project report Document Transcript

1. A PROJECT REPORT ICICI PRUDENTIAL LIFE INSURANCE NEW CHANNEL TIE UP WITH POST OFFICE Submitted To DR.IT INSTITUTE OF MANAGEMENT AND TECHNOLOGY (IMT) In partial fulfillment of the requirement for the degree of BACHULAR OF BUSINESS ADMINISTRATION (BBA) (Session 20102011)Submitted to Submitted ByMISS. TARUNA DUREJA SANDEEP KUMAR BBA – 5th SEM 1 HISTORY ICICI ICICI INTRODUCTION COMPANY PROFILE2. TABLE OF CONTENTS PRODUCTS • Profile of the study • BOARD OF DIRECTORS ICICIPRUDENTIAL Justification of study  POST OFFICE PRODUCTS• Organization Structure Research Methodology and Analytical Tools • SamplingOBJECTIVES OF STUDY &Sampling Design • Analytical Tools – Statistical Tools • Data Collection • Policy Recommendations AdvantagesHypothesis Testing • Limitations of Study Annexure 2 BibliographyImplications 3. ACKNOWLEDGEMENT Heartfelt thanks to the following people…. A Few typewritten words of thanks can-not really express the sincerity of mygratitude. But I am still trying to put into words my gratefulness towards all who havehelped & encouraged me in carrying out this project. I would like to thanks Miss Taruna Dureja to give me guidelines and my worthythanks to my teacher (faculty member) for their valuable contribution during theacademic session and guidance in preparation of this project report. This report conveys my heartiest thanks to MISS ANJALI SHARMA AFSM of―ICICI PRUDENTIALS LIFE INSURANCE CO. LTD.‖ for giving me this project& helping me in completion of this project. No praise is ample for the never tiringefforts of my colleagues whose constant support feedback, guidance & practicalsuggestions helped me in completing this Project successfully. 3 4. Company profile of ICICI PRUDENTIAL The company assigned to me is ICICI Prudential Life InsuranceCompany. It is in to selling life insurance products. ICICI Prudential LifeInsurance Company is a joint venture between ICICI Bank, a Premier FinancialPowerhouse and Prudential PLC, a leading international financial services groupheadquartered in the United Kingdom. ICICI Prudential was amongst the firstprivate sector insurance companies to begin operations in December 2000 afterreceiving approval from Insurance Regulatory Development Authority (IRDA). Atpresent it is growing at a tremendous pace. Now we can say there is no closecompetitor to ICICI Prudential. ICICI Prudential’s equity base stands at Rs. 9.25 billion with ICICI Bankand Prudential PLC holding 74% and 26% stake respectively. In the financialyear ended March 31, 2005, the company garnered Rs. 1,584 crores of newbusiness premium for a total sum assured of Rs. 13,780 crores and wrote nearly6,15,000 policies. The company has a network of about 56,000 advisors as wellas 7-bank assurance and 150 corporate agent tie-ups. For the past five years, ICICI Prudential has retained its position as No. 1private life insurance in the country, with a wide range of flexible products thatmeet the needs of Indian customer at every step in life. 4 5. PREFACEBeginning of the system project is entirely creative. This does not come allof a sudden, but it comes by result of discussion, consultation andcontemplation. Problem unsolved here can never be satisfactory eliminatedlater. It is therefore a slow process.Moreover practical training is an important part of management courses.The

Top-up Premiums:Top up premiums are irregular dump-in amounts allowed in a ULIP. Toplug this loophole. it is life for.   theoretical studies are not sufficient to get into the corporate world.Only practical knowledge can help us to understand the complexities oflarge scale organizations.Time Period:According to new guidelines the time period of investment in ULIPs has beenincreased to 5 years. The practicaltraining had provided me the real scenario of financial analysis. 7 8. In last three or four yearICICI PRUDENTIAL LIFE INSURANCE constantly ranked no. where life cover should be the primarybenefit. In this period of 6 weeks wecome to know about the problem and how to solve those problems.I did for 6 weeks in an organization ICICI PRUDENTIAL LIFE INSURANCE.2 position inInsurance sector.In my case I confronted myself to ICICI prudential Life insurance companyLtd. This regulation is aimed at maintaining the basiccharacteristic of a life insurance policy. 5 6. EXECUTIVE SUMMARYThe Winter training is a integrated part of BBA course. it is necessary that theoretical knowledge must be supplementedwith exposure to the real environment.To develop healthy managerial and administration skill in potentialmanagers.there were no restrictions. andunder going practical on the topic ―(A comparative analysis with regard to investor’sbase & Investment Avenues in case of Insurance Companies-A comparision of postoffice products and icici products and how to solve financial problems. the sum assured cannot bereduced by partial withdrawals.The contents of this project are based on the field work and analysis done by me during mytenure at ICICI Prudential. I analysis the financialstatus of the organization. IRDA GUIDELINES ON ULIPSThe Insurance Regulatory and Development Authority (IRDA) recentlyintroduced its much-awaited guidelines to govern unit-linked insurance policies(ULIPs)The new provisionsIRDA has prescribed a minimum sum assured equal to 50 per cent of the totalannualized premium during the entire policy term or five times the annualizedpremium. IRDA has prescribed that a sum assured must back anydump-in that exceeds 25 per cent of normal . to dump in Rs1 crore ina ULIP and invest the entire amount in the market. DECLARATION I hereby declare that the project ―ICICI PRUDENTIAL LIFE INSURANCE LTD NEW CHANNEL TIE UP WITH POST OFFICE of Life Insurance Corporation of India and ICICI Prudential in UNA)‖ for ICICI PRUDENTIAL LIFE INSURANCE is original and beneficed work done by me. Actually. Earlier it was for 3 years. for example. In this we gainedpractical knowledge about the organizational work. I found itvery interesting and challenging.I came to the conclusion that the financial position of company very strong and peopleare more interested to invest their earning in ICICI PRUDENTIAL LIFEINSURANCE as compare to other financial institutions. a managementitself is realized. UNA 6 7. I did my training at Una branch office andmy topic of project is INCLINATION TOWARDS ULIP security andInvestment solution with special reference to ICICI PRUDENTIALLIFE INSURANCE. whichever is higher. Up to now.The project is being submitted in partial fulfillment requirements for the award degree of BBAUnder PTU JALANDHER . Till the policyholder turns 60 years old. it was possible. This is aimed at protecting the life insurancecover. ICICI PRUDENTIAL LIFE INSURANCE satisfied theirconsumers by fulfilling their needs sets. But this vitiates the basiccharacteristic of the policy by making the insurance component insignificant. & the exposure that I could not have gained from the books.

they were reduced from the sum assured. The company should also make clear the inherent riskinvolved in extended periods of settlement. documentation to enable the customer tounderstand and acknowledge the risk involved in buying ULIPs. withdrawals will beallowed only after three years. a code ofconduct for their sale. Your familycounts on you every day for financial support: food. The new guidelines provide that except forwithdrawals made during the two years immediately preceding death.and much more.Charges: Charges are costs appropriated by insurance companies from ULIPpremiums. as well as laid out the standard definitions for use inpolicy contracts. To address these risks. But once the customer ispast the age of 60. etc. if you wereto die prematurelyIt provides financial protection to help your family to manage after your death.―Insurance is a contract between two parties whereby one party calledinsurer undertakes in exchange for a fixed sum called premiums. the company can give thepolicyholder an option to receive the maturity benefit in the form of a monthlypension. The IRDA has listed the charges that insurance companies canlevy on policyholders.Life insurance is all about making sure your family has adequatefinancial resources to make those plans and dreams come true. This includes mandatory training for agents beforethey are authorized to sell ULIPs. This is aimed at clarity and to enable customers tounderstand and compare costs between different insurance companies. 9 10. education. 10 11. resulting in dilution of death benefits to the nominees. retirement etc. a new business. educating policyholders on risk factors. 8 9. theIRDA has authorized the Life Insurance Council to formulate a Code ofConduct for sale of ULIPs. rather than a lump sum.Lock-in period: A top-up premium cannot be withdrawn for three years.Market Conduct: There is an inherent risk in investing in ULIPs. This places ULIPs onpar with mutual fund contributions under Section 80C of the Income Tax Act.1961. to paythe other party called insured a fixed amount of money on the happeningof a certain event. as the performance of thefunds underlying the ULIPs governs their returns.Depending on the option selected.    premium. Now.charges. travel. IRDA has restricted such extended periods of settlement to five yearsfrom the date of maturity. You and your spouse have plans or your future and dreams for yourfamily: a bigger home. terminology. shelter. Introduction to study:My study is that I have to Analysis with regard to Investors base and Investment avenuesin case of insurance companies-―ICICI PRUDENTIAL NEW CHANNEL TIE UP WITHPOST OFFICE Let’s discuss the concept of insurance and a brief introduction aboutthese 2 companies.‖It’s hard to think about those you leave behind if something happens to you. For example. A loss is paid out of thepremiums collected from the insuring public and the insurance companies act as . The only relaxation in this condition is on withdrawal of top-up premiumsmade during the last three years of the policy contract. Any appropriation towards a dump-in can takeplace only if the normal premiums are paidWithdrawals from ULIPs:Earlier. all withdrawals can be reduced from the sum assured. Insurancecompanies collect premiums to provide for this protection. which will be constantthroughout the term of the policy. college education. no otherwithdrawals can be reduced from the sum assured. transportation. to receive the policy benefits invarious forms. CHAPTER 1INTRODUCTION 11 12.Settlement options: The policyholder has settlement options. withdrawals from ULIPs were possible even within a year of issue.

It gives you a sense offinancial support especially during that time of crisis irrespective of thefluctuations in the stock market. at theright time. Insurance gives you a life long benefit and thereturns will definitely come but only when you need it the most i. Buying insurance freesthe individual from unnecessary financial burden that can otherwise makehim spend sleepless nights.e. Apart from otherpitfalls of a nuclear family. a system in which a number ofgenerations co-existed in harmony.a necessity in this age wherecutthroat competition is the rule. You need not spend sleepless nights thinking about how tosave for your childs marriage. Insurance provides a sense 14 15. Insurance provides for your career goalsright from your childhood years. Needs are increasing with time andfulfillment of these needs is a big question mark. Life Insurance will take care of that typicalonce-in-a-life-time spending on marriages.From the very beginning of your life. the family has shrunk. Your child needs good education to mould himinto a good citizen. After his schooling he needs to go for higher studies. And you can relax and spend your old age in comfortand peace. some of those are listing below .Today insurance has become even more important due to the disintegrationof the prevalent joint family system. Butweigh the pros and cons and consider how much more it offers at a smallprice. Why Life Insurance?You think twice before taking the plunge into buying insurance. Besides itprovides for additional benefits such as bonuses. It provides insurance as well as investment.   trusteesto the amount collectedMany companies are coming with various plans Ulip plan is one of them which provideshuge benefit to the public. of security to the income earner as also to the family. If the earning member of the family is no more your childseducational needs will not suffer. Ifyou care for your family’s needs you will definitely consider insurance.Life insurance today plays a major role in ones life at various stages. Buying Insurance cannot be compared withany other form of investment. to your retirement age insurance cantake care of all your needs. Insurance is not about how much more it can offer you when the stockmarket is at its peak. 12 13. You need not worry aboutyour retirement years. and your lifestyle will betaken care of easily. An accident or a disability may be devastating but an insurance policycan be of utmost support for the family during such times too. togain a professional edge over the others . It may not be an attractive investment option. The individual has a sense of consolation that hehas something to fall back on. a system in which a sense of financialsecurity was always there as there were more earning members. taxes. Most important of all it provides you with that unique sense ofsecurity that no other form of investment provides. Well you could be wrong. Is buyinginsurance a necessity now? Spending an extra amount as premium atregular intervals where you do not see immediate benefits does not seem anecessity at the moment. Besides buying insurance early in life is one of the wise decisionsyou could take.Times have changed and the nuclear family has emerged. a high sense of insecurity is observed in it todaybesides.1Risk Coverage 2Child Solutions 3Whole-Life Plans 4Health Protection 15 .Need for Life InsuranceThe need for life insurance comes from the need to safeguard our family. His career needs have to be fulfilled.Considering the benefits it offers one cannot but give a thought to buying aninsurance policy at the earliest. INSURANCE PROVIDES:. Because the premium you would be paying would becomparatively lower. In fact his higher education too will beprovided for. 13 14. The rising prices.Insurance provides varies benefits to the people.

      16. • ICICI Prudential Life Insurance Company Ltd.Department of Posts.04 20 21. Because thepremium you would be paying would be comparatively lower. The Secretary. Ltd. The New India Assurance Company Limited. DirectorMr. Subrahmanyam. Adrian O’Connor. as on 1. Ramkumar. DirectorMr.e.Accidents. K. Will the individual be in a position toearn as before? A pertinent question. namely ( with effect from Dec2000. FUNCTIONS AND DUTIES The Department of Posts comes under the Ministry of Communicationsand Information Technology. taken care of by insurance. Insurancegives you a life long benefit and the returns will definitely come but onlywhen you need it the most i. Is buyinginsurance a necessity now? Spending an extra amount as premium atregular intervals where you do not see immediate benefits does not seem anecessity at the moment.2000.4. Kochhar.General Insurers: • General Insurance Corporation of India (GIC) (with effect from Dec2000.these subsidaries have been de-linked from the parent company and made asindependent insurance companies. Independent DirectorMs. Independent Direct 16 17.Ms. the physical well being of the individualthat has to be taken into consideration. But what if he is not? Disability can be 17 18. comprised mainly two players: the stateinsurers:Life Insurers: • Life Insurance Corporation of India (LIC) • HDFC Standard Life Insurance Company Ltd. at the right time. BuyingInsurance cannot be compared with any other form of investment. • Kotak Mahindra Old Mutual Life Insurance Limited • Birla Sun Life Insurance Company Ltd. Kannan. medication bills these may runup it’s the aftermath of the incident. Ltd. ChairpersonMr. May be later well you could be wrong. a National Reinsurer)GIC had four subsidary companies.You think twice before taking the plunge into buying insurance. Keki Dadiseth. India Post. 19 20. DirectorMr. United India Insurance Company Limited. and has a Minister ofState for Communications to assist the Minister of Communicationsand Information Technology in the discharge of various functions. Government of India. Rama Bijapurkar. illnesses. Chanda D. as the Chief Executive of the Department. Marti G. The Oriental Insurance Company Limited 2. and the Chairman of the Postal ServicesBoard. 21 . S. Barry Stowe. • SBI Life Insurance Company Limited • ING Vysya Life Insurance Company Private Limited • Bajaj Allianz Life Insurance Company Limited • Metlife India Insurance Company Pvt. • Max New York Life Insurance Co. PROFILE OF INSURANCE INDUSTRYInsurance is a must because of the uncertain future adversities of life. disability etc are facts of life that can be extremelydevastating. 5Superior Saving Instrument 6Investment 7Retirement(Pension Plans)1 Board of DirectorsThe ICICI Prudential Life Insurance Company Limited Board comprises reputed peoplefrom the finance industry both from India and abroad. functions under the Ministerfor Communications and Information Technology. 1. Independent DirectorMr. N. Vinod Kumar Dhall.61 0. National Insurance Company Limited 4. 3. • Tata AIG Life Insurance Company Ltd.SAHARA 0. 18 19.INDIAN INSURANCE INDUSTRYInsurance industry. DirectorMr. Other than the hospitalization. isalso the Director General. Independent DirectorProf. Company Profile of POST OFFICE GENERAL PROFILE OF THE ORGANISATION. Your family will not have to go through the grinddue to your present inability. Besides buying insuranceearly in life is one of the wise decisions you could take.

including Post Office Savings Banks (Administration). and Generate more resources and improve financial performance. Indira Krishna Kumar Member (Personnel). 1961. Raja is the Minister of Communications and InformationTechnologyShri. The JointSecretary and Financial Advisor to the Department is a permanentinvitee to the Board. Directors andAssistant Directors General provide necessary support for the Board atHeadquarteINR The Postal Services Directorate is the Headquartersorganization located at Dak Bhawan. Be a forward looking organization. development and maintenance of all services by the Post Office including those based on cable.Ms. Radhika Doraiswamy is the Secretary (Posts) to Govt. Development and Personnel. Posts.4. Gen. Postal Board & DirectorGeneralMs. Modernize the services to handle the growing volume of work with efficiency and thereby enhance customer and employee satisfaction. 1. Gurudas Kamat is the Minister of State for Communications andInformation Technology. premium postal products and any agency function. Postal Services Board For providing postal services. narrow casting. Deputy Directors General. Postal Services Board 22 23. including tribal. through their Regional andDivisional level arrangements.3. International cooperation in matters connected with postal communications. to oversee the operations in theprovision of postal services throughout the country. Provide value added services according to market requirements.ObjectivesDepartment of Posts is committed to providing universal access to basic postalservices in the country at affordable prices. comprises the Chairman and six MembeINR The Members of theBoard hold portfolios of Operations. radio and satellite communications channels: Provided that these matters do not amount to broadcasting. including matters relating to all international bodies dealing with postal communications such as Universal Postal Union. The Board is assisted by a senior staff officer of theDirectorate as Secretary to the Board.The Postal Services Board comprises the following at present:Ms. Postal Services BoardMs.As per Government of India (Allocation of Business) Rules.Shri.Post Offices and Branch Post Offices. the apex management body of theDepartment. Samant Member (Technology). New Delhi. Deputy Director General (FS) isassisting the Board in this capacity.Ensure availability of basic postal services in all parts of the country. Presently. Dr. Execution of works. Post Office Certificate (Administration). Sachin Pilot is the Minister of State for Communications and InformationTechnology. Uday Balakrishnan Member (PLI) & Chairman Investment Board. the whole country has been divided into 22 PostalCircles. hilly and remote areas. PostalServices BoardMaj. Matters relating to introduction. These Circles manage the day-to-day functioning of the various HeadPost Offices. The Postal Services Board. Its objectives are to:. cable and radio networking services and are also not governed by the Indian Telegraph . Sub . second Schedule. Distribution of Subjects among the Departments the Department Of Posts isresponsible for 23 24. Commonwealth Postal Union.   22. Of India as well asDirector General. Radhika Doraiswamy Secretary (Posts) Chairman. Asia Pacific Postal Union (APU). A.2. including purchase of land debitable to the Capital Budget pertaining to the Department of Posts. printing of public postage stamps/commemorative stamps including postal stationery. V Sadasivam Member (HRD) Postal Services BoardSri P K Gopinath Member (Planning). Shri. Postal Services BoardS.Rule 3. Provide efficient reliable and economic service. Post Office Life Insurance Fund (Administration). Manjula Prasher Member (Operations). Department of Posts and the Chairman of the Postal ServicesBoard.

THERE WERE 23. The Department has entered into an agreement withthe Oriental Insurance Company to function as their Corporate Agent for marketingidentified non-life products.344 POST OFFICES. including 2. This Scheme was launched on a pilot basis throughselect Post Offices in 2 districts each of 7 Circles.09 SQ. 1898 and rules made there under as well as other laws or enactments having a bearing on postal activities. notargets were given in 2004-05 for opening PSSKs. WHICH WERE PRIMARILY IN THE URBAN AREAS. KM. So far 7. these services were being provided at manuallyoperated counte INR Considering the vital need for providing the benefit oftechnology to the customers. INCLUDING BANKING AND INSURANCE SERVICES.after providing the requisite training to other Circles. The Licensed Stamp Vendor Scheme.60 Million letter boxes in the .669 POST OFFICES OF WHICH 89% ARE IN RURAL AREAS.697 Panchayat Sanchar SewaKendras(PSSKs) have been opened. POST OFFICES IN URBAN AND RURAL AREAS PROVIDE A RANGE OF BASIC POSTAL SERVICES TO THE CUSTOMERS. 1885 and the rules made there under. Efforts are also underway to optimize the retailing capacity of the network. Postal Services Postal operations at the post office encompass the entire gamut of the basicpostal services which interalia include: i) Sale of stamps and stationeryii) Booking of registered articlesiii) Booking of insured articlesiv) Booking of value payable articles Remittance of money through money ordersv) and postal ordersvi) Booking of Parcels Traditionally. and not exclusively allotted to any other Department.55. and error free.Mail Operations Mail processing. AND ALSO SALE OF STAMPS AND STATIONERY THROUGH VILLAGE POSTMEN AT THE DOORSTEP OF CUSTOMERS IN RURAL AREAS. Promotion of feasibility survey. COLLECTION OF LETTERS THROUGH LETTERBOXES. Efforts are also being made to identify means of providing postal servicesthrough more cost effective measures. INDIA HAS THE LARGEST POSTAL NETWORK IN THE WORLD WITH 1. It is being gradually expanded. THUS THE NETWORK HAS REGISTERED A SEVEN FOLD GROWTH OVER THE LAST FIVE DECADES. A POST OFFICE SERVES AN AREA OF 21. BILL COLLECTION FELICITIES ARE BEING EXTENDED THROUGH ALL POST OFFICES IN URBAN AREAS. Matters relating to administration of the Indian Post Office Act.585.One major initiative taken up in the current year is the retailing of non-life insuranceproducts through Post Offices. AND IDENTIFYING POST OFFICES IN RURAL AREAS. Mail is collected from 0.371 PSSKs under the 10 th Plan.Licensed Postal Agents Scheme and the Panchayat Sanchar Sewa Yojana(PSSY) wereinitiatives that were taken up in this regard. research and development in the field of activities allotted to the Department. the counter operations are now being progressivelycomputerised to provide a greater range of service to the customer from a singlewindow leading to services being more responsive.5. 25 26. transmission and delivery are the core activities of theDepartment. CERTAIN VALUE ADDED SERVICES ARE BEING PROVIDED IN SELECTED OFFICES IN URBAN AREAS.  Act. THE FOCUS OF THIS EXPANSION BEING IN THE RURAL AREAS.Since an assessment of these schemes indicates the need for restructuring them. & POPULATION OF 6. AT THE TIME OF INDEPENDENCE. Network 24 25.6. not specifically allotted to any other Department. THROUGH THESE OFFICES IT ENSURES DAILY DELIVERY OF DAK AT THE DOORSTEP OF EVERY CUSTOMER ALL OVER THE COUNTRY. ON AN AVERAGE.

Advisors can become the Unit Manager of the company if theypass the pinnacle program. rewards. for all purposes. Your family will not have to go through the grinddue to your present inability. Advisors main job is to sell policy andin return the advisors get huge return like high commission. disability etc are facts of life that can be extremely 27 28. Monitoring and promotion of Philately/conduct of philatelic exhibitionsiii) within the country. devastating. Manager will get a fixed salary and the commission on thepolicies sold by his advisor and the commission of the policies whichhe has already sold.e. an authorized salesman forinsurance. BuyingInsurance cannot be compared with any other form of investment. But what if he is not? Disability can betaken care of by insurance. 26 27. Other than the hospitalization. ) 31 32. Will the individual be in a position toearn as before? A pertinent question. ICICI Prudential has recruited and trainedabout 56. The company mainly depends on advisors.       country. Health and Pensions player built on trust byworldclass people and servicehope to achieve by: • Understanding the needs of customers and offering them superior products and service • Leveraging technology to service customers quickly.PhilatelyThe philatelic activities of India Post include:. 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.Accidents. building transparency in all our dealings 33 .You think twice before taking the plunge into buying insurance.000 insurance advisors to interface with and advisecustomers.ii) Aerogram and Registered Cover etc. participation in international and world exhibitionsiv) Management of the National Philatelic Museum. and conveyed by road. Tiger team manager is one who gets to sell thepolicy and get commission. the physical well being of the individualthat has to be taken into consideration. it leverages its state-of-the-art IT infrastructure toprovide superior quality of service to customers. medication bills these may runup it’s the aftermath of the incident. 28 29. 30 31. Dak Bhavan. train the advisors about the product andhe is also a paid up employee of the company. Inland Letter Card. VISIONTo be the dominant Life. Besides buying insuranceearly in life is one of the wise decisions you could take. Postcard.Designing.recognition etc. Further. This isprocessed by a network of 466 Railway Mail Service Offices. Insurancegives you a life long benefit and the returns will definitely come but onlywhen you need it the most i. Insurance is a must because of the uncertain future adversities of life. illnesses. Items of postal stationery like Envelope. at the right time. ICICI GROUP 32 33. May be later well you could be wrong. Is buyinginsurance a necessity now? Spending an extra amount as premium atregular intervals where you do not see immediate benefits does not seem anecessity at the moment. The advisors areconsidered as the brand ambassadors of the company or the workingpartner who doesn’t have to invest to get returns but just work withthe company to make money. Because thepremium you would be paying would be comparatively lower. printing and distribution of special/commemorative postage i) stamps and other postage stamps/ service postage stamps.rail and airlines all over the country. 29 30. He is.

KISAN VIKAS PTRAMedium term fixed maturiy schemes2. and had over 175. ICICI Prudentials capital stands at Rs.PO MIS5 .FIXED DEPOSITS7 .KISAN VIKAS PATRA1.NSC2 . Distribution ICICI Prudential has one of the largest distribution networks amongst private life insurers in India.10after maturity period of six years) 39 .1 million policies. For the period April-December 2006. andPassion. and Prudential policy.Product Offered By POST OFFICE & ICICI PRUDENTIAL PRODUCT OFFERED BY POST OFFICE CHANNEL 37 38. Customer First. 2. ICICI Prudential has retained its position as the No. interest rates 8.5%Quartely compoundingTax benefits-at the time of investment.      34. As of December 31. 1private life insurer in the country.25%compunded half yearly4.iciciprulife.15 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. Federal Bank.The AAA (Ind) rating is the highest rating. and have become thekeystones of our success Brief Detail of the Company:/History 34 35. 36 37. office time depositsMin/max investment min200rs and maximum is no limitTerm 1. 2006 it had commencedoperations in over 360 cities and towns in India. These values shine forth in all we do.Kisan vikas patra min/max investment min 100rs 500rs 1000rs 10000rs50000rs there is no maximum limit2. MFIs and corporates for the distribution of rural policies.25%2years-6. and Jammu in the north to Trivandrum in the south.3 and 5yearsInterest rate1years-6.TIME DEPOSITS6 . Boundary less. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. as well as some co-operative banks. ICICI Prudential Life Insurance Company is a joint part of ICICI Bank.TIME DEPOSITS. NSC. stretching from Bhuj in thewest to Guwahati in the east. please visit www. having tie-ups with ICICIBank. Lord Krishna Bank. a leading international financial services group headquartered in the United Kingdom. apremier financial powerhouse. The company has 18 bancassurance partners.5%3years-7.For the past six years.FIXED DEPOSITS. ICICIPrudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).Senior citizen schemes. 35 benefits at the time of investment –no rebate availableInterim withdrawal taxableWithdrawal on maturity taxable 38 39. the company garnered new business weighted premium of over Rs 2.po mis Medium term regular incom schemes3. and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers at the time of maturity or claims. Bank of India.rebate available up to 1lac undersec80c for 5year time depositsInterim withdrawal-taxableWithdrawal on maturity-taxable3. 1 . Term 8years7months3. It has also tied up with NGOs.PPF3 .25%5years7.PPF long term fixed maturity schemes1. VALUESVery member of the ICICI Prudential team is committed to 5 corevalues: Integrity.100 becomes 160. 18.NSCMin/max investment-100rs 500rs 1000rs 10000rs there is no maximum limitTerm-6yearsInterest rate-8%per annum half yearly compounded(rs.000 advisors. The company has assets held to the tune of over Rs crore and wrote over 1.2. To know more about the company. all regional rural banks sponsored by Bank of India.000 crore. South Indian Bank. ICICI Prudential is also the only private life insurer in India to receive aNational Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.SENIOR CITIZEN SCHEMES4 .

To study and understand the customers requirement and fulfill thesePOST OFFICE To analyze various services provided by ICICI PRUDENTIAL LTD andrequirement POST OFFICE I Products Offered By ICICI Prudential 42 43. ICICI Prudential offers plans under thefollowing major need categories: • Education Insurance Plans • Wealth Creation Plans • Premium Guarantee plans • Protection Plans 43 44. • Cancer CareDiabetes Products • Diabetes Care Active • Diabetes Assure3 Education Insurance Plans One of your most important responsibilities as a parent is to ensurethat your child gets the best possible education that can be provided. F.rebate available up to 1lac under sec 80c INTERIM PAYABLE-taxable PPF-min/max investment.The ideal insurance plan is one that addresses the exact insurance needs ofthe individual that will depend on the age and life stage of the individualapart from a host of other factors.       40.D. The calculator is the first step in your Pension Planscheme.min7days max-up to 10 years Interest rate. You will find a PensionPlanning Calculator on the site.Life Insurance Plans:Under Life insurance plans. 41 To study the awareness level of private COMPANY among the GOVT SECTOR42. 2 Insurance PlansICICI Prudential has a wide array of insurance plans that have beendesigned with the philosophy that different individuals are bound to havediffering insurance needs. Tax benefits-at the time of investment rebate available on investment andaccrued interest up to 1 lac under sec 80cInterim withdrawal –N/AWithdrawal on maturitytaxable rebate available interim payment-taxable SENIOR CITIZEN SCHEMES-MIN/MAX-min1000 max15laks 40 41. as a parent. . ICICI Prudential offers a wide portfolio of education insuranceplans that are designed to provide peace of mind to you. These plans ensure that money is madeavailable at the crucial junctures in a childs education .Click here to know more about our pension plan solutions. Health Product Suite:Under Health Product Suite. growth and rationale.present rate-10 to10.Class X. ICICI Prudential offers plans under thefollowing major need categories:Hospitalisation Plans • MediAssure • Hospital CareCritical Illnessl Pans • Crisis CoverCancer Products 45 46.5% compounding differs from bank to bank Tax benefits-at the time of investment.min-500 max 70000 in a finacial year TERM-15 year INTEREST RATES-present rates-8% compounded per annum rate in the year 2000-12% TAX BENEFITS-rebate available up to 1lac under sec80c INTERIM WITHDRAWAL-tax free Withdrawal on maturity-tax free To review the whole system of POST OFFICE and ICICIOBJECTIVE OF THE STUDY PRUDENTIAL LIFE INSURANCE in terms of fund crucial commitments for the childsfuture. • LifeStage Pension • LifeTime Super Pension • LifeLink Super Pension • ForeverLife 44 45.min/max investment-min rs1000and no limit maximum Term.rebate available up to 1lac under sec 80c for year deposits Interim withdrawal-taxable Withdrawal on maturity-taxable PO MISMIN/MAX investment-min1500 max-450000 for single a/c and 900000 for joint a/c TERM-6 year Interest rates-8% per annum payable monthly plus bonus of 5% in case held till maturity TAX benefits-at the time of investment. there are othe steps towards getting the Indian pension policy youneed.graduation and post-graduation . TERM-5years extended by 3year Interest rates-9%annual fixed rate which is payable quaterly TAX BENEFITS-at the time of investment. meant to make your pension plan review assimple as possible. Class XII. thatyour childs education will be secure. Pension & Retirement Solutions:The primary objective of a pension plan is to help you provide for yourfinancial needs in your post retirement years.

Plan Name Plan Type ICICI Pru Secure Save Unit Linked ICICI Pru Wealth Advantage Unit Linked ICICI Pru Life Stage Assure Unit Linked ICICI Pru Life Time Gold Unit Linked ICICI Pru Premier Life Gold Unit Linked ICICI Pru Life Link Super Unit Linked ICICI Pru Life Stage RP Unit Linked 48 49. For conducting thestudy. Please click on the product name to knowmore about the plans. the researcher has adopted both primary as secondary method ofdata cllection.• Exploratory or Formulative research: Exploratory research is . ICICI Prudential bringsthe following products to you. Please click on the product name to know moreabout the plans. CHIEF MANAGING DIRECTOR (CMD) CHIEF AREA OFFICER CHIEF AREA OFFICER (PENINSULAR) (HIMALAYAN) Sales HeadZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER AREA SALES MANA GER Unit Manager / Area Manager/ Senior Agency Manager 50 51. collected through the different ways of research. ULIPs are ideal for customers who want the protection of a 47 48. life cover to be allied to the returns of market linked instrument – givingthem an unmatched combination of benefits.       Importantly. 46 47. Research is the originalcontribution to the existing stock of knowledge. It is careful investigation or enquiry especially through search fornew facts of any branch of knowledge. education insurance plans ensure that in the unfortunateevent of the death of a parent. the childs education continues unhampered. Under the education insurance plans platform. Research Methodology deals with. The result of theproject is completely based upon the research of the facts and figures 52 53. Under the wealth creation platform.Research plays an important role in the project work.According to green and Tull:―A research design is the specification of methods and proceduresacquiring the information needed It is the overall operational pattern orframework of the project that stipulates which information is to becollected from which sources by what procedures’’. It can be defined asscientific and systematic search for pertinent information on a specifictopic. the procedure adopted to carryout the study. As such. RESEARCHMETHODOLOGY 51 52.TYPE OF RESEARCHResearch refers to the search for knowledge. ICICI Prudential brings thefollowing products to you. Wealth creation plansalso offer the customer more liquidity options as compared to traditionalplans.Plan Name Plan TypeSmartKid New Unit-linked Unit LinkedRegular PremiumSmartKid New Unit-linked Unit LinkedSingle PremiumSmartKid Regular Premium Traditional4 Wealth Creation Plans Wealth Creation Plans give the customer the dual benefit ofprotection along with the potentially higher returns of market-linkedinstruments. That is why it is alsocalled a movement from known to unknown. Retirement Solutions ICICI PRUDENTIAL Provide a wide range of retirement plans and they are as follows• Life Stage Pension• Life Time Super Pension• Life Link Super Pension• Fore ver Life• Immediate AnnuityGroup PlansICICI Prudential offers a suite of group insurance plans that are asfollows:• Group super annuation• Group gratuity period• Annuity solution plan• Group term insurance plan• Group term insurance in lieu of EDL Organization Structure of ICICI 49 50. The most important benefit of ULIPs is the flexibility they givethe customer in choosing the premium amount and also choosing theunderlying fund in which this money is to be invested.

which cover from different area of Una. 39% Lack of 3. it is very difficult to capture the market share. etc. 29% Yes No 20. public player acting as a big competitor • Others Competitors (ICICI Pru. Sothat total sample size is 150. of Lack of Full of Lack59. • Innovative Products. Sampling Procedures: I choose convenient and judgmental sampling for my research. 11% guidence 5. • Strong networks. • Morally and ethically strong. of respondents 80 70 60 50 40 30 20 10 0 Yes No 58 If not. • Lack of promotional campaigns 56 57. • High operating and commission expenses • Less attractive offers. • Huge customer database. • Highly potential market.Research Instruments: Once the source of data collection is decided then comes theinstrument for data collection or the research instrument. • It can piggyback on the brand name of the BIRLA. 21% 11.Secondary data:The secondary data was collected from books and internet. situation. Organization culture and climate. we have collected both primary andsecondary data to meet our objective. • Excellent services. method a questionnaire was framed. • Lack of customer awarenessOpportunity . which is to be surveyed. • People are now more health and life conscious.Research DesignIn the data collection method. ) • With around 14 private players. with the help of personal interview throughquestionnaire method. • In the pension field where people want good life after their retirement.       conducted to clarify the ambiguous problems• Descriptive research: To portray the characteristics of an individual. There is a stage where the planning is done about the sampleunits. • Stable and experienced management. of Lack of Inadequate Respondents knowledge risk guidance interest funds 28 6 3 3 5 11 Lack of knowledge Full of risk 6. 71% 60 . Data collection method: Personal interview method is used for collection of primary datain the form of questionnaire from respondents. sample size. of Respondents Yes No 100 72 28 Do you invest? No. 57 58. Technology.Sampling plan: 54 55.Data Source: The data that is collected from different sources. Yes No 28 20 8 8. of Respondents60. It was formulated on the basis of information gathered 53 54. This is Philip by the potentialpeople though personal interview SWOT ANALYSEStrength • Good Fund Management Team. group. etc• Diagnostic research: To determine the frequency of occurrence of an event. are you interested in investing? No. sampling procedures.Sample size: The sample size means how many peoples should be surveyed. This is collected fromcompany record and from internet. In this survey 55 56. as the first handinformation that is called primary data.Research Approach: The required information in the form of data is collected throughsurvey method. The secondarydata were also used in my report preparation.Weakness • Investment Products are slight costly. 18% 3. by me with the help of Miss Taruna Arora who provide usefulguidelines and objective of our study. Results and Disscussions/Findings No. • Competitors are in the market offer same product offered by the difference in the premium and offering.Primary data: The primary data was collected by a survey based on thequestionnaire. 11% Lack of interest Inadequate funds 59 If not investing.Threats • POST OFFICE . The source of primary data inmy research is questionnaire and observation method. • Less documentation formalities are required. • Some Rural markets are still untouched.Sample units: This means. why? What is the reason for that? No. So as mention earlier that thesample units is potential peoples.

services. 10% 13." and offer additional consumerchoices through the introduction of new products. saving Tax Others Respondents returns benefits 72 15 24 17 16 0 30 No of respondents 24 25 20 17 16 15 15 Series1 10 5 0 0 Security High saving Tax others returns benefits 61 Are you adequately insured? 6262. ill definedregulatory role of IRDA (Insurance Regulatory development Authority-the watchdog of the industry) in pension business etc. 18% Banks 17. 74% Endowmen Money Pension Mediclaim ChildRespondents Plan t Plan Back Plan plan plan Plan72 12 10 27 10 8 5 63 64.5 2 1. No. Yet.—are expectedto be removed in near future.            What comes do you perceive first while investing? No. 25 21 20 16 No. 8 1 1 1 1 1 3 Term Plan Endowment 5 12 Plan 8 10 Money Back 10 Plan Pension Plan 27 Mediclaim plan Child plan 3. of68. of Security High61. contributing to a common catastrophe reserve fund. of respondents 15 15 15 10 5 5 0 Security High returns Are you satisfied with the investment decision? No. 48% consultant Which Company do you prefer for investing? No. The current impediments for foreignparticipation – like 26% equity cap on foreign partner. Broker/agent 7.saving Tax benefits others of Respondents Highly Satisfied Modera unsatisfied Highly Satisfied te unsatisfied 65 66. of Respondents Yes No 72 53 19 Which Plan do you prefer and invest?No. 50 41 No of respondents 40 30 Series1 20 15 8 7 10 1 0 Highly Satisfied Moderate unsatisfied Highly Satisfied unsatisfied CONCLUSION Competition will surely cause the market to grow beyondcurrent rates. The will need to make sure right now that alltheir infrastructure is in place so that they can reap the benefit of an"unlimited potential. of Lack Of Full of Lack of Lack of Inadequate More thanRespondents knowledge risk guidance interest funds one reason 66 67. 72 6 39 19 6 2 50 39 No of respondents 40 30 19 Series1 20 10 6 6 2 0 If not. public and private sector companieswill be working together to ensure healthy growth and developmentof the sector. of Highly Satisfied Moderat unsatisfie Highly Respondents Satisfied e d unsatisfied 72 8 41 15 7 1 70 71. of Security High saving Tax others Respondents returns benefits 72 Specify the reasons for investing in a particular plan: 6415 15 16 21 5 65." 72 . 24% Investment 35. The early-adopters will then have aclear advantage compared to laggards in gaining the market shareand market leadership.Highly Satisfied Moderate unsatisfied Highly Satisfied unsatisfied what are the reasons behind that:No. of Term63. and priceoptions. 26% Yes No 53.and chalking out agreements between insurers to settle claims to thebenefit of the consumer will require concerted effort from bothsectors. Challenges such as developing a common industry 71 72. of Respondents ICICI PRUothers POST Others OFFICE 72 28 36 8 69 Are you satisfied with the behavior/knowledge of broker/agent of a70.5 3 3 2. 19. code of conduct. company preferred by you? No. at the same time.5 1 1 1 1 1 1 0. create a bigger "pie.The market is now in an evolving phase where one can expect a lotof actions in coming days. No. Respondents Broker/agent Banks Investment others consultant 72 13 17 35 7 68 69.5 0 Inadequate Full of risk one reason guidance Lack of interest knowledge More than Lack of Lack Of funds 67 What do you think who can better guide you for investment? No.

Gupta. Indiana University Press.licindia.   73. 34th edition.P.4th Edition 7Brouchers of different products of selected companies 8Handbook of ICICI PrudentiAL 9VISIT IN VARIOUS POST OFFICE DISTT UNAWebsites: 1www. published 73 74. 6Business Research Methodology-Cooper & Sindler. 5Research Methodology by 74 75. Belth M. by Sultan Chand & Sons.irda.economywatch. page-301-303 3Life 75 .Mc-Graw Hill Publications. Second Edition published by New Age International (P) Ltd. BIBLIOGRAPHY Books: 1Insurance(meaning and concept)-Published by IRDA 2The Mc-Grew Hill Investors Desk Reference. Ellie Williams Clinton.R. Joseph 4Statistical Methods by S.org5www. 4www. Indiainfoline. 2 www.