaryless, Ownership andPassion. Each of the values describe what the company stands for, thequalities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity,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, thereare no limits to our growth.

Our values:-

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Every member of the ICICI Prudential team is committed to 5 core values:Integrity, Customer First, Boundaryless, Ownership, and Passion. Thesevalues shine forth in all we do, and have become the keystones of our success .

Promoters

ICICI BANK

ICICI Bank (NYSE:IBN) is India's second largest bank and largest privatesector bank with over 50 years of financial experience and with assets of Rs.1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of

banking products and financial services to corporate and retail customersthrough a variety of delivery channels and through its specializedsubsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank is aleading player in the retail banking market and has over 13 million retailcustomer accounts. The Bank has a network of over 570 branches andextension counters, and 2,000 ATMs.

Prudential Plc

Established in London in 1848, Prudential plc, through its businesses in theUK and Europe, the US and Asia, provides retail financial services productsand services to more than 16 million customers, policyholders and unitholders worldwide. As of June 30, 2004, the company had over US$300

billion in funds under management. Prudential has brought to market anintegrated range of financial services products that now includes lifeassurance, pensions, mutual funds, banking, investment management andgeneral insurance. In Asia, Prudential is the leading European life insurancecompany with a vast network of 24 life and mutual fund operations in twelve

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countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, thePhilippines, Singapore, Taiwan, Thailand and Vietnam.

Fact SheetThe Company

ICICI Prudential Life Insurance Company is a joint venture between ICICIBank, a premier financial powerhouse, and Prudential plc, a leadinginternational financial services group headquartered in the United Kingdom.ICICI Prudential was amongst the first private sector insurance companies to

begin operations in December 2000 after receiving approval from InsuranceRegulatory Development Authority (IRDA).ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30,2008) with ICICI Bank and Prudential plc holding 74% and 26% stakerespectively. For the quarter ended June 30, 2008, the company garnered

Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs810 crores for the quarter ended June 30, 2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over this period. Thecompany has assets held over Rs. 30,600 crore as on August 31, 2008.ICICI Prudential Life is also the only private life insurer in India to receive a

National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICIPrudential's ability to meet its obligations to customers at the time of maturity or claims.For the past seven years, ICICI Prudential Life has retained its leadership

position in the life insurance industry with a wide range of flexible productsthat meet the needs of the Indian customer at every step in life.

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Distribution

ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 2000 branches (including 1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008).The company has 24 banc assurance partners having tie-ups with ICICI

Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank,Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, IdukkiDistrict Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur GraminBank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank,Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani GramyaBank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank,Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, BalliaKshetriya Co-Operative Bank, The Haryana State Co-Operative Bank,Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, ArvindSahakari Bank, Bhandara Urban Co Operative Bank

SALES DISTRIBUTION

Tied Agency

Tied Agency is the largest distribution channel of ICICI Prudential,comprising a large advisor force that targets various customer segments. Thestrength of tied agency lies in an aggressive strategy of expanding and

procuring quality business. With focus on sales & people development, tiedagency has emerged as a robust, predictable and sustainable business model.Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through

banks and alliances. Within a short span of two years, and with nearly a

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large number of partners, B & A has emerged as a vital component of thecompany’s sales and distribution strategy, contributing to approximately onethird of company’s total business. The business philosophy at B&A is toleverage distribution synergies with our partners and add value to itscustomers as well as the partners. Flexibility, adaptation and experimentingwith new ideas are the hallmarks of this channel.About the Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank andthe second largest bank in the country, with consolidated total assets of $1 12.6 billion as of June 30 , 2008. ICICI Bank’s subsidiaries include India’sleading private sector insurance companies and among its largest securities

brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.Established in London in 1848, Prudential plc, through its businesses in theUK, Europe, US, Asia and the Middle East, provides retail financial services

products and services to more than 21 million customers, policyholder andunit holders and manages over £256 billion of funds worldwide (as of June30, 2008). In Asia, Prudential is the leading Europe-based life insurer withlife operations in China, Hong Kong, India, Indonesia, Japan, Korea,Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.Prudential is one of the largest asset management companies in terms of overall assets sourced in Asia ex-japan, with £34.3 billion funds under management (as of June 30, 2008) and operations in ten markets includingChina, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan,Vietnam and United Arab Emirates.

Management Profile

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprisesreputed people from the finance industry both from India and abroad.

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Mr. K.V. Kamath, ChairmanMs. Chanda Kochhar, Director Mr. Barry Stowe, Director Mr. H.T. Phong, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Ms. Rama Bijapurkar, Director Mr. Keki Dadiseth, Director Ms. Shikha Sharma, Managing Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director

Management Team

The ICICI Prudential Life Insurance Company Limited Management teamcomprises reputed people from the finance industry both from India andabroad.Ms. Shikha Sharma , Managing Director & CEOMr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President – Customer Service & TechnologyDr. Avijit Chatterjee, Appointed Actuary

Brand Values

Market Research reveals that the values people associate with ICICI

Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved

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ones, throughout life’s ups and downs. It is a powerful proposition; one,which ICICI Prudential, is taking into the market place.

Achievements

Beginning operations in December 2000, ICICI Prudential’s success has been meteoric, becoming the number one private life insurer within monthsof launch. Today, it has one of the largest distribution networks amongst

private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured inexcess of Rs.160 billion.ICICI Prudential closed the financial year ended march 31, 2004 with a totalreceived premium income of Rs. 9.9 billion; up 135% last years total

premium income of Rs.4.20 billion. New business premium income shows a

106% growth at Rs. 7.5 billion, driven mainly by the company’s range of unique unit-linked policies and pension plans. The company’s retail marketshare amongst private companies stood at 36%, making it clear leader in thesegment. To add to its achievements, in the year 2003/04 it was adjudgedMost Trusted Private Life Insurer (Economic Times ‘Most Trusted BrandSurvey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the second year running. The companyis also proud to have won Silver at EFFIES 2003 for its ‘Retire from work,not life’ campaign. Notably, ICICI Prudential was also short-listed to thefinal round for its ‘Sindoor campaign in EFFIES 2002.In Keeping with its belief that a happy customer is the best endorsement,ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, anexercise that begins and ends with the customer from capturing his voice tomeasuring and responding to his experiences. This initiative is currentlyhelping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI PrudentialLifestyle Rewards Club, India’s first rewards programme for Life Advisors;it allows ICICI Prudential Advisors to redeem points for items ranging fromkitchenware to gold, white goods, and even international holidays.

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PRODUCT/SERVICES PROFILE

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its

products can be enhanced with up to 4 riders, to create a customized solution

for each policyholder.Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that offers life protection along with adequate returns.CashBak is an anticipated endowment policy ideal for meeting milestoneexpenses like a child's marriage, expenses for a child's higher education or

purchase of an asset. It is available for terms of 15 and 20 years.LifeTime Gold is a unit-linked plan that offers customers the flexibility andcontrol to customize the policy to meet the changing needs at different life

stages. It offers 7 fund options - Preserver, Protector, Balancer, FlexiBalanced Multiplier, R.I.C.H and Flexi Growth.LifeStage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously re-distributes your money across various asset classes based on your life stage. This will helpyou achieve the right Asset Allocation to meet your desired financial goals.LifeLink Super is a single premium unit linked insurance plan whichcombines life insurance cover with the opportunity to stay invested in thestock market.

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Premier Life Gold is a limited premium paying plan specially structured for long-term wealth creation.InvestShield Life New is a unit linked plan that provides premiumguarantee on the invested premiums and ensures that the customer receivesonly the benefits of fund appreciation without any of the risks of depreciation.InvestShield Cashbak is a unit linked plan that provides premiumguarantee on the invested premiums along with flexible liquidity options.LifeStage Assure a unit linked insurance plan that provide upto 450 % of first year premium guarantee on maturity, with the additional advantage of alifecycle based portfolio strategy that allocates the investor’s money acrossvarious asset classes based on his life stage and risk appetite.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at low cost. It isavailable in 3 options - level term assurance, level term assurance withreturn of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designedspecifically to help customers cover their home loans in a simple and cost-effective manner.

Education Solutions

SmartKid New ULRP provides guaranteed educational benefits to a childalong with life insurance cover for the parent who purchases the policy. The

policy is designed to provide money at important milestones in the child'slife. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed returnsfor the first 4 years and then declares bonuses annually.

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LifeTime Super Pension is a regular premium unit linked pension plan thathelps one accumulate over the long term and offers 5 annuity options (lifeannuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and15 years & for life thereafter, joint life, last survivor annuity without returnof purchase price) at the time of retirement.LifeStage Pension is a regular premium unit linked pension plan that

provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your life stage,eventually providing you with a customized retirement solution.LifeLink Super Pension is a single premium unit linked pension plan.Immediate Annuity is a single premium annuity product that guaranteesincome for life at the time of retirement. It offers the benefit of 5 payoutoptions.PremierLife Pension is a unique and convenient retirement solution with alimited premium paying term of three or five years, to suit professionals and

businessmen, especially those who require more flexibility andcustomization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medicalexpenses. Health Assure Plus offers the added advantage of an equivalentlife insurance cover.Cancer Care: is a regular premium plan that pays cash benefit on thediagnosis as well as at different stages in the treatment of various cancer

conditions.Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and also provides an additional benefit of free periodical cancer screenings.

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Diabetes Care: Diabetes Care is a unique critical illness product speciallydeveloped for individuals with Type 2 diabetes and pre-diabetes. It makes

payments on diagnosis on any of 6 diabetes related critical illnesses, andalso offers a coordinated care approach to managing the condition. DiabetesCare Plus also offers life cover.Diabetes Care Plus: is a unique insurance policy that provides an additional

benefit of life cover for Type 2 diabetics and pre-diabeticsHospital Care: is a fixed benefit plan covering various stages of treatment -hospitalisation, ICU, procedures & recuperating allowance. It covers a rangeof medical conditions (900 surgeries) and has a long term guaranteedcoverage upto 20 years.Crisis Cover : is a 360-degree product that will provide long-term coverageagainst 35 critical illnesses, total and permanent disability, and death.MediAssure is a health insurance policy that provides assured insurabilitytill age 75 years, assured coverage for accepted pre-existing illnesses after 2years and an assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for companiesseeking to enhance benefits to their employees.• Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helpsemployers fund their statutory gratuity obligation in a scientific manner andalso avail of tax benefits as applicable to approved gratuity funds.• Group Superannuation Plan: ICICI Prudential Life offers a flexiblemarket linked scheme that provides substantial benefits to both employersand employees. Both defined contribution (DC) and defined benefit (DB)schemes are offered to optimise returns for members of the trust and

rationalise cost. Members have the option of choosing from various annuityoptions or opting for a partial commutation of the annuity at the time of retirement.• Group Immediate Annuities: ICICI Prudential Life realises theimportance of prudent retirement planning. With this in mind, we have

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developed a suite of annuity products that not only give you an income for life but also provide you options to match your needs. In addition to theannuities offered to existing superannuation customers, we offer immediateannuities to superannuation funds not managed by us.• Group Term Plan: ICICI Prudential Life's flexible group term solutionhelps provide an affordable cover to members of a group. The cover could

be uniform or based on designation/rank or a multiple of salary. The benefitunder the policy is paid to the beneficiary nominated by the member onhis/her death.Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.Accident & disability benefit: If death occurs as the result of an accidentduring the term of the policy, the beneficiary receives an additional amountequal to the rider sum assured under the policy. If an accident results in totaland permanent disability, 10% of rider sum assured will be paid each year,from the end of the 1st year after the disability date for the remainder of the

base policy term or 10 years, whichever is lesser. If the death occurs whiletravelling in an authorized mass transport vehicle, the beneficiary will beentitled to twice the sum assured as additional benefit.Critical Illness Benefit: protects the insured against financial loss in theevent of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death.Waiver of Premium: In case of total and permanent disability due to anaccident, the future premiums continue to be paid by the company till thetime of maturity. This rider is available with SmartKid, LifeTime Plus,LifeTime Super and LifeTime Super Pension.Income benefit rider: In case of death of the life assured during the term of the policy, 10% of the sum assured is paid annually to the nominee on each

policy anniversary till the maturity of the rider.

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Stages in Policy Issuance

1) Proposal

A Proposal Stage is the First stage before the policy is issued at COPS. Atthis stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary documentsattached to it & accepted by the Branch ops, is called a Login3) Reject

An Application gets rejected at the Branch Ops level due to necessary detailsnot filled in the form or necessary documents not submitted is a Reject. It isthen sent back to the Advisor for completion.4) Issuance

Issuance means a policy that is issued to the Customer by Central Ops.5) Decline Status

When a customer refuses to take a policy post login but before Issuance iscalled a Decline

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6) Cancellation

When the cheque given by the customer bounces, it amounts to cancellationof the policy .

7) Lapse

A policy for which the Customer fails to pay subsequent premiums is aLapsed Policy.8) Free look

Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days iscalled Free look Period.9) Surrender:

When a customer wants to discontinue with the policy.

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COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:LIFE TIME-0-60YEARSBIMA PLUS-12-55 YEARS

ON THE BASIS OF TERM:LIFE TIME-Minimum premium payment term of three years.BIMA PLUS-10 YEARS

ON THE BASIS OF SUM ASSURED:LIFE TIME-Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.BIMA PLUS-Maximum limit up to Rs 12 lakh.

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ON THE BASIS OF SURVIVAL BENEFIT:LIFE TIME-Value of unit three years onward.BIMA PLUS-Bid value of the funds units along with maturity bonus at 5% of sum assured.

ON THE BASIS OF DEATH BENEFIT: LIFE TIME-

Higher of sum assured of value of units.BIMA PLUS-Death during the first six month-30% of SA+value of units, next six months-60% of

SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:LIFE TIME-Partial or complete withdrawal is available from three years onwards.BIMA PLUS-Premature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:LIFE TIME-Minimum Rs 18000 per annum.BIMA PLUS-

Not specified.

ON THE BASIS OF INVESTMENT OPTION:LIFE TIME-Maximiser, balancer, protector and preserver.BIMA PLUS-

33



Balanced, secured and risk.

2)LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:LIFE TIME-0-60 YEARS.LIFE MAKER-12-60 YEARS.

ON THE BASIS OF TERM:

LIFE TIME-Minimum premium payment term of three years.LIFE MAKER-10-58 YEARS.

ON THE BASIS OF SUM ASSURED:LIFE TIME-Choose your sum assured subject to a minimum sum assured of Rs1lakh.LIFE MAKER-Choice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:

34



LIFE TIME-Value of units three years onwards.LIFE MAKER-Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:LIFE TIME-Complete or partial withdrawals are available after three years.LIFE MAKER-Partial withdrawals are available from the third year and complete withdrawals areavailable from first year onwards itself, subject to surrender penalties.

ON THE BASIS OF CONTRIBUTION:LIFE TIME-Minimum premium of Rs18000 per annum.LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:LIFE TIME-AvailableLIFE MAKER-

Not available

ON THE BASIS OF BONUS UNIT:LIFE TIME-

35



AvailableLIFE MAKER-Available in the last policy year.

3)LIFE TIME VS HDFC LINKED

ON THE BASIS OF AGE:LIFE TIME-0-60 YEARSLINKED-18-60 YEARS

ON THE BASIS OF TERM:LIFE TIME-Minimum premium payment term of three years.LINKED-10-30 YEARS

ON THE BASIS OF SUM ASSURED:LIFE TIME-Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.LINKED-Only 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT:

36



LIFE TIME-Value of units third year onwards.LINKED-Value of units.

ON THE BASIS OF DEATH BENEFIT:LIFE TIME-Higher or sum assured or value of units.LINKED-Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:LIFE TIME-Partial or complete withdrawals are available from third year onwards.LINKED-

Partial withdrawals are available from third year onwards provided, that the value of unitsdoes not go below the sum assured.

ON THE BASIS OF CONTRIBUTION:LIFE TIME-Minimum Rs18000 per annum.LINKED-Minimum Rs10000 per annum.

ON THE BASIS OF INVESTMENT OPTION:LIFE TIME-

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Maximiser, balancer, protector and preserver.LINKED-Five fund option-balancer, defensive managed safe managed, liquid and growth.

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

ON THE BASIS OF AGE:LIFE TIME PENSION-2-18-60 YEARS.JEEVAN NIDHI-18-65 YEARS.

ON THE BASIS OF TERM:LIFE TIME PENSION-2-Minimum term of 10 years.JEEVAN NIDHI-5-35 years.

ON THE BASIS OF SUM ASSURED:LIFE TIME PENSION-2-Default sum assured is zero, however, the policy holders can also opt for a sum assured.JEEVAN NIDHI-

Minimum of Rs50000 and multiples of Rs5000 thereafter.

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ON THE BASIS OF SURVIVAL BENEFIT:LIFE TIME PENSION-2-Unit value to purchase an annuity.JEEVAN NIDHI-Sum assured+gurantee additions+terminal bonus.

ON THE BASIS OF DEATH BENEFIT:LIFE TIME PENSION-2-Value of units in case the sum assured is zero. In case a sum assured is chosen, it will behigher of the sum assured or value of units.JEEVAN NIDHI-Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:LIFE TIME PENSION-2-

Minimum Rs10000 per annum.JEEVAN NIDHI-Minimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION:LIFE TIME PENSION-2-Protector pension, balancer pension, maximiser pension and pension preserver.JEEVAN NIDHI:

Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:LIFE TIME PENSION-2-

39



Not available.JEEVAN NIDHI-

Not available.

SWOT ANALYSIS

40



STRENGTHS:i. ICICI Prudential is the largest private player in

India, with a market share of around 36%

amongst the private players

ii. ICICI Prudential has deposited a paid up capital

of Rs 925 crore with IRDA caution deposit, the

highest among all the life insurance company in

India where as LIC has deposited Rs 60 crore sofar.

iii. ICICI Prudential is the first life insurance

company to offer ECS debit facility.

iv. ICICI Prudential is the first company to

introduce unit link life insurance and pension

products. Presently the maximum numbers of

ranges are under ULIP life insurance, investment

as well as pension plan.

v. Products

41



• Flexibility to switch your fund value at your own discretion

four times a year viz. maximizer, protector, balancer,

preserver.

• Greater transparency-policy holder knows what is happening

to his money and where the company has invested his money.

• Liquidity options-you can make complete or partial

withdrawals any time after 3 years.

• Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:

i. Industry in nascent stage.

ii. Rural areas still not covered.

iii. Not very known among Indian population.

iv. Lack of credibility among the people because

ICICI being a private player.

v. Premiums are high as compared to its

competitors.

vi. Very few branches in the country.

vii. Products:

• The policy doesn’t have the surrender

option before third year.

• Plan does not offer any guarantee or

assured return.

• Product profile is not very comprehensive.

42



• Mortality, management and administrative

charges are sky scrapping as compared to

its competitors.

OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is

virgin.

iii. The whole private sector is opened to be trapped

even though the competition is fierce from

government owned insurance companies.

iv. It’s a volume business that is even if the company

has few good corporates the turnover cease to

increase by manifold.

v. Products:

43



• Preserver funds look good due to comfortable

liquidity in the economy and there is little

chance hike in short-term rate by RBI.

• Finance minister unveiled a budget favoring

consumer spending, boosting demand and

therefore higher economic growth.

THREATS

i. The government players will become aggressive

thus growth is going to be tough.

ii. Entry of other players is not ruled out.

iii. Apprehension towards ICICI Prudential being a

private life insurance company.

iv. We expect the industry to rationalize in future

that is mergers and acquisitions will happen,

which will impact the industry and ICICI

Prudential fortunes.

v. Products:

44



• Past performance of these plans is not

indicative of the future performance of the

plan.

• The sum invested in the funds is subject to

market risks and there can be no assurance

that the objective of plan will be achieved.

• All benefits payable under the policy are

subject to tax laws and other financial

enactment, as they exist from time to time.

45



Research Methodology

Statement Of Problem:

The research is carried on in a proper planned and systematic manner.• The research was particularly a telephonic research. We have to sell

products to list of people which include their names and contactnumbers given by ICICI.During the telephonic we have to sell different products by explaining •

the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only.Age limit for selling a product/policies was 1 month to 60 yrs – this •

mean that a policy can be sold to person between the age of 1 monthto 60 yrs and not anything exceeding or below it.

46



Research Design:

The research design of this project is exploratory. Though each researchstudy has its own specific purpose but the research design of this project onICICI is exploratory in nature as the objective is the development of thehypothesis rather than their testing.

METHODOLOGY

Every project work is based on certain methodology, which is a way tosystematically solve the problem or attain its objectives. It is a very

important guideline and lead to completion of any project work throughobservation, data collection and data analysis .

According to Clifford Woody,

“Research Methodology comprises of defining & redefining problems,collecting, organizing &evaluating data, making deductions &researching toconclusions.”Accordingly, the methodology used in the project is as follows: -Defining the objectives of the study

47



Framing of questionnaire keeping objectives in mind (considering theobjectives)Feedback from the employeesAnalysis of feedback Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.1) Convenience sampling technique : Convenience sampling isused in exploratory research where the researcher is interested in getting aninexpensive approximation of the truth. As the name implies, the sample isselected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:1. Primary data2. Secondary data

1) PRIMARY DATA:

48



Questionnaire: Primary data was collected by preparing questionnairefor customers. The questionnaire was filled through telephonic research.2) SECONDARY DATA:

Secondary data will consist of different literatures like books which are published, articles, internet , the company manuals and websites of company- www.iciciprulife.com.In order to reach relevant conclusion, research work needed to be designedin a proper way.This research methodology also includes:-

• Familiarization with the concept of insurance and its various terms.• Thorough study of the information collected.• Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:

• Questionnaire• Pie Charts• Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,theresult might not be accurate. Some of the problems faced while conductingthe survey are as follows:-

49



• Time and cost constraints were also there.• Chances of some biasness could not be eliminated.

A Samples size of fifty has been use due to time limitations. •

A majority of respondents show lack of cooperation and are biased •

towards their own opinions.

50



Data Analysis & Findings

Data Analysis

Q1. Are you currently insured?

Particulars No. of Respondents PercentageYes 31 62%

No 19 38%Total 50 100%

51



No. of Respondents

19

Yes No

31

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 62% of the respondents are already insured. b) 38% of the respondents are not insured.

Q2. Are you satisfied with your current insurer?

Particulars No. of Respondents Percentage

Yes 41 82% No 9 18%Total 50 100%

52



No. of Respondents

9

Yes No

41

ANALYSIS:


a) 82% of the respondents are satisfied. b) 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company?

Particulars No. of Respondents PercentageLIC 24 48%

ICICI 7 14%HDFC 5 10%Birla Sun Life 4 8%Bajaj Allianz 4 8%

53



Others 6 12%Total 50 100%

0.6

0.5

0.4

0.3

0.2

0.1

0LIC ICICI HDFC Birla Sun Bajaj Others

AllianzInsurance companies

ANALYSIS:

From the survey it was found that amongst 50 respondentsa) 48% of the respondents likes LIC.

b) 14% of the respondents likes ICICI.c) 10% of the respondents likes HDFC.d) 8% of the respondents likes Birla Sun Life.e) 8% of the respondents likes Bajaj Allianz.f) 12% of the respondents likes other companies.

Q4. Are you interested in the products offered by ICICI Prudential ?


Yes 30 60% No 12 24%Can’t Say 8 16%

54



Total 50 100%

No. of Respondents

8

Yes No

12Can't Say

30

ANALYSIS:

From the survey it was found that amongst 50 respondentsa) 60% of the respondents are attracted towards ICICI products.

b) 24% of the respondents are not attracted towards ICICI products.c) 16% of the respondents Can’t Say about it.

Q5. What is your main concern while taking an insurance policy ?Particulars No. of Respondents Percentage

Tax Benefit 20 40%Security 16 32%Investments/Savings 14 28%Total 50 100%

55



25

20

15Series1

20 1016 14

5

0

ANALYSIS:


a) 40% of the respondents are concerned about Tax Benefit. b) 32% of the respondents are concerned about their Security.c) 28% of the respondents are concerned about

Investment/Savings.

. Q6 Does this policy satisfy your financial needs? (Please rate on

the scale of 1 to 5 with 1 being least satisfied)

Rating No. of Respondents Percentage

1 9 18%2 9 18%3 8 16%4 10 20%

56



5 14 28%Total 50 100%

12

5

1234

35

4

ANALYSIS:


a) 18% of the respondents are Highly unsatisfied. b) 18% of the respondents are Unsatisfied.c) 16% of the respondents are Moderate.d) 20% of the respondents are Satisfied.e) 28% of the respondents are Highly satisfied.

Q7 Please express your opinion for the premiums paid for the above .

policy?


Very High 14 28%High 11 22%Moderate 13 26%Low 8 16%

57



Very Low 4 8%Total 50 100%

No. of Respondents

414

8Very HighHighModerateLowVery Low

1311

ANALYSIS:


a) 28% of the respondents think that Premium is Very High. b) 22% of the respondents think that Premium is High.c) 23% of the respondents think that Premium is Moderate.d) 15% of the respondents think that Premium is Low.e) 12% of the respondents think that Premium is Very Low.

Q8. How do you come to know about this policy?


Advertisements 10 20%Friends and Relatives 12 24%Direct Selling Agents 21 42%Others 7 14%Total 50 100%

58



No. of Respondents

710

AdvertisementsFriends and RelativesDirect Selling AgentsOthers

12

21

ANALYSIS:


a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends andRelatives.c) 42% of the respondents know about it from Direct SellingAgents.d) 14% of the respondents know about it from Other Sources.

Q9 . Are you satisfied with the incentives (tax benefits or Bonuses)associated with your policy?

Rating No. of Respondents Percentage

Highly satisfied 9 18%

Satisfied 12 24%Moderate 10 20%Unsatisfied 11 22%Highly Unsatisfied 8 16%Total 50 100%

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No. of Res pondents

8 9

Highly SatisfiedSatisfiedModerate

11Unsatisfied

12Highly Unsatisfied

10

ANALYSIS:


a) 18% of the respondents are Highly Satisfied.

b) 24% of the respondents are Satisfied.c) 20% of the respondents are Moderate.d) 22% of the respondents are Unsatisfied.e) 16% of the respondents are Highly Unsatisfied.

Q10. According to you, in what areas should the insurance companies work upon?


Easy Procedures 14 28%Fewer premiums 10 20%More Returns 9 18%Transparency 17 34%Total 50 100%

60



1816141210

Series117

814

610 9

42

0Easy Returns Fewer More Returns Transperancy

premiums

ANALYSIS:


a) 28% of the respondents want Easy procedures. b) 20% of the respondents want Fewer premiums.c) 18% of the respondents want More returns.d) 34% of the respondents want Transparency.

Q11. Do You think that services have improved after allowing private players in insurance sector ? Particulars No. of Respondents Percentage

Yes 40 80% No 10 20%Total 50 100%

61



20%

Yes No

80%

ANALYSIS:


a) 80% of the respondents think that services have improved. b)20% of the respondents think that services have not improved.

Findings

According to my survey the noteworthy points are:

Most of the people buy life insurance as just a tax benefit tool or as a •

life cover while only a few of the respondent take it as a savingoption. The reason for this is lack of knowledge of insurance benefits

among the people.• A Majority of the respondent buy insurance products because of theneed reason while rest of the respondents buy for the brand purpose.

62



A Majority of the people come to know about the policies from the •

Direct Selling Agents.• A Majority of the people are satisfied by the incentives associated

with their policies.Most of the respondents are satisfied by the services offered by there •

insurance company while some says that they are not satisfied by theservices.

• Most of the respondents want more Transparency from the side of thecompany.

63



Conclusion and Suggestions

CONCLUSION CONCLUSION

After overhauling the all situation that boosted a number of Pvt. Companiesassociated with multinational in the Insurance Sector to give befittingcompetition to the established behemoth ICICI in private sector, we come atthe conclusion that

64



• There are very tough competition among the private insurancecompanies on the level of new trend of advertising to lull a major partof Customers.

• ICICI is not left behind in the present race of advertisement.• The entry of more Pvt. players in the Insurance Sector have expanded

the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers.

• ICICI has vast market and very firm grip on its traditional customersand monopoly of life insurance products..

IRDA, is also playing very comprehensive role by regulating normsmandating to private players in this sector, that increases the confidencelevel of the customers to the private players.

65



Suggestion s

The study has provided with the useful data from the respondents. There hasa lot to be recommended. Following are the recommendations:

• There is a need for better promotion for the investment products &services. The bank should advertise its products through television because it will reach to the masses.

• More returns should be provided on Insurance plans.• As the bank provides the Insurance facility to its customers. It should

provide this facility by tie up with the other Insurance organizationsas well. The main reason is that, the entire customers do not wantInsurance of only one company. They should have choice whileselecting a suitable Insurance plans. This will definitely add to thegoodwill & profit for the bank.

66



ANNEXURE

QUESTIONNAIRE

67



Name - _____________ Age - _____________ Occupation - _____________

Q1. Are you currently insured?- Yes

No -

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with your current insurer ?- Yes- No

Q3. Which is your favoured insurance company ?- LIC- ICICI- HDFC- Birla sun life- Bajaj Allianz- Others

Q4 Are you interested in the products offered by ICICI Prudential ?- Yes- No- Cant say

Q5. What is your main concern while taking an insurance policy ?

- Tax benefit- Security- Investment/Savings

Q.6 Doe s this pol icy sa tisfy your fi nanc ial nee ds? (Plea se rate onthe sc ale o f 1 to 1 0 wi th 1 bein g l east sati sfie d)

68



Q.7 Plea se expre ss your opin ion for the p re miums pa id for the a bove poli cy?

-Very high [ ]-High [ ]

-Modera te [ ]-Low [ ]-Very L ow [ ]

Q.8 How do you come t o know about t his p olicy? (Please t ick).-Adverti se me nts [ ]-Friends and re lati ves [ ]-Direc t se lling a gents [ ].- Others (plea se spe cify) _____ __________ ______.

Q.9 Are the re a ny in cent ives (ta x be nefits o r Bonuses) a ssoc iate d wit h

thi s pol icy? (Ple ase give appropria te de tail s a bout it).- _______ __________ __________ __________ __________ ________

_______ __________ __________ __________ __________ ________ _______ _____

10. Are you sat isfie d with the ince ntive s a ssocia ted wi th your polic y?-Highly sat isfi ed [ ].-Satisfie d [ ]-Modera te [ ]-Unsa tisfied [ ]

-Highly Unsat isfi ed [ ].

Q11. According to you, in what areas should the insurance companies work upon?

69



- Less complicated procedures- Fewer premiums- More returns- Transparency

Q12. Do You think that services have improved after allowing private playersin insurance sector ?

- Yes- No

Your comments on ICICI Prudential

__________________________________________________________________ __________________________________________________________________

Bibliography

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• www.icicibank.com

• www.iciciprulife.comen.wikipedia.org/wiki/Main_Page •

www.licindia.com •

• www.hdfcinsurance.com

• www.maxnewyorklife.com

• Brochures provided by the ICICI Prudential

Kothari C R, ‘Research and Methodology- Methods & •

Techniques’ , New Age International (P) Ltd., 2004

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chandan final report

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