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 15-20%
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.

Consumer behavior research is very important aspect to understand what factors influence the
buyer behavior and how they make purchase decisions to satisfy their needs and wants. It is also
most important for implementing the marketing strategies or to use marketing mix. This study is
on Indian consumer behavior is aimed at helping businessmen to get better understanding of the
Indian rural, middle class, higher middle class and rich class market place thus enabling them to
get on selected strategies to effectively reach the consumer. Indian consumers are indifferent in
choosing the mobile handset, because lot of substitutes or competitors is available in the market.
In this modern era mobiles phones have became a basic need of the human beings. Many
companies are launching new mobiles phones day by day with new technology and at a low price
to attract the consumers.

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.

MARKETING FUNCTION
The Marketing function at ICICI Pru covers an array of activities - brand and media
management, channel support, direct marketing and corporate communications. The Brand and
Communications team is in charge of advertising, consumer research, media planning & buying
and Public Relations; that helps develop and nurture ICICI Prudential's corporate identity while
effectively communicating its varied product offerings to the customer. Channel marketing
provides support to the sales force by streamlining the design and development of collaterals and
sales tools across distribution channels. The Direct marketing team was set up to generate high
quality leads for profitable business. The team achieves this through target database acquisition
and communicating customized product information through e-mailers, telemarketing and
innovative direct mailers.

OBJECTIVE OF THE STUDY

For every problem there is a research. As all the researches are based on some and my
study is also based upon some objective and these are as follows.

1. To understand the insurance business and products of ICICI Prudential life insurance co
ltd.

2. To find out the people’s perception about life insurance.

3. To find out whether people were really aware of life insurance.

4. To find out how people think about private life insurance.

5. To find out what respondents expect from life insurance.

6. To understand Consumer buying behavior

7. To come out with conclusion and suggestions based on the analysis and the
Interpretation of data.
SIGNIFICANCE OF THE STUDY

The project is concerned with the “STUDY ON LIFE INSURANCE. This study is very
useful as the financial market become more sophisticated and complex, investor needs a
financial intermediary who provides the required knowledge and professional expertise
on successful investing and 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

RESEARCH METHODOLOGY

Research in common parlance refers to a search for knowledge. One can also define
research as a scientific and systematic search for pertinent information on a specific
topic.

The word research has been derived from French word Researcher means to search.

FRANCIES RUMMER defined “Research: It is a careful inquiry or examination to

discover new information or relationship and to expand or verify existing knowledge.

Research is the solution of the problem, whether created or already generated. When
research is done, some new out come, so that the problem (created or generated) to be
solved.

RESEARCH DESIGN:

Research Design is the conceptual structure within which research is conducted. It

constitutes the blueprint for collection, measurement and analysis of data. The design
used for carrying out this research is Descriptive.

DATA TYPE: In this research the type of data collection is

  Primary data
 Secondary data

DATA SOURCE: The sources of collection of secondary data are:

 Questionnaire
 Books
 Websites
 Magazine
 Brochure

SCOPE OF THE STUDY

This study has a wider scope among the insurance sector. The study which focuses on
various aspects such as competitive position of [COMPANY NAME], strengths and
weaknesses of insurance covers, customer’s perception, etc also holds good for other
companies in the life and non-life insurance segment.

The outcome of the study, which are based on the above aspects can be utilized by the
marketing department of both life and non-life insurance companies.

LIMITATIONS OF THE STUDY

There were certain limitations in undertaking this research work. As it is understood that the
limitations are a part of the project, they have been overshadowed by the benefits of the study.

 The survey conducted may not be considered as comprehensive as only limited

respondents could be contacted because of the time constraint.
 Objectives and the purposes of the study and the questions had to be explained to the
respondents and their responses may be biased.

 Some of the respondents were reluctant to give their responses.

 Only limited sample size had been considered for the study and therefore, the conclusions
drawn based on this may not be a reflection of the entire population.