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It was a great opportunity for me to work with ICICI Prudential, one of the leading companies in Life Insurance in India. I am extremely grateful to those who have shared their expertise and knowledge with me and without whom the completion of this project would have been virtually impossible. Firstly, I express my sincere gratitude and thank to Mr. Kamal Saini (Branch Manager) and Mr. Siddharth Grover (Unit Manager) for whose kindness I had the precious opportunity of attaining training at ICICI Prudential. Under his brilliant untiring guidance I could complete the project being undertaken on the “STUDY OF CUSTOMER’S SATISFACTION LEVEL OF VARIOUS PRODUCTS IN ICICI PRUDENTIAL” successfully in time. I would also like to thank the overwhelming support of all the people specially my colleague Mr. Furquan Sabri who helped me a lot with his suggestions and ideas in the making of this project report. I would also like to thank my faculty of V.C.T.M specially Mr. Razi – ur – Raheem for their constant enthusiastic encouragement and valuable suggestions, without which this project would not been successfully completed. I would also like to thank my parents and rest of my family members for being patient and very supportive always especially during the project study.
12. 5. 9. 10 11. 1. 4. TOPIC NAME EXECUTIVE SUMMARY INTRODUCTION LITERATURE REVIEW RESEARCH OBJECTIVES CORPORATE OBSERVATIONS Company profile Products Usages RESEARCH METHODOLOGY DATA ANALYSIS RESULTS AND FINDINGS CONCLUSIONS LIMITATIONS & CONSTRAINTS BIBLIOGRAPHY APPENDIX (QUESTIONNAIRE ) 6. 8. 2. 4 . 7. 3.CONTENTS CHAPTER NO.
CHAPTER -I EXECUTIVE SUMMARY 5 .
When there arises an uncertainty in life. Insurance plays a very vital role in such circumstances where a person requires safety for his loved ones. as today it not only provides a cushion for life but also as an instrument for investment with handsome returns. Financial sector in India is unexplored and needs to be wisely used by the individual due to uncertainties in this sector. tax shield etc. 6 . flexibility.EXECUTIVE SUMMARY NEED OF THE STUDY Each and every individual needs a support in times of difficulty. Insurance plays a very vital role in human life. need of every individual varies and it is important to understand the need and the requirement of each and every individual to cater the need of the customer. which makes each and every individual to seek for financial help and assistance.
start by roughly adding up how much you spend every month. It doesn't have to be very accurate. To get a rough sense of how much money is needed for your life insurance. if you were not around. you might want to include the cost of college and any other large ticket items you might encounter. you need to find a policy that will meet your needs in case of death without costing you too much. including you mortgage or rent. Then you need to figure out how long you want that money to 7 . if your family could survive without your financial support. it might be less than if you are the only provider in the family.WHAT TO CONSIDER WHEN BUYING LIFE INSURANCE? When buying life insurance. This means you have to determine how much money your spouse or your children might need. you can subtract his or her net earning per month from the total. If you have children. Remember . Then multiply that my 12 for the rough amount you spend every year. Life insurance is just a way to augment that amount and is particularly important if you have young children. heath insurance and so on. It might also not be necessary to get life insurance. food. If your spouse works.you are still leaving them everything you currently own. If your spouse earns money.
you might want to multiply the number by 18 or so. Life insurance can be purchased by individuals. 8 . you will have to start hunting around for quotes to see what you can afford. So if they are 5 and 7 year old. large employers and government employers offer group life insurance at no cost to the employee. They are designed for people with different types on needs and have different cost structures. they can usually do so at reduced rates. Should the employee wish to obtain additional life insurance from the employer's insurance company. There are two main types of life insurance policies . you will have to calculate an additional amount. Once your kids are out of college and working. if the primary wage earner dies in his or her prime. If you think your spouse will need continued support for himself or herself after the children are out of college. the death benefit received from a life insurance policy will assist the surviving family members in overcoming the burden of the tragic loss. they will no longer need your support. Often times.term life insurance and cash value life insurance.People take out life insurance policies for a number of reasons.last. but is also offered as a perk by many employers. For instance.Now that you have the ideal number. Such insurance provides security to family members upon the loss of a loved one.
CHAPTER -2 INTRODUCTION 9 .
Life insurance can be purchased by individuals. For instance. People take out life insurance policies for a number of reasons. if the primary wage earner dies in his or her prime. large employers and government employers offer group life insurance at 10 . 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.INTRODUCTION LIFE INSURANCE Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. but is also offered as a perk by many employers. Such insurance provides security to family members upon the loss of a loved one. the death benefit received from a life insurance policy will assist the surviving family members in overcoming the burden of the tragic loss. Often times. Essentially.
nonsmoker in excellent health will be far less expensive than a similar policy for a 65year-old male smoker. a portion of each premium pays for the insurance and the remainder serves as a tax-free investment. For example. accordingly. health. Similarly. Term life insurance policies begin with low premiums during the initial stages of the policy and these premiums increase steadily as the insured grows older. and term life. A whole life policy sets a premium at the beginning of the policy and that premium does not change over the life of the policy. This cash build-up can be used during the course of the policy or it will simply serve to increase the death benefit in the end. the death benefit will not increase. a sky dive instructor would have to pay much higher premiums for life insurance than would a librarian. 11 . Some of the typical forms of life insurance policies include: whole life. the premium for a 25-year-old. Should the employee wish to obtain additional life insurance from the employer's insurance company. and occupation. There is no cash build-up in a term policy and. This form of insurance allows for a cash build-up during the insured's life. they can usually do so at reduced rates.no cost to the employee. male. Life insurance is available in a number of different forms to fit the tastes of the proposed insured. The cost of life insurance varies depending on such factors as the insured’s age. With whole life and variable life insurance. variable life.
Life insurance can be purchased by individuals. The cost of life insurance varies depending on such factors as the insured’s age. the premium for a 25-year-old. male. Often times. the premium remains the same over the life of the policy. and there should be a cash build-up as long as the various mutual funds selected by the insured perform well. 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.In a variable life product. Should the employee wish to obtain additional life insurance from the employer's insurance company. and occupation. Essentially. For example. if the primary wage earner dies in his or her prime. the death benefit received from a life insurance policy will assist the surviving family members in overcoming the burden of the tragic loss. non- 12 . large employers and government employers offer group life insurance at no cost to the employee. they can usually do so at reduced rates. For instance. Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. but is also offered as a perk by many employers. health. People take out life insurance policies for a number of reasons. Such insurance provides security to family members upon the loss of a loved one.
There is no cash build-up in a term policy and. a portion of each premium pays for the insurance and the remainder serves as a tax-free investment. 13 . Some of the typical forms of life Insurance policies include: whole life. and term life. With whole life and variable life insurance. a sky dive instructor would have to pay much higher premiums for life insurance than would a librarian. Similarly. the death benefit will not increase. A whole life policy sets a premium at the beginning of the policy and that premium does not change over the life of the policy. Life insurance is available in a number of different forms to fit the tastes of the proposed insured. This form of insurance allows for a cash build-up during the insured's life. the premium remains the same over the life of the policy. variable life. Term life insurance policies begin with low premiums during the initial stages of the policy and these premiums increase steadily as the insured grows older. This cash build-up can be used during the course of the policy or it will simply serve to increase the death benefit in the end. accordingly. and there should be a cash build-up as long as the various mutual funds selected by the insured perform well. In a variable life product.smoker in excellent health will be far less expensive than a similar policy for a 65year-old male smoker.
INSURANCE IN INDIA 14 .
Some of the important milestones in the life insurance business in India are: 15 .INSURANCE IN INDIA The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. A BRIEF HISTORY OF THE INSURANCE SECTOR The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
with a capital contribution of Rs. viz. INSURANCE SECTOR REFORMS In 1993. N. headed by former Finance Secretary and RBI Governor R. on the other hand. The General insurance business in India. 16 . 5 crore from the Government of India. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. LIC Act. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. the first general insurance company established in the year 1850 in Calcutta by the British.1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. was formed to evaluate the Indian insurance industry and recommend its future direction. Malhotra Committee.. 1956. can trace its roots to the Triton Insurance Company Ltd. Malhotra. LIC formed by an Act of Parliament.
The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” 17 .
The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’s online service for issue and renewal of licenses to agents. 18 . The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. which are expected to be introduced by early next year.THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products.
087 crores in non-life) during the year 2000-2001.82. 44. non-life Rs. It was also felt that the rapid economic growth witnessed in the 90s cannot be sustained without a thriving insurance sector.66.7735 crores) which has grown to Rs. Insurance sector has 19 . 898 crores in life and Rs. 985 crores (Rs. This is what we have witnessed after the opening up of the sector. If we take the three year block prior to the opening of the sector. 288 crores in life and Rs. This represents an 83% increase in the last three years over the base year 2000-01. we find that the total premium collected in 1997-98 was Rs. While the Public Sector insurance companies made enormous contribution in the spread of awareness about insurance. 10. The gains are obvious for anyone who has been closely monitoring the Indian insurance scene.985 by 2000-2001 representing an increase of 66%. In the private sector 12 life insurance and 6 general insurance companies have been registered.34. 16.127 crores in non-life) compared to Rs.44. The reasons that prompted the government to bring in reform in the insurance sector are well known.27.Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The total premium collected by the insurers both life and non-life in the year 2003-2004 is Rs. and expanded the market. it was recognized that their reach was still limited. 415 crores (Rs.19354 crores.089 crores (life: Rs. the range of products offered restricted and the service to the consumer inadequate.
The Credit for enlarging the market should however. The private sector accounts for nearly 13% of the first year premium market. redrawn its priorities. corporate agents and direct marketing through internet. The Public Sector has. brokers. If there is proper disclosure at 20 . There is also evidence to show that the rate of growth of public sector undertakings had not shown any decline after the entry of the private sector companies. go to the private sector as they came up with an aggressive marketing strategy to establish their presence. in its turn. the only mode of distribution or life insurance products was through agents. The evidence of the enlargement of the market can be seen in various other parameters as well. We have today alternate channels like banc assurance. Till two years ago. revamped their marketing strategy. In addition to the growth of insurance market the other area where there is significant beneficial change with the entry of the private insurance companies is in the area of insurance intermediation.obviously started growing at a rapid pace after the sector was opened up. Though it is too early to predict. All of them are obviously having a share of a larger market. but have also extensive reach and provide a point of contact for the insured. and together the public and private sectors have enlarged the market. Banks have not only data from which they can identify potential clients. banc assurance has the potential to emerge as a significant distribution mechanism. The Bank branch unlike an agent cannot be elusive after the sale of the product and has to respond to the needs of the insured. The market share of the private players has to be seen in the context of this enlarged market.
III LITERATURE REVIEW 21 .the time of sale of policy and efficient post sale service. CHAPTER . there will be significant increase in the use of this model by the insurers to enlarge their business.
premia as percentage of GDP has increased from 2. we shall be happy to have its input in our efforts at petrifaction Indian insurance business. which are in the offering in the market.LITERATURE REVIEW The main objective of this project is to study the customer’s satisfaction level from the various products purchased by them of insurance companies. through various features of the product.40 in 2003.32% in 2000 to 2. which remained under developed with low levels of insurance penetration and insurance density has shown signs of improvement.e. In spite of a predominantly tariff driven market and a discount for placing of business by the insured without any intermediary. The insurance penetration i.88% in 2003. The overall world rankings in terms of total premium volumes have improved from 23rd in 2000 to 19th in 2003 and our 22 . premium per capita has increased from USD 9.e.90 in 2000 to USD 16. the number of applications for licensing of broking companies has increased. These are perhaps the reasons for various agencies evincing interest in broking companies. The insurance density i. We are happy that FICCI has setup a task force on de tariffing. This implies that there is enough business for a large number of brokers for the present and an early start would give them adequate time and opportunity to equip themselves with necessary skills to provide professional services when the market is finally detariffed.
29%. As a result many of the individuals remained underinsured. The world ranking in terms of life insurance premium volumes has improved from 20th in 2000 to 18th in 2003 and the share in world market has increased from 0. Similarly in non life insurance rankings in term of premium volumes has improved from 29th in 2000 to 28th in 2003 and he share of world market has increased from 0.81%. These annual conferences before and after the reforms in the sector have provided useful inputs to the policy makers and the regulatory body and the FICCI deserves appreciation for the professional manner in which these conferences are organized and should be legitimately proud of the contribution made by it in the growth and development of insurance sector.25% to 0. policymakers. It may be recalled that one of the criticisms against the public sector insurers is that they concentrated on sale of policies without looking into the needs of the customers.41% to 0. The average size of the life insurance policy before the opening up of 23 .50% to 0.share in the world market has increased from 0. A significant feature in the post reforms era is the ability of the agency force to assess the requirements of risk cover for their prospect and suggest the policies that suit their individual requirements. and the regulator through the annual conference. The insurance sector was opened up for private participation and FICCI has doing yeoman service to the development of this sector by facilitating exchange of views between the industry.59% during the same period. This has provided a forum to take stock of the developments and discuss the future course of action.
way above the industry average.1 lakhs to Rs.000/-. The policies sold by the private insurers are in the range of Rs.1.2 lakhs.the sector was around Rs.1. CHAPTER – IV RESEARCH OBJECTIVE 24 .50.
RESEARCH OBJECTIVE STUDY OF CUSTOMER’S SATISFACTION LEVEL OF VARIOUS PRODUCTS OFFERED BY ICICI PRUDENTIAL LIFE INSURANCE COMPANY SUB OBJECTIVES • TO STUDY THE PURCHASING INTENTION OF PROSPECTIVE CUSTOMER FOR LIFE INSURANCE PRODUCTS • TO ANALYSE THE POST PURCHASE SATISFACTION LEVEL OF INSURANCE CUSTOMERS OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED. 25 .
CHAPTER .V CORPORATE OBSERVATIONS 26 .
000 polices translating into a premium income of approximately Rs. 1.ICICI Prudential Life Insurance Company HISTORY ICICI Prudential Life Insurance Company Limited is a 74:26 joint venture between ICICI Bank and Prudential plc. 2000 and eighteen days later. 2002. The company brings together the local market expertise and financial strength of ICICI Bank and Prudential’s international life insurance experience. issued its first policy on December 12. From its early days. 23 billion.200 million on a sum assured of over Rs. The company was granted a Certificate of Registration by the IRDA on November 24. a little over a year since its launch. the company had issued 100. 27 . UK. ICICI Prudential seemed to have the wherewithal for a largescale business. By March 31.
pioneering market-linked products and pension plans. the need was to build a brand that was relatable to. From day one. ‘the calling card of the company’. symbolized trust and was easily recognized and understood.When the company began its operations. It launched a corporate campaign using the theme of ‘Sin door’ to epitomize protection. saw the brand awareness scores almost at par with its 40 year old competitor. developing products. The theme of protection was also extended to subsequent product and category specific campaigns – from child plans to retirement solutions – which highlight how the company will be with its customers at every step of life. the company has twelve ‘Banc assurance’ partners – the largest in the country. creating a distribution network and deploying resources that would further its goal. It swiftly revised and added to its initial range of products. Apart from ramping up and thoroughly training its advisors. the company has unflinchingly focused on being a mass-market player. Togetherness and all that is Indian. 28 . The success of the campaign. trust. to offer customers the most flexible life insurance policies in the country. endearing itself to the masses.
1 private life insurer in the country. Today. ICICI Prudential has emerged as the No. ICICI Prudential increased its capital base by Rs. The company has a network of over 50. With the authorized capital of the company standing at Rs. 12 billion. 6. 9. the company garnered Rs 8. The challenge ICICI Prudential now faces is to retain its top-notch position and continue to deliver the finest life insurance and pension solutions to its ever-growing customer base. 500 million.750 million. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. In February 2004.000 policies.6 billion of new business premium for a total sum assured of over Rs 73. In the period April-December 2004. as well as 7 banc assurance tieups. its ninth capital hike.000 advisors.6 billion and wrote nearly 345. ICICI Prudential continues to have the highest capital base amongst all life insurers in the country. 29 .25 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. bringing the total paid-up equity capital to Rs.ICICI Prudential's equity base stands at Rs.
EXPANSION Prudential's current business in Asia is based on the established markets in Hong Kong. Vietnam. and now has licenses for life businesses in Guangzhou. including 29 banc assurance agreements in 11 countries. In addition to wholly owned operations. Prudential Corporation Asia has also successfully diversified its distribution channels. Thailand. Prudential became the first UK Company to establish life business in China. Beijing and Suzhou. with operations in 12 countries and a rapidly expanding mutual fund business. Prudential is now the leading European life insurer in Asia. With the launch of CITIC Prudential Life in 2000. More than 115. In India. Indonesia and the Philippines. Prudential Corporation Asia has formed a number of successful joint venture partnerships. In November 1999 Prudential announced the launch of a new operation in Taiwan. and the acquisition of Young Poong Life in Korea. Product innovations have included the introduction of capital efficient unit- 30 . Malaysia and Singapore and new ventures in China.000 staff and agents develop and sell a range of insurance and investment products tailored to the needs of each local market. this was followed in 2001 with the launch of PCA Life in Japan. where life insurance was nationalized in 1956. Prudential re-entered the market in 1998 through a joint venture with ICICI.
00. First Indian company to be listed on New York Stock Exchange. 31 . 1. and PRU parent. Better than sovereign rating. Hong Kong and Singapore to care for their elderly parents. Broad spectrum of financial solutions for corporate and retail customers.linked life assurance. PARENTAGE (ICICI BANK) One of the largest financial institutions in India. Assets in excess of Rs. designed to help adult children in Malaysia.000 crores.
VALUES Integrity Customer first Boundary Less Ownership Passion 32 . VISION To be the dominant life and pension player built on trust by world class people and service. Trusted by millions of Indians over the years.
000 with a total sum assured in excess of Rs. 4. making it a clear leader in the segment. ICICI Prudential was also short-listed to the final round for its ‘Sindoor’ campaign in EFFIES 2002. 160 billion. The total number of policies issued stands at more than 780. up 135% from last years total premium income of Rs.ACHIEVEMENTS Beginning operations in December 2000. becoming the number one private life insurer within months of launch.5 billion. New business premium income shows a 106% growth at Rs. with branches in 54 cities. To add to its achievements. The company’s retail market share amongst private companies stood at 36%.20 billion. not life’ campaign. in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNielsen ORGMARG). ICICI Prudential’s success has been meteoric. Notably. 33 . 7. it has one of the largest distribution networks amongst private life insurers in India. ICICI Prudential closed the financial year ended March 31. The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work. 9. driven mainly by the company’s range of unique unit-linked policies and pension plans. It was also conferred the ‘Outlook Money – Best Life Insurer’ award for the second year running. 2004 with a total received premium income of Rs.9 billion. Today.
which includes advisors. the campaign rewarded ICICI Prudential with an increased share of 23% of the total pensions market and 78% amongst private players. direct marketing and corporate agents. 34 . The company's penetration of the retirement market was driven by the focused approach towards creating awareness through a sustained campaign: ‘Retire from work. This has been the driving force behind its multi-channel distribution strategy.ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice. Within six months. thus reducing dependency on any one channel. banks. In fact. not life’. ICICI Prudential was the first life insurer to invest in multiple channels and offer the customer choice and access. ICICI Prudential also made great strides in the retirement solutions and pensions market.
which highlights the strong public recognition of Prudential as a caring and listening company. Prudential ICICI Asset Management and ICICI Prudential Life are among the top 50 most trusted services brands in India according to an independent survey by A.1 Company in a list of China’s top five insurance companies with the greatest potential for growth and development at the 2004 World Financial Laboratory Annual Awards.AWARDS CITIC Prudential was voted the No. Prudential Vietnam was awarded the Golden Dragon Prize in 2003 – an annual award honoring the strongest foreign companies in Vietnam. 35 . For the second successive year. Nielsen during 2003.C. This was the second consecutive year that ICICI Pru won this award. ICICI Prudential Life was named ‘Best Life Insurer’ at the Outlook Money Awards 2003-2004. PCA LIFE (Korea) received the Global Marketing Grand Prix (Overseas Company) Award for the successful launch of their PCA Platinum Annuity. At the Yahoo! Emotive Brand Awards 2003-2004 Prudential was voted as one of the most appealing and emotive brands by Hong Kong Internet users.
PCA Securities Investment Trust’s Hi-Tech Fund was recognized by Standard & Poor’s Taiwan Investment Funds Awards 2003 as the Best Performing Fund in the ‘Three-year Taiwan TMT (Technology Media Telecommunication)’ category 36 . the Prudential Singapore “PRUlink Singapore Managed Fund” won the 10-year Special Award for the highest absolute return over 10 years in the Singapore authorized Investment-Linked Products category. At the Investment Fund Awards 2003. PCA Life (Taiwan) was named as one of the five ‘most reputable’ life insurance companies in Taiwan for 2003 by Commonwealth magazine.
Its major competitors are: • • • • • • • Life Insurance Corporation (LIC) HDFC Standard Life Insurance Tata AIG Birla Sun Life ING Vyasa Met Life Aviva 37 . 1 private player in the insurance sector.Market Share of Life Insurance Companies ICICI has been ranked No.
393 262.29 91.62 486.584.894 63.08 482.9 25.342.75 621.28 224.671 111.320 46.214 240.209 35.268 10.141 206.191 614.468 198.03 860.15 56.8 ’09-’10 Policies 228.93 192.673 129.22 374.785.09 19.27.974 83.370 216.01 1.69 281. Cr) 300.468 38 .60.18 167.682 288.Company Tata AIG Om Kotak Birla Sun Life Max New York ING Vysya HDFC Standard MetLife Bajaj Allianz ICICI Prudential SBI Aviva AMP Sanmar Sahara Life LIC Grand Total New Business Premium (Rs.
Life insurance companies’ premium income from new business rose 105 per cent in November to Rs 2,841 crore from Rs 1,386 crore a year ago, according to data compiled by the Insurance Regulatory and Development Authority (IRDA). The growth was mainly on account of a sharp rise in first year premium income of the state-run Life Insurance Corporation (LIC) of India reports Business Standard. Premium income from new business of LIC grew 111 per cent on year in November to Rs 2,111 crore compared with private life insurance companies’ growth of 90 per cent to Rs 730 crore. LIC had a market share of 74.3 per cent in new business premium income in November compared with 72.3 per cent a year ago and 71.8 per cent in October. Market share of private life insurance companies in new business in November stood at 25.7 per cent compared with 27.7 per cent a year ago and 28.2 per cent in October. Among the private life insurance companies, Bajaj Allianz Life Insurance Company returned to its number one position in November after being overtaken by ICICI Prudential Life Insurance Company in the previous month. Bajaj Allianz had a market share of 7 per cent in new business premium income in November compared with ICICI Prudential’s 6.4 per cent. Bajaj had new business premium income of Rs. 198 crore in November, up 350 per cent from a year ago, while ICICI had a new business premium income of Rs 181 crore, up 59 per cent on year. India has 14 life insurance companies, including LIC. 39
The market share of the lone public sector life insurance firm LIC has been declining since the opening up of the sector to private companies in 2000. LIC had a market share of 87 per cent in the number of life insurance policies sold in November. It sold 1.92 million policies in the month compared with 286,010 policies sold by private companies. LIC’s higher market share in the number of policies sold compared with premium income means private life insurers are cornering a larger share of high premium policies. New business premium income of life insurance companies increased 46.4 per cent in the first eight months of 2005-06 (April-March) to Rs 16,604 crore.
The first year premium income of private life insurance companies during AprilNovember grew 85.9 per cent from a year earlier to Rs 4,333 crore, while that of LIC increased 36.2 per cent to Rs 12,271 crore. Life Insurance Corporation of India’s (LIC’s) market share slipped further by almost 4% to 83.3% as private players grew faster to corner greater share of the life insurance business, which stood at Rs 2,305 crore during April-May ‘04. LIC mopped up Rs 1,919 crore in premium income from new businesses during the first two months of this fiscal, according to figures compiled by regulator IRDA.
The state-owned insurer, which had 87% market share last fiscal, witnessed a decline in its share to 83.3% in the first two lean months of ‘04-05. However, in terms of number of policies sold, LIC continues to dominate the Indian life insurance market with about 91% market share after selling 20.3 lakh schemes in April-May. In terms of group insurance schemes, LIC’s market share was at 72.2% after it covered 4.9 lakh lives. Private insurers led by ICICI Prudential Life increased their pie of the cake to 16.7% till May from 13% in ‘03-04. The 12 private players in the country together mopped up Rs 385 crore in premium in the first two months selling over 2 lakh policies. ICICI Prudential Life increased its market share to 5.9% mopping up Rs 136 crore in premium by selling 64,181 policies in initial stage. ICICI Prudential was followed by Birla Sunlife with a market share of 2.6%, Allianz Bajaj (1.6%), Tata AIG (1.5%), HDFC Standard Life (1.4%) and SBI Life (1.2%). Each of the other private players like Aviva, Max New York Life, OM Kotak Life, ING Vysya, AMP Sanmar and MetLife had less than 1% market share but posted high growth in business. In terms of premium collection, ICICI Prudential mopped up Rs 136 crore followed by Birla Sunlife (Rs 60 crore), Allianz Bajaj (Rs 37 crore), Tata AIG (Rs 35 crore), HDFC Standard Life (Rs 33 crore), SBI Life (Rs 27 crore).
42 .9 lakh lives. and thus ensure protection in every step of life. The company’s philosophy has been to help customers understand their financial needs. private players had 27. In terms of group schemes. ICICI Prudential’s product range has been developed on the understanding that different people have their own sets of needs at various stages of their lives.9% of the market covering 1. A strong brand certainly boosts sales. It has thus built a flexible portfolio of products that can be customized to cater to varying needs of people at each life stage.Other players could mop up less than Rs 20 crore in the first two months of this fiscal. PRODUCTS ICICI Prudential’s ultimate promise is financial security. even the best brand would not last long. innovative products. but without customer-friendly.
liquidity and protection through the following: Fixed term of 15 or 20 years 44 . It can be for be your baby's education a few years down the lane or your teenaged children's university education.I.) CASH BACK Be financially prepared for every personal milestone you achieve. Here is a plan to meet your periodic financial requirements with the added benefit of insurance protection. It is a three in one plan that combines savings.
Survival benefit payments at regular intervals Premiums are payable throughout the term of the policy On the death of the life assured. the policy shall be void and the 45 . the beneficiary will get the full sum assured. the guaranteed additions and the vested bonuses. the insurance protection provided under this policy will also cease.000. However. if you decide to terminate the policy after 3 years premiums are paid. A guaranteed surrender value is payable to you. The minimum sum assured you should apply for is Rs. within one year from the date of commencement of the policy. You can opt for one or more of the following riders: Accident and disability benefit Critical illness benefit Major surgical assistance Level term insurance HIGHLIGHTS You can apply if you are 16 years old and no older than 55 years. You can discontinue your policy after premiums are paid for three years. No loans are available under this policy. If the Life assured commits suicide whether sane or insane. 50.
in which premiums are paid throughout the term of the policy. 46 . Single Premium Level Term Insurance.) LIFE GUARD Lifeguard provides protection benefits to you at a low cost. which involves a one-time payment of premium for term 5 to 15 years and Regular Premium Level Term Assurance.premiums paid hereunder will be refunded after deducting the expenses incurred by the Company for the issue of the policy. II. You can choose from 2 options viz. for 5 to 25 years.
on survival to maturity. The minimum sum assured you should apply for is Rs.00. the sum assured will be paid to your beneficiary. You can apply for this policy when you are 18.00. 47 . A guaranteed surrender value is payable to you if you decide to terminate your policy after 3 years premia are paid. There are no maturity benefits in case of the Single Premium Level Term policy.000. you need to pay a minimum premium of Rs. but not after you are 50 years. You can discontinue your policy in the case of Regular Premium Level Term Assurance.10. the insurance protection provided under this policy will also cease. In case of Regular Premium Level Term. The maximum cover-ceasing age is 65 years. 2. the question of discontinuing it does not arise.The focus is on providing protection to your family in the event of your death. In case of the Single Premium Level Term plan. However.400 per annum. HIGHLIGHTS You cannot take a loan under this policy.1. all the premium paid will be returned to you without interest. since your policy immediately becomes fully paid up. Your policy acquires a paid up value after premium are paid for 3 years.000 and the maximum sum assured under all term insurance policies with us is Rs. On death. In case of the Regular Premium Level Term policy.
) LIFETIME Life is about changes.marriage. and death.sickness. You can opt for riders at the time of taking the basic policy at a marginally incremental cost.Riders are the additional benefits that you can add on to your policy. 48 . children. retirement…and some you don’t . believe that life should not have to be about fear of the unexpected and that you should be in control so as to overcome them. You can avail of the Accident & Disability under the Regular Premium Level Term Assurance. A Policy that meets your changing needs over a Lifetime Your need for insurance is important. No bonuses are paid on the riders. This rider is eligible for the tax benefits under Sec 88 when attached to ICICI Prudential Lifeguard. III. ICICI Prudential. To be in total control of life’s situations you need total flexibility. to protect your family but you also have an equal need to invest your money for greater returns. Some you expect . disability.
per month for monthly mode HOW THE PLAN WORKS You can choose a specified level of protection according to your need. ICICI Prudential.per half year for half-yearly mode. Rs 1.500/. disability. Rs 9. Lifetime gives you the flexibility and control in meeting your protection and investment needs. The amount of premium towards death benefit decreases with the increase in the value of the units. to protect your family but you also have an equal need to invest your money for greater returns.a. To be in total control of life’s situations you need total flexibility. for annual mode. With this plan you have the freedom to direct your investment to get the benefit of market linked returns and choose the level of protection.p. A Policy that meets your changing needs over a Lifetime Your need for insurance is important.sickness. children. and death. believe that life should not have to be about fear of the unexpected and that you should be in control so as to overcome them.000/.000/. retirement…and some you don’t . 49 . Entry into the plan will be based on the Unit Value applicable on the date of policy issue. Some you expect – marriage.Life is about changes. And because you’re in charge you can accommodate your changing needs. Part of the premium paid will be used to pay for the death benefit and the rest is invested in plan of your choice. HOW TO START You can open an account with a premium of Rs 18.
The nominee/s will receive the death benefit chosen (less any withdrawals) or value of the units.BENEFITS: Death Benefit: In case of the unfortunate event of death. • • Enjoy tax benefits on the premium paid Top up the investment at the end of the year if its surplus 50 . Balancer (Balanced) and Protector (Income). ADVANTAGES: • Vary the amount of insurance protection vis-à-vis investment while maintaining the same premium • Enhance insurance protection by adding Accident & Disability Benefit. Major Surgical Assistance. Accident Benefit. Withdrawal Benefit: There is no maturity date. your near and dear ones are spared an uncertain future. Critical Illness benefits at a nominal extra premium • • Top up your investment with a lump sum payment at any time Switch between our choice of plans – Maximiser (Growth). whichever is higher. Anytime after 3 years of commencement (provided you have paid premium for 3 full years) you can make withdrawals through partial or complete surrender of units.
Balancer (Balanced) Plan: If you prefer a balance of growth and steady returns choose our Balanced Plan. This is an ideal plan for those who want to accumulate funds 51 . Here you can accumulate a steady income at a low risk across a medium to long term period. you can opt for the Income Plan. to worrying about your daughter's wedding all this while being able to maintain your cozy nest.) SAVE 'N' PROTECT Your list of responsibilities extend from being able to fund your child's higher education. This would ensure that your portfolio is invested in equity and equity-linked securities as well as in fixed income securities. IV.Maximizes (Growth) Plan: If high growth is your priority this is the plan for you. You can enjoy long-term capital appreciation from a portfolio that is invested primarily in equity and equity-related securities. Protector (Income) Plan: If on the other hand your priority is steady returns.
It is a fixed term policy that combines savings with life cover. On the death of the life assured. 52 . the beneficiary will get the sum assured. you will get an extended term insurance cover for five years after the maturity date of the policy for 50% of the sum assured. you can get the full sum assured and guaranteed additions as well as the vested bonuses. You will not have to pay any premium for the same. i.000 and the minimum term is 10 yrs. 20.e. In addition. It is a fixed term plan in which you pay premium regularly during the term. the guaranteed additions and the vested bonuses. The maximum cover-ceasing age is 70 yrs. at the end of the term. You can opt for one or more of the following riders: Accident and death benefit rider Critical illness rider Major surgical assistance Level term insurance HIGHLIGHTS You can apply if you are 15 years old and no older than 60 years. Once the policy matures.on a regular basis while enjoying insurance protection. The minimum sum assured you should apply for is Rs.
In today's world. your biggest concern is that of securing the future of your child. the policy shall be void and the premiums paid hereunder will be refunded after deducting the expenses incurred by the company for the issue of the policy. if you decide to terminate the policy after 3 years premiums are paid. Interest is charged on the amount of loan availed. it is very important to plan for your child’s future.You can avail of a loan under the policy. Your policy acquires a paid up value after premiums are paid for three years. V. with ever increasing competition. to meet your requirements. escalating cost of education and uncertain financial markets. within one year from the date of commencement of the policy.) SMART KID As parents. This will be dependent on the surrender value your policy acquires. If the Life assured commits suicide whether sane or insane. A guaranteed surrender value is payable to you. However. the insurance protection provided under this policy will also cease. 53 .
ELIGIBILITY Parents (between 20-60 years) with children in the age group of 0-12yrs can purchase this policy. the guarantee to live life to its fullest…whatever be the uncertainty.000 Rs.00.25.50.1. Structure 1: At the end of Child's Age % of Sum Assured 20% of SA* 25% of SA* 25% of SA* Amount 11th year of policy 16 years (Term-7) 13th year of policy 18 years (Term-5) 16th year of policy 21 years (Term-2) Rs. It is a plan that provides guaranteed benefits to your child along with life insurance cover.1.1.25.000 Rs. the strength to face challenges.1.000 + Guaranteed+ Guaranteed Additions Additions + Estimated Bonus + Estimated Bonus 54 .Smart Kid is a plan. which gives your child the freedom to pursue their dreams. Smart Kid is so designed that it provides money at all the critical milestones in his/her life whatever be the uncertainties.000 On Maturity 23 years 30% of SA* Rs.
00.00.00.000 14th year of policy 19 years (Term-7) 15th year of 20 years policy (Term-5) 16th year of 21 years policy (Term-2) 17th year of 22 years policy (Term) On Maturity 23 years 20% of SA* Rs.188.8.131.52.00.000 + Guaranteed Additions + Guaranteed Additions + Estimated Bonus + Estimated Bonus 56 .1.000 20% of SA* Rs.1.000 20% of SA* Rs.Structure 2: At the end of Child's Age % of Sum Assured 25% of SA* Amount Rs.000 20% of SA* Rs.
57 .PEST ANALYSIS POLITICAL ENVIRONMENT Government Regulation Working of the insurance companies does not occur in vacuum. IRDA Norms Each and every insurance company has to move according to the prescribed module of the IRDA which guides the company’s activities. Such a control hampers the smooth functioning of the company’s activities. ECONOMICAL ENVIRONMENT IRDA Norms Each and every insurance company has to move according to the prescribed module of the IRDA which guides the company’s activities. For e.g. Insurance company has to keep a minimum time known as free look period to the customer where the customer can cancel his policy. There is a lot of government Regulations which governs.
FDI The use of infusion of foreign investment in the tie-ups and joint venture with that of the Indian companies also effects the economical environment of the bank. 58 . SOCIAL ENVIRONMENT After Sales Services The insurance companies are bound to give some after sales services which are though not mandatory but are still to be performed by the company to be able to survive in the market and to maintain and defend its current market share. Proper Utilization Of Public Resources The money so invested or kept by the customers with the insurance company is the money which belongs to the common people who have deposited their money in good faith and it is company’s duty to keep and maintain the records of the money so used by them for investment or other such purposes. The use of foreign institutions to a limited percentage has an empirical effect as the scope of expansion is limited to some extent only.
59 .TECHNOLOGICAL ENVIRONMENT Online Handling Of Accounts With the launch of the sophisticated technology and the objective of providing benefits to the customers the bank has came up with online handling of the accounts by the customers themselves where a customers are given an account id number and a password with which they can access their accounts at any point of time and view the details of their policies as and when they wish. No Hacking Of Accounts (Security Of Accounts) The main purpose of the highly sophisticated technology is to keep the money of the investors is safe and privacy of each accounts should be maintained.
CHAPTER – VI RESEARCH METHODOLOGY 60 .
RESEARCH METHODOLOGY SAMPLE SIZE Sample size taken by me is 100. Requirements and needs of each and every individual vary. RESEARCH DESIGN The research design taken for the project is descriptive. The reason for selecting ICICI prudential Life Insurance Company out of 13 existing insurance companies is due to the fact of easy availability of database of the current customers of ICICI prudential. Though the sample size taken is less but due to time constraints and the lack of available data of the clients. 61 . Decision makers very often choose or are willing to accept descriptive data. Descriptive research cover research designs that are intended to produce accurate descriptions of variables relevant to the decision being faced. SAMPLING UNIT The sampling unit taken for the project is the current users of the ICICI Prudential Life Insurance Company limited. which should permit only inferences to be drawn about causation. it was made in such a manner that the sample taken should represent the true value of the whole universe.
while secondary data assisted in getting the market growth and the size of the market. SAMPLING AREA Due to the fact that my institute is located in Aligarh and the data available to me was of Aligarh region. The questionnaire was needed to get the first hand information about the perception and the satisfaction level of the customers. TYPES OF QUESTIONNAIRE The questionnaire has blend of both.e.SAMPLING TECHNIQUE The sample technique adopted for the study of the project is Stratified Simple Random Sampling. The customers are generally not able to recall the attributes of the policy and may not have the complete knowledge/information about other company’s product so multiple type of questions was also kept to extract the complete information. open-ended and close-ended questions. the sample area selected for the fulfillment of the project is Aligarh region 62 . data was collected through two modes of data collection i. The reason for selecting such a technique is that this technique matches with the data available to me DATA COLLECTION For the achievement of the objective of the project. through questionnaire and the newspaper and websites.
CHAPTER .VII DATA ANALYSIS 63 .
1 Frequency 41 38 21 100 Percent 41.0 21.0 0-4% 5-10% 10%> Total 50 40 30 t n u o C 20 10 0 0-4% 5-10% 10%> SAVE AND INVEST 64 .SAVE AND INVEST TABLE 7.0 100.0 38.
To create more flow in this sector the IRDA norms also needs to be softening to favor the insurance companies. It indicates that still majority of the people are not investing in the financial products. This sector still requires a lot of investment.The above graph from table 7. 65 .1 shows the purpose for which people invest in insurance policies. The reason for this is that majority of the people are unaware of the various benefits and features of the financial sector.
0 36.2 Frequency 23 36 19 22 100 Percent 23.0 22.0 19.PURPOSE TABLE 7.0 100.0 SAVINGS TAX SHIELD LIFE COVER ANY OTHER Total 40 30 t n u o C 20 10 0 SAVINGS TAX SHIELD LIFE COVER ANY OTHER PURPOSE 66 .
36 % of customers are motivated to buy the insurance products just to get tax benefits.2) shows that majority of insurance products are being purchased to avoid tax.The study (Table 7. 67 . Savings however is the second priority in investor’s mind. It also shows that out of 100 respondents only 19% customers are motivated to purchase this product to give financial assistance to their loved once.
0 7.3 Frequenc y 14 7 8 19 48 52 100 Percent 14.0 HDFC BIRLA SUN LIFE TATA AIG LIC Total System 20 15 t n u o C 10 5 0 HDFC BIRLA SUN LIFE TATA AIG LIC MENTION THE NAME 68 .0 8.0 100.0 48.ANY OTHER COMPANY’S PRODUCT TABLE 7.0 52.0 19.
HDFC Standard Life holds the second position among the current customers of ICICI. however is the least preferred one. Birla Sun Life. The customers prefer LIC due to its long presence in the market and try to associate this company with the government itself.LIC is still number one player in the market and most trusted company among others. 69 .
0 13.0 31.0 3 0 2 0 t n u o C 10 0 H HY IG L ST F D A IS IE ST F D A IS IE N T E IE H R S T F DN R A IS IE O D -S T F D IS A IS IE D S T F D IS A IS IE H HY IG L D S T F D IS A IS IE Q A IT O P O U T U L Y F R D C 70 .0 17.QUALITY OF PRODUCT TAKEN BY ICICI PRUDENTIAL TABLE 7.0 22.4 Frequenc y HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 17 31 22 13 17 100 Percent 17.0 100.
0 4.The existing customers are satisfied with the quality of product given to them by ICICI Prudential and rate the company’s product features as worthwhile.0 27.0 100.0 11. The existing customers are attracted towards this company’s products because they feel the promises made in terms of the features are meeting the need of the investment or purchase of the project.0 46. PROMISES MADE BY SALES MAN TABLE 7.5 Frequenc y HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 12 46 27 11 4 100 Percent 12.0 71 .
72 . Table 7.50 40 30 t n u o C 20 10 0 HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED PROMISES Most of the customers are satisfied with the promises made by the company regarding the product’s features and benefits which is of due importance to the customers.5 shows that the promises made by the sales man while selling the products to the customers are true and were properly met.
6 Frequenc y HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 40 39 31 20 8 2 100 Percent 39.0 20.VALUE ADDED BENEFITS TABLE 7.0 2.0 100.0 31.0 30 t n u o C 20 10 0 HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED VAS 74 .0 8.
switching etc is very much liked by the customers. Table 7. 75 .6 shows that 39% of respondents are highly satisfied with the mode of VAS given by ICICI Prudential. quick information. The percentage of the unsatisfied customers in this category is almost negligible.The quality of Value Added Services like flexibility.
0 100.0 76 .0 9.RETURNS TABLE 7.0 20.7 Frequenc y HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 41 20 22 8 9 100 Percent 41.0 22.0 8.
The level of satisfaction among the customers regarding the returns is high.50 40 30 t n u o C 20 10 0 HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED RETURNS ICICI Prudential has been able to give high returns on its investment cum insurance products which is around 30%. The graph of table 7.7 shows that 41% of the respondents feels the products like ULIP and SMARTKID are giving good returns 77 .
0 33.BRAND IMAGE TABLE 7.0 23.0 100.0 HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 40 30 t n u o C 20 10 0 HIG HLY SATISFIED SATISFIED NIETHER SATISFIED NO R DIS-SATISFIED DISSATISFIED HIG HLY DISSATISFIED BRAND IMAGE 78 .8 Frequenc y 26 33 23 15 3 100 Percent 26.0 15.0 3.
ICICI Prudential as a brand is good enough and the customers try to relate themselves with the brand through the product.0 26.0 16.0 100.0 28. Table 7. AFTER SALES SERVICE INTERACTION TABLE 7.9 Frequenc y HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED Total 10 20 26 16 28 100 Percent 10.0 20.Many customers believed that brand of the company sells its product.0 79 .8 indicates that only 3% of the current customers has a different view that the product’s features and not the brand helps in selling the product of the company.
majority of the customers are dissatisfied with the after sales interaction of the company and feels that the main objective of the employee was to sell the product.30 25 20 t n u o C 15 10 5 0 HIGHLY SATISFIED SATISFIED NIETHER SATISFIED NOR DIS-SATISFIED DISSATISFIED HIGHLY DISSATISFIED AFTER SALES SERVICES Though ICICI prudential is number private player in insurance industry. 80 . More than quarter of the respondents felt that the CRM of ICICI Prudential is poor.
0 100.OVERALL SATISFACTION TABLE 7. more than 65% of the respondents (Table 7.0 34.10 Frequenc y YES NO Total 66 34 100 Percent 66.0 70 60 50 40 t n u o C 30 20 10 0 YES NO SATISFACTION When asked about the overall satisfaction level of the customers from ICICI Prudential. CHANGES NEEDED THE PRODUCTS 81 .10) feel that they are happy and satisfied by using the product of the company on various grounds.
More returns and high flexibility is also the key area of concern for the customers.TABLE 7. The customers feel that there must be more knowledge about the product which should be given to the customers which they are generally unaware off.0 100.0 32. REPEAT PURCHASE IN FUTURE TABLE 7.0 30.0 40 30 HIGH RETURNS MORE KNOWLEDGE FLEXIBILITY LOW MORTALITY RATES Total t n u o C 20 10 0 HIGH RETURNS MORE KNOWLEDGE FLEXIBILITY LOW MORTALITY RATES CHANGES It is clear that the customers want few changes to be made in the products.12 82 .11 Frequenc y 29 32 30 9 100 Percent 29.0 9.
Frequenc 60 y YES NO Total 59 41 100 50 Percent 59.0 41. Graph representing Table 7.12 shows a positive response from the respondents of the current users of ICICI Prudential products.0 100.0 40 t n u o C 30 20 10 0 YES NO REPEAT PURCHASE The overall level of satisfaction among the product users is quite high and 58% of the customers feel that they will definitely purchase the insurance product of ICICI Prudential in near future. 83 .
CHAPTER – VIII RESULTS AND FINDINGS 84 .
mortality charges etc. and how are they moving. high returns. Customers are not aware of their funds are being used by the company. 85 . • It has also been seen that in many cases the customers are lured by the high returns of various products with the objectives of tax shields. savings.RESULTS AND FINDINGS • After the project has been completed it has been found out that ICICI prudential life insurance Company limited is having lots of miss selling in the market. Its products are been sold to the customers by either giving the incomplete information or the wrong projections of the future earnings.
CHAPTER – IX CONCLUSION 86 .
87 . LIC has high penetration rate in terms of targeting the customers. It taps the market in such a way that it has the most number of the customers.CONCLUSION LIC is still number one in the market due to its long presence in the market. it provides the low cost/premium products which attracts the low income group people.
CHAPTER – X LIMITATIONS 88 .
LIMITATIONS • Respondents Were Biased In Giving The Details • Sample Taken Due To Time Constraints Was Not The True Representative Of The Whole Universe • It Was Not Easy To Contact The Customers Due To The Lack Of Complete Data Base Available 89 .
CHAPTER – XI BIBLIOGRAPHY 90 .
E. Kothari C.Published by Pearson Education(Singapore) Pte.com www.indiainfoline.com www. Indian Financial Systema. Research Methodology.com www.valueresearch. Delhi. 2. Second edition 3.bimaonline.irdaindia.com www.com www.iciciprulife.I. Indian Branch. New Delhi.com 91 . 482 F.com www.assureindia. R.com www.com www. IRDA IC-33 WEBSITES www.com www.BIBLIOGRAPHY BOOKS 1.knowledgedigest..insuranceindia. Patparganj. Pathak Bharati V. New Age international publishers.moneycontrol.com www.irda... Ltd.icicionline.
CHAPTER – XII APPENDIX (QUESTIONNAIR) 93 .
PERSONAL DETAILS NAME: …………………………………………………………….. AGE: ………. GENDER: MALE FEMALE
ADDRESS: …………………………………………………………… OCCUPATION: ………………………………………………… TELEPHONE NO: ……………………………………………… INCOME: ………………………………………………………….. Q.1) What percentage of your income has you saved and invested in Insurance policies? 0 > 5% 5-10 % 10% and above
Q.2) What is the purpose of your investment in these instruments/plans? Savings Tax Shield
Life Cover Any other______ Q.3) Beside ICICI prudential life insurance’s products, had you purchased any other company’s products? Yes No
If yes, please specify the name of the Insurance Company HDFC STANDARD TATA AIG BIRLA SUN LIFE ANY OTHER______
Q.4) Please rate the level of satisfaction you had derived from the ICICI Prudential’s plan on following aspects. (1-Highly Satisfied, 2- Somewhat Satisfied, 3-Satisfied, 4-Somewhat Dissatisfied, 5Highly Dissatisfied) Product/Policy details Expectations Sales promises Gentility Process of policy issue Value added benefits Returns Post sales interaction Product range Brand image Grievances handling, if any
Q.5) According to you what are the disadvantages in an insurance plan? Lapsation Liquidity Fixed term Unable to decide your premium Unable to decide the sum assured High risk coverage at high premiums Other disadvantages
Q.6) In which of the following would you like to invest? Equity fund Debt fund Balanced fund Cash fund Mutual fund
Q.7) Which factor do you consider while investing in Life Insurance? Risk & Return Risk & Tax benefit Liquidity & Return Tax benefit Q.8) Repeat purchase in future Yes No
Q.9) Are you satisfied with the existing product/plan of ICICI Prudential that you have purchased? Yes No
Q.10) Do you plan to purchase the same or any other plan from ICICI Prudential in near future? Yes No
Q.11) What changes/additions would you want/like to be made in the plan purchased by you? __________________________________________________________ __________________________________________________________ __________________________________________________________
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