organization study at icici prudential

77
AN ORGANIZATION STUDY AT “ICICI Prudential Life Insurance” 1

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Page 1: Organization Study at ICICI Prudential

AN ORGANIZATION STUDY

AT

ldquoICICI Prudential Life Insurancerdquo

1

CONTENTS

Sl No DESCRIPTION PAGE NO

1

I1

I2

I3

CHAPTER I

INTRODUCTION

INDUSTRY PROFILE

COMPANY PROFILE

9

10

11

12

15

2

21

CHAPTER II

ORGANISATIONAL STRUCTURE

42

43

3

31

32

33

34

35

36

CHAPTER III

FUNCTIONAL AREAS

HUMAN RESOURCE

MARKETING

FINANCE

QUALITY CONTROL DEPARTMENT

IT AND SYSTEMS DEPARTMENT

44

46

48

4 CHAPTER IV

SWOT ANALYSIS 54

5

51

52

53

CHAPTER V

FINDINGS

SUGGESTION

57

58

59

60

2

6

CONCLUSION

BIBLIOGRAPHY

3

CHAPTER- 1

INTRODUCTION

4

11 INTRODUCTION

ICICI Prudential Life Insurance Company Limited was incorporated on July

20 2000 The authorized capital of the company is Rs2300 Million and the paid up

capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and

Prudential plc UK (26)

The Company was granted Certificate of Registration for

carrying out Life Insurance business by the Insurance Regulatory and Development

Authority on November 24 2000 It commenced commercial operations on December

19 2000 becoming one of the first few private sector players to enter the liberalized

arena

The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata

Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin

Meerut Mangalore and Ludhiana

Till March 312002 the Company has issued 100000 polices

translating into a Premium Income of around Rs 1200 Million and a sum assured of

over Rs15000 MillionThe Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior customer experience

and investment behind the brand The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products

distribution channels and technology based delivery The Company has already taken

significant steps to achieve this goal

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank a premier financial powerhouse and prudential plc a leading

international financial services group headquartered in the United Kingdom

5

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 2: Organization Study at ICICI Prudential

CONTENTS

Sl No DESCRIPTION PAGE NO

1

I1

I2

I3

CHAPTER I

INTRODUCTION

INDUSTRY PROFILE

COMPANY PROFILE

9

10

11

12

15

2

21

CHAPTER II

ORGANISATIONAL STRUCTURE

42

43

3

31

32

33

34

35

36

CHAPTER III

FUNCTIONAL AREAS

HUMAN RESOURCE

MARKETING

FINANCE

QUALITY CONTROL DEPARTMENT

IT AND SYSTEMS DEPARTMENT

44

46

48

4 CHAPTER IV

SWOT ANALYSIS 54

5

51

52

53

CHAPTER V

FINDINGS

SUGGESTION

57

58

59

60

2

6

CONCLUSION

BIBLIOGRAPHY

3

CHAPTER- 1

INTRODUCTION

4

11 INTRODUCTION

ICICI Prudential Life Insurance Company Limited was incorporated on July

20 2000 The authorized capital of the company is Rs2300 Million and the paid up

capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and

Prudential plc UK (26)

The Company was granted Certificate of Registration for

carrying out Life Insurance business by the Insurance Regulatory and Development

Authority on November 24 2000 It commenced commercial operations on December

19 2000 becoming one of the first few private sector players to enter the liberalized

arena

The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata

Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin

Meerut Mangalore and Ludhiana

Till March 312002 the Company has issued 100000 polices

translating into a Premium Income of around Rs 1200 Million and a sum assured of

over Rs15000 MillionThe Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior customer experience

and investment behind the brand The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products

distribution channels and technology based delivery The Company has already taken

significant steps to achieve this goal

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank a premier financial powerhouse and prudential plc a leading

international financial services group headquartered in the United Kingdom

5

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 3: Organization Study at ICICI Prudential

6

CONCLUSION

BIBLIOGRAPHY

3

CHAPTER- 1

INTRODUCTION

4

11 INTRODUCTION

ICICI Prudential Life Insurance Company Limited was incorporated on July

20 2000 The authorized capital of the company is Rs2300 Million and the paid up

capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and

Prudential plc UK (26)

The Company was granted Certificate of Registration for

carrying out Life Insurance business by the Insurance Regulatory and Development

Authority on November 24 2000 It commenced commercial operations on December

19 2000 becoming one of the first few private sector players to enter the liberalized

arena

The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata

Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin

Meerut Mangalore and Ludhiana

Till March 312002 the Company has issued 100000 polices

translating into a Premium Income of around Rs 1200 Million and a sum assured of

over Rs15000 MillionThe Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior customer experience

and investment behind the brand The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products

distribution channels and technology based delivery The Company has already taken

significant steps to achieve this goal

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank a premier financial powerhouse and prudential plc a leading

international financial services group headquartered in the United Kingdom

5

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 4: Organization Study at ICICI Prudential

CHAPTER- 1

INTRODUCTION

4

11 INTRODUCTION

ICICI Prudential Life Insurance Company Limited was incorporated on July

20 2000 The authorized capital of the company is Rs2300 Million and the paid up

capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and

Prudential plc UK (26)

The Company was granted Certificate of Registration for

carrying out Life Insurance business by the Insurance Regulatory and Development

Authority on November 24 2000 It commenced commercial operations on December

19 2000 becoming one of the first few private sector players to enter the liberalized

arena

The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata

Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin

Meerut Mangalore and Ludhiana

Till March 312002 the Company has issued 100000 polices

translating into a Premium Income of around Rs 1200 Million and a sum assured of

over Rs15000 MillionThe Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior customer experience

and investment behind the brand The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products

distribution channels and technology based delivery The Company has already taken

significant steps to achieve this goal

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank a premier financial powerhouse and prudential plc a leading

international financial services group headquartered in the United Kingdom

5

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 5: Organization Study at ICICI Prudential

11 INTRODUCTION

ICICI Prudential Life Insurance Company Limited was incorporated on July

20 2000 The authorized capital of the company is Rs2300 Million and the paid up

capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and

Prudential plc UK (26)

The Company was granted Certificate of Registration for

carrying out Life Insurance business by the Insurance Regulatory and Development

Authority on November 24 2000 It commenced commercial operations on December

19 2000 becoming one of the first few private sector players to enter the liberalized

arena

The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata

Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin

Meerut Mangalore and Ludhiana

Till March 312002 the Company has issued 100000 polices

translating into a Premium Income of around Rs 1200 Million and a sum assured of

over Rs15000 MillionThe Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior customer experience

and investment behind the brand The Company aims to achieve this by striving to

provide world class service levels through constant innovation in products

distribution channels and technology based delivery The Company has already taken

significant steps to achieve this goal

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank a premier financial powerhouse and prudential plc a leading

international financial services group headquartered in the United Kingdom

5

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 6: Organization Study at ICICI Prudential

13 INDUSTRY PROFILE

With an annual growth rate of 15-20 and the largest number of life insurance

policies in force the potential of the Indian insurance industry is huge Total value of

the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)

According to government sources the insurance and banking services contribution to

the countrys gross domestic product (GDP) is 7 out of which the gross premium

collection forms a significant part The funds available with the state-owned Life

Insurance Corporation (LIC) for investments are 8 of GDP

Till date only 20 of the total insurable population of India is

covered under various life insurance schemes the penetration rates of health and other

non-life insurances in India is also well below the international level These facts

indicate the of immense growth potential of the insurance sector

The year 1999 saw a revolution in the Indian insurance sector as

major structural changes took place with the ending of government monopoly and the

passage of the Insurance Regulatory and Development Authority (IRDA) Bill lifting

all entry restrictions for private players and allowing foreign players to enter the

market with some limits on direct foreign ownership

The life insurance industry in India grew by an impressive 36

with premium income from new business at Rs 25343 billion during the fiscal year

2004-2005 braving stiff competition from private insurers This report Indian

Insurance Industry New Avenues for Growth 2012 finds that the market share of

the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion

by selling 24 billion new policies in 2004-05 But this was still not enough to arrest

the fall in its market share as private players grew by 129 to mop up Rs 5557

billion in 2004-05 from Rs 2429 billion in 2003-04

6

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 7: Organization Study at ICICI Prudential

Though the total volume of LICs business increased in the last

fiscal year (2004-2005) compared to the previous one its market share came down

from 8704 to 7807 The 14 private insurers increased their market share from

about 13 to about 22 in a years time The figures for the first two months of the

fiscal year 2005-06 also speak of the growing share of the private insurers The share

of LIC for this period has further come down to 75 percent while the private players

have grabbed over 24 percent

Vision

To make ICICI Prudential the dominant Life and Pensions player built on trust by

world-class people and service

This we hope to achieve by

Understanding the needs of customers and offering them superior products

and service

Leveraging technology to service customers quickly efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity Customer First Boundaryless Ownership and Passion Each of the

7

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 8: Organization Study at ICICI Prudential

values describe what the company stands for the qualities of our people and the way

we work

We do believe that we are on the threshold of an exciting new opportunity where

we can play a significant role in redefining and reshaping the sector Given the quality

of our parentage and the commitment of our team there are no limits to our growth

Mission

ICICI Prudential Target Returns Fund (There is no guarantee or assurance of

returns) is specially designed with the objective of providing investors with trigger

options to pre-set their investment objectives by allowing them to re-balance the

investment to pre-selected debt funds once their investment objectives are met The

fund utilizes fundamental analysis for individual security selection with a view to

invest in equities of companies that are highly liquid with large market capitalization

PROMOTERS

ICICI Bank

ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector

bank with over 50 years of financial experience and with assets of Rs 181227 billion

as on 30th June 2005 ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a variety of delivery

channels and through its specialised subsidiaries and affiliates in the areas of

investment banking life and non-life insurance venture capital and asset

management ICICI Bank is a leading player in the retail banking market and has over

13 million retail customer accounts The Bank has a network of over 570 branches

and extension counters and 2000 ATMs

Prudential plc

8

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 9: Organization Study at ICICI Prudential

Established in London in 1848 Prudential plc through its businesses in the UK

and Europe the US and Asia provides retail financial services products and services

to more than 16 million customers policyholder and unit holders worldwide As of

June 30 2004 the company had over US$300 billion in funds under management

Prudential has brought to market an integrated range of financial services products

that now includes life 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 24 life and mutual fund operations in

twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the

Philippines Singapore Taiwan Thailand and Vietnam

MANAGEMENT

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed

people from the finance industry both from India and abroad

Ms Chanda D Kochar (Chairperson )

Mr NS Kannan Director

Mr K Ramkumar Director

Mr Barry Stowe Director

Management Team

Ms Shikha Sharma Managing Director amp CEO

Mr NS Kannan Executive Director

Mr V Rajagopalan Chief - Actuary

9

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 10: Organization Study at ICICI Prudential

Mr Sandeep Batra Chief Financial Officer amp Company Secretary

Ms Anita Pai Chief - Customer Service and Operations

Mr Puneet Nanda Chief ndash Investments

Product Profile

Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with

the philosophy that different individuals are bound to have differing insurance needs

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

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

of other factors

Life Insurance Plans

Under Life insurance plans ICICI Prudential offers plans under the following major

need categories

10

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 11: Organization Study at ICICI Prudential

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial

needs in your post retirement years You will find a Pension Planning Calculator on

the site meant to make your pension plan review as simple as possible The calculator

is the first step in your Pension Plan scheme there are othe steps towards getting the

Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Health Product Suite

11

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 12: Organization Study at ICICI Prudential

Under Health Product Suite ICICI Prudential offers plans under the following major

need categories

Hospitalisation Plans

MediAssure

Hospital Care

Critical Illnessl Pans

Crisis Cover

Cancer Products

Cancer Care

Diabetes Products

Diabetes Care Active

Diabetes Assure

12

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 13: Organization Study at ICICI Prudential

Education Insurance Plans

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

gets the best possible education that can be provided

ICICI Prudential offers a wide portfolio of education insurance plans that are

designed to provide peace of mind to you as a parent that your childs education will

be secure These plans ensure that money is made available at the crucial junctures in

a childs education - Class X Class XII graduation and post-graduation - to fund

crucial commitments for the childs future

Importantly education insurance plans ensure that in the unfortunate event of

the death of a parent the childs education continues unhampered

Under the education insurance plans platform ICICI Prudential brings the

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

plans

Wealth

Creation Plans

13

Plan Name

Plan Type

SmartKid New Unit-linked Regular Premium

SmartKid New Unit-linked Single Premium

SmartKid Regular Premium

Unit Linked Unit Linked Traditional

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 14: Organization Study at ICICI Prudential

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

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

benefit of ULIPs is the flexibility they give the customer in choosing the premium

amount and also choosing the underlying fund in which this money is to be invested

Wealth creation plans also offer the customer more liquidity options as compared

to traditional plans As such ULIPs are ideal for customers who want the protection

of a life cover to be allied to the returns of market linked instrument ndash giving them an

unmatched combination of benefits

Under the wealth creation platform ICICI Prudential brings the following

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

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

14

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 15: Organization Study at ICICI Prudential

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is

what we always strive for The same is true for our investments ndash where we would

love to enjoy the upside of our investments while keeping our downside safe

Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos

hard earned savings over time with an assurance of a minimum guaranteed maturity

amount to protect you from the downside of equity markets

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a

Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial

withdrawal or surrender

The GMB for the various policy terms offered under the policy are shown below

Premium Payment Term 5 yrs 7 yrs10

yrs

Term of the Policy10

yrs

15

yrs

20

yrs

Guaranteed Maturity Benefit

(As a of Aggregate Investment

Premium)

110

125

150

This Guarantee is on the Investment Premiums ie your annual premiums less the

Mortality charge

15

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 16: Organization Study at ICICI Prudential

Why ICICI Pru Wealth Advantage

There are a number of things you need to do regularly to ensure that your life runs

smoothly Things like your bill payments your childrsquos school fees EMIs and so on

Keeping a track of all these is difficult indeed

And there are those things that ask for your attention only once but reward you

with returns all your life like ICICI Pru Wealth Advantage This is our first whole life

ULIP that provides a long term cover with just a single premium and allows you to

stay invested throughout your life

Features and benefits of ICICI Pru Wealth Advantage

Whole Life Plan

Single Premium

Automatic Withdrawal Plan

Automatic Transfer Strategy

Death benefit

Choice of 7 investment funds

Switch benefit

Why LifeStage Assure Well begun they say is half done This adage holds true as much

to life as to your long-term financial planning However times have changed now

markets have become volatile Everyone knows for sure that the growth story of India

is intact for a longer term Equity markets havenrsquot lost there charm as a long term

investment Yet everyone is waiting for a right time to invest Since timing the

market correctly is difficult for an average investor and capital preservation during

such volatile times is important

16

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 17: Organization Study at ICICI Prudential

Why LifeTime Gold

Gold has alway always retained its glitter through the ages This precious yellow

metal much coveted and valued remains a symbol of class and an ageless asset

The same attributes of gold - precious and valuable - are now yours to enjoy

with a policy thats simply pure gold ULIP

Presenting ICICI Prudentials LifeTime

Gold a regular premium unit-linked policy that offers potentially higher returns

through the Multiplier Fund that invests in the top 50 large cap companies

Features and benefits of LifeTime Gold-

Flexible policy term

choices of premium payment

investment fund

Systematic withdrawal of money

Why LifeLink Super

Well-deserved financial incentives rewarding business profits and

even ancestral money are precious amounts that you should invest immediately so

they earn you potentially higher returns in the long run

Invest in ICICI Prudentials LifeLink Super policy-a single-

premium unit-linked policy that works best for investors who have in mind long-term

financial goals such as the education of a child or the purchase of a larger home

17

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 18: Organization Study at ICICI Prudential

Features and benefits of LifeLink Super

2 options of Sum Assured

Flexible policy term

Partial withdrawal of money

Attractive premium allocation rates

7 investment funds

Switch benefit

Maturity benefit

Death benefit

Why Life Stage

We have different priorities at different life stages With such changing

priorities it is important to adopt Asset Allocation as an investment practice It helps

to strike the right balance by distributing your investments across different asset

classes like equity and debt More importantly it should also change according to our

life stage profile ndash age risk tolerance etc However the discipline of making the right

Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise

and dedicated time of someone who can manage your money on a day-to-day basis

Features and Benefits of LifeStage RP

Option to choose a unique and personalized life-cycle based portfolio strategy to

create ideal balance between Equity and Debt

Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -

Change in Portfolio Strategy)

Additional allocation of units at regular intervals to enhance your investment

18

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 19: Organization Study at ICICI Prudential

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the

Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the

ideal insurance-cum-investment option for customers who want to enjoy the

potentially higher returns(over the long term) of a market linked instrument but

without taking any market risk

Under the Premium Guarantee Plans platform ICICI Prudential brings to you the

following products

Plan Name Plan Type

InvestShield Life New

InvestShield CashBak

Unit Linked

Unit Linked

Why InvestShield Life New

InvestShield Life New is a one of its kind market linked policy that

gives the policyholder the chance of enjoying the potentially higher returns of a

market linked instrument The underlying investment fund in InvestShield Life New

has up to 40 investment in equities and related securities

Features and benefits of InvestShield Life New

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield Life New offers a host of benefits to the policyholder

Key Benefits

19

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 20: Organization Study at ICICI Prudential

Premium Guarantee

Maturity Benefit

Death Benefit

Tax Benefits

Why InvestShield CashBak

InvestShield CashBak is a one of its kind market linked policy that gives the

policyholder the benefit of capital appreciation while maintaining a balance between

return safety and liquidity Moreover InvestShield CashBak also has the added

assurance of a Premium Guarantee which ensures that in the event of the market

returns being negative the sum of all premiums paid is returned to the policyholder

on maturity of the plan In other words InvestShield CashBak is a downside protected

plan

In addition to this the policyholder gets a life insurance cover for

protecting the family against the financial implications of the death of the

policyholder

Features and benefits of InvestShield CashBak

As a market-linked plan with premium guarantee and enhanced life insurance

InvestShield CashBak offers a host of benefits to the policyholder

Key Benefits

Premium Guarantee

Partial Withdrawals

Maturity Benefit

Death Benefit

Tax Benefits

20

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 21: Organization Study at ICICI Prudential

Protection Plans

Why ICICI Pru Pure Protect

As the head of your family you have always fulfilled your responsibilities

and given your family the comforts they wanted You have always been there for

them However life is full of uncertainties So it is important to ensure that your

family is protected should something unfortunate happen to you

ICICI Pru Pure Protect is a term plan (Without Return of Premium)

which will be available in two variants

ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000

ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above

Invest in the plan that best suits your protection needs and guarantees lifelong comfort

and security to your family

Read more about this life insurance policy at Pure Protect at a glance

Features and Benefits of Pure Protect

Take a look at the features and benefits of the plan

Death benefit

Maturity benefit

Additional Benefits

Accidental Death and Disability Benefit Rider

21

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 22: Organization Study at ICICI Prudential

bull On death of the life assured due to an accident the beneficiary gets the additional

Sum Assured under the Rider

bull In case of death due to accident while the life assured is using as a fare paying

passenger authorized public mass surface transport namely bus or train operating

under terms of such authorization the beneficiary gets twice the Sum Assured under

the rider

bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid

out every year for 10 years

Waiver of Premium Rider

bull In case of total and permanent disability due to an accident under this rider the

company will pay the remaining premiums till maturity

Why LifeGuard

Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a

shield that safeguards your loved ones from financial insecurity at all times

A cost-effective plan LifeGuard comes in two variants LifeGuard with

Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium

(premium at policy inception cover till policy matures) Invest in a plan that best suits

your requirements and guarantee your family lifelong comfort and security

Features and Benefits of LifeGuard

22

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 23: Organization Study at ICICI Prudential

LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of

Premium and LifeGuard Single Premium Take a look at the features and benefits of

the plans

Death benefit Provide for your beneficiary to receive the Sum Assured should

something happen to you

Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard

your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5

years after your policy terminates

Additional riders Protect your family from accidents and disability by adding on the

Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider

(WOPR)

ADBR The rider benefit amount will be paid to your family in the event of

death or disability due to an accident

WOPR In the case of total and permanent disability due to an accident all

further premiums will be waived and policy benefits will continue

Tax benefits

Maturity benefit

Why SavenProtect

Life Insurance Scheme

Assure your loved ones stay secure even when you are unable to hold up the

protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance

scheme and in addition to safeguarding your family SaveNProtect will enable you

23

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 24: Organization Study at ICICI Prudential

to make regular systematic savings so you can effortlessly provide your family with

every comfort and meet your long-term financial objectives

Learn more about the features and benefits of the SaversquonrsquoProtect

life insurance scheme from ICIC Prudential and start protecting the future of your

family and loved ones today

Features and benefits of SavenProtect

When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding

your familyrsquos well being in addition to savings towards some important goals

Take a look at the features and benefits of this plan

Sum Assured Choose your Sum Assured depending on the level of cover with which

you want to protect your family The minimum Sum Assured is Rs 50000

3 premium paying modes Choose to pay your premium in monthly bi-annual or

annual installments Your premium is determined based on your age and the Sum

Assured you choose

Death benefit

Maturity benefit

Extended life cover

Additional riders

Tax benefits

24

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 25: Organization Study at ICICI Prudential

Why Home Assure

Owning your very own home is a cherished dream We want to ensure that

this dream comes true irrespective of what the future holds We are pleased to bring

you Home Assure This extremely affordable Term Life Insurance Plan offers you

protection against your loan amount with complete convinience in application In case

of an unfortunate event of death the financial security of your family is not affected

The family need not direct their savings towards paying off the outstanding loan

ICICI Prudential will pay the outstanding amount to the bank directly Your family

will continue to retain the home purchased by your hard earned money

Features and benefits of Home Assure

1 All you have to do is pay a single premium to opt for the insurance cover and you

will continue to remain covered throughout the insurance tenure ie the under-

construction period (if applicable) + the original home loan tenure

25

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 26: Organization Study at ICICI Prudential

2 You will need to state in advance the expected under-construction period as 01 or

2 years This will be added to the home loan term to compute the total insurance

term

3 You will be covered for the entire loan amount (santioned home loan + single

premium paid) The premium is very affordable and there will be a minimal increase

in the EMI due to the loan for the insurance premium

4 The insurance cover would start from the date of first disbursement of the home

loan and ICICI Prudential shall accept risk from the date the premium is debited to the

account of the life assured

5 The insurance cover would be as per the original loan schedule

6 On survival upto the end of term no benefit will be payable

Tax benefits Premium paid for the policy and critical illness benefit rider will be

eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you

will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax

laws

26

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 27: Organization Study at ICICI Prudential

Pension amp Retirement Solutions

The primary objective of a pension plan is to help you provide for your

financial needs in your post retirement years You will find a Pension Planning

Calculator on the site meant to make your pension plan review as simple as possible

The calculator is the first step in your Pension Plan scheme there are othe steps

towards getting the Indian pension policy you need

LifeStage Pension

LifeTime Super Pension

LifeLink Super Pension

ForeverLife

Why LifeStage Pension

Retirement time is the time to live your dream dream that you have been putting off

as you never had the time for it But your retirement dream has a cost attached to it

We call this your retirement number0

To help you achieve your retirement number ICICI Prudential presents to you

LifeStage Pension

One of the most distinguishing features of this policy is that it has no premium

allocation charge for regular premiums which means 100 of your money is invested

Whatrsquos more the policy provides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset classes based on your life

27

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 28: Organization Study at ICICI Prudential

stage and risk tolerance eventually providing you with a customised retirement

solution

Invest today to attain your retirement number and fulfill your dreams

Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio

strategy to create ideal balance between Equity and Debt

This plan invests 100 of your money in the portfolio of your choice

Enjoy the flexibility to choose from 5 pension options through which you can

receive your pension

Opportunity to earn potentially higher returns by investing in Unit Linked

Funds

Receive tax-free commutation up to one-third of the accumulated value on

vesting (retirement) date

Fund options available with ICICI Pru LifeStage Pension

Pension Flexi Growth

Objective To generate superior long-term returns from a diversified portfolio of

equity and equity related instruments of large mid and small cap companies

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 20

Debt Money Market amp Cash 80 0

Risk- Reward profile of the Fund High

Pension Flexi Balanced

28

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 29: Organization Study at ICICI Prudential

Objective To achieve a balance between capital appreciation and stable returns by

investing in a mix of equity and equity related instruments of large mid and small cap

companies and debt and debt related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 60 0

Debt Money Market amp Cash 100 40

Risk- Reward profile of the Fund Moderate

Pension Protector

Objective To provide accumulation of income through investment in various fixed

income securities The fund seeks to provide capital appreciation while maintaining a

suitable balance between return safety and liquidity

Indicative Portfolio Allocation Max () Min ()

Debt Instruments Money Market amp Cash 100 100

Risk- Reward profile of the Fund Low

Pension Maximiser (This Fund shall not be available for investment to those

Policyholder whose application is received by the companyrsquos office after February 22

2008)

Objective To provide long-term capital appreciation through investments primarily in

equity and equity-related instruments

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 100 75

Debt Money Market amp Cash 25 0

29

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 30: Organization Study at ICICI Prudential

Risk- Reward profile of the Fund High to those policyholder whose application is

received at the Companyrsquos office after February 18 2008)

Pension Balancer

Objective To provide a balance between long-term capital appreciation and current

income through investment in equity as well as fixed income instruments in

appropriate proportions depending on market conditions prevalent from time to time

Indicative Portfolio Allocation Max () Min ()

Equity amp Related Securities 40 0

Debt Money Market amp Cash 100 60

Risk- Reward profile of the Fund Moderate

Pension Preserver

Objective To provide suitable returns through low risk investments in debt and

money market instruments while attempting to protect the capital deployed in the

fund

Indicative Portfolio Allocation Max () Min ()

Debt Instruments 50 0

Money Market amp Cash 100 50

Risk- Reward profile of the Fund Capital Preservation

Pension Multiplier (This Fund shall be available for investment to those

policyholders whose application is received at the Companyrsquos office on or after

February 23 2008)

30

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 31: Organization Study at ICICI Prudential

Objective To provide long-term capital appreciation from an equity portfolio

predominantly invested in NIFTY scrips

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the Fund High

Pension RICH (This fund shall be available for investment to those policyholders

whose application is received at the Companyrsquos office on or after March 15 2008)

Objective To generate superior long-term returns from a diversified portfolio of

equity an equity related instruments of companies operating in four important types of

industries viz Resources Investment-related Consumption-related and Human

capital leveraged industries

Indicative Portfolio Allocation Max () Min ()

Equity amp equity related securities 100 80

Debt Money market amp Cash 20 0

Potential Risk-Reward profile of the fund High

Pension Return Guarantee Fund (PRGF)

Objective The fund seeks to provide guaranteed returns through investment in a

diversified portfolio of high quality fixed income instruments

Portfolio Allocation Max () Min ()

Debt Money market amp Cash 100 100

Risk-Reward Profile of the Fund Low

31

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 32: Organization Study at ICICI Prudential

Health Insurance Products

ICICI Prudential offers health insurance plans under the following major need

categories

Comprehensive health coverage

Health Saver

A comprehensive whole life plan that covers you against hospitalisation expenses and

creates a health fund to cover any other health expenses

Hospitalisation coverage

MediAssure

A reimbursement hospitalization plan covering hospitalization stay and treatment The

claim payout is based on actual expense incurred

Hospital Care Get free quote and buy online

A fixed benefit cashless hospitalization plan covering various stages of treatment and

over 900 surgeries

Critical illness coverage

Crisis Cover -A comprehensive health insurance policy that covers 35 critical

illnesses death and disability

32

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 33: Organization Study at ICICI Prudential

12 COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank a premier financial powerhouse and Prudential plc a leading international

financial services group headquartered in the United Kingdom ICICI Prudential was

amongst the first private sector insurance companies to begin operations in December

2000 after receiving approval from Insurance Regulatory Development Authority

(IRDA)

ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and

Prudential plc holding 74 and 26 stake respectively In the financial year ended

March 31 2005 the company garnered Rs 1584 crore of new business premium for a

total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company

has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate

agent tie-ups For the past four years ICICI Prudential has retained its position as the

No 1 private life insurer in the country with a wide range of flexible products that

meet the needs of the Indian customer at every step in life

33

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 34: Organization Study at ICICI Prudential

CHAPTER II

ORGANISATIONAL STRUCTURE

34

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 35: Organization Study at ICICI Prudential

General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

31 ORGANISATION STRUCTURE

Head Office

Branch structure Manager

Accountant (1) Accountant (2)

35

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 36: Organization Study at ICICI Prudential

Assistant accountant Assistant accountant Assistant

Accountant

Senior Clerk

Junior Clerk

Attenders

32 Recommendation about promotional strategies

The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions

321 Special Recommendation

The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise

36

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 37: Organization Study at ICICI Prudential

CHAPTER-III

FUNCTIONING

OF

DIFFERENT DEPARTMENT

37

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 38: Organization Study at ICICI Prudential

21 HUMAN RESOURCE DEPARTMENT

ICICI Prudential is having two types of employees direct and indirect They are

recruited from employment exchanges Except PF there is no other fringe benefit for

temporary employees There are different types of fringe benefit for permanent employees

All the service matters of the organization are under the control of this department HR

Department is working under leadership

STRUCTURE OF HR DEPARTMENT

38

General Manager

Manager (HR)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 39: Organization Study at ICICI Prudential

Working period is from 10 am to 5 pm Working days are from Monday to Saturday

Production department Quality control department work for 24 hrs So there are three shifts

per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to

630 am

The important functions performed by the department are

Induction and Orientation

Training

Performance Appraisal

Promotion

Recruitment

Welfare Measures

Recruitment

Temporary recruitment is done through employment exchanges The duration

of temporary employee is 180 days For permanent recruitment they first give

notification in minimum three newspapers From the approved applications

candidates are selected for written tests Those who pass the written test are called

for interview The company has both permanent and temporary employees

Permanent recruitment is done by the head office

Training

Training is given to the permanent employees both off the job and on the job

training is given HR department is in charge of providing training to the

permanent employee

39

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 40: Organization Study at ICICI Prudential

Promotion

Promotions are of two types ie Seniority based promotion and performance

based promotion Middle level employees are promoted on the basis of their

seniority and top level employees are promoted on the basis of performance

Welfare Measure

Icici Prudential has a welfare society Most of the employees are the members

of the welfare society The enrolment in the society is kept optional There is a

separate committee chairman and secretary for the welfare society The members

of the welfare society have to contribute an amount of Rs50 every month as a

welfare fund From this fund cash award is given to children of employees who

scored high mark in public examinations

Moreover certain amount from the fund is given to the marriage

of the concerned member marriage of the memberrsquos children etc Certain

percentage of the profit from the company is given as ex-gratia to all the

employees except to those employees who availed bonus Employee should

present 240 days in a year to get full ex-gratia Housing subsidy is also given to

the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees

Employee state Insurance (ESI) is given to employees whose salary

is less than 7500 Medical allowance of Rs100 is given to those employees who

do not prefer ESI Annually employee can take leave up to 33

days out of which 12 days are regarded as casual leave If an employee is

physically present for 246 days he can enter in to Departmental Promotional

Committee (DPC) For this minimum of 5 years service is essential

40

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 41: Organization Study at ICICI Prudential

22 MARKETING AND SALES

DEPARTMENT

A product is anything that can be offered to satisfy a need or wantSo a social

and managerial process by which individuals and groups obtain what they need

and want through creating offering and exchanging products of value with others

ndash that is called marketing Marketing starts with human needs wants demands

and human satisfaction People satisfy their needs and wants with products

Actually selling is preoccupied with the sellerrsquos need to convert his product into

cash but marketing is the idea of satisfying the needs of the customer by means of

the product and the whole cluster of things associated with creating delivering

and finally consuming it

Marketing concept has constructed mainly on four pillars

Target market -companies do best when they define their target market(s)

carefully and prepare a tailored marketing programme Customer needs- Different

types of customers are in the market They have different types of needs likes

41

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 42: Organization Study at ICICI Prudential

General Manager

Manager (Marketing)

Assistant Manager

Marketing Officer

Assistant Marketing Officer

Marketing Organizers

Marketing Assistants

STRUCTURE OF MARKETING DEPARTMENT

42

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 43: Organization Study at ICICI Prudential

MARKETING RESEARCHMARKETING RESEARCH

Marketing Research is the systematic method of gathering recording objective

search and analyzing of valid and reliable information relating to the marketing of

goods and services Several factors are contributed to the growth of marketing

research Those are

To know the potential area of selling for the manufacturer where his goods could

be marketed

To understand the buyer behavior

Increasing the usage of computers has further contributed to the growth of

marketing research changes in the composition of population particularly The

shift from rural to the urban areas has widened the scope for the marketing of

various types of goods and services in the urban areas

43

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 44: Organization Study at ICICI Prudential

23 FINANCE AND ACCOUNTS

DEPARTMENT

An organization communicates its financial information to the users through

financial statements and reports Financial statements contain summarized

information of the organizationrsquos financial affairs organized systematically These

statements comprise the income statements or profit and loss account and the

position statement or the balance sheet

To give a full view of the financial affairs of the undertaking it is also necessary

to include a statement of retained earnings a statement of changes in the financial

position and a few schedules such as schedule of fixed assets and schedule of

debtors

Income Statement ndash the profit and loss account sets out income as

well as expenses of the same period and after matching the two the

difference being the net profit or net loss is shown as the difference between

the two sides of the account Thus the earning capacity and the potential of

an organization are reflected by its profit and loss account

Position Statement ndash otherwise know as the balance sheet displays

the total resources of a business and the owners and creditorrsquos equity in

44

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 45: Organization Study at ICICI Prudential

General Manager

Manager (Finance)

Assistant Manager

Junior Superintendent

Senior Assistant

these resources It indicates a statement of affair of a business at a particular

moment of time and thus it is static in nature

Statement of Retained Earning ndash also known as the profit and

loss appropriation account is generally a part of the profit and loss account It

shows how the profit of the business for the accounting period is appropriated

towards reserve and dividend and how much of the same is carried forwarded

as retained earnings

Statement of Changes in Financial Position ndash also known as

the fund flow statement summarizes the changes in assets liabilities and the

ownerrsquos equity between two balance sheet dates Thus it is a statement of

flows ie it measures the changes that have been taken place in the financial

position of a firm between two balance sheet dates It summarizes the sources

and uses of the funds obtained

361 STRUCTURE OF FINANCE AND

ACCOUNTS DEPARTMENT

45

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 46: Organization Study at ICICI Prudential

FINANCIALSTATEMENT

CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and

46

Position Statement

OrIncome Statements

Or

Statement of Changes in Ownerrsquos Equity changes in

Retained Earnings

Statement of changes in Financial

Position

Fund Flow

Statement

Cash Flow

Statement

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 47: Organization Study at ICICI Prudential

profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization

47

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 48: Organization Study at ICICI Prudential

QUALITY CONTRO DEPARTMENT

Quality control department as the name suggests this department takes care of the

quality of insurance policies offered by the company Quality control department plays an

important role in the company Quality control department sees that every insurance which has

been sold should not be based on fake promises and should meet the requirement of customers

Structure of Quality control department

48

General Manager

Manager (Quality control)

Assistant Manager

Junior Superintendent

Senior Assistant

Junior Assistant

Staff

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 49: Organization Study at ICICI Prudential

IT AND SYSTEMS DEPARTMENT

IT and Systems department of icici prudential life insurance is responsible for all the

work related to information technology In this company every department use different software

and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of

policies sold Each department is connected through this software and according to their

requirement every department take information from that software If there is any problem with

the systems software or networking then system department staff is called

49

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 50: Organization Study at ICICI Prudential

CHAPTER-Vi

SWOT ANALYSIS

50

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 51: Organization Study at ICICI Prudential

SWOT Analysis

Strengths

1 200 years record of profitability

2 Entire range of products for corporate and retail customers

3 Market segmentation and products for niche segment

4 Significant presence in Credit cards Insurance Mutual funds

Investment banking Personal loans and SME sector

5 54 overseas offices spanning 28 countries

6 21 banking and non-banking subsidiaries and associates

7 Over 80 of top corporate in India have strong relationships with SBI

8 Largest individual customer base in the country

9 Leading provider of financial services across retail and wholesale

segments

Weaknesses

1 Constrained by the norms of public sector status

2 Large size has its impact on swiftness of response

3 Comparatively large number of employees

4 Lack of innovation

5 Inability to implement proper individual reward schemes to motivate

and enhance productivity due to industry wide implications

Opportunities

51

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 52: Organization Study at ICICI Prudential

1 Improvement in the economic conditions

2 Increasing purchasing power of large number of middle class -------------

3 Indiarsquos stature as leading IT power

4 Retail finance and insurance sector

5 Low penetration of credit cards

6 Cross-selling

7 Infrastructure development

Threats

1 Asset Quality

2 Interest Rate risk

3 Operations risk in view of increasing use of technology in day to day

operations

4 Fleet-footed foreign banks and private banks

5 Pressure on margins

52

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 53: Organization Study at ICICI Prudential

CHAPTER-VI

FINDINGS SUGGESTION AND

CONCLUSION

61 Findings

53

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 54: Organization Study at ICICI Prudential

laquo80 of the respondents have bought a life insurance policy from ICICI Prudential

Life Insurance Company Ltd

laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most

preferred policies among all types of policies of the company

laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and

all of the respondents are satisfied with the existing features of their life insurance policy

laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by

benefit of income tax rebate

laquo Majority of the respondents have implicit faith in Private Life Insurance companies

as they believe they are trustworthy

laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance

companies are affordable

laquo The most important guidanceservice expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features

laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of

awareness being Life Insurance advisors and advertisements

laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would

prefer to go in for another policy only from ICICI Prudential The most important

reasons for this are ndash brand name wide varieties of policies to choose from and good

servicing of policies

54

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 55: Organization Study at ICICI Prudential

62 SUGGETIONS

ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted

1 Hoardings at prime areas should be used

PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer

63 CONCULSION

55

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 56: Organization Study at ICICI Prudential

There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you

In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people

Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem

56

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 57: Organization Study at ICICI Prudential

6 BIBLIOGRAPHY

Below yoursquoll Find Host of Additional Resources That you should Find

Useful In The Course of Your study Research

By Books

Marketing management Philip kotler

JOURNALS Company Annual report

57

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Page 58: Organization Study at ICICI Prudential

The Hindu Business Line Market Research in Insurance

Website

wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom

wwwwikipediacom

www indiantelevisioncom

58

  • FINANCIAL
    • Income Statements
    • Or
    • Balance Sheet
      • Insurance Plans
      • Education Insurance Plans
      • Wealth Creation Plans
      • Why ICICI Pru Secure Save
      • Features and benefits of ICICI Pru SecureSave
      • Why ICICI Pru Wealth Advantage
      • Features and benefits of ICICI Pru Wealth Advantage
      • Why LifeStage Assure
      • Why LifeTime Gold
      • Features and benefits of LifeTime Gold-
      • Features and benefits of LifeLink Super
      • Why Life Stage
      • Features and Benefits of LifeStage RP
      • Premium Guarantee Plans
      • Why InvestShield Life New
      • Features and benefits of InvestShield Life New
      • Why InvestShield CashBak
      • Features and benefits of InvestShield CashBak
      • Protection Plans
      • Why ICICI Pru Pure Protect
      • Features and Benefits of Pure Protect
      • Why LifeGuard
      • Features and Benefits of LifeGuard
      • Why SavenProtect
      • Features and benefits of SavenProtect
      • Why Home Assure
      • Features and benefits of Home Assure
      • Why LifeStage Pension
      • Key Benefits of LifeStage Pension
      • Fund options available with ICICI Pru LifeStage Pension
      • Health Insurance Products
      • CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS