finance - insurance - icici prudential - channeldevelopment in insurance sector

7/31/2019 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.

finance - insurance - icici prudential - channeldevelopment in insurance sector

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