SUMMER INTERNSHIP

REPORT ON

ICICI PRUDENTIAL LIFE INSURANCE

( MARKETING )
ACKNOWLEDGEMENT

I take this opportunity to convey our heartful thanks

to our Dean (Academics),
Prof. R. Krishnan for providing us with the necessary
infrastructure, thereby giving us
freedom to carry out the summer internship work in
my area of interest.

A special thanks to Mr. Senthil Vel (AFSM) of ICICI

Prudential (life insurance),
Madurai for providing information about their
company's products and helping me
thought the project.

My sincere thanks to Mr. S.K.M.Rajesh Kumar

(Sales Manager), Mr.Prabhu
(Sales Manager) of ICICI Prudential Madurai, who
helped me through the pr
I also thank all the staffs of ICICI Prudential (Life
Insurance), Main Branch,
Madurai for giving me the moral support to
accomplish the project successfully.

I thank ICICI Prudential (Life Insurance) for giving

this opportunity to do our
project and for extending full co-operation.

I also thank all the teaching and non-teaching staff

and friends of IIPM,
Chennai for giving us the moral support to
accomplish the project successfully.
oject.

I also thank all the staffs of ICICI Prudential (Life

Insurance), Main Branch,
Madurai for giving me the moral support to
accomplish the project successfully.
I thank ICICI Prudential (Life Insurance) for giving
this opportunity to do our
project and for extending full co-operation.

I also thank all the teaching and non-teaching staff

and friends of IIPM,
Chennai for giving us the moral support to
accomplish the project successfully.
CONTENTS
S.No

TITLE

Page
No

INTRODUCTION

4
2

LIFE INSURANCE MARKET

10

NEED FOR INSURANCE

11
4

ORGANIZATION PROFILE

14

PRODUCT’S

18
6

AWARDS AND RECOGNITIONS

19

MY EXPERIENCE IN ICICI PRUDENTIAL LIFE

INSURANCE

24
8

Conclusion

25

Bibliography

26
INTRODUCTION

A) INSURANCE IN INDIA:

The insurance sector in India has come a full circle

from being an open
competitive market to nationalization and back to a
liberalized market again. Tracing
the developments in the Indian insurance sector
reveals the 360-degree turn
witnessed over a period of almost two centuries.

With largest number of life insurance policies in

force in the world, Insurance
happens to be a mega opportunity in India. It is a
business growing at the rate of 15-
20 percent annually and presently is of the order of
Rs 450 Billion. Together with
banking services, it adds about 7 per cent to the
country.s GDP. Gross premium
collection is nearly 2 per cent of GDP and funds
available with LIC for investments
are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is

without life insurance cover
while health insurance and non-life insurance
continues to be below international
standards. In addition, this part of the population is
subject to weak social security
and pension systems with hardly any old age income
security. This is an indicator
that growth potential for the insurance sector is
immense.

A well-developed and evolved insurance sector is

necessary for economic
development as it provides long-term funds for
infrastructure development and at the
same time strengthens the risk taking ability. It has
estimated that, over the next ten
years India would require investments of the order of
one trillion US dollar. The
Insurance sector, to some extent, can enable
investments in infrastructure
development to sustain economic growth of the
country.

Insurance is a federal subject in India. Two

legislations govern the sector- The
Insurance Act- 1938 and the IRDA Act- 1999. The
insurance sector in India has
come a full circle from being an open competitive
market to nationalization and back
to a liberalized market again. Tracing the
developments in the Indian insurance
sector reveals the 360-degree turn witnessed over a
period of almost two centuries.

B) HISTORICAL PERSPECTIVE ABOUT LIFE

INSURANCE IN INDIA:

The history of life insurance in India dates back to

1818 when it was
considered as a means to provide for English
Widows. Interestingly in those days, a
higher premium was charged for Indian lives than the
non-Indian lives, as Indian
lives were considered more risky for coverage.

The Bombay Mutual Life Insurance Society started

its business in 1870. It
was the first company to charge same premium for
both Indian and non-Indian lives.
The Oriental Assurance Company established in
1880. The General insurance
business in India, on the other hand, can trace its
roots to the Triton (Tital) Insurance
Company Limited, the first general insurance
company established in the year 1850
in Calcutta by the British. Until the end of nineteenth
century, insurance business
was almost entirely in the hands of overseas
companies.

Insurance regulation formally began in India with

the passing of the Life
Insurance Companies Act of 1912 and the provident
fund Act of 1912. Several
frauds during 20's and 30's sullied insurance business
in India. By 1938, there were
176 insurance companies. The first comprehensive
legislation was introduced with
the Insurance Act of 1938 that provided strict State
Control over insurance business.
The insurance business grew at a faster pace after
independence. Indian companies
strengthened their hold on this business but despite
the growth that was witnessed,
insurance remained an urban phenomenon.
 The Government of India in 1956, brought together
over 240 private life
insurers and provident societies under one
nationalized monopoly corporation and
Life Insurance Corporation (LIC) was born.
Nationalization was justified because it
would create much-needed funds for rapid
industrialization. This was in conformity
with the Government's chosen path of State lead
planning and development.
The (non-life) insurance business continued to thrive
with the private sector until
1972. Their operations were restricted to organized
trade and industry in large cities.
The general insurance industry was nationalized in
1972. India Assurance Company,
Oriental Insurance Company and United India
Insurance Company are subsidiaries
of the General Insurance Company (GIC).

C) Important milestones in the life insurance business

in India:

1912: The Indian Life Assurance Companies Act

enacted as the first statute to
regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted

to enable the government to
collect statistical information about both life and non-
life insurance businesses.
1938: Earlier legislation consolidated and amended to
by the Insurance Act with the
objective of protecting the interests of the insuring
public.

1956: 245 Indian, foreign insurers and provident

societies were took over by Central
government and nationalized. LIC formed by an Act
of Parliament- LIC Act 1956-
with a capital contribution of Rs. 5 crores from the
Government of India.

D) Important milestones in the general insurance

business in India
are:

1907: The Indian Mercantile Insurance Ltd. set up-

the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the
Insurance Association of India,
frames a code of conduct for ensuring fair conduct
and sound business practices.

1968: The Insurance Act amended to regulate

investments and set minimum
solvency margins and the Tariff Advisory Committee
set up.
1972: The general insurance business in India
nationalized through The General
Insurance Business (Nationalization) Act, 1972 with
effect from 1st January 1973.
107 insurers amalgamated and grouped into four
companies- the National Insurance
Company Limited, the New India Assurance
Company Limited, the Oriental
Insurance Company Ltd. and the United India
Insurance Company Ltd. GIC
incorporated as a company.

E) INSURANCE SECTOR REFORMS:

In 1993, Malhotra Committee- headed by former

Finance Secretary and RBI
Governor R.N. Malhotra- formed to evaluate the
Indian insurance industry and
recommend its future direction. The Malhotra
committee was setup with the objective
of complementing the reforms initiated in the
financial sector.
 The reforms was aimed at creating a more efficient
and competitive financial
system suitable for the requirements of the economy
keeping in mind the structural
changes currently underway and recognizing that
insurance is an important part of
the overall financial system where it was necessary to
address the need for similar
reforms. In 1994, the committee submitted the report
and some of the key
recommendations included:

a) Structure:
Government stake in the insurance Companies must
brought down to 50%.
Government should take over the holdings of GIC
and its subsidiaries so that
these subsidiaries can act as independent
corporations. All the insurance
companies must have greater freedom to operate.

b) Competition:
Private Companies with a minimum paid up capital
of Rs.1bn should allow
entering the sector. No Company should deal in both
Life and General
Insurance through a single entity. Foreign companies
were allowed to enter
the industry in collaboration with the domestic
companies. Postal Life
Insurance was allowed to operate the rural market.
Only one State Level Life
Insurance Company should be allowed to operate in
each state.
c) Regulatory Body:

The Insurance Act should be changed. An Insurance

Regulatory body should
be set up. Controller of Insurance- a part of the
Finance Ministry- should be
made independent.

d) Investments:

Mandatory Investments of LIC Life Fund in

government securities to was
reduced from 75% to 50%. GIC and its subsidiaries
are not to hold more than
5% in any company (there current holdings to be
brought down to this level
over a period of time)

e) Customer Service:
 LIC should pay interest on delays in payments
beyond 30 days.
Insurance companies must be encouraged to set up
unit linked pension
plans. Computerization of operations and updating of
technology to be carried
out in the insurance industry. The committee
emphasized that in order to
improve the customer services and increase the
coverage of insurance
policies, industry should be opened up to
competition. But at the same
time, the committee felt the need to exercise caution
as any failure on the
part of new players could ruin the public confidence
in the industry. Hence, it
was decided to allow competition in a limited way by
stipulating the minimum
capital requirement of Rs.100 Crores.

The committee felt the need to provide greater

autonomy to insurance
companies in order to improve their performance and
enable them to act as
independent companies with economic motives. For
this purpose, it had
proposed setting up an independent regulatory body-
The Insurance
Regulatory and Development Authority.

A reform in the Insurance sector was initiated with

the passage of the
IRDA Bill in Parliament in December 1999. The
IRDA since its incorporation
as a statutory body in April 2000 has fastidiously
stuck to its schedule of
 framing regulations and registering the private sector
insurance companies.
Since being set up as an independent statutory body
the IRDA has put in a
framework of globally compatible regulations. The
other decision taken
simultaneously to provide the supporting systems to
the insurance sector and
in particular the life insurance companies was the
launch of the IRDA online
service for issue and renewal of licenses to agents.
The approval of
institutions for imparting training to agents has also
ensured that the
insurance companies would have a trained workforce
of insurance agents in
place to sell their products.

The Government of India liberalized the insurance

sector in March
2000 with the passage of the Insurance Regulatory
and Development
Authority (IRDA) Bill, lifting all entry restrictions
for private players and
allowing foreign players to enter the market with
some limits on direct foreign
ownership. Under the current guidelines, there is a 26
percent equity cap for
foreign partners in an insurance company. There is a
proposal to increase this
limit to 49 percent.

The opening up of the sector is likely to lead to

greater spread and
deepening of insurance in India and this may also
include restructuring and
revitalizing of the public sector companies. In the
private sector 12 life
insurance and 8 general insurance companies have
been registered. A host
of private Insurance companies operating in both life
and non-life segments
have started selling their insurance policies since
2001.

F) THE INSURANCE REGULATORY AND

DEVELOPMENT
AUTHORITY:
 Reforms in the Insurance sector were initiated with
the passage of the IRDA
Bill in Parliament in December 1999. The IRDA
since its incorporation as a statutory
body in April 2000 has fastidiously stuck to its
schedule of framing regulations and
registering the private sector insurance companies.
 The other decisions taken simultaneously to provide
the supporting systems
to the insurance sector and in particular the life
insurance companies launched the
IRDA.s online service for issue and renewal of
licenses to agents.

The approval of institutions for imparting training to

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

Since being set up as an independent statutory body

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

The India Insurance market despite having a highly

elaborate history
spanning almost two centuries, has come of age only
in last 50 years after the
formation of the Life Insurance Corporation (LIC) of
India in 1956 and the entry of
private companies into the market in 2000.

Traditionally the Indian Insurance Market had

centered on the life insurance
until recently, a host of other insurance policies
covering a diverse range of issues
and objects like Medical Insurance, Accident
Insurance, Fire Insurance, Automobile
Insurance and other policies which fall under the
category of general insurance are
being provided by various private insurance
companies.

A) PERFORMANCE OF THE INDIAN INSURACE

MARKET-A
REPORT:
 The following points will provide you an insight into
the insurance market in
India and its fast expanding prospects. The report is
well supported by data based
on detailed analysis that would help investors,
financial service providers and global
banking players to venture into the Indian insurance
market.

Taking into account the changing socioeconomic

demographics rate of GDP
growth, behavior of consumers, and occurrences of
natural calamities at regular
intervals the market of Life Insurance in India is
expected grow to the value around
US $ 41.44 billion by the year 2009. The Market is
expected to grow at a
compounded annual growth rate (CAGR) of more
than 200% year over year (YOY)
from year 2006 onwards.

. 65% of the general insurance market is controlled

by private house that
already exists in the market.
. However in automobile insurance, public sector
covers a substantial 68% of
the total market value.
. Among individual companies that are worthy of
mentioning, ICICI Lombard
enjoys a whopping 53% market share in Accident
Insurance while the
remaining 47% is shared by New India Assurance
and United India Insurance
both belonging to the public sector

The other key players of the market include:

A) In Public Sector:
 Life insurance Corporation(LIC) of India, National
Insurance
Company Limited, Oriental Insurance Limited, New
India Assurance Company
Limited and United India insurance Company
Limited.

B) In Private Sector:

ICICI prudential Life Insurance, Bajaj Allianz, SBI

Life, HDFC
Standard, Birla Sunlife, Aviva Life Insurance, Kotak
Mahindra old mutual, Max New
York Life and Met life, Tata AIG Life, ING Vysya.
Thus, the ever increasing
population of the country will ensure constant boom
in the India Insurance market in
the distant future.

NEED FOR INSURANCE:

. Superior to an ordinary savings plan as it provides

full protection against risk
of death.
. Encourages and forces compulsory savings unlike
other saving instruments,
wherein the saved money can be easily withdrawn.

. Provides loan to tie over a temporary difficult phase

and is also acceptable as
security for a commercial loan.

. Offers tax relief to policyholders.

. Hedges risk against uncertainty.

. For a policy taken under the MWP Act 1874,

(Married Women's Property Act),
a trust is created for wife and children as
beneficiaries.

. Based on the concept of sharing of losses, the

society will benefit as
catastrophic losses are spread globally.

NEED FOR LIFE INSURANCE:

Life brings with it many surprises, some pleasant

and some not so and a Life
Insurance Plan ensures that you are better prepared to
face uncertainties. In a
number of ways:

A) Protection:
 You need life insurance to be there and protect the
people you love, making
sure that your family has a means to look after itself
after you are gone. It is a
thoughtful business concept designed to protect the
economic value of a human life
for the benefit of those financially dependent on him.
That is a good reason.
Supposing you are suffered by an injury that keeps
you away from earning?
Would you like to be a financial burden on your
family, already losing out on your
salary? With a life insurance policy, you are
protected. Your family is protected.
B) Retirement:

Life insurance makes sure that have regular income

after retire and also helps
to maintain standard of living. It can ensure that your
post-retirement years will be
spent in peace and comfort.

C) Savings and Investments:

Insurance is a means to Save and Invest. The

periodic premiums are like
Savings and you are assured of a lump sum amount
on maturity. A policy can come
in really handy at the time of your child.s education
or marriage! Besides, it can be
used as supplemental retirement income.

D) Tax Benefits:
 Life insurance is one of the best tax saving options
today. Tax can be saved
twice on a life insurance policy-once when you pay
your premiums and once when
you receive maturity benefits. Money saved is money
earned.
ORGANISATION PROFILE: ICICI PRUDENTIAL

ICICI Prudential Life Insurance Company is a joint

venture between ICICI
Bank - one of India.s foremost financial service
companies and Prudential plc - a
leading international financial service group
headquartered in the United Kingdom.
Total capital infusion stand at Rs 47.80 billion, with
ICICI Bank holding a stake of
74% and prudential plc holding 26%. They began
operations in December 2000 after
receiving approval from Insurance Regulatory
Development Authority (IRDA). Today,
our nation-wide team comprises of over 2000
branches (inclusive of 1,100 micro
offices), over 2,58,000 advisors; and 24 banc
assurance partners.

ICICI prudential is the first Insurer in India to

receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch
rating. For three years in a row,
ICICI Prudential has been voted as India.s Most
Trusted Private Life Insurer, by the
Economic times – AC Nielsen ORG Marg survey of
„Most Trusted Brand..

A) ICICI PRUDENTIAL EDGE:

The ICICI Prudential edge comes from our

commitment to our customer, in all
that we do-be it product development, distribution,
the sales process or
servicing..

1. The products have been developed after a clear and

through understanding of
customer.s need. It is this research that helps us
develop Education plans that
offer the ideal way to truly guarantee the child.s
education, Retirement
solutions that are a hedge against inflation and yet
promise a fixed income
after you retire, or Health insurance that arms you
with the fund you might
need to recover from dreaded disease.
2. Having the right product is the first step, but it.s
equally important to ensure
that, the customer can access them easily and
quickly. To this end, ICICI
prudential has an advisor base across the length and
breadth of the country,
and also partners with leading banks, corporate
agents and brokers to
distribute the products
3. Robust risk management and underwriting
practices form the core business.
With clear guidelines in place, we ensure equitable
costing of risks, and
thereby ensure a smooth and hassle-free claim
process.

4. Entrusted with helping our customer meet their

long-term goals, they adopt an
investment philosophy that aims to achieve risk
adjusted returns over the
long-term.

5. Last but definitely not the least, our 32000 plus

strong team is given the
opportunity to learn and grow, every day in multitude
of ways. We believe this
keeps them engaged and enthusiastic, so that they can
deliver on our
promise to cover you, at every step in life.

B) OUR VISION AND VALUES

OUR VISION:

“To be the dominant life, Health and Pension player

build on trust by world class
people and service”

This we hope to achieve by:

. Understanding the need of customers and offering

them superior products
and service

. Leveraging technology to service customer quickly,

efficiently and
conveniently.

. Developing and implementing superior risk

management and investment
strategies to offer sustainable and stable return to the
policyholders.

The success of the company will be founded in its

unflinching commitment to
5 core values – Integrity, Customer First, Boundary
less, Ownership and passion.
Each of the values describes what the company
stands for, the qualities of our
people and the way we work.

OUR VALUES:

Every member of the ICICI Prudential team is

committed to 5 core values:
Integrity, Customer First, Boundary less, Ownership,
and Passion. These values
shine forth in all we do, and have become the
keystones of our success.

C) PROMOTERS:

ICICI Bank Limited (NYSE: BSE) is India.s largest

private sector bank and
the second largest bank in the country, with
consolidated the total assets of $121
billion as of September 30, 2008.

D) PRUDENTIAL PLC:

Established in London in 1848, Prudential Plc,

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

E) MANAGEMENT PROFILE:

BOARD OF DIRECTORS:

The ICICI Prudential life Insurance Company Lited

Board comprises reputed
people from the finance industry both from India and
abroad.
Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director

Mr. Barry Stowe, Director

Mr. Adrian O.Connor, Director

Prof. Marti G. Subrahmanyam, Director

Mr. Mahesh Prasad Modi, director

Ms Rama Bijapurkar, Director

Mr. Keki Dadiseth, Director

Ms. Shikha Sharma, Managing Director

Mr. N.S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

F) MANAGEMENT TEAM:
 The ICICI Prudential life Insurance Company
Limited Board comprises
reputed people from the finance industry both from
India and abroad.

Ms. Shikha Sharma, Managing Director & CEO

Mr. N.S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

MS. Anita Pai, Executive Vice president – Customer

Service & Technology

Dr. Avijit Chatterjee, Appointed Actuary

Mr. Puneet Nandha, Executive Vice president &

Chief Investment officer

G) DISTRIBUTION:

ICICI Prudential Life has one of the largest

distribution networks amongst
private life insurers in India. It has strong presence
across India with over 2000
branches ( including 1,100 micro- offices) and an
advisor base of over 2,58,000 (as
on November 30,2008).

The company has 24 banc assurance partners having

tie-ups with ICICI Bank,
Bank of India, South Indian bank, Shamrao Vitthal
Co-Op bank, Jalgaon peoples Co-
Op bank, Ernakulam district Co-Op bank, Idukki
District Co-Op Bank, Ratnagiri
Sindhudurg Gramin Bank, Jharkhand Gramin Bank,
Solapur Gramin Bank, Narmada
Malwa Gramin bank, Wainganga Kshetriya Gramin
Bank, Ratnagiri District Central
Co-Op Bank, Seva Vikas Co-Op bank, Sangli Urban
Co- Operative bank, The
Haryana State Co- Operative Bank, Renuka Nagrik
Sahakari Bank, Amanath Co-
Operative Bank, Arvind Sahakari Bank, Bhandara
Urban Co Operative Bank.

H) PRODUCTS:

INSURANCE SOLUTION FOR INDIVIDUALS:

ICICI Prudential Life Insurance offers a range of

innovative, customer-centric
product that meets the needs of customers at every
stage.

a) SAVINGS & WEALTH CREATION PLANS:

. Save ‘n’ Protect
. Cash back.
. Life Time Gold
. Life Stage RP
. Life Link Super
. Premier life Gold.
. Invest Shield Cash Back.

b) PROTECTION SOLUTION:
. Pure protect
. Life Guard
. Home Assure
. Life Stage Assure

c) CHILD PLANS:

Smart Kid New ULRP

d) RETIREMENT SOLUTION:
. Forever Life
. Life Time Super Pension
. Life Stage Pension
. Life Link Super Pension
. Immediate Annuity

e) HEALTH SOLUTION:
. Health Assure Plus
. Cancer
. Hospital Care
. Crisis Cover
. Diabetes Care Active
. Medi Assure
. Health saver
f) GROUP INSURANCE SOLUTION:

ICICI Prudential also offers group insurance solution

for companies seeking to
enhance benefit to their employees.

. Group Gratuity Plan

. Group Superannuation Plan
. Group Immediate Annuities
. Group Term plan

g) FLEXIBLE RIDER OPTIONS:

ICICI Prudential Life Insurance offers flexible

riders, which can be added to
the basic policy at a marginal cost, depending on the
specific needs of the customer.

. Accidental & Disability Benefit

. Critical Illness Benefit
. Wavier of premium
. Income Benefit Rider
AWARDS AND RECOGNITIONS:

A) AWARDS:

12th Asia Insurance Industry Awards 2008

ICICI Prudential Life was awarded the Life Insurance

Company of the Year at the
12th Asia Insurance Industry Award 2008.

Brand Excellence in the Banking and Financial

services

ICICI Prudential Life won the Award for Brand

Excellence in the Banking and
Financial services category at the Asia Brand
Congress 2008.
http://www.iciciprulife.com/public/images/ET_TRO
PHY_03-copy.jpg

Ms. Shikha Sharma, MD & CEO, ICICI Prudential

Life Insurance Co. Ltd. was
adjudged the Businesswoman of the year at The
Economic Times Awards for
Corporate Excellence, 2007-08.

.
Marketing Excellence Award 2008

ICICI Prudential Life won the ICICI Group

Marketing Excellence Award 2008 in three
key categories for its marketing initiatives.
 http://www.iciciprulife.com/public/images/E&Youn
gEntreprAwds2007.jpg

Ms. Shikha Sharma, MD & CEO, ICICI Prudential

Life Insurance was awarded the
Outstanding Businesswoman of the Year at CNBC
TV18's India Business Leader
Awards 2007.

http://www.iciciprulife.com/public/images/effie1_aw
ards07.jpg

ICICI Prudential Life.s, retirement solutions

campaign for the year 2006-07 was
awarded the Bronze Effy trophy in the services
category. It also won the Brand
Equity Bravery Award 2007, instituted by Ad club.
 http://www.iciciprulife.com/public/images/inovawar
d06s.jpg

Innovation Award for launching Diabetes Care –

Prudence Award 2006. People
Award for excellence in training and people
development - Prudence Award 2006.
Most Trusted Private Life Insurer. The Economic
Times - A C Nielsen Survey of Most
Trusted Brands – 2003, 2004 and 2005.

http://www.iciciprulife.com/public/images/Award_O
utlook_Money.jpg

Best Life Insurer 2003. Outlook Money Awards 2003

& 2004

IMM Award for Excellence. Institute of Marketing &

Management

Organization with Innovative HR Practices Indira

Group of Institutes.

B) RECOGNITIONS:
A) ICICI Prudential Life was recognized as the most
trusted brand amongst
private life insurers in the Economic Times-Most
Trusted Brand survey 2008.

B) IMM Award for Excellence. Institute of

Marketing & Management.

C) Organization with Innovative HR Practices. Indira

Group of Institutes.

D) Organization with Innovative HR Practices. Asia-

Pacific H R Congress Awards
for HR Excellence.
MY EXPERIENCE IN ICICI PRUDENTIAL:

My summer internship started in flying colors as

Mr.C.Senthil Vel, AFSM and
Mr. S.K.M.Rajesh Kumar (Sales Manager) of ICICI
Prudential Life Insurance,
Madurai who gave an excellent presentation about
their organization and about Life
insurance market in India. My summer internship
structure for 1 ½ months was
developed by Mr.C.Senthil Vel as per his plan, he
wanted to give us practical
exposure of Life Insurance Industry. As per his plan
he told me to join with F.S.C
team. From the 1st day itself, I went to calls with the
team.

In the beginning days, I felt difficult in explain the

policies but later on, I
managed to explain about the policies. Many of the
customers asked me “Is it an
insurance firm?” as soon as I said that “I am calling
from ICICI PRUDENTIAL” I
cannot tell them anything rather than “yes sir” as
soon as tell yes they said that “I am
not interested”. Some people will hear the whole
story and will say that “I am little
busy with my work and call me later or tomorrow”.
“Many people were asking why I
should take life policies”. I answered that “to
overcome risk sir” their next question
was “what risk?” I cannot tell them that “if u die it
will be financial support to your
family sir”

A) STEPS FOLLOWED IN TELEMARKETING OF

POLICIES:

. Firstly, I would make a call to the customer.

. I request the customer to share a few minutes with
me to know about the
insurance plans available.

. Depending on the age of the customer I inform him

about the various
plans that would suit him.

. If he has any children I also explain him about the

child plans available.
. I clearly explain him about the Tax benefits which
he will receive.

. I also explain about the short term and the long term
plans.

. If he is interested I tell him that I would like to have

an appointment with
him at any convenient place to give more detailed
information about the
plans.

. This is my personal experience in ICICI prudential

life insurance
CONCLUSION:

There is no equivalent way to learn things than

learning it practically.
Everyone learns from his mistakes, on experience.
The practical experience is an
entirely different aspect when considered about what
we learnt in classroom. This
summer training report would reveal the various
learning process. I have learned
some of the key things like how to behave in the
organization? , How to talk with
customers? , how to communicate with senior
officials?

I would like to convey my regards and sincere

thanks to Mr.c.Senthil Vel
AFSM, Mr. S.K.M.Rajesh Kumar (Sales Manager)
and Mr.Prabhu (Sales Manager)
of ICICI Prudential Life Insurance, Madurai for their
continued support and guidance
throughout my internship period and also for helping
me to complete my internship
training successfully.

I would like Conclude that ICICI Prudential Life

Insurance provided me
with a very good friendly learning environment; they
are equipped with high quality
infrastructure, pantry Facilities combined with neat
and clean environment
Bibliography:

1) http://www.iciciprulife.com
2) http://www.google.com
3) http://www.wikipedia.com
4) http://business.mapsofindia.com