EXECUTIVE SUMMARY

The Insurance sector in India governed by Insurance Act ,1938,the life Insurance
corporation Act 1956 & General Insurance Business (Nationalization) Act, 1972
Insurance Regulatory & Development Authority (IRDA)Act 1999 &other related Acts
With such a large population and the untapped market area of population Insurance
happens to be a very large big opportunity in India Today it stands as a business growing
at the rate of 15 – 20 percent annually Together with banking it adds about 7percent to
country s GDP In spite of all this growth the statistics of the penetration of the insurance
in the country is poor Nearly 8o%of Indian population are without life insurance cover
Health insurance This is an indicator that growth potential for the insurance sector is
immense in india it was due to this immense growth that the regulations were introduce
in the insurance sector and in continuation by the MALHOTRA COMMITTEE was
constituted by the government in 1993 to examine the various aspect of the industry The
key element of the reform process was Participation of overseas insurance companies
with 26%capital creating a more efficient and competitive finical system suitable for the
requirement of the economy was main idea behind this reform

Since then insurance industry has gone through many sea change The competition LIC
Started facing from these companies were threatening to the existence of LIC since the
liberalization of the industry the insurance industry has never looked back today stand as
the one of the most competitive and exploring industry in india the entry of the private
players & the increased use of the new distribution are in the limelight today the use of
new distribution techniques and the IT tools has increased the scope of the industry in the
longer run The business of the 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

This report consist if a detailed study about ICICI prudential organization s function
product descriptions and various chart that depict the performance of the organization
Based on the above study the Strengths ,Weaknesses ,Opportunities and Threats are
analyzed so as to arrive at conclusion about the company

Considering the different aspects of the study I have also given few logical and valid
recommendations which helped me to find out the pros and cons of ICICI PRUDENTIAL

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The report also comprises of the need ,objective and scope of the study the objective was
study the functions of various department within the organization by doing such a study
,it certainly assisted me to know what exactly the purpose of the study was

The table and chart, are used so as to represent the gathered –information and statistics for
better understanding these include the market share, comparisons of ICICI PruLife with
other private players, financial strength of ICICI PRULIFE &many more

Organization chart, –wise chart also add on the consistency of the report

To conclude this is an epigrammatic report that gives an insight of ICICI Prulife and its
department within the organization the topic are also chapter –wise so as to give a clear
picture for the reader

I hope this report will please the reader regarding the various aspects covered about this
reputed organization in the various aspects covered about this reputed organization in the
insurance industry –ICICI PRUDENTIAL LIFE INSURANCE

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 COMPANY PROFILE

ICICI PRUDENTIAL LIFE INSURANCE COMPANY is joint venture between ICICI a

one of Indian foremost financial services companies &prudential plc –a leading
International financial services group headquartered in United Kingdom total capital
infusion stands at RS 37.72 billion with ICICI Bank holding a stake of 74% &prudential
plc holding 26%

We began our operations in December 2000 after receiving approval from insurance
Regulatory Development Authority (IRDA) today our nation –wide team comprises of
over 954 branches in addition to 1,015 micro-offices over 29600 advisors &21 bank
assurance partner

ICICI Prudential was first life insurance in india to receive a National insurer financial
strength of AAA (Ind) from fitch ratings for three year in now ICICI Prudential has been
voted as India most trusted private life Insurance by the Economic Time –A C Nielson
ORG MARG Survey of most trusted As we grow our distribution, product range
&customer base we know continue to tirelessly up hold our commitment to deliver world
class financial solution to customer all over india

The ICICI Prudential edge comes from our commitment to our customer in all that we
do – be it product development, distribution, the sale process or serving heres a peek into
what make us leader

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 OVERVIEW OF THE INDUSTRY

ORIGIN OF THE LIFE INSURACE

Life Insurance was born in England when the first policy providing temporary cover
for a period of 12 month was issued as easy as 1583 A.D. The Amicable society started
granting fluctuating sum on death since 1705 and fix sum since 1757 with development of
mortality tables the life insurance acquired a scientific character the equitable society
founded in 1756 was society established on scientific basis

ORIGIN OF LIFE INSURANCE IN INDIA

In India after the failure of two British companies, the European & the Albert in 1870
which attempted writing business on india lives, first Indian life assurance society was
formed in the same year called Bombay mutual assurance society ltd It was formed by the
oriental life assurance company limited in 1874, Bharat in 1896 and empire of India in
1897 The idea of Insurance was born out of a desire of the people to share the loss of an
Individual by many

Originally it restricted to forms of the other life Insurance .it started with marine
insurance ,where the loss on account of perils of sea were shared by the all who were
engaged in trade .reference to some forms of Insurance is found in the codes of
Hammurabi Manu

The swadeshi movement of 1905 provided impetus to the formation of several companies
such as HINDUSTAN COOPERATIVE, the UNITED INDIA, the BOMBAY LIFE, the
NATIONAL .Further in wake of freedom movement number of companies such as the
New India, the Jupiter the Lakshmi emerged.

The Govt began to excise a certain measure of control on insurance business by passing
the insurance act in 1912 In order to control investment of funds ,expenditure &
management a comprehensive act was passed know as Insurance act 1938 to control the
affairs the office of controller of insurance was established The act was extensively
amended in 1950.

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INDIAN INSURANCE MARKET –HISTORY

Insurance has long history in India life Insurance in its current form was Introduce in
1818 when oriental life insurance company began its operations in India. General
insurance was however a comparatively late entrant in1850 when Triton insurance
company set up base Kolkata. History of Insurance in India can broadly bifurcated into
three eras

 Pre nationalization

 Nationalization

 Post nationalization

Life insurance corporation of india was formed by consolidating the operation of

the various insurance companies .General insurance followed suit and was
nationalized in 1973 general insurance of india was setup as controlling body with
New india ,united india, national & oriental as its subsidiaries the process of
opening up the insurance sectors was Inititiated against the background of
economic reform process which commenced from 1991 For the purpose
Malhotra committee was formed during this year who submitted their report in
1994 &IRDA was passed .resultantly Indian insurance was opened for private
companies private insurance company effectively started operations from 2001

INSURANCE MARKET –PRESENT

The Insurance sector was opened up for private participation five ago for year
now, the private players are active in the liberalization environment the insurance
market have witnessed dynamic change which includes presence of a fairly large
number of insurance both life &non life segment most of the private insurance
companies have formed joint venture partnering well recognized foreign players
across the globe

There are now 30 more than insurance companies operating in the Indian
market 14 private life insurers, nine private non life insurance and six public
sector companies prepare survival strategies in a de- tariffted scenario

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 There is from within the country and outside on the government to
increase the foreign directed investment (FDI) limit from the current 26% to 49%
which would help JV partner to bring in funds for expansion

There are opportunities in the pension sector where regulation are being framed
less than 10% of Indians the age 60 receive the IRDA has issued the first license
for standalone heath company in the country as many more players wait enter
The health sectors has tremendous growth potential and as It matures and new
players enter ,product innovation and enhancement will increase The deepening
of the health data base over time will also player to develop and price product s
for larger segment of society

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 ICICI PRULIFE

THE VISION AND CORE VALUE

To be dominated life, health and pension player built on trust by world class
people and service

THE PRE- DEFINED GOALS ARE ACHIVED Understanding the needs

of customer and offering them superior product and service

 Levering technology to service customer quickly ,efficiently and

conventily

 Developing and implementing superior risk management and investment

strategies to offer sustainable and suitable return to our policy holder

 Providing an enabling environment to foster growth and learning for our

employees

 And above all ,building transparency in all our dealing

The success of the company will be founded in its unflinching commitment to 5 core
value –Intergrity, customer first Boundary less , ownership and passion each of the value
describes what company stands for, the qualities of our people and the way we work

We do believe that we are on the threshold of an exciting new opportunity, where we can
play a significant role in redefining and reshaping the sector.

Given the quality of our parentage and commitment of our team there is no limit to our
growth

VALUE

EVERY MEMBER OF THE ICICI PRUDENTIAL TEAM IS COMMITTED TO

5 CORE VALUE

 Integrity 1) stand up history and fearless for what they true care about

2) Always act in a consist and equitable manner

3) Does not compromises the future to play for the present

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  Customer first 1) Owns the customer deliver the promise

 Boundary less 1) Never say it is not my job go beyond the call of duty

2) Experiment believe anything is possible

3) Seek new idea regardless of source

4) Share idea and thoughts freely across the level and functions

 Ownership 1) it is to be ,it is up to me

2) Bias for action

3) Own mistake, learn from failures

4) Confront hard fact, purse goals relentlessly

5) Accountability for team performance

 Passion 1) winning instinct transmit boundless energy and enthusiasm to drive

result

2) Stand up and make a difference challenge status quo – and drive

change

3) Demonstrate speed for competitive advantage

4) Passionately nature and reward, excellence

SOCIAL RESPONSBILITES OF ICICI PRUDENTIAL

 Spread life insurance much widely to the rural area with extra benefits

 Support the socially and economically backwardness class

 Maximize mobilization of peoples savings

 Conduct business with utmost economy

 Act as trustee of the insured public

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THE 7 –S MODEL MC KINSEY OF ICICI PRUDENTIAL

The 7-s model is an outcome of an extensive research by the famous management

consultancy firm McKinsey &co (USA) this frame work helps to establish direct and
meaningful relationship between the efficiency and very setup of the organization

Structure

Strategy Systems

Shared Value

Skills Style

Staff

McKinsey Framework

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 SHARED VALUE This is the variable is the central core of the model &its inter
connected with all the other variable this implies that it is the linchpin of the
managerial excellence Share value refers to set of values and aspiration that go
beyond the conventional formal of corporate objective

These represent the fundamental value around which a business is built they lay
down the foundation of the organization management philosophy and gives rise to
a particular culture

ICICI prudential an organization that value and safeguard basic principles and
core ethics that range from equal prospects , responsibility to society appreciating
value ,openness ,integrity and total team work

STRATEGY A strategy is a long –term plan chosen deliberately and

consciously after a through

Analysis of the internal and external environment of the organization it refers to

the plan formulated in response to or anticipation of the change in environment

It seeks to improve the company’s competitive position it is designed to

provide guidance and direction to the operations of the organization it is true that
which continuously carry out strategic planning and strategic management, tend to
upper form those which do not

ICICI Prudential, Inspite of being incepted in a competitive environment at

Mumbai has achieved the best monthly volume throughout the period

STRUCTURE The structure is the skeleton of the whole organization edifice

it is built by dividing the total task into smaller group and creating coordination
among the group. It prescribe the formal relationship among various position and
activities

ICICI prudential has designed its organization to comprise of department such as

such as fiancé & Administration, sale, service IT &F&A and it Department have
their function to spread over the other in the structure

SYSTEM refers to all the rules regulation and procedure; both formal and
informal that compliments the organization structure. It consist of planning and
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 control system ,capital budgeting system ,cost accounting system procedure,
training& developing system ,performance evaluation system etc System reflect
the logic and experience of the past

The training and development system, performance evaluation system and other
system in the organization meet the best in the industry

STYLE The style of an organization become evident from the pattern of action
taken by top management over a period of time and reporting of action
relationship .it is reflected in the tradition, norms, rituals and action of the
organization

ICICI prudential follows an entrepreneurial, innovation and centralized style

of management

STAFF Staffing refers to selecting people for specific organizational position

and developing in them the competence for effective performance the human
resources shall be managed in such a way to generate a belief amongst them that
they are the real performance

ICICI prudential does concentrate in managing the people in the organization .the
compensation packages and career development prospect are meeting in the best
industry

SKILL The dominant skill or the distinctive competence of an organization is a

major factor driving to success .what is require is the ability to identify and
utilized effectively the distinctive skills. Learning new skill and sharpening the
existing skill is equally important.

ICICI prudential does not have a distinctive and somewhat unique marketing skill
the group as a whole itself is well known in the marketing of quality product and
service the expertise and allied knowledge is applied towards the future plan of
diversification of the organization

ICICI prudential life has one of the largest distribution network amongst private life
insurance in india it has strong presence across india with over more than 954 branches
in addition to micro-offices and advisor base of the over 2.96.000

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 SWOT ANALYSIS ICICI PRUDENTIAL

STRENGTH

 Flexible management system

 Brand image ,business experience and good product

 The agents are carefully chosen with good communication skills

 Service quality which is the crux of their mission

 Large network branches which help s customer to transact with company

WEAKNESS

 High targets for financial advisor

 Employees are not highly qualified though

 Most of the expenditure is on advertising

OPPORTUNITIES

 Better incentives for good performance

 Scope for career growth as well for the employee

 Very good motivation techniques for better employee

 Very good motivation techniques for better employee commitments

THREATS

 Employees dedication can be become vulnerable because of the risk factor

 Since qualification is not major criterion ,knowledge about insurance is

restricted

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PRODUCT
Insurance solution for individuals

ICICI Prudential life insurance offers a range of innovation, customer-centric product

that meet the need of the customer at every life stage. Its products can be enhanced with
up to 4 riders, to create a customized solution for policy holder

 Saving & wealth creation solutions

 SAVE N PROTECT is a traditional endowment savings plan that offers life

protection along with adequate return

 CASH BACK is an anticipated endowment policy ideal for meeting milestone

expenses like a child marriage , expenses for child higher education or purchase of
an asset .it is available for terms of 15 &20 years

 LIFE TIME GOLD &LIFE TIME PLUS is unit-linked plans that offer
customer the flexibility &control to customize the policy to meet the changing
needs at different life stage each offer 6 fund option –Preserver ,protector ,
balancer , maximiser, flexi balanced

 PREMIER LIFE GOLD is a limited premium paying plan specially structured

for long-term wealth creation

 LIFE LINK SUPER is a single premium unit linked insurance plan which
combine life insurance cover with opportunity to say invested in the stock

 INVEST SHIELD LIFE NEW is unit linked plan that provides premium
guarantee on the invested premium and ensures that the customer receives only
the benefits of fund appreciation without any of the risk of depreciation

 INVEST SHILD CASH BACK is a unit linked plan that provide premium
guarantee on the invested premiums along with flexible liquidity

 LIFE STAGE RP is a unique and powerful wealth creation insurance solution

,which combines the benefits of automatic asset allocation and quarterly
rebalancing along with increased protection

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  PROTECTION SOLUTION

A) LIFE GUARD is a protection plan, which offers life cover at low cost. It
is available in 3 options –level term assurance, with return of premium and single
premium

B) HOME ASSURE is mortgage reducing in term assurance plan designed

specifically to help customer cover their home loan in a simple and cost –effective
manner

 EDUCATION INSURANCE PLAN

 EDUCATION INSURANCE under smart Kid brand provides guaranteed

educational benefits to child along with life insurance cover for parent who
purchase the policy is designed to provide money at important mile stone in the
child life .smart kid plans are also available in unit –linked form –both single
premium and regular premium

 RETIREMENT SOLUTION

 FORVER LIFE is a traditional retirement product that offer guaranteed returns

for the first 4 year and declares bonuses annually

 LIFE TIME SUPER PENSION is regular premium unit linked pension plan
that help one accumulate over the long –term &offer 5 annuity option (life
annuity, life annuity with return of purchase price ,joint life last survivor annuity
with return of purchase price ,life guaranteed for 5,10 &15 year and for life there
after ,joint life, last survivor annuity without return of purchase price) at the time
of retirement

 LIFE LINK SUPER PENSION is a single premium unit linked pension plan

 IMMEDIATE ANNUITY is a single premium annuity product that guarantees

income for the life at the time of retirement it offers the benefits of 5 payout
options

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  PREMIER LIFE PENSION is a unique and convenient retirement solution
with limited premium paying term of three or five year s to suit professionals and
businessman ,those who require more flexibility and customization while planning
their fiancés

 HEALTH SOLUTION

 HEALTH ASSURE PLUS health assure is a regular premium plan which

provide long term cover against 6 critical illnesses by providing policy holder with
financial assistance ,irrespective of the actual medical expense .health assure plus
offer the added advantage of an equivalent life insurance cover

 CANCER CARE PLUS is a wellness plan that includes all the benefits of cancer
care also provide an additional benefits of free periodical cancer screening

 CANCER CARE is a regular premium plan that that plays cash benefits on the
diagnosis as well as different stages in the treatment of various cancer conditions

 DIABETES CARE is a unique critical illness product specially development for

individual with types 2 diabetes and pre diabetes

 HOSPITAL CARE is fixed benefits plan covering various stages of treatment

hospitalization ,ICU, procedures and recuperating allowance it covers a range of
medical condition (900 surgeries)

And has long term guaranteed coverage up to 20 years

 CRISIS COVER is a 360 –degree product that will provide long term coverage
against 35 critical l illnesses ,total & permanents disability and death

 GROUP INSURANCE SOLUTION

ICIC prudential life also offer s group insurance solution for companies seeking to
enhance benefits to their employees

 GROUP GRATUITY PLAN ICICI prudential life group helps employers

fund their statutory gratuity obligation in a scientific manner .the plan can also be

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 customized to the structure schemes that can provide benefits beyond the
statutory obligation

 GROUP SPUERANNUATION PLAN ICICI prudential life offer both

defined contribution (DC) and the benefit (DB) superannuation schemes to
optimize return for the members of the trust and rationalized the cost Members
have the option of choosing from various annuity options or opting for partial
communication of the annuity at the time of retirement

 GROUP IMMEDIATE ANNUTIES in additional to the annuities offered to

existing superannuation customer s we offer immediate to superannuation fund
not managed by us

 GROUP TERM PLAN ICICI prudential life flexible group term solution helps
provide affordable cover to member of a group the cover could be uniform or
based on designation rank or a multiple of salary the benefits under the policy is
paid to the beneficiary nominated by the member on his\her death

 FLEXIBLE RIDER OPTIONS

ICICI prudential life flexible riders, which can be added to the basic
policy at the marginal cost depending on the specific needs of the customer

 ACCIDENT AND DISABILTY BENEFITS If death occurs as the result of

an accident during the term of the policy, the beneficiary receives an additional
amount equal to the rider sum assured under policy .if the accident result in the
total and permanent disability ,10%of rider sum assured will be paid each other
,from the end of the last year after the disability date for the remainder of the
policy whichever is lesser if the death occur while traveling in an authorized mass
transportation vehicle the beneficiary will be entitled to twice the sum assured as
additional benefits

 CRITICAL ILLNESS BENEFIT protect the insured against financial loss in

the event of 9 specified critical illnesses .benefits are payable to the insured for
medical expenses prior death

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  WAIVER OF PREMIUM In case of total and permanent disability due to an
accident the future premiums continue to be paid by the company till the time of
maturity .this rider is available with smartkid, life time plus ,life time super and
life time super pension

 INCOME BENEFIT RIDER in case of death of the life assured during the term
of the policy,10% of the sum assured is paid annually to the nominee on each
policy anniversary till the maturity to the rider

 ABOUT THE PROMOTER

ICICI bank limited (NYSE:IBN) is Indians largest private sector bank and the
second largest bank in the country, with consolidated total assets of $121 billion
as march 31 2011 ICICIBank subsidiaries include India leading private sector
insurance companies and among its largest securities brokerage firms, mutual
funds and private equity firms ICICI banks presence currently spans 19 countries
including india

Established in London in 1848,prudential plc ,through its businesses in the UK

and Europe ,US and middle east, provides retail financial services products to
more than 20 million customers ,policy holder and unit holder s and manages over
$267 billion of funds worldwide (as of December 31,2011)

In Asia , prudential is the leading European life insurance company with life
operation in china , Hong Kong ,india Indonesia ,Japan ,Korea ,Malaysia, the
Philippines, Singapore Taiwan, Thailand and Vietnam prudential is one of the
largest retail fund managers for Asian sourced assets ex-Japan ,Korea ,Malaysia,
Singapore, Taiwan , Vietnam and United Arab Emirates

Its fund management business has expanded in to a total of ten market :

china , Hong Kong , India Japan ,Korea, Malaysia Singapore ,Taiwan ,Vietnam
and United Arab Emirates.

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 ICICI GROUP

A) ICICI VENTURE

B) ICICI LOMBARD general insurance company

C) ICICI BANK Ltd

D) ICICI PRUDENTIAL INSURANCE

E) ICICI SEURTIES

F) PRUDENTIAL ICICI AMU & TRUST

MARKET SHARE

Insures Rs in Lakhs Market share overall

Aviva life 9.576 1%

Bajaj Alliance 27.890. 3%

Birla sun 33.137 3%

HDFC STANDARD 18.597 2%

LIC 900.578 75%

ICICI PRUDENTIAL 68.183 7%

MARKET SHARE

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 COMPANY INDAIAN FOREIGN MARKET
PROMOTER/PARTNER INSURANCE SHARE
BASE ON
PREMIUM

AVIVA LIFE DABUR AVIVVA UK 1.12

BAJAJ BAJAJ AUTO ALLIANZ,GERMANY 6.12

ALLIANZ

BRILA SUN ADITYA BRILA SUN LIFE CANNADA 1.84

LIFE GROUP

HDFC HDFC STANDARD LIFE 2.94

STANDARD ,UK

ICICI ICICI BANK PRUDENTIAL UK 7.11

PRUDENTIAL

POTENTIAL OF THE INSURANCE SECTOR

TOTAL POPULATION 1.1 BILLION

TOTAL POPULATION OF 253 MILLION

INSURABLE CLASS

TOTAL POPULATION INSURED 88.5 MILLION

GROWTH DRIVES FOR THE INDIAN INSURANCE INDUSTRY

1) GOVEERMENT POLICIES

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 a) Overall economic growth

b) Tax waiver

2) NEW PRODUCT LAUNCHES

a) Contemporary product

b) Seasonal life style

3) INCREASING CONSUMER DEMAND

a) Growth in income levels

b) Easier financing

c) Cost Competitiveness

d) Competitiveness

e) Benefits

FUNCTION OF ICICI PRULIFE

PRIMARY FUNCTION

 PROIVIDE PROTECTION : Insurance cannot check the happening of the

risk ,but can provide for the losses of the risk

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  COLLECTIVE BEARING OF RISK : Insurance is a device to share the
financial losses of few among many others

 ASSESSMENT OF RISK : insurance determines the probable volume of risk by

evaluating various factors that give rise to risk

 PROVIDE CERTAINTY Insurance is a device which help to change from

uncertainty to certainty

SECONDARY FUNCTION

 PREVENTION OF LOSSES : insurance caution businessman and

individual to adopt suitable device to prevent unfortunate consequences of
risk by observing safety instruction

 SMALL CAPITAL TO COVER LARGE RISK : Insurance relieves the

businessman from security investment ,by paying small amount insurance
against larger risk and uncertainty

OTHER FUNCTION

 MEAN OF SAVING AND INVESTMENT

Insurance companies are business houses the product they sell is financial
protection to succeed and survive; they must cover their costs which include
payment to cover the losses of policy holder as well as sale and administrative
expenses, taxes and dividends

Insurance companies have two sources of income for covering these costs
premiums and investment income the premiums are collected on the regular
basis and invested in government bonds ,stock ,mutual fund s, real estates and
other conservative avenues .however , investment income depends on market
condition ,interest rates ,economy ,etc and varies from year to year .because of
the uncertainty associated with the investment from premiums to cover the
bulk of their expense

 FUNDAMENTAL OF INSURANCE

The fundamental principles of the insurance are as follow

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  INSURABLE INTEREST Insurable means the legal right to insure
.Insurable interest is a must and & only then the Insurance contract is Enforce
able at law. this principle differentiates a contract of insurance from wager
.lack of insurance interest renders the contract null and avoid For insurance
interest to exist there must be property right ,interest, life or liability this must
be insured should be insured and the insured should have legally recognizable
relationship there to the insured should be benefits By the safety of the
property by its loss

Insurable interest may arise in following manner

 OWNERSHIP

 PARITAL INTERST

 RELATIONSHIP

 ADMINISTRATORS AND EXECUTORS

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 ICICI PRUDENTIAL: THE ACHIVEMENT S AWARD

ICICI PRUDENTIAL LIFE INSURANCE has been awarded for the BEST LEADING
PVT PLAYER life insurance 2011 at the CNBC TV 18

ICWAI NATIONAL AWARD OF EXELLANCE

COST MANSGEMENT UNDER PVT SECTO

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MARKETING STRATEGIES ADOPTED BY INSURANCE COMPANY.

DIRECT MARKETING

This constitutes 20 percent of the total sales of insurance companies. Some of the
important tools used in this type of selling are:

PERSONAL SELLING:

In this case the customer support officer of the fund at a particular branch takes
appointment from the potential prospect. Once the appointment is fixed, the branch
officer also called Business Development Associate (BDA) in some funds then meets the
prospect and given him all details about the various scheme being offered by his fund.
The conversion rate in this mode of selling is in between 30% - 40%

TELEMARKETING:

In this case the emphasis is to inform the people about the fund. The names and phone
numbers of the people are picked at random from telephone directory. Sometimes people
belonging to a particular profession are also contacted through phone and are then
informed about the fund. Generally the conversion rate in this for of marketing is 15% -
20%.

DIRECT MAIL:

This one of the most common method followed by all insurance companies. Addresses of
people are picked at random from telephone directory. The customer support officer
(CSO) then mails the literature of schemes offered by the fund. The follow up starts after
3 – 4 days of mailing the literature. The CSO calls on the people to whom the literature
was mailed. Answers their queries and is generally successful in taking appointment with
those people. It is then the job of BDA to try his best to convert that prospect into a
customer.

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ADVERTISEMENT IN NEWS PAPERS AND MAGAZINES:

The insurance policies are regularly advertised in business newspapers and magazines
besides in leading national dailies. The purpose to keep investors aware about the
schemes offered by the fund and the performance in recent past.

HOARDINGS AND BANNERS:

In this case the hoardings and banners of the fund are put at important locations of the
city where the movement of the people is very high. Generally such hoardings are put
near LIC offices in order to tap people who are at present investing in LIC schemes. The
hoarding and banners generally contains information either about the particular scheme or
brief information about all schemes of fund.

SELLING THORUGH INTERMEDIARIES:

Intermediaries contribute towards 80% of the total sales of mutual fund. These are the
people/ distributors who are in direct touch with the investors. They perform an important
role in attracting new customers. Most of these intermediaries are also involved in selling
shares and other investment instruments. They do a commendable job in convincing
investors to invest in insurance companies. A lot depends on the after sale services
offered by the intermediary to the customers. Customers prefer to work with those
intermediaries who give them right information about the fund and keep them breast with
the latest changes taking place.

REGULAR MEETINGS WITH DISTRIBUTORS:

Most of the insurance companies conduct monthly/bi-monthly meetings with their

distributors. The objective is to hear their complaints regarding service aspects from
funds side and other queries related to the market situation. Sometimes, special training
programs’s are also conducted for the new agents/ distributors. Training involves giving
details about product of the fund, their present performance in the market, what the
competitors are doing and what they can do to increase the sales of the fund.

Visvesvaraya Technological University, PG Centre, Belgaum 25

JOINT CALLS:

This is generally done when the prospect seems to be a high new worth investor. The
BDA and the agent (who is located close to the HNI`s residence or are of operation)
together visit the prospect and brief him about the fund. The conversion rate is very high
in this situation, generally, around 60%. Both the fund and the agents provide even after
sale services in this particular case

PUSH:

A push promotion strategy makes of a company’s sales force and trade promotion
activities to create consumer demand for product

A push strategy tries to sell directly to the consumer by passing other distribution
channels (eg. Selling insurance or holiday directly) with this type of strategy, consumer
promotion and advertising are mostly likely promotion tools

PULL:

A pull selling strategy is one require high spending on advertisement and consumer
promotion to build up consumer demand for product

AREA OF OPERATION

ICICI PRUDENTIAL LIFE INSURANCE operates in Asia over 700 branches of icici
prudential are located across India

The company has 9 bank partnership for distribution ,having agreement with ICICIBank ,
Bank of India ,federal Bank of India , South India Bank ,lord Krishna Bank & some co-
operative banks, as well as over 200 corporate agents and brokers ,it has also tied up with
NGO ,MFI and corporate for the disistributitions of rural polices. ICICIPRUDENTIAL
has recruited & trained more than 72000 Insurance advisors to interface with & advice
customer .Further, it leverages its state –of –the-art IT Infrastructure to provide to
superior quality of service to customer

Visvesvaraya Technological University, PG Centre, Belgaum 26

 0RGANIZATION STRUCTURE

This chapter clearly defines the function, responsibilities and hierarchy of the
organization. Organization structure is a basic framework within which the manager’s
decision making behavior takes place. Structure basically deals with relationship.
Organization structure is the pattern of relationships among various components or part of
the organization. It is capable of serving many functions at the same time but cannot serve
all functions equally well over unlimited time.

Organization chart is the vital tool for providing information about organization
relationships. It shows only formal relationship, the informal relationships are flexible, so
they are not depicted on the chart. Moreover, it depicts formal relationships only at a
given point of time. The organization structure of the company is shown in

The company is having many departments like:

 Finance Department
 Marketing
 Information Technology.
 Sales Department
 Human Resource Department
 Actuaries.
 Customer Service and Operation.
 Business.

MARKETING DEPARTMENT

The duty of the Marketing department is to search for the customers and sell the
products. The company has adopted number of methods to sell the products like
telemarketing, field survey, and advertisement.

For marketing, the company has a separate telemarketing department where the
employee calls the individuals and tries to sell the product. Advisors are the main strength
of the Co. Advisors will work in the company for full-time as well as par-time job. They
will contact the customers by telecalling.

Visvesvaraya Technological University, PG Centre, Belgaum 27

 Telemarketing is also done by telecallers; they are also the employee of the
company. They will collect the data from their managers as well as from other sources
and contact the customers.

And the marketing department will keep on conducting many activities so as to

achieve and to get market presentation.

FUNCTIONS

The Marketing function at ICICI Prulife covers an array of activities - brand and
media management, channel support, direct marketing and corporate communications.

The Brand and Communications team is in charge of advertising, consumer

research, media planning & buying and Public Relations; that helps develop and nurture
ICICI Prudential's corporate identity while effectively communicating its varied product
offerings to the customer.

Channel marketing provides support to the sales force by streamlining the design
and development of collaterals and sales tools across distribution channels.

The Direct marketing team was set up to generate high quality leads for profitable
business. The team achieves this through target database acquisition and communicating
customized product information through e-mailers, telemarketing and innovative direct
mailers.

FINACE DEPARTMENT

The company is also presenting consolidated financial statements in accordance

with accounting standard. Finance department is also responsible for preparing quarterly
reports. The finance department also does salary processing and all the financial
proceeding. Finance department’s plays a major’s role by providing financial facilities
whenever required for all the departments.

While H.R department recruits the employees and advisor. They proceeds with
their work by making people to buy the products of ICICI and finance department takes
part of issuing premium and giving bonus and salaries.

Visvesvaraya Technological University, PG Centre, Belgaum 28

4.2.1 Function

Finance function in ICICI Prudential is committed to create an infrastructure that

is aligned to shareholder expectations. Finance basically comprises of four functions

. Corporate Planning and MIS provide feedback on business strategies. This

includes driving the budgeting process, providing strategic inputs for decision-making
and management reporting and analysis.

The Accounts function includes preparation and maintenance of financial records,

funds management, and expense processing and treasury operations.

Compliance ensures that every action is within the regulatory framework. This
includes reviewing compliance requirements and supporting the ethical framework of
ICICI Pru life.

Internal audit provides assurance to the management over the organizations'

control framework and includes process risk management, information security
assessment and business continuity assessment

4.3 SALES DEPARTMENT

Sales manager is the head over the sales department. He takes major decisions
regarding the sales and activities.

Assistant sale manages, Agency manager, Unit managers and Financial advisors
comes under the Sales manager. Advisors and telecallers come under the unit manager
where the unit manager guides and gives instructions to them about the products and train
them to sell the products.

The duty of the telecallers is to call the customers and to sell the products. And the
advisors can work for full time or part time but should sell the products and make the
customers for the company.

4.4 HUMAN RESOURCE DEPARTMENT

Human Resource Department assumes significance in view of the fast changing

organization to adopt new techniques in order to respond to the environment changes.

Visvesvaraya Technological University, PG Centre, Belgaum 29

 H.R. Department takes in charge of recruiting the people to the company and
selecting the best candidate among that people. The selected candidate should be trained
to meet the requirements of the job so that work of training the people and placing them
to the right job is looked after by the H.R. Department.

The employee performance in the organization should be valued. It is done by

comparing the employee’s actual performance with the standard performance/ Targets.
This part of the work is also looked after by the H.R department.

The employee should not be placed constantly in the same work place for the long
time, he should keep on moving. So the part of promotion & transfer and career
opportunities are also given by H.R. Department.

4.4.1 Function

The people strategy of ICICI Prudential is "To build a committed team with a
culture of innovation, learning and growth”. The Human Resource Function at ICICI
Prudential drives the people strategy of the business. With its initial focus on operational
excellence to deliver benefits and services to staff members, HR is now committed to
building capability through state of the art processes. A robust performance management
system, compensation system and a segmented training architecture enable it to deliver
value to the organization.

4.5 ACTUALRIES

They are the group of people who guide the management to go in right direction.
Actualries are those who try to solve the problem in the management. They are the people
who are experts in this business.

4.6 INFORMATION TECHNOLOGY

The Information Technology function at ICICI Prudential is committed to enable

business through the use of technology. It is segmented into 4 groups to enable highest
levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in
designing better product offerings to end-users, the Solutions Group- Web that provides
real-time information to customers and is responsible for customer relationship
management, IT Architecture & Corporate Solutions Group is in charge of developing
and maintaining a blueprint for the IT architecture for the enterprise as a whole

Visvesvaraya Technological University, PG Centre, Belgaum 30

 This team works as an in house R&D Solution Group, exploring new
technological initiatives and also caters to information needs of corporate functions in the
organization. IT Infrastructure group is responsible for providing hardware, software,
network services to the whole organization. This group runs the 'Digital Nervous System'
of the Enterprise at the highest levels of efficiency and provide robust, scalable and
highly available platform for deployment of business application.

4.7 CUSTOMER SERVICE & OPERATIONS

The Operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer. To streamline the
operations, the Operations department interfaces between the clients and the agents, the
branches and the underwriters, and manages work processes.

The Vision at Customer Service is to deliver 'World Class Service' at every

opportunity. Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer
Care and Query Resolution Unit are all committed to providing effective solutions to over
lakhs of customers across the country.

4.8 BUSINESS EXCELLENCE

The Business Excellence function is committed to building a quality mindset

across the organization. ICICI Prudential is the first organization in the Insurance
Industry that has adopted the Six Sigma Methodology for process efficiency and
measurement. The team is also driving the Malcolm Baldrige framework across the
organization, an intervention that examines management of key inputs for Business
Excellence.

Responsibilities of Agency

 Ultimate responsibility for HRD & training

 Evolving HRD policies
 Personnel Recruitment
 Document & Record management
 HRD Information management.

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Responsibilities of Unit Manager & Assistant Unit Manager

 Identification of training needs

 Preparation of calendar
 Selection of trainers & trainees
 Designing and organizing training program as per calendar.
 Maintenance of training hall and training material
 Maintenance of training records.

Branch office

The Branch office has two departments. Sales department and operation
Department. Sales manager who takes care of Assistant sale manager, Agency manager,
unit manager, Assistant unit manager and Advisor heads sales department. Organization
Structure of the Branch

The operation department takes care operation activities. It is headed by Regional

heads and his under; there are Zonal manger, Branch manager, Manager, Team head and
Executive manager.

 Duties of Advisors

The duty of the advisor is to convince the customers and makes the policies to the
company. Advisor will collect the database and telecall the people and fix the
appointment and met the candidate personally and explain them in detail about the
products open to them and finally the advisors convert the people to customers. Advisors
will not have any fixed salary and they get only commission depending upon their
performance for the company.

Visvesvaraya Technological University, PG Centre, Belgaum 32

Ownership pattern

Nature of relations Name related party

Holding company ICICI bank limited

Substantial Interest Prudential corporation holding limited

Fellow subsidiaries ICICI brokerage service limited

ICICI venture fund Management Company limited

ICICI home fiancé company limited

ICICI Lombard general insurance company

ICICI trusteeship services limited

ICICI SECURITIES INC

ICICI SECURITIES holding company

ICICI INVESTMENT MANAGEMENT COMPANY LTD

ICICI international limited

ICICI bank UK limited

ICICI bank Canada

Prudential ICICI asset management

PRUDENTIAL ICICI trust limited

ICICI property trust

Key Management personnel : SUNDEEP BHAKESHI MD, PUNEET NADA

EXECUTIVE DIRECTOR

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 BOARD OF DIRECTOR

The ICICI prudential life insurance company limited board comprises reputed people
from the finance industry both from India and abroad.

Ms.Chanda D. Kochhar, Chairperson

Mr. N. S. Kannan, Director
Mr. K. Ramkumar, Director
Mr. Barry Stowe, Director
Mr. Adrian O’Connor, Director
Mr. Keki Dadiseth, Independent Director
Prof. Marti G. Subrahmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Direct
Mr. V. Vaidyanathan, Managing Director & CEO

 
Management Team

Mr.V.Vaidyanathan, Managing Director & CEO

Ms. Anita Pai, Executive Vice President - Customer Service, Technology & Marketing
Dr.AvijitChatterjee, Appointed Actuary
Mr. Puneet Nanda, Executive Vice President

ORGANIZATION STRUCTURE OF COMPANY

Visvesvaraya Technological University, PG Centre, Belgaum 34
 Board of
Directors

Managing
Directors

Finance H.R Actualrie Busines

Special
Insurance
Agency

Zonal Offices

Sales Assistant Sales

Manager

Service Agency

Assistant Agency Unit

Manager

Assistant Unit

Visvesvaraya Technological University, PG Centre, Belgaum 35

 Marketing Information Sales
Branch
Technology Office
Departmen
department
t

Sales Branding Operation

Advertising

Sales Manger Regional head

Branch Territory
Asst. Sales Manager Manager Zonal Manager

Agency Manager Sales Manager

Unit Manager Branch Manager

Asst. Unit Manager Team Head

Advisor Executive Manager

Advisor

Visvesvaraya Technological University, PG Centre, Belgaum 36

Competitor’s Information

1) Life Insurance Cooperation of India (LIC)

2) HDFC standard life insurance

3) Birla sun life insurance

4) SBI life insurance

5) Bharti Axalife insurance

INFRASTRUCTURAL facilities

 Equipment facilities: computers, desk, chair, batteries.

 Interior design : lighting ,air condition room,furnitures
 Telecommunication: Telephone, fax, Xerox, mobile,&internt.
 Water facilities : Drinking water facilities ( aquaguard)
 Power: Generators

Visvesvaraya Technological University, PG Centre, Belgaum 37

 WORK FLOW MODEL
Stages in policy issuance

1. proposal
A proposal stage in first stage before policy is issued that at caps at this stage the
application, forms, received by cops but pending for issuance due to the further
classification required from customer

2 .login

A proposal which is completed i.e. duly failed with necessary document attached to it
& accepted by branch office is called login

3 .reject

An application gets rejected at the branch office level due to necessary details not filled
in form or necessary document not submitted is rejected it not sent to back to advisor for
completion

4 .Issuance

Means policy that is issued to the customer by central office

5. Decline stage

When a customer refuses to take a policy post login but before issuance is called decline

6. Cancellations

When the cheque given by the customer bounces it amounts to cancellation of the
policy

7. lapses
A policy for the customer fails to pay subsequent premiums is lapsed policy

8 .Free look
Past issuance of policy ,the policy holder has a option to turn down the policy with 15
days from the date issuance this period of 15 days is called free looked period

9 .surrender
When a customer wants discontinue with the policy

Visvesvaraya Technological University, PG Centre, Belgaum 38

 LEARINING EXPERIENCE

From the first day of my in organization traninig When I went to company I feel
like I am an employee of the company where I learn how in behave with other employee
as well as higher officer I learn how participate in team I came to know about
Interpersonal Skill which customer

I came in handy while the customer I which essential during interaction with
customer

Learn organization structure of ICICI prudential life insurance I learn to manage

conflict,

I learn how to market product

I came to know about their about their strategies of marketing product

Visvesvaraya Technological University, PG Centre, Belgaum 39

Statement in the problem

 To assess the COMPANY PERFORMANCE in Belgaum city

Objectives of study

Primary objectives

 To study the functions of the various department in the company

 To study life insurance market in belgaum city

Secondary Objectives

 To sketch the organizational hierarchy

 To provide suggestion and recommendation on the basis of the finding of the

study

 To know the product of ICICI Prulife

For the study a simple size 100 respondents was taken who were
selected randomly .I collected their view and opinion through interaction about
the question which I coated in the questionnaires, my sample was some area of
belgaum city During the study I had got some knowledge about insurance
industries and its product I come that many responds are aware about ICICI
PRUDENTIAL life insurance .But small percentage of them invested in
company. During my study I , found almost all respondents are about LIC and
many of them have invested some .Therefore ICICI PREDENTIAL life
insurance is facing a stiff competition from LIC. Most of them investors are
happy their present investment .Therefore less percentage of them would like
to approached by the company representative. Returns of company are the
attractive, attributes for the investors of the company

Company representatives and TV, advertisement are main sources of

creating awareness about company.

For acquiring the potential customer the company can use effectively its
resprentatives by giving the good training & incentives

Visvesvaraya Technological University, PG Centre, Belgaum 40

METHODOLOGY OF DATA COLLECTION

For the purpose of research study the data from two sources has been collected:

 Primary Data.
 Secondary Data.

Primary Data

It is the original source of data collected by the researcher. In this study primary source of
collection was carried out using a structured Questionnaire. Primary data was collected
from 100 respondents in Belgaum City. The respondents were met, and the data was
collected by personal interview.

Secondary Data

If the researcher already compiled data, it is called as secondary source.

The major sources of secondary data are as follows:

 Books.
 Websites.
 Broachers.

Research Approach:

Survey method was conducted for carrying out the research. The respondents were met
directly and asked questions. The collected information was recorded in the
questionnaire.

Visvesvaraya Technological University, PG Centre, Belgaum 41

MEASUREMENT TECHNIQUES

Measurement may be defined as the assignment of numbers to characteristics of objects,

persons, states of events, according to rules.

Some of the measurement techniques used are:

Questionnaire

It represents the most common form of measurement for eliciting information. As much
its function is measurement.

The questionnaire designed included open ended questions, Multiple-Choice questions,

and Dichotomous questions.

Multiple-Choice Question

Multiple-choice are immediately followed by a list of possible answers from which the
respondents must choose.

Questionnaire included multiple-choice questions to find out which source has made
aware about company, which different plans of company the respondents are aware of,
for whom respondents have purchased policies.

Dichotomous Question

Dichotomous Question represents an extreme form of the multiple-choice question,

Allow only tow responses such as “YES” or “NO”

This type of questions were used to find out whether respondents aware of ICICI
Prudential Life Insurance Company, whether respondents wee approached by the Co.
Representative, whether investors are happy with the benefits provided by the Company
and to know whether respondents recommend their relatives/Friends to invest in ICICI
Prudential Life Insurance.

Visvesvaraya Technological University, PG Centre, Belgaum 42

Rating Scales

The use of rating scale required the rater to place an attribute of the object being rated at
some points along a numerically ordered series of categories.

Rating scale in the questionnaire focuses on degree to which one feels towards attributes.

SAMPLING

“The process of drawing samples from large population is called Sampling”

Sampling procedure:

Sampling techniques is a technique in which instead of every unit of the universe, only
part of the universe is studied and the conclusions are drawn on that basis for the entire
universe.

The Simple random sampling method was used to collect date for the study. Random
sampling refers to the sampling technique in which each and every item of the population
is given and equal chance of being included in the sample. Since selection of items in the
sample depends entirely on the chance this method is also known as method of selection.
For this study 100 respondents were selected at random.

Sampling Plan

Sampling Unit:

The sample unit is basic unit containing the elements of the population to be sampled.
The sample unit in the research is people of Belgaum city.

Sampling size:

Sample size refers to the number of elements include in the study. An important decision
that has to be taken while adopting a sampling technique is the sample size. In this study
the sample size of respondents was decided to be 100.

Tools used for Data Analysis

Graphical representation of analysis through SPSS.

Visvesvaraya Technological University, PG Centre, Belgaum 43

LIMITATIONS OF THE STUDY

 Despite of all possible efforts to make the market research more comprehensive
and scientific, study has certain following Limitations.

 The study is confined only to Belgaum City only. Any suggestions given by
analyzing data collected may not be accurate for other locations.

 Some of the respondents are reluctant to give information regarding their

investment.

 The sample size was chosen randomly which might not be appropriate which lead
to few errors in the study.

 The study was done for short period of time which might not hold true in the long
run.

Visvesvaraya Technological University, PG Centre, Belgaum 44

ANALYSIS AND INTERPRETATION

1. Gender of the respondent

Gender of the respondent

Frequenc Valid Cumulative

y Percent Percent Percent

Valid Male
76 76.0 76.0 76.0

Female
24 24.0 24.0 100.0

Total
100 100.0 100.0

Gender of the respondent

Male
Female

24

76

Interpretation:

Out of 100 respondents 76% of them were male and 24% of them were female.

2. Occupation
Visvesvaraya Technological University, PG Centre, Belgaum 45
Occupation

Valid Cumulative
Frequency Percent Percent Percent

Valid Govt. Employee 12 12.0 12.0 12.0

Private
22 22.0 22.0 34.0
Employee
Business man 38 38.0 38.0 72.0
Professional 21 21.0 21.0 93.0
Others 7 7.0 7.0 100.0
Total 100 100.0 100.0

Occupaation

Govt. Employee
Private Employee
Business man
7 Professional
12 Others

21

22

38

Interpretation other

Out of 100 respondents 12% of them were Govt. employees, 22% of them were private
employees, 38% of them were business man 21% were professional 7% of them did
other occupation

3. Annual income

Annual Income

Frequenc Percent Valid Cumulative

Visvesvaraya Technological University, PG Centre, Belgaum 46

 y Percent Percent

Vali 100000-
15 15.0 15.0 15.0
d 200000
200000-
22 22.0 22.0 37.0
300000
300000-
44 44.0 44.0 81.0
400000
400000 &
19 19.0 19.0 100.0
above
Total 100 100.0 100.0

Annual Income

100000-200000
200000-300000
300000-400000
400000 & above

15

19

22

44

Interpretation:

The above graph depicts that 44% of the respondent’s income lies between 300000-
400000, 22% respondent’s income lies between 200000-300000, 19% of the respondents
income lies above 400000 and 15% of the respondents income lies between 100000-
200000.

4. Are you aware of life insurance?

Are you aware of life insurance

Visvesvaraya Technological University, PG Centre, Belgaum 47

 Frequenc Valid Cumulative
y Percent Percent Percent

Vali Yes
100 100.0 100.0 100.0
d

Are you aware of life insurance

Yes

Interpretation:

From the above graph we come to know that all respondents are aware of life insurance.

5. What percentage of your savings would you like to invest in life insurance?

What percentage of your savings would you like to invest in life insurance?

Visvesvaraya Technological University, PG Centre, Belgaum 48

 Frequenc Valid Cumulative
y Percent Percent Percent

Vali Up to
16 16.0 16.0 16.0
d 10%
10%-20% 31 31.0 31.0 47.0
21%-30% 44 44.0 44.0 91.0
Above
9 9.0 9.0 100.0
30%
Total 100 100.0 100.0

What percentage of your savings would you like to invest in life insurance
Up to 10%
10%-20%
21%-30%
Above 30%

Interpretation:

Out of 100 respondents 44% of them of them like to invest 20%-30% of their savings in
life insurance, 31% of them like to invest 10%-20% of their savings in life insurance,
16% of them like to invest 10% of their savings in life insurance and 9% of them like to
invest above 30% of their savings in life insurance.

6. Rank the following features according to their importance which you will consider
while investing in any life insurance company.

(1-Very high 2-High 3-Low 4-Very low)

Descriptive Statistics

Visvesvaraya Technological University, PG Centre, Belgaum 49

 N Mean Std. Deviation

Returns 100 1.12 .383

Safety 100 2.80 .910
Risk coverage 100 2.88 .998
Tax benefits 100 3.19 .692
Valid N (list wise) 100

Interpretation:

The above table shows that while investing majority of the respondents consider the
factors like tax benefits, returns as primary and safety and risk coverage as secondary.

7. Are you aware of ICICI PRUDENTIAL Life Insurance Company?

Are you aware of ICICI PRUDENTIAL Life Insurance Company

Visvesvaraya Technological University, PG Centre, Belgaum 50

 Frequenc Valid Cumulative
y Percent Percent Percent

Vali Yes 78 78.0 78.0 78.0

d No 22 22.0 22.0 100.0
Total 100 100.0 100.0

Are you aware of ICICI PRUDENTIALS Life Insurance Company

Yes
No

22

78

Intrepretation:

The above graph depicts that out of 100 respondents 78% of them are aware of ICICI
PRUDENTIAL Life Insurance and 22% of them are not aware of ICICI PRUDENTIAL
Life Insurance.

8. How did you come to know about ICICI PRUDENTIAL Life

Insurance Company?

How did you come to know about ICICI PRUDENTIALS Life Insurance Company

Frequenc Valid Cumulative

y Percent Percent Percent

Visvesvaraya Technological University, PG Centre, Belgaum 51

 Vali Friends and
14 17.9 17.9 17.9
d Family
Advertisements 35 44.9 44.9 62.8
Company
23 29.5 29.5 92.3
Advisors
0thers 6 7.7 7.7 100.0
Total 78 100.0 100.0

How did you come to know about ICICI PRUDENTIALS Life Insurance
Company

Friends and Family

Advertisements
Company Advisors
6 0thers

14

23

35

Interpretation:

Out of the respondents who are aware of ICICI PRUDENTIAL 14% of them came to
know about it from family & friends, 35% of them came to know about it from
advertisements, 23% of them came to know about it from company representatives and
6% of them came to know about it from other sources.

9. In which life insurance co. you have presently invested?

In which life Insurance company you have presently invested

Frequenc Valid Cumulative

y Percent Percent Percent

Visvesvaraya Technological University, PG Centre, Belgaum 52

 Vali LIC 56 56.0 56.0 56.0
d ICICI
30 30.0 30.0 86.0
PRUDENTIAL
BAJAJ ALLIANZ 4 4.0 4.0 90.0
HDFC
10 10.0 10.0 100.0
STANDARD Life
Total 100 100.0 100.0

In which life Insurance company you have presently invested

LIC
ICICI PRUDENTIAL
BAJAJ ALLIANZ
HDFC STANDARD Life

Interpretation:

Out of 100 respondents 56% of them have invested in LIC, 30% of them have invested in
ICICI, 4% of them in Bajaj Alliance and the other 10% of them have invested in HDFC
Standard life.

10. Are you satisfied with your present investment?

Are you satisfied with your present investment

Frequenc Valid Cumulative

y Percent Percent Percent

Vali Yes 78 78.0 78.0 78.0

Visvesvaraya Technological University, PG Centre, Belgaum 53

 d No 22 22.0 22.0 100.0
Total 100 100.0 100.0

Are you satisfied with your present investment

Yes
No

Interpretation:

Out of 100 respondents 78% of them are satisfied with their present investment and
22%of them are not satisfied with their present investment.

11. What made you invest in ICICI PRUDENTIAL life insurance?

What made you invest in ICICI PRUDENTIALS Life Insurance Co.Ltd

Frequenc Valid Cumulative

y Percent Percent Percent

Vali Returns 11 36.7 36.7 36.7

Safety 3 10.0 10.0 46.7
Visvesvaraya Technological University, PG Centre, Belgaum 54
 d
Service 11 36.7 36.7 83.3
Coverage 1 3.3 3.3 86.7
Brand
4 13.3 13.3 100.0
name
Total 30 100.0 100.0

What made you invest in ICICI PRUDENTIALS Life Insurance Co.Ltd

Returns
Safety
Service
Coverage
Brand name

Interpretation:

Out of the respondents who have invested in ICICI PRUDENTIAL life insurance 36% of
them have invested because of good returns, 36% of them have invested because of good
service, 10% of them have invested because of safety, 4% of them have invested because
of brand name and 1% of them have invested because of coverage.

12. What is your satisfaction level regarding ICICI PRUDENTIAL life insurance?

What is your satisfaction level with regarding ICICI PRUDENTIALS Life

Insurance Co. Ltd

Frequenc Valid Cumulative

y Percent Percent Percent

Vali Fully Satisfied 7 23.3 23.3 23.3

Satisfied 11 36.7 36.7 60.0

Visvesvaraya Technological University, PG Centre, Belgaum 55

 d
Neither
Satisfied Nor 10 33.3 33.3 93.3
Dissatisfied
Dissatisfied 2 6.7 6.7 100.0
Total 30 100.0 100.0

What is your satisfaction level with regarding ICICI PRUDENTIALS Life Insurance Co. Ltd
Fully Satisfied
Satisfied
Neither Satisfied Nor
Dissatisfied
Dissatisfied

Interpretation:

The above table depicts that 23% of the respondents are fully satisfied, 36% of them are
satisfied, 33% of them are neither satisfied nor dissatisfied and 2% of them are
dissatisfied.

13. Would you like to be approached by ICICI PRUDENTIALS Life Insurance Co.
representatives?

Would you like to be approached by ICICI PRUDENTIALS Life Insurance

Co. Representatives

Frequenc Valid Cumulative

y Percent Percent Percent

Vali Yes 32 32.0 32.0 32.0

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 d No 68 68.0 68.0 100.0
Total 100 100.0 100.0

Title

Yes
No

32

68

Interpretation:

The above graph depicts that out of 100 respondents 32% of them would like to be
approached by ICICI PRUDENTIAL CO. representatives, and rest 68% of them would
not like to be approached by ICICI PRUDENTIAL Co. representatives.

14. Will you recommend your friends/relatives to invest in ICICI PRUDENTIAL

Life Insurance?

Will you recommend your friends or relatives to invest in ICICI PRUDENTIAL life
insurance

Frequenc Valid Cumulative

y Percent Percent Percent

Vali Yes 60 60.0 60.0 60.0

d No 40 40.0 40.0 100.0

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 Total 100 100.0 100.0

Will you recomend your friends or relatives to invest in ICICI PRUDENTIAL life insurance
Yes
No

Interpretation:

Out of 100 respondents 60% of them would like to recommend ICICI PRUDENTIAL life
insurance and 40% of them would not like to recommend.

FINDINGS

 Most of the people mainly focus on tax benefits and returns while investing in any
life insurance company.

 People invest in LIC because they think money is secure.

 Almost all people are aware of ICICI PRUDENTIAL Life Insurance

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  T. V. adds made more impact in the mind of investors

 Most of the investors are satisfied with their present insurance this avoid
investors from moving towards ICICI PREDUNTIAL Life Insurance

 Investors prefer to invest in ICICI because of Better Return & Service provided by
the ICICI

 Most of ICICI customer are satisfied with their returns

SUGGESTIONS

 The ICICI Prudential Life Insurance Company should Concentrate on attractive

advertisements and various promotional strategies like, giving Pamphlets, put the
Hoardings and banners at important locations of the information abut company
and its products.

 Company has to create a sense of security among the customers. Because most of
the people fear about security in private life insurance. So company has to explain

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 and highlight about IRDA rules and regulations, which will give support to the
private life insurance.

 Whenever company launches new products, company should conduct some

functions for existing policy holders, which ensures direct interaction with exiting
costumers.

 The company should be efficient and committed to face stiff competition from
LIC because it is deep routed in the minds of the people. This can be done by
acquiring and training sales force regularly.

 The time factor for launch of the new policies/plans should be planned according
to festive seasons when customer get the bonus or during the month of February
or March when the customer are thinking to avoid tax.

CONCLUSSION

Returns and tax benefit are the main factors, which are considered by the investors while
investing in any insurance company. Investors invest in insurance company to cover their
own life.

Since LIC has created the sense of security in the minds of the customers most of the
people do not want to be approached by the company representatives.

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Investors invest in the ICICI PRUDENTIAL Life Insurance because of good returns and
security along with good service.

ICICI PRUDENTIAL has a good brand image and can increase the market by giving
good training to their representatives. They were mainly focused on Unit Linked Plans
but because of the market conditions it will be beneficial for them if they concentrate
more on health insurance etc.

According to the study the company is doing well but order to sustain the
competition in the market some more effort should be taken. The personnel should work
coordination for the success

BIBLIOGRAPHY

1) ICICIprulife .com

2) Money contral.com

3) Licinda.co.in

4) Cnbc .com

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 QUESTIONARIES

I, Dhirendrakumar. The student of Visvesvaraya Technological University. I am

undertaking the study of To Assess the company PERFORMANCE ICICI
PRUDENTIAL Life Insurance Co. ltd in Belgaum city.

I, request you to fill the following information. The information given by you will be used
for the academic purpose.

Name:

Age:

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Contact:

1) Gender

Male Female

2) Occupation

Govt. Employee Private Employee

Business man Professional

Others

3) Annual Income

100000-200000 200000-300000

300000-400000 400000 & above

4) Are you aware of life insurance?

Yes No

5) What percentage of your savings would you like to invest in life insurance?

Up to 10% 10%-20%

21%-30% Above 30%

6) Rank the following features according to their importance which you will consider
while investing in any life insurance company.

(1-Very high 2-High 3-Low 4-Very low)

Returns Safety

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 Tax benefits Risk coverage

7) Are you aware of ICICI PRUDENTIAL life insurance?

Yes No

8) How did you come to know about ICICI PRUDENTIAL life insurance?

Family & friends Advertisements

Company Representatives Others

9) In which life insurance company you have presently invested?

LIC ICICI PRUDENTIAL

BAJAJ ALLIANZ HDFC STANDARD LIFE

10) Are you satisfied with your present investment?

Yes No

11) What made you invest in ICICI PRUDENTIAL life insurance?

Returns Safety

Service Coverage

Brand name

12) What is your satisfaction level regarding ICICI PRUDENTIAL life insurance?

Fully satisfied Satisfied

Neither satisfied nor dissatisfied Dissatisfied

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13) Would you like to be approached by ICICI PRUDENTIAL Life Insurance Co.
representatives?

Yes No

14) Will you recommend your friends/relatives to invest in ICICI PRUDENTIAL Life
Insurance?

Yes No

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