icici prudential


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SUBMITTED TOShree Leuva Patel Trust M.B.A. Mahila College




Year: 2004-06

GUIDED BYDr.Vijay Pithadia


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I, Megha K. Bakhai, studying in MBA (IV Sem.) of Shree Leuva Patel Trust MBA Mahila College, Amreli hereby declare that I have completed this project on “INVESTMENT PATTERNS OF ICICI PRUDENTIAL LIFE INSURANCE” in the academic year 2004-06 as per the requirements of the SAURASHTRA UNIVERSITY as a part of MASTER IN BUSINESS ADMINISTRATION (MBA) programme. The information presented through this project is true and original to the best of my knowledge.

Here I assure you that Project work has not been presented to any university or institute towards the degree/diploma fellowship or any other similar title.

Date: - Sign. :-


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This project is the culmination of a study into the wide gamut of activities carried on in the domain of Insurance especially “INVESTMENT PATTERN OF ICICI PRUDNTIAL LIFE INSURANCE” in India. This project would just not have been complete without the valuable contributions from various people whom I have interacted with in the course of its completion. I would like to express my sincere gratitude to all those people who have in their own sweet ways helped me to complete this project. 

I begin by thanking my Project Guide and my Guru, Mr. Madhav Upadhyaya and Mr. Jignesh Bhatt, the treasure trove of information who has rallied strongly behind me to see me complete this project.  Without him this project would have remained just an idea.

My parents who have always stood by me as solid as a rock; it is their faith in me that has seen me complete this project on time. My Family who helped me in whatever small ways possible .The list goes on ……………

I wish thanks to all those people who have lent me a helping hand in finishing this project, whose names are too numerous to be mentioned here. My College Professors

Dr. Vijay PithadiaMr. Vishal PatidarMr. Bhargav Pandya

who have always been my guiding lights .

Yours sincerely,

(Megha Bakhai)


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TO, The Registrar Saurastra University Rajkot.

Subject : MBA Final Training Project Report

Respected Sir, I am recommending the Final Training Project Report

entitled____________________________________________________________________Prepared by __________________________________At

_____________________________________________________As the partial fulfillment of the University requirement for the award of MBA degree of Saurastra University, Rajkot.

Date :- Thanking You,

Place :- Amreli Yours faithfully,



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TO, The Registrar Saurastra University Rajkot.

Subject : MBA Final Training Project Report

Respected Sir, I am recommending the Final Training Project Report

entitled____________________________________________________________________Prepared by __________________________________At

_____________________________________________________As the partial fulfillment of the University requirement for the award of MBA degree of Saurastra University, Rajkot.

Date :- Thanking You,

Place :- Amreli Yours faithfully,



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This is to certify that ________________________________ The student of MBA has carried out the project work as per the syllabus of Saurastra University. She prepared this Final Training Project Report on _____________________________________________________Under my

Guidance and her contribution in making this report during the academic year ____________ is highly appreciated.

To the best of my knowledge the details presented by her are original in nature and have not been copied from any other source. Also this Report has not been submitted earlier for the award of any degree or diploma in Saurastra University or any other University.

Guide’s Name & Sign.


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Sr. No.

Particulars Page no.

1. Introduction 2. Industry profile3. Company Profile4. Research Methodology5. Data Collection & Interpretation6. Suggestions & Recommendations7. Summary8. Bibliography9. Appendix


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Since the evolution of mankind, the need for biological and physical fulfillment has emerged. Over the long span of development of mankind there is a very high advancement in technological and industrial growth. In the beginning of 20th century, World has faced two major revolutionary wars World War I and World War II. These have changed the world into global village gradually.

Due to advancement and growth in population has simultaneously increased the demand for physical need. Availability of options has increased competition among people. These have led to need of proper financial planning. Emergence of investment option is mainly driven by people’s social and demographic variables as described below.

Needs are generally classified into protection needs and investment needs. Protection needs refers to the needs that have to be primarily taken care of, to protect the living standard , current requirements and survival requirements of investors. Need for regular incomes, need for retirement income and need for insurance cover are protection need. Investment needs are additional financial needs that have to be served through saving and investment. These are needs for children’s education, hosing and children’s professional growth.

In Indian insurance sector was totally reserved for public sector companies like LIC, GIC etc. with the opening up of the economy, a score of MNCs have come in the market with Indian business houses resulting in client friendly, healthy competition and rivalry in the insurance sector. Good old days have gone, where only LIC agents were seen knocking doors of potential clients.

The policies floated by the government insurance companies where primarily meant to cover risk but in today’s market, the policies are having predominantly a major part of investment option with high rate of return.

One of the major challenge for all private companies is to develop a strong sales team, since LIC who enjoyed a monopoly in this sector before it was opened for private players has a network of 2,50,000 agents.


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India at a glance

Population : 1.3 Billion

Economy : 5th largest in the world in terms of purchasing power parity (PPP)

Premium as a percentage of GDP :1.77 %

GDP growth rate : Over 7.5% per year on an average for the last decade

Saving rate : Around 30% of GDP

Estimated middle class population : 300 Million

Insured population : 70 million only

Estimated business (2008) : $6.6 Billion


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Life Insurance Sector acts as a backbone of any economy. This sector polls large funds from masses and then invests in the infrastructure projects as well as other long term projects, which will generate a regular income flow in the coming years. Traditionally life insurance was taken just as a security product but now it is gaining importance as an investment product. Hence, now if you want to sell life insurance product to anyone, you have to analyze his/her life stage, risk preference, priorities and then suggest the appropriate product to that investor.

The insurance sector needs a great deal of financial planning, knowledge, as well as knowledge about other financial products and their current markets so that we can compare those products with the insurance product and convince the client. Insurance companies also have to manage their investment in such a way that the principal amount should not erode, and the investor should get assured returns which the company has promised. This involves a great deal of knowledge about portfolio management and hedging of risk. Thus this would give us great exposure to financial markets as well as the intricacies of different financial institutions, how they work and what difficulties they face.


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What Is Insurance ?


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Being a social animal and risk averse, man always tries to reduce risk. An age-old method of sharing of risk through economic cooperation led to the development of the concept of ‘insurance’.

Insurance is not necessarily an investment from which one expects to get one's money back. Nor is it gambling. A gambler takes risks, while insurance offers protection against risks that already exist. Insurance is a way to share risk with others. Since ancient times, communities have pooled some of their resources to help individuals who suffer loss.  “Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event.”  “Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected.”     For example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured.

Similarly, in a car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage. It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is desired to safeguard oneself and one's family against possible losses on account of risks and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events.

By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death.Certain Insurance contracts are also made compulsory by legislation. For example, Motor Vehicles Act 1988, stipulates that a person driving a vehicle in a public place should hold a valid insurance policy covering “Act” risks. Another example of compulsory insurance pertains to the Environmental Protection Act, wherein a person using or carrying hazardous substances (as defined in the Act) must hold a valid Public Liability (Act) Policy.

Principles of Insurance

 Insurance is a 'risk transfer mechanism' - it transfers the financial risks of everyday life from you to an insurance company. But only in terms of the financial consequences of risk. Without insurance, if you car was damaged, it would


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cost you a lot of money to fix it or to buy another one. It could cost you even more to pay for compensation to someone else involved in an accident. Insurance protects your financial interests.  It cannot lighten the emotional, humanitarian and sentimental consequences of an accident. But properly used, it will protect your financial investment in your car and your legal obligations should you have an accident.

Insurable Interest Before you can insure anything, you must have a legally recognized financial interest in what you are insuring. For motor insurance, you can't take out an insurance policy on the car driven by the latest film star in the hope that it will crash and you can claim. That is nothing more than gambling. But you can insure the car you own, or drive. You would suffer financially if it is damaged or stolen and benefit from its continued existence.

Indemnity This word is used to describe the type of payment you would receive. A motor policy and a household policy are both a contract of indemnity. It means, subject to the terms of the contract, you are entitled to be put back in the same financial position after a loss as you were in before the loss. A refusal to indemnify is a refusal to pay the claim.

Contribution If there is more than one policy in force that you could claim on, you can't get payment from them both that would exceed the value of your loss. So each policy would contribute a portion of the loss. You would receive the full value of the loss but no more and the two policies would only bear part of it each.

Subrogation This is the right that your insurer has to recover from someone else where you are entitled to do so. For example, if another driver causes damage to your car, and your insurers pay for it, subrogation gives them the legal right to 'stand in your shoes' and reclaim their outlay from the responsible driver.

Proximate Cause When you seek to claim from your insurers for a property or financial loss you must show that the loss was caused as a result of a peril covered by the policy. There must be a direct relationship of cause and effect; the cause must be proximate in efficiency but not necessarily in point of time. There might for example, be a chain of causes in which each cause is the natural result of the preceding cause. It is the immediate and not the remote cause which must be considered. The full and classic definition of this principle is given in case law called 'Pawsey V Scottish Union and National Insurance Co (1908)'

History of Insurance

Insurance has been around since ancient times. The Babylonians and Phoenicians had ocean marine insurance to protect a merchant against losses incurred when a ship did not reach its intended destination with its load of goods or did not


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return with payment. This form of insurance, called Respondentia, evolved because the goods on board often were used as collateral for a loan. The lender charged the borrower interest on the loan and levied an additional sum, the premium, to cover the cost of the respondentia contract. If the ship reached its destination and returned, the merchant received payment for the goods and in turn paid the moneylender. If the ship failed to return, the debt was cancelled. This system was profitable to lenders because many respondentia contracts were sold, and debts were paid more often than cancelled.

In ancient Rome, associations had a form of insurance for their members. Each member made regular payments to the association in return for coverage of funeral expenses or for assistance to family members who were injured or ill.

Insurance also existed in 17th-century England, which was then one of the world's principal maritime powers. Those seeking marine insurance would post a list of their cargo and voyages in a London coffee house owned by Edward Lloyd. Private investors would examine the list and sign their name by the entries they were willing to guarantee for a fee. These private investors were the first insurance underwriters, and the coffee house became the world center of marine insurance. Today the organization is known as Lloyds of London, and it brings together individuals, most often working in syndicates, who write all types of insurance.

Insurance in the modern form originated in the Mediterranean during 14th century. The earliest references to insurance have been found in Babylonia, the Greeks and the Romans. The use of insurance appeared in the account of North Italian merchant banks who then dominated the international trade in Europe at that time. Marine insurance is the oldest form of insurance followed by life insurance and fire insurance. The patterns that have been used in England followed in other countries also in these kinds of insurance

The oldest and the earliest records of marine policy relates to a Mediterranean voyage in 1347. In the year 1400, a book written by a merchant of Florence, indicates premium rates charged for the shipments by sea from London to Pisa. Marine Insurance spread from Italy to trading routes in other countries of Europe.

Fire insurance has its origin in Germany where it was introduced in municipalities for providing compensation to owners of the property, in return for an annual contribution, based on the rent of those premises. The fire insurance in its present form started after the most disastrous fire in human history known as the 'Great Fire' in London, which had destroyed several buildings. It drew the attention of the public and the first fire insurance commercially transacted in 1667. The Industrial Revolution (1720-1850) gave much impetus to fire insurance. The Nineteenth century marked the development of fire insurance.      

Due to the increasing demands of the time, different forms of insurance have been developed. Industrial Revolution of 19th century had facilitated the development of accidental insurance, theft and dacoity,  fidelity insurance, etc. In 20th


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century, many types of social insurance started operating, viz., unemployment insurance, crop insurance, cattle insurance, etc. This way the business of insurance developed simultaneously with human and social development. Today, the use of computers in the field of insurance is frequently increasing. Insurance becomes an inseparable part of human development.    The early developments of life insurance were closely linked with that of marine insurance. The first insurers of life were the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchants. The early insurance contracts took the nature of policies for a short period only. The underwriters issued annuities and pension for a fixed period or for life to provide relief to widows on the death of their husbands. The first life insurance policy was issued on 18th June 1583, on the life of William Gibbons for a period of 12 months.

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. The first general insurance company- Tital Insurance Company Limited, was established in 1850. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20's and 30's sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and  LIC was born. Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization. This was in conformity with the Government's chosen path of State- led planning and development.


The concept of insurance is believed to have emerged almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk of the caravan by giving loans, which were later repaid with interest when the goods arrived safely.


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The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental life insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are:

1912: The Indian life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian insurance Companies Act enacted to enable the government to collect statistical information about both life and non- life insurance businesses.

1938: Earlier legislation consolidated and amended to by the insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.


The General insurance business in India, on the other hand, can trace its roots to the Triton insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

1907: The Indian Mercantile insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General insurance Council, a wing of the insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.

Prerequisites for Entering into Insurance

Life insurance is one of the important options for the investment alternatives. So, there is the great need for the evaluation before


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entering into the insurance and its investment purpose. Any private player wants to enter into an insurance sector has to comply with the following requirement without which it will not be considered eligible for obtaining license.

The prerequisites for entering into the insurance sectors may be described as follows.

Minimum Capital Requirements

The private sector is allowed to enter insurance sector. The Minimum paid up capital for new entrants is mentioned below.

Minimum paid up capital for life and non life insurance companies of Rs. 1 billion.

Minimum paid up capital for reinsurance companies is Rs. 2 billion.

Share Holding

The promoters’ holding in private insurance company should not exceed 40% and should, at no time, be less than 26% of the total paid up capital.

No person other than the promoters should be allowed to hold more than 1% of the equity.

Entry for Foreign Players

If and when entry of foreign insurance companies is permitted, they have to enter the market by way of joint venture with Indian Partners.

Equity Participation for Joint Venture

It is proposed that in the private insurance joint venture, the Indian promoter will come to hold 74% stake in the venture initially, leaving the foreign partner with 26%. It is also proposed that the Indian promoter will have to mandatory lower


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its stake in the private insurance firm from the initial 74% to 26% in the period of ten years.

Minimum Rural Business

New entrance in life insurance should be required to transact a certain minimum business in rural areas. It should be ensured that such insurers do not avoid writing small policies.

Similarly, the new general insurance should also write a certain minimum rural non traditional business.

Those who fail to comply with these stipulations should be subject to a penal assessment by the insurance regulatory authority.

Requirements for financial intuitions

The RBI has stipulated that a minimum of 15% of Capital Adequacy Ratio for FI to enter in insurance sector.


With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the


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rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP.  Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

Yet, nearly 80% of Indian population are without life insurance cover, health insurance and non-life insurance continue to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself  is an indicator that growth potential for the insurance sector is immense.

A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollars.

With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis.

Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long term debt and equity for infrastructure projects. With long term liability, they get a good asset- liability match by investing their funds in such projects.

IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects.

. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. 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. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. A host of private insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001.


While Direct foreign investment is permitted in several areas of business in India, the insurance industry has been fraught with trouble from the beginning.

Insurance has been and continues to be a government monopoly. For


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instance, section 30 of the Life Insurance Corporation Act 1956 expressly provides that the Life Insurance Corporation of India shall have the exclusive privilege of carrying on life insurance business. This monopoly situation also applies to general insurance, although the position is different as regards risk management and reinsurance

The previous government (The Indian National Congress) appointed the Malhotra Committee which presented its Report in 1994, making recommendations for opening up the insurance sector. It recommended infer alia that the private sector be called upon to take some portion of the rural and non-traditional insurance market. It also recommended that private foreign companies should enter into Joint ventures, the promoter equity being 40 per cent and the balance held by the public.

When the present coalition government, the United Front, came to power, as the Central Government, it introduced its promised Common Minimum Programme. One of the attractions of this programme was the desire to introduce wide ranging changes affecting the insurance sector, on lines similar to the banking sector

Based on this manifesto, the following developments took place in 1996 -

A Bill on the Insurance Regulatory Authority was proposed. It is presently uncertain whether the Authority will be empowered to invite domestic and foreign investment in the insurance sector. Of course, the insurance industry cannot be opened up until the necessary amendments have been made to the LIC Act 1956 and the General Insurance Business Act 1972. It was expected that this Bill would be debated in December 1996. However, considering the strength of opposition to the Bill, and the time needed to draft new guidelines and issue licences, it is likely to be at least 18 months before any changes are implemented. something which foreign insurers have already taken into account

The Reserve Bank of India (RBI, the central regulatory bank in India) has in the meantime granted approval to four foreign insurance companies to open liaison offices in India. These will act only as channels of communication between parties in India and their head offices abroad and are not permitted to undertake any insurance business in India.

As was expected, the existing insurance companies, both at the managerial and employee level, have strongly opposed and criticized any move to privatize insurance. A lot of criticism has also come from the coalition partners of the United Front government. There seems to be little support for the move to privatize.

Informally, and in the belief that change will finally come about, several Indian and foreign insurance companies have been neeotiatinc possible tie-ups in life and general insurance business. So far, nearly 18 global insurance majors have signed memoranda of understanding. It is rumoured in


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insurance circles that the government is likely to give licences in the initial years only to a handful of companies—possibly only six—Three in life and Three in general insurance business. A considerable amount of market research and product blue print has already been done.

The following proposals were included in the 1997 Finance Bill (announced on 28 February 1997) -

The Life Insurance Corporation of India (LIC) and the General Insurance Corporation of India (GIC) should enjoy substantial autonomy, including the power to make non-scheduled, non-consortium investments.

LIC should be permitted to promote joint ventures in pensions fund business. GIC should be permitted to promote joint ventures in health insurance

business. Selected Indian companies with majority Indian ownership should be allowed

to undertake business in the health insurance sector. LIC should continue to enjoy a monopoly in life insurance business and GIC

should retain a monopoly in non-life, non-health insurance business. Comprehensive regulations relating to prudential, investment and social norms

should be made and enforced by the Insurance Regulatory Authority for all service providers in the insurance industry.

Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.

Benefits of Insurance

Safeguards oneself and one's family for future requirements If you are married without children or single, then you may need life insurance to protect your partner or surviving family members against the costs associated with your death.  Funeral expenses, probate and administrative fees, outstanding debts, special obligations to charities, and federal and state taxes are costs that all of us must consider.


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Disability Benefits Death is not the only hazard that is insured; many polices also

include disability benefits. Typically, these provide for waiver of future premiums and payment of monthly installments spread over certain time period.

Accidental Death Benefits Many policies can also provide for an extra sum to be paid.

(typically equal to the sum assured) if death occurs as a result of accident)

Tax Relief Under the Indian Income Tax Act, the following tax relief is


a) 20 % of the premium paid can be deducted from your total income tax liability.  

b) 100 % of the premium paid is deductible from your total taxable income. 

When these benefits are factored in, it is found that most polices offer returns that are comparable or even better than other saving modes such as PPF, NSC etc. Moreover, the cost of insurance is a very negligible.

Encourage Savings Unlike any other savings plan, a life insurance policy affords full

protection against risk of death. In the event of death of a policyholder, the insurance company makes available the full sum assured to the policyholders' near and dear ones. In comparison, any other savings plan would amount to the total savings accumulated till date. If the death occurs prematurely, such savings can be much lesser than the sum assured. Evidently, the potential financial loss to the family of the policyholder is sizable.

Ready Marketability and Suitability for Quick Borrowing A life insurance policy can, after a certain time period (generally

three years), be surrendered for a cash value. The policy is also acceptable as a security for a commercial loan, for example, a student loan. It is particularly advisable for housing loans when an acceptable LIC policy may also cause the lending institution to give loan at lower interest rates.  

Indian Partner Foreign Partner Specialization Present Status

HDFC Standard Life UK

Life Started Operation

Max India New York Life Life Started Operation


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Bajaj Auto Allianz Life Started Operation

Kotak Mahindra Old Mutual South

Life Started Operation

ICICI Prudential UK Life Started Operation

TATA Group AIG,USA Life & non-Life Started Operation

Birla Group Sun Life Life Started Operation

Vysya Bank ING Life Started Operation

SBI Cardiff, France Life Started Operation


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Registered insurers in IndiaType of business Public sector Private sector TotalLife insurance 1 13 14General insurance 6 8 14Reinsurance 1 0 1Total 8 21 29

Registered insurers in India








Life insurance Generalinsurance

ReinsuranceType of business






There are mainly 29 companies in the both general insurance as well as the life insurance and here in the graph I bifurcated the general insurance , life insurance , and the reinsurance.

The data source is the IRDA annual report of 2003-2004.


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ICICI Prudential ranks as number one amongst the private life insurance players. There is vast potential for this company in Indian market. ICICI Prudential is moving really fast to capture untapped market and it is expanding it’s operations in different regions in India. The company not only stands No. 1 but also treats its employees as No.1. No other company provides rewards and recognition to their employees and advisors as done by ICICI Prudential. The culture of ICICI Prudential is like a Hindu Undivided Family. It worked on the fundamental of building relations. As we look as current performance and future targets laid down by ICICI Prudential, it brings in our mind the words of the great poet :




Hence we firmly believe we could not get better exposure to life insurance if we would not have joined ICICI Prudential.

ICICI Prudential life insurance company limited is one of the leading insurance companies in the private sector. Also it was the private sector company in India to enter the business of insurance.


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Insurance Regulatory and Development Authority –The Watch Dog

  On 19th April 2000, the Authority has been notified in the Gazette of India in terms of Insurance Regulatory and Development Authority Act, 1999 The Authority has also been constituted.


To protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.



14(1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

14(2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include,--

a.      Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;

b.      Protection of the interests of the policy-holders in matters concerning assigning of policy, nomination by policy-holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;

c.      Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;

d.      Specifying the code of conduct for surveyors and loss assessors;e.       Promoting efficiency in the conduct of insurance business; f.       Promoting and regulating professional organization connected with the

insurance and re-insurance business; g.      Levying fees and other charges for carrying out the purposes of this Act;

(h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;

h.      Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and of 1938 regulated by the Tariff Advisory committee under section 64U of the Insurance Act, 1938;


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i.       Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;

j.       Regulating investment of funds by insurance companies; (l) regulating maintenance of margin of solvency;

k.     Adjudication of disputes between insurers and intermediaries or insurance intermediaries;

l.        Supervising the functioning of the Tariff Advisory committee; m.     Supervising the percentage of premium income of the insurer to finance

schemes for promoting and regulating professional organization referred to in clause (f);

n.     Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and

o.      Exercising such other powers as may be prescribed.

The founder chairman of IRDA was Mr. N.Rangachary. It was under his

stewardship that the Indian Insurance industry really opened up.   Chairman: Mr. C. S. RaoThe IRDA is located at 3rd Floor, Parisrama Bhavanam5-9-58/B, Fateh Maidan RoadBasheerbagh Hyderabad - 500 004 Ph:040-55820964      040-55789768Fax: 55823334


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Here below who are the key players in the insurance market are shown with their Market share.


LIC 80%

ICICI Prudential 6.7%

Birla Sun Life 3.3%

Bajaj Allianz 2.8%

SBI Life 2.2%

Tata AIG 1.3%

Max – NYL 0.9%

Met Life 0.2%

Aviva 0.8%

Om Kotak 0.6%

ING Vysya 0.4%

AMP Sanmar 0.3%

TOTAL 100%


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Market share of life insurance players

LICICICI PrudentialBirla Sun LifeBajaj AllianzSBI LifeTata AIGMax - NYLMet LifeAvivaOm KotakING VysyaAMP Sanmar


The main players in the insurance sector are given in the table with their market share. I should say that before privatization only LIC is there so a kind of monopoly so that there is 80% market share and the rest 20% are divided in other private insurance companies.

I should say that after LIC the next rank goes to ICICI Prudential life insurance and it is 6.7% and it is increasing day by day. So as the present situation now LIC day by day loosing their market share because of the private players in the market.


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Life insurance in India






In India the whole population we consider at a 100% then from the above chart we can say that there are 80% People which do not have any kind of insurance.

So we can conclude that there is a wide scope for the insurance in the developing country like India. At present Insurance industry is growing like leaps and bounds.

ICICI Prudential Life Insurance Company Limited


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  ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%).

The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena. Till March 31,2002 the Company has issued 100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of over Rs.15,000 Million. 

The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal.


ICICI Ltd ICICI Ltd was established in 1955 by the World Bank, the Government of India and the Indian Industry, to promote industrial development of India by providing project and corporate finance to Indian industry.

Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has financed all major sectors of the economy, covering 6,848 companies and 16,851 projects. In the fiscal year 2000-2001, ICICI had disbursed a total of Rs 319.65 billion.

ICICI Bank is India’s second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branches and extension counters, and 2,000 ATMs.



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Prudential plc:  Prudential plc was founded in 1848. Since then it has grown to become one of the largest providers of a wide range of savings products for the individual including life insurance, pensions, annuities, unit trusts and personal banking. It has a presence in over 15 countries, and caters to the financial needs of over 10 million customers. It manages assets of over US$ 259 billion (Rupees 11,39,600 crores approx.) as of December 31, 1999. Prudential plc. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries. 

Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004, the company had over US$300 billion in funds under management. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in 12 countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Corporate Office: ICCI Prulife Towers,1089, Appasahab Marathe Marg,Prabhadevi,Mumbai 400 025.Telephone Number: 022-462 1600

Website : http://www.iciciprulife.com/ 



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Board of Directors The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman Mr. Mark NorbomMrs. Lalita D. GupteMrs. Kalpana MorpariaMrs. Chanda KochharMr. HT PhongMr. M.P. ModiMr. R NarayananMs. Shikha Sharma, Managing DirectorMr. N.S. Kannan, Executive Director

Management Team

Ms. Shikha Sharma, Managing Director & CEOMr. N.S. Kannan, Executive DirectorMr. V. Rajagopalan, Chief - ActuaryMr. Sandeep Batra, Chief Financial Officer & Company SecretaryMs. Anita Pai, Chief - Customer Service and OperationMr. Puneet Nanda, Chief - Investments


To make ICICI Prudential the dominant Life and Pensions player built on trust by world class people and service.


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This we hope to achieve by: Understanding the needs of customers and offering them superior products

and service Leveraging technology to service customers quickly, efficiently and

conveniently Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our

employees And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to

Core values  

Integrity Customer First Boundryless Ownership Passion


Be honest and fair in what you say and what you do Practice what you preach. Stand up honestly and fearlessly for what is right. Act in a consistent and equitable manner. Think and act for long term impact. Do not compromise the future to pay for the present.


Own the customer; deliver the promise. Keep customer interest in the centre of all decisions. Promise what you can, deliver it to finish. Proactively seek voice of customer and act on it.


Never say “Its not my job.”


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Offer help and support across functions to ensure business success. Seek and share ideas freely. Recognize and respect internal customers. Understand and value contributions from colleagues. Nurture and motivate team members to reach full potential.


If it is to be, it is up to me. Take responsibility and see task through completion. Own mistakes, learn from failures. Pursue goals relentlessly, never give up. Be a team player, take ownership for a team performance.


Boundless energy and enthusiasm. Exhibit “Winning Instinct.” Demonstrate speed and urgency for achieving results. Challenge status quo and do things differently.

Each of the values describes what the company stands for, the qualities of people and the way they work.

ICICI prudential life insurance 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.

Fact Sheet



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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’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April- December, 2005, the company garnered Rs 1,430 crore of new business premium for a total sum assured of Rs 15,170 crore and wrote 497,765 policies. For the past four years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

ICICI Prudential 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 rating is the highest credit rating, and is a clear assurance of ICICI Prudential’s ability to meet its obligations to customers at the time of maturity or claims.


ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in over 116 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Amritsar in the north to Trivandrum in the south.

The company has 8 bancassurance tie-ups, having agreements with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Ernakulam Bank, Lord Krishna Bank and some co-operative banks, as well as about 290 corporate agents and brokers. It has also tied up with NGOs, MFIs and corporate for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society.

ICICI Prudential has recruited and trained more than 65,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.


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company name

Equity holding of company


Here above given that there is a joint venture of ICICI BANK and U.K. BASED PRUDENTIAL COMPANY. So there is 74% equity holding of ICICI BANK and 24% is of PRUDENTIAL COMPANY.

News Releases

Below are the 5 most recent news releases issued by ICICI Prudential Life Insurance Company.

ICICI Prudential Life Insurance crosses two million policies milestone Mumbai; February 21, 2006 ICICI Prudential records 76% quarter-on-quarter growth in Q306 Mumbai, January 19, 2005 


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Fitch Rates India's ICICI Prudential Life Insurance IFS 'AAA(ind)' Fitch Ratings-London/Mumbai-16 January 2006 

ICICI Prudential marches into 5th year of Bank of India partnership Mumbai; December 1, 2005 

ICICI Prudential Life Insurance bridges the Gulf Bahrain; November 28, 2005 

ICICI Pru in the News

ICICI PruLife unveils unit-linked products Business Line – June 03, 2005 Let life insurers into derivatives markets' Business Line – May 23, 2005 

ICICI Pru InvestShield Life Business Line – May 08, 2005 

ICICI Pru's new business jumps 77% to cross Rs 1K cr The Economic Times – April 13, 2005 

Insurance now a bigger draw for agents than MFs The Economic Times - April 08, 2005


Insurance Solutions for Individuals.


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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 5 riders, to create a customized solution for each policyholder.

Savings Solutions

SecurePlus :

SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection.

CashPlus :

CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options.

Save’n’Protect :

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.

LifeTime & LifeTimeII

LifeTime & LIfeTimeII offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options ? Preserver, Protector, Balancer and Maximiser.

LifeLink II

LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market.

Premier Life :

Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75.


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InvestShield Life :

InvestShield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest.

InvestShield Cash :

InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options.

InvestShield Gold :

InvestShield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms.

Protection Solutions

LifeGuard :

LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 options. which are as follows.

Level Term Assurance with return of premium Level Term Assurance without return of premium Level Term Assurance - 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.

Child Plans

SmartKid education plans :


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As a responsible parent, you will always strive to ensure a hassle-free, successful life for your child. However, life is full of uncertainties and even the best-laid plans can go wrong. Here’s how you can give your child a 100% safe and assured tomorrow, whatever the uncertainties. SmartKid is especially designed to provide flexibility and safeguard your child’s future education and lifestyle, taking all possibilities into account.

  SmartKid regular premium  SmartKid unit-linked regular premium  SmartKid unit-linked regular premium II  SmartKid unit-linked single premium II 

Retirement Solutions

Life Expectancy has been rising rapidly and today you can expect to live longer than your earlier generations. For you, this increase will mean a longer retirement life, stretching into a couple of decades. ICICI Prudential presents Retirement Solutions that combine the best of insurance and investment. These solutions are developed to ensure your peace of mind for the years to come.  Choose from amongst 6 retirement plans: 

Golden yearsA flexible unit-linked retirement solution that offers flexibilities during the accumulation as well as payout phase. 

Investment shield pensionA regular premium unit-linked pension plan with an assurance of Capital Guarantee*

Life Time Pension IIA regular premium linked pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. 

Life Link Pension IIA single premium linked pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. 

Secure Plus Pension A regular premium pension plan that gives you the flexibility to

choose between 3 levels of sum assured for the same level of total annual contribution



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ForeverLife A regular premium pension plan that helps you save for your retirement while

providing you with life insurance protection. ForeverLife

ForeverLife is a retirement product targeted at individuals in their thirties.

SecurePlus Pension

SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover.

Market-linked retirement products

LifeTime Pension II

LifeTime Pension II is a regular premium market-linked pension plan.

LifeLink Pension II

LifeLink Pension II is a single premium market-linked pension plan.

InvestShield Pension

InvestShield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses.

Golden Years:

Golden Years is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages.

ICICI Prudential also launched “Salaam Zindagi”, a social sector group insurance policy targeted at the economically underprivileged sections of the society.

Health Solution

Health Assure:


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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:

Health Assure Plus is a regular premium plan which provides long term cover against 6 critical illnesses by providing financial assistance, irrespective of actual medical expenses, as well as an equivalent life insurance cover.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

ICICI Pru Group Gratuity Plan:

ICICI Pru’s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations.

ICICI Pru Group Superannuation Plan:

ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.

ICICI Pru Group Term Plan:

ICICI Pru’s flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.


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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 the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.

Accident Benefit:

This rider option pays the sum assured under the rider on death due to accident.

Critical Illness Benefit:

Critical Illness benefit protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death.

Income Benefit:

This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available on SmarKid, SecurePlus and CashPlus.

Waiver of Premium

In case of total and permanent disability due to an accident, the premiums are waived till maturity. This rider is available with SecurePlus and CashPlus.

Investment Plan

LifeLink II :

LifeLink II is a unique plan that combines the security of a life insurance policy with the opportunity of enjoying high returns on your investments, without the market risks compromising on the protection of your family!   

Keyman Plans


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A keyman is an individual who directly affects the profitability and the continuity of a business and whose absence may have an adverse effect on the health and continuity of the business. Keyman insurance is a life insurance policy taken by the company on the life of such a key person.

The objective of the keyman insurance is to provide the company with money so that the financial losses to the company can be protected, in absence of the keyman. The aim is to indemnify the company of these losses and to allow business continuity.

All premiums paid for securing a keyman life insurance policy are treated as business expenditure u/s 37 (1).




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1. ICICI Prudential is the 1st life insurance company to introduce UNIT LINKED, PENSION PRODUCTS AND LIFE TIME it can get the pioneer advantage.

2. Prudential is the 156 year old company founded in 1848 so it has full fledge experience in this industries.

3. ICICI enjoys a rating with the Moody’s which is higher than the severing rating.

4. Large distribution channel with 30 branches and more than 30,000 financial advisors.

5. ICICI Prudential has the best incentives which motivate and encourage the advisors to work and fulfill the commitment.

6. The financial condition of both companies is very sound.7. Good customer has service.8. Company has created a brand name.


1. It has to do operation within the boundary of IRDA.2. Up till one no more option of product for middle class offered by ICICI

Prudential.3. No option in rural area.4. Yet to build a strong distribution network in the market.


1. Today ICICI Prudential covers 40% Market so yet there is a great potentiality to increase market share.

2. Insurance plan like pension plan, child plan and investment plan of ICICI Prudential go good response from the market. So in future company can take benefit for it.

3. The brand name that creates ICICI Prudential and awareness level of it is comparatively quite higher than competition. So it will be helpful in future while lunching new innovation products.

4. Untapped market of India.



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1. It is private company so there is a doubt about solvency and liquidity among the general people.

2. Change in the environmental factors many affects the company.3. The government policies and the annual budget may the insurance market.4. Large distribution network of LIC and trust of people in LIC.


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Relevance of study


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Research has its special significance in solving various operational and planning problems of business and industry.

Research inculcates scientific and inductive thinking and promotes the development logical habits of thinking and organization.

Thus, Research is the fountain of knowledge for the sake of knowledge and an important source of providing guidelines for solving different business, governmental and social problems. It is a sort of formal training which enables one to understand the new developments in one’s field in a better way.

In ICICI Prudential Life Insurance

Study would identify the avenue of Investment which yields maximum

return. It would analyze whether ICICI Prudential return is moving along with

the market return. It would reveal the state of competition among ICICI Prudential

companies. It would suggest the integration of ICICI with prudential. It would also determine the risk return relationships associated with

different products of ICICI Prudential.



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The first and foremost step happens to be that of selecting and properly defined research problem. RESEARCH PROBLEM refers to some difficulty which a researcher experiences in the context of either a theoretical or practical situation and wants to obtain a solution for the same.

A Research problem is one which requires a researcher to find out the best solution for the given problem that is to find out by which course of action the objective can be attained optimally in the context of a given environment.

Thus zest for the work is must. The subject or the problem selected must involve the researcher and must have an upper most place in his mind so that he/she may undertake all pains needed for the study.

I have selected the research problem in ICICI Prudential Life Insurance is as follows :

To know the Investment Pattern of the ICICI Prudential life insurance.

To know the Investor’s approach towards the return given by ICICI Prudential Life Insurance.

So, above two are very important research problem that I want to study and get the solution of it.



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“The word objective means purpose behind doing anything.”

Every research study has its own specific research objective. Without objective no one is doing any work. To do anything there is a purpose behind it. Here in ICICI Prudential my research objectives are as follows

To know Investment Pattern of ICICI Prudential Life Insurance company.

To know the Investor’s approach towards the return provided by the ICICI Prudential Life Insurance.

To know the Satisfaction of the investors towards the return offered by the ICICI Prudential Life Insurance.

Here above are the very important research objective that I want to study and carry out the optimum solution for it.


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Scope of study means the study whichever is carried out where it will helpful in future.

In the same way Investment Pattern of ICICI Prudential Life Insurance Company is helpful in the following ways

It will be helpful to the company to know where it is lacking behind.

The study will helpful to know the investor’s satisfaction towards return provided by ICICI Prudential Life Insurance Company.

On the basis of the study company can take the corrective actions.

The study will be helpful to know the investment pattern in comparison to LIC.



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Life Insurance Statistics  

  PREMIUM(Rs. in Mn.) MARKET SHARE(%)  2002-03 2003-04 % Growth 2002-03 2003-04            Allianz Bajaj 633.89 1797.05 183.50 0.37 0.96ING Vyasa 176.59 726.07 311.16 0.1 0.39AMP Sanmar 63.15 278.82 341.51 0.04 0.15SBI Life 718.81 1959.01 172.53 0.42 1.05Tata AIG 522.08 1801.55 245.07 0.31 0.96HDFC Standard 1293.14 2093.33 61.88 0.76 1.12ICICI Prudential 3641.07 7509.10 106.23 2.15 4.01Birla Sunlife 1295.68 4498.62 247.20 0.77 2.4Aviva 134.66 771.38 472.84 0.08 0.41Om Kotak 352.1 1271.02 260.98 0.21 0.68Max Newyork 673.14 1314.88 95.34 0.4 0.7Metlife 76.99 233.82 203.70 0.05 0.12           Pvt. Total 9581.3 24254.64 153.15 5.66 12.95           LIC 159767.62 162846.87 1.93 94.34 87.05           Total 169348.92 187101.5 10.48 100 100      (Source:IRDA Journal May 2004)


We can analyze that market share of LIC and private insurance companies. 87% is of LIC and 13% is private insurance companies. As the study on ICICI


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Prudential life insurance the market share is the highest which is 4.01% in the year 2003-04.

  PREMIUM(Rs. in Mn.) MARKET SHARE(%)  2002-03 2003-04 % Growth 2002-03 2003-04

Pvt. Total 9581.3 24254.64 153.15 5.66 12.95


Here in the above chart we can see the market share of the private players in the year 2002-03 and in the year 2003-04.


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Company 2002-03 2003-04 % Growth

        Allianz Bajaj 633.89 1797.05 183.50ING Vyasa 176.59 726.07 311.16AMP Sanmar 63.15 278.82 341.51SBI Life 718.81 1959.01 172.53Tata AIG 522.08 1801.55 245.07HDFC Standard 1293.14 2093.33 61.88ICICI Prudential 3641.07 7509.10 106.23Birla Sunlife 1295.68 4498.62 247.20Aviva 134.66 771.38 472.84Om Kotak 352.1 1271.02 260.98Max Newyork 673.14 1314.88 95.34Metlife 76.99 233.82 203.70       



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From the above chart we can interpret that there is a growth in each and every private life insurance company. But as we can say there is maximum growth in ICICI Prudential Life Insurance which is 106.23%. The amount is increase from 3641.07 to 7509.10



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Sr. No. Type of Investment Percentage1. Government Security 25%2. Government securities or other approved

securities (including 1.)Not less than 50%

3. Approved investments as specified in schedule Ia. Infrastructure and social sector b. Others to be governed by exposure norms

(investments in “other than in Approved investments” in no case can exceed 15% of the fund

Not less than 15%

Not exceeding 35%

Sectoral Investments by Life InsurerPercentage Share

Investment Profile LIC (Public Sector)

Private Sector  


31/3/04 31/3/03 31/3/04 31/3/03 31/3/04 31/3/03 Central Government Securities

48.1 53.6 38.8 47.8 48.0 53.6

State Govt. & Other Approved Securities (Including C.G.Sec.)

11.0 11.1 5.2 3.8 11.0 11.0

Infrastructure and Social Sector

11.0 12.0 10.9 13.5 11.0 12.0

Investment subject to Exposure norms (Including OTAI)

25.0 22.8 39.3 30.5 25.3 22.9

Other than approved investments (OTAI)

4.8 0.4 5.8 4.4 4.8 0.5

Total 100.0 100.0 100.0 100.0 100.0 100.0 Source: IRDA, P. 13, Vol. II, No.12-13, November 2004.



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Market linked plans

Choice of fund:

There are four fund options available to the policyholder:Plan Risk Investment 

PatternMaximiser High Equity - 100% 

Debt - 25%Balancer Average Debt - 60% 

Equity -  40%Protector Moderate Debt - 100% 

Equity - 25%Preserver Low Debt - 50% 

Equity -  50%

Market Linked Pension Plans at a glance:

Particulars LifeTime Pension LifeLink Pension

Min. Age at Entry 18yrs 18yrsMax. Age at Entry 60yrs (65yrs for zero death


Max cover ceasing Age


Min Term 10yrs 3yrsMax Term Till vesting Age  Min Vesting Age 45yrs 45yrsMax Vesting Age 75yrs 75yrsModes of payment Yearly, Half Yearly and


Unit Linked Smart Kid II - SP


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Choice Of Fund

There are four fund options available to the policyholder:Plan Risk Investment PatternMaximiser High Equity - 100%

Debt - 25%Balancer Average Debt - 60%

Equity - 40%Protector Moderate Debt - 100%

Equity - 25%Preserver Low Debt - 50%

Equity - 50%

SmartKid - II (SP) at a Glance

Min Age at Entry 20 yrsMax Age at Entry 60 yrsMax Cover Ceasing Age 70 yrsMinimum Contribution Single Premium - Rs. 50,000/-Minimum Term 10 yrsMaximum Term 25 yrsChild's Age 0 - 15 yrs.

Unit Linked Smart Kid I - RP

Choice Of Fund


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There are four fund options available to the policyholder:Plan Risk Investment PatternMaximiser High Equity - 100%

Debt - 25%Balancer Average Debt - 60%

Equity - 40%Protector Moderate Debt - 100%

Equity - 25%Preserver Low Debt - 50%

Equity - 50%

SmartKid - I (RP) at a Glance

Min Age at Entry 20 yrsMax Age at Entry 60 yrsMax Cover Ceasing Age

70 yrs

Minimum Contribution

Annual - Rs. 18,000/-Half-Yearly - Rs. 9,000/-Monthly - Rs. 1,500/-

Minimum Term 10 yrsMaximum Term 25 yrsChild's Age 0 - 15 yrs.

Unit Linked Smart Kid II - RP

Choice Of Fund


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There are four fund options available to the policyholder:Plan Risk Investment PatternMaximiser High Equity - 100%

Debt - 25%Balancer Average Debt - 60%

Equity - 40%Protector Moderate Debt - 100%

Equity - 25%Preserver Low Debt - 50%

Equity - 50%

SmartKid - II (RP) at a Glance Min Age at Entry 20 yrsMax Age at Entry 60 yrsMax Cover Ceasing Age

70 yrs

Minimum Contribution

Annual - Rs. 18,000/-Half-Yearly - Rs. 9,000/-Monthly - Rs. 1,500/-

Minimum Term 10 yrsMaximum Term 25 yrsChild's Age 0 – 15 yrs.



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Choice of Fund:

The policyholder has the flexibility of investing in all the four funds in the proportion he wishes under one single policy. Following are the fund options:

Plan Risk Investment PatternMaximiser High Equity - 100%

Debt - 25%Balancer Average Debt - 60%

Equity - 40%Protector Moderate Debt - 100%

Equity - 25%Preserver Low Debt - 50%

Equity - 50%

LifeLink - at a glance:

Min age at entry 0 yearsMax age at entry 60 years

Max cover ceasing age

70 years

Minimum Contribution

Rs 50,000

Modes of payment

Yearly, Half-Yearly and Monthly

Death Benefit The death benefit is higher of the Sum Assured reduced by the withdrawals or the value of units, at the time of death.

  However, the death benefit before 7 years of age or after 70 years of age would only be the value of investments.



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Choice of fund:

There are four fund options available to the policyholder:

Plan Risk Investment PatternMaximiser High Equity - 100%

Debt - 25%Balancer Average Debt - 60%

Equity - 40%Protector Moderate Debt - 100%

Equity - 25%Preserver Low Debt - 50%

Equity - 50%

Life Time I at a glance:

Min age at entry 0 yearsMax age at entry 60 yearsMax cover ceasing age

70 years

Minimum Contribution

Rs 50,000

Modes of payment

Yearly, Half-Yearly and Monthly

Death Benefit The death benefit is higher of the Sum Assured reduced by the withdrawals or the value of units, at the time of death.

  However, the death benefit before 7 years of age or after 70 years of age would only be the value of investments.


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Invest Shield Life

Unit Linked Plan With Capital Guarantee

Asset Allocation % MixDebt Minimum: 70%

Maximum: 100%Equity Minimum: 0%

Maximum: 30%

Invest Shield Life Features at a glance:

Death Benefit Sum Assured + Higher of the value of Unit Fund or the guaranteed value of Unit Fund

Maturity Benefit Higher of the value of Unit Fund or the guaranteed value of Unit Fund

Extended Life Cover

Life Insurance for an amount of 50% of the Sum Assured, for 10 years post maturity, subject to a maximum age of 75 years

Age at Entry Minimum: 0 yearsMaximum: 55 years

Maximum Age at Maturity

65 years

Maximum Cover Ceasing Age

75 years (including the extended life cover)

Term of the Policy Minimum: 10 yearsMaximum: 30 years

Bonus Interest To be declared at the end of every financial year, on the guaranteed value of the unit fund

Top-Up Investments

Minimum Amount of Rs 2,500/-

Minimum Annual Premium

Rs 8,000/-

Modes of Payment Yearly, Half-Yearly and MonthlyAdditional Riders Offered

Accidental Death Benefit RiderWaiver of Premium Critical Illness Rider



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Invest Shield Cash

Unit Linked Plan With Capital Guarantee

The asset allocation of the unit fund in Invest Shield Cash is:

Asset Allocation % MixDebt and Money Market Instrument 100%

Invest Shield Cash features at a glance:

Death Benefit Sum Assured + Higher of the value of Unit Fund or the guaranteed value of Unit Fund.

Maturity Benefit Higher of the value of Unit Fund or the guaranteed value of Unit Fund.

Liquidity Benefit From 6th year onwards in the policy, withdrawal of upto 10% of the value of unit fund is possible. This is available only once during a policy year.

Age at Entry Minimum: 0 yearsMaximum: 60 years

Maximum Age at Maturity

75 years

Term of the Policy Minimum: 10 yearsMaximum: 30 years

Bonus Interest To be declared at the end of every financial year, on the guaranteed value of the unit fund.

Top-Up Investments Minimum Amount of Rs 2,500/-Minimum Annual Premium

Rs 8,000/-

Modes of Payment Yearly, Half-Yearly and MonthlyAdditional Riders Offered

Accidental Death Benefit Rider.Waiver of Premium.Critical Illness Rider.



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Invest Shield Pension

Unit Linked Plan With Capital Guarantee

The Asset Allocation is as follows:Asset Allocation % MixDebt Minimum: 70%

Maximum: 100%Equity Minimum: 0%

Maximum: 30%

Invest Shield Pension Features at a glance:

Death Benefit Sum Assured + Higher of the value of Unit Fund or the guaranteed value of Unit Fund. The nominee, as lump sum or to take a pension, can use this value.

Maturity (Vesting) Benefit

Higher of the value of Unit Fund or the guaranteed value of Unit Fund will be used to purchase an annuity.

Commutation Benefit

At vesting, the policyholder can take upto 1/3rd of the benefit value. The remaining amount is used to buy an annuity.

Sum Assured Options

Option1: ZERO Sum Assured.Option2: A Sum Assured as a multiple of the annual premium.

Age at Entry Minimum: 18 yearsMaximum: 60 years (when a Sum Assured is chosen); 65 years (for ZERO Sum Assured).

Age at Maturity (Vesting)

Minimum: 45 yearsMaximum: 75 years

Term of the policy Minimum: 10 yearsMaximum: 30 years

Bonus Interest To be declared at the end of every financial year, on the guaranteed value of the unit fund

Top-Up Investments

Minimum Amount of Rs.2,500/-

Minimum Annual Premium


Modes of Payment Yearly, half-Yearly and MonthlyAdditional Riders Offered

Accidental Death Benefit RiderWaiver of Premium.

Annuity Options 5 options available. 

Invest Shield Gold

Unit Linked Plan With Capital Guarantee


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The Asset Allocation is as follows:Asset Allocation

% Mix

Debt Minimum: 70%Maximum: 100%

Equity Minimum: 0%Maximum: 30%

Invest Shield Gold Features at a glance:

Death Benefit Sum Assured + Higher of the value of Unit Fund or the guaranteed value of Unit Fund

Maturity Benefit Higher of the value of Unit fund or the guaranteed value of Unit fund

Limited Premium Paying Term

Choice of a premium paying term of 5, 7 or 10 years with a corresponding coverage term of 10, 15 and 20 years

Age at Entry Minimum:  0 yearsMaximum:60 years

Maximum Age at Maturity

75 years

Term of the policy Minimum: 10 yearsMaximum 20 years

Bonus Interest To be declared at the end of every financial year, on the guaranteed value of the unit fund.

Top-Up Investments Minimum Amount of Rs. 2,500/-Minimum Annual Premium

Rs 25,000/-

Modes of Payment Yearly, Half-Yearly and Monthly.Additional Riders Offered

Accident and Disability Benefit RiderCritical Illness Benefit Rider




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Sample design is definite plan for obtaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting items for the sample.

Sample design is determined before the data are collected. There are many sample designs from which a researcher can choose any one.

For the study of Investment Patterns of ICICI Prudential Life Insurance I selected the non Probability sampling technique.

Sampling Design : Non-Probability sampling

Sample Unit : Sample Unit is ICICI Prudential Life Insurance

Sample Size : Sample Size is 50 persons

Instrument : Questionnaire

Focus Group : Focus group in my study is the employee and Financial advisor of ICICI Prudential Life Insurance.

Mode of Collection data : I have collected all the data by the personal interview and the telephonic talk.



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There are many limitation are there while conducting my study which are as follows.

Time constraint : As the Project training is of 2 month we can’t get the proper data within a limited time period.

Confidential information is not shared due to business secrecy and the lack of trust.

They are not at all ready to give any financial information to the trainees for their study of project.

Due to time constraints the executives of the company are not able to allot time to the trainees

Sample size is also one of the limitations as it is not represent the whole population. Because of this we can not or not give the proper results.

Sampling design may also be one limitation in the study. As sampling design may not represent the whole population.


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QUESTION 1 Occupation of the Persons which is the Focus group for my study ?

Corporate Employees 11 Businessmen 39 Total 50


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Occupation of the People





Here I have studied the Focus Group as my topic is selected. There are 11 corporate employees and 39 Business men.

My main focus group is the ICICI Prudential financial advisor and and employee of ICICI Prudential Life Insurance Company Ltd.


Annual income of the Persons of the focus group?

Less than 100,000 12 100,000 to 299,999 33 300,000 to 499,999 03 More than 500,000 02


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Annual Income




Less than100,000

100,000 to299,999

300,000 to499,999

More than500,000


From the above chart we can see that there are 66% persons are fall under the income group of 100,000 to 299,999. So majority persons monthly income fall under the 8000 to 25,000. Chart shows that there are 24% persons income is less than 100,000.There are 6% and 4% people are of the income 300,000 to 499,999 and More than 500,000 respectively.

As per the general research we can say that middle class people are always more as compared to the upper class. The same thing is also we can see through the chart.


How the persons are making their investment portfolio ?

Bank F.D. 18Stock Market 2Government Security 13Mutual Fund 1


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Post office 7PPF 5Others 4

Investment avenues






8% Bank F.D.

Stock Market

GovernmentSecurityMutual Fund

Post office




From the above chart we can see that people are more believing in the bank fixed deposit, and then they come to the Government security and then Post office. Here as my research is on insurance all persons are investing in insurance more or less.

From the above chart we can easily say that investors are risk averse they do not want to go for risky things. Here in the above chart in others I included the Gold, Land and building etc. so people are also believe to invest in gold and others assets.


People having policy of which policy ?

LIC & ICICI Prudential 36


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ICICI Prudential & HDFC std. life 14

Insurance policy


28%LIC & ICICIPrudential

ICICIPrudential &HDFC std. life


Here form the above chart we can see that people having the combination of the ICICI Prudential and LIC. People are more believing in LIC as LIC is the government body. They are always having the doubt about the private companies but now they are becoming broad minded and purchasing the policies of private companies. Here the combination LIC and ICICI is 72% and combination of ICICI and HDFC is 28%.


Approximately How much return the investors having ICICI Prudential policy are getting?

4 to 6 1


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6 to 8 198 to 10 23More than 10 7

Percentage of return from ICICI Prudential to investor




14% 4 to 6

6 to 8

8 to 10

More than10


From the above chart we can see that there are the average returns getting by the investors from the ICICI Prudential life insurance is between 6 to 8 percentage and 8 to 10 percentage. Higher return is also given by the ICICI is about 14% of people is getting. There are also 2% people whichever getting very low return as 4 to 6%.

So the return given by the ICICI Prudential life insurance is between 6 to 10%. Which we can consider as the average return.


According to you Does the return on insurance cover exceeds cost?

Yes 13


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No 8Indifferent 29

Return on insurance exceeds the cost







From the above chart we can say that many persons are not say anything or we can say that they do not gave any opinion about the return and cost of the policy.

There 26% investors says that the return of policy hold by them is exceeds the cost that they are incurring on the plan. In the same way there are 16% investors says that the return of policy hold by them is not exceeds the cost.

From the above chart we can say that the investor believing that there is more return than the cost incurred as there are many benefits of the insurance like life cover, tax benefit, loan on investment etc.


What do you feel about return ?


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Extremely satisfied 4Highly satisfied 10Moderately satisfied 21Satisfied 12Not satisfied 3

Investor Perception about return






ExtremelysatisfiedHighly satisfied


Not satisfied


From the above chart we can see that investor by investing in the insurance sector they are moderately satisfied. Major portion is cover by the moderately satisfied that is 42%. Next rank is of the satisfied that is 24%. 20% of the people are highly satisfied by investing in the insurance sector and 8% are extremely satisfied. There is also a portion of not satisfied by the return getting from the ICICI Prudential Life Insurance.

As the general research we can say there is a less return in the insurance as compared to the equity and stock market. So those major portions of the investors are moderately satisfied by the return from the Icici prudential life insurance.

Here we can also say that insurance is taken to avoid the risk or to reduce the risk. So where there is less risk there is less return as the principle of risk and return says.


Which factor do you consider while investing in life insurance?


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Risk & Return 13Risk & Tax benefit 11Liquidity & Return 12Tax benefit 14

Factors considered while investing in life insurance



28% Risk & Return

Risk & Tax benefit

Liquidity & Return

Tax benefit


From the above chart we can say that persons are investing in the insurance because of the tax benefit they are not aware about the concept of the insurance. Now gradually people are becoming aware about the insurance and its benefits.

According the situation and the individual belief investor’s are considering the main factors like risk return, tax benefit and liquidity.


Is ICICI Prudential return moving along with the market return?

Yes 8


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No 42

ICICI Prudential moving with market return



Yes No


From the above chart we can say that 84% of the investors say return of ICICI Prudential return is not moving along with the market return. According to them by investing in the stock market they can get the more return.

While 16% say that ICICI Prudential return is moving along with the market return. According to them they are not only concern about the return but the other benefits they are getting from the insurance.

Generally from the above chart we can say that return from the any insurance company is less than the market return as the main objective of the insurance is to reduce the risk of the investor. In other words we can say that insurance gives many other benefits to the investors.


Is ICICI Prudential returns more than other insurance companies?


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Yes 34No 16

ICICI returns more than other insurance






From the above chart we can see that 68% investors say that ICICI Prudential returns are more than other insurance companies. while on the other hand 32% of the investors say that ICICI Prudential returns is less than the other insurance companies.

By analyzing the data, at present ICICI Prudential is holding the 1st position in the Private insurance sector. ICICI Prudential is considered after the LIC.So because of entry of the private companies into the insurance sector now LIC losing its market share day by day.


Generally people more believe in the LIC.


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Investor’s believe LIC as one of the safest investment option.

Investors have strong faith in banks and in post office schemes and government security.

Investors expect high safety, handsome returns and the full guarantee of their investment.

By investing in the insurance sector people are generally moderately satisfied with the provided returns.

Generally People are paying Rs. 15000 Rs per year as a premium.

People also believe that returns of ICICI are more than other insurance companies.

One of the important finding of the survey is that people expect ICICI Prudential to come up with a plan with principal amount of Rs. 10,000/- . So that they can afford the premium to be paid.



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There are some of the things that I feel during my training period that ICICI Prudential should improve.

1. There should be the transparency when you are explaining to the customer about the policy. Many persons are not explaining the truth or hide the thing which should be discussed.

2. There are many other ways of marketing the products but according to my point of view they are more concentrating on the telephonic talk. Every time persons are talking on telephones.

3. When there is a presentation they should serve the people and offer them a glass of water. So that the people who came they feel free.

4. ICICI Prudential should give more advertise on the Television or through any other media.

So above are the Important suggestions which I have observed during my training period.


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1. Pathak Bharati V., Indian Financial Systema,Published by Pearson Education(Singapore) Pte. Ltd., Indian Branch, 482 F.I.E. Patparganj, Delhi.

2. Kothari C. R., Research Methodology, New Age international publishers,New Delhi, Second edition


www.iciciprulife.com www.irda.com












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Personal Details :

Name :____________________________________________________

Address :__________________________________________________


Phone number :_____________________________________________

Education :________________________________________________

Occupation : Corporate Employees ____________________

Business men___________________________

Age :_____________________________________________________

Annual Income : Less than 100,000 ____________

100,000 to 299,999 ____________

300,000 to 499,999 ____________

More than 500,000 ____________

No. of Children :_____________________________________________

No. of Dependence :__________________________________________

1. Are you Investing?

Yes ___________No_____________


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2. If Yes, Where are you investing the money?

Bank Fixed deposit ______________

Stock Market ______________

Post Office ______________

Government Security _____________

Mutual Fund _____________

PPF _____________

Others Like Gold, Land and building _____________

3. Do you have any insurance cover?


4. If Yes, of which Company?

LIC & ICICI Prudential ______________

ICICI & HDFC std. life ______________

5. How much premium are you paying annually?


6. Approximate How much return are getting on your Insurance cover from

ICICI Prudential?

4 to 6%____________ 6 to 8%________________

8 to 10%___________ More than 10%__________

7. According to you does the return on Insurance cover exceeds cost?



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9. What do you feel about return?

Extremely Satisfied _____________

Highly Satisfied _____________

Moderately Satisfied _____________

Satisfied _____________

Not Satisfied ____________

10.Which factor do you consider while investing in Life Insurance?

Risk & Return _____________

Risk & Tax benefit _____________

Liquidity & Return _____________

Tax benefit _____________

11.What do you think, Is ICICI Prudential moving along with Market return?


12.As per your opinion, Is ICICI Prudential returns more than other insurance



Suggestions from your side




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