TO WHOMSOEVER IT MAY CONCERN CERTIFICATE ‘This is to certify that the project titled “ the role ‘communications in life insurance “is a bonufide work (Roll NoS3) For ICIC PRUDENTIAL CO.LTD.. He is a studeat of Vishwakarma Institute Of Management, Pune and has worked under our direction andl guidance ‘The project report is subwnitted in the partial fulfillment of Masters in Business ‘Administration course of University Of Pune for the academic year 2004-206. Dr. Sharad Joshi Prof .Avinash Nene Director Project Guide EXECUTIVE SUMMARY: ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading intemational financial services group headquartered in the United Kingdom. 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). In today's highly competitive environment companies are rigoursly searching for programmes which would give them an edge over their competitors. These programmes range within a myriad of activities,the marketing communications forming the pivotal among them.A marketing communications which includes thevarious promotional tools mixed in appropriate proportion and integrated into a single marketing programme is supposed to give an strategic advantage to the companies. Objectives : * To find out the specific roles played by the various constituents of integrated marketing communications. + Toidentity the most effective among the IMC + Toiidentify the ineffectual constituents. + To suggest various ways of improving the IMC. Methodology * Initiation of project. + Study Design + Survey = Data Analysis = Recommendations = Sample size : 100 respondents. * Sampling Method used : Deliberate Sampling + In the first phase of my project I studied about life insurance industry and few products of ICICI PRUDENTIAL in detail. * | interviewed the respondents by administering them the questionnaire. + The various tools that | used to analyze the data was simple and cross tabulation. The major findings of my survey are: * Advertising serves as a door openerThe are Personal selling is very important in consumer decision making Sales literature gives credibility to company’s promise Telecalls play important part in fixing appointments Internet marketing helps in maintaining CRM Publicity increase awareness and inclination recommendations that | suggested to ICIC! PRUDENTIAL Advertisements of ICICI PRULIFE should be more product expressive and easily comprehensive, so that a customer feels an urge to enquire about the products. Since from the findings it is clear that advisors are extremely Improtant in selling the policies, they should be trained on the concepts of marketing and not just selling Sales literature should be written in more customer friendly language. Telemarketers should enquire the brief background of prospects during the appointments calls . Internet should be used to maintain CRM. Company should engage in keeping itself in news, should organize events, seminars etc.INTRODUCTION Man is exposed to risks and uncertainities.For instance the time of the death of a person is uncertain,and in the case of his premature death his dependant's may find themselves deprived of all means of existence.Every pudent man will carefully consider how best he can prevent such risk or minimize or provide against its effects.It is difficult for for an individual to survive unless the arrangement for covering the risk is possible.This arrangemrnt is made possible by insurance. Insurance stepds in to transfer such risk and dangers to the shoulders of the person who are willing to accept the burden for monetary considerations Insurance is a device by which the loss likely to be caused by an uncertain event is spread over a number of persons who are exposed to it and who propose to insure themselves against such an event.The essence of insurance is that it compensates the financial losses of a person and thus hisdependents have a security of fixed income even if the person is not around. As these days there are a number of companies both private and public who are providing the service of insurance,so it becomes essential foer a firm to distinguish their brand from its competitors and also make people aware about their presence-Integrated Marketing communications is one such tool by which a firm can achieve the above _—objectivas.Integrated Marketing communications has gained popularity in recent years in order to market a product especially in the highly competitive markets such as that of India. PROJECT INITIATIONUNDERSTANDING THE ORGANIZATION COMPANY'S PROFILE ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading intemational financial services group headquartered in the United Kingdom. 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). ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI 6Bank and Prudential ple holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The company has a network of about 56,000 advisors; as well as 7 bancassurance and 150 corporate agent tie-ups. For the past four years, ICIC| Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in his lite. VISION To make ICICI Prudential the dominant Life and Pensions player built on trust by world-olass people and service. This we hope to achieve by: » Understanding the needs of customers and offering them superior products and service * Leveraging technology to service customers quickly, efficiently and conveniently = Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders * Providing an enabling environment to foster growth and learning for our employees * And above all, building transparency in all our dealings.The success of the company will be founded in its unflinching commitment to 5 core values ~ Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the 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 the commitment of our team, there are no limits to our growth: UNDERSTANDING THE SCOPE OF PROJECT In today's highly competitive environment companies are rigoursly searching for programmes which would give them an edge over their competitors. These programmes range within a myriad of activities,the marketing communications form the pivotal among them.A marketing communications which includes the various promotional tools mixed in appropriate proportion and integrated into a single marketing programme is supposed to give an strategic advantage to the companies. This project aims at finding out the specitic roles that the constituents of promotional programmes in life insurance play so that the stronger areas could be further reinforced ,the ineffectualareas could be weeded out as they unnecessarily consume useful resources and the other important areas could be given a facelift, such that upon their integration into a single marketing programme they could become a lethal armory in the marketers quiver. Tr ing programme for conducting the field work The training programme started with comprehensive study adout the life insurance.| was given information about the life insurance industry and its functions. was also given information regarding some of the products of life ICICI PRUDENTIAL. LIFE INSURANCE IN A NUTSHELL Life insurance is chiefly a risk management tool meant to offer financial protection to you and your dependents in the events of your unfortunate death If you are adequately insured your life insurance should enable your dependents to maintain their current life style and pursue their life goals.. But in India individual understanding and awareness of lite insurance is very low, may people don't even know that the policies are on offer which will them meet their insurance and their own financial needs.That is why today a marketing programme is needed which will provide enough information to them so that they could understand their insurance needs andfind appropriate fits.In todays economy life insurance has come to represent more than risk cover.The best selling insurance products in the market has attractive investments and tax benefits offer. Life insurance started in India in 1870 when Bombay Mutual Assurance Society, the first Indian life assurance society, was formed . Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. it was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies’ funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country’s life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these ‘companies. As a result, the government decided nationalize the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured. THE BASICS OF LIFE INSUARNCE = The basic concept of insurance is that it does not protect the asset. It does not prevent the loss; it only compensates the economic losses. * Insurance is the mechanism in which people who are exposed to same risks come together and agree that if anyone among them suffers a loss the others will share the loss and make good to the person who lost. = The occurrence has to be random, accidental, and not deliberate, = Life insurance policy is a contract in terms of Indian contract act, 1872. * Life insurance is a branch of insurance in which human life is insured and in which compensation is made available to the designated survivors of the deceased person. + The cost of the policy is called premiums or contributions which are paid either yearly, half yearly or monthly depending upon the terms stipulated in the policy. + Inife insurance there are usually two types of plans (a) term insurance (b) pure endowment In term insurance claim is paid only on death during the term and in pure endowment claim is paid only on surviving the period. * All other plans are mixture of term and pure endowment.* Some of popular plans are annuity, marriage endowment plans, children plans ete. * Nowadays unit linked plans are in great demand which includes the term insurance + investment plan. * Rider is a clause or condition that is added to a basic policy and provides an additional benefit. Some of the riders ADBR, CIR, WOPR. + The claims could be maturity claims, death claims, accidents and disability benefits. * There are group insurances which provide cover to a large number of individual under a single policy called ‘master policy’ * Ombudsman resolve disputes between policy holders and insurers, * Person who asks for policy is called proposer and the person to whom death claimed is nominated by the proposer. Is called nominee. PRODUCTS OFFERED BY ICICI PRUDENTIAL ICICl PRUDENTIAL OFFERS SEVERAL TYPES OF PRODUCTS. THE PRODUCTS OF ICICI PRUDENTIAL ARE = PROTECTION PLANS = SAVINGS PLAN = CHILD PLANS = INVESTMENT PLANS = RETIREMENT PLANS * GROUP PLANS= KEYMAN PLANS SOME OF THE PRODUCTS OF ICICI PUDENTIAL :The Unit Linked insurance plan that towers over all the others. SNICICI PRLDENTIAL32/ SEEEEETEET TIE ‘We cover you. At every step in life.Minimum age at entry O years Maximum age at entry 60 years Minimum sum assured Rs 1,00,000 Minimum premium Ris 18000 yearly Rs 9000 halt yearly Rs 1500 monthly Maximum age at maturity 75 years Minimum term 3 years Maximum term Life time Premium payment mode Death benefits Yearly,half yearly,monthly Higher of sum assured or value of investment Flexibility Increase/decrease death benefits, flexibile contribution,4 switches a year free,top ups Surrender value After 3 years 100% of investment. Riders allowed ADA,CIR,.MSABR Tax benefits Sec 88,sec 10(10D)inked Plan with Capital Guarantee OICICI PRLDENTIAL73; EEEMinimum age at entry O years Maximum age at entry 60 years Minimum sum assured Rs 1,00,000 Minimum premium Fis 8000 yearly Ris 4000 halt yearly Rs 667 monthly Maximum age at maturity 75 years Minimum term 10 years Maximum term 30 years Premium payment mode Yearly half yearly,monthly Death benefits Sum assured +higher of value of units fund? guranteed value of unit fund. | Flexibility ‘Increase/decrease death benefits. flexibile. contribution,4 switches a year tree,top ups Surrender value Differs from year to year. Riders allowed ‘ADR,CIR,WOP Tax benefits ‘Sec 88,sec 10(10D)RIDERS Riders are options that allow one to enhance one's life cover, qualitatively and quantitavely They can be considered as toppings that add value to the policies. They are optional and are available in variety of flavors to be choosen based on one's preferences. They are in addition to the policies bought and come at an extra cost Some common riders offered by ICICI PRUDENTIAL are * Critical lliness Benefit Rider = Accident & Disability Benefit Rider = Accident Benefit Rider Income Benefit Rider = Waiver of Premium Rider (WOP)Integrated Marketing CommunicationsFor many years the promotional function in most sectors was dominated by mass media advertising. companies relied primarily on their advertising agencies for their guidance in most areas of their promotional activities. But in today's competitive generation the need for a marketing programme which includes all relevant areas of communication is being felt like never before.The companies are anxious to find that which part of their marketing communications programme is ineffectual so that they could substitute them with other more effective means of communication. Marketers are adopting the IMC approach because they have understood the strategic importance of integrating the various communications functions rather them having them operate autonomously. By coordinating their marketing efforts companies can avoid duplication, take advantage of synergy among promotional tools and develop more effective marketing communications programme. DEFINITION OF IMC ; “Integrated marketing communication simply recognizes the need to plan and build-up all relevant marketing communications so that they work together in harmony to greatest effect with greatest efficiency" In its simplest form, itis the "process of integrating all elements of marketing communications mix across all customer contact points to achieve greater brand coherenceROLE OF IMC: IMC has an increasingly central role to play in today's market place, because if offers company a way to strategically coordinate messages and establish a meaningful dialogue with customers. In short, IMC provides organizations with a strategic method for both establishing and maintaining relationships with key stakeholders. And this is essential for marketing success in the twenty-first century. DRIVERS OF IMC: ‘The marketplace is changing. What was once a single audience has fragmented and companies have to establish and maintain brand relationships with a variety of groups of people-customers, as well as other stakeholders, such as employees, investors, suppliers and distributors, local communities, and the media. Organizations now have to communicate with these groups using a wide variety of media. Because the mass media now have considerably less importance than they have had in the past, dialogue is becoming increasingly critical in this marketplace. That means that companies can no longer rely only on one-way communication targeted to large groups of customers. To be successful now, organizations must not only be able to target messages to individual customers, but also to listen and respond to all their stakeholders. That means they must know who these people are, and the key to that is database-driven communication IMC is critical to brand relationship programs, because it provides the skills and new ways of thinking that are necessary if organizations are to create and successfully manage dialogue with customers and other key stakeholders.THE TOOLS OF IMC: ADVERTISING PERSONAL SELLING SALES PROMOTION DIRECT MARKETING TELE MARKETING INTERNET MARKETING PUBLICITY/PUBLIC RELATIONSADVERTISING: Advertising is defined as any paid form of non personal communication about an organization, product, service, or idea by an identified sponsor. Its paid form because the space and time for the advertisements are bought. Non personal because advertising is a tool of mass communication and is aimed at larger audience, one to one dialogue is absent in advertising. Advertising are of many form: + Print advertising which includes advertisements in print medium like newspapers, magazines etc. + Electronic medium includes broadcasting mediums like television, radio etc. + Outdoor advertising like billboards, display signs ete. Brochures and booklets. Some of the advertisements of ICICI PRUDENTIAL are:Subhead: We cover you. Bodycopy: At ICICI Prudential Life Insurance, we keep life smooth, even when you have wrinkles. We show you that retirement is also about living. We're with you, in sun or storm. It's how we, a joint venture between India’s leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone. Baseline: Joy Hope Freedom Life Agency: Lowe Lintas Client: ICICIreser rave, Headline: Beneath every wave, is an anchor. Subhead: We cover you. Bodycopy: Welcome to ICICI Prudential Life Insurance. We keep your family encased in a cocoon of happiness, even when you're not there. We're your navigator through life's troubled waters. It's how we, a joint venture between India’s leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone. Baseline: Joy Hope Freedom LifeMegas Headline: On every long journey, there's a partner to keep it safe. Subhead: We cover you. Bodycopy: We're ICICI Prudential Life Insurance. As your partner in life's joumey, we vow to always protect you against risks & uncertainties. I's how we, a joint venture between India's leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone Baseline: Joy Hope Freedom Life 26PERSONAL SELLING: is a form of person to person ‘communication which a seller attempts to assist or persuade prospective buyers to purchase the company's product or service. Personal selling involves direct contact with buyers and sellers. Personal selling include = Sales presentations. * Sales meetings * Fairs and trade shows. Life insurance policy could be sold only through the agents according to the IRDA, who work on commission basis. These agents have to undergo 100 hours of compulsory training in any of the IRDA certified institutes and then they have to pass an examination of 100 marks conducted by the IRDA, the pass marks for the examination is 50. In ICICI] PRUDENTIAL these agents are called advisors. After the advisors pass their IRDA exam they undergo product training at the respective branches. DIRECT MARKETING: Use of mail, telephone, fax, email, to communicate directly with or solicit a direct response from the customer. The most common types of direct Marketing are + Telemarketing + Internet marketingSALES BROCHURES: Sales brochures contain the information about the product, the terms and conditions, the various specifications about the product. The sales literature is usually prepared by the technical writers who try to give detailed information about the product and at the same time try to maintain the presentations in an attractive way so as to get attention of the customers. Some of the sales literature which form a part of ICICI PRUDENTIAL'S marketing communications programme are:CE LifeTime = ¥ The Unit Linked insurance plan that towers over all the others. @ICICI PRLDENTIAL3; ecweryor area ne 2oath Boa: 1 the urforinate ‘vent of death, your clue ones {a8 seared on meetin fuse ‘ur guarantees oun benett nsire tt the ncrowe wl recon the her of eterthe death bon chosen wes yortsomaiscrthavaluactneunts Ligity Opn: Tro iss matuty ae. Anne ots Yours of corierarcera (prada you hawt pd Premium 123 fuk years) you can make pal or complete wthtrawais at ro party. to meet your imme equberers Options <« how youwareyourimestments 10H basa on the bec 7 sachof hep sensor Wiigh gous yur prot. eth plan {1 you, You can anjy longi capital apmreciaion ‘to a prt th veetad eimai sty a utyteted sect ‘ome M06 the other hae your pcray i sana returns, youcanopt ere rtscto: lan Hoe yoican scourwiate 2 steady msome, ata fw rok asoas 9 radu t lanpserm pais! ram 8 persia. which & iraatyiwastednfaedincoms eaves. a tne, Your pole va based the valu of wit sored you. aticer: yu pele «Balinese of rth ate! say runs, choose ou Balireer Pan. Tis woul! ensure that your pots vested iv equty and aqua ‘secu aa wll asin fadinceesacurtas Preserve The jective of ths pan is oan copkal Poteton by irvasing i ery tow sk vast he Comb ant call may markets Howebee he ens ‘anerated may sso bo onthe lower sie due 1 he ‘rmemmer patcen At inept, esta ut 29% ibe secataatorse tind Natale stage yurtinorcl pores change, yasean ‘ch between the various imei option ary time, Thee ea provon ct ree autora every ley Yea Subp to the carton that he min switch chmigedat 10 peronich, “pap your iverimect ary tine you haw surples ‘unde. The Tope wil et ave any eat an the Sum asctec fhe roduc The minimum amcint of Tap ‘aresomnAt various tages of your Me your lables may incease- ‘mariage. chitrn. a new home, dren esving home for higher ‘uses, isTime lets you ineease you death benefit lethoutanyanderwiting duns specal events tenes ct vary hr yar upto times. Tisineease 6 @ 25% ct orginal death benefit or Rs 1,00.000 whichewe is loweceachsime Youesn aoirerase you prtscton at Iagher fees at any policy anmversary subject to underwetrg nies. ' Deceseeyou' dosh bent ‘verte yeurisbites meydeereasetoo-vatus ans {9 pid ot, your chitran become independent and 0 on So, if you want to decease your death banefit you candor co. atanypokoy aniversary 1 you had been ing premium paymnes for at fast ‘year antec mi out 29 subsequent payers Yow phy wl et kpse. We wil ensure that You comin to be covered and wil aust your meaty re agaiet your tre You can eames of dec yout arma cont btn Tha maximum decrease nthe conwbutns canbe upto 20% cf th tal contusion chosen by you athe tne of negption ofthe pebey Howevet inn ereumetances 32 can the cotrbuton be reduced to blow the minimum rerum allowed unde’ the plan at ha ime, 2 OR of the intial hoa comtbuton, wtichewr ie higher Yeu nave me tewbity to crease your cormusen without any lems. Any such inciease or decrease conten willonl be owed on poy ariersanes. Aste poloyolier you would be provided with addtional ocavons on 2 period bass. These would depend upon the tol value of units ofthe pay. Te schedule of he sasormialoeatonwouldbe efoows ‘Aiaieel cst 3 ‘rage vate ct ss | Sea ace ZR om. 700 om Sooo; sonnan0 30% ‘amnom sano" oe 5 Thabo 00% ‘These locators woldbe made athe end ot th, Stand 12m py yea. The alcations woud ony be pai he regulrcertibstins ita yea are completely patron ‘the acta payment othe promian due ferhedth Shad "Rh poley yar where such premiums remain ungad The evs asain as maitionnd above a guard thedih Band 72h yar dependngon your alu furs However youve of unt eet guaranteed ‘ha Avge Un ae he aaa ote vl ect Aenea heya peceieg er faa aepoly equies » surender we ot tee orl yrs ofthe pokey. posed the frat three ore fromurs at pl Th Suerte 1% thes vaso, fern ys ce! sure ae youca a fsb i lg 2 aa lb ag loan. a gr the povaling rata a hat tre No al ‘arnt can te ade sumo bapa ncaatre ‘San omcur ang wah We sud ua rast temas equtotevabe othe nts. tan th py te tert Lar be np 1 the fms ad csndhersagpiate claret nectar rece Weathers? 1 Penn Alceatons: The rim alcnion would bane on th aml orrtaan it The auth ‘Mosaton eal wh asfllowe onan [tet [yet | eyo vr | Taian | an [we [ok Taneoaaooe [a [ae [a eigen The smnuat aémiistratve and fund raoorent rhe fo hinde ae 3 prccte of he Nevaaaet ae NAV The carpet acon Festi Ime n Ta Te co Ti co 1s — om 33 oases Matty rarpra witb deste co ‘erty bas one ct ao come Le covet the leans tate thw Su Astra andthe aiectieonmere Theses stolen Chas dopnag ocr Beapwol Pw sce yn oe tectdosictenctreraty hares scree Tp chapaswabe etme pps « Suohohnines xcapttorine Shas tenons wy ploy ya cher schol be eager at Ts pth deopnad er you, yu st ong tor pgaruntins 1 monrise avenge cigh payer ‘eplrcmetutorstrastpubed gros. totutslong ane prc yuri What are the limits or condone applicable? [Forttotins) Ageatetey Meum ageateray Oyous Mawemumapeaterey 6 yews comple yes) LifeTime II th Bene: tute haath of the Ie amu the eat Banat ghar fm esac me ot ath nay tha raat das Hover caste‘rsuredisinas than 7 yar ot move than 70 yeas age stinetme cf det, nevali ofunte willbe pi Options getty Option’: There is no rmatuity dae ofthis potcy. Any time afer you have pad the contd fr 31 yus, you can make patel wihaawals st pony tomes you mediate requtements The rinmum acum cf pariah wendrawal has to be Fs. 2.000. You can aso opt for complet withdwal |surende ar one yeas prem umhas been paid Lvl Tho base Sum Aesuodromaine mutica the semualcontnbuton and wiltemathe same theugheat tetanurectinepoiey. SumAssured = Annualeontibation x Amutile ‘As he policyholder you have the chai f the mate subject to 4 minimum maitipe of and = manera ‘utile ot 160. orthe maximum avalablaas per thezoe Lowel 2: You can choose this pon # you want 19 Ineraae your Sum Resid ong wth the nea in Your responsibly and need for Insurance. The base Suzm Aanured arts mcreasng by 15% (ol the int smaure) fom the begining ofthe 4h yor sl the begining othe Toth year ofthe policy. However exch Inereae cannot be more han Rs, 20,000. This option 's aaiabl to all ndioinle Berwsen 19 ta 5 yeas of age Thee wil be an adsional charge (over ard bow moray cherge) that wil be levied o prove the gutanieedinereasesinthe lvel2 Sum Assured 34 ‘You have the option to choose ow you wae Your ‘vestments 10 fom, based on the cbc of wach ofthe plans ‘Maxine it Whigham your isthe plan fer you. You ean any fonptern captal apprecitin ftom a pols that is imestd pian in ety and ‘squcytelatesecurtes Foleo Won the eter hand, your pty fe steady mens, yo caro forthe Preactor lan Het, yuan aezumulae a soacy cere ata low ak acess 8 ‘medium w longum paid om a portato which is marly invested ued income secures ‘loner st yu patra balance ot prewnh and ates reusns, choose ow Balanost Plan, This would erste thot your port iva in aguty ana qua secuiie, aellasin fixed income soutien, -Preerver: The chic of ts pln to ene canit ptacton by Invasing in vety low nak invastents ia cash and eal mansy marks. Howevet, the returns ‘geverated ray alo bn on the lowe ae de to he ‘ewoatmantprtem Atineption. vestments up 020% ante alloted othe fund. tat later tage. your marcia pores change. you ‘en wth betwen the varies investment options any ne. Thee a proven of fae switches euery poly yer, subjer the canton that the minum ‘sicch aout ss. 10,000. Ay switch beyond ts nt wilbecharpedat is 100persuitch“Topp your intesmert sy sere you have supls {uns The Tepe wl ot hae any set on fe Som Assured tha grodt. The miner amour ol epep ‘yucanmake aFs 000 Proxibiity 46 Increase your Sum Assure At ato stages of your Ha amine chien arm home hate goa abroad for Higher anes, Lilie ters you the Hn aty = mcrae you eat Bent _nyting ng hate daperrg upon your charge ‘roacton requreren. Howevet any sh inte woul be subject to underiig a the tw of such incense This ncreaon scone and above the rane Sum AssuregunderLavel2. ‘DecrauseyourSumAssued ‘er tm, you Hales may daoeane 20 - ous owns ge i oft you eh twcome indepwodenr aed soon. Wi LAsTinel youaleshavethecption ot 35 decreasing you Sum Aasured. Howeve any merase ther th ceca Si Assure wil be suse to raring ancanbe donwcntym foley evry ‘You canincoase cr docrase you arma |conibations ‘The mami dremase the cotrutns an Be up 10-20% ofthe mil contre choeen by yo a ‘the we of ncepuen of te pat However under 9 ‘reumetnces ean the contbwtions be rao ¢2 blow te mina pein alowed und the plan tat re =f 80% ft nt oss comtibuton ‘whchever is get You have me Heniby 19 cree ‘ya cormearone wth ay fms By ruc cra 0 docraao in conibutons wal ony bs stowed on psleyarnveraces ‘Thi as lcatyprouded by the product where the ‘nauranen over under th pli cominues rentthere les tampsrary bleak in the poymene oF annus cnrbuton ate 3 yeu premirs have been pol ‘Ourng tis pared. te cover corioues by dedureng meray charges (eins of unt} trom te vee oF irvasiems, Hower, the fait can be aad subjecto wo constions 1 The bvak i combaton can on be mad case “ontibutoraithardawe sepa 1 Umi 10, yoo prima have bean paid tie faceny canbe nate fo 8 mania of to yars ‘Aor 10 yar’ preriums have Bean pa you an aval ofa ay tte stove merbned natnOther Bonetts «+ ‘As + poleyalder you would be provided with addtional sibeatons on 4 period: basis These would depend upon te tava of units othe patcy The schedule of the adden alocton woul! beastolowe ‘Abia socatinn 5 sera vee nase | Ate cat ne aw. no a 00005 020 aon asic. Es ‘amnaot Sona aa SADT a3 ‘These atoatons woul be made at the end of he th {tn ae 12h potey year The abcavons would ony be aid Ht the regular combine thet yest are complendy paid, of on the actual payment ot the premium ue forthe th han 12th ple yest. where sich pms remain unpaid (The levis f locaton ss memoned above are gustan nthe th th nt 1h yea depending on your value of units, However yourvaloctuntsarenctpunanteed) “The Avge Unt athe age he ae fhe iy lerevabmcttheyem precede tecom sna locate Thi pocy alow surendar after | year’s contain pad. The suveror value avadabiet2 you 08 the okey holder wi be a ows: 36 ‘ae eae wm ‘he asennad | Ae anarae Me darersceebtonacnad | taledinnsnms Wand tiene ‘After he piy hes acqued » sure value you ean trail fan under this poy. Interest wil be chug ‘on the lean. as per the prevaing rate a that me. No atl wthdrawala can be made ding the los patio. In eae re loan amu along wth he sczruedunpais ineteetbecora equal the vals of the us then the ploy wil be terminated. Loans willbe subject to me terms and condionsappicable to loans atthe ime of svaiingtne isan Watt charges? sore, The pemim action would be base onthe anus contabution hits. The sey ‘slocatonscheds wouidbafolow! Aoi Pi Tow] te | tk tee ste | Wet | nue mm | me | _[ | am | om a ‘an acme charge of Ra. 62 per mth wi be Teva by eancelitin of unts The anv! funda charge onthe vari hind areas olowsale Tv Cae i a ae Moralty charges Thi charge wil be deducted on a ‘momtiy bai cn the caked valu of fe covet. Life cowristhedience betwee Sum Aas arte salve of iverimens, These ate set of reravatle anges depending upon the age ofthe pokeylder atthe ime of deduton of monaley charges. Agewise ‘morality rts ap al nthe morality table. The ‘ates appleabl forthe two Sum Aste lvls woud bedtirere Tee ps) [ Moa pr eb ona Tor Seed | ae Tae = a i = 7 7 a oo ue Topp charge Topp chaos wl be 1% ct the Tops. « Sutch chrges Exapt forthe ee swtches alowed very pely yea, al other swtches wl be charged Rs 100perswech What are the tint o (ForkiteTine ‘Mimurn apes any yrs Byars fer Level 2 Sum Asswredcption, ‘Maximum age a any 60 yar years for evel 2m Asswedopion Maximum ageoteover: 70 years conditions appcabe? cy Add-on ors We rss that ou ae prepared for any every ith ‘chor of riders alona wih the Death Berti to oe Yeutotprctcton-ata marines + Aecient ant Diaby Pier In the eterno vent of acide death apa rom the erotenal trauma, hee av froncol habitiee 9 tory must face Thi tier flrs cover apaeat Acsdet and Deal. fr the evr of dont de wo ocd. he rmine gets an atonal Sum Asse uc the ie 1) Incase of acter ath whe tavtig by mass surfoce ranspon. he nainee wil 9 ie the Sm ‘Asura undertna ie Intnewventotttalandpermanent cabin dito an accident which impos ones capac to ern 1% ‘ofthe Sum Asst pid veryyartor 10 years + Waiver of Premium Rier(LieTime lf eniy: This "der pays the cortbutons 1 the fund on your buhattin case of atotaland peemanart iss ue toanacedon. This beoetts povided tithe end ot ‘thorderter, The minima spect ents 18 years land the macimum ape of ety is 5 yews. The rraxamum premium that ant waived under tie feria Re 10.03. 000, The banat provided fra raxamum of 20 years subject to 4 masini age oF 65 yeu for expey of 8 cover, The minimum tem is oyears + Ciel neat Rid: I the fovant of the He served eontracting any ef the4 adie pyran equvint ofthe Sum Assurod uncer the ier woul be made. The covert svasble pou macmum ct yews age Claeys xxl Angee we not admit fr te fat 8 rors of ‘he paley Ths benettis payable cn the bans tthe Masud surviving 28 dys rom auch agent The mitra of iy 18 yea atl the 38 ‘maximum ape of enuy ia 6S yearn Minimum Sum ‘Assured io R360 000 and maximum Sum Assad ‘eRe 1900.00, For frthor detalles on the Riders, plese eal on the umber provided andaor the Mer brochure Hos Unie ste calculated? Unitaue calculated dey on torward icra bas ‘aor eng t e Whatare the Toxbenet? The premiums paid by you ae elle fr tx bot unde Section 800. Any amount paid ou in frm of ian or cur bats wt be bg fr ox tenets under Ssnon 10100) The deductons made towards Rast charges for he Cia eas ae! Maye Supe! Aneta Pers ie all fe odin under Section 60D Altaxbenotts ‘eesti revit uerte nd gy fi in hee etopeveorer test nteanriwimnen SOMME ig Sora Sees re ies a i ey ent Dr thy ow a na eve hart Mery Mart Pe ee eer 2 garment the Plans ard do not ory manner inate tre mutton Soscennreenormee fe Coney nent he Rb cee se oe SSoarecomminreconmnerenrerin ~ hore ecumnyeasenninan ine Comoneunereiteeeretanaymine Seevtem eee ancy ae Te Lint Va ofthe Ut of eco Plas a hecho oe Pein cy) eee Tateny mera cai afta So veo Se nin tne Ho oe ere ON smtnceme glen Teparoetmneet se Pte Comm Ustoe toy me “= indieonensii ech ea fe a ems inant org stan ire ht gro ar ‘Ae RDA wp wos me of BaD or meh ea * DnPrmsenecth eased rendre a AN bomite ponte eer te Foley mon % etme fh Can see te min Cant nc etn er a secrgteratchrge hemenetn teh args Ste mcomed the Crem aac ievenee herpes Htslom/ Caine Tochctsn Guin torieiccecrameutercnts ° S00 ¥ ete anuedommiastade sheen ot Tepe stec-eat pron tor ROA tasema_Mutm nti ct yea Hem bate arent ‘Peps tects radanstepemere ot (riage ts daptevaien | RePacyhatlecadeannarageeth bwahom shite Sante fe den he aon cu by he Conpanarheoneectneecey| Sentngintennenienmastbepdiy *Ferieuon, eardrs te deletndrbuce “ie Popomt Linkarena omc tomnihe_° Se on oft ccs lb rsd aa er Uneienapattataeng as seetetees {UetonanldeTntacehrtmasasitie Read ont. mt arm ym narra a et 39OBJECTIVES 40OBJECTIVES: For many years the promotional function in most sectors was dominated by mass media advertising. companies relied primarily on their advertising agencies for their guidance in most areas of their promotional activities. But in today's competitive generation the need for a marketing programme which includes all relevant areas of communication is being felt like never before. Objectives of study: ‘The research was carried out to accomplish the following Objectives: + To identity the specific roles played by the constituents of Ivc * To identify the major and minor drivers of IMC. * To identify the areas that needs to be improved upon. + To suggest various measures to improve communications programme. 4Research methodology: Research methodology is a way to systematically solve the research problem. It may be understood as science of studying how research is done scientifically. In it we study various steps that are generally adopted by a researcher in studying his research problem along with logic behind them. Sampling Itinvolves procedures that use a small part of population to make conclusion regarding the whole population ling plan fort! Geographical / sample area: VADODRA Sampling unit: The recent policy holders of ICICI PRUDENTIAL. Sample size: 100 DATA COLLECTION The project was to identify the specific roles played by the constituents of integrated marketing communications, so | used the primary and secondary methods of data collection. | used the company’s database of new policy holders and then collected the primary information from them by administering the questionnaire to them.FIELD WORK PLAN ‘The field work was carried according to the sampling plan formed, by visiting the policy holders at their respective homes or offices as agreed upon the appointments. The main motive for these visits was to get the questionnaire filled up which would give us important data for our research purpose. The questionnaires are either directly filled up by the respondents targeted. DATA COLLECTION TOOL The data collection too! that | have used is Questionnaire. | have selected questionnaire as a data collection tool primarily because of descriptive nature of sampling & secondly it was the most suitable tool that could help in achieving all the objectives of the study. LIMITATIONS, People happens to be a little hesitant in disclosing their financial dealings with everyone ,so at first they were little skeptic about giving appointments on the issues of policies that they had bought. But when I gave them the nature and importance of research then they agreed to meet me- 6ADVERTISEMENTS OF ICICI PRUDENTIAL PROVIDES INFORMATION ABOUT COMPANY'S BUSINESS. neither Strongly agree nor Strongly Agree disagree Disagree disagree 7. ©. 0 No.of 42 Respondents 3 20 10. ° Strongly Agree neliner ‘Disagree "Strongly ‘Agree agree nor cisagiee dsagee 1% 7% [BStvongly Awe 20% Agnes nether agree or aisagre| BDisaatee ‘om mStiongy disagree INTERPRETATION Since 68% of the respondents strongly favour that the advertisements of ICICI PRUDENTIAL provide information about the company’s business we can infer that the advertisements plays a major role in informing the target customers about the existence of company dealing in a particular business.Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 1 0 a 2 strongly agree 66 2 132 agree 20 1 20 neither agree nor disagree 2 0 0 disagree 7 4 7 strongly disagree % 2 14 total 131 WEIGHTED AVERAGE SCORE =131/100 =1.31 INTERPRETATION Since the mean is 1.31 it is greater than 1 and is more inclined towards 2 ,it means that the given statement is favourable.so it can be safely be assumed that the advertisements of ICICI PRUDENTIAL does inform people about the business it deals in.PEOPLE AGREE TO MEET IPRU ADVISORS BECAUSE THEY ARE AWARE ABOUT ICICI PRUDENTIAL FROM VARIOUS ADVERTISEMENTS. neither Strongly agree nor Strongly Agree Agree disagree | Disagree | disagree 80. 10. 60. 50. No. of Respondents * 30. 20. 10. Suongly Agee neither’ ~—Disagtee Strongly Agree agree nor disagree disagree 6% 0% ~ 12%, [= Strongly Ago Jw Agree [Disagree m Strongly disagree INTERPRTATION: Here the effectiveness of brand awareness could be seen the ads have established ICICI prudential as a successful brand and people have started associating | pru with life insurance whichearlier was considered to be a domain of LIC that is why 78% of respondents strongly agree that they agreed to meet the advisors because they were aware of ICICI prudential from various ads. Analysis on the attitude summation scale: Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 1 oO A 2 strongly agree 78 2 156 Agree 12 1 12 neither agree nor disagree 0 0 disagree strongly disagree 4 = Total 154 WEIGHTED AVERAGE SCORE = 154 / 100 2154 INTERPRTATION Since the weighted mean is 1.54 so we can infer that the average respondents feel that the advertisements work as a door opener in life insurance industry aADVERTISEMENTS OF ICICI PRUDENTIAL CONVINCES PEOPLE TO BUY POLICIES neither agree nor Agree Agree disagree _| Disagree Strangly Agiee neither Disagree Strongly Agree ‘agree nor disagree cisagree % 0% Strongly Agree Agree o 10 Disagree Strongly disagree) a7 48INTERPRETATIO! Since 89% of the respondents strongly disagree that that advertisements of ICICI PRUDENTIAL convinced them to buy policy we can infer that advertisements does not sell policy. Analysis on the attitude summation scale: Assigning numerical weights neither agree nor Strongly Strongly Agree ‘| Agree | disagree | Disagree | disagree 2 1 0 4 2 strongly agree 1 2 agree 3 1 neither agree nor disagree 0 ° ° disagree 7 4 7 strongly disagree 89 2 -89 1 WEIGHTED AVERAGE SCORE = - 91/100 -0.91 INTERPRETATION Since the weighted mean is -.91 that is it is closer to respondents who disagree, so we can infer that this statement is not favourablethe advertisements of ICICI PRUDENTIAL is not enough to sell the policy. 49ADVERTISEMENTS OF ICICI PRUDENTIAL GIVE INFORMATION ABOUT THE PRODUCTS OFFERED Strongly agree nor disagree neither Disagree Strongly disagree 70 60 sa Not 20 Respondents 50 20 10 0 Srony Agroa nether "Disagree Stronaly ‘cron agtes ror dsagree disagree om eStongly Agree Agree a eisamee strongly dsagree Oe a sveonaly cae INTERPRETATION : since 67% of the respondents disagree that the advertisements that advertisements provided them the product information we can infer that the advertisements of ICICI PRUDENTIAL are not enough to detail about the products offered by them 50Analysis on the attitude summation scal Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 1 0 a 2 strongly agree 04 2 8 agree 4 1 "1 neither agree nor disagree 0 0 0 disagree 18 4 “18 strongly disagree 67 2 134 total 133 WEIGHTED AVERAGE SCORE = -133 /100 33 INTERPRETATION: Since the mean score is -1.33 ,it means that the respondents did not favour the statement that the advertisements of icici prudential provided them product information.ADVISORS PROVIDE RELEVANT INFORMATION ABOUT INSURANCE PRODUCTS | neither Strongly agree nor Strongly Agree Agree | disagree | Disagree disagree 80 70 60 50 No.of 40 Respondents spondents $0 20, 10 °. Stongly Agee neither Disagree Skonaly Agee agree nor aisagree aisagreo | Swongly Agree 78% | Agree 5 neither agree nor disagree |B Disagree ry 13% 0% | Strongly disagree| 6% INTERPRETATION : since 78% strongly agree that the advisors provided them information regarding we can infer that the advisors play important role in explaining the insurance products to the customers. 52Analysis on the attitude summation scale : Assi ing numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 i 2 strongly agree 78 2 156 agree 13 1 18 neither agree nor disagree 0 0 0 disagree 6 A 6 strongly disagree 3 2 6 total 157 WEIGHTED AVERAGE SCORE = 157 /100 INTERPRETATION 21.57 Since the average is 1.57 which shows that the statement is favourable so we can infer that advisors play important role in explaining the products to the prospects.ADVISORS CONVINCE CUSTOMERS TO BUY POLICY neither Strongly disagree Strongly agree nor disagree Agree Disagree Strongly Agee neither Disagree Strongly Ngree gree nor disagree disagree B Strongly Agree 29% Im Agree Z neither agree nor disagree Disagree 8% 2% 1m Strongly dsagree| INTERPRTATION : Since 89% of the respondents strongly fee! that without advisors visiting them they may not have been convinced to buy policy, we can infer that advisors play important role in convincing people to buy the policy. 34Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 1 0 a 2 strongly agree 78 2 156 agree 13 1 13 neither agree nor disagree 0 0 0 disagree 6 4 6 strongly disagree 3 2 6 total 157 WEIGHTED AVERAGE SCORE =157 /100 57 INTERPRETATION the average of 1.57 indicates that this is a very favourable statement ,so we can say that advisors play important part in convincing the prospects.ADVISORS ARE AN INDISPENSIBLE PART IN CONSUMER DECISION MAKING neither agree nor disagree Strongly Agree Strongly disagree Disagree 60. 50 40. No.of Respondents *” 20. 10 ° Strongly Agee neither Disagree Svongly Agree agree nor disagree disagree |B Strongly Agree 5a Agree TZ neither agree nor disagree 22% 5 Disagree 11% 11% 0% 1m Strongly dsagree| INTERPRETATION Since 58% of the respondents strongly agree that advisors where indispensable in their decision making we can infer that advisors play important play very important part in consumer decision making in life insurance. 36Analysis on the attitude summation scale : weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 a 2 strongly agree 56 2 56 agree 22 1 22 neither agree nor disagree 0 0 0 disagree 4 A a strongly disagree W 2 22 total 45 WEIGHTED AVERAGE SCORE =45/100 20.45 INTERPRETATION This average weighted score suggests that this statement is very favourable, so we can say that the advisors play an important part in consumer decision making in life insurance.ADVISORS MAKE THE CUSTOMERS FEEL THAT THEY ARE OFFERING FINANCIAL SECURITY TO THEM AND THEIR FAMILY. neither Strongly agree nor ‘Strongly Agree Agree disagree | Disagree | disagree 46 [ 12 0 38 4 50 40. No.of 50 Respondents 29 10 Suongly Ago — nolthor Disagre Strongly ‘agree: agree nor aisagres disagree = Strongly Agree 46% 12% m Agree 0% neither agree nor| disagree A Disagree 4% "38% '™ strongly disagree| INTERPRETATION : Since 46% of the respondents strongly agree that the advisors made them feel that they where offering financial security to them and their family members, we can infer that advisors play an important part in consumer decision making in life insurance industry. 38Analysis on the attitude summation scal Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 1 oO A 2 strongly agree 46 2 46 agree 12 1 12 neither agree nor disagree 0 ° 0 disagree 38 A -38 strongly disagree 4 2 8 total 12 WEIGHTED AVERAGE SCORE=12/100 1.2 INTERPRETATION : ‘The average weighted score of 1.2 indicates that this statement is favourable,so we can infer that advisors do play important part in consumer decision making in life insurance.SALES BROUCHERS ARE EASY TO UNDERSTAND neither Strongly Agree agree nor dis agree Strongly disagree Agree Disagree 70. 0 50 No.ot 40 Respondents 20 2. 10: ° Strongly Agree neither Disagioe Stongly ‘agiee gree nor aisagres disagree 10% IB Strongly Agree 0% m Agree 11% Dneither agree nor dis| agree 10% 88% | Disagree 'm Strongly disagree INTERPRETATION since 69% of the respondents strongly disagree that the sales brochures of understandable without help we can infer that sales brochures published by icici prudential are not easy to understand 0Analysis on the attitude summ: Assigning numerical weights n scale : neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 a 2 strongly agree 10 2 20 agree "1 1 1" neither agree nor disagree 0 0 0 disagree 10 A “10 strongly disagree 69 2 138 total 17 WEIGHTED AVERAGE SCORE = -117/100 INTERPRETATION : 17 The average weighted score of -1.17 indicates that this statement is not favourable so we can infer that sales brochures are not easy to understand. 6SALES BROCHURES GIVES CREDIBILITY TO. COMPANY'S PROMISE neither agree nor Strongly disagree disagree | Disagree 704 60! 50) No. of 40] Respondents 30 20) *0 0. Strongly Aglee neither "Disagree Strongly agree agree nor isegree cisagiee 1B Strongly Agree 70% 1m Agroe ‘TI neither agree nor Ssagree P, > \a Disagree 4% 1% 'm Strongly disagree| INTERPRETATION: Since 70% of the respondents strongly agree that the sales brochure gives credibility to the company’s promises we can infer that the sales brochures play an important part in persuading consumer to buy policy. aAnalysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 1 0 a 2 strongly agree 70 2 140 agree 12 1 12 neither agree nor disagree 12 0 0 disagree 4 4 4 strongly disagree 2 2 4 total 144 WEIGHTED MEAN =144/100 21.44 INTERPRETATION The average weighted score of 1.44 indicates the statement is favourable so we can infer that the sales brochures play an important part in marketing of life insurance policies 63BROCHURES OF ICICI PRUDENTIAL ARE COMPREHANSIVE. IN CONTENT neither agree nor Strongly disagree Disagree disagree Strongly Agree Agree No.of 3 exponents 2 1 . ° Stony” Aaree nether “Deagtee”Sirngly nore acy nr disagree deayee Strongly Agree 24% Agree 28% *a °% | eanetther agree nora aoree a Disagree 12% 28% msvongly csagree INTERPRTATION: Since 36% strongly agree and 24% agree that the product brochures of icici prudential are comprehensive in content we can infer that it answers that queries of the prospects and thus form an important constituent in the marketing of policies.Analysis on the attitude summation scal Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 i 2 strongly agree 36 2 ir agree 24 1 24 neither agree nor disagree 0 0 0 disagree 28 A -28 strongly disagree 12 2 24 total 44 WEIGHTED AVERAGE SCORE =44 /100 = 0.44 INTERPRETATION ‘The average weighted score of .44 indicates that the statement is favourable so we can infer that the sales brochures of ICICI PRUDENTIAL are comprehensive in content.BROCHURES ARE AN INDISPENSIBLE PART IN CONSUMER DECESION MAKING IN LIFE INSURANCE INDUSTRY neither Strongly agree nor Strongly Agree Agree disagree | Disagree | disagree 39 2 0 19 20 40 35. 30 No.of 25" 20 Respondents “2 10 5 0 Strongly Agree nether "Disagree Strongly ‘Agro agree nor cisagtoo disagree Strongly Agree we 22% Agree 1 nether agree nor wm ae y jsagree aus, m Strongly disagree| INTERPRETATION Since 39% of the respondents strongly agree that brochures were an integral part in their decision making we can infer that sales brochures plays an important role in selling the life insurance policyAnalysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 a 2 strongly agree 39 2 78 agree 22 1 22 neither agree nor disagree 0 0 0 disagree 19 A 19 strongly disagree 20 2 -40 total at WEIGHTED AVERAGE SCORE = 41/100 INTERPRETATION : 20.41 The average weighted score of .41 indicates that the statement is favourable so we can infer that the sales brochures of ICICI PRUDENTIAL play a very important role in consumer decision making 61APPOINTMENT OVER PHONE PRIOR TO SALES CALL IS ESSENTIAL neither Strongly agree nor Strongly Agree Agree | disagree | Disagree | disagree 82 10 0 6 2 100. 80. No. of 60: Respondents 49, 20. ° Strongly Agree neithr Disagree Strongly Agro agree nor disagree disaxoo EB Strongly Agree 82% Bm Agre neither agree nor disagree 1 Disagree De 6% 0% 10% Im Strongly disagree| INTERPRETATION Since 82% of the respondents strongly agree that appointment over phone prior to sales call is essential we can infer that phones play very important role in fixing appointment in the life insurance policy 68Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 1 0 “1 “2 strongly agree 82 2 164 agree 10 1 10 neither agree nor disagree 0 0 0 disagree 6 A 6 strongly disagree 2 2 uy total 164 WEIGHTED AVERAGE SCORE = 164/100 21.64 INTERPRETATION The average weighted score of 1.64 indicates that the statement is favourable so we can infer that the phones play very important role in fixing appointment in lfe insurance. 6PHONES COULD BE USED TO SELL POLICIES neither Strongly agree nor Strongly Agree Agree disagree | Disagree disagree 1 2 0 20 77 Strongly Agree neither Disagree Strongly Agree ree nor cisagree disaxee D'Sirongly Agree 77% BAgree Hinetther agree nor disagree Disagree 20% 2% m Strongly disagreo| INTERPRETATION. Since 77% of the respondents strongly disagree that they would buy policy over phone we can infer that phones cannot be used to sell life insurance policies. 0Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 1 0 “1 “2 strongly agree 1 2 agree 2 1 neither agree nor disagree 0 0 0 disagree 20 A -20 strongly disagree 77 2-154 total -170 WEIGHTED AVERAGE SCORE = -170/100 |-70 INTERPRETATION the average weighted score of -1.70 indicates that the statement is not favourable so we can infer that the phones could not be used to sell policies. aPHONES ARE THE BEST MEANS OF MAKING APPOINTMENTS neither Strongly agree nor Strongly Agree Agree [disagree | Disagree _| aisagree 64 13 1 7 5 70 60. 50 No.of 40 Respondents 30 20. 10 o Strongly Agree neither "Disagree Strongly ores agree nor dsegee disagree TSiongly Agree 13% magree 11% neither agree nor disagree a a aa ODisagree 3% m strongly disagree| INTERPRETATION : Since 64% of the respondents strongly agree that phones are the best means of making appointments we can infer that phones can play an important role in fixing appointment.Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 i 2 strongly agree 64 2 128 agree 13 1 13 neither agree nor disagree "1 0 " disagree 07 A 7 strongly disagree 5 2 -10 total 135 WEIGHTED AVERAGE SCORE = 135/100 21.35 INTERPRETATION the average weighted score of 1.35 indicates that the statement is favourable so we can infer that the phones could play an important role in fixing appointment. 2THE CONTENTS OF POLICIES COULD BE EXPLAINED ON THE EMAIL neither Strongly agree nor Strongly Agree Agree disagree | Disagree | disagree 7 1 17 23 42 50. 40 No.of 80. Respondents 29 10. ° Strongly Agree neither Disagree Strongly ‘Actes agree nor siseoteo sages [B Strongly Agree 23% m Agee 42% neither agree nor isagree ws J Disagree i TM |@ Strongly disagree| INTERPRETATION : Since 42% of the respondents strongly agree that the contents of the policy could explained on the net w can infer that intemet cannot be used to sell policies. 4Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 7 0 i 2 strongly agree 7 2 14 agree 1" 1 "1 neither agree nor disagree 7 0 0 disagree at A 21 strongly disagree 42 2 84 total -80 WEIGHTED AVERAGE SCORE = -80/100 80 INTERPRETATION the average weighted score of - 80 indicates that the statement is not favourable so we can infer that internet cannot be used to sell policies.INDIAN CUSTOMERS WILL PREFER TO PAY PREMIUMS OVER INTERNET neither Strongly Agree agree nor disagree Strongly disagree Agree Disagree « &s % woot 2 respondents 22 "0 3 ° Sionpy Asoo eller Dagon” Storgy Agee ape ages awe i Sronay Ave 3% |B Agree bia? 39% Je ratre gt nr dagen zi Disagree % |= Strongly disagree| INTERPRETATION Since 39% of the respondents strongly disagree that the contents Of the policy could explained on the net we can infer that internet cannot be used to collect premiums as for now... 16Analysis on the attitude summation scale: Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 1 0 a 2 strongly agree 17 2 4 agree 2 1 at neither agree nor disagree 0 0 0 disagree 23 A -23 strongly disagree 39 2 -78 total -46 WEIGHTED AVERAGE SCORE = -46/100 46 INTERPRETATION The average weighted score of - .48 indicates that the statement is not favourable so we can infer that internet cannot be used to collect premiums. nINTERNET IS A GOOD MEANS OF CHECKING POLICY STATUS neither agree nor disagree Strongly disagree Strongly Agree Disagree 100: 20. No.of — &0- Respondents 49. 20 Strongly Agios neither Disayros Strongly ‘Agree agree nor disagree disageee 1B Strongly Agee 86% Agree neither agree nor| disagree 8% Disagree 0% Strongly disagree] 4% INTERPRETATION : Since 86% of the respondents strongly agree that internet is a good means of checking policy status we can infer that internet could be used in updating customers with the policy detail. 8Analysis on the attitude summation scal Assigning numerical weights neither agree nor Strongly Strongly Agree Agree | disagree | Disagree | disagree 2 i 0 i 2 strongly agree 86 2 172 agree 08 1 8 neither agree nor disagree 0 0 0 disagree 04 A 4 strongly disagree 02 2 4 total 172 WEIGHTD AVERAGE SCORE = 172/100 1.72 INTERPRETATION the average weighted score of 1.72 indicates that the statement is favourable so we can infer that internet could be used to update customers with their policy status.INTERNET IS OF GREAT IMPORTANCE IN MAINTAINING cRM neither Strongly Agree agree nor disagree Strongly disagree Agree Disagree 50. 40. No, of 30: Respondents 29 10 0 Strongly Agree neither Disagree Strongly ‘Agree ‘agree nor disagree cisagree i Strongly Agree 28% ox Agree 21% another agree nor disagree Disagree aa 19% m Strongly disagree| INTERPRETATION Since 42% of the respondents strongly agree that internet is a good means of maintaining CRM we can infer that intemet could be used in maintaing relations with the customers. 80Analysis on the attitude summation scale : Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 7 0 i 2 strongly agree 42 2 84 agree 24 1 24 neither agree nor disagree 0 0 0 disagree 2 A “21 strongly disagree 13 2 -26 total 61 WEIGHTED AVERAGE SCORE = 61/100 20.61 INTERPRETATION the average weighted score of 0.61 indicates that the statement is favourable so we can infer that internet could be used to maintain relations with the customers. SLTHE NEWS OF ICICI PRUDENTIAL AS THE LEADING PVT.LIFE INSURANCE COMPANY SUPPORTS ITS SALES. neither Strongly agree nor Strongly Agree Agree disagree | Disagree | disagree 58 30 0 é 1 0 0 rs No. of nants 2 10 ° Strongly Agree neither Disagee Stengly ‘ages agree nor sages cisagree |B Stoney Agree 33% 1m Agree nether agree nor disagree 50% bag 2 Disagree "% 7% = Strongly disagree| INTERPRETATION : Since 59% of the respondents strongly agree that they bought policy from ICIC|_ PRUDENTIAL because it was the no.1 pytlifeinsurance company we can infer that the publicity of the company boost its sales. Analysis on the attitude summation scale = Assigning numerical weights neither agree nor Strongly Strongly Agree | Agree | disagree | Disagree | disagree 2 7 0 4 2 strongly agree 53 2 106 agree 23 1 23 neither agree nor disagree 0 0 disagree 6 4 strongly disagree 1 2 total 424 WEIGHTED AVERAGE SCORE = 121/100 21.21 INTERPRETATION The average weighted score of 1.21 indicates that the statement is favorable so we can infer that the publicity of ICICI PRUDENTIAL does boost its sales. 83FINDINGS Role of various constituents of IMC. ADVERTISING + Provides information about company’s business, + The advertisements have positioned ICICI prudential as a successful brand in life insurance, this serves as a door opener for the advisors. PERSONAL SELLING + Provide relevant information about policies + Is very important in life insurance = Itis important in consumer decision making SALES LITERATURE + Sales literature gives credibility to company's promise + Sales literature helps in convincing customer + Sales literature provides comprehensive information about ICIC| PRUDENTIAL'S products DIRECT MARKETING TELE MARKETING + Telecalls play important part in fixing appointments + Telecalls helps in knowing brief back ground of customers INTERNET MARKETING = Internet marketing helps in maintaining CRM * Internet is useful to customers to get updated on their policy status PUBLICITY /PR * Publicity increase awareness and inclination * ICICI PRUDENTIAL in news favour the company sales 8sRECOMMENDATIONS * Advertisements of ICICI PRULIFE should be more products expressive and easily comprehensive, so that a customer feels an urge to enquire about the products. * Since from the findings it is clear that advisors are extremely Important in selling the policies, they should be trained on the concepts of marketing and not just selling. They should be equipped with proper CRM techniques so that they could increase the frequency of call conversion as well as they could retain the existence clientele. + Sales literature should be written in more customer friendly language, the technical terms should be clearly explain since it is considered as providing credibility to company ‘s Promise, company’s seal on it will give even more authenticity to the promises made in the brochure. * Telemarketers should enquire the brief background of prospects during the appointments calls so that proper strategies could be planned before the visit of the sales personnel * Internet should be used to maintain CRM and update policy holder about the position of their fund, as well as informing them about a new product even before it is launched so that they would get a feeling of preferential treatment. + Company should engage in keeping itself in news, should organize events, seminars etc.The company should initiate hassle free claim settlements as this communicates to the consumers that the company is prompt in keeping its promises and this influences consumer decision making in a big way. The IMC program is effective when the message carried by its constituents is uniform that is each constituents of this program should communicate the same message to the prospects, this is when the tools of IMC will work in tandem and their fusion and unison will bring about the desired impact in influencing consumer decisions. Since the heart of any services is the framework of services triangle Company Internal marketing External Marketing (Enabling promises), (Making Promises) Providers Customers Interactive Marketing (Keeping Promises) ‘The three interlinked groups that work together to develop promote and deliver services, should be put into effect in the life insurance industry and could be best done while settling the claims. The services providers who deal in interactive marketing should get full backup while enabling the promises which were made through external marketing. Thus the internal marketing assumes a paramount importance in life insurance, and an effective internal marketing communication would ensure that the promises, which are made, are delivered and this in turn will induce publicity. 86CONCLUSIONS : Thus we can see the role of integrated marketing communication in life insurance industry. It is the effect of the fusion of the individual components of the integrated marketing communications that clicks and bring about the realization of the goal that the communications programme is intended to achieve 87This document was created with Win2PDF available at hittp://wwv.daneprairis.com. ‘The unregistered version of Win2PDF is for evaluation or non-commercial use only.