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“A Study on Marketing Strategy adopted by ICICI Bank with ICICI Prudential in comparison to Reliance Life and ING VYSYA based on promotional tools”
“Marketing Strategy adopted by ICICI Bank with ICICI Prudential in comparison to Reliance Life and ING VYSYA based on promotional tools”
• In project Prudential
I want to find the competent companies of ICICI
• Services of others companies • According to the data collected and analysis I come to know that LIC have more customer acquisition as comparative ICICI Prudential • To find out the entities of respondents and their age of business and turnover they have because on basis of this find out that how that customer is good for ICICI Prudential • Most of the respondents gave preference LIC because they have faith on it • Most of people have already attached with LIC
I have done my Project Report in ICICI bank with ICICI Prudential Life. To fulfill these needs. the management course has a provision for the practical training program. .PREFACE Theoretical knowledge without practical knowledge is of little value. I got ample of opportunities to view overall working and processing of Insurance in ICICI Prudential Life Insurance. In order to achieve the concrete and positive result practical knowledge must be their. In the coming pages an attempt has been made to present a comprehensive report concerning different aspects. I shall be thankful to the university to provide such opportunity so that the students can have the actual feeling of industrial life.
ORGANIZATION.CONTENTS 1) INTRODUCTION TO THE INDUSTRY. AREA 2) COMPANY PROFILE 3) OBJECTIVES OF THE STUDY 4) LITERATURE REVIEW 5) RESEARCH METHODOLOGY a) SAMPLING AND SAMPLING DESIGN b) DATA COLLECTION 6) ANALYSIS OF DATA 7) RESULTS AND FINDINGS 8) RECOMMENDATIONS AND SUGGESTIONS 9) CONCLUSION 10) BIBLIOGRAPHY 11) ANNEXURE .
INTRODUCTION TO THE INDUSTRY .
The term "risk" is used to describe the possibility of adverse results flowing from any occurrence or the accidental happenings. “Insurance is a contract in which a sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a large sum upon a given contingency. due to accidental events. Definitions General definition In the words of John Magee. which produce a monetary loss. “Insurance accumulated contributions of all parties participating in the scheme. include fire.INSURANCE – AN INTRODUCTION Insurance may be described as a social device to ensure protection of economic value of life and other assets.S.” . Any risk contingent upon these. Under the plan of insurance. Insurance is a contract whereby. in return for the payment of premium by the insured. Thus collective bearing of risk is insurance.” Fundamental definition In the words of D. which can be insured against. are made good. The risks.” Contractual definition In the words of justice Tindall. a large number of people associate themselves by sharing risks attached to individuals. death and accidents and burglary. the perils of sea. The losses of an individual are distributed over a group of individuals. the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. Hansell. Insurance is a pool in which a large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few. “Insurance is a plan by themselves which large number of people associate and transfer to the shoulders of all. may be insured against at a premium commensurate with the risk involved. The sharing of risk among large groups of people is the basis of insurance. risks that attach to individuals.
insurable interest. . 2. ♦ The success of insurance business depends on the large number of people insured against similar risk.Insurance is a device to share the financial losses of few among many others. indemnity.Insurance is a device. Provide certainty . but can provide for the losses of risk. ♦ Insurance is a legal contract which is based upon certain principles of insurance which includes utmost good faith. subrogation. ♦ Insurance is a plan.Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. ♦ The insurance is a plan in which the insured transfers his risk on the insurer.Insurance cannot check the happening of the risk. Functions of insurance Primary functions 1. contribution. which helps to change from uncertainty to certainty. Collective bearing of risk . Provide protection . causes proxima. etc.Characteristics of insurance ♦ Sharing of risks ♦ Cooperative device ♦ Payment on happening of a special event ♦ The amount of payment depends on the nature of losses incurred. 4. 3. which spreads the risk and losses of few people among a large number of people. Assessment of risk .
Prevention of losses. The Insured should be benefited by the safety of the property or is prejudiced by its loss. For Insurable Interest to exist there must be Property. Interest. A creditor can also insure the life of his debtor but only to the extent of his loan. by paying small amount of insurance against larger risks and uncertainy.Insurance relives the businessman from security investment. 2. The only relationship recognized by law for this purpose is the one between a husband and wife. Partial Interest is also insurable e. Lack of insurable interest renders the contract null and void. Rights. this must be insured and the Insured should have a legally recognizable relationship thereto. Administrators and executors i. Insurable Interest is a must and only then the insurance contract is enforceable at law. Insurable Interest may arise in the following manner: 1. .e. 2. 3. This is the commonest method whereby Insurable Interest arises. Life or Liability. 4. This principle differentiates a Contract of insurance from wager.g.Insurance cautions businessman and individuals to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions. Small capital to cover large risks . FUNDAMENTALS OF INSURANCE \The fundamental Principles of the Insurance are as follows: ♦ Insurable Interest: Insurable interest means the legal right to insure. Ownership: Absolute ownership entitles the owner to insure the property.Secondary functions 1. a mortgagee. officials appointed by a court of law to take care of a property may also insure the property. Relationship does not automatically constitute insurable interest.
5. If he decides to accept the proposal a premium commensurate with the risk has to be charged. This will be an infringement of the principle of indemnity. he will certainly make a profit and the principle of indemnity will be infringed. These facts influence the judgment of the insurer in deciding about the acceptance or otherwise of the risk and the rate of premium to be charged. However. therefore. the claims are payable under insurance policies if they arise out of events which are proximately caused by the insured perils. . If he recovers his loss under all these insurance. after the insurance claim is settled. ♦ Contribution: An insured may have several insurance on the same subject matter. the insured is allowed to enforce his rights against third parties and to retain whatever damages he receives from them. despite his having several insurance on the subject matter. If. To enable him to take necessary decision in this regard. ♦ Proximate cause: Generally. he will obviously make a profit out of loss. Common Law has. Such facts are known as material facts. An employer can insure his employee under a Personal Accident Policy as he has insurable interest in them. so as to constitute a valid claim. the proximate cause of the event has to be peril covered by the policy. the insurer must have certain facts about the risk offered. if accepted. it may so happen that that the insured may recover his loss under his policy and he may also have rights against third parties. evolved the doctrine of contribution whereby the insured is prevented from recovering more than his loss. ♦ Subrogation: The principle of indemnity seeks to prevent the insured from making profit out of loss. In other words. ♦ Utmost Good Faith: In all General Insurance contracts we know that a property or interest or liability or life is offered for insurance and the insured has to take decisions on the acceptance of the proposal.
Kolkata Hyderabad .
First because it encourages the savings habit. This is the most compelling reason why private sector (and foreign) companies. are urgently required in this vital sector of the economy. . second because it provides a safety net to rural and urban enterprises and productive individuals.DEVELOPMENT OF INSURANCE IN INDIA A thriving insurance sector is of vital importance to every modern economy.95 per cent in India compared to 52. In South Korea.338. The nature of the insurance business is such that the cash inflow of insurance companies is constant while the payout is deferred and contingency related. And perhaps most importantly it generates long-term investible funds for infrastructure building.8 per cent and G-7 average of 9.5 per cent in the UK. the corresponding figure is US$1.2 per cent. Insurance premium in India accounts for a mere 2 per cent of GDP compared to the world average of 7. which will spread the insurance habit in the societal and consumer interest. Insurance premium as a percentage of savings is barely 5. Per capita insurance premium in India is a mere US$ 6. one of the lowest in the world. This characteristic of their business makes insurance companies the biggest investors in longgestation infrastructure development projects in all developed and aspiring nations. in USA it is $ 2250 and in UK it is $1589.
Reaching a faster growth path also implies attracting foreign direct investment inflows of $ 10 Billion every year. PRIVATIZATION: START UP STRATEGY Potential private entrants therefore expect to score in the areas of customer service. up from the current level of $ 3 to $ 3. reforms are essential if the Indian economy is to achieve and sustain a growth rate of 7 to 8 per cent per annum. Critics counter that the benefit will be slim.NEED FOR GLOBAL INTEGRATION Recent economic liberalization started few years ago have started bringing in new investments from global giants and the government was hard pressed to facilitate global integration by lowering trade barriers for the free flow of technology. Additionally. They point out that their entry will mean better products and choice for the customers as foreign banks did until recently. This might seem a logical strategy from the point of view of new players. because new players will concentrate on affluent. Start-up costs-such as those of setting up a conventional distribution network-are large and High end niches offer better returns. speed and flexibility.5 Billion. consumer. urban . intellectual and financial capital. Thus liberalization of insurance creates an environment for the generation of long-term contractual funds for infrastructural investments. However. This may still be an urban market but goes beyond the affluent segment. in the long run 'middle-market' offers the greatest potential as in terms of it is the second largest market in the world.
No one can truly predict or even estimate what the future has in store for him. • • • • Insurance of a person Insurance of property Insurance of interest. Insurance of person Under the preview of this class of insurance the risk associated with human life in general can be covered up to the limit specified. Insurance can never replace or repair a loss. Despite offering the innumerable options and immense scope insurance can be classified into four major categories.CLASSIFICATION OF INSURANCE Life is full of uncertainty. Life offers no guarantee by itself. expect the incidences of death and taxation. Any way he may not be able to lead a normal life again. The lack of security present throughout life can be overcome partially through insurance. The event of his death his dependents will be reimbursed with the full amount that he was insured for. Insurance of liability. The person can insure his or her life and his health against any unplanned contingencies. Or if the insured person meets with the accident or suffers from any illness that cripples him forever he will be compensated with complete sum assured. Trials and tribulations abound in each and every aspect of life . But the monetary value offered by insurance helps in adjusting to new circumstances. .
Insurance of property Everyone posses material value in the form of tangible assets. Since tangible property has a physical shape or consistency it is subject to many risk ranging from fire allied perils to theft and property. Liabilities. share holdings or plane old paper money. But if a person judiciously invest in insurance for his property prior to any unexpected contingency the he will be suitably compensated for his loss as soon as the extend of damage is ascertained. However. Then our insurance policy will be more than sufficient in arranging the funds and court formalities that might ensue aftermath of legal libel. An individual’s lifetime of hard work can be wiped out in a blink of an eye. Insurance of interest Every individual has to discharge certain specific duties. our clients or customers might suffer a loss. Everyone is expected to maintain a standard of conduct but then it is an intrinsic part of human nature to err. a person incurs any liability then has to provide compensation out of his personnel resources. Assets can be in the form of the landed estate or a vehicle. If due to lack of control over his actions or prejudice behavior. In turn we might have to pay those damages for compensation out of our own personal resources. Every one is personally liable for his or her action. Owing to an occasional error or omission committed by us. Legal. if our chosen professional qualifies for insurance of interest. None is infallible and no one will ever be. Insurance of liability Every person has to regulate his actions and behavior so as not to cause injury or damage to other people and their property. . Civil or Criminal can have severe repercussions on social standing and prestige besides the financial status.
nomination by policy holders.Insurance Regulatory and Development Authority (IRDA) ACT. settlement of insurance claim. modify. Insurance Regulatory and Development Authority (IRDA. 1999 lays down the duties. the and re-insurance business. the powers and functions of the Authority shall include – (a) Issue to the applicant a certificate of registration. surrender value of policy and other terms and conditions of contracts of insurance. 1999 As per the section 4 of IRDA Act' 1999. (c) Specifying requisite qualifications. promote and ensure orderly growth of the insurance business (2) Without prejudice to the generality of the provisions contained in sub-section (1). (d) Specifying the code of conduct for surveyors and loss assessors. (all appointed by the Government of India) Duties. withdraw. Powers and Functions of IRDA Section 14 of IRDA Act. renew. powers and functions of IRDA: (1) Subject to the provisions of this Act and any other law for the time being in force. suspend or cancel such registration. code of conduct and practical training for intermediary or insurance intermediaries and agents. five whole-time members. which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of (a) (b) (c) a Chairman. insurable interest. (e) Promoting efficiency in the conduct of insurance business. 1999 Composition of Authority under IRDA Act. four part-time members. . Authority shall have the duty to regulate. (b) protection of the interests of the policy holders in matters concerning assigning of policy.
(l) Adjudication of disputes between insurers and intermediaries or insurance intermediaries. Conducting enquiries and investigations including audit of the insurers. (k) Regulating investment of funds by insurance companies. (j) Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. undertaking inspection of.(f) Promoting and regulating professional organizations connected with the insurance and reinsurance business. (g) Levying fees and other charges for carrying out the purposes of this Act. (n) Specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f). 1938 (4 of 1938). advantages. insurance intermediaries and other organizations connected with the insurance business. . ( I ) control and regulation of the rates. intermediaries. (m) Supervising the functioning of the Tariff Advisory Committee. (h) Calling for information from. terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act.
ICICI Prudential Life Insurance 2. Kotak Old Mutual Life Insurance 7. Max New York Life Insurance 3. HDFC Standard Life 4. Aviva Life Insurance 8. Birla Sun Life 5. 1. Met Life India Insurance . as on 1. The Oriental Insurance Company Limited 2. namely: Life Insurers 1. National Insurance Company Limited Yr: 2000-2001: (From 2nd April '2000 to 31st December'2001) Insurance Industry in the year 2000-2001 had some new entrants in Life insurance as well as in General insurance. The New India Assurance Company Limited.2000. SBI Life Insurance 6.4. Reliance Life Insurance 9. a National Reinsure) GIC had four subsidiary companies.INDIAN INSURANCE INDUSTRY Insurers Insurance industry. 3. comprised mainly two players: the state insurers: Life Insurers Life Insurance Corporation of India (LIC) General Insurers • General Insurance Corporation of India (GIC) (with effect from Dec'2000. these subsidiaries have been de-linked from the parent company and made as independent insurance companies. Tata AIG Life 10. namely (with effect from Dec'2000.
8. ICICI Lombard General Insurance Company Limited.4. LEGISLATION (as on 1. Cholamandalam General Insurance Company Ltd. Bajaj Allianz Life Insurance 12. Bajaj Allianz General Insurance Company Limited 6. Ltd 4.11. Life Insurers transact life insurance business. TATA AIG General Insurance Company Ltd. Reliance General Insurance Company Limited. Royal Sundaram Alliance Insurance Company Limited 2. Sahara Life Insurance General Insurers 1. The primary legislation that deals with insurance business in India is: Insurance Act. 1938. No composites are permitted as per law. INSURANCE BUSINESS Insurance business is divided into four classes: 1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance. IFFCO Tokio General Insurance Co. 5. and Insurance Regulatory & Development Authority Act. 9. 7. ING Vysya Life Insurance 13. Export Credit Guarantee Corporation Ltd. Export Credit Guarantee Corporation Ltd. . 3. General Insurers transact the rest. 1999.2000): Insurance is a federal subject in India.
Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products New products have been launched by life insurers. please visit the websites of life insurers. These include linked-products.4.2000) (for latest information get in touch with the current insurers – website information of insurers is provided at the web page for insurers): Life Insurance Popular Products: Endowment Assurance (Participating) and Money Back (Participating). More than 80% of the life insurance business is from these products. Motor Vehicle insurance is compulsory. General Insurance Fire and Miscellaneous insurance businesses are predominant.INSURANCE PRODUCTS (as on 1. For details. .
COMPANY PROFILE .
and prudential plc. offshore banking units in Bahrain and Singapore.) ICICI Bank is also the largest issuer of credit cards in India. Indonesia. South Africa.014. Russia and the UK (the subsidiary through which the HiSAVE savings brand is operated). the Bank is targeting the NRI (Non-Resident Indian) population in particular. (These data are dynamic.29% increase in total income to Rs.793.. venture capital and asset management. as well as some 24 million customers (at the end of July 2007). 37.58 billion for the year ended March 31. and its ADRs on the New York Stock Exchange (NYSE).21 crore on a 1.01 billion (US$ 75 billion) at March 31. ICICI Life Insurance Company is a joint venture between ICICI Bank.712. ICICI Bank now has wholly-owned subsidiaries.15% rise in net profit to Rs. The Bank also has a network of 1. branches in Belgium. a premier financial powerhouse.721 ATMs in India and presence in 18 countries. This includes wholly owned subsidiaries in Canada. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and specialised subsidiaries and affiliates in the areas of investment banking. Hong Kong and Sri Lanka. Mumbai and the National Stock Exchange of India Limited. ICICI Bank has got its equity shares listed on the stock exchanges at Kolkata and Vadodara. ICICI Prudential was amongst the first private sector Insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). an advisory branch in Dubai. the United Arab Emirates and USA. The bank's current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007. a leading international financial services group headquartered in the United Kingdom. .449 branches and about 4.COMPANY PROFILE ICICI Bank (BSE: ICICI) (formerly Industrial Credit and Investment Corporation of India) is India's largest private sector bank by market capitalisation and second largest overall in terms of assets. The Bank is expanding in overseas markets and has the largest international balance sheet among Indian banks. 3. including an offshore unit in Mumbai. 9. 2009.31 crore in Q2 September 2008 over Q2 September 2007. Overseas. branches and representatives offices in 18 countries. Thailand. Malaysia. life and non-life insurance. Bank has total assets of Rs. 2009 and profit after tax Rs. ICICI reported a 1. and representative offices in Bangladesh.. China. 1.
2325 ATMs.ICICI Prudential’s capital stands at Rs.18. ICICI Prudential has retained its position as the No. The bank services a growing customer base through a multichannel access network which includes over 635 branches and extension counters.2823.13000 crore. For the period April. credit and debit cards. all regional rural banks sponsored by Bank of India.2. This includes mortgages. ICICI Bank provides a broad spectrum of financial services to individuals and companies. South Indian Bank. and is a clear assurance of ICICI Prudential’s ability to meet its obligations to customers at the time of maturity or claims. The AAA (Ind) rating is the highest rating.1 million policies. It has also tied-up with NGO’s. Lord Krishna Bank. . Bank of India. 2006 it had commenced operations in over 360 cities and towns in India. DISTRIBUTION ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. MFIs and corporates for the distribution of rural policies. and Jammu in the north to Trivandrum in the south. As of December 31. PROMOTERS ICICI Bank ICICI Bank is India’s second largest bank and largest private sector bank with assets of Rs. 2006. call centers and internet banking. stretching from Bhuj in the west to Guwahati in the east. The company has assets held to the tune of over Rs. and had over 175.15 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. having tie-ups with ICICI Bank. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial strength rating of AAA (Ind) from Fitch ratings. the company garnered new business weighted premium of over of Rs.72 billion as on September 30. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. The company has 18 bancassurance partners.000 advisors. corporate and agricultural finance. as well as some co-operative banks. For the past six years. car and personal loans.1 private life insurer in the country. 302 crore and wrote over 1.December 2006. Federal Bank.
mutual funds. Prudential has brought to market an integrated range of financial services products that now includes life assurance. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders. provides retail financial services products and services to more than 21 million customers. These values shine forth in all they do. the US and Asia. Japan. Singapore. This can be achieved by:• • • • Understanding the needs of customers and offering them superior products and service. Providing an enabling environment to foster growth and learning for our employees. Prudential Plc. and have become the keystones of their success. Hong Kong. Customer First. Indonesia.Integrity. Ownership.PRUDENTIAL Plc Established in London 1848. efficiently and conveniently. VISION To make ICICI Prudential the dominant life and Pensions player built on trust by world-class people and service. India. VALUES Every member of ICICI Prudential team is committed to 5 core values: . banking. Boundaryless. The Philippines. Leveraging technology to service customers quickly. pensions. through its businesses in the UK and Europe. Malaysia. Taiwan. Prudential is the leading European life insurance company with a vast network of 23 life and mutual fund operations in 12 countries. investment management and general insurance. IN Asia. .China. Korea. policyholder and unitholders worldwide. Thailand and Vietnam. and Passion.
customer-centric products that meet the needs of customers at every life stage.V. Managing Director Mr. K. Executive Director Mr.S.BOARD OF DIRECTORS The ICICI Prudential Life Insurance Company limited board comprises reputed people from the finance industry both from India and Abroad. Barry Stowe Mrs. Save ‘n’ Protect 3.Kamath. Bhargav Dasgupta.Kannan. Life Link Super 5. Chairman Mr. Kalpana Morparia Ms. SAVINGS & WEALTH CREATION PRODUCTS 1. Mr. Its products can be enhanced with upto 4 riders. Cash Bak 2. to create a customized solution for each policyholder. Premier Life Gold CHILD PLANS Education Insurance under Smart kid . Shikha Sharma. N. Executive Director PRODUCTS OF ICICI PRUDENTIAL ICICI Prudential Life Insurance offers a range of innovative. Life Time Super & Life Time Plus 4.
Income Benefit 4. Diabetes Care GROUP INSURANCE SOLUTIONS 1. Forever Life Lifetime Super Pension LifeLink Super Pension Immediate Annuity HEALTH SOLUTIONS 1. 3. Group Superannuation Plan 3. Group Term Plan FLEXIBLE RIDER OPTIONS 1. Health Assure and Health Assure Plus 2. Accident & Disability Benefit 2. Group Gratuity Plan 2. Critical Illness Benefit 3. Waiver of Premium . 4.RETIREMENT SOLUTIONS 1. 2. Cancer Care 3. Group Immediate Annuities 4.
stock broking. of the Reliance . . and ranks among the top 3 private sector financial services and banking companies. Reliance Capital has interests in asset management and mutual funds. Reliance Capital sees immense potential in the rapidly growing financial services sector in India and aims to become a dominant player in this industry and offer fully integrated financial services. private equity and other activities in financial services.Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. life and general insurance. in terms of net worth. Reliance Capital is one of India’s leading private sector financial services companies.Anil Dhirubhai Ambani Group. proprietary investments. Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based Life Insurance solutions to individuals and Corporates.
Ms. K. Rajesh Bahl Chief Marketing Officer .BOARD OF DIRECTORS Chief Executive Officer .Mr. Srinivasan Chief Investment Officer .V. Maneesha Thakur INSURANCE PLANS OF RELIANCE LIFE • • • • • • • • • • • • • • • • • Reliance automatic investment plan Reliance money guarantee plan Reliance endowment plan Reliance special endowment plan Reliance cash flow plan Reliance child plan Reliance term plan Reliance whole life plan Reliance market return plan Reliance golden years plan Reliance golden years plan value Reliance golden years plan plus Reliance simple term plan Reliance special term plan Reliance credit guardian plan Reliance special credit guardian plan Reliance connect 2 life plan . R Rangarajan Appointed Actuary .Mr.Ms.Mr. Pournima Gupte Head-HR . P Nandagopal Chief Financial Officer . Rohit Gaurav Mull Chief Operating Officer .Mr.Mr.
attractive and customer friendly product portfolio and a professional advisor sales force. ING Vysya Life earned a total income in excess of Rs. It has a dedicated and committed advisor sales force of over 21.000 & is headquartered at Bangalore. 440 crore. In 2005. It also distributes products in close cooperation with the ING Vysya Bank network. . 400 crore and also has a share capital of Rs.ING Vysya Life Insurance Company Limited (the Company) entered the private life insurance industry in India in September 2001.000 people. 50.000 employees. The Company has a customer base of over 4. working from 140 branches located in 74 major cities across the country and over 3. and in a span of 5 years has established itself as a distinctive life insurance brand with an innovative.
Our core values are therefore defined as Professional. Rajan Raheja : Chairman Mr. It is our aim to become one of the top private life insurance companies in India and to become a cornerstone of ING’s integrated financial services business in India. backed by competent marketing and customer services. Approachable and Caring. We believe in enhancing the very quality of life. MISSION “To set the standard in helping our customers manage their financial future”. not just as a tax saving device but as a means to add protection to life. We believe in continuously developing customer-driven products and services and value being accessible and responsive to the needs of our customers. at any life stage. life insurance must offer flexibility and choice to go with that stage. Trustworthy. in the best possible way. We are fully prepared and committed to guide you on insurance products and services through our well-trained advisors. we strongly believe that as life is different at every stage. CORPORATE OBJECTIVE At ING Vysya Life. The Company’s portfolio offers products that cater to every financial requirement. MANAGEMENT TEAM BOARD OF DIRECTORS Mr.The Company aims to make customers look at life insurance afresh. in addition to safeguarding an individual's security. Kshitij Jain : Managing Director & Chief Executive Officer . Entrepreneurial. The one thing we hold in highest esteem is 'life' itself.
N. Joshi : Director .Mr.N.
SENIOR MANAGEMENT TEAM Kshitij Jain : MD & CEO T K Uthappa : VP.Marketing INSURANCE PLANS OF ING VYSYA • • • • • • • Rewarding Life Investment Plan Powering Life Investment Plan ING Life Plus Plan Platinum Life Investment Plan New Future Perfect Retirement Plan High Life Plus Plan Best Years Retirement Plan . Sales .Tied Agency Rahul Agarwal: VP .Customer Services Amit Gupta: VP & Head .
OBJECTIVES OF THE STUDY .
. To apply the theoretical knowledge in corporate sector. To educate the customers about facilities provided by ICICI Prudential.OBJECTIVES OF THE STUDY • • • • • • • • To know how to face the problem of corporate world. To get suspect convinced and convert into Prospect. To face original market situations and to gain real marketing experience. To collect information of other life Insurance Companies. To enhance the knowledge and skills by working in particular company. To face the problem of corporate world and tackle them in polite way.
RESEARCH METHODOLOGY .
Sampling Unit The unit refers to the definitions of the particular person who is to be survey. It is the pursuit of truth with the help of study.RESEARCH METHODOLOGY Research is common refers to search for knowledge. observation. Sample Design Sample size: 150 Source of data: Both primary and secondary data used Primary data: Filled questionnaires from 150 respondents Secondary data: Through internet. Research methodology is a systematic way to solve the research problems. . Sampling Plan The following factors have to be decided with in the scope of the sampling plan. What data will be needed and how the data will be analyzed. It helps in studying the various steps that are adopted by the researcher to study the research problems along with the logic behind the It describe mail what must be done. how will be done. composition and experiment.
" All the questions in a questionnaire are framed with a specific objective in mind and are placed in logical. we quite often use the term Ex post facto research for descriptive research studies. simple random sampling was done. FORMATION OF QUESTIONNAIRE Quite often the questionnaire is considered as the heart of a survey operation. SAMPLING PROCEDURE This refers to the procedure by which the respondents should be chosen.DESCRIPTIVE RESEARCH Descriptive research includes surveys and fact-finding enquires of different kinds. The questionnaire framed for the purpose of the study . Simple random sample Stratified random sample. "In general. The major purpose of descriptive research of the sate of affairs as it exits at present. Probability sampling can be of the following types. In this case. Hence it should be carefully constructed. in the words of good and Hatt. sequential order. the word questionnaire refers to a device for securing answers to questions by using a form which the respondent fills in himself. a probability sample of the population was drawn. In social science and business research. Cluster (area) sample. In order to obtain a representative sample.
consists of a limited number of questions placed in a logical order. The questions were both open and closed ended as well as multiple choices. The questions were framed keeping in mind the educational and social background of the companies dealers. ANALYSIS OF DATA .
5. ORGANISING THE DATA The data collected during data collection process are organized and presented in a comprehensible sequence to make them more meaningful. INTERPRETATION Interpretation means to bring out meaning of data or to convert mere data into information. Subsequent to the collection of data. . the researchers then have to proceed towards conclusion by logical inferences. Summarizing the data. The main objectives of presentation are to put collected data into an easy readable form. Table etc. ANALYSIS OF DATA After organizing and presenting the data. it is ready for presentation. PRESENTATION OF DATA After the data has been properly organized. CLASSIFICATION OF DATA If refers to the process of arranging data into homogenous classes.1. 2. From the analysis of data the various conclusions are find out on the basis of logical inferences. 4. The raw data is then analyzed: • • By bringing raw data to measured data. the results were sorted out and arranged in different categories like Graph. 3. charts etc. There are different modes of presentation like tables.
Entity of business Constitution Sole proprietorship Partnership Job Other Data 43 28 57 22 Interpretation: The above data shows that out of 150 peoples most of the people are with the .1.
Time period of business Below 10 10-20 20-50 More than 50 78 27 43 2 . 28 peoples are with the partnership and 22 people are with others. 2.43 peoples are with the sole proprietership.job.
3.Interpretation: The above data shows that out of 150 peoples the most of the peoples are with the below 10 then 20-50 after that 10-20 and the rest with more than 50. Your Turnover Below 5 5-10 10-25 More than 25 112 31 6 1 .
4. Having Insurance Yes No 89 61 .Interpretation: The above data shows that out of 150 peoples the highest turnover is below 5 after that 5-10. than 10-25 and rest with more than 25.
5. Company of Insurance Company ICICI Prudential Data 56 .Interpretation: The above data shows that out of 150 peoples 89 peoples are having insurance and 61peoples are not having insurance.
6. 9 with relinnce. Product .Reliance Life ING Vysya Any Other 9 4 81 Interpretation: The above data shows that out of 150 peoples 56 with ICICI prudential. and 81 with any other. 4 with ING Vysya.
7. If traditional then which product .Traditional ULIP 8 48 Interpretation: The above data shows that 8 products are traditional and 48 products are ULIP.
If ULIP then which product Smart Kid 10 .Cash Bak Save ‘n’ Protect Smart Kid Any Other 2 1 3 2 Interpretation: The above data shows that out of 8 products 2 are cash bak 1 are save and protect 3 are smart kid and 2 are any other 8.
.24 with life time super. 5 with life time super pension and 9 with any other.Life Time Super Life Time Super Pension Any Other 24 5 9 Interpretation: The above data shows that out of 48 products 10 with smart kid.
9 with cannot say . Growth of money Yes No Still waiting for the result Can’t say 10 24 5 9 Interpretation: The above data shows that 10 with yes. 24 with no.9. 5 with still waiting for result.
Tell to others Of Course Yes Depends on heir needs Never 33 20 3 .10.
Interpretation: The above data shows that 33 with yes, 20 with depends on heir needs and 3 with never.
Interpretation: The above data shows that out of 150 peoples 135 peoples are satisfied and 15 peoples are not satisfied.
LIMITATIONS OF THE STUDY
Shortage of time- The main limitation I come across is shortage of time I have short
time to collect data and analyze the problem and come to the solution.
Primary data collected totally dependent on the respondents’ view - Data
collected from respondents is totally their opinion and it may be biased in nature and may not represent the truth.
Since the study is wide in nature and can’t be taken for considerationThe study is big in nature and data collected is only from Rajasthan people so it can’t be taken into consideration for whole ICICI Prudential and its branches.
People were reluctant to join this job, as it doesn’t provide any fixed salary. People perceived this profession as a low status profession.
RESULTS AND FINDINGS .
their family does not go in vain. about 78% people see it as a security option for their families financially so that if they are not alive some day. different occupations yet the point which was kept in mind was that this interviewed population was insurable. different incomes. Nearly. The questionnaire filled up by people revealed that nearly 36 people i. Players. about 72% people have life insurance policies.This clearly shows that people are risk averse to a large extent as largest numbers of people like to invest in life insurance policies to make sure that there is security.FINDINGS Analysis of a research project is based on the primary data and secondary data which is being collected from various sources to take out some conclusions of the research study being taken. 8 people chose the returns of life insurance companies as the criteria for choosing a life insurance company. Secondaly. 24 % people had ICICI policy and 20% people have Reliance Money as their life insurance policy. when enquired about the perception of people about insurance policies. Nearly. 5 people chose time span as the criteria to choose a life insurance company. For this a population of 50 people was being interviewed having different lifestyles. when asked about their investments in various alternatives. 24 % people chose . In my project my purpose was to find the market credibility of ICICI Prudential Life Insurance among various other private life insurance companies. nearly 39 people i. 2 people chose the market share of the company as the preferred criteria of choosing the life insurance company. about 22% people see it an investment option to save taxes and get returns.e. When the sample population was interviewed about their 1st preference among the pvt. While 11 people i. Thirdly. Firstlyy.e. 20 people chose all the above mentioned reasons to choose a life insurance company. nearly 46 % people chose Reliance Money as the 1st insurance company.e. This is due to the fact that people now have started realizing that life is very uncertain and it is advisable to have a life insurance policy. 18 people gave life insurance policies their first preference for investment. when they were asked about the criterion of choosing a life insurance company 15 people replied that they see the security point of view to buy a life insurance company.
when sample population was asked to recognize the punch line of ICICI nearly 60 % of the population was able to recognize the punch line of ICICI which clearly indicates that ICICI is a well known life insurance company among the people. 20% people chose its parent companies as the reason for its popularity. Only after 2000. private companies have come in the field of Life Insurance Company.ICICI Prudential as the 1st preference. Followed by it. when sample size was interviewed about the reasons of famousness of ICICI 16 % of people chose its policies as the reason for its famousness. When asked about the satisfaction with the existing insurance policies nearly 69% people said that they are satisfied with their policy whereas only 31% people were not satisfied with their policy. and 16 % chose ING VYSYA as the 1st insurance company. Proceeding further. Also they wanted higher rate of returns at the end of payment of premiums. They wanted the additional features of transparency about the returns after when they have stopped paying the premiums. . 24 % agreed for its marketing and advertising strategies to be the prime cause of its popularity among masses.
RECOMMENDATIONS AND SUGGESTIONS .
SUGGESTIONS Agents are the lifeblood of the insurance industry’s distribution channel. Various MBA institutes should be targeted to get people with good marketing as well as interpersonal skills. Hence. 5. There should be weekend batches of training for the people who cannot take their full six days of the week from their busy schedule. 3. they cannot remain long in the business. 4. Anything can click in this line of work and hence the company should evaluate the candidates subjectively. 2. Advertisements should be given in newspapers so that number people should come for the interview. an optimally selected sales force is the need for the hour. There should be some fixed salary with some fixed targets. for the industry like insurance. They are the main forces that bring business to the company. The following are the recommendations to the company: 1. . Unless and until the agents are qualified and have the caliber to understand the current market scenario.
CONCLUSION CONCLUSION The needs of the nation and its people have finally prevailed and privatization of insurance is now a really towards further liberalization of the Indian economy. private sector operators in collaboration with their overseas partners are likely to bring in a more professional . With the opening up of the Industry after reforms.
. However the success of the Insurance industry will primarily depend upon meeting the rising expectations of the consumers who will be the real king in the liberalized Insurance market in future. Hence.and focused approach. insurance industry is likely to play an important role in changing the economic landscape of the country. in this millennium.
iciciprulife.insuranceguide.com www. N.Insuremagic.com www.financialexpress.irdaindia. Sherlekar. .com www.com www. Chhabra D.com www.A.D.com Annual Report of the Company Journals & Catalogues of the company T.indiacore.BIBLIOGRAPHY BOOKS:1) Marketing Management 2) Marketing Research 3) Marketing Management 4) Marketing Management MAGAZINES:1) 2) WEB:1) 2) 3) 4) 5) 6) 7) www.Sharma Philip Kotler S.google.com www.
QUESTIONNAIRE NAME AGE OCCUPATION Q1) Entity of your business a) Sole proprietorship c) Job : : : INCOME SEX PHONE NO. : : : b) Partnership d) Individual Q2) Since how long you are in this business? a) Below 10 years c) 20-50 years Q3) Your turnover a) Below 5 lakh c) 10-25 lakh Q4) Have you insured yourself? a) Yes b) No b) 5-10 lakh d) more than 25 lakh b) 10-20 years d) More than 50 Q5) If yes then of which company insurance policies do you have? a) ICICI Prudential c) HDFC standard life insurance Q6) Which product do you have? a) Traditional Products b) Unit Linked Insurance Plans b) Life insurance corporation of India d) any other .
Q7) If traditional then which product do you have? a) Cash Bak c) Smart Kid b) Save ‘n’ Protect d) any other Q8) If Unit linked then which product do you have? a) Smart Kid c) Life time super pension b) Life time super d) any other Q9) Do you think that your money is growing according to you? a) Yes c) Still waiting for the result b) No d) can’t say Q10) Would you suggest any of your family members. why------------------------------------------------------------------------------If no why. ------------------------------------------------------------------------------- PLACE:_________________ DATE:__________________ . friends and relatives to go for ICICI Prudential? a) Of Course yes c) Never b) Depends on their needs Q11) Are you satisfied with the insurance plan you have? If yes.