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PROF. S.L. GUPTA (Faculty guide)

MR.VIJAY SINGH (Industry guide)


ROLL NO. 631
M.B.A (Insurance)


This project is teamwork; it would not have been possible without the
guidance and cooperation of a number of people. I wish to extend my
gratitude to all those who facilitated the completion of my project.

At the outset, I would like to give my sincere thanks to Mr. Vijay Singh

Through the period of my project I was given valuable guidance, a

sense of direction, methodology and approach to be followed by my
faculties Prof. K.K. Krishnan and Prof. S.L. Gupta. I am highly indebted
to them.

Last but not least I would like to thank the whole team of ICICI
Prudential Life Insurance Company for providing me a comfortable
environment for working.


Roll No. – 631


After completing 1st year of MBA – INSURANCE from BIMTECH, I joined

ICICI Prudential Life Insurance Company for my summer internship
project where I was expected to report to Mr. Vijay Singh (UM –
VIDEOCON TOWER, New Delhi) who was my project guide from the

The task in hand was channel development and expanding it. In this, I
had to recruit insurance advisors for the company. The target was set
at least five insurance advisors.

The project also required us to conduct a market research, in which I

have to talk to the people and ask them that are they aware of what is
insurance advisor, if they say yes then we ask them are they
interested to become an insurance advisor and if they say no, then we
tell them about what is insurance advisor.

The findings of the research is that some people are interested and in
spite of being busy they want to become insurance advisor, but apart
of this many are not interested either because they do not have time
or the job does not suit them.

Recruiting agents of different profiles for the company was a real

marketing experience that I got in the field.


I collected a lot of material on insurance through various sources and

used the following literature survey for the purpose of the report:

The BOP (Business Opportunity Plan) Handbook of ICICI Prudential Life

Insurance Co. gives the basic idea about the company’s policy about
the advisor recruitment and code of conduct. It discusses the various
aspects of this profession. It discusses the Do’s and Don’t for advisor
and it discusses the commission structure as well.

The IRDA’s official website gives the detail of

rules, regulation and recruitment process of an Insurance Advisor. It
also discusses the eligibility criteria to become an Insurance Advisor.

ICICI Prudential Life Insurance Co.’s official website gives the details about the company,
culture, and requirement and eligibility criteria.

The Resource book of Insurance department of BIMTECH has defined

advisor and his nature.

The IC 02 of Insurance Institute of India has given the basic functions,

eligibility and recruitment of an advisor.

Chapter Contents Page No.

Acknowledgement iii

Executive summary iv

Literature Review v

Chapter 1 Objective 1

Chapter 2 Introduction to company 3

Chapter 3 Introduction to channels of distribution

for insurance 11

Chapter 4 Being an Advisor at ICICI Prudential 15

Chapter 5 Principles of ICICI Prudential 17

Chapter 6 Reasons to become an advisor of ICICI

Prudential 20

Chapter 7 Supports and Benefits 23

Chapter 8 Qualities in people to become an advisor 27

Chapter 9 Selection Process 30

Chapter 10 Career Progression and future opportunities 34

Chapter 11 Restrictions for a life insurance advisor 38

IRDA – Rules and Regulations

Chapter 12 Research Methodology 46

Chapter 13 Problems while recruiting advisor for

the company 48
Solutions to these problems

Chapter 14 Learning from the project 50

Chapter 15 Findings of the study 52

Chapter 16 Conclusion and recommendations 56

Bibliography 58

Appendix 59



 To find whether life insurance is still synonymous with L.I.C.

 To know how many people take insurance as what it is meant for

and not as tax saving financial instrument.

 To know whether people know fully about the benefits an

insurance advisor has

 To know how many people are interested in becoming an

insurance advisor?

 To search for prospects who can become advisors and recruit

and select the best.




ICICI was formed in 1955 at the initiative of the World Bank, the
Government of India and representatives of Indian industry. The
principal objective was to create a development financial institution for
providing medium-term and long-term project financing to Indian
businesses. In the 1990s, ICICI transformed its business from a
development financial institution offering only project finance to a
diversified financial services group offering a wide variety of products
and services, both directly and through a number of subsidiaries and
affiliates like ICICI Bank.


ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian

financial institution, and was its wholly owned subsidiary. ICICI's
shareholding in ICICI Bank was reduced to 46% through a public
offering of shares in India in fiscal 1998, an equity offering in the form
of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of
Bank of Madura Limited in an all-stock amalgamation in fiscal 2001,
and secondary market sales by ICICI to institutional investors in fiscal
2001 and fiscal 2002. In 1999, ICICI become the first Indian company
and the first bank or financial institution from non-Japan Asia to be
listed on the NYSE.

The bank offers a broad spectrum of financial services to individuals

and companies including deposit accounts, commercial banking,

mortgages, car loans, personal loans, corporate and trade finances,
credit and debit cards and other banking services.

ICICI Bank is India's second-largest bank with total assets of about Rs.
2,513.89 bn (US$ 56.3 bn) at March 31, 2006 and profit after tax of Rs.
25.40 bn (US$ 569 mn) for the year ended March 31, 2006 (Rs. 20.05
bn (US$ 449 mn) for the year ended March 31, 2005). ICICI Bank has a
network of about 614 branches and extension counters and over 2,200
ATMs. ICICI Bank offers a wide range of banking products and financial
services to corporate and retail customers through a variety of delivery
channels and through its specialized subsidiaries and affiliates in the
areas of investment banking, life and non-life insurance, venture
capital and asset management. ICICI Bank set up its international
banking group in fiscal 2002 to cater to the cross border needs of
clients and leverage on its domestic banking strengths to offer
products internationally. ICICI Bank currently has subsidiaries in the
United Kingdom, Russia and Canada, branches in Singapore, Bahrain,
Hong Kong, Sri Lanka and Dubai International Finance Center and
representative offices in the United States, United Arab Emirates,
China, South Africa and Bangladesh. Our UK subsidiary has established
a branch in Belgium. ICICI Bank is the most valuable bank in India in
terms of market capitalization.

ICICI Bank's equity shares are listed in India on the Bombay Stock
Exchange and the National Stock Exchange of India Limited and its
American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange (NYSE).

At June 5, 2006, ICICI Bank, with free float market capitalization of
about Rs. 480.00 billion (US$ 10.8 billion) ranked third amongst all the
companies listed on the Indian stock exchanges.


 1955 ICICI formed

 1980 Focus on project finance and long term funding

 1988 Venture capital funding

 1993 Asset management company

 1993 Investment banking (ICICI securities)

 1994 Commercial Banking – ICICI Bank

 1996 Merger with Shipping Corporation of India to create

operational efficiencies

 1997 Acquisition of ITC classic finance to set up the retail deposit


 1998 Acquisition of Anangram Finance to set up the retail asset

business ( ICICI Personal Finance Services Limited)

 1999 ICICI Infitech Company set up for transaction processing

and technology solutions

 2000 Foray into the e-commerce area and insurance sector.

 2001 ICICI acquired Bank of Madura (est. 1943). Bank of Madura
was a Chettiar bank, and had acquired Chettinad Mercantile
Bank (est. 1933) and Illanji Bank (established 1904) in the 1960s.

 2002 The Boards of Directors of ICICI and ICICI Bank approve the
merger of ICICI, ICICI Personal Financial Services Limited and
ICICI Capital Services Limited, with ICICI Bank. After receiving all
necessary regulatory approvals, ICICI integrates the group's
financing and banking operations, both wholesale and retail, into
a single.


 2002 ICICI establishes representative offices in NY and London.

 2003 ICICI opens subsidiaries in Canada and the United Kingdom

(UK), and in the UK it establishes alliance with Lloyds TSB. It also
opens an Offshore Banking Unit (OBU) in Singapore and
representative offices in http:\\ and Shanghai.

 2004 ICICI opens a rep office in Bangladesh to tap the extensive

trade between that country, India and South Africa.

 2005 ICICI acquires Investitsionno-Kreditny Bank (IKB), a Russia

bank with about US$4mn in assets, head office in Balabanovo in
the Kaluga region, and with a branch in Moscow. ICICI Bank
offers a high-interest (5.4% gross) internet savings account to UK

ICICI has managed this transformation by continually tuning its
strategies with the evolving competitive environment, shifting its
strategy from a product focus to customer focus and capitalizing on
every available market opportunity to ensure greater share of the
customer’s wallet.



Established as the Prudential Mutual Assurance and Loan Association in

1848, today it is an international financial services company with a
product range that extends from personal banking insurance, pensions
and retail investments, to institutional fund management and property

Their portfolio of well-known and respected brands, includes

Prudential, M&G Investments, Jackson National Life, Prudential
Corporation Asia and Egg, has attracted more than 19 million
customers (and policy holders and unit holders) worldwide. Across the
Group it has £234 billion of funds under management (at 31 December

It has significant operations in the UK, the US and Asia, contributing to

a diversity of earnings. Worldwide it employs more than 20,000 people
and their shareholders number stands at 60,942 (at 31 December
2005). The company is listed on the London and New York stock

The company aim is to enhance and protect our customers’ and their
dependents’ financial well being, by offering a superior range of
savings, protection and other retail financial services products.

In the UK, via the Prudential brand, it offers annuities, corporate

pensions, with-profits and unit-linked bonds, savings and investments
products, protection policies, equity release products and health
insurance plans.

M&G Investments, its UK and European fund manager, has a leading

position in retail fund management, institutional fixed income, pooled
life and pension funds, property and private finance.

Egg is an innovative financial services company providing a range of

banking and financial services through its Internet site,

Jackson National Life (JNL), its US business, is a leading life insurance

company with more than 3 million policies and contracts in force. JNL
offers fixed, fixed-index and variable annuities, term and permanent
life insurance and institutional products.

In Asia, Prudential Corporation Asia has 23 operations in 12 countries.
These include strategic partnerships with some of the region’s leading
players, including CITIC Group (for life business in China), ICICI Bank
(for life and mutual fund business in India) and Bank of China
International (for Mandatory Provident Fund business in Hong Kong).
Prudential Corporation Asia offers a wide range of savings, protection
and investment products tailored to the needs of our customers in
each of the 12 markets in which it operate. In addition to its life
insurance operations Prudential has asset management businesses in
India, Hong Kong, Japan, Taiwan, Malaysia, Singapore, Korea, Vietnam
and China managing over £26 billion (as of 30 June 2005).


Prudential Corporation Asia has 24 operations in 12 countries, namely:

China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
Philippines, Singapore, Taiwan, Thailand and Vietnam.

These include strategic partnerships with some of the region's leading

players, including:

 Bank of China International for Mandatory Provident Fund

business in Hong Kong;

 CITIC Group for life business in China;

 ICICI Bank for life and mutual funds business in India.

Prudential Corporation Asia is Europe's leading life insurer in Asia in

terms of market coverage and number of top five market positions.

Prudential Corporation Asia's distribution is predominantly through its
130,000 tied agents but also through other distribution channels such
as banc assurance agreements (including Standard Chartered Bank in
Hong Kong, Malaysia, Singapore, Taiwan and Thailand).

In 1912, prudential promptly paid out claims to the families of 324

individuals insured with it who lost their lives in the Titanic disaster.

With over 150 years of experience, it has brought to market an

integrated range of financial services products that now includes life
insurance, pensions, banking, investment management, mutual funds
and general insurance.


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 Life Insurance Company was
established in 2000 with a commitment to expand and reshape the life
insurance industry in India. The company was amongst the first private
sector companies to begin operations after receiving approval from
Insurance Regulatory and Development Authority (IRDA) and in the
time since, has taken several steps towards realizing its goal.

The company’s wide range of products, distribution strengths and

powerful brand has driven its growth across a cross-section of people
and cities. On March 31, 2002 the company crossed the 1,00,000
policies milestone with a premium income of around Rs. 122 crore and
a total sum assured of 2700 crore to establish itself as the No. 1
Private life insurer in the country.

ICICI Prudential equity base stands at Rs. 11.85 billion with ICICI Bank
and Prudential plc holding 74% and 26% stake respectively.

In the financial year ended March 31, 2005, the company garnered Rs
1584 crore of new business premium for a total sum assured of Rs
13,780 crore and wrote nearly 615,000 policies. The company has a
network of about 60,000 advisors, as well as 7-banc assurance (which
now has increased to 13) and 150 corporate agent tie-ups. For the past
four years, ICICI Prudential has retained its position as the No. 1
private life insurer in the country, with a wide range of flexible
products that meet the needs of the Indian customer at every step in

ICICI prudential life insurance company limited is the no. 1 player
among the Indian private insurance companies. The ICICI prudential
brand name has the highest recall among all private companies. "The
task for the ICICI prudential is to build a relevant brand that customer
should trust" says Shikha Sharma MD and CEO of ICICI Prudential life.

When the insurance industry was first opened up and private players
entered the field in 2000, there was a host of challenges that lay
before them. Consumer attitude towards insurance were largely
indifferent, and insurance was regarded as an inflexible, tax-saving
product that offered low returns. Rarely was it recognized for its
multidimensional protection instrument. Service levels were low and
products were not transparent and typically sold as the "one
size-fits-all "kind with very little relevance to a consumer's actual need.
The most broad based challenges for all companies was to spread
awareness about life insurance - how it works, its benefits and most of
all, its absolute necessity for anyone who has dependents. At a more
company specific level, the task for ICICI prudential (ICICI prudential
life insurance company) was to build a relevant brand that customers
could trust.

Being a front - runner in the life insurance industry, ICICI Prudential has
always performed both the task as well as the brand with the help of
advertising and PR. The Company's addressed various myths and
misconceptions about life insurance, seeking to change customer
attitudes. For instance, life insurance had long been regarded as
expensive, rigid, difficult to understand and good only for tax saving.
As a result of ICICI Prudential's advertising, life insurance is now
increasingly seen as 1 complete solution to meet one's myriad needs-
health, Health, life, child protection and retirement. It's a financial
product that provides a stable return on investment, protects life at

affordable cost, secures a child's future, does retirement planning in
the most effective way and provides additional health protection. It is
now becoming an integral part of the consumer's wealth management

The other major communication task at the time of launching

operations was to present the visiting card of the company to the
public at large and build credibility and stature so as to giver the
consumer the confidence that" here was company that could be
trusted to invest funds with." This required a corporate campaign,
which started with advertising to establish the brand, build awareness
and give the brand a larger than life image. The aim was to position
ICICI prudential as the new and modern face of life insurance provider
in India and change perceptions of the target audience to view
insurance not as a compulsory tax saving instrument but as a means
to lead worry free and secured life.

Amongst ICICI Prudential's innovative steps were the introduction of

life stage and need- based solutions selling, thereby unshackling the
category and meeting specific customer needs. The brand proposition
for all the ad campaigns were reflected in the lute" we cover you. At
every step in life", i.e. that ICICI prudential is the only private life
insurance company that provides the consumer insurance solutions
which are relevant to the unique needs at every stage of life. The
campaign also provide several lines of support serving to inculcate
trust and belief in the company such as the competitive advantage or
product performance, a showcase of products available for different
segments the flexibility and value addition in products and the sound
financial backing and credentials of ICICI & prudential.

According to recent syndicated ORG-MARG studies, the ICICI prudential
brand name and advertising had the highest recall amongst all private
players and was only marginally behind LIC.

Six year since the liberalization of the life insurance industry, we see
consumers becoming increasingly aware of and actively managing
their financial affairs. They are looking at insurance companies to offer
them a complete solution and, one of the biggest

Challenges facing insurer is to continuously re- evaluate customer

needs and develop products to fulfill this need. ICICI Prudential's
strategy is to remain customer-centric in all that it does. Thereby
constantly evaluating and meetings customer needs. Regular focus
group individual meetings with customers listening to the voice of the
customers etc are all methods that the company implements to ensure
that the customer’s remains central to the ICICI Prudential's being.


The company has a network of about 60,000 advisors; as well as 13

banc-assurance and 150 corporate agent tie-ups. For the past four
years, ICICI Prudential has retained its position as the No. 1 private life
insurer in the country, with a wide range of flexible products that meet
the needs of the Indian customer at every step in life. ICICI, India’s
leading financial services provider with excellent network and reach
into the local Indian Financial market and a proven track record of
more than four decades. Prudential is one of the finest life insurance
companies in the world with a 150-year old heritage in the Life
Insurance Industry.

ICICI Prudential has one of the largest distribution networks amongst

private life insurers in India. The company has distribution agreements

with several corporate agents as well as banks such as ICICI Bank,
Federal Bank and Bank of India. It has also tied up with BASIX, Dhan,
CASPOR, Shepherd and World Vision for distribution of Salaam Zindagi,
a policy for the socially and economically underprivileged sections of
society. Further it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to the customers. Two dynamic
companies, one dynamic joint venture ICICI Prudential Life Insurance
Company Limited.

This partnership brings to clients:

 The latest technology

 A complete and diversified product portfolio

 Fast and accurate service for the customer

 Widespread and effective penetration is ensured through a multi

channel distribution system

 A highly trained and professional sales force ensures high quality

pre and post sales service.

With ICICI Prudential not only offers the best to the clients but also
gives the best to the clients.




Channels Of Distribution

Agents Brokers Banc assurance Others

Most financial services managers would readily acknowledge that their

most important asset is their customer data and yet only a few have
unlocked the value of this great asset. Fewer still have integrated this
data across disparate technology applications. But unlocking and
integrating is key to improving, the customer experience and achieving
reduced channel costs.

Multi-channel distribution should be part of an overall strategic design

to create sustainable competitive advantage by efficiently delivering
value across all internal and eternal touch points. A major prerequisite
is a seamless and real-time interaction between the customer and the
provider who need to solve the interaction of requests from
customer-facing applications.

Independent agents and brokers have long played central roles in

serving policyholders. Traditionally, the value proposition has been
personalized service through local presence. Many insurers rely on
them exclusively to sell and service policies.

Cognizant solutions make the relationship, both with partners and end
customers, frictionless. This is accomplished through a mix of
applications and tools ranging from partner relationship management,
customer relationship management and improved reporting and
analysis. We also build e-business solutions such as on-line market
places and self-service customer and partner information portals. The
benefits include:

• Reduced administrative costs

• Faster-quote processing

• Improved customer service

To transform the agent/broker network Cognizant designs and builds

portals that offer complete information on product offerings and a 360°
of the customer. By seeing the "bill picture." including access to the
complete range of products and services, along with in-depth
background on the customer's history and preferences. agents and
brokers can more effectively cross-sell and up sell their existing
customer bases.


Section 182 of the Indian contract act defines the words "agent" and
"principal" an agent is a person employed to do any act for another or
to represent another in dealing with a third person. The person for
whom such act is done or who is so represented is called the
“principal". In insurance industry the term "Agent" .is ordinarily applied
to a person engaged by the insurer to procure new business.

The rule as to agency is expressed in maxim "Qui facit alium, facit
perse" i.e. one who acts through others acts for himself. Therefore
contracts entered into through an agent, and obligation arising from
acts done by an agent may be enforced in the same manner and will
have the same legal consequences, as if the contracts have been
entered into and the acts done by the principal himself.

Under- section 183 of the act any person who is so the age of majority
according to the law to which he is subject and who is of sound mind
can employ an agent. Section 184 provides that as between the
principal and third person, any person may become an agent. Thus
though a minor may be employed as an agent and the principal would
be bound by his act the minor himself will not be liable to his principal.
No consideration is necessary to create an agency.


An insurance agent has been defined by the insurance act, 1938 as

one who is licensed under that act and is paid in consideration of his
soliciting or procuring insurance business Including business relating to
the continuance renewal or revival of policies of insurance. The L.I.C.
does not authorize its agent to collect premia (except first premium
along with the proposal) or other amount from policyholders. But if the
agent collects such amounts

Remits to the insurers, gets receipts to be handed over back to the

policy holders implied authority can be inferred or constructed. The LIC
stand that LIC’S agents cannot collect renewal premiums has been
upheld by court judgment. Other insurance companies in India may not
follow L.I.C. practice. They may grant more or less authority.


An agent can act only to the extent of authority may be expressed or

implied. An authority is said to be expressed when it is given by words
spoken or written. It is implied when it is to be inferred from the
circumstances of the case.


 Brokers are playing an effective role in distributing the life

insurance products.

 As brokers represent the customer and sell the products of more

than one company. They seek to determine the best fit for the
client and can effectively address the mind-block faced by the
public about the various companies.


It is a part of distribution channel through banks i.e., selling insurance

in banks.

ICICI PRUDENTIAL has banc assurance tie ups with more than 13


 High credibility (as trustworthy care takers of money) with the


 A ready customer base.

 Extensive reach including the rural pockets.



 At present most of the insurance companies have

product information on the web.

 In the Indian market, where insurance is sold after

considerable persuasions even after face to face
selling, the selling over the net, which must be
initiated by client, would take some more time.


• Benefit to proposer.

• Benefit to policyholder(E.C.S.)



 As mobile phones and telephones have become

necessities of life now-a-days. So insurance
companies are tapping this to reach people.

 Mobile services have been used to spread out the

information about the new product. This is one of the
convenient way through which insurance companies

can reach directly to the target customer without any
delay in time.

There can be many other similar channels of distribution for insurance.




1. Have The Best People As Advisors

Adept at spotting the best talent and development ICICI

Prudential recruit people who have the intellect, passion, drive
and energy to make things happen. They treat people like
winners and believe in “custom hiring” essentially to ensure the
right fit is hired for the right role having relevant domain
expertise and competencies.

2. Taking A Personal Interest In Developing Our


They provide significant learning and development conduits to

employees to enhance their domain expertise and leadership
capabilities. To retain high potential, they offer a challenging and
fast paced work environment with accelerated career prospects.

3. Build An Empowered Team

They strive to create an organization where in each employee is

a stakeholder in building and defining the success of the
organization and has the opportunity and flexibility to define
their canvas of roles and responsibilities. They never stop
communicating with their people and continue to seek feedback
on and encourage participation in critical business and people

4. Appropriate Performance Appraisal

To build a meritocratic environment, they have implemented a

robust competency based performance management process
wherein they recognize significant contributions made by their
employees in an objective and transparent manner and on
demonstrated competence levels. Further they also recognize
people who walk the extra mile in living the ICICI Prudential

5. Having A Common Vision And Purpose

They continually endeavor to align their diverse workforce to a

shared purpose and vision, thereby creating a common
organization culture and fabric. This is primarily done through
large-scale interactive processes at the organization and group
level, which primarily focuses on securing employee buy-in on all
critical interventions.



CHANNEL DEVELOPMENT – Recruit best profiles as

an advisor to spread insurance business.


Being an ICICI Prudential Insurance advisor can be one of the most

rewarding careers you will find. It is also hard as an advisor; you
contribute in bringing in new business for the company, offer world-
class pre and post sales services to the clients with the support of the

But an advisor to us means much more than a salesman or a

saleswoman, at ICICI Prudential recognize our advisors as the
ambassadors of our organization in the marketplace and we consider
the advisor force would be our biggest differentiating factor in the
coming years.

That is why, we take a lot of care in recruiting and developing our

advisors force, so that we can maintain our standards of quality in
service and salesmanship.

The competition and the customer awareness have forced the times to
be a knowledge-oriented marketplace. Appreciating the same we strive
to get people with reasonably good graduation background as our
advisors. We also acknowledge and recognize prior sales experience of
the persons, at the time of recruitment.

At ICICI Prudential Life, your hard work pays off in the form of
compensation and recognition.

At ICICI Prudential Life, guiders will provide scientific, methodical and

world-class training in all aspects of insurance sales, product
information as well as selling skills programs. After the initial 100 hours
of pre licensing training there will be regular and structured training at
all level across the sales force.

The success that ICICI Prudential Life celebrates with pride in the
organization and a culture that grooms as well as it demands.

It is a culture that:

 Gives you room to achieve, to grow and to seek new


 Believes opportunities will come from client needs. All we need

to do is be alert as people first and professional later. One good
man says, “The people make the company. The company is the
people. All we are delivering is a piece of paper and a promise. It
is the people who have to believe in it deeply.”

 Seeks to be the most innovative, the most tenacious in the

opening new markets and the most creative in developing new
products and offering state-of-the-art services to clients, brokers
and agents around the world.

 In the new millennium, takes on e-commerce and technology as

high priority, with intensified resources devoted to “the new
economy” and internet-based technology.

An insurance advisor is someone who can provide valuable services to
the community by helping people to attain financial security and build
funds for their future needs; thereby helping them on their way to
financial freedom. You could work at your own pace and pattern –
exploit your skills and efforts and can achieve unlimited growth; in
addition to achieving personal satisfaction that’s pretty hard to find in
a 9-to-5 job, nowadays.

If you are looking for a profession that allows you to value your
independence, turn to ICICI Prudential Life Insurance. Being a life
advisor with us allows you to stay independent, financially as well as in
terms of working hours. It gives you a unique opportunity to positively
change people’s lives by ensuring that they secure their own as well as
their family’s future.


As a life insurance advisor your role would go beyond selling policies.

Your role would be to explain life insurance and its benefits to potential
customers and help them decide which plan suits them best after
analyzing their financial needs. Hence, life insurance offers you with an
opportunity for:

 An exiting / challenging career.

 Flexible working hours.
 Unlimited income.
 Regular incomes for years till the policies sold by you are in
 Work from your own office or residence.
 No start-up capital.
 Be your own boss.

 Be a part of world-class team.




1. Rewarding Career

As an ICICI Prudential Advisor you will help people realize their

dreams by fulfilling their financial goals. The difference you make
to their lives is more rewarding and satisfying than you could
ever imagine.

2. A Successful Team

By joining us, you will be a part of the country’s finest team of

life insurance advisors. ICICI Prudential is on 1st rank amongst the
private life insurance players.

3. Attractive Remuneration

They offer one of the best remuneration systems in the industry

that not only takes care of your current earnings, but also
guarantees an earning for the future. What’s more, you can set
your own income targets with a potential to earn as much as you
want for the rest of your life.

4. Independence

As an insurance advisor, you will be a true entrepreneur. You

have the freedom to be your own boss, work for yourself, choose
your own clients and make your own money. All of this, without
making any initial capital investment.

5. World-Class Training

ICICI Prudential provides you with the best-in-class training

systems, since that is what differentiates ICICI Prudential
advisors’ from the rest. Even if you don’t have previous
experience in selling, their multi dimensional training program
conducted by their qualified in house training personnel, will
make you a specialist in Life Insurance sales. Their training
program is conducted by RNIS College.

6. Commitment To Career Agency System

Their commitment to the Career Agency System means that,

they support you and your efforts not just today, but at every
stage of your business. They believe in encouraging their
advisors to strive towards the highest level of success,
throughout their careers. In fact, depending on your
performance, they offer a management career option with the

7. Infrastructure Support

They have invested in creating a state-of-the-art infrastructure at

each of their offices. You will have access to the necessary tools,

technology and people support that will enable you to build a
profitable long-term business.

8. Complete And Diversified Product Portfolio

You can offer your customers over 400 product combinations of

our unique products and riders, to help them meet all their
financial goals. In order to give you a great competitive edge,
they are also continuously working on newer and more
innovative products.

9. Sales And Marketing Support

They support their Insurance advisors with innovative sales and

marketing tools. The sales, promotion and marketing collaterals
that they provide will help you take your business to new

10. Financial Strength

ICICI Prudential offers you and your customer unmatched

financial strength and solidity. Their paid up capital of Rs ____
crores is higher than the norms stipulated by the regulatory
authority for insurance in India.



As a Life Advisor with ICICI Prudential Life you would enjoy the
following benefits:

1. Enriching Training Program

Intensive training programs before you commence your new

career. This would equip you with all the information and
knowledge about life insurance, its benefits and our products.
This would help you perform your job better and meet your
goals. You would also enjoy the benefits of continuous training
and mentoring programs that are designed to update you, apart
from enhancing your selling skills.

2. Mentoring

Training and support from the Company to meet your goals.

Opportunity to learn from industry professionals.

3. Flexibility

Decide you own working hours and earning goals.

4. Satisfaction

You will help people manage their assets and plan their financial
security, arid experience deep satisfaction from making a
positive difference in others lives. You act as a strategist in
annuities, business insurance, estate planning and personal

investment, providing both short and long term solutions to
financial risks.

5. Freedom

Continue with your present job occupation if you so desire and

treat this as a parallel source of income. This allows you time to
decide if you want to take the job of a Life Advisor as a full time

6. Earnings

Entitlement to a percentage of the premium as commission till

the time the policies sold by you are in force.

7. Attractive Additional Benefits For High-


Palmtops, Planners, Leather portfolio bags, Offsite conferences,

Foreign trips and Sales promotional schemes.

8. Free Bank Account

On becoming Advisor with ICICI Prudential you get a zero balance

account in ICICI Bank.

9. Job Offer

If as an Advisor you are able to get 30 policies within 6 months of

joining, the Advisor is called for a job interview for the post of
Unit Manager.

10. Other Benefits

These are like –

 A free e-mail id.

 Free 100 visiting cards


1. Certificates

These are awarded to top performing advisor for their

contribution to sales of Pension Plans, Unit linked plans and sales
to High Net worth individuals.

2. Banners

The corporate banner was designed for the launch of the

CHURCHGATE branch. It can be used to provide corporate brand
visibility for similar occasions.

3. Backdrop for Exhibition stalls

The backdrop was designed to provide corporate brand visibility

for the exhibition stalls at sakal in Pune. It can be used for
forthcoming personal finance exhibitions that we participate in.




Our successful associates come from a diverse spectrum of disciplines

and academic institutions. Different though they are, however, they
have certain qualities in common.

1. Personal Integrity

We seek people with strong principles of honesty and integrity.

They must be able to live up to the ICICI Prudential India's
tradition of fairness and honorable dealings with our people, our
customers and the suppliers.

2. A Clear Ability To Lead

We want people who can direct and motivate others and

influence their way of thinking. They must show their empathy
and sensitivity in helping other and develop their abilities and

3. A Strong Drive To Achieve

We want people who set demanding, long-term personal goals

and consistently achieve them. They must be persistent in
overcoming obstacles and getting the best results in a
competitive environment.

4. The Ability To Work Well With Others

We want people who can establish effective relationships with
different types of people and can excite and spur them to action.

5. The Ability To Communicate Effectively With


We want people who can organize and express their thoughts

clearly concisely and confidently and are able to sell their ideas
persuasively while at the same time remaining receptive to

6. A Person With High Reliability

We want people who are trustworthy and are accurate besides

being consistent in doing their work.

Besides these we want people who have following qualities:

 The person should be confident and have faith in what he/she is


 They should have a habit of perseverance or be patient.

 They should not have any egos.

 They must be enthusiastic in learning and have up to date

information about:

 The company’s policies.

 Company’s product and as well as that of competition.

 Knowledge about customers.

 Knowledge about yourself


 The major function of the Advisor is to solicit and procure

business for the insurer, which has appointed him as an advisor.

 While proposing a person for insurance, the advisor has to assess

his needs and his paying capacity, make all reasonable enquiries
about the health and habits of the life to be insured and get
proof of his age.

 After the proposal becomes a policy, the agent has to ensure

continuance of the policy through regular payment of renewal
premiums, get nomination or assignment effected and helps in
prompt settlement of claims.


 Insurance is an idea that has to be explained and its usefulness

clarified personally

 Each prospective buyer has special needs and requires

specialized solutions

 Personalized Guidance can be given only when there is a live

interaction with the agent

 The insurer has to assess the risk involved in every proposal for
insurance, for which the necessary information would include
details on personal life styles, habits, family etc. The advisors

who gets to meet the proposer closely, is in a position to provide
some of this valuable information.

During the sales an advisor can follow the famous AIDAS approach:

A  Attention

I  Interest

D  Desire

A  Action

S  Satisfaction



The goal of selection process is to produce a thorough, objective, total

assessment of each candidate's abilities in key areas important for
success at ICICI Prudential. Each applicant is evaluated using these
defined criteria and given the same opportunity to show his or her



 Appear for an interview

 Filled up the Insurance Advisor Application form with a Demand

Draft of 1000/- in the favoring “ICICI” Prudential Life Insurance
Company Ltd" payable at MUMBAI.

 Get selected and go in for the 100-hour mandatory training

either in classroom or on Internet.

 Pass the IRDA licensing examination and company specific



 Acceptable Education Proof

 Acceptable Age Proof

 Acceptable Address Proof

You are ready to become a part of the ICICI Prudential Advisory Family.
Their people are self-driven and passionate about what they are
building. They celebrate hard on their successes and face adversity
with resolve and maturity.

Their leaders and HR teams work closely to evolve careers, and tailor-
make opportunities for you.


ICICI Prudential has certain parameters on which advisors get selected:

 Preferably age is 25 years but candidates between 21 and 25

can also be selected depending on their qualification and

 He/she should be a graduate (preferably MBAs, CAs, CSs are

selected as they have good circles and can bring good business).

 Preference is given to a married person, as they are more

responsible and stable.

 He/she should be living in local area for more than 5 years.

 His/her income should be above 2 lacs.

Out of these factors a person should complete 3 factors to be selected

as Advisor.


 A constantly learning mind, confident in your ability to contribute
and deliver.

 The ability to be part of a performing team.

 Focus on competence and leadership as cores.

 And of course - un-wavering integrity.


 Age 25-60 years old.

 Minimum qualification 12th.

 Good and convincing communication skills.

 Capacity to build an impressive network

 Engaged in gainful business or occupation

 Willing to undergo extensive training and development programs

 Pleasing personality


Different products have different commission structures. For ex. Single

premium products will have a commission of 2%

Simply the commission rate is 7.5% to 35% on premium amount

depending upon the type of product.

Renewal commission is paid at the following rates:

2nd year: 7.5%, 3rd year: 7.5%, 4th year 5%, 5th year: 5% onwards till
the maturity of the policy.


This is next step in recruitment procedure. These formalities are

mandatory under IRDA rules and regulations. These are.

1. Fill life Insurance Advisor Form

2. Documents Required

 7 Passport size Photograph

 Acceptable Age proof

 Acceptable Education Proof

 Acceptable Residence Proof

3. Demand Draft

Deposit a DD of Rs.1000 in the favor of ICICI Prudential Life

Insurance Company Ltd. payable at Mumbai.

4. Training

Training is the most important part of recruitment. 100 hrs

training is compulsory as per IRDA Regulation.

There are 3 modes of training

 Full time

 Part time

 On line

After successful Completion of training an exam is being

conducted and result will be declared on the same day after
giving examination. These are the formalities that are required to
be Insurance advisor.

5. Reporting The Form With DOPS

This is the last step in recruitment procedure, after completing

the formalities i.e. life insurance recruitment form with
completed documents, will be reported to the DOPS.

This is the entire process of recruiting Life Insurance Advisor.





A few words that attempt to capture the essence of tremendous effort

of our Life Advisor.

An effort we recognize and appreciate as the driving force behind our


Among-this motivated force there are those who identified themselves

as being the best. They have shown a level of motivation and
performance that sets standard for others and is the source of
immense pride for the company.

The ICICI PRUDENTIAL felicitates these shining stars for their stellar


 Foreign trips and seminars

 Select club memberships

 President's club

 Achiever's club

 ICICI Prudential Star clubs

 MDRT Membership


Benefits Platinum club Gold club Silver club

Business cards 1000 pcs 800 pcs 500 pcs

Personalized 1000 pcs 800 pcs 500 pcs


Personal Rs 1.5 lacs Rs 1 lacs Rs 75,000

Accident Policy

Certificate of Once a year Once a year Once a year


Memento Worth Rs. 500 Worth Rs. 300 Worth Rs. 150

Sates Worth Rs. 4000 Worth RS. 3,000 Worth Rs. 2000

Business Rs. 10,000 pa Rs. 7,500 pa Rs. 4,000 pa


Office/Technolo Rs 15,000 pa Rs 12,500 pa Rs. 10,000 pa

gy Support

Lunch with Once every 6 Once every 6 Once a year

CEO/EVP months months


It includes:

 Exclusive program for high potential achievers

 Hand picked Advisors

 A fast track career path

 Recognition as "Tiger"

 Continue doing your Business

 Selection Criteria

1. Age 25-40 years

2. At least 1 year in system

3. Case count 2 per month


It includes

 Part time career as a “Trainer”

 Conduct foundation programs

 Share best field practices

 Replicate your business

 Continue doing your business.

 Performance Criteria:

1. Age between 25-45 years

2. At least 6 months in system

3. 2 case count per month


It includes:

 A full time career as a “Unit Manager”

 Growth within ICICI Prudential

 Greater earning potential

 Personal development

 Performance criteria:

1. Age between 25-45 years

2. At least 1 year in system

3. Average 2 case count per month


It includes:

 A full time career as a “Unit Manager”

 Growth within ICICI Prudential

 Greater earning potential

 Personal development

 Performance criteria:

1. Age between 25-45 years

2. At least 6 months in system

3. 30 issuances of advisors within 6 months


It includes:

 Take your business to the next level

 Entrepreneurs, develop your own business

 Recruit new Advisors and make your team

 Increased reach and earning potential

 Performance Criteria

1. At least 1 year in system

2. Minimum 36 policies and 3.6 lacs premium

3. Selection process (assessment center)


Trainer Role Trainer Role

12-18 Month 12-18 Months

Advisor Advisor


Trainer Role
12-18 Months





Any Life Advisor found violating the restrictions listed below is liable to
be terminated from the services of the company.

1. Prohibition Of Rebates

All Life Advisors have to strictly comply with Section 41 of the

Insurance Act 1938 as regards prohibition of rebates to clients.
The following are the extracts from Section 41 of the Insurance
Act 1938

"No person shall allow or offer to allow, either directly or

indirectly, as an inducement to any person to take out or renew
or continue an insurance in respect of any kind relating to lives
or property in India, any rebate of the whole or part of the
commission payable or any rebate of the premium shown on the
policy, nor shall any person taking out or renewing or continuing
a policy accept any rebate, except such rebates as may be
allowed in accordance with the published prospectuses of the

2. Restrictions On Advertisements

A Life Advisor is strictly prohibited from issuing an "insurance

advertisement" which publicizes ICICI Prudential Life Insurance
Company Limited or its products unless, there is an authorization

in writing from the Chief Marketing Officer of ICICI Prudential Life
Insurance Company Limited.

An “insurance advertisement” means and includes any

communication directly or indirectly related to a policy and
intended to result in the eventual sale or solicitation of a policy
from the members of the public, and shall include all forms of
printed and published materials or any material using the print
and or electronic medium for public communication such as:

 Newspapers, magazines and sales talks;

 Billboards, hoardings, panels;

 Radio, television, website, e-mail, portals;

 Representations by intermediaries;

 Leaflets;

 Descriptive literature/ circulars;

 Sales aids flyers;

 Illustrations form letters;

 Telephone solicitations;

 Business cards;

 Videos;

 Faxes; or

 Any other communication with a prospect or a policyholder
that urges him to purchase, renew, increase, retain, or
modify a policy of insurance.

3. Payment Of Premiums

Life Advisors are strictly prohibited from advancing premiums on

behalf of proposers or policyholders.

4. Other Restrictions

No Insurance Agent shall:

 Solicit or procure business without holding a valid license.

 Induce the prospect to omit any material information in the

proposal form.

 Induce the prospect to submit wrong information in the

proposal forms or documents submitted to insurer for
acceptance of the proposal.

 Behave in a discourteous manner with the prospect.

 Interfere with any proposal introduced by any other

insurance agent.

 Offer different rates, advantages, terms and conditions

other than those offered by his insurer.

 Demand or receive a share of proceeds from the

beneficiary under insurance contract.

 Force a policyholder to terminate the existing policy and to
affect a new proposal for him within three years from the
date of such termination.

 Become or remain a director of any insurance company.

 Apply for fresh license to act as an insurance agent, if the

designated person.

 Earlier canceled his license, and a period of five years have

not elapsed from the date of such cancellation.


1. Short Title And Commencement

a) These regulations may be called Insurance Regulatory and

Development Authority (licensing of insurance agents)
regulations, 2000.

b) They shall come into force on the date of their publication

in the official gazette.


(i) In these regulations, unless the context otherwise requires,

(a) Act: means the Insurance Act, 1938

(b) Approved Institution: means an institution engaged

in education and/or training particularly in the area of
insurance sales. Marketing etc.

(c) Authority: means the insurance regulatory and
development authority established under the provisions of
section 3 of the IRDA act, 1999.

(d) Composite Insurance Agent: means an insurance

agent who holds a license to act as an insurance agent for
a life insurer and general insurer.

(e) Corporate Agent: means a person other than an


(f) Designated Person: means an officer normally in

charge of marketing operations, as specified by insurer,
and authorized by the authority to issue or renew licenses
under these regulations.

(g) Examination Body: means an institution, which

conducts pre-recruitment tests for insurance agents and
which is duly recognized by the authority.

(h) License: means a certificate of license to act as an

insurance agent issued under these regulations.

(i) Person: means an individual, a firm or a company

formed under the companies’ act 1956.

(j) Practical Training: includes orientation particularly in

the areas of insurance sales, service and marketing
through training modules as approved by the authority and
has pass the 10th standard or equivalent examination from
recognized board/institution.

(k) Proposal Form: means an application for purchase of an
insurance product that shall be the basis of insurance

(l) Prospect: means a potential purchaser of an insurance


(m) Recognized Board or Institution: means such board or

institution as may be recognized by any state government
or the central government.

(ii) All the words and expressions used here in and not defined but
defined in the Insurance act, 1938 or in the IRDA act, 1999,shall have
the meanings respectively assigned to them in those acts.

3. Issue Or Renewal Of License

a) A person desiring to obtain or renew a license to act as an

insurance agent or a composite insurance agent shall proceed as

 The applicant shall make an application to the designated

person, provided that the applicant, who desires to be a
composite insurance agent, shall make two separate

 Some fees has to be payable by the applicant to the


b) The designated person may, on receipt of the application along
with the evidence of payment of fees to the authority, and on
being satisfied that the applicant:

 Possesses the qualifications as specified.

 Has passed the examination as specified.

 Is capable of providing the necessary service to the


Provided further, a license issued in accordance with this

regulation shall entitle the applicant to act as insurance agent for
one life insure or one general insurer or both, as the case may

c) If the designated person refuses to grant or renew a license

under this regulation, he shall give the reasons therefore to the

d) The designated person shall grant or renew the licence within a

period of 3 months from the date of application.

e) The designated person shall, if the consideration of the

application is likely to get delayed within 60 days of the
receipt of the application, inform the applicant the reasons for
such a delay, and the likely time it would take to do so.

4. Qualifications Of The Applicant

The applicant shall possess the minimum qualification of pass in

12th standard or equivalent examination conducted by any
recognized board/institution, where the applicant resides in a

place with a population of 5 thousand or more as per the last

5. Practical Training

i) The applicant shall have completed from an approved

institution, at least, 10 hours practical training in life or general
insurance business, as the case may be, which may be spread
over 3-4 weeks where such applicant is seeking license for the
first time to act as an insurance agent.

ii) Provided that the applicant shall have completed from an

approved institution at least, 50 hours practical training in life or
general insurance business;.-which may be spread over 6-8
weeks where such applicant is seeking license for the first time
to act as a composite insurance agent.

iii) An applicant who has been granted a license after the

commencement of these regulations, before seeking renewal of
license to act as an insurance agent, shall have completed, at
Ieast25 hours practical training in life or general insurance
business as the case maybe from an approved institution.

iv) Provided that such applicant before seeking renewal of

license to act as a composite insurance agent shall have
completed from an approved institution at least 50 hours
practical training in life or general insurance business.

6. Examination

The applicant shall have passed the pre-recruitment examination
in life or general insurance business or both as the case may be,
conducted by the insurance institute of India, Mumbai or any
other examination body.

7. Fees Payable

i) The fees payable to the authority for issue of license to act as

an insurance agent or a composite insurance agent shall be
rupees 250.

ii) The additional fees payable to the authority, under the

circumstances mentioned in the act, shall be rupees 100.

8. Code Of Conduct

Every person holding a license shall adhere to the code of

conduct specified below:

i) Every insurer agent shall:

(a) Identify him and the insurance company of whom he is

an insurance agent.

(b) Disclose his license to the prospect on the demand.

(c) Disclose the scales of commission in respect of the

insurance product offered for sale, if asked by the

(d) Indicate the premium to be charged by the insurer for

the insurance product offered for sale.

(e) Inform promptly the prospect about the acceptance or
rejection of the proposal by the insurer.

(f) Disseminate the requisite information in respect of

insurance products offered for sale by his insurer and take
into account the needs of the prospect while
recommending a specific insurance plan.

(g) Ex-plain to the prospect the nature of information

required in the proposal form by the insurer, and also the
importance of disclosure of material information in the
purchase of an insurance contract.

(h) Bring to the notice of the insurer any adverse habits or

income inconsistency of the prospect, in the form of a
report (called “Insurance Agent’s Confidential Report”)
along with every proposal submitted to the insurer, and
any material fact that may adversely affect the
underwriting decision of the insurer as regards acceptance
of the proposal, by making all reasonable enquiries about
the prospect.

(i) Obtain the requisite documents at the time of filing the

proposal form with the insurer; and other documents
subsequently asked for by the insurer for completion of the

(j) Render necessary assistance to the policyholders or

claimants or beneficiaries in complying with the
requirements for settlement of claims by the insurer.

(k) Advise every individual policyholder to effect
nomination or assignment or change of address or exercise
of options, as the case may be, and offer necessary
assistance in this behalf, wherever necessary.

ii) Every insurance agent shall. With a view to conserve the

insurance business already procured through him, make every
attempt to ensure remittance of the premiums by the
policyholders within the stipulated time, by giving notice to the
policyholder orally and in writing.

9. Cancellation Of License

The designated person may cancel a license of an insurance

agent, if the insurance agent suffers at any time during the
currency of the license from any of the disqualifications
mentioned in the act, and recover from him the license and the
identity card issued earlier.

10. Issue Of Duplicate License

The authority may issue a duplicate license or replace the license

that is lost, destroyed, or mutilated on payment of a fee of
rupees 50.

11. Non-Application To Existing Insurance Agents

Nothing contained in regulations 4-6 of these regulations shall

apply to the existing agents before the commencement of these


This describes how the training of advisors starts and works.

They have to complete 100 hours training which is mandatory by IRDA.

Week 1

 IRDA prescribed syllabus

 Insurance basics

Week 2

 Advisor support system

 Customer need analysis

 Our insurance solutions

 Your career progression

 Tele calling

Week 3

 Revision

 Mock test



1. Prospecting

It includes:

 Random sampling (market skimming)

 Tele calling

 Existing database

2. Suspecting

It includes:

 Judging people (point of view)

 Making appointments

3. Sales Pitch

It includes:

 Business opportunity presentation (BOP)

 Personal interview/discussion

4. Formalities

It includes:

 Form Filling, demand draft

 Documents (mark sheet, license etc)

 Training

5. Depositing The Form

After fulfilling all the above requirements, deposit the form to the




The problems that basically arise while recruiting life insurance

advisors are:

 Being a private player the company would run away, what about
the security of people's money?

 LIC (life insurance corporation) gives better commission?

 People generally have no time for training that is mandatory by

IRDA? How to find out time from their busy schedule to do

 Sometime people already have agency with some other


These are the major problems associated with recruiting advisors.

Solutions to these are the following:

Solution To First Problem

All life insurance companies are regulated and controlled by IRDA

every insurance company needs to maintain a solvency fund. ICICI
PRUDENTIAL being no. 1 in Pvt. Sector and therefore have the highest
amount of solvency fund among private player.

Solution To Second Problem

No doubt LIC give more commission in 1st year but the cumulative
commission is around 35%(including 5% bonus). In case of private
companies commission paid is around 40%.

Solution To Third Problem

Training is essential for getting license for life insurance advisor-ship.

100 hours training is mandatory by IRDA otherwise license cannot be

In case person is interested but do not have time for regular training as
full time or part time in that case he/she can go for online module.

Otherwise person can take agency in the name of someone else in

their family (for e.g. spouse, children or any other family member) that
person can do training and after getting license anyone in family can
do business.

Last But Not The Least, Solution For Fourth Problem

Person already having agency in that case he/she can take agency in
name of immediate family members. In this way they can have agency
of more than 1 company which will help to provide customers different
products under one roof.



 Get the great exposure to the public at large.

 Learn a lot about insurance sector.

 Importance/necessity of insurance in our lives.

 Gain the convincing capabilities i.e., how to persuade people.

 Gain knowledge about various products of insurance and their


 Know about the company and its work culture.



1. When you hear the word insurance, what comes to your mind

L.I.C. Investment Tax Saver Don’t Know

42% 18% 37% 3%

L.I.C. Investment Tax Saver Don't Know

2. Insurance companies are now privatized?

Yes No Don’t Know

70% 27% 3%

Yes No Don't Know

3. Can you name a few insurance companies?

PSU’s Private Both Don’t Know

32% 28% 38% 2%

PSU's Private Both Don't Know

4. Do you have an insurance policy?

Yes No

82% 18%

Yes No

5. The main aim to buy insurance policies is to

Save tax As investment Both

40% 25% 35%

Save Tax Investment Both

6. Do you plan to buy insurance policy in next 3-4 months?

Yes No Can’t say

43% 25% 32%

Yes No Can't say

7. Would you be willing to buy insurance policy from a private


Yes No Can’t say

28% 42% 30%

Yes No Can't say

8. Do you know which channel of distribution is most popular in

selling insurance?

Advisors Brokers Banc assurance All Don’t Know

30% 17% 9% 43% 1%

Advisors Brokers Banc assurance

All Don't Know

9. How much is the earning of an advisor?

Limited Unlimited Don’t Know

46% 22% 32%

Limited Unlimited Don't Know

10. Do you have any idea about the benefits of an advisor?

Career Progression No Growth Chance No Idea

33% 27% 40%

Limited Unlimited Don't Know

11. Do you currently have an agency for any insurance company?

Yes No

37% 63%

Yes No

12. Would you like to join as an insurance advisor?

Yes No Can’t Say

15% 70% 15%

Yes No Can't say



After the detailed Knowledge of each and every aspect of the project, I
would like to conclude the whole topic

So I Conclude That:

 Most people in rural areas know that private companies are

operating in insurance policies but life insurance is still
synonymous with L.I.C. in urban areas.

 A lot of people are not yet clear about insurance as a financial

instrument. They mostly take it as a tax saving instrument.

 Most of the people are aware about whom is an insurance

advisor but having little knowledge about the benefits to the
advisors and people in detail does also not know their earning.

 As a result of this and a few other problems not many people are
interested in becoming an insurance advisor.


 It is not difficult to find good profiles as Advisor, if Your Approach

is correct.

 While recruiting these persons try to find out the problems,

which they are facing,

 It is difficult to create interest in the people so try to find out

their likings.

 Majority of people are not aware about the Privatization of
Insurance so give them a detailed knowledge about the
companies and their working environments.

At last I would like to conclude that the overall experience was good,
giving good exposure and it was great doing this project because of full
support by the ICIC1 Prudential team.


 Private companies need to advertise more aggressively,

especially in rural areas.

 More education about what insurance really is needs to be


 Legal formalities in becoming an advisor should be minimum.

 Companies should use and promote new channels of distribution.


 BOP – ICICI Prudential

 IC – 02






1. Name:

2. Telephone Number:

3. When you hear the word insurance, what comes to your mind first?
L.I.C. Investment Tax Saver Don’t Know

4. Insurance companies are now privatized?

Yes No Don’t Know

5. Can you name a few insurance companies?

a. e.
b. f.
c. g.
PSU’s Private Both Don’t Know

6. Do you have an insurance policy?

Yes No

7. The main aim to buy insurance policies is to

Save tax As investment Both

8. Do you plan to buy insurance policy in next 3-4 months?

Yes No Can’t say

9. Would you be willing to buy insurance policy from a private


Yes No Can’t say

10. Do you know which channel of distribution is most popular in selling

Advisors Brokers Banc assurance All Don’t Know

11. How much is the earning of an advisor?

Limited Unlimited Don’t Know

12. Do you have any idea about the benefits of an advisor?

Career progression No growth chance No Idea

13. Do you currently have an agency for any insurance company? If yes
Company name:

14. Would you like to join as an insurance advisor?

Yes No Can’t Say

15. Would you like to give any reference?