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Meaning of Insurance:
Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. In addition to serving as a protective cover, life insurance acts as a flexible moneysaving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably The business of Insurance is related to the protection of Human Assets and Economic values of Assets. Insurance is mechanism that helps to reduce the effect of such adverse situations. The business of insurance started with marine business. The first ins. Policy was issued in 1583 in England. Insurance began in 1870 with Life Insurance being transacted by on England Company in India. The first Indian Insurance Company was the Bombay Mutual Assurance Society Limited formed in 1870. This was followed by the Oriental Life Assurance Co. in 1874, Industry is growing @ 19 p.a. it accounts 15% household saving & has the potential to increase the share by 20%.
Two Types of Insurance:
a) Life Insurance.
b) Non- Life Insurance (General Insurance).
Non- Life Insurance divided into 3 types. * * Marine Insurance. Fire Insurance.
* Miscellaneous Insurance.
Non-Life / General Insurance
What is Life Insurance?
Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of specified term of on the death of the Life Insured.
Need for Life Insurance:
Old Age ProvisionsProviding for a lump sum amount after the active income earning years of the life assured. Children benefitProvision for the education, marriage and start in life. Protection Against InflationProvision of capital appreciation (assets) to combat inflation.
Family Protection: Protection of the interest of the family members against the loss of income due to the death of the breadwinner.
Provision for Special Needs: Protection on financial difficulties arising out of accident, disability, sickness, loan repayment on death. Protection Against Business Losses: Key men insurance, partnership Insurance. Protection Against Creditors: Policies under M.W.P. Act.
Key Benefits of Life Insurance: Life insurance, especially tailored to meet your financial needs.
Need for Life Insurance: Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, Life Insurance. Given the plethora of choice, it becomes imperative to make the right choice when investing your hard- earned money. Life Insurance is a Unique Investment that helps you to meet your dual needs- saving for life‟s important goals, and protecting your assets.
Asset Protection: From an Investor‟s point of view, an investment can play two roles- assets appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation. The core benefits of Life Insurance is that the financial interests of one‟s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique a unique space in the landscape of investment options available to a customer.
Goal Based Savings: Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grow older, planning for one‟s retirement will begin to take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.
This we hope to achieve by:
Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core values - Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the value describes what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.
3. the Government of India and representatives of Indian industry.31. ICICI Bank is India‟s second largest bank with total assets of Rs. 2007 and profit after tax of Rs.LTD:- It is a joint venture between ICICI Bank. a premier financial powerhouse. Record of settling 92% of claims within 8 working day of receiving the document.60 billion. 6 . In 1999. ICICI become the first Indian company and the first bank or financial institution from no-Japan Asia to be listed on the New York stock Exchange (NYSE).58 Billion (US$ 79 Billion) as on March 31.20. For three year in a row. The bank has a network of about 950 branches and 3. ICICI Prudential has been voted as India‟s Most Trusted Life Insurance.ABOUT ICICI PRUDENTIAL Life Insurance Co. by the economic Times.total capital infusion stands at rs. 2007. It offer wide range of Banking & Financial services to corporate and Retail customers. and prudential pls. It is the first private insurance company to being operations in December 2000.10 billion for fiscal 2007.As Nielson ORG Marg survey of „Most Trusted Brand‟. a leading international financial service s group headquartered in the United Kingdom. First Insurance Company to get AAA rating by Fitch.500 ATM‟s in India and 21 million customer (as of end July ‟07) and presence in 17 countries. with ICICI Bank holding a stake of 74% and prudential plc holding 26% as 4th April. 446. ABOUT THE PROMOTERS ICICI Bank ICICI was formed in 1955 at the initiative of the World Bank.
and pension and General Insurance. It has more than 21 million customer. Mutual Fund.PRUDENTIAL Prudential pls was founded on 30th may 1848 in Hatton garden. 7 . London. policy holders and unit holders worldwide. Prudential has complete range of financial services to offer like life insurance. Banking. investment management. LIC – Fully owned by Government. Competitors: There are several companies presently working in India. the present scenario of life insurance companies are given as: a.
Private Players: MAX NEW YORK 2% 3% 4% 2% 5% 21% 9% 4% 12% 28% 4% 5% 1% SHIRAM LIFE BAJAJ ALLINZ ICICI PRUDENTIAL RELIANCE SBI LIFE TATA AIG HDFC SLIC BIRLA SUNLIFE ING VYSYA KOTAK MAHINDRA AVIVA MET LIFE 8 .b.
Ltd. Housewife. Businessmen. Target Customer: Salaried people. 9 . ICICI Prudential has categorized its products in accordance with the customer. For every Life Insurance Company including ICICI pru also they are mainly concentrating on salaried & businessmen people. Agriculturist. Company has also designed its products to suit its customer. Customer of ICICI Prudential Life Insurance Co.
PRODUCTS OF ICICI PRUDENTIAL LIFE INSURANCE PRODUCTS UNIT LINK PLAN TRADITIONAL PLAN CHILD PLAN PENSION PLAN ULIP HEALTH PLAN 10 .
ICICI PRUDENTIAL LIFE will invest the net premium amount into each of the funds mentioned. to meet your family financial needs. This Plan offers the flexibility of Unit Linked Plan along with Automatic Assets Allocation which provides relatively higher returns on your money where as increasing death bench. But at the same time as a proud parent you also want to secure their future against rising cost of education and other necessities. where you need not to be a financial market expert. non – Participating Unit Linked insurance Plan.FINANCIAL UNDERTAKING Horizon – II ICICI PRUDENTIAL LIFE – Horizon is a Unique. Twin benefit of insurance cover and market linked returns profits provides higher security to Hassle – free management of funds from inception to maturity. The Child Keeps growing and so are his dreams. which provide you insurance cover without any medicals. MahaAnand ICICI PRUDENTIAL LIFE – MahaAnand is a Simple and Convenient unit linked plan. the moment is filled with Cheer. aspirations which always aim to reach Horizon and you want your child achieve his / her dreams. 11 . free of cost higher protection. Automatic rebalancing of funds at yearly intervals. Life begins afresh when you become a parent and when the child takes that first step towards you. As per the plan and term chosen by you. This moment marks a new beginning in the Child‟s life and there no looking back after that. non-participating Unit Linked Insurance Plan in Inddian Insurance Industry. It is a Unique. Automatic Asset Allocation of funds. enthusiasm never felt before.
ICICI Prudential Unit Plus II gives plan makes sure that you have regular income after your retirement and helps you to maintain your standard of living. This is a Unit linked pension plan wherein the policyholder chooses an investment period from 5 to 52 years for a vesting age between 50 to 70 years. 500 p. Your contributions are invested fund into 5 find options as per your choice. 1961 Unit Plus – II We at ICICI Prudential understand the basic needs for pension plan and give you the financial strength to maintain your life style even after the retirement. You can choose to pay either single premium or pay premium for the entire policy term. Simple joining Process – No Medical examination required.m Choice of 3 fund option to choose Flexibility through switching and redirection Options Liquidity through partial Withdrawal‟s Attractive Tax benefits under the income tax Act.Key Features – Twin benefit of market linked returns and Insurance Cover. as low as Re. Option to Pay Premium. 12 .
ICICI Prudential Life Unit plus II Pension Plan makes sure that you have regular income after you retire and also helps you to maintain your standard of living. Pension Plan We at ICICI Prudential Life understand the basic needs for Pension plan and give you financial strength to maintain your life style even after the retirement. 13 . This plan is meant for parents in the age of 18 – 57 having a child between age group of 0 – 15 years. Pay premium for a limited period and reap benefits over a long time. This is a unit Linked Pension Plan wherein the policyholder chooses an investment period from 5 to 52 years for a vesting age between 50 to 70 years. Key Features: Market related returns to match increasing cost of education. Your contribution is invested into 5 fund option. Flexible Plan which adapts to your changing needs as and when you want. You can choose to pay either single premium or pay regular premium for the entire policy term. Peace of mind by giving you triples benefits. Loyalty units to celebrate your child reaching 18 years. New Investment Fund (Equity Optimizer Fund) in addition to existing funds.Unit plus Child Plan We at ICICIC prudential understand you better and hence have developed ICICI Life – Unit Plus Child Plan to suit you and your needs best.
1961. Key Features Guarantee of the highest of select NAVs. Investment cum Insurance plan giving market related returns. Pure Pension Pension Cum Life Cover No Medical required for Pure Pension. continues beyond the premium payment term. Flexibility to Choose between two option. and will give you not only Guarantee on Select NAVs during the first seven year but also gives you the added attraction of participating in the market upside. 14 . automatic acceptance facility Top up payments: any amount . during the first seven year on maturity. Choice to invest & Control four different funds as per your risk appetite.Key Features Choice to invest & control four different funds as per your risk appetite. Power of more – Guarantee Maturity NAV. anytime 15 days free Look Period Smart ULIP In the current volatile market scenario you need a plan which not only protects your investment. but also enables you to get market related returns. I – PRU Life – Smart ULIP is the perfect answer to your need. Innovation structured investment fund – „ Flexi protect Fund ‟ Attractive Tax Benefits under the Income Tax Act.
Pension Product – These comprehensive plans help to meet your post retirement financial needs. Unit Linked Product . Pure Protection Products help to keep one safe and secure during these trouble times.This is a single non-participating product group that meets both the financial as well as insurance needs. Due to today‟s hectic lifestyle . There‟s a definite need to cover for health insurance to reduce the financial burden. ICICI PRUDENTIAL LIFE INSURANCE features both individuals and group products like : 1. improper diet.Health Products Financial planning is incomplete without planning health insurance. Medical Science has advanced by leaps and bounds in the last few decades. lack of exercise we are at higher risk of contingencies of untimely serious illness. 15 . Sudden health problems could have deep in a pockets. These Products take Inspiration from the endeavors of various industries and make your life easy. 3. 2. I – PRU also has product for brokers. Pure protection Product – Nobody can predict future. So. ICICI PRUDENTIAL LIFE also offer some protection cum savings products and money back scheme products. any time anything can shatter one‟s dreams.
2% 120.2% 107.48% 106.62% 103.8% 152.4% 141.8% 86.33% 16 .Target:- Week .1% 87.no Weekly target Weekly cumulative target 25000 50000 75000 100000 125000 150000 175000 200000 225000 250000 275000 300000 Weekly achievement Cumulative achievement Percentage (%) 1st week 2nd week 3rd week 4th week 5th week 6th week 7st week 8nd week 9rd week 10th week 11th week 12th week 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 66200 10000 30000 15000 30000 00000 00000 45000 00000 60000 37000 16800 66200 76200 106200 121200 151200 151200 151200 196200 196200 256200 293200 310000 264.96% 100.4% 98.6% 121.
Some Clime time are applying Term & Conditions. good will. Having more risk in investment. Not having that much innovative plan. Having good product features & less allocation charges. Very good & large product range. Some Hidden charges are applied.e.SWOT Analysis: Strengths: Good infrastructure.D. Growth as compared to other insurance companies. Gives maximum Returns in small time span. Weakness: Private Sector Company. Company Product is long time Investment. 17 . Not having max. Well-known brand name. Not having Product in F. i. Good fame. Good & knowledgeable employee. Great value in market.
By giving good returns than other companies. Failure of some private insurance companies in giving good & long term results.Opportunities: To innovate new scheme for middle class families in India because till now more than 50% of middle class families are not insured. Return Guarantee Fund Are Available. 18 . Threats: Best results of top 3 insurance companies. 1 by charging minimum allocation charges. Growing market share of SBI life insurance & LIC. In India only 15% of peoples are insured so this is the great opportunity for every insurance company. Product features of competitors other than icicipru New entrants in insurance market. To be No.
OBJECTIVES 19 .
To undergo on the Job Training. To make people aware about the Insurance Insurance policies of ICICI Prudential Life To get a practical insight into the insurance market. in the insurance world.Objectives: To get acquainted with the insurance sector and gain knowledge about the most influencing field “Life Insurance”. To find out the benefits of ULIP plan for the investor as share market is also growing. 20 .
HYPOTHESIS 21 .
22 . Insurance Policies help people in their retirement age in the increasing inflation.Hypothesis: Life Insurance is today‟s need & people should look after it as an investment option. ICICI prudential promoting their life insurance more as investment than life cover. Although the returns on life insurance policies are low but still it provides a support after life to secure family. ICICI Prudential holds a good number of customers among private players in Life insurance business.
RESEARCH METHODOLOGY 23 .
Also. They are collected by the researcher for the first time for his own use The Sources of Primary data include Direct Personal Investigation This implies the situation where the researcher goes into the field of study in person for the collection of required data.Research Methodology: Generally the research is considered as an endeavor to arrive at the answers to intellectual and practical problems through the application of scientific methods to the Knowledge universe. 24 . Data collection can be grouped under two types: Primary Data Secondary Data Primary Data Primary Data are those which collected for the first time. They are original in character. Method of Data Collection Collection of Data refers to a purposive gathering of information related to the subject matter under study and the methods used depends mainly on the nature. It is movement from known to unknown. as well as on the availability of resources and time. the investigation of this nature is normally confined to a single locality and the information gathered is capital in nature. purpose and scope of the enquiry to be undertaken.
pictures or both written on them. journal or newspaper. library and information Science. The researcher has to ensure that the questionnaire is relevant. bound together along one edge. It should be relevant both to the study‟s goal and to the respondent. usually within Covers. Interview Method Every interview has got its own balance of revelation and has withheld information. The Sources of Secondary data include Books A book is a Collection of paper or other with text. When it is not possible to collect data in primary from the researcher may take the help of secondary data. 25 . A method of interview consists of direct personal interview and the telephone interview. Other types of interviewing techniques are structured or unstructured method. They are collected for serving the objectives other than what the researcher might have in his mind. Questionnaire Method Yet another of data collection is a survey that consists of asking question intended to cover a cross – section of population. Secondary Data Secondary data are those which have been already been collected by others. The level of wording the questions should match the educational level of the respondent but the questions should be kept simple. Direct personal interview requires face to face contact with the respondent. An interview can be effective informal verbal or nonverbal conversation initiated for the specific purpose and focused on certain planned content areas. They are those which have already been collected with some other view in mind. A questionnaire is generally mailed or handled to the respondent and filled by him without the help of the interviewer. a book is called a monograph to distinguish it from serial periodical such as magazines.
such as magazines or the record of the transactions of a society. The purpose of a journal is to provide a place for introduction and scrutiny of new research. In practice. Journals Many publications issued at stated intervals. artistic. academic or special interest publisher. In academic use. Websites A websites may be the work of an individual. 26 . generally financed by advertising. purchased by readers. on both. most often peer reviewed. so the distinction between individual sites. A non – scholarly magazine written for an audience about an industry or an area of professional activity is usually called a Professional journal. as perceived by the user. are often called journals. may sometimes be blurred. distinct from those periodicals produced by scientific. a journal refers to a serious. Magazines A magazine is a periodical publication containing a variety of articles. Any websites can contain a hyperlink to any other websites. a business or other organization and is typically dedicated to some particular topic or purpose. scholarly publication. and often a forum for the critique of existing research. magazines are a subset of periodicals.
housewives etc. Sampling Plan Sampling can be defined as the section of some part of an aggregate or totality on the basis of which the judgment or an inference about aggregate or totality is made. 27 .” The first step done was to define the project under study and decided the research objective. The method adopted by me for carrying out study was as followed. Defining the problems and research objectives It is said “a problems well defined is half solved. service class. Developing the research plan The second stage of my study consisted of developing the most efficient plan for gathering the relevant data. The objectives the research was to know the customer awareness about the working of Insurance provided by ICICI PRUDENTIAL LIFE Insurance and to work out the potential market for ICICI PRUDENTIAL LIFE Insurance. B. Sample Size – The sample size for my study was – 100 Sampling Procedure – Random sampling method was used. The project undertaken by me was Consumer awareness about Insurance. students.A. The Sampling plan helps in decision making in the following areas:- Sampling units The population that was targeted consists of businessmen.
I had collected secondary data through Magazines. which include both open – ended questions. Analysis of Data After collecting the data the analysis of data had been through various statistical tools and techniques. websites. I had collected Primary data by conducting surveys through Questionnaire. D. Data Collection Information was collected from both Primary and Secondary data Primary Sources: primary data are those which are collected afresh and for the first time. Books. Newspaper. 28 . The analysis of data required a number of closely related operations such as establishment of categories. the application of these categories to raw data through coding. tabulation and then drawing the statistical inferences.C. IPru Quarterly magazines etc. Journals. Secondary sources: secondary data are those which have already been collected by someone else and which already had been passed through the statistical processes. and thus happen to be original in character.
DATA INTERPRETATION AND ANALYSIS 29 .
COMPARATIVE ANALYSIS OF INSURANCE SECTOR WITH OTHER INVESTMENT: Q. 30 . 38 % of the Peoples are not interested.1) Do you invest in Insurance Sector? Response Yes No Total Frequency 31 19 50 Percentage 62 % 38 % 100 38 Yes 62 No INTERPRETATION 62 % of the peoples are investing in Insurance.
2) If not. 37.66 100 INTERPRETATION: 45.83 % people invest in fixed deposit.5 % people invest in Post office schemes. then what other option do you prefer to invest? A) Fixed deposit C) Recurring deposits If Others Please specify……………….Q. 31 . 16.5 16. It means that all of the modes of information are not the same.66 % people invest in recurring deposits.83 37. D) Other B) Post office Schemes Options Fixed Deposits Post Office Schemes Recurring deposits Total Frequency 11 9 4 24 Percentage 45.
Q. 32 .3) which factor do you consider before investing in Insurance or other investment (tick) Options Safety of principal Low risk Higher return Maturity period Terms conditions Total Frequency 14 15 14 4 and 3 50 Percentage 28 30 28 8 6 100 8 6 28 Safety of Principal 28 Low Risk Higher returns 30 Maturity period Terms and Conditions INTERPRETATION People prefer low risk as the most important factor before investing in Insurance or other investment.
4) Do you have any other investment? Options Yes No Total Frequency 34 16 50 Percentage 68 32 100 32 Yes 68 No INTERPRETATION 68 % of the people had bought other investment policies.Q. 32 % of the peoples are not interested. 33 .
5) How long have you been investing in insurance policy? Options 1 – 5 years 5 – 10 years 10 – 15 years Total Frequency 22 17 11 50 Percentage 44 34 12 100 12 44 1-5 year 5-10 year 34 10-15 year INTERPRETATION This shows that peoples are not normally invest for longer term. There‟s not much of a difference between the various time periods.Q . 34 .
which would be your choice? Options LIC I – PRU MAX LIFE Frequency 14 11 NEWYORK 7 8 10 50 Percentage 28 22 14 16 20 100 HDFC LIFE OTHERS TOTAL 20 28 LIC 16 14 22 I-PRU MAX NEWYORK LIFE HDFC LIFE OTHER INTERPRETATION People mostly prefer all the brands equally for their future investments. 35 .6) If in the near future if you ever plan to invest in your money in any of the Insurance Company.Q.
36 . Investors wants to increase their capital money more and more so he invest their money in that product from he get high returns.Q. In the present scenario the market is highly volatile and no one can certainly predict about its future. 15 35 20 Safety Return Liquidity 30 Tax Saving INTERPRETATION Safety:Investors are more cautious about the safety of their valuable earning and saving. Returns:Return is related with actually what the investor is getting back from that investment. So they want to invest or keep their money at the safest place for the future needs.7) Indicate the importance of the following factors in your investment. So returns are important for 25 % investors. That‟s why 30 % respondent said that safety is very –very is important factor for them.
of Respondent 140 120 100 80 60 40 60 20 20 0 High Medium Low 120 37 .8) what is your overall knowledge of investment? Knowledge investment about High 20 Medium 60 Low 120 No.Q.
And for insurance company segmented marketed into following different groups. The market does not create the segment. Private employee.– The Company segmented the entire population of Bhubaneswar into following three categories on the basis of income below 2 lakhs. more than 5 lakhs. Family Life cycle – The Company segmented the entire population of Bhubaneswar into following three categories on the basis of family life cycle i. A market segment consists of a group of Customers who share a similar set of needs and wants. Demographic region -The Company segmented the entire population of Bhubaneswar into following three Categories on the basis of demographic age . Retired/ VRS Optee. South Bhubaneswar.e. 18 to 20 age group and 40. the marketer‟s task is to identify the segments and decide which one to target. Male and Female Income . Central Bhubaneswar.i. House Wife. Self employed and unemployed. door to door survey. Sudhanshu Shekhar Sundaray. Occupation .FINANCIAL MANAGEMENT OF MONEY INPUT Once the company had the knowledge of benefits and opportunities of advisor in ICICI Prudential Life Insurance they were given training as to around in the market for making sales call so they give a lot of idea by our manager Mr. Married.– The Company segmented the entire population of Bhubaneswar into following Six categories on the basis of their occupation like Student.e.e. Geographical region – The Company segmented Bhubaneswar into five segments i.e. Gender . 38 . Single. North Bhubaneswar. This idea includes market survey. Government employee. East Bhubaneswar.– The Company segmented the entire population of Bhubaneswar into following two categories i. 2 to lakhs. West Bhubaneswar. putting around company in different prime location of Bhubaneswar.
Without prejudice to the Advisor to ICICI PRUDENTIAL LIFE INSURANCE. Social Class – The Company segmented the entire population of Bhubaneswar into following three categories on the basis of Social Status that is Lower Class. and Upper Class Once the firm identified its market segment it looks for targeting and for Insurance Company targeting the Most prospective candidate requires Segmenting of Market into :Need Based Segmentation: . Ensure that any advice is reasonable in view of the customer‟s circumstances. Ensure that any representation made and information provided is accurate. Middle Class. 3. Faithfully and diligently promote the business of ICICI PRUDENTIAL LIFE INSURANCE. like Extra income need Job need Carrier need ROLE OF UNIT MANAGERS In fulfilling his obligation under the agreement.This is the most preferred and positive target segment of insurance company because most positive result comes from this segmenting targeting. 2. Advisor shall scrupulously adhere to. as in force from time to time. 4. Meet the Validation specified by the ICICI PRUDENTIAL LIFE INSURANCE including production and persistency. the Advisor shall: 1. follow and be bound by the Statutory Provisions Governing life insurance Advisors and more particularly the code of conduct contained therein. 39 .
all the complaints and request/inquiries received from customer of advisor and statutory/ regulatory bodies and forward a report of the complaints. maintain. within the standard turn around time of 7 days from receipts.Resolution date to ICICI PRUDENTIAL LIFE INSURANCE at the specified email address on every Thursday of the next week. 6. MOA Name and No. 8.. 10. Obtain. status ( Resolved / Pending). Nature of Complaint. Ensure that a strong need analysis is carried out for every prospect during the sales process.5. Bear all expenses incurred in the performance of duties under this Agreement unless otherwise specifically agreed to in writing by ICICI PRUDENTIAL LIFE Insurance. Attend all training. demand. Date of Complaint Forwarded to the concerned function for resolution. Promptly notify ICICI PRUDENTIAL LIFE Insurance of receipt by it or service on it of any complaint. Advisor Name and Code No. approval or permission required of its for fulfilling the obligations of an Advisors at all times during the terms of this Agreement. request and inquiries of the past week with the relevant documentation containing detail like Date of Complaint. Record and revolve. noice or Claim made or to be made under a policy howsoever the advisor is aware of such matter. 9. meeting and Seminar arrangedor required by ICICI PRUDENTIAL LIFE INSURANCE and perform such other duties as requested by ICICI PRUDENTIAL LIFE INSURANCE. Be fully responsible and accountable for all its acts and omissions. Policy older Name. renew and keep renewed the prescribed Licenses issued by the IRDA and any other license. Declare his adherence to the code of Sales and Business Conduct in the format prescribed in Schedule „A‟ . 11. 12. 40 .. 7.
In Case of short fall attendance . extra class may be permitted but the extra hours may be specified separately with proper attendance and details of faculty. The applicant shall have to undergo at least 100 hour practical training in life or general insurance business which may be spread over three to four weeks. 1. present scenario of life insurance in India and scope and career growth in Insurance with legal idea related to insurance. types of insurance. 5. 41 . 7.TRAINING AND COACHING OF ADVISORS Refresher training is the basic given to the trainee advisors about what is insurance. 6. As per provisions of IRDA Act for training of life Advisor ( effective from 31 st October 2005 ). The faculty should provide details of the other Institution with whom they have been empanelled as part –time /guest faculty. The attendance register of the faculty members should be maintained at the training institutes. The seating capacity of each class-room should not exceed 40. 4. 2. where such applicant is seeking license for the first time to act as an insurance agent. The attendance record of the trainees should be maintained at the Institute for necessary inspection at any given point of time. The training duration should be minimum 18 working days excluding Sundays and Holidays 3.
The Institute should Conduct the training on its own premises or hired premises with proper infrastructure.e. On Successful completion of training the candidates get COT i. 11.8. 10. The Institution should not allow a franchisee to conduct courses on it behalf even if the faculty is that of the Institute. The Completion of Training Certificate By ICICI PRUDENTIAL LIFE INSURANCE. The training Institute must display the certificate of accreditation to impart training issued by the Authority at the training institute. 9. 12. It will be responsibility of the Insurance Company to check the status of the institute before sponsoring any candidates for training. The Institute must keep with them one set of records of the training at the place where the training is being imparted 42 .
43 . best known rating agency in 2007.MARG and the Economic Times Intelligence Bureau.SALES AND MARKETING Key Milestones A) Financial Year 20 10 – 11: Bagged the converted personal finance award – Outlook Money NDTV Profit “ Best Life Insurer 2010 ” Ranked among global top three in terms of number of Million Dollar Round Table (MDRT) members. Become the only Domestic Life Insurer to achieve CMMI Level 3 Certification for IT processes and software development capabilities. B) Financial Year 2009 – 2010 : Rated as the “The Most Trusted Private Life Insurer” according to a survey conducted by Brand Equity in association with AC Nielsen ORG. Retains ISO 9001: 2000 Certificate for superior claim settlement process. Become first life insurer in India to receive the highest financial rating „AAA‟ from CRISIL. Received ISO 9001:2000 Certificate for superior claim settlement process. Ranked among global top five life insurance Companies in the number of MDRT member. Recently ICRA has assigned IAAA rating indicating highest claims paying ability to ICICI PRUDENTIAL LIFE INSURANCE.
C) Financial Year 2008 – 09 : Second Consecutive year of Profitability . Leads Private Life Insurance Companies in Lives Covered : 6. D) Financial Year 2007 – 08 : Become the first life Insurer to make profits.49 Million Lives Covered. 44 .
SCOPE OF THE STUDY 45 .
This study will helps to get an idea about financing strategy adopted by ICICI Prudential in India.SCOPE OF THE STUDY: This study helps in understanding the importance of investing into life insurance sector. This study will help to decide the factors which influence the consumer while purchasing insurance policies. This study will helps to check the quality of services providing by ICICI Prudential in India. 46 . This study will help to determine the services given by the company after the selling of the insurance product.
LIMITATION 47 .
Respondents may have to be contacts repeatedly. ( Equity. Premium is very high is not capability to middle class family. They were partial and refuse to cooperate. All funds will be invested in Share market. Getting accurate responses from the respondents due to their inherent problems. or alternate respondent may have to be identified.Limitation: A general preference to LIC over private players. People‟s response to the students.Debt ) Mindset of the customers. Less experience to deal with the customers. 48 . The customer not think about the life insurance. It also been affected by Mindset of the customers. Some Hidden Charges include in Health Plan. The selection of customers to cover the various strata of the society is tedious and time consuming. Approaching people to take their opinion is very time consuming Sample Size is limited due to the limited period of Three month.
49 . Correct information is not provided. Preference to LIC. Some Time Fund Value (Dec OR Inc) charges. Some Risk of NAV fluctuations Risk of Investment in Equity market. . Unawareness about ULIP.
SUGGESTION 50 .
51 . 4. The Companies employees should be well trained experienced & should be specialized in the area where they are promoting the Insurance Company. 7. 3. and in coming days many more Companies will not be providing pension. To increase the market share in rural India. company should come up with some agri based plans to attract the rural India. 2. In rural market they should open more number of Centre‟s to increase the share of market 5. For the Pensioner the scheme should be supported to increasing inflation. 6. so they should target such employees. The promotion strategy for ICICI Prudential was good where they were concentrating more on life Insurance as an investment option and that strategy should be promoted in wide manner. ICICI Prudential has good name among the private players & they should sustain the save with good quality of service.Suggestion: 1.
CONCLUSION 52 .
Most of the people are not still aware from the benefits of ULIP and are interested in getting information. Sell product. Handling objection of customer. Some Advisors are Miss Selling about the customer. Most of the customers are not having faith in ULIP plan. Approach towards customer. 53 . collection and classification.Conclusion. investors are looking for the brand name and return of that company where they want to invest their money. People are having very much faith in their old insurance advisors so they don‟t want to invest anywhere. As private players are also in insurance market. The Executive training in ICICI PRUDENTIAL life insurance is a good learning experience as it gives a knowledge of following activities Data identification.
BIBLIOGRAPHY 54 .
iciciprudential.com 55 . 3) Annual report of ICICI Prudential 2010 -11.com www. (N.Bibliography: Magazines 1) Economics and Management. Khan) 2) Annual report of ICICI Prudential 2009-10. Websites www.wikipedia.Y.
ANNEXURE 56 .
For this I have designed a Questionnaire to know your views and satisfaction level of Insurance Policy. Nagpur University.T.Annexure: QUESTIONNAIRE Dear Sir/ madam I am Nitin H.. Age: (a) Below 30 (b) 30-40 (c) 40-50 57 (d) Above 50 .. Address: …………………………………………………………………….. I will be thankful to you for this... Contact No :®………………( O)……………… (M)……………………… City: ………...M. 1.Pin: …………………..... Please fill the given as per your thinking and experiences with this. I m preparing a project onAnAnalytical Study of Insurance Policy in ICICI PRUDENTIAL LIFE INSURANCE.. Chhapparghare doing MBA from R..State: ……………………….. Name: ……………………………………………………………………….. Name: ____________________ 2..
Even if the Maturity Amount is Low for the Insurance Policy . Have you ever taken Insurance before? (a) Yes (b) No 6. Which income group do you belong? (Per annum) (a) Below 2 lakhs (c) 4-6 lakhs (b) 2-4 lakhs (d) 6 lakhs and above 5. which things attract you the most? (a) Interest rates (c) Payback period (d) Others (b) Service Provided (d) Schemes 7. you will go for it? 58 . Occupation (a) Professional (c) Salaried (b) Self-employed (e) Others 4. While taking Insurance.3.
..... From which of the following company you have got if Insurance Policy? ( a ) ICICI PRUDENTIAL ( c )MAX NEWYORK LIFE ( b ) SBI LIFE ( d ) HDFC LIFE Any other (please specify) . you will go for it? (a) Yes (b) No 9..............(a) Yes (b) No 8........ IF Yes Please give Reason (a) High Interest Rate [ ] (b) Easy Premium [ ] (c) Good Service (d)All of the Above [ ] [ ] 59 ...... Are you satisfied with ICICI PRUDENTIAL LIFE INSURANCE? ( a ) YES [ ] ( b ) NO [ ] 11.... 10........ Even if the Maturity Amount is high for the Insurance policy...
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