Training Report Project On Icici Bank

lOMoARcPSD|32875405
Training report - Project On ICICI BAnk
Bachelors of Business Administration (Guru Gobind Singh Indraprastha University)
Studocu is not sponsored or endorsed by any college or university

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)
lOMoARcPSD|32875405
SUMMER TRAINING REPORT

On
Consumer Perception towards Services
Offered by ICICI Prudential Life Insurance
Submitted in partial fulfillment for the award of degree of

Bachelor of Business Administration
(2020-2023)
Under the supervision of: Submitted By:

Ms. Poonam Kunal Aggarwal
(Training Head) BBA 3rd Year
Roll No: 201003177
Panipat Institute of Engineering & Technology, Samalkha
Affiliated to Kurukshetra University, Kurukshetra

lOMoARcPSD|32875405
DECLARATION
This is to certify that I Kunal Aggarwal, student of Panipat Institute of Engineering &
Technology studying in BBA 5th Semester, Roll No- 201003177 has prepared a project
report entitled “Consumer Perception towards Services Offered by ICICI Prudential
Life Insurance” for the partial fulfillment of degree of Bachelor of Business
Administration from Kurukshetra University, Kurukshetra.
I hereby declare that the project report submitted to the Kurukshetra University,
Kurukshetra is a record of an original work done by me under the guidance of Mr. Ashish
(Assistant Professor, Department of Business Studies).
The matter presented in this project work has not been submitted by me for the award of
any Degree or diploma/ associateship/ fellowship and similar degree or any other institute.
Signature of Candidate
Kunal Aggarwal
University Roll No- 201003177

lOMoARcPSD|32875405
ACKNOWLEDGEMENT
Gratitude of highest order is expressed to Dr. Rohit Garg (Head & Assistant Professor,
Department of Business Studies, PIET) for encouragement and support during my
project. His care, endless support and trust motivate me for opportunity to achieve. This
project could not be completed without his insight and achieve.
I am neither expert nor a trend spotter. I am a management student with foundations of

management principles and theories who is keen in different industries, it's happening
mainly in ICICI Prudential Life Insurance.
I am highly obliged to Mrs. Poonam, my prime internal guide for her invaluable support;
guidance and knowledge that she has shared with me thereby aiding me in making this
project a success along with other employees who provided their utmost working
knowledge, which has broaden my area of interest and benefited mostly in completing the
project.
I am highly grateful to my project guide Mr. Ashish (Assistant Professor, Department

of Business Studies, PIET) for his inspiring guidance and blessings for fulfilling the
project report. I am very grateful to Mr. Ashish for his research advice, knowledge and
many insightful discussion and suggestions.
Lastly, I thank faculty and staff members of P.I.E.T, Panipat which gave me an opportunity
regarding training purpose and helped me in building some experience in my career.
Kunal Aggarwal
University Roll No- 201003177

lOMoARcPSD|32875405
COMPANY CERTIFICATE

lOMoARcPSD|32875405
EXECUTIVE SUMMARY
The main purpose of the study is to identify the Consumer Perception towards Services Offered
by ICICI Prudential Life Insurance which will help the company to make its marketing strategy.
The study will help the company to make strategies and new products/plans and emphasize on
their weaker areas. Also, the brand Image of various other companies will be known which will
help the company to identify its competitors and find where their competitor stands out in the mind
of the consumer. Most of the people have invested in Life Insurance and need more emphasis on
more Returns and Transparency in the Insurance Industry.

lOMoARcPSD|32875405
INDEX
CHAPTER TOPIC PAGES

NUMBER
CHAPTER 1 1) INTRODUCTION 07-33 Pages
1.1) Introduction to the Industry 08-15 Pages
1.2) Introduction to the Company 16-29 Pages
1.3) Introduction to the Topic 30-33 Pages
CHAPTER 2 2) LITERATURE REVIEW 34-39 Pages
CHAPTER 3 3) RESEARCH METHODOLOGY 40-44 Pages
3.0) Research methodology

3.1) Statement of the problem
3.2) Justification of the study
3.3) Objectives of the study
3.4) Scope of the study
3.5) Research design
3.6) Collection of data
3.7) Sources of data collection
3.8) Sampling technique
3.9) Analytical tool used in study
3.10) Limitations of study
CHAPTER 4 4) ANALYSIS & INTERPRETATION 45-56 Pages
CHAPTER 5 5) FINDINGS, SUGGESTION & CONCLUSION 57-61 Pages
5.1) Findings
5.2) Conclusion
5.3) Suggestion
BIBLIOGRAPHY/ REFERENCES 62-64 Pages
ANNEXURE 65-67 Pages

lOMoARcPSD|32875405
CHAPTER 1
INTRODUCTION

lOMoARcPSD|32875405
1.1) INTRODUCTION TO THE INDUSTRY

As finance is the lifeblood for all economic activities, one aspect of financial arena, which plays a
very important role, is the Insurance. Insurance is the outcome of Man’s search for safety and
security, and to find out ways and means to minimize the hardship, which are beyond his control.
Because of the economic reforms introduced by our government we can see that due to this
Globalization and privatization there is enormous increase in the private sector players queuing in
the insurance sector. This entry of Private players has enhanced the competitiveness and Quality
of service with many innovated products.
The insurance industry provides protection against financial losses resulting from a variety of
perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for
losses due to car accidents, theft of property, and fire and storm damage; medical expenses;
and loss of income due to disability or death.
The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies
and brokerages. In general, insurance carriers are large companies that provide insurance and
assume the risks covered by the policy. Insurance agencies and brokerages sell insurance
policies for the carriers. While some of these establishments are directly affiliated with a insurer
and sell only that carrier’s policies, many are independent and are thus free to market the policies
of a variety of insurance carriers. In addition to supporting these two primary components, the
insurance industry includes establishments that provide other insurance-related services, such as
claims adjustment or third-party administration of insurance and pension funds.
Insurance carriers assume the risk associated with annuities and insurance policies and assign
premiums to be paid for the policies. In the policy, the carrier states the length and conditions
of the agreement, exactly which losses it will provide compensation for, and how much will be
awarded. The premium charged for the policy is based primarily on the amount to be awarded in
case of loss, as well as the likelihood that the insurance carrier will actually have to pay.
In order to be able to compensate policyholders for their losses, insurance companies invest
the money they receive in premiums, building up a portfolio of financial assets and income-
producing real estate which can then be used to pay off any future claims that may be brought.
There are two basic types of insurance carriers.
Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial
protection to beneficiaries—usually spouses and dependent children—upon the death of
the insured. Disability insurance supplies a preset income to an insured person who is unable
to work due to injury or illness, and health insurance pays the expenses resulting from
accidents and illness.
An annuity (a contract or a group of contracts that furnishes a periodic income at regular

intervals for a specified period) provides a steady income during retirement for the remainder
of one’s life. Property-casualty insurance protects against loss or damage to property
resulting from hazards such as fire, theft, and natural disasters.

lOMoARcPSD|32875405
Liability insurance shields policyholders from financial responsibility for injuries to others or
for damage to other people’s property. Most policies, such as automobile and
homeowner’s insurance, combine both property-casualty and liability coverage. Companies
that underwrite this kind of insurance are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from a few to thousands of
individuals. These policies usually are issued to employers for the benefit of their employees or to
unions, professional associations, or other membership organizations for the benefit of their
members. Among the most common policies of this nature are group life and health plans.
Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate
title insurance, employee surety and fidelity bonding, and medical malpractice insurance.
In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites have
emerged. These sites allow potential customers to input information about their insurance policy
needs. For a fee, the sites forward customer information to a number of insurance companies,
which review the information and, if they decide to take on the policy, contact the customer with
an offer. This practice gives consumers the freedom to accept the best rate.
The insurance industry also includes a number of independent organizations that provide a wide
array of insurance-related services to carriers and their clients. One such service is the
processing of claims forms for medical practitioners. Other services include loss prevention
and risk management. Also, insurance companies sometimes hire independent claims adjusters to
investigate accidents and claims for property damage and to assign a dollar estimate to the claim.
Now in India there are totally 28 players including 14 Life and 14 General Insurance Companies.
And Life Insurance is one of the most common forms of insurance.
ICICI Prudential Life Insurance Company is an emerging star in the Private players with the
competition being Global in nature
BRIEF HISTORY OF INSURANCE:

The business of insurance started with marine business. The first insurance policy was issued in
1583 in England.
Some of the important milestones in the insurance business in India are:
1818: The British introduce to India, with the establishment of the Oriental Life Insurance
Company in Calcutta.
1850: Non-life insurance debuts, with Triton Insurance company.
1870: Bombay Mutual Life Assurance Society is the first India-owned life insurer.
1907: Indian Mercantile Insurance is the first Indian non-life insurer.
1912: The Indian life assurance Companies act enacted to regulate the life insurance business.

lOMoARcPSD|32875405
1938: The insurance act, which forms the basis for most current insurance laws, replaces earlier
act.
1956: Life insurance nationalized, government takes over 245 Indian and foreign insurers and
provident societies.
1972: Non-Life insurance nationalized, GIC set up.
1993: Malhotra Committee, headed by former BBI governor R.N. Malhotra, set up to draw up a
blueprint for insurance sector reforms.
1994: Malhotra Committee recommends re-entry for private players, autonomy to PSU insurers.
1997: Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up.
2000: IRDA starts giving licences to private insurers, ICICI Prudential and HDFC Standard Life
first private insurers to sell a policy.
2002: Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start settling
non-life claims in the cashless mode.
INSURANCE: DEFINITION AND MEANING

FUNCTIONAL DEFINITION:
In the words of R.S. Sharma, “Insurance is a Co-operative device to spread the loss caused by
particular risk over a number of persons who were exposed to it and who agree to insure themselves
against the risk”
CONTRACTUAL DEFINITION:
According to E.W. Patterson, “Insurance is a contract by which one party, for a consideration
called a premium, assures a particular risk of other party ad promises to pay to him or his nominee
a certain or ascertainable sum of money on a specified contingency.
According to the U.S Life Office Management Association Inc (LOMA), Life Insurance is
defined as follows: Life insurance provides a sum of money if the person who is insured dies whilst
the policy is in effect
OTHER TERMS USED IN RELATION TO INSURANCE AND THEIR MEANING:
AGENT: The authorized representative of the insurer, licensed by the concerned authorities like
IRDA to canvass insurance.
BONUS: The yearly share of policy holders profit declared by the company based on its profits
which gets added to the policy amount and is payable upon its maturity.
CLAIM: The amount entitled to the policy holder or his nominee/assignee under a policy contract
in the event of the happening of the contingency insured against.
INSURABLE INTEREST: Evidence suggesting financial losses due to the occurrence of the
event insured against.

lOMoARcPSD|32875405
POLICY: The evidence of contract between the insurer and the insured. A stamped sealed and
signed document issued by the insurer to the insured in proof of insuring his life.
PREMIUM: The amount mentioned in the policy contract to be paid by the insurer periodically
to the insure to keep the policy in full force.
INSURANCE IN INDIAN FINANCIAL SYSTEM:
In India insurance is in practice since 12th century as per the records. The first life insurance
company to operate in India the Oriental Life Insurance company was established in 1818 in
Calcutta. However, it was a British company. The first Indian Insurance company, the Bombay
Mutual Life Assurance Society started its operation in 1871. The Indian Life Insurance company
Act was passed in 1928.Subsequently, both of these Acts were merged, and the insurance Act 1938
was promulgated.
Independent India amended the Insurance Act in 1950 and in 1956, the then fiancé minister of the
nation Mr. C D Deshmukh nationalized all insurance companies, 154 Indian Insurance companies
and 75 provident societies. Finally, the life insurance Corporation was born on 1st September 1956.
The story of non-life insurance in India is no different. Though Lloyd’s insurance pioneered the
general Insurance way back in 1688, the first non-life Insurance Company set up shop in India was
the Triton Insurance company of Calcutta. In 1907 the first Indian general insurer the Indian
Mercantile insurance company started its operations.
The New India Assurance Company Limited was incorporated in 1919. After independence the
India Reinsurance Corporation was set up in 1956 and in 1957 the office of the controller of the
insurance was constituted. In 1968, that tariff advisory committee was set up to regulate the
investment of the players and finally in 1972, the non-life insurance business in the country was
nationalized and the general insurance company was formed as holding company with four
subsidiaries, the National Insurance, Oriental Insurance, United India Insurance and the new India
Assurance Company Limited. In the same year the National Insurance Company Limited was
amalgamated with 22 foreign and 11 Indian Insurance companies.
Thus, over a period of two centuries, the Indian insurance industry has gone through the full circle.
From being an open competitive market, it went through nationalization and has been subsequently
liberalized again.
Keeping in mind the national economic and commercial objective of India the government has set
up IRDA on 7th December 1999. Through which the reforms process of the industry got under
way.
INSURANCE IN INDIAN FINANCIAL SYSTEM – ITS IMPORTANCE
Insurance industry is one of the corner stone of any economy and financial System. Insurance
industry contributes its major part in increasing the saving and the fund collected is utilized in
developmental programs.
The Financial sector in our country is in the process of change with the objective o the overall
growth of the economy. The insurance sector as everyone knows constitutes a very important and
vital financial intermediary for the growth of the economy.

lOMoARcPSD|32875405
Insurance has become part and parcel of the financial system because it:
❖ Reduces the uncertainty of business loses.
❖ Increases business efficiency.
❖ Identifies key men.
❖ Enhances the credit.
❖ Takes care of welfare of the society.
❖ Protect the wealth of the nation.
❖ Helps to attain economic growth.
❖ Reduces the inflation level.
THE ADVANTAGES OF LIFE INSURANCE:

➢ Life insurance is brought not because someone is going to die, but because someone is going
to live.
➢ Life insurance means peace of mind.
➢ Life insurance promises payment of the full sum assured from the moment the first premium
is paid.
➢ Life insurance encourages regular savings and guards against extravagances.
➢ In most cases life insurance possesses a cash value after the first three years.
➢ Life insurance removes the worry of looking after your savings. Experts safely and profitably
invest your money on your behalf by experts.
➢ Life insurance guarantees payment in cash and is backed by the Government of India.
➢ Life insurance is a tax saving product.
➢ Life insurance is free from loss, from theft, fire, misplacement etc.
➢ A life insurance contract is one sided, i.e., always in favor of the insured and his family. One
can withdraw from the contract anytime, but the companies cannot.
➢ Life insurance replaces uncertainty with certainty. It provides a complete, balanced and perfect
hedge against economic threats, which confront all person, the danger of living too long or the
danger of dying soon.
HOW INSURANCE WORKS

Suppose there are 1000 person all aged 35 years and healthy lives. They are insured for one year
against the risk of death. Each person is insured for Rs. 50,000. if the past experience indicates the
4 out of 1000 people die during the year, expected amount claimed to be paid to the family of 4
persons would come to Rs. 2,00,000. the contribution to be paid by the each of the 1000 will come
to Rs.200 per year. Thus, all the 1000 persons share loss caused to the 4 unfortunate families. 996
persons who survived till 1 year have not lost any thing as they have secured peace of mind and a
feeling of security for their family.
While insurance cannot prevent accident or premature death, it can help, protect the family of the
deceased against the loss of income caused by the of the main breadwinner. In return for specified
payments, insurance will provide protection against the insurance of an uncertain event such as
premature death.

lOMoARcPSD|32875405
The business of insurance company called insurer is to bring together persons who are exposed to
similar risk, collect contribution (premium) from them on sum equitable basis and pay the losses
(claim) to the unfortunate few who suffer.
NEED FOR THE INSURANCE:
Unlike other avenues of savings where the amount saved with interest is payable only on maturity,
insurance plans provide for payment of the total sum assured along with a bonus, if any, on any
eventuality even before the maturity of the policy. And another advantage of insurance is that an
insurer can avail loans against the security of the policy from the insurance company. Even banks
and other financial institutions advances loans with insurance policies as a collateral security.
To provide for one’s family and perhaps; others in the event of death, especially premature death.
Originally, policies were to provide for short period of time, covering temporary risky situations,
such as sea voyages. As lie insurance became more established, it was realized what a useful tool
it was for a number of situations, including:
➢ Temporary needs/threats;
The original purpose of life insurance remains an important element, namely providing for
replacement of income on death etc.
➢ Regular savings;
Providing for one’s family and oneself, as a medium to long term exercise (through a series
of regular payment of premiums). This has become more relevant in recent times as people
seek financial independence from their family.
➢ Investment;
It is the insurance that builds up the savings of the society and thus safeguard the
economy from the ravages of inflation. Unlike regular saving products, investment
Products are traditionally lump sum investments, where the individual makes one-time
payment.
➢ Retirement;
Provisions for one’s own later years become increasingly necessary, especially in a
changing cultural and social environment. One can buy a suitable insurance policy, which
will provide periodical payments in one’s old age.
WHY SHOULD YOU TAKE INSURANCE?

Insurance is desired to safeguard oneself and one’s family against possible losses on account of
risk and perils. It provides financial compensation for the losses suffered due to the happening of
unforeseen events. By taking life insurance a person can have peace of mind and need not worry
about the financial consequences in case of any untimely death.
Along with the growth of overall population in the country, crossing the benchmark of hundred
crore, there has been a significant awareness for the need for insurance in the other as well as rural
segments and even among the lower middle class and illiterate class of the population.

lOMoARcPSD|32875405
We in India have around 30 crore middle class educated and enlightened people who have not
realized that insurance is as necessary as the other basic necessities of life such as food, shelter,
clothing.
MARKET SHARE OF COMPANIES
THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

(IRDAI)
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDAI since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the insurance
sector and the life insurance companies were the launch of the IRDAI’s online service for issue
and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that the insurance
companies would have a trained workforce of insurance agents in place to sell their products,
which are expected to be introduced by early next year.

lOMoARcPSD|32875405
Since being set up as an independent statutory body the IRDAI has put in a
framework of globally compatible regulations. In the private sector 12 life insurance
and 6 general insurance companies have been registered.
FUNCTIONING OF THE IRDAI
❖ To exercise all the powers and functions of controller of insurance.

❖ Protection of the interest of the policy holders.
❖ To issue, renew, modify, withdraw or suspend certificate of registration.
❖ To specify requisite qualification and training for insurance intermediaries and agents.
❖ To promote and regulate professional organizations connected with insurance.
❖ To conduct inspection/investigation etc.
❖ To prescribe method of insurance accounting.
❖ To regulate investment of funds and margins of solvency.
❖ To adjudicate upon dispute.
❖ To conduct inspection and audit of insurers intermediaries and other organization concerned
with insurance.
❖ With a mission of: “protect the interest of the policy holders to regulate promote and ensure
orderly growth of the insurance industry and for matters connected there with or incidental
thereto”.
IRDAI ENABLERS:
In the new market set up, the IRDAI’s role is that of an enabler. The new insurers will conduct
insurance business in India according to the healthy norms prescribed the IRDAI. Regulations for
all insurance intermediaries will specify sales-norms. Guidelines for the code of conduct for the
surveyors and loss assessors will help all concerned. Efficiency will be promoted in the conduct
of insurance business. Professional organizations connected with insurance business will be
regulated. The role of IRDAI, besides regulating the market, it also to develop it. The IRDAI has
the task to promote fair competition in hindrance to monopolistic insurance market. In such a fast-
developing scenario, the prospects appear to be brighter for both insurers and the customers.

lOMoARcPSD|32875405
1.2) INTRODUCTION TO THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's
foremost financial services companies and Prudential plc - a leading international financial
services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72
billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. It began its
operations in December 2001 after receiving approval from Insurance Regulatory Development
Authority (IRDA).
The Company issued its first policy on 12 December 2000. ICICI Prudential Life Insurance is a
joint venture between the ICICI Group and Prudential plc, of the UK. ICICI started off its
operations in 1955 with providing finance for industrial development, and since then it has
diversified into housing finance, consumer finance, mutual funds to be a Virtual Universal Bank
and its latest venture Life Insurance.
ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength
rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted
as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg
survey of 'Most Trusted Brands'. As it grows, its distribution, product range and customer base, it
continues to tirelessly uphold its commitment to deliver world class financial solutions to
customers all over India.
FOREIGN PARTNER:
Established in 1848, Prudential plc. Of U.K. has grown to be the largest life insurance and mutual
fund Company in U.K. Prudential plc. Has had its presence in Asia for the past 75 years catering
to over 1 million customers across 11 Asian countries. Prudential is the largest life insurance
company in the United Kingdom (Source: S&P's UK Life Financial Digest, 1998). ICICI and
Prudential came together in 1993 to provide mutual fund products in India and today are the largest
private sector mutual fund company in India.
Their latest venture ICICI Prudential Life plans to take care of the insurance needs at 26 various
stages of life Prudential plc, one of the UK's leading financial service providers, issued life
insurance policies in Poland prior to World War II through Prudential Assurance Company
Limited and its subsidiary "Przezomosc", a now defunct Polish company in which Prudential
Assurance acquired a controlling interest in 1927.

lOMoARcPSD|32875405
Pizezomosc continued to issue life policies in Poland until 31 December 1936, and Prudential
Assurance issued life policies in Poland from 1 January 1933 to 31 December 1936. With effect
from 1 January 1937 both companies ceased to accept new life business and the administration of
the two portfolios was combined.
Based on notes of surviving records that existed in Prudential Assurance's London office there
were 4,623 policies in force in Poland at the outbreak of World War II in 1939. Over 33% of these
policies have been settled since the early 1950s despite significant gaps in our records, due in no
small part to their destruction in Poland under Nazi Occupation. The assets of Prudential's Polish
Business were seized by the Nazi occupying authorities, following the invasion of Poland in 1939.
Unlike some major European insurers Prudential did not trade in Nazi occupied Europe.
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 27 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 Bank and Prudential plc
holding 74% and 26% stake respectively. Its Assets Under Management (AUM) at June 30, 2022
were `2,300.72 billion. In FY2015 ICICI Prudential Life became the first private life insurer to
attain assets under management of `1 trillion.
ICICI Prudential Life is also the first insurance company in India to be listed on National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE). For the past seven 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.
THE ICICI PRUDENTIAL EDGE:
The ICICI Prudential edge comes from its commitment to its customers, in all that it does - be it
product development, distribution, the sales process or servicing. Here's a peek into what makes it
leader.
❖ The products have been developed after a clear and thorough understanding of customers' needs.
It is this research that helped it develop Education plans that offer the ideal way to truly guarantee
child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed

lOMoARcPSD|32875405
income after retirement, or Health insurance that arms one with the funds that one might need to
recover from a dreaded disease.
❖ Having the right products is the first step, but it's equally important to ensure that its customers
can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the
length and breadth of the country, and it partners with leading banks, corporate agents and brokers
to distribute its products.
❖ Robust risk management and underwriting practices form the core of its business. With clear
guidelines in place, it ensures equitable costing of risks, and thereby ensure a smooth and hassle-
free claims process.
❖ Entrusted with helping its customers meet their long-term goals, it adopts an investment
philosophy that aims to achieve risk adjusted returns over the long-term.
❖ Last but not the least, its strong team is given the opportunity to learn and grow, every day in a
multitude of ways. it believes that this keeps them engaged and enthusiastic, so that they can
deliver on their promise to cover customers, at every step-in life.
VISION & VALUES

VISION: THE PURPOSE OF OUR EXISTENCE
To build an enduring institution that serves the protection and long-term saving needs of customers
with sensitivity.
VALUES: THE WAY WE DO THINGS
Our core values are Customer First, Humility, Passion, Integrity, and Boundarylessness. Values
guide our actions and define the way we work. We encourage all our colleagues to exemplify and
role model the Values.
Customer First: Keep customers at the Centre of everything we do
Humility: Be open to learn and change
Passion: Demonstrate infectious energy to win and excel
Integrity: Do the right thing
Boundarylessness: Treat organization agenda as paramount

lOMoARcPSD|32875405
FACT SHEET:
❖ The Company 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
in the fiscal year 2001 after receiving approval from Insurance Regulatory Development Authority
(IRDA).
❖ On a retail weighted received premium basis (RWRP), it has consistently been amongst the top
companies in the Indian life insurance sector. Its Assets Under Management (AUM) at June 30,
2022 were `2,300.72 billion.
❖ ICICI Prudential Life operates on the core philosophy of customer-centricity. It offers long-term
savings and protection products to meet the different life stage requirements of its customers. It
has developed and implemented various initiatives to provide cost-effective products, superior
quality services, consistent fund performance and a hassle-free claim settlement experience to its
customers.
❖ In FY2015, ICICI Prudential Life became the first private life insurer to attain assets under
management of `1 trillion. ICICI Prudential Life is also the first insurance company in India to be
listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
❖ ICICI Prudential Life 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 seven years, ICICI Prudential Life has retained its leadership position in the life
insurance industry with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.

lOMoARcPSD|32875405
Year Particulars
FY2001 Company started operations
FY2002 Crossed the mark of 100,000 policies
FY2005 Crossed the mark of 1 million policies
Crossed the mark of 5 million policies
FY2008 Crossed receipt of `100 billion of the total premium

Crossed `250 billion of assets under management
Established subsidiary to undertake pension funds related business
FY2010 company turned profitable - a registered profit of `2.58 billion

Crossed `500 billion of assets under management
FY2012 Started paying dividends
FY2015 Crossed `1 trillion of assets under management
FY2017 First insurance company in India to list on NSE and BSE
FY2021 Crossed `2 trillion of assets under management
SALES DISTRIBUTION
TIED AGENCY:
Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor
force that targets various customer segments. The strength of tied agency lies in an aggressive
strategy of expanding and procuring quality business. With focus on sales & people development,
tied agency has emerged as a robust, predictable and sustainable business model.

lOMoARcPSD|32875405
BANK ASSURANCE AND ALLIANCES:

ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances.
Within a short span of two years, and with nearly a large number of partners, B & A has emerged
as a vital component of the company’s sales and distribution strategy, contributing to
approximately one third of company’s total business.
The business philosophy at B&A is to leverage distribution synergies with our partners and add
value to its customers as well as the partners. Flexibility, adaptation and experimenting with new
ideas are the hallmarks of this channel.
ABOUT THE PROMOTERS:
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI
Bank Limited and Prudential Corporation Holdings Limited.
ICICI BANK
ICICI Bank is a leading private sector bank in India. The Bank’s total assets stood at ₹ 17,526.37
billion (US$ 231.2 billion) at March 31, 2022 and profit after tax of ₹ 233.39 billion (US$ 3.1
billion) for the year ended March 31, 2022. ICICI Bank currently has a network of 5,418 Branches
and 13,626 ATMs across India.
PRUDENTIAL CORPORATION HOLDINGS LIMITED
Prudential Corporation Holdings Limited is an indirect wholly owned subsidiary of Prudential plc.
Prudential plc provides life and health insurance and asset management in Asia and Africa. The
business helps people get the most out of life, by making healthcare affordable and accessible and
by promoting financial inclusion.
Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for
their goals.
The business has more than 18 million life customers and is listed on stock exchanges in London
(PRU), Hong Kong (2378), Singapore (K6S) and New York (PUK). Prudential is not affiliated in
any manner with Prudential Financial, Inc. a company whose principal place of business is in the
United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of
M&G plc, a company incorporated in the United Kingdom.

lOMoARcPSD|32875405
CORPORATE SOCIAL RESPONSIBILITY:
CSR has been a long-standing commitment at the ICICI Group and forms an integral part of the
Company’s activities. The Group’s contribution to social sector development includes several
pioneering interventions and is implemented through the involvement of stakeholders within the
Company, the Group and the broader community.
ICICI Prudential Life’s CSR objective is to proactively support meaningful socio-economic

development in India and enable a larger number of people to participate in and benefit from
India’s economic progress. This is based on the belief that growth and development are effective
only when they result in wider access to opportunities and benefit a broader section of society.
The Company’s CSR activities are primarily focused in the areas of education, health, skill
development and sustainable livelihood, financial inclusion, capacity building for CSR and other
activities as the Company may choose to support in fulfilling its CSR objectives.
The Company supports programs and initiatives keeping “protection” as the core proposition and
cornerstone of all its CSR initiatives since “protection” is core to the Company’s business. The
CSR policy of the Company sets the framework guiding the Company’s CSR activities.
The CSR committee is the governing body that articulates the scope of CSR activities and ensures
compliance with the CSR policy.
Recent CSR Activities are-
➢ In March 2019, ICICI Prudential Life Insurance geared up for a CSR initiative with a
campaign named "Suna Kya? Body Ka Alarm" (transl. Listen to your body) in association
with Times Spotlight. This initiative is urging Indian people to pay attention to their body
signs and encourages them to be prepared financially. The company has also partnered with
SRL diagnostics for discounted health check-up packages.
➢ In March 2020, ICICI Prudential Life Insurance partnered with Times of India for
conducting the Mission Healthy India Survey 2020 to find out if people were paying
attention to the signs their body gives that can help them catch the onset of a critical illness
early. This awareness initiative from the company urges people to take good care of their
health and be financially prepared against any uncertainty.

lOMoARcPSD|32875405
MANAGEMENT PROFILE
BOARD OF DIRECTORS
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the
finance industry both from India and abroad.
• Mr. M. S. Ramachandran
(Chairman, Independent Director)
• Mr. Anup Bagchi

(Director)
• Mr. Sandeep Batra

(Director)
• Mr. Benjamin Bulmer

(Director)
• Mr. Dilip Karnik

(Independent Director)
• Mr. R. K. Nair
• Mr. Dileep Choksi

• Ms. Vibha Paul Rishi

• Mr. N. S. Kannan
(Managing Director & CEO)
MANAGEMENT
• Mr. N. S. Kannan
(Managing Director & Chief Executive Officer)
• Mr. Judhajit Das

(Chief Human Resources)
• Mr. Amit Palta

(Chief Distribution Officer)
• Mr. Satyan Jambunathan

(Chief Financial Officer)

lOMoARcPSD|32875405
• Mr. Deepak Kinger

(Chief Risk & Compliance Officer)
• Mr. Manish Kumar

(Chief Investments Officer)
• Mr. Souvik Jash

(Appointed Actuary)
• Ms. Sonali Chandak

(Company Secretary)
LIFE INSURANCE PLANS & POLICY
Life insurance plans from ICICI Prudential Life helps you secure your family’s financial future
and also fulfil their dreams and aspirations. So, wait no more. Sabse Pehle choose from our wide
range of plans to lead a worry-free life now and forever.
#SabsePehleLifeInsurance
TERM INSURANCE PLANS
ICICI PRU IPROTECT SMART TERM PLAN

❖ Get life cover to protect your loved ones at affordable rates
❖ Get cash payout up to 1 crore on first diagnosis of 34 critical illnesses (optional)
❖ Accidental death benefits up to 2 crore (optional)
❖ Tax benefits^ up to 54,600 under Section 80C and 80D of the Income Tax Act
❖ Get covered till the age of 99 years and flexibility to pay for limited term
ICICI PRU IPROTECT RETURN OF PREMIUM

❖ Ensure right life cover to protect yourself adequately at every life-stage
❖ Get 105% of your premium back or get monthly income from age 60 on survival/maturity
❖ Get claim payout on diagnosis of 64 critical illnesses (optional)
❖ Accidental death benefit covers up to 2 crore (optional)
❖ Tax benefit as per prevailing tax law
ICICI PRU SARAL JEEVAN BIMA

❖ Life cover to secure your family
❖ Tax benefits as per prevailing tax laws

lOMoARcPSD|32875405
ICICI PRU PRECIOUS LIFE

❖ Cover for individuals with existing health problems
❖ Choose to receive the benefit amount as a lump sum or as monthly income or a combination of
both
❖ Option to enhance safety net with Accidental Death Benefit
ICICI PRU LIFE RAKSHA

❖ Security of your loved ones’ future even in your absence
❖ Tax benefits
ICICI PRU POS - LIFE RAKSHA

❖ Security of your loved ones’ future even in your absence
❖ Tax benefits
ICICI PRU LOAN PROTECT PLUS

❖ Protection against loan liability for your loved ones
❖ Premium payment as per your comfort
❖ Tax benefits
HEALTH INSURANCE PLANS
ICICI PRU HEART/CANCER PROTECT

❖ Get the claim amount on diagnosis
❖ No restrictions on your choice of hospital
❖ Waiver of future premium for Minor conditions of Cancer or Heart for full policy term
❖ Get tax benefits^ up to 7,800 under Section 80D of the Income Tax Act
UNIT LINKED INSURANCE PLANS
ICICI PRU SIGNATURE (ONLINE)

❖ Financial protection for your loved ones with life insurance cover
❖ Return of mortality and policy administration charges
❖ Enjoy policy benefits till 99 years of age with Whole Life policy term option
❖ Withdraw money regularly from your policy with SWP

lOMoARcPSD|32875405
ICICI PRU SIGNATURE

❖ Financial protection for your loved ones with life insurance cover
❖ Return of Total Premium Allocation Charges more than once
❖ Value Benefit to reward higher premiums
❖ Enjoy policy benefits till 99 years of age with Whole Life policy term option
❖ Systematic withdrawal plan to withdraw money regularly from your policy
ICICI PRU SMART KID WITH SMART LIFE

❖ Grow your money manifold for child's big day with market investment
❖ Take out money anytime at key educational milestones of your child
❖ Policy will continue uninterrupted ‘even in absence of parents
❖ Tax benefits under Section 10(10D) and 80C
ICICI SINGLE PREMIUM POLICY PRU ONE WEALTH

❖ Invest only once and enjoy benefits for entire policy term
❖ 100% amount invested in wide range of funds
❖ Choice of multiple funds
❖ Up to 10 times life cover to protect your loved ones
❖ Tax benefits^ on premiums paid and maturity benefit under Sec 80C and Sec 10(10D) of IT Act,
1961
ICICI PRU LIFE-TIME CLASSIC
❖ Life cover to protect your loved ones
❖ Various choice of funds to invest and grow your money (equity, debt or balanced funds)
❖ Choice of 4 portfolio strategies
❖ Get Loyalty Additions & Wealth Boosters by just staying invested in the plan
❖ Get tax benefits under Section 80C of Income Tax Act 1961, up to 46,800
ICICI PRU GUARANTEED WEALTH PROTECTOR

❖ No risk to capital: 101% Money back guarantee
❖ Loyalty Additions and Wealth Boosters for staying invested for the policy term
And Much more…….

lOMoARcPSD|32875405
TRADITIONAL PLANS
ICICI PRU SUKH SAMRUDDHI

❖ Choice to avail benefits as either Income or Lump sum
❖ Life cover for financial protection of your loved ones
❖ Option to receive income on any date of your choice with ‘Save the Date
❖ Option to accumulate income and withdraw it later as per your convenience with Savings Wallet
❖ Tax benefits may be applicable on premiums
ICICI PRU GUARANTEED INCOME FOR TOMORROW (LONG-TERM)

❖ Guaranteed Income to help you achieve your long-term goals
❖ Option to get back 110% of total premiums paid
❖ Life insurance cover for financial security of your family
❖ Tax benefits may be applicable on premiums paid and benefits received as per the prevailing tax
laws
ICICI PRU GUARANTEED INCOME FOR TOMORROW
❖ Guaranteed benefits in the form of lump sum or regular income to achieve your life goals
❖ Option to receive guaranteed income from 2nd year onwards
❖ Life insurance cover for financial security of your family
❖ Tax benefits may be applicable on premiums paid and benefits received as per prevailing tax laws
ICICI PRU CASH ADVANTAGE

❖ Your family gets financial protection through life cover
❖ Guaranteed cash benefits
❖ You get Bonus, if any, for staying invested
❖ Tax benefits^ on premium paid and benefits received
ICICI PRU SAVINGS SURAKSHA ENDOWMENT PLAN

❖ Guaranteed Maturity Benefit and Guaranteed Additions
❖ Get Reversionary and Terminal Bonus, if any, over and above the maturity benefits of the policy
❖ Tax benefits^ on premiums paid and benefits received as per Income Tax Act 1961

lOMoARcPSD|32875405
ICICI PRU LAKSHYA WEALTH

❖ Get lump sum on maturity along with protection throughout the policy term
❖ Increase your savings with applicable 4S Guaranteed Value Benefits
❖ Get Regular Additions added to your corpus throughout the policy term
❖ Tax benefits may be applicable on premiums paid and benefits received as per prevailing tax laws
ICICI PRU LAKSHYA LIFELONG INCOME

❖ Enjoy regular income till 99 years of age
❖ Life cover till 99 years of age to secure your family’s future
❖ Enjoy tax benefits on premiums paid and benefits received as per prevailing tax laws
RETIREMENT PLANS
ICICI PRU GUARANTEED PENSION PLAN FLEXI

❖ A regular-pay deferred annuity plan that helps you gradually build the retirement savings and
provide guaranteed income for life
❖ Flexible premium paying terms and deferment periods
❖ Meet your healthcare and lifestyle needs through additional payout options
❖ Financial security for your family even in your absence, with the Waiver of Premium feature
❖ Annuity plan can cover either single or joint
ICICI PRU GUARANTEED PENSION PLAN

❖ Single premium plan to get guaranteed income for life with the option to defer income by up to 10
years
❖ Lock in the current interest rates for the annuity to be received later
❖ Annuity plan can cover either single or joint life
❖ Flexible payout options to suit your need
❖ Tax benefits on premium paid u/s 80 CCC of Income Tax Act, 1961
ICICI PRU SARAL PENSION PLAN

❖ Pay just once and get a guaranteed lifelong income
❖ Continue pension for spouse after you with the Joint Life option
❖ Purchase Price is returned to your nominee
❖ Option to avail a loan against your policy

lOMoARcPSD|32875405
ICICI PRU EASY RETIREMENT SINGLE PREMIUM PENSION PLAN

❖ Build your retirement corpus as per your risk appetite and get rewarded with pension boosters
❖ Protect your savings from market downturns through an Assured Benefit
❖ Pay premium only once and get regular pension post retirement
And Much More including riders, group, urban and rural plans.

lOMoARcPSD|32875405
1.3) INTRODUCTION TO THE TOPIC

The insurance policy is the contract between the insured and the insurer which specifies the risks
covered exclusions if any and benefits reimbursed on the happening of the event. Earlier the
majority of people do not care about the important of having insurance. But now a days, majority
of people own at least one insurance policy in order to protect own benefits. India is one of the
emerging economies of the world and the insurance sector is the important sectors which play a
very crucial role in promoting saving among people by selling a large range of products.
Insurance sector also contributes in sustaining and promoting the financial market and support the
development of the national economy. Prior to year 2000, Life Insurance Corporation of India
(LIC) has monopoly over Life Insurance industry in India. LIC was nationalized in 1956. The
structure of Indian insurance has transformed during past two decades from a monolithic to a
highly competitive. Globalization and Liberalization created competitive environment in the
country by allowing private insurance players having alliance with foreign insurance experts in the
life insurance market in India.
The Insurance Regulatory and Development Authority Act 1999 (IRDA Act) was passed by
parliament of India to regulate and promote insurance market in India. At present there are twenty
four players (one public and twenty three private) in life insurance market performing their
operations in Indian insurance market and offering different type of products to the customers.
Due to the advancement of the information technology, Consumers are now more aware of the
options available in services market and the service provider. Due to rising consumer awareness
and entry of private life insurance companies in Indian life insurance market, customers’
expectation and perception of quality of services from the life insurance companies have also
changed. It is not easy for any player to survive in the market for long-term without fulfilling the
expectations of the customers. Under this situation insurance companies are now trying to change
their focus from product orientation to customer orientation. In today’s cut-throat competition
service quality play an important role to attract and retain customers. Quality has become a
strategic tool in obtaining efficiency in operations and improved performance in business. Quality
has a positive impact on profitability, market share, and return on investment, customer
satisfaction, and future purchase intentions (Rust and Oliver, 1994).

lOMoARcPSD|32875405
Information technology have empowered the globe is providing quick and access to information
and services to customers in all companies including insurance. Insurance companies have realized
that competition can be well managed by differentiating the quality of service which in turn helps
in establishing and sustaining satisfying relationships with policyholders.
According to Kotler (2000) “service delivery is the major driving force to business sustainability.
This is due to the fact that customers derive their perceptions of service quality on the levels of
satisfaction they experience with a particular business Customers will give business high marks
for its service when it meet or exceed their service desires” With a greater choice and an increasing
awareness, there is a continuous increase in the customers’ expectations and they demand better
quality service. Therefore, to sustain in the market, service quality becomes a most critical
component of competitiveness for Life Insurance companies.
CONSUMER PERCEPTION
Customer awareness is a marketing perception that includes a consumer’s impression,

consciousness or willingness about a concern. It is affected through advertising, personal
experience and other channels. The profitability of business and success or failure depends on
customer perception. It is three stages procedure that interprets raw incentives into meaningful
information i.e. disclosure, responsiveness and analysis. In other terms, it is how a purchaser see’s
specific brand which whatever he or she had been also to recognize through watching the goods,
its advancements, feedback etc.
Customer awareness or perception as a concept is of universal concern for all economies of the
world. In the context of a booming Indian economy and unprecedented growth being witnessed by
Insurance industry - especially life insurance -, it would be interesting to examine this concept in
depth. Perception is defined as “the process by which an individual receives, selects, organizes,
and interprets information to create a meaningful picture of the world”.
Perception is the process by which an individual select, organizes and interprets information to
create a meaningful picture of the world. Individuals act and react on the basis of their perceptions,
not on the basis of objective reality. Hence, for a marketer to know the customers’ perception is
more important than their knowledge of objective reality with high life insurance businesses
offering comparable rules.

lOMoARcPSD|32875405
Product variation is tough in progressively reasonable market. Therefore, insurance businesses in

India are now moving from a manufactured goods centered method to a purchaser centered
strategy. The effort is on increasing consumer fulfillment by improved purchaser preservation,
loyalty and profitability. Through online insurance people no information more about the policy
and they can avoids spending more time for it, which indulges them for not seeking the help of
intermediaries.
Competition between the Life Insurance Corporation of India and the private sector insurers
continues to intensify. While innovative products have been underpinning private insurers’
premium growth, the threat of losing market share has also led to more aggressive pushes by LIC
to stay competitive such as to develop new distribution channels like bancassurance. As a result,
though LIC lost significant market share to private companies in the post-liberalization period, it
still retains a commanding position in the life insurance segment.
While, most of the product innovations came from the private players initially, LIC joined the race
soon in order to protect its turf. While LIC still dominates in segments like endowments and
moneyback policies, private insurers have already wrested a significant share of the annuity and
pension products market. Such intense competition has resulted in faster premium growth as well
as deeper penetration for the entire market.
At the same time, the profile of Indian customer is also evolving. Customers are more actively
managing their financial assets and are increasingly looking to integrated financial solutions that
can offer stability of returns along with more comprehensive protection. Insurance has emerged as
an attractive and stable investment alternative that offers total protection for life, health as well as
wealth. These factors have contributed to changes in demand for insurance products. While
traditional life insurance products like individual insurance, whole life insurance and term life
insurance continue to remain popular to this day, new products such as single premium,
investment-linked, retirement products, variable life and annuity products are on a growth
trajectory.
What consumers think about a product and what it actually is affects their actions. Individuals
make decisions and take actions based on what they perceive to be reality is very important to
marketers to understand the whole notion of perception and is related concepts, so they can more
readily determine what factors influence consumers to buy. The companies are trying to trigger
growth in rural areas. They are identifying the fact that rural people are now in the better position
with disposable income.

lOMoARcPSD|32875405
The low rate finance availability has also increased the affordability of purchasing the insurance
products by the rural people. Marketer should understand the price sensitivity of a consumer in a
rural area. The buying behavior of the rural consumers in India is influenced by several factors,
such as socio-economic conditions, cultural environment, literacy level, occupation, geographical
location, extensive efforts on the part of sellers, exposure to the media, etc.
The Indian insurance industry continued to face various problems such as low penetration and low
premium to GDP ratio. Growth was also hampered by the existing customer perception that life
insurance was a tax saving tool. In present Indian market, the investment habits of Indian
consumers are changing very frequently.
The consumer’s perception towards Life Insurance Policies is positive. It developed a positive
mind sets for their investment pattern, in insurance policies. Still some actions are needed for
developing insurance market. Insurance industry has to go ahead.

lOMoARcPSD|32875405
CHAPTER 2
LITERATURE
REVIEW

lOMoARcPSD|32875405
2) REVIEW OF LITERATURE
Seth (2020) states that insurance industries in India are using social media in marketing operations
only, to tell their customers about the launch of a new product or any milestone achieved. The
research has been conducted by keeping in mind the situation of the COVID-19 pandemic and this
further can be extended on a larger level by studying more social media channels.
Also, demographic factors influence the behavior while making a buying decision of an insurance
policy. Yadav, (2019)
Samarasinghe et al. (2018) in their study attempted to explore determinant of service quality of
Life Insurance Business. Analysis of the Study revealed that employee of Insurance company
communication styles; behavior and financial strength pay more consideration in purchasing life
insurance policy. The intangible factors which were not considered by SERVQUAL scale
developed by Parasuraman and Colleagues to test service quality have influenced here the
customers to satisfy with life insurance policies.
Consumer behavior and satisfaction are feebly correlated in the case of motor insurance; says Das
(2017), it would be imperative to research whether this holds in the case of the life insurance
industry or not.
Pragati and Monica made evaluation of financial performance of selected private general insurance
companies in India using earning and profitability parameters of CARAMEL model. Claim
incurred ratio, expense ratio, combined ratio, underwriting result ratio and investment income ratio
have been calculated and one-way canvased. The results of the study suggest that private general
insurance companies should focus more on the reduction of expenses and increase investment
income. (Monica, 2017)
It has been observed by Delafrooz (2017)) that increased use of social media to sell causes the
increased use of social media by consumers.
Mangayarkarasi (2015) in her study conducted that there was enhanced concentrate on the client
and personal firms centered lots of attention on extensively coaching their agents for his or her
purpose. Before easing, distribution was entirely through individual agents. When the gap up the
arena for personal participation, several new channels of distribution have opened.
Makhulo (2014) says that social media has changed the way people communicate and share
information globally. Social media is being used for communication, transaction, and relationship
building in insurance companies. Increased use of social media is also helpful in gaining a

lOMoARcPSD|32875405
competitive advantage against competitors in terms of higher brand awareness and building a
brand image.
Prakash and Sugumaran (2014) assessed the perceptions and expectations of customers in
SERVQUAL parameters with reference to Life Insurance Companies in Chennai, India. The study
concluded the expectation levels of customers on the factor’s communications; competence,
reliability, security and courtesy are significantly higher.
Anjor et al (2014) evaluated the impact of service quality and customer satisfaction by using model
of SERVQUAL with five dimensions (Parsuraman et al 1988) from the five cities of Uttar Pradesh
and concluded that “the expectations are higher than perception in terms of service quality in
insurance sector”.
Shamsher Singh et al. (2014) studied the customer’s perceptions towards Service Quality of Life
insurance companies in Delhi NCR Region.
The findings of study show four major factors which influence customer perception of service
quality namely, tangibility, responsiveness, assurance, convenience, and empathy. Study found
that expect age of respondents the demographic factors had no significant impact on the customer
perceptions of service quality.
Kuldeep Chaudhary et al. (2014) examined the expected and perceived service quality in Life
Insurance Corporation of India. The results showed that there exists a significant negative gap in
service quality expected and perceived by the customers of the Life Insurance Companies.
Dr. Ashfaque Ahmed (2013) in his study “perception of life insurance policies in rural India”
reveled that there is low level of awareness and understanding of life insurance products. There
are various factors that influence consumer thinking when they are planning to invest in insurance
scheme. Most of the customers show their interest in life insurance having higher risk coverage
and also for good return with safety. The roles played in perception of life insurance policies in
rural market by members of the family varies with knowledge parameters as well as with the typed
of products and sometimes with the company name also. While several psychological variables
are useful in obtaining into consumer’s perception towards buying life insurance policies in rural
areas. The insurance company name also plays an important role in purchasing.
Pramod Kumar Singhal and Assitha Gupta (2013) in the study ‘Assessment of Service Quality in
Insurance Sector – A Case Study of Private Companies of Haryana State, assessed service quality

lOMoARcPSD|32875405
in insurance sector using SERVQUAL scale, the study concluded that the people have a negative
impression towards the private insurance companies.
S.Pushpalatha P. Hima Jagathi (2013) are discussed that rural market is vibrant and holds
tremendous potential for growth of insurance schemes with easy premium. The marketing
challenge lies in creating insurance awareness and the identified agents for promoting life
insurance. The preferential factors for opting insurance can be identified as tax planning and risk
cover in spite of various factors like financial compensation, maximum return and financial safety.
There is a major demand for traditional policies than newly emerged plans such as ULIPS and
children plans. Agent’s behavior along with brand image made the respondents to choose an
insurance company and to select an appropriate plan.
Ramanathan, K.V. (2011) research has resulted in the development of a reliable and valid
instrument for assessing customer perceived service quality, awareness level, and satisfaction level
of customers towards life insurance industry. Here, service quality needs to be measured using a
six dimensional hierarchal structure consisting of assurance, competence, personalized financial
planning, corporate image, tangibles and technology dimensions.
Epetimehin M Festus (2011) discussed about importance of marketing segmentation as a tool for
improving customer satisfaction and retention in insurance service delivery. This paper suggested
that in spite of egalitarian approach that underpins the marketing of insurance, market
segmentation may be used to better serve the needs of their customer.
Selvavinayagam, K. and Mathivanan, R. (2010) article has revealed that the competitive climate
in the Indian insurance market has changed dramatically over the last few years. At the same time,
changes have been taking place in the government regulations and technology. The expectations
of policyholders are also changing. The existing insurance companies have to introduce many new
products in the market, which have competitive advantage over the products of life insurance
companies.
Yusuf et al. (2009) found that the attitudes of Nigerians towards Insurance institution and services
were mostly negative because of their poor quality services rendered to the customers.
Senthilet al., (2009) concluded in their article, “Critical success factors of agents in Life Insurance
Services” that agents are the real success of Life Insurance products. The study focused on the
identification of critical success factors of the agents, the impact of factors on their performance,
and the discriminated success factors among the agents of public and private sector players. The

lOMoARcPSD|32875405
study concluded that the important critical success factors of agents are service diversity, service
quality, trust, communication, and customization.
All the above mentioned factors have a significant and positive impact on their performance. The
important discriminated factors among the agents of public and private players are the
customization and service quality. The agents of public players are far better in the above factors
compared to their counterparts (i.e. agents of private sector players).
Praveen Sahu, Gaurav Jaiswal and Vijay Kumar Panday (2009) in their article, “A Study of Buying
Behavior of Consumers towards Life Insurance Company”, Prestige institute of Management and
Research, Gwalior, revealed that in present Indian market, the investment habits of Indian
consumers are changing very frequently. The individuals have their own perception towards
various types of investment plans.
Vijaykumar A. (2007) in his article entitled "Globalization of Indian Insurance sector-issues and
challenges" found that the success of the insurance industry will primarily depend upon meeting
the rising expectations of the consumers who will be the king in the liberalized insurance market
in future.
Namasivayam et al., (2006), examined the socioeconomic factors that are responsible for purchase
of life insurance policies and the preference of the policyholders towards various types of policies
of LIC. From the analysis, the study concluded that factors such as age, educational level and sex
of the policyholders are insignificant, but income level, occupation and family size are significant
factors.
According to Lovelock et al (2006) if a firm wants to retain customer, they are needed to provide
better quality of services to their customers through quality improvement programs and should
continuously enhance benefits desired by customers. At the same time, productivity improvement
efforts reduce the cost. The customers are satisfied with the firm if the services deliver by
organizations are better than their competitors.
Sharma (2005) performed a study on ‘Insurance perspective in Eastern-up’ with the objective of
probing into the reasons or the factors behind the purchase of the insurance product. It was found
that according to 93.86% of respondents’ insurance policies are considered indispensable for risk
protection.
Raman and Gayatri (2004) have observed the customers’ awareness towards new insurance
companies. They found that 53% of the respondents belong to the age group below 30, 24% to the

lOMoARcPSD|32875405
age group 31-40, 2% belong to the age group of 41-50 and the rest of the respondents belong to
the group of ‘above 50’.
They also observed that a large percentage of the insured respondents (32%) are professional, and
56% of the respondents are married. It is also found that 52% of the respondents have taken a
policy to cover risk and 44% of them to avoid tax and the remaining to invest their surplus amount
A study conducted by Patil (2003) revealed that the insurance coverage of agricultural groups and
agricultural labor is very low. The performance of children-related policies such as Jeevan Kishore,
Jeevan Balya, etc., is very poor except the children money back policy, which has also not been
contributing significantly. The demonstration of product features by the agents is not satisfactory.
Bhave Ashis (2002) in his study revealed that to keep existing customer is costly than to win new
ones. Major attributes of customer satisfaction are product quality, product packaging, keeping
delivery commitments, price, responsiveness and ability to resolve complaints and reject report
and overall communication, accessibility and attitude.
Zeithmalet al., (2000) revealed that, due to the heavy competition, service quality has become an
important tool to measure the service quality and recognized as a key factor to popular area of
academic investigation and has been in maintaining sustainable competitive advantage and
satisfying relationships with customers.
Augustyn and Ho (1998) concluded the SERVQUAL model was the most useful tool for defining
customer satisfaction.
Keaveney (1995) classified customers’ reasons for switching service providers into eight general
categories, such as pricing, inconvenience, core service failure, failed service encounters, response
to failed service, competition, ethical problems and involuntary switching.
Lehtinen and Lehtinen (1991) again included three components-” interactive, physical, and
corporate qualities”.
According to Carman (1990), “the items used to measure service quality should reflect the specific
service setting under investigation, and that it is necessary in this regard to modify some of the
items and add or delete items as required”.
A. Parsuraman, Leonard L. Berry, and Valarie A. Zeithaml, (1988) in their research explained
about development of 22-item instrument in the measurement of service quality perceptions of
customers in service and retail firms, which was known as “SERVQUAL”.

lOMoARcPSD|32875405
In exploratory research based on the focus groups the authors identified 10 determinants of service
quality that included tangibles, reliability, responsiveness, access, competence, courtesy,
credibility, security, communication, and understanding the customer and later on they find that
some dimensions are overlapping so they reduced into five dimensions namely tangibles,
reliability, responsiveness, assurance and empathy.
The authors proposed that SERVQUAL scale can use in vast range of service and retail firms to
measure the customer expectations and perceptions of service quality as it had a variety of potential
applications.
The definitions of service quality imply the identification and satisfaction of customer needs and
requirements. “The service quality can be defined as the difference between predicted or expected
service and perceived service. In the services marketing literature, service quality has been
reported as a second order construct, being composed of several first-order variables”
(Parasuraman, 1985).
A satisfied insurance customer is not necessarily a loyal one, according to the first world Insurance
Report, a groundbreaking international study of over 10,000 insurance customers, insurers and
distributors released by Capgemini, one of the World’s foremost providers of consulting,
Technology and outsourcing services and the European financial Management and Marketing
Association (FEMA) today (www.capgemini.com/world insurance report).

lOMoARcPSD|32875405
CHAPTER 3
RESEARCH
METHODOLOGY

lOMoARcPSD|32875405
3) RESEARCH METHODOLOGY
Every project work is based on certain methodology, which is a way to systematically solve the
problem or attain its objectives. It is a very important guideline and lead to completion of any
project work through observation, data collection and data analysis.
According to Clifford Woody, “Research Methodology comprises of defining & redefining

problems, collecting, organizing &evaluating data, making deductions &researching to
conclusions.”
Accordingly, the methodology used in the project is as follows: -
➢ Defining the objectives of the study

➢ Framing of questionnaire (considering the objectives)
➢ Feedback from the employees
➢ Analysis of feedback
➢ Conclusion, findings and suggestions
3.1) STATEMENT OF THE PROBLEM

At present there is cut-throat competition among the private insurance companies since there are
lots of companies providing insurance services, so if customers are dissatisfied, they may easily
switch to another one.
Therefore, to survive in the market and to rise, their ultimate aim must be to understand the of
perception of customers. Measuring level of perception among the customers is a key issue. This
brings out the areas where they have to improve their services in order to retain their customers.
This study deals to find out the Consumer Perception towards Services Offered by ICICI
Prudential Life Insurance.
3.2) JUSTFICATION OF THE STUDY
• To recruit quality advisors for the company through various channels.

• To create brand awareness about the company.
• To make an effective database.
• To be aware of the company profile.

lOMoARcPSD|32875405
3.3) OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on “Consumer Perception towards
Services Offered by ICICI Prudential Life Insurance”
Main Objectives are-
✓ To know the services provided by ICICI prudential Life Insurance and varied reasons of availing
life insurance plans.
✓ To identify customers’ perceptions towards service quality of ICICI Prudential Life Insurance
Company.
✓ To study the needs of Customers.
✓ To examine the Awareness of Customers to Life Insurance (ICICI Prudential)
3.4) SCOPE OF THE STUDY
This study has a wider scope among the insurance sector. The study which focuses on various
aspects such as competitive position of ICICI, strengths and weaknesses of insurance covers,
customer’s perception, etc. also holds good for other companies in the life and non-life insurance
segment.
The outcome of the study, which are based on the above aspects can be utilized by the marketing
department of both life and non-life insurance companies.
➢ The result of this research would help the company to have a better understanding about the
consumer’s perception towards life insurance.
➢ The study helps the company by creating awareness about the consumers of different ages and
income levels.
➢ The study also enables the company to focus the consumer’s preferences and expectations on the
product which they offer.
3.5) RESEARCH DESIGN

The research design of this project is exploratory as the study tells how customers perceive ICICI
Prudential Life Insurance, its people, its services/products, the wider brand. The findings results
will precisely inform on whether the company is making the right decisions and thus, leading
itself in the appropriate strategic direction.

lOMoARcPSD|32875405
3.6) COLLECTION OF DATA

Collection of Data can be done in two ways:
1. Primary data: These data are those which are composed for the initial point and so unique in
life. The primary data are the firsthand data. It is collected from customers and distributors of the
company through personal interviews, surveys, and questionnaire. The study technique of collect
data is based on the questioning of respondents.
They are asked diversity of questions concerning their performance, intention, approach,
consciousness, and motivation. In prepared data set, an official survey is ready thus the course is
straight. The survey intended for this scheme consists of questions base on a variety of parameter
which a relationship manager would think before advertising a joint fund. Each query is based on
unlike variables like asset decision, selling decisions, company policies, service issues etc.
2. Secondary data: The secondary method is the method in which data is already in existence. It
is also known as secondhand data. This study is to collect data regarding buying behavior of the
customers of the ICICI Prudential Life Insurance. The facts & data were taken from magazines,
annual report, and journals of company.
3.7) SOURCES OF DATA COLLECTION

Research will be based on two sources:
1. Primary data
2. Secondary data
1) PRIMARY DATA:
Questionnaire: Primary data was collected by preparing questionnaire for customers. The
questionnaire was filled through telephonic research.
2) SECONDARY DATA: The secondary data was obtained from books, articles in journals,
newspapers, magazines and other official sources and records. Various Websites. were also
searched to collect the relevant information like www.iciciprulife.com.

lOMoARcPSD|32875405
3.8) SAMPLING TECHNIQUE

Simple Random Sampling method has been used in the present study. Sample study helps the
researcher to know about the characteristics of universe. Sampling unit was Customers of ICICI
Prudential Life Insurance. A sample plan is an exact a map for obtain an example from a known
populace. Since, it is not feasible to study the entire population, hence researcher drew a sample.
To conduct this study sample size of 50 respondents were selected from Panipat Region through
the probability random sampling method.
3.9) ANALYTICAL TOOL USED IN THE STUDY

The main statistical tool used for the collection of data in this project is:
❖ Questionnaire
The main statistical tools used for the analysis of data in this project are:
❖ Pie Charts
❖ Bar Diagrams
3.10) LIMITATIONS OF STUDY

Every investigate is conduct in some constraint or limitations and this study is not an exemption.
Limits of this study are as follows:
➢ Human behavior is erratic- Marketing investigate attempt to calculate the performance of a

group of persons, but there is no assurance that the deliberate performance will be frequent in the
future.
➢ Questioner took a lot of time and cost as well.
➢ Much interaction has not been possible.
➢ There is no way to tell how truthful a respondent is being.
➢ Outcome cannot be fake- It is not likely to behavior a investigate scheme in such a way as to
create the precise same fallout when using a dissimilar launch pad and a dissimilar group of
respondents.

lOMoARcPSD|32875405
CHAPTER 4
ANALYSIS AND
INTERPRETATION

lOMoARcPSD|32875405
4) ANALYSIS AND INTERPRETATION

What is your Gender?
PARTICULARS FREQUENCY PERCENTAGE

Male 27 54%
Female 23 46%
NO. OF RESPONDENTS
46% Male
54%
Female
INTERPRETATION:
Out of 50 total Respondents who were part of the study conducted, 27 were found to be male and
23 were female. The Study was conducted keeping in mind the equivalency of both the genders.
Which Age Group do you belong?

Below 20 7 14%
20-40 21 42%
40-60 19 38%
Above 60 3 6%

lOMoARcPSD|32875405
NO. OF RESPONDENTS
6% 14% Below 20
38% 20-40
42% 40-60
Above 60
INTERPRETATION
Out of total 50 Respondents, of which 27 were Male and 23 were Female, 7 respondents were
found to be below 20 years of age, 21 were found to be between 20-40 years of age, 19 were found
to be between 40-60 years of age and 3 respondents were found to be more than 60 years of age.
What is your education qualification?

Up to 12th 9 18%
Under-Graduate 14 28%
Post-Graduate 11 22%
Others 16 32%
NO.OF RESPONDENTS
16
16 14
14
11
12
9
10
8
6
4
2
0
Up to 12th Under-Graduate Post-Graduate Others

lOMoARcPSD|32875405
INTERPRETATION
Of total 50 Respondents, Educational Qualification of all were asked with respect to awareness of
insurance in their minds. We could see that 9 Respondents were 12th pass-outs, 14 were Under-
Graduate, 11 were Post-Graduates and 16 Respondents responded as Others.
From which occupation do you belong?

Student 10 20%
Employed 17 34%
Self-Employed 12 24%
Others 11 22%
NO. OF RESPONDENTS
20 17
15 12
11
10
10
0
Student Employed Self-Employed Others
INTERPRETATION
Of total 50 Respondents, Occupation of all were questioned. We could see that 10 Respondents
were Students, 17 were Employed, 12 were Self-Employed and 11 Respondents responded as
Others.
What is your annual family income?

Below 1 Lakh 2 4%
Between 1-5 Lakhs 28 56%
Between 5-10 Lakhs 16 32%
Above 10 Lakhs 4 8%

lOMoARcPSD|32875405
NO. OF RESPONDENTS
ABOVE 10 LAKHS 4
BETWEEN 5-10 LAKHS 16
BETWEEN 1-5 LAKHS 28
BELOW 1 LAKH 2
0 5 10 15 20 25 30
INTERPRETATION
Of total 50 Respondents, Occupation of all were questioned to know the total disposable income.
We could see that 2 Respondents had their annual family income below 1 Lakh, 28 had their annual
family income between 1-5 Lakhs, 16 had their annual family income between 5-10 Lakhs and 4
Respondents responded as Above 10 Lakhs.
What percentage of your family income do you usually save?

Less Than 15% 15 30%
15-20% 19 38%
20-25% 13 26%
Greater Than 25% 3 6%

lOMoARcPSD|32875405
NO. OF RESPONDENTS
Greater Than 25%
20-25%
15-20%
Less Than 15%
0 5 10 15 20
INTERPRETATION
Out of total 50 Respondents, Saving Capacity of Respondents were asked in respect of their
premium paying capacity out of total disposable income. We could see that 15 Respondents save
less than 15% of their total income, 19 save between 15-20% of their total income, 13 save between
20-25% of their total income and 4 Respondents responded as More than 25%.
How do You come to know about different Insurance Policies?

Advertisements 15 30%
Direct Selling Agents/Advisors 22 44%
Friends and Relatives 8 16%
Others 5 10%
NO. OF RESPONDENTS
Advertisements
10%
30% Direct Selling
16%
Agents/Advisors
Friends and Relatives
44%
Others

lOMoARcPSD|32875405
INTERPRETATION
Out of total 50 Respondents, Awareness Channels to Respondents were asked in respect of

assessing the best Market Grabbing Channel. We could see that 15 Respondents know of the
Insurance Policies through Advertisements, 22 know of the Insurance Policies through Direct
Selling Agents/ Advisors, 8 know of the Insurance Policies through Friends and Relatives and 5
Respondents responded as Others.
Do you have life Insurance Policy?

Yes 28 56%
No 22 44%
NO. OF RESPONDENTS
No
44%
Yes
56%
INTERPRETATION
Out of 50 total Respondents who were part of the study conducted, 28 were found to have Life
Insurance Policy and 22 didn’t have any Life Insurance Policy. Majority of the Respondents 56%
had Life Insurance Policy.

lOMoARcPSD|32875405
What is your main Concern while taking an Insurance Policy?

Tax Benefit 19 38%
Security 4 8%
Investment/Savings 17 34%
Return 10 20%
FREQUENCY
20
18
16
14
12
10
8
6
4
2
0
Tax Benefit Security Investment/Savings Return
INTERPRETATION
From total 50 Respondents, Reasons for Availing Insurance were Questioned. 19 of them
responded as Tax Benefit, 4 gave reason as Security, 17 responded Investments/ Savings as their
main Concern and 10 Respondents responded as Returns.
What scheme of Insurance Policy you favor?

Term plans 13 26%
Traditional plans 9 18%
ULIP plans 15 30%
Retirement plan 6 12%
Others 7 14%

lOMoARcPSD|32875405
NO. OF RESPONDENTS
15
13
9
7
6
FREQUENCY
Term plans Traditional plans ULIP plans Retirement plan Others
INTERPRETATION
From total 50 Respondents, Their Favored Interest for different type of Insurance scheme were
Questioned in respect of knowing the most attractive Insurance Product. 13 of them responded as
Term Plans, 9 responded as Traditional Plans, 15 responded as ULIP Plans as their major Interest,
6 responded as Retirement Plans and 7 Respondents responded as Others.
Which is Your Favored Life Insurance Company?

LIC 21 42%
ICICI Prudential 13 26%
HDFC Standard Life 9 18%
Bajaj Allianz 3 6%
Others 4 8%
NO. OF RESPONDENTS
4
3
FREQUENCY 9
13
21
0 5 10 15 20 25
Others Bajaj Allianz HDFC Standard Life ICICI Prudential LIC

lOMoARcPSD|32875405
INTERPRETATION
From total 50 Respondents, Their Favored Insurance Company was asked to determine the
perception of people regarding different Insurance Companies. 21 of them responded as LIC as
their major Interest, 13 responded as ICICI Prudential Life Insurance, 9 responded as HDFC
Standard Life, 3 responded as Bajaj Allianz and 4 Respondents responded as Others.
Are You Interested in the products offered by ICICI Prudential Life Insurance?

Yes 23 46%
No 17 34%
Can’t Say 10 20%
NO. OF RESPONDENTS
20%
46%
34%
Yes No Can’t Say
INTERPRETATION
From total 50 Respondents, Their Interest regarding products of ICICI Prudential Life Insurance
was asked in respect of knowing the perception of consumers regarding the company. 23 of them
responded affirmatively regarding their interest in the products while 17 responded negatively.
Also. 10 respondents responded as Can’t Say.
According to you, in what areas should insurance companies work upon?

Less Complicated Procedures 9 18%
Lesser Premiums 11 22%
More Returns 17 34%
Transparency 13 26%

lOMoARcPSD|32875405
NO. OF RESPONDENTS
13
17
FREQUENCY
11
0 2 4 6 8 10 12 14 16 18
Transparency More Returns Lesser Premiums Less Complicated Procedures
INTERPRETATION
From total 50 Respondents, their perception different Insurance Companies was asked in respect
of what areas the companies should work upon. 18% of the respondents responded as Less
Complicated Procedures, 22% responded as Fewer Premiums, 34% responded as More Returns
and 26% respondents emphasized on more transparency.
Do you think services have improved after allowing private players in the Insurance Sector?

Yes 37 74%
No 13 26%
NO. OF RESPONDENTS
26%
74%
Yes No

lOMoARcPSD|32875405
INTERPRETATION
From total 50 Respondents, their views regarding improvement in Insurance Industry was asked
in respect of entry of private players in the insurance sector. 37 of them responded affirmatively
regarding improvement in the Insurance Industry while 13 responded negatively.

lOMoARcPSD|32875405
CHAPTER 5
FINDINGS AND
CONCLUSION

lOMoARcPSD|32875405
5.1) FINDINGS
❖ Most of the people save between 15-20% of their total disposable income out of which their
premium paying capacity can be assessed.
❖ Majority of people get aware of the Insurance Policies through Direct Selling Agents/ Advisors.
Hence, this marketing channel should be optimally utilized.
❖ Most of the people buy life insurance as just a tax benefit tool or as Investments/Savings while
only a few of the respondent take it as a Security. The reason for this is lack of knowledge of
insurance benefits among the people.
❖ Majority of people are interested in ULIP Plans due to their higher Returns in the market. More
Risk, Greater Returns.
❖ LIC is still the one of most favored Insurance Companies, however, its market share is declining
over the years due to entry of Private Players. A good Majority of people favors ICICI Prudential
Life Insurance and are interested in their products.
❖ Most of the respondents want more Returns and Transparency in services and insurance Products
of the company.
❖ Majority of the respondents feel that services in the Insurance Industry have improved after
allowing private players or companies in the Insurance Sector.

lOMoARcPSD|32875405
5.2) CONCLUSION
The majority of India is rural. This market cannot be ignored. In small market the credibility of
the Indian pattern goes along with. However, science the level of awareness is much lower than in
urban India, the distributing strategy has to be different. Distinct has to be formulated for cash
collection and medical facilities. In the absence of this, companies tend to offer simple and easy
to buy and sell policies in most centers. This market demands tailored dedicated insurance
products, for them, is a matter of secure saving for the future.
Mindsets are changing, but purchase pattern are not. The month of February and March still are
busiest at LIC. The traditional hook of tax incentives and savings will take a long time to change.
Private players need to step up their selling in terms of need and protection. The life insurance
industry is growing at 15 to 20 percent, and that there is enough space for all the players to thrive
– because there is so much thing as too much insurance.
As the market grows, more generic products will be put out, but there will be a differentiation in
individual products as compared to similar products in endowment policies, whole life and pension
plans. Currently, LIC dominates the endowment market. Private players are major stakeholders in
whole life insurance, pension plans and term insurance. They have made a sizeable dent by
capturing 40% of the market.
Efficient customer service channels differentiate private players from the traditional model. Many
companies provide better service today than they did two years ago. The customer gets quicker
turnaround of claims and access to faster processing. This is a welcome change for a customer who
was used to LIC previously.
Insurance companies are now providing information about their performance on a regular interval
to bring transparency in declaring.
Getting work done by the insurance advisor needs constant support of the manager. Since the
advisor are the people who bring business to the company, so lot of motivation, encouragement,
and support are required. One thing is very good at ICICI Prudential that this advisor gets lot of
recognition award apart from their commission. The infrastructure support is also fabulous which
help them to meet the clients demand.

lOMoARcPSD|32875405
With so much of competition profile of the person who has to recruit as an agent should be
fantastic. People, who had that drive, are independent, required flexible working hours, want to be
their own boss, who love to interact people, who was financial consultant or chartered accountant
etc.

lOMoARcPSD|32875405
5.3) SUGGESTIONS
✓ The company must make efforts to remove the misconceptions that people have about private
insurance companies.
✓ The company should devote sufficient time towards training and development of the advisors as
they are the main marketing channel for the company.
✓ Simplify documents wherever necessary, without losing control.
✓ Enhance post sales services in such areas as sending all renewal notice in time, expeditious
settlement of claims and refunds etc. customize products to cater to the needs of each individual.
✓ More returns should be provided on Insurance plans.
✓ Transparency should be provided to customers with all documentation and terms and conditions.
No facts should be hidden.
✓ Emphasize with the customer. Employees coming in contact with customers must show courtesy
and good behavior

lOMoARcPSD|32875405
BIBLIOGRAPHY/REFERENCES
WEBSITES
www.capgemini.com
www.groww.in
www.icicibank.com
www.iciciprulife.com
www.irdai.gov.in
www.licindia.com
www.lifeinsurancecouncil.org
www.prudentialplc.com
www.rbi.org
www.wikipedia.org
www.slideshare.net
www.economictimes.com
And., Brochures provided by ICICI Prudential Life Insurance
ARTICLES/RESEARCH PAPERS
Ahmed, A. (2013). Perception of life insurance policies in rural India. Kuwait Chapter of the Arabian Journal
of Business and Management Review, 2(6), 17.
Anjor, P., Ali, S. H., Kumar, M., & Verma, V. K. (2014). Service quality assessment: A study of consumer
satisfaction in Indian insurance sector. IOSR Journal of Business and Management, 16(3), 34-41.
Augustyn, M., & Ho, S. K. (1998). Service quality and tourism. Journal of travel research, 37(1), 71-75.
Berry, L. L., Parasuraman, A., & Zeithaml, V. A. (1988). The service-quality puzzle. Business
horizons, 31(5), 35-43.
Bishnoi, V. K., & Bishnoi, M. (2013). Service Quality of Life Insurance Companies. BVIMR Management
Edge, 6(1).
Carman, J. M. (1990). Consumer perceptions of service quality: an assessment of T. Journal of

retailing, 66(1), 33.
Donde, D. S., & Bhandarkar, S. A. (2014). A study on customer's preference towards life insurance. ZENITH
International Journal of Business Economics & Management Research, 4(4), 172-179.
Epetimehin, F. M. (2011). Market segmentation: A tool for improving customer satisfaction and retention in
insurance service delivery. Journal of Emerging Trends in Economics and Management Sciences, 2(1), 62-
67.
Keaveney, S. M. (1995). Customer switching behavior in service industries: An exploratory study. Journal
of marketing, 59(2), 71-82.

lOMoARcPSD|32875405
Kumar, N., Scheer, L., & Kotler, P. (2000). From market driven to market driving. European management
journal, 18(2), 129-142.
Kumar, R. M. G., Parthasarathy, A., & Jothimurugan, T. SERVQUAL in Life Insurance Service-A Study on
LIC of India in Tamil Nadu.
Kothari, C.R.(1996): Research Methodology: methods and techniques, Wishawa Publication, New Delhi.
Lehtinen, U., & Lehtinen, J. R. (1991). Two approaches to service quality dimensions. Service Industries
Journal, 11(3), 287-303.
Lovelock C, Wirtz J and Chatterjee J, (2006) “Service Marketing” V Ed. Pearson Education,
Namasivayam, S., Kalra, M. K., Pottala, K. M., Waldrop, S. M., & Hudgins, P. A. (2006). Optimization of Z-
axis automatic exposure control for multidetector row CT evaluation of neck and comparison with fixed tube
current technique for image quality and radiation dose. American Journal of Neuroradiology, 27(10), 2221-
2225.
Nixon, J. M. (1998). Intorduction. Journal of Business & Finance Librarianship, 3(4), 69-103.
Parasuraman, A., Zeithaml, V. A., & Berry, L. L. (1985). A conceptual model of service quality and its
implications for future research. Journal of marketing, 49(4), 41-50.
Patil, K. S. (2003). Life Insurance Corporation of India, its products and their performance evaluation: A
special reference to Gulbarga District1. Finance India, 17(3), 1037.
Prakash, N., & Sugumaran, G. (2014). An Assesment of Perceptions and Expectations of Customer in
Servqual Parameters with Reference to Life Insurance Companies in Chennai, India.
Pushpalatha, S., & Jagathi, P. H. (2013). AN EMPIRICAL STUDY ON RURAL INSURANCE PRODUCTS
AND SERVICES WITH REFERENCE TO VISAKHAPATNAM DISTRICT, ANDHRA
PRADESH. International Journal of Retailing & Rural Business Perspectives, 2(2), 393.
Pushpalatha, S., & Jagathi, P. H. (2013). Quality management in banking services. International journal of
applied services marketing perspectives, 2(3), 516.
Raman, N., & Gayathri, C. (2004). A study on customers awareness towards new insurance
companies. Indian Journal of Marketing, 34(1).
Ramanathan, K. V. (2011). A Project on A Study on Policyholders Satisfaction with Special Reference to

Life Insurance Corporation of India. Thanjavur Division, Bharathidasan University.
Rust, R. T., & Oliver, R. W. (1994). The death of advertising. Journal of Advertising, 23(4), 71-77.
Sahu, P., Jaiswal, G., & Pandey, V. K. (2009). A study of buying behaviour of consumers towards life
insurance policies. Aima Journal of Management & Research, 3(3), 1-10.
Selvavinayagam, K., & Mathivanan, R. (2010). A study on policyholders preference and satisfaction of
services rendered by selected life insurance companies in Tamil Nadu, Namakal district. International
Journal of Marketing and Trade Policy, 2(1-2), 47-56.
Sharma, S. R. (2005). Insurance Perspective in Eastern UP-An Empirical Study. Indian Journal of
Marketing, 35(8).
Singh, S., & Chaudhary, N. J. S. M. K. (2014). A study of customer perception towards service quality of
life insurance companies in Delhi NCR Region. Global Journal of Management and Business Research.
Singla, K. C. D. J., & Chaudhary, N. Examining Expected and Perceived Service Quality in Life Insurance
Corporation of India.
Vijayakumar, A. (2004). Globalization of Indian insurance sector-Issues and Challenges. MANAGEMENT

ACCOUNTANT-CALCUTTA-, 39(3), 195-198.

lOMoARcPSD|32875405
Yusuf, T. O., Gbadamosi, A., & Hamadu, D. (2009). Attitudes of Nigerians towards insurance services: An
empirical study. African journal of accounting, economics, finance and banking research, 4(4).
Zeithaml, V. A. (2000). Service quality, profitability, and the economic worth of customers: what we know
and what we need to learn. Journal of the academy of marketing science, 28(1), 67-85.

lOMoARcPSD|32875405
ANNEXURE
CONSUMER PERCEPTION TOWARDS SERVICES OFFERED BY ICICI

PRUDENTIAL LIFE INSURANCE
QUESTIONNAIRE
Dear respondent,
This questionnaire is aimed at understanding your perception about life insurance. Your response
will be dealt with strict confidentiality and it will be used only for academic purpose. Thank you
for spending your valuable time to fill this questionnaire.
1. Name:
2. What is your Gender?

a) Male
b) Female
3. Which Age Group do you belong?
a) Below 20
b) 20-40
c) 40-60
d) Above 60
4. What is your education qualification?
a) Up to 12th
b) Under-Graduate
c) Post-graduate
d) Others
5. From which occupation do you belong?
a) Student
b) Employed
c) Self-Employed
d) Others (Specify)………….
6. What is your annual family income?
a) Below 1 Lakh
b) Between 1-5 Lakhs
c) Between 5-10 Lakhs
d) Above 10 Lakhs

lOMoARcPSD|32875405
7) What percentage of your family income do you usually save?
a) Less Than 15%

b) 15-20%
c) 20-25%
d) Greater Than 25%
8) How do You come to know about different Insurance Policies?
a) Advertisements
b) Direct Selling Agents/Advisors
c) Friends and Relatives
d) Others
9) Do you have life Insurance Policy?
a) Yes
b) No
10) What is your main Concern while taking an Insurance Policy?
a) Tax Benefit
b) Security
c) Investment/Savings
d) Return
11) What scheme of Insurance Policy you favor?
a) Term plans
b) Traditional plans
c) ULIP plans
d) Retirement plan
e) Others (Specify)……….
12) Which is Your Favored Life Insurance Company?

a) LIC
b) ICICI Prudential
c) HDFC Standard Life
d) Bajaj Allianz
e) Others
13) Are You Interested in the products offered by ICICI Prudential Life Insurance?
a) Yes
b) No
c) Can’t Say

lOMoARcPSD|32875405
14) According to you, in what areas should insurance companies work upon?
a) Less Complicated Procedures

b) Lesser Premiums
c) More Returns
d) Transparency
15) Do you think services have improved after allowing private players in the Insurance Sector?
a) Yes
b) No
16) Your Suggestions

………………………………………………………………………………………………………
………………………………………………………………………………………………………

Training Report Project On Icici Bank

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Training Report Project On Icici Bank

Uploaded by

Copyright:

Available Formats

lOMoARcPSD|32875405

Training report - Project On ICICI BAnk

Bachelors of Business Administration (Guru Gobind Singh Indraprastha University)

Studocu is not sponsored or endorsed by any college or university

SUMMER TRAINING REPORT

Submitted in partial fulfillment for the award of degree of

Under the supervision of: Submitted By:

Panipat Institute of Engineering & Technology, Samalkha

Affiliated to Kurukshetra University, Kurukshetra

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

University Roll No- 201003177

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

I am neither expert nor a trend spotter. I am a management student with foundations of

I am highly grateful to my project guide Mr. Ashish (Assistant Professor, Department

University Roll No- 201003177

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

CHAPTER TOPIC PAGES

1.1) Introduction to the Industry 08-15 Pages

1.2) Introduction to the Company 16-29 Pages

1.3) Introduction to the Topic 30-33 Pages

CHAPTER 2 2) LITERATURE REVIEW 34-39 Pages

CHAPTER 3 3) RESEARCH METHODOLOGY 40-44 Pages

3.0) Research methodology

CHAPTER 5 5) FINDINGS, SUGGESTION & CONCLUSION 57-61 Pages

ANNEXURE 65-67 Pages

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

1.1) INTRODUCTION TO THE INDUSTRY

An annuity (a contract or a group of contracts that furnishes a periodic income at regular

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

BRIEF HISTORY OF INSURANCE:

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

INSURANCE: DEFINITION AND MEANING

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

THE ADVANTAGES OF LIFE INSURANCE:

HOW INSURANCE WORKS

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

WHY SHOULD YOU TAKE INSURANCE?

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

FUNCTIONING OF THE IRDAI

❖ To exercise all the powers and functions of controller of insurance.

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

1.2) INTRODUCTION TO THE COMPANY

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

THE ICICI PRUDENTIAL EDGE:

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

VISION & VALUES

VALUES: THE WAY WE DO THINGS

Customer First: Keep customers at the Centre of everything we do

Humility: Be open to learn and change

Passion: Demonstrate infectious energy to win and excel

Integrity: Do the right thing

Boundarylessness: Treat organization agenda as paramount

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

Downloaded by Cricket Buzz (cricketbuzz65@gmail.com)

FY2001 Company started operations

FY2002 Crossed the mark of 100,000 policies

FY2005 Crossed the mark of 1 million policies