finance - insurance - icici prudential - channeldevelopment in insurance sector
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AMITY UNIVERSITYNOIDA, UTTAR PRADESH
A PROJECT REPORT
ON
CHANNEL DEVELOPMENT IN INSURANCE SECTOR STUDY
OF ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
Submitted to:
Submitted by:Ms. Geeta Mishra YogeshSinglaFaculty Guide B.Com(Hons)
Roll No.A3104609020
AMITY COLLEGE OF COMMERCE & FINANCE
AMITY UNIVERSITYSECTOR-125, NOIDA, UTTAR PRADESH
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DECLARATION
I hereby declare that this project report entitled:
CHANNEL DEVELOPMENT IN INSURANCE
SECTOR STUDY OF ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
submitted by me and it is not submitted to any other university or institution for the
award of any degree diploma/ certificate or published any before
Yogesh SinglaB.Com (Hons)
Roll No. A3104609020
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ACKNOWLEDGEMENT
I acknowledge the sincere assistance provided to me from several rather
unexpected quarters during the course of execution of this study. It
would be a mammoth task to place on record my gratitude to each and
every one of them but a whole hearted attempt would be made
nevertheless, least I be branded ungrateful.
Yogesh SinglaB.Com (Hons)
Roll No. A3104609020
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TABLE OF CONTENTS
INTRODUCTION
Preface
Company Profile
Executive Summary
Products and Policies
Product portfolio
CHANNEL DEVELOPMENT
SWOT ANALYSIS
FUTURE GROWTH PROSPECTS
COMPETITIVE ANALYSIS
RECOMMENDATIONS
LEARNING
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BIBLIOGRAPHY
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EXECUTIVE SUMMARY
Identifying different profiles of the people and giving them an information
regarded to the insurance and the company policies according to the need
and income of the people
A market survey was done on How customers knows about our Plans &
Policies. Different question regarded the policies and there benefits and the
return what the customer get and other information regarded policies they
were asked. The areas covered up in this survey were Pratapgarh and the
suburban area of Pratapgarh. The report contains details of different life
insurance companies, which are in healthy competition of ICICI Prudential
life insurance.
In todays era, the insurance industry is one of the most booming sectors.
India itself has population of 1.12 billion out of which roughly 3.2 % people
are insured. This clearly shows that most of the people are note insured just
because they just dont know much about insurance. Most people have some
common queries about life insurance.
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COMPANY PROFILE
ICICI Prudential Life Insurance Company is joint venture between two heavy weights,
ICICI Bank, India and Prudential Plc., UK. The name, ICICI Bank is not a new name in the
Indian finance sector. It is Indias second largest and largest private sector bank with over
50 years of financial experience. It offers a wide range of banking products and financial
services to corporate and retail customers in areas of investment banking, life and non-life
insurance, venture capital and asset management. It is leading player in retail banking and
has over13 million retail customer accounts. The bank has a network of over 570 branches
and extension customers, and 2000 ATMs.
Prudential Plc. Is a London based finance company. It was established in the year 1848.
The name Prudential might not be familiar along us but we have an emotional attachment
with this name and specially our previous generation. The reason, many of us infant when
Kapil Dev Nikhanj lifted the cricket World Cup at Lords in 1983. That World Cup
sponsored by none other than Prudential Plc. It was named Prudential Cup.
Another famous example, in the year 1998, a movie named Titanic took all the academy
awards of that year. The incidence Titanic was a true one. The accident took place in the
year 1913. it was Prudential Plc., which provide the ship insurance coverage. The business
of Prudential Plc. spans across the globe. By its products and services, it has brought a
revolution of sort in finance sector. It provides retail financial services products and
services to more than 16 million customers, policyholders and unit holders worldwide. The
credit goes to the company to bring to the market an integrated range of financial services
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and products that now include life insurance, pensions, mutual funds, banking, investment
management and general insurance. Since its inception, it has been doing its business with
its flag always flying high.
ICICI Prudential began its operations in India in December 2000. It is among the first
private sector insurance company to get approval Insurance Regulatory Development
Authority (IRDA). ICICI Prudentials equity based stands at Rs. 1185 crore with ICICI
Bank and Prudential Plc. holding 74% and 26% stake respectively. Until sep. 2005, the
company wrote 283,818 policies. In the process, it has garnered Rs. 820 crore of new
business premiums for a total sum assured of Rs. 7,131 crore. For the past four years, ICICI
Prudential has been donning the No. 1 position in the private life insurance sector in the
country. It has a wide range of flexible products that meet the need of the Indian customer
at every step.
Although for the last 50 years LIC has been the only company to cater the consumer
needs in the insurance sector but the past 5 years 21 insurance companies have been
emerged in this scenario.
Some these are following:
ICICI Prudential Life
Bajaj Allianz
Max New York Life
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Met Life
ING Vyasa
Om Kotak Mahindra
Tata AIG
Aviva
HDFC Standard Life
SBI Life
Reliance Life
Bharti EXA
New players need to recognize the limitations of their rival and decide upon the right mix
of distribution channels in their business.
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VISION & VALUES
Vision:
To be the dominant Life, Health and Pensions player built on trust by world-class people
and service.
The hope of tomorrow 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
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The success of the company will be founded in its unflinching commitment to 5 core values
-- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values
describes what the company stands for, the qualities of the people and the way they work.
ICICI Prudential does believe that we are on the threshold of an exciting new opportunity,
where they can play a significant role in redefining and reshaping the sector. Given the
quality of their parentage and the commitment of their team, there are no limits to the
growth.
Values:
Every member of the ICICI Prudential team is committed to 5 core values: Integrity,
Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we
do, and have become the keystones of our success.
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THE ICICI PRUDENTIAL EDGE
The ICICI Prudential edge comes from our commitment to their customers, in all that they
do - be it product development, distribution, the sales process or servicing. Here's a peek
into what makes them leaders.
1. Products of ICICI Prudential have been developed after a clear and thorough
understanding of customers' needs. It is this research that helps us develop Education 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 their products.
3. Robust risk management and underwriting practices form the core of business of ICICI
Prudential. With clear guidelines in place, they ensure equitable costing of risks, and
thereby ensure a smooth and hassle-free claims process.
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4. Entrusted with helping ICICI Prudential customers meet their long-term goals, they
adopt an investment philosophy that aims to achieve risk adjusted returns over the long-
term.
5. Last but definitely not the least, ICICI Prudential 28,000 plus strong team is given the
opportunity to learn and grow, every day in a multitude of ways. They believe this keeps
them engaged and enthusiastic, so that they can deliver on promise of ICICI Prudential to
cover you, at every step in life.
FACT SHEET
THE COMPANY:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse, and Prudential plc, a leading 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. 37.72 billion (as on March, 2010) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended
March 31, 2010, the company garnered Retail New Business Weighted premium of Rs.
6,684 crores, registering a growth of 68% over the last year and has underwritten nearly 3
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million retail policies during the period. The company has assets held over Rs. 29,500 crore
as on May 31, 2010.
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.
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 955 branches in addition to
1,033 micro-offices and an advisor base of over 261,000 (as on May 31, 2010).
The company has 20 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, Idukki District Co-op Bank, Ratnagiri Sindhudurg Gramin
Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank,
Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank,
Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban Co-
Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The
Haryana State Co-Operative Bank
AWARDS & RECOGNITIONS
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Awards:
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2010 in three key
categories for its marketing initiatives
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ICICI Prudential Life was awarded the INDYs Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
India's Most Customer Responsive Insurance Company
Avaya Global Connect - Economic Times Customer Responsiveness Awards, 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as one of
the 50 Most Powerful Women in Business by The Financial Express.
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ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the
Outlook Money & NDTV Profit Awards 2007
Innovation Award for launching Diabetes Care Prudence Award 2006
People Award for excellence in training and people development - Prudence Award 2006
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PRODUCTS POLICIES
ICICI Prudential has a wide array of insurance plans that have been designed with the
philosophy that different individuals are bound to have differing insurance needs.
The ideal insurance plan is one that addresses the exact insurance needs of the individual
that will depend on the age and life stage of the individual apart of the host of other factors.
LIFE INSURANCE PLANS:
Under Life insurance plans, ICICI Prudential offers plans under the following major
categories:
Education Insurance Plans
Wealth creation Plans
Premium Guarantee Plans
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RETIREMENT SOLUTIONS:
The primary objective of retirement plan is to help you provide for your financial needs in
your post retirement years.
Forever Life
Life Time Super Pension
Life Link Super Pension
HEALTH PRODUCT SUIT:
Under Health Product Suit, ICICI Prudential offers plans under the following major
categories:
Health Assure
Health Assure Plus
Hospital Care
Cancer Care
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Cancer Care Plus
Diabetes Care
Diabetes Care Plus
ABOUT THE INDUSTRY
A policy that will pay a specified sum of beneficiaries upon the death of
insured person.
An agreement that guarantees the payment of stated amount monetary
benefits upon the death of the insured person.
I nsurance
Insurance is the protection of life and assets against unforeseen circumstances. Whether it
is general accident policy, a Mediclaim policy or a pension policy, an insurance policy
helps you to scope with uncertainty and insecurity.
Ever though about why you should take an insurance policy. For one, it helps you to hedge
risks against unforeseen circumstances and save more. It thats not all, it is:
Superior to an ordinary savings plan as it provides full protection against the risk of
death.
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Encourages and forces compulsory savings unlike other savings instruments, wherein
the saved money can be easily withdrawn.
Provides loan to tie over a temporary difficult phase and is also acceptable as security
for a commercial loan.
Offers tax relief to policyholder.
Hedges risk against uncertainty.
For a policy taken under the MWP Act 1874, (Married Womens Property Act), a
trust is created for wife and children as beneficiaries.
Based on the concept of sharing of losses, the society will benefit as catastrophic
losses are spread globally.
BUY A LIFE INSURANCE POLICY
Any person above 18 years of age, who is eligible to enter into a valid contract, can go for
an insurance policy. Subject to certain conditions, a policy can be taken on the life of a
spouse or children.
LIFE INSURANCE POLICY USEFUL
Planning for the financial consequences of a premature death is an essential part of every
financial plan. Generally, the consequences are simply too large to ignore and cannot be
totally covered with your own resources. Life insurance is nothing but contract with an
insurance company under which is insured (purchaser) pays a premium in exchange for
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coverage of specified issues. Life insurance is protecting your family against the risk of
premature death of you (or your spouse). Life insurance planning should consider your
familys short term needs (for example, medical expenses) and long-term needs (for
example, replacing your income),
In course of our life w are accosted by risk-that of failing health, financial losses,
accidents and so on. Insurance is mean by which lifes uncertainties are addressed in
financial terms. It offers a monetary compensation against those losses. Insurance is
considered more as a hedging mechanism rather than a true investment avenue. Life
insurance, in particular is essentially acknowledged as mechanism that eliminates risk-
substituting certainty for uncertainty primarily by transferring risk from the insured to the
insurer.
LIFE INSURANCE - SAVING INSTRUMENT
Life insurance is mainly considered as a saving instrument rather than an investment
avenue as it promotes compulsory savings besides reducing tax burden on the policyholder
and protects the family of policyholder in the event of unforeseen happening. It is the only
saving instrument, which covers risk besides giving tax concession both at entry (premium
paid) and exit point. The section 10(D) of the income tax act totally exempts payment of
tax on any amount received as bonus against life insurances policies.
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TYPES OF INSURANCE PLANS
TRADITIONAL OR UNIT LINKED
Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief
detail of both segments:
UNIT LINKED INSURANCE PRODUCT:
ULIPs have gained high acceptance due to attractive features they offer. These include:
Flexibility
Flexibility to choose Sum Assured.
Flexibility to choose premium amount.
Option to change level of Premium /Sum Assured even after the plan has
started.
Flexibility to change asset allocation by switching between funds
Transparency
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Charges in the plan & net amount invested are known to the customer
Convenience of tracking ones investment performance on a daily basis.
Liquidity
Option to withdraw money after few years (comfort required in case of
exigency)
Low minimum tenure.
Partial / Systematic withdrawal allowed
Fund Options
A choice of funds (ranging from equity, debt, cash or a combination)
Option to choose your fund mix based on desired asset allocation
TRADITIONAL PLANS:
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These are the oldest types of plans available. These plans cater to customers with a low risk
appetite. Some of the common features of traditional plans are:
Steady Investment
Major chunk of investible funds are in debt instruments
Steady and almost assured returns over the long term
Features
Death benefit is Sum Assured + guaranteed & vested bonus
Helps in asset creation as they are for a long tenure
Premium to Sum Assured ratios are fixed for each plan and age.
Generally withdrawals are not allowed before maturity
TAX BENEFITS ON INSURANCE AND PENSION
Life insurance and retirement plans are effective ways of saving taxes.
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The tax breaks that are available under our various insurance and pension policies are
described below:
1. Life insurance plans of ICICI Prudential are eligible for deduction under Sec. 80C.
2. Pension plans of ICICI Prudential are eligible for a deduction under Sec. 80CCC.
3. Health insurance plans/riders of ICICI Prudential are eligible for deduction under Sec.
80D.
4. The proceeds or withdrawals of life insurance policies of ICICI Prudential are exempt
under Sec 10(10D), subject to norms prescribed in that section.
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PRODUCT PORTFOLIO
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 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. It offers 7 fund options - Preserver, Protector, Balancer, Flexi
Balanced Multiplier, R.I.C.H and Flexi Growth.
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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 help youachieve the
right Asset Allocation to meet your desired financial goals.
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 Cashbakis a unit linked plan that provides premium guarantee on
the invested premiums along with flexible liquidity options.
LifeStage RP is a unique and powerful wealth creation insurance solution,
which combines the benefits of automatic asset allocation and quarterly
rebalancing along with increased protection.
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PROTECTION SOLUTIONS
LifeGuard 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 a mortgage reducing term assurance plan designed specifically
to help customers cover their home loans in a simple and cost-effective manner.
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EDUCATION SOLUTIONS
SmartKid 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 (life
annuity, 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.
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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 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.
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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 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 pre-diabetes. 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 forType 2 diabetics and pre-diabetics
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Hospital Care: is a fixed benefit plan covering variousstages of treatment -
hospitalization, ICU, procedures & recuperating allowance. It covers a
range ofmedical conditions (900 surgeries) and has a long 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.
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GROUP INSURANCE SOLUTIONS
ICICI 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 optimize returns for members of the trust and rationalize 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 realizes 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 addition to the annuities offered to existing
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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.
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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.
1. 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 traveling in an authorized mass
transport vehicle, the beneficiary will be entitled to twice the sum assured as
additional benefit.
2. 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
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3. 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.
4. 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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SOM E PLANS WITH DETAIL
CASH BAK
Who can apply?
If you are 16 year old and not older than 55 years, the minimum sum is Rs. 75,000. You
have the option of paying yearly, half-yearly and also monthly premium.
Death benefit:
Sum assured + guaranteed additions (GA @ 3.5% compound annually on SA for the 4
years) + vested bonus (VB)
Maturity benefit:
50% of sum assured guaranteed additions for four years + VB ob entire sum assured.
Survival benefit:
At the end of the
year
SBAS % of S.S. End of the years SBAS % of S.S.
3 10% 4 10%
6 15% 8 15%
9 20% 12 20%
12 25% 16 25%
Maturity 50%+GA+VB Maturity 50%+GA+VB
Additional features:
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For protection to your family against unfortunate health, hazards or eventuality, we offer
you the followings riders:
1. Critical illness Riders
2. Major surgical Riders
3. Accident & Disability benefit
4. accident benefit Riders
General features:
Surrender- after 3 policy years, you get certain amount on surrender of the policy.
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SMART KID
WHO CAN APPLY?
If you are a parents aged between 20 & 60 years with children in the age group of 0 to 15
years with minimum sum assured Rs. 1,00,000.
Death benefit:
Nominee get 100% sum assured + profit accrued on the plan till such date + Wavier of
premium
Survival benefit:
This policy pays out money at regular interval coinciding with important Miles tones in
childs life. It has two options for payment.
Riders:
1. Income benefit riders
2. Accident & Disability Benefit riders
3. Accident benefit riders
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General features:
Surrender:after three policy years have been completed
Tex-benefit:Sec 80(c) on premium payment
Sec 10(10) D benefit on death & maturity claim.
FOREVER LIFE PENSION PLAN
Who can apply?
If a person age between 20 & 60 year with minimum term 5 years and maximum 30 years.
Life cover benefit:
Forever life pension plan provides life covers during the deferment phase. In unfortunate
event of the death, the spouse has the option to receive the sum assured with guaranteed
additions and vested bonuses(if any) as a lump sum or get an annuity that would provide a
regular income for life.
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MATURITY BENEFIT:
1. Life Annuity: annuity for life
2. Life annuity with return of purchase price: life annuity for the annuitant with the
return of the purchase price.
3. Life annuity guaranteed for 5, 10, 15 years: guaranteed annuity paid for chosen term
and after that the annuity as long as the annuitant is alive.
4. Joint life, last survivor with return of purchase price: in this case, the annuity is first
paid to annuitant. After the death of annuitant, the spouse starts getting a pension,
which is an amount that equal to the annuity paid to the annuitant. After the death
of last survivor, the purchase price is return to the beneficiary.
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Open market offer:
ICICI Prudential giving offer to you to buy a pension from any other insurer of your choice
at the time of vesting. So, you have the freedom to take the best offer available in the
market.
Riders:
1. Critical illness riders (standalone)
2. Major surgical assistance riders
3. Accident and disability benefit riders
4. Accident benefit riders
General feature:
Surrender:After 3 policy years
Tax benefit: 80 CCC on premium paid.
Power to choice the retirement date between 50 to 70 years.
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LIFE TIME PENSION II
Who can apply?
If your age between 18 & 65 years. In that case you have opted to choose a zero death
benefit. Else, you have to between 18 & 60 years of age.
Sum Assured at inception:
Option 1:You can opt for a zero sum assured.
Option 2: You can opt for a sum assured will be equal to product of your annual
contribution & term.
Pension investment plans:
1. Pension Maxi miser: If high is your priority, this is the plan for you. You can
enjoy long term application from a portfolio that is investment primarily and equity
related securities.
2. Protector:If on the other hand, your priority is steady return, you can opt for the
Protector Plan. Here, you can accumulate a steady income at low risk across a
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medium to long term period from a portfolio, which is primarily in fixed income
securities.
3. Balancer: If you prefer a balance of growth and steady returns, you can choose
our Balancer plan. This would ensure you that your portfolio is invested in equity
and equity linked securities, as well as in fixed income securities.
4. Preserver:The objective of this plan is to ensure capital protection by invest in
very low risk investment like the cash and call money markets. However the return
generated may also be on the lower side due to the investment pattern. At inception,
investment up to 20% can be allocation to this fund.
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Asset allocation
Fund
Asset mix Potential
Risk-reward
Maxi miser Equity and related securities max 100%
Debt, money market & cash max 25%
High
Balancer Debt, money market & cash min 60%
Equity and related securities max 40%
Average
Protector Debt instruments: max 100% money
market & cash : max 25%
Moderate
Preserver Debt instruments: max 50%
Money market & cash: min 50%
Low
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Premium allocation:
Allocation of contribution would be depending on the first contribution made.
The allocation will be as follows:
Allocation(Rs.) 1 year 2 years 3-10 years Thereafter
10,00-49,999 78% 88% 99% 100%
50,000 & above 83% 83% 99% 100%
OTHER CHEERS:
1. Top up charges: Top up charges will be 1 % of top up value.
2. Switch charges: Except from 4 free switches allowed every policy year, all
a. Other switches will be charged @ Rs. 100 per switch
3. Administrative charges: A fixed charge of Rs. 20 per month will be levied by
a. Cancellation of units.
4. Fund related charges: The annual fund, related charge for the various funds
will be as follows:
Fund type Investment charges
Maxi miser 1.50%
Balancer 1.00%
Protector 0.75%
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Preserver 0.75%
Surrender Value:
During 1st policy year 95% of policy invested
During 2nd policy year 96% of policy invested
During 3rd policy year 97% of policy invested
During 4th policy year 100% of policy invested
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MATURITY BENEFIT:
1. Life annuity: annuity for life
2. Life annuity with return of purchase price: Life annuity for annuitant with return
of the purchase price of beneficiary.
3. Life Annuity Guaranteed for 5, 10, and 15 years: Guaranteed annuity is paid for
chosen term and after that the annuity as long as the annuitant is alive.
4. Joint life, last survivor with return of purchase price: In this case, the annuity
first paid to annuitant. After the death of the annuitant, the spouse start getting a
pension, which is an amount that is equal to the annuity paid to the annuitant. After
death of the last survivor, the purchase price is returned to the beneficiary
5. Joint Life, Last Survivor with Return of Purchase Price: In this case the annuity is
first paid to annuitant. After death of the annuitant, the spouse starts getting a
pension, which is an amount that is equal to the annuity paid to annuitant.
Riders:-
1. Waiver of premium.
2. Accident & death benefit riders.
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INTRODUCTION TO CHANNEL DEVELOPMENT
Broadly, there are two main channels through which the insurance
sector can help the economic and social development of a country: first,
by reducing uncertainty, and second, by generating long-term financial
resources. Through the first channel, a well functioning insurance sector
facilitates the investment decision-making process and enables
businesses to continue operating even if catastrophic events (such as
earthquake, floods, and severe weather conditions, etc) hit the
economy. The latter, in turn, provides some protection to households by
reducing probability of job and income losses. A developed and healthy
insurance industry also protects households from any major financial
losses resulting from idiosyncratic shocks such as fires, thefts, illness,
accident and death, etc. The second channel, i.e. increasing supply of
long-term financial resource, plays a vital role in economic development.
Funds generated by the insurance industry are mainly invested in other
financial instruments; especially in government securities, stocks,
corporate debt and long-term certificates of deposits issued by other
financial institutions. The insurance sector also plays a supportive role in
the development of other financial institutions and markets. For
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example, both availability of funds and insurance facility, allow financial
intermediaries to enter into new markets
This document is about channels and their use in current environments for those either
considering uPortal or those who have recently adopted uPortal. It is hoped the information
provided here will be beneficial when defining a "Channel Development Strategy."
Defining a Channel Development Strategy is completely relative. There is no right or
wrong strategy. A successful strategy could be one that restricts channel development to
only one channel type, or it might be a strategy where all potential content providers accept
the channel type recommendation of a uPortal committee whose task is to clearly identify
the best channel type for any given application. Both solutions are perfect acceptable.
Reality teaches that system implementation expectations have two extremes. One extreme
includes the people depending on the functionality of the deliverable; they want it instantly
and for free. On the other side of the extreme, people want it done in the most efficient and
flexible means available, they want unlimited funding with no clearly-defined deadline.
This lesson produces no useful information.
For any given problem, there is a window of opportunity and an available amount of
resources with which a solution can be implemented. An understanding of the problem, the
organization and its available resources is required in order to begin the evaluation process.
The result is the definition of a mechanism to be employed to achieve resolution.
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One Sure Shot Way For An Employer To Retain His Team
Employees these days are constantly on the prowl for "better opportunities". How then do
you get them to focus on your job and stay committed for long tenures?
Human Resource experts agree that employees work with utmost dedication when they
believe their organization truly cares about their wellbeing.
One way of showing your concern for your employees is to shoulder the two
responsibilities they worry about most: Security of and Savings for their families.
Group Insurance Plans from ICICI Prudential enable you to effortlessly provide your
employees with both, savings and security, so they can pass on the benefits to their loved
ones.
Your kind gesture to safeguard their family's future will undoubtedly serve as great
encouragement for your employees, and they will gladly offer you their whole-hearted
commitment.
Top 3 Reasons Why You Should Invest In ICICI Prudential's Group Insurance Plans
With ICICI Prudential's Group Insurance Plans your employees get:
Incomparable financial benefits that guarantee their safety and financial stability.
Sound financial planning that empowers them to meet their changing financial
objectives.
Quality service initiatives and transparency across all operations
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SWOT ANALYSIS
STRENGTH
Vast untapped market:
In a country of 1 billion people there is a huge potential market for life insurance
products. In India the penetration of the insurance sector in the rural and semi-urban areas
is low. There is a market of 900 million for life insurance and 200 million for
householders insurance policy. In addition to this the affluent section can be tapped for
Overseas Mediclaim and Travel Insurance policies.
Huge pool of skilled professionals:
Whether it is banks or insurance companies, there is no dearth of skilled professionals in
India to carry out a successful banc assurance venture.
Weakness:
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Lack of networking among bank branches
In spite of growing emphasis on total branch mechanization (TBM) and full
computerization of bank branches, the rural and semi-urban banks have still to see
information technology as an enabler. Complete integration of branch network involves
huge investments for creation IT and communication infrastructure.
Low savings rate
Though we have a huge market for insurance policies, the middle class who constitutes
the bulk of this market is today burdened under inflationary pressures. The secret lies in
including savings habit but considering the amount of surplus funds available with the
middle class for investing in future security, the ability to save is very nominal.
Opportunities:
Data mining:
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Banks have a huge customer database which has to be properly
leveraged. Target segments should be identified and tapped.
Wide distribution networks of banks provides a great opportunity to sell insurance
products through banks
Another potential area of growth of banc assurance is exploiting the corporate
customers and tying up for insurance of the employees of corporate clients.
Threats:
Human Resource Challenges
Success in banc assurance venture requires a change in mindset. Though we have a large
talent pool, the inability to sell complex insurance products on the part of bank
professionals and their reluctance to learn can be severe setback. There has to be a change
in the thinking, approach and work culture.
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Non-response from the target groups can also pose a challenge as it happened in the
USA in 1980s
FUTURE GROWTH PROSPECTS OF
COMPANY
In the total market share, LIC has reduced its share from 91% to 70%. This means that
private insurance players have got more margins in their hands which have increased from
9% to 30% in last 2years only.
In the private market share, ICICI PRU leads with 39% of the market share in its hand
followed by Bajaj Allianz with 18% shares and then comes BirlaSun Life with 15% market
shares.
ICICI PRU has been maintaining its NO 1 position since last 5 years because of its prolific
product range and commanding brand equity. It has a highest capital base of Rs. 925 crores
and a team of more than 56,300 week-trained advisors. It enjoys a brand recall rate of 92%
and gives credit of its success to the 5 core values-
Integrity
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Customer
Boundary Less
Ownership
Passion
COPETITIVE ANALYSIS WITH
HDFC-STANDARD LIFE
HDFC Standard Life Insurance Company is a joint venture between Indias largest housing
finance provider, HDFC and Europes largest mutual life assurance The Standard Life
Assurance Company (U. K).
Standard Life, UK, founded in 1825, has been at the forefront of the UK insurance industry
for 175 Years by combining sound financial judgment with integrity and reliability.
It is the Largest Mutual Life company in Europe and has total assets of Rs. 5,50,000
crore.
Training activities for agents/advisors:
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As per IRDA guidelines, 100hrs training is compulsory.
Both online & classroom training are available.
Training is compulsory with both part-time &full time Options.
A clear exam is conducted by IRDA, the minimum Qualification required is-
12th pass for urban areas
10th pass for rural areas.
Commission Structure:
Depends on the product, like on savings
20-40% Ist year premium.
On investment
On pension 7.5%
Modes & ways through which the company recruits agents.
Direct contacts.
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Newspaper adds.
Consultants.
Member of the company can introduce a new member.
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Top 5 USPs (Unique Selling Proposition) Of HDFC Std. Life
Best insures according to Outlook.
Well supported by foreign Ist private sector life insurance Company to be granted a
license.
Declared bonus every year from the day of incorporation (only company.)
Provides fast service to the customers in terms of claim
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Besides doing market research, my other job was also to increase the advisor base
of the company. And company preferred the profiles of the already established
insurance advisors of the other company especially the LIC ones. What I suggest
is that before approaching these prominent agents we need to do a SWOT analysis
of the co. they are into. Like LIC Agents usually complain of LOW returns and
hence ICICI Pru can tap them on this loophole of LIC.
Instead of approaching these good profile agents personally, the company can
hold Seminars or Club Meeting because every one comes for free lunches. Once
they come, they can be given Business Opportunity presentation about the
incentive, commission structure etc ICICI Pru is offering to its advisors.
Since the commission structure has been fixed by the IRDA only so no insurance company
can give more commission on products but every company has a different mode of
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distributing commission, since ICICI pru has all kind of products and policies with it
(including the products which LIC have and even those which LIC do not have) thus every
agent can earn as much (NO UPPER LIMIT ON EARNINGS) as he wants because he has
more choice to offer to the customer.
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LEARNINGS
The basic aim of the company in providing us with this assignment was to find out the
peoples perception of their brand in the market and via this increasing their advisor base
by encashing on their brand name.
I learned how to recruit insurance advisor and convinced them for job profile.
When I was doing this project I met several person & collected their response, some of
them give positive response, some gave negative response & some cant say any thing, they
dont believe in private sector. I also personally met 9 to 10 person in a day. I also do Tele-
calling & appointment. It is very helpful in the collection of the customer database.
Under this project:
No. of customer met: more than 50
No. of customer called (phone):500
ICICI Prudential Life Insurance Company is the number one private life insurance
company in India with a market share of 4202%. Birla sun life stands second in private life
insurance companies with a market share of 1805%. Looking in private sector ICICI
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Prudential has been the dominant player because the amount of gap between the market
shares is huge.
But if we analyze in all sectors of life insurance then LIC has been the most
dominant player since 1956. The impact of LIC has been so much in both rural
and urban areas that people use the term LIC instead of lie insurance.\
ICICI prudential faces a big challenge in front of them to stay in the race with
Life insurance Corporation (LIC) because with the entrance of other companies
like Max New York, HDFC Standard Life & Birla Sun Life the competition has
become tougher.
But insurance is also growing day by day, India has a population of 1.2 billion
and only 33.3% population is insured. This means insurance is an upcoming
industry but ICICI prudential has to work a lot on their strategies to overcome
LIC.
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CONCLUSION
The project has various facets and the tenure in my SIP has been the best part in my life as
there were moments of happiness, sorrow and stress. At the end the winner is True
Manager and one who has control on his emotions. I have learned to live the hard way and
I came to know my strength and weaknesses. It was really valuable for me as I got a
project, which could test my skills in various areas, and this helped me a lot to decide the
field I am most confident and successful.
The Indian Insurance Industry has suddenly witness a major boom. Being a globalize
market, the customer seeks and demand world-class products. In global market everything
is bench marked and compared. The market for Insurance business is found vast; the
potential policyholders are in a very good number. And their needs and requirements are
not identical.
The market share of life insurance business is comparatively superior to general insurance
business. Free markets and globalization have increased competition in the changed
scenario; life insurance business has to reengineer its approaches and strategies on quality
basis.
So, the study on life insurance business with the reference to quality becomes more
important, this quality-based strategy called as service sigma. Six sigma is a management
philosophy. It is a customer based approach realizing the defects are expensive. It is
considered to be a way or path to achieve strategic business results. Fewer defects in the
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operation mean lower costs and improved customer loyalty. It is not a single activity, it is a
continuous process.
The project revolves round the above-mentioned approach with a right kind of mix of
technical and marketing aspects of life insurance industry.
I would like to conclude my report with a wish that all employees of ICICI Prudential
would remember me for days to come and with all due respect like to again thank Mr.
Neural Chatham, Sales Manager for giving me an opportunity to serve the company and
giving me days which have been the most learning for me.
Overall, the life insurance and pension sector is set for rapid changes and growth in the
years ahead. Delivering service, building trust and being innovative are key areas in which
any company will have to excel in order to do well in the long road ahead. Different
companies will take different approaches and it would be myriad of solutions that will be
found to delight the Indian customer
In a world dominated by isms of many kinds, there is a need for advertising to reflect on the
efficacy of emotion in advertising. But before that, an understanding of whether we are at
all emotional people needs to be established. I, for one, believe the average Indian is
selectively emotionalhe looks for emotions that he can express in public where he seeks
peer approval or in private whom I guess happens most of the time. For advertising to look
at emotion as an idiom can both be tricky as also tiresome
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1. The analysis revealed that its not just a myth that people avert from private
companies but is a harsh reality.
2. LIC enjoys credibility over other private players in the industry.
3. Out of 250 sampled people just 90 of them have taken some policies from the
private companies, which is actually small in number.
4. People who had taken various policies from the private companies are fully
satisfied because of the attractive returns, capital guarantee on some plans and easy
liquidity as one of the major factors.
5. People look for handsome returns along with security in all of their investment
plans. Although insecurity is one major factor that avert people to invest in the private
companies.
6. Many people in the market were not aware of the fact that IRDA governs the
functioning of all the private companies along with LIC.
7. Peoples faith in the private players actually increased after the IRDA regulation
fact was revealed to them.
8. There are many people who are greatly influenced by their natural circle while
some are ignorant about the existence of the private insurance players and the plans
they are offering and the rest of the surveyed people have already taken some policies
from LIC and are pretty satisfied.
BIBLOGRAPHY
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Investment update report of other AMCS
Various Business Newspaper
Magazines
Economic Times
The Times Of India
India Today
WWW.AMFINDIA.COM
WWW.ICICIPRULIFE.COM
WWW.GOOGLE.COM
WWW.INVESTMSRTINDIA.COM
WWW.PERSONALFN.COM
WWW.ECONOMICTIMES.COM
WWW.STOCKINDIA.COM
ANNEXURE
70
http://www.iciciprulife.com/http://www.investmsrtindia.com/http://www.personalfn.com/http://www.economictimes.com/http://www.stockindia.com/http://www.iciciprulife.com/http://www.investmsrtindia.com/http://www.personalfn.com/http://www.economictimes.com/http://www.stockindia.com/ -
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QUESTIONNAIRE
Name:
Age: 30-35 35-40 40-45 45-50
Gender: Male Female
Address:
Tel. No.:
Email ID:
Occupation
Business
Service
Annual Income
Less than 1 laky
1 laky -2.5lakh
2.5 lakh-5 laky
More than 5 laky
1. Have you taken any life insurance policy?
Yes
No
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2. From which company have you bought an insurance product?
ICICI Prudential Life Insurance Co. Ltd.
Max New York Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
TATA AIG Life Insurance Company Ltd.
Any other
3. Which product have you bought?
Term Insurance
Whole life plan
Retirement plan
Unit linked policy
Other
4. What influenced you to buy an insurance product?
Print Media
Radio
Television
Campaigns/ hoardings
Agent/Friend
5. Which is the most attractive advertisement in your view?
ICICI Chintamani
Max New York Dravid
HDFC Sar utha ke jiyo
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Any other
6. If you have bought your product from ICICI Prudential Life Insurance Co. Ltd. then
what is your satisfaction level?
Completely satisfied
Satisfied
Not Satisfied
Dissatisfied
Completely Dissatisfied
7. Which is the most effective punch line in your view?
We cover you. At every step in life.
Your partner for life
Making life easier for you
Your dreams. Our commitment.
With you always
8. What do you feel about the punch line of ICICI Prudential Life Insurance Co.
Ltd.?
Catchy
Low Profile
Generate feeling of security
Touches your heart
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9. What do you think about the ICICI Prudential advertisements?
Aggressive
Comparable with its competition
Low Profile
Unsatisfactory
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GLOSSARY
A
Accident: A sudden and unintentional happening leading to a loss. In the context of life
insurance, it is a sudden and unforeseen happening that causes disability or death of the
policyholder.
Accidental Death Benefit: An add-on benefit in which the benefit is payable in the event
of death of the life insured as a result of an accident provided he has opted for this benefit.
Accumulation Period: The time interval between the commencement of the policy and the
time when benefits are paid out. It is established by the insured.
Actuary: A professional with expertise in technical aspects of insurance. An actuary is a
statistician and mathematician by training.
Agent (Life Advisor): A representative of an insurance company authorized to sell
insurance policies.
Annuity: The amount paid under an annuity scheme at stipulated intervals like yearly/half
yearly/quarterly/monthly intervals.
Authority: The Insurance Regulatory and Development authority established under sub-
section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999.
B
Beneficiary: The person who receives the benefit of a policy in case of death during the
term or the policyholder who receives the benefit on maturity.
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Bonus: Bonus is the amount added to the basic sum assured under a with-profit life
insurance policy
.
C
Claim: A request for payment of the contractual benefits by the insurer that is made by the
insured or the beneficiary.
Concealment: When an applicant withholds critical information from the insurance
company, it is called concealment. For instance, if the applicant is suffering from a terminal
disease and he does not notify the company of this, he is concealing information.
D
Death Benefit: The benefit received by the beneficiary (ies) on the death of the insured.
E
Endowment Plan: A plan in which the amount is paid to a policyholder if he outlives the
tenure of the contract or to the beneficiary if the insured person dies before the date on
which the policy matures.
F
Free look period:A free look period gives the client an option to review the terms and
conditions of the policy within 15 days from the date of receipt of the policy document.
G
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Group Life Insurance: Life insurance of a group of people under a policy. This group
should already be in existence and should not have come together only for the purpose of
insurance.
H
Human Life Value: The present value of the family's share of the breadwinner's future
earnings is considered as Human Life Value, for purposes of life insurance.
I
IRDA: The acronym for the Insurance Regulatory and Development Authority of India, it
is the apex body overseeing the insurance business in India. It protects the interests of
the policyholders, regulates, promotes and ensures orderly growth of the insurance industry
and for matters connected therewith or incidental thereto.
L
Lapse: The termination of an insurance policy due to non-payment of premia.
Level Premium Life Insurance: Life insurance for which the premium remains
unchanged year after year.
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License: Permission granted by IRDA to the applicant for commencement of the ins.
business in India.
M
Money Back Plan: A plan in which part of the sum assured is paid back to the
policyholder at regular intervals.
Maturity Date: The date on which the policy term expires.
N
Nomination:A provision by which a policyholder can designate any person to receive the
policy money in the event of his death.
Nominee:A person selected by the policyholder to receive the benefit in case of death of
the life insured.
P
Policyholder: The person who owns the policy, in this case, a life insurance policy.
Premium: The amount paid by a policyholder to the insurance company, in order to be
covered under a policy.
R
Rider:An add-on benefit available at the option of the policyholders that may alter certain
features of a policy by increasing or restricting benefits.
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Reinsurance: The transfer of part of the risk by the original insurance company to one or
more reinsurers.
S
Selling price:This is the price at which you can sell units, based on the market value per
unit, less the relevant trading costs associated with selling the assets.
Surrender Value: A value payable if you want to surrender the plan before a claim arises.
T
Term: The tenure of the policy.
Term Cover: A type of life insurance where the sum assured is payable only in the event
of death of the insurer during the specified term.
W
Whole Life Insurance: A life insurance policy where benefits are payable to a beneficiary
on death of the insured, whenever that occurs. The premium payment can happen for a
specified number of years or throughout life.