market analysis of icici prudential and other insurance-companies (markat)

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    A

    PROJECT REPORT

    ON

    COMPARATIVE ANALYSIS OF ICICIPRUDENTIAL AND OTHER 

    INSURANCE COMPANIES

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    ABSTRACT

    MBA is a stepping-stone to the Management carrier and to develop good Managers is

    necessary that the theoretical must be supplement with exposure to the real environment.

    Theoretical knowledge just provides the base and it’s not suicient to produce a good

    Manager that’s why the practical knowledge is needed.

    Thereore the !esearch "roject is an essential re#uirement or the student o MBA. This

    research project not only helps the students to utili$e his skills properly and learn ield

    realities but also provides a chance to the organi$ation to ind out talent among the building

    Managers in the very beginning.

    %n accordance with the re#uirement o MBA course % have done my research project on the

    topic “COMPARATIVE ANALYSIS OF ICICI PRUDENTIAL AND OTHER 

    INSURANCE COMPANIES” with special reerence to %&%&% "rudential.

     

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    INDEX

    EXECUTIVE SUMMARY Page No.

    CHAPTER-1

    '.'. %ntroduction - basics o insurance

    '.(. )eed o lie o insurance

    '.*. !oles o insurance

    '.+. Types o lie insurance

    CHAPTER-

    (.'. %ndustry "roile

    (.(. &ompany "roile

    CHAPTER-!

    *.'. ,iterature !eview

      *.( !esearch Methodology

    CHAPTER-"

    +.'. Analysis tudy

    CHAPTER-#

    .'. /ata Analysis 0 %nterpretations

    C$a%&e'-( 

    1.'. ,imitations

    1.(. 2indings 0 !ecommendations

    CONCLUSION

    BIBLIO)RAPHY

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    EXECUTIVE SUMMARY

    T*&+e o, &$e %'oe&/

    Market analysis o %&%&% prudential and other insurance companies

    O0e&*e2/

    3orking o the unit linked insurance plans

    34T analysis o the product

    &omparative study o the competition

    tudy tax planning solutions available in the market

    tudy asset allocation through insurance plans

    Market interace

    Co3%a'a&*e a4a+52*2 6o4e o4/

    ,ie insurance corporation

    5/2& tan ,ie

    Birla un ,ie

    Bajaj Allian$

    Re2ea'$ Me&$o6o+og5/

    "rimary data collected by personally visiting these leading insurance players. 6g7 ,%&8 Max

     )ew 9ork ,ie %nsurance8 Bajaj Alliance8 Birla unlie8 5/2& tan lie.

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    Da&a Co++e&*o4/

    PRIMARY DATA

    "rimary data collected through direct interaction with customer.

    ample si$e ':: people.

    SECONDARY DATA

    econdary database rom dierent maga$ines.

    2irst and oremost8 accumulating inormation rom newspapers 8

    ;ournals8 Maga$ines8 and company webside.

    econdly8 taking a sample si$e and doing a market survey by illing up #uestionnaires

    rom customers to ind out what dierent companies are oering in the

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    CHAPTER-1

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      1.1. INTRODUCTION TO INSURANCE

      ,%26 %)

     

    I427'a4e *2 a 252&e3 &o a++e*a&e ,*4a4*a+ +o22e2 05 &'a42,e''*4g '*28 o, +o22 ,'o3 o4e

    e4&*&5 &o a4o&$e'.

    @%nsurance’ is basically a sharing device. The losses to assets resulting rom natural calamities

    like ire8 lood8 earth#uake8 accidents8 etc. are met out o the common pool contributed by

    large number o persons who are exposed to similar risks. This contribution o many is used

    to pay the losses suered by unortunate ew. 5owever the basic principle is that loss should

    occur as a result o natural calamities or unexpected events which are beyond the human

    control. econdly insured person should not make any gains out o insurance.

    %t is natural to think o insurance o physical assets such as motor car insurance or ire

    insurance but oten we orget that creator o all these assets is the human being whose eorts

    have gone a long way in building up the assets. %n that sense8 human lie is a uni#ue income

    generating assets.

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    Ho9 *427'a4e 9o'82:

    uppose there are '::: persons all aged * years and healthy lives. They are insured or one

    year against the risk o death. 6ach person is insured or !s. :8:::. % the past experience

    indicated that + out o '::: persons8 at this age are expected to die during the year8 expected

    amount o death claim to be paid to the amily o our persons would come to !s. (8::8:::.

    The contribution to be paid by each o the '::: persons will come to !s. (:: per year. Thus8

    all the '::: persons share loss caused to the + unortunate amilies. 1 persons who

    survived till one year have not lost anything as they secured peace o mind and a eeling o 

    security o their amily. 3hile insurance cannot prevent accidents or premature death8 it can

    help protect the amily o the decreased against the loss o income caused by the death o the

    main breadwinner. %n return or speciied payments8 insurance will provide protection against

    the incidence o an uncertain event- such as premature death. The business o insurance

    company called insurer is to bring together persons who are exposed to similar risks8 collect

    contribution premiumC rom them on some e#uitable basis and pay the losses claimsC to the

    unortunate ew who suer.

    C+a22*,*a&*o4 o, I427'a4e

    %nsurance business can be divided into two broad categories8 lie and non-lie. ,ie insurance

    is concerned with making provision or a speciic event happing to the individual8 such as

    death whereas non lie or general insuranceC is more commonly concerned with the

     provision or a speciic event which aects a property8 such as ire8 lood8 thet etc. %n this

    course we will only cover lie insurance. o8 let us now move on to the deinition o lie

    insurance.

    De,*4*&*o4 o, L*,e I427'a4e

    According to the

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    1.. NEED FOR LIFE INSURANCE

    !isks and uncertainties are part o lieEs great adventure -- accident8 illness8 thet8 natural

    disaster - theyEre all built into the workings o the

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    1.!. ROLE OF LIFE INSURANCE

     Life Insurance As An Investment: -

    %nsurance is an attractive option or investment. 3hile most people recogni$e the risk 

    hedging and tax saving potential o insurance8 many are not aware o its advantages as an

    investment option as well. %nsurance products yield more compared to regular investment

    options8 and this is besides the added incentives oered by insurers.

    9ou cannot compare an insurance product with other investment schemes or the simple

    reason that it oers inancial protection rom risks8 something that is missing in non-

    insurance products. %n act8 the premium you pay or an insurance policy is an investment

    against risk. Thus8 beore comparing with other schemes8 you must accept that a part o the

    total amount invested in lie insurance goes towards providing or the risk cover8 while the

    rest is used or savings.

    %n lie insurance8 unlike non-lie products8 you get maturity beneits on survival at the end o 

    the term. %n other words8 i you take a lie insurance policy or (: years and survive the term8

    the amount invested as premium in the policy will come back to you with added returns. %n

    the unortunate event o death within the tenure o the policy8 the amily o the deceased will

    receive the sum assured.

     )ow8 let us compare insurance as an investment options. % you invest !s ':8::: in ""28 your 

    money grows to !s ':8: at . per cent interest over a year. But in this case8 the access to

    your unds will be limited. 4ne can withdraw : per cent o the initial deposit only ater +

    years.

    The same amount o !s ':8::: can give you an insurance cover o up to approximately !s -

    '( lakh depending upon the plan8 age and medical condition o the lie insured8 etcC and this

    amount can become immediately available to the nominee o the policyholder on death. Thus

    insurance is a uni#ue investment avenue that delivers sound returns in addition to protection.

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    1.". TYPES OF LIFE INSURANCE PLANS

    L*,e I427'a4e P+a42/

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    ;ea+&$ C'ea&*o4 P+a42

    3ealth &reation "lans give the customer the dual beneit o protection along with the potentially higher returns o market-linked instruments. The most important beneit o

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    P'o&e&*o4 P+a42

    The sole objective o these plans8 as their name indicates8 is to serve the protection needs othe customer and by doing so8 saeguard one’s amily rom the inancial implications ounortunate circumstances than one cannot oresee.

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    THE INSURANCE RE)ULATORY AND DEVELOPMENT AUTHORITY

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    ;HY PRIVATE INSURANCE:

    • All the private companies have a lock in period o * yrs hence no disinvestments possible.

    • Minimum net worth o :: &r re#uired or ac#uiring license with a minimum paid up

    capital o ':: &r in their insurance venture.

    • &ommitment to increase the paid up capital maniold in next ive years.

    • !e insurance or all its policies worth more than lakhs. !einsurance partners8 best and

    the largest in the world I general cologne and wiss reinsurance.

    • Audit o accounts by at least ( independent approved auditors each year.

    "roducts and pricing are cleared by %!/A8 which looks into the inancial visibility o the product and the inancial implication.

    • %!/A is now proposing a "vt. "olicy "rotection und.

    • 2unds to be invested in only regulated and controlled areas with close to J:Kbeing

     pumped into only gilts thereby assuring saety o unds.

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    CHAPTER-

     

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    .1.LITERATURE REVIE;

    5ow a company does announced a name change especially when the old name was well

    knownL 5ow does the company explain itsel to constituents who may have known the

    company #uite well in an earlier incarnation but may be struggling to igure out what the new

    organi$ation stands orL 5ow can the company create a new image while retaining the

    strengths o the old oneL And what role might corporate advertising play in all thisL

    &orporate advertising can tell a story about a company as a whole8 large organi$ations may

    need to use corporate ads to simpliy their image in the minds o key constituents and to show

    what uniies the company8 despite the geographical spread and variety o its businesses.

    3e can very well understand the concept o corporate advertising by taking the example o

    %&%&% "rudential communication. 3hen &ompany irst began operations8 the task was to

     present the visiting card o the company to the public at large and build credibility and stature

    and to give the consumer the conidence that EEhere is a company that can be trusted to invest

    unds with.EE

    This re#uired a corporate campaign - to establish the brand8 build awareness and give the

     brand a larger-than-lie image.

    The advertising idea8 which was encapsulated in symbols o protection rom the initial print

    campaign8 culminated in the corporate ilm where sindhoor was used as an endearing and

    lasting symbol o protection. 4nce the corporate image and brand identity were established8

    and as the company expanded and its product range grew8 the next phase o communication

    was to give the

    consumer a rational and tangible reason to buy - irst o all insurance and secondly rom

    %&%&% "rudential ,ie. This was tackled through product-speciic advertising8 such as or

    %&%&% "ru mart Hid8 retirement solutions or ,ieTime.

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    ..>EY SUMMERY

    &reate a good citi$en image through consistent 0 dedicated eort.

    &onvey the organi$ations commitment to the concerned publics as well as to the

    masses 0 eliminate prejudices8 i any held by opinion leaders in particular 0 by the

     public in general.

    Boost both employee management relation 0 employee morale enabling all

    Members o the internal public to discover a new vitality.

    .!. RESEARCH METHODOLO)Y

    !esearch Methodology has many dimensions8 it include not only research methods

     but also considers the logic behind the methods used in the context o the study and explains

    why only a particular method o techni#ue had been used so that research lend themselves to

     proper evaluations. Thus in a way it is a written game plan or concluding research thereore

    in order to solve research problem it is necessary to design a research methodology or the

     problem as the same may dier rom problem to problem. !esearch design is the conceptual

    structure within which the research is conducted. %ts unctions are to provide or the

    collection o relevant evidence with minimum expenditure o eort8 time and money. But8

    how this can be achieved depends on the research purpose. %n my study the research purpose

    is exploratory study i.e. to gain amiliarity with phenomena or to achieve new insights in it.

    MA!H6T !66A!&5 /6%?) 7 /escriptive type

    /ATA 4

    AM",6 %O6 7 ':: samples

    M4/6 42 &4,,6&T%)? /ATA7 !espondents to be chosen randomly.

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    SAMPLE DESI)N/

    ocial phenomenon being very vast8 it becomes impossible to contact each and every

    individual o population due to limitation o essential resources like time and money.

    Thereore8 the study is preerably narrowed down to a representative sample to make the

    study more manageable. Nuota sampling is adopted in the exploratory study. %t is a non-

     probability study in which various insurance players are taken.

    SAMPLIN) UNIT7

    The data can be collected rom primary sources. The basic premises o my study are

     primary data but at the same time it is supplemented with the secondary data. ampling unit

    is a unit which would be considered or the purpose o study to conduct the comparative

    study o the %&%&% "rudential and other insurance companies with special reerence to

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    company’s database and i seemed interested % take along with me the representatives o the

    company or urther inormation gathering.

    'C S&765 o, Seo46a'5 Da&a/ The #uickest and the most economical way or researchers to

    ind possible hypothesis is to take the advantage o the work done earlier and thus utili$e

    their eorts.

    (C I4-6e%&$ I4&e'*e92/  % used in-depth interviews because it attempts to inluence

    respondents to talk reely about their subject o interest .A ormal #uestionnaire was made

    and according to which the #uestions were asked to the respondents.

    Ba2* 3e&$o62 o, o++e&*4g P'*3a'5 Da&a/

    'C 7e2&*o44a*'e Me&$o6/ The #uestionnaire used by me or the purpose o data collection

    were o structured type )on-disguisedC.

    (C Co4&a& Me&$o6/ %n order to derive inormation rom the intended organi$ation8 it was

    elementary or me to search or a link which could enable me to conduct a research in that

    organi$ation.

    OBJECTIVE OF THE STUDY

    The project undertaken by me as a part o my ummar Training o M.B.A.course is an eort

    made to study the

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    • Market interphase.

    CHAPTER-!

     

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    !.1. INDUSTRY PROFILE

     Ba8g'o746

    %n ''(8 the %ndian lie insurance companies Act was passed . This was the irst

    comprehensive legislation in %ndia to regulate the business o insurance. it had been observed

    that the provisions o %ndian &ompany’s Act did not meet the purpose. A urther legislation

    was passed in '(J8 But a comprehensive legislation was passed in '*J. The amendments in

    the act were made in '1 when insurance was nationali$ed and ,%& and ?%& were ormed.

    ,ie insurance business was nationali$ed with eect rom ' ;anuary '1 and (1

    companies were merged. %nsurance Act was urther amended in ' and %!/A was ormed

    in view o the circumstances arising out o opening up o insurance industry in (:::.%!/A

    authority to protect the interest o the holders o insurance policies8 to regulate 8 promote and

    ensure the working o all companies.

    As we enter into the new millennium8 economies o the world over are getting

    redeined and remodeled with the new mindsets8 new technologies8 new riles and new

    directions. 2inancial sector reorms received top priority ever since the ?ovt. o %ndia

    initiated the process o economic liberali$ation. These reorms are extending the hori$ons o 

    the inancial services sector and have been transorming our capital markets 8 banking and

    inancial services industries.

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    %n the last our decades 8 ater nationali$ation o the insurance industry 8 certain socio-

    economic objectives were achieved through public ownership o the insurance business. 9et8

    market oriented dynamism was missing as evidenced by the lack o

     product innovations8 high premium rates and limited use o inormation technology.

    The insurance sector reorms have encouraged Blue-Bloods o %ndian corporate sector 

    TATA8%&%&%85/2&8B%!,A8B%8!6,%A)&68H4TAH etc to tie up with world’s largest

    insurance majors to capture slice o the country’s potential insurance market.

    This has brought abu$$ activities in insurance business. )ew players are wooing the customer 

    with promises o better services and customi$ed products. The ,%& and ?%& are countering

    the competition on the strength o their track records8 distribution networks and so on.

    This new scenario will witness inancially sound and experienced players transorming the

    industry with best products in service and product development 8 operational eiciency8

    marketing capability8 service plus and tech-savvy orientation. As a result8 the insurance

     business can become global with e-business applications.

    %t is awkward business playing value igures on people’s lives. %t is almost as

    awkward as selling the likelihood o an event people do not want crossing their minds . in

    %ndia8 it is rather a shrub. 2or this reason alone lie insurance is no ordinary market.

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    This assumes signiicance because %ndia is witnessing oreign competition in

    this sector ater a long monopoly period.

    There is consensus on success becoming a unction o market strategy. o ar 

    the market has been shaped by ,%& . it is only recently that private insurers with P+7(1

     joint ventures between %ndian and oreign companies have been ormed under the

    watch o %!/A. %&%&% prudential8 5/2& slandered lie and Max )ew 9ork ,ie were

    irst o the block8 ollowed by Hotak Mahindra8 !oyal undram8TATA Aig8Birla

    unlie8B% ,ie and %)? Qyasa which were started later.

    udden burst o competition itsel is a uni#ue occurrence. The %ndian market

    distinguishes itsel in other ways too8 most notably in the areas o consumer 

     perception and investment option. o it is worth which will the market move and what

    could be the winning strategies. Basic premise is clear that R+*,e *427'a4e *2 a

    2%e*a+*e6 072*4e22D.

    LIFE INSURERS

    '. BA;A; A,,%A)O ,%26 %)

    (. B%!,A *. 5/2& TA)/A!/ ,%26 %)

    +. %&%&% "!. %)? Q99A ,%26 %)

    P. MAG )6394!H ,%26 %)

    J. M6T,%26 %)/%A %)

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    ''. TATA A%? ,%26 %)

    '(. AQ%QA ,%26 %)

    '*. A5A!A ,%26 %)

     

    L*,e I427'a4e Co3%a4*e2

    ICICI P'76e4&*a+ L*,e I427'a4e Co3%a45 L*3*&e6

      %&%&% "rudential ,ie %nsurance &ompany ,imited was incorporated on ;uly

    (:8(:::.The authori$ed capital o the company is !s (*:: million and the paid up capital

    is !s ':: million. The &ompany is joint o %&%&% P+KC and "rudential plc

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     >OTA> MAHINDRA LIFE INSURANCE COMPANY LTD.

      Hotak Mahindra lie %nsurance &ompany ,imited is a joint venture

     between Hotak Mahindra 2inance ,td and 4ld Mutual.

    >o&a8 Ma$*46'a F*4a4e L&6.

      Hotak Mahindra is one o the %ndia’s leading inancial institutions8

    oering complete inancial solution that encompasses every sphere o lie. 2rom

    Banking8 to stock Broking8 to Mutual 2unds8 to ,ie %nsurance8 to %nvestment Banking8

    the company caters to the inancial needs o individuals and corporates.

    O+6 M7&7a+

    4ld Mutual8 a company with over 'P years o experience in lie

    insurance business8 has the largest inancial services business in outh Arica8 through its

    lie assurance8 asset management8 banking and general insurance operations. Being listed in

    ,ondon tock 6xchange and included in 2T6 ':: list o companies8 old Mutual’s assets

    under management are worth S(:J billion.

    Ta&a AI) L*,e I427'a4e Co3%a45/

     Tata A%? ?eneral %nsurance &ompany ,td and Tata A%? ,ie %nsurance &ompany ,td

    collectively RTata A%?DC are joint venture companies between the Tata group %ndia’s most

    trusted industrial house and American %nternational grouping A%?C8 the leading

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    Both promoters have a deep and abiding interest in %ndia’s %nsurance sector. "rior to

    nationali$ation8 the Tanta’s pioneered private insurance in %ndia when ir /orab Tata set

     up new %ndia assurance in ''.By 'P*8when ?eneral %nsurance was nationali$ed the Tata

    company had a global presence with 1 overseas oices. Aig too has always considered the

    %ndian insurance sector to be o signiicance. The A%? companies entered %ndia in '+ and

    had oices in several %ndian cities prior to nationali$ation.

    HDFC S&a46a'6 L*,e/

    HDFC  tandard ,ie %nsurance company is a joint venture between %ndia’s largest

    housing inance provider8 5/2& and 6urope’s largest mutual lie assurance company The

    tandard ,ie Assurance &ompany

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    At the industry level8 along with the ?overnment and ?%&8 it has helped established the

     )ational %nsurance Academy. %t presently transacts individual lie insurance businesses8

    group insurance businesses8 social security schemes and pensions8 grants housing loans

    through its subsidiary> and markets saving and investment products through its mutual

    und. %t payo about !s 1::: crore annually to .1 million policyholders. Market share o 

    ,%& which is J(.*K.By the ,%& '.: crores policies has been sold that was in the (::+-:

    0 the total premium that are collected by ,%& in (::+-: was !s.::P crores.

    ALLIAN? BA?A? LIFE INSURANCE COMPANY

      Allian$ A? with over '': years o experience in over P: countries and Bajaj Auto8

    trusted or over years in the %ndian market 8together are committed to oering inancial

    solutions.

    &haracteri$ed by global presence with a local ocus and driven by customer 

    orientation to establish high earnings potential and inancial strength8 Allian$ Bajaj ,ie

    %nsurance &o ,td was incorporated on '(th  March (::'.The company received the

    insurance regulatory and development Authority %!/AC &ertiicate o !egistration on * rd

    August (::' to conduct ,ie %nsurance business in %ndia. The Market share o Bajaj

    Allian$ in (::*-:+ was .K which has been increases in (::+-: and it is know (.:*K

    which depicts the inancial position o the co.

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    !.. COMPANY PROFILE

    %ndia’s )umber 4ne private lie insurer8 %&%&% "rudential ,ie %nsurance &ompany is a joint

    venture between %&%&% Bank-one o %ndia’s oremost inancial services companies-and

    "rudential plc- a leading international inancial services group head#uartered in the

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    The %&%&% "rudential edge comes rom our commitment to our customers8 in all that we do I be

    it product development8 distribution8 the sales process or servicing. 5ere’s a peek into what

    makes us leaders.

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    '. 4ur products have been developed ater a clear and thorough understanding o customers’

    needs. %t is this research that helps us develop 6ducation plans that oer the ideal way to truly

    guarantee your child’s education8 !etirement solutions that are a hedge against inlation and yet

     promise a ixed income ater you retire8 or 5ealth insurance that arms you with the unds youmight need to recover rom a dreaded disease.

    (. 5aving the right products is the irst step8 but it’s e#ually important to ensure that our

    customers can access them easily and #uickly. To this end8 %&%&% "rudential has an advisor base

    across the length and breadth o the country8 and also partners with leading banks8 corporate

    agents and brokers to distribute our products

    *. !obust risk management and underwriting practices orm the core o our business. 3ith clear 

    guidelines in place8 we ensure e#uitable costing o risks8 and thereby ensure a smooth and

    hassle-ree claims process.

    +. 6ntrusted with helping our customers meet their long-term goals8 we adopt an investment

     philosophy that aims to achieve risk adjusted returns over the long-term.

    . ,ast but deinitely not the least8 our '18::: plus strong team is given the opportunity to learn

    and grow8 every day in a multitude o ways. 3e believe this keeps them engaged and

    enthusiastic8 so that they can deliver on our promise to cover you8 at every step in lie.

    P'o3o&e'2

    ICICI Ba48  

    ICICI Ba48

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    customers have access to its services at all times.

    P'76e4&*a+ P+

    6stablished in ,ondon in 'J+J8 "rudential plc8 through its businesses in the

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    3e do believe that we are on the threshold o an exciting new opportunity8 where we can play a

    signiicant role in redeining and reshaping the sector. ?iven the #uality o our parentage and

    the commitment o our team8 there are no limits to our growth.

    O7' a+7e2 /

    6very member o the %&%&% "rudential team is committed to core values7 %ntegrity8 &ustomer

    2irst8 Boundary less8 4wnership8 and "assion. These values shine orth in all we do8 and have

     become the keystones o our success.

    SHEET

    THE Co3%a45

    %&%&% "rudential ,ie %nsurance &ompany is a joint venture between %&%&% Bank8 a premier

    inancial powerhouse8 and "rudential plc8 a leading international inancial services group

    head#uartered in the

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    %&%&% "rudential has one o the largest distribution networks amongst private lie insurers in

    %ndia. As o March *'8 (::P the company has over J: oices across the country and over

    (*+8::: advisors.

    The company has over (( bancassurnace partners8 having tie-ups with %&%&% Bank8 2ederal

    Bank8 outh %ndian Bank8 Bank o %ndia8 ,ord Hrishna Bank8 %dukki /istrict &o-operative

    Bank8 ;algaon "eoples &o-operative Bank8 hamrao Qithal &o-op Bank8 6rnakulam Bank8

    Bank o %ndia sponsored !egional !ural Banks !!BsC8 angli

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    insurance8 private e#uity and asset management. %&%&% Bank is a leading player in the retail

     banking market and services its large customer base through a network o over : branches

    and extension counters8 **:: ATMs8 call centers and internet banking www.iciciprulie.com

    to ensure that customers have access to its services at all times.

    6stablished in ,ondon in 'J+J8 "rudential plc8 through its businesses in the a44a4 6xecutive /irectorM'. B$a'ga Da2g7%&a 6xecutive /irectorM2. A4*&a Pa* 6Q" I &ustomer ervice 0 TechnologyM'. A*3 M*&$a4* &hie ActuaryM'. P74ee& Na46a &hie %nvestments 4icerM'. B*4a5a8 D7&&a &hie I ales and distribution

    Mr. ). . Hannan6xecutive /irector %&%&% "rudential,ie %nsurance &ompany ,imited

    http://www.iciciprulife.com/http://www.iciciprulife.com/public/About-us/ProfileTeam-ShikhaSharma.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-ShikhaSharma.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BhargavDasgupta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AzimMithani.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-PuneetNanda.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BinayakDutta.htmhttp://www.iciciprulife.com/http://www.iciciprulife.com/public/About-us/ProfileTeam-ShikhaSharma.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BhargavDasgupta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AzimMithani.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-PuneetNanda.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BinayakDutta.htm

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     ). . Hannan joined %&%&% "rudential ,ie %nsurance &ompany ,td as 6xecutive /irector

    in August (::8 where he has overall responsibility or sales8 marketing8 investments8

    group business and business intelligence. "rior to joining %&%&% "rudential8 Hannan was

    the &hie 2inancial 4icer and Treasurer o %&%&% Bank ,imited where he was

    responsible or investor relations and or the inance8 perormance management8 accounts8

    taxation8 risk management8 secretarial and credit middle oice unctions. The treasury

    operations o %&%&% Bank include Balance heet Management and Asset and ,iability

    Management. %&%&% Bank is the second largest bank in %ndia with an asset base o about

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    • %&%&% "!

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    • "remiums are high as compared to its competitors.

    • Qery ew branches in the country.

    • "!4/

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    "ast perormance o these plans is not indicative o the uture perormance o the

     plan

    The sum invested in the unds is subject to market risks and there can be no

    assurance that the objective o the plans will be achieved. All beneits payable under the policy are subject to the tax laws and other 

    inancial enactment8 as they exist rom time to time

    MEANIN) OF ULIP

    A policy8 which provides or lie insurance where the policy value at any time varies

    according to the value o the underlying assets at the time.

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    FEATURES OF ULIP

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    V ,i#uidity

    V Tax planning

    The two strong arguments in avour o unit-linked plans are7

    • 2irstly8 the investor knows exactly what is happening to his money

    • econdly it allows the investor to choose the assets into which he wants his unds

    invested.

    An investor in a

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    %n traditional G9*&$ %'o,*&2 policies the insurance company bears the investment risk to the

    extent o insured amount. %n IN) OF UNIT LIN>ED INSURANCE PLANS

     

    SUPER SMART >ID

    S3a'&>*6 oers an exclusive choice o * education insurance plans7 martHid )ew

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    Mo'&a+*&5 Po+*5 A63*4*2&'a&*o4 $a'ge2/

    the units in the und.

    (. martHid )ew

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    ,ie,ink uper 

    3ell-deserved inancial incentives8 rewarding business proits and even ancestral money are

     precious amounts that you should invest immediately so they earn you potentially higherreturns in the long run.

    %nvest in %&%&% "rudentialEs ,ie,ink uper policy-a single-premium unit-linked policy

    that works best or investors who have in mind long-term inancial goals8 such as theeducation o a child or the purchase o a larger home.

    Apart rom the potentially higher returns that you can earn8 ,ie,ink uper insures your

    amily against misortunes with its protective insurance cover.

    !ead more about the eatures and beneits o this plan8 right away.

    L*,eL*48 S7%e' a& a g+a4e

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    Fea&7'e2 a46 0e4e,*&2 o, L*,eL*48 S7%e'

     

    o%&*o42 o, S73 A227'e6/ &hoose to receive either '(K or ::K o the single premiumamount.

    F+e*0+e %o+*5 &e'3/ /ecide how long you wish to invest in this policy. 9ou can invest or aminimum o years and keep your investment growing or as long as you wish ater that.

    Pa'&*a+ 9*&$6'a9a+ o, 3o4e5/ 3ithdraw unds in installments rom the +th year onwards.

    A&&'a&*e %'e3*73 a++oa&*o4 'a&e2/ 6njoy '::K allocation or premium amounts e#ual toor greater than !s. lacs.

    ( *4e2&3e4& ,7462/ elect among 2lexi-?rowth8 Maximiser8 2lexi-Balanced8 Balancer8

     "rotector8 and "reserver8 based on your inancial goals and risk proile.

    S9*&$ 0e4e,*&/ witch between unds anytime to maximi$e on market movements. 9ou canswitch unds + times a year8 at no cost. 2or subse#uent switches8 you will be re#uired to pay aswitch ee o !s. '::.

    Ma&7'*&5 0e4e,*&/ !eceive the 2und Qalue when your policy matures. &hoose to take this

    Minimum=Maximum 6ntry Age

    Maximum Age at "olicy Maturity

    Minimum "olicy Term

    Minimum ingle "remium

    Minimum um Assured

    Tax Beneit

    : years to 1 years

    P: years

    years

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    value as a single lump-sum amount or in monthly8 bi-annual or annual installments spreadover ' to years.

    Dea&$ 0e4e,*&/ 9our amily receives the higher o 2und Qalue or um Assured shouldsomething happen to you.

    ;$5 L*,eT*3e S7%e'

     

    As an individual who desires a lot rom lie-a car8 a beautiul home and o course8 the comortand contentment o your amily-you would undoubtedly want to plan your inances such thatyou can take care o all your re#uirements.

    %nvest in %&%&% "rudentialEs ,ieTime uper policy-a regular-premium unit-linked policy8

    which oers potentially higher returns that systematically enable you to meet your long-terminancial objectives. %n addition8 ,ieTime uper also provides the protective beneit o aninsurance cover8 which keeps your amily secure8 always.

    !ead more about the eatures and beneits o this plan.

    L*,eT*3e S7%e' a& a g+a4e

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    Fea&7'e2 a46 0e4e,*&2 o, L*,eT*3e S7%e'

    F+e*0+e %o+*5 &e'3/ /ecide or how long you want your policy. 9ou can invest or aminimum o ': years and a maximum o P years.

    ! $o*e2 o, %'e3*73 %a53e4&/ 4pt to pay the premium on a monthly8 bi-annual or anannual basis.

    ( *4e2&3e4& ,7462/ elect among 2lexi-?rowth8 Maximiser8 2lexi-Balanced8 Balancer8"rotector8 and "reserver8 based on your inancial goals and risk proile.S52&e3a&* 9*&$6'a9a+ o, 3o4e5/ 3ithdraw money in installments rom the +th year

    onwards.

    Minimum=Maximum 6ntry Age

    Maximum Age at "olicy Maturity

    Minimum=Maximum "olicy Term

    "remium "ayment 2re#uency

    Minimum "remium

    Minimum um Assured

    Tax Beneit JC

    : years to 1 years

    P years

    ': years to P years

    Monthly8 hal-yearly8 yearly

    !s. 'J8::: per annum

    Annual "remium x Term=(. ubject to aminimum o !s. '8::8:::

    "remium paid or the policy and critical illness beneit rider will be eligible or tax beneitunder ec. J:& and J:/ respectively. Anyamount paid to you will be eligible or tax

     beneits under ec. ': ':/C as per prevailing%ncome Tax laws.

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    Ma&7'*&5 0e4e,*&/ !eceive the 2und Qalue when your policy matures. &hoose to take thisvalue as a single lump-sum amount or in monthly8 bi-annual or annual installments.

    Dea&$ 0e4e,*&/ 9our amily receives the higher o 2und Qalue or um Assured shouldsomething happen to you.

    S9*&$ 0e4e,*&/ witch between unds anytime to adjust your portolio8 based on your goalsand risk proiles. 9ou can switch unds + times a year8 at no cost. 2or subse#uent switches8you will be re#uired to pay a switch ee o !s. '::.

    ROLE OF AN ADVISOR IN UNIT LIN>ED INVESTMENT PLANS

    %t is important or us to know that what is the role that an advisor will play. At %&%&%

    "rudential8 you are an advisor is to

    '. "rovide ongoing inancial advice or his=her clients7 9ou are an advisor and just like a

    lawyer or a doctor you advice the client about insurance and inance.

    (. %dentiy uture clients7 ,ie insurance is a business o contacts an the advisor constantly

    need to know people so that his business expands.

    *. &onstantly make appointments7 ;ust making contacts will not be enough to develop a

    good lie insurance business.

    +. Advisor needs to meet these contacts and thus should make appointments on constantly.. &onduct inancial review meetings with prospects= clients7 As an advisor it is necessary

    to meet with client not only or the purpose o selling but also to review the need o the

    client and prospects. Many people would not be in or lie insurance today but as time

    moves they can be re#uiring one. imilarly an existing client may also be in need o

    more insurance as responsibilities and liabilities increase.

    &lose sale7

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    CHAPTER-"

     

    ".1.ANALYSIS STUDY ;ITH THE COMPETITORS

    LIST/

    • ,ieTime uper Qs ,%& Bima"lus

    • ,ieTime uper Qs Birla un,ie &lassic ,ie

    • ,ieTime uper Qs 5/2& ,inked

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    • "remier,ie Qs Bajaj Allian$

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    lakh

    urvival beneit Qalue o units *rd year onwardsC Bid Qalue o the und units

    along with maturity bonus at K

    o the um Assured

    /eath beneit 5igher o um Assured or value o  

    units.

    /eath during the irst 1 months -

    *:K o A U value o units8 next

    1 months - 1:K o A U value o 

    units. /eath ater 'st year - A U

    value o units. /eath during the

    ':th year - ':K o A U value

    o units.

    3ithdrawal beneit "artial or complete withdrawals are

    available rom the *rd year onwards

    "remature withdrawal allowed

    ater one year ater applying

     bid-oer spread.

    &ontribution Minimum7 !s. 'J8::: p.a. )ot speciied

    2lexible

    contribution

    2lexibility to increase or decrease in

    contribution )ot available

    %nvestment options Maximiser8 Balancer8 "rotector 0

    "reserver. Balanced8 ecured 0 !isk  

    %ncrease = /ecrease

    o death beneit

    Available. )ot available

    Bonus units Available )ot Available.

    Top-up Available. Minimum top-up o !s.

    :::. &harges - 'K o top-up.

    Available &harges7 '.K o the

    top-upC

    witch

    + ree switches a year8 with the

    minimum switch amount being !s.

    (:::.

     )o ree switches. &ost o 

    switching is (K o the und

    value.

    urrender value The policy will ac#uire a surrender value ater * complete premium-

     paying years. The surrender value is

    '::K o the value o investments.

    "artial surrender up to :K o  bid value o units allowed ater *

    years rom date o  

    commencement

    %nitial &harge K Allocation o the premium )ot /isclosed

    'J:::- +87 'st year - J:K> (nd

    year - (.K > *rd year onwards -

    1K.

    :::: and above7 'st year - J(K>

    (nd year - (.K> *rd year onwards -

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    1K.

    Admin &harge )one )ot applicable

    4ther &harges )ot applicable )ot applicable

    2und Management

    &harges

    The annual administrative and und

    management charge is (.(K or Maximiser8 (.(K or Balancer8

    '.:K or "rotector 0 :.PK or 

    "reserver. 'K o the und per annum

      IFETIME SUPER VS HDFC LIN>ED

    Fea&7'e2 L*,eT*3e S7%e' HDFC L*48e6

    Age : - 1: years 'J - 1: years

    Term Minimum premium payment term o  

    *years

    ': - *: years

    um Assured &hoose your sum assured8 subject to

    a minimum sum assured o !s. '

    lakh

    4nly 8':8 (: age-basedC

    multiples are allowed as um

    Assured.urvival beneit Qalue o units *rd year onwardsC Qalue o units

    /eath beneit 5igher o um Assured or value o  

    units.

    5igher o um Assured or value

    o units.

    3ithdrawal beneit "artial or complete withdrawals are

    available rom the *rd year onwards

    "artial withdrawal available

    rom the *rd year onwards8

     provided that the Qalue o

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    2lexible

    contribution

    2lexibility to increase or decrease in

    contribution.

    Available

    %nvestment options Maximiser8 Balancer8 "rotector 0

    "reserver.

    2und 4ptions- Balancer8

    /eensive Managed8 ae

    Managed8 ,i#uid 0 ?rowth

    %ncrease = /ecrease

    o death beneit

    Available. )ot available

    Bonus units Available )ot available

    Top-up Available. Minimum top-up o !s.

    :::. &harges - 'K o top-up.

    Available

    witch + ree switches a year8 with the

    minimum switch amount being !s.

    (:::.

    witches are ree as o now. But

    the company reserves the right

    to put a charge on the switches.urrender value The policy will ac#uire a surrender 

    value ater * complete premium-

     paying years.

    The surrender charge is (K o 

    * years outstanding regular 

     premium. )o charges ater *

    years

    %nitial &harge K Allocation o the premium &harges

    'J:::- +87 'st year - J:K> (nd

    year - (.K> *rd year onwards -

    1K.

    'st yr-(PK8 (nd yr- (PK8 *rd yr 

    onwards- 'K

    :::: and above7 'st year - J(K>

    (nd year - (.K> *rd year onwards -

    1K.

     

    Admin &harge )one Admin charges o !s.'J: ixed

    charge per annum.

    4ther &harges )ot applicable )ot applicable

    2und Management

    &harges

    The annual administrative and und

    management charge is (.(K or 

    Maximiser8 (.(K or Balancer8

    '.:K or "rotector 0 :.PK or 

    "reserver.

    %nvestment charge o :.J:K o 

    the 2und Qalue across all the

    unds.

    !ider A/B!8 &%B! 0 MA! AB! 0 &%B!  

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    SUPER PREMIER LIFE VS BAJAJ ALLIAN? UNIT)AIN PLUS

    Fea&7'e2 S7%e' P'e3*e' L*,e Baa A++*a4 U4*&ga*4 P+72

    Age 'J - 1: years : - 1: years

    Term "remium paying term o * years8

    years8 P years or ': years.

    Minimum premium payment

    term o * years

    um Assured um Assured multiple is ' - ( times

    the annual premium

    Minimum um Assured is

    times the premium paid.

    urvival beneit Qalue o units Anytime ater payment o *

    ull yearEs premiums.

    /eath beneit 5igher o um Assured decreased by

    the amount o withdrawals made or 

    value o units.

    5igher o um Assured or 

    value o units

    3ithdrawal beneit "artial withdrawals are available ater 

    the *rd policy year and ater payment

    o * yearsE premiums. &omplete

    withdrawals are available ater the 'st

    year premium. 5owever surrender 

     penalties will apply.

    "artial or complete

    withdrawals are available ater 

    the *rd years contribution

    &ontribution Minimum7 !s. 1:8::: p.a. Minimum7 !s. ':8::: p.a.

    2lexible

    contribution

    Available

    Available

    %nvestment options Maximiser8 Balancer8 "rotector 0

    "reserver.

    6#uity %ndex 2und8 6#uity "lus

    2und8 /ebt 2und8 Balanced

    2und8 &ash 2und

    /ecrease in death

     beneit

    Available. Available

    Bonus units Available. )ot available

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    Top-up Available. Minimum top-up o !s.

    :::. &harges - 'K o top-up.

    Available. &harge are (K o 

    the top-up amount

    witch + ree switches a year. Three ree switches every year.

    urrender value The policy will ac#uire a surrender 

    value rom the 'st year onwards.

    3ithdrawals are only allowed

    ater payment o * ull yearEs

     premiums

    %nitial &harges K Allocation o the premium K Allocation o the premium

    3 year premium paying term 'st year - P1K> PK rom year 

    ( onwards

    !s. 1:.::: - !s. +887 'st year7

    JPK> (nd and *rd year7 1K

     

    !s. 8::8::: and above7 'st year7 JK>

    (nd and *rd year7 1K

     

    5, 7 and 10 year premium paying term  

    !s. 1:.::: - !s. +887 'st year7

    JJK> (nd and *rd year7 PK> +th and

    th year7 JK>1th year onwards7 '::K

     

    !s. 8::8::: and above7 'st year7 :K>

    (nd and *rd year7 PK> +th and th

    year7 JK> 1th year onwards7 '::K

     

    Admin &harge Admin charge o !s. 1: = month Annual admin charges o !s.

    (:

    2und Management

    &harges

    The annual investment charge is '.:K

    or Maximiser8 '.::K or Balancer8

    :.PK or "rotector 0 "reserver.

    '.K p.a. or a 6#uity "lus

    2und8 'K p.a. or 6#uity %ndex

    2und8 )o speciic charges in

    case o Balanced 2und8 :.PK

     p.a. or /ebt "lus 2und and

    :.PK in case o &ash "lus

    2und.!ider A/B! 0 &%B! AB!8 A/B!8 &% 0 5ospital

    &ash Beneit

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    STUDY TAX PLANNIN) SOLUTIONS

      AVAILABLE IN THE MAR>ET

    TAX BENEFITS ON INSURANCE AND PENSION

    ,ie insurance and retirement plans are eective ways o saving taxes. The tax breaks that are

    available under various insurance and pension policies are described below7

    • ,ie insurance plans are eligible or deduction under ec. J:&

    • "ension plans are eligible or a deduction under ec. J:&&&

     5ealth riders are eligible or deduction under ec. J:/

    • The proceeds or withdrawals o lie insurance policies are exempt under ec

    ':':/C8 subject to norms prescribed in that section.

    Ta Ra&e2 ,o' I46**67a+2

     

    T$e 'a&e2 o, *4o3e &a ,o' FY @@[email protected] a'e a2 ,o++o92/

    To&a+ I4o3e

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    As per ection ':':/C o %ncome tax Act8 '1'8 any sum received under a lie insurance

     policy8 including the sum allocated by way o bonus on such policy is exempt rom tax.

    5owever8 this rule does not apply to ollowing amounts7

    um received under ection J:// *C8 or

    Any sum received under a Heyman %nsurance "olicy8 or

    Any sum received other than as death beneit under an insurance policy which has been

    issued on or ater April ' (::* and i the premium paid in any o the years during the term o 

    the policy is more than (:K o the sum assured.

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    DATA ANALYSIS FINDIN)S

    1=. A'e 5o7 *4&e'e2&e6 *4 %'o67&2 o,,e'e6 05 &$e ICICI PRUDENTIAL:

    9es 1'K

     )o ((K

    3ill think 'PK

    INTERPRETATION

    The good thing is that atleast the corporates were #uite eager to ind out what %&%&%

    "!

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    96 1K

     )o *K

    INTERPRETATION

    5ere is where the challenge is. %nevitably most o the players are very satisied with their 

     present insurer which makes it more tough or the private players to attract the corporates.

    The remaining * K are also not very dissatisied by the services but they are just open to

    new avenues and are looking orward that private companies come with good oers so that

    they may shit to them. Thus private players will have to be very proactive and in this regard

    since ,%& is the leader and %&%&% "!

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    BA;A; A,,%A)O -

    TATA A%? - '

    B% - J

    H4TAH MA5%)/!A - (

    INTERPRETATION

    Thus we see that the companies are comortable in having business with govt. owned

    companies as they eel its sae 0 secure to have business with them which is ollowed by B%

    as it is the biggest bank and then ollowed by TATA A%? as the name TATA is associated with

    it which commands huge premium in the market . 3hereas in the case o %&%&%

    "!

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    INTERPRETATION

    "eople invest in insurance mainly because o security concern.

    #=. A'e 5o7 a9a'e o, L*,e&*3eS7%e' *4&'o67e6 05 ICICI P'76e4&*a+ +*3*&e6:

    9es JK

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     )o +(K

    INTERPRETATION

    The awareness level among the corporate about %&%&% "!

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    CHAPTER-(

    (.1. LIMITATIONS

    • The geographical area was very much limited to residential area 0 so the results are

    not particularly relection o the current behavior.

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    • Biases and non-cooperation o the respondents.

    • /ue to limited time period and constrained working hours or most o the

    respondents8 the answers at times were vague enough to be ignored.

    • Most o the people in %ndia take their policies in the period preceeding Marchor tax

    saving purposesC 0 so the response to initial contacts were not all encouraging and

    that has been the primary reason in the inability to #uantiy the results large enough so

    as to reduce any relevant outcomes.

    • Most o the results that are spelt out have been o #ualitative aspects.

    • "eople are not interested in giving personal opinion.

    (.. FINDIN)S RECOMMENDATIONS

    • More emphasis should be on promotional activities.

    • "lenty o advertisement should be done through T.Q8 )ewspaper and !adio as these

    media’s are having maximum recall value.

    • Total inancial planning and advice should be given to every customer.

    • More business opportunity seminars should be conducted to make people aware o the

    oer given.

    • The company should #uite re#uently send their agent to the customer so that they

    should be aware o the latest oer.

    • The company should attempt to open more and more o its branches in the country so

    as to promote their product publicity.

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    CONCLUSION

    ,%& enjoys credibility over other private players in the industry "eople look or 

    security over returns in market linked plans .,ietime is the most popular product

    among the people who are aware about %&%&% "rudential’s products. "eople are now

    showing more interest in

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    BIBLO)RAPHY

     

    • www.iciciresearchcenter.org

    www.tata-aig.com• www.iciciprulie.com

    • www.personaln.com

    http://www.iciciresearchcenter.org/http://www.tata-aig.com/http://www.iciciprulife.com/http://www.personalfn.com/http://www.iciciresearchcenter.org/http://www.tata-aig.com/http://www.iciciprulife.com/http://www.personalfn.com/