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A

PROJECT REPORT
ON

“Customer satisfaction survey on insurance products of


ICICI PRUDENTIAL”

Submitted To: Submitted By:


Ms. Poonam Chawla Sachin Singal
Project Guide (0641471706)
BBA (GEN) 5A

Submitted In Partial Fulfilment of Bachelor of Business Administration for


the Batch 2006-2009

Maharaja Agarsen Institute of Management Studies


(Affiliated from Guru Gobind Singh Indraprastha University
Kashmiri Gate, Delhi)

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CERTIFICATE

TO WHOMSOEVER IT MAY CONCERN

This is to certify that Sachin Singal a student of Bachelor of Business


Administration Programme (BBA), Maharaja Agrasen Institute of
Management Studies, Sec-22, Rohini, New Delhi has successfully
completed his project under my supervision. He made this project to my
entire satisfaction and as per requirement of the course.

……...
Ms. Poonam Chawla
(PROJECT GUIDE)

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Acknowledgement

I express my sincere gratitude to the management of ICICI PRUDENTIAL


COMPANY Pvt. Ltd, for providing me material to prepare my project on
their esteem organization.

I would like to thanks Dr. N.K Kakkar (Director) who has been a constant
source of inspiration and my special thanks to Ms. Poonam Chawla (project
guide from the institute) for her extensive guidance, cooperation and
support.

Finally, I wish to express my gratitude to all those who have in one way or
other helped me in the successful completion of my project report.

The Project was completed successfully with the valuable cooperation of


company’s personnel.

SACHIN SINGAL

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TABLE OF CONTENTS

 Certificate from the Organization


 Certificate from the Institute
 Acknowledgement
 Executive Summary
 Chapter-1 Introduction Page No
1.1 Customer Satisfaction 8
1.2 Overview of the Industry 10
1.3 Objectives of the study 13
1.4 Profile of the Organisation 14
- Overview of ICICI PRUDENTIAL 16
- Vision & Values 18
- Promoters 19
- Fact Sheet 20
- Sales Distribution 21
- Management Profile 22
- Brand Values 23
- Achievements 24
- Products 25
- Stages in Policy issuance 30
1.5 Comparative Study 32
1.6 SWOT Analysis 40

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 Chapter-2 Research Methodology
2.1 Statement of the Problem 46
2.2 Research Design 46
2.3 Methodology 47
2.4 Sampling Techniques used 47
2.5 Selection of Sample Size 48
2.6 Data Collection 48
2.7 Statistical Tools Used 49
2.8 Limitations of the Study 49

 Chapter-3 Data Analysis and Findings 50


 Chapter-4 Conclusion and Suggestions 63
 Annexure 66
Questionnaire

 Bibliography 70

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EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the ICICI


PRUDENTIAL insurance Company ltd. It is done to find out whether the
customers are satisfied with the Benefits they get with their respective
policies or not

Further, in this Project

Chapter 1 includes the introduction of the company wherein I told about the
Objectives of the study and profile of the ICICI Prudential.

Chapter 2 includes the Research Methodology wherein I have discussed the


Research Design and Various sources of the Data Collection.

Chapter 3 includes the Data analysis and Findings wherein I have analyze
the data collected from the Questionnaire.

Chapter 4 represents the conclusion and the suggestions based on the


customer satisfaction survey.

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INTRODUCTION

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Customer Satisfaction
What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products
or services they receive from a particular agency. The level of satisfaction is
determined not only by the quality and type of customer experience but also
by the customer’s expectations.

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency


and
• receives or relies on one or more of your agency’s services or
products.

Customers in human services are commonly referred to as service users,


consumers or clients. They can be individuals or groups.

An organisation with a strong customer service culture places the customer


at the centre of service design, planning and service delivery. Customer
centric organisations will:

• determine the customers expectations when they plan


• listen to the customer as they design
• focus on the delivery of customer service activities
• Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in


Insurance Sector:

• Meeting the needs of the customer is the underlying rationale for the
existence of community service organizations. Customers have a right
to quality services that deliver outcomes.
• Organizations that strive beyond minimum standards and exceed the
expectations of their customers are likely to be leaders in their sector.
• Customers are recognized as key partners in shaping service
development and assessing quality of service delivery.

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The process for measuring customer satisfaction and obtaining feedback on
organizational performance are valuable tools for quality and continuous
service improvement.

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Overview of the Industry
The insurance industry provides protection against financial losses resulting
from a variety of perils. By purchasing insurance policies, individuals and
businesses can receive reimbursement for losses due to car accidents, theft
of property, and fire and storm damage; medical expenses; and loss of
income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers)


and insurance agencies and brokerages. In general, insurance carriers are
large companies that provide insurance and assume the risks covered by the
policy. Insurance agencies and brokerages sell insurance policies for the
carriers. While some of these establishments are directly affiliated with a
particular insurer and sell only that carrier’s policies, many are independent
and are thus free to market the policies of a variety of insurance carriers. In
addition to supporting these two primary components, the insurance industry
includes establishments that provide other insurance-related services, such as
claims adjustment or third-party administration of insurance and pension
funds.

Insurance carriers assume the risk associated with annuities and insurance
policies and assign premiums to be paid for the policies. In the policy, the
carrier states the length and conditions of the agreement, exactly which
losses it will provide compensation for, and how much will be awarded. The
premium charged for the policy is based primarily on the amount to be
awarded in case of loss, as well as the likelihood that the insurance carrier
will actually have to pay. In order to be able to compensate policyholders for
their losses, insurance companies invest the money they receive in
premiums, building up a portfolio of financial assets and income-producing
real estate which can then be used to pay off any future claims that may be
brought. There are two basic types of insurance carriers: direct and
reinsurance. Direct carriers are responsible for the initial underwriting of
insurance policies and annuities, while reinsurance carriers assume all or
part of the risk associated with the existing insurance policies originally
underwritten by other insurance carriers.

Direct insurance carriers offer a variety of insurance policies. Life insurance


provides financial protection to beneficiaries—usually spouses and
dependent children—upon the death of the insured. Disability insurance
supplies a preset income to an insured person who is unable to work due to

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injury or illness, and health insurance pays the expenses resulting from
accidents and illness. An annuity (a contract or a group of contracts that
furnishes a periodic income at regular intervals for a specified period)
provides a steady income during retirement for the remainder of one’s life.
Property-casualty insurance protects against loss or damage to property
resulting from hazards such as fire, theft, and natural disasters. Liability
insurance shields policyholders from financial responsibility for injuries to
others or for damage to other people’s property. Most policies, such as
automobile and homeowner’s insurance, combine both property-casualty
and liability coverage. Companies that underwrite this kind of insurance are
called property-casualty carriers.

Some insurance policies cover groups of people, ranging from a few to


thousands of individuals. These policies usually are issued to employers for
the benefit of their employees or to unions, professional associations, or
other membership organizations for the benefit of their members. Among the
most common policies of this nature are group life and health plans.
Insurance carriers also underwrite a variety of specialized types of insurance,
such as real-estate title insurance, employee surety and fidelity bonding, and
medical malpractice insurance.

In addition to individual carrier-sponsored Internet sites, several “lead-


generating” sites have emerged. These sites allow potential customers to
input information about their insurance policy needs. For a fee, the sites
forward customer information to a number of insurance companies, which
review the information and, if they decide to take on the policy, contact the
customer with an offer. This practice gives consumers the freedom to accept
the best rate.

The insurance industry also includes a number of independent organizations


that provide a wide array of insurance-related services to carriers and their
clients. One such service is the processing of claims forms for medical
practitioners. Other services include loss prevention and risk management.
Also, insurance companies sometimes hire independent claims adjusters to
investigate accidents and claims for property damage and to assign a dollar
estimate to the claim.

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The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the


passage of the IRDA Bill in Parliament in December 1999.
The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance
companies.

The other decisions taken simultaneously to provide the


supporting systems to the insurance sector and in particular
the life insurance companies were the launch of the IRDA’s
online service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents


has also ensured that the insurance companies would have a
trained workforce of insurance agents in place to sell their
products, which are expected to be introduced by early next
year.

Since being set up as an independent statutory body the


IRDA has put in a framework of globally compatible
regulations. In the private sector 12 life insurance and 6
general insurance companies have been registered.

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OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on “Customer


satisfaction survey on insurance products of ICICI PRUDENTIAL”
through this I am able to get the different Life Insurance Policies and their
products.

Other objectives of this project are as follows:

• To identify the insurance needs of the Indian population


with respect to their emotional, physical and financial
conditions.
• Comparative study of various insurance players in the
market
• To study the varied reasons of availing life insurance
plans

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COMPANY PROFILE

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About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95
billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58
billion for the year ended March 31, 2008. ICICI Bank is second amongst all
the companies listed on the Indian stock exchanges in terms of free float
market capitalisation*. The Bank has a network of about 1,308 branches and
3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide
range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, life and non-
life insurance, venture capital and asset management. The Bank currently
has subsidiaries in the United Kingdom, Russia and Canada, branches in
United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab
Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. Our UK subsidiary has established branches in Belgium and
Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).

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ICICI Prudential Life Insurance

Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank - one of India's foremost financial services companies-and Prudential
plc - a leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with
ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from


Insurance Regulatory Development Authority (IRDA). Today, our nation-
wide team comprises of over 2000 branches (inclusive of 1,095 micro-
offices), over 261,000 advisors; and 24 bancassurance partners.

ICICI Prudential is the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. 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.

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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.

5. Last but definitely not the least, our 28,000 plus strong 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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Vision & Values

Our vision:-

To be the dominant Life, Health and Pensions player built on trust by world-
class people and service.

This we hope to achieve by:

• Understanding the needs of customers and offering them superior


products and service
• Leveraging technology to service customers quickly, efficiently and
conveniently
• Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns to our
policyholders
• Providing an enabling environment to foster growth and learning for
our employees

And above all, building transparency in all our dealings

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


to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and
Passion. Each of the values describe what the company stands for, the
qualities of our people and the way we work.

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


where we can play a significant role in redefining and reshaping the sector.
Given the quality of our parentage and the commitment of our team, there
are no limits to our growth.

Our values:-

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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 we do, and have become the keystones of our
success.

Promoters

ICICI BANK

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private
sector bank with over 50 years of financial experience and with assets of Rs.
1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of
banking products and financial services to corporate and retail customers
through a variety of delivery channels and through its specialized
subsidiaries and affiliates in the areas of investment banking, life and non-
life insurance, venture capital and asset management. ICICI Bank is a
leading player in the retail banking market and has over 13 million retail
customer accounts. The Bank has a network of over 570 branches and
extension counters, and 2,000 ATMs.

Prudential Plc
Established in London in 1848, Prudential plc, through its businesses in the
UK and Europe, the US and Asia, provides retail financial services products
and services to more than 16 million customers, policyholders and unit
holders worldwide. As of June 30, 2004, the company had over US$300
billion in funds under management. Prudential has brought to market an
integrated range of financial services products that now includes life
assurance, pensions, mutual funds, banking, investment management and
general insurance. In Asia, Prudential is the leading European life insurance
company with a vast network of 24 life and mutual fund operations in

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twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

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).

ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30,
2008) with ICICI Bank and Prudential plc holding 74% and 26% stake
respectively. For the quarter ended June 30, 2008, the company garnered
Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs
810 crores for the quarter ended June 30, 2007, thereby posting a growth of
45% and has underwritten over 6 lakh policies over this period. The
company has assets held over Rs. 30,600 crore as on August 31, 2008.

ICICI Prudential Life 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 (Ind) rating is the highest rating, and is a clear assurance of ICICI
Prudential's ability to meet its obligations to customers at the time of
maturity or claims.

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

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Distribution

ICICI Prudential Life has one of the largest distribution networks amongst
private life insurers in India. It has a strong presence across India with over
2000 branches (including 1,095 micro-offices) and an advisor base of over
261,000 (as on August 31, 2008).

The company has 24 banc assurance partners having tie-ups with ICICI
Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank,
Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki
District Co-op Bank, Ratnagiri Sindhudurg 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,
Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind
Sahakari Bank, Bhandara Urban Co Operative Bank

SALES DISTRIBUTION

Tied Agency

Tied Agency is the largest distribution channel of ICICI Prudential,


comprising a large advisor force that targets various customer segments. The
strength of tied agency lies in an aggressive strategy of expanding and
procuring quality business. With focus on sales & people development, tied
agency has emerged as a robust, predictable and sustainable business model.

Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through


banks and alliances. Within a short span of two years, and with nearly a

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large number of partners, B & A has emerged as a vital component of the
company’s sales and distribution strategy, contributing to approximately one
third of company’s total business. The business philosophy at B&A is to
leverage distribution synergies with our partners and add value to its
customers as well as the partners. Flexibility, adaptation and experimenting
with new ideas are the hallmarks of this channel.

About the Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and
the second largest bank in the country, with consolidated total assets of $1 1
2.6 billion as of June 30 , 2008. ICICI Bank’s subsidiaries include India’s
leading private sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms. ICICI Bank’s
presence currently spans 19 countries, including India.

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


UK, Europe, US, Asia and the Middle East, provides retail financial services
products and services to more than 21 million customers, policyholder and
unit holders and manages over £256 billion of funds worldwide (as of June
30, 2008). In Asia, Prudential is the leading Europe-based life insurer with
life operations in China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.
Prudential is one of the largest asset management companies in terms of
overall assets sourced in Asia ex-japan, with £34.3 billion funds under
management (as of June 30, 2008) and operations in ten markets including
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan,
Vietnam and United Arab Emirates.

Management Profile

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises


reputed people from the finance industry both from India and abroad.

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Mr. K.V. Kamath, Chairman
Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. H.T. Phong, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, Director
Ms. Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director

Management Team

The ICICI Prudential Life Insurance Company Limited Management team


comprises reputed people from the finance industry both from India and
abroad.

Ms. Shikha Sharma, Managing Director & CEO


Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President – Customer Service & Technology
Dr. Avijit Chatterjee, Appointed Actuary

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

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ones, throughout life’s ups and downs. It is a powerful proposition; one,
which ICICI Prudential, is taking into the market place.

Achievements

Beginning operations in December 2000, ICICI Prudential’s 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 company’s range of
unique unit-linked policies and pension plans. The company’s retail market
share amongst private companies stood at 36%, making it clear leader in the
segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand
Survey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook
Money-Best Life Insurer’ award for the second year running. The company
is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work,
not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.

In Keeping with its belief that a happy customer is the best endorsement,
ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an
exercise that begins and ends with the customer from capturing his voice to
measuring and responding to his experiences. This initiative is currently
helping the company improve processes, turnaround times and customer
satisfaction levels. Another Novel introduction is the ICICI Prudential
Lifestyle Rewards Club, India’s 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.

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PRODUCT/SERVICES PROFILE

Insurance Solutions for Individuals

ICICI 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 Solutions

Save'n'Protect is a traditional endowment savings plan that offers life


protection along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone


expenses like a child's marriage, expenses for a child's higher education or
purchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility and
control to customize the policy to meet the changing needs at different life
stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi
Balanced Multiplier, R.I.C.H and Flexi Growth.

LifeStage RP is unit linked plan that provides you with an option of


lifecycle-based portfolio strategy that continuously re-distributes your
money across various asset classes based on your life stage. This will help
you achieve the right Asset Allocation to meet your desired financial goals.

LifeLink Super is a single premium unit linked insurance plan which


combines life insurance cover with the opportunity to stay invested in the
stock market.

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Premier Life Gold is a limited premium paying plan specially structured for
long-term wealth creation.

InvestShield Life New is a unit linked plan that provides premium


guarantee on the invested premiums and ensures that the customer receives
only the benefits of fund appreciation without any of the risks of
depreciation.

InvestShield Cashbak is a unit linked plan that provides premium


guarantee on the invested premiums along with flexible liquidity options.

LifeStage Assure a unit linked insurance plan that provide upto 450 % of
first year premium guarantee on maturity, with the additional advantage of a
lifecycle based portfolio strategy that allocates the investor’s money across
various asset classes based on his life stage and risk appetite.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at low cost. It is


available in 3 options - level term assurance, level term assurance with
return of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designed


specifically to help customers cover their home loans in a simple and cost-
effective manner.

Education Solutions

SmartKid New ULRP provides guaranteed educational benefits to a child


along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the child's
life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed returns


for the first 4 years and then declares bonuses annually.

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

LifeStage Pension is a regular premium unit linked pension plan that


provides you with a unique lifecycle-based strategy that continuously re-
distributes your money across various asset classes based on your life stage,
eventually providing you with a customized retirement solution.

LifeLink Super Pension is a single premium unit linked pension plan.

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.

PremierLife Pension is a unique and convenient retirement solution with a


limited premium paying term of three or five years, to suit professionals and
businessmen, especially those who require more flexibility and
customization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan which


provides long term cover against 6 critical illnesses by providing
policyholder with financial assistance, irrespective of the actual medical
expenses. Health Assure Plus offers the added advantage of an equivalent
life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer
conditions.

Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer
Care and also provides an additional benefit of free periodical cancer
screenings.

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Diabetes Care: Diabetes Care is a unique critical illness product specially
developed for individuals with Type 2 diabetes and pre-diabetes. It makes
payments on diagnosis on any of 6 diabetes related critical illnesses, and
also offers a coordinated care approach to managing the condition. Diabetes
Care Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides an additional


benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment -


hospitalisation, ICU, procedures & recuperating allowance. It covers a range
of medical conditions (900 surgeries) and has a long term guaranteed
coverage upto 20 years.

Crisis Cover : is a 360-degree product that will provide long-term coverage


against 35 critical illnesses, total and permanent disability, and death.

MediAssure is a health insurance policy that provides assured insurability


till age 75 years, assured coverage for accepted pre-existing illnesses after 2
years and an assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life 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 Superannuation Plan: ICICI Prudential Life offers a flexible


market linked scheme that provides 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.

• Group Immediate Annuities: ICICI Prudential Life realises the


importance of prudent retirement planning. With this in mind, we have

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developed a suite of annuity products that not only give you an income for
life but also provide you options to match your needs. 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 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 Options

ICICI 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. If the death occurs while
travelling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical 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 future premiums continue to be paid by the company till the
time of maturity. This rider is available 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 the maturity of the rider.

29
Stages in Policy Issuance

1) Proposal

A Proposal Stage is the First stage before the policy is issued at COPS. At
this stage, the application form is received by COPS, but it is pending for
issuance due to further clarifications required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary documents
attached to it & accepted by the Branch ops, is called a Login

3) Reject

An Application gets rejected at the Branch Ops level due to necessary details
not filled in the form or necessary documents not submitted is a Reject. It is
then sent back to the Advisor for completion.

4) Issuance

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

5) Decline Status

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

30
6) Cancellation

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


of the policy.

7) Lapse

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


Lapsed Policy.

8) Free look

Post issuance of the policy, the policyholder has the option to turn down the
policy within 15 days from the date of issuance. This period of 15 days is
called Free look Period.

9) Surrender:

When a customer wants to discontinue with the policy.

31
COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:


LIFE TIME-
0-60YEARS
BIMA PLUS-
12-55 YEARS

ON THE BASIS OF TERM:


LIFE TIME-
Minimum premium payment term of three years.
BIMA PLUS-
10 YEARS

ON THE BASIS OF SUM ASSURED:


LIFE TIME-
Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.
BIMA PLUS-
Maximum limit up to Rs 12 lakh.

32
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIME-
Value of unit three years onward.
BIMA PLUS-
Bid value of the funds units along with maturity bonus at 5% of sum assured.

ON THE BASIS OF DEATH BENEFIT:


LIFE TIME-
Higher of sum assured of value of units.
BIMA PLUS-
Death during the first six month-30% of SA+value of units, next six months-60% of
SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:


LIFE TIME-
Partial or complete withdrawal is available from three years onwards.
BIMA PLUS-
Premature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:


LIFE TIME-
Minimum Rs 18000 per annum.
BIMA PLUS-
Not specified.

ON THE BASIS OF INVESTMENT OPTION:


LIFE TIME-
Maximiser, balancer, protector and preserver.
BIMA PLUS-

33
Balanced, secured and risk.

2)LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:


LIFE TIME-
0-60 YEARS.
LIFE MAKER-
12-60 YEARS.

ON THE BASIS OF TERM:


LIFE TIME-
Minimum premium payment term of three years.
LIFE MAKER-
10-58 YEARS.

ON THE BASIS OF SUM ASSURED:


LIFE TIME-
Choose your sum assured subject to a minimum sum assured of Rs1lakh.
LIFE MAKER-
Choice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:

34
LIFE TIME-
Value of units three years onwards.
LIFE MAKER-
Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:


LIFE TIME-
Complete or partial withdrawals are available after three years.
LIFE MAKER-
Partial withdrawals are available from the third year and complete withdrawals are
available from first year onwards itself, subject to surrender penalties.

ON THE BASIS OF CONTRIBUTION:


LIFE TIME-
Minimum premium of Rs18000 per annum.
LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:


LIFE TIME-
Available
LIFE MAKER-
Not available

ON THE BASIS OF BONUS UNIT:


LIFE TIME-

35
Available
LIFE MAKER-
Available in the last policy year.

3)LIFE TIME VS HDFC LINKED

ON THE BASIS OF AGE:


LIFE TIME-
0-60 YEARS
LINKED-
18-60 YEARS

ON THE BASIS OF TERM:


LIFE TIME-
Minimum premium payment term of three years.
LINKED-
10-30 YEARS

ON THE BASIS OF SUM ASSURED:


LIFE TIME-
Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.
LINKED-
Only 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT:

36
LIFE TIME-
Value of units third year onwards.
LINKED-
Value of units.

ON THE BASIS OF DEATH BENEFIT:


LIFE TIME-
Higher or sum assured or value of units.
LINKED-
Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:


LIFE TIME-
Partial or complete withdrawals are available from third year onwards.
LINKED-
Partial withdrawals are available from third year onwards provided, that the value of units
does not go below the sum assured.

ON THE BASIS OF CONTRIBUTION:


LIFE TIME-
Minimum Rs18000 per annum.
LINKED-
Minimum Rs10000 per annum.

ON THE BASIS OF INVESTMENT OPTION:


LIFE TIME-

37
Maximiser, balancer, protector and preserver.
LINKED-
Five fund option-balancer, defensive managed safe managed, liquid and growth.

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

ON THE BASIS OF AGE:


LIFE TIME PENSION-2-
18-60 YEARS.
JEEVAN NIDHI-
18-65 YEARS.

ON THE BASIS OF TERM:


LIFE TIME PENSION-2-
Minimum term of 10 years.
JEEVAN NIDHI-
5-35 years.

ON THE BASIS OF SUM ASSURED:


LIFE TIME PENSION-2-
Default sum assured is zero, however, the policy holders can also opt for a sum assured.
JEEVAN NIDHI-
Minimum of Rs50000 and multiples of Rs5000 thereafter.

38
ON THE BASIS OF SURVIVAL BENEFIT:
LIFE TIME PENSION-2-
Unit value to purchase an annuity.
JEEVAN NIDHI-
Sum assured+gurantee additions+terminal bonus.

ON THE BASIS OF DEATH BENEFIT:


LIFE TIME PENSION-2-
Value of units in case the sum assured is zero. In case a sum assured is chosen, it will be
higher of the sum assured or value of units.
JEEVAN NIDHI-
Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:


LIFE TIME PENSION-2-
Minimum Rs10000 per annum.
JEEVAN NIDHI-
Minimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION:


LIFE TIME PENSION-2-
Protector pension, balancer pension, maximiser pension and pension preserver.
JEEVAN NIDHI:
Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT:


LIFE TIME PENSION-2-

39
Not available.
JEEVAN NIDHI-
Not available.

SWOT ANALYSIS

40
STRENGTHS:
i. ICICI Prudential is the largest private player in
India, with a market share of around 36%
amongst the private players
ii. ICICI Prudential has deposited a paid up capital
of Rs 925 crore with IRDA caution deposit, the
highest among all the life insurance company in
India where as LIC has deposited Rs 60 crore so
far.
iii. ICICI Prudential is the first life insurance
company to offer ECS debit facility.
iv. ICICI Prudential is the first company to
introduce unit link life insurance and pension
products. Presently the maximum numbers of
ranges are under ULIP life insurance, investment
as well as pension plan.
v. Products

41
• Flexibility to switch your fund value at your own discretion
four times a year viz. maximizer, protector, balancer, preserver.
• Greater transparency-policy holder knows what is happening
to his money and where the company has invested his money.
• Liquidity options-you can make complete or partial
withdrawals any time after 3 years.
• Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:

i. Industry in nascent stage.


ii. Rural areas still not covered.
iii. Not very known among Indian population.
iv. Lack of credibility among the people because
ICICI being a private player.
v. Premiums are high as compared to its
competitors.
vi. Very few branches in the country.
vii. Products:
• The policy doesn’t have the surrender
option before third year.
• Plan does not offer any guarantee or
assured return.
• Product profile is not very comprehensive.

42
• Mortality, management and administrative
charges are sky scrapping as compared to
its competitors.

OPPORTUNITIES

i. Liberalization of Indian economy.


ii. As the industry is growing the whole market is
virgin.
iii. The whole private sector is opened to be trapped
even though the competition is fierce from
government owned insurance companies.
iv. It’s a volume business that is even if the company
has few good corporates the turnover cease to
increase by manifold.
v. Products:

43
• Preserver funds look good due to comfortable
liquidity in the economy and there is little
chance hike in short-term rate by RBI.
• Finance minister unveiled a budget favoring
consumer spending, boosting demand and
therefore higher economic growth.

THREATS

i. The government players will become aggressive


thus growth is going to be tough.
ii. Entry of other players is not ruled out.
iii. Apprehension towards ICICI Prudential being a
private life insurance company.
iv. We expect the industry to rationalize in future
that is mergers and acquisitions will happen,
which will impact the industry and ICICI
Prudential fortunes.
v. Products:

44
• Past performance of these plans is not
indicative of the future performance of the
plan.
• The sum invested in the funds is subject to
market risks and there can be no assurance
that the objective of plan will be achieved.
• All benefits payable under the policy are
subject to tax laws and other financial
enactment, as they exist from time to time.

45
Research Methodology

Statement Of Problem:

The research is carried on in a proper planned and systematic manner.

• The research was particularly a telephonic research. We have to sell


products to list of people which include their names and contact
numbers given by ICICI.
• During the telephonic we have to sell different products by explaining
the benefits of a particular product, but. The minimum amount for
selling a policy to a customer is equal to or more then Rs. 12000 only.
• Age limit for selling a product/policies was 1 month to 60 yrs – this
mean that a policy can be sold to person between the age of 1 month
to 60 yrs and not anything exceeding or below it.

46
Research Design:

The research design of this project is exploratory. Though each research


study has its own specific purpose but the research design of this project on
ICICI is exploratory in nature as the objective is the development of the
hypothesis rather than their testing.

METHODOLOGY

Every project work is based on certain methodology, which is a way to


systematically solve the problem or attain its objectives. It is a very
important guideline and lead to completion of any project work through
observation, data collection and data analysis.

According to Clifford Woody,

“Research Methodology comprises of defining & redefining problems,


collecting, organizing &evaluating data, making deductions &researching to
conclusions.”

Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study

47
Framing of questionnaire keeping objectives in mind (considering the
objectives)

Feedback from the employees

Analysis of feedback

Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.

1) Convenience sampling technique: Convenience sampling is


used in exploratory research where the researcher is interested in getting an
inexpensive approximation of the truth. As the name implies, the sample is
selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data

2. Secondary data

1) PRIMARY DATA:

48
Questionnaire: Primary data was collected by preparing questionnaire
for customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which are
published, articles, internet , the company manuals and websites of
company- www.iciciprulife.com.

In order to reach relevant conclusion, research work needed to be designed


in a proper way.

This research methodology also includes:-

• Familiarization with the concept of insurance and its various terms.


• Thorough study of the information collected.
• Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this
project are:

• Questionnaire
• Pie Charts
• Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,the


result might not be accurate. Some of the problems faced while conducting
the survey are as follows:-

49
• Time and cost constraints were also there.
• Chances of some biasness could not be eliminated.
• A Samples size of fifty has been use due to time limitations.
• A majority of respondents show lack of cooperation and are biased
towards their own opinions.

50
Data Analysis & Findings

Data Analysis

Q1. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%

51
No. of Respondents

19

Yes
No

31

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 62% of the respondents are already insured.


b) 38% of the respondents are not insured.

Q2. Are you satisfied with your current insurer?

Particulars No. of Respondents Percentage

Yes 41 82%
No 9 18%
Total 50 100%

52
No. of Respondents

Yes
No

41

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 82% of the respondents are satisfied.


b) 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company?

Particulars No. of Respondents Percentage

LIC 24 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
Bajaj Allianz 4 8%

53
Others 6 12%
Total 50 100%

0.6

0.5

0.4
Share in %

0.3

0.2

0.1

0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 48% of the respondents likes LIC.


b) 14% of the respondents likes ICICI.
c) 10% of the respondents likes HDFC.
d) 8% of the respondents likes Birla Sun Life.
e) 8% of the respondents likes Bajaj Allianz.
f) 12% of the respondents likes other companies.
Q4. Are you interested in the products offered by ICICI Prudential ?

Particulars No. of Respondents Percentage

Yes 30 60%
No 12 24%
Can’t Say 8 16%

54
Total 50 100%

No. of Respondents

Yes
No
12 Can't Say
30

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 60% of the respondents are attracted towards ICICI products.


b) 24% of the respondents are not attracted towards ICICI
products.
c) 16% of the respondents Can’t Say about it.

Q5. What is your main concern while taking an insurance policy ?

Particulars No. of Respondents Percentage

Tax Benefit 20 40%


Security 16 32%
Investments/Savings 14 28%
Total 50 100%

55
25
No. of Respondents

20

15
Series1
10 20
16 14
5

s
fit

ng
rit
ne

i
cu

av
Be

Se

t/S
x
Ta

en
m
st
ve
In

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 40% of the respondents are concerned about Tax Benefit.


b) 32% of the respondents are concerned about their Security.
c) 28% of the respondents are concerned about
Investment/Savings.

Q6. Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 5 with 1 being least satisfied)

Rating No. of Respondents Percentage

1 9 18%
2 9 18%
3 8 16%
4 10 20%

56
5 14 28%
Total 50 100%

1
2
5
1
2
3
4
3
5

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly unsatisfied.


b) 18% of the respondents are Unsatisfied.
c) 16% of the respondents are Moderate.
d) 20% of the respondents are Satisfied.
e) 28% of the respondents are Highly satisfied.

Q7. Please express your opinion for the premiums paid for the above
policy?

Particulars No. of Respondents Percentage

Very High 14 28%


High 11 22%
Moderate 13 26%
Low 8 16%

57
Very Low 4 8%
Total 50 100%

No. of Respondents

14
8 Very High
High
Moderate
Low
Very Low
13
11

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents think that Premium is Very High.


b) 22% of the respondents think that Premium is High.
c) 23% of the respondents think that Premium is Moderate.
d) 15% of the respondents think that Premium is Low.
e) 12% of the respondents think that Premium is Very Low.

Q8. How do you come to know about this policy?

Particulars No. of Respondents Percentage

Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
Others 7 14%
Total 50 100%

58
No. of Respondents

7
10

Advertisements
Friends and Relatives
Direct Selling Agents
Others
12
21

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 20% of the respondents know about it from Advertisements.


b) 24% of the respondents know about it from Friends and
Relatives.
c) 42% of the respondents know about it from Direct Selling
Agents.
d) 14% of the respondents know about it from Other Sources.

Q9. Are you satisfied with the incentives (tax benefits or Bonuses)
associated with your policy?

Rating No. of Respondents Percentage

Highly satisfied 9 18%


Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%

59
No. of Respondents

8 9

Highly Satisfied
Satisfied
Moderate
11
12 Unsatisfied
Highly Unsatisfied

10

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly Satisfied.


b) 24% of the respondents are Satisfied.
c) 20% of the respondents are Moderate.
d) 22% of the respondents are Unsatisfied.
e) 16% of the respondents are Highly Unsatisfied.

Q10. According to you, in what areas should the insurance companies work
upon?

Particulars No. of Respondents Percentage

Easy Procedures 14 28%


Fewer premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%

60
18
16
14
No. of Respondents

12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents want Easy procedures.


b) 20% of the respondents want Fewer premiums.
c) 18% of the respondents want More returns.
d) 34% of the respondents want Transparency.

Q11. Do You think that services have improved after allowing private
players in insurance sector ?

Particulars No. of Respondents Percentage

Yes 40 80%
No 10 20%
Total 50 100%

61
20%

Yes
No

80%

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 80% of the respondents think that services have improved.


b)20% of the respondents think that services have not improved.

Findings

According to my survey the noteworthy points are:

• Most of the people buy life insurance as just a tax benefit tool or as a
life cover while only a few of the respondent take it as a saving
option.The reason for this is lack of knowledge of insurance benefits
among the people.
• A Majority of the respondent buy insurance products because of the
need reason while rest of the respondents buy for the brand purpose.

62
• A Majority of the people come to know about the policies from the
Direct Selling Agents.
• A Majority of the people are satisfied by the incentives associated
with their policies.
• Most of the respondents are satisfied by the services offered by there
insurance company while some says that they are not satisfied by the
services.
• Most of the respondents want more Transparency from the side of the
company.

63
Conclusion and Suggestions

CONCLUSION

After overhauling the all situation that boosted a number of Pvt. Companies
associated with multinational in the Insurance Sector to give befitting
competition to the established behemoth ICICI in private sector, we come at
the conclusion that

64
• There are very tough competition among the private insurance
companies on the level of new trend of advertising to lull a major part
of Customers.
• ICICI is not left behind in the present race of advertisement.
• The entry of more Pvt. players in the Insurance Sector have expanded
the product segment to meet the different level of the requirement of
the customers. It has brought about greater choice to the customers.
• ICICI has vast market and very firm grip on its traditional customers
and monopoly of life insurance products..

IRDA, is also playing very comprehensive role by regulating norms


mandating to private players in this sector, that increases the confidence
level of the customers to the private players.

65
Suggestions

The study has provided with the useful data from the respondents. There has
a lot to be recommended. Following are the recommendations:

• There is a need for better promotion for the investment products &
services. The bank should advertise its products through television
because it will reach to the masses.
• More returns should be provided on Insurance plans.
• As the bank provides the Insurance facility to its customers. It should
provide this facility by tie up with the other Insurance organizations
as well. The main reason is that, the entire customers do not want
Insurance of only one company. They should have choice while
selecting a suitable Insurance plans. This will definitely add to the
goodwill & profit for the bank.

66
ANNEXURE

67
QUESTIONNAIRE

Name - _____________
Age - _____________
Occupation - _____________

Q1. Are you currently insured?


- Yes
- No

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with your current insurer ?

- Yes
- No

Q3. Which is your favoured insurance company ?


- LIC
- ICICI
- HDFC
- Birla sun life
- Bajaj Allianz
- Others

Q4 Are you interested in the products offered by ICICI Prudential ?


- Yes
- No
- Cant say

Q5. What is your main concern while taking an insurance policy ?

- Tax benefit
- Security
- Investment/Savings

68
Q.6 Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 10 with 1 being least satisfied)

Q.7 Please express your opinion for the premiums paid for the above
policy?
-Very high [ ]
-High [ ]
-Moderate [ ]
-Low [ ]
-Very Low [ ]

Q.8 How do you come to know about this policy? (Please tick).
-Advertisements [ ]
-Friends and relatives [ ]
-Direct selling agents [ ].
- Others (please specify) _____________________.

Q.9 Are there any incentives (tax benefits or Bonuses) associated with
this policy? (Please give appropriate details about it).
- _______________________________________________________
_______________________________________________________
____________

10. Are you satisfied with the incentives associated with your policy?
-Highly satisfied [ ].
-Satisfied [ ]
-Moderate [ ]
-Unsatisfied [ ]
-Highly Unsatisfied [ ].

69
Q11. According to you, in what areas should the insurance companies work upon?

- Less complicated procedures


- Fewer premiums
- More returns
- Transparency

Q12. Do You think that services have improved after allowing private players
in insurance sector ?

- Yes
- No

Your comments on ICICI Prudential

__________________________________________________________________

__________________________________________________________________

70
Bibliography

• www.icicibank.com

• www.iciciprulife.com

• en.wikipedia.org/wiki/Main_Page

• www.licindia.com

• www.hdfcinsurance.com

• www.maxnewyorklife.com

• Brochures provided by the ICICI Prudential

• Kothari C R, ‘Research and Methodology- Methods &


Techniques’, New Age International (P) Ltd., 2004

71