Professional Documents
Culture Documents
i. Certificate
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ii. Declaration
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iii. Acknowledgement
iv. Preface
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Acknowledgement
I wish to express my deep sense of gratitude to the HOD Mr ashfaq
siddiqui
and under
Baby fatma
MBA IIIrd Sem
DECLARATION
I declare that Project report entitled A study of SEBI .is
my own , work conducted under the guidance of Mr...
To the best of my knowledge the report does not any
work , which has been submitted . for the guard to one degree .any where.
Under the Guidance
Mr
Baby fatma
MBA IIIrd Sem
CERTIFICATE
Signature of supervisor
Signature Of Examiner
Signature of H.O.D.
PREFACE
RESEARCH METADOLOGY
Introduction
Research methodology is a very to by systematically
Solve the research in problem common place refers of search of knowledge.
Research is original contribution to the existing stoke of knowledge making
for its advisement . The research is several geld of applied economic,
whether related to bushiness. Or economy as a whole has greatly increased
in made times .
Research Design
A Research Design In Purely And Simply
The Frame Work Or A Plan For A Study That Guides The
Collections And Analysis Of The Data .
A good research design has the Characteristic viz problem for
Definition Sealift methods of data coactions and analysis, time
required for research project and estimate of expenses of incurred
it Mays be worth life to mention his that a research design is
nothing mare than the frameworks for study so that and decide
the universe or population .as it is not feasible to study the whole
universe in single period for present research univers
chosen
retailer
statistical
I. Data cleansing
II. Data classifications
III. Tabulation of data
IV. Analysis of data
Data cleaning involve identification of
relevant information and leaving aside the rest . further the data
was classified according to the theme of discussion .like
consumers, retailers and wholesalers . at the almost priority etc.
Secondary Data
secondary data is second hard information an the
other hand includes these data which are collected for some earlier
research work and are applicable or usable in the study resequrch
has presently undertaken to collect additional information I made
use of secondary data like magazines, websites, newspaper etc.
Sampling Procedure
In this research work the sampling
designing adapted was definite sampling ,in such sampling design
sample is chosen at out discretion and every sample has an equal
chare of being selected .
Sampling plan
The foremost and most important step in a successful research
is to define.
EXECUTIVE SUMMARY
ICICI Prudential Life Insurance is one of the largest Insurance
networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in
existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as
subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total
assets exceeding Rs.1, 00,000 Cr. making it the 2 nd largest life insurance company in the
country, next only to LIC.
The Insurance sector, after the opening up, provides greater opportunities. Several global
players have emerged and the market has changed significantly. In the changed scenario, the
expectation is that the low Insurance premium as a percentage of GDP prevailing in India will
improve and will offer better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business potential exists.
In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2
per
cent
in
the
US,
but
in
the
liberalized
scenario,
the
life
insurance
premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs
592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life
premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and
personal line non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major
player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5,
60,000 LIC agents in India. General Insurance is another segment, which has been growing at a
faster pace.
INTRODUCTION
Life insurance is a form of insurance that pays monetary
proceeds upon the death of the insured covered in the policy. Essentially, a life insurance
policy is a contract between the named insured and the insurance company wherein the
insurance company agrees to pay an agreed upon sum of money to the insured's named
beneficiary so long as the insured's premiums are current.
With a large population and the untapped market area of this population insurance happens
to be a very big opportunity in India. Today it stands as a business growing at the rate of 1520% annually. Together with banking services, it adds about 7 percent to the countries GDP.
In spite of all this growth statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without life insurance cover and the health
insurance. This is an indicator that growth potential for the insurance sector is immense in
India.
Since then the insurance industry has gone through many changes. The liberalization of the
industry the insurance industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players and the
increased use of the new distribution are in the limelight today. The use of new distribution
techniques and the IT tools has increased the scope of the industry in the longer run.
Insurance is the business of providing protection against financial aspects of risk, such as
those to property, life health and legal liability. It is one method of a greater concept known
as risk management which is the need to mange uncertainty on account of exposure to loss,
injury, disadvantage or destruction.
Insurance is the method of spreading and transfer of risk. The fortunate many who are
exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect
1) Life insurance:
Life insurance can be defined as life insurance provides a sum of money if the person who is
insured dies while the policy is in effect.
In 1818 British introduced to India, with the establishment of the oriental life insurance
company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life
assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure
to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated
and amended by the insurance act, 1938, with comprehensive provisions for detailed effective
control over insurance. The union government had opened the insurance sector for private
participation in 1999, also allowing the private companies to have foreign equity up to 26%.
Following the opening up of the insurance sector, 12 private sector companies have entered the
life insurance business.
Benefits of life insurance
Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing.
It provides valuable tax relief.
Thus insurance is found to be very useful in the lives of the person both in short term and long
term.
Fundamental principles of life insurance contract;
1) Principle of almost good faith:
A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being
proposed whether requested or not.
2) Principle of insurable interest:
Relationships with the subject matter (a person) which is recognized in law and gives legal
right to insure that person.
2) Non-life (general) Insurance:
Triton insurance co. ltd was the first general insurance company to be established in India in
1850, whose shares were mainly held by the British. The first general insurance company to be
set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907 .
there emerged many a player on the Indian scene thereafter.
The general insurance business was nationalized after the promulgation of General Insurance
Corporation (GIC) OF India undertook the post-nationalization general insurance business.
ON
CONSUMER
BEHAVIOR
AND
CUSTOMER
1. INDUSTRY PROFILE
1.1 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.
1.2 A Brief history of the Insurance Sector
The business of life insurance in India in its existing form started in India in the year 818 with
the establishment of the Oriental Life Insurance Company in Calcutta.Some of the important
milestones in the life insurance in India are; 1912: The Indian Life Assurance
For over 50 years, life insurance in India was defined and driven by only one company- the Life
Insurance Corporation of India (LIC). With the Insurance Regulatory and Development
Authority (IRDA) Bill 1999 paving the way for entry of private companies into both life and
general sectors there was bound to be new-found excitement- and new success stories. Today,
just three years since their entry, their cumulative share has crossed 13% (source: IRDA), far
exceeding expectations. Clearly insurance is on a growth path.
The percentage of premium income to GDP which was just 2.3% in 2000-01 rose to 3.3% in
2002-03; and life insurance has emerged as the dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for instance, was at an
abysmal 22% of the insurable population. However, private players have had to rise to many
challenges. They were faced with attitudinal barriers towards the category and
the perception that insurance was only a tax saving tool. Insurance per se had lost it basic
rationale: protection. It wasnt surprising then that its potential lay frozen and unexploited. The
challenge for private insurance players was to change the established category driver and get
customers to evaluate life insurance as an investment-cum-protection tool.
Insurer
2004-05
2005-06
1734761.74
2065306.36
(6.34)
(19.05)
244070.58
556457.34
(152.74)
(127.99)
1978832.32
2621763.70
(14.68)
(32.49)
Renewal Premium
LIC
4618580.96
5447422.62
Private Sector
Total
(19.47)
(17.95)
67962.05
216293.48
(343.12)
(218.26)
4686543.01
5663716.10
(20.75)
(20.85)
Total Premium
LIC
Private Sector
Total
6353342.70
7512728.98
(15.63)
(18.25)
312032.63
772750.82
(178.83)
(147.65)
6665375.33
8285479.80
(18.91)
(24.31)
insurance sector
1938 The insurance act, which forms the basis for most current insurance laws, replaces
earlier act.
1956 Life insurance nationalized, government takes over 245 Indian and foreign insurers
and provident societies.
1956 Government sets up LIC
1972 Non life insurance nationalized, GIC set up.
1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up to
draw up a blue print for insurance sector reforms.
1994 Malhotra Committee recommends re-entry of private players, autonomy ot PSU
insurers.
1997 Insurance regulator IRDA (Insurance Regulatory and Development Authority) set
up.
2000 IRDA starts giving licensed to private insurers
2001 ICICI Prudential Life Insurance came into the market to sell a policy.
2002 Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start
settling non-life claims in the cashless mode.
1.4 The Insurance Regulatory and Development Authority (IRDA):
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 were the launch of the IRDAs 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.
With the demographic changes and changing life styles, the demand for insurance cover has
also evolved taking into consideration the needs of prospective policyholder for packaged
products. There have been innovations in the types of products developed by the insurers, which
are relevant to the people of different age groups, and suit their requirements. Continued
innovations in product development has resulted in a wide range of flexible products to meet the
requirements for cover at different stages of life -today a variety of products are available ranging
from traditional to Unit linked providing protection towards child, endowment, capital
guarantee, pension and group solutions. A number of new products have been introduced in the
life segment with guaranteed additions, which were subsequently withdrawn/toned down;
single premium mode has been popularized; unit linked products; and add-on/riders
including accidental death; dismemberment, critical illness, fixed term assurance risk
cover, group hospital and surgical treatment, hospital cash benefits, etc. Comprehensive
packaged products have been popularized with features of endowment, money back, whole life,
single premium, regular premium, rebate in premium for higher sum assured, premium mode
rebate, etc., together with riders to the base products.
1956
2001
-Opened up sector
positive
correlation
between
development
of
capital
markets
insurance/pension structure.
Employment generation.
Channel Access
Advisors
Service Points
Branch Network
Use of IT
Limited use of IT
and
2.
Multiple
Service Use of IT
Points
Advisors
Call Centers
Shorter
time
around time
Brokers
&
Email
Claims
Corporate agents
Website
Bancassurance
Policy Issuance
Branch
Network
COMPANY PROFILE
ICICI Prudential Life Insurance Company Limited (the Company) a joint venture
between ICICI Bank Limited and Prudential plc of UK was incorporated on July
20, 2000 as a company under the Companies Act, 1956 (the Act). The Company
is licensed by the Insurance Regulatory and Development Authority (IRDA) for carrying life
insurance business in India.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse and prudential plc, a leading international financial services group
headquartered in the United Kingdom (UK). The company brings together the local market
expertise and financial strength of ICICI Bank and Prudentials International life insurance
experience. The company was granted a certificate of Registration by the IRDA on November
24, 2000 and eighteen days later, issued its first policy on December 12. ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA).
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale business.
By March 31, 2002, a little over a year since its launch, the company had issued 100,000
policies translating into premium income of approximately Rs. 1,200 million on a sum assured
of over Rs.23 billion. When the company began its operations, the need was to build a brand
that was relatable to, symbolized trust and was easily recognized and understood. It launched a
corporate campaign ICICI Prudential also made using the theme of Sindoor to epitomize
protection, trust, togetherness and all that is Indian; endearing itself to the masses. The success
of the campaign, the calling card of the company saw the brand awareness scores almost at par
with its 40 year old competitor. The theme of protection was also extended to subsequent
product and category specific campaigns from child plans to retirement solutions which
highlight how the company will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player, developing
products, creating a distribution network and deploying resources that would further its goal.
Apart from ramping up thoroughly training its advisors, the company has twelve
Bancasurance partners the largest in the country. It swiftly revised and added to its initial
range of products, pioneering market-linked products and pension plans, to offer customers the
most flexible life insurance policies in the country. In February 2004, ICICI Prudential
increased its capital base by Rs. 500 million, its ninth capital hike, bringing the total paid up
equity capital to Rs. 6,750 million. With the authorized capital of the company standing at Rs.
12 billion, ICICI Prudential continues to have the highest capital base amongst all life insurers
in the country. The challenge ICICI Prudential now faces is to retain its top-notch position and
continue to deliver the finest life insurance and pension solutions to its ever-growing customer
base.
ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups.
ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest credit
rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers
at the time of maturity or claims.
For the past five years, ICICI Prudential has retained its position as the No.1 private insurer in
the country, with a wide range of flexible products that meet the needs of the Indian customer at
every step in life.
DISTRIBUTION SYSTEM
Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor
force that targets various customer segments. The strength of tied agency lies in an aggressive
strategy of expanding and procuring quality business. With focus on sales & people
development, tied agency has emerged as a robust, predictable and sustainable business model.
Bancassurance and Alliances
ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances.
Within a short span of two years, and with nearly a large number of partners,
B & A has emerged as a vital component of the companys sales and distribution strategy,
contributing to approximately one third of companys total business.
The business philosophy at B&A is to leverage distribution synergies with our partners
and add value to its customers as well as the partners. Flexibility, adaptation and experimenting
with new ideas are the hallmarks of this channel.
Information Technology
The Information Technology function at ICICI Prudential is committed to enable business
through the use of technology. It is segmented into 4 groups to enable highest levels of delivery
to the customers: Life Asia Solutions Group that provides flexibility in designing better product
offerings to end-users, the Solutions Group- Web that provides real-time information to
customers and is responsible for customer relationship management, IT Architecture &
Corporate Solutions Group is in charge of developing and maintaining a blueprint for the IT
architecture for the enterprise as a whole. This team works as an in house R&D Solution Group,
exploring new technological initiatives and also caters to information needs of corporate
functions in the organization. IT Infrastructure group is responsible for providing hardware,
software, network services to the whole organization. This group runs the 'Digital Nervous
System' of the Enterprise at the highest levels of efficiency and provide robust, scalable and
highly available platform for deployment of business application.
Marketing
The Marketing function at ICICI Pru covers an array of activities brand
and
media
management,
channel
support,
direct
marketing
and
corporate
marketing team was set up to generate high quality leads for profitable business. The team
achieves this through target database acquisition and
Finance
Finance function in ICICI Prudential is committed to create an
infrastructure that is aligned to shareholder expectations. Finance basically comprises of four
functions. . Corporate Planning and MIS provide feedback on business strategies. This includes
driving the budgeting process, providing strategic inputs for decision-making and management
reporting and analysis. The Accounts function includes preparation and maintenance of
financial records, funds management, and expense processing and treasury operations.
Compliance ensures that every action is within the regulatory framework. This includes
reviewing compliance requirements and supporting the ethical framework of ICICI Pru life.
Internal audit provides assurance to the management over the organizations' control framework
and includes process risk management, information security assessment and business continuity
assessment.
Reputation
Brand strength
Insurance
expertise
Infrastructure
Customer base
ICICI
PRUDENTIAL
Product
Market Innovators
Distribution
Local knowledge
Operations
The insurance part of the package comes in the form of death benefits that are paid in the case
of the demise of the policy-holder. The size of the death benefit is linked to the number of years
left for the policy to expire. On maturity date, the maturity value is also paid in addition to the
death benefits that would have been paid earlier.
Life Guard policies: The company offers two pure life insurance products that have an
umbrella name, Life Guard. One of them involves a one-time premium for which there are no
maturity benefits. The other requires regular premium payments that are returned at the end of
the policy. Life Guard offers absolutely no investment-related return and is suitable for
individuals looking for an unadulterated insurance package.
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that
meet the needs of customers at every life stage. Its products can be enhanced with up to 5 riders,
to create a customized solution for each policyholder.
Savings Solutions
Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of
protection.
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection
as well as liquidity options.
Save n Protect is a traditional endowment savings plan that offers life protection along
with adequate returns
CashBak is an anticipated endowment policy ideal for meeting milestone expenses like
a childs marriage, expenses for a childs higher education or purchase of an asset.
LifeTime and LifeTime II offer customers the flexibility and control to customize the
policy to meet the changing needs at different life stages. Each offer 4 fund options
Preserver, Protector, Balancer and Maximiser.
LifeLink Super is a single premium Unit Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
Premier Life is a limited premium paying plan that offers customers life insurance cover
till age of 75.
InvestShield Life is a Unit Linked plan that provides capital guarantee on the invested
premiums and declared bonus interest.
InvestShield Cash is a Unit Linked plan that provides capital guarantee on the invested
premiums and declares bonus interest along with flexible liquidity options.
InvestShield Gold is a Unit Linked plan that provides capital guarantee on the invested
premiums and declares bonus interest along with limited premium payment terms.
Protection Solutions
Life Guard is a protection plan, which offers life cover at very low cost. It is available in
3 options level term assurance with return of premium and single premium.
Home Assure is a mortgage reducing term assurance plan designed specifically to help
customers cover their home loans in a simple and cost-effective manner.
Child Plans
SmartKid education plans provide guaranteed educational benefits to a child along with
life insurance cover for the parent who purchases the policy. The policy is designed to
provide money at important milestones in the childs life. SmartKid plans are also
available in unit-linked form both single premium and regular premium.
BIBLIOGRAPHY
Marketing Management by Philip Kotler, Pearson Education 2nd ed.
Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8th ed.
IRDA Journal
ICICI Prudential Company magazines
Newspaper and Business magazines
WEBSITES
www.iciciprulife.com
www.google.co.in/indian insurance industry
www.irdaindia.org
periodically and in the unfortunate event of death of the policyholder, the entire amount paid,
along with some other benefits and interest, is paid back to the deceased's family.
ICICI Pru iProtect
ICICI Pru Pure Protect
ICICI Pru LifeGuard
ICICI Pru Home Assure
Wealth Plans
Wealth insurance plans are essentially long term savings plans which are designed to help you
save enough for your long term goals, like owning a house or a car etc, along with providing
you the benefit of life cover and protection for your family.
ULIP Wealth Plans
ICICI Pru LifeStage Wealth II
ICICI Pru Pinnacle II
ICICI Pru LifeTime Premier
ICICI Pru Life Link Wealth SP
ICICI Pru Pinnacle Super
Traditional Wealth plans
ICICI Pru Future Secure
ICICI Pru Guarenteed Savings Insurance Plan
ICICI Pru Whole Life
ICICI Pru SavenProtect
ICICI Pru CashBak
Child Plans
Regardless of the rising cost of education in modern times, a parent never compromises on the
expenditure that goes into his/her child's bright career. A saving's plan that is designed to
provide money at key educational milestones and take care of your loved ones future even if
you are not around, is a wise decision to make. In this plan, you pay premium periodically, or in
lump sum, and during the key educational milestones of your child, you can withdraw the
money partially.
Traditional Child Plans
ICICI Pru SmartKid Regular Premium
Unit Linked Child Plans
ICICI Pru SmartKid Premier
Health Plans
Predicting unfortunate medical emergencies is difficult. Bearing the expenses of the costly
treatment is not at all easy and therefore, ICICI Prudential has come up with health insurance
plans that insure you and your family against expenses arising due to medical emergencies and
uncertainties such as hospitalisations or onset of critical illnesses.
Hospitalisation Plans
ICICI Pru Health Saver
ICICI Pru Hospital Care II
Critical Illness Plans
ICICI Pru Crisis Cover
Riders
ICICI Prudential gives you the freedom to form your very own comprehensive insurance policy
by adding the rider benefits to the basic life insurance policy. This increases the scope of your
policy, at a nominal cost.
Critical Illness Benefit Rider
Accident & Disability Benefit Rider
Income Benefit Rider
Waiver of Premium Rider (WOP)
Waiver Of Premium On Critical Illness Rider
Retirement Plans
Financial independence at all times is important but its importance is the most in the postretirement phase of life. After being self-dependant for a lifetime, the idea of depending upon
your children can be quite putting off. Retirement plans from ICICI Prudential Life Insurance,
ensure that you have enough flexibility to choose your retirement date and the manner in which
you receive the pension.
ULIP Retirement Plans
ICICI Pru LifeLink Pension Sp
Traditional Retirement Plans
ICICI Pru ForeverLife
ICICI Pru Immediate Annuity
Group Plans
Group Insurance Plans from ICICI Prudential enable the employer to effortlessly provide
his/her employees with both, savings and security, so they can pass on the benefits to their loved
ones.
Retirement Solution
Group Gratuity Plan
Group Leave Encashment Plan
Protection Solution
Annuity Solutions
Group Term Insurance Plans
Group Term in lieu of EDLI Scheme
Credit Assure Utility
Rural Plans
ICICI Prudential's rural business initiative has covered more than 2.5 million lives across as
many as 16 states in India. The plans offer Life cover, low and affordable premiums and hassle
free procedure.
ICICI Pru Sarv Jana Suraksha
ICICI Pru Anmol Nivesh
HISTORY
1955:
In 2000, ICICI Bank became the first Indian bank to list on the New York Stock
Exchange with its five million American depository shares issue generating a demand
book 13 times the offer size.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI
Bank. The merger was approved by shareholders of ICICI and ICICI Bank in January
2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High
Court of Judicature at Mumbai and the Reserve Bank of India in April 2002.[8]
In 2008, following the 2008 financial crisis, customers rushed to ATM's and branches
in some locations due to rumors of adverse financial position of ICICI Bank. The
Reserve Bank of India issued a clarification on the financial strength of ICICI Bank
to dispel the rumors.
ICICI Prudential AMC Ltd (including its affiliates) and any of its officers
directors, personnel and employees, shall not be liable for any loss, damage of any
nature, including but not limited to direct, indirect, punitive, special, exemplary,
consequential, as also any loss of profit in any way arising from the use of this
material in any manner. The recipient(s) alone shall be fully responsible/are liable
for any decision taken on the basis of this material. All recipients of this material
should before dealing and/or transacting in any of the products referred to in this
material make their own investigation, seek appropriate professional advice. The
investments discussed in this may not be suitable for all investors. Any person
subscribing to or investigating in any product/financial instruments should do so
on the basis of and after verifying the terms attached to such product/financial
instrument. Financial products and instruments are subject to market risks and
yields may fluctuate depending on various factors affecting capital/debt markets.
There is no assurance or guarantee that the objectives of the portfolio will be
achieved. Please note that past performance of the financial products, instruments
and the portfolio does not necessarily indicate the future prospects and
performance thereof. Such past performance may or may not be sustained in
future. Portfolio Managers investment decisions may not be always profitable, as
actual market movements may be at variance with anticipated trends. The
investors are not being offered any guaranteed or assured returns. ICICI Prudential
AMC Ltd. may be engaged in buying/selling of such securities.
Board Members
Mr. K. V. Kamath, Chairman
....................................................
Mr. Sridar Iyengar
....................................................
Mr. Homi R. Khusrokhan
....................................................
Mr. Arvind Kumar
.................................................
Mr. M.S. Ramachandran
..................................................
Dr. Tushaar Shah
..................................................
Mr. V. Sridar
Ms. Chanda Kochhar,
Managing Director & CEO
.........................................................
Mr. N. S. Kannan,
Executive Director & CFO
.........................................................
Mr. K. Ramkumar,
Executive Director
.........................................................
Mr. Rajiv Sabharwal,
Executive Director
CONCLUSION
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, a premier financial powerhouse and Prudential plc, a leading international
financial services group headquartered in the United Kingdom. ICICI Prudential
was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA). This research report is based on the survey for finding the
position of various insurance policies offered by the insurance companies. In this
research report we have covered the various insurance policy of ICICI Prudential
Life Insurance. Life insurance products provide a definite amount of money to the
dependants of the insured in case the life insured dies during his active income
earning period or becomes disabled on account of an accident causing
reduction/complete loss in his income earnings. An individual can also protect his
old age when he ceases to earn and has no other means of income by purchasing
an annuity product. The company profile of these company and their product
range have to be given in the first part of this report. The insurance policy offers
the various insurance policies covering the risk of various stages of life of any
person. Covering the risk is become so important and necessary for any person. In
the present scenario the life is becoming so risky due to the innovation of the
various latest technology and modern way of livings. Insurance products available
for life and non-life are many. In non-life, apart form personal covers such as
accident covers and health insurance, there are products covering liabilities under
a particular law and or common law. The various products are designed to cater to
different needs of an individual or industry such as fire insurance policy on multistoreyed building, householders policy.