icici prudential life-2

8/2/2019 ICICI Prudential Life-2

1/80

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

1

8/2/2019 ICICI Prudential Life-2

2/80

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.

2

8/2/2019 ICICI Prudential Life-2

3/80

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.

3

8/2/2019 ICICI Prudential Life-2

4/80

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

4

8/2/2019 ICICI Prudential Life-2

5/80

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

5

8/2/2019 ICICI Prudential Life-2

6/80

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 ?

6

8/2/2019 ICICI Prudential Life-2

7/80

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

7

8/2/2019 ICICI Prudential Life-2

8/80

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

8

8/2/2019 ICICI Prudential Life-2

9/80

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