icici prudential life insurance ppt

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  • 1. ICICI PRUDENTIAL LIFE INSURANCEPresented by:Anjali Purohit(11BSPHH010120)Neha Malviya(11BSPHH010519)Deep Shome(11BSPHH010252)Prateek Bhayana (11BSPHH010598)

2. ABOUT THE COMPANY: Established July 2000 First Policy floated on December 2000 A Joint Venture of ICICI Bank and Prudential Plc ICICI is the leading private bank in India, Headquartered in Mumbai Prudential Plc is a leading international financial service group headquartered in United Kingdom No. of Branches: 2100 Micro-offices: 1,116 No. of Bancassurance Partners: 18 First Life Insurance Company to receive National Insurer Financial Strength Rating of AAA(IND) from Fitch Ratings. Also won Most Trusted Brand & Most Trusted Private Life Insurer by The Economic Times-AC Nielson Org 3. PRODUCTS Term life insurance: Term Insurance Plans are designed to ensure that in the event of thepolicyholders death, the family gets the sum assured (the cover amount).4 step claim process : Intimation of claim to ICICI Prudential Life ICICI Prudential Life to help the claimant to complete the documentation Claimant to submit the required documents ICICI Prudential Life to take decision on the claim Wealth insurance: Wealth insurance ensures that you receive a lumpsum amount of money atthe maturity of the Policy. In the unfortunate event of death during the term of the policy, your familyreceives lumpsum amount, called the Sum Assured. Thus it combines the benefits of protection andsaving in a single instrument. Child insurance: Education solutions ensures comprehensive financial planning for your childseducation/ developmental needs.. It offers financial protection to your childs future in theunfortunate event of your death. 4. DETAILS OF POLICIESPOLICY NAME AGE PREMIUMTERM BENEFITSICICI Pru iCare 18 - 65 Rs 3,000 5-30 years Premium paid towards the policywill be eligible for tax benefits u/syears 80C of the Income Tax Act, 1961 2ICICI Pru Pure18 / 65 Rs. 2,40010 / 30any benefit amount received underthis policy will be eligible for theProtect years p.a. yearstax benefit under section 10 (10D),as per prevailing Income Tax lawsICICI Pru 18 / 65 Rs. 2,40010 / 30In case of total and permanentdisability due to an accident, thisLifeGuard years p.a. yearsrider would waive future premiumstill maturity.ICICI Pru Home18 / 60 Rs. 6,0002-30 years On the death of the life assured,the benefit based on the initialAssureyears p.a.loan schedule will be payable.ICICI Pru iAssure 8-70Rs. 20,000 5 or 10Tax benefits u/s 10(10D) will not beavailable and benefits receivedSingle Premiumyearsyearsunder the policy will be taxableICICI Pru 3018,000 15 Years You have a choice of payingGuaranteedYears premiums for either 7 or 10Savings Insurance years, while enjoying a longterm savings benefit underPlanthe plan. 5. DETAILS OF POLICIES CONT..POLICY NAME AGE PREMIUMTERMBENEFITSICICI Pru Whole 0 / 60 yearsRs. 6,000 perWhole lifeLife cover, WealthLifeannumcreation, Additional life cover, Avail of tax benefitsICICI Pru 0 / 60 yearsRs. 6,000 p.a. 10 / 30 years Accident and Disability BenefitSavenProtect Rider, extended cover for 5 years after maturity of the policyICICI Pru 16 / 70 years Rs. 6,000 p.a. 15 / 20 years Survival Benefits,CashBakDeath benefit , Accident and Disability Benefit RiderICICI Pru 0 / 25 yearsRs. 8,400 p.a10 / 25 years Benefits at critical educationalSmartKid20 / 70 yearsmilestones,guaranRegulartees a regularPremiumincome to secure your childs academic career Coverage options, 6. SEGMENTATIONPOLICY NAME DemographicSocio-Economic GeographicICICI Pru iCare 18-60yrs above Lower middle class Urban and rural and aboveindiaICICI Pru Pure18-60yrs above Lower middle class Urban and ruralProtectand aboveindiaICICI Pru LifeGuard 18-60yrs above Lower middle class Urban and rural and aboveindiaICICI Pru Home18-60yrs above Upper middle class urbanAssure and aboveICICI Pru iAssure 1-60yrs aboveupper middle class urbanSingle Premium and aboveICICI Pru25-50yrsUpper middle class urbanGuaranteed Savings and aboveInsurance Plan 7. SEGMENTATIONPOLICY NAMEDemographicSocio-Economic GeographicICICI Pru Whole1-60 yrs above Upper middle class urbanLifeand aboveICICI Pru1-60 yrs above Upper middle class urbanSavenProtectand aboveICICI Pru CashBak18-60 yrs aboveUpper middle class urbanand aboveICICI Pru SmartKid 1-60yrsUpper middle class urbanRegular Premiumabove(children and and above parents)ICICI Pru SmartKid 5-18 yrs above Upper middle class urbanPremier and above 8. HEALTH INSURANCEPolicy Name AgeBenefit CoverICICI Pru Health 25 - 55 Policy HolderAll problems thatdependent require hospitalization and Critical IllnessICICI Pru Hospital 01 - 65 Policy Holder All problems thatCare II dependentrequirehospitalization ICICI Pru Crisis18 - 60 Upto 20 lakh 35 MAJOR Cover ILLNESS 9. SegmentationPolicy NameAGESocial Attitude (Demographic)ClassTowards (Psychographic) Product (Behavioral) ICICI Pru Health 25 55 Working Class PositiveICICI Pru Hospital01 - 65Upper Class Highly PositiveCare II ICICI Pru Crisis 18 - 60Working Low Postivity CoverClass 10. RETIREMENT PLANSName Age (At MinimumMaximumentry) Annuity Cover * ICICI Pru 45 100Rs 12000Not DefinedImmediate yearsAnnuity Choose a one time lump sum amount that you will pay in order to purchasethis planSegmentationProduct is target to Service Middle Class and not for Deprived Income Group (less then Rs 90,000) 11. ULIPS Unit Link Insurance Plans Freedom to choose your life insurance cover (Decide thepercentages) Freedom to choose your investment type (Equity or Bonds) Flexibility of additional investment (Top ups) Goal based planning Retirement Wealth Child HealthSegmentationProduct is target to people who has slightly negative approach towards theproducts (Behavioral Segmentation) 12. GROUP PLANSRETIREMENT SOLUTION PROTECTION SOLUTION Group Gratuity Plan Annuity Solutions Group Leave Group Term InsuranceEncashment Plan Plan Credit Assure Utility 13. Underserved segment 2.5 million lives across as many as 16 states in India. Sarva Jana Suraksha and Anmol Nivesh are tailored to meet the unique requirements of rural investors. The plans offer Life cover, low and affordable premiums. 14. SEGMENTATION ProductsAge Socio-economic GeographicGroup Gratuity Plan 18-60 Working class urbanGroup leave 18-60 Working class urbanencashment planAnnuity Solutions 45-80 Working class urbanGroup Term18-70 Working class urbanInsurance PlanCredit Assure Utility 18-60 Working class urbanSarva Jana Suraksha 18-55 Farmers /lower income RuralAnmol Nivesh18-50 Farmers /lower income Rural 15. DISTRIBUTION: 2 FACTORS Personal Distribution System: Includes all channels like distribution agencies of different models and brokerages, bancassurances and work site marketing Direct Response Distribution System: A method whereby the client purchases an insurance directly 16. DISTRIBUTION Team Size: 13,000 Professionals Distribution Touch Points: 5,000 Advisors:175,000 Customer Service Touch Points: 10,000 Grievances: Call-Centres, Branches, E-mail, Letter & Webs Grievance Redressal Officer Senior Management Grievance Redressal Offic Grievance Redressal Committee 17. Flow Chart Depicting Service flow of ICICI PrudentialService BeingICICI Prudential Attended byQueries Being Divided byBranchexecutiveAsked customerEfforts made toConvincing the Removing any Efforts made toprovide PersonMisconceptionsknow interest solutions Solving theCreating likingEnding with query/closingfor the Productthe deed 18. THANK YOU !!!