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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

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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

    From the above table it is inferred that 50.4% of the respondents are

    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

    From the above table it is inferred that 27.1% of the respondents are

    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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    52

    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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    54

    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