icici prudential life

7/29/2019 ICICI Prudential Life

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A PROJECT REPORT ON

Awareness of the brand ICICI Prudential Life

Insurance Company in Bhagalpur

Submitted to theSCHOOL OF MANAGEMENT

In partial fulfillment of the requirements

for the award of the degree

OfMASTER OF BUSINESS ADMINISTRATION (M.B.A)

By

MD SHAKIR HOSSAIN

(Reg. no- 35080313)

Under the guidance of

Mrs.R.Srividhya

Asst.Professor

SRM SCHOOL OF MANAGEMENT

SRM UNIVERSITY

KATTANKULATHUR 603203

MAY 2010


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BONAFIDE CERTIFICATE

Certified that this project report titled ASTUDY ON Awareness of

the brand ICICI Prudential Life Insurance Company in Bhagalpuris

the bonafide work of Mr. MD.SHAKIR HOSSAIN (Reg. No- 35080313),

who carried out the research under my supervision. Certified further, that to

the best of my knowledge the work reported herein does not form part of any

other Project report or dissertation on the basis of which a degree or award

was conferred on an earlier occasion on this or any other candidate.

Mrs.R.Srividhya Dr. JAYASHREE SURESHInternal Guide Dean, MBA Department


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ABSTRACT

This project is a part of our course. I have done a market research on

awareness of the brand ICICI Prudential Life Insurance Company in

Bhagalpur.. This market research has been done on behalf ofICICI Prudential

Life Insurance Company Limited.

The main focus of this research is to measure the awareness of ICICI brand and

life insurance. My project profile was divided in Market Research through

Questionnaire method.

This project report will be helpful for one who is looking for potential

market in Bhagalpur for ICICI Prudential products. It will also give information

about awareness level of the company and its products. This information will be

helpful for the company to increase the satisfaction level.


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TABLE OF CONTENTS

PAGENO.

ABSTRACTLIST OF TABLES

LIST OF FIGURES

1 INTRODUCTION 1-13

1.1 Profile of General Insurance Industry 1

1.2 Company Profile 3

2 NEED, OBJECTIVES, SCOPE & LIMITATIONSOF THE STUDY

14-17

2.1 Need for the study 142.2 Objectives 15

2.3 Scope of the study 16

2.4 Limitations 17

3 RESEARCH METHODOLOGY 18-21

3.1 Research Design 18

3.2 Data 19

3.3 Method of data collection 19

3.4 Sampling 203.5 Tools used 21

4 ANALYSIS AND INTERPRETATION 22-47

4.1 Analysis of data 22

5 FINDINGS, SUGGESTIONS ANDCONCLUSION

48-52

5.1 Findings 48

5.2 Suggestions 51

5.3 Conclusion 52

REFERENCES

APPENDIX


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LIST OF TABLES

Table

No.TITLE

PAGE

NO.

1 Gender of the respondents 22

2 Age of the respondents 24

3 Occupation of the Respondents 26

4 Annual Income of the Respondents 28

5 Company recognition through logo and influence of advertising

media

30

6 Awareness level of the types of insurance 33

7 Relative importance of types of insurance policy 36

8 Awareness about insurance companies providing life insurance 38

9 Extent of knowledge of life insurance 40

10 Opinion about need for life insurance 42

11 Reasons why life insurance is not necessary 44

12 Perception about life insurance 46


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LIST OF FIGURES

FIGURE

NO.TITLE

PAGE

NO.

1 Gender of the respondents 23

2 Age of the respondents 25

3 Occupation of the Respondents 27

4 Annual Income of the Respondents 29

5Company recognition through logo and influence of

advertising media

32

6 Awareness level of the types of insurance 35

7 Relative importance of types of insurance policy 37

8 Awareness about insurance companies providing lifeinsurance

39

9 Extent of knowledge of life insurance 41

10 Opinion about need for life insurance 43

11 Reasons why life insurance is not necessary 45

12 Perception about life insurance 47


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CHAPTER 1

INTRODUCTION

1.1 PROFILE OF GENERAL INSURANCE INDUSTRY

History of Indian Insurance Market

Insurance in India goes back to the time of the British. The first life

insurance company to operate in India the Oriental Life Insurance Company was

established in 1818 in Calcutta. It was, however, a British company. The first

Indian insurance company, the Bombay Mutual Life Assurance Society started its

operations in1871. In 1956 the Indian life insurance industry was made up of 154

domestic life insurers, 16 foreign life insurers and 75 provident funds, and was

still governed by the Insurance Act of 1938.In 1956 all life insurance companies

were nationalized, the story of non-life insurance in India is no different. Though

Lloyd. Insurance pioneered general insurance way back in 1688, the first non-life

insurance company to set up shop in India was the Triton Insurance Company of

Calcutta. In1907, the first Indian general insurer, the Indian Mercantile Insurance

Company started its operations. The New India Assurance Company Ltd. was

incorporated in1919. In 1972, the non-life insurance business in the country was

nationalized and the GIC (General Insurance Corporation of India) was formed

as a holding company with four subsidiaries: The National Insurance, Oriental

Insurance, United India Insurance and the New India Assurance Company

Ltd.Since then, insurance in India had a protective wall built around it, to keep it

local players Market. The above companies controlled the insurance industry for


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nearly 30 years or so. Current Insurance Market Structure General Insurance

business in India was under complete control of four Governments insurance

companies for nearly three decade. After much deliberation finally the market

was opened for competition from December2000 and also Government has de-

linked four Public sector companies from holding company GIC to operate as

independent company. In addition to four Public Sectors insurance companies

the Insurance Regulatory and Development Authority (.IRDA.)Has issued

licenses to the eight Private

1.2 COMPANY PROFILE

ICICI Prudential Life Insurance Company Limited

ICICI Prudential is a joint venture betweenICICI

Bank and Prudential plc engaged in the business of life insurance inIndia.

ICICI Prudential is the largest private insurance company and second largest

insurance in India afterLIC. 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 Life's capital stands at Rs. 37.72 billion (as on March, 2008) with

ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For

the year ended March 31, 2008, the company garnered Retail New Business

Weighted premium of Rs. 6,684 crores, registering a growth of 68% over the

last year and has underwritten nearly 3 million retail policies during the period.

The company has assets held over Rs. 30,000 crore as on April 30,

2008.ICICI Prudential Life is also the only private life insurer in India to
http://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/Prudential_plchttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/LIChttp://en.wikipedia.org/wiki/LIChttp://en.wikipedia.org/wiki/LIChttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Prudential_plchttp://en.wikipedia.org/wiki/ICICI_Bankhttp://en.wikipedia.org/wiki/ICICI_Bank


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receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch

ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of

ICICI Prudential's ability to meet its obligations to customers at the time of

maturity or claims.For the past seven years, ICICI Prudential Life has retained

its leadership position in the life insurance industry with a wide range of

flexible products that meet the needs of the Indian customer at every step in

life.

Since the liberalization of Indian Insurance sector, ICICI Prudential Life

Insurance has been one of the earliest private players. Since the time, ICICI

Pru Life has been the leader in terms of market share as indicated by the

IRDA (Insurance Regulatory and Development Authority, the regulator for

Indian Insurance Industry) at its website.

Arguably the most innovative Indian Life insurer in terms of customer services

and products, ICICI Prudential has one of the largest distribution and

servicing network with over 2,000 proprietary offices & customer touch points

across India. The 30,000 employee strong organization has one of the largest

agency distribution in the industry.

With a growing product range to match the complex needs of the demandingcustomers in a growing economy, the organization also has a history of

successful.

During 2007-08, the organization's focus on rural business has proved its

complex project execution capability and strong partnerships for customer

servicing.

In J une, 2009 ICICI Prudential Life Insurance has decided to snap

its tie up with TTK Healthcare to settle insurance claims of its user.


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HIGHLIGHTS OF ICICI Prudential Life Insurance

India 's number one private Life Insurance Company.

First general insurance company in India to be ISO 9001:2000 certified

Highest brand recall

Simple and fast documentation

Lightning fast claims settlement

Instant online policy issuance

Comprehensive product line

Highest security level offered through 128-bit encryption in case of online

data exchange. First company to provide digitally signed documents through an online

interface.

Achieved financial breakeven in first full year of operations

Achieved underwriting breakeven in second year of operations

ABOUT ICICI Bank

Second largest bank in India with asset size of over US $ 24 billion

A network of 540 branches /offices and over 1,700 ATMs

Presence across all financial products

Only FI in India to pierce sovereign rating Listed at the NYSE, around 72% of the companys equity is held by

foreign investors

Technology-enabled products and processes


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GROUP COMPANIES

Domestic subsidiaries

o ICICI Prudential Life Insurance Company Limited

o ICICI Venture Funds Management Company Limited

o ICICI Securities Limited

o ICICI Lombard General Insurance Company Limited

o ICICI Home Finance Company Limited

o ICICI Investment Management Company Limited

o ICICI Trusteeship Services Limited

o ICICI Brokerage Services Limited

o ICICI Distribution Finance Private Limited

International subsidiaries

o ICICI Bank UK Limited

o ICICI Bank Canada

oICICI Securities Holdings Inc

o ICICI Securities Inc

o ICICI International Limited


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Insurance Plans

ICICI Prudential has a wide array ofinsurance plans that have been

designed with the philosophy that different individuals are bound to have differing

insurance needs.

The ideal insurance plan is one that addresses the exact insurance needs of the

individual that will depend on the age and life stage of the individual apart from a

host of other factors.

1.3 Life Insurance Plans

Life insurance products assure your family will receive financial support, even in

your absence. Put simply, when you buy insurance you provide your family with a

sum of money, should something happen to you. It thus permanently protects

your family from financial crises.

In addition to serving as a protective cover, when you buy insurance you create a

flexible money-saving scheme, which empowers you to accumulate wealth to buy

a new car, get your children educational solutions, and even retire comfortably.

Today, there is no shortage of investment options for a person to choose from.

Given the plethora of choices, it becomes imperative to make the right choice

when investing your hard-earned money, and online insurance is an ideal choice

in todays technology driven world. Buying Life insurance online is a way to make

a unique investment that helps you to meet your dual needs - saving for life'simportant goals, and protecting your assets.

From an investor's point of view, an investment can play two roles - asset

appreciation or asset protection. While most financial instruments have the

underlying benefit of asset appreciation, buying life insurance online gets you the
http://www.iciciprulife.com/public/Life-plans/Plans.htmhttp://www.iciciprulife.com/public/Life-plans/Plans.htm


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unique reassurance of asset protection, along with a strong element of asset

appreciation.

When you buy life insurance online the core benefit is that the financial interests

of ones family remain protected from circumstances such as loss of income due

to critical illness or death of the policyholder. Simultaneously, buying life

insurance online gives a strong inbuilt wealth creation proposition. The customer

therefore benefits on two counts and online insurance products occupy a unique

space in the landscape of investment options available to a customer.

As your life stage and therefore your financial goals change, the instrument in

which you invest should offer corresponding benefits pertinent to the new life

stage. Online insurance products are the only investment option that offer

specific products tailor-made for different life stages. You are thus ensured that

the benefits offered to the customer reflect the needs of the customer at that

particular life stage, and hence ensures that the financial goals of that life stage

are met.

On the basis of which life stage you are in and the corresponding insuranceneeds, ICICI Prudential plans can be categorized into the following three types:

Education Insurance Plans

Wealth Creation Plans

Protection Plans

Education Insurance Plans

One of your most important responsibilities as a parent is to ensure that your

child gets the best possible education that can be provided.
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ICICI Prudential offers a wide portfolio ofeducation insurance plans that are

designed to provide peace of mind to you, as a parent, that your child's education

will be secure. These plans ensure that money is made available at the crucial

junctures in a child's education - Class X, Class XII, graduation and post-

graduation - to fund crucial commitments for the child's future.

Importantly, education insurance plans ensure that in the unfortunate event of the

death of a parent, the child's education continues unhampered.

Under the education insurance plans platform, ICICI Prudential brings the

following products to you. Please click on the product name to know more about

the plans.

Plan Name Plan Type

ICICI Pru SmartKid Assure

ICICI Pru SmartKid Maxima

ICICI Pru SmartKid Regular Premium

Unit Linked

Unit Linked

Traditional

Wealth Creation Plans

Wealth Creation Plans give the customer the dual benefit of protection along

with the potentially higher returns of market-linked instruments. The most

important benefit ofULIPs is the flexibility they give the customer in choosing the

premium amount and also choosing the underlying fund in which this money is to
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be invested. Wealth creation plans also offer the customer more liquidity options

as compared to traditional plans. As such, ULIPs are ideal for customers who

want the protection of a life cover to be allied to the returns of market linked

instrument giving them an unmatched combination of benefits.

Under the wealth creation platform, ICICI Prudential brings the following products

to you. Please click on the product name to know more about the plans.

Plan Name Plan Type

ICICI Pru LifeStage Wealth

ICICI Pru ACE

ICICI Pru Premier Wealth

ICICI Pru Assure Wealth

ICICI Pru LifeTime Maxima

ICICI Pru Pinnacle

Unit Linked

Unit Linked

Unit Linked

Unit Linked

Unit Linked

Unit Linked
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Protection Plans

The sole objective of these plans, as their name indicates, is to serve theprotection needs of the customer and by doing so, safeguard ones family from

the financial implications of unfortunate circumstances than one cannot foresee.

Under the Protection Plans platform, ICICI Prudential brings to you the following

products:

Plan Name Plan Type

Pure Protect

LifeGuard

Save'n'Protect

CashBak

Home Assure

Traditional

Traditional

Traditional

Traditional

Traditional
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1.4 Retirement Solutions

To cater to the needs of a customer looking forretirement planning, ICICI

Prudential presents a wide array of products. These products have been

designed to take into account the diverse set of needs that characterize

individual customers. Please click on the plans to know more about them and

identify which plan is just right for you.

Plan Name Plan Type

ICICI Pru Li feTime Pension Maxima

ICICI Pru LifeStage Pension Advantage

ICICI Pru Eli te Pension II

ICICI Pru Assure Pension

ICICI Pru ForeverLife

ICICI Pru Immediate Annuity

Unit Linked

Unit Linked

Unit Linked

Unit Linked

Traditional

Traditional
http://www.iciciprulife.com/public/Retirement-Plans/Start-Planning-For-Retirement.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Start-Planning-For-Retirement.htmhttp://www.iciciprulife.com/public/Retirement-Plans/LifeTime_Pension_Maxima/why-ltp-maxima.htmhttp://www.iciciprulife.com/public/Retirement-Plans/LifeStage_Pension_Advantage/Why-lifestage-pension-advantage.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Elite_PensionII/why-elite-pensionII.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Elite_PensionII/why-elite-pensionII.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Assure_Pension/why-assure-pension.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Assure_Pension/why-assure-pension.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Forever-Life.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Immediate-Annuity.htmhttp://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://popwindow%28%22/public/Retirement-Plans/Types-Of-Retirement-pop.htm%22)http://www.iciciprulife.com/public/Retirement-Plans/Immediate-Annuity.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Forever-Life.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Assure_Pension/why-assure-pension.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Elite_PensionII/why-elite-pensionII.htmhttp://www.iciciprulife.com/public/Retirement-Plans/LifeStage_Pension_Advantage/Why-lifestage-pension-advantage.htmhttp://www.iciciprulife.com/public/Retirement-Plans/LifeTime_Pension_Maxima/why-ltp-maxima.htmhttp://www.iciciprulife.com/public/Retirement-Plans/Start-Planning-For-Retirement.htm


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1.5 Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories:

Comprehensive health coverage:

Health Saver

A comprehensive whole life plan that covers you against hospitalisation

expenses and creates a health fund to cover any other health expenses.

Hospitalisation coverage:

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment.

The claim payout is based on actual expense incurred.

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatmentand over 900 surgeries.

Critical illness coverage:

Crisis Cover

A comprehensive health insurance policy that covers 35 critical illnesses, death

and disability.
http://www.iciciprulife.com/public/Health-plans/HealthSaver_Why.htmhttp://www.iciciprulife.com/public/Health-plans/MediAssure_Why.htmhttp://www.iciciprulife.com/public/Health-plans/hospital_care.htmhttp://www.iciciprulife.com/public/Hospitalcare/index1.htmlhttp://www.iciciprulife.com/public/Health-plans/Crisis-Cover.htmhttp://www.iciciprulife.com/public/Health-plans/Crisis-Cover.htmhttp://www.iciciprulife.com/public/Hospitalcare/index1.htmlhttp://www.iciciprulife.com/public/Health-plans/hospital_care.htmhttp://www.iciciprulife.com/public/Health-plans/MediAssure_Why.htmhttp://www.iciciprulife.com/public/Health-plans/HealthSaver_Why.htm


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CHAPTER 2

NEED, OBJECTIVES, SCOPE AND

LIMITATIONS OF THE STUDY

2.1 NEED FOR THE STUDY

ICICI Prudential Life Insurance Company Limited division was

started in December 2000. Hence the company wanted to know to what extent

the people were aware of ICICI Prudential Life Insurance company and their

perception towards life, pension & retirement insurance products. Hence this

research was undertaken. The company wanted to assess whether the present

level of marketing efforts is sufficient or not and the medium of communication

which was most effective in creating awareness. Hence its need for this

research.

2.2 OBJECTIVES

2.2.1 Primary Objective

To assess the level of awareness of the brand ICICI Prudential Life

Insurance Company in Bhagalpur.

2.2.2 SecondaryObjectives To assess the level of awareness about different types of insurance

and the companies operating in the general insurance domain.


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To assess the relative importance of life insurance among different

insurance products.

To assess the extent of the need for life insurance as perceived by

the public and their reasons.

To estimate the degree of brand recall achieved through logo, slogan

and Company name.

To assess the role of different media in generating awareness about

the brand ICICI Prudential Life Insurance.


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2.3 SCOPE OF THE STUDY

This study undertaken for ICICI Prudential Life Insurance aims to

study and understand the level of awareness of the company and the market

potential for life insurance among the individuals residing in Bhagalpur.

This has been done by preparing the questionnaire which contains

questions put forth to the prospective individuals, which would help in analyzing

the profile and individuals perception towards life insurance, factors influencing

the individuals in going for life insurance, and awareness of various schemes andinsurance companies.

This study would help in determining the future market potential for life

insurance. The study would also help ICICI Prudential Life Insurance to direct

their marketing efforts by identifying customer preference and also the role of

different media in creating awareness.


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2.4 LIMITATION OF THE STUDY

The area of study is limited to Bhagalpur region only, hence the results

may not be true for other geographical areas. Validity & Reliability of the data

obtained depends on the correctness of the responses by the respondents, The

time at the disposal of the researcher was limited and the size of the sample

comparing to the population was very less and hence it cannot be said to

represent the whole population.


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CHAPTER 3

RESEARCH METHODOLOGY

A proper research Methodology is imperative to derive meaningful

inferences and conclusions from the study. The Methodology followed for this

study is as follows.

3.1 RESEARCHDESIGN

In this market survey, the design used is descriptive in nature.

The information is collected from the individuals and analyzed with the

help of different statistical tools for describing the relationship between various

types of variables pertaining to market potential for life Insurance. Moreover

Cross table Analysis has been done for multivariate data and information has

been obtained to meet the objectives of the study.

3.2 DATA


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3.2.1 Nature of Data

Both primary and secondary data are used in this study in order to

meet the requirements of the objectives. Under the study primary data was

collected by using a Questionnaire.

3.2.2 Source of Data

The Primary data was collected from the individuals residing in

Bhagalpur, with the help of the questionnaire, which was prepared after getting

inputs from the experts and executives in ICICI Prudential Life Insurance.

Secondary data are sourced from General Insurance Companies, Magazines,

Books, Pamphlets, Websites etc.

3.3 METHOD OF DATA COLLECTION

Structured Questionnaire method is used as an instrument for

collecting information from the individuals. A Pilot study was conducted based on

which a few changes were made in the Questionnaire.

3.4 SAMPLING

Since the population of consumers of general Insurance is large in

number, researcher was unable to collect information from all individuals due to

limitation of time. So part of the population is taken for analyzing and generating

the findings.


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3.4.3 Sampling Method

Cluster sampling method is used. The area to be surveyed was

divided into blocks. A number of blocks was chosen at random. Every household

in the chosen block was surveyed.

3.5 TOOLS USED

The data has been analyzed mainly by using the following methods,

namely.Cross Tabulation and Percentage method supplemented by appropriate

charts. Preference of the Respondents for different insurance products has been

analysed using Ranking method.

3.5.1 Percentage Analysis

This is a univariate analysis where the percentage of a particular

factor with different categories is calculated, in order to help one get fair an idea

regarding the sample and there by that of the population.

3.5.2 Cross Tabulation

While percentage analysis is applicable to single variable, cross

tabulations help in identifying relationship between different variables.


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3.5.3 Ranking method

This type of analysis is particularly useful when the purpose of the

question is to identify the preferences of the sample among different choices.

The respondents indicated the importance they assign to different

types of policies. The ranking was in the order of 1 for most important and 5

for the least important. While doing the analysis the first rank was given a

weightage of 5 and the least rank was given the weightage of 1.

The rank assigned by all the respondents was cumulated using the

weightage. Accordingly the type of policy with the larger cumulative weightage

was ranked number 1 and so on.

3.5.3 Questionnaire

The questionnaire includes both open ended and closed ended

questions with multiple choices, Open-ended questions enable wide range of

responses. This enables the respondent to express his views in his own

words.However this is difficult to tabulate and analyse.

Close-ended questions offer a limited choice of response .Respondentsfind these easier to complete.Close-ended questions can also be tabulated and

analysed more easily.


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CHAPTER 4

ANALYSIS AND INTERPRETATION

4.1 ANALYSIS OF DATA

TABLE NO.4.1

GENDER OF THE RESPONDENTS

S.No. Gender No. ofRespondents

Percentage

1 Male 179 74.6

2 Female 61 25.4

Total 240 100.0

INFERENCE

From the above table it is inferred that 74.6% of the respondents are

male and 25.4% of the respondents are female.


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Male

17975%

Female61

25%

FIG. 4.1GENDER OF THE RESPONDENTS

15


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TABLE NO. 4.2

AGE OF THE RESPONDENTS

S.No. Age No. ofRespondents

Percentage

1 20-30 81 33.8

2 31-40 69 28.8

3 41-50 43 17.9

4 51-60 14 5.8

5 61-70 22 9.2

6 71-80 6 2.5

7 >80 5 2.1

Total 240 100.0

Average age of respondents = 39.375

INFERENCE

From the above table it is inferred that, 33.8% of the respondents are

in the age group of 20-30 years followed by 28.8% of the respondents who are in

the age group of 31-40 years followed by 17.9% of the respondents who are in

the age group of 41-50 years followed by 5.8% of the respondents who are in the

age group of 51-60 years followed by 9.2% of the respondents who are in the

age group of 61-70 years followed by 2.5% of the respondents who are in the

age group of 71-80 years and 2.1% of the respondents who are in the age group

of above 80 years.


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33.8%

28.8%

17.9%

5.8%9.2%

2.5% 2.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

20-30 31-40 41-50 51-60 61-70 71-80 >80NOO

FRESPONDE

NTS

IN

PERCENTAGE

AGE

FIG. 4.2AGE OF THE RESPONDENTS

17


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TABLE NO. 4.3

OCCUPATION OF THE RESPONDENTS

S.No. Occupation No. ofRespondents

Percentage

1 Salaried 121 50.4

2 Self employedprofessional

26 10.8

3 Self employedbusiness

36 15.0

4 Retired 35 14.6

5 Housewife 18 7.5

6 Others 4 1.7

Total 240 100.0

INFERENCE


salaried employees, 10.8% of the respondents are self-employed professionals,

15.0% of the respondents are self-employed in business, 14.6% of the

respondents are retired, 7.5% of the respondents are housewives and 1.7% of

the respondents belong to others category and are Students or unemployed

persons.


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0%

10%

20%

30%

40%

50%

60%

NOO

FRESPONDENTSIN

PERCENTAGE

SalariedSelf emp

50.4%

loyed profeSelf em

10.8%

OCCU

sionalployed busi

15.0%

OCCU

F

ATION O

essRetired H

14.6%

PATION

IG. 4.3

THE RE

usewife

7.5%

PONDEN

thers

1.7%

S

3

19


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TABLE NO. 4.4

ANNUAL INCOME LEVEL OF THE RESPONDENTS

S.No. Annual income

No. ofRespondents

Percentage

1 8Lakhs 7 2.9

Total 240 100.0

INFERENCE

From the above table it is inferred that, 57.5% of the respondents

belong to the annual income group of less than Rs.2 lakhs, 29.9% of the

respondents belong to the annual income group of Rs.2lakhs Rs.4lakhs, 7.9%

of the respondents belong to the annual income group of Rs.4lakhs Rs6lakhs,

1.7% of the respondents belong to the annual income group of Rs.6lakhs

Rs.8lakhs and 2.9% of the respondents belong to above Rs.8lakhs income

group.


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.

57.5%

29.9%

7.9%

1.7% 2.9%

0%

10%

20%

30%

40%

50%

60%

70%

8LakhsNOO

FRESPONDENTSIN

PERCENTAGE

ANNUAL INCOME

FIG. 4.4ANNUAL INCOME OF THE RESPONDENTS

21


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TABLE NO. 4.5

COMPANY RECOGNITION THROUGH LOGO AND INFLUENCE OF

ADVERTISING MEDIA

MediaCompany recognition

Cannotidentify

IciciIcici

PrudentialTotal

-101

(42.08%)

101(42.08%)

Print(PR)39

(16.25%)10

(4.17%)49

(20.42%)

Television(TV)49

(20.42%)10

(4.17%)59

(24.58%)

Hoardings(HD)9

(3.75%)10

(4.17%)19

(7.92%)Sales

people(SP)14

(5.83%)19

(7.92%)33

(13.75%)

PR,TV,HD6

(2.5%)2

(0.83%)8

(3.33%)

PR,TV9

(3.75%)3

(1.25%)12

(5.0%)TV,SP 4

(1.67%)0

4(1.67%)

INFERENCE

From the above table it is inferred that 42.08% of the respondents

were not able to recall the company name with the assistance of LOGO.

57.92% of the respondents were able to recall the company name with

assistance of logo. Among those who were able to recall, 16.25%were able to

recall ICICI and 4.17%were able to recall ICICI Prudential and they were

aware of the logo through Print media, 20.42%were able to recall ICICI and

4.17%were able to recall ICICI Prudential and they were aware of the logo

through Television, 3.75%were able to recall ICICI and 4.17%of were able to

recall ICICI Prudential and they were aware of the logo through advertisement

Hoardings, 5.83%were able to recall ICICI and 7.92%were able to recall ICICI


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Prudential and they were aware of the logo through Sales people, 2.5%were

able to recall ICICI and 0.83%were able to recall ICICI Prudential and they

were aware of the logo through Print media, Television and advertisement

hoardings, 3.75%were able to recall ICICI and 1.25%were able to recall ICICI

Prudential and they were aware of the logo through Print media and Television,

1.67% were able to recall ICICI and they were aware of the logo through

Television and Sales people.


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0

10

20

30

40

50 4

NO.OFRESPONDENTS

IN

PERCENTAGE

COMPA

2.8

16.2

Y RECOGN

20.42

3..17

10

FIG.ITION THRO

.

ADVERTISI

4.5UGH LOGO AND INFLU NCE OFNG MEDIA

Cann

75 5.834.17

7.

MEDIA

2.5 3.

2

0.835 1.671.25 0

Identift

28


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TABLE NO.4.6

AWARENESS LEVEL OF THE TYPES OF INSURANCE

S.No. TypesNo. of

Respondents

Percentage

1 Not aware 15 6.3

2 Pension(P) 142 59.17

3 Health(H) 139 57.91

4 Life(L) 90 37.5

5 Home(Ho) 134 55.83

6 P, H, L, Ho 65 27.1

7 P, H, Ho 13 5.4

8 P,H,L 8 3.3

9 H,L, Ho 6 2.5

10 P,H 22 9.2

11 P,L 2 .8

12 P, Ho 6 2.5

13 H, Ho 2 .8

14 L, Ho 1 .4

INFERENCE


aware of all types of general insurance namely Pension, health, life and home

insurance. On the other hand 6.3% of the respondents are not aware of any of

the general insurance products. The remaining 66.6% of the sample have


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varying degrees of awareness about the various general insurance products as

detailed below.

55.83% of the respondents are aware of home insurance, 59.17% of

the respondents are aware of Pension insurance,57.91% of the respondents are

aware of health insurance, 37.5% of the respondents are aware of life

insurance,9.2% of the respondents are aware of automobile and health

insurance,5.4% of the respondents are aware of Pension, health and home

insurance,3.3% of the respondents are aware of Pension, health and life

insurance, 2.5% of the respondents are aware of Pension and home insurance,2.5% of the respondents are aware of health, life and home insurance, 0.8% of

the respondents are aware of Pension and life insurance and 0.8% of the

respondents are aware of health and home insurance.


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TABLE NO. 4.7

RELATIVE IMPORTANCE OF TYPES OF INSURANCE POLICY

S.No. Policy types

Weightage

score Rank

1 Pension 632III

2 Health 761II

3 Retirement 344V

4 Home 617 IV

5 Life 1040 I

INFERENCE

From the above table the relative importance assigned by the

respondents to different types of insurance can be clearly inferred.

# Life insurance occupies Ist rank with the highest score of 1040 points.

#Health insurance occupies II

nd

rank with the score of 761 points.# Pension insurance occupies IIIrd rank with the score of 632 points.

# Home insurance occupies IVth rank with the score of 617 points.

# Retirement insurance occupied Vth rank with the low score of 344 points.


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TABLE NO.4.8

AWARENESS ABOUT INSURANCE COMPANIES PROVIDINGLIFE INSURANCE

S.No.Companies

No. ofRespondents

Percentage

1 Bajaj Allianz 84 35.0

2 Kodak Securities 50 25.8

3 HDFC-Chubb 67 27.9

4 Iffco-Tokyo 18 7.5

5 ICICI Prudential 168 70

6 Birla Sun life 122 50.8

7 Reliance 63 26.3

8 Tata AIG 95 39.6

9 L.I.C 159 68.8

INFERENCE

From the above table it is inferred that, out of the respondents whowere aware of various companies providing home insurance with the assistance

of the company name, (35.0%) of the respondents were able to recall the

company Bajaj Allianz, (27.9%) of the respondents were able to recall the

company HDFC-Chubb,(7.5%) of the respondents were able to recall the

company Iffco-Tokyo, (70%) of the respondents were able to recall the

company name ICICI Prudential , (50.8%) of the respondents were able to

recall the company Birla Sun life, , (26.3%) of the respondents were able to

recall the company Reliance, (39.6%) of the respondents were able to recall the

company Tata AIG, (68.8%) of the respondents were able to recall the

company L.I.C.


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TABLE NO. 4.9

EXTENT OF KNOWLEDGE OF LIFE INSURANCE

S.No. Opinion No. ofRespondents

Percentage

1 Good 125 52.1

2 Fair 108 45.0

3 Poor 7 2.9

Total 240 100.0

INFERENCE

From The above table it is inferred that, 52.1% of the respondents

opined that their knowledge of life insurance as good, 45.0% of the respondents

opined that they had fair knowledge and 2.9% of the respondents stated that

their knowledge of life insurance was poor.


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1

2

3

4

5

6

NOO

FRESPONDENTS

IN

PERCENTAGE

0%

0%

0%

0%

0%

0%

0%

Good

52.1%

XTENT O

Fair

45.0%

F KNOWL

P

FIG. 4.9EDGE OF

or

2.9%

LIFEE INS

4

URANCE

7


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TABLE NO. 4.10

OPINION ABOUT NEED FOR LIFE INSURANCE

S.No. OpinionNo. of

Respondents

Percentage

1 Necessary 200 83.3

2 Not necessary 21 8.8

3 No idea 19 7.9

Total 240 100.0

INFERENCE

From The above table it is inferred that, (83.3%) of the respondents

opined that life insurance is Necessary, (8.8%) of the respondents opined that life

insurance is Not Necessary, (7.9%) of the respondents had no clear opinion

about the need for life insurance.


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83.3%

8.8% 7.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Necessary Not necessary No idea

NOO

FRESPONDENTS

IN

PERCENTAGE

FIG. 4.10OPINION ABOUT NEED FOR LIFE INSURANCE


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TABLE NO. 4.11

REASONS WHY LIFE INSURANCE IS NOT NECESSARY

S.No. ReasonsNo. of

RespondentsPercentage

1Nothing will

happen to life5 25.0

2Waste ofmoney

9 45.0

3Lack of

knowledge5 25.0

4

Distrust about

honoringClaims 1 5.0

Total 20 100.0

INFERENCE

From The above table it is inferred that among the 20 respondents who

felt life insurance is not necessary, (25.0) % of the respondents opined that life

insurance is Not Necessary because of the reason Nothing will happen to life,

(45.0%) of the respondents opined that taking life insurance is Waste of money,

(25.0%) of the respondents opined that they do not have the adequate

knowledge about life insurance, (5.0%) of the respondents opined that they dont

trust general insurance companies to honor the claims in time.


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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Nothing wi

ll happen t

25%

REASO

o homeaste of m

4

NS WHY

oneyLack of kDi

%

REASONS

FIGIFE INSU

nowledgestrusting a

25%

. 4.11ANCE IS

out honor

5%

NOT NEC

5

ing Claims

ESSARY)

1


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TABLE NO. 4.12

PERCEPTION ABOUT LIFE INSURANCE

S.No. Statements

Strongly

agree

Agree

somewhat Neutral

Disagree

somewhat

Disagree

completely

1Becoming

popular thesedays

134(55.8)

69(28.8)

29(12.1)

3(1.3)

5(2.1)

2Willing to be

approached bysales people

63(26.3)

40(16.7)

40(16.7)

34(14.2)

63(26.3)

3

Not aware ofvarious

companies

providing.

98(40.8)

55(22.9)

32(13.3)

33(13.8)

22(4.2)

4

There is notenough

advertisementdone

120(50.0)

47(19.6)

39(16.3)

19(7.9)

15(6.3)

INFERENCE

From the above table it is cleared that maximum (55.8%) of the

respondents strongly agreed that life insurance is becoming popular these days,

(26.3%) of the respondents strongly agreed that they are willing to be

approached by a sales people and equally disagreeing to be approached,

(40.8%) of the respondents strongly agreed that they are not aware of the

various companies providing home insurance and (50.0%) of the respondents

strongly agreed that there is not enough advertisement done for life insurance.


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55.8

28.8

12.1

1.3 2.1

26.3

16.7

16.7

14.2

26.3

40.8

22.9

13.3

13.8

4.2

50

19.6

16.3

7.9

6.3

0

10

20

30

40

50

60

Strongly agree Agree somewhat

Neutral Disagreesome what

Disagreecompletely

NO.OFRESPONDENTS

IN

PERCENTAGE

FIG. 4.12PERCEPTION ABOUT LIFE INSURANCE

Becoming popular these days

Willing to be approached by sales people

Not aware of various companies providing.

There is not enough advertisement done

52


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CHAPTER 5

FINDINGS, SUGGESTIONS AND CONCLUSION

5.1 FINDINGS

Level of awareness-life Insurance &Companies

Among the respondents, majority is salaried employees and most of

the respondents have annual income below Rs2Lakh.

Among the various types of insurance, only (27.1%) of the total

respondents are aware of all types of insurance such as life, Health, Pension and

Home insurance. Majority of the respondents (around 60%) are aware of life

insurance and next to it (58%) are aware of health insurance.

Among various general insurance products, life insurance was most

commonly used (i.e.) with around 60% of the respondents using it, The next most

common used product was Home Insurance (36%) health insurance came third

with 33% of the respondents using it.

When the preference among various insurance products was studied,

majority of respondents ranked Life insurance as number 1, followed by Health


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insurance as number 2, Pension insurance as number 3 and Home insurance

was ranked 4th.

When opinion about the necessity of life insurance is studied, majority

of them (i.e.) 200 out of 240 respondents opined that it is necessary, but still

when the preference among the various insurance products is studied home

insurance was ranked at 4th place. When respondents who did not have a home

insurance policy were asked whether they were willing to be approached by

sales personnel, equal number of respondents replied affirmatively and

negatively.

When the awareness level of various companies providing life

insurance was studied, majority of the respondents (i.e.) 70% of them, were

aware of ICICI Prudential Next to it around 50% of them were aware of L.I.C and

almost 40% of them are aware of TATA AIG.

Most of the respondents expressed that they have good or fair

knowledge about life insurance.

Almost 90% of the respondents opined that home insurance is

Necessary. Responding to the question as to why home insurance was

necessary, 42.5% stated Burglary as the cause and 27.5% stated natural

disaster as the reason

Among the total respondents, 10% opined that home insurance is Not

Necessary and among them (45%) fell it is a waste of money.


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Brand awareness

Only (30%) of the total respondents were able to recall ICICI Prudential

without any assistance, However, among the various insurance companies, the

recall of ICICI Prudential was the highest (i.e.) 72 out of 240 respondents could

name ICICI Prudential.

Many of respondents (20.42%) who identified ICICI through the LOGO

were influenced by television and (8%) of them who identified ICICI Prudential

were influenced by the sales people.

Most of respondents (5.42%) who identified ICICI through the

SLOGAN were influenced by sales people and most of the respondents (10%)

who identified ICICI Prudential were also influenced by the sales people.

Majority of respondents (72.5%) identified ICICI Prudential through theassistance of the company name, logo and slogan and were able to recognize

the industry with which the company is associated. Among those respondents

(48.33%) of them recognized it is a general insurance company, (15%) of them

recognized it as a home insurance company.


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5.2 SUGGESTIONS

Below given are a few suggestions to enhance the awareness and

preferences for life insurance product and ICICI Prudential in general.

The attractiveness of the offering can be communicated more clearly.

The attractiveness includes communicating the product attributes (less premium,

easy settlements, and brand credibility), benefits (emotional benefit, security and

peace) and value (low premium but high value and worth).

The core need that underlines the existence of the product, the

essence of the brand (relates to the deeper and abstract goals that the

customers are willing to satisfy with the brand) must reach the man to create

awareness and preference.

Life insurance is classified under the category of unsought goods

(these are goods which the customer does not know about (or) does not normally

think of buying). Hence it cannot do well without personal selling effort and one-

to-one marketing efforts. At the same time many consider sales people as a

nuisance. So the company must improve the level of awareness and also create

a perceived need for life insurance. Once this background has been created,

then the customer resistance to sales call by insurance counselors will be

reduced.

The number of companies providing home insurance is continually on

the rise. Hence positioning and differentiation are of prime importance.


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All the above stated suggestions would build more awareness and the

brand would be retained at the top of the mind by the consumers.

5.3 CONCLUSION

The study could be concluded by saying that life insurance is deemed

to be a great necessity today, especially after natural disasters like Tsunami took

place. However priority wise, it has a lower priority when compared with other

forms of insurance like life, health and home.

ICICI Prudential has fairly good recall levels. The need, awareness

and preferences for life insurance can be enhanced by communicating the core

need of the product consciously.


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REFERENCES

1. Umasekaran (2002), ' Research Methods for Business', J ohn Wiley &

Sons, Inc. 4th edition.

2. Richard I. Levin, David S. Rubin (2002), 'Statistics for Management',

Prentice Hall of India Private Limited, New Delhi, 7th edition.

3. Kothari C.R (2002), 'Research Methodology', Wishwa Prakashan,

New Delhi, 2nd edition.

4. Philip Kotler (2003), Marketing Management, Pearson Education

Limited, Singapore, 11thedition.

6. Websites:

www.irda.comwww.iciciprolife .com

www.google.com
http://www.icici/http://www.google.com/http://www.google.com/http://www.google.com/http://www.icici/


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APPENDIX - I

Dear sir/madam,

I am Md Shakir Hossain pursuing final year MBA in SRM School of

Management and I am conducting a research as a part of my MBA curriculum.I request your honest and sincere co-operation. I assure you that the information collectedwill be used only for curriculum purpose.

QUESTIONNAIRE:Name :_____________________________________Address :_____________________________________Phone No :_____________________________________

email-id :_____________________________________Occupation:

Salaried Self employed professional self employed businessRetired House wife

Gender:Male FemaleAge:

20-30 31-40 41-50 51-60 61-7071-80 80 and above

Total annual income:800001

1)Other than Life Insurance ,which are the Insurance types you are aware of ?Pension Health Retirement HomeOthers please specify____________________________.

2)When it comes to Pension , Health , Retirement and Home Insurance ,Which are theinsurance companies comes to your mind?

________________________________________________________________.3) Have you insured any of the following

YES NO if yes ,through which company?Pension ____________________

Health ____________________Retirement ____________________Home ___________________Others please specify_______________________________________.

4) Please rank the following insurance types from 1- 5 based on the importance you give


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to them ?PensionHealthRetirementHome

Life

5)Can you identify this logo? (Refer appendix II)

Yes NoIf yes ,

i. Name the company_______________________________.ii. How did you come to know about the company

Through print advertisementThrough TV advertisementThrough advertisement hoarding

Sales peopleOthers please specify_________________________.6) Life Insurance is becoming popular these days .How would you rate your knowledge

level about home insurance ?Good Fair Average Poor

7)Do you think Life Insurance is necessary?It is necessaryIt is not necessaryI have no idea about it

8) Please indicate whether you agree or disagree with the following statements ?Strongly Agree Neither Disagree

DisagreeAgree some what Agree nor some what

completelyDisagree

a) Life Insurance is becomingpopular these days

b) I am willing to be approachedby sales people regardingLife Insurance.

c) I am not aware about the variousCompanies providing Life

Insurance.

9) Please tick all the companies you have heard of as for as Life Insurance isConcerned?Bajaj AllianzHDFC-ChubbIffco-Tokyo


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ICICI PrudentialBirla Sun lifeL.I.CRelianceTata AIG

10) Do you know this company? (Refer appendix III)Yes No

16) Are you a client of ICICI Prudential?Yes No

If yes, Go to Question No 17; else Go to question No 18.17) What kind of Insurance you have taken?

Life Insurance Health Pension RetirementOthers specify ____________________________________________.

18) Would you like to be approached by ICICI Prudential life insurance sales people?

Definitely yes Probably Probably not Definitely not

Thank you very much for your assistance and cooperation in thesurvey

APPENDIX II

LOGO OF THE COMPANY


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APPENDIX III

COMPANY NAME WITH LOGO AND SLOGAN

icici prudential life

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