Project Report ICICI Prudential

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project report
1. 1. A PROJECT REPORT ICICI PRUDENTIAL LIFE INSURANCE NEW CHANNEL TIE UP WITH POST OFFICE Submitted To DR.IT INSTITUTE OF
MANAGEMENT AND TECHNOLOGY (IMT) In partial fulfillment of the requirement for the degree of BACHULAR OF BUSINESS ADMINISTRATION
(BBA) (Session 2010-2011) Submitted to Submitted By MISS. TARUNA DUREJA SANDEEP KUMAR BBA – 5th SEM 1
2. 2. TABLE OF CONTENTS  COMPANY PROFILE  ICICI INTRODUCTION  HISTORY ICICI PRUDENTIAL  BOARD OF DIRECTORS ICICI 
PRODUCTS • Profile of the study • Justification of study • Organization Structure  POST OFFICE PRODUCTS  OBJECTIVES OF STUDY  Research
Methodology and Analytical Tools • Sampling &Sampling Design • Analytical Tools – Statistical Tools • Data Collection • Hypothesis Testing • Limitations of
Study  Advantages  Recommendations  Policy Implications  Bibliography  Annexure 2
3. 3. ACKNOWLEDGEMENT Heartfelt thanks to the following people…. A Few typewritten words of thanks can-not really express the sincerity of my
gratitude. But I am still trying to put into words my gratefulness towards all who have helped & encouraged me in carrying out this project. I would like to
thanks Miss Taruna Dureja to give me guidelines and my worthy thanks to my teacher (faculty member) for their valuable contribution during the academic
session and guidance in preparation of this project report. This report conveys my heartiest thanks to MISS ANJALI SHARMA AFSM of “ICICI
PRUDENTIALS LIFE INSURANCE CO. LTD.” for giving me this project & helping me in completion of this project. No praise is ample for the never tiring
efforts of my colleagues whose constant support feedback, guidance & practical suggestions helped me in completing this Project successfully. 3
4. 4. Company profile of ICICI PRUDENTIAL The company assigned to me is ICICI Prudential Life Insurance Company. It is in to selling life insurance
products. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a Premier Financial Powerhouse and Prudential PLC, a leading
international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to
begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). At present it is growing at a
tremendous pace. Now we can say there is no close competitor to ICICI Prudential. ICICI Prudential’s equity base stands at Rs. 9.25 billion with ICICI Bank
and Prudential PLC holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs. 1,584 crores of new
business premium for a total sum assured of Rs. 13,780 crores and wrote nearly 6,15,000 policies. The company has a network of about 56,000 advisors as
well as 7-bank assurance and 150 corporate agent tie-ups. For the past five years, ICICI Prudential has retained its position as No. 1 private life insurance in
the country, with a wide range of flexible products that meet the needs of Indian customer at every step in life. 4
5. 5. PREFACE Beginning of the system project is entirely creative. This does not come all of a sudden, but it comes by result of discussion, consultation and
contemplation. Problem unsolved here can never be satisfactory eliminated later. It is therefore a slow process. Moreover practical training is an important part
of management courses. The theoretical studies are not sufficient to get into the corporate world. Only practical knowledge can help us to understand the
complexities of large scale organizations. To develop healthy managerial and administration skill in potential managers, it is necessary that theoretical
knowledge must be supplemented with exposure to the real environment. Actually, it is life for, a management itself is realized. In my case I confronted myself
to ICICI prudential Life insurance company Ltd. & the exposure that I could not have gained from the books. I found it very interesting and challenging. I did
my training at Una branch office and my topic of project is INCLINATION TOWARDS ULIP security and Investment solution with special reference to ICICI
PRUDENTIAL LIFE INSURANCE. 5
6. 6. DECLARATION I hereby declare that the project “ICICI PRUDENTIAL LIFE INSURANCE LTD NEW CHANNEL TIE UP WITH POST OFFICE of
Life Insurance Corporation of India and ICICI Prudential in UNA)” for ICICI PRUDENTIAL LIFE INSURANCE is original and beneficed work done by me.
The project is being submitted in partial fulfillment requirements for the award degree of BBA Under PTU JALANDHER . The contents of this project are
based on the field work and analysis done by me during my tenure at ICICI Prudential, UNA 6
7. 7. EXECUTIVE SUMMARY The Winter training is a integrated part of BBA course. In this period of 6 weeks we come to know about the problem and how
to solve those problems. In this we gained practical knowledge about the organizational work. I did for 6 weeks in an organization ICICI PRUDENTIAL LIFE
INSURANCE, and under going practical on the topic “(A comparative analysis with regard to investor’s base & Investment Avenues in case of Insurance
Companies-A comparision of post office products and icici products and how to solve financial problems. The practical training had provided me the real
scenario of financial analysis. I analysis the financial status of the organization. I came to the conclusion that the financial position of company very strong and
people are more interested to invest their earning in ICICI PRUDENTIAL LIFE INSURANCE as compare to other financial institutions. In last three or four
year ICICI PRUDENTIAL LIFE INSURANCE constantly ranked no.2 position in Insurance sector. ICICI PRUDENTIAL LIFE INSURANCE satisfied their
consumers by fulfilling their needs sets. 7
8. 8. IRDA GUIDELINES ON ULIPS The Insurance Regulatory and Development Authority (IRDA) recently introduced its much-awaited guidelines to govern
unit-linked insurance policies (ULIPs) The new provisions IRDA has prescribed a minimum sum assured equal to 50 per cent of the total annualized premium
during the entire policy term or five times the annualized premium, whichever is higher. This regulation is aimed at maintaining the basic characteristic of a
life insurance policy, where life cover should be the primary benefit. Till the policyholder turns 60 years old, the sum assured cannot be reduced by partial
withdrawals. This is aimed at protecting the life insurance cover. Time Period: According to new guidelines the time period of investment in ULIPs has been
increased to 5 years. Earlier it was for 3 years. Top-up Premiums: Top up premiums are irregular dump-in amounts allowed in a ULIP. Up to now, there were
no restrictions; it was possible, for example, to dump in Rs1 crore in a ULIP and invest the entire amount in the market. But this vitiates the basic
characteristic of the policy by making the insurance component insignificant. To plug this loophole, IRDA has prescribed that a sum assured must back any
dump-in that exceeds 25 per cent of normal premium, which will be constant throughout the term of the policy. Any appropriation towards a dump-in can take
place only if the normal premiums are paid Withdrawals from ULIPs: Earlier, withdrawals from ULIPs were possible even within a year of issue. Depending
on the option selected, they were reduced from the sum assured, 8
9. 9. resulting in dilution of death benefits to the nominees. Now, withdrawals will be allowed only after three years. The new guidelines provide that except for
withdrawals made during the two years immediately preceding death, no other withdrawals can be reduced from the sum assured. But once the customer is
past the age of 60, all withdrawals can be reduced from the sum assured. Lock-in period: A top-up premium cannot be withdrawn for three years. This places
ULIPs on par with mutual fund contributions under Section 80C of the Income Tax Act, 1961. The only relaxation in this condition is on withdrawal of top-up
premiums made during the last three years of the policy contract. Settlement options: The policyholder has settlement options, to receive the policy benefits in
various forms, rather than a lump sum. For example, the company can give the policyholder an option to receive the maturity benefit in the form of a monthly
pension. IRDA has restricted such extended periods of settlement to five years from the date of maturity. The company should also make clear the inherent risk
involved in extended periods of settlement. Charges: Charges are costs appropriated by insurance companies from ULIP premiums. The IRDA has listed the
charges that insurance companies can levy on policyholders, as well as laid out the standard definitions for use in policy contracts. This is aimed at clarity and
to enable customers to understand and compare costs between different insurance companies. Market Conduct: There is an inherent risk in investing in ULIPs,
as the performance of the funds underlying the ULIPs governs their returns. To address these risks, the IRDA has authorized the Life Insurance Council to
formulate a Code of Conduct for sale of ULIPs. This includes mandatory training for agents before they are authorized to sell ULIPs, documentation to enable
the customer to understand and acknowledge the risk involved in buying ULIPs, a code of conduct for their sale, educating policyholders on risk factors,
terminology, charges, etc. 9
10. 10. 10
11. 11. CHAPTER 1 INTRODUCTION 11
12. 12. Introduction to study: My study is that I have to Analysis with regard to Investors base and Investment avenues in case of insurance companies-“ICICI
PRUDENTIAL NEW CHANNEL TIE UP WITH POST OFFICE Let’s discuss the concept of insurance and a brief introduction about these 2 companies.
“Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party
called insured a fixed amount of money on the happening of a certain event.” It’s hard to think about those you leave behind if something happens to you. Your
family counts on you every day for financial support: food, shelter, transportation, education, and much more. You and your spouse have plans or your future
and dreams for your family: a bigger home, a new business, college education, travel, retirement etc. Life insurance is all about making sure your family has
adequate financial resources to make those plans and dreams come true, if you were to die prematurely It provides financial protection to help your family to
manage after your death. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring
public and the insurance companies act as trustees to the amount collected Many companies are coming with various plans Ulip plan is one of them which
provides huge benefit to the public. It provides insurance as well as investment. 12
13. 13. Why Life Insurance? You think twice before taking the plunge into buying insurance. Is buying insurance a necessity now? Spending an 'extra' amount as
premium at regular intervals where you do not see immediate benefits does not seem a necessity at the moment. Well you could be wrong. Buying Insurance
cannot be compared with any other form of investment. Insurance gives you a life long benefit and the returns will definitely come but only when you need it
the most i.e. at the right time. Besides buying insurance early in life is one of the wise decisions you could take. Because the premium you would be paying
would be comparatively lower. Insurance is not about how much more it can offer you when the stock market is at its peak. It may not be an attractive
investment option. But weigh the pros and cons and consider how much more it offers at a small price. Most important of all it provides you with that unique
sense of security that no other form of investment provides. It gives you a sense of financial support especially during that time of crisis irrespective of the
fluctuations in the stock market. Insurance provides for your career goals right from your childhood years. 13
14. 14. If the earning member of the family is no more your child's educational needs will not suffer. In fact his higher education too will be provided for. You
need not spend sleepless nights thinking about how to save for your child's marriage. Life Insurance will take care of that typical once-in-a-life-time spending
on marriages. An accident or a disability may be devastating but an insurance policy can be of utmost support for the family during such times too. Besides it
provides for additional benefits such as bonuses. You need not worry about your retirement years. The rising prices, taxes, and your lifestyle will be taken care
of easily. And you can relax and spend your old age in comfort and peace. Need for Life Insurance The need for life insurance comes from the need to
safeguard our family. If you care for your family’s needs you will definitely consider insurance. Today insurance has become even more important due to the
disintegration of the prevalent joint family system, a system in which a number of generations co-existed in harmony, a system in which a sense of financial
security was always there as there were more earning members. Times have changed and the nuclear family has emerged. Apart from other pitfalls of a nuclear
family, a high sense of insecurity is observed in it today besides, the family has shrunk. Needs are increasing with time and fulfillment of these needs is a big
question mark. Insurance provides a sense 14
15. 15. of security to the income earner as also to the family. Buying insurance frees the individual from unnecessary financial burden that can otherwise make
him spend sleepless nights. The individual has a sense of consolation that he has something to fall back on. From the very beginning of your life, to your
retirement age insurance can take care of all your needs. Your child needs good education to mould him into a good citizen. After his schooling he needs to go
for higher studies, to gain a professional edge over the others - a necessity in this age where cutthroat competition is the rule. His career needs have to be
fulfilled. Life insurance today plays a major role in ones life at various stages. Considering the benefits it offers one cannot but give a thought to buying an
insurance policy at the earliest. INSURANCE PROVIDES:- Insurance provides varies benefits to the people. some of those are listing below - 1Risk Coverage
2Child Solutions 3Whole-Life Plans 4Health Protection 15
16. 16. 5Superior Saving Instrument 6Investment 7Retirement(Pension Plans) 1 Board of Directors 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 16
17. 17. PROFILE OF INSURANCE INDUSTRY Insurance is a must because of the uncertain future adversities of life. Accidents, illnesses, disability etc are facts
of life that can be extremely devastating. Other than the hospitalization, medication bills these may run up it’s the aftermath of the incident, the physical well
being of the individual that has to be taken into consideration. Will the individual be in a position to earn as before? A pertinent question. But what if he is not?
Disability can be 17
18. 18. taken care of by insurance. Your family will not have to go through the grind due to your present inability. You think twice before taking the plunge into
buying insurance. Is buying insurance a necessity now? Spending an 'extra' amount as premium at regular intervals where you do not see immediate benefits
does not seem a necessity at the moment. May be later well you could be wrong. Buying Insurance cannot be compared with any other form of investment.
Insurance gives you a life long benefit and the returns will definitely come but only when you need it the most i.e. at the right time. Besides buying insurance
early in life is one of the wise decisions you could take. Because the premium you would be paying would be comparatively lower. INDIAN INSURANCE
INDUSTRY Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers: Life Insurers: • Life Insurance Corporation of India (LIC) •
HDFC Standard Life Insurance Company Ltd. 18
19. 19. • Max New York Life Insurance Co. Ltd. • ICICI Prudential Life Insurance Company Ltd. • Kotak Mahindra Old Mutual Life Insurance Limited • Birla
Sun Life Insurance Company Ltd. • Tata AIG Life Insurance Company Ltd. • SBI Life Insurance Company Limited • ING Vysya Life Insurance Company
Private Limited • Bajaj Allianz Life Insurance Company Limited • Metlife India Insurance Company Pvt. Ltd. General Insurers: • General Insurance
Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer) GIC had four subsidary companies, namely ( with effect from Dec'2000, these
subsidaries have been de-linked from the parent company and made as independent insurance companies. 19
20. 20. 1. The Oriental Insurance Company Limited 2. The New India Assurance Company Limited, 3. National Insurance Company Limited 4. United India
Insurance Company Limited. SAHARA 0.61 0.04 20
21. 21. Company Profile of POST OFFICE GENERAL PROFILE OF THE ORGANISATION, FUNCTIONS AND DUTIES The Department of Posts comes
under the Ministry of Communications and Information Technology, Government of India, functions under the Minister for Communications and Information
Technology, and has a Minister of State for Communications to assist the Minister of Communications and Information Technology in the discharge of various
functions. The Secretary, Department of Posts, as the Chief Executive of the Department, is also the Director General, India Post, and the Chairman of the
Postal Services Board. 21
22. 22. Shri. A. Raja is the Minister of Communications and Information Technology Shri. Gurudas Kamat is the Minister of State for Communications and
Information Technology. Shri. Sachin Pilot is the Minister of State for Communications and Information Technology. Ms. Radhika Doraiswamy is the
Secretary (Posts) to Govt. Of India as well as Director General, Department of Posts and the Chairman of the Postal Services Board. The Postal Services
Board, the apex management body of the Department, comprises the Chairman and six MembeINR The Members of the Board hold portfolios of Operations,
Development and Personnel. The Joint Secretary and Financial Advisor to the Department is a permanent invitee to the Board. The Board is assisted by a
senior staff officer of the Directorate as Secretary to the Board. Presently, Deputy Director General (FS) is assisting the Board in this capacity. Deputy
Directors General, Directors and Assistant Directors General provide necessary support for the Board at HeadquarteINR The Postal Services Directorate is the
Headquarters organization located at Dak Bhawan, New Delhi, to oversee the operations in the provision of postal services throughout the country. The Postal
Services Board comprises the following at present: Ms. Radhika Doraiswamy Secretary (Posts) Chairman, Postal Board & Director General Ms. Indira
Krishna Kumar Member (Personnel), Postal Services Board Ms. Manjula Prasher Member (Operations), Postal Services Board S. Samant Member
(Technology), Postal Services Board 22
23. 23. Dr. Uday Balakrishnan Member (PLI) & Chairman Investment Board, Postal Services Board Maj. Gen. V Sadasivam Member (HRD) Postal Services
Board Sri P K Gopinath Member (Planning), Postal Services Board For providing postal services, the whole country has been divided into 22 Postal Circles.
These Circles manage the day-to-day functioning of the various Head Post Offices, Sub - Post Offices and Branch Post Offices, through their Regional and
Divisional level arrangements. Objectives Department of Posts is committed to providing universal access to basic postal services in the country at affordable
prices. Its objectives are to:- Ensure availability of basic postal services in all parts of the country, including tribal, hilly and remote areas. Provide efficient
reliable and economic service. Provide value added services according to market requirements. Modernize the services to handle the growing volume of work
with efficiency and thereby enhance customer and employee satisfaction. Be a forward looking organization, and Generate more resources and improve
financial performance. As per Government of India (Allocation of Business) Rules, 1961, second Schedule, Rule 3, Distribution of Subjects among the
Departments the Department Of Posts is responsible for 23
24. 24. 1. Execution of works, including purchase of land debitable to the Capital Budget pertaining to the Department of Posts. 2. Posts, including Post Office
Savings Banks (Administration), Post Office Certificate (Administration), Post Office Life Insurance Fund (Administration), printing of public postage
stamps/commemorative stamps including postal stationery, premium postal products and any agency function. 3. International cooperation in matters
connected with postal communications, including matters relating to all international bodies dealing with postal communications such as Universal Postal
Union, Asia Pacific Postal Union (APU), Commonwealth Postal Union. 4. Matters relating to introduction, development and maintenance of all services by
the Post Office including those based on cable, radio and satellite communications channels: Provided that these matters do not amount to broadcasting,
narrow casting, cable and radio networking services and are also not governed by the Indian Telegraph Act, 1885 and the rules made there under, and not
exclusively allotted to any other Department. 5. Promotion of feasibility survey, research and development in the field of activities allotted to the Department.
6. Matters relating to administration of the Indian Post Office Act, 1898 and rules made there under as well as other laws or enactments having a bearing on
postal activities, not specifically allotted to any other Department. Network 24
25. 25. INDIA HAS THE LARGEST POSTAL NETWORK IN THE WORLD WITH 1,55,669 POST OFFICES OF WHICH 89% ARE IN RURAL AREAS. AT
THE TIME OF INDEPENDENCE, THERE WERE 23,344 POST OFFICES, WHICH WERE PRIMARILY IN THE URBAN AREAS. THUS THE
NETWORK HAS REGISTERED A SEVEN FOLD GROWTH OVER THE LAST FIVE DECADES, THE FOCUS OF THIS EXPANSION BEING IN THE
RURAL AREAS. ON AN AVERAGE, A POST OFFICE SERVES AN AREA OF 21.09 SQ. KM. & POPULATION OF 6,585. THROUGH THESE OFFICES
IT ENSURES DAILY DELIVERY OF DAK AT THE DOORSTEP OF EVERY CUSTOMER ALL OVER THE COUNTRY, COLLECTION OF LETTERS
THROUGH LETTERBOXES, AND ALSO SALE OF STAMPS AND STATIONERY THROUGH VILLAGE POSTMEN AT THE DOORSTEP OF
CUSTOMERS IN RURAL AREAS. POST OFFICES IN URBAN AND RURAL AREAS PROVIDE A RANGE OF BASIC POSTAL SERVICES TO THE
CUSTOMERS, INCLUDING BANKING AND INSURANCE SERVICES. BILL COLLECTION FELICITIES ARE BEING EXTENDED THROUGH ALL
POST OFFICES IN URBAN AREAS, AND IDENTIFYING POST OFFICES IN RURAL AREAS. CERTAIN VALUE ADDED SERVICES ARE BEING
PROVIDED IN SELECTED OFFICES IN URBAN AREAS. Efforts are also being made to identify means of providing postal services through more cost
effective measures. The Licensed Stamp Vendor Scheme, Licensed Postal Agents Scheme and the Panchayat Sanchar Sewa Yojana(PSSY) were initiatives that
were taken up in this regard. So far 7,697 Panchayat Sanchar Sewa Kendras(PSSKs) have been opened, including 2,371 PSSKs under the 10 th Plan. Since an
assessment of these schemes indicates the need for restructuring them, no targets were given in 2004-05 for opening PSSKs. Efforts are also underway to
optimize the retailing capacity of the network. One major initiative taken up in the current year is the retailing of non-life insurance products through Post
Offices. The Department has entered into an agreement with the Oriental Insurance Company to function as their Corporate Agent for marketing identified
non-life products. This Scheme was launched on a pilot basis through select Post Offices in 2 districts each of 7 Circles. It is being gradually expanded, after
providing the requisite training to other Circles. 25
26. 26. Postal Services Postal operations at the post office encompass the entire gamut of the basic postal services which interalia include: i) Sale of stamps and
stationery ii) Booking of registered articles iii) Booking of insured articles iv) Booking of value payable articles Remittance of money through money orders
v) and postal orders vi) Booking of Parcels Traditionally, these services were being provided at manually operated counte INR Considering the vital need for
providing the benefit of technology to the customers, the counter operations are now being progressively computerised to provide a greater range of service to
the customer from a single window leading to services being more responsive, and error free. Mail Operations Mail processing, transmission and delivery are
the core activities of the Department. Mail is collected from 0.60 Million letter boxes in the country. This is processed by a network of 466 Railway Mail
Service Offices, and conveyed by road, rail and airlines all over the country. Philately The philatelic activities of India Post include:- Designing, printing and
distribution of special/commemorative postage i) stamps and other postage stamps/ service postage stamps. Items of postal stationery like Envelope, Inland
Letter Card, Postcard, ii) Aerogram and Registered Cover etc. 26
27. 27. Monitoring and promotion of Philately/conduct of philatelic exhibitions iii) within the country, participation in international and world exhibitions iv)
Management of the National Philatelic Museum, Dak Bhavan. Insurance is a must because of the uncertain future adversities of life. Accidents, illnesses,
disability etc are facts of life that can be extremely 27
28. 28. devastating. Other than the hospitalization, medication bills these may run up it’s the aftermath of the incident, the physical well being of the individual
that has to be taken into consideration. Will the individual be in a position to earn as before? A pertinent question. But what if he is not? Disability can be
taken care of by insurance. Your family will not have to go through the grind due to your present inability. You think twice before taking the plunge into
buying insurance. Is buying insurance a necessity now? Spending an 'extra' amount as premium at regular intervals where you do not see immediate benefits
does not seem a necessity at the moment. May be later well you could be wrong. Buying Insurance cannot be compared with any other form of investment.
Insurance gives you a life long benefit and the returns will definitely come but only when you need it the most i.e. at the right time. Besides buying insurance
early in life is one of the wise decisions you could take. Because the premium you would be paying would be comparatively lower. 28
29. 29. 29
30. 30. 30
31. 31. ) 31
32. 32. The company mainly depends on advisors. The advisors are considered as the brand ambassadors of the company or the working partner who doesn’t have
to invest to get returns but just work with the company to make money. Advisors main job is to sell policy and in return the advisors get huge return like high
commission, rewards, recognition etc. He is, for all purposes, an authorized salesman for insurance. Advisors can become the Unit Manager of the company if
they pass the pinnacle program. ICICI Prudential has recruited and trained about 56,000 insurance advisors to interface with and advise customers. Further, it
leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. Manager will get a fixed salary and the commission on the
policies sold by his advisor and the commission of the policies which he has already sold. Tiger team manager is one who gets to sell the policy and get
commission, train the advisors about the product and he is also a paid up employee of the company. ICICI GROUP 32
33. 33. VISION To be the dominant Life, Health and Pensions player built on trust by world-class people and service 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 33
34. 34. VALUES Very member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion.
These values shine forth in all we do, and have become the keystones of our success Brief Detail of the Company:/History 34
35. 35. ICICI Prudential Life Insurance Company is a joint part of ICICI Bank, a premier financial powerhouse, and Prudential policy, a leading international
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 capital stands at Rs. 18.15 billion
with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April-December 2006, the company garnered new business
weighted premium of over Rs 2,302 crore and wrote over 1.1 million policies. The company has assets held to the tune of over Rs 13,000 crore. ICICI
Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind)
rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. For the
past six years, ICICI 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 life. To know more about the company, please visit www.iciciprulife.com. 35
36. 36. 36
37. 37. Distribution ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. As of December 31, 2006 it had
commenced operations in over 360 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north to Trivandrum
in the south, and had over 175,000 advisors. The company has 18 bancassurance partners, having tie-ups with ICICI Bank, Bank of India, Federal Bank, South
Indian Bank, Lord Krishna Bank, all regional rural banks sponsored by Bank of India, as well as some co- operative banks. It has also tied up with NGOs,
MFIs and corporates for the distribution of rural policies. Product Offered By POST OFFICE & ICICI PRUDENTIAL PRODUCT OFFERED BY POST
OFFICE CHANNEL 37
38. 38. 1 .NSC 2 .PPF 3 .SENIOR CITIZEN SCHEMES 4 .PO MIS 5 .TIME DEPOSITS 6 .FIXED DEPOSITS 7 .KISAN VIKAS PATRA 1. NSC,TIME
DEPOSITS,FIXED DEPOSITS,KISAN VIKAS PTRA Medium term fixed maturiy schemes 2.Senior citizen schemes,po mis Medium term regular incom
schemes 3.PPF long term fixed maturity schemes 1.Kisan vikas patra min/max investment min 100rs 500rs 1000rs 10000rs 50000rs there is no maximum limit
2. Term 8years7months 3. interest rates 8.25%compunded half yearly 4.tax benefits at the time of investment –no rebate available Interim withdrawal taxable
Withdrawal on maturity taxable 38
39. 39. 2.post office time deposits Min/max investment min200rs and maximum is no limit Term 1,2,3 and 5years Interest rate 1years-6.25% 2years-6.5% 3years-
7.25% 5years-7.5% Quartely compounding Tax benefits-at the time of investment- rebate available up to 1lac under sec80c for 5year time deposits Interim
withdrawal-taxable Withdrawal on maturity-taxable 3.NSC Min/max investment-100rs 500rs 1000rs 10000rs there is no maximum limit Term-6years Interest
rate-8%per annum half yearly compounded(rs.100 becomes 160.10 after maturity period of six years) 39
40. 40. Tax benefits-at the time of investment rebate available on investment and accrued interest up to 1 lac under sec 80c Interim withdrawal –N/A Withdrawal
on maturity-taxable 5. F.D- min/max investment-min rs1000and no limit maximum Term- min7days max-up to 10 years Interest rate- present rate-10 to10.5%
compounding differs from bank to bank Tax benefits-at the time of investment- rebate available up to 1lac under sec 80c for year deposits Interim withdrawal-
taxable Withdrawal on maturity-taxable PO MIS- MIN/MAX investment-min1500 max-450000 for single a/c and 900000 for joint a/c TERM-6 year Interest
rates-8% per annum payable monthly plus bonus of 5% in case held till maturity TAX benefits-at the time of investment- no rebate available interim payment-
taxable SENIOR CITIZEN SCHEMES-MIN/MAX-min1000 max15laks 40
41. 41. TERM-5years extended by 3year Interest rates-9%annual fixed rate which is payable quaterly TAX BENEFITS-at the time of investment- rebate available
up to 1lac under sec 80c INTERIM PAYABLE-taxable PPF-min/max investment- min-500 max 70000 in a finacial year TERM-15 year INTEREST RATES-
present rates-8% compounded per annum rate in the year 2000-12% TAX BENEFITS-rebate available up to 1lac under sec80c INTERIM WITHDRAWAL-
tax free Withdrawal on maturity-tax free OBJECTIVE OF THE STUDY  To review the whole system of POST OFFICE and ICICI PRUDENTIAL LIFE
INSURANCE in terms of origin, growth and rationale. 41
42. 42.  To study the awareness level of private COMPANY among the GOVT SECTOR POST OFFICE  To study and understand the customers requirement
and fulfill these requirement  To analyze various services provided by ICICI PRUDENTIAL LTD and POST OFFICE I Products Offered By ICICI
Prudential 42
43. 43. 2 Insurance Plans ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to
have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life
stage of the individual apart from a host of other factors. Life Insurance Plans: Under Life insurance plans, ICICI Prudential offers plans under the following
major need categories: • Education Insurance Plans • Wealth Creation Plans • Premium Guarantee plans • Protection Plans 43
44. 44. Pension & Retirement Solutions: The primary objective of a pension plan is to help you provide for your financial needs in your post retirement years. You
will find a Pension Planning Calculator on the site, meant to make your pension plan review as simple as possible. The calculator is the first step in your
Pension Plan scheme, there are othe steps towards getting the Indian pension policy you need. Click here to know more about our pension plan solutions. •
LifeStage Pension • LifeTime Super Pension • LifeLink Super Pension • ForeverLife 44
45. 45. Health Product Suite: Under Health Product Suite, ICICI Prudential offers plans under the following major need categories: Hospitalisation Plans •
MediAssure • Hospital Care Critical Illnessl Pans • Crisis Cover Cancer Products 45
46. 46. • Cancer Care Diabetes Products • Diabetes Care Active • Diabetes Assure 3 Education Insurance Plans One of your most important responsibilities as a
parent is to ensure that your child gets the best possible education that can be provided. ICICI Prudential offers a wide portfolio of education insurance plans
that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at
the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future.
Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. 46
47. 47. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more
about the plans. Plan Name Plan Type SmartKid New Unit-linked Unit Linked Regular Premium SmartKid New Unit-linked Unit Linked Single Premium
SmartKid Regular Premium Traditional 4 Wealth Creation Plans Wealth Creation Plans give the customer the dual benefit of protection along with the
potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as
compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a 47
48. 48. life cover to be allied to the returns of market linked instrument – giving them an unmatched combination of benefits. Under the wealth creation platform,
ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. Plan Name Plan Type ICICI Pru Secure
Save Unit Linked ICICI Pru Wealth Advantage Unit Linked ICICI Pru Life Stage Assure Unit Linked ICICI Pru Life Time Gold Unit Linked ICICI Pru
Premier Life Gold Unit Linked ICICI Pru Life Link Super Unit Linked ICICI Pru Life Stage RP Unit Linked 48
49. 49. Retirement Solutions ICICI PRUDENTIAL Provide a wide range of retirement plans and they are as follows • Life Stage Pension • Life Time Super
Pension • Life Link Super Pension • Fore ver Life • Immediate Annuity Group Plans ICICI Prudential offers a suite of group insurance plans that are as
follows: • Group super annuation • Group gratuity period • Annuity solution plan • Group term insurance plan • Group term insurance in lieu of EDL
Organization Structure of ICICI 49
50. 50. CHIEF MANAGING DIRECTOR (CMD) CHIEF AREA OFFICER CHIEF AREA OFFICER (PENINSULAR) (HIMALAYAN) Sales Head ZONAL
MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER ZONAL MANA GER AREA
SALES MANA GER Unit Manager / Area Manager/ Senior Agency Manager 50
51. 51. RESEARCH METHODOLOGY 51
52. 52. Research Methodology deals with, the procedure adopted to carry out the study. According to green and Tull: “A research design is the specification of
methods and procedures acquiring the information needed It is the overall operational pattern or framework of the project that stipulates which information is
to be collected from which sources by what procedures’’. For conducting the study, the researcher has adopted both primary as secondary method of data
cllection. TYPE OF RESEARCH Research refers to the search for knowledge. It can be defined as scientific and systematic search for pertinent information
on a specific topic. It is careful investigation or enquiry especially through search for new facts of any branch of knowledge. Research plays an important role
in the project work. The result of the project is completely based upon the research of the facts and figures 52
53. 53. collected through the different ways of research. That is why it is also called a movement from known to unknown. Research is the original contribution to
the existing stock of knowledge. • Exploratory or Formulative research: Exploratory research is conducted to clarify the ambiguous problems • Descriptive
research: To portray the characteristics of an individual, group, situation, etc • Diagnostic research: To determine the frequency of occurrence of an event.
Research Design In the data collection method, we have collected both primary and secondary data to meet our objective. Primary data: The primary data was
collected by a survey based on the questionnaire. It was formulated on the basis of information gathered 53
54. 54. by me with the help of Miss Taruna Arora who provide useful guidelines and objective of our study. Secondary data: The secondary data was collected
from books and internet. Data Source: The data that is collected from different sources, as the first hand information that is called primary data. The source of
primary data in my research is questionnaire and observation method. The secondary data were also used in my report preparation. This is collected from
company record and from internet. Research Approach: The required information in the form of data is collected through survey method, with the help of
personal interview through questionnaire method. Sampling plan: 54
55. 55. There is a stage where the planning is done about the sample units, sample size, sampling procedures, etc. Sample units: This means, which is to be
surveyed. So as mention earlier that the sample units is potential peoples. Sample size: The sample size means how many peoples should be surveyed. So that
total sample size is 150, which cover from different area of Una. Sampling Procedures: I choose convenient and judgmental sampling for my research. Data
collection method: Personal interview method is used for collection of primary data in the form of questionnaire from respondents. Research Instruments:
Once the source of data collection is decided then comes the instrument for data collection or the research instrument. In this survey 55
56. 56. method a questionnaire was framed. This is Philip by the potential people though personal interview SWOT ANALYSE Strength • Good Fund
Management Team. • Stable and experienced management. • Innovative Products, Technology, Organization culture and climate. • Excellent services. • Less
documentation formalities are required. • Morally and ethically strong. • Huge customer database. • Strong networks. Weakness • Investment Products are
slight costly. • High operating and commission expenses • Less attractive offers. • Lack of promotional campaigns 56
57. 57. • Competitors are in the market offer same product offered by the difference in the premium and offering. • Lack of customer awareness Opportunity . •
People are now more health and life conscious. • Some Rural markets are still untouched. • In the pension field where people want good life after their
retirement. • It can piggyback on the brand name of the BIRLA. • Highly potential market. Threats • POST OFFICE , public player acting as a big competitor •
Others Competitors (ICICI Pru, ) • With around 14 private players, it is very difficult to capture the market share. 57
58. 58. Results and Disscussions/Findings No. of Respondents Yes No 100 72 28  Do you invest? No. of respondents 80 70 60 50 40 30 20 10 0 Yes No 58
59. 59.  If not, why? What is the reason for that? No. of Lack of Full of Lack of Lack of Inadequate Respondents knowledge risk guidance interest funds 28 6 3
3 5 11 Lack of knowledge Full of risk 6, 21% 11, 39% Lack of 3, 11% guidence 5, 18% 3, 11% Lack of interest Inadequate funds 59
60. 60.  If not investing, are you interested in investing? No. of Respondents Yes No 28 20 8 8, 29% Yes No 20, 71% 60
61. 61.  What comes do you perceive first while investing? No. of Security High saving Tax Others Respondents returns benefits 72 15 24 17 16 0 30 No of
respondents 24 25 20 17 16 15 15 Series1 10 5 0 0 Security High saving Tax others returns benefits 61
62. 62. No. of Respondents Yes No 72 53 19  Are you adequately insured? 62
63. 63. 19, 26% Yes No 53, 74%  Which Plan do you prefer and invest? No. of Term Endowmen Money Pension Mediclaim Child Respondents Plan t Plan Back
Plan plan plan Plan 72 12 10 27 10 8 5 63
64. 64. No. of Security High saving Tax others Respondents returns benefits 72 15 15 16 21 5  Specify the reasons for investing in a particular plan: 64
65. 65. 25 21 20 16 No. of respondents 15 15 15 10 5 5 0 Security High returns saving Tax benefits others  Are you satisfied with the investment decision? No.
of Respondents Highly Satisfied Modera unsatisfied Highly Satisfied te unsatisfied 65
66. 66. 72 6 39 19 6 2 50 39 No of respondents 40 30 19 Series1 20 10 6 6 2 0 Highly Satisfied Moderate unsatisfied Highly Satisfied unsatisfied  If not, what
are the reasons behind that: No. of Lack Of Full of Lack of Lack of Inadequate More than Respondents knowledge risk guidance interest funds one reason 66
67. 67. 8 1 1 1 1 1 3 Term Plan Endowment 5 12 Plan 8 10 Money Back 10 Plan Pension Plan 27 Mediclaim plan Child plan 3.5 3 3 2.5 2 1.5 1 1 1 1 1 1 0.5 0
Inadequate Full of risk one reason guidance Lack of interest knowledge More than Lack of Lack Of funds 67
68. 68.  What do you think who can better guide you for investment? No. of Respondents Broker/agent Banks Investment others consultant 72 13 17 35 7 68
69. 69. Broker/agent 7, 10% 13, 18% Banks 17, 24% Investment 35, 48% consultant others  Which Company do you prefer for investing? No. of Respondents
ICICI PRU POST Others OFFICE 72 28 36 8 69
70. 70.  Are you satisfied with the behavior/knowledge of broker/agent of a company preferred by you? No. of Highly Satisfied Moderat unsatisfie Highly
Respondents Satisfied e d unsatisfied 72 8 41 15 7 1 70
71. 71. 50 41 No of respondents 40 30 Series1 20 15 8 7 10 1 0 Highly Satisfied Moderate unsatisfied Highly Satisfied unsatisfied CONCLUSION Competition
will surely cause the market to grow beyond current rates, create a bigger "pie," and offer additional consumer choices through the introduction of new
products, services, and price options. Yet, at the same time, public and private sector companies will be working together to ensure healthy growth and
development of the sector. Challenges such as developing a common industry 71
72. 72. code of conduct, contributing to a common catastrophe reserve fund, and chalking out agreements between insurers to settle claims to the benefit of the
consumer will require concerted effort from both sectors. The market is now in an evolving phase where one can expect a lot of actions in coming days. The
current impediments for foreign participation – like 26% equity cap on foreign partner, ill defined regulatory role of IRDA (Insurance Regulatory development
Authority- the watchdog of the industry) in pension business etc.—are expected to be removed in near future. The early-adopters will then have a clear
advantage compared to laggards in gaining the market share and market leadership. The will need to make sure right now that all their infrastructure is in place
so that they can reap the benefit of an "unlimited potential." 72
73. 73. BIBLIOGRAPHY Books: 1Insurance(meaning and concept)-Published by IRDA 2The Mc-Grew Hill Investors Desk Reference,Mc-Graw Hill
Publications, Ellie Williams Clinton, page-301-303 3Life Insurance, Indiana University Press. Belth M. Joseph 4Statistical Methods by S.P. Gupta, 34th
edition, published 73
74. 74. by Sultan Chand & Sons. 5Research Methodology by C.R. Kothari, Second Edition published by New Age International (P) Ltd. 6Business Research
Methodology-Cooper & Sindler,4th Edition 7Brouchers of different products of selected companies 8Handbook of ICICI PrudentiAL 9VISIT IN VARIOUS
POST OFFICE DISTT UNA Websites: 1www.economywatch.com 2 www.icicipru.com 3www.licindia.com 74
75. 75. 4www.irda.org 5www. Indiainfoline.com 75
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Project Report ICICI Prudential

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I express my sincere and deepest gratitude to mr

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