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Customer Satisfaction Survey on Insurance Products of ICICI Produ.


A Summer Training Project Report On

Customer Satisfaction Survey on Insurance Products of


Affiliated to Jiwaji University, Gwalior

Submitted To : Mrs. Ritu Singh (HOD) MBA

Submitted by Archana Toamr MBA (HR) II sem

CONTENTSAcknowledgement Executive Summary

Chapter-1 IntroductionCustomer Satisfaction Objectives of the study Profile of the Organisation Overview of ICICI Prudential Vision, Mission Promoter Fact Sheet Sales Distribution Management Profile Brand Values Achievements Products Stages in Policies issuance Comparative Study SWOT Analysis

Chapter-2 Research MethodologyStatement of the Problem Research Design Methodology Sampling Techniques used Selection of Sample Size Data Collection Statistical Tools Used Limitations of the Study

Chapter-3 Data Analysis and Findings Chapter-4 Conclusion and SuggestionsConclusion Suggestions

AnnexureQuestionnaire Bibliography

AcknowledgementI express my sincere gratitude to the management of ICICI PRUDENTIAL COMPANY Pvt. Ltd Morena Branch M.P., for providing me material to prepare my project on their esteem organization.

I would like to thanks Dr. N.K Kakkar (Director) who has been a constant source of inspiration and my special thanks to Ms. Poonam Chawla (project guide from the institute) for her 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 companys personnel.

I would be special thank to our college faculty Mrs. Ritu Singh (HOD), Mr. Rakesh Rajput, Mr. Sudeep Shrivastava and Ms. Jyoti Jain under supervision this topic. This Acknowledgement would be incomplete if I fail to express my deep gratitude towards all the facility of NRI College of Management who gave me a lot of support and guidance. Last but not least I would be special gratitude to Ms. Reena Gupta and Mr. Mahendra Sikarwar and our all friends who heartening me to complete this project.


This project is based on the Customer Satisfaction survey of the ICICI PRUDENTIAL insurance Company ltd. It is done to find out whether the customers are satisfied with the Benefits they get with their respective policies or not

Further, in this ProjectChapter 1 includes the introduction of the company wherein I told about the

Objectives of the study and profile of the ICICI Prudential.Chapter 2 includes the Research Methodology wherein I have discussed the

Research Design and Various sources of the Data Collection.Chapter 3 includes the Data analysis and Findings wherein I have analyze the

data collected from the Questionnaire.Chapter 4 represents the conclusion and the suggestions based on the customer satisfaction survey.

Chapter 1


Customer SatisfactionWhat is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level ofsatisfaction is determined not only by the quality and type of customer experience but also by the customers expectations.

A customer may be defined as someone who: has a direct relationship with, or is directly affected by your agency andreceives or relies on one or more of your agencys services or

products. Customers in human services are commonly referred to asservice users, consumers or clients.

An organisation with a strong customer service culture places thecustomer atthe 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 in

Insurance Sector: Meeting the needs of the customer is the underlying rationale for theexistence of community service organizations. Customers have a right to

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. The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality andcontinuous service improvement.

Overview of the IndustryThe insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individualsand 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 are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carriers policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims 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 which

losses it will provide compensation for, and how much will be awarded. The

premium charged for the policy is based primarily on the amount to be awarded 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 insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiariesusually spouses and dependent childrenupon the death of the insured. Disability

insurance supplies a preset income to an insured person who is unable to work due to injury resulting or illness, and health insurance pays the expenses from accidents and illness. An annuity (a contract or a group ofa periodic income at regular intervals for a

contracts that furnishes

specified period) provides a steady income during retirement for the remainder

of ones life. Property-casualty damage to






property resulting from hazards such as fire, theft, and natural

disasters. Liability insurance shields policyholders from financial responsibility for injuries to othersor for damage to other peoples property. Most policies, such as automobile and homeowners insurance, combine both

property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers. Some insurance policies cover groups of people, ranging from a few to thousands 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 the most 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, and medical malpractice insurance.

In addition






several lead-generating sites have emerged. These sites allow potentialcustomers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms formedical practitioners. Other services include loss prevention and risk

management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.

The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passageof the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAs online service for issue and renewal of

licenses to agents.The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the

private sector 12 life insurance and 6 general insurance companies

have been registered.


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 population withrespect to their emotional, physical and financial conditions.

Comparative study of various insurance players in the market To study the varied reasons of availing life insurance plans

COMPANY PROFILEICICI Prudential Life Insurance OverviewICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companiesand Prudential plc - a leading international financial services group headquartered in the United 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 from

Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches (inclusive of1,095 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 in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer

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

The ICICI Prudential EdgeThe ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the salesprocess or servicing. Here's a peek into what makes us leaders. 1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us developEducation plans that offer the ideal way to truly guarantee your child's

education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with

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 to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, 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, we adopt an investment philosophy that aims to achieve risk adjusted returns over the

long-term.5. Last but definitely not the least, our 28,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our

promise to cover you, at every step in life.

Vision & ValuesOur 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 andinvestment 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 commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership andPassion. Each of the values describe what the company stands for, the

qualities 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, there are no limits to our growth.

Our values:Every member of the ICICI Prudential team is committed to 5 core values:Integrity Boundaryless, Customer First, Ownership, and Passion. These

Values shine forth in all we do, and have become the keystones of our




ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector 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 customers through a variety of delivery channels and through its specialized

subsidiaries and affiliates in the areas of investment banking, life and non-lifeinsurance, venture capital and asset management. ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branchesand extension counters, and 2,000 ATMs.

Fact SheetThe Company

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, aleading international 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 Insurance Regulatory 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% stake

respectively. For the quarter ended June 30, 2008, the company garnered Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30, 2007, thereby posting a growth of 45% has underwritten over 6 lakh policies over this period. and The

company 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 ICICI Prudential'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 products that meet the needs of the Indian customer at every step in life.


Tied AgencyTied 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, tied

agency has emerged as a robust, predictable and sustainable business model. Banc assurance and AlliancesICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a large

number of partners, B & A has emerged as a vital component of thecompanys sales and distribution strategy, contributing to approximately one third of companys total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting

with new ideas are the hallmarks of this channel.

About the Promoters ICICI BankICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $1 1 2.6 billion as of June 30 , 2008. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence

currently spans 19 countries, including India.

Management ProfileBoard of DirectorsThe ICICI Prudential Life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Ms. 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 team comprises reputed people from the finance industry both from India and abroad. Ms. Shikha Sharma, Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President Customer Service & Tech. Dr. 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 ones,

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


Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of 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 in excess

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 companys range of unique unit-linked policies and pension plans. The companys retail market share amongst private companies stood at 36%, making it clear leader in the segment.


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 customizedsolution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is







offers life protection along with adequate returns.CashBak is an anticipated endowment policy ideal for meeting milestone

expenses 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 and control to customize the policy to meet the changing needs at different life stages. Protector, Growth. LifeStage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously redistributes your money across various asset classes based on your life stage. This will help you achieve the right Asset Allocation to meet your desired financial goals. Balancer, It offers 7 fund options Preserver,

Flexi Balanced Multiplier, R.I.C.H and Flexi

LifeLink Super is a single premium unit linked insurance plan which combines life insurance cover with the opportunity to stay invested in the stock market. 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 premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of

depreciation.InvestShield Cashbak is a unit linked plan that provides premium

guarantee 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 a lifecycle based portfolio strategy that allocates the investors money across various asset classes based on his life stage and risk appetite.

Protection SolutionsLifeGuard is a protection plan, which offers life cover at low cost. It is available in 3 options - level term assurance, level term assurance with return of premium & single premium.

HomeAssure is







designed specifically to help customers cover their home loans in a simple and cost-effective manner.

Education SolutionsSmartKid New ULRP provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the child's life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. LifeTime Super Pension is a regular premium unit linked pension plan that helps 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 and 15 years & for life thereafter, joint life, last survivor annuity without return of

purchase price) at the time of retirement. LifeStage plan Pension is a regular premium unit linked pension

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 guarantees

income for life at the time of retirement. It offers the benefit of 5 payout options. PremierLife Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit professionals and businessmen, especially those who require more flexibility and customization while planning their finances.

Health SolutionsHealth 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 theactual medical expenses. Health Assure Plus offers the added advantage

of an equivalent life insurance cover.Cancer Care: is a regular premium plan that pays cash benefit on the

diagnosis 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. Diabetes Care: Diabetes Care is a unique critical illness product specially developed for individuals with Type 2 diabetes and prediabetes. It makes payments on diagnosis on any of 6 diabetes related critical illnesses, and also offers a coordinated care approach to managing the condition. Diabetes Care 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

range of









term guaranteed coverage upto 20 years. Crisis Cover : is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. MediAssure is a health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years.

Group Insurance SolutionsICICI Prudential Life also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds.Group Superannuation Plan: ICICI Prudential Life offers a flexible

market linked scheme that provides substantial benefits to both employers and 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 annuity options or opting for a partial commutation of the annuity at the time of retirement.Group Immediate Annuities: ICICI Prudential Life realises the

importance of prudent retirement planning. With this in mind, we have 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 additionto the annuities offered to existing superannuation customers, we offer immediate annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term solution helps 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 benefit under the policy is paid to the beneficiary nominated by the member on his/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 accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and 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 while travelling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Critical Illness Benefit: protects the insured against financial loss in the event 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 an accident, the future premiums continue to be paid by the company till the

time 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.

Stages in Policy Issuance1) 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) LoginA proposal which is complete i.e., duly filled with all necessary documents

attached to it & accepted by the Branch ops, is called a Login 3) RejectAn Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is

then sent back to the Advisor for completion. 4) Issuance Issuance means a policy that is issued to the Customer by Central Ops. 5) Decline StatusWhen a customer refuses to take a policy post login but before Issuance is

called a Decline

6) Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy. 7) LapseA policy for which the Customer fails to pay subsequent premiums is a Lapsed

Policy. 8) Free lookPost 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 is

called Free look Period. 9) Surrender: When a customer wants to discontinue with the policy.




ON THE BASIS OF TERM:LIFE TIMEMinimum premium payment term of three years. BIMA PLUS10 YEARS

ON THE BASIS OF SUM ASSURED:LIFE TIMEChoose your sum assured; subject to a minimum sum assure of Rs 1 lakh. BIMA PLUSMaximum limit up to Rs 12 lakh.

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

ON THE BASIS OF DEATH BENEFIT:LIFE TIMEHigher of sum assured of value of units. BIMA PLUSDeath 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 TIMEPartial or complete withdrawal is available from three years onwards. BIMA PLUSPremature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:LIFE TIMEMinimum Rs 18000 per annum. BIMA PLUSNot specified.

ON THE BASIS OF INVESTMENT OPTION:LIFE TIMEMaximiser, balancer, protector and preserver. BIMA PLUSBalanced, secured and risk.



ON THE BASIS OF TERM:LIFE TIMEMinimum premium payment term of three years. LIFE MAKER10-58 YEARS.

ON THE BASIS OF SUM ASSURED:LIFE TIMEChoose your sum assured subject to a minimum sum assured of Rs1lakh. LIFE MAKERChoice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:LIFE TIMEValue of units three years onwards. LIFE MAKERValue of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:LIFE TIMEComplete or partial withdrawals are available after three years.

LIFE MAKERPartial withdrawals are available from the third year and complete

withdrawals are available from first year onwards itself, subject to surrender penalties.

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

Minimum premium of Rs15000 per annum.




ON THE BASIS OF TERM:LIFE TIMEMinimum premium payment term of three years. LINKED10-30 YEARS

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

ON THE BASIS OF SURVIVAL BENEFIT:LIFE TIMEValue of units third year onwards. LINKEDValue of units.

ON THE BASIS OF DEATH BENEFIT:LIFE TIMEHigher or sum assured or value of units. LINKEDHigher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:LIFE TIMEPartial or complete withdrawals are available from third year onwards. LINKEDPartial withdrawals are available from third year onwards provided, that the value of units does not go below the sum assured.

ON THE BASIS OF CONTRIBUTION:LIFE TIMEMinimum Rs18000 per annum. LINKEDMinimum Rs10000 per annum.



ON THE BASIS OF TERM:LIFE TIME PENSION-2Minimum term of 10 years. JEEVAN NIDHI5-35 years.

ON THE BASIS OF SUM ASSURED:LIFE TIME PENSION-2Default sum assured is zero, however, the policy holders can also opt for a sum assured. JEEVAN NIDHIMinimum of Rs50000 and multiples of Rs5000 thereafter.

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


Value of units in case the sum assured is zero. In case a sum assured is chosen, it will be higher of the sum assured or value of units. JEEVAN NIDHISum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:LIFE TIME PENSION-2Minimum Rs10000 per annum. JEEVAN NIDHIMinimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION:LIFE TIME PENSION-2Protector pension, balancer pension, maximiser pension and pension preserver. JEEVAN NIDHI: Not available.


Not available. JEEVAN NIDHINot available.

STRENGTHS:1. ICICI Prudential is the largest private player in India,market share of around 36% amongst the private players with a

2. 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 so far. 3. ICICI Prudential is the first life insurance company to offer ECS debit facility.4. 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.5. Products

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.


i. ii. iii. iv.

Industry in nascent stage. Rural areas still not covered. Not very known among Indian population. Lack of credibility among the people because ICICI being a private player.

v. vi. vii.

Premiums are high as compared to its competitors. Very few branches in the country. Products: The policy doesnt have the surrender option before third year. Plan does not offer any guarantee or assured return. Product profile is not very comprehensive.

Mortality, management and administrative charges are sky scrapping as compared to its competitors

OPPORTUNITIES i. ii. iii. Liberalization of Indian economy. As the industry is growing the whole market is virgin. The whole private sector is opened to be trapped even thoughthe competition is fierce from government owned insurance

companies. iv. v.Its a volume business that is even if the company has few good corporate the turnover cease to increase by manifold.


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



The government players will become aggressive thus growth is going to be tough.

ii. iii.

Entry of other players is not ruled out.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 impactthe industry and ICICI Prudential fortunes.



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 beno assurance that the objective of plan will be achieved.

All benefits payable under the policy are subject to taxlaws and other financial enactment, as they exist from time to


Chapter 2

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 andcontact numbers given by ICICI.

During the telephonic we have to sell different products by explainingthe 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 thismean that a policy can be sold to person between the age of 1 month to

60 yrs and not anything exceeding or below it.

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 on ICICI is exploratory in nature as the objective is the development of the

hypothesis rather than their testing.


Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

According to Clifford Woody,Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to

conclusions. Accordingly, the methodology used in the project is as follows: Defining the objectives of the study Framing of questionnaire keeping objectives in mind

considering the objectives) Feedback from the employees Analysis of feedback Conclusion, findings and suggestions.

Sampling Technique Used:This research has used convenience sampling technique. Convenience sampling technique: Convenience sampling is used in exploratory research where the researcher is interested in getting an

inexpensive approximation of the truth. As the name implies, the sample is selected 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 data 2. Secondary data

1) PRIMARY DATA: Questionnaire: Primary data was collected by preparing questionnaire

for customers. The questionnaire was filled through telephonic research. 2) SECONDARY DATA:Secondary data will consist of different literatures like books which are published,



, the


manuals and

websites of company- In order to reach relevant conclusion, research work needed to be designed in 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 UsedThe main statistical tools used for the collection and analyses of data in this project are: Questionnaire Pie Charts Bar Diagrams

Limitations of studyDue to the following unavoidable and uncontrollable factors the factors, the result might not be accurate. Some of the problems faced while conducting the survey are as follows:-

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.

Chapter 3

Data Analysis & Findings

Data AnalysisQ1. Are you currently insured?

Particular Yes No Total

No. of Respondents 31 19 50

Percentage 62% 38% 100%

Q2. are you satisfied with your current insurer?

Particular Yes No Total

No. of Respondents 41 9 50

Percentage 82% 18% 100%

Q3. Which one is your favored insurance company?

Particular LIC ICICI HDFC Birla Sun Life Bajaj Allianz Other Total

No. of Respondents 34 7 5 4 4 6 50

Percentage 48% 14% 10% 8% 8% 12% 100%

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

Particular Yes No Cant say Total

No. of Respondents 30 12 8 50

Percentage 60% 24% 16% 100%

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

Particular Tax Benefit Security Investments/ savings Total

No. of Respondents 20 16 14 50

Percentage 40% 32% 28% 100%

Q6. Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 5 with 1 being least satisfied)

Rating 1 2 3 4 5 Total

No. of Respondents 9 9 8 10 14 50

Percentage 18% 18% 16% 20% 28% 100%

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

Particular Very High High Moderate Low Very Low Total

No. of Respondents 14 11 13 8 4 50

Percentage 28% 22% 26% 16% 8% 100%

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

Particular Advertisement Friend and Relatives Direct Selling agent Others Total

No. of Respondents 10 12 21 7 50

Percentage 20% 24% 42% 14% 100%

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

Particular Highly satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied Total

No. of Respondents 9 12 10 11 8 50

Percentage 18% 24% 20% 22% 16% 100%

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

Particular Easy Procedure Fewer Premiums More Returns Transparency Total

No. of Respondents 14 10 9 17 50

Percentage 28% 20% 18% 34% 100%

Q11. Do You think that services have improved after allowing private players in insurance sector ?

Particular Easy Procedure Fewer Premiums More Returns Transparency Total

No. of Respondents 14 10 9 17 50

Percentage 28% 20% 18% 34% 100%

FindingsAccording 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 saving option. The reason for this is lack of knowledge of insurance benefits among the people. A Majority of the respondent buy insurance products because of the need reason while rest of the respondents buy for the brand purpose.

ANALYSIS: From the survey it was found that amongst 50 respondents a) 80% of the respondents think that services have improved. b) 20% of the respondents think that services have not improved.

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 the services. Most of the respondents want more Transparency from the side of the company.

Chapter 4

Conclusion and Suggestions

ConclusionAfter overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector togive befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that

There are very tough competition among the private insurancecompanies on the level of new trend of advertising to lull a major part of


ICICI is not left behind in the present race of advertisement. The entry of more Pvt. players in the Insurance Sector have expandedthe 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 customers and monopoly of life insurance products..IRDA, is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level

of the customers to the private players.

Suggestion s

The study has provided with the useful data from the respondents. There has a 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 shouldprovide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have choice while selecting a suitable Insurance plans. This will definitely add to the

goodwill & profit for the bank.



Bibliography Brochures provided by the ICICI Prudential Kothari C R, Research and Methodology- Methods &Techniques, New Age International (P) Ltd., 2004