EXECUTIVE SUMMARY

ICICI Prudential Life Insurance is one of the largest Insurance networks in the
country, and 2
nd
Life Insurance Company in India. The ICICI Group has been in eistence
since !"## when ICICI Ltd., was created. ICICI Prudential started in 2$$2 as subsidiary
of ICICI Ltd., Today ICICI Life Insurance has a customer base of % million with total
assets eceeding &s.!, $$,$$$ Cr. making it the 2
nd
largest life insurance company in the
country, net only to LIC.
The Insurance sector, after the opening up, pro'ides greater opportunities. (e'eral
global players ha'e emerged and the market has changed significantly. In the changed
scenario, the epectation is that the low Insurance premium as a percentage of G)P
pre'ailing in India will impro'e and will offer better opportunities to the insurance
players.
Life Insurance sector is one of the key areas where enormous business potential
eists. In India currently the life insurance premium as a percentage of G)P is !.* per
cent against #.2 per cent in the +(, but in the liberali,ed scenario, the life insurance
premiums were pro-ected to grow at around !./ to 2$/ from &s 2!# billion in !"".0 ""
to &s #"2 billion in 2$$%0$# and to &s !%#$ billion by 2$$"0!$. Corporate non0life
premium was pro-ected to grow from &s .% billion in !"".0"" to &s *.1 billion in 2$$"0
!$ and personal line non0life from &s % billion to &s #! billion.

In the life Insurance segment the Life Insurance Corporation of India 2LIC3 is the
ma-or player. The LIC has 2$#$ branches. It is constituted in to se'en 4ones. Currently
there are #, 1$,$$$ LIC agents in India. General Insurance is another segment, which has
been growing at a faster pace.
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INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the
insured co'ered in the policy. 5ssentially, a life insurance policy is a contract between the
named insured and the insurance company wherein the insurance company agrees to pay
an agreed upon sum of money to the insured6s named beneficiary so long as the insured6s
premiums are current.
7ith a large population and the untapped market area of this population insurance
happens to be a 'ery big opportunity in India. Today it stands as a business growing at the
rate of !#02$/ annually. Together with banking ser'ices, it adds about 8 percent to the
countries G)P. In spite of all this growth statistics of the penetration of the insurance in
the country is 'ery poor. 9early .$/ of Indian populations are without life insurance
co'er and the health insurance. This is an indicator that growth potential for the insurance
sector is immense in India.
It was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation :;alhotra Committee< was constituted by the go'ernment in
!""* to eamine the 'arious aspects of the industry. The key element of the reform
process was participation of o'erseas insurance companies with 21/ capital. Creating a
more competiti'e financial system suitable for the re=uirements of the economy was the
main idea behind this reform.
(ince then the insurance industry has gone through many changes. The liberali,ation of
the industry the insurance industry has ne'er looked back and today stand as one of the
most competiti'e and eploring industry in India. The entry of the pri'ate players and the
increased use of the new distribution are in the limelight today. The use of new
distribution techni=ues and the IT tools has increased the scope of the industry in the
longer run.
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Insurance is the business of pro'iding protection against financial aspects of risk, such as
those to property, life health and legal liability. It is one method of a greater concept
known as risk management >which is the need to mange uncertainty on account of
eposure to loss, in-ury, disad'antage or destruction.
Insurance is the method of spreading and transfer of risk. The fortunate many who are
eposed to some or similar risk shares loss of the unfortunate. Insurance does not protect
the assets but only compensates the economic or financial loss.
In insurance the insured makes payment called :premiums< to an insurer, and in return is
able to claim a payment from the insurer if the insured suffers a defined type of loss. This
relationship is usually drawn up in a formal legal contract.
Insurance companies also earn in'estment profits, because they ha'e the use of the
premium money from the time they recei'e it until the time they need it to pay claims.
This money is called the float. 7hen the in'estments of float are successful they may
earn large profits, e'en if the insurance company pays out in claims e'ery penny recei'ed
as premiums. In fact, most insurance companies pay out more money than they recei'e in
premiums. The ecess amount that they pay to policyholders is the cost of float. ?n
insurance company will profit if they in'est the money at a greater return than their cost
of float.
?n insurance contract or policy will set out in detail the eact circumstances under which
a benefit payment will be made and the amount of the premiums.
Classification of insurance
The insurance industry in India can broadly classified in two parts. They are.
!3 Life insurance.
23 9on0life 2general3 insurance.
1) Life insurance:
Life insurance can be defined as :life insurance pro'ides a sum of money if the person
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who is insured dies while the policy is in effect<.
In !.!. @ritish introduced to India, with the establishment of the oriental life insurance
company in Calcutta. The first Indian owned Life Insurance CompanyA the @ombay
mutual life assurance society was set up in !.8$.the life insurance act, !"!2 was the first
statuary measure to regulate the life insurance business in India. In !".*, the earlier
legislation was consolidated and amended by the insurance act, !"*., with
comprehensi'e pro'isions for detailed effecti'e control o'er insurance. The union
go'ernment had opened the insurance sector for pri'ate participation in !""", also
allowing the pri'ate companies to ha'e foreign e=uity up to 21/. Bollowing the opening
up of the insurance sector, !2 pri'ate sector companies ha'e entered the life insurance
business.
Benefits f !ife insurance
Life insurance encourages sa'ing and forces thrift.
It is superior to a traditional sa'ings 'ehicle.
It helps to achie'e the purpose of life assured.
It can be enchased and facilitates =uick borrowing.
It pro'ides 'aluable ta relief.
Thus insurance is found to be 'ery useful in the li'es of the person both in short term and
long term.
Bundamental principles of life insurance contractA
!3 Principle of almost good faithC
:? positi'e duty to 'oluntary disclose, accurately and fully, all facts, material to the risk
being proposed whether re=uested or not<.
23 Principle of insurable interestC
:&elationships with the sub-ect matter 2a person3 which is recogni,ed in law and gi'es
legal right to insure that person<.
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") Nn#!ife $%enera!) Insurance:
Triton insurance co. ltd was the first general insurance company to be established in India
in !.#$, whose shares were mainly held by the @ritish. The first general insurance
company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was
stabili,ed in !"$8 . there emerged many a player on the Indian scene thereafter.
The general insurance business was nationali,ed after the promulgation of General
Insurance Corporation 2GIC3 DB India undertook the post0nationali,ation general
insurance business.
CONCE&TUAL BAC'(ROUND
Satisfaction is defined as . . .
A persons feeling of pleasure or disappointment resulting from comparing a products
perceived performance (or outcome) in relation to his or her expectations.
Customer Satisfaction can be defined as supplying or gratifying all ants or ishes!
fulfilling conditions or desires! or the state of the mind anything that ma"es a customer
feel pleased or contented.
Cnsu)er Be*a+ir:
Consumer beha'ior is defined as the beha'ior that consumers display in searching for,
purchasing, using, e'aluating and disposing of products and ser'ices that they epect will
satisfy their needs.
The study of the processes in'ol'ed when indi'iduals or groups select, purchase, use, or
dispose of products, ser'ices ideas, or eperiences to satisfy needs and desires
Cust)er +a!ue: The ratio between the customersEs percei'ed benefits 2economic,
functional and psychological3 and the resources 2momentary, time, effort, psychological3
used to obtain those benefits.
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Cust)er satisfactin: Customer satisfaction is the indi'idualEs perception of the
performance of the product or ser'ice in relation to his or her epectations.
Mti+atin: The processes that account for an indi'idualEs intensity, direction, and
persistence of effort toward attaining a goal.
&ersna!it, can be described ad the psychological characteristics that both determine and
reflect how person responds to his or her en'ironment.
&erce-tin is defined as the process by which an indi'idual selects, organi,es, and
interprets stimuli into a meaningful and coherent picture of the world.
Cnsu)er !earnin% is the process by which indi'iduals ac=uire the purchase and
consumption knowledge and eperience they apply to future related beha'ior.
T.E CONSUMER ADO&TION &ROCESS
The consumer adoption process is the process by which customers learn about new
products, try them, and adopt or re-ect them. Today many marketers are targeting hea'y
users and early adopters of new products recogni,ing that specific media can reach both
groups and tend to be opinion leaders. The consumer adoption process is influenced by
many factors beyond the marketerEs control, including consumers and organi,ations
willingness to try new products, personal influences and the characteristics of the new
products or inno'ations
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STA(ES O/ ADO&TION &ROCESS
?n inno'ation refers to any good, ser'ice, or idea. That is percei'ed by someone as new.
The idea may ha'e long history, but it is an inno'ation to the person who sees it as new.
Inno'ation takes time to spread through the special system. The consumer adoption
process focuses on the mental process through which an indi'idual passes from first
hearing about an inno'ation to final adoption. ?dopters of new products ha'e mo'ed
through the following fi'e stages.
!. ?7?&595((C The consumer becomes aware of the inno'ation but lacks
information about it.
2. I9T5&5(TC The consumer is stimulated to see the information about the
inno'ation.
*. 5F?L+?TID9C The Consumer considers whether to try the inno'ation or not.
%. T&I?LC The consumer tries the inno'ation to impro'e his estimate of its 'alue.
#. ?)DPTID9C The consumer decides to make full and regular use of the
inno'ation.
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STATEMENT O/ T.E &ROBLEM
:(tudy of consumer beha'ior G customer satisfaction towards ICICI Prudential Life
Insurance Products<.
OB0ECTIVE O/ T.E STUDY
Bor e'ery problem there is a research. ?s all the researches are based on some
and my study is also based upon some ob-ecti'e and these are as follows.
!. To understand the insurance business and products of ICICI Prudential life
insurance co ltd.
2. To find out the peopleEs perception about life insurance.
*. To find out whether people were really aware of life insurance.
%. To find out how people think about pri'ate life insurance.
#. To find out what respondents epect from life insurance.
1. To understand Consumer buying beha'ior
8. To come out with conclusion and suggestions based on the analysis and the
Interpretation of data.
SI(NI/ICANCE O/ T.E STUDY
The pro-ect is concerned with the :(T+)H D9 CD9(+;5& @5I?FID&
?9) C+(TD;5& (?TI(B?CTID9 ?T ICICI P&+)59TI?L LIB5
I9(+&?9C5. This study is 'ery useful as the financial market become more
sophisticated and comple, in'estor needs a financial intermediary who
pro'ides the re=uired knowledge and professional epertise on successful
in'esting and Life insurance is a form of insurance that pays monetary proceeds
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upon the death of the insured co'ered in the policy. 5ssentially, a life insurance
policy is a contract between the named insured and the insurance company
wherein the insurance company agrees to pay an agreed upon sum of money to
the insured6s named beneficiary so long as the insured6s premiums are current
RESEARC. MET.ODOLO(Y
&esearch in common parlance refers to a search for knowledge. Dne can also
define research as a scientific and systematic search for pertinent information on
a specific topic.
The word research has been deri'ed from Brench word &esearcher means to
search.

B&?9CI5( &+;;5& defined :&esearchC It is a careful in=uiry or eamination
to disco'er new information or relationship and to epand or 'erify eisting
knowledge.
&esearch is the solution of the problem, whether created or already generated.
7hen research is done, some new out come, so that the problem 2created or
generated3 to be sol'ed.
RESEARC. DESI(N:
&esearch )esign is the conceptual structure within which research is conducted.
It constitutes the blueprint for collection, measurement and analysis of data. The
design used for carrying out this research is Descri-ti+e1
DATA TY&E: In this research the type of data collection is
&ri)ar, 2ata
Secn2ar, 2ata
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DATA SOURCE: The sources of collection of secondary data areC
Juestionnaire
@ooks
7ebsites
;aga,ine
@rochure
SAM&LIN( &LAN:
It is 'ery difficult to collect information from e'ery member of a population .?s
time and costs are the ma-or limitation that the researcher faces.
? sample of 133 was taken the sample si,e of !$$ indi'iduals were selected on
the basis of con'enient sampling techni=ue. The indi'iduals were selected in the
random manner to form sample and data were collected from them for the
research study.
ANALYSIS AND INTER&RETATION:
)ata collection through =uestionnaire and personnel inter'iew resulted in
a'ailability of the desired information but these were useless until there were
analy,ed. Farious steps re=uired for this purpose were editing, coding and
tabulating. Tabulating refers to bringing together similar data and compiling them
in an accurate and meaningful manner. The data collected by =uestionnaire was
analy,ed, interpreted with the help of table, bar chart and pie chart.

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11 INDUSTRY &RO/ILE
111 Insurance in In2ia
The insurance sector in India has come a full circle from being an open competiti'e
market to nationali,ation and back to a liberali,ed market again. Tracing the
de'elopments in the Indian insurance sector re'eals the *1$ degree turn witnessed o'er a
period of almost two centuries.
11" A Brief *istr, f t*e Insurance Sectr
The business of life insurance in India in its eisting form started in India in the year
!.!. with the establishment of the Driental Life Insurance Company in Calcutta.
(ome of the important milestones in the life insurance in India areA
!"!2C The Indian Life ?ssurance
Bor o'er #$ years, life insurance in India was defined and dri'en by only one company0
the Life Insurance Corporation of India 2LIC3. 7ith the Insurance &egulatory and
)e'elopment ?uthority 2I&)?3 @ill !""" pa'ing the way for entry of pri'ate companies
into both life and general sectors there was bound to be new0found ecitement0 and new
success stories. Today, -ust three years since their entry, their cumulati'e share has
crossed !*/ 2sourceC I&)?3, far eceeding epectations. Clearly insurance is on a
growth path.
The percentage of premium income to G)P which was -ust 2.*/ in 2$$$0$! rose to *.*/
in 2$$20$*A and life insurance has emerged as the dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for instance, was
at an abysmal 22/ of the insurable population. Iowe'er, pri'ate players ha'e had to rise
to many challenges. They were faced with attitudinal barriers towards the category and
the perception that insurance was only a ta sa'ing tool. Insurance per se had lost it basic
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rationaleC protection. It wasnEt surprising then that its potential lay fro,en and
uneploited. The challenge for pri'ate insurance players was to change the established
category dri'er and get customers to e'aluate life insurance as an in'estment0cum0
protection tool.
PREMIUM UNDERWRITTEN BY LIFE INSURERS
The life insurance industry recorded a premium income of &s..2.#%..$ crore during the financial year
2$$#0$1 as against &s.111#*.8# crore in the pre'ious financial year, recording a growth of 2%.*! per cent.
The contribution of first year premium, single premium and renewal premium to the total premium was
&s.!#..!.** crore 2!".!1 per cent3A &s.!$**1.*$ crore 2!2.%8 per cent3A and &s.#11*8.!1 crore 21..*1
percent3, respecti'ely. In the year2$$$0$!, when the industry was opened up to the pri'ate players, the
life insurance premium was &s.*%,."..%. crore which constituted of &s. 1""1."# crore of first year
premium, &s. 2#!"!.$8 crore of renewal premium and &s. 28%$.%# crore of single premium. Post opening
up, single premium had declined from &s.", !"%.$8 crore in the year 2$$!0$2 to &s.#18%.!% crore in
2$$20$* with the withdrawal of the guaranteed return policies. Though it went up marginally in 2$$*0$% to
&s.#"*1.#$ crore 2%.12 per cent growth3 2$$%0$#, howe'er, witnessed a significant shift with the single
premium income rising to &s. !$**1.*$ crore showing 8%.!! per cent growth o'er 2$$*0$%.
2&s. lakh3
Insurer
"334#35 "335#36
/irst ,ear -re)iu) inc!u2in% Sin%!e -re)iu)
LICK !8*%81!.8% 2$1#*$1.*1
21.*%3 2!".$#3
Pri'ate (ector 2%%$8$.#. ##1%#8.*%
2!#2.8%3 2!28.""3
Tta! 17899:"1:" "6"186:183
2!%.1.3 2*2.%"3
Renewal Premium
LIC %1!.#.$."1 #%%8%22.12
2!".%83 2!8."#3
Pri'ate (ector 18"12.$# 2!12"*.%.
2*%*.!23 22!..213
Tta! 469654:131 566:816113
22$.8#3 22$..#3
Total Premium
LIC 1*#**%2.8$ 8#!282..".
2!#.1*3 2!..2#3
Pri'ate (ector *!2$*2.1* 8828#$..2
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2!8...*3 2!%8.1#3
Tta! 6665:851:: 9"95487193
2!.."!3 22%.*!3
11: Brief Re+ie; f Scenari < Insurance
Insurance in India started without any &egulation in 9ineteenth century.
It was story of a typical colonial era. ? few @ritish companies dominated
the market mostly in large urban centers.
Insurance was nationali,ed mainly on * counts Birst, Indian li'es were not insured.
(econd, e'en if they were insured, they were treated as substandard li'es and etra
premium was charged. Third, there were gross irregularities in the functioning of Life
insurance was nationali,ed in the year !"#1, and then general insurance was
nationali,ed in the year !"82. In !""", the pri'ate insurance companies were allowed
back again into insurance sector with maimum cap of 21 percent foreign holding.
!.!. The @ritish introduce to India, with the establishment of the Driental Life
Insurance company in Calcutta.
!.#$ 9on life insurance debuts, with Triton Insurance Company.
!.8$ @ombay ;utual life ?ssurance (ociety is the first Indian0owned life insurer
!"$8 Indian mercantile Insurance is the first Indian non0life insurer.
!"!2 The Indian life assurance companiesE act enacted to regulate the life
insurance business.
!"*. The insurance act, which forms the basis for most current insurance laws,
replaces earlier act.
!"#1 Life insurance nationali,ed, go'ernment takes o'er 2%# Indian and foreign
insurers and pro'ident societies.
!"#1 Go'ernment sets up LIC
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!"82 9on life insurance nationali,ed, GIC set up.
!""* ;alhotra committee, headed by former &@I go'ernor &.9.;alhotra, set up
to draw up a blue print for insurance sector reforms.
!""% ;alhotra Committee recommends re0entry of pri'ate players, autonomy ot
P(+ insurers.
!""8 Insurance regulator I&)? 2Insurance &egulatory and )e'elopment
?uthority3 set up.
2$$$ I&)? starts gi'ing licensed to pri'ate insurers
2$$! ICICI Prudential Life Insurance came into the market to sell a policy.
2$$2 @anks were allowed to sell insurance plans, as TP?s enter the scene,
insurers start settling non0life claims in the cashless mode.
114 T*e Insurance Re%u!atr, an2 De+e!-)ent Aut*rit, $IRDA):
&eforms in the Insurance sector were initiated with the passage of the I&)? @ill in
Parliament in )ecember !""". The I&)? since its incorporation as a statutory body in
?pril 2$$$ has fastidiously stuck to its schedule of framing regulations and registering
the pri'ate sector insurance companies.
The other decisions taken simultaneously to pro'ide the supporting systems to the
insurance sector and in particular the life insurance companies were the launch of the
I&)?Es online ser'ice for issue and renewal of licenses to agents.
The appro'al of institutions for imparting training to agents has also ensured that the
insurance companies would ha'e a trained workforce of insurance agents in place to sell
their products, which are epected to be introduced by early net year.
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(ince being set up as an independent statutory body the I&)? has put in a framework of
globally compatible regulations. In the pri'ate sector !2 life insurance and 1 general
insurance companies ha'e been registered.
7ith the demographic changes and changing life styles, the demand for insurance co'er
has also e'ol'ed taking into consideration the needs of prospecti'e policyholder for
packaged products. There ha'e been inno'ations in the types of products de'eloped by the
insurers, which are rele'ant to the people of different age groups, and suit their
re=uirements. Continued inno'ations in product de'elopment has resulted in a wide range
of fleible products to meet the re=uirements for co'er at different stages of life 0today a
'ariety of products are a'ailable ranging from traditional to +nit linked pro'iding
protection towards child, endowment, capital guarantee, pension and group solutions. ?
number of new products ha'e been introduced in the life segment with guaranteed
additions, which were subse=uently withdrawnLtoned downA single premium mode has
been populari,edA unit linked productsA and add0onLriders i ncl udi ng accidental
deathA dismemberment, critical illness, fied term assurance risk co'er, group hospital
and surgical treatment, hospital cash benefits, etc. Comprehensi'e packaged products
ha'e been populari,ed with features of endowment, money back, whole life, single
premium, regular premium, rebate in premium for higher sum assured, premium mode
rebate, etc., together with riders to the base products.
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115 .istrica! &ers-ecti+e
&rir t 1756 02%2 companies operating
1756 09ationali,ation0 LIC monopoly player 0Go'ernment control
"331 0Dpened up sector
116 Cntri=utin t In2ian Ecn),
Life Insurance is the only sector which garners long term sa'ings.
(pread of financial ser'ices in rural areas and amongst socially less pri'ileged.
Long term funds for infrastructure.
(trong positi'e correlation between de'elopment of capital markets and
insuranceLpension structure.
5mployment generation.
118 Insurance In2ustr, -rir t 2e#re%u!atin
Prior to deregulation in 2$$$, market was a public monopoly.
Public ;onopoly
0 2$$$ Dffices
0 D'er .$$,$$$ agents
)istribution through tied agents only
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(ales approach primarily on a ta sa'ings platform
Traditional style product offering C 5ndowment and money back plans
Inade=uate and infleible products
PensionsC (mall part of product offer
Limited focus on customer needs
119 I)-r+in% Ser+ice Stan2ar2s
&re Dere%u!atin < Li)ite2 Distri=utin
&st Dere%u!atin < Ser+ice t*ru%* Distri=utin
"1 COM&ANY &RO/ILE
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C*anne! Access Ser+ice &ints Use f IT
?d'isors @ranch 9etwork Limited use of IT
Mu!ti C*anne! Access Mu!ti-!e Ser+ice
&ints
Use f IT
?d'isors
@rokers G
Corporate agents
@ancassurance
Call Centers
5mail
7ebsite
@ranch 9etwork
(horter time around
time
Claims
Policy Issuance
ICICI &ru2entia! Life Insurance C)-an, Li)ite2 2Mthe CompanyE3 a -oint 'enture
between ICICI Ban> Li)ite2 and &ru2entia! -!c f U' was incorporated on Nuly
2$, 2$$$ as a company under the Companies ?ct, !"#1 2Mthe ?ctE3. The Company
is licensed by the Insurance &egulatory and )e'elopment ?uthority 2MI&)?E3 for
carrying life insurance business in India.
ICICI &ru2entia! Life Insurance C)-an, is a -oint 'enture between ICICI @ank, a
premier financial powerhouse and -ru2entia! -!c, a leading international financial
ser'ices group head=uartered in the +nited Oingdom 2+O3. The company brings together
the local market epertise and financial strength of ICICI @ank and PrudentialEs
International life insurance eperience. The company was granted a certificate of
&egistration by the I&)? on 9o'ember 2%, 2$$$ and eighteen days later, issued its first
policy on )ecember !2. ICICI Prudential was amongst the first pri'ate sector insurance
companies to begin operations in )ecember 2$$$ after recei'ing appro'al from Insurance
&egulatory )e'elopment ?uthority 2I&)?3.
Brom its early days, ICICI Prudential seemed to ha'e the wherewithal for a large0scale
business. @y ;arch *!, 2$$2, a little o'er a year since its launch, the company had issued
!$$,$$$ policies translating into premium income of approimately &s. !,2$$ million on
a sum assured of o'er &s.2* billion. 7hen the company began its operations, the need
was to build a brand that was relatable to, symboli,ed trust and was easily recogni,ed and
understood. It launched a corporate campaign ICICI Prudential also made using the
theme of M(indoorE to epitomi,e protection, trust, togetherness and all that is IndianA
endearing itself to the masses. The success of the campaign, Mthe calling card of the
companyE saw the brand awareness scores almost at par with its %$ year old competitor.
The theme of protection was also etended to subse=uent product and category specific
campaigns >from child plans to retirement solutions >which highlight how the company
will be with its customers at e'ery step of life.
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Brom day one, the company has unflinchingly focused on being mass0market player,
de'eloping products, creating a distribution network and deploying resources that would
further its goal. ?part from ramping up thoroughly training its ad'isors, the company has
twel'e M@ancasuranceE partners >the largest in the country. It swiftly re'ised and added to
its initial range of products, pioneering market0linked products and pension plans, to offer
customers the most fleible life insurance policies in the country. In Bebruary 2$$%,
ICICI Prudential increased its capital base by &s. #$$ million, its ninth capital hike,
bringing the total paid >up e=uity capital to &s. 1,8#$ million. 7ith the authori,ed capital
of the company standing at &s. !2 billion, ICICI Prudential continues to ha'e the highest
capital base amongst all life insurers in the country. The challenge ICICI Prudential now
faces is to retain its top0notch position and continue to deli'er the finest life insurance
and pension solutions to its e'er0growing customer base.
ICICI PrudentialEs e=uity base stands at &s. !!.# crore with ICICI @ank and Prudential
plc holding 8%/ and 21/ stake respecti'ely. Bor the year ended ;arch *!, 2$$1, the
company garnered &s.2, %!2 crore of weighted new business premium and wrote .*8,"1*
policies. The sum assured in force stands at &s.%#, ... crore. The company has a network
of o'er 82,$$$ ad'isorsA as well as " bancasurance partners and o'er 2$$ corporate agent
and broker tie0ups.
ICICI Prudential is also the only pri'ate life insurer in India to recei'e a 9ational Insurer
Binancial (trength rating of ??? 2Ind3 from Bitch ratings. The ??? rating is the highest
credit rating, and is a clear assurance of ICICI PrudentialEs ability to meet its obligations
to customers at the time of maturity or claims.
Bor the past fi'e years, ICICI Prudential has retained its position as the 9o.! pri'ate
insurer in the country, with a wide range of fleible products that meet the needs of the
Indian customer at e'ery step in life.
@eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric,
becoming the number one pri'ate life insurer within months of launch. Today, it has one
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of the largest distribution networks amongst pri'ate life insurers in India, with branches
in #% cities. The total number of policies issued stands at more than 8.$,$$$ with a total
sum assured in ecess of &s.!1$ billion.
ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed
premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$
billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en
mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The
companyEs retail market share amongst pri'ate companies stood at *1/, making it clear
leader in the segment. To add to its achie'ements, in the year 2$$*L$% it was ad-udged
;ost Trusted Pri'ate Life Insurer 25conomic Times M;ost Trusted @rand (ur'eyE by ?C
9ielsen D&G0;?&G3. It was also conferred the MDutlook ;oney0@est Life InsurerE
award for the second year running. The company is also proud to ha'e won (il'er at
5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential
was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2.
ICICI PrudentialEs success is rooted in its philosophy to always offer the customer a
choice. This has been the dri'ing force behind its multi0channel distribution strategy,
which includes ad'isors, banks, direct marketing and corporate agents. In fact, ICICI
Prudential was the first life insurer to in'est in multiple channels and offer the customer
choice and accessA thus reducing dependency on any one channel, great strides in the
retirement solutions and pensions market.
The CompanyEs penetration of the retirement market was dri'en by the focused approach
towards creating awareness through sustained campaignA M&etire from work, not lifeE.
7ithin si months, the campaign rewarded ICICI Prudential with an increased share of
2*/ of the total pensions market and 8./ amongst pri'ate players. ICICI Prudential has
one of the largest distribution networks amongst pri'ate life insurers in India, ha'ing
commenced operations in !*2 cities and towns in India, stretching from @hu- in the west
to Guwahati in the east, and Nammu in the north to Tri'andrum in the south.
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The company has " bank partnerships for distribution, ha'ing agreements with ICICI
@ank, @ank of India, Bederal @ank, (outh Indian @ank, Lord Orishna @ank, and some
co0operati'e banks, as well as o'er 2$$ corporate agents and brokers, it has also tied up
with 9GDs, ;BIs and corporates for the distribution of rural policies.
ICICI Prudential has recruited and trained more than 82,$$$ insurance ad'isors to
interface with and ad'ise customers. Burther, it le'erages its state0of0the0art IT
infrastructure to pro'ide superior =uality of ser'ice to customers.
A=ut t*e &r)ters
ICICI Ban> 29H(5CI@93 is IndiaEs second largest bank with an asset base of
&s.2#!*.." billion as on ;arch *!, 2$$1. ICICI @ank pro'ides a broad spectrum of
financial ser'ices to indi'iduals and companies. This includes mortgages, car and
personal loans, credit and debit cards, corporate and agricultural finance. The @ank
ser'ices a growing a customer base of more than !8 million customers through a multi
channel access network which includes o'er 12$ branches and etension counters, 22$$
?T;s, call centers and internet banking 2www.icicibank.com3
&RUDENTIAL -!c? 5stablished in London in !.%., through its business in the +O and
5urope, the +( and ?sia, pro'ides retail financial ser'ices products and ser'ices to more
than !1 million customers, policy holder and unit holders world wide. ?s of )ecember
*!, 2$$#, the company had o'er +(P %$$ billion in funds under management. Prudential
has brought to market an integrated range of financial ser'ices products that now includes
life assurance, pensions, mutual funds, banking, in'estment management and general
insurance. In ?sia, Prudential is the leading 5uropean life insurance company with a 'ast
network of 2* life and mutual fund operations in twel'e countries >China, Iong Oong,
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India, Indonesia, Napan, Oorea, ;alaysia, the Philippines, (ingapore, Taiwan, Thailand
and Fietnam.
Ac*ie+e)ents
@eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric,
becoming the number one pri'ate life insurer within months of launch. Today, it has one
of the largest distribution networks amongst pri'ate life insurers in India, with branches
in #% cities. The total number of policies issued stands at more than 8.$,$$$ with a total
sum assured in ecess of &s.!1$ billion.
ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed
premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$
billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en
mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The
companyEs retail market share amongst pri'ate companies stood at *1/, making it clear
leader in the segment. To add to its achie'ements, in the year 2$$*L$% it was ad-udged
;ost Trusted Pri'ate Life Insurer 25conomic Times M;ost Trusted @rand (ur'eyE by
?C9eilsen D&G0;?&G3. It was also conferred the MDutlook ;oney0@est Life InsurerE
award for the second year running. The company is also proud to ha'e won (il'er at
5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential
was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2.
In Oeeping with its belief that a happy customer is the best endorsement, ICICI
Prudential has embraced the M(IQ (IG;?E approach to =uality, an eercise that begins
and ends with the customer from capturing his 'oice to measuring and responding to his
eperiences. This initiati'e is currently helping the company impro'e processes,
turnaround times and customer satisfaction le'els. ?nother 9o'el introduction is the
ICICI Prudential Lifestyle &ewards Club, IndiaEs first rewards programme for Life
?d'isorsA it allows ICICI Prudential ?d'isors to redeem points for items ranging from
kitchenware to gold, white goods, and e'en international holidays.
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&r)tin
ICICI Prudential is a case study in how ad'ertising and marketing can play a 'ital role in
re0shaping an industry. It has demonstrated how an industry where the customer was
nothing more than a policy number has changed to one where Mcustomer preferenceE rules
the roost.
@rand0building in a comple category like life insurance is an uphill and multi0faceted
task. ?t the time of launching operations, the communications task was to build
credibility, so as to gi'e the customer the confidence that it was Ma company that could be
trusted to in'est funds withE. The aim was to encourage people to 'iew insurance not as a
compulsory ta sa'ing instrument, but as a means to lead a worry0free, secure life and in
the process, create the differentiator for brand ICICI Prudential.
The brand proposition for all the campaigns was reflected in the lineC M(urakshaC 4indagi
ke har kadam parE. The campaign featured a significant competiti'e ad'antage, the sound
financial backing and credentials of ICICI Prudential, and showcased products from
different segments. The ad'ertising idea was encapsulated in the symbol of protection >
the M(indoorE. This campaign contributed etensi'ely to raising brand awareness and
creating a distincti'e identity for the company.
The Company recently tied up with the Borbes (i (igma rated )abbawalla organi,ation
in ;umbai for a direct marketing eercise. In a +ni=ue effort to create awareness about a
ta sa'ing product, the company attached a creati'e of a bitten apple to ;umbaiEs
ubi=uitous lunchboes. It worked wonderfully with ;umbaiEs office0goers and one that
translated into substantial business for the company.
Bran2 Va!ues
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;arket &esearch re'eals that the 'alues people associate with ICICI Prudential are,
indeed, those that the company hopes to pro-ectC lifelong protection and 'alue for money.
The core 'alue is protecting your lo'ed ones, throughout lifeEs ups and downs. It is a
powerful propositionA one, which ICICI Prudential, is taking into the market place.
DISTRIBUTION SYSTEM
Tie2 A%enc,
Tied ?gency is the largest distribution channel of ICICI Prudential, comprising a large
ad'isor force that targets 'arious customer segments. The strength of tied agency lies in
an aggressi'e strategy of epanding and procuring =uality business. 7ith focus on sales
G people de'elopment, tied agency has emerged as a robust, predictable and sustainable
business model.
Bancassurance an2 A!!iances
ICICI Prudential was a pioneer in offering life insurance solutions through banks and
alliances. 7ithin a short span of two years, and with nearly a large number of partners,
@ G ? has emerged as a 'ital component of the companyEs sales and distribution strategy,
contributing to approimately one third of companyEs total business.
The business philosophy at @G? is to le'erage distribution synergies with our partners
and add 'alue to its customers as well as the partners. Bleibility, adaptation and
eperimenting with new ideas are the hallmarks of this channel.
CUSTOMER SERVICE AND O&ERATIONS
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The Dperations department oils the work processes between the customer and the
company to ensure consistent and =uality ser'ice to the customer. To streamline the
operations, the Dperations department interfaces between the clients and the agents, the
branches and the underwriters, and manages work processes.
The Fision at Customer (er'ice is to deli'er M7orld Class (er'iceE at e'ery opportunity.
+nits such as the " to " contact centre, Dutbound Call Centre, Customer Care and Juery
&esolution +nit are all committed to pro'iding effecti'e solutions to o'er lakhs of
customers across the country.
Infr)atin Tec*n!%,
The Information Technology function at ICICI Prudential is committed to enable business
through the use of technology. It is segmented into % groups to enable highest le'els of
deli'ery to the customersC Life ?sia (olutions Group that pro'ides fleibility in designing
better product offerings to end0users, the (olutions Group0 7eb that pro'ides real0time
information to customers and is responsible for customer relationship management, IT
?rchitecture G Corporate (olutions Group is in charge of de'eloping and maintaining a
blueprint for the IT architecture for the enterprise as a whole. This team works as an in
house &G) (olution Group, eploring new technological initiati'es and also caters to
information needs of corporate functions in the organi,ation. IT Infrastructure group is
responsible for pro'iding hardware, software, network ser'ices to the whole organi,ation.
This group runs the 6)igital 9er'ous (ystem6 of the 5nterprise at the highest le'els of
efficiency and pro'ide robust, scalable and highly a'ailable platform for deployment of
business application.
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Mar>etin%

The ;arketing function at ICICI Pru co'ers an array of acti'ities 0 brand and media
management, channel support, direct marketing and corporate communications. The
@rand and Communications team is in charge of ad'ertising, consumer research, media
planning G buying and Public &elationsA that helps de'elop and nurture ICICI
Prudential6s corporate identity while effecti'ely communicating its 'aried product
offerings to the customer. Channel marketing pro'ides support to the sales force by
streamlining the design and de'elopment of collaterals and sales tools across distribution
channels. The )irect marketing team was set up to generate high =uality leads for
profitable business. The team achie'es this through target database ac=uisition and
communicating customi,ed product information through e0mailers, telemarketing and
inno'ati'e direct mailers.
/inance
Binance function in ICICI Prudential is committed to create an infrastructure that is
aligned to shareholder epectations. Binance basically comprises of four functions. .
Corporate Planning and ;I( pro'ide feedback on business strategies. This includes
dri'ing the budgeting process, pro'iding strategic inputs for decision0making and
management reporting and analysis. The ?ccounts function includes preparation and
maintenance of financial records, funds management, and epense processing and
treasury operations. Compliance ensures that e'ery action is within the regulatory
framework. This includes re'iewing compliance re=uirements and supporting the ethical
framework of ICICI Pru life. Internal audit pro'ides assurance to the management o'er
the organi,ations6 control framework and includes process risk management, information
security assessment and business continuity assessment.
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.u)an Resurce
The people strategy of ICICI Prudential is :To build a committed team with a culture of
inno'ation, learning and growth. The Iuman &esource Bunction at ICICI Prudential
dri'es the people strategy of the business. 7ith its initial focus on operational ecellence
to deli'er benefits and ser'ices to staff members, I& is now committed to building
capability through state of the art processes. ? robust performance management system,
compensation system and a segmented training architecture enable it to deli'er 'alue to
the organi,ation.
Business E@ce!!ence
The @usiness 5cellence function is committed to building a =uality mindset across the
organi,ation. ICICI Prudential is the first organi,ation in the Insurance Industry that has
adopted the (i (igma ;ethodology for process efficiency and measurement. The team is
also dri'ing the ;alcolm @aldrige framework across the organi,ation, an inter'ention
that eamines management of key inputs for @usiness 5cellence.
Bancassurance
Dne of the most significant ad'ances in the financial ser'ices sector o'er the past
couple of years has been the growth of @ancassurance > which, in simplest terms,
means the distribution of insurance products through a bankEs distribution channels.
In other words, @ancassurance is a ser'ice which can fulfill both banking and
insurance needs at the same time.
@ancassurance as a concept first began in India with the opening up of the insurance
industry to pri'ate sector participation in )ecember !""" which saw the entry of 2$
new players 0 with !2 in the life insurance sector and . in the non0life sector.
@ancassurance has also seen significant rise in other ?sian markets. Bor eample,
@ancassurance accounted for 2%/ of new life insurance sales by MweightedE premium
income in (ingapore in 2$$2. This is a significant increase on the e=ui'alent 2$$!
statistic of !#/ and is as a result of growth in significant bank0centric @ancassurance
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operations.
?lthough the concept of @ancassurance looks simple enough, it is far from that in real
life practice. Legislati'e differences, consumer beha'ior, impact of history and
culture, product compleity, employee work culture and many such other factors ha'e
contributed to significant differences in results across countries. Bor eample, in
Brance and (pain 1$/ to .$/ of life insurance products are sold through bank
branches compared to !$/ in +O and +(?.
Bancassurance M2e!s
Globally we ha'e % kinds of @ancassurance business modelsC
)istribution alliance between the insurance company and the bank
NF between the two
;erger between bank and insurer
@ank builds or buys own insurance products
;ost of the @ancassurance operations in India fall into the first model, which in a way is
=uite a prudent decision. The Indian @ancassurance scene as of now looks as promising
as perilous, being a 'ast, uneplored and uncharted epanse. ?s banks are =uite risk
a'erse, it is but natural for them to withhold from making any long term commitment,
which would be =uite costly if the @ancassurance business runs into trouble. In terms of
the present regulatory framework, one bank can tie0up with only one life and one non0life
insurer, while insurers ha'e the choice to tie0up with any number of banks. 7e also ha'e
eamples of -oint 'entures between the bank and insurer such as (@I Life and ICICI
Prudential.
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Sta%es in &!ic, Issuance
1) &r-sa!
? Proposal (tage is the Birst stage before the policy is issued at CDP(. ?t this stage, the
application form is recei'ed by CDP(, but it is pending for issuance due to further
clarifications re=uired from the customer.
") L%in
? proposal which is complete i.e., duly filled with all necessary documents attached to it
G accepted by the @ranch ops, is called a Login
:) ReAect
?n ?pplication gets re-ected at the @ranch Dps le'el due to necessary details not filled in
the form or necessary documents not submitted is a &e-ect. It is then sent back to the
?d'isor for completion.
4) Issuance
Issuance means a policy that is issued to the Customer by Central Dps.
5) Dec!ine Status
7hen a customer refuses to take a policy post login but before Issuance is called a
)ecline
6) Cance!!atin
7hen the che=ue gi'en by the customer bounces, it amounts to cancellation of the policy1
8) La-se
? policy for which the Customer fails to pay subse=uent premiums is a Lapsed Policy.
9) /ree!>
Post issuance of the policy, the policyholder has the option to turn down the policy within
!# days from the date of issuance. This period of !# days is called Breelook Period.
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7) Surren2er: 7hen a customer wants to discontinue with the policy.
The joint strengths
A powerful joint venture partnership with each carrying a set of strengths
complementing each others
Reputation
Insurance
expertise
Product
Distribution
Operations
rand strength
Infrastructure
!ustomer base
"ocal #nowledge
$ar#et Innovators
PR%D&'TIA"
I!I!I
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"14 &RODUCTBSERVICES &RO/ILE
ICICI PrudentialEs ultimate promise is financial security. ? strong brand certainly boosts
sale, but without customer0friendly, inno'ati'e products, e'en the best brand would not
last long.
ICICI PrudentialEs product range has been de'eloped on the understanding that different
people ha'e their own sets of needs at 'arious stages of their li'es. It has thus built a
fleible portfolio of products that can be customi,ed to cater to 'arying needs of people
at each stage, and thus ensure protection in e'ery step of life. The companyEs philosophy
has been to help customers understand their financial needs and work closely with them
to customi,e a product that would meet. ?d'isors can offer a complete range of products
>(a'ings plans, Child plans, ;arket0linked plans, Protection plans, and &etirement plans
> and tailor a fleible solution to meet customersE changing needs at e'ery stage of life. In
fact, ICICI Prudential was the first to un0bundle product benefits, pioneering the concept
of MridersE and soon after introduce comprehensi'e market0linked and retirement plans.
ICICI Prudential has launched a handful of products that are analy,ed belowC
ICICI Prudential6s life insurance products may be loosely categori,ed under three formsC
pure life insurance products without an in'estment angle to themA a product that is a mi
of a cumulati'e in'estment scheme and an insurance productA and, finally, standard
products such as money0back and endowment policies.
Sin%!e &re)iu) Bn2C The (ingle Premium @ond is the name of a policy that combines
the features of an in'estment in a cumulati'e deposit scheme with that of an insurance
product.
Policy0holders are re=uired to pay a one0time premium based on a target sum assured. ?t
maturity, the policy0holder gets the sum assured and guaranteed additions that work out
to a compound return of %.# per cent the sum assured.
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The insurance part of the package comes in the form of death benefits that are paid in the
case of the demise of the policy0holder. The si,e of the death benefit is linked to the
number of years left for the policy to epire. Dn maturity date, the maturity 'alue is also
paid in addition to the death benefits that would ha'e been paid earlier.
Life (uar2 -!iciesC The company offers two pure life insurance products that ha'e an
umbrella name, Life Guard. Dne of them in'ol'es a one0time premium for which there
are no maturity benefits. The other re=uires regular premium payments that are returned
at the end of the policy. Life Guard offers absolutely no in'estment0related return and is
suitable for indi'iduals looking for an unadulterated insurance package.
Insurance S!utins fr In2i+i2ua!s
ICICI Prudential Life Insurance offers a range of inno'ati'e, customer0centric products
that meet the needs of customers at e'ery life stage. Its products can be enhanced with up
to # riders, to create a customi,ed solution for each policyholder.
Sa+in%s S!utins
Secure Plus is a transparent and feature0packed sa'ings plan that offers * le'els
of protection.
Cash Plus is a transparent, feature0packed sa'ings plan that offers * le'els of
protection as well as li=uidity options.
Save n Protect is a traditional endowment sa'ings plan that offers life protection
along with ade=uate returns
CashBa is an anticipated endowment policy ideal for meeting milestone
epenses like a childEs marriage, epenses for a childEs higher education or
purchase of an asset.
L!"eT!#e an$ L!"eT!#e II offer customers the fleibility and control to customi,e
the policy to meet the changing needs at different life stages. 5ach offer % fund
options >Preser'er, Protector, @alancer and ;aimiser.
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L!"eL!n Su%er is a single premium +nit Linked Insurance Plan which combines
life insurance co'er with the opportunity to stay in'ested in the stock market.
Pre#!er L!"e is a limited premium paying plan that offers customers life
insurance co'er till age of 8#.
InvestSh!el$ L!"e is a +nit Linked plan that pro'ides capital guarantee on the
in'ested premiums and declared bonus interest.
InvestSh!el$ Cash is a +nit Linked plan that pro'ides capital guarantee on the
in'ested premiums and declares bonus interest along with fleible li=uidity
options.
InvestSh!el$ &ol$ is a +nit Linked plan that pro'ides capital guarantee on the
in'ested premiums and declares bonus interest along with limited premium
payment terms.
&rtectin S!utins
L!"e&uar$ is a protection plan, which offers life co'er at 'ery low cost. It is
a'ailable in * options >le'el term assurance with return of premium and single
premium.
'o#e(ssure is a mortgage reducing term assurance plan designed specifically to
help customers co'er their home loans in a simple and cost0effecti'e manner.
C*i!2 &!ans
S#art)!$ education plans pro'ide guaranteed educational benefits to a child
along with life insurance co'er for the parent who purchases the policy. The
policy is designed to pro'ide money at important milestones in the childEs life.
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(martOid plans are also a'ailable in unit0linked form > both single premium and
regular premium.
Retire)ent S!utins
ForeverL!"e is a retirement product targeted at indi'iduals in their thirties.
SecurePlus Pens!on is a fleible pension plan that allows one to select between *
le'els of co'er.
Maret*l!ne$ ret!re#ent %ro$ucts
L!"eT!#e Pens!on II is a regular premium market0linked pension plan.
L!"eL!n Pens!on II is single premium market linked pension plan.
InvestSh!el$ Pens!on is a regular premium pension plan with a capital guarantee
on the in'estible premium and declared bonuses
&ol$en Years+ is a limited premium paying retirement solution that offers ta
benefits up to &s !$$,$$$ uLs .$C, with fleibility in both the accumulation and
payout stages.

.ea!t* S!utins
'ealth (ssure an$ 'ealth (ssure Plus+ Iealth ?ssure is a regular premium
plan which pro'ides long term co'er against 1 critical illnesses by pro'iding
policy holder with financial assistance, irrespecti'e of the actual medical
epenses. Iealth ?ssure Plus offers the added ad'antage of an e=ui'alent life
insurance co'er
Cancer Care+ is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of 'arious cancer
conditions.
(ru- Insurance S!utins
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ICICI Prudential also offers Group Insurance (olutions for companies seeking to
enhance benefits to their employees.
ICICI &ru (ru- (ratuit, &!an: ICICI PruEs group gratuity plan helps employers
fund their statutory gratuity obligation in a scientific manner. The plan can also be
customi,ed to structure schemes that can pro'ide benefits beyond the statutory
obligations.
ICICI &ru (ru- Su-erannuatin &!an: ICICI Pru offers a fleible defined
contribution superannuation scheme to pro'ide a retirement kitty for each member of
the group. 5mployees ha'e the option of choosing from 'arious annuity options or
opting for a partial commutation of the annuity at the time of retirement.
ICICI &ru (ru- Ter) &!an: ICICI PruEs fleible group term solution helps
pro'ide affordable co'er to members of a group. The co'er could be uniform or based
on designationLrank or a multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on hisLher death.
/!e@i=!e Ri2er O-tins
ICICI Pru Life offers fleible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
!. (cc!$ent an$ $!sa,!l!t- ,ene"!t+ If death occurs as the result of an accident
during the term of the policy, the beneficiary recei'es an additional amount
e=ual to the rider sum assured under the policy. If the death occurs while
tra'eling in an authori,ed mass transport 'ehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
2. (cc!$ent Bene"!t+ This rider option pays the sum assured under the rider on
death due to accident.
*. Cr!t!cal Illness Bene"!t+ Protects the insured against financial loss in the e'ent
of " specified critical illnesses. @enefits are payable to the insured for medical
epenses prior to death
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%. Inco#e Bene"!t+ This rider pays the !$/ of the sum assured to the nominee
e'ery year, till maturity, in the e'ent of the death of the life assured. It is
a'ailable in (martOid, (ecurePlus, and CashPlus.
#. Wa!ver o" Pre#!u#+ In case of total and permanent disability due to an
accident, the premiums are wai'ed till maturity. This rider is a'ailable with
(ecurePlus and CashPlus.
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0*10
DATA ANALYSIS AND INTER&RETATION
!. ?ge of the respondents
P?&TICT+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
Less than 2# !! !!/
2# 0 *# %$ %$/
*# 0 %# 2$ 2$/
?bo'e %# 2" 2"/
TDT?L !$$ !$$
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 !!/ of the respondents are less than 2# years old.
b3 %$/ of the respondents are between 2# and *# years of age.
c3 2$/ of the respondents are between *# and %# years of age.
d3 2"/ of the respondents are more than %# years of age.
2. Jualification of the respondents.
P?&TIC+?L& 9D.DB.&5(PD9)59T P5&C59T?G5
Graduate #2 #2/
Post Graduate 2" 2"/
)iploma . ./
Dther discipline !! !!/
TDT?L !$$ !$$/

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 #2/ of the respondents were graduate
b3 2"/ of the respondents were post graduate
c3 ./ of the respondents were diploma
d3 !$/ of the respondents were other discipline
*3 Dccupation of the respondents
P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
@usiness man *% *%/
Professionals !. !./
Nob holders *8 *8/
Dthers !! !!/
TDT?L !$$ !$$/


Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0*"0
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 *%/ of the respondents are businessmen.
b3 !./ of the respondents are professionals.
c3 *8/ of the respondents are -ob holders.
d3 !!/ of the respondents are background.
%3 ?'erage annual income of respondents.

P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
+p to ! lakh ** **/
! lakh 0 * lakh %* %*/
* lakh 0 # lakh 2$ 2$/
# lakh G abo'e % %/
TDT?L !$$ !$$/


Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%$0
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 **/ of the respondents ha'e an a'erage annual income up to !
lakh
b3 %*/ of the respondents ha'e an a'erage annual income from !
lakh to * lakh
c3 2$/ of the respondents ha'e an a'erage annual income from *
lakh to # lakh
d3 %/ of the respondents ha'e an a'erage annual income abo'e #
lakh
#3 Bamily si,e of respondents
P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
@elow # members #$ #$/
# 0 !$ members *2 *2/
?bo'e !$ members 2. 2./
TDT?L !$$ !$$/

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%!0
ANANLYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 #$/ of the respondents are below # members.
b3 *2/ of the respondents are between # to !$ members.
c3 2./ of the respondents are abo'e !$ members.
13 ?ccording to life insurance is.

P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
&isk Co'erage !$ !$/
Ta (a'ings * */
Good return % %/
(ecurity * */
?ll the abo'e .$ .$/
TDT?L !$$

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%20
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 !$/ of the respondents say risk co'erage.
b3 */ of the respondents say ta sa'ings.
c3 %/ of the respondents say good returns.
d3 */ of the respondents say financial security.
e3 .$/ of the respondents say all of the abo'e.
83 ?wareness of ICICI Prudential life insurance
P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
Hes !8 !8/
9o .* .*/
TDT?L !$$ !$$/

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%*0
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 .*/ of the respondents say that they are aware of ICICI
Prudential life insurance co.
b3 !8/ of the say that they are unaware of ICICI Prudential life
insurance co
.3 ?wareness regarding insurance.
P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
Hes 2 2/
9o ". "./
TDT?L !$$ !$$/

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%%0
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 "./ of the respondents say that they are aware of insurance.
b3 Dnly 2/ are unaware of insurance.
"3 / of respondents who are under different plans of ICICI Prudential life insurance co.

P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
In'est gain plan %! %!/
+nit gain plan *1 *1/
Child gain plan . ./
7hole life plan !# !#/
Pension plan 9o 9o
TDT?L !$$ !$$/

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%#0
I'(%RA'!& P"A'( O) I!I!I PR%D&'TIA"
41%
36%
8%
15%
Invest gain plan
Unit gain plan
Child gain plan
Whole life plan
Pension plan
ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 %!/ of the respondents are under in'est gain plan
b3 *1/ of the respondents are under unit gain plan
c3 ./ of the respondents are child gain plan
d3 !#/ of the respondents are whole life plan
e3 9o body under pension plan
!$3 / of respondents benefits of choosing the particular products


P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5
&isk co'erage 1$ 1$/
?dditional benefit 2$ 2$/
;aturity date !2 !2/
(um ?ssured . ./
TDT?L !$$ !$$/
!!3 / of disad'antages in insurance plan
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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ANALYSIS:
a3 *1/ of the respondents say that a benefit of choosing the particular
Product is for (afety of life.
b3 2$/ of the respondents say that a benefit of choosing the particular
products is for additional benefit to family
c3 !2/ of the respondents say that a benefit of choosing the particular
products is for maturity date
d3 ./ of the respondents say that a benefit of choosing the particular
products is for sum assured

P?&TIC+?L&( 9D.DB.&5(PD9)59T P5&C59T?G5
Li=uidity *# *#/
Lapsation 2$ 2$/
+nable to decide premium !" !"/
Iigh risk co'erage !% !%/
Bied Term !2 !2/
TDT?L !$$ !$$/

!23 / of respondents who want to in'est in these different a'enues.
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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ANALYSIS:
Brom the sur'ey it was found that amongst !$$ respondents
a3 *#/ of the respondents say that disad'antages in insurance
plan are li=uidity.
b3 2$/ of the respondents say that disad'antages in insurance
plan are lapsation.
c3 !"/ of the respondents say that disad'antages in insurance
plan is unable decide premium.
d3 !%/ of the respondents say that disad'antages in insurance
plan are high risk co'erage at high premium.
e3 !2/ of the respondents say that disad'antages in insurance
plan is fied term


P?&TIC+?L&( 9D.DB.&5(PD9)59T P5&C59T?G5
&ecurring )eposit %$ %$/
5=uity Bund 2# 2#/
@alanced Bund !$ !$/
;utual Bund !! !!/
)ebt Bund # #/
Cash Bund " "/
TDT?L !$$ !$$/


Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0%.0
ANALYSIS:
Brom the sur'ey it was found amongst !$$ respondents
a3 %$/ of respondents say that they want to in'est in &.)
b3 2#/ of respondents say that they want to in'est in e=uity
c3 !$/ of respondents say that they want to in'est in balanced fund
d3 !!/ of respondents say that they want to in'est in mutual fund
e3 #/ of respondents say that they want to in'est in debt market
f3 "/ of respondents say that they want to in'est in cash
/INDIN(S
Dn an analysis and e'aluation of the data collected from the respondents the
following findings were found.
@efore establishment of pri'ate concerns the share of LIC was 22/ hence there is
a wide scope for pri'ate concerns to enter in to market.
Total !$$ respondents ha'e been approached out of which 8# are the potential
respondents who ha'e shown interest for in'estment and finance plan
?bo'e 2$/ of respondents are shown interest for in'estment and financial plan
?bout **.**/ of respondents are not interest to gi'e their personal records.
?bout !2.18/ of respondents ha'e already been co'ered by other insurance
companies.
?bout !$/ of respondents ha'e gi'en in'alid records.
?bout !$/ of respondents are newly employed or trainees.
?bout !$/ of respondents interested for in'estment plan after knowing ICICI
P&+)59TI?L LIB5 I9(+&?9C5 products.
RECOMMENDATIONS TO COM&ANY:
(ince ICICI Prudential Life Insurance co. ltd is the largest in terms of B)I in'ested, in
terms of work force, in terms of market share, in terms of no. of customers. ?ll these
positi'e stands of the company place at the number one position. Dn second aspect
whate'er amount of money ICICI Prudential sa'e, can be used to increase the no. of
policies, which will helpful to increase the market share of the company. (ince the
customers think about the companies in the industry, when they in'est money in the life
insurance industry. (o itEs necessary to increase the market share of the company. There
are some recommendations.
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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O-en s)e )re =ranc*es in se)i ur=an an2 rura! area1
ICICI Prudential has almost its branches in urban area or metros. (o in order to
increase the no. of customer, ICICI Prudential should increase the approach
towards potential customers. Bor that it has to increase the branches in the semi
urban cities like C, ) grade cities. ?nd the rural marketing is the best option for
ICICI Prudential to increase its base in the market
I)-r+e cust)er ser+ices1
In order to take the ad'antage of being industry leader in pri'ate sector, ICICI
Prudential has to impro'e its customer ser'ices. ?ccording to my eperience in
the company, a good number of customers forget to pay their premium at time so
it causes a big loss to the company. ICICI Prudential has already collaborated with
the ICICI bank for its @ancassurance facility and then can include another feature
in it. ICICI bank can offer a bank account with the life insurance policy in which
an ?T; card will be pro'ided. This card will ha'e all the information regarding
the policy as like future premium payment dates, payment made, money 'alue of
the policy at that date, 'alue of the unit linked plan and all other information what
the customer want. This will help the customer to pay premium on time and sa'e
their losses. This will be mutually helpful for both sister companies, ICICI bank
will get new account and ICICI prudential will be able to more efficient ser'ices
to their customers.
Brin% s)e unit !in>e2 !ife insurance -!ans in t*e )ar>et1
@eing a market leader doesnEt ensure the leadership in the future. (ince after
increment in B)I from 21/ to %"/ all player will ha'e the opportunity to capture
the market share. (o in order to maintain its position ICICI Prudential should
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0#$0
0Introduce some new market linked insurance plan, which will gi'e a competiti'e
ad'antage to the ICICI Prudential against its competitors.
Traine2 t*e financia! a2+isrs )re efficient!,1
In the changed scenario, more efficient training will be needed, so ICICI
Prudential should pro'ide good and efficient training to their financial ad'isors.
@ecause they are the one who interact directly with the customers. (o good
training will gi'e them the right way to deal with the potential customers.
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0#!0
CUESTIONNAIRE
)ear (irL;adam,
I am a student of Fis'es'arya Technological +ni'ersity @elgaum, conducting a
marketing sur'ey on C#$S%&'( )'*A+,#%( A$- C%S.#&'( SA.,S/AC.,#$ of
,C,C, 0rudential 1,/' ,$S%(A$C'! ,$ )angalore C,.2. I re=uest you to fill this
=uestionnaire G I assure that this data will be used only for study purpose G it will be
kept confidential.
!. 9ame RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
2. ?ddress RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
*. ?ge

a. Less than 2# c. *#0%#
b. 2# > *# d. %# and abo'e
%. Jualification
a. Graduate c. )iploma
b. Postgraduate d. Dther discipline
#. Dccupation
a. @usiness c. Nob holder
b. Professional d. Dther
1. 7hat is your a'erage annual incomeS
a. +p to ! lakh
b. ! lakh to * lakhs
c. * lakhs to # lakhs
d. # lakhs and more
8. Hour family si,e
a. @elow # members
b. # > !$ members
c. ?bo'e !$ members
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0#20
8. ?ccording to you life insurance is,
a. ? ta sa'ing plan
b. ? sa'ing scheme with good return
c. ? financial security for the family
d. &isk co'erage
e. ?ll the abo'e
.. Ia'e you taken any life insurance product of ICICI Prudential Life insuranceS
H5( 9D
If yes
". 7hich are in theseS
a. +nit gain plan
b. In'est gain plan
c. 7hole life plan
d. Children plan
e. Pension plan
f. Dthers RRRRRRRRRRRRRRRRRR
!$. ?re you aware of the benefits in your policyS
Hes 9o

If yes what are theyS
(um assured
?dditional benefits
;aturity date
&isk co'erage

!!. ?ccording to you what are the disad'antages in an insurance planS
Lapsation
Li=uidity
Bied term
+nable to decide your premium
+nable to decide the sum assured
Iigh risk co'erage at high premiums
Dther disad'antages


Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0#*0
!2. In which of the following would you like to in'estS
5=uity fund
)ebt fund
@alanced fund
Cash fund
;utual fund
&ecurring deposits
!*. ?ny suggestion for ICICI Prudential Life Insurance
RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
Thank you for sparing your 'aluable time
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
0#%0
BIBLIO(RA&.Y
Maret!n. Mana.e#ent by Philip Ootler, Pearson 5ducation 2
nd
ed.
Consu#er Behav!or by Leon G.(chiffman, Prentice0Iall India .
th
ed.
IRD( /ournal
ICICI Pru$ent!al Co#%an- #a.a0!nes
Ne1s%a%er an$ Bus!ness #a.a0!nes
DEBSITES
.iciciprulife.com
.google.co.in3indian insurance industry
.irdaindia.org
Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.
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