Pawan Final Research Report

A RESEARCH REPORT
ON
“A STUDY ON STUDY OF INSURANCE AS AN
INVESTMENT TOOLS”
Submitted in partial fulfillment of the requirement for

the award of the degree of
Master of Business Administration
Affiliated to Kurukshetra University, Kurukshetra

Session (2021-2023)
Under the supervision of Submitted by:
Ms Suman PAWAN
Assistant. Professor College Roll No. 2123
University Roll No. 210163002
MBA 2nd Year
Shri Krishan Institute of Engineering & Technology,

SIRSLA ROAD, RATTAN DERA KURUKSHETRA, HARYANA
DECLARATION
I am Pawan student of Shri Krishan Institute of Engineering & Technology studying in

MBA 4th Semester, Roll No. - 210163012 has prepared a project report entitled “A
study of Insurance as an Investment Tools” for the partial fulfillment of the fulfillment
degree of Master 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 Miss.
SUMAN HOD OF MBA.
The matter presented in this project work has not been submitted by me for the award
of any Degree or diploma/ associate ship/fellowship and similar degree or any other
institute.
Signature of Candidate
PAWAN
University Roll No. – 210163002

ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people, who directly or indirectly

contributed in the development of this work and who influenced my thinking,
behavior, and acts during the course of study.
I express my sincere gratitude to my faculty Miss. Suman for providing me an

opportunity
I also extend my sincere appreciation to Miss. Suman who provided his valuable
suggestions and precious Time in accomplishing my project report.
Lastly, I would like to thank the almighty and my parents for their moral support
and my friends with whom I shared my day-to-day experience and received lots
of suggestions that improved my quality of work.
PAWAN
MBA 2nd Year
University Roll No. 210163002

Insurance as a Investment tools with regards to ULIP
S.NO Titles Page No

1. Chapter – I
- Executive summary
- Objectives of the study
- Introduction
- Purpose of the study
- Scope of the study
- Statement of the problem
2. Chapter – II
- Organization Profile
- Organization Chart
3. Chapter – III
- Data collection method
- Instrumentation techniques
- Learning experience
- Observation
- Recommendations
- Conclusion
4. Chapter – IV
- Questionnaire
- Bibliography
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CONTENTS
- Executive Summary
- Objectives
- Introduction
- Purpose of the study
- Scope of the study
- Statement of the problem
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EXECUTIVESUMMARY
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, a premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the first
private sector insurance companies to begin operations in December 2000 after receiving
approval from Insurance Regulatory Development Authority (IRDA). As the people are
becoming more and more and aware of their Life Style and Income level. They need a plan,
which has an optimum balance between their Investment and Savings. They require an
integrated financial plan for investment. The customer requires those investment options,
which provide them with flexibility and Liquidity and tax benefit.
I am found out tools relates to investment in ULIP at ICICI Prudential life insurance. This
project emphasis on “Insurance as an investment tool with regards to ULIP at ICICI
Prudential Life Insurance Company Ltd, Panipat”
A PROJECT REPORT ON
“Insurance as an investment tool with regards to ULIP at ICICI Prudential Life Insurance
Company Ltd, Panipat”
Objectives
 To know the importance and awareness of investment in ULIP
 To know the risk perception investment relating to the financial management
 To know the elements of risk and returns in ULIP
 To examine the performance of the plan
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INTRODUCTION
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.
Now in India there are totally 57 players including 24 Life and 33 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.
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.
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1993: - Malhotra Committee, headed by former BBI governor R.N. Malhotra, set up to draw
up a blue print 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 devices to spread the loss

caused by particular risk over a number of persons who were exposed to it and who agree top
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.
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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
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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 every one knows constitutes a very
important and vital financial intermediary for the growth of the economy.
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.
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 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 company’s cannot.
 Life insurance replaces uncertainty with certainty. It provide 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.
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
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became more established, it was realized what a useful tool it was for a number of situation,
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 o 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 ones 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 gas 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. 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.
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The Insurance Regulatory and Development Authority (IRDA):

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA 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 in particular the life insurance companies were the launch of the IRDA’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.
Since being set up as an independent statutory body the IRDA 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 IRDA
 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”.
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IRDA Enablers:
In the new market set up, the IRDA’s role that of an enabler. The new insurers
will conduct insurance business in India according to the healthy norms prescribed the
IRDA. 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 regulate. The role of IRDA, besides
regulating the market, it also intents to develop it. The IRDA has the task to promote fair
Competition in hither to monopolistic insurance market. In such a fast develop scenario
were the prospected appears to be brighter both for insurers and the customers
COMPETITORS INFORMATION IN INSURANCE INDUSTRY:

a) LIC -Fully owned by Government.
b) Postal Life Insurance.
 Private Players -
a) Baja Allianz Life Insurance Co. Ltd.
b) Birla Sun Life Insurance Co. Ltd.
c) HDFC Standard Life Insurance Co. Ltd.
d) ICICI Prudential Life Insurance Co. Ltd.
e) ING Vysya Life Insurance Co. Ltd.
f) Max New York Life Insurance Co. Ltd.
g) MetLife India Insurance Co. Pvt. Ltd.
h) Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
i) SBI Life Insurance Co. Ltd.
j) TATA AIG Life Insurance Co. Ltd
k) AMP Sanmar Assurance Co. Ltd.
l) Aviva Life Insurance Co. Ltd.
m) Sahara India Life Insurance Co. Ltd.
n) Shriram Sunlam.
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 Other Likely Players – PNB Life Insurance, Reliance Life

Insurance, Axa Bharti Enterprises.
INDIAN FOREIGN
INSURER WEBSITE PROMOTER PROMOTER
Allianz Bajaj life allianzbajaj.co.in Bajaj Auto Allianz AG
insurance
Assurance ampsanmar.com Sanmar Group AMP, Australia
Birla Sun Life birlasunlife.com Aditya Birla Group Sun Life Financial,
Insurance Canada
Aviva Life avivindia.com Dabur India Aviva Plc

Insurance
HDFC Standard dfcinsurance.com HDFC Standard Life
Life insurance
ICICI Prudential iciciprulife.com ICICI Prudential Plc
Life Insurance
ING Vysya Life ingvysyalife.com Vysya Bank ING Group
Insurance
Life Insurance Licindia.com Govt of India None
Corporation
Max New York maxnewyorklife.com Max India New York Life
MetLife India metlifeindia.com J&K Bank,Pallonji Metropolitan Life
Insurance & Co Insurance
OM Kotak Omkotakmahindra.com Kotak mahindra Old Mutual Plc
Mahindra Life finance
SBI life insurance sbilife.co.in State Bank of India Cardiff (arm of BNP
Paribas)
Tata-AIG life tata-aig.com Tata Group American
insurance International Group
.
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INTRODUCTION ABOUT ULIP:
The concept of ULIP came in to existence in 1960’s to provide an optimum balance between
protection and investment.
ULIP distinguishes itself through the multiple benefits it provides to the policyholders. These
plans are designed with a view to help the customers to utilize the market opportunities by
investing in the share market, capital market and at the same time have the facility of Death
Benefit and Maturity Benefit. Unit-linked life insurance products are those where the benefits
are expressed in terms of number of units and unit price. They can be viewed as a
combination of insurance and mutual funds. The number of units that a customer would get
would depend on the unit price when he pays his premium. The daily unit price is based on
the market value of the underlying assets (equities, bonds, government securities, etc) and
computed from the net asset value. The advantage of unit-linked plans is that they are simple,
clear, and easy to understand. Being transparent the policyholder gets the entire upside on the
performance of his fund. Besides all the advantages they offer to the customers, unit-linked
plans also lead to an efficient utilization of capital.
Unit-linked products are exempted from tax and they provide life insurance. Investors
welcome these products as they provide capital appreciation even as the yields on
government securities have fallen below 6 per cent, which has made the insurers slash
payouts.
According to the IRDA, a company offering unit-linked plans must give the investor
an option to choose among debt, balanced and equity funds. If you choose a debt plan, the
majority of your premiums will get invested in debt securities like gilts and bonds. If you
choose equity, then a major portion of your premiums will be invested in the equity market.
The plan you choose would depend on your risk profile and your investment need. The ideal
time to buy a unit-linked plan is when one can expect long-term growth ahead. This is
especially so if one also believes that current market values (stock valuations) are relatively
low. So if you are opting for a plan that invests primarily in equity, the buzzing market could
lead to windfall returns. If one invests in a unit-linked pension plan early on, say when one is
25, one can afford to take the risk associated with equities, at least in the plan's initial stages.
However, as one approaches retirement the quantum of returns should be subordinated to
capital preservation. At this stage, investing in a plan that has an equity tilt may not be a good
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idea. Considering that unit-linked plans are relatively new launches, their short history does
not permit an assessment of how they will perform in different phases of the stock market.
Even if one views insurance as a long-term commitment, investments based on performance
over such a short time span may not be appropriate.
Simply put, ULIPs work very similar to a mutual fund with a life cover thrown in.
They have a mandate to invest the premiums in varying proportions in gsecs (government
securities), bonds, the money markets (call money) and equities. The primary difference
between conventional savings-based insurance plans like endowment and ULIPs is the
investment mandate- while ULIPs can invest up to 100% of the premium in equities, the
percentage is much lower (usually not more than 15%) in case of conventional insurance
plans. ULIPs are also available in multiple options like `aggressive' ULIPs (which can invest
upto 100% in equities), `balanced' ULIPs (which invest 40-60% in equities) and `debt' ULIPs
(which invest only in debt and money market instruments). The exact expense structure/
break-up for ULIPs is as transparent as one would have liked. Broadly speaking, ULIP
expenses are classified into three major categories:
1) Mortality charges :
Mortality expenses are charged by life insurance companies for providing a life cover to the
individual. The expenses vary with the age, sum assured and sum-at-risk for the individual.
There is a direct relation between the mortality expenses and the above mentioned factors. In
a ULIP, the sum-at-risk is an important reference point for the insurance company. Put
simply, the sum-at-risk is the difference between the sum assured and the investment value
the individual's corpus as on a specified date.
2) Sales and administration expenses :

Insurance companies incur these expenses for operational purposes on a regular basis. The
expenses are recovered from the premiums that individuals pay towards their insurance
policies. Agent commissions, sales and marketing expenses and the overhead costs incurred
to run the insurance business on a day-to-day basis are examples of such expenses.
3) Fund management charges (FMC) :

These charges are levied by the insurance company to meet the expenses incurred on
managing the ULIP investments. A portion of ULIP premiums are invested in equities,
bonds, gsecs and money market instruments. Managing these investments incurs a fund
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management charge, similar to what mutual funds incur on their investments. FMCs differ
across investment options like aggressive, balanced and debt ULIPs; usually a higher equity
option translates into higher FMC. Apart from the three expense categories mentioned above,
individuals may also have to incur certain expenses, which are primarily `optional' in nature-
the expenses will be incurred if certain choices that are made available to individuals are
exercised.
a) Switching charges :
Individuals are allowed to switch their ULIP options. For example, an individual can switch
his fund money from 100% equities to a balanced portfolio, which has say, 60% equities and
40% debt. However, the company may charge him a fee for `switching'. While most life
insurance companies allow a certain number of free switches annually, a switch made over
and above this number is charged.
b) Top-up charges :
ULIPs allow individuals to invest a top-up amount. Top-up amount is paid in addition to the
premium amount for a particular year. Insurance companies deduct a certain percentage from
the top-up amount as charges. These charges are usually lower than the regular charges that
are deducted from the annual premium.
c) Cancellation charges: Life insurance companies levy cancellation charges if individuals

decide to surrender their policies (usually) before three years. These charges are levied as a
percentage of the fund value on a particular date.
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Investment tools of unit linked insurance plans:
FUND NAME ASSEET MIN. MAX. POTENTIAL

AND ITS ALLOCATION RISK-
OBJECTIVES REWARD
R.I.C.H: Returns Equity and equity 80% 100%

from equity related securities High
investment in four Debt, money 0% 20%
types of industries, market, and cash.
viz, resources,
investment/capital
goods,
consumption and
human capital
leveraged.
Flexi growth II: Equity and equity 80% 100%
Long term returns related securities High
from an equity Debt, money 0% 20%
portfolio of large, market, and cash.
mid and small
capital companies.
Multiplier II: Long Equity and equity 80% 100%
term capital related securities High
appreciation from Debt, money 0% 20%
equity portfolio. market, and cash
Flexi Balanced II: Equity and equity 0% 60%

Balance of capital related securities Moderate
appreciation and Debt, money 40% 100%
stable returns from market, and cash
an equity (large,
mid and small
capital) and debt
portfolio.
Balancer II: Equity and equity 0% 40%
Balance growth related securities Moderate
and steady returns Debt, money 60% 100%
from an equity and market, and cash
debt portfolio.
Protector II: Debt insurance,
Accumulate steady money market, and 100% 100% Low
income at a lower cash
risk
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Purpose of the Study:
The main purpose of the study is to find out the factors which are influencing the
investment tools regards with ULIP at ICICI Prudential and to suggest some strategies which
will help the organization.
Scope of the study:
 The scope of the study will helps to the peoples for there choice of investment.
 The study will help to know the expectations of the ULIP.in future.
 The company can find out the satisfaction level of the ULIP of their product plans.
 The scope of the study will help the company will find the problems of peoples
investing in ULIP.
Statement of the problem:

1) Lack of awareness about ULIP funds in rural areas. ICICI Prudential insurance
Advisor difficult to convince them.
2) Lack of co-operation between the branches.
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Contents
o Organization Profile
o Company profile
o Organization Chart
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ORGANISATION PROFILE:
ICICI Prudential Life Insurance Company limited (‘the Company’) a joint venture
Between ICICI Bank Limited and Prudential plc of UK was incorporated on July 20, 2000 as
a company under the Companies Act, 1956 (‘the Act’). The Company is licensed by the
Insurance Regulatory and Development Authority (‘IRDA’) for carrying life insurance
business in India.
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 (UK). The company brings together the local market
expertise and financial strength of ICICI Bank and Prudential’s International life insurance
experience. The company was granted a certificate of Registration by the IRDA on
November 24, 2000 and eighteen days later, issued its first policy on December 12. ICICI
Prudential was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA).
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a
sum assured of over Rs.23 billion. When the company began its operations, the need was to
build a brand that was relatable to, symbolized trust and was easily recognized and
understood. It launched a corporate campaign ICICI Prudential also made using the theme of
‘Sindoor’ to epitomize protection, trust, togetherness and all that is Indian; endearing itself to
the masses. The success of the campaign, ‘the calling card of the company’ saw the brand
awareness scores almost at par with its 40 year old competitor. The theme of protection was
also extended to subsequent product and category specific Campaigns –from child plans to
retirement solutions –which highlight how the company will be with its customers at every
step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Banc assurance’ partners –the largest in the country. It swiftly revised and added to
its initial range of products, pioneering market-linked products and pension plans, to offer
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customers the most flexible life insurance policies in the country. In February 2004, ICICI
Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the
total paid –up equity capital to Rs. 6,750 million. With the authorized capital of the company
standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base
amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain
its top-notch position and continue to deliver the finest life insurance and pension solutions to
its ever-growing customer base.
ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-
ups.ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit 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 five years, ICICI Prudential has retained its position as the No.1 private insurer
in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by AC Nielsen
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ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running. The company is also proud to have won Silver at EFFIES 2003 for its
‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice.
This has been the driving force behind its multi-channel distribution strategy, which includes
advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first
life insurer to invest in multiple channels and offer the customer choice and access; thus
reducing dependency on any one channel, great strides in the retirement solutions and
pensions market. The Company’s penetration of the retirement market was driven by the
focused approach towards creating awareness through sustained campaign; ‘Retire from
work, not life’. Within six months, the campaign rewarded ICICI Prudential with an
increased share of 23% of the total pensions market and 78% amongst private players.
ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March
31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 cores,
registering a growth of 68% over the last year and has underwritten nearly 3 million retail
policies during the period.
The company has assets held over Rs. 30,000 cores as on April 30, 2008.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.
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Company Profile
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial services
group headquartered in the United Kingdom. ICICI Prudential was amongst the first private
sector insurance companies to begin operations in December 2000 after receiving approval
from Insurance Regulatory Development Authority (IRDA).
During the year 2022, ICICI Prudential Life Insurance Company reinforced our agenda to
become an even more responsible and sustainable business by advancing our ESG priorities
across a range of activities. ICICI Prudential continue to strengthen our ESG framework by
recognizing the importance of protecting the environment to ensure a sustainable future.
During the year, our Corporate Social Responsibility programmed included conducting a
COVID-19 vaccination camp in the rural districts of Maharashtra for children between the
ages of 12 and 18 years. The Company also rolled out a consumer awareness campaign on
the importance of regularly undergoing preventive health check-ups.
Vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by
world-class people and service.
Vision, Mission, and Quality Policy
Vision:
To be the dominant Life and Pension player built on trust by world class
people and service.
This they hope to achieve by:
 Understanding the needs of customers and offering them superior products and
service
 Leveraging technology service customers quickly, efficiently and conveniently
 Developing and implementing super risk management and investment
strategies to offer sustainable and stable returns to their policyholders
 Providing an enabling environment to foster growth and learning for their
employees
 And above all, building transparency in all their dealings.
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Values
 Customer First: Own Customer; deliver the promise
o Keep customer interest in the centre of all decisions.
o Promise what you can, deliver it to finish.
o Proactively seek Voice of Customer and act on it.
 Boundary less: Never say ‘Its not my job’
o Offer help and support across functions to ensure business success.
o Seek and share ideas freely
o Recognize and respect internal customers.
o Understand and value contributions from colleagues.
 Ownership: If it is to be, it is up to me
o Take responsibility and see tasks through to completion.
o Own mistakes, learn from mistakes.
o Pursue goals relentlessly, never give up.
o Be a team player, take ownership for team performance.
 Passion: Boundless energy and enthusiasm
o Exhibit ‘Winning Instinct’.
o Demonstrate speed and urgency for achieving results.
o Challenge status quo and do things differently.
o Nurture and motivate team members to reach full potential.
 Integrity: Be honest and fair in what you say and do
o Practice what you preach
o Stand up honestly and fearlessly for what is right
o Act in a consistent and equitable manner
o Think and act for long term impact.
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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
which is one of India's foremost financial services companies, and Prudential plc, which is a
leading international financial services group headquartered in the United Kingdom. ICICI
Prudential began the operations in December 2000. Today, this company has over 2300
branches, which include 1,416 micro-offices, over 290,000 advisors and 18 banc assurance
partners.
ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs. Given below is a list
of plans provided by ICICI Prudential Life Insurance Company:
STAGES IN POLICY ISSUANCE
 Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the
application form is received by COPS, but it is pending for issuance due to further
clarifications required from the customer.
 Login
A proposal, which is complete i.e., duly filled with all necessary documents attached to it
& accepted by the Branch ops, is called a Login
 Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in
the form or necessary documents not submitted are a Reject. It is then sent back to the
Advisor for completion.
 Issuance
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Issuance means a policy that is issued to the Customer by Central Ops.
 Decline Status
When a customer refuses to take a policy post login but before Issuance is called a
Decline
 Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy.
 Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
 Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within
15 days from the date of issuance. This period of 15 days is called Free look Period.
 Surrender
When a customer wants to discontinue with the policy it is called Surrender.
Top Ten things to know about Life Insurance

We all recognize the importance of life insurance. After all, we want to make sure that our
loved ones are taken care of when we die. But before you run out and purchase a policy, do
some research ahead of time. That way, you'll be sure to get the best possible coverage at the
right price. Here are some helpful tips to get you started:
 Shop around
When it comes to life insurance, it pays to shop around because premiums can vary
widely. And thanks to the Internet, it's now easier than ever. Try out one of the many
insurance websites that can provide you with instant quotes. Make sure the website
you shop from takes into consideration the factors in your medical history that can
affect the premiums.
 Never buy more coverage than you need
The key to purchasing the right amount of life insurance is to have just enough
coverage to meet your needs. If you have more life insurance than you need, you'll be
paying unnecessarily for higher premiums. On the other hand, it's important not to
have too little coverage, resulting in you being underinsured.
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 The healthier you are, the better the rates

It's true – healthy people get better rates on life insurance. You will be asked to pay a
higher rate for anything that shortens your life expectancy (e.g., if you smoke, take
medications regularly, are overweight, have a bad driving record).
 Buy sooner rather than later
If you've been putting off purchasing life insurance because you don't want to pay the
premiums, you may be doing yourself a disservice in the long run. The younger you
are when you purchase life insurance, the lower your premiums will be.
 Realize the importance of periodically reviewing your coverage
Any life change signals the need for a review of your overall financial plan. When it
comes to life insurance coverage, you'll want to make sure that this major life event
(e.g., birth of a child, children are grown) won't leave you underinsured or over
insured.
 You don't necessarily have to pay a commission
One of the reasons for higher premiums is that most life insurance policies pay
commissions to the agent/broker. However, you may be able to purchase a no-load
policy through an insurer that sells no-load policies directly to consumers.
 You may be paying more for monthly premium payments
You may not realize it, but you may be paying more for your life insurance if you pay
your premium in monthly installments. Many insurance companies charge extra fees
if you make monthly premium payments instead of paying the annual premium.
 Don't rely solely on the life insurance offered by your employer
Many employers offer their employees some sort of group life insurance. But this
amount of coverage is usually not enough to adequately meet your life insurance
needs. In addition, group life insurance policies are not portable, meaning that if you
leave your job, you can't take your life insurance coverage with you.
 Tell the whole truth and nothing but the truth
If you're thinking about lying on your insurance application, think again. If your
insurance company finds out that you lied about a health-related condition or your
lifestyle (e.g., smoking habit), they may be able to terminate your coverage.
Buying more is sometimes cheaper
Life insurance usually costs less per thousand dollars once you get into higher
coverage amounts (e.g., $250,000). If the numbers work out, you may be able to pay a
lower premium while increasing your coverage
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ICICI Bank
ICICI Bank (NYSE:IBN) is India’s second largest bank and largest private sector bank with
over 50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June,
2005. ICICI Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its specialized
subsidiaries and affiliates in the areas of investment banking, life and non-life insurance,
venture capital and asset management. ICICI Bank is a leading player in the retail banking
market and has over 13 million retail customer accounts. The Bank has a network of over 570
branches and extension counters, and 2,000 ATMs.
Prudential plc
Established in London in 1848, Prudential plc, through its businesses in the UK and Europe,
the US and Asia, provides retail financial services products and services to more than 16
million customers, policyholder and unit holders worldwide. As of June 30, 2004, the
company had over US$300 billion in funds under management. Prudential has brought to
market an integrated range of financial services products that now includes life assurance,
pensions, mutual funds, banking, investment management and general insurance. In Asia,
Prudential is the leading European life insurance company with a vast network of 24 life and
mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
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Management Profile:
Directors Investment
K. V. Kamath, Chairman Committee
Mark Norbom Lalita D. Gupte,
Lalita D. Gupte Chairperson
Kalpana Morparia H. T. Phong
Chanda Kochhar Shikha Sharma
H. T. Phong N. S. Kannan
M. P. Modi V. Rajagopalan
R. Narayanan Sandeep Batra
Keki Dadiseth Puneet Nanda
Shikha Sharma, Managing Director
N. S. Kannan, Executive Director Governance Committee
Sandeep Batra, Chief Financial Officer & Lalita D. Gupte

Company Secretary H. T. Phong
Shikha Sharma
Risk Management & Audit Executive Committee

Committee Shikha Sharma
M. P. Modi, Chairman N. S. Kannan
H. T. Phong V. Rajagopalan
Kalpana Morparia Sandeep Batra

Anita Pai
Grievance Redressal Committee Joint Auditors

R. Narayanan, Chairman S. R. Batliboi & Co.
V. Rajagopalan Chartered Accountants
Sandeep Batra Haribhakti & Co.
Anita Pai Chartered Accountants
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Promoters
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest
bank in the country with consolidated total assets of about US$ 95 billion as of March 31,
2009. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies
and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI
Bank’s presence currently spans 19 countries, including India.
Prudential
Established in London in 1848, prudential plc is a leading internal retail financial services
group with significant operations in Asia, the US and the UK. Prudential has been writing
protection and savings insurance for over 160 years, and today has more than 21 million
customers worldwide and over 249 billion in assets under management (as of December 31,
2000). In Asia, Prudential is the leading Europe-based life insurer with operations in China,
Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan,
Thailand, and Vietnam. Prudential is one of the largest asset management companies in terms
of overall assets sourced in Asia ex-japan, with ?36.8 billion funds under management (as of
December 31, 2022) and operations in ten markets including China, Hong Kong, India,
Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.
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 December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA).
ICICI Prudential Life's want to be with our customers when they need us the most. It is
therefore a matter of pride for us that we settle all non-investigated death claims in just 1.5
days and have a claims settlement ratio of 98% for FY2022, one of the best in the industry.
Since 2002, we have settled over ` 151 billion in death claims, thus providing financial
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security to the loved ones of our customers. It is heartening to note that we are well on track
to achieving our aspiration of doubling the FY2019 Value of New Business (VNB) by
FY2023. Our 4P strategy of Protection focus, Premium growth, Persistency improvement and
Productivity enhancement, continues to be our guiding force while we work towards
integrating ESG aspects into the management of our business. We ended FY2019 with a
VNB of ` 13.28 billion and for FY2022 it stood at ` 21.63 billion with a VNB margin of 28%.
During FY2022, ICICI Prudential Life’s posted growth both in terms of profitability and
market share despite the challenges posed by the pandemic. The protection Annualized
Premium Equivalent (APE) grew 26% year-on-year to ` 13.13 billion during the year. In the
same period, the protection New Business Premium registered a growth of 35%. Focus on
premium growth and expanding the protection business led to a 25% year-on-year growth in
New Business Sum Assured to ` 7.73 trillion enabling us to increase our market share from
12.5% in FY2021 to 13.4% in FY2022. It also enabled us to retain our market leader position
among private life insurance companies.
INSURANCE PRODUCT AND SERVICE:
ICICI Prudential’s ultimate promise is financial security. A strong brand certainly boosts
sale, but without customer-friendly, innovative products, even the best brand would not last
long. ICICI Prudential’s product range has been developed on the understanding that
different people have their own sets of needs at various stages of their lives. It has thus built a
flexible portfolio of products that can be customized to cater to varying needs of people at
each stage, and thus ensure protection in every step of life. The company’s philosophy has
been to help customers understand their financial needs and work closely with them to
customize a product that would meet. Advisors can offer a complete range of products –
Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans – and
tailor a flexible solution to meet customers’ changing needs at every stage of life. In fact,
ICICI Prudential was the first to un-bundle product benefits, pioneering the concept of
‘riders’ and soon after introduce comprehensive market-linked and retirement plans. ICICI
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Prudential has launched a handful of products that are analyzed below: ICICI Prudential's life
insurance products may be loosely categorized under three forms: pure life insurance
products without an investment angle to them; a product that is a mix of a cumulative
investment scheme and an insurance product; and, finally, standard products such as money-
back and endowment policies.
Life Insurance Plans

Education Insurance Plans
Smart Kid New Unit-linked
Regular Premium
Smart Kid New Unit-linked
Single Premium
Smart Kid Regular Premium
Wealth Creation Plans
Wealth Advantage
LifeStage Assure
LifeTime Gold
LifeLink Super
LifeStage RP
Premium Guarantee Plans
InvestShield Life New
InvestShield CashBank
Protection Plans
Pure Protect
Life Guard
Save 'n' Protect
CashBak
Home Assure
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Retirement Solutions
Life Stage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife Plan
Immediate Annuity
Health Coverage Plans
Health Saver
Medi Assure
Hospital Care
Crisis Cover
Cancer Care
Diabetes Care Active
Diabetes Assure
ICICI Pru Group Solutions Advantage
Group Super Annuation
Group Gratuity Plan
Annuity Solutions
Group Term Insurance Plan
Group Term Insurance in lieu of EDLI
Rural Plans
ICICI Pru Suraksha
ICICI Pru Suraksha Kavach
Micro Insurance Plans
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ICICI Pru Sarv Jana Plan
PRODUCTS:
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that
meet the needs of customers at every life stage. Its products can be enhanced with up to 4
riders, to create a customized solution for each policyholder.
 Life Time Gold is a unit-linked plan which offers potentially higher returns over the long
term with flexible investment options to help you achieve your goals. It offers 8 fund
options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced
Multiplier, R.I.C.H and Flexi Growth.
 Life Stage RP is unit linked plan that provides you with an option of lifecycle-based
portfolio strategy that continuously re-distributes your money across various asset classes
based on the customer’s profile, helping him achieve his desired financial goals.
 Life Link Super is a single premium unit linked insurance which offers attractive
premium allocation along with the opportunity to enjoy potentially high returns over the
long term, without compromising on the protection of your family.
 Invest Shield Life New is a unit linked plan that provides premium guarantee and allows
the customer to enjoy the benefits of potentially higher returns while guaranteeing him
that he will get back at least all the premiums paid by him, while providing protection to
your family with a life insurance cover.
 Invest Shield Cashback is a unit linked plan that provides premium guarantee while
maintain a balance between return, safety & liquidity.
 Wealth Advantage s a unique whole life single premium unit linked plan that provides
long term coverage upto the age of 70 years and provides you the option to systematically
withdraw your money.
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 Life Stage Assure a unit linked insurance plan that provides Guaranteed Maturity
Addition of 100%- 450% of first year premium based on the term and number of
premiums paid, with the additional advantage of a lifecycle based portfolio strategy that
allocates the investor’s money across various asset classes based on his age and risk
appetite
Protection Solutions
 Pure Protect is a flexible and affordable term product, with which you can ensure your
life and provide total security for your family in case of an unfortunate event.
 Life Guard is a protection plan, which offers life cover at low cost. It is available in 2
options –level term assurance with return of premium & single premium.
 Home Assure is a mortgage reducing term assurance plan designed specifically to
help customers cover their home loans in a simple and cost-effective manner
Child Plans
Smart Kid New ULRP The policy is designed to provide money at key educational
milestones in the child's life. Smart-Kid plans are also
Retirement Solutions
 Forever Life is a traditional retirement product that offers guaranteed returns for
the first 4 years.
 Life Time Super Pension is a regular premium unit linked pension plan that helps
one accumulate over the long term and offers 5 annuity options (life annuity, life
annuity with return of purchase price, joint life last survivor annuity with return of
purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter,
joint life, last survivor annuity without return of purchase price) at the time of
retirement.
 Life Stage Pension is a regular premium unit linked pension plan that provides
you with a unique lifecycle-based strategy that continuously re-distributes your
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money across various asset classes based on your age and risk profile.
 Life Link Super Pension is a single premium unit linked pension plan.
 Immediate Annuity is a single premium annuity product that guarantees income
for life at the time of retirement. It offers the benefit of 5 payout options.
Health Solutions
 Hospital Care is a fixed benefit plan covering various stages of treatment –
hospitalization, ICU, procedures & recuperating allowance. It covers a range of
medical conditions (900 surgeries) and has a long term guaranteed coverage upto
20 years.
 Crisis Cover is a 360-degree product that will provide long-term coverage against
35 critical illnesses, total and permanent disability, and death.
 Diabetes Care Active is a long term insurance policy created for individuals with
Type II diabetes and pre-diabetes. It offers long term (upto 20 years) control over
diabetes through a specially designed Wellness Programme including regular
health checkups and a Diabetes Coach to facilitate diabetes management. It also
provides you coverage against seven major critical illnesses.
 Cancer Care is a regular premium plan that pays cash benefit on the diagnosis as
well as at different stages in the treatment of various cancer conditions.
 Medical Assure is a health insurance policy that provides assured insurability till
age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and
an assured price for 3 years.
 Health Saver provides comprehensive hospitalization cover and reimburses all
other medical expenses by building a health fund.
 available in traditional form
Flexible Rider Options
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ICICI Prudential Life offers flexible riders, which can be added to the Basic
policy at a marginal cost, depending on the specific needs of the customer Accident &
disability benefit: If death occurs as the result of an accident during the term of the policy,
the beneficiary receives an additional amount equal to the rider sum assured under the
policy. If an accident results in total and permanent disability, 10% of rider sum assured
will be paid each year, from the end of the 1st year after the disability date for the
remainder of the base policy term or 10 years, whichever is lesser. If the death occurs while
traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice
the sum assured as additional benefit.
Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical
illnesses to the policyholder when attached to the basic plan.
Waiver of premium: On total and permanent disablement due to accident all future
premiums under the base plan will be waived till the end of the term of the rider or death of
assured life, if earlier.
Income benefit rider: In case of death of the Life Assured during the term of the policy,
10% of the Sum Assured is paid annually to the nominee on each policy anniversary till the
maturity of the rider.
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AWARDS AND ACHIEVEMENTS
ICICI Prudential Life ranked as the Most Trusted Pvt Life Insurance brand in the
Brand Equity "Most Trusted Brands 2009" survey
ICICI Prudential Life won a Gold award for AboutULIPS.com and Health Saver
campaign, innovation award for www.taxguru08-09.com and a silver award
for its Insurance yoga campaign at the ICICI Group Marketing Excellence
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award.
Confederation of Indian Industry (CII) - Western Region recently awarded

ICICI Prudential Life a 'Commendation for Strong Commitment to HR
Excellence 2008' at the CII HR Summit 2008.
ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award
for Excellence in Financial Reporting' by the Institute of Chartered
Accountants of India (ICAI) for the financial year ended March 31, 2008.
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ICICI Prudential Life was awarded the Life Insurance Company of the Year at
the12th Asia Insurance Industry Awards 2008.
ICICI Prudential Life was awarded with two Bronze Effie's in the services
category for its Corporate campaign and Retirement Number campaign
ICICI Prudential Life Insurance won the award for the Best Life Insurer-
Runner up at the Outlook Money & NDTV Profit Awards 2008
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ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects
Award for its IT practices
ICICI Prudential Life won the Award for Brand Excellence in the Banking and
Financial services category at the Asia Brand Congress 2008
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was
adjudged the Businesswoman of the year at The Economic Times Awards for
Corporate Excellence, 2007-08.
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ICICI Prudential Life won the UK Trade & Investment India Business Awards
2008 in the Business Partnership Award-Large Company category
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008
in three key categories for its marketing initiatives
ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
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India's Most Customer Responsive Insurance Company. Avaya Global

Connect - Economic Times. Customer Responsiveness Awards, 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged
as one of the 50 Most Powerful Women in Business by The Financial Express.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged
the Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur
Awards 2007
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Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded
the Outstanding Businesswoman of the Year at CNBC TV18's India Business
Leader Awards 2007
ICICI Prudential Life Insurance won the award for the Best Life Insurer-
Runner up at the Outlook Money & NDTV Profit Awards 2007
ICICI Prudential Life’s, retirement solutions campaign for the year 2006-07
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was awarded the Bronze Effy trophy in the services category. It also won the
Brand Equity Bravery Award 2007, instituted by Ad club.
ICICI Prudential Life’s website, www.iciciprulife.com was awarded the best

website among private life insurers at the Web 18 and Frost & Sullivan
Genius of the Web Awards 2007 for commendable work in the online.
Innovation Award for launching Diabetes Care – Prudence Award 2006.

People Award for excellence in training and people development - Prudence
Award 2006
India's Most Customer Responsive Insurance Company. Avaya Global

Connect - Economic Times. Customer Responsiveness Awards
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Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey
of Most Trusted Brands – 2003, 2004 and 2005
Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation

Asia
Best Life Insurer 2003. Outlook Money Awards 2003 & 2004
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IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices Indira Group of Institutes
Superbrand 2003-04
Organization with Innovative HR Practices Asia-Pacific H R Congress Awards

for HR Excellence
Silver Effie for Effectiveness of the ‘Retire from Work not life’ advertising
campaign Effies 2003
Recognitions
ICICI Prudential Life was recognized as the most trusted brand amongst
private life insurers in the Economic Times-Most Trusted Brand survey 2008.
IMM Award for Excellence. Institute of Marketing & Management
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Organization with Innovative HR Practices. Indira Group of Institutes
Organization with Innovative HR Practices. Asia-Pacific H R Congress Awards

for HR Excellence
Achievements
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNielsen
ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running. The company is also proud to have won Silver at EFFIES 2003 for its
‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.
In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential
has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with
the customer from capturing his voice to measuring and responding to his experiences. This
initiative is currently helping the company improve processes, turnaround times and customer
satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards
Club, India’s first rewards programmed for Life Advisors; it allows ICICI Prudential
Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even
international holidays.
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Organizational chart:
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Sampling
o Data collection method
o Instrumentation techniques
o Learning experience
SAMPLING:-
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 Sample size : 100 respondents
 Sampling Method : Random sampling
 Sample Plan : Personal Interview
 Sample Unit : Respondents in Panipat city
 Survey conducted on Geographic bases.
Every decision poses unique needs for information, and relevant strategies can be
developed based on the information gathered through research. Research is the systematic
objective and exhaustive search for and study of facts relevant to the problem.
Research design means the framework of study that leads to the collection and analysis of
data. It is a conceptual structure with in which research is conducted. It facilitates smooth
sailing of various research operations to make the research as effective as possible.
The study was conducted as an exploratory sampling survey method to collect primary and
secondary data.
DATA SOURCE:
PRIMARY SOURCE OF DATA:
Primary data are those collected by the investigator himself for the first time and thus
they are original in character, they are collected for a particular purpose.
A well-structured questionnaire was personally administrated to the selected sample to collect
the primary data.
SECONDARY SOURCE OF DATA:
Secondary data are those, which have already been collected by some other persons
for their purpose and published. Secondary data are usually in the shape of finished products.
Two types of secondary data were collected for the preparation of the project work:
Internal Data was generated from company’s brochures, manuals and annual reports.
External Data, on the other hand, was generated from research books and internet (websites).
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SAMPLING TECHNIQUES
A sample is a representative part of the population. In sampling technique,
information is collected only from a representative part of the universe and the conclusions
are drawn on that basis for the entire universe.
A random sampling technique was used to collect data from the respondents. A random
sample is a sample selected from a population in such a way that every member of the
population has a equal chance of being selected and the selection of any individual does not
influence the selection of any other. The selection is purely depends on chance. So while
conducting the survey, 100 respondents were selected at random.
SAMPLE SIZE
Sample size denotes the number of elements selected for the study. For the present study, 100
respondents were selected at random.
INSTRUMENTATION TECHNIQUES:
To know the response, the researcher used questionnaire method. It has been designed
as a primary research instrument. Questionnaires were distributed to respondents and they
were asked to answer the questions given in the questionnaire.
The questionnaires were used as an instrumentation technique, because it is an important
method of data collection. The success of the questionnaire method in collecting the
information depends largely on proper drafting. So in the present study questions were
arranged and interconnected logically. The structured questionnaire will reduce both
interviewers and interpreters bias. Further using SPSS software and analysis was done for
each question’s response to reach into findings, suggestions and finally to the conclusion
about the topic.
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Learning experience
The environment in which the company operates is that of a highly competitive

energetic atmosphere. And as a fresher that is an excellent start to begin ones
corporate experience especially in the service sector (life insurance) with. This
implant training has provided a vital learning element in the career of fresher’s. As it
has enabled us to realize most of the classroom training obtained so far in a real
life corporate environment. And so there has been a link developed between
theory and practices. Through this implant training students can experience the
kind of break that awaits us in the corporate world.
This exercise also gets us to understand the amount of dedication and
determination that professionals would have to put in, in their every day’s work
because the decisions they take is a matter of loss or profit for the company. And
mistakes are generally not entertained in the quality circles.
The study also enlightened us with the amount of togetherness the
staff of ICICI Prudential have as an expandable family in their working culture.
This is enumerated with all the employees taking mentioning interest in sharing
their colleague’s problems either physical or mental in comforting them, as
would normally happen in a family set up.
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1) Gender
Frequency Percent Valid Cumulati

Percent ve
Percent
Valid Male 94 94.0 94.0 94.0
Female 6 6.0 6.0 100.0
Total 100 100.0 100.0
gendor
female
male
Interpretation: According to our project survey we have come to now the out of 100
responds in that 94% are male and 6% female. Therefore male are more than female in Hubli
city.
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2) Occupation
Frequen Percent Valid Cumulati

cy Percent ve
Percent
Valid business 10 10.0 10.0 10.0
man
professional 14 14.0 14.0 24.0
s
student 25 25.0 25.0 49.0
Others 51 51.0 51.0 100.0

Total 100 100.0 100.0
occupation
business man
proffesional
others
student
Interpretation:
According to our project survey we find business men 10%, professional 14%, student 25%,
and then others are 51%. It will indicates that others are more compare to business men,
professional and student
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3) Which of these are important while choosing life insurance?
Frequency Percen Valid Cumulati

t Percent ve
Percent
Valid investme 8 8.0 8.0 8.0
nt
security 15 15.0 15.0 23.0
savings 11 11.0 11.0 34.0
Tax 8 8.0 8.0 42.0
benefits
returns 27 27.0 27.0 69.0
financial 31 31.0 31.0 100.0
future
need
Total 100 100.0 100.0
which of these are important whie choosing life insurance
investment
financial future nee security
savings
tax benefits
returns
Interpretation:
According to our project survey out of 100 respondent, 8% investment, 15%

security, 11% savings,8% tax benefits,27% returns, 31% financial future need. It suggests
that more people are choice insurance for financial future needs.
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4) In which company you have invested
Frequency Percent Valid Cumulativ

Percent e Percent
Valid LIC 39 39.0 39.0 39.0
ICICI
Prudenti 51 51.0 51.0 90.0
al
Reliance
insuranc 2 2.0 2.0 92.0
e
Bajaj
7 7.0 7.0 99.0
Allianz’s
if any
1 1.0 1.0 100.0
other
Total 100 100.0 100.0
in which company you have invested
if any other
bajaj allianzas
Reliance insurance
LIC
ICICI Prudential
Interpretation:
According to our project survey out of 100 respondent 39% invest in LIC, 51%
invest in ICICI Prudential life insurance, 2% invest in Reliance insurance, 7% invest in Bajaj
Allianz’s and 1% of respondent other companies
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5) How did you come to know the life insurance?
Frequency Percent Valid Cumulative

Percent Percent
Valid T.V. Advertisement 3 3.0 3.0 3.0
News 4 4.0 4.0 7.0

paper/magazines’
Company 61 61.0 61.0 68.0
advisor(agent)
reference(friends 26 26.0 26.0 94.0
relatives)
if any other 6 6.0 6.0 100.0
Total 100 100.0 100.0
how did you come to know the life insurance
if any other
T.V. Advertisement
reference(friends re
new s paper/magzines
company advisor(agen
Interpretation: According to our project survey out of 100 respondent people get the
information 3% on T.V.advertisement, 4% on news paper and magazines,61% company
advisors, 26% reference( friends and relatives). According to our project survey shows that
more people get information from company advisors.
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6) Are you aware of ULIP in ICICI Prudential life insurance?

t Percent ve
Percent
Valid Yes 74 74.0 74.0 74.0
No
24 24.0 24.0 98.0
Not
2 2.0 2.0 100.0
respond
Total 100 100.0 100.0
are aware of ULIP in ICICI Prudential life insurance
not respond
no
yes
Interpretation: According to our project survey out of 100 respondent, awareness of

ULIP in ICICI Prudential life insurance is 74%, and non awareness of ULIP is 24%, and not
respondents are 2%.it indicates that awareness of ICICI Prudential is more.
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7) If yes, which insurance plan would like to invest in ICICI Prudential life insurance?

t Percent ve
Percent
Valid Smart 20 20.0 20.0 20.0
kid
lifetime 17 17.0 17.0 37.0
gold
retireme 39 39.0 39.0 76.0
nt
solution
if other1 1.0 1.0 77.0
specify
Not 23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
if yes, which insurance plan would like to invest in ICICI Prudential l
smart kid
Not respond
if other specify
lifetime gold
retirement solution
Interpretation : According to our project survey out of 100 respondent 20% respondents
like to invest smart kid, 17% lifetime gold, 39% retirement solution, 1% respondents like to
invest rest of the plans, 23% not respondents, according to our survey people would like to
invest more in retirement solution plan.
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8) What factor consider while making the ULIP in ICICI
Frequency Percent Valid Cumulat

Percent ive
Percent
Valid flexibility 9 9.0 9.0 9.0
security 11 11.0 11.0 20.0
returns 43 43.0 43.0 63.0
Full 14 14.0 14.0 77.0

withdraw
al
Not 23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
what factor consider while making the ULIP in ICICI
flexibility
not respond
security
full w ithdraw al
returns
Interpretation:
According to our project survey out of 100 respondents 9% considered for making
ULIP is flexibility, 11% considered for security, 43% for returns 14% for full withdrawals
and 23% not respondent It shows people considered ULIP for the purpose of returns.
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9) Which premium payment method you have opted for
Frequency Percent Valid Cumulativ

Percent e Percent
Valid yearly 28 28.0 28.0 28.0
half yearly 34 34.0 34.0 62.0
quarterly 9 9.0 9.0 71.0
monthly 6 6.0 6.0 77.0
not 23 23.0 23.0 100.0
responden
t
Total 100 100.0 100.0
which preimum payment method you have opted for
not respondent
yearly
monthly
quartely
half yearly
Interpretation:
According to our project survey out of 100 respondent 28% opted for yearly, 34% half
yearly, 9% quarterly and remaining 6% for monthly. It will indicates more people opted for
investment premium payment method for half yearly basis.
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10) How much risk involved in ULIP

t Percent ve
Percent
Valid Low 5 5.0 5.0 5.0
average 40 40.0 40.0 45.0
High 32 32.0 32.0 77.0
Not
23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
how much risk involved in ULIP
low
not respond
average
high
Interpretation:
According to our project survey out of 100 respondent risk involved in ULIP 5%
said low risk, 40% said average, 32% said high risk and 23% not responded for ULIP. It
indicates that risk in ULIP average, its depend upon the market condition.
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11) What is the premium you are paying per annum?
Frequenc Percent Valid Cumulati

y Percent ve
Percent
Valid 10000 33 33.0 33.0 33.0
10000 -33 33.0 33.0 66.0
25000
25000- 7 7.0 7.0 73.0
50000
50000- 3 3.0 3.0 76.0
100000
Not 24 24.0 24.0 100.0
respond
Total 100 100.0 100.0
what is the premium you are paying per annum
not respond
10000
50000-100000
25000-50000
10000 -25000
Interpretation:
According to our project survey out of 100 respondent 33% people pay 10000 per
annum, 7% people pay 10000-25000 per annum, 3% people pay 50000-100000 per annum
and rest of 24% peoples not respond
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12) In future would like to invest in
Frequency Percent Valid Cumulati

Percent ve
Percent
Valid insurance 63 63.0 63.0 63.0
mutual 7 7.0 7.0 70.0
fund
Equity 5 5.0 5.0 75.0
Share 11 11.0 11.0 86.0
market
investing in1 1.0 1.0 87.0
gold
Bank 13 13.0 13.0 100.0
deposits
Total 100 100.0 100.0
in future would like to invest in
bank deposits
investing in gold
share market
equity
insurance
mutul fund
Interpretation:
According to our project survey out of 100 respondent 63% people invest in
insurance, 7% people invest in mutual funds, 5% people invest in invest in equities, 11%
people invest in share market, 1% people invest in gold and remaining 13% invest in bank
deposits. It shows that in future more people interested to invest in insurance.
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13) Are you satisfied with the performance of the ULIP in ICICI Prudential life
insurance?
Frequenc Percen Valid Cumulati

y t Percent ve
Percent
Valid Highly 58 58.0 58.0 58.0
satisfied
satisfied 33 33.0 33.0 91.0
moderate 8 8.0 8.0 99.0
Highly 1 1.0 1.0 100.0
dissatisfied
Total 100 100.0 100.0
are you satisfied with the performance of the ULIP in ICICI Prudential l
highly dissatisfied
moderate
satisfied
higly satisfied
Interpretation:
According to our project survey out of 100 respondent satisfaction of ULIP in
ICICI Prudential is 58% respondents are highly satisfied, 33% respondents are only satisfied,
8% respondents are moderate and rest of 1% respondents highly dissatisfied. It indicates that
performance of ULIP in ICICI prudential according to respondent is highly satisfied.
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14) Are you satisfied with the advisor of ICICI Prudential life insurance?

t Percent ve
Percent
Valid excellent 58 58.0 58.0 58.0
Good 27 27.0 27.0 85.0
average 15 15.0 15.0 100.0
Total 100 100.0 100.0
are you satisfied with the advisor of ICICI Prudential life insurance
average
good excellent
Interpretation:
According to our project survey out of 100 respondent satisfaction of advisors
work is 58% respondents says excellent, 27% respondents says good, 15% respondents says
average(medium).
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15) Satisfied level towards ULIP in ICICI Prudential life insurance
Frequenc Percent Valid Cumulati

y Percent ve
Percent
Valid Highly 53 53.0 53.0 53.0
satisfied
satisfied 41 41.0 41.0 94.0
neither 3 3.0 3.0 97.0
satisfied
or
dissatisfi
ed
dissatisfi 3 3.0 3.0 100.0
ed
Total 100 100.0 100.0
satisfied level towards ULIP in ICICI Prudential life insurance
dissatisfied
neither satisfied or
satisfied highly satisfied
Interpretation:
According to our project survey out of 100 respondent levels of satisfaction about
ULIP 53% people are highly satisfied, 41% only satisfied, 3% neither satisfied or dissatisfied
and rest of 3% peoples are dissatisfied.
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OBSERVATION
1. It was found that 94% male and 16% female are participating in our survey.
2. It was found that occupation of respondents is business man 10%, professional,
14%,student 25% and others are 51%
3. It was found that the peoples choice of insurance, is investment is 8%, security
15%,savings 11%,tax benefits 8%, returns 27%, and financial future need is 31%,
it shows that the people think more for financial future needs.
4. It was observed that peoples are interested to invested in 39% in LIC, 51% in
ICICI, 2% in Reliance, 7% in Baja Allianz and rest of the peoples other
companies i.e. Birla sun life, HDFC, ING VYSYA etc. it indicates that more
peoples are interested to invest in ICICI Prudential life insurance company.
5. It was found that people get the information is 3% on T.V.advertisement, 4% on
news paper and magazines,61% company advisors, 26% reference( friends and
relatives) it shows that people get more information from company advisors.
6. Awareness of ULIP in ICICI Prudential life insurance is more 74%,
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Recommendations:-
 For ICICI to have a larger market share it has to widen the customer base, so it
should come up with intensive market strategy and aggressive publicity stunts such
as:
 Deployment of addition sales force for proper marketing.

 Continuous bombardment of Advertisement by ICICI Prudential as a Life Insurance
 Company for a common man as well as for well educated and good salaried people.
 Hoardings in and around the important areas(public concentrated areas)
 The company should concentrate on the people aged between 18-25 for individual
and also the age category 35-55 for family.
 Since individuals are interested in insuring their family members the company
should concentrate on insuring the individual’s family members.
 ICICI Prudential should concentrate on geographical areas for its expansion and to
penetrate through rural areas it should tie-up with rural banks such as M.G.Bank etc.
 34% respondents would like to pay half yearly premium. The company should also
emphasis on yearly payment of premium
 Top of mind insurance company is LIC, because of its trust what people keep in it
and its awareness. So ICICI Prudential should emphasis heavy advertisement.
 31% respondents would like to invest money in insurance for financial future need.
So ICICI to provide different financial future satisfaction plans to the people.
Conclusion
To conclude, the survey results highlight some important facts, though ICICI Prudential may
be comparatively competitive with other companies ULIP. The choice of people investing in
insurance is more as 31% and awareness of ICICI Prudential ULIP is more as 74%,
61% people get information from company advisors and satisfaction level of ULIP is more as
53% it will shows that ULIP is grow more in future days.
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o Questionnaire
o Bibliography
- 74 - | P a g e
QUESTIONNAIRE
1) Name: _________________________________________________
2) Age: __________________________________________________
3) Gender: Male Female
4) Occupation: Business man Professional
Student Others __________________
5) Annual Income: Below & 1,00,000 1,00,000 – 2,00,000
3,00,000 – 4,00,000 5,00,000 & Above

6) Address: _______________________________________________________
_______________________________________________________
_______________________________________________________
7) Contact number: _______________________________
8) Which of these are important while choosing the life insurance?
Investment Security Savings
Tax Benefits Returns Financial

Future need
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9) In which company you have invested?
a) LIC
b) ICICI Prudential
c) Reliance insurance
d) Max New York
e) Bajaj Alianzas
Any other __________________
10) How did you come to know the life insurance?

T.V.Advertisement
News paper / Magazines
Company advisors (Agents)
Reference (Friends Relatives)
If any other____________________
13) Are you aware of ULIP in ICICI Prudential life insurance?

(If no go to 19Q)
Yes No
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14) If yes, which insurance plan would like to invest in ICICI prudential?
Smart kid Lifetime Gold
Retirement solution If other specify_________
15) What factors consider while making the ULIP in ICICI
a) Flexibility b) security
c) Returns d) full withdrawal
If any other_____________________
16) Which premium payment method you have opted for.
Yearly Half yearly
Quarterly Monthly
17) How much risk involved in ULIP.
Low average high No risk
18) What is the premium you are paying per annum?
a) 10000 b) 10000-25000
c) 25000-50000 d) 50000-100000
19) In future you would like to invest in?
Insurance Mutual fund Equity
Share market investing in gold Bank Deposits

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20) Are you satisfied with the performance of the ULIP in ICICI prudential?
_______________________________________________________________
Highly Satisfied Moderate Dissatisfied Highly

Satisfied Dissatisfied
21) Are you satisfied with the advisor service in ICICI prudential?
_______________________________________________________________
Excellent Good Average Bad vast
22) Satisfied level towards ULIP s in ICICI prudential?
_______________________________________________________________
Highly Satisfied nether satisfied Dissatisfied Highly

Satisfied or dissatisfied dissatisfied
“Thank you for your co-operation”
Bibliography
1. www.iciciprulife.com
2. www.google.com
3. www.insurance.com
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A RESEARCH REPORT

Submitted in partial fulfillment of the requirement for

Affiliated to Kurukshetra University, Kurukshetra

Shri Krishan Institute of Engineering & Technology,

I am Pawan student of Shri Krishan Institute of Engineering & Technology studying in

University Roll No. – 210163002

It is my pleasure to be indebted to various people, who directly or indirectly

I express my sincere gratitude to my faculty Miss. Suman for providing me an

MBA 2nd Year

University Roll No. 210163002

S.NO Titles Page No

- Purpose of the study

- Scope of the study

- Statement of the problem

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Company Ltd, Panipat”

BRIEF HISTORY OF INSURANCE:

Insurance: Definition and Meaning

In the words of R.S.Sharma “Insurance is a Co-operative devices to spread the loss

Insurance in Indian Financial System:

Insurance in Indian Financial System – Its Importance

The advantages of Life Insurance:

How Insurance Works

NEED FOR THE INSURANCE:

Why should you take insurance

as food, shelter, clothing.

The Insurance Regulatory and Development Authority (IRDA):

Functioning of the IRDA

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

Efficiency will be promoted in the conduct of insurance business. Professional

Competition in hither to monopolistic insurance market. In such a fast develop scenario

COMPETITORS INFORMATION IN INSURANCE INDUSTRY:

 Other Likely Players – PNB Life Insurance, Reliance Life

Aviva Life avivindia.com Dabur India Aviva Plc

INTRODUCTION ABOUT ULIP:

2) Sales and administration expenses :

3) Fund management charges (FMC) :

c) Cancellation charges: Life insurance companies levy cancellation charges if individuals

Investment tools of unit linked insurance plans:

FUND NAME ASSEET MIN. MAX. POTENTIAL

R.I.C.H: Returns Equity and equity 80% 100%

Flexi Balanced II: Equity and equity 0% 60%

Purpose of the Study:

will help the organization.

Scope of the study:

Statement of the problem:

policies during the period.

meet the needs of the Indian customer at every step in life.

This they hope to achieve by:

ICICI Prudential Life Insurance

of plans provided by ICICI Prudential Life Insurance Company:

STAGES IN POLICY ISSUANCE

clarifications required from the customer.

& accepted by the Branch ops, is called a Login

Advisor for completion.

Issuance means a policy that is issued to the Customer by Central Ops.

When a customer wants to discontinue with the policy it is called Surrender.

Top Ten things to know about Life Insurance

 The healthier you are, the better the rates

branches and extension counters, and 2,000 ATMs.

Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Sandeep Batra, Chief Financial Officer & Lalita D. Gupte

Risk Management & Audit Executive Committee