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    IN COMPANY TRAINING REPORT

    ON

    ANALYTICAL STUDY ON HEALTH SAVER PLANS OF

    ICICI PRUDENTIAL LIFE INSURANCE

    COMPLETED IN

    ICICI PRUDENTIAL LIFE INSURANCE

    SUBMITTED IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF

    BACHELOR OF BUSINESS ADMINISTRATION (BBA)

    GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR

    TRAINING SUPERVISOR SUMBITTED BY

    Enrollment No.

    SESSION 2009-2012

    GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY,

    HISAR-125001

    STUDENT DECLARATION

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    This is to certify that the project Report entitled Analytical study on Health Saver

    plans is my original work and this has not been submitted in part or full to this or any

    other university/institution for the award of any degree or diploma.

    NAME:

    ENROLMENT NO.:

    ACKNOWLEDGEMNT

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    It gives us immense pleasure and satisfaction in expressing our gratitude towards all

    individuals who have indirectly helped us in this project report.

    Working on this project was an excitement challenge and a new exposure in the field of

    marketing at the outset we would like acknowledge our special thanks to

    _____________________________ for his invaluable help and guidance without which

    this project would not havebeen successful.

    Enrollment No.

    CONTENTS

    1. INTRODUCTION

    1.1 Overview of Industry as a whole

    1.2 Profile of the organization

    1.3 Introduction to the Topic

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    2. OBJECTIVE AND METHODOLOGY

    2.1 Objectives of the study

    2.2 Research Methodology2.3 Limitations

    3. DATA ANALYSIS & INTERPRETATION

    4. FINDINGS

    5. RECOMMENDATIONS

    ANNEXURE

    CHAPTER-1

    1.1 OVERVIEW OF INDUSTRY AS WHOLE

    Insurance in India

    The insurance sector in India has come a full circle from being an open competitive

    market to nationalization and back to a liberalized market again. Tracing the

    developments in the Indian insurance sector reveals the 360 degree turn witnessed over a

    period of almost two centuries.

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    A Brief history of the Insurance Sector

    The business of life insurance in India in its existing form started in India in the year

    1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

    Some of the important milestones in the life insurance in India are;

    1912: The Indian Life Assurance

    For over 50 years, life insurance in India was defined and driven by only one company-

    the Life Insurance Corporation of India (LIC). With the Insurance Regulatory and

    Development Authority (IRDA) Bill 1999 paving the way for entry of private companies

    into both life and general sectors there was bound to be new-found excitement- and new

    success stories. Today, just three years since their entry, their cumulative share has

    crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on a

    growth path.

    The percentage of premium income to GDP which was just 2.3% in 2000-01 rose to 3.3%

    in 2002-03; and life insurance has emerged as the dominant contributor to this growth.

    The industry presented a huge opportunity. Life insurance penetration, for instance, was

    at an abysmal 22% of the insurable population. However, private players have had to rise

    to many challenges. They were faced with attitudinal

    barriers towards the category and the perception that insurance was only a tax saving

    tool. Insurance per se had lost it basic rationale: protection. It wasnt surprising then that

    its potential lay frozen and unexploited. The challenge for private insurance players was

    to change the established category driver and get customers to evaluate life insurance as

    an investment-cum-protection tool.

    PREMIUM UNDERWRITTEN BY LIFE INSURERS

    The life insurance industry recorded a premium income of Rs.82854.80 crore during the

    financial year 2005-06 as against Rs.66653.75 crore in the previous financial year, recording a

    growth of 24.31 per cent. The contribution of first year premium, single premium and renewal

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    premium to the total premium was Rs.15881.33 crore (19.16 per cent); Rs.10336.30 crore

    (12.47 per cent); and Rs.56637.16 crore (68.36 percent), respectively. In the year2000-01, when

    the industry was opened up to the private players, the life insurance premium was

    Rs.34,898.48 crore which constituted of Rs. 6996.95 crore of first year premium, Rs. 25191.07

    crore of renewal premium and Rs. 2740.45 crore of single premium. Post opening up, single

    premium had declined from Rs.9, 194.07 crore in the year 2001-02 to Rs.5674.14 crore in

    2002-03 with the withdrawal of the guaranteed return policies. Though it went up marginally in

    2003-04 to Rs.5936.50 crore (4.62 per cent growth) 2004-05, however, witnessed a significant

    shift with the single premium income rising to Rs. 10336.30 crore showing 74.11 per cent

    growth over 2003-04.

    (Rs. lakh)

    Insurer 2004-05 2005-06

    First year premium including Single premium

    LIC* 1734761.74 2065306.36

    (6.34) (19.05)

    Private Sector 244070.58 556457.34

    (152.74) (127.99)

    Total 1978832.32 2621763.70

    (14.68) (32.49)

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    Renewal Premium

    LIC 4618580.96 5447422.62

    (19.47) (17.95)

    Private Sector 67962.05 216293.48

    (343.12) (218.26)

    Total 4686543.01 5663716.10

    (20.75) (20.85)

    Total Premium

    LIC 6353342.70 7512728.98

    (15.63) (18.25)

    Private Sector 312032.63 772750.82

    (178.83) (147.65)

    Total 6665375.33 8285479.80

    (18.91) (24.31)

    Brief Review of Scenario Insurance

    Insurance in India started without any Regulation in Nineteenth century. It was story of a

    typical colonial era. A few British companies dominated the market mostly in large

    urban centers.

    Insurance was nationalized mainly on 3 counts First, Indian lives were not insured.

    Second, even if they were insured, they were treated as substandard lives and extra

    premium was charged. Third, there were gross irregularities in the functioning of Life

    insurance was nationalized in the year 1956, and then general insurance was nationalizedin the year 1972. In 1999, the private insurance companies were allowed back again into

    insurance sector with maximum cap of 26 percent foreign holding.

    1818 The British introduce to India, with the establishment of the Oriental Life

    Insurance company in Calcutta.

    1850 Non life insurance debuts, with Triton Insurance Company.

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    1870 Bombay Mutual life Assurance Society is the first Indian-owned life insurer

    1907 Indian mercantile Insurance is the first Indian non-life insurer.

    1912 The Indian life assurance companies act enacted to regulate the life

    insurance business.

    1938 The insurance act, which forms the basis for most current insurance laws,

    replaces earlier act.

    1956 Life insurance nationalized, government takes over 245 Indian and foreign

    insurers and provident societies.

    1956 Government sets up LIC

    1972 Non life insurance nationalized, GIC set up.

    1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up

    to draw up a blue print for insurance sector reforms.

    1994 Malhotra Committee recommends re-entry of private players, autonomy ot

    PSU insurers.

    1997 Insurance regulator IRDA (Insurance Regulatory and Development

    Authority) set up.

    2000 IRDA starts giving licensed to private insurers

    2001 ICICI Prudential Life Insurance came into the market to sell a policy.

    2002 Banks were allowed to sell insurance plans, as TPAs enter the scene,

    insurers start settling non-life claims in the cashless mode.

    The Insurance Regulatory and Development Authority (IRDA):

    Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

    Parliament in December 1999. The IRDA since its incorporation as a statutory body in

    April 2000 has fastidiously stuck to its schedule of framing regulations and registering

    the private sector insurance companies.

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    The other decisions taken simultaneously to provide the supporting systems to the

    insurance sector and in particular the life insurance companies were the launch of the

    IRDAs online service for issue and renewal of licenses to agents.

    The approval of institutions for imparting training to agents has also ensured that the

    insurance companies would have a trained workforce of insurance agents in place to sell

    their products, which are expected to be introduced by early next year.

    Since being set up as an independent statutory body the IRDA has put in a framework of

    globally compatible regulations. In the private sector 12 life insurance and 6 general

    insurance companies have been registered.

    With the demographic changes and changing life styles, the demand for insurance cover

    has also evolved taking into consideration the needs of prospective policyholder for

    packaged products. There have been innovations in the types of products developed by the

    insurers, which are relevant to the people of different age groups, and suit their

    requirements. Continued innovations in product development has resulted in a wide range

    of flexible products to meet the requirements for cover at different stages of life -today a

    variety of products are available ranging from traditional to Unit linked providing

    protection towards child, endowment, capital guarantee, pension and group solutions. A

    number of new products have been introduced in the life segment with guaranteed

    additions, which were subsequently withdrawn/toned down; single premium mode has

    been popularized; unit linked products; and add-on/riders in cl ud in g accidental

    death; dismemberment, critical illness, fixed term assurance risk cover, group hospital

    and surgical treatment, hospital cash benefits, etc. Comprehensive packaged products

    have been popularized with features of endowment, money back, whole life, single

    premium, regular premium, rebate in premium for higher sum assured, premium moderebate, etc., together with riders to the base products.

    Historical Perspective

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    Prior to 1956 -242 companies operating

    1956 -Nationalization- LIC monopoly player -Government control

    2001 -Opened up sector

    Contribution to Indian Economy

    Life Insurance is the only sector which garners long term savings.

    Spread of financial services in rural areas and amongst socially less privileged.

    Long term funds for infrastructure.

    Strong positive correlation between development of capital markets and

    insurance/pension structure.

    Employment generation.

    Insurance Industry prior to de-regulation

    Prior to deregulation in 2000, market was a public monopoly.

    Public Monopoly

    - 2000 Offices- Over 800,000 agents

    Distribution through tied agents only

    Sales approach primarily on a tax savings platform

    Traditional style product offering : Endowment and money back plans

    Inadequate and inflexible products

    Pensions: Small part of product offer

    Limited focus on customer needs

    Improving Service Standards

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    Pre Deregulation Limited Distribution

    Post Deregulation Service through Distribution

    1.2 PROFILE OF THE ORGANIZATION

    COMPANY PROFILE

    ABOUT ICICI PRUDENTIAL

    Channel Access Service Points Use of IT

    Advisors Branch Network Limited use of IT

    Multi Channel Access Multiple Service

    Points

    Use of IT

    Advisors

    Brokers &

    Corporate agents

    Bancassurance

    Call Centers

    Email

    Website

    Branch Network

    Shorter time aroundtime

    Claims

    Policy Issuance

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    ICICI Prudential Life Insurance Company Limited (the Company) a joint venture

    between ICICI Bank Limited and Prudential plc of UKwas incorporated on July 20,

    2000 as a company under the Companies Act, 1956 (the Act). The Company is licensed

    by the Insurance Regulatory and Development Authority (IRDA) for carrying life

    insurance business in India.

    ICICI Prudential Life InsuranceCompany 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 (UK). The company brings together

    the local market expertise and financial strength of ICICI Bank and Prudentials

    International life insurance experience. The company was granted a certificate of

    Registration by the IRDA on November 24, 2000 and eighteen days later, issued its first

    policy on December 12. 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).

    From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale

    business. By March 31, 2002, a little over a year since its launch, the company had issued

    100,000 policies translating into premium income of approximately Rs. 1,200 million on

    a sum assured of over Rs.23 billion. When the company began its operations, the need

    was to build a brand that was relatable to, symbolized trust and was easily recognized and

    understood. It launched a corporate campaign ICICI Prudential also made using the

    theme of Sindoor to epitomize protection, trust, togetherness and all that is Indian;

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    endearing itself to the masses. The success of the campaign, the calling card of the

    company saw the brand awareness scores almost at par with its 40 year old competitor.

    The theme of protection was also extended to subsequent product and category specific

    campaigns from child plans to retirement solutions which highlight how the company

    will be with its customers at every step of life.

    From day one, the company has unflinchingly focused on being mass-market player,

    developing products, creating a distribution network and deploying resources that would

    further its goal. Apart from ramping up thoroughly training its advisors, the company has

    twelve Bancasurance partners the largest in the country. It swiftly revised and added to

    its initial range of products, pioneering market-linked products and pension plans, to offer

    customers the most flexible life insurance policies in the country. In February 2004,

    ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital hike,

    bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital

    of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest

    capital base amongst all life insurers in the country. The challenge ICICI Prudential now

    faces is to retain its top-notch position and continue to deliver the finest life insurance

    and pension solutions to its ever-growing customer base.

    ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential

    plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the

    company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963

    policies. The sum assured in force stands at Rs.45, 888 crore. The company has a

    network of over 72,000 advisors; as well as 9 bancasurance partners and over 200

    corporate agent and broker tie-ups.

    ICICI Prudential is also the only private life insurer in India to receive a National Insurer

    Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest

    credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations

    to customers at the time of maturity or claims.

    For the past five years, ICICI Prudential has retained its position as the No.1 private

    insurer in the country, with a wide range of flexible products that meet the needs of the

    Indian customer at every step in life.

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    Beginning operations in December 2000, ICICI Prudentials success has been meteoric,

    becoming the number one private life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst private life insurers in India, with branches

    in 54 cities. The total number of policies issued stands at more than 780,000 with a total

    sum assured in excess of Rs.160 billion.

    ICICI Prudential closed the financial year ended march 31, 2004 with a total received

    premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20

    billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven

    mainly by the companys range of unique unit-linked policies and pension plans. The

    companys retail market share amongst private companies stood at 36%, making it clear

    leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged

    Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by AC

    Nielsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer

    award for the second year running. The company is also proud to have won Silver at

    EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential

    was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.

    ICICI Prudentials success is rooted in its philosophy to always offer the customer a

    choice. This has been the driving force behind its multi-channel distribution strategy,

    which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI

    Prudential was the first life insurer to invest in multiple channels and offer the customer

    choice and access; thus reducing dependency on any one channel, great strides in the

    retirement solutions and pensions market.

    The Companys penetration of the retirement market was driven by the focused approach

    towards creating awareness through sustained campaign; Retire from work, not life.

    Within six months, the campaign rewarded ICICI Prudential with an increased share of

    23% of the total pensions market and 78% amongst private players. ICICI Prudential has

    one of the largest distribution networks amongst private life insurers in India, having

    commenced operations in 132 cities and towns in India, stretching from Bhuj in the west

    to Guwahati in the east, and Jammu in the north to Trivandrum in the south.

    The company has 9 bank partnerships for distribution, having agreements with ICICI

    Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some

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    co-operative banks, as well as over 200 corporate agents and brokers, it has also tied up

    with NGOs, MFIs and corporates for the distribution of rural policies.

    ICICI Prudential has recruited and trained more than 72,000 insurance advisors to

    interface with and advise customers. Further, it leverages its state-of-the-art IT

    infrastructure to provide superior quality of service to customers.

    About the Promoters:

    ICICI Bank (NYSE:IBN) is Indias second largest bank with an asset base of

    Rs.2513.89 billion as on March 31, 2006. ICICI Bank provides a broad spectrum of

    financial services to individuals and companies. This includes mortgages, car and

    personal loans, credit and debit cards, corporate and agricultural finance. The Bank

    services a growing a customer base of more than 17 million customers through a multi

    channel access network which includes over 620 branches and extension counters, 2200

    ATMs, call centers and internet banking

    PRUDENTIAL plc, Established in London in 1848, through its business in the UK and

    Europe, the US and Asia, provides retail financial services products and services to more

    than 16 million customers, policy holder and unit holders world wide. As of December

    31, 2005, the company had over US$ 400 billion in funds under management. Prudential

    has brought to market an integrated range of financial services products that now includeslife assurance, pensions, mutual funds, banking, investment management and general

    insurance. In Asia, Prudential is the leading European life insurance company with a vast

    network of 23 life and mutual fund operations in twelve countries China, Hong Kong,

    India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand

    and Vietnam.

    Achievements

    Beginning operations in December 2000, ICICI Prudentials success has been meteoric,

    becoming the number one private life insurer within months of launch. Today, it has one

    of the largest distribution networks amongst private life insurers in India, with branches

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    in 54 cities. The total number of policies issued stands at more than 780,000 with a total

    sum assured in excess of Rs.160 billion.

    ICICI Prudential closed the financial year ended march 31, 2004 with a total received

    premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20

    billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven

    mainly by the companys range of unique unit-linked policies and pension plans. The

    companys retail market share amongst private companies stood at 36%, making it clear

    leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged

    Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by

    ACNeilsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer

    award for the second year running. The company is also proud to have won Silver at

    EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential

    was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.

    In Keeping with its belief that a happy customer is the best endorsement, ICICI

    Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins

    and ends with the customer from capturing his voice to measuring and responding to his

    experiences. This initiative is currently helping the company improve processes,

    turnaround times and customer satisfaction levels. Another Novel introduction is the

    ICICI Prudential Lifestyle Rewards Club, Indias first rewards programme for Life

    Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from

    kitchenware to gold, white goods, and even international holidays.

    Promotion

    ICICI Prudential is a case study in how advertising and marketing can play a vital role in

    re-shaping an industry. It has demonstrated how an industry where the customer was

    nothing more than a policy number has changed to one where customer preference rules

    the roost.

    Brand-building in a complex category like life insurance is an uphill and multi-faceted

    task. At the time of launching operations, the communications task was to build

    credibility, so as to give the customer the confidence that it was a company that could be

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    trusted to invest funds with. The aim was to encourage people to view insurance not as a

    compulsory tax saving instrument, but as a means to lead a worry-free, secure life and in

    the process, create the differentiator for brand ICICI Prudential.

    The brand proposition for all the campaigns was reflected in the line: Suraksha: Zindagi

    ke har kadam par. The campaign featured a significant competitive advantage, the sound

    financial backing and credentials of ICICI Prudential, and showcased products from

    different segments. The advertising idea was encapsulated in the symbol of protection

    the Sindoor. This campaign contributed extensively to raising brand awareness and

    creating a distinctive identity for the company.

    The Company recently tied up with the Forbes Six Sigma rated Dabbawalla organization

    in Mumbai for a direct marketing exercise. In a Unique effort to create awareness about a

    tax saving product, the company attached a creative of a bitten apple to Mumbais

    ubiquitous lunchboxes. It worked wonderfully with Mumbais office-goers and one that

    translated into substantial business for the company.

    Brand Values

    Market Research reveals that the values people associate with ICICI Prudential are,

    indeed, those that the company hopes to project: lifelong protection and value for money.

    The core value is protecting your loved ones, throughout lifes ups and downs. It is a

    powerful proposition; one, which ICICI Prudential, is taking into the market place.

    DISTRIBUTION SYSTEM

    Tied Agency

    Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large

    advisor force that targets various customer segments. The strength of tied agency lies in

    an aggressive strategy of expanding and procuring quality business. With focus on sales

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    & people development, tied agency has emerged as a robust, predictable and sustainable

    business model.

    Bancassurance and Alliances

    ICICI Prudential was a pioneer in offering life insurance solutions through banks and

    alliances. Within a short span of two years, and with nearly a large number of partners,

    B&A has emerged as a vital component of the companys sales and distribution strategy,

    contributing to approximately one third of companys total business.

    The business philosophy at B&A is to leverage distribution synergies with our partners

    and add value to its customers as well as the partners. Flexibility, adaptation and

    experimenting with new ideas are the hallmarks of this channel.

    CUSTOMER SERVICE AND OPERATIONS

    The Operations department oils the work processes between the customer and the

    company to ensure consistent and quality service to the customer. To streamline the

    operations, the Operations department interfaces between the clients and the agents, the

    branches and the underwriters, and manages work processes.

    The Vision at Customer Service is to deliver World Class Service at every opportunity.

    Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer Care and Query

    Resolution Unit are all committed to providing effective solutions to over lakhs of

    customers across the country.

    Information Technology:The Information Technology function at ICICI Prudential is committed to enable

    business through the use of technology. It is segmented into 4 groups to enable highest

    levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in

    designing better product offerings to end-users, the Solutions Group- Web that provides

    real-time information to customers and is responsible for customer relationship

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    management, IT Architecture & Corporate Solutions Group is in charge of developing

    and maintaining a blueprint for the IT architecture for the enterprise as a whole. This

    team works as an in house R&D Solution Group, exploring new technological initiatives

    and also caters to information needs of corporate functions in the organization. IT

    Infrastructure group is responsible for providing hardware, software, network services to

    the whole organization. This group runs the 'Digital Nervous System' of the Enterprise at

    the highest levels of efficiency and provide robust, scalable and highly available platform

    for deployment of business application.

    Marketing:

    The Marketing function at ICICI Pru covers an array of activities - brand and media

    management, channel support, direct marketing and corporate communications. The

    Brand and Communications team is in charge of advertising, consumer research, media

    planning & buying and Public Relations; that helps develop and nurture ICICI

    Prudential's corporate identity while effectively communicating its varied product

    offerings to the customer. Channel marketing provides support to the sales force by

    streamlining the design and development of collaterals and sales tools across distribution

    channels. The Direct marketing team was set up to generate high quality leads for profitable business. The team achieves this through target database acquisition and

    Communicating customized product information through e-mailers, telemarketing and

    innovative direct mailers.

    Finance:

    Finance function in ICICI Prudential is committed to create an infrastructure that is

    aligned to shareholder expectations. Finance basically comprises of four functions. .

    Corporate Planning and MIS provide feedback on business strategies. This includes

    driving the budgeting process, providing strategic inputs for decision-making and

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    management reporting and analysis. The Accounts function includes preparation and

    maintenance of financial records, funds management, and expense processing and

    treasury operations. Compliance ensures that every action is within the regulatory

    framework. This includes reviewing compliance requirements and supporting the ethical

    framework of ICICI Pru life. Internal audit provides assurance to the management over

    the organizations' control framework and includes process risk management, information

    security assessment and business continuity assessment.

    Human Resource:

    The people strategy of ICICI Prudential is To build a committed team with a culture of

    innovation, learning and growth. The Human Resource Function at ICICI Prudential

    drives the people strategy of the business. With its initial focus on operational excellence

    to deliver benefits and services to staff members, HR is now committed to building

    capability through state of the art processes. A robust performance management system,

    compensation system and a segmented training architecture enable it to deliver value to

    the organization.

    Business Excellence:

    The Business Excellence function is committed to building a quality mindset across the

    organization. ICICI Prudential is the first organization in the Insurance Industry that has

    adopted the Six Sigma Methodology for process efficiency and measurement. The team

    is also driving the Malcolm Baldrige framework across the organization, an intervention

    that examines management of key inputs for Business Excellence.

    Bancassurance :One of the most significant advances in the financial services sector over the past couple

    of years has been the growth of Bancassurance which, in simplest terms, means the

    distribution of insurance products through a banks distribution channels. In other words,

    Banc assurance is a service which can fulfill both banking and insurance needs at the

    same time. Bancassurance as a concept first began in India with the opening up of the

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    insurance industry to private sector participation in December 1999 which saw the entry

    of 20 new players - with 12 in the life insurance sector and 8 in the non-life sector.

    Bancassurance has also seen significant rise in other Asian markets. For example,

    Bancassurance accounted for 24% of new life insurance sales by weighted premium

    income in Singapore in 2002. This is a significant increase on the equivalent 2001

    statistic of 15% and is as a result of growth in significant bank-centric Bancassurance

    operations.

    Although the concept of Bancassurance looks simple enough, it is far from that in real

    life practice. Legislative differences, consumer behavior, impact of history and culture,

    product complexity, employee work culture and many such other factors have contributed

    to significant differences in results across countries. For example, in France and Spain

    60% to 80% of life insurance products are sold through bank branches compared to 10%

    in UK and USA.

    Bancassurance Models:

    Globally we have 4 kinds of Bancassurance business models:

    Distribution alliance between the insurance company and the bank

    JV between the two Merger between bank and insurer

    Bank builds or buys own insurance products

    Most of the Bancassurance operations in India fall into the first model, which in a way is

    quite a prudent decision. The Indian Bancassurance scene as of now looks as promising

    as perilous, being a vast, unexplored and uncharted expanse. As banks are quite risk

    averse, it is but natural for them to withhold from making any long term commitment,

    which would be quite costly if the Bancassurance business runs into trouble. In terms of

    the present regulatory framework, one bank can tie-up with only one life and one non-life

    insurer, while insurers have the choice to tie-up with any number of banks. We also have

    examples of joint ventures between the bank and insurer such as SBI Life and ICICI

    Prudential.

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    Stages in Policy Issuance:

    1) Proposal

    A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the

    application form is received by COPS, but it is pending for issuance due to further

    clarifications required from the customer.

    2) Login

    A proposal which is complete i.e., duly filled with all necessary documents attached to it

    & accepted by the Branch ops, is called a Login

    3) Reject

    An Application gets rejected at the Branch Ops level due to necessary details not filled in

    the form or necessary documents not submitted is a Reject. It is then sent back to the

    Advisor for completion.

    4) Issuance

    Issuance means a policy that is issued to the Customer by Central Ops.

    5) Decline Status

    When a customer refuses to take a policy post login but before Issuance is called a

    Decline

    6) Cancellation

    When the cheque given by the customer bounces, it amounts to cancellation of the policy.

    7) Lapse

    A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

    8) Freelook

    Post issuance of the policy, the policyholder has the option to turn down the policy within

    15 days from the date of issuance. This period of 15 days is called Freelook Period.

    9) Surrender

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    When a customer wants to discontinue with the policy.

    The joint strengths

    Apowerful joint venture partnership with each carrying a set of strengths

    complementing each others

    Reputation

    Insurance

    expertise

    Product

    Distribution

    Operations

    Brand strength

    Infrastructure

    Customer base

    Local knowledge

    Market Innovators

    PRUDENTIALICICI

    SWOT ANALYSIS

    SWOT Analysis is a tool used for understanding an organization's strengths, weaknesses,

    opportunities and threatsThe SWOT Analysis tool can be used in identifying an

    organization's strengths (S) and weaknesses (W), and examining the opportunities (O)

    and threats (T) it is facing. The outcome from a SWOT Analysis enables organizations to

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    focus on strengths, minimize weaknesses, address threats, and take the greatest possible

    advantage of opportunities available.

    Strengths

    End-user sales control and direction.

    Right products, quality and reliability.

    Superior product performance vs competitors.

    Better product life and durability.

    Spare manufacturing capacity.

    Some staff has experience of end-user sector.

    Have customer lists.

    Direct delivery capability.

    Product innovations ongoing.

    Can serve from existing sites.

    Products have required accreditations.

    Processes and IT should cope.

    Management is committed and confident

    Weaknesses

    Customer lists not tested.

    Some gaps in range for certain sectors.

    We would be a small player.

    No direct marketing experience.

    We cannot supply end-users abroad.

    Need more sales people.

    Limited budget.

    No pilot or trial done yet.

    Don't have a detailed plan yet.

    Delivery-staff need training.

    Customer service staff need training.

    Processes and systems, etc

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    Management cover insufficient

    Opportunities

    Could develop new products. Local competitors have poor products.

    Profit margins will be good.

    End-users respond to new ideas.

    Could extend to overseas.

    New specialist applications.

    Can surprise competitors.

    Support core business economies.

    Could seek better supplier deals.

    Threats

    Legislation could impact.

    Environmental effects would favour larger competitors.

    Existing core business distribution risk.

    Market demand very seasonal.

    Retention of key staff critical.

    Could distract from core business.

    Possible negative publicity.

    Vulnerable to reactive attack by major competitors.

    1.3 INTRODUCTION TO THE TOPIC

    HEALTH SAVER PLANS

    Health insurance insures you and your family against expenses arising due to a

    medical emergency and uncertainty of health such as a hospitalisation or the onset

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    of a critical illness. It prevents a medical emergency from becoming a financial one;

    it ensures your health care needs are taken care of without you having to dip into

    your existing savings or compromising your future goals.

    Need of health insurance

    Medical emergencies can strike unexpectedly : 30% of the population suffers

    from heart attacks before the age of 40 years. Rare non-communicable diseases

    are now becoming common, affecting an increasing number of urban Indians. #

    Lifestyles have changed : Indians today suffer from high levels of stress. Long

    hours at work, little exercise, unhealthy diet food have weakened our immune

    systems and put us at an increased risk of contracting illnesses.

    Quality health care is unbelievably expensive : Single episode of a critical

    illness like an angioplasty can cause a huge dent (around 3 lakhs) in your lifetime

    savings and with rising medical costs, it can get worse. #

    Indirect costs add to the financial burden : Indirect sources of expensetravel,

    boarding and lodging, and even temporary loss of income account for as much as

    35% of the overall cost of treatment. #

    Incomplete financial planning : Complete financial planning includes saving for

    an uncertain future, childrens education, retirement and the most important

    aspect of your life your health

    Different Health insurance needs :

    There are different kinds of health insurance plans available to suit your individual needs:

    Hospitalisation insurance : Cover yourself for hospitalization expenses incurred.

    You have a further choice between a reimbursement plan (claim your expenses as

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    actually incurred) or a fixed benefit plan. (claim as per pre-decided limits defined

    by the plan you select )

    Critical illness insurance : Cover yourself against critical illnesses which are life

    changing catastrophes, expenses for which are big in nature.

    ICICI PRU HEALTH SAVER

    ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that

    takes care of hospitalization costs as well as all your health care needs.

    While the hospitalisation insurance benefit ensures complete coverage for expenses

    incurred in the event of a hospitalisation, the health fund created; by investing a

    part of your premium in market linked funds, under the health savings benefit,

    ensures you of an adequate support system to take care of any other medical

    expenses.

    Minimum / Maximum

    age at entry

    25 years / 55 years (90 days / 55 years for family

    floater)

    (maximum cover ceasing age for children is 25 years

    under the family floater cover)

    Maximum cover

    ceasing ageHospitalisation benefit ceases at 75 years

    HOSPITALISATION BENEFITS OF PLAN

    Get a hospitalisation insurance benefit for you and your family under a single

    policy.

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    Create a health fund which can be utilized to meet any health care expenses

    including daily medicines and doctor visits.

    Coverage for 30 days pre hospitalisation & 60 days post hospitalisation expenses

    besides the hospitalisation cost itself.

    Coverage for over 125 listed day care procedures.

    A health check up is available once every 2 years after the first year.

    Cashless hospitalisation across an extensive network of hospitals.

    You can opt to continue hospitalisation cover anytime post 5 years even after

    stopping premiums.

    Enjoy tax benefits under Sec 80D on premiums paid.

    Take advantage of cashless hospitalisation through our extensive list of network hospitals

    available across the country. This is particularly convenient also in the case of paying the

    hospitalisation charges for a planned hospitalisation.

    You can also claim your hospitalization benefit amount for treatment in any out of

    network hospital through our hassle free claims process.

    4 easy steps to process a hospitalisation claim:

    Hospitalisation insurance benefit claim Health Savings benefit claim

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    Show Health Card and fill the pre-

    authorisation form

    Hospital will submit the pre-

    authorisation form and we will verify

    the hospitalisation claim request

    Cashless hospitalisation will be

    authorised

    ICICI Prudential pays amount to the

    hospital

    Submit original bills or

    proof of hospitalisation

    expenses

    We will verify your

    hospitalisation claims

    A cheque will be send

    to your address

    FUND OPTIONS UNDER THIS PLAN

    To create the health fund, part of the premium paid by you is invested in unit linked

    funds. You have the option to choose from two unique portfolio strategies

    LifeCycle-based Portfolio Strategy

    This strategy takes into account your life stage. Your investments will be

    distributed between two Funds Health Flexi Growth and Health Protector in a

    proportion that depends on your age. As you move from one age band to another,

    we will redistribute your funds based on your age.

    Fixed Portfolio Strategy

    This strategy allows you to allocate your investments into different classes based

    on your personal judgment. Under this strategy, you can choose to invest fully in

    any one fund or various funds. You have a range of seven funds to choose from.

    CHARGES OF THE PLAN

    Charges Particulars

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    Premium

    Allocation

    Charge

    This will be deducted from the premium amount at the time of premium

    payment and the balance amount will be used for allocation of units. The

    charges are as follows

    Policy Year Year 1 Year 2 -3 Year 4-10 Year 11 onwards

    Charges 20% 9% 2% 0%

    Policy

    Administration

    Charge#

    Rs. 60 per month where premium payment frequency is yearly or half-

    yearly Rs. 90 per month for monthly frequency

    Fund

    Management

    Charge (FMC)#

    Health

    RGF

    Health

    Flexi

    Growth

    Health

    Multiplier

    Health

    Flexi

    Balanced

    Health

    Balancer

    Health

    Protector

    Health

    Preserver

    1.50%

    p.a

    1.50%

    p.a

    1.50%

    p.a

    1.00%

    p.a

    1.00%

    p.a

    0.75%

    p.a

    0.75%

    p.a

    The annual fund management charges, which will be adjusted from the

    Net Asset Value (NAV) and would be deducted on a daily basis

    Health

    Insurance

    Charges (Rs.)#

    The health insurance charges will be based on age of eldest memebr ,

    number of family members and annual limit selected. The charge may be

    revised only post approval from the regualtor.

    MAJOR EXCLUSIONS UNDER THE PLAN

    Any kind of service charge, surcharge, admission fees, registration fees levied by

    the hospital

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    Pregnancy, infertility, congenital external diseases / genetic conditions.

    Non-allopathic medicine, Domiciliary treatment, treatment outside India.

    Cosmetic surgery & plastic surgery, refractive error correction, hearing

    impairment correction, corrective & cosmetic dental surgeries.

    Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS.

    ICICI PRU HOSPITAL CARE-II

    ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that

    offers you and your family, fixed payouts at various stages of hospitalisation inaddition to benefit received from other medical insurance plans. It also offers whole

    life guaranteed insurability at renewal and cashless facilities across an extensive

    network of hospitals in India.

    ICICI Pru Hospital Care II at a glance

    Minimum / Maximum age at

    entry

    1 year / 65 years (nearest birthday)

    (90 days / 24 years for dependent children in

    case of family floater)

    Policy term 10 years

    Maximum cover ceasing age Whole life guaranteed insurability at renewal

    CoverageIndividual / Family floater ( self, spouse, First 3

    dependent children)

    Premium payment

    frequencyYearly, half yearly & monthly

    Waiting period 30 days

    BENEFITS OF THE PLAN

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    ICICI Pru Hospital Care II is a fixed benefit plan covering various stages of treatment

    hospitalisation, ICU, surgical, non-surgical, prolonged stay & recuperating allowance.

    Daily hospitalisation cash benefit (DHCB) : Get a daily fixed benefit amount if

    you are hospitalized for more than 24 hours.

    Intensive care unit benefit (ICUB) : Get an additional benefit of 100% of

    DHCB in case you ever need to be admitted in the Intensive Care Unit.

    Surgery benefit (SB) : A lump sum benefit is payable in case you undergo any of

    the surgeries covered under the plan. You are covered for more than 1000

    surgeries under this plan.

    Non-surgical benefit : Get an additional 100% of DHCB amount in the event of

    hospitalisation without any surgery.

    Recuperating benefit : An additional benefit of 3 times DHCB is payable on

    being hospitalised for 7 or more days in addition to all other benefits.

    Prolonged stay benefit : A long hospital stay can drain your savings & may even

    lead to loss of income. An additional benefit of 100% of DHCB payable per day

    of continuous hospitalisation, tries to lower the impact of prolonged confinement

    in the hospital.

    Health check-up : Get a health check-up for all family members under the plan, once

    every two years after completion of the first policy year up to a maximum of Rs 4,000 per

    policy irrespective of plan type.

    Policy benefit limits

    Benefit Plan A (Rs.) Plan B (Rs.) Plan C (Rs.) Plan D (Rs.)

    Annual limit 4,00,000 8,00,000 12,00,000 16,00,000

    Lifetime limit 20,00,000 40,00,000 60,00,000 80,00,000

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    MAJOR EXCLUSIONS

    Pregnancy, infertility, congenital external diseases or anomalies / geneticconditions

    Non-allopathic medicine,

    Domiciliary treatment,

    Circumcision, sex change surgery, cosmetic surgery & plastic surgery

    Organ donor expenses

    Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS

    Hazardous hobbies or avocations, war, terrorism, civil war or breach of law

    ICICI Pru Crisis Cover

    Minimum / Maximum age at

    entry18 years / 60 years

    Maximum cover ceasing age 75 years

    Maximum policy term 10 years / 50 years

    Minimum / Maximum Sum

    AssuredRs 3 lakhs / Rs 20 lakhs

    Premium payment frequency Monthly, Half-yearly, Annual

    Tax Benefit As per prevailing tax laws under Section 80C

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    & 80D

    BENEFITS OF THE PLAN

    Get a long term health insurance coverage against 35 critical illnesses, disability

    and death

    Receive benefit amount in addition to payment received by any other plan

    Receive a lumpsum benefit irrespective of actual billing

    Your cover under the policy continues even after claiming benefit on selected

    critical illnesses

    Enjoy tax benefits on premium paid u/s. 80D and u/s. 80C of the income tax act

    MAJOR EXCLUSIONS

    Any pre-existing illness / conditions / unless specifically accepted by the

    company

    Pregnancy, infertility, congenital external diseases / genetic conditions

    Non-allopathic medicine, Domiciliary treatment

    Diagnosis and treatment outside India, unless specified in the policy document

    Cosmetic surgery & plastic surgery, refractive error correction, hearing

    impairment correction, corrective & cosmetic dental surgeries

    Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS

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    CHAPTER-2OBJECTIVE AND METHODOLOGY

    OBJECTIVES:

    PRIMAY OBJECTIVE: ANALYTICAL STUDY ON HEALTH SAVER PLANS OF

    ICICI PRUDENTIAL LIFE INSURANCE

    SECONDARY OBJECTIVE:

    TO KNOW THE BENEFITS OF HEALTH PLANS

    TO GET MORE INFORMATION ON HEALTH PLANS OF OTHER

    INSURANCE COMPANIES

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    TO COMPARE HEALTH PLANS OF ICICI PRUDENTIAL WITH OTHER

    INSURANCE COMPANIES

    TO MAKE AN ANALYSIS OF THE SHORTCOMINGS ICICI

    PRUDENTIAL AS COMPARED TO ITS COMPETITORS

    RESEARCH DESIGN

    A research design is the arrangement of conditions for collections and analysis of data in

    a manner that aims to combine relevance to the research problem with economies in a

    procedure.

    I have used descriptive research design for my research.

    Descriptive ResearchDescriptive research includes surveys and fact findings enquiries of different kinds. It

    basically gives a description of the state of affairs as it exists at present. A researcher has

    no control over the variables so they can only report what has happened or what is

    happening. We can also use the survey method for this purpose.

    DATA SOURCESA research design is one, which simplifies the framework of plan for the study and adds

    itself in the quick collection and analysis of the data. It is a blue print that has been filled

    in completing the study. Data sources are:

    Primary data

    The primary data are those which are collected fresh for the first time and thus happen to

    be original in character. In other words, it is obtained by design to fulfill the data are

    original in character and are also generated in a large number of surveys conducted

    mostly by government and also by institution and research bodies.

    A questionnaire was prepared for the respondents, where there views were collected.

    Secondary data

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    The secondary data are those which have already been collected for some purpose other

    than the problem in hand and passed through the statistical process. In other words, data

    that are not originally collected rather obtained from Published and Unpublished Sources.

    The secondary data has been collected through various sources:

    Internet

    Books

    Newspaper

    Magazines

    Brochure

    Journals

    Websites

    QUESTIONNAIRE DESIGN / FORMULATION

    Questionnaires: - A questionnaire consists of a set of questions presented to respondent

    for their answers. It can be Closed Ended of Open Ended.

    Open Ended: - Allows respondents to answer in their own words & are difficult

    to Interpret and Tabulate.

    Close Ended: - Pre-specify all the possible answers & are easy to Interpret and

    Tabulate.

    Types of question included:

    Dichotomous questions: - Which has only two answers Yes or No.

    Multiple choice questions: - Where respondent is offered more than two choices.

    Importance scale: - A scale that rates the importance of some attribute.

    Rating scale:- A scale that rates some attribute from highly satisfied to highly

    unsatisfied and very inefficient to very efficient

    But in this project report, the questionnaire includes only closed type questions because it

    saves respondents time and helps them to understand easily.

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    SAMPLE DESIGN

    A sample design is a definite plan for obtaining a sample from given population. It refers

    to the techniques or procedures, the researcher would adopt in selecting items for the

    sample.

    i. Sample element /unit

    The primary data was collected through survey that was systematically carried in

    north-east region of Delhi. The data was collected through questionnaire. The

    responses of the respondents were recorded in the questionnaire prepared for them.

    ii. Extent

    Extent refers to the area from the respondents belong. We have conducted the

    research mainly on the people of Delhi, that too specifically, north-east region.

    iii. Time frame

    Time frame is the time spent on research. The time frame for our research is 8 weeks.

    iv. Sampling technique

    Sampling technique refers to the technique or procedure the researcher would adopt

    in selecting items for the sample. We have used judgmental sampling for our research

    because gathering information from every individual is not possible.

    v. Sample size

    Sample size refers to the number of respondents. To get a clear view we have

    conducted our research on 100 people.

    LIMITATIONS OF THE RESEARCH

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    Since the sampling was done in Delhi only it does not represent the entire picture

    of Indian market.

    The questionnaire might have been filled without much attention to the questions

    due to lack of time by the respondents.

    Incase of Primary data, respondents were not very much interested in filling the

    questionnaire and sometimes it was difficult to contact or meet the clients,

    because of their work schedules and personal reasons.

    There may be biasness against some personal preferences and which would have

    led to unjustified responses from the respondents.

    Personally contacting the clients involved time and cost.

    Secondary data when collected was invaluable but due to passage of time and

    with many dynamic changes taking place in the markets, the information losses its

    value in the current scenario.

    As gathering information from every individual was not possible so we have to

    take judgmental sampling.

    CHAPTER-3

    DATA ANALYSIS AND INTERPRETATION

    Q1 Do you know about the ICICI prudential life insurance company?

    PARTICULARS PERCENTAGE

    Yes 17

    No 83

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    TOTAL 100

    17

    83

    Yes

    No

    Q2) Are you aware of the Health saver plans of ICICI prudential life insurance?

    PARTICULARS PERCENTAGEYes 2

    No 98

    TOTAL 100

    ANALYSIS:

    From the survey it was found that amongst 100 respondents

    a) 83 percent of the respondents say that they are aware of ICICIPrudential life insurance co.

    b) 17 percent of the say that they are unaware of ICICI Prudentiallife insurance co

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    2

    98

    Yes

    No

    ANALYSIS:

    From the survey it was found that amongst 100 respondents

    a) 98 percent of the respondents say that they are aware of insurance.b) Only 2 percent are unaware of insurance.

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    Q3) Percentage of respondents who are under different plans of ICICI Prudential

    life insurance co.

    PARTICULARS PERCENTAGE

    Retirement plans 41

    Health saver plans 36Child gain plan 8

    Whole life plan 15

    TOTAL 100

    PERCENTAGE

    41%

    36%

    8%

    15%

    Retirement plans

    Health saver plans

    Child gain plan

    Whole life plan

    Q4.) Percentage of respondents benefits of choosing the particular products

    PARTICULARS NO.OF.RESPONDENT PERCENTAGE

    ANALYSIS:

    From the survey it was found that amongst 100 respondents

    a) 41 percent of the respondents are under invest gain planb) 36 percent of the respondents are health saver planc) 8 percent of the respondents are child gain pland) 15 percent of the respondents are whole life plane) No body under pension plan

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    Risk coverage 60 60

    Additional benefit 20 20

    Maturity date 12 12

    Sum Assured 8 8

    TOTAL 100 100

    PERCENTAGE

    6020

    128

    Risk coverage

    Additional benefit

    Maturity date

    Sum Assured

    Q5.) Percentage of disadvantages in insurance plan

    PARTICUALRS NO.OF.RESPONDENT PERCENTAGE

    Liquidity 35 35

    Lapsation 20 20

    Unable to decide 19 19

    ANALYSIS:

    a) 36 percent of the respondents say that a benefit of choosing the particularProduct is for Safety of life.

    b) 20 percent of the respondents say that a benefit of choosing the particularproducts is for additional benefit to family

    c) 12 percent of the respondents say that a benefit of choosing the particularproducts is for maturity date

    d) 8 percent of the respondents say that a benefit of choosing the particular

    products is for sum assured

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    premium

    High risk coverage 14 14

    Fixed Term 12 12

    TOTAL 100 100

    PERCENTAGE

    35

    2019

    14

    12

    Liquidity

    Lapsation

    Unable to decide

    premium

    High risk coverage

    Fixed Term

    Q6.) Percentage of respondents who want to invest in these different avenues.

    PARTICUALRS NO.OF.RESPONDENT PERCENTAGERecurring Deposit 40 40

    Equity Fund 25 25

    Balanced Fund 10 10

    Mutual Fund 11 11

    Debt Fund 5 5

    Cash Fund 9 9

    TOTAL 100 100

    ANALYSIS:From the survey it was found that amongst 100 respondentsa) 35 percent of the respondents say that disadvantages in insurance plan areliquidity.b) 20 percent of the respondents say that disadvantages in insurance plan arelapsation.c) 19 percent of the respondents say that disadvantages in insurance plan is unable

    decide premium.d) 14 percent of the respondents say that disadvantages in insurance plan are high

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    40

    25

    10

    115

    9Recurring DepositEquity Fund

    Balanced Fund

    Mutual Fund

    Debt Fund

    Cash Fund

    Q7.. Which product/plans give the most returns and savings?

    ANALYSIS:

    From the survey it was found amongst 100 respondents

    a) 40 percentage of respondents say that they want to invest in R.Db) 25 percentage of respondents say that they want to invest in equityc) 10 percentage of respondents say that they want to invest in balanced

    fund

    d) 11 percentage of respondents say that they want to invest in mutualfund

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    % AGE

    15

    3530

    20

    1 Smart Kid

    2 ULIP Plans

    3 Forever Life

    4 Save & Protect

    S.NO TYPE OF CHOICE % AGE

    1 Smart Kid 15

    2 ULIP Plans 35

    3 Forever Life 30

    4 Save & Protect 20

    INTERPRETATION:

    From the above chart, it is clear that ULIP plans gives the most returns and savings as

    compared to the 30 percent ratio of the people which like Forever Life (Retirement

    Plans)

    Q8.. Through which source do you come to know about ICICI PRUDENTIAL LIFEINSURANCE?

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    25

    10

    35

    301 Print Media

    2 Radio

    3 Television

    4 Campaign/Boardings

    S.NO TYPE OF CHOICE % AGE

    1 Print Media 25

    2 Radio 10

    3 Television 35

    4 Campaign/Boardings 30

    INTERPRETATION

    From the above pie chart, it is clear that most of the people (about 35 percent ) are

    influenced by the Television advertisement to buy the insurance product as compared to

    the people (about 30 percent ) which like Campaign or Boardings ) for the insurance .

    Only 10 percent of the people are influenced by the Radio

    Q9.Which features do you think ICICI PRUDENTIAL LIFE INSURANCE Companyshould have ,apart from other companies ?

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    % AGE

    25%

    20%15%

    40%

    1 High growth of Returns

    and Security

    2 Customer Care Service

    3 ULIP Plans

    4 Claiming of the case

    S.NO TYPE OF CHOICE % AGE

    1 High growth of Returns and Security 25

    2 Customer Care Service 20

    3 ULIP Plans 15

    4 Claiming of the case 40

    INTERPRETATION

    From the above pie chart, it is clear that most of the people (about 40 percent) like

    Claiming of the case as the most important factor which makes ICICI PRUDENTIAL

    Life Insurance, a unique company as compared to other companies. On the other hand

    only 15 percent of the people like ULIP Plans as a factor .

    Q10.. Are you satisfied with the after-sales service of the Life Insurance Company ?

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    % AGE

    35%

    30%

    20%

    15%

    1 Normal

    2 High

    3 Very poor

    4 Cant say

    S.NO TYPE OF CHOICE % AGE

    1 Normal 35

    2 High 30

    3 Very poor 20

    4 Cant say 15

    INTERPRETATION

    From the above pie chart, it is clear that most of the people (about 35 percent) Had

    normal Customer Satisfaction level of the ICICI PRUDENTIAL LIFE INSURANCE.

    Only 20 percent of the people had very poor Customer Satisfaction level. About 15

    percent of the people cants say about the satisfaction level

    Q11.. Which features of the company attracts the most ?

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    % AGE

    20%

    10%

    40%

    30%

    1 More returns

    2 Complimentary gift

    3 Guarantee Bonuses

    and Returns

    4 High growth rate

    S.NO TYPE OF CHOICE % AGE

    1 More returns 20

    2 Complimentary gift 10

    3 Guarantee Bonuses and Returns 40

    4 High growth rate 30

    INTERPRETATION

    From the above pie chart, it is clear that most of the people (about 40 percent ) are

    satisfied with the ICICI PRRUDENTIAL LIFE INSURANCE after buying the insurance

    product . The ratio of dissatisfied people is only 15 percent . Only 20 percent of the

    people are completely satisfied with the services of the company

    FINDINGS

    From the project study, it is clear that most of the people (about 35 %) are

    influenced by the Television advertisement to buy the insurance product as

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    compared to the people (about 30 %) which like Campaign or Boardings ) for the

    insurance . Only 10 % of the people are influenced by the Radio

    From the project study, it is clear that most of the people like ICICI

    PRUDENTIAL LIFE INSURANCE (about 42% ) for the insurance products .

    Only 11 % of the people like Aviva Life Insurance due to less returns and less

    advertisements.

    From the project study, it is clear that most of the people (about 40 %) are

    satisfied with the ICICI PRUDENTIAL LIFE INSURANCE after buying the

    insurance product. The ratio of dissatisfied people is only 15 %. Only 20 % of the

    people are completely satisfied with the services of the company

    From the project study, it is clear that most of the people (about 40 %) like

    Claiming of the case as the most important factor which makes ICICI

    PRUDENTIAL Life Insurance, a unique company as compared to other

    companies. On the other hand only 15 % of the people like ULIP Plans as a factor

    From the project study, it is clear that most of the people (about 35 % ) Had

    normal Customer Satisfaction level of the ICICI PRUDENTIAL LIFE

    INSURANCE . Only 20 % of the people had very poor Customer Satisfaction

    level. About 15 % of the people cants say about the satisfaction level

    From the project study, we found that majority of the people (about 55 %) are

    satisfied with the premium paid towards the life insurance product as compared to

    the 35 % ratio of the people which are not satisfied and thinks that the premium

    are high .

    From the project study, it is clear that most of the people (about 40 % ) are

    satisfied with the ICICI PRRUDENTIAL LIFE INSURANCE after buying the

    insurance product . The ratio of dissatisfied people is only 15 %. Only 20 % of the

    people are completely satisfied with the services of the company

    RECOMMENDATIONS

    The company should concentrate more on sales and marketing department so that

    more and more products can be sold out.

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    Advertisements should be the best method to advertise the products and popular

    among the public

    Cheaper products should be introduced by the company so that it can reach the

    middle class public

    Transparency should be made in between the product details and the original

    product sold to the customers.

    Company customer ratio should be maintained

    Brand Enhancement and promotion.

    Technical configuration at par with other competitors.

    Improve the quality and create awareness and brand trust.

    More range of colors with designer looks and finishing.

    Better and improvised after sales services.

    Competitive price

    Customer satisfaction ratio should be maintained

    ANNEXURE

    QUESTIONNIARE

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    Name :________________

    Age :_________________

    Address:________________

    Phone No.________________

    1. Do you know about ICICI Prudential life insurance?

    a. Yesb. No

    2. Are you aware of Products of the ICICI Prudential life insurance?

    a. Yesb. No

    3 . What percent of the respondents are under different plans of ICICIprudential life insurance?

    a. Retirement plansb. Health Saver plansc. Child gain plansd. Whole life plan

    4 . What percentage of respondents benefits of choosing the particular

    product?a. Risk coverage

    b.Additional benefitsc.Maturity dated. Sum assured

    5.What are the disadvantage in the insurance plans?a. Liqudity

    b. Lapsationc.Unable to decide premiumd High Risk coveragee. Fixed Term

    6. What percentage of respondents who want to invest in different avenues?a. Recurring deposit

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    b.Equity fundc. Balanced Fundd. Debt funde.Cash fund

    7. Which product/plans which gives the most returns and savings?a. Smart Kid

    b. ULIP plansc. Forever Lifed. Save and protect

    8. Through which source do you know about ICICI prudential lifeinsurance?

    a. Print mediab .Radioc. Televisiond. Campaign/hoardings9.Which features do you think that ICICI PRUDENTIAL LIFEINSURANCE Company should have ,apart from other companies ?

    a. High growth of returns and securityb. Customer care servicec.ULIP plansd. claiming of the case

    10. Are you satisfied with the after-sales service of the Life InsuranceCompany ?a. Normal

    b. Highc. Very poord. Cant say

    BIBLIOGRAPHY

    Books

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    Kotler Philip, Marketing Management ,Prentice Hall of India Pvt. Ltd ,3RDedition,2001

    Valatic A.Zeithaml ,Mary Jo Bitner,Service marketing ,TMH,2nd Edition,2004

    Newspapers & Magazines:-

    1. TIMES OF INDIA

    2. HINDUSTAN TIMES3. BUSINESS TIMES

    4. INSURANCE TODAY

    5. THE HINDU

    Websites:-

    1. www.iciciprulife.com

    2. www.yahoo.com

    3. www.rediff.com

    4. www.hdfcslic.com

    http://www.yahoo.com/http://www.rediff.com/http://www.hdfcslic.com/http://www.yahoo.com/http://www.rediff.com/http://www.hdfcslic.com/