ICICI PRUDENTIAL LIFE INSURA

2011Prepared by:SANJAY KUMAR BAGARIA.B.Com IIIrd year.Roll no. 17130073.Registration no. 08001575

ICICI PRUDENTIAL LIFE INSURANCE

A PROJECT REPORT ONATTITUDE OF PEOPLE OF TINSUKIA TOWN TOWARDS INSURANCE-STUDY FOR ICICI PRUDENTIAL LIFE INSURANCE

A Project Report submitted to the Department of Commerce, Tinsukia College in partial fulfillment of the requirement for the award of Bachelors Degree in Commerce (Specialization course)

Submitted by:SANJAY KUMAR BAGARIA.B.Com IIIrd year.Roll no. 17130073.Registration no. 08001575

DEPARTMENT OF COMMERCETINSUKIA COLLEGETINSUKIA-786125ASSAM.

2011

ANNEXURE-ASTUDENT DECLARATION

I hereby declare that the project report entitledATTITUDE OF PEOPLE OF TINSUKIA TOWN TOWARDS INSURANCE-STUDY FOR ICICI PRUDENTIALSubmitted in partial fulfillment of the requirement for the degreeOfBachelors of Commerce TDC Part III (1+1+1)To Dibrugarh University, Assam, is my original work and not submitted for the award of any other degree, diploma, fellowship, or any other similar title of prizes.

Place: Tinsukia, Assam SANJAY KUMAR BAGARIADate:TDC Part III (1+1+1) TINSUKIA COLLEGE

ANNEXURE-BEXAMINERS CERTIFICATION

The project report ofSANJAY KUMAR BAGARIA TDC PART III (1+1+1)BACHELORS OF COMMERCE

TITLE

ATTITUDE OF PEOPLE OF TINSUKIA TOWN TOWARDS INSURANCE - STUDY FOR ICICI PRUDENTIALis approved and is acceptable in quality and form.

INTERNAL EXAMINER EXTERNAL EXAMINER

ANNEXURE-CCOLLEGE CERTIFICATE

This is to certify that the project report entitledATTITUDE OF PEOPLE OF TINSUKIA TOWN TOWARDS INSURANCE - STUDY FOR ICICI PRUDENTIALSubmitted in partial fulfillment of the requirement for the degreeOfBachelors of Commerce TDC Part III (1+1+1)has worked under my supervision and guidance and that no part of this report has been submitted for the award of any other degree, diploma, fellowship or other similar titles or prizes and that the work has not been published in any journal or magazine.

CountersignedGuide

lPrincipal, Lecturer,Tinsukia College, Tinsukia College, Tinsukia Tinsukia

ACKNOWLEDGEMENT

Despite all the hurdles and difficulties I have been able to complete the project with greater ease and self-confidence. This has been possible only because of the unconditional support and guidance made available by the faculty members of G. S. Lohia Girls College, Tinsukia.

I am extremely grateful for the guidance and helping hand extended to me by my respected faculty members, Mr. L.N.Samal and Miss Rishta Sureka. I would also like to thank all faculty staff for their suggestions and co-operation.

I also thank my friends who have helped me to solve my problems in this project. It was for their efforts that I could complete my survey in time.

Last but not the least I want to thank my respondents who helped me out by filling in questionnaires without which the survey could not have taken place.

Preface

Projects are an indispensable part of any kind of formal education that help us to have a practical exposure as well as better insight of the subject, which we are studying. In professional courses like B.Com, we are basically trained and equipped with strong theoretical knowledge of how business operates and what are the methods and techniques of running a successful business. The program is designed to provide both portfolio of strong functional skills and the ability to apply, adapt and integrate those skills in different management settings. But no course of study is fully completed unless there is first hand on the job practical knowledge of the business and professional way of working. Therefore, to reinforce this strong theoretical base by practical knowledge, the students are assigned certain projects and are asked to prepare a project report. I have prepared a project report onATTITUDE OF PEOPLE OF TINSUKIA TOWN TOWARDS INSURANCE - STUDY FOR ICICI PRUDENTIALMore than 20 insurance providers are currently functioning within the geographical boundaries of Tinsukia. Insurance service is growing rapidly throughout the country since last few years, but not enough research works have been done to understand the attitude of the consumers towards insurance. This research work is intended and directed towards this subject matter which will be helpful for insurance provider like ICICI PRUDENTIAL, in many ways.The report has been prepared keeping in mind all the important practical aspects and in-depth analysis of the data collected. Every effort has been made to make the recommendation as scientific and practical as possible.

CONTENTS

CHAPTER 11. INTRODUCTION

CHAPTER 2.1 OBJECTIVES OF THE STUDY.2 SCOPE OF THE STUDY.3 LIMITATIONS OF THE STUDY.4 RESEARCH METHODOLOGY

CHAPTER 3 ANALYSIS AND INTERPRETATION

CHAPTER 4 4.1 FINDINGS4.2 SUGGESTIONS & RECOMMENDATIONS4.3 CONCLUSION

BIBLIOGRAPHYANNNEXURE

EXECUTIVE SUMMARY

1. TITLE OF THE PROJECT : Attitude Of People Of Tinsukia Town Towards Insurance A Study For ICICI PRUDENTIAL 2. LOCATION : ICICI PRUDENTIAL, Tinsukia. 3. OBJECTIVES : Generalised objective: To find out the attitude of people of Tinsukia town towards insurance policy and perception about ICICI PRUDENTIAL.Detailed objectives: To find out the perception of people of Tinsukia town about the need of insurance. To find out the factors those motivate people of Tinsukia town to take an insurance policy. To find out the factors those resist people of Tinsukia town in taking up an insurance policy. To find out the awareness level of ICICI PRUDENTIAL in people of Tinsukia town. To find out the areas of the insurance service those need improvement.

CHAPTER 1

PROJECT OVERVIEW

1.1 INTRODUCTIONInsurance is a contract between the insured and the insurer, where the insurer undertakes to indemnify the losses suffered by the insured, for some specified causes in consideration for a fixed premium. The document that contains terms of insurance contract is called Insurance Policy. An insurance company makes profit if the claims of loss and expenses of insurance company are less than the premium collected by it; if the claims and expenses are more than the premium, it sustains losses. But insurance companies generally make profit, since the ratio of claims of policy holders to the total premium collected from them tends to be low.Insurance is basically of two types - life insurance and general insurance. Life insurance policy covers the life risk of the insured (or assured) upto the policy amounts. In case of death of the policy holder, the nominee of the assured could get the policy value. However, the life insurance policy also provides for payment of the policy value either at maturity or by instalments and an agreed bonus. General insurance means insurance other than life insurance.There are varieties of benefits which can be derived on purchasing of a life insurance, which is mainly of two types. One is called term insurance and another one is called investment type insurance. Term insurance provides benefits to ones family or dependents if one dies during the proposed period covered by ones policy. Investment type life insurance will include endowment policies and whole of life policies. This type of life insurance remains in effect as long as one continues to pay the premium.The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. Interestingly in those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered more riskier for coverage. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. By 1938 there were 176 insurance companies. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. India Life Insurance industry came into being with the establishment of Life Insurance Corporation (LIC)in India in 1956. Till the time Insurance Regulatory and Development Authority(IRDA) Act was implemented in the year 1999, private companies were controlled by the LIC of India. Since 1999 onwards the market was opened for operations of private companies also in the insurance sector. Today, there exist a number of life insurance brands in the market. Few of them are Life Insurance Corporation, Max New York Life Insurance, Bajaj Allianz, HDFC Standard Life Insurance Company, Birla Sun Life, ICICI Prudential, SBI Life, TATA AIG Life Insurance, Reliance Life Insurance, etc. All of these are competitors and are competing for the largest share of the policy holders. In order to survive in this competitive environment every company should understand the attitude and perception of the consumers what they like, what they dislike, whether they want any improvements or not. In this project, it has been tried to study the attitude of People of Tinsukia town to know their perception and views towards insurance along with the perception towards ICICI Prudential. ABOUT ICICI PRUDENTIAL LIFE INSURANCE COMPANYICICI Prudential Life Insurance Company Limited 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 is rated iAAA by ICRA, which indicates highest claims paying ability, a fundamentally strong position and the prospect of meeting policyholder obligations is the best.For the past eight 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.

VISION & VALUES :

Our vision:-

To be the dominant Life, Health and Pensions player built on trust by worldclass people and service.This we hope to achieve by: Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employeesAnd above all, building transparency in all our dealings. The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.Our values:-

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.ACHIEVEMENTS :Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India. ICICI Prudential is one of the market leaders in the Indian private life insurance space. It currently hve over Rs. 66,000 crore (as on December 31, 2010) in assets under management. They are capitalized at Rs. 4,780 crore (as on December 31, 2010) which makes them one of the Indias highest capitalized companies companies across sectors. The following are some of the awards and recognizations received by the company during the past few years :1. India's Most Customer Responsive Insurance Company. AGC Networks - Economic Times, Customer Responsiveness Awards, 2010.2. ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity "Most Trusted Brands 2009" survey.3. The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life, the International Service Excellence Awards 20094. ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.5. ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award for Excellence in Financial Reporting' by the Institute of Chartered Accountants of India (ICAI) for the financial year ended March 31, 2008.6. ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia Insurance Industry Awards 2008.7. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008.8. Many Others.

PRODUCTS :Term Plan Protection Plan

ICICI PruiProtect ICICI Pru Pure Protect ICICI PruLifeGuard ICICI Pru Home Assure

ULI Wealth plans

ICICI PruLifeStage Wealth II ICICI Pru Pinnacle II ICICI PruLifeTime Premier ICICI PruLifeLink Wealth SPTraditional child plans

ICICI PruSmartKid Regular Premium

Hospitalisation plans

ICICI Pru Health Saver ICICI Pru Hospital Care II

Critical illness plans

ICICI Pru Crisis CoverRiders

CRITICAL ILLNESS BENEFIT RIDER

ACCIDENT & DISABILITY BENEFIT RIDER

INCOME BENEFIT RIDER

WAIVER OF PREMIUM RIDER (WOP)

Traditional wealth plans

ICICI Pru Future Secure ICICI Pru Guaranteed Savings Insurance Plan ICICI Pru Whole Life ICICI PruSave'n'Protect ICICI PruCashBakULIP retirement plans

ICICI PruLifeLink Pension SP

Traditional retirement plans

ICICI PruForeverLife ICICI Pru Immediate Annuity

Types of ULIPs

Retirement Wealth Child Health

Retirement solution

Group Gratuity Plan Group Leave Encashment Plan

Protection solution

Annuity Solutions Group Term Insurance Plan Group term in lieu of EDLI Scheme Credit Assure UtilityRurals plans ICICI PruSarv Jana Suraksha ICICI PruAnmol Nivesh

CHAPTER 2

.1 OBJECTIVES OF THE STUDY.2 SCOPE OF THE STUDY.3 LIMITATIONS OF THE STUDY.4 RESEARCH METHODOLOGY

2.1 Objectives of the study

To find out the attitude of People of Tinsukia town towards insurance policy and perception about ICICI Prudential Life Insursance. To find out the prominenc of People of Tinsukia town about the need of insurance. To find out the factors those motivate People of Tinsukia town to take an insurance policy. To find out the factors those resist Tinsukians in taking up an insurance policy. To find out the awareness level of ICICI Prudential in Tinsukia..

2.2 Scope of the study

This study will help further in the more directed researches in this field, in future. The management of ICICI Prudential can be able to figure out the factors of importance which motivates People of Tinsukia town in taking-up insurance policies. The management of ICICI Prudential can be able to figure out the factors or the reasons for which Tinsukians dont like to have insurance. The management of ICICI Prudential can be able to know the different areas of the insurance service in which Tinsukians need any improvements. The management can figure out the perception of Tinsukians about ICICI Prudential in the grounds like trustworthiness, awareness, effectiveness of promotion, etc. The management of ICICI Prudential can get a proper insight about the local market in Tinsukia based on this study.

2.3 Limitations of the study

As the study is completely dependent on primary data only, the correctness of the provided information may be questionable. The correctness of this project report is limited to the degree of authenticity of the responses of the respondents, and also to the honesty and unbiasness of the respondents. Lack of interest and support of the respondents also limits the study. A sample size of 50 may not give a proper idea and reflection about the views of whole population of Tinsukia.

2.4 RESEARCH METHODOLOGY

Research Methodology implies those research design techniques that are employed during the study. RESEARCH PLAN: The research plan has been designed keeping in mind both the qualitative and quantitative data that the researcher has to deal with during the analysis phase. For the purpose of analyzing the data about the attitude of People of Tinsukia town towards insurance, a detailed study has been made from the citizens point of view. For the purpose of the survey, a sample survey was undertaken.

SELECTION OF SAMPLE: The Population: the population of the study includes the citizens of Tinsukia Sampling Technique: Random sampling technique is used Sample Size: 100

RESEARCH TOOL: Questionnaire is the tool used for the research work.

SOURCES OF DATA: Data collected to accomplish the project are primary in nature, collected through the instrument of questionnaire.

QUESTIONNAIRE FOR THE STUDY: The questionnaire has been prepared keeping in mind the objectives of the study. Each question in the questionnaire helps in one way or other in achieving the objectives. A copy of the questionnaire is included in the Annexure. All the questions in the questionnaire are closed ended.

ANALYSIS OF DATA: The collected data has been carefully studied and analyzed through various statistical tools or graphical methods like Bar Diagrams and Pie Charts. This has facilitated convenience in understanding results and their interpretations.

CHAPTER 3

Analysis and interpretation

A total of 100 respondents were asked different questions, related only with the study, through the questionnaire. The following analysis is done according to the responses of the respondents:

Analysis 1:Q) Age : i) 20-30 years ii) 31-40 years iii) 41-50 years iv) 51-60 years v) 61 and above

Table 1:Age total RespondentsPercentage

20-30 years2727

31-40 years3333

41-50 years1919

51-60 years1515

61 and above66

Figure 1: AGE INTERPRETATION:The minority of the respondents are from the age group of 61& above years i.e. 6% and the respondents from the group of 31-40 years are the highest i.e. 33%. Again, 15%, 19% and 27% are from the group of 51-60 years, 41-50 years and 20-30 years respectively.

Analysis 2:Q) Sex : i) Male ii) Female

Table 2:SexTotalPercentage

Male6868%

Female3232%

Figure 2: SEXINTERPRETATION:Out the total respondents, majority of them are male i.e. 68% and female are of only 32%.

Analysis 3:Q) Marital status : i) Married ii) Single Table 3:Marital statusTotalPercentage

Married7272%

Single2828%

Figure 3: Marital Status INTERPRETATION:72% of the respondents are married, while 28% of them are single.

Analysis 4:Q) Occupation :i) Studentii) Employee iii) Businessiv) Housewifev) Others.

Table 4:OccupationTotalPercentage

Student1010%

Employee3333%

Business3838%

Housewife1515%

Others44%

Figure 4: Occupation

INTERPRETATION:The majority of the samples are from employees class (33%) and business class (38%), while 10% are student, 15% are housewife and 4% are engaged in other activities.

Analysis 5:Q) Yearly income : a)Less than Rs. 50000 b) Rs. 51000-120000 c) Rs. 121000-250000 d) Rs. 251000-500000 e) More than Rs. 500000.The income level of the respondents was asked here. Out of the 100 respondents, 6 are students and 4 are housewives. As they dont have any source of earnings, the total size that is to be analyzed is 90.Table 5:Yearly incomeTotalPercentage

Less than Rs.500002730%

Rs.50000-1200003134.44%

Rs.121000-2500002224.44%

Rs.251000-500000910%

More than Rs.50000011.11%

Figure 5:

ANALYSIS AND INTERPRETATION:Majority of the respondents have an income level of Rs.50000-120000 i.e. 34.44%, followed by the level of less than Rs.50000 i.e. 30%, then earnings of Rs.121000-250000 occupying 24.44%, followed by the level of Rs.251000-500000 occupying 10% and lastly, 1.11% having the level of more than Rs.500000 per annum.

Analysis 6:Q) Have you heard of ICICI PRUDENTIAL?a) Yes , b) No .The respondents were asked whether they have heard about ICICI PRUDENTIAL or not.Table 6:Heard about HDFC SLICTotalPercentage

Yes9292%

No88%

Figure 6:

ANALYSIS AND INTERPRETATION:The vast majority, i.e. 92%, has heard about ICICI PRUDENTIAL and only 8% have not heard about ICICI PRUDENTIAL.

Analysis 7:Q) HDFC is a trusted name for insurance in Private insurance sector.a) Yes , b) No .This question was put down to figure out the respondents perception about the trustworthiness of ICICI PRUDENTIAL whether it can be trusted or not.Table 7:HDFC SLIC is a trusted name for insuranceTotalPercentage

Yes8181%

No1919%

Figure 7:

ANALYSIS AND INTERPRETATION:It was found that most of the people, i.e. 81%, have trust in ICICI PRUDENTIAL and only 19% of them dont have trust in it.

Analysis 8:Q) Insurance should always be done for securing future.a) Yes , b) No .Being the most crucial question, the response to this one reflects the perception of the respondents about whether they feel the need for insurance or not for the security of future.Table 8:Insurance should always be doneTotalPercentage

Yes8282%

No1818%

Figure 8:

ANALYSIS AND INTERPRETATION:Here, we can see that a significant portion of the sample feel the need for insurance (i.e. 82%) and the rest (i.e. 18%) doesnt feel it necessary to have insurance.Analysis 9:Q) Insurance is important to you as: a) You want to cover your life risk.b) You want to save tax.c) You want to plan for your retirement.d) You want to provide security for your children for their education.e) An insurance policy is needed to get some other facilities.f) You want to minimize unseen risks like accidents, etc. The aim of this question was to find out what are the factors that motivate people to have an insurance policy. 82% respondents, who feel insurance as a necessity, were instructed to choose the appropriate options (they could select more than one option).Table 9:Factors of importanceTotalPercentage

Want to cover life risk5567.07%

Want to save tax2732.93%

Want to plan for retirement3036.59%

Want to provide security for children in their education3542.68%

Want to avail some other facilities67.32%

Want to minimize unseen risks like accidents, etc.1113.41%

Figure 9:

ANALYSIS AND INTERPRETATION:The most important factor is to cover-up the life risk (67.07%), which drives people to have insurance. Followed by childrens education having 42.68%, then to plan for retirement having 36.59%, then to save tax with 32.93% of the total opinion, followed by the need to minimize unseen risks having 13.41% and lastly, for getting some other benefits or facilities having 7.32%.

Analysis 10:Q) Do you have an insurance policy?a) Yes , b) No .This was asked to find out whether all the 82% respondents have at least one insurance policy or not.Table 10:Do you have an insurance policy?TotalPercentage

Yes7389.02

No910.98

Figure 10:

ANALYSIS AND INTERPRETATION:89% (apprx.) of the people have insurance policy with them while 11%(apprx.) dont have.

Analysis 11:Q) You have an insurance policy of:a) LICI , b) ICICI PRUDENTIAL , c) Any other .This was asked to find out which insurance providers policies are mostly absorbed by the respondents. Some respondents (out of 73 respondents having policies) have more than one policy.Table 11:Insurance providerTotalPercentage

LICI4663.01%

ICICI PRUDENTIAL1419.18%

Any other1621.92%

Figure 11:

ANALYSIS AND INTERPRETATION:LICI is the most preferred name for insurance for the respondents having a total share of 63.01%. Then, all the other providers operating in the city have a share of 21.92% and ICICI PRUDENTIAL alone has a share of 19.18%.

Analysis 12:Q) Would you like to have a policy of ICICI PRUDENTIAL?a) Yes , b) No .

This question was put to the respondents to know whether they would like to have a policy of ICICI PRUDENTIAL or not.Table 12:Ready to have policy of HDFC SLICTotalPercentage

Yes4757.32%

No3542.68%

Figure 12:

ANALYSIS AND INTERPRETATION:It was found that 57% of the respondents would like to have a policy of ICICI PRUDENTIAL, including the existing customers of HDFC. However, 43% of the respondents are not ready to have a policy of ICICI PRUDENTIAL.Analysis 13:Q) What are the factors that you dont like about insurance?a) It is an extra burden to the pocket.b) Benefits are not appropriate comparing to the costs.c) Fails to cover-up the risks.d) Agents are irritating.e) Procedures are very complex.f) The time period for plans is usually very long.g) Informations are not available.h) The customer relationship management is poor.Respondents (total 18 who dont consider insurance as a necessity) were asked here to choose the factors which they dont like about insurance. They were instructed to choose more than one option if they wish to do so. Table 13:FactorsTotalPercentage

Insurance is an extra burden to the pocket1477.78%

Benefits are not appropriate comparing to the costs950%

Fails to cover-up the risks15.56%

Agents are irritating527.78%

Procedures are very complex211.11%

The time period for plans is usually very long527.78%

Informations are not available316.67%

The customer relationship management is poor15.56%

Figure 13:

ANALYSIS AND INTERPRETATION:From the above figure, it can be seen that most of the respondents i.e. 77.78% feels insurance as an extra burden to pocket, 50% feels that benefits are not appropriate compared to its costs, 5.56% feels that policies generally fails to cover-up risk, 27.78% feels that insurance agents are irritating, 11.11% respondents find the procedures of insurance service complex in nature, 27.78% feels the time period of a policy very long, 16.67% dislikes lack of information about insurance and 5.56% dislikes the poor customer relationship management. These are the factors that respondents dont like about insurance.

Analysis 14:Q) Do you know about the benefits of having an insurance policy?a) Yes , b) No .People were asked to find out whether they are aware of the benefits of insurance or not.Table 14:Aware of the benefitsTotalPercentage

Yes1477.78%

No422.22%

Figure 14:

ANALYSIS AND INTERPRETATION:78% (apprx.) respondents are aware of the benefits of insurance and 22% (apprx.) are not aware of the benefits of insurance.

Analysis 15:Q) If you feel it necessary to have an insurance policy, would you like to have a policy of ICICI PRUDENTIAL?a) Yes , b) No .This question was asked to find out whether the respondents would like to have a policy of ICICI PRUDENTIAL or not, if the need arises.Table 15:Like to have a policy of HDFC SLICTotalPercentage

Yes1161.11%

No738.89%

.Figure 15:

ANALYSIS AND INTERPRETATION:61% (apprx.) of the respondents would like to have a policy of ICICI PRUDENTIAL, if the need arises, and 39% (apprx.) of them would not like to have the same.

CHAPTER 4

4.1 FINDINGS4.2 SUGGESTIONS & RECOMMENDATIONS4.3 CONCLUSION

4.1 FINDINGS

1) Majority of the respondents (92%) have heard about ICICI PRUDENTIAL.2) 81% of the respondents feel that ICICI PRUDENTIAL is a trusted name for insurance while 19% dont believe in its trustworthiness.3) Majority of Tinsukians feel that insurance should always be done for securing future (with 82%) while the rest doesnt feel so (with 18%).4) The most motivating factor to have an insurance policy is to cover-up life risk (with 67.07%). Other important motivators which make insurance important are security in providing childrens education (42.68%), tool for retirement planning (36.59%), tool for saving tax (32.93%), tool to minimize unseen risks (13.41%) and tool to avail some other benefits (7.32%).5) Out of the 82% respondents, who find insurance important, 89.02% have insurance policies and the rest, i.e. 10.98% doesnt have.6) LICI is the most absorbed insurance provider among Tinsukians having the share of 63.01%, followed by all the other insurance providers except LICI & ICICI PRUDENTIAL having 21.92% and ICICI PRUDENTIAL alone has a share of 19.18%.some of the respondents have more than one policy.7) 40.24% of the Tinsukians prefer public sector insurance providers. Only 7.32% Tinsukians prefer Private sector providers only and 52.44% prefer both.8) The reasons for which people do not have a policy of ICICI PRUDENTIAL are as follows: They have other policies (51.47%) They are unaware of its plans & benefits (42.64%) They dont trust ICICI PRUDENTIAL (10.29%) HDFCs promotional measures are weak (7.35%).9) Tinsukians want improvements in the following grounds of the insurance service: Customer relations (31.71%) After sales service (39.02%) Plans & policies (37.80%) Operations (9.76%) Terms of payment (19.51%)

However, 3.66% of the respondents are happy with the current functioning of the insurance service and they dont need any improvements.10) 57.32% of the respondents have opined that they would like to have policies of ICICI PRUDENTIAL and 42.68% are not ready to have the same.11) The followings are the factors that resist Tinsukians to have an insurance policy (according to the views of respondents who dont have insurance policies): Insurance is an extra burden to the pocket (77.78%) Benefits are not appropriate comparing to the costs (50%) Fails to cover-up the risks (5.56%) Insurance agents are irritating (27.78%) Procedures are very complex (11.11%) The time period for plans is usually very long (27.78%) Informations are not available (16.67%) The customer relationship management is poor (5.56%)12) 77.78% of the respondents, who dont have insurance, know about the benefits of insurance. 22.22% dont know about the benefits.13) Again, 83.33% of the respondents, who dont have insurance, dont believe in the trustworthiness of the insurance providers and 16.67% believes in it.14) If the same respondents would somehow feel it necessary to have insurance, 61.11% of them are ready to have policies of HDFC and 38.89% are not ready to have it.

4.2 Suggestions & Recommendations

1) ICICI PRUDENTIAL should initiate some efforts like organizing events, workshops, free insurance counseling, etc. to make Tinsukians well aware of its plans & benefits.2) ICICI PRUDENTIAL should segment its market in greater Tinsukia according to the income level and marital status of the consumers, so that it can efficiently put forward its marketing efforts.3) ICICI PRUDENTIAL should improve its customer relationship management so that it can obtain loyalty of the customers and thus, to retain them.4) ICICI PRUDENTIAL should focus on its core competencies like retirement plan, childrens plan, etc. as factors like retirement planning, childrens education motivate Tinsukians greatly to have an insurance plan.5) ICICI PRUDENTIAL should try to improvise its promotional measures so that it can be distinguished from its competitors.6) ICICI PRUDENTIAL should design plans for people having lower income level, students and housewives so that a significant portion of the society and potential customers may not get lost.7) ICICI PRUDENTIAL should give proper attention to customer relations, after sales services, terms of payments and operations as these factor are the most sensitive ones and hence they should b maintained and taken care of well to avoid any negative impression.

4.3 CONCLUSION

From the above analysis, it was found that most of the people in Tinsukia understand the importance and feel the need for insurance. Although,a significant portion of the people doesnt feel insurance as a necessary tool for risk coverage or instrument of investment. The major driving forces which motivate people to have insurance are the life risk coverage, childrens education, retirement planning, saving tax and to avail some other facilities, according to the importance given by the respondents. Covering up the life risk is the most chosen driving force. Again, the Tinsukians, who dont feel insurance as a necessity, chose the extra monetary burden is the most important reason why they dont go for having an insurance policy. Other reasons for not liking insurance are like inappropriate benefits, failure in covering up life risk, irritating insurance agents, procedural complexities, long period of time for plans, lack of information and poor customer relationship management. Majority of the people knows about the benefits of having insurance yet not all of them have an insurance policy. Major portion of the respondents have belief in ICICI PRUDENTIAL and also majority of them are willing to have a policy of ICICI PRUDENTIAL. The most effective medium for HDFCs promotion is TV, along with newspaper & magazines, hoardings & boards, internet, etc. But radio and events are the least effective medium for its promotion. All the people do not have policies of ICICI PRUDENTIAL because - they have other policies, they are unaware of its plans & benefits, promotion is weak somehow and some of them do not trust ICICI PRUDENTIAL. The people also wants in the following grounds of the service attributes after sales service, plans & policies, customer relations, terms of payment and operations. These factors should be given proper attention as only a minimum portion of the population are satisfied with the current state and functioning of the insurance service. The insurance market is dominated by LICI and ICICI PRUDENTIAL has a distinct but not a satisfactory market share. It has to take a great care about the views of Tinsukians and move according to the consumers tastes and preferences so as to achieve success in the long run. The researcher would be very much pleased if this research work becomes useful and fruitful enough for the company, in the above mentioned aspects of the insurance market.

BIBILIOGRAPHY

Kothari C. R. , Research Methodology, Method and Techniques, Second Edition, Wishwa Prakashan, New Delhi, 2002, p.3

Verma, V. H.: Services Marketing (2008), Pearson Education.

Kotler, P.; Keller, L. K.; Koshy, A.; Jha, M.: Marketing Management (2009), Pearson Education.

www.hdfcinsurance.com www.google.com www.indianbanking.com www.rbi.org

ANNEXURE

Respected Sir/Madam, I am a student of TDC Part III (1+1+1) in G. S. Lohia Girls College, Tinsukia. As per the requirement and partial fulfillment of the curriculum, I am going through a project study on Attitude Of People Of Tinsukia Town Towards Insurance Policy A Study For ICICI PRUDENTIAL. This questionnaire has been designed to find out the facts and figures relating to this topic only. Your responses will be kept strictly confidential and be used only for academic purpose only. Your few minutes of time will help me in a long and great way. Thank you for your support and cooperation.

Chinky Agarwal TDC Part III (1+1+1) G. S. Lohia Girls College, Tinsukia

QUESTIONNAIRE

Name (optional):__________________________________

1) Age : i) 20-30 yearsii) 31-40 years iii) 41-50 yearsiv) 51-60 yearsv) 61 and above

2) Sex : i) Male ii) Female

3) Marital status : i) Married ii) Single

4) Occupation : i) Student ii) Govt. employee iii) Business iv) Housewife v) Other services

5) Yearly income : i) Less than Rs. 100000ii) Rs. 100000-200000iii) Rs. 200000-500000iv) More than Rs. 500000

6) Are you currently insured?i) Yesii) No

7) Insurance is important to you as: i) You want to cover your life risk.ii) You want to save tax.iii) You want to plan for your retirement.iv) You want to provide security for your children for their education.v) An insurance policy is needed to get some other facilities.vi) You want to minimize unseen risks like accidents, etc.

8) Are you familiar of ICICI Prudential Life Insurance?i) Yesii) No

9) I have the policy ofi) Life Insurance Corporation Of Indiaii) SBI Life Insuranceiii) ICICI Prudential Life Insuranceiv) Others

10) What made you to go for that company?i) Brand Nameii) Serviceiii) Customer Relationshipiv) Better Policy Optionv) Others

11) I have chosen my policy due toi) Safety and Security ii) Family Planningiii) Future Income iv) For Avoiding Taxv) Pressure from Insurance Agent

12) What extra benefits would you like to have along with life cover?i) Family Income Benefitii) Critical Illness Benefitiii) Ridersiv) Returnsv) Family Income Benefits And Critical Illness Benefits Bothvi) Others

13) The method of payment of premium that I prefer the most isi) Monthlyii) Quarterlyiii) Half- Yearlyiv) Yearly

14) How do you rank life insurance plan of ICICI Prudential as compared to other life insurance policies?i) Goodii) Satisfactoryiii) Averageiv) Low

15) If you feel it necessary to have an insurance policy, would you like to have a policy of ICICI Prudential?i) Yes ii) No

16) What are the factors that you dont like about insurance?i) It is an extra burden to the pocketii) Benefits are not appropriate comparing to the costs.iii) Fails to cover-up the risks.iv) Agents are irritating.v) Procedures are very complex.vi) The time period for plans is usually very long.vii) Informations are not available.

Your comments on ICICI Prudential________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

THANK YOU.Chart1273319156

Sales

Sheet1Sales20-30 years2731-40 years3341-50 years1951-60 years1561 & above6To resize chart data range, drag lower right corner of range.

Chart16832

Sex

Sheet1SexMale68Female32To resize chart data range, drag lower right corner of range.

Chart17228

SalesMarital Status

Sheet1SalesMarried72Single28To resize chart data range, drag lower right corner of range.

Chart1103338154

Occupation

Sheet1OccupationStudent10Employee33Business38Housewife15Others4To resize chart data range, drag lower right corner of range.

Chart13034.4424.44101.11

Series 1Income level

Sheet1Series 1Less than Rs.5000030Rs.51000-12000034.44Rs.121000-25000024.44Rs.251000-50000010More than Rs.5000001.11To resize chart data range, drag lower right corner of range.

Chart1928

Column1

Sheet1Column1Heard about HDFC SLIC92Havn't heard about HDFC SLIC8To resize chart data range, drag lower right corner of range.

Chart18119

Trustworthiness of HDFC SLIC

Sheet1Trustworthiness of HDFC SLICCan be trusted81Cannot be trusted19To resize chart data range, drag lower right corner of range.

Chart18218

Need for Insurance

Sheet1Need for InsuranceInsurance should be done82Insurance should not be done18To resize chart data range, drag lower right corner of range.

Chart167.0732.9336.5942.687.3213.41

Factors of importance

Sheet1Factors of importanceCovering life risk67.07Saving tax32.93Planning for retirement36.59Children's education42.68Getting other facilities7.32Minimizing unseen risks13.41To resize chart data range, drag lower right corner of range.

Chart189.0210.98

Policy holders

Sheet1Policy holdersHave insurance policy89.02Havent any policy10.98To resize chart data range, drag lower right corner of range.

Chart10.63010.19180.2192

Insurance provider's share

Sheet1Insurance provider's shareLICI63.01%HDFC SLIC19.18%Any other21.92%To resize chart data range, drag lower right corner of range.

Chart10.57320.4268

Ready to have policy of HDFC SLIC

Sheet1Ready to have policy of HDFC SLICYes57.32%No42.68%To resize chart data range, drag lower right corner of range.

Chart10.77780.50.05560.27780.11110.27780.16670.0556

Factors

Sheet1FactorsExtra burden to pocket77.78%Benefits are not appropriate50%Fails to cover-up risk5.56%Irritating agents27.78%Complex procedures11.11%Long period of time27.78%Lack of information16.67%Poor CRM5.56%

Chart10.77780.2222

Awareness about the benefits of insurance

Sheet1Column1Awareness about the benefits of insuranceAware77.78%Not aware22.22%To resize chart data range, drag lower right corner of range.

Chart10.61110.3889

Would like to have a policy of HDFC SLICWould like to have a policy of HDFC SLIC:

Sheet1Would like to have a policy of HDFC SLICYes61.11%No38.89%To resize chart data range, drag lower right corner of range.