project on brand awareness of icici prudential by sajad

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SUMMER TRAINING REPORTUndertaken at

ICICI Prudential Life Insurance Co. Ltd.On

Brand Awareness of ICICI PrudentialSubmitted in Partial Fulfilment Of the Requirement for the Award of the Degree of

Master of Business AdministrationBy Sajadul AshrafMBA-G Roll No. 148

Under the Supervision of

Ms. Anuradha Yesugade

BHARATI VIDYAPEETH UNIVERSITYINSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT PUNE

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BHARTI VIDYAPEETH UNIVERSITY, PUNE

INSTITUTE OF MANAGEMENT AND ENTREPRENUERSHIP DEVELOPMENT, PAUD ROAD, ERANDWANE, PUNE-38

CERTIFICATE OF COMPLETION This is to certify that Mr. SAJADUL ASHRAF is a bonafide student of MBA program of the university in this institute for the year 2009-2011. As a part of the University curriculum, the student has completed the project report titled Summer Training Programme with reference to Brand Awareness of ICICI Prudential at ICICI Prudential. The project report is prepared by the student under the guidance of Prof. Ms. Anuradha Yesugade (Teacher Guide) Director Program Co-ordinator

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Date: 13/10/2010 Place: Pune

CertificateThis is to certify that Mr. Sajadul Ashraf has completed his Summer Training Project under my direct supervision. He underwent the Summer Training on and from 12th of May 2010 to 2nd of July 2010, during which he was assigned the task of Brand Awareness of ICICI Prudential, which he has successfully completed and the same is presented in the form of the present Project Report. It is further certified that the project report submitted by Sajadul Ashraf reflects his original work and on the work assigned to him for the Summer Training and that the present project report has not been submitted elsewhere for award of any degree, diploma or fellowship.

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Mr. Yasir Ahmad Agency Manager

DeclarationI, Sajadul Ashraf, a bonafide student of MBA-G Programme at the IMED, (INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT), Bharati Vidyapeeth University, Pune, hereby declare that I have undergone the Summer Training at ICICI Prudential Life Insurance Co. Ltd. under the supervision of Mr. Yasir Ahmad on and from 12th May to 2nd July. I also declare that the present project report is based on the above summer training and is my original work. The content of this project report has not been submitted to any other university or institute either in part or in full for the award of any degree, diploma or fellowship. Further, I assign the right to the university, subject to the permission from the organisation concerned, use the information and contents of this project to develop cases, caselets, case leads, and papers for publication and/or for use in teaching.

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Place: Pune Date: 21-07-2010

Sajadul Ashraf MBA-G

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ACKNOWLEDGEMENTIt is with immense satisfaction that, I am completing my Summer Project Report, I therefore, would like to wait for few moments and thank IMED, BVU, for encouraging me to take up my Summer Project in Marketing Sector. I am also very thankful to all my faculty members for their extensive support by imparting in us the practical approach of corporate sector, and their valuable backing of getting ourselves involved with the functioning of the company rather than just involve us in our projects. I would also wish to acknowledge my profound gratitude to ICICI Prudential Life Insurance Co. Ltd. who allowed me to do Summer Training and helped me in the completion of this project. I am extremely grateful to all the concerned employees for their full support and guidance despite their tight and busy schedules. I would like to express my special and sincere thanks to Mr. Yasir Ahmad (Agency Manager) who happened to be my industry guide for rendering valuable guidance and necessary suggestions in bringing out this project report. Last but not the least; I shall fail in my duty, if I dont thank all those concerned people who have directly or indirectly contributed in the completion of this entire Summer Internship Project.

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Sajadul Ashraf

PREFACERecognizing that investment comprises an important part of our lives today, we all invest our money one or the other way of our secure future. Most of the common type of investment which mostly follows is that to invest in an insurance policy. So insurance is a vital part of the overall financial system where it was necessary to address the need for financial reforms. Government appointed a Committee on Reforms in the Insurance sector in April 1993 better known as Malhotra Committee. The committee was asked to look into the structure of and the need for change in the Insurance sector. The Committee submitted its report in January 1994.The salient recommendations of the committee were the following: 1. That the Insurance sector should be gradually for participation by private sector insurance companies both in life and non-life. The committee did not favours composite offices. 2. Foreign companies are allowed through joint ventures established in India with Indian partners. The minimum paid up capital of the new Insurance Companies should not be less that Rs.100crore, i.e., approximately US$ 25 million capital adequacy should be backed by much defined solvency standards.

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3. Broker may be allowed to operate for direct business subject to adequate controls & safeguards. 4. An Independent Insurance regulatory mechanism should be set up before private companies are licensed. 5. The promoters share holdings should not exceed 40 percent of the paid up capital.

In keeping with the recommendations of the Malhotra Committee, the government established the interim Insurance Regulatory Authority by an executive order in January 1996. The authority was given some of the powers of the controller of Insurance so as to have an effective control over monitoring & functioning of existing insurers.

An estimated 300 million people in India can afford Life Insurance. Only 70 million of them have it. The governments own estimates show that the insurance market in India will grow tenfold to $80 billion by the end of 2010. Swiss Re forecasts an average of 14% annual growth in the life insurance market for the next 5 years. Insurance companies and pension funds play a pivotal role in financial markets and the economy in general the world over. They have a decisive impact on the development of the economic infrastructure as well as the stability developing countries. Today there are 13 Life Insurance companies in India and an equal number of Life Insurers, many more move will start business as the market matures. As

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the insurance sector blossoms in India, it would require as committed talent pool. It is the talent pool of employees and agents that will make the difference. In my report I have given much thrust on ULIP investments as they are the most preferred type of investments made by masses in present times, I also have taken to justify the way we should invest, also considering the nearest alternatives of ULIPs.

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TABLE OF CONTENTSS. No. 1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 2. 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 INTRODUCTION Executive Summary Insurance Industry Reason for Insurance Importance of Insurance Introduction of Life Insurance in India Important Milestones in the Insurance business in India Liberalisation of Indian Insurance Indian Insurance in 21st Century RESEARCH METHODOLOGY Marketing research Research Design Types of Research Design Project Design Problem Statement Objectives of the Study Limitations Questionnaire design Questionnaire CONTENTS Page No. 12 16 17 17 18 19 19 21 21 22 23 23 24 25 26 26 27 28 30

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3. 3.1 3.2 3.3 3.4

COMPANY PROFILE ICICI Prudential ICICI Prudential Edge Entry of Private Players Promoters of the Company 3.4.1 ICICI Bank 3.4.2 Prudential Plc 3.5 3.6 3.7 3.8 3.9 3.10 3.11 3.12 3.13 Achievements Promotion Brand Values Fact Sheet Vision of ICICI Prulife Values of ICICI Prulife History of ICIC Prudential Products of ICICI Prulife Awards WORKING ENVIRONMENT 4.1 4.2 4.3 4.4 Introduction Human resource Department Marketing and Sales Department Relationship Marketing in Insurance

33 33 36 37 38 38 40 41 42 42 43 43 43 44 47 52 56 57 58 60 61

4

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4.5 5 6 7 8 9

Finance and Accounts Department DATA INTERPRETATION AND ANALYSIS FINDINGS OF THE STUDY CONCLUSION SUGGESTIONS BIBLIOGRAPHY

62 63 77 79 82 84

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LIST OF TABLESS. No. 1 2 3 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 Name of Tables Name of the Private Players Profile of ICICI Bank Profile of Prudential plc Data Interpretation and Analysis Table-1 Table-2 Table-3 Table-4 Table-5 Table-6 Table-7 Table-8 Table-9 Table-10 Table-11 Table-12 Page No. 37 39 40 63 64 65 66 67 68 69 70 71 72 73 74 75

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4.13

Table-13

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LIST OF GRAPHS/CHARTS/PICTURESS. No. 1 2 3 4 5 6 6.1 6.2 6.3 7 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 7.10 7.11 Name of Graph/Chart /Picture 12th Asia Insurance Industry Award 2008. Award for Brand Excellence in the Banking and Financial services ICICI Group Marketing Excellence Award Bronze Effy trophy Outlook Money Awards 2003 & 2004 IMM Award for Excellence Working Environment Structure of HR Department Structure of marketing Department Structure of Finance Department Data Interpretation and Analysis Chart-1 Chart-2 Chart-3 Chart-4 Chart-5 Chart-6 Chart-7 Chart-8 Chart-9 Chart-10 Chart-11 Page No.

52 53 53 54 55 56 58 60 62 63 64 65 66 67 68 69 70 71 72 73 74

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7.12 7.13

Chart-12 Chart-13

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CHAPTER 1 INTRODUCTION

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1.

INTRODUCTION:Life insurance is a form of insurance that pays monetary proceeds upon the death of the

insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current. With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 % to the countrys GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many changes. The liberalization of the industry the insurance industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run.

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Insurance is the business of providing protection against financial aspects of risk, such as those to property, life health and legal liability. It is one method of a greater concept known as risk management which is the need to manage uncertainty on account of exposure to loss, injury, disadvantage or destruction. Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. In insurance the insured makes payment called premiums to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Insurance companies also earn investment profits, because they have the use of the premium money from the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of float are successful they may earn large profits, even if the insurance company pays out in claims every penny received as premiums. In fact, most insurance companies pay out more money than they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in India can broadly classified in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance. 1) Life insurance:

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Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business. Benefits of life insurance Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term. Fundamental principles of life insurance contract; 1) Principle of almost good faith: A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not.

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2) Principle of insurable interest: Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person. 2) Non-life (general) Insurance: Triton insurance co. ltd was the first general insurance company to be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907. There emerged many a player on the Indian scene thereafter. The general insurance business was nationalized after the promulgation of General Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance business.

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1.1 EXECUTIVE SUMMARY:The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace. ICICI PruLife works to generate revenue and make profits so that the organisation is able to sustain and compete in the market. The revenue comes from the sales of its products, so as a summer trainee my job profile was the study and sales of ULIP plan. I had to study the ULIP plan to understand it and have the complete knowledge of the product and do sales so as to generate revenue for my organization.

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1.2.

INSURANCE INDUSTRY:

Historians believe that insurance first developed in Sumer & Babylonia. The merchants & traders of these societies transferred & pooled their money to protect themselves from pirates. In the 18th century BC, Babylonian king Hammurabi developed a code of law known as the code of specific rules governing the practices of early risk-sharing activities. Insurance developed during the 1700s in the North American colonies. In 1730, Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. The company collected contributions & this money went into an investment fund. Interest on this fund went towards paying claims dividends to those who contributed money.

1.3.

Reason for Insurance:

No one knows in advance when a loss will occur or how serious that loss will be. The uncertainty surrounding potential losses is known as Risk. Insurance offers a way for people to replace risk with known costs- the costs of buying & maintaining insurance policies. Insurance pools risks shared by many people, thereby, reducing the risks faced by a group. People pay to buy insurance coverage (protection from risk). In exchange, all policy holders (people who own insurance policies) receive a promise that the group of policyholders as represented by the insurance organization will pay when any policyholder experience any kind of loss.

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1.4.

Importance of Insurance:

Insurance industries in India have a long history. Life Insurance in existing form came in India from UK in 1818 with Oriental Life Insurance Company. The Indian Life Assurance companies Act, 1912 was the first measure to regulate Life Insurance business. Later in 1928 the Indian Insurance Companies act was enacted, which was amended in 1938. Finally Government of India in 1950 again amended this act. Life Insurance Corporation of India was formed in September 1956 by passing LIC Act, 1956 in Indian parliament. The first general insurance company- Sun Insurance Office Ltd. was established in Calcutta in the year 1710. General Insurance business in India was nationalized with effect from 1.1.73 by the General Insurance Business Act. from 1973, The General Insurance Company (GIC) as a holding company divided in four subsidiaries as: National Insurance Company Ltd., The New India Assurance Company Ltd. The Oriental Insurance Company Ltd. The United India Insurance Company Ltd.

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1.2. INTRODUCTION OF LIFE INSURANCE IN INDIA:India at a glance: Population: 1.1 Billion Economy: 4th largest in the world in terms of Purchasing Power Parity (PPP) GDP growth Rate: Over 6% per year on an average for the last decade Estimated middle class population: 300 Million Insured population: 70 million only Insurance is an Rs 450 billion industry in India. The value of the market is determined by gross premium incomes. The life insurance segment writes about 80% of the overall market value. Indian Insurance market was at its all-time high in 2003 with a growth of about 17.4% over the previous year. Since 2001 Insurance is growing at the rate of 15-20 % annually. The growth in the insurance industry is affected by volatility in real estate rates, GDP rates and long term interest rates. Fluctuations in exchange rates also affect the growth in this sector. The gross premium as a percentage of the GDP has gone up from 2.3 in the year 2000 to 4.8 in 2006. Together with banking services, it adds about 7% to the countrys GDP.

1.3.

Some of the important milestones in the life insurance business in India are:

British-India Period:1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

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1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as substandard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crores from the Government of India.

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1.4.

Liberalization of Indian Insurance:

1994: Insurance sector invited private participation to induce a spirit of competition amongst the various insurers and to provide a choice to the consumers. 1997: Insurance regulator IRDA was set up as there felt the need: To set up an independent regulatory body, that provides greater autonomy to insurance companies in order to improve their performance, In the first year of insurance market liberalization (2001) as much as 16 private sector companies including joint ventures with leading foreign insurance companies have entered the Indian insurance sector. Of this, 10 were under the life insurance category and six under general insurance. Thus in all there are 25 players (12-life insurance and 13-general insurance) in the Indian insurance industry till date.

1.5.

Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard Life insurance first private insurers to sell a policy 2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting non-life claims in the cashless mode 2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt Ltd.

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CHAPTER 2 RESEARCH METHDOLOGY

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2.1. Marketing Research:Research simply means search for knowledge. Research is a systematic design collection, analysis and reporting of data and finding relevant to a specific marketing situation facing the company. In todays competitive business scenario every decision could be critical and might have an immense effect on the future of business. Thus the Research is of prime importance of modern business. Marketing Research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research, companies can learn more about current and potential customers. The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research represents the voice of the consumer in a company. A list of questions that can be answered through market research: How to get a new customer and retain older? What is happening in the market? What are the trends? Who are the competitors? How do consumers talk about the products in the market? Which needs are important? Are the needs being met by current products?

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2.2 Research Design:The project was carried out, keeping in mind the main objectives. The research design is the conceptual framework within which the research is conducted. It contains the blueprint for the collection, measurement and analysis of data. Our project demanded the knowledge of portion of population, so we decided to go for random sample survey instead of census survey. The population in this case we had to deal with comprised of every kind of person, an illiterate and an educated one, a young and an old one, so we designed a questionnaire that would be easy to comprehend and that would be easy for us to make people understand. However, it is worth mentioning that the questionnaire dealt with every possible problem and solution, which was usually followed by an unstructured interview/ question conditioned to cooperation of respondent and many inferences were made on the bases of these interactions.

2.3. Types of research design:There are three types of research design: Exploratory research design Descriptive research design Causal research design. Exploratory research is method of collecting information in an unstructured and informal way. Exploratory research helps determine the best research design, data collection method and selection of subjects. Exploratory research often relies on secondary research such as reviewing available literature and/or data, or qualitative approaches such as informal discussions with consumers, employees, management or competitors, and more formal approaches through in-depth interviews, focus groups, projective methods, case studies or pilot studies. The Internet allows for research methods that are more interactive in nature.

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For example if the owners of a new restaurant often eat out at competitors restaurants in order to gather information about menu selections, prices and service quality. Descriptive research refers to a set of methods and procedures that describe marketing variables. Descriptive studies portray these variables by answering who, what, why and how questions. These types of research studies may describe such things as consumers attitudes, intentions, and behaviour, or the number of competitors and their strategies. Causal research design is conducted by controlling various factors to determine which factor is causing the problem. It allows you to isolate causes and effects. By changing one factor, say price you can monitor its effects on a key consequence such as sales. Although causal research can give you a high level of understanding of the variable you are studying, the designs often require experiments that are complex and expensive.

2.4. Project Design:Our project demanded a design which would include: Research nature: An exploratory research design was adopted to conduct the study in order to know the above mentioned objectives. Data collection method: Primary Data Collection: Phrasing of Queries: Order of Queries: Optional Data Collection: Population being very large, the Data Collection Method demanded the Sample Survey. Questionnaire Queries were made in such a way that it was easy for us to make it understand and easy to comprehend. Order was most important feature which was kept in mind. Unstructured Questions

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2.5. PROBLEM SATATEMENT:To study the Brand Awareness of ICICI Prudential with reference to Sopore and Baramulla areas of Jammu and Kashmir.

2.6. OBJECTIVES OF THE STUDY:TO ANALYSE THE BRAND AWARENESS OF ICICI PRUDENTIAL INSURANCE COMPANY IN SOPORE AND BARAMULLA.

The objective of our study included the following important functions:a) To check the awareness and interest of Insurance among people in general. b) To find out the popularity of different insurance providers. c) To find out the satisfaction level of existing policy holders. d) To enlighten people with the benefits of Insurance and Investments. e) To find out the reason behind less impetus of people towards Insurance. f) To find out a strategy to make people aware and develop their interest in insurance and Investments. g) To know about the most threatening substitute of Insurance.

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2.7. Limitations of the Study:It is said, Nothing is perfect and there would be few shortcoming in this project also. Sincere efforts have been made to eliminate discrepancies as far as possible but few would have remained due to limitations of the study.

Time seemed to be my most limited resource to conduct a comprehensive research. Project was scheduled to be completed in 07 weeks period seems to be very difficult. Some of the respondents were not ready to fill the questionnaires and some of them were not ready to come out openly. Due to the current unrest in Kashmir, it was very difficult to get the good no. of questionnaires filled up. Most of the people (particularly in rural areas) were unable to fill up the questionnaire due to the lack of knowledge about the insurance industry.

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2.8. Questionnaire Design:Based on the varied needs of the information required, the questionnaire was designed in such a manner that it satisfied our need and it was prepared in consultation with the Sales Manager of ICICI Prudential Life Insurance Company. The necessary parameters which were taken care of during this phase were: The information needs should be completely met. Ease of understanding of the Queries. Ease of administering the questionnaire. Probing nature of the questionnaire. To make it free from biased Queries. There should be no implicit responses. The person responding to the schedule should not be able to make assumptions about the information collection agency to prevent any intended bias that could creep in because of that. During the Interviewer development phase, emphasis was put on the following areas: 1. Question Issues a. What types of questions can be asked? b. How complex will the questions be? c. Will cross check questions be needed? d. Will lengthy questions be asked? e. Will open ended questions be asked

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2. Content Issues a. The information requirement laid down prior to questionnaire development should be completely met. b. Can the respondents be expected to know about the issue? c. Will the responses be conclusive and provide enough information to make important decisions? d. Ease of understanding of the questionnaire by the respondent. e. The language of the questionnaire was kept lucid and easy for better comprehension by the respondent f. The sequence of questions was so adjusted as to avoid any predisposition 3. Bias Issues a. Can interviewer distortion and subversion be controlled? b. Can false respondents be avoided? c. The questionnaire should be anonymous i.e. the respondent should not be able to know on behalf of which telecom operator the research was being conducted. This was done to minimize bias. 4. Administrative Issues a. Costs b. Facilities

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c. Time d. Personnel e. Ease of administering the questionnaire.

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Note: This is a Research Project conducted by the student of MBA (Bharati Vidyapeeth University, IMED, Pune).

QUESTIONNAIREName:-___________________________________________________________________________ _

Address:-___________________________________________________________________________ __

Contact No :__________________________________________________________________________

Q1: DO YOU HAVE KNOWLEDGE ABOUT LIFE INSURANCE? a) YES b) NO

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Q2: HOW HAVE YOU BEEN EXPOSED TO LIFE INSURANCE? a) ADVERTISEMENT c) FRIENDS AND RELATIVES Q3: DO YOU HAVE KNOWLEDGE ABOUT INSURANCE COMPANIES OTHER THAN LIC? a) METLIFE c) ICICI PRUDENTIAL b) BAJAJ ALLIANZ d) NONE b) INSURANCE AGENT

Q4: ARE YOU A PRESENT POLICY HOLDER? a) YES a) STRONGLY SATISFIED c) CANT SAY b) NO b) SATISFIED d) NOT SATISFIED Q5: WHAT IS YOUR SATISFACTION LEVEL WITH LIFE INSURANCE POLICY?

Q6: DO YOU THINK ICICI PRUDENTIAL IS A RELIABLE INSURANCE COMPANY? a) YES b) NO

Q7: ARE YOU AWARE ABOUT THE PRODUCTS OF ICICI PRUDENTIAL? a) YES b) NO

Q8: ARE YOU INTERESTED TO KNOW ABOUT ICICI PRUDENTIAL? a) YES b) NO

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Q9: DO YOU THINK INSURANCE POLICIES SHOULD PROVIDE MORE RETURNS BESIDES RISK COVER? a) STRONGLY AGREE c) DOES NOT MATTER b) AGREE d) DISAGREE

Q10: WHERE DO YOU INVEST YOUR SAVINGS? a) BANKS c) SHARE MARKETS Q11: ARE YOU A TAX PAYER? a) YES b) NO b) REAL ESTATE d) OTHERS

Q12: LIFE INSURANCE POLICIES TODAY PROVIDE SECURITY AND FINANCIAL SOLUTION FOR YOUR TOMMOROW? a) STRONGLY AGREE c) CANT SAY e) STRONGLY DISAGREE Q13: WHAT COULD BE THE REASONN BEHIND LESS IMPETUS AND INTEREST TOWARDS INSURANCE? a) REGION AWARENESS c) INCOME b) MOTIVATION d) OTHERS. b) AGREE d) DISAGREE

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CHAPTER 3 COMPANY PROFILE

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COMPANY PROFILE3.1. ICICI Prudential Life Insurance Co. Ltd.ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is one of India's foremost financial services companies, and Prudential Plc, which is a leading international financial services group headquartered in the United Kingdom. ICICI Prudential began the operations in December 2000. Today, this company has over 2100 branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance partners. ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC.

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T ej i tsr n t s h on te ghAp w rfu jo t v n re p rtn rs ip w e c c rry ga s t o o e l in e tu a e h ith a h a in e f c m le e tin e c o e o p m n g a h th rs s n th tre g s

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ICICI Prudential Life Insurance Company is the first life insurer in India that received a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI Prudential Life Insurance Company has various insurance plans that have been designed for different individuals, as every individual has different insurance needs. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in

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terms of market share as indicated by the IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website. Arguably the most innovative Indian Life insurer in terms of customer services and products, ICICI Prudential has one of the largest distribution and servicing network with around 2,000 proprietary offices & customer touch points across India. The 30,000 employee strong organization has one of the largest agency distribution in the industry. With a growing product range to match the complex needs of the demanding customers in a growing economy, the organization also has a history of successful. During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its users.

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3.2. The ICICI Prudential Edge:The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders. 1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products . 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term.

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6.Last but definitely not the least, our team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life

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3.3. Entry of Private Players:The introduction of private players in the industry has added colors to the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the one time monopoly of the LIC market. Since the advent of the private players in the market, the industry has seen new and innovative steps, taken by the players in this sector. The new players have improved the service quality of the insurance. The following companies are present in the Life Insurance Industry in India. Name of the player Bajaj Allianz Life Insurance Company Limited. Birla Sun Life Insurance Co. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Company Pvt. Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd. Met Life Indian Insurance Company Pvt. Ltd. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Company Ltd. Reliance Life Insurance Company Ltd. Aviva Life Insurance Co. India Pvt. Ltd. Sahara India Life Insurance Co. Ltd. Bharti AXA Life Insurance Company Ltd.

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3.4. Promoters Of The Company:3.4.1. ICICI Bank:ICICI Bank (BSE: 532174, NYSE: IBN) (formerly Industrial Credit and Investment Corporation of India) is a major banking and financial services organization in India. It is the second-largest bank by revenue, profit and assets (behind State Bank of India) and the largest private sector bank in India by market capitalization. The bank also has a network of 1,700+ branches (as on 31 March, 2010) and about 4,721 ATMs in India and presence in 18 countries, as well as some 24 million customers (at the end of July 2007). ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialization subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. (These data are dynamic.) ICICI Bank is also the largest issuer of credit cards in India. ICICI Bank has got its equity shares listed on the stock exchanges at Kolkata and Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs on the New York Stock Exchange (NYSE). The Bank is expanding in overseas markets and has the largest international balance sheet among Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and representatives offices in 18 countries, including an offshore unit in Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the HI SAVE savings brand is operated), offshore banking units in Bahrain and Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab

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Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in particular. ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007. ICICI Bank is one of the Big Four Banks of India, along with State Bank of India, Axis Bank and HDFC Bank its main competitors. Type Public (BSE: 532174, NYSE: IBN) Industry : Banking Financial services Founded : 1955 Headquarters: Mumbai, India Key people: K.V. Kamath (Chairman) Chanda Kochhar (MD & CEO) N. S. Kannan (CFO) Products: Investment Banking Commercial Banking Retail Banking Private Banking Asset Management Mortgage Credit Cards Revenue US$ 12.467 billion (2009) Operating income US$ 3.236 billion (2009)[ Profit US$ 664 million (2009) Total assets US$ 93.508 billion (2009)

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Total equity US$ 9.376 billion (2009) Employees 35,000+ (2009)

3.4.2. Prudential plc:Established in London in 1848, Prudential plc is an international retail financial services group with significant operations in Asia, the US and the UK serving around 25 million customers, policyholder and unit holders worldwide. The company has 290 billion of assets under management and it is one of the best-capitalised insurers in the world with an Insurance Groups Directive (IGD) capital surplus estimated at 3.4 billion (at 31 December 2009). Prudential is a leading life insurer in Asia with a presence in 12 markets and have the top three position in seven key locations of Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam. Prudential plc (LSE: PRU, NYSE: PUK) is a British financial services company. The company has over 21 million customers worldwide. As well as the UK arm of its operations it has operations in 12 countries in Asia and owns Jackson National Life in the United States. It founded the Egg internet bank, which it sold to Citigroup in 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Type: Public (LSE: PRU, NYSE: PUK) Industry: Financial services Founded: 1848 Headquarters: London, England, UK Key people: Harvey McGrath, (Chairman) Tidjane Thiam, (CEO)

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Products: Life insurance Revenue 20,299 million (2009) Operating income 1,564 million (2009) Net income 677 million (2009) Employees 25,000 (2010)

3.5. Achievements:Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys range of unique unit-linked policies and pension plans. The companys retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by ACNielsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.

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In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, Indias first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays.

3.6. Promotion:ICICI Prudential is a case study in how advertising and marketing can play a vital role in re-shaping an industry. It has demonstrated how an industry where the customer was nothing more than a policy number has changed to one where customer preference rules the roost. Brand-building in a complex category like life insurance is an uphill and multi-faceted task. At the time of launching operations, the communications task was to build credibility, so as to give the customer the confidence that it was a company that could be trusted to invest funds with. The aim was to encourage people to view insurance not as a compulsory tax saving instrument, but as a means to lead a worry-free, secure life and in the process, create the differentiator for brand ICICI Prudential. The brand proposition for all the campaigns was reflected in the line: Suraksha: Zindagi ke har kadam par. The campaign featured a significant competitive advantage, the sound financial backing and credentials of ICICI Prudential, and showcased products from

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different segments. The advertising idea was encapsulated in the symbol of protection the Sindoor. This campaign contributed extensively to raising brand awareness and creating a distinctive identity for the company. The Company recently tied up with the Forbes Six Sigma rated Dabbawalla organization in Mumbai for a direct marketing exercise. In a Unique effort to create awareness about a tax saving product, the company attached a creative of a bitten apple to Mumbais ubiquitous lunchboxes. It worked wonderfully with Mumbais office-goers and one that translated into substantial business for the company.

3.7. Brand Values:Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved ones, throughout lifes ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place.

3.8. Fact Sheet:The Company 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).

3.9. Vision of ICICI PruLife:To be the dominant Life, Health and Pensions player built on trust by world-class people and service.

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This ICICI PruLife 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, Boundary-less, Ownership and Passion. Each of the values describes 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.

3.10. Values of ICICI PruLife:Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary-less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

3.11. History of ICICI Prudential:Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total

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number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale business. By March 31, 2002, a little over a year since its launch, the company had issued 100,000 policies translating into premium income of approximately Rs. 1,200 million on a sum assured of over Rs.23 billion. When the company began its operations, the need was to build a brand that was relatable to, symbolized trust and was easily recognized and understood. It launched a corporate campaign ICICI Prudential also made using the theme of Sindoor to epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses. The success of the campaign, the calling card of the company saw the brand awareness scores almost at par with its 40 year old competitor. The theme of protection was also extended to subsequent product and category specific campaigns from child plans to retirement solutions which highlight how the company will be with its customers at every step of life. From day one, the company has unflinchingly focused on being mass-market player, developing products, creating a distribution network and deploying resources that would further its goal. Apart from ramping up thoroughly training its advisors, the company has twelve Bancasurance partners the largest in the country. It swiftly revised and added to its initial range of products, pioneering market-linked products and pension plans, to offer customers the most flexible life insurance policies in the country. In February 2004, ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain its topnotch position and continue to deliver the finest life insurance and pension solutions to its evergrowing customer base.

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ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000 advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers at the time of maturity or claims. For the past five years, ICICI Prudential has retained its position as the No.1 private insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys range of unique unit-linked policies and pension plans. The companys retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by AC Nielsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.

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ICICI Prudentials success is rooted in its philosophy to always offer the customer a choice. This has been the driving force behind its multi-channel distribution strategy, which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first life insurer to invest in multiple channels and offer the customer choice and access; thus reducing dependency on any one channel, great strides in the retirement solutions and pensions market. The Companys penetration of the retirement market was driven by the focused approach towards creating awareness through sustained campaign; Retire from work, not life. Within six months, the campaign rewarded ICICI Prudential with an increased share of 23% of the total pensions market and 78% amongst private players. ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 132 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north to Trivandrum in the south. The company has 9 bank partnerships for distribution, having agreements with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some cooperative banks, as well as over 200 corporate agents and brokers, it has also tied up with NGOs, MFIs and corporates for the distribution of rural policies. ICICI Prudential has recruited and trained more than 72,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.

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3.12. Products of ICICI PruLifeInsurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder.

Savings & Wealth Creation SolutionsICICI Pru Save 'n' Protect is an ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection. ICICI Pru CashBak is a single policy that combines the triple benefit of protection, savings & periodic liquidity. ICICI Pru Lifetime Maxima is a unit-linked plan which offers potentially higher returns over the long term with flexible investment options to help you achieve your goals. It also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. ICICI Pru Assure Wealth is a whole life insurance and savings unit linked plan that rewards you with a guaranteed addition and also provides you an insurance cover, with the additional advantage of a lifecycle based portfolio strategy that allocates the investors money across various asset classes based on his age and risk appetite.

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ICICI Pru Premier Wealth is a unit-linked plan which offers potentially higher returns over the long term with flexible investment options to help you achieve your goals. It also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. ICICI Pru ACE is a unit-linked plan which has no premium allocation charge for any regular premiums, which means 100% of your money is invested in Funds on premium payment. It also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility.

Protection SolutionsICICI Pru Pure Protect is a flexible and affordable term product, with which you can ensure your life and provide total security for your family in case of an unfortunate event. ICICI Pru LifeGuard is a protection plan, which offers life cover at low cost. It is available in 2 options level term assurance with return of premium & single premium. ICICI Pru Home Assure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner.

Child Plans

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ICICI Pru SmartKid Maxima is a policy that is designed to provide money at key educational milestones in your child's life. ICICI Pru SmartKid Assure is a policy that not only provides money at key educational milestones in your child's life but also rewards you with a guaranteed addition. SmartKid plans are also available in traditional form.

Retirement SolutionsICICI Pru ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years. ICICI Pru LifeTime Pension Maxima is a regular premium unit linked pension plan that helps you accumulate money for your retirement and offers 5 ways of receiving pension. It also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. ICICI Pru LifeStage Pension Advantage is a regular premium unit linked pension plan which has no premium allocation charge for any regular premiums, which means 100% of your money is invested in Funds on premium payment.

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ICICI Pru Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options. ICICI Pru Assure Pension is a unique pension plan that assures guaranteed additions of up to 170% of the first year premium, giving investors an unmatched start towards accumulating for their retirement kitty. ICICI Pru Elite Pension II is a unit linked pension plan that provides flexibility to the customer to pay for a limited term and lets him build a kitty for his retirement to provide an annuity for life.

Health SolutionsICICI Pru Hospital Care is a fixed benefit inpatient hospitalisation plan, covering various stages of treatment with a daily allowance, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. ICICI Pru Crisis Cover is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. ICICI Pru MediAssure is a reimbursement inpatient hospitalization health insurance policy that provides guaranteed insurability till age 75 years.

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ICICI Pru Health Saver is a comprehensive health plan which provides a reimbursement inpatient hospitalization cover along with building a health savings fund to cover any other day-to-day medical expenses.

Group Insurance SolutionsICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. Group Leave encashment Plan: ICICI Prudential Lifes Group offers a market linked and traditional leave encashment plan designed to aid the employer to build a fund to meet their future leave encashment liability. The contributions made will be invested as per the chosen investment plans and will be available for payment of the benefit when it falls due. Additionally, the product also provides for term cover for all the employees covered under the policy. Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked and traditional schemes that provide substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimise returns for members of the trust and rationalise cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.

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Group Immediate Annuities: ICICI Prudential Life realises the importance of prudent retirement planning. With this in mind, it has developed a suite of life and joint life annuities which guarantee periodic payment to annuitants upto death. Further there are options which return the purchase price on death of annuitants. These annuity options are offered to our existing superannuation customers, and also to superannuation funds not managed by us. Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

Flexible Rider OptionsICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser.2.

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Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical illnesses to the policyholder when attached to the basic plan

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3.13. AWARDS:

ICICI Prudential Life was awarded the Life Insurance Company of the Year at the 12th Asia Insurance Industry Award 2008.

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. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008.

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. ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key categories for its marketing initiative

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ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 was awarded the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Ad club.

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Best Life Insurer 2003. Outlook Money Awards 2003 & 2004 IMM Award for Excellence. Institute of Marketing & Management Organization with Innovative HR Practices Indira Group of Institutes.

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CHAPTER 4 WORKING ENVIRONMENT

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4.1 Introduction:Firstly, I am very thankful to IMED, who has given me the opportunity to grasp the new ideas and information through summer training. Being a resident of Jammu and Kashmir, I prefer to do the summer training in J&K. So, I choose to do it in ICICI Prudential, located in Sopore town of Jammu and Kashmir. I met with the Branch Manager of ICICI Prudential on my first visit to the company. I give him the detailed information about the summer training and he allowed me to do the training here. After that I met with Agency Manager, Mr. Yasir Ahmad, under whom I was supposed to do summer training. I joined the organisation next day and Mr. Yasir used to conduct the classes to give the information about Insurance Industry. We were asked to choose a particular topic to conduct the summer training. I thought marketing related topic will suit best. So I choose Brand Awareness of ICICI Prudential. The survey was conducted in Sopore and Baramulla areas. The research was done through questionnaire.

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4.2. 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:

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Working period is from 10 am to 5 pm. Working days are from Monday to Saturday. Production department and Quality control department work for 24 hours. The important functions performed by the department are: Induction and Orientation Training Performance Appraisal Promotion Recruitment Welfare Measures

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4.3. MARKETING AND SALES DEPARTMENT:A product is anything that can be offered to satisfy a need or want. So, 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 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 sellers 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. STRUCTURE OF MARKETING DEPARTMENT:

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4.3.4Relationship Marketing in Insurance:It is five times more expensive to acquire a new customer then to retain an old one. Relationship Marketing is the practice of building long term satisfying relationship with key parties, customers and suppliers. They accomplish this by promoting and delivering high quality goods services and fair prices to other parties. Relationship marketing results in strong economic, technical and social ties among the parties. The important objectives of relationship marketing is to acquire new customers, maintain and enhance relationship with existing customers, re-activities of ex-customers and handling of customers terminations. The key objective of relationship marketing is to establish one to one relationship with all customers. How to add value through relationship Marketing Identify loyal customers Recognize their special needs Provide special reward for loyalty Establish continuing relationship Ensure increase in customer value

Relationship marketing is one of the hottest trends in the present marketing scenario. Satisfied customers not only stay with a company but they are also walking talking advertisement for the companys product

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4.5. 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 organizations 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. STRUCTURE OF FINANCE AND ACCOUNTS DEPARTMENT:

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CHAPTER 5 DATA INTERPRETATION AND ANALYSISINSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

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Data Interpretation and AnalysisQ1. Do you have knowledge about Life Insurance? Ans: Responses were (Out of 80) Yes Responses %age 74 92 No 6 8 Total 80 100

Table 1

Chart 1The graphs show that approximately 92% of the respondents were having knowledge of Life Insurance. Inference This shows that there is a great market potential for Life Insurance and people are ready to invest if guided properly.

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Q2. How have you been exposed to Life Insurance? Ans: Responses were (Out of 80) Advertisemen t Max Observe d %age 80 24 30 Insurance Agent 80 20 25 Friends and Relatives 80 36 45

Table 2

The graphs show that approximately 25% of the respondents were exposed to Life Insurance through Insurance Agents. Inference This shows that the Company should recruit more and more Insurance Agents to be successful in this competitive scenario. Advertisements and other media should not be neglected as they too comprise a considerable percentage. Q3. Do you have knowledge about Insurance Companies other than LIC? Ans: Responses were (Out of 80) MetLife Max Observed 80 30 Bajaj Allianz 80 23 ICICI Pru. 80 20 None 80 7

Chart 2

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%age

38

28

25

9

Table 3

Chart 3The graphs show that Bajaj Allianz and MetLife have considerable number of followers other than LIC. Inference This shows that the ICICI Prudential should make strategies keeping in view the strategies of Bajaj Allianz and MetLife. Q4. Are you a present policy holder? Ans: Responses were (Out of 80) Yes Responses %age 24 30 No 56 70 Total 80 100

Table 4

Chart 4The graphs show that approximately 70% of the respondents were without policies. InferenceINSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

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This shows that most of the market is unexplored representing a huge sales potential. Q5. What is your satisfaction level with Life Insurance Policy? Strongly Satisfied Responses %age 9 11 Satisfie d 38 48 Can't Say 21 26 Not Satisfie d 12 15 Ans: Responses were (Out of 80)

Table 5

The graphs show that almost 15 % of the respondents are not satisfied with the existing products and services. Inference This shows that the plans should be customized and more features should be added to products to make them more profitable and more attractive. Q6. Do you think ICICI Prudential is a reliable insurance company? Ans: Responses were (Out of 80) Yes Responses 48 No 32 Total 80

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%age

60

40

100

Table 6

The graphs show that almost 40% of the respondents lacked trust in ICICI Prudential Life Insurance Company. Inference This shows that much needs to be done in order to develop trust and reliability of ICICI Prudential Life Insurance Company among people. Q7. Are you aware about the products of ICICI Prudential? Ans: Responses were (Out of 80) Yes Responses %age 22 73 No 58 27 Total 80 100

Table 7

The graphs show that approximately 73% of the respondents were unaware about the products of ICICI Prudential Life Insurance Company. Inference

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This shows that there is a need of making product information common among masses using proper media.

Q8. Are you interested to know about ICICI Prudential? Ans: Responses were (Out of 80) Yes Responses %age 59 74 No 21 26 Total 80 100

Table 8The graphs show that approximately 74% of the respondents are interested to know about the ICICI Prudential Life Insurance Company. Inference This shows that proper course of action should be followed to make people aware of ICICI Prudential Life Insurance Company so that they can invest in it. This also shows that ICICI PRUDENTIAL INSURANCE COMPANY enjoys a good image among the masses. Q9. Do you think Insurance Polices should provide more returns besides risk cover? Ans: Responses were (Out of 80)

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Strongly Response s %age Agree 26 33

Agre e 42 53

Doesn't Matter 6 7

Disagre e 6 7

Table 9The graphs show that approximately 53% of the respondents are interested in more returns besides risk cover from Life Insurance Companies. Inference This shows that insurance companies should focus on investments that provide considerable amount of returns besides Insurance Cover. Q10. Where do you invest your savings? Ans: Responses were (Out of 80) Bank Respons es %age s 51 64 Real Estate 4 5 Share Market 6 7 Other s 9 24

Table 10The graphs show that approximately 64% of the respondents invest their savings in banks

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Inference This shows that strategies should be formulated in such a manner that bank customers could be converted into insurance customers, as is done through bank assurances.

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Q11. Are you a Tax Payer? Ans: Responses were (Out of 80) Yes Responses %age 19 24 No 61 76 Total 80 100

Table 11The graphs show that approximately 24% of the respondents are tax payers and need to save tax. Inference This shows that tax saving benefits should be highlighted during the marketing of insurance products to increase the customer base of the Insurance Companies. Q12. Life Insurance Policies provide security and financial Solution for your tomorrow? Ans: Responses were (Out of 80). Strongl y Agree Response 19 s Agre e 43 Can't Say 8 Disagre e 8 Strongly Disagree 2

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%age

24

53

10

10

3

Table 12

The graphs show that approximately 23% (10+10+3) of the respondents do not take insurance as a tool for protection and financial solutions for tomorrow. Inference This shows that there is still a lot of confusion about the benefits of the insurance which is not taken as a financial benefactor for tomorrow.

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Q13. What could be the reason behind less impetus and interest towards Insurance? Ans: Responses were (Out of 80) Region Awareness Responses %age 11 14 Motivatio n 31 39 23 29 15 18 Income Others

Table 13

The graphs show that approximately 39% of the respondents do not take insurance because of motivational factors. Inference This shows that there is still a lot of confusion about the functioning of insurance companies. The ULIP products should be promoted and also sales force needs to be trained properly to increase the customer base.

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CHAPTER 6 FINDINGS OF THE STUDY

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Findings of the Study

The respondents having knowledge about the Life Insurance is fairly good. Nearly half of the respondents have been exposed to Life Insurance by their Friends and Relatives. The awareness of ICICI Prudential among respondents is fairly low as compared to LIC and MetLife. The satisfaction level with Life Insurance policy among the respondents was very good. Nearly 3/4th of respondents are not aware about the products and services offered by ICICI Prudential. Nearly 3/4th of respondents are interested to know about the products and services offered by ICICI Prudential. Almost 85% respondents are agreed with the statement that insurance policies should provide more returns besides risk cover. The reason for less knowledge and interest towards insurance is lack of motivation and less income.

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CHAPTER 7 CONCLUSION

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Conclusion: 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). This research report is based on the survey for finding the position of various insurance policies offered by the insurance companies. Life insurance products provide a definite amount of money to the dependants of the insured in case the life insured dies during his active income earning period or becomes disabled on account of an accident causing reduction/complete loss in his income earnings. An individual can also protect his old age when he ceases to earn and has no other means of income by purchasing an annuity product. The company profiles of these companies and their product range have to be given in the first part of this report.

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The insurance policy offers the various insurance policies covering the risk of various stages of life of any person. Covering the risk is become so important and necessary for any person. In the present scenario the life is becoming so risky due to the innovation of the various latest technology and modern way of livings. Insurance products available for life and non-life are many. In non-life, apart from personal covers such as accident covers and health insurance, there are products covering liabilities under a particular law and or common law. The various products are designed to cater to different needs of an individual or industry such as fire insurance policy on multi- storeyed building, householders policy. An insurance contract promises to make good to the insured a certain sum in consideration for a payment in the form of premium from the insured. Human life cannot be valued. Hence the sum assured (or the amount guaranteed to be paid in the event of a loss) is by way of a benefit in the case of life insurance. The conclusion of this report is that the life insurance is the necessary and considerable factor for any person for covering the risk of life and for future security.

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CHAPTER 8

SUGGESTIONS

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SUGGESTIONS Insurance companies should not mislead to customer to provide wrong

information about

own policy. Rural area in India lacks this facility so the insurance policy should spread

their business in

rural area also. Insurance companies should make personal contact with customer or own

client for improve

brand promotion. Most of person does not know about the full knowledge about insurance

policy so the

companies should try to provide the complete knowledge about insurance policy to the customer.

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CHAPTER 9 BIBLIOGRAPHY

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Bibliography:Websites:www.lic.com www.iciciprulife.com www.irda.com www.goolge.com www.icicibank.com.

Books of References:

Marketing Management by Philip Kotler Marketing Management by Rajan Saxena. ICICI Prudential Company Magazines

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Newspaper and Business Magazines

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