project report on perception of people towards insurance at icici prudential

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  • 7/31/2019 Project Report on Perception of People Towards Insurance at ICICI Prudential

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    1. EXECUTIVE SUMMARY

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    EXECUTIVE SUMMARY

    ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one ofIndia's foremost financial services companies-and Prudential plc - a leading international

    financial services group. For the past seven years, ICICI Prudential Life has retained itsleadership position offering a wide range of flexible products that meet the needs of theIndian customer at every step in life.

    Life Insurance is considered to be a life saving and tax saving tool. Under the plan ofinsurance, a large number of people associate themselves by sharing risk attached toindividuals. Any risk contingent upon this may be insured against at a premiumcommensurate with the risk involved.

    The objective behind my project was to know the Perception of people towardsinsurance, whether they believe Life Insurance to be a life saving, tax saving or a pure

    investment tool and also to know the Effectiveness of communication strategy of ICICIPrudential, whether the benefits and features of products are properly conveyed tocustomers or not.

    The questionnaire was used as data collection instrument and both open ended and closeended type of questions were used as per the requirement. The sample size was 150respondents out of which 100 respondents were from general public and 50 respondentswere customers of ICICI Prudential Life Insurance.

    From the survey it was observed that 58% people perceived insurance as life savinginstrument but still there is a chunk of crowd who believes insurance as tax saving or aspure investment tool. It was also observed that the communication of products benefitsand features by advisors of ICICI Prudential was satisfactory.

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    2. INTRODUCTION

    Fundamentals of insuranceWhat is Insurance?What is Life Insurance?Need for Life InsuranceUnique benefits of Life InsuranceWhy we need Insurance cover?

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    FUNDAMENTALS OF INSURANCE

    In life every human being-you and we included is exposed to an element of risk, commonlydefined as the possibility of loss. These broadly relate to two spheres-our lives and our

    material possessions. Further, every loss has two implications: financial and non-financial.For instance when a person dies, the family suffers a grievous emotional loss, which canperhaps never be compensated. But the family also suffers another significant loss-financialloss; particularly person who dies was an earning member or even potentially earningmember. There are then concerns about the financial stability of the dependents. Similarly,when a factory is gutted in a fire, in addition to the loss of property, there are otherconsiderations: the effort to rebuild the factory, the future of workers and the fate ofsuppliers and consumer attached to the business.

    In both instances, little can be done about non-financial losses. But financial losses can-andmust-be addressed and using risk management tool and that is Insurance.

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    WHAT IS INSURANCE?

    Insurance is a financial service for collecting the saving of the public and

    providing them with a risk coverage.Thus in insurance,The Risk

    The insured The insurer

    General definition: In the words of John Magee, Insurance is a plan by which largenumber of people associate and transfer to the shoulders of all risks that attach toindividuals.

    Fundamental definition: In the words of D.S. Hansell, Insurance is accumulatedcontributions of all parties participating in the scheme.

    Contractual definition: In the words of justice Tindall, Insurance is a contract in which asum of money is paid to the assured as consideration of insurers incurring the risk ofpaying a large sum upon a given contingency.

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    WHAT IS LIFE INSURANCE?

    Life insurance is a guarantee that your family will receive financial support, even in yourabsence. Put simply, life insurance provides your family with a sum of money shouldsomething happen to you. It thus permanently protects your family from financial crises.

    In addition to serving as a protective cover, life insurance acts as a flexible money-savingscheme, which empowers you to accumulate wealth-to buy a new car, get your childrenmarried and even retire comfortably. Life insurance also triples up as an ideal tax-savingscheme.

    NEED FOR LIFE INSURANCE

    Today, there is no shortage of investment options for a person to choose from. Modern dayinvestments include gold, property, fixed income instruments, mutual funds and of course,life insurance. Given the plethora of choices, it becomes imperative to make the rightchoice when investing your hard-earned money. Life insurance is a unique investment thathelps you to meet your dual needs - saving for life's important goals, and protecting yourassets.

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    UNIQUE BENEFITS OF LIFE INSURANCEAsset ProtectionFrom an investor's point of view, an investment can play two roles - asset appreciation orasset protection. While most financial instruments have the underlying benefit of assetappreciation, life insurance is unique in that it gives the customer the reassurance of asset

    protection, along with a strong element of asset appreciation.The core benefit of life insurance is that the financial interests of ones family remainprotected from circumstances such as loss of income due to critical illness or death of thepolicyholder. Simultaneously, insurance products also have a strong inbuilt wealth creationproposition. The customer therefore benefits on two counts and life insurance occupies aunique space in the landscape of investment options available to a customer.Goal based savingsEach of us has some goals in life for which we need to save. For a young, newly marriedcouple, it could be buying a house. Once, they decide to start a family, the goal changes toplanning for the education or marriage of their children. As one grows older, planning for

    one's retirement will begin to take precedence.Clearly, as your life stage and therefore your financial goals change, the instrument inwhich you invest should offer corresponding benefits pertinent to the new life stage.Life insurance is the only investment option that offers specific products tailormade fordifferent life stages. It thus ensures that the benefits offered to the customer reflect theneeds of the customer at that particular life stage, and hence ensures that the financial goalsof that life stage are met.

    The table below gives a general guide to the plans that are appropriate for different lifestages.Life StagePrimary NeedLife Insurance ProductYoung & SingleAsset creationWealthcreation plansYoung & Just marriedAsset creation & protectionWealth creation andmortgage protection plansMarried with kids Children's education, Asset creation andprotectionEducation insurance, mortgage protection & wealth creation plansMiddle agedwith grown up kids Planning for retirement & asset protectionRetirement solutions &mortgage protectionAcross all life-stages Health plansHealth Insurance

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    WHY WE NEED INSURANCE COVER?

    Insurance will help provide protection to investors from certain or uncertain risks. Certain

    risk includes events like death, retirement, pension, education, marriage, etc. Uncertain riskincludes events like theft

    A human life is also an income-generating asset. This asset also can be lost throughunexpectedly early death or made non-functional through sickness and disability caused byaccident. Accident may or may not happen. Death will happen, but the timing is uncertain.If it happens around the time of retirement, when it could be expected that the income willnormally cease or the person could have made some other arrangement to meet thecontinuing needs. But if it happens much earlier when the alternative arrangements are notin place, insurance is necessary to help those dependent on income.

    In case of a human being, he may have made arrangements for his need after his retirement.These would have been made on the basis of some expectations like he may live foranother 15 years or that his children will look after him. If any of these expectations wouldbecome inadequate and there could be difficulties. Living too long can be as much aproblem as dying too young. These are risks, which need to be safeguard against thoroughinsurance.

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    (a). COMPANY DETAILS

    Company ProfilePromotersThe ICICI Prudential edgeCompany OverviewVisionValuesOrganization structureBoard of DirectorsManagement TeamAwards and Recognition

    DistributionProduct BasketSWOT Analysis

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    COMPANY PROFILE

    ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one ofIndia's foremost financial services companies-and Prudential plc - a leading international

    financial services group headquartered in the United Kingdom. Total capital infusionstands at Rs. 33.62 billion, with ICICI Bank holding a stake of 74% and Prudential plcholding 26%.

    ICICI and Prudential came together in 1993 to form Prudential ICICI Asset ManagementCompany, which has today emerged as one of the leading mutual funds in India. The twocompanies bring together two of the strongest financial service brands in Asia, known fortheir professionalism, excellent quality of services and long tem commitment to us. Ridingon the success of this relationship, the two companies joined hands once more in 2000, toform ICICI Prudential Life Insurance, with a commitment to provide leading-edge lifeinsurance solutions.

    They began their operations in December 2000 after receiving approval from InsuranceRegulatory Development Authority (IRDA). Today, their nation-wide team comprises ofover 1,000 offices, over 263,000 advisors; and 22 bancassurance partners.

    ICICI Prudential was the first life insurer in India to receive a National Insurer FinancialStrength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudentialhas been voted as India's Most Trusted Private Life Insurer, by The Economic Times - ACNielsen ORG Marg survey of 'Most Trusted Brands'. As they grow their distribution,product range and customer base, they continue to tirelessly uphold their commitment todeliver world-class financial solutions to customers all over India.

    For the nine months period April 1 to December 31, 2007, the company garnered newbusiness weighted premium of Rs. 4,586 crore and has underwritten around 18 lakhpolicies during the period. The company has assets held to the tune of Rs. 28,000 crore.

    For the past seven years, ICICI Prudential Life has retained its leadership position in thelife insurance industry with a wide range of flexible products that meet the needs of theIndian customer at every step in life.

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    PROMOTERS

    ICICI Bank

    ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank withover 50 years presence in financial services and with assets of over Rs. 3,767.00 billion(USD 96 bn.) as on December 31 , 2007. The Bank offers a wide range of bankingproducts and financial services to corporate and retail customers through a variety ofdelivery channels and through its specialized subsidiaries in the areas of investmentbanking, life and non-life insurance, private equity and asset management. ICICI Bank is aleading player in the retail banking market and services its large customer base through anetwork of over 955 branches (including extension counters), 3687 ATMs, call centersand internet banking to ensure that customers have access to its services at all times.

    Prudential Plc

    Established in London in 1848, Prudential plc, through its businesses in the UK andEurope, the US and Asia, provides retail financial services products and services to morethan 20 million customers, policyholder and unit holders and manages over 256 billion offunds worldwide (as of June 30, 2007). In Asia, Prudential is the leading European lifeinsurance company with life operations in China, Hong Kong, India, Indonesia, Japan,Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam. Prudential is thesecond largest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Itsfund management business has expanded into a total of ten markets: China, Hong Kong,India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

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    THE ICICI PRUDENTIAL EDGEThe ICICI Prudential edge comes from the commitment to their customers, in all that theydo - be it product development, distribution, the sales process or servicing. Here's a peekinto what makes them leaders.

    1. Their products have been developed after a clear and thorough understandingof customers' needs. It is this research that helps them develop Education plans that offerthe ideal way to truly guarantee child's education, Retirement solutions that are a hedgeagainst inflation and yet promise a fixed income after retirement, or Health insurance thatarms customer with the funds that 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 their

    customers can access them easily and quickly. To this end, ICICI Prudential has an advisorbase across the length and breadth of the country, and also partners with leading banks,corporate agents and brokers to distribute their products .3. Robust risk management and underwriting practices form the core of their business.

    With clear guidelines in place, they ensure equitable costing of risks, and thereby ensure a

    smooth and hassle-free claims process.4. Entrusted with helping the customers meet their long-term goals, they have adopted aninvestment philosophy that aims to achieve risk adjusted returns over the long-term.5. Last but definitely not the least, their 20,000 plus strong team is given the opportunity to

    learn and grow, every day in a multitude of ways. They believe this keeps them engagedand enthusiastic, so that they can deliver on their promise to cover customer, at every stepin life.

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    COMPANY OVERVIEW

    Name of the company : - ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.Registered Office : - ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

    1089 Appasaheb Marathe Marg,Prabha Devi,MUMBAI - 400 025

    VISION

    To be the dominant Life, Health and Pensions player built on trust by world-class peopleand service.This they hope to achieve by:

    Understanding the needs of customers and offering them superior products and serviceLeveraging technology to service customers quickly, efficiently and convenientlyDeveloping and implementing superior risk management and investment strategies to offersustainable and stable returns to the policyholdersProviding an enabling environment to foster growth and learning for the employeesAnd above all, building transparency in all the dealings

    The success of the company will be founded in its unflinching commitment to 5 corevalues -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of thevalues describe what the company stands for, the qualities of their people and the way theywork.

    They believe that they are on the threshold of an exciting new opportunity, where they canplay a significant role in redefining and reshaping the sector. Given the quality of theirparentage and the commitment of the team, there are no limits to their growth.

    VALUES

    Every member of the ICICI Prudential team is committed to 5 core values: Integrity,Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all theydo, and have become the keystones of their success.

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    ORGANIZATION STRUCTURE

    Organization structure (Sales)

    BOARD OF DIRECTORS

    The ICICI Prudential Life Insurance Company Limited Board comprises reputed peoplefrom the finance industry both from India and abroad.

    Mr. K.V. Kamath, Chairman

    Mr. Barry StoweMrs. Kalpana MorpariaMrs. Chanda KochharMr. HT PhongMr. M.P. ModiMr. R NarayananMr. Keki DadisethMs. Shikha Sharma, Managing DirectorMr. N. S. Kannan, Executive DirectorMr. Bhargav Dasgupta, Executive Director

    MANAGEMENT TEAM

    The ICICI Prudential Life Insurance Company Limited Management team comprisesreputed people from the finance industry both from India and abroad.

    Ms. Shikha Sharma, Managing Director & CEOMr. N. S. Kannan, Executive DirectorMr. Bhargav Dasgupta, Executive DirectorMs. Anita Pai, Executive Vice President Customer Service & TechnologyDr. Avijit Chatterjee, Appointed ActuaryMr. Puneet Nanda, Executive Vice President & Chief Investment Officer

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    AWARDS AND RECOGNITION

    Awards :

    ICICI Prudential Life was awarded the INDYs Award for Excellence in MassCommunication in the category of Most Creative Advertisement-Television

    India's Most Customer Responsive Insurance CompanyAvaya Global Connect - Economic Times Customer Responsiveness Awards, 2007

    Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged theEntrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007

    Ms. Shikha Sharma, MD & CEO,ICICI Prudential Life Insurance was awarded the Outstanding Businesswoman of the Yearat CNBC TV18's India Business Leader Awards 2007

    ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at theOutlook Money & NDTV Profit Awards 2007

    Innovation Award for launching Diabetes Care Prudence Award 2006People Award for excellence in training and people development - Prudence Award 2006

    Prudence Customer Centricity Award 2004 & 2005Prudential Corporation Asia

    Best Life Insurer Outlook Money Awards 2003 & 2004 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 EquityBravery Award 2007, instituted by Ad club.

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    Superbrand 2003-04

    Silver Effie for Effectiveness of the Retire from Work not life advertising campaignEffies 2003

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    Other Awards :

    Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as one ofthe 50 Most Powerful Women in Business by The Financial Express.

    ICICI Prudential Lifes website, www.iciciprulife.com was awarded the best websiteamong private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards2007 for commendable work in the online.

    Most Trusted Private Life Insurer:The Economic Times - A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005

    IMM Award for Excellence :Institute of Marketing & Management

    Organisation with Innovative HR Practices:Indira Group of Institutes

    Organisation with Innovative HR Practices: Asia-Pacific H R Congress Awards for HRExcellence

    Recognition :

    IMM Award for ExcellenceInstitute of Marketing & Management

    Organization with Innovative HR PracticesIndira Group of Institutes

    Organization with Innovative HR PracticesAsia-Pacific H R Congress Awards for HR Excellence

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    DISTRIBUTION

    ICICI Prudential Life has one of the largest distribution networks amongst private lifeinsurers in India. It has a strong presence across India with over 945 branches in addition to

    310 micro-offices and an advisor base of 269,800.The company has 22 bancassurance partners having tie-ups with ICICI Bank, Bank ofIndia, Federal Bank, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon PeoplesCo-op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, RatnagiriSindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank,Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank,Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank,Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank and Imphal Urban CooperativeBank Ltd.

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    PRODUCT BASKET

    TraditionalULIPProtectionLifeGuardProtection, Savings & InvestmentSavenProtectCashBakLifeTime PlusLifeTime Super

    PremierLife GoldLifeLink SuperChild PlansSmartKidSmartKid NewPension PlansForeverLifeLifeTimeSuper PensionHealth PlansHealthAssureHealthAssure PlusCancercareThese are the solutions to meet the varying needs of diverse customer segments

    Solutions based on Risk Return Spectrum

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    SWOT ANALYSIS

    StrengthsFlexible productsPartners having experience in different markets of the world

    Synergy with their existing operationsExpertise in the field of insuranceProfessional managementGood Customer serviceCreate a brand name

    WeaknessLow capital baseYet to build strong distribution networkCannot tap rural market

    OpportunityUntapped marketBanks ready to tie up for as a readymade distribution network for a small fee.

    ThreatLarge distribution network of LICDecades of experience and brand name of LIC5% service tax on investments

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    (b). INDUSTRY DETAILS

    Brief History of Insurance SectorBrief History of Life Insurance Sector in IndiaInsurance Sector ReformsThe Insurance Regulatory and Development AuthorityEntry of Private PlayersNeed for Privatization of Insurance Sector

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    BRIEF HISTORY OF INSURANCE SECTOR

    Insurance Law had its genesis in London. In the early London Coffeehouses were centersnot only of commerce and literature but of debate and intellectual exercise as well. Theyalso had a political influence that moved the reigning king Charles II to attempt

    unsuccessfully their suppression.Among such seventeen century London coffee houses was one called Lloyds Coffeehouse owned by Edward Lloyd and situated in Tower Street. The coffee house and theadvantage of being near to river Thames thus attracting the patronage of men interested andconnected with marine activities.

    In the seventeenth century there were no corporate entities engaged in insurance activities.The practice prevalent was that individuals wrote their names below some clauses toguarantee commercial ventures on personal basis; Lloyds Coffee house was thus thefavorite venue for such guarantors who came to be called Underwrites to conduct business

    informally over cups of coffee. With passage of time Lloyds Coffee house becomerecognized as a place for people wanting insurance cover to fine the underwriters.

    Edward Lloyd encouraged the business by providing the customers in the coffee housewith pen, ink, paper and shipping information obtained fro the water front. The insuranceactivities in the coffee house culminated in the formation of Corporation of Lloyds underthe Act of 1871. The name was immortalized although Edward Lloyds passed away in theyear 1713.

    Lloyds Marine Insurance policy originally adopted in the year 1779 is still commonly usedas standard form with suitable additional clauses to suit modern requirements. Lloyds maythus be rightly known as the creators of insurance concept. Marine insurance law was thusthe first form of insurance, other forms of insurance evolved gradually with dynamicrequirements of the society.

    British statutes inspire the statutes in India. In England Marine a specific statute regulatesinsurance while other forms of insurance are covered by general legislation. In India themarine Insurance Act 1963 base on the English Marine Insurance Act, 1906 is thelegislation dealing only with aspect of Marine Insurance policies. The provisions of theInsurance Act 1938 regulate the other variations of insurance policies.

    All insurance policies have to be in agreement with the provisions of law if contracts. Apolicy of insurance codifies a contract between the insurer and the insured hence allprinciples of law of contract have to be followed. The legislation dealing specifically withcontracts between two or more is the Indian Contract Act, 1872.

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    BRIEF HISTORY OF LIFE INSURANCE SECTOR IN INDIA

    The early developments of life insurance were closely linked with that of marine insurance.The first insurers of life were the marine insurance underwriters who started issuing lifeinsurance policies on the life of master and crew of the ship, and the merchants. The early

    insurance contracts took the nature of policies for a short period only. The underwritersissued annuities and pension for a fixed period or for life to provide relief to widows on thedeath of their husbands.

    The first life insurance policy was issued on 18th June 1583, on the life of WilliamGibbons for a period of 12 months. It was in the eighteenth century, societies began to beformed for issuing life insurance policies. Among such societies the Amicable Society(1705), The Equitable Life Assurance Society (1762), the West Minister Society (1792)was the important societies. The premium rates were varied in view of reputation and thehealth condition of the insured.

    The British companies started life insurance business in India, by issuing policiesexclusively on the lives of European soldiers and civilians. They sometimes issued policieson the lives of Indians by charging extra. Different insurance companies like BombayInsurance Company LTD. (1793) and Oriental Life Assurance Company (1818) wasformed to issue life assurance policies in India. Gradually, the first Indian Company namedas Bombay Mutual Life Insurance Society Ltd. was formed in Dec. 1870.

    During the period from 1870 to 1900, a large number of Indian companies were formedunder the Indian Companies Act, 1866. The business was confined to few communities andoccupations only. During the period from 1900 to 1912, the insurance business attractedattention among middle class people. As a result, Government of India passed theInsurance Act on the model of British Assurance Act. During the period from 1912-1930,the insurance business witnessed a set back.

    After several changes have been made for the period from 1930 to 1938, the Governmentof India passed Insurance Act, 1938. The act still applies to all kinds of insurance businessby instituting necessary amendments from time to time.

    By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were carryingon life insurance business in India. At that time life insurance business was concentrated inurban areas and confined to the higher strata of the society. January 1956 the managementof life insurance business of 245 Indian and foreign insurers and provident societies weretaken over by the central Government with a capital contribution of Rs.50 mn, and thannationalized on 1st September 1956 in the Parliament an Life Insurance Corporation (LIC).

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    INSURANCE SECTOR REFORMS

    The Indian insurance market was restricted sector. Only two government giants namelyLIC & GIC ruled it till it was set open to the private players. The Narasimha Raogovernment unleashed liberal changes in Indias rigid economic sector. The Rao

    government appointed a Committee of Reforms in the Insurance sector in April 1993 underthe chairmanship of R.N. Malhotra.

    The Malhotra committee was set up with the objective of complementing the reformsinitiated in the financial sector. The reforms were aimed at creating a more efficient andcompetitive financial system suitable for the requirements of the economy keeping in mindthe structural changes currently underway and recognizing that insurance is an importantpart of the overall financial system where it was necessary to address for similar reforms.

    In 1994, the committee submitted the report and some of the key recommendationsincluded :

    StructureGovernment stake in the insurance Companies to be brought down to 50%Government should take over the holdings of GIC and its subsidiaries so that thesesubsidiaries can act as independent corporationsAll the insurance companies should be given greater freedom to operate

    CompetitionPrivate Companies with a minimum paid up capital of Rs. 1bn should be allowed to enterthe industryNo Company should deal in both Life and General Insurance through a single entityForeign companies may be allowed to enter the industry in collaboration with the domesticcompanies

    Postal Life Insurance should be allowed to operate in rural marketOnly one State Level Life Insurance Company should be allowed to operate in each state

    Regulatory BodyThe Insurance Act should be changedAn Insurance Regulatory body should be set upController of Insurance should be made independent

    InvestmentsMandatory Investments of LIC Life Fund in government securities to be reduced from 75%to 50%GIC and its subsidiaries are not to hold more than 5% in any company

    Customer ServiceLIC should pay interest on delays in payments beyond 30 daysInsurance companies must be encouraged to set up unit linked pension plans

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    Computerization of operations and updating technology to be carried out in the insuranceindustry

    The committee emphasized that in order to improve the customer services and increase thecoverage of the insurance industry should be opened up to competition. Hence, it was

    decided to allow competition in a limited way by stipulating the minimum capitalrequirement of Rs. 100 crores. The committee felt the need to provide greater autonomy toinsurance companies in order to improve their performance and enable them to act asindependent companies with economic motives. For this purpose, it had proposed settingup an independent regulatory body.

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    THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

    Reforms in the Insurance sector were initiated with the passage of the IRDA Bill inParliament in December 1999. The IRDA since its incorporation as a statutory body in

    April 2000 had fastidiously stuck to its schedule of framing regulations and registering theprivate sector insurance companies.

    The other decision taken simultaneously to provide the supporting systems to the insurancesector and in particular the life insurance companies was the launch of the IRDAs onlineservice for issue and renewal of licenses to agents.

    The approval of institutions for imparting training to agents has also ensured that theinsurance companies would have a trained workforce of insurance agents in place to selltheir products.

    Since being setup as an independent statutory body the IRDA has put in a framework ofglobally compatible regulations. In the private sector 15 life insurance and 15 non-lifeinsurance companies have been registered.

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    ENTRY OF PRIVATE PLAYERS

    IRDA open its window for Application for giving new licenses to the prospective playerson 16th August, 2000. The introduction of private players in the industry has added to thecolors in the dull industry. The initiative taken by the private players are very competitive

    and have given immense competition to the on time monopoly of the market LIC. Sincethe advent of the private players in the market the industry has seen new and innovativesteps taken by the players in this sector. The new players have improved the servicequality of the insurance.

    The following private players are present in the Life Insurance Industry in India.

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    Name of the PlayerIndian Partner Foreign PartnerBajaj Allianz Life Insurance CompanyLimitedBajaj AutoAllianz SEBirla Sun Life Insurance Co. LtdAditya Birla GroupSun LifeFinancialsHDFC Standard Life Insurance Co. LtdHDFC Ltd.Standard LifeICICI PrudentialLife Insurance Co. LtdICICI BankPrudential plcING Vysya Life Insurance Company Pvt.Ltd.Vysya BankINGMax New York Life Insurance Co. LtdMax India LimitedNew York

    LifeMet Life India Insurance Company Pvt. Ltd.The Jammu and Kashmir Bank, M.Pallonji and Co. Private Limited and other private investorsMetLife International HoldingsKotak Mahindra Old Mutual Life Insurance LimitedKotak Mahindra Bank Ltd.Old MutualplcSBI Life Insurance Co. LtdState Bank of IndiaCardif SATata AIG Life InsuranceCompany LimitedTata GroupAmerican International Group, Inc.Reliance Life InsuranceCompany LimitedPart of Reliance Capital Ltd.Aviva Life Insurance Co. India Pvt.LtdDabur GroupAvivaShriram Life Insurance Co, Ltd.Shriram GroupSANLAMBhartiAXA Life Insurance Company Ltd.BhartiAXA

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    NEED FOR PRIVATIZATION OF INSURANCE SECTOR

    Liberalization and reforms have the potential to change the complexion of an industry. TheIndian insurance is no exception. In bid to make it more effective, the government hasopened up insurance sector for private players. Let us see rationale for opening up an

    insurance sector in India.Untapped Potential

    Life Insurance: India has an amorphous middle-class of about 300 million people who canafford to buy life, health, and disability and pension plan products. Out of this only 20%have insurance -and that too covers only 25% of their needs and financial capacity. Theremaining 80% have no insurance cover. The life insurance market of India, therefore, ispractically untapped.

    Growing Need For insurance:

    In India, insurance is traditionally considered as an instrument of savings. The potential ofinsurance products as riskcompensators has always been underemphasized.

    According to finding of an LIC survey as many as 40% of insurance buyers considerinsurance products avenue for compulsory savings. Only 26% see insurance as old agepension while just about 18% consider insurance a provision for risk and uncertainties.

    This trend is in for a change soon. Now customers prefer more options. They want not justbasic insurance products but investment based insurance products, pension products andhealth care products as well.

    Factors such as increasing life expectancy, disintegration of the traditional joint familysystem and rising cost of health care are bound to make market clamor for variety ofinsurance products with need based features. Life expectancy, which was just 32 yearsduring fifties moved up to an average of 61 years during 1996-97. The result: a long retiredlife. Naturally, there is an increasing need for pension insurance products.

    Prerequisites For Entering into insurance :

    Any private player wants to enter insurance sector has to comply with the followingrequirement without which it will not be considered eligible for obtaining license.

    Minimum capita requirements:

    The private sector is allowed to enter insurance industry. The minimum paid-up capital fornew entrants is mentioned below.Minimum paid-up capital for life and non-life insurance companies of Rs 1 billionMinimum paid up capital for reinsurance companies is Rs 2 billion.

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    Share Holding:

    The promoters' holding in private insurance company should not exceed 40% and should,at no time, be less than 26% of the total paid-up capital.No person other than the promoters should be allowed to hold more than 1% of the equity.

    Entry of Foreign Players:

    If and when entry of foreign insurance companies is permitted, they have to enter themarket by way of joint venture with Indian partners.

    Equity Participation for Joint Venture:

    It is proposed that in the private insurance joint venture, the Indian promoter will come tohold 74 per cent stake in the venture initially, leaving the foreign partner with 26 per cent.It is also proposed that the Indian promoter will have to mandatory lower its stake in the

    private insurance firm from the initial 74 per cent to 26 per cent in a period of ten years.Minimum Rural Business:

    New entrants in life insurance should be required to transact a certain minimum business inrural areas. It should be ensured that such insurers do not avoid writing small policies.

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    (c). PRODUCT DETAILS

    Insurance plans At a glanceInsurance solutions for individualsSavings and wealth creation solutionsProtection solutionsEducation insurance plansRetirement solutionsHealth solutionsGroup Insurance solutionsFlexible rider options

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    INSURANCE PLANS - AT A GLANCE

    Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A briefdetail of both segments:

    Unit Linked Insurance ProductULIPs have gained high acceptance due to attractive features they offer. These include:

    FlexibilityFlexibility to choose Sum Assured.Flexibility to choose premium amount.Option to change level of Premium /Sum Assured even after the plan has started.Flexibility to change asset allocation by switching between funds

    Transparency

    Charges in the plan & net amount invested are known to the customerConvenience of tracking ones investment performance on a daily basis.

    LiquidityOption to withdraw money after few years (comfort required in case of exigency)Low minimum tenure.Partial / Systematic withdrawal allowed

    Fund OptionsA choice of funds (ranging from equity, debt, cash or a combination)Option to choose your fund mix based on desired asset allocation

    Traditional PlansThese are the oldest types of plans available. These plans cater to customers with a low riskappetite. Some of the common features of traditional plans are:

    Steady InvestmentMajor chunk of investible funds are in debt instrumentsSteady and almost assured returns over the long term

    FeaturesDeath benefit is Sum Assured + guaranteed & vested bonusHelps in asset creation as they are for a long tenurePremium to Sum Assured ratios are fixed for each plan and age.

    Generally withdrawals are not allowed before maturity

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    INSURANCE SOLUTIONS FOR INDIVIDUALSICICI Prudential Life Insurance offers a range of innovative, customer-centric products thatmeet the needs of customers at every life stage. Its products can be enhanced with up to 4riders, to create a customized solution for each policyholder.

    Savings & Wealth Creation Solutions

    Save'n'Protect is a traditional endowment savings plan that offers life protection along withadequate returns.CashBak is an anticipated endowment policy ideal for meeting milestone expenses like achild's marriage, expenses for a child's higher education or purchase of an asset. It isavailable for terms of 15 and 20 years.LifeTime Gold & LifeTime Plus are unit-linked plans that offer customers the flexibility

    and control to customize the policy to meet the changing needs at different life stages. Eachoffer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth and FlexiBalanced.LifeLink Super is a single premium unit linked insurance plan which combines lifeinsurance cover with the opportunity to stay invested in the stock market.Premier Life Gold is a limited premium paying plan specially structured for long-termwealth creation.

    InvestShield Life New is a unit linked plan that provides premium guarantee on theinvested premiums and ensures that the customer receives only the benefits of fundappreciation without any of the risks of depreciation.InvestShield Cashbak is a unit linked plan that provides premium guarantee on the investedpremiums along with flexible liquidity options.LifeStage RP is a unique and powerful wealth creation insurance solution, which combinesthe benefits of automatic asset allocation and quarterly rebalancing along with increasedprotection.

    Protection Solutions

    LifeGuard is a protection plan, which offers life cover at low cost. It is available in 3options - level term assurance, level term assurance with return of premium & singlepremium.HomeAssure is a mortgage reducing term assurance plan designed specifically to helpcustomers cover their home loans in a simple and cost-effective manner.

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    Education insurance plans

    Education insurance under the SmartKid brand provides guaranteed educational benefits to

    a child along with life insurance cover for the parent who purchases the policy. The policyis designed to provide money at important milestones in the child's life. SmartKid plans arealso available in unit-linked form - both single premium and regular premium.

    Retirement Solutions

    ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4years and then declares bonuses annually.

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    LifeTime Super Pension is a regular premium unit linked pension plan that helps oneaccumulate over the long term and offers 5 annuity options (life annuity, life annuity withreturn of purchase price, joint life last survivor annuity with return of purchase price, lifeannuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivorannuity without return of purchase price) at the time of retirement.

    LifeLink Super Pension is a single premium unit linked pension plan.Immediate Annuity is a single premium annuity product that guarantees income for life atthe time of retirement. It offers the benefit of 5 payout options.PremierLife Pension is a unique and convenient retirement solution with a limited premiumpaying term of three or five years, to suit professionals and businessmen, especially thosewho require more flexibility and customization while planning their finances.

    Health Solutions

    Health Assure Plus: Health Assure is a regular premium plan which provides long termcover against 6 critical illnesses by providing policyholder with financial assistance,irrespective of the actual medical expenses. Health Assure Plus offers the added advantageof an equivalent life insurance cover.

    Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as atdifferent stages in the treatment of various cancer conditions.Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and alsoprovides an additional benefit of free periodical cancer screenings.Diabetes Care: Diabetes Care is a unique critical illness product specially developed forindividuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on anyof 6 diabetes related critical illnesses, and also offers a coordinated care approach tomanaging the condition. Diabetes Care Plus also offers life cover.Diabetes Care Plus: is a unique insurance policy that provides an additional benefit of lifecover for Type 2 diabetics and pre-diabeticsHospital Care: is a fixed benefit plan covering various stages of treatment - hospitalization,ICU, procedures & recuperating allowance. It covers a range of medical conditions (900surgeries) and has a long term guaranteed coverage up to 20 years.Crisis Cover : is a 360-degree product that will provide long-term coverage against 35critical illnesses, total and permanent disability, and death.

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    GROUP INSURANCE SOLUTIONSICICI Prudential Life also offers Group Insurance Solutions for companies seeking toenhance benefits to their employees.

    Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund theirstatutory gratuity obligation in a scientific manner. The plan can also be customized tostructure schemes that can provide benefits beyond the statutory obligations.Group Superannuation Plan: ICICI Prudential Life offers both defined contribution (DC)and defined benefit (DB) superannuation schemes to optimize returns for the members ofthe trust and rationalize the cost. Members have the option of choosing from variousannuity options or opting for a partial commutation of the annuity at the time of retirement.Group Immediate Annuities: In addition to the annuities offered to existing superannuation

    customers, we offer immediate annuities to superannuation funds not managed by us.Group Term Plan: ICICI Prudential Life's flexible group term solution helps provideaffordable cover to members of a group. The cover could be uniform or based ondesignation/rank or a multiple of salary. The benefit under the policy is paid to thebeneficiary nominated by the member on his/her death.

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    FLEXIBLE RIDER OPTIONSICICI Prudential Life offers flexible riders, which can be added to the basic policy at amarginal cost, depending on the specific needs of the customer.

    Accident & disability benefit: If death occurs as the result of an accident during the term ofthe policy, the beneficiary receives an additional amount equal to the rider sum assuredunder the policy. If an accident results in total and permanent disability, 10% of rider sumassured will be paid each year, from the end of the 1st year after the disability date for theremainder of the base policy term or 10 years, whichever is lesser. If the death occurs whiletravelling in an authorized mass transport vehicle, the beneficiary will be entitled to twicethe sum assured as additional benefit.Critical Illness Benefit: protects the insured against financial loss in the event of 9 specifiedcritical illnesses. Benefits are payable to the insured for medical expenses prior to death.

    Waiver of Premium: In case of total and permanent disability due to an accident, the futurepremiums continue to be paid by the company till the time of maturity. This rider isavailable with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension.

    Income benefit rider: In case of death of the life assured during the term of the policy, 10%of the sum assured is paid annually to the nominee on each policy anniversary till thematurity of the rider.

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    BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED

    Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of theworlds largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3

    wheeler manufacturers in the world.Allianz SE is a leading insurance conglomerate globally and one of the largest assetmanagers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000crores).

    Channel Partners :Standard Chartered BankSyndicate BankPlacement Sales and Services Ltd.Team Life Care Co. (India) Ltd.

    GE MoneyErnestine Consultants Pvt Ltd.COSMOS Co-op BANK Ltd.

    BIRLA SUN LIFE INSURANCE CO. LTD

    Birla Sun Life Insurance Co. Ltd is a Union between Sun Life Financials and Aditya BirlaGroup

    It has Multi Distribution Channels like Direct Sales Force, Alternate Channels and Groupoffering convenient channels of purchase to customers.

    It has adopted Corporate governance and a high degree of transparency in all businesspractices and procedures.

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    HDFC STANDARD LIFE INSURANCE CO. LTD

    HDFC Standard Life Insurance Company Ltd. is a joint venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd.), India's leading housing financeinstitution and a Group Company of the Standard Life, UK. HDFC as on March 31, 2007

    holds 81.9 per cent of equity in the joint venture.Bancassurance PartnersHDFCHDFC BankUnion Bank of IndiaIndian BankSaraswat BankBajaj CapitalBank of Baroda

    ING VYSYA LIFE INSURANCE COMPANY PVT. LTD.ING Vysya Life Insurance Company Limited a part of the ING Group the worlds largestfinancial services provider entered the private life insurance industry in India in September2001.

    Distribution Channels

    ING Vysya Life has a diversified distribution platform. While Tied Agency remains thestrongest channel, the Alternate Channels business within ING Vysya Life is one of thefastest growing distribution channels. ING Vysya Life has strengthened its position as theunparallel leader in the life insurance industry in cooperative banks tie ups. The companycurrently has tie ups with 130 cooperative banks across the country. The AlternateChannels division has Bancassurance, ING Vysya Bank, Corporate Agents and SMINCE.

    LIFE INSURANCE CORPORATION OF INDIALIC the largest market shareholder in the Indian life insurance market has been establishedby an act of the Parliament and started functioning from 1-9-1956. It is an autonomousbody authorized to run the life insurance business in India with its Head Office at Mumbai.It has 7 zonal offices, over 100 Divisional offices and 2048 branches in India, with around6.51 lakh agents. The Corporation also has offices in London, Fiji and Mauritius.

    MAX NEW YORK LIFE INSURANCE CO. LTD

    Max New York Life Insurance Company Ltd. is a joint venture between New York Life, aFortune 100 company and Max India Limited, one of India's leading multi-businesscorporations.

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    Max New York Life has identified individual agents as its primary channel of distribution.The company is using a five-pronged strategy to pursue alternative channels of distribution.These include the franchisee model, rural business, direct sales force involving groupinsurance and telemarketing opportunities, bancassurance and corporate alliances.

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    MET LIFE INDIA INSURANCE COMPANY PVT. LTD.

    MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and

    was incorporated as a joint venture between MetLife International Holdings, Inc., TheJammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.

    Corporate PartnersJ&K BankAxis BankDhanalakshmi BankKarnataka Bank

    SBI LIFE INSURANCE CO. LTD

    SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA ofFrance. SBI Life Insurance is registered with an authorized capital of Rs 1000 crore and apaid up capital of Rs 500 crores. SBI owns 74% of the total capital and Cardif theremaining 26%.

    SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency andGroup Corporates. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages

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    TATA AIG LIFE INSURANCE COMPANY LIMITED

    Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company,

    formed by the Tata Group and American International Group, Inc. (AIG).Tata AIG Life combines the Tata Groups pre-eminent leadership position in India andAIGs global presence as the worlds leading international insurance and financial servicesorganization. The Tata Group holds 74 per cent stake in the insurance venture with AIGholding the balance 26 percent. Tata AIG Life provides insurance solutions to individualsand corporate.

    RELIANCE LIFE INSURANCE COMPANY LIMITED

    Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance

    - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sectorfinancial services companies, and ranks among the top 3 private sector financial servicesand banking companies, in terms of net worth.

    Reliance Life Insurance is a step forward for Reliance Capital Limited to offer need basedLife Insurance solutions to individuals and Corporate.

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    AVIVA LIFE INSURANCE CO. INDIA PVT. LTD

    Aviva is UKs largest and the worlds fifth largest insurance Group. It is one of the leadingproviders of life and pensions products to Europe and has substantial businesses elsewhere

    around the world.In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group ofcompanies. In accordance with the government regulations Aviva holds a 26 per cent stakein the joint venture and the Dabur group holds the balance 74 per cent share.

    Bancassurance tie-upsABN Amro BankAmerican Express BankIndusInd BankCenturion Bank of Punjab

    The Lakshmi Vilas Bank LtdPunjab & Sind Bank

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    (e). REGULATORY ENVIRONMENT DETAILS

    Ministry of Finance Insurance DivisionInsurance Regulatory and Development Authority

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    MINISTRY OF FINANCE INSURANCE DIVISION

    Major Functions

    The functions of the Division include formulation of policy for the orderly growth of theInsurance sector. These, inter alias, include administration of the Insurance Act, 1938, theLife Insurance Corporation Act, 1956 and General Insurance Business (Nationalization)Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and otherrelated Acts; monitoring of the performance of the nationalized insurance companies,framing of rules and regulations in respect of service conditions of employees ofnationalized insurance companies; framing of Rules in respect of terms and conditions ofservices of the Chairpersons and Members of Insurance Regulatory and DevelopmentAuthority (IRDA) and appointment of the Members of IRDA, co-ordination of vigilancematters in the nationalized insurance industry; and appointment of Chief Executives andDirectors on the Boards of nationalized insurance companies.

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    IRDA(INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY)

    Composition of Authority under IRDA Act, 1999

    As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority(IRDA, which was constituted by an act of parliament) specify the composition ofAuthority.

    The Authority is a ten member team consisting ofa Chairman;five whole-time members;four part-time members,

    (all appointed by the Government of India)

    Duties, Powers and Functions of IRDA

    Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.

    Subject to the provisions of this Act and any other law for the time being in force, theAuthority shall have the duty to regulate, promote and ensure orderly growth of theinsurance business and re-insurance business.Without prejudice to the generality of the provisions contained in sub-section

    (1)The powers and functions of the Authority shall include, -

    (a) Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend orcancel such registration.

    (b) protection of the interests of the policy holders in matters concerning assigning ofpolicy, nomination by policy holders, insurable interest, settlement of insurance claim,surrender value of policy and other terms and conditions of contracts of insurance;

    (c) Specifying requisite qualifications, code of conduct and practical training forintermediary or insurance intermediaries and agents;

    (d) Specifying the code of conduct for surveyors and loss assessors;

    (e) Promoting efficiency in the conduct of insurance business;

    (f) Promoting and regulating professional organizations connected with the insurance andre-insurance business.

    (g) Levying fees and other charges for carrying out the purposes of this Act.

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    (h) calling for information from, undertaking inspection of, conducting enquiries andinvestigations including audit of the insurers, intermediaries, insurance intermediaries andother organizations connected with the insurance business.

    (i) control and regulation of the rates, advantages, terms and conditions that may be offered

    by insurers in respect of general insurance business not so controlled and regulated by theTariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938).

    (j) Specifying the form and manner in which books of account shall be maintained andstatement of accounts shall be rendered by insurers and other insurance intermediaries;

    (k) Regulating investment of funds by insurance companies.

    (l) Regulating maintenance of margin of solvency.

    (m) Adjudication of disputes between insurers and intermediaries or insurance

    intermediaries.(n) Supervising the functioning of the Tariff Advisory Committee.

    (o) Specifying the percentage of premium income of the insurer to finance schemes forpromoting and regulating professional organizations referred to in clause.

    (p) Specifying the percentage of life insurance business and general insurance business tobe undertaken by the insurer in the rural or social sector.

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    (f). DISTRIBUTION CHANNELS

    Tied Agency ChannelBancassuranceCorporate AgentsBrokersDirect MarketingAdvisor

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    ICICI prudential has one the largest distribution networks amongst private life insurance inIndia

    ICICI PRUDENTIAL LIFE INSURANCE is making available its products to the market

    throughTied AgencyBancassuranceCorporate Agency

    TIED AGENCY CHANNEL

    The Tied Agency Channel, as the name suggests, is driven by agents (advisors) of thecompany. For insurance distribution, this is the most popular channel.

    BANCASSURANCE

    Bancassurance is a setup whereby a tie up is made with a Bank. This distribution modelworks on referral basis. The Insurance Company is benefited by the customer base of thebank that is made available to it. The bank, in return earns referral commission for everypolicy issued to the bank customer. In this arrangement, typically an employee of the ICICIPrudential is stationed at the bank branch and he sources the business through walk-ins thathappen at the bank. His domain of prospective customers is the banks customers. Suchagents put up at banks are called as Financial Service Consultant (FSC). Bancassurance, asan arrangement for distribution, has been proved successful because of the extended reachthat the insurance company gets through the bank branch network.

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    CORPORATE AGENTS

    Corporate Agents (CAs) are Corporate entities that source policies for the InsuranceCompany with whom they have a tie-up. They are authorized to source policies for one

    insurance company only. The difference between CA & Bancassurance arrangement is thatthe former trains its own employees to sell the policies while in case of Bancassurancearrangement, the employees of the insurance company (FSCs) source the business.

    Other distribution channels are :

    BROKERS

    A variant of CAs, Brokers are not tied to a particular company and are allowed to sourcebusiness for more than one insurance company.

    DIRECT MARKETINGDirect marketing, as a channel of distribution, is relatively a new one. It basicallyencompasses all unconventional channels of distribution. It includes call center, internetand other mass media channels. All leads that come through this channel are then attendedand closed by our branches.

    ADVISOR

    An Advisor is the agent of the Company who sources or sells the policy for the company.They are called as FOS - Feet on Street.

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    (g). METHODOLOGY FOR RECRUITING ADVISOR

    IntroductionSelection of AdvisorTraining for AdvisorCareer Planning for AdvisorRewards and Recognition

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    INTRODUCTION

    As there is no thumb rule for this work so we made our own plans and decided to adopt thefollowing methodology to get our work done.

    In this methodology first we divided the market in different segments like business men,professionals, fresh graduates, 12th pass. Than we divided the group in two segments oneis social group and other non social group.

    Our first step was to do tally calling. In this we used to call different persons make themunder stand for which reason we had called and to take appointment if they are interested inthis type of work. We started this work from our friends and relatives with whom we werecomfortable in talking. And if, they were not interested, we used to ask references fromthem. Than we call the person with the reference of other person.

    Our second step was to meet those people, who had given us appointment and make themunderstand what Insurance Advisor is and what benefit they will get if they enroll for thiskind of work. If they are having some doubt than we will call them at ICICI Prudentialoffice and we will arrange meeting with unit manager. If they are not ready than we willagain ask for references and if they are ready to work than we will finish up by fulfillingthe IRDA formalities.

    To become Insurance Advisor one should pass exam that will be conducted by Insuranceregulatory and development authority. In this there are three government bodies. One isIRDA (Insurance development and authority), second is IIFB (Indian institute of fianc andbanking), and third is ICICI Prudential.

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    For this purpose we require following documents to be submitted.

    7 Passport size photographs

    Age proof - Photo Copy of School leaving CertificateResidence proof - Photo Copy of Telephone Bill/Electricity Bill/Drivinglicense

    Education Proof - Photo Copy of at least 12th pass.Examination Fees - DD of Rs. 1000 on ICICI Prudential life insurance

    co. ltd.Payable at Mumbai.

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    A 17-day training schedule covers the mandatory IRDA training requirements and ICICIPrudential product-training module. Revision session ensure that the candidates thoroughlyunderstand the course contents and are well prepared for the licensing examination.Theoretical training is interspersed with practical appointment settings with potential

    customers, giving advisors a feel of how their business will work from the very first day.All through, the Unit Manager and the management provide continuous support to theadvisors in achieving independence towards garnering business.

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    CAREER PLANNING FOR ADVISOR

    At ICICI Prudential, career development is emphasized upon from the very day the advisorjoins the system. Though individual meetings with his or her manager, the advisor can

    discuss various issues related to business development and career enhancement.Expectations from the organization in terms of chalking a career in the insurance industryare also discussed. Tiger Team: ICICI Prudential offers the Tiger Team program foridentified high potential advisors. Hand picked by the management, these advisors areplaced on a fast-track career path and recognized as Tiger trainers. The advisors canparticipate in this program, subject to certain criteria being fulfilled. Pinnacle Program:Absorption into the management is another career enhancement option provided at ICICIPrudential through the Pinnacle Program. This program helps advisors build a full timecareer as a unit manager in the organization, offering great potential for managing a teamof advisors and personal development. Fast track Pinnacle program is also available toadvisors who are able to meet the performance criteria within the stipulated time.

    REWARDS AND RECOGNITION

    ICICI Prudential advisors are constantly recognized and rewarded for their performance.Numerous contests all year round promote healthy competition amongst advisors andrecognition for their efforts. Depending on the level of business the advisor achieves in ayear, he or she can become a member of various clubs such as the Presidents club, ICICIPru Star International and the ICICI Pru Star India club. Each of these clubs have specificperformance criteria for qualification and members of these clubs are entitled to attendseminars held at exotic international and domestic locations each year. Advisors can alsoqualify for the renowned MDRT (Million Dollar Round Table), an exclusive internationalinsurance advisors club

    3. RESEARCH STUDY

    IntroductionResearch ObjectivesResearch MethodologyResearch DesignSampling DesignData collectionData AnalysisFindingsConclusionLimitations of the studyRecommendations

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    INTRODUCTION

    This research has been conducted to find out the Perception of people towards insuranceand effectiveness of communication strategy of ICICI Prudential

    In past, most of the people investing in insurance were those that were either governmentservants or employees as it was mandatory for them. But due to the increasing awarenessof insurance, businessman and professionals have also started investing in insurance.People have started understanding the importance of insurance in their lives and they investa suitable portion of their income in insurance.

    People invest in Life Insurance with an objective. This objective differs from individual toindividual. This study aims at finding out the perception of people regarding what madethem invest in Life Insurance

    It also aims at finding out the effectiveness of communication strategy of ICICI Prudential,whether the plan follow the features that have been communicated to customers and doesthe plan satisfy the requirements of customers

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    4. PROBLEM FORMULATION

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    PROBLEM FORMULATION

    ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one ofIndia's foremost financial services companies-and Prudential plc - a leading international

    financial services group. For the past seven years, ICICI Prudential Life has retained itsleadership position offering a wide range of flexible products that meet the needs of theIndian customer at every step in life.

    In the past, major portion of population bought insurance policies for the purpose of taxsaving. There was only a small portion of population that was insured. LIC was the onlyplayer in the insurance sector. People did not perceive insurance according to its realbenefits of life saving and so there was a major portion of population that did not perceiveinsurance as protection tool.

    But with the penetration of private players in the industry, the awareness about insurance

    has grown and to know the perception of people towards life insurancn partners.Equity Participation for Joint Venture:

    It is proposed that in the private insurance joint venture, the Indian promoter will come tohold 74 per cent stake in the venture initially, leaving the foreign partner with 26 per cent.It is also proposed that the Indian promoter will have to mandatory lower its stake in theprivate insurance firm from the initial 74 per cent to 26 per cent in a period of ten years.

    Minimum Rural Business:

    New entrants in life insurance should be required to transact a certain minimum business inrural areas. It should be ensured that such insurers do not avoid writing small policies.

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    (c). PRODUCT DETAILS

    Insurance plans At a glanceInsurance solutions for individualsSavings and wealth creation solutionsProtection solutionsEducation insurance plansRetirement solutionsHealth solutionsGroup Insurance solutionsFlexible rider options

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    INSURANCE PLANS - AT A GLANCE

    Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A briefdetail of both segments:

    Unit Linked Insurance ProductULIPs have gained high acceptance due to attractive features they offer. These include:

    FlexibilityFlexibility to choose Sum Assured.Flexibility to choose premium amount.Option to change level of Premium /Sum Assured even after the plan has started.Flexibility to change asset allocation by switching between funds

    Transparency

    Charges in the plan & net amount invested are known to the customerConvenience of tracking ones investment performance on a daily basis.

    LiquidityOption to withdraw money after few years (comfort required in case of exigency)Low minimum tenure.Partial / Systematic withdrawal allowed

    Fund OptionsA choice of funds (ranging from equity, debt, cash or a combination)Option to choose your fund mix based on desired asset allocation

    Traditional PlansThese are the oldest types of plans available. These plans cater to customers with a low riskappetite. Some of the common features of traditional plans are:

    Steady InvestmentMajor chunk of investible funds are in debt instrumentsSteady and almost assured returns over the long term

    FeaturesDeath benefit is Sum Assured + guaranteed & vested bonusHelps in asset creation as they are for a long tenurePremium to Sum Assured ratios are fixed for each plan and age.

    Generally withdrawals are not allowed before maturity

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    INSURANCE SOLUTIONS FOR INDIVIDUALSICICI Prudential Life Insurance offers a range of innovative, customer-centric products thatmeet the needs of customers at every life stage. Its products can be enhanced with up to 4riders, to create a customized solution for each policyholder.

    Savings & Wealth Creation Solutions

    Save'n'Protect is a traditional endowment savings plan that offers life protection along withadequate returns.CashBak is an anticipated endowment policy ideal for meeting milestone expenses like achild's marriage, expenses for a child's higher education or purchase of an asset. It isavailable for terms of 15 and 20 years.LifeTime Gold & LifeTime Plus are unit-linked plans that offer customers the flexibility

    and control to customize the policy to meet the changing needs at different life stages. Eachoffer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth and FlexiBalanced.LifeLink Super is a single premium unit linked insurance plan which combines lifeinsurance cover with the opportunity to stay invested in the stock market.Premier Life Gold is a limited premium paying plan specially structured for long-termwealth creation.

    InvestShield Life New is a unit linked plan that provides premium guarantee on theinvested premiums and ensures that the customer receives only the benefits of fundappreciation without any of the risks of depreciation.InvestShield Cashbak is a unit linked plan that provides premium guarantee on the investedpremiums along with flexible liquidity options.LifeStage RP is a unique and powerful wealth creation insurance solution, which combinesthe benefits of automatic asset allocation and quarterly rebalancing along with increasedprotection.

    Protection Solutions

    LifeGuard is a protection plan, which offers life cover at low cost. It is available in 3options - level term assurance, level term assurance with return of premium & singlepremium.HomeAssure is a mortgage reducing term assurance plan designed specifically to helpcustomers cover their home loans in a simple and cost-effective manner.

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    Education insurance plans

    Education insurance under the SmartKid brand provides guaranteed educational benefits to

    a child along with life insurance cover for the parent who purchases the policy. The policyis designed to provide money at important milestones in the child's life. SmartKid plans arealso available in unit-linked form - both single premium and regular premium.

    Retirement Solutions

    ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4years and then declares bonuses annually.

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    LifeTime Super Pension is a regular premium unit linked pension plan that helps oneaccumulate over the long term and offers 5 annuity options (life annuity, life annuity withreturn of purchase price, joint life last survivor annuity with return of purchase price, lifeannuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivorannuity without return of purchase price) at the time of retirement.

    LifeLink Super Pension is a single premium unit linked pension plan.Immediate Annuity is a single premium annuity product that guarantees income for life atthe time of retirement. It offers the benefit of 5 payout options.PremierLife Pension is a unique and convenient retirement solution with a limited premiumpaying term of three or five years, to suit professionals and businessmen, especially thosewho require more flexibility and customization while planning their finances.

    Health Solutions

    Health Assure Plus: Health Assure is a regular premium plan which provides long termcover against 6 critical illnesses by providing policyholder with financial assistance,irrespective of the actual medical expenses. Health Assure Plus offers the added advantageof an equivalent life insurance cover.

    Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as atdifferent stages in the treatment of various cancer conditions.Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and alsoprovides an additional benefi

    ecnahne ot gnike Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund theirstatutory gratuity obligation in a scientific manner. The plan can also be customized tostructure schemes that can provide benefits beyond the statutory obligations.

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    Group Superannuation Plan: ICICI Prudential Life offers both defined contribution (DC)and defined benefit (DB) superannuation schemes to optimize returns for the members o

    yraicifeneb eht ot diap si ycilop eht rednu tifeneb ehT .yralas fo elpitlum .htaed reh/sih no rebmem eht yb detanimon

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    FLEXIBLE RIDER OPTIONSICICI Prudential Life offers flexible riders, which can be added to the basic policy at amarginal cost, depending on the specific needs of the customer.

    Accident & disability benefit: If death occurs as the result of an accident during the term ofthe policy, the beneficiary receives an additional amount equal to the rider sum assuredunder the policy. If a

    Benefits are payable to the insured for medical expenses prior to death.

    Waiver of Premium: In case of total and permanent disability due to an accident, the futurepremiums continue to be paid by the company till the time of maturity. This rider isavailable with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension.

    Income benefit rider: In case of death of the life assured during the term of the policy, 10%of the sum assured is paid annually to the nominee on each policy anniversary

    DETIMIL YNAPMOC ECNARUSNI EFIL ZNAIL

    Bajaj Allianz Life Insurance Company Limited is a Union between Allianz SE, one of theworlds largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3wheeler manufacturers in the world.

    Allianz SE is a leading insurance conglomerate globally and one of the largest assetmanagers in the world, managing assets worth over a Trillion Euros (Over R. 55,00,000crores).

    Channel Partners :Standard Chartered BankSyndicate BankPlacement Sales and Service

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    DTL .OC ECNARU S N

    HDFC Standard Life Insurance Company Ltd. is a joint venture between HousingDevelopment Finance Corporation Limited (HDFC Ltd.), India's leading housing financeinstitution and a Group Company of the Standard Life, UK. HDFC as on March 31, 2007holds 81.9 per cent of equity in the joint venture.

    Bancassurance PartnersHDFC

    HDFC BankUnion Bank of IndiaIndian BankSaraswat BankBajaj CapitalBank of Baroda

    ING VYSYA LIFE INSURANCE

    031 htiw spu eit sah yltnerruc ynapmoc ehT .sp u ,ecnarussacnaB sah noisivid slennahC etanretlA ehT .yrtnuoc eht ssorca sknab evitarepooc.ECNIMS dna stnegA etaroproC ,knaB aysyV GNI

    LIFE INSURANCE CORPORATION OF INDIALIC the largest market shareholder in the Indian life insurance market has been establishedby an act of the Parliament and started functi

    fo slennahc evitanretla eusrup

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    gnivlovni ecrof selas tcerid ,ssenisub larur ,ledom eesihcnarf eht edulcni esehT .noitubirtsid.secnailla etaroproc dna ecnarussacnab ,seitinutroppo gnitekramelet dna ecnarusni puorg

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    MET LIFE INDIA INSURANCE COMPANY PVT. LTD.

    MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and

    was incorporated as a joint venture between MetLife International Holdings, Inc., TheJammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other privat

    vely leverages the SBIGroup as a platform for cross-selling insurance products along with its numerous banking

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    TATA AIG LIFE INSURANCE COMPANY LIMITED

    Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company,

    formed by the Tata Group and American International Group, Inc. (AIG

    ompanies, in terms of

    Reliance Life Insurance is a step forward for Reliance Capital Limited to offer need based

    Life Insurance solutions to individuals and Corporate.

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    AVIVA LIFE INSURANCE CO. INDIA PVT. LTD

    Aviva is UKs largest and the worlds fifth largest insurance Group. It is one of the leadingproviders of life and pen

    ons

    The functions of the Division include formulation of policy for the orderly growth of theInsurance sector. These, inter alias, include administration of the Insurance Act, 1938, theLife Insurance Corporation Act, 1956 and General Insurance Business (Nationalization)

    Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and otherrelated Acts; monitoring of t

    ct, 1999

    As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority(IRDA, which was constituted by an act of parliament) specify the composition ofAuthority.

    The Authority is a ten member team consisting ofa Chairman;five whole-time members;four part-time members,

    (all appointed by the Government of India)

    Duties, Powers and Functions of IRDA

    Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.

    Subject to the provisions of this Act

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    concerning assigning of policy, nomination by policy

    holders, insurable interest, settlement of insurance claim, surrender value of policy andother terms and conditions of contracts of insurance;

    (c) Specifying requisite qualifications, code of conduct and practical training forintermediary or insurance intermediaries and agents;

    (d) Specifying the code of conduct for surveyors and loss assessors;

    (e) Promoting efficiency in the conduct of insurance business;

    (f) Promoting and regulating professional

    ral insurance business not socontrolled and regulated by the Tariff Advisory Committee under section 64U of theInsurance Act, 1938 (4 of 1938).

    (j) Specifying the form and manner in which books of account shall be maintained andstatement of accounts shall be rendered by insurers and other insurance intermediaries;

    (k) Regulati

    larrefer no skrow ledom noitubi

    edam si taht knab eht fo esab remotsuc eht yb detifeneb si ynapmoC ecnarusnI ehT .sisabeht ot deussi ycilop yreve rof noissimmoc larrefer snrae nruter ni ,knab ehT .ti ot elbaliavasi laitnedurP ICICI eht fo eeyolpme na yllacipyt ,tnemegnarra siht nI .remotsuc knabta neppah taht sni-klaw hguorht ssenisub eht secruos eh dna hcnarb knab eht ta denoitats

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