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    SUMMER TRAINING

    PROJECT REPORT

    ON

    COMPARATIVE STUDY OF ICICI

    PRUDENTIAL PRODUCTS WITH

    HDFC STANDARD LIFE AND BAJAJ ALLIANZ

    IN BAREILLY

    Submitted in partial fulfillment for the award of Master of

    Business Administration (2009-2010).

    Submitted To : Submitted By :Mrs.Bushra Khan Vishal Gupta

    MBA IIIrd sem

    Roll No- 0914270098

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    Invertis Institute of Management Studies, Bareilly

    Preface

    The present management education has two major aspect i.e. practical and

    Theoretical approaches. The practical training is the key in management courses,

    which has received a vital importance in present scenario. Its exposure to the

    potential manager to aware a management student about the actual work situation in

    the organization. By this practical training a student rich insight in to what

    practically going inside the insurance companies in India.

    In fact its the implementation of theory into practice which is the life force of

    management. Six weeks summer training is an obligatory requirement of the Master

    of Business Administration. It was a great advantage for me of receiving practical

    training in ICICI PRUDENTIAL LIFE INSURANCE COMPANY

    LIMITED, Bareilly in their Marketing Department.

    The management of Company offered an excellent learning situation their have been

    considerable change in the technology, operation and structure of the insurance

    company due to Globalization, merger and environmental issue and available

    insurance policies and also new excellences been imposed by the changing consumer

    satisfaction and multiple market requirements are forcing insurance companies to

    adapt new technology.

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    Acknowledgement

    Words are inadequate to express deep sense of gratitude towards the management of

    ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED,

    Bareilly, and (Uttar Pradesh), who accepted us as winter trainee, in their esteemed

    organization.

    Its my great privilege to express my regard towards to Mr. Vivek Srivastava,A.S.M. & Sumer Training Officer & Project Guide PRACHI PATHAK

    & ALL THE FACULTY MEMBERS, who made my work possible through

    his inspiring guidance and constructive criticism throughout the period of training.

    I am very thankful to Mr. Saurav Saxena, Sales Development Manager of ICICI

    PRUDENTIAL and Mr. Bilal, Financial Consultant, who provided me the sales

    guidance needed in the completion of the project.

    I am also thankful to our training & Placement Officer of our institute.

    This project has been made possible through the direct and indirect motivation of all

    my family members, relatives and friends who inspired me to work with full devotion

    and consistency.

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    LIST OF CONTENT

    1. INTRODUCTION- 4-11

    About life Insurance

    2. ABOUT IRDA - 12-16

    3.

    ICICI PRUDENTIAL LIFE - 17-454. HDFC STANDARD LIFE PRODUCT - 46-48

    5. BAJAJ ALLAINZ- 49-54

    6. RESEARCH METHODOLOGY - 55-56

    7. DATA INTERPRETATION - 57-71

    8. FINDINGS - 72-739. DIFFICULTIES &LIMITATIONS - 74

    10. RECOMMENDATION - 75

    11. CONCLUSION - 76-77

    12. BIBLIOGRAPHY - 78

    13. COPY OF QUESTIONNAIRE - 79-80

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    SCOPE

    The scope of the present report is limited to the COMPARATIVE STUDY OF

    INSURANCE COMPANIES. The findings are based solely on primary data

    gathered by interviewing the financial consultants, the Sales Development Manager of

    the firm and few executive of the firm, besides data obtained from, office records and

    other office journals. This project report has been divided into different chapters and

    contains different perspective and information about Insurance Companies.

    Information collected by the survey conducted for the consumer preference of at

    random samples. Thus, the primary data and secondary data both have provided the

    basis for completing of his report.

    About Life Insurance

    What is Life Insurance

    Scope of Life Insurance

    Need of Life Insurance

    Roles of Life Insurance

    Benefits of Insurance

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    What is Life Insurance?

    Life Insurance is a contract between you and a life insurance company, which

    provides your beneficiary with a pre-determined amount in case of your death during

    the contract term.

    Buying insurance is extremely useful if you are the principal earning member in the

    family. In case of your unfortunate premature demise, your family can remain

    financially secure because of the life insurance policy that you have purchased.

    The primary purpose of life insurance is therefore protection of the family in the

    event of death. Today, insurance is also seen as a tool to plan effectively for your

    future years, your retirement, and for your childrens future needs. Today, the

    market offers insurance plans that not just cover your life and but at the same time

    grow your wealth too.

    Insurance

    Uncertain EventFinancial Loss

    Insurance Compensates for theLoss

    Then What ?

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    SCOPE OF INSURANCE

    Why does one need Life Insurance?

    Life insurance is designed to protect you and your family against financial uncertainties

    that may result due to unfortunate demise or illness. You can also view it as a

    comprehensive financial instrument as a part of your financial planning offering you

    savings & investment facilities along with cover against financial loss. By choosing the

    right policy as per your needs i.e. customized solutions, you will be able to plan for a

    secure future for yourself and your loved ones.

    Choosing the right plan

    Identifying the right plan basis your needs is the first crucial step towards insurance

    planning.At HDFC SL we help you through this decision by identifying your various needs and

    offering plans that are customized for you. You may also choose a plan for yourself by

    identifying the life stage you are at.

    Analyzing Needs

    The following needs of a person can be fulfilled by insurance:-

    Protection

    Need for a sound income protection in case of your unfortunate demise

    Investment

    Need to ensure long-term real growth of your money

    SavingSave for the milestones and protect your savings too

    PensionNeed to save for a comfortable life post retirement

    Once you have analyzed your needs as per above classification, you need to then

    ascertain important factors such as type of cover, insurance amount as per one's

    income, life stage and dependents

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    Need for Life Insurance

    Risks and uncertainties part of lifes great adventureaccident, illness, theft, natural

    disaster- they are all built into the working of the Universe, waiting to happen.

    Insurance then is mans answer to the vagaries of life. If you cannot beat man-made

    and natural calamities, well, at least be prepared for them and their aftermath.

    Insurance is a contract between two parties the insurer and the insured. Wherein

    the insurer agrees to pay the insured for financial losses arising out of any unforeseen

    events in return for a regular payment of premium. These unforeseen events are

    defined as risk and that is why insurance is called a risk cover.

    Hence, insurance is essentially the means to financially compensate for losses that life

    throws at people corporate and otherwise.

    Death (untimely)

    Disability

    Diseases

    Debt

    Destitution (Retirement)

    ..and the way to protect is; only by way of insurance

    5 Ds

    Uncertainty on Human Life

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    Roles of Life Insurance

    Role 1: Life Insurance as Investment

    Insurance is an attractive option for investment. While most people recognize the risk

    hedging and tax saving potential of insurance, many are not aware of its advantage as

    an investment option as well. Insurance products yield more compared to regular

    investment options, and this is besides the added incentives offered by insurers.

    You cannot compare an insurance product with other investment schemes for the

    simple reason that it offers financial protection from risks, something that is missing

    in non-insurance products.

    In fact, the premium you pay for an insurance policy is an investment against risk.

    Thus, before comparing with other schemes, you must accept that a part of the total

    amount invested in life insurance goes towards providing for the risk cover, while the

    rest is used for savings.

    In life insurance, unlike non-life products, you get maturity benefits on survival at the

    end of the term. In other words, if you take a life insurance policy will come back to

    you with added returns. In the unfortunate events of death within the tenure of the

    policy, the family of the deceased will receive the sum assured.

    Thus insurance is a unique investment avenue that delivers sound returns in addition

    to protection.

    Role 2: Life insurance as Risk cover

    Insurance provides you with th