Contents

Company Certificate HOD Certificate Candidate Declaration Preface Acknowledgement

Chapter I
1) Introduction a) Historical development of Insurance b) About Insurance c) About the company 2) Company profile a) Vision b) Partners c) Distribution d) Management 3) Product information

Chapter-II
a) Objective of study b) Importance of study

c) Scope of study d) Research Methodology 1. Research Design 2. Sample Size 3. Data Collection Method 4. Sampling Design e) SWOT analysis f) Research Findings and Analysis g) Limitation of Study h) Conclusion i) Recommendation j) Bibliography k) Questionnaire 109

ACKNOWLEDGEMENT
I wish to express my deep sense of gratitude to Mr. Rajat Arora (Unit Manager) ICICI prudential Meerut, for his valuable guidance, adviser and suggestion, during the course of this study. Positive thinking, hopeful attitude and optimistic outlook are indispensable that are developed by an instructor in his students. He enables them to face the problem in different ways for success. I feel to express my Prof. P.K Agarwal (HOD of MBA Department IIMS), Mr. Sharad Bisaria, Dr. Sharat Sharma, Mr. Manoj Kumar for his expert guidance and encouragement for my project work. I offer my most sincere thanks to Mr. Abhiroop Pandey (territory manager) who inspire me all the time. And finally but immensely I express all my gratitude to my parents and faculties who inspired me all the time with their love and support, also my friends who always help me in the course of study.

Devendra Prasad Ojha

PREFACE
Insurance is one of the fastest growing sectors in the country. industry Four still years holds after vast liberalization opportunities the for Insurance young and

experienced professionals. On the life Insurance side public sector life Insurance corporation of India is, of course, the largest player with a history of over 50 years. After Privatization, the PSU has been making efforts to improve efficiency and customer service. Among the private Life Insurance players, ICICI Prudential Life and Birla Sun Life are the first and second largest players. My this study about Life Insurance, giving special reference to ICICI Prudential Life Insurance is an attempt to get a inner look about the working of this private player, what made them No.1 private Insurer in country , there mode of recruiting advisors and customer satisfaction with this company with in Meerut city.

As the company is operating in 54 cities with 70 branches, Meerut is selected as a sample unit for study. The study will consists of studying product basket of ICICI Prudential with the help of secondary data and the market survey with the help of Questionnaire to collect primary data and thereafter the result will be generalized on universe (India) to get clear picture about the performance of ICICI Prudential Life Insurance Company on India. I hope this study will provide useful academic as well as practical information.

Devendra Prasad Ojha

CANDITATES DECLARATION
I hereby declare that the project report prepared & submitted by me is the original work, the report is based on the data collected by me during the training tenure. During my training I worked under the able guidance of Mr Rajat Arora (Unit Manager) ICICI PRUDENTIAL LIFE INSURANCE COMPANY MEERUT.

Devendra Prasad Ojha

MBA III SEM

INTRODUCTION TO THE COMPANY

The business of insurance began with the marine industry. Traders, who would gather at the Lloyds Coffee House in London, agreed to share the losses their goods were prone to while being carried by ships. The losses used to occur because of pirates who robbed on the high seas, because of bad weather spoiling goods or due to ships sinking. The first insurance policy was issued in 1583 in England.

In India, insurance began in 1870 with life insurance being transacted by an English company, the European and the Albert. The first Indian insurance company was the Bombay Mutual Assurance Society, formed in 1870. Oriental Life Assurance in 1874, the Bharat in 1896 and the Empire of India in 1897 followed this.

Later, the Hindustan Co-operative was formed in Calcutta, the United India in Madras, the Bombay Life in Bombay, the National in Calcutta, the New India in Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were all started as a result of the Swadeshi movement in the early 1900s. By the year 1956, when the life insurance business was nationalized and the Life Insurance Corporation of India (LIC) was formed on September 1, there were 170 companies and 75 provident fund societies transacting business in India. After decades of public sector monopoly, the relevant laws were amended in 1999 and LIC lost the exclusives privilege of conducting life insurance business in India. By March 31 02, 11 new insurers had been registered and had begun to transact life insurance in the country.

INTRODUCTIONOF INSURANCE
Insurance is a mechanism that ensures an individual to thrive on adverse consequences by compensating the individual for loss financially. The meaning of insurance can be made from two points: Function meaning of insurance Contractual meaning of insurance

Functional meaning:
Insurance is a co-operative device to spread the loss caused by a particular risk over a number of persons, who are exposed to it and who agree to insure themselves against the insurance is: a) A co-operative device to spread the risk b) The system to spread the risk over a number of persons who are insured against the risk. c) The principle to share the loss of each member of the society on the basis of probability of loss to their risk and

d) The method to provide security against losses to the insured.

Contractual Meaning of Insurance:

The insurance is a contract where by: (a) (b) Certain sum, called premium, is charged in

consideration. Against the said consideration a large sum is guaranteed to be paid by the insurer who received the premium. (c) The payment will be made in a certain definite sum i.e. the loss or the policy amount whichever may be, and (d) The payment is made only upon a contingency.

KINDS OF INSURANCE The insurance can be divided from two angels: From the business point of view. From the risk point of view.

Business Point of view:

The Insurance can be classified into categories from

business point of view.

1.

Life Insurance:

Life Insurance is different from other insurance in the since that, here, the subject matter of insurance is life of human being. Life is the most important property of the society or an individual. This insurance provides protection to the family at the premature death or gives adequate amount at the old age when earning capacities are reduced.

2.General Insurance:

The general insurance includes property insurance, Liability insurance and other forms of insurance. Fire and Marine insurance are strictly called Property insurance; Motor, Theft, Fidelity and Machine insurances include the extent of liability insurance to a certain extent.

(A) Property Insurance

Under the property insurance property of a person insured against a certain specified risk. The risk may be Fire or Marine perils, Theft of property or Goods damage to property at accident.

1. Marine Insurance
Marine insurance provides protection against loss of Marine perils. These perils cause damage, destruction of disappearance of the ship and cargo and non-payment of freight.

2. Miscellaneous Insurance:
The property Goods machine, Furniture, Automobile, Valuable articles etc. can be insured against the damaged due to accident or due to theft these are different forms of insurances for each type of said property whereby not only property insurance exist but liability insurance and personal injuries are also insured.

(B) Liability Insurance:

The general insurance also includes liability insurance whereby the ensured is liable to pay the damage of property or to compensate the loss of personal injury or death. This insurance is seen in the form of Fidelity insurance, Automobile insurance and Machine insurance etc.

(C) Other Forms:

Besides the property and Liability insurance there are certain insurances, which are included under general insurance. The example of such insurance is Export credit insurance, state employees insurance etc. whereby the insurer guarantees to certain amount at the certain events.

(3) Social Insurance:

The social insurance is to provide protection to the weaker section of the society who is unable to pay the premium for adequate insurance. Pension Plans, Disability benefits, unemployment benefits, sickness insurance and industrial insurance are the various forms of social insurance with the increase of socialistic ideas, the social insurance is an obligatory duty of the nation.

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 Regularly Development Authority (IRDA). ICICI Prudentials equity base stands at Rs 675crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. In the year ended March 31,2004, the company had issued over 430,000 policies, for a total sum assured of over Rs.8, 000crore and premium income in excess of Rs.980crore. Today the company is the No.1 private life insurer in the country.

Vision
Companys vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This we hope to achieve by: Understanding the need of customer and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees

 And above all, building transparency in all our dealings. The success of the company will be founded in its unflinching commitment to 5 core values Integrity, Customer first, Boundary less, Ownership, and Passion. Each of the values 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.

Partners
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset Management Company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia, known for their

professionalism, excellent quality of service and long term commitment to people. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a commitment solutions. ICICI Bank has 74% stake in the company, and prudential plc has 26%. to provide leading-edge life insurance

ICICI Bank ICICI Bank is Indias second largest bank with an asset base of Rs.106812crore. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing customer base of more than 7 million customer accounts and 5 million bondholders accounts through a multi channel access network. This includes about 450 branches and extension counters, 1665 ATMs, call centers and Internet banking. ICICI Bank posted a net profit of Rs.1, 206crore for the year ended March 31,2003. ICICI Bank is the only Indian company to be rated above the country rating by the international rating agency Moodys and the only Indian company to be awarded and investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating

agencies.

Prudential plc Established in 1848, Prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management, and more than 16 million customers worldwide. 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 UKs largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries -China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region.

DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 54 cities and towns in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad,

Bangalore, Bhatinda, Bhopal, Bhubhaneshwar, Chandigrh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hubli, Indore, Jaipur, Kanpur, Karnal, Kochi, Kolkata, Kota, Kottyam, Lucknow, Ludhiana, Madurai,

Manglore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur, Trichy, Trivandrum, Vadodara, Vashi, Vijayawada and Vizag. The company has twelve bancassurance tie-ups, having agreements with ICICI Bank, Allahabad Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and

Punjab & Maharastra Co-Operative Bank, Goa State CoOperative Bank and Indoor Paraspar Sahakare Bank,

Manipal State Co-Operative Bank, Shamrao Vithal CoOperative Bank And Jalgaon Peoples Co-Operative Bank, as well as some corporate agents. It has also tied Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained over 30,000 insurance advisors to interface with and

advise customers. Further , it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.

Management
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Mr. Mark Norbom Mrs. Lalita D. Gupte Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. Kevin Holmgren Mr. M.P. Modi Mr. R Narayanan Ms. Shikha Sharma, Managing Director

Management Team Ms. Shikha Sharma, Managing Director Mr. Sandeep Batra, Chief-Financial Officer & Company Secretary Mr. Shubhro J. Mitra, Chief- Human Resources Mr. Puneet Nanda, Head - Investments Ms. Anita Pai, Chief Operations & Underwriting Mr. V. Rajagopalan, Appointed Actuary Mr. Shridhar Sethuram, Chief Sales & Marketing Mr. Anil Tikoo, Head Information Technology. ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED (ICICI PRUDENTIAL) Registered office: ICICI Prulife Towers, 1089 Appasaheb Marathe Marg, Praabhadevi Mumbai-400025 Registrat of companies Reg no. 11-127837 Date of Incorporation 20-jul-2000

Registered with IRDA as Life Insurance Company Regn.No.105

Products
Young Professional
Life Stage Young Professional Needs Protect loved ones & Protection against Liabilities Saving/Investing for the future Save n Protect Cash Bak Secure plus Cash Plus Unit Linked Insurance Solutions Life Time II Life Link II Retirement planning Traditional Forever Life Secure Plus Pension Unit Linked Insurance Solutions Life Time Pension II Life Link Pension II Traditional Solution Life Guard

Tax Planning

All Life Insurance plans Sec 88 All Retirement plans sec 80 ccc (1)

Life Stage
Newly Married
Life Stage Newly married Needs Protect loved ones & Protection against Liabilities Saving/Investing for the future Solution Life Guard Traditional

Save n Protect Cash BaK Secure plus Unit Linked Insurance Solutions Life Time II Life ink II Retirement Planning Traditional Forever Life Secure Plus Pension Unit Linked Insurance Solutions Life Time Pension II Life Link Pension II Tax Planning All Life Insurance plans Sec 88 All Retirement plans sec 80 ccc (1) Health Concerns Major Surgical Assistance Rider Critical Illness Rider Additional Protection Accident & Disability Benefit Rider Waiver of premium Rider

Life Stage
Married With Kids
Life Stage Married with Kids Needs Protect loved ones & Protection against Liabilities Saving/Investing for the future Solution Life Guard Traditional Save n Protect Cash Bak Secure plus Cash Plus Unit Linked Insurance Solutions Life Time II Life Link II Traditional Forever Life Secure Plus Pension Unit Linked Insurance Solutions Life Time Pension II Life Link Pension II All Life Insurance plans Sec 88 All Retirement plans sec 80 ccc (1) Smart Kid Education Plans Major Surgical Assistance Rider Critical Illness Rider Accident & Disability

Retirement Planning

Tax Planning

Childs education Health Concerns Additional Protection

Benefit Rider Waiver of premium Rider

Secure Plus Pension

Secure Plus Pension

Power

to

choose

your

protection

levels:

Secure Plus Pension provides you with three levels of sum assured for the same amount total annual contribution. You also have the option of opting for a zero Death Benefit.
Power to choose the retirement date: You can choose a vesting age between 50 75 years. You have the flexibility to postpone the vesting date from the originally chosen vesting date up to a maximum of 75 years of age. You can also enhance you policy by adding Critical Illness Rider, Major Surgical Assistance Rider, Accident & Disability Benefit Rider, Accident Benefit Rider and Waiver of Premium Rider (WOP)

Life Line Pension II

Life Link Pension II

Life Link Pension II gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. On a future retirement date, the accumulated value of the units will be used to purchase an annuity that will provide you with regular income for life. Power to choose the retirement date: Choose a vesting age between 45 75 years of age. Power to increase you investment: Use your surplus funds to top-up your investments during the deferment period. Power to invest in plan based on your priorities: Choose from among four funds, based on your investment objective and risk appetite. If at later stage your financial priorities change, you can switch between the various fund options, absolutely free, 4 times a year.

Forever Life
Forever Life

Life cover benefits: The plan simultaneously provides life cover and the opportunity to save for your retirement in a systematic manner. In the unfortunate event of your death, your spouse has the option to receive the sum assured with guaranteed additions and vested bonuses (if any) as a lump sum or get an annuity that would provide a regular income for life. Power to choose the retirement date: You can choose a vesting age between 50 70 years. You have the flexibility to postpone the vesting date from the originally chosen vesting date up to a maximum of 70 years of age. You can also enhance your policy by adding Critical Illness Rider, Major Surgical Assistance Rider, Accident & Disability Benefit Rider, and Accident Benefit Rider.

Life Time II
Life Time II

A single policy that meets your changing needs over a lifetime. This solution has been developed to meet your savings, protection and investment needs at every stage in life. Protection Choose from two levels of Sum Assured Flexibility to increase or decrease your sum assured. Add-on riders to protect you against any

eventuality. Savings Flexibility to increase or decrease your

contribution. Automatic Cover Continuance, wherein the policy continues even if there is a temporary break in the payment of annual contribution. Top-up your investment any time you surplus funds. Additional allocation of units on a periodic basis. have

 Loans against the policy Investment Choose from among four funds, based on your investment objective and risk appetite. Choice to switch between investment options (4 free switches every policy year). You can also enhance your policy by adding Critical Illness Rider, Major Surgical Assistance Rider, Accident & Disability Benefit Rider, and Accident Benefit Rider.

Insurance Plans
Insurance Plans
Life is unpredictable. But in face of adversity, our responsibilities towards our parents, children and loved ones need not be compromised. Insurance planning equips you to smooth out the uncertainties and adversities that life might

send your way, so that the best that life has to offer, secure in the knowledge that your beloved ones are well provided for. ICICI Pru offers a complete range of insurance products 1. Protection Plans 2. Savings Plans 3. Child Plans 4. Investment Plans 5. Retirement Plans 6. Group Plans 7. Rural Plans 8. Plans for NRIs 9. Keyman Plans 10. Riders

Protection Plans
Life Guard
ICICI Prudential Life Insurance offers Life Guard a set of pure protection plans. Choose from amongst three different product structures to insure your life and provide total security to your family, at a very affordable cost.

Level Term Assurance with return of premium On death the entire sum assured will be paid. On maturity, all the premiums paid will be returned. Level Term Assurance without return of premium On death the entire sum assured will be paid. No survival or maturity benefits. You can also enhance the above two policies by adding Accident & Disability Benefit Rider and waiver of Premium Rider (WOP). Level Term Assurance Single premium On death entire sum assured will be paid. No survival or maturity benefits.

Savings Plans
Savings Plans
ICICI Prudential offers a variety of policies that give you the benefit of protection and the opportunity to save for important assets or events, like a home, a car or a wedding.

Secure Plus An insurance plan that gives added protection savings and multiple options, all in one! Cash Plus An insurance plan that gives added protection savings, multiple options, plus the power of liquidity. Life Time II A complete market-linked insurance plan that adapts itself to your changing protection and investment needs, throughout a lifetime. Save n Protect A traditional endowment savings plan that offers both high returns and protection. Cash Back

An endowment savings plan that allows you to get back substantial survival benefits without having to wait till the maturity date.

Child Plans
Smart Kid Education Plans As a responsible parent, you will always strive to ensure a hassle-free, successful life for your child. However, life is full of uncertainties and even the best-laid plans can go wrong. Heres how you can give your child a 100% safe and assured

tomorrow, whatever the uncertainties. Smart Kid is designed to provide flexibility and safeguard your childs future education and lifestyle, taking all possibilities into account. 1. Smart Kid regular premium 2. Smart Kid unit-linked regular premium 3. Smart Kid unit-linked single premium All these plans offer you: Guaranteed board Financial Benefits: and Regular Post-

payments at critical stages in your childs life examinations, Graduation graduation. Total peace of mind i. Sum Assured is paid immediately: Ensures that your loved ones stay financially secure, even in your absence. ii. All future premiums are waived: Ensuring that your family is not financially burdened in your absence. iii. Policy benefits continue: The educational benefits of the policy continue, ensuring that your child can realize his or her dreams without any hassles.

Development Allowance: Smart Kid guarantees regular income to secure your childs educational career and also ensures his all-round development, for a nominal additional amount. The income benefit Rider takes care of this through an annual payment of 10% of the sum assured, to your child, till the maturity of the policy, in the unfortunate event of the death of the parent. All smart Kid plans can be enhanced with the Accident & Disability Benefit Rider and Income Benefit Rider. You can also an Accident Benefit Rider to a Smart Kid Regular Premium policy, and a Waiver of premium Rider (WOP) to Smart Kid unit-linked regular premium policy.

Investment Plan
Investment Plans Life Link II

Life Link II is a unique plan that combines the security of a life insurance policy with the opportunity of enjoying high returns on your investments, without the market risks compromising on the protection of your family! Death Benefit: The sum Assured under the product has 2 options, either 500% of the initial premium or 105% of the initial premium. In the event of an unfortunate death, the beneficiary will receive higher of the value of units or the initial death benefit, less any withdrawals. Withdrawal Benefit: One can make partial withdrawals from the accumulated value of the policy after completion of one policy year. Flexibility: Choose from four fund options, based on your investment objective and risk appetite. If at a later stage your financial priorities change, you can switch between the various fund options, absolutely free, 4 times a year.

Retirement Plans
Retirement Solutions

Life Expectancy has been rising rapidly and today you can expect to live longer than you earlier generations. For you, this increase will mean a longer retirement life, stretching into a couple of decades. ICICI Prudential presents Retirement Solutions that combine the best of insurance and investment. These solutions are developed to ensure uour peace of mind for the years to come. Choose from amongst 4 retirement plans: Life Time Pension II A regular premium linked pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. Life Link Pension II A single premium linked pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. Secure Plus Pension A regular premium pension plan that gives the flexibility to choose between 3 levels of sum assured for the same level of total annual contribution. Forever Life

A regular premium pension plan that helps you save for your retirement while providing you with life insurance protection. Choose from 5 Annuity options at the time of vesting 1. Life Annuity 2. Life Annuity with return of purchase price 3. Life Annuity guaranteed for 5, 10, 15 years 4. Joint Life, Last Survivor without return of purchase price 5. Joint Life, Last Survivor with return of purchase price Read on to find out more about planning for your

retirement. Why plan for retirement? How much should I set aside for retirement? The impact of inflation on your retirement savings. Why plan early?

Group Solutions
Group Solutions
In an era of competitive party, the only asset that makes a decisive difference between corporate success and failure is

the quality of human capital. Employee benefits have proven to be an excellent tool to optimize the retention of talent and improve an organizations bottomline. The quality of an organizations employee benefits establishes and maintains a companys image as a caring employer. Optimum care of employees is a long-term investment that results in a sustained competitive advantage for an organization in the times to come. ICICI Pru Group Solutions Advantage An integrated basket of employee benefit solutions that offer in incomparable flexible benefits. Sound investment management that focuses on safety, stability and profitability of the portfolio. Personalized financial planning for your employees that takes care of his/her changing financial needs at every stage of life. Quality service initiatives and transparency across all operations, promising superlative operational efficiency. Group term Assurance: Helps provide affordable cover to members of a group. Group Gratuity Plan: Helps employers fund their statutory gratuity obligation in a flexible and hassle-free manner.

Group Superannuating Plan: A flexible scheme (defined benefit and defined contribution) to provide a retirement kitty for each member of the group. Group Term Assurance ICICI Prus flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary, and can be extended to all employees between the ages of 18 and 65 years. The benefit under the policy is paid on the event of the members death to the beneficiary nominated by the member. It is a one-year renewable policy where one master policy covers all proposed employees comprising the group, with a minimum group size of 25 persons. New members can join the group and outgoing members can leave the group at any point during the policy term. Highlights include: Greater convenience: for the employees with relaxed underwriting and medical requirements. Free Cover Limits: With simplified underwriting depending upon the number of employees in the group and the level of cover chosen.

 Guaranteed benefit: On death during the term of the contract (while in service), the sum assured will be paid to the beneficiary of the employee. Choice of additional coverage in from an Accident and Disability Benefit Rider and Critical Illness Cover. Premium is viewed as a business expense in the year of payment.

Rural Plans
ICICI Pru Life Rural Products are designed to meet the needs of the rural consumers. These products offer the following features: 1. Low and Affordable Premiums 2. Life Cover

3. Savings Option 4. Hassle free procedure ICICI Prudential offers 2 specially designed rural plans. ICICI Pru Mitr Endowment Plan ICICI Pru Suraksha Regular Premium ICICI Pru Mitr Endowment Plan ICICI Pru Miter offers the following features: Life Cover and Savings Regular Premiums Age at entry Premium Mode Term Sum Assured Premium / Year 10,000) Maturity / Death benefit ICICI Pru Suraksha Regular Premium ICICI Pru Suraksha is a regular premium policy with the following features: :Sum Assured :18-45 Yrs :Half Yearly / Yearly :5, 10, 15 Yrs :Rs. 5,000 20,000 :Rs. 507 553 (SA: Rs.

 Individual policy Only Life cover Term 3 & 5 Yer Age independent premium Age at entry Sum Assured Premium / Year Maturity / Death Benefit Death Benefit :Sum Assured :18 45 Yer :Single :Rs. 50 200 :Rs. 5,000 20,000

Riders
ICICI Prudential gives the freedom to form very own comprehensive insurance policy by adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to increase the scope of your policy, at a nominal cost.

 Critical Illness Rider Major Surgical Assistance Rider Accident & Disability Benefit Rider Accident Benefit Rider Income Benefit Rider Waiver of Premium Rider (WOP) Critical Illness Benefit Rider This rider provides protection against 9 critical illnesses, namely: Major organ transplants, Complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement surgery, Major surgery of the aorta, CAGS (Bypss) and Cancer. Benefits paid on contracting the illness Accelerated benefits (available with Save n Protect and cashbook): If the policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid the entire sum assured under the rider. The policy along with all the riders (to the extent of the Rider Sum Assured) is then

terminated. However, the remainder of the base policy continues till the end of the term. The policyholder will have to continue paying his premiums for the remainder of the policy. Accelerated benefits (available with SecurePlus,

CashPlus and SecurePlus Pension): If the policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid the entire sum assured under the rider. The life cover along with all the riders is then terminated. However, the policy value accumulation continues till the end of the term of death, whichever is earlier. Standalone benefits (available with Life Time II, Forever Life and Group Term Plan): If the policyholder is diagnosed with any of the specified illnesses, he/she is paid the rider Sum Assured and the rider terminates. However, the base policy continues till maturity. Premiums paid under this are eligible for tax benefits under Section 80D.

Major Surgical Assistance Rider This rider provides assistance to the policyholder against 43 surgical procedures. There surgical procedures are divided into 3 categories and the extent of assistance provided depends on the type of procedure. Major procedures 50% of the rider sum assured is paid Intermediate procedures 30% of the rider sum assured is paid Minor procedures 20% of the rider sum assured is paid This benefit is payable on more than one occasion when the life assured undergoes surgery. However the total benefit payable in case of all the procedures is restricted to a maximum of 50% of the sum assured. Major Surgical Assistance rider is available with Save n Protect, Cashbak, Lifetime II, Forever Life, Forever Life, Secure Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits under Section 80D. Accident & Disability Benefit Rider Benefits Payable on death due to an accident If the policyholder dies due to an accident, 100% of the rider sum assured is pad in addition to the basic sum assured. In case the policyholder dies in a land surface, mass public transport system wherein the policyholder was traveling as a fare-paying passenger, then 200% of the rider sum assured is paid. Benefit payable in case of permanent disability due to an accident. If the policyholder survives an accident but become

permanently disable then the premium for the basic plan is completely waived off to the extent of the rider sum assured.

Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in providing that extra money and takes care of sudden financial set back that occurs after a tragic disability. Accident & disability Benefit rider is available with save n Protect, Cashbak, SmartKid Child Plan, Lifetime II, Life Time Pension II, Forever Life, Secure Plus, Cash Plus, Secure Plus Pension, Life Guard ROP and Life Guard WROP, the waiver of premium benefit is not available. Premiums paid under this rider are eligible for tax benefits under Section 88. Accident Benefit Rider If the policyholder dies due to an accident, 100% of the rider sum assured is paid in addition to the basic sum assured. Accident Benefit rider is available with save n Protect, Cashbak, Smart Kid regular premium, Forever Life, secure Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits under Section 88. Income Benefit Rider In case of death of the life assured during the term of the policy, 10% of the rider sum assured is paid annually to the beneficiary, on each policy anniversary till maturity of the rider. Income Benefit rider is available with Smart Kid Child Plans, Secure Plus and Cash Plus. Premiums pad under this rider are eligible for tax benefits under Section 88. Waiver of Premium Rider (WOP) On total and permanent disability due to an accident, all future premiums for both the base policy and rider (s) will be waived till the end of the term of the rider of death of the life assured, if earlier.

Waiver of Premium rider is available with Secure Plus, Case Plus, Lie Guard ROP, Life Guard WROP, Smart Kid Unit linked regular premium II, Life time II , Life Time Pension II and Secure Plus Pension. Premiums paid under this rider are eligible for tax benefits under Section 88.

ICICI Pru Saven Protect (With profits endowment plan with extended life cover) This product is participating (with profits) endowment product. As the name suggest the product encompass the features of saving and life cover protection in equal measures. The product is meant for the masses and has flexible features. The product specification is as under: Min Sum assured Max Sum assured Rs. 50,000 Unlimited

Min Age at Entry Max Age at Entry Min Maturity Age Max Maturity Age Min Term Max Term Sum assured Multiples of Premium Payment frequencies Premium Payment period Benefit Coverage period Death benefits During the term of the policy During ELC period 5 years maturity Maturity Benefits

0 Years 60 Years .. 70 Years 10 Years 30 Years Rs. 1,000 Yearly, Half yearly, quarterly and monthly The Entire Term of Policy. Term of Policy + 5 years after maturity (extended life cover) Sum Assured + Guaranteed Additions + Vested Bonus (if any) + Terminal Bonus (on policies with term of 16 years or more). 50% of sum assured in case the policy holder dies during the 5 year term. Sum assured + Guaranteed addition (for the first 7 years) + Vested Bonus + Terminal bonus on policy with term of 16 years of more. After 3 full year premium have been paid. Critical illness (CIR), Major surgical

Surrender/Paid up Riders allowed

(MSAR), Accident Benefit (ADBR), Remarks Term Rider (LTAR). Extended cover will be given only if policy is in force for the full sum assured at maturity. Areas where population is less than 10,000 live or less the minimum sum assured of Rs. 20,000 Shall apply. The rider specifications are as follows: SV = Total Premium 1st year Premium + Bonus + Cash Value / 3

TARGET MARKET FOR ICICI PRU SAVE N PROTECT AND THE RIDERS
The ICICI save n protect is a product that has a mass appeal. The product has a good return feature as well as a good life cover feature since the facility of life cover provides cover for 5 years for 50% of the sum assured over and above the maturity period. It subscribes to all the strata of the society, but this product primarily targets to: 1. The salaried class. 2. Gross annual income of Rs. 1.2 lace. Ana above. 3. People with family responsibility. 4. Age group 20-40

The product imbibes a concept of compulsory saving and the Such a kind of product is more comfortable with middle class. It is mostly for people within the age group of 20 to 40 who have a family responsibility. The rider extremely beneficial when sold to age group of 20 to 40. Since rider make the life cover and risk cover qualitatively rich and the premiums are very low, attach ability of riders should be advised by us.

ICICI PRU SAVE N PROTUCT FEATURES ADVANTAGES BENEFITS

Now we know what ICICI Pru save n protect is and how is the product placed in the Market. It is important for us to communicate to the client the features, benefits and the advantages that ICICI Pur save n protect has and others. Features of Save n Protect: a) Extended Life Cover Advantage

The feature is unique to ICICI prudential save n protect. The concept of extension of life cover is not new thought it has been associate with a product like save n protect. Benefits Free life cover for 5 years for 50% of the sum assured payable on death offers value for money. b) Riders Benefits Advantage Competitor products do not offer protection against illness under one CIR rider. MSAR is the rider, which is offered by ICICI prudential alone covers 43 illnesses. Level term assurance rider extends the advantage of double cover under one single plan at lower cost.

There are products offered by LIC with double cover like Jeevan Mitra, however. The premium towards the policy restricts it to a niche. Benefits Additional protection against small price. Rider not only covers contingencies that may cause death, but also those which might incapacitate the individual from earning a regular income required to maintain his life style. c) Affordable Premium Rates Advantages A male client of age 30 pays a premium of 4484 for 1 lac of cover, which for the same one lac he pays at least 5% more if the decides to opt for the competitor product. Benefit Lower premiums ensure larger cover at nominal costs.

ICICI PRU CASHBAK

(With profits anticipated endowment plan)
This is a popular product with a three in one feature, of life cover, liquidity and savings, ICICI Pru. Cashbak provides the policyholder with survival benefits during the term of the policy. The policyholder receives money regularly after every few years there by incorporating an element of liquidity. The products has the features mentioned below: Minimum Sum assured Rs. 75,000/-

Maximum Sum assured Minimum age at entry Maximum age at entry Minimum maturity age Maximum maturity age Term Sum assured multiples of Premium payment frequencies Loading for premium frequencies Premium payment period Death benefits During the term of policy

Survival (% age of the sum assured)

Maturity benefits

Unlimited 16 Years 55 Years Not applicable 70 Years 15 Years and 20 Years Rs 1000 Yearly, Half Yearly, Quarterly and Monthly 5% extra for monthly mode of premium payment The entire term of policy Sum assured + guaranteed additions + vested bonus (if any) + terminal bonus (on policies with term of 16 years of more. Death benefit will be paid even if the survival benefits have been paid. 1 5 year plan 20 year plan 3 10% 4 10% year Year 6 15% 8 15% year year 9 20% 12 20% year year 12 25% 16 25% year year 15 50% 20 50% year Maturity year Maturity Total 120% Total 120% 50% of sum assured + guaranteed additions + vested bonus (if any) + terminal bonus (on policies with term of 16 years or mover)

Surrender/Paid up Policy Loans Riders allowed

Remarks

After 3 full years premium have been paid No Loans Critical illness benefit rider (CIBR), Major surgical assistance rider (MSAR), Accident and disability benefit rider (ADBR), Level term assurance rider (LTAR) The entire death benefit is payable even if the complete survival benefit is paid.

Target Market ICICI Pru cashbak is a product that has mass appeal and specifically for individuals who look for some interim benefits in their life insurance policy. It helps the client to develop and plan his investment as well as asset acquisition. The product. Is mainly targeted towards: The salaries and mid-sized businessmen In the age group of 25 years to 45 years. Gross income of Rs. 2,00,000/- and above. Having families and children.

 Looking for liquidity in insurance. Will require periodic money for their children education, asset creation.

ICICI PRU CASHBAK FEATURES ADVANTAGES BENEFITS

New we know ICICI cashbak is and how is the product placed in the market. It is important for us to communicate to the client the features, benefits and the advantages that ICICI Pru Cashbak has and offers. Features of Cashbak a) More on Maturity Advantage

All other anticipates endowment plans give only 100% of the sum assured as survival and maturity benefits. Benefits The policyholder gets more than any other endowment plan. b) Liquidity Advantage No other anticipate endowment plan in the market gives money after every three years in a 15 years plan and after 4 years in a 20 year plan regularly. Benefit ICICI Pru cashbak gives more liquidity, thus enabling the policy holder to plan for more during the term. c)Rider Benefits Advantages The double death benefit offered by ADBR on death due to accident while traveling in a mass public transport system along with added benefits like disability cover and waiver of premiums at a flat rate of 1.35 make it easily accessible to all income groups.

Competitor products do not offer protection against 9 illness under on CIR rider. Benefit Additional protection against small price. Rider not only covers contingencies that may cause death, but also those which might incapacitate the individual from earning a regular income required to maintain his life style.

d) Riders cont Advantage Level term assurance rider extends the advantage of double cover under one single plan at lower costs. There are products offered by LIC with double cover like Jeeven Mitra, however the premiums towards the policy restricts it to a niche. e) Affordable premium rates Advantage

A male client of age 30 pays a premium of 4484 for 1 lac of cover, while for the same 1 lac he pays at least 5% more if he decides to opt for the competitor product. Benefit Lower premium ensure larger cover at nominal costs.

ICICI PRU LIFE GUARD (RETURN OF PREMIUM)

(Regular Premium Term Insurance Plan with Return of Premium) this is a term insurance plan providing the life assured with a reasonable and economical life cover at very low cost. This plan is a regular premium-playing plan and at the end of the term the total premium received from the policyholders is returned back to the policyholder with any interest or additions. Min Sum Assured Max Sum Assured Rs. 100,000/Rs. 10,00,000/-

Min Age at Entry Max age at Entry Min Maturity age Max Maturity age Min Term Max Term Sum assured multiples of Premium payment frequencies Loading for Premium frequencies Premium payment period Benefit coverage Period Death Benefits Maturity Benefits Surrender/Paid up Policy Loans Riders Allowed Remarks

18 Years 50 Years . 65 Years 5 Years 25 Years Rs. 1,000/Yearly, half yearly, quarter and monthly 5% extra for Monthly The entire term of policy Term of Policy Return of Premium Paid After 3 full years premiums have been paid No Loans Accident Benefit (ADBR) Minimum Annual Premium needs to be 2400/-

Target Market ICICI Pur Life Guard, focuses on the two extremes of the society: High network Individuals as their priority is only life cover and not returns on investments.

Lower income groups because they do not have a capacity to pay huge premiums. The Target Market will Comprise of: The age group of 25 to 45. Businessmen looking for life cover and security against liabilities. People wanting to insurance as per their HLV.

ICICI PRU FORVER LIFE (REGULAR PREMIUM)

(Regular Premium Deferred Annuity Plan) The following are the specification of the plan: Min Sum Assured Max Sum Assured Min Age at Entry Max age at Entry Min vesting age Max vesting age Min Term Max Term Sum assured multiples of Premium Payment Frequencies Premium payment Period Death Benefits During the term of policy Rs. 50,000/Unlimited 18 Years 60 Years 45 Years 65 Years 5 Years 30 Years Rs. 1,000/Yearly, half yearly, quarterly and monthly The entire term of policy Sum assured + guaranteed additions + vested bonus (if

any) + terminal bonus (on policies generate annuity for the spouse. If spouse is not there then given as lump sum to the Maturity Benefits Surrender/Paid up Policy Loans Riders Allowed nominee Annuity After 3 full years premiums have been paid No Loans Critical illness benefit standalone (CIBRS), Major Surgical Assistance Reder (MSAR), Accident and disability benefit rider (ADBR), level term assurance options rider (LTAR). Open Market Option. Extension of vesting age. Annuity Options. 25% of Purchase Price can be obtained at lump sum. Target Market The annuity plan can be targeted to:

1.People

working

in

the

private

companies

and

in

organization where there is no pension facility to the employees, Businessmen and traders. 2.People with income group of 1.2 lacs plus. 3.Age group of 20 to 45 years.

ICICI PRU FOREVER LIFE (REGULAR PREMIUM) FEATURES ADVANTAGES AND BENEFITS
A product like forever life is more relevant in todays time when the cost of living and life expectancy is increasing regularly. Thus annuity plans are the only solution where by an individual can take care of his future financially and maintain his lifestyle. Features of Forever life (RP): a) Minimum vesting age is 45 year Advantage Product currently available in the market allow any

individual to being annuity not before 55 year, while forever life provides a vesting age as early as 45 years. Benefits An individual policyholder get return in the form of annuity right from the time he expects the productivity to reduce. So

the money come to him as a supplement for all his life and enabling him to sustain his standard of living.

b) Extension of vesting period Advantage The product allows extension of vesting period where by the policy holder can start the annuity Whenever he need it to being. Benefits The policy holder enjoy the flexibility of creating his own policy and getting the returns from the policy when he requires them. c) Four annuity options Advantages Forever life provides four annuity options viz. Life annuity Life annuity with return of purchase price. Joint life, last survivor annuity with return of purchase price.

 Guaranteed annuity for 5, 10 & 15 years. Benefits These four options allow the customer enough choice to suit his requirements. In the joint life survivor option the spouse is given 100% of annuity.

ICICI PRU FOREVER LIFE (SINGLE PREMIUM)

(Single Premium Deferred Annuity Plan) Following are the specification of the plan: Min Sum Assured Max Sum Assured Min Age at Entry Max age at Entry Min vesting age Max vesting age Min Term Max Term Sum assured multiples of Premium Payment Frequencies Premium payment Period Death Benefits During the term of policy Rs. 50,000/Unlimited 30 Years 62 Years 45 Years 65 Years 3 Years 15 Years Rs. 1,000/Yearly, half yearly, quarterly and monthly The entire term of policy Cash Value of sum assured + guaranteed additions + vested bonus (if any) used to

generate annuity for the spouse. If spouse is not there than given as lump sum to the Maturity Benefits Surrender Policy Loans Options nominee. Annuity After one full years premiums have been paid No Loans Open Market Option., Extension of vesting age, Annuity option, 25% of purchase price can be obtained as lump sum. Target Market: 1.People at higher ages looking for annuity and not life cover. 2.Like to pay money in one go. 3.People who have got a VRS or just retired, and wanting annuity not now but after few years.

ICICI PRU FOREVER LIFE (SINGLE PREMIUM FEATURES ADVANTAGES AND BENEFITS)
A product like forever life appeals to a customer whom the fear of living too long keeps haunting. He is a customer who expects to live long and therefore his prime need is to sustain the standard of living, which he has been maintaining when he has working. Features of Forever Life (SP): a) Minimum vesting age is 45 years Advantage Product currently available in the market allows any

individual to begin annuity not before 55 years, while forever life provides a vesting age as early as 45 years. Benefits An individual policyholder gets return in the form of annuity right from the time the expects his productivity to reduce.

So the money comes to him as a supplement for all his life and enabling him to sustain his standard of living.

b) Extension of vesting period Advantage The product allows extension of vesting period whereby the policyholder can start the annuity whenever he needs it to being. Benefits The policyholder enjoys the flexibility of creating his own policy and getting the returns from the policy when he requires them. c) For annuity options Advantages Forever life provides four annuity options viz: Life annuity Life annuity with return of purchase of price Joint life annuity Guaranteed annuity for 5, 10 & 15 years

Benefit These four options allow the customer enough choice to suit his requirements. d) No. Life Cover Advantages The other deferred annuity plan in the market contains life cover due to which the plan become expensive and unaffordable at higher ages. Benefits Due to no life cover the plan can be taken at any age and the premiums for the particular term remains the same. Thus, making it affordable at higher ages also.

LIFE TIME
In Life Time a person can choose a specified level of protection according to his needs. Part of the premium paid is adjusted towards mortality and administration charges and the rest is invested in the plan of the choice. Entry into the plan will be based on the unit value of the plan based on the unit value is base on the value of the units allotted to the person. A single policy that meets your changing needs over a Life Time Benefits: Death Benefit: In the unfortunate event of death, the close ones are spared on uncertain future. The guaranteed death

ensures that the nominee/s will receive the higher of death benefit chooses (less any withdrawals) or value of the units. Liquidity option: There is no maturity date. Anytime after three years of commencement (provided to the person have paid premium for 3 full years), the person can make partial or complete withdrawals at no penalty to meet the

immediate requirements. The once in a Life financial solution for a complete peace of mind Options : Choice of investment Plan Maxi miser (Growth): Enjoy long term capital appreciation from a portfolio i.e. invested primarily in equity related issues. Protect or (Income): The priority is steady returns; a person can opt for the income plan.

Balancer (Balanced): Balance of growth and steady returns choose the balancer plan. Flexibility Increase the death benefit Decrease the death benefit Premium holiday option Add on Riders a) Accident & Disability rider In the unfortunate event of an accidental death, apart from the emotional trauma there are financial liabilities that face a family. ICICI PRUDENTIAL LIFE TIME ensures the nominees to get an additional sum under the rider in such an event. b) Critical illness Rider

In case the person contract any of the specified critical illness, ICICI Pru make the whole process easier by paying the person sum assured under the rider. c) Major surgical assistance benefit rider And even if the person, require emergency surgery, ICICI Pru assist the person with a lump sum payment.

ICICI PRU. SMART KID

Guaranteed Educational Benefits ICICI Pru. Smart Kid is so designed that it provides money at important milestones. Whatever be the uncertainty, these payment will the made to your child at the critical milestones in the childs life.
At the end of 10th year of the policy Childs age Education 15 years Secondary completed Payout 20% of SA* Needs met Extra tuition, preparation for professional coerces,

change of school of 12th year of the policy 17 years Higher Secondary completed 25% of the SA* colleges Join a Professional college, graduation 15 year of policy 17 year of policy
th th

20 years

Graduation completed

25% of the SA* 30% of the SA* + guaranteed additions +vested bonuses

college Higher studies, post graduation Further education in India or Abroad. Alternatively, used for marriage or career establishment.

22 years

Post graduation completed

Additional Benefits With ICICI Pru. Smart kid, two optional add-on riders are attachable, Income benefit rider and accident and disability benefit rider, that help to secure the childs future in a holistic manner.

Income benefit rider besides education, aspects like extra curricular activities, sports, picnics, trips etc. to ensure the all round development of your child. So, long as the parent is alive, these needs are taken care of. But, what if something unfortunate was to happen? Income benefit rider takes care of this through payment of 10% of sum assured annually to your child each policy anniversary following death, till maturity of the rider. Accident and disability benefit rider This provides cover against an unfortunate death due to an accident. If the individual gets permanently disabled due to an accident, it will also provide a regular income for the next 10 years or till maturity of the policy. All future premium, in respect of sum assured under the basic plan equal to accident cover, will be waived.

Objective of study
The various objectives of the project were: Awareness of insurance sector. Measure the awareness of insurance policies and company. To identify the various aspects of customer satisfaction. Measuring the impact of the ICICI life insurance companies in the Indian market and Indian consumers. Familiarizing oneself with various products available and the additional features or the riders attached to them. Analyzing the schemes offered by the private sector players.

Importance of study
ICICI Prudential has grown exponentially over the past three years , making its mark in a number of segments such as retirement solutions, child plans and market- linked plans. The success of the business thus far, has reaffirmed the commitment of both the partners-ICICI Bank and prudential plc- towards achieving the companys vision of being a leader in life insurance business in India. ICICI Prudential is the leading private sector life insurance in India. In December 2003, it crossed the Rs 1000 crore total premium mark, the first private life insurer to do so.

So,

the

research

work

is

important

in

respect

of

understanding the changing Insurance sector with special reference to ICICI Prudential. The study is about products of leading private insurer, their mode of recruiting advisors and their approach which made them customer centric.

Scope of study
ICICI Prudential Life Insurance has increased its market share among private life insurers to nearly 40% from 33% as of end-December. The companys first-year premium income in the April-January period stood at Rs 464.6 crore, accounting for 39.3% of the Rs 1,364 crore premium booked by all private life insurers together. Considering the entire life market, including the Rs 9,780 crore booked by Life Insurance Corporation, ICICI Prudential market share works out to around 4.17%. The Life

Insurance market continues to be dominated by LIC which has about 87.8% share. This is only a marginal dip from its 88.2% share in end-December. These comparisons are only for first year or new business premium.

The gap between ICICI Prudential and the secondin-line private insurer is vast. In fact, this hiatus has led some analysts to wonder if the company is not a trifle too aggressive. But others say this has more to do with the companys customer-centric focus, its pan-India presence and superior risk management and investment strategies. ICICI Prudential is not, however, resting on its laurels. Companys customer centric approach will be studied during the training period and the finding of the research work will definitely focus on the present condition & future

requirement (if any) relating to products of company.

RESEARCH OBJECT
AIM To study the Product Basket of ICICI PRUDENTIAL Life Insurance Company Limited To survey the Market Potential of ICICI PRUDENTIAL Life Insurance Company in Meerut City To study the opinion of the policy holders related to their satisfaction To do the project on the Recruitment of the Insurance Advisors in ICICI PRUDENTIAL Life Insurance Company Limited (Meerut City) To survey the Market strategy of ICICI PRUDENTIAL for recruiting advisors

LOCATION
Meerut City

Recruitment of insurance advisors in ICICI Prudential

The field of the Life Insurance is the challenging one, though by far one of the most rewarding careers, one can get into. The mantra to succeed in this business is to: Right activities at right time and do the right activities regularly The first right activity which, one needs to do, is to develop a market for purpose of selling life insurance. The question that comes is How do an advisor identifies his natural market and reach to them? The answer to this question involves four steps: Prospecting Sales Call

 Tele calling Closure While going through the whole of Recruitment Project, I recognized that ICICI Prudential like to have persons as advisor who wants to earn money, position and status. They like to have profile who can devote there most of the time in their job. During this recruitment project, I met lots of people who like to be the advisors. I make them understand, the work to be perform as an advisor. An advisor can decide his/her work style, in which they can become his/her own boss and work in a flexible hours. During this course of training I met various advisors of ICICI Prudential who are giving their best. There are various monthly competitions of advisors in which they get whole sole opportunity to win various items including the foreign trip at companys expanse. In the

process of recruitment I met various people. People of different perception and mentality which is a fruitful

experience. I surveyed different areas of Meerut. A person is eligible to be an advisor when, He/she is more than 25 years If possible, married He/she should be at least residents of Meerut for at least 5 years He/she should be graduate The profiles I targeted are mainly from the following class of people: Business class Insurance agents House wives and Students

It was a challenging job to motivate the person to be the advisors, as we are having various competitions in insurance companies like LIC Allianz Bajaj Birla Sun life HDFC Insurance But I was succeeded in motivating them to be the part of most trustworthy company ICICI Pru. Life Insurance

Company. Advisors of ICICI get same respect and status as the employee of ICICI because ICICI believes in

GIVE RESPECT, GET RESPECT

In the process of recruitment I realized that working with ICICI Prudential Life Insurance as advisor can be comprised in four words,

NO CHINTA, ONLY MONEY

1) Universe of study 2) Sample size

Meerut City One Hundred Descriptive Research

3) Type of Research used 4) Data Collected:

(a) Primary (b) Secondary

5) Sample Design Used: (a) Cluster sampling (b) Random sampling 6) Tools & Techniques: Questionnaire

1) Universe of study
Meerut City

2) THE SAMPLE
The study is based on the data collected from the peoples of MEERUT. I have taken a sample of 100 customers. The aim is to know the views of the people. Due to shortage of time the sample taken is small, but extreme care has been taken to the views of the people. Thus, for the present study, the sample can be said to be representative of all the peoples of MEERUT.

3) DESCRIPTIVE RESEARCH

Descriptive research studies are those studies, which are concerned with describing the characteristics of a particular individual, or of a group. In descriptive studies the

researcher must be able to define clearly, what he wants to measure and must find adequate method for measuring it along with a clear cut definition of population he want to study. Since the aim is to obtain complete and accurate Information in studies, the procedure to be used must be carefully planned. So according I have planned my research work.

4) DATA COLLECTION:
I used following data collection methods during my studies PRIMARY DATA & SECONDARY DATA I. Primary Data: Primary data is the data that we have taken from survey method.

II.

Secondary Data: Secondary data is the data that is taken from manuals, books, generals and business magazines etc. it is also called second hand data.

5) SAMPLE DESIGN USED

Although there are many methods of sampling, which can be applied in research study, But during the survey, basically I have adopted two methods, which are as follows: (a) CLUSTER SAMPLE METHOD: It is difficult and even impossible to identify uniquely each member of the population. Yet it may be possible to identify certain sub-groups with relative cases.

The cluster is a geographical or social unit; through it may be defined by other properties. Typical clusters are city blocks, households, family organization, farms etc. Thus for example in a survey of a city population no up date lists of the residents was available but a map showing blocks and then sample of each blocks may be drawn on complete count may be taken of those who live in these blocks. Now, second method, which I had adopted during the survey, is cluster-sampling method. Under which I had divided the whole MEERUT CITY, from where I had started my survey, into clusters like first, second, third and fourth. (b) RANDOM SAMPLING METHOD: A sampling procedure for which possible combination of two or four elements had equal chance of being selected is called simple random sampling.

In general, a simple random sampling procedure of n elements from the population has equal chance of being selected. Simple Random has important property related to variability of estimates obtained from such sample decrease as sampling size increases. In this stage of my survey I adopted random sampling method. In this I have selected the customer randomly and asked questions

6)

Tools & Technique

As we know that collection of data is very necessary for completion of research work, so in my survey basically I have used Questionnaire method for collecting the data.

SWOT ANALYSIS
The diagnosis of a companys strengths & weaknesses can be fruitful only if the environment factors and market conditions are considered along with the internal capability. This approach essentially involves matching of the internal capabilities with the environmental opportunities and threats, and is known as SWOT (Strength & Weaknesses, Opportunity and Threats) Analysis.

Strength
ICICI Prudential is the largest Private player in the insurance industry in India. It is one of the largest financial institutions in India.

It is the fifth largest insurance company (in terms of revenue) in the world. Prudential is 154-year-old company in has over 75 years of experience in Asia. Prudential operates in 12 countries in Asia and employs over 25,000 staff around the world. ICICI Prudential has AAA rating from standard and Poors for the financial strength of its core life funds.

Weakness: Some customers are not satisfied with the service of the company. ICICI Prudential has only 28 branches all over India. High period insurance duration. There are some customers who do not pay their Premium regularly.

Opportunity: There is huge opportunity in insurance market. ICICI Prudential is the first life insurance company to offer ECS debit facility. ICICI Prudential is the first company to introduce unit linked pension products.

Threats: There is very tuff competition with LIC. Govt. has given the license to many other companies providing insurance facility like SBI life, ING Vysya, Tata AIG, Birla Sun Life, Allianz Bajaj, Aviva, HDFC Standard life.

PEOPLE HAVING ICICI PRUDENTIAL POLICY

78% 80% 60% 40% 20% 0% YES NO 22% Series1

According to the survey 22% customers are having ICICI Pru. Products and 78% customers do not have the ICICI Pru. Products. As ICICI Pru. Is recently entered into the insurance sector & in approx 4 years ICICI capture a big market, its a great achievement for ICICI Prudential.

ICICI Pru. Satisfied the requirement and the need of the customers and provides them better policy as well as services. People buy ICICI Pru. Product because it them dual benefits. It ensures the money and give good rate of return & secondly, is able to sell its product much more effectively in a very short period of time.

SATISFIED WITH ICICI POLICY PREMIUM

28%

82%

SATISFIED

NOT SATISFIED

Approximate 82% customers, are satisfied with the premium of policies. It means the large number of policyholders are satisfied with the policy premium and 28% customer are not satisfied with the policy premium. It means that some people are not satisfied with the policy premium.

SINGLE REASON BEHIND PURCHASING ICICI PRU PRODUCTS

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% TAX LIABLITY INDIRECT MOTIVATION 0% PRESENTATIO OFADVISOR FISK COVERAGE 15% 27% 20% Series1 43%

According to the survey 43% customers purchase policy because of risk cover and 27% customers purchased the policy because of tax liabilities. Generally, the single most reason behind purchasing the policies either for covering the risk or for reduction in tax.

Types of Policy Prefer

20%

15% 27% 11%

27%

SAVE 'n' PROTECT POLICY SMART KID CASBAK POLICY LIFE TIME POLICY PENSION PLAN
According to the survey approx. 15% customers prefer save n protect policy because it is fixed term policy which combines savings with life cover and 27% customers prefer smart kid, because as parents the biggest concern is that of securing the future of the child & it is the superior way to safe the future of your child & 11% customer prefer cashbak policy it is a there in one plan that combines saving, liquidity and protection. Approx, its a pension plan that works after your retirement. Approx 20% customers prefer pension plan. The company must introduce such type of policies in the market, which satisfied the need, & the requirement of the general peoples.

ICICI PRU. CAPABLE TO FACE OTHER COMPETITOR

100% 80% 60% 40% 20% 0% NO YES
Series1

78%

22%

According to the survey approx. 78% customers are agreed and they think the ICICI Pru. Is capable of facing other competitor in insurance sector. But still there 22% customers are not satisfied with this comment. But large numbers of policyholders are agreed from the ICICI Pru. Market strategy. Marketing strategies of ICICI Pru. are as follows : Understanding customers needs and offering them superior products. New technology to service customers quickly, efficiency and conveniently. Developing and implementing superior risk management and investments strategies to offer stable returns to the policyholders. Providing an enabling environment to foster growth and training for the advisors. And above all building transparency in all prospects dealings.

CHANNEL OF COMMUNICATION

60% 50% 40% 30% 20% 10% 0%

55% 30% 10% ADVISIOR ADVERTISEMEN T WORD OF MOUTH 5% REFERENCE GROUPS

Series1

According to the survey approx. 30% customers are aware about ICICI Pre. Through advisor, 55% customers are aware through advertisement. 15% customers are aware through word of mouth & 5% customers are aware through reference groups. It shows that advisor and advertisement is the best medium to sell the product of ICICI Pru. And only through advisor & advertisement most of the people are aware about ICICI Pru. The company must maintain its advertisement strategy and make changes time to time according to the need & requirement.

ADVERSINTING STRATEGY OF ICICI PRUDENTIAL

45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

40% 30% 25% Series1

5%

EL LE N T

TO R

SA TI SF AC

According to the survey, the advertisement strategy of ICICI Pru is excellent i.e. approx. 40% and customers remarks are EXCELLENT towards its advertisement strategy. 25% remarks SATISFACTORY and 30% GOOD, that means almost all the customers are happy and satisfied with the advertisement strategy of ICICI Pru., only 5% says the presentation is NOT GOOD.

EX C

N O

PROFILES OF INSURANCE ADVISORS

45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

40%

35% Series1 10%

15%

EN TS

IV ES

AG

C LA SS

U SE

AN C

H O

While

IN SU R

doing

the

survey,

BU SI N

ES S

of

ST U D

Recruitment

EN TS

Advisors,

recognized that 40% of population who are agree for doing the job of advisors belongs to INSURANCE AGENTS group. 35% of them belong to HOUSE WIVES groups 15% of them belong to BUSINESS CLASS and 10% of them are STUDENTS. This graphical representation shows that most of the population who are interested in doing this jobs belongs to HOUSEWIVES.

DEGREE OF INTEREST

70% 60% 50% 40% 30% 20% 10% 0% MALE FEMALE 40% Series1 60%

According to the survey, I recognized that around 60% of the populations interested in doing the job of insurance advisors are FEMALE, while only 40% of them are MALE. This survey shows that FEMALE are more interest than MALE.

BEHAVIOUR OF OFFICE STAFF

45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

42%

34%

22%

Series1

2%

EL LE N T

TO R

SA TI SF AC

According to the survey 42% customers agreed that the behavior of office staff is excellent. 34% says that the behavior is satisfactory. 22% says that its good and 2% customers say its not good.

EX C

N O

SATISFIED WITH REGULAR SERVICE OF ICICI PRUDENTIAL

100% 80% 60% 40% 20% 0% SATISFIED NOT SATISFIED 15%
Series1

85%

According to the survey, 8.5% customers are satisfied with the regular service of ICICI Pru. And 15% customers are not satisfied with this. The service which is provided by office such as intimation of due premium in time and other related documents of the policies.

Limitation
While working on the topic assigned to me for research work, I have chosen the way of random sampling. But while carrying out the work I have faced the following problems i.e limitation to my studies: In the month of June to August in Meerut, when the temperature was high & due to frequent power cut in city some people were not ready to talk over the topic covered under Questionnaire. Due to uneven social environment in Sadar, the area was not fully covered as planned. While involved in advisor recruitment process, sometime not got appointment from the persons due to their busy schedule.

CONCLUSION:
On the basis of data collected and analysis of those data, following are the conclusion that I have drawn: People in Meerut are aware of Insurance and its importance. They are aware of private players in Insurance and generally know the name of ICICI Prudential Life Insurance. General people are not aware of unit-linked plans. ICICI Prudential life Insurance is giving tough competition to leader (LIC) In Meerut city. People are ready to join the ICICI Prudential family as advisors. ICICI Prudential Life Insurance has managed a good customer relation in Meerut city.

So, it can be generalized that due to its customer centric approach, product features and service provided by its advisors ICICI Prudential Life Insurance is considered to be No. 1 private Insurance in INDIA.

RECOMMENDATION:
While studying the Insurance market in Meerut city giving special reference to ICICI Prudential Life Insurance. I have gone through number of statements of people about policies they have taken from the market leader but were not satisfied with after sale service they are receiving. On the basis of that I recommend the market challenger that: There should be post purchase interaction with the policyholder. More customer oriented educated sales force should be employed to educate the people about unit-linked plans.

BIBLOGRAPHY
PHILIP KOTLER SANTOSH GUPTA TIMES OF INDIA ECONOMIC TIMES www.IrdaIndia.org www.ICICIPrulife.com JOURNAL 1. IRDA 2. IRDA 2002-03 2003-04(I) (MARKETING) (RESEARCH METHODOLOGY)

QUESTIONNAIRE
1. Have you taken any insurance policy? Yes 2. Which policy you are having? LIC Private Company No

3. Have you taken any ICICI Prudential Product? Yes 4. If yes then which policy? Retirement Policy Saving Plan No

5. How many policies do you have in your family? 6. Through which channel you get aware about ICICI Prudential? (a) Advisor (c) Advertisement (b) Friend/Relative (d) Neighbor

7. Is the policy/policies taken by you are suitable for you & your family? Yes No

8. What is the single most important reason behind purchasing ICICI Prudential Product? (a) Persuasion of Advisor (b) tax liability

(c) Indirect motivation by someone (d) Risk coverage 9. Are satisfied with the regular services, which are being provided by ICICI Prudential Product? Yes No

10. Whether in your opinion ICICI prudential is capable to face competition from other players? If Yes If No And what are your suggestions to make it competitive

DATE: PLACE:

Name Address Contact No.