TRAINING REPORT

ON

CONSUMER PERCEPTION TOWARDS ICICI

PRUDENTIAL LIFE INSURANCE

Submitted to:
Satyug Darshan Institute of Engineering and Technology

By:
MANISHA NAGPAL
Batch 2015 – 2018

In Partial Fulfillment of
Bachelor of Business Administration
(IIFSB)

MAHARSHI DAYANAND UNIVERSITY

ROHTAK (HARYANA)
(November, 2016)
 Satyug Darshan Institute of Engineering and Technology
Bhupani Lalpur Road, Village Bhupani
Faridabad - 121002, NCR, Haryana, India

DECLARATION

I, Ms. Manisha Nagpal hereby declare that this summer training

report is the record of authentic work carried out by me during the
period from ---------- to -----and has not been submitted to any other
University or Institute for the award of any degree / diploma etc.
 .

(Signature)
Manisha

Date

BONAFIDE CERTIFICATE

This is to certify that Ms. Manisha Nagpal of Satyug Darshan Institute of

Engineering and Technology has successfully completed the project work
titled CONSUMER PERCEPTION TOWARDS ICICI PRUDENTIAL
LIFE INSURANCE in partial fulfillment of requirement for the completion of
Bachelor in Business Administration (BBA IIFSB) course as prescribed by
the Maharshi Dayanand University, Rohtak, (HARYANA).
This project report is the record of authentic work carried out by him/her during
the period from ------- to -------. He / She has worked under my guidance.

(Signature)
Mr. Paramjeet Singh Ahuja
Assistant Professor, BBA Department
Project Guide (Internal)
Date:

Counter signed by

(Signature)

Mr. Ravi Bakshi

Department Coordinator (BBA Department)
Date:
TABLE OF CONTENT

S.NO PARTICULARS PAGE NO.

1 Introduction to the study

2 Company Profile

3 Research Methodology
 objectives of the Study
 Scope of the Study
 Research Design
 Method of Data Collection
 Limitations of the Study
4 Data Processing & Analysis

5 Findings, Conclusion and Suggestions

6 Bibliography

7 Annexure
.
 CHAPTER:1
INTRODUCTION
WHAT IS INSURANCE ?

Every human wants to protect with him/her with risk and uncertainties. Insurance is
one form of savings where in people try to assure themselves against risk or
uncertainties of future. People can save their either in the form of gold, fixed assests
like property or in banking and insurance.

It is a protection against financial losses arising on the happening of an unexpected

event.Insurance companies collect premium tom provide security purpose. Losses are
paid out of the premium collected from the people and amount collected from the
Trustees. Insurance companies are risk bearers. They underwrite the risk it return for
an insurance premium.The function is to provide protection, prevent losses ,capital
formation etc. Hence we can define the insurance as a tool in which a sum of money
as a premium is paid by insured in consideration of the insurer’s bearing the risk of
paying a large sum.

There are many insurance companies offering a wide range of insurance options to
choose from. Some of the popular insurance are life insurance, health insurance,
automobile insurance and home insuarance. Insurance is used as as effective tool of
risk management as quantified risks of different volumes can be insured.

Several insurances provide comprehensive coverage with affordable premiums.

Premiums are the amount of money that is charged by the insurance companies from
the insurer for a particular insurance policy. These are periodical payment and
insurers have diverse premium options.The periodical insurance premium are
calculated according to the total insurance amount.

These companies are usually identified as stock companies. Insurance is a device for
identifying an individual aginst loss and in the recent past due to natural calamities.
Few insurance companies have suffered financial setback. While selecting an
insurance company,financial strength of the company must be considered,as viability
of the insurance provider is extremely crucial.
The insurance has its origin way back in the days of early civilization when people thought of
evolving a distributive manner of bearing losses whereby the society collectively bears the
loss/damage to one person/family and minimize the adverse effect that loss. There are several
stories where the King provides monetary help to the persons who suffered loss due to natural
calamities and this was nothing but an assurance that the State will look after you at the time
of any adversity and this assurance is a form of insurance where the money collected from
several tax payers has been used to minimize the losses of specific group which suffered loss.
With the passing time the concept of insurance had been refined and lead to the introduction
of documentation to get the assurance of loss bearing for specified purposes.

The history and evolution of Insurance in India

In Indian scenario the roots of Insurance in India has their origin in the era of Sage Manu
(Rishi Manu) and later in Maurya Dynasty in the era of Kautilya ( i.e. Chanakya) who has
written the rules of Arthshastra (Economics). “Manav Dharma Shastra” (Laws of Manu) of
Manu contained rules for “Sea-Form” contracts which were practised for doing international
trade. In Kautilya’s Arthshastra one of the chapters has mentioned about the protection of
State to the people against the any natural calamity, theft or any act of Anti-Social-Elements.
So, in this way India has the origin of Insurance thousands of years back and later it has
evolved in present codified form in the Influence of English Rule which was prevailing all
over the world at one point of time.

Development of Laws of Insurance in India

To understand the Development of Insurance in India we have to look into the development
of Insurance Laws in India, since its a necessity and compulsion on Business Doers to
evolve-conceptualize-amend their policies/strategies in accordance with the Law of the Land
to do hassle-free business.

In the following manner the Indian Insurance Scenario has changed gradually-1938 – This is
the year when a comprehensive Act called The Insurance Act, 1938 has been introduced.

1939 – In this year the Insurance Rules were framed for effectuating the Insurance Act.

1956 – This year has witnessed a huge change in the Indian Insurance Sector since the
Government of India took over all life insurance companies.

1968 – In 1968 The Insurance Act, 1938 was amended to provide for social control,
minimum solvency margin and a Tariff Advisory Committee (TAC) has also been
established.

1972 – This year witnessed the Nationalization of General Insurance Companies and for this
General Insurance Business (Nationalization) Act, 1972 was passed.

1973 – The General Insurance Corporation of India (GIC) came into existence as a
Government Company.
1974 – A year later 107 insurers practising General Insurance business were grouped and
merged to form four subsidiaries of GICs namely – National Insurance Co. Ltd. The New
India Assurance Co. Ltd. The Oriental Insurance Co. Ltd. United India Insurance Co. Ltd.

1991 – The Public Liability Insurance Act 1991 and Public Liability Insurance Rules
1991 were introduced as another milestone in the series of Public Welfare Laws in India.1994
– The Malhotra Committee submitted its report in January 1994 (set up by Govt. in 1993
under Chairmanship of Shri R.N. Malhotra, former Governor of RBI, to examine potential
reforms that could be undertaken in the insurance sector and complement them with reforms
initiated in the other sectors) submitted its report in January 1994 and recommended
establishment of a strong and effective insuranceregulatory authority.

1998 – Insurance Ombudsman Redressal of Public Grievances Rules, 1998 were issued to
provide Consumers a Forum with minimal formalities to get their grievances resolved.

1999 – This year has the great relevance in the history of Indian InsuranceSector since based
on the Malhotra Committee Report the Insurance Regulatory and Development Authority
(IRDA) was established to regulate, promote and ensure orderly growth of the insurance and
reinsurance business in India.

2001 – The year of 2001 brought another transformation in the Insurance Business of India
because in addition to the existing Government insurance companies, Private Sector
Companies were also licensed by IRDA to conduct general insurance business in India.

2002 – General Insurance Business (Nationalization) Amendment Act, 2002 was passed
in which the important amendment was that the subsidiaries of GIC were restructured as
independent companies and GIC was converted into National Re-insurer.

2003 – This year witnessed the introduction of Broker for first time in Indian Insurance
Market to boost up the business in more widened manner.

2015 – The Insurance Laws (Amendment) Act, 2015 was passed to increase the Ceiling
of 26% FDI to 49% and in this manner the Insurance Business in India has been widely
opened for foreign giants of India.

This is the mode by which Indian Insurance Business has transformed and now it is waiting
for the Insurers of the World, with widely opened arms, to come up with better ideas of
Assuring People that yes in all odd situations we are here to protect.
NATURE OF INSURANCE:

1) Risk sharing and risk transfer: Insurance is used for sharing the financial losses
that might occur to an individual or his family on the happening of specified
events. This loss is arising from such events are shared by all the insured in the
form of premium.

2) Risk assessment in advance: Insurance companies are risk bearers. They asses
the risk before insuring to charge the amount of premium.

3) Huge number of insured people:It is essential to insure larger number of people

or property to make cost of insurance less consequently premium would be less.

4) Assists to capital formation: Insurance provide capital to the society.

Accumulative funds are invested in the productive channel.

TYPES OF INSURANCE
 HEALTH INSURANCE

Health insurance is insurance that pays for medical expenses . It is sometimes used
more broadly to include insurance covering disability or long-term nursing or
custodial care needs. It may be provided through a government-sponsored social
insurance program, or from private insurance companies. It may be purchased on a
group basis (e.g., by a firm to cover its employees) or purchased by individual
consumers. In each case, the covered groups or individuals pay premiums or taxes to
help protect themselves from high or unexpected healthcare expenses. Similar
benefits paying for medical expenses may also be provided through social welfare
programs funded by the government. By estimating the overall risk of healthcare
expenses, a routine finance structure (such as a monthly premium or annual tax) can
be developed, ensuring that money is available to pay for the healthcare benefits
specified in the insurance agreement. The benefit is administered by a central
organization such as a government agency, private business, or not-for-profit entity.

Types of Health Insurance

There are two basic types of health insurance:
1. Mediclaim Plans
Mediclaim or hospitalisation plans are the most basic type of health insurance
plans. They cover the cost of treatment when you are admitted in the hospital. The
payout is made on actual expenses incurred in the hospital by submitting original
bills. Most of these plans cover entire family up to a certain limit.
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific life threatening diseases. These
diseases could require prolonged treatment or even change in lifestyle. Unlike
hospitalisation plans, payout is made on Critical Illness cover chosen by the
customer and not on actual expenses incurred in the hospital, thereby giving
flexibility to use the monies for changing lifestyle, medicines and as substitute for
income for the time you could not resume work due to illness. Payout under the
plans is made on diagnosis of the disease for which original medical bills are not
required.
 HOME INSURANCE

Homeowners insurance provides financial protection in the event that your home or its
contents are damaged. It also provides protection if you or a family member are held legally
responsible (liable) for the injuries to others or damage to their property. It's also required by
most mortgage lenders.

There are different types of insurance policies that cover your home. They range from a basic
policy, to those that will provide a much broader ranger of protection. Not all policies and
coverages are available in all states.

What's covered; what's not

Most homeowners insurance policies will cover damage caused by such perils as fire,
windstorms, hail, lightning, theft or vandalism. There are other homeowners policies that
cover additional perils as well. Typically, floods and earthquakes are excluded. It's important
to talk to your agent or Travelers representative to learn what your policy may and may not
cover. And for those perils that are not covered, there may be supplemental insurance you can
purchase.

What most standard homeowners policies provide

 Dwelling coverage. Pays to repair or rebuild your home - including electrical wiring,
plumbing, and heating and air conditioning - if damaged by a covered cause of loss.
It's important to buy enough dwelling coverage to cover the cost to rebuild.
 Other structures coverage. Pays for damages to detached structures like garages,
sheds, fences and cottages on your property.
 Personal property coverage. Reimburses you for the personal items in your home that
may be damaged or destroyed by a covered cause of loss, which could include your
furniture, clothes, sporting goods and electronics.
 Loss of use coverage. Pays your additional housing and living expenses if you must
move out of your home temporarily while it's being restored.
 Liability insurance. Helps protect your assets and cover your defense costs in the
event of a lawsuit because you or your family members are responsible for causing
injuries or damage to other people or their property.
 Additional home coverages. There are a number of additional coverages you can add
on to your homeowners policy to help you meet your insurance needs.
FIRE INSURANCE

Fire insurance was started after marine insurance. Marine insurance was useful only to
persons engaged in some kind of trade. The fire havoc can be experienced by persons of all
walks of life. The Great Fire of London in 1956 destroyed 13,000 houses in four days. This
‘Great Fire’ gave birth to Fire Insurance. Fire insurance is a contract to indemnify the loss
suffered by the insured. This contract does not help in controlling or preventing fire but it is a
promise to compensate the loss.

A fire insurance is an agreement between two parties, i.e., insurer and insured, whereby
insurer undertakes to indemnify the loss suffered by the insured in consideration for his
(insured) paying of certain sum called ‘Premium’.

A fire insurance contact may be defined as ‘an agreement’ whereby one party in return for a
consideration undertakes to indemnify the other party against financial loss which the latter
may sustain by reason of certain subject-matter being damaged or destroyed by fire or other
defined perils up to an agreed amount.

The term ‘fire’ must satisfy two conditions:

a) There must be actual fire or ignition;

(b) The fire should be accidental.

The property must be damaged or burnt by fire. If the property is damaged by heat or smoke
without ignition it will not be covered under the word ‘fire’.

LIFE INSURANCE
 Life insurance is a protection against financial loss that would result from the premature
death of an insured. The named beneficiary receives the proceeds and is thereby
safeguarded from the financial impact of the death of the insured. The death benefit is
paid by a life insurer in consideration for premium payments made by the insured.
A life insurance policy is a contract with an insurance company. In exchange for
premium payments, the insurance company provides a lump-sum payment, known
as a death benefit, to beneficiaries upon the insured's death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life
insurance generally provides protection for a set period of time, while permanent
insurance, such as whole and universal life, provides lifetime coverage. It's important to
note that death benefits from all types of life insurance are generally income tax-free.1

There are many varieties of life insurance. Some of the more common types are discussed
below.

Term life insurance

Term life insurance is designed to provide financial protection for a specific period of time,
such as 10 or 20 years. With traditional term insurance, the premium payment amount
stays the same for the coverage period you select. After that period, policies may offer
continued coverage, usually at a substantially higher premium payment rate. Term life
insurance is generally less expensive than permanent life insurance.

Needs it helps meet: Term life insurance proceeds can be used to replace lost potential
income during working years. This can provide a safety net for your beneficiaries and can
also help ensure the family's financial goals will still be met—goals like paying off a
mortgage, keeping a business running, and paying for college.

It's important to note that, although term life can be used to replace lost potential income,
life insurance benefits are paid at one time in a lump sum, not in regular payments like
paychecks.

Universal life insurance

Universal life insurance is a type of permanent life insurance designed to provide lifetime
coverage. Unlike whole life insurance, universal life insurance policies are flexible and may
allow you to raise or lower your premium payment or coverage amounts throughout your
lifetime. Additionally, due to its lifetime coverage, universal life typically has higher
premium payments than term.

Needs it helps meet: Universal life insurance is most often used as part of a flexible estate
planning strategy to help preserve wealth to be transferred to beneficiaries. Another
common use is long term income replacement, where the need extends beyond working
years. Some universal life insurance product designs focus on providing both death benefit
coverage and building cash value while others focus on providing guaranteed death benefit
coverage.

Whole life insurance

Whole life insurance is a type of permanent life insurance designed to provide lifetime
coverage. Because of the lifetime coverage period, whole life usually has higher premium
payments than term life. Policy premium payments are typically fixed, and, unlike term,
whole life has a cash value, which functions as a savings component and may accumulate
tax-deferred over time.

Needs it helps meet: Whole life can be used as an estate planning tool to help preserve the
wealth you plan to transfer to your beneficiaries.
TOP PRIVATE PLAYERS IN THE FIELD OF INSURANCE
 AVIVA INDIA
 TATA AIG LIFE INSURENCE
 BAJAJ ALLIANCE LIFE INSURANCE
 HDFC STANDARD LIFE INSURANCE COMPANY
 ICICI PRUDENTIAL LIFE INSURANCE
 KOTAK MAHINDERA OLD MUTUAL LIFE INSURANCE
 SBI LIFE INSURANCE COMPANY
 BHARTI AXA LIFE INSURANCE
 PNB METLIFE INDIA INSURANCE COMPANY LIMITED
 IDBI FEDERAL LIFE INSURANCE
 EXIDE LIFE INSURANCE
REGULATORY BODY OF INSURANCE

IRDA - Insurance Regulatory Development and Authority is the statutory,

independent and apex body that governs and supervise the Insurance
Industry in India.

It was constituted by Parliament of India Act after the formal declaration of

Insurance Laws (Amendment) Ordinance 2014, by the President of India
Pranab Mukherjee on December 26,2014.

Establishment:
 IRDA Act was passed upon the recommendations of Malhotra
Committee report (7 Jan,1994), headed by Mr R.N. Malhotra
(Retired Governor, RBI)
 Main Recommendations - Entrance of Private Sector Companies and
Foreign promoters & An independent regulatory authority for Insurance
Sector in India
 In April,2000, it was set up as statutory body, with its headquarters at
New Delhi.
 The headquarters of the agency were shifted to Hyderabad,
Telangana in 2001.

Objectives of IRDA:
 To promote the interest and rights of policy holders.
 To promote and ensure the growth of Insurance Industry.
 To ensure speedy settlement of genuine claims and to prevent frauds
and malpractices.
 To bring transparency and orderly conduct of in financial market.

 Organisational Setup of IRDA:

IRDA is a ten member body consists of :

 One Chairman (For 5 Years & Maximum Age - 60 years )

 Five whole-time Members (For 5 Years and Maximum Age- 62 years)
 Four part-time Members (Not more than 5 years)

 The chairman and members of IRDAI are appointed by Government of

India.

The present Chairman of IRDAI is Mr T.S Vijayan.dealing with

insurance
  Functions And Duties of IRDA:
Section 14 of IRDA Act,1999 lays down the duties and functions of IRDA:

 It issues the registration certificates to insurance companies and

regulates them.
 It protects the interest of policy holders.
 It provides license to insurance intermediaries such as agents and
brokers after specifying the required qualifications and set norms/code
of conduct for them.
 It promotes and regulates the professional organisations related with
insurance business to promote efficiency in insurance sector.
 It regulates and supervise the premium rates and terms of insurance
covers.
 It specifies the conditions and manners, according to which the
insurance companies and other intermediaries have to make their
financial reports.
 It regulates the investment of policyholder's funds by insurance
companies.
 It also ensures the maintenance of solvency margin (company's ability
to pay out claims) by insurance companies.
 CHAPTER:2

COMPANY PROFILE
 COMPANY PROFILE

The Industrial Credit and Investment Corporation of India Limited (ICICI) was
formed in 1955 which is incorporated at the initiative of
t h e W o r l d B a n k , t h e Government of India and representatives of Indian industry,
with the objective of creating a development financial institution for providing
medium-term and long-term project financing to Indian businesses. Mr. A. Ramaswami
Mudaliar elected as the first Chairman of ICICI Limited. ICICI emerges as the major source
of foreign currency loans to Indian industry. Besides funding from the World Bank
and other multi-lateral agencies, ICICI was also among the first Indian companies to
raise funds from international markets.

1. WHAT IS ‘ICICI GROUP’?

We are a part of the renowned IC IC I Group, a diversified universal
banking g r o u p , w i t h a t r a c k r e c o r d o f o v e r 5 0 y e a r s i n a
v a r i e t y o f f i n a n c i a l s e r v i c e s . ICICI was formed in 1955, as a result of the
focused efforts of the World Bank, the Government of India and the representatives of Indian
Industry. Today, ICICI Bank has grown to become India’s second largest bank, with over 24
million customers world wide.It is also the first bank from Asia (excluding Japan) to be listed
on the NYSE.ICICI Bank is a truly global bank, with presence at key locations across the
globe in Bahrain, Bangladesh, Belgium, Canada, China, Dubai, Hong Kong, Indonesia,
Malaysia, Russia, Singapore, South Africa, Sri Lanka, Thailand, UK, USA and Quatar. ICICI
Group’s expertise spans a vast range of financial services, including banking, broking, mutual
funds, insurance, home loans, venture funds and much more. The Group is the largest
consumer credit provider and the biggest private sector, life and general insurer in India.
Expertise across a vast range of products. All blended to bring you seamless financial
solutions that ensure you have the advantage in every financial decision. Wherever
you may be in the world.
STRUCTURE OF ICICI:

OBJECTIVES OF ICICI GROUP TRUST:

We view each client relationship as a “partnership for success”. We regard your financial
needs as our own and aim to achieve your investment goals with you. We put our
best resources behind you to ensure that your investment objectives are more than met.

AGILITY
We seek to deliver superior value to you. We respond quickly and efficiently to
market opportunities, and offer the most apt financial solutions so that you can
reap the best possible reports.

INNOVATION

W e b e l i e v e t h a t t h e c o r n e r s t o n e o f s u c c e s s i n t o d a y’ s c o m p e t i t i v e
e n v i r o n m e n t i s Innovation. We seek newer opportunities constantly, to fulfill
your emerging needs and wants.
 ICICI BANK

ICICI Bank is India's second-largest bank with total assets of Rs. 3,767.00 billion (US$ 96
billion) at December 31, 2007 and profit after tax of Rs. 30.08 billion for the nine
months ended December 31, 2007. ICICI Bank is second amongst all the companies listed
on the Indian stock exchanges in terms of fr ee float market capitalization. The
Bank has a network of about 955 branches and 3,687 ATMs in India and
presence in 18countries. 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 specialised subsidiaries and affiliates in the areas of investment
banking, life and non-life insurance, venture capital and asset management. The Bank
currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites
States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance
Centre and representative offices in United Arab Emirates, China, South Africa,
Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established
branches in Belgium.
IC IC I Bank's equity shares are listed in India on Bombay Stock
E x c h a n g e a n d t h e National Stock Exchange of India Limited and its

A) ICICI PRUDENTIAL AMC AND TRUST:

ICICI Prudential Asset Management Company enjoys the str ong parentage
of prudential , one of UK's largest players in the insurance and fund
management sector sand ICICI bank,a well -known and trusted name in financial
sevices in india.

ICICI Prudential Asset Management Company ,in a span of just over eight years, has
forged a position of pre-eminence in the

Indian Mutual Fund

industry as one of the largest asset management companies in the country with assets
under management of Rs. 37,906.24crore (as of March 31, 2007). The Company
manages a comprehensive range of schemes t o m e e t t h e v a r yi n g i n v e s t m e n t s
n e e d s o f i t s i n v e s t o r s s p r e a d a c r o s s 6 8 c i t i e s i n t h e c o u n t r y.
ICICI SECURITIES – INDIA’S LEADING INVESTMENT BANK

A subsidiary of ICICI Bank - the largest and most recognized private bank in
India – ICICI Securities Ltd is premier Indian Investment Bank, with a dominant position i n
its core segments of its operations - Corporate Finance including
Equity Capital M a r k e t s A d v i s o r y S e r v i c e s , I n s t i t u t i o n a l E q u i t i e s ,
R e t a i l a n d F i n a n c i a l P r o d u c t Distribution With a full-service portfolio, a
roster of blue-chip clients and performance second to none, we have a formidable
reputation within the industry. The Corporate Finance team regularly ranks highest
among the leading capital markets league tables and recently topped the Prime
Database League tables for funds mobilized through equity instruments in the first half
of CY 07.ICICI Securities Inc., the step down wholly owned US subsidiary of the companyis
a member of the National Association of Securities Dealers, Inc. (NASD). As a resultof this
membership, ICICI Securities Inc. can engage in permitted activities i n the
U.S.securities markets. These activities include Dealing in Securities and Corporate
AdvisoryS e r v i c e s i n t h e U n i t e d S t a t e s a n d p r o v i d i n g r e s e a r c h a n d
i n v e s t m e n t a d v i c e t o U S investors.ICICI Securities Inc. is also registered with the
Financial Services Authority, UK (FSA) and the Monetary Authority of Singapore (MAS) to
carry out Corporate AdvisoryServices and Dealing in Securities.
 ICICI VENTURE

ICICI Venture is one of the largest and most successful private equity firms inIndia with
funds under management in excess of USD 2 billion.ICICI Venture, over the years has built
an enviable portfolio of companies across sectorsincluding pharmaceuticals, Information
Technology, media, manufacturing, logistics,textiles, real estate etc thereby building
sustainable value.It has several “firsts” to its credit in the Indian Private Equity industry.
Amongst them areIndia’s first leveraged buyout (Infomedia), the first real estate investment (
Cyber Gateway), the first mezzanine financing for a acquisition (Arch Pharmalabs) and the
first‘royalty-based’ structured deal in Pharma Research & Development (Dr Reddy’s).ICICI
Venture is a subsidiary of ICICI Bank, the largest private sector financial servicesgroup in
India
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED

ICICI Lombard General Insurance Company Limited is a 74:26 joint

venture b e t w e e n I C I C I B a n k L i m i t e d a n d t h e C a n a d a b a s e d $ 2 6 b i l l i o n
F a i r f a x F i n a n c i a l Holdings Limited. ICICI Bank is India's second largest bank,
while Fairfax FinancialHoldings is a diversified financial corporate engaged in
general insurance, reinsurance,insurance claims management and investment
management.Lombard Canada Ltd, a group company of Fairfax Financial property and
casualty insurers. ICICI Lombard General InsuranceCompany received regulatory
approvals to commence general insurance business in August 2001.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY

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 thef i r s t
private sector insurance companies to begin operations in December
2 0 0 0 a f t e r receiving approval from Insurance Regulatory Development Authority
(IRDA).ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,a
premier financial powerhouse, and Prudential plc, a leading international
financialservices group headquartered in the United Kingdom. ICICI Prudential was
amongst thef i r s t p r i v a t e s e c t o r i n s u r a n c e c o m p a n i e s t o b e g i n o p e r a t i o n s i n
D e c e m b e r 2 0 0 0 a f t e r receiving approval from Insurance Regulatory Development
Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on February,
2008)with ICICI Bank and Prudential plc holding 74% and 26% stake
respectively. For thenine months period April 1 to December 31, 2007, the
company garnered new businessw e i g h t e d p r e m i u m o f R s . 4 , 5 8 6 c r o r e a n d
h a s u n d e r w r i t t e n a r o u n d 1 8 l a k h p o l i c i e s during the period. The company has
assets held croreICICI Prudential Life 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(Ind) rating is the highest rating, and is a clear assurance of ICICI
Prudential's ability tomeet its obligations to customers at the time of maturity or claims.For
the past seven years, ICICI Prudential Life has retained its leadership positionin the life
insurance industry with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
VISION

To be the dominant Life, Health and Pensions player built on trust by world-class people and
service. This we hope to achieve by:

 Understanding the needs of customers and offering them superior products

and service.

 Leveraging technology to service customers quickly, efficiently and conveniently

 Developing and implementing superior risk management

a n d i n v e s t m e n t strategies to offer sustainable and stable returns to our
policyholders

 Providing an enabling environment to foster growth and

l e a r n i n g f o r o u r employees

 And above all, building transparency in all our dealingsThe success of the company
will be founded in its unflinching commitment to 5 corevalues ,Integrity, Customer
First, Boundaryless, Ownership and Passion. Each of thevalues describe what the
company stands for, the qualities of our people and the way wework.

VALUES

Every member of the IC IC I Prudential team is committed to 5 core

v a l u e s : Integrity, Customer First, Boundary less, Ownership, and Passion. These
values shineforth in all we do, and have become the keystone of our success.
c) DEPARTMENTS AND BRANCHES OF ICICI
P R U D E N T I A L L I F E INSURANCE COMPANY LIMITED BRANCHES:

ICICI Prudential Life has one of the largest distribution networks amongst privatelife
insurers in India. It has a strong presence across India with over 945 branches
inaddition to 550 micro-offices and an advisor base of 270,000.
ICICI PRUDENTIAL LIFE INSURANCE PRODUCTS

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer -
centric p r o d u c t s t h a t m e e t t h e n e e d s o f c u s t o m e r s a t e v e r y l i f e s t a g e . I t s
p r o d u c t s c a n b e enhanced with up to 4 riders, to create a customized solution for each
policyholder.

Savings & Wealth Creation Solutions

 Save 'n' Protect

is a traditional endowment savings plan that offers life protection along with adequate
returns.

 Cash Back
is an anticipated endowment policy ideal for meeting miles t expenses
like a child's marriage, expenses for a child's higher education
o r purchase of an asset. It is available for terms of 15 and 20 years.

 Life Time Gold & Life Time Plus

are unit-linked plans that offer customers the f l e x i b i l i t y a n d c o n t r o l t o
c u s t o m i z e t h e p o l i c y t o m e e t t h e c h a n g i n g n e e d s a t different life stages.
Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser , Flexi
Growth and Flexi Balanced.

 Life Link 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 Gold

is a limited premium paying plan specially structured for long-term wealth creation.

 Invest Shield Life New

is a unit linked plan that provides premium guarantee on the invested premiums and ensures
that the customer receives only the benefits of fund appreciation without any of the risks of
depreciation.

 Invest Shield Cash back

is a unit linked plan that provides premium guarantee on the invested premiums
along with flexible liquidity options.

 Life Stage RP
is a unique and powerful wealth creation insurance solution, which combines the benefits
of automatic asset allocation and quarterly rebalancing along with increased
protection.
Protection Solutions

 Life Guard
is a protection plan, which offers life cover at low cost. It is available in 3 options - level
term assurance, level term assurance with return of premium & 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.

Education insurance plans

 Education insurance
under the Smart Kid brand provides 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 child's life. Smart Kid plans
are also available in unit-linked form - both single premium and regular premium.

Retirement Solutions

 Forever Life
is a traditional retirement product that offers guaranteed returns for the first 4 years and then
declares bonuses annually.

 Life Time Super Pension

is a regular premium unit linked pension plan that helps one accumulate over the long term
and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life
last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15
years & for life thereafter, joint life, last survivor annuity without return of purchase
price) at the time of retirement.

 Life Link Super Pension

is a single premium unit linked pension plan.

 Immediate Annuity
is a single premium annuity product that guarantees income for life at the time of retirement.
It offers the benefit of 5 pay out options.

 Premier Life Pension

i s a u n i q u e a n d c o n v e n i e n t r e t i r e m e n t s o l u t i o n w i t h a limited premium
paying term of three or five years, to suit professionals and businessmen,
especially those who require more flexibility and customization while planning
their finances.

Health Solutions
  Health Assure Plus:
Health Assure is a regular premium plan which provides l o n g t e r m c o v e r
a g a i n s t 6 c r i t i c a l i l l n e s s e s b y p r o v i d i n g p o l i c yh o l d e r w i t h financial
assistance, irrespective of the actual medical expenses. Health Assure Plus offers
the added advantage of an equivalent life insurance cover.

 Cancer Care:
is a regular premium plan that pays cash benefit on the diagnosis as well as at
different stages in the treatment of various cancer conditions.

 Cancer Care Plus:

is a wellness plan that includes all the benefits of Cancer Care and also provides an additional
benefit of free periodical cancer screenings.

 Diabetes Care:
Diabetes Care is a unique critical illness product specially developed
f o r i n d i v i d u a l s w i t h T yp e 2 d i a b e t e s a n d p r e - d i a b e t e s . I t
m a k e s payments on diagnosis on any of 6 diabetes related critical illnesses, and
also offers a coordinated care approach to managing the condition. Diabetes Care Plus also
offers life cover.

 Diabetes Care Plus:

is a unique insurance policy that provides an additional benefit of life cover for Type
2 diabetics and pre-diabetics

 Hospital Care:
is a fixed benefit plan covering various stages of treatment -
hospitalisation, ICU, procedures & recuperating allowance. It covers a range
of medical conditions (900 surgeries) and has a long term guaranteed coverage upto20 years.

 Crisis Cover :
i s a 3 6 0 - d e g r e e p r o d u c t t h a t w i l l p r o v i d e l o n g - t e r m c o v e r a g e against 35
critical illnesses, total and permanent disability, and death.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.

Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
 CHAPTER:2

RESEARCH METHODOLOGY
NEED OF THE STUDY:

This study helps the company to identify its competitive position among its industrial
competitors by which the company can further improve its performance to enjoy high
reputation among clients.

This study also helps in making necessary changes in the attributes of the insurance cover
offered by the company so that the customers can enjoy the benefits of the insurance cover.

The need for the study also arises to identify and offer additional insurance products
according to the expectations of the customers.

.
 OBJECTIVE OF THE STUDY

1) To examine the awareness among customers towards ICICI prudential life Insurance

2) To know the satisfaction level of customers with ICICI prudential life insurance

3) To identify the expectations of customers towards ICICI prudential life Insurance.

4) To study the needs of customers.

5) To know the opinion regarding benefits provided by ICICI prudential life insurance.

6) To compare ICICI prudential life insurance with competitors.

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 ICICI, 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.

•The result of this research would help the company to have a better understanding about the
consumer’s perception towards life insurance.

•The study helps the company by creating awareness about the consumers of different ages
and income levels.

•The study also enables the company to focus the consumer’s preferences and expectations
on the product which they offer.
 RESEARCH METHODOLOGY

Methodology is a systematic way of solving a problem it includes the research methods for
solving a problem it includes the research methods for solving the problem.

Type of research - Descriptive research

Data source -Primary and Secondary data

Data collection method -Interview and survey

Data collection tools -Questionnaires

Sampling universe -Faridabad

Sample size -100

SAMPLE DESIGN
The target population of the study consists of various customers of insurance companies.
Suitable sample was selected from the given population.

SAMPLE SIZE
After due consultation with the company supervisor as well as with the college guide, also
keeping in mind the requirements of the company for the research, the sample size that was
found to be appropriate for the study was 100.

SAMPLING TECHNIQUE
The sampling technique that adapted to conduct the survey was ‘Convenient Random
Sampling’ and the area of the research was concentrated in the city of Faridabad only. The
survey was conducted by visiting various branches of ICICI bank Insurance branches, and
different places like colleges, corporate offices and respondent’s home etc.
DATA SOURCE
The task of data collection begins after a research problem has been defined. In this study
data was collected through both primary and secondary data source.

PRIMARY DATA
A primary data is a data, which is collected for gathering information first time and to analyse
the problem. In this study the primary data was collected among the consumers using
questionnaire.

SECONDARY DATA
Secondary data consist of information that already exits somewhere, having been collected
for some other purpose. In this study secondary data was collected from company websites,
magazines, brochures and internet as well.

STATISTICAL TOOLS
Simple percentage analysis, ranking method and chi square analysis are the main statistical
tool used for the study.

SIMPLE PERCENTAGE ANALYSIS

Percentage refers of a special king of ratio in making comparison between two or more data
and to describe relationships. Percentage can also be used to compare the relation terms
between two or more sources of data.

𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑟𝑒𝑠𝑝𝑜𝑛𝑑𝑒𝑛𝑡𝑠
Percentage of respondents = * 100
𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑠𝑝𝑜𝑛𝑑𝑒𝑛𝑡𝑠
LIMITATIONS OF THE STUDY:
By working on this project I gained a lot of knowledge over the insurance sector in India. But
there is a certain no. of problems which I faced while working on this project.

These problems can be illustrated as limitation of the study which are as follows:-

 Reliability on the primary sources of data.

 Most of the contents collected were difficult to understand because it was new for me
to work in the field.
 It was tricky and time consuming to understand the mysteries of marketing.
 Response of customer could be biased.
 CHAPTER: 4
DATA ANALYSIS AND INTERPRATATION
Market share of LIC and Private Players:

Market Players Market share in Percentage

Private Players 28.44
LIC 71.56
Total 100

Interpretation:
LIC market share continued to decline in the period up to June 2007, it declined to 71.56%
from 78.23% in the same period last year. On the other hand the market share of the private
players is continuously growing up; it increased to 28.44% from 21.77% in terms of

insurance premium .
Market share of LIC and Private Players up to
June 2007

28.44%

Private Players
LIC

71.56%
What made you invest in ICICI prudential life Insurance?

Sources Percentage

T.V Advertisement 22.1%

Newspapers 30.2%
Company advisors 38.4%
Friends 9.3%
Total 100%

Analysis
Out of 100 respondents. know in the ICICI prudential through T.V. Advertisement 22.1%,
News Paper and Magazines 30.2%, Company Advisors 38.4%, Friends and relatives and
9.3%,
In future which kind of service you are most excepting from ICICI
Prudential life insurance?

Services Percentage
Quick services 49.1
Transperancy 22.4
Convient premium facility 16.3
Quick settlement and insurance 12.2
Total 100

ANALYSIS

Out 100 respondents wants Quick service 49%, Transferency22.4%, convenient premium
facility 16.3%, quick settlement of insurance amount 12.2%.
 Satisfaction towards ICICI Prudential life insurance?

Rankings Percantage
Highly satisfied 34.7
Satisfied 38.9
Moderate 25.3
Dissatisfied 1.1
Total 100

Satisfaction towards ICICI Prudential

50

40

30

20

10
Percent

0
Highly satisf ied Satisf ied Moderate Dis satisf ied

Satisfaction towards ICICI Prudential

Analysis
Out of 100 respondents 34.7% are high satisfied 38.7% are satisfied, 25.3% are moderate
Dis satisfied is 1.1%.
Are you satisfied with the services provided by ICICI prudential Life
insurance plans ?

SATISFY PERCANTAGE
YES 93.1

NO 6.9

Analysis
Out of 100 respondents 93.9% are satisfied with ICICI prudential plans.6.1% not satisfied
with the ICICI Prudential Plans
Rate the service provided by your life insurance advisor?
Quality percantage
Excellent 25.8
Good 49.5
Moderate 18.6
Bad 5.2
Waste 1.0
Total 100

ANALYSIS

Out of the 25.8% of people thinks that they are excellent,49.8% feels good
,18.6% feels moderate,5.6%feels bad and 1.0%feels waste the insurance
services provided to them.
If the people are not satisfied, then the reasons are:

Reasons percantage
Delaying in getting the bonds 37.6
Mismatch in the information 45.9
Delaying in the getting the 16.5
remainders
Total 100

If you are not satisfied ,not satisfied due to

50

40

30

20

10
Percent

0
delay in getting the mis match in the inf delay in getting rem

If you are not satisfied ,not satisfied due to

Analysis
Out of 100 resopondance are Delay in getting bonds 37.6%, Mismatch information is 45.9%,
and Delay in getting reminder is 16.5% .
 Are you aware of benefits in your policy?

Awareness Percantage
Yes 91
No 9
Total 100

Are you aware of benifite in your policy

100

80

60

40

20
Percent

0
yes No

Are you aware of benifite in your policy

Analysis
Out 100 respondents are 91% aware of benefits in policy and 9% are not aware of the
benefits in the policy.
What Factor do you consider while selecting ICICI Prudential life
insurance?
Reasons Percentage
Tax saving 35
Security 34
Returns 17
Charges 8
Others 6
Total 100

tax savings
secuirty
charges
returns
others

INTERPRATATION
Out of 100 respondents,35% took policies for tax savings,34% took for security,17%for
returns ,8%f other reasons.
Do you expect a new life insurance policies from ICICI prudential Life
Insurance?

Opinion Percentage
Yes 80.6
No 19.4
Total 100

Analysis
Out of the 100 respondents 80.6% peoples are except the new plans and 19.4% are not except
the new plans in the ICICI prudential .
 CHAPTER-5
FINIDINGS,SUGGESTIONS AND CONCLUSION
FINDINGS:

The findings that can be drawn from the survey conducted by us can be summarized in the
following way:

 Bank Deposits are the most preferred investment alternative which is available to
people followed by alternatives such as Insurance, Real Estate, Gold and Silver,
Mutual etc.
 Out of 100 respondents know in the ICICI prudential T.V.Advetisement22.1%, News Paper
and Magazines 30.2%, Company Advisors 38.4% Friends and relatives and 9.3% not
responding majority is company advisors.
 Mostly everyone in the society are aware of ICICI Prudential.
 Most of the people are satisfied with the ICICI life insurance plans.
 91% of people are aware about the policies.
 Most of the people wish to buy policies with the ICICI prudential life insurance.
 According to the study company image is to be the highly important criteria which we
consider before taking up a life insurance this is mainly because people expect safety
and security for their money which they invest, followed by the factor Premium which
we pay to the insurer and then Bonus and Interest paid by the company, services etc
 People who belong to different income groups also have different perception
regarding the important criteria concerned with the life insurance.
 According to the survey tax savings is the most important criterion which is excepted
among all the respondents towards their investment alternatives followed by Return,
Brand Name, Tax Benefits, Liquidity and Capital Growth
SUGGESTIONS:
1. Consumer should be aware of company’s profile and returns associated with
insurance.
2. The Financial advisor should be right enough to serve the consumers. The consumer
should also be aware of the advisor or others who is looking after their investments.
3. Company should publish their performance by comparing it with their competitors.
4. Company should adopt strategies to explore that private insurance companies are
Safer and securer than public insurance company like LIC.
5. Middle income people suggest that premium can be collected on monthly basis instead
of twice a year.
6. Company’s reputation is more important because bad impression on image or
brand name is considered while decision making among consumers.
7 .Improve the customer satisfaction level and Provide more facilities to the customers.
8 .Direct door to door interview.
9. The policies and plans should be flexible in nature.
10.The company should also focus on the weaker section and come up with new plans.
CONCLUSION:
After working on this project it’s pleasure to say that it has been most benificial to me
as it gives a lot of knowledge about the insurance sector. This study was understood to know
and examine the various alternatives and preference to the people.In this both primary as well
as secondary data has been collected through internet and primary data has been collected
through the questionnares.

Insurance is a tool by which fatalities of a small number are compensated out of funds
collected from plenteous. Insurance is a safeguard against uncertain events that may occur in
the future. Over the last 5 to 6 years, the ICICI Prudential life insurance company have tripled
investors money than the other competent, this progress leads to increase the company image
and makes a way to lead the total insurance market.

Thus the study also comprise company image is the highly important criteria that
consumers consider before taking up a life insurance. This is mainly because people expect
safety and secure for their money which they invest, followed by the factor Premium which
we pay to the insurer and then Bonus and Interest paid by the company, services etc.
 CHAPTER:6
BIBLIOGRAPHY
 Books & Magazines

 Books & Magazines

 Kothari, C.R, "Research Methodology" Wishwa Prakashan,
Delhi, 2004
 Sawyer, A.G and Howard, David J, Journal of Marketing
Research 1999
 Business World and Business India Magazine
 Varshney, P.N “Banking law and Practice”

 Websites

 http://www.google.co.in/
 http://www.en.wikipedia.org/
 http://www.rbi.org/
 http://www.ekikrat.in/
 http://www.seminarprojects.com/
 http://www.scribd.com/
 http://www.indiatimes.com/
 http://www.wikianswers.com/
http://www.slideshare.net/
CHAPTER:7
ANNEXURES
 QUESTIONNARE

Name:
Sex:
Male ------- Female ------------
1.Do you have an insurance policy?
 Yes
 No

2.What made you invest in ICICI Prudential Life Insurance?

 T.V. Advertisement
 Newspapers
 company
 friend/relatives
3.In future which kind of services you are most expecting from ICICI
prudential Life Insurance?
 quick services
 Transparency
 Convenient Premium facility
 Quick settlement and Insurance

4. At what extent, consumers are satisfied with ICICI Life

insurance co.?
 Highly satisfied
 Satisfied
 Moderate
 Dissatisfied
 5.Are you satisfied with the services provided by the ICICI life
insurance co.
 Yes
 No

6.Rate the services provided by the ICICI Life insurance co.

 Excellent
 Good
 Moderate
 Bad
 Waste
7. Why the people are not satisfied with the ICICI prudential life
Insurance co.?
 Delaying in getting the bonds
 Mismatch the information
 Delaying in the getting the remainder
8. Are you aware about the benefits of your policy?
 Yes
 No
9.Which factor you consider while selecting the ICICI prudential life
insurance co.?
 Tax savings
 Security
 Returns
 Charges
 Other reasons
10.Do you wish to continue with the services with ICICI Prudential
Life insurance co.?
 Yes
 No