A Project Report On Organization Study and Awareness of ICICI Prudential Life Insurance Co. LTD

Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd.
At BADAMI
EXECUTIVE SUMMARY
Every human derives satisfaction when he purchases an asset income is necessary to do this. Income is generated in early life through man at work and in the later life when physically work is not possible through money at work Generation of income is necessary to satisfy the acceptable needs of an individual. Insurance is an only method of achieving this. Insurance is method of spreading of spreading and transfer of risk. The fortunate money that is exposed to same or similar risk shares loss of the unfortunate few. Insurance does not protect the asset but only compensate the economic and financial loss. ICICI (industrial credit and investment corporation of India) 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 operation in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). 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 This gives me an opportunity to work on this endeavor focusing on of Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. BADAMI The primary objective of the study is to understand the attitudes and perception of respondents towards insurance products in Badami city.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI The introductory chapter gives and insight to the insurance industry. It briefly explains about the history of life insurance sector. It also contain the organizational profile of ICICI PRUDENTIAL, stating about its mile stones, vision, protection solutions,
The second chapter gives a glimpses idea about the area of dissertation i.e., it includes statement of the problem, of the need and impotents of the present study and focal objectives of the dissertation undertaken
The third chapter explains about literature review. It briefly describes what all are the information source for the present study and what benefits has derived from the reference of those literatures.
Next part explains about the research methodology. With the basic understanding of the study research design was formulated. To collect the data, questionnaires consisting of 18 questions were prepared. The necessary data were collected personal interviews and interaction with both company personnel and holders of life insurance policies. This chapter specifically explains about the type of research, sample technique, sample size, actual collection of data and the tools used.
The next chapter contains the analysis and interpretation of data collected. The collected data was coded through tally bars and presented in percentage wise and depicted in the form of graphical representation.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI The next chapter is entirely the exploration of the research study giving all respondents opinion in nutshell as findings i.e. stating that around percentage of customers behave positively towards the ICICI prudential products. The dissertation ends up with the suggestion in order to modify the current system for a higher growth and progress.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI
Chapter-I
INTRODUCTION
PROJECT TITLE:
Awareness of ICICI Prudential Life Insurance Company Limited in Badami

Under taken from Hubli
SUMMARY: It is an attempt to bridge the gap between the academic institution and the
corporate world. It helps us to apply the theoretical knowledge in to practical experience. Hence we have got an opportunity to get the exposure of corporate world.
My Company is ICICI Prudential Life Insurance Company Limited which is No.1 Private Insurance Company with minimum number of policies sold, largest premium income, largest agency force & biggest pension player. It is the dominant Life and Pensions Player built on trust by world calls people and service.
Since the opening up of insurance market to private operators, India is considered one of the hottest places with the majority of the market being untapped. Though there are restrictions for foreign operators many companies have entered the Indian market and are operating as joint venture partners. The change in the nature and structure of competition
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI has changed the nature of the insurance products offerings. The perception of the market about the insurance, which was earlier negative, is gradually becoming positive.
It is necessary to understand what make people to buy insurance products. In this perspective, the present study has concentrated to analyze the behavior exhibited by the consumers of ICICI Prudential. It necessities to understand the attitudes of consumers towards products and services offered by ICICI Prudential.
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NATURE OF PROJECT
The project title mentioned earlier aims at providing the company about the awareness of ICICI prudential Life Insurance Company Limited in as Badami its Branch is not yet established here. From this project, company will be benefited by knowing that there is too much potential present at this is place. As till now only LIC & ING VYSYA has its presence here and Bajaj Allianz & HDFC are working through there advisors. My main objective of creating awareness Badamiin city is going to be accomplished by meeting different customers.
OBJECTIIVES.
To create awareness of ICICI prudential Life Insurance Company Limited in Badamicity. To know which is 1st popular life insurance player inBadami. To conduct a survey on a sample selected and to know the rate of awareness in. Badami To get knowledge about what people require from ICICI prudential. To know how people of Badamicame to know about ICICI Prudential. To Provide adequate knowledge about the products of ICICI Prudential. Babasabpatilfreepptmba.com Page 6
STATEMENT OF THE PROBLEM
The title of the present research is Awareness of ICICI Prudential Life Insurance Company Limited.
ICICI (Industrial Credit and Investment Corporation of India), which was one of the largest developmental banks, has ventured into many areas of finance-in fact it has become a universal banking brand. Prudential one of the worlds leading insurance company has joined hand with ICICI to offer insurance products. Though private insurance companies are in the infancy stage, the impact on the insurance market is tangible. The marketing strategies of these private operators have forced LIC to change its gears.
Insurance products are marketed with unique strategies. The market is more aware and realistic about investment and returns from insurance products. Insurance business is more transparent as compared to the past. In this background this study tries to analyze the of awareness of investors behaviors towards insurance products in general and ICICI in particular.
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Chapter-II
INDUSTRY PROFILE
2.1 INTRODUCTION OF INSURANCE COMPANY

Insurance is the business of providing protection against financial aspects aspects of risk such as those to property life health and legal liability it is one method of a greater concept known as Rick management which is the need to manage uncertainty on account of exposure to loss injure disadvantages. In insurance the insured makes payment called premiums loan insurer and in return is able to claim a payment from the insurer the insured suffers a defined type of loss. Insurance companies also earn investment profits because they have the use of premium money from the time they receive it until the time they need it to pay claims. This money is called the float when the investment of float are successful they may earn large profits even it the insurance company pays out in claims every penny received as premiums. In fact most insurance companies pay out more money than they deceive in premiums. The excess amount that they pay to policyholders in the cost of float insurance company will profit if they invest the money at a greater return than their cost of float.
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Brief History of Insurance

The story of Insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of Insurance is largely a development of the recent past, particularly after the industrial era- past few centuries- yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life Insurance company on Indian Soil. All the Insurance companies established during that period were brought up with the purpose of looking after the needs of European community ad Indian natives were not being insured by these companies. However, after with the efforts of eminent people like Babu Muttylal seal, the foreign life Insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian Life Insurance Company in the year 1870,And covered lives at Normal rates. Starting as Indian enterprise with highly patriotic motives, Insurance companies came into existence to carry the message Insurance and social security through Insurance to various sectors of society. Bharat Insurance Company (1886) was also one of such companies inspired by nationalism. The Swadeshi Movement of 1905-1907 gave rise to mire Insurance companies. The United India Madras, National India and
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI National Insurance In Calcutta and the Co-operative Assurance at Lahore were established in 1906- In 1907, Hindustan Co-operative. Company took its birth in the f the rooms of the Jorasanko. The Indian mercantile, general Assurance and Swadeshi Life (Later Bombay Life) were some of the companies established during the same period Prior to 1912 India had on legislation to regulate Insurance business, In the year 1912, the Life Insurance Companies Act, 1912 Made Provident Fund Act were passed. The Life tables Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. The first two decades f the twentieth century saw lot of growth in insurance business. Form 44 companies with total business- in force as Rs. 22-44 crores, it rose to 176 companies with total business- in force as, Rs. 298 crores in 1938 during the mushrooming of Insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act. 1938 was the first legislation governing not only life insurance but also non-life Insurance to provide strict state control over insurance business. The demand for nationalization of life Insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19 th of January, 1956, that life Insurance in India was nationalized. About 154 Indian Insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an ordinance, and later, the owner ship too by means of a comprehensive bill. The Parliament of India passed the Life
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Insurance Corporation Act on the 19th of June 1956, and the Life Insurance corporation of India was created on 1st September, 1956, with the objective of spreading life Insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life Insurance contracts are long-term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Reorganization of LIC took place and large numbers of new branch offices were opened. As a result of re-organization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crores mark of new business; But with reorganization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crores Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 Zonal offices and the corporate office. LICs Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and service providers to offer on-line premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info centers have been commissioned at
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian Insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crores policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct. 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to new, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life Insurance business. The same natives which inspired our forefathers to bring Insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.
2.2 Some of the important milestones in the life Insurance business in India are:
1818: Oriental Life Insurance company, the first life Insurance company on Indian soil started functioning. 1870: Bombay Mutual Life Assurance society, the first Indian life Insurance company started its business. Babasabpatilfreepptmba.com Page 12
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the Life Insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non life Insurance business. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General Insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general Insurance Company established in the year 1850 in Calcutta by the British.
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INSURANCE SECTOR REFORMS

In 1993, Malhotra Committee headed by former Finance Secretary and RBI Governor R.N.Malhotra was formed to evaluate the Indian Insurance Industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that Insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms. In 1994, the committee submitted the report and some of the key recommendations included:
i) Structure Government stake in the Insurance Companies to be brought down to 50% Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations All the Insurance companies should be given greater freedom to operate.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI ii) Competition Private Companies with a minimum paid up capital of Rs.1 should be allowed to enter the industry No company should deal in both Life and General Insurance through a single entity Foreign companies may be allowed to enter the industry in collaboration with the domestic companies Postal Life Insurance should be allowed to operate in the rural market Only one State Level Life Insurance Company should be allowed to operate in each state iii) Regulatory Body The Insurance Act should be changed An Insurance Regulatory body should be set up Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.
iv) Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50% GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time)
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v) Customer Service LIC should pay interest on delays in payments beyond 30 days Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the Insurance Industry.
The committee emphasized that in order to improve the customer services and increase the coverage of the Insurance Industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to Insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.
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THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY.
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 decision taken simultaneously to provide the supporting systems to the Insurance sector and in particular the life Insurance companies was the launch of the IRDAs 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 14 life Insurance and 6 general Insurance companies have been registered.
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Insurance Regulatory and Development Authority (IRDA)
IRDA is formed as an authority to protect the interest of holders of insurance policies. To regulate, promote and ensure orderly growth of insurance industry and for matters connected there with incidental there to. As per the section 4 of IRDA act 1999 insurance regulatory and development authorities specify the composition of authority. The authority is ten-members team consisting of,
A chairman 5 whole team members 4 part time members
Duties, Powers and Functions of IRDA

1. Duty to regularly, promote insure orderly growth of the insurance business and re-insurance business. 2. Power to issue to the applicant power to issue to the applicant a certificate of the registration renew modify withdraw suspend or cancel such registration. 3. Protection of interest of policy holders in matter concerning assigning of policy, nomination by policy holder, insurable interest, settlement of insurance claim and other terms and conditions of contract of insurance. 4. Specifying requisite qualification code of conduct and practical training for intermediary or insurance intermediaries and agent.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI 5. Specifying the code of conduct for surveyors and loss assessors. 6. Control and regulation of the rates advantages terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the tariff advisory committee under section 640 of the insurance Act. 1938. 7. Regulating maintenance of margin of solvency. 8. Adjudication of disputes between insurers and intermediaries or insurance intermediaries. 9. Promoting efficiency in the conduct of insurance business 10. Promoting and regulating professions organizations connected with the insurance.
Classification of Insurance:
The Insurance industry in India can broadly classified in two parts.
i) ii)
Life Insurance Non life insurance Or General insurance
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1)
LIFE INSURANCE:
Life Insurance can be defined as Life Insurance provides a sum of money if the
person who is ignored dies while the policy is in effect. In 1818 British introduced to India with the establishment of the Oriental Life Insurance Company in Calcutta. The first Indian owned life Insurance company the Bombay mutual life Insurance society was set up in 1870; the Life Insurance act 1912 was the first statutory measure to regulate the life insurance business in India. The union government had opened insurance sector for private participation in 1999, also allowing the private company to have foreign equity up to 26% following the
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI opening up as the insurance sector 12 private sector companies have entered the life insurance business.
Fundamental principal of life Insurance contact:

1) Principal as almost good faith: A positive duty to voluntary disclose, accurately and fully all facts, material to the risk being proposed whether requested as not.
2) Principle of Insurance interest: Relationships with the subject matter which is recognized a law and give legal right to insure that person.
Benefit of life Insurance:

Life Insurance encourages savings and forces thrift It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing It proves valuable tax relief.
2)
NON LIFE (GENERAL) INSURANCE.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Triton Insurance Co. Ltd was the first general insurance company to be established in India in 1850. Whose shares were mainly held by the British? The first general insurance company to be set up by an Indian was Indian mercantile Insurance co Ltd. that was stabilized in 1907. There emerged many a player the Indian scene there after.
The general Insurance business was nationalized after the promulgation of general Insurance corporation (GIC) of India undertook the post nationalization general insurance business.
Table: 1.
Life Insurance.
Registrar Sl. No. 1 2 3 4 5 6 7 No. 101 104 105 107 109 110 111 Date of Reg. 23-10-2000 15-11-2000 24-11-2000 10-01-2001 31-01-2001 12-02-2001 30-03-2001 Name of Companies HDFC standard Life Insurance Co.Ltd Max New yard Life Insurance Co.Ltd ICICI Prudential Life Insurance Co.Ltd Om Kotak Mahindra Life Insurance Co.Ltd Birla Sun Life Life Insurance Co.Ltd Tata AIG Life Insurance Co.Ltd SBI Life Insurance Co.Ltd
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI 8 9 10 11 12 114 116 117 121 122 02-08-2001 03-08-2001 06-08-2001 03-01-2002 14-05-2002 ING Vysya Life Insurance Co.Ltd Allianz Bajaj Life Insurance Co.Ltd Metlife India Life Insurance Co.Ltd AMP S Assurance Co.Ltd Aviva Life Insurance Co.Ltd
Table : 2 General Insurance:
Sl. Registrar No. No. 1 2 3 4 5 6 7 8 102 103 106 108 113 115 123 124 Date of Reg. 23-10-2000 23-10-2000 04-12-2000 22-01-2001 02-05-2001 03-08-2001 15-07-2002 27-08-2002 Name of Companies Rayal Sundaram Alliance Insurance Com.Ltd Reliance General Insurance Com. Ltd IFFCO Tokyo general insurance Co. ltd TATA AIG General Insuranc com. Ltd Bajaj Allianz General Ins. Com Ltd ICICI lombard General Insurance co.Ltd Chalamandalam General Insurance Co. Ltd HDFC Chubb General Insurance Co. Ltd.
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PRESENT SCENARIO
The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restricting and revitalizing of the public sector companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001.
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COMPANY PROFILE
THE COMPANY:
ICICI prudential Life Insurance company is a joint venture between ICICI Bank- A premier financial power house and prudential plc a leading international financial services group head quartered 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 equity base stands at Rs.1185 Crores with ICICI Bank and prudential policy holding 74% and 26% state respectively. For the year ended March 31 2006 the company granted Rs. 24.12 billion of weighted new business premium and wrote a 37.963 policies the sum assured in force stands at Rs. 458.88 billion. The company has a network of over 72000 advisers as well as 9 banc assurance partners and over 200 corporate agents and brokers tie-ups. It is also the only life Insurance in India to be assigned AAA Credit rating from Fitch ratings. The AAA rating is the highest credit rating and is a clear assurance of ICICI prudentials ability to meet its obligations to customers at the time of maturity or claims. Fro the past five years ICICI prudential has rationed its position as the No.1 private life insure in the country with a wide range of flexible products that meet the needs of the needs of the Indian customer at every step in Life.
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2.2) VISION OF COMPANY

To make ICICI prudential the dominant life and pensions plays build on trust by world class people and service.
VALUES OF COMPANY Customer First Own the customer, deliver the promise
1) Keep customer interest in the center of the all delusions 2) Promise what you can deliver it to finish 3) Proactively seek voice of customer and act on it.
Boundary less
Never say its not my job 1) Offer help and ensure business success functions to ensure business success. 2) Seek and shall ideas freely 3) Recognize and respect internal customers.
Ownership:
It is to be, it is up to me. 1) Take responsibility and see tasks through to completion. 2) Own mistakes, learn from failures. 3) Be a team player take ownership for team performance.
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Passion
Boundless energy and enthusiasm. 1) Exhibit Winning Instinct. 2) Demonstrate speed and urgency for achieving result. 3) Challenge status quorum do things differently
Integrity
Be honest and fair in what you say and do. 1) Practice what you preach. 2) Stand up honesty and fearlessly for what is right. 3) Act in a consistent and equitable manner.
Company hopes to Achieve:

Understanding the needs of customers and offering them superior products and service. Leveraging technology to service customers quickly, efficiently and conveniently. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to the policyholders. Providing as enabling environment to foster growth and learning for our employees. And above all, building transparency in all our dealings.
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ORIGIN OF THE ORGANIZATION
ICICI and prudential came together in 1993 to form Prudential ICICI Asset Management company, which has today emerged as one of the leading mutual funds in India. The two companies bring together two of the strongest financial service brands in Asia, known for their professionalism, excellent quality of service and long term commitment to customers. Riding on the success of this relationship, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading- edge life insurance solutions.
ICICI Bank has 74% stake in the company, and prudential plc has 26%.
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PROMOTERS:
ICICI Bank: ICICI Bank (NYSE:IBN) is Indias 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 2000 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 world wide. 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 series products that now includes ife 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.
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FUTURE OF THE ORGANIZATION

The vision of ICICI Prudential is to become a dominant life and pension player in the private sector. IN this direction, ICICI has taken up the initiative by opening a number of branches across the city, and simultaneously recruiting new sales force with the ultimate goal of achieving their vision. They are also coming up with products of a novel and innovative nature aimed at attracting customers and making ICICI their first preferences in their field.
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DISTRIBUTION:
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in over 116 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Amritsar in the north to Trivandrum in the south.
The company has 8 bank assurance tie-ups, having agreements with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Ernakulam Bank, Lord Krishna Bank and some co-operative banks, as well as about 290 corporate for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society.
ICICI Prudential has recruited and trained more than 65000 Insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers.
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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 5 riders, to create a customized solution for each policyholder.
Savings solutions:
Secure Plus: is a transparent and feature-packed savings plan that offers 3 levels of protection. Cash Plus: is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Saven Protect: is a traditional endowment savings plan that offers life Protection along with adequate returns. Cash bank: is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset. Lifetime I & Life Time II: offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offers 4 fund options i.e., Preserver, Protector, Balancer and Maxi miser.
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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Life Link II: is a single premium Market Linked Insurance Plan which comings life Insurance cover with the opportunity to stay invested in the stock market.
Premier Life: is a limited premium paying plan that offers customers life Insurance cover till the age of 75. Invest shield Life: is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. Invest Shield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. Invest Shield Gold: is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms.
Protection Solutions:
Life Guard: is a protection plan, which offers life cover at very low cost. It is available in 3 options? Level term assurance, level term assurance with return of premium and 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: education plans provide guaranteed educational benefits to a child along with life Insurance cover for the parent who purchases the policy. The policy is designed to Babasabpatilfreepptmba.com Page 33
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI provide money at important milestones in the childs life. Smart Kid plans are also available in unit-linked form both single premium and regular premium.
Retirement Solutions:
Forever Life: is a retirement product targeted at individuals in their thirties.
Secure plus Pension: is a flexible pension plan that allows one to select between 3 levels of cover.
Market-linked retirement products:

Life Time Pension II: is a regular premium market-linked pension plan
Life Link Pension II: is a single premium market-linked pension plan.
Invest Shield Pension: is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses.
Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100000 u/s 80C, with flexibility in both the accumulation and payout stages. ICICI Prudential also launched Salaam Zindagi, a social sector group Insurance policy targeted at the economically underprivileged sections of the society.
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Health Solution:
Health Assure: Is a regular premium plan which provide long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus: Is a regular premium plan which provides long term cover against 6 critical illnesses by providing financial assistance, irrespective of actual medical expenses, as well as an equivalent life Insurance cover.
Group Insurance Solutions:

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuating Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the at the time of retirement. ICICI Pru Group Term Plan: annuity ICICI Prus flexible group terms solutions helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. Te benefit under the policy is paid to the beneficiary nominated by the member on his/her death.
Page 35
Flexible Rider Options:

ICICI Pru 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 the death occurs while traveling in an authorized mass transport vehicle, the Beneficiary will be entitled to twice the sum assured as additional benefit. Accident Benefit: This rider option pays the sum assured under the rider on death due to accident. Critical Illness Benefit: Protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available on smart Kid, Secure Plus and Cash Plus.
Waiver of Premium: In case of total and permanent disability due to an accident, the premiums are waived till maturity. This rider is available with secure Plus and Cash plus.
Page 36
AWARENESS
According to Saugata Gupta Chief Marketing of ICICI Pru ICICI Pru lifes communication strategies have been very success full in building the brand and driving awareness of the company and the category. ORG- Margs Brand track survey undertaken last year indicate that though awareness of LIC stands at 100% ICICI Pru life stands not for behind in second place at 70%. Further the awareness scores for ICICI Pru life double between February 2001 and September 2001.
ORG Marg research also showed that the communication not only created saliency and awareness, but also succeeded in influencing the buying decision. ICICI Pru life emerged for ahead of other private players as far as share of wallet went, with 65% of the respondents saying that they intended to buy policy from ICICI Pru life.
Page 37
Organization Structure
ZONAL MANAGER
TERRITORY MANAGER
SALES MANAGER
ASSISTANT SALES MANAGER
UNIT MANAGAER
ADVISORS
Page 38
Chapter-III
RESEARCH METHODOLOGY
3.1 Type of Research

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 date. 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.
3.2 Primary source of Date

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 particulars purpose.
A well- strutted questionnaire was personally administrated to the selected sample to collect the primary data.
Page 39
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 companys brochures, manuals and annual reports. External Data, on the other hand, was generated from magazines, research books and internet (website)
3.3 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.
3.4 Sample size:

Babasabpatilfreepptmba.com Page 40
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Sample size denotes the number of elements selected for the study. For the present study, 100 respondents were selected at random. All the 100 respondents were the customers of one or another insurance company.
3.5 Company Records:

Company records like annual reports, brochures, manuals etc. has given valuable information for the present study.
Internet
Company related and topic related websites also provided significant contribution in data collection.
LIMITATIONS OF STUDY

As ICICI Prudential Branch office is not there people are not much aware of it. An underlying assumption for the entire project is that the details and the feedback received from the population is true.
Sample size is limited due to limited period, allocated for the survey. Getting accurate responses from the respondents due to the inherent problems, they may partial or refused to cooperate.
Conducting a survey through personal interaction is tedious and time consuming
Page 41
Chapter-IV
ANALISIS AND INTERPRETATION
Table 1. Shows Occupation of the respondents.
Statistics Occupation N Valid Missing 100 0 Occupation Cumulative Percent 21.0 49.0 72.0 0 100.0
Valid
government employee business man profession education others Total
Frequency 18 38 20 0 24 100
Percent 21.0 28.0 23.0 0 19.0 100.0
Valid Percent 21.0 28.0 23.0 0 19.0 100.0
Graph-1
Occupation
30
Frequency
20
10
Government Business man Profession Employee
Education
Others
Occupation
Page 42
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI .
Inference: It is clear from the above table that 38% of the respondents are business persons.
18% of respondents are from Govt. employee and 20% of the respondents are professionals. Others are 24%.
Page 43
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 2. ShowsMonthly income of respondents.
Statistics monthly_income N Valid Missing 100 0
monthly_income Cumulative Percent 17.0 61.0 80.0 87.0 100.0
Valid
less than 10000 10000 to 20000 20000 to 30000 30000 to 40000 more than 40000 Total
Frequency 17 44 19 7 13 100
Percent 17.0 44.0 19.0 7.0 13.0 100.0
Valid Percent 17.0 44.0 19.0 7.0 13.0 100.0
Graph-2.
Page 44
monthly_income
50
40
Frequency
30
20
10
0 less than 10000 10000 to 20000 20000 to 30000 30000 to 40000 more than 40000
monthly_income
Inference: -
From the above Table it is clear that 44 % of the respondents fall in the income bracket of 10,000 to 20,000 19 % of respondents fall in the category of 20,000 to 30,000 and in the income group of less than 10,000 there are 17 % respondents.
In this case ICICI Pru. has to focus on the income bracket of 10,000 to 20,000 only 17 % of Respondents cannot afford the ICICI Prus Plans as it is not their income capacity. So ICICI has to think on converting this 17% as the potential customers.
Page 45
Page 46
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 2. Shows Monthly Saving of Respondents
Statistics Monthly _ saving N Valid Missing Monthly _ saving Cumulative Percent 19.0 55.0 78.0 91.0 100.0 100 0
Valid
less than 2000 2000 to 4000 4000 to 6000 6000 to 8000 more than 8000 Total
Frequency 19 36 23 13 9 100
Percent 19.0 36.0 23.0 13.0 9.0 100.0
Valid Percent 19.0 36.0 23.0 13.0 9.0 100.0
Graph-3.
Monthly saving
40
30
Frequency
20
10
0 less than 2000 2000 to 4000 4000 to 6000 6000 to 8000 more than 8000
Monthly saving
Page 47
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Inference: -
From the above Table it is clear that 36 % of respondents save between 2000 to 4000 as there monthly savings.
Another 23 % of the respondents save between 4000 6000as there monthly saving Out of total a part of 19% saves in the category less than 2000.
Page 48
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 4. Shows Purpose of saving.
Statistics Purpose _ savings N Valid Missing Purpose _ savings Cumulative Percent 15.0 38.0 73.0 89.0 100.0 100 0
Valid
medical expenses to purchase assets for child education for riterment others Total
Frequency 15 23 35 16 11 100
Percent 15.0 23.0 35.0 16.0 11.0 100.0
Valid Percent 15.0 23.0 35.0 16.0 11.0 100.0
Graph-4.
purpose savings
40
30
Frequency
20
10
medical expenses purchase assets
for child education
for ri]terment
others
purpose savings
Page 49
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Inference:
As it is known life is uncertain your financial priorities in life be it savings, protection, or Investment, depends in stage of life you are in with changing life stages the priority changes as well to meet these constantly evolving needs you may need to protect your future by having an insurance policy
It is clear form the above table that 35% of the respondents save their money for child education purpose. 23% of the respondents save their money for future purchase of assets. Another16% of the respondents set aside their money for Retirement.
Page 50
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 5. Showing pattern of investment made in savings
Statistics Invest _ savings N Valid Missing 100 0
Invest _ savings Cumulative Percent 30.0 71.0 78.0 86.0 96.0 100.0
Valid
bank deposits insurance shares gold mutual funds others Total
Frequency 30 41 7 8 10 4 100
Percent 30.0 41.0 7.0 8.0 10.0 4.0 100.0
Valid Percent 30.0 41.0 7.0 8.0 10.0 4.0 100.0
Graph-5.
\\
Invest savings
50
40
Frequency
30
20
10
0 bank deposits insurance shares gold mutual funds others
Invest savings
Inference: Babasabpatilfreepptmba.com Page 51
Insurance alone constitutes of 41% as the investment pattern of the savings. 30% of the respondent invests savings in Bank deposit. One more segment where people invest their savings is Mutual funds i.e., around 10% It is clear from the table that 7% of the respondents invest in the Shares.
Table 6. Shows purpose of make the insurance

Statistics
Page 52
purpose_of_purchase_insurance N Valid Missing 100 0
purpose_of_purchase_insurance Cumulative Percent 56.0 63.0 83.0 97.0 100.0
Valid
safety uncertainty tax exemption profitability investment Total
Frequency 56 7 20 14 3 100
Percent 56.0 7.0 20.0 14.0 3.0 100.0
Valid Percent 56.0 7.0 20.0 14.0 3.0 100.0
Graph-6.
purpose_of_purchase_insurance
60
50
Frequency
40
30
20
10
Safety
Uncertainty
tax Exemption
Profitability
Investment
purpose_of_purchase_insurance
Page 53
Inference: Insurance is basically a provision for security in the sense financial security that the individual gets. The individual also gets a security towards life as it covers the risk of a person. As the above statistics shows 56% of people treat insurance as safety.
Page 54
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 7. Shows Awareness about ICICI Prudential Life Insurance Company Limited.
Statistics awareness_of_icici N Valid Missing 100 0
awareness_of_icici Cumulative Percent 67.0 100.0
Valid
yes no Total
Frequency 67 33 100
Percent 67.0 33.0 100.0
Valid Percent 67.0 33.0 100.0
Graph-7.
awareness_of_icici
60
Frequency
40
20
Yes
awareness_of_icici
No
Page 55
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Inference: It is clear the above table that 67% are aware of ICICI Prudential Life Company Limited. And remaining 33% are unaware of this insurance Company in Badami
Creating Awareness is not only solution creating customers is the ultimate solution so, there are 67% of cheating of creating customers and another 33% available customers.
Page 56
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 8. Shows how awareness has been created in the minds of customers.
Statistics adver_of_icici N Valid Missing adver_of_icici Cumulative Percent 11.0 27.0 48.0 64.0 67.0 100.0 100 0
Valid
news paper icici advisors advertisement friends & relatives others Do not know Total
Frequency 11 16 21 16 3 33 100
Percent 11.0 16.0 21.0 16.0 3.0 33.0 100.0
Valid Percent 11.0 16.0 21.0 16.0 3.0 33.0 100.0
Graph-8.
adver_of_icici
40
30
Frequency
20
10
0 News paper icici advisors Advertisement Friends & Relatives Others Do not know
adver_of_icici
Page 57
Inference:
AS ICICI is using Adverting as a major tool Television being the most popular source of awareness.
31% of the total respondents came to know about ICICI Prudential Life Insurance Co Ltd through Direct Marketing i.e., advertisement. 24% came to know through ICICI Advisors and Friends/Relatives. Newspaper is also one of the components, which helped in making awareness of ICICI Pru. It made apart of 16%.
Page 58
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 9. Depicting Level of information about ICICI Pru.
Statistics level_of_information_about_icici N Valid Missing 100 0
level_of_information_about_icici Cumulative Percent 25.0 60.0 67.0 100.0
Valid
Good moderate Poor having no information Total
Frequency 25 35 7 33 100
Percent 25.0 35.0 7.0 33.0 100.0
Valid Percent 25.0 35.0 7.0 33.0 100.0
Graph-9.
level_of_information_about_icici Frequency
40
30
20
10
Good
Moderate
Poor
Having no information
level_of_information_about_icici
Page 59
Inference:
From the above table it is understandable that 35% of the respondents have moderate level of information about ICICI Pru. Another 25% have good Knowledge about ICICI Pru. Life insurance Company Limited. Remaining 33% of the respondents have no information, and 7% of respondents have poor information about ICICI pru.
Page 60
Table 10. Shows Life insurance Policies.
Statistics life_insurance_policies N Valid Missing 100 0
life_insurance_policies Cumulative Percent 90.0 100.0
Valid
yes no Total
Frequency 90 10 100
Percent 90.0 10.0 100.0
Graph-10.
life_insurance_policies
100
Frequency
80
60
40
20
Yes
life_insurance_policies
No
Page 61
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI From the above table it is clear that 90%of respondents say yes, and 10% of respondents say no.
Table 11. Shows which companies presence is the most in Badami market.
Statistics diffrent_companies_in_Badami_market N Valid Missing 100 0
diffrent_companies_in_Badami_market Cumulative Percent 64.0 68.0 73.0 79.0 82.0 91.0 100.0
Valid
LIC ICICI Bajaj Allianz SBI Birla Sun Life Others Dont have policy Total
Frequency 64 4 5 6 3 9 9 100
Percent 64.0 4.0 5.0 6.0 3.0 9.0 9.0 100.0
Valid Percent 64.0 4.0 5.0 6.0 3.0 9.0 9.0 100.0
diffrent_companies_in_Badami_market
Graph-11.
60
40
20
0 Babasabpatilfreepptmba.com
Frequency
LIC
ICICI
Bajaj Allianz
SBI
Birla Sun Life
Others
Dont have
Page 62
policy
diffrent_companies_in_Badami_market
Inference: It is clear from the above table that 71% are having Life insurance from LIC. 10% of respondents have Life Insurance from SBI Life. Another 3% have made their Life Insurance from Bajaj Allianz.
From the above it understandable that Badami is an untapped market for private insurance players. Hence it has a great potential market which can be skimmed by the ICICI Pru.
Page 63
Table 12. Shows the most Popular Insurance product Preferred by the customer.
Statistics Different policies N Valid Missing 100 0
Different policies Cumulative Percent 3.0 37.0 63.0 64.0 71.0 86.0 90.0 100.0
Valid
Annuity Money Back Endornment Term ULIP Retirement Others Dont have polices Total
Frequency 3 34 26 1 7 15 4 10 100
Percent 3.0 34.0 26.0 1.0 7.0 15.0 4.0 10.0 100.0
Valid Percent 3.0 34.0 26.0 1.0 7.0 15.0 4.0 10.0 100.0
Graph-12.
Different policies
40
30
Frequency
20
10
Babasabpatilfreepptmba.com 0
Annuity Money Back Endornment Term ULIP Retirement Others
Dont have
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polices
Different policies
Inference: Customer Prefer Insurance Policy because it is a security in future. As it is investment, which will fetch them, returns in the future, so there fore they have financial security.
It is cleared from the above table that 38% of respondents have opted for money back policy. Another 28% of Respondents have taken the policy of Endowment. 16% of Life Insurers have chosen the Retirement Plan. Out of total 8% have preferred unit linked plans (ULIP). In Badami People are still not aware about the ULIP plans. As ULIP plans of ICICI are very good it can tap the Badami market very fast
Page 65
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 13. Shows preference in choosing a particular product.
Statistics Purpose_of_purchase N Valid Missing 100 0
Purpose_of_purchase Cumulative Percent 21.0 54.0 68.0 81.0 90.0 100.0
Frequency Valid For future and family security For children education Savings plan Investments Others Dont have Total 21 33 14 13 9 10 100
Percent 21.0 33.0 14.0 13.0 9.0 10.0 100.0
Valid Percent 21.0 33.0 14.0 13.0 9.0 10.0 100.0
Graph-13.
Purpose_of_purchase
40
30
Frequency
20
10
For future and Family security
For children Education
Savings Plan
Investments
Others
Dont have
Purpose_of_purchase
Page 66
Insurance: From the above table it is cleared that 37% of Life Insurers have taken the policy for Children Education. 23% of Respondents have taken Life Insurance for Security purpose. Another 15% of respondents have taken for saving and investments.
As we have seen earlier in the purpose of savings table that most of the people invest their savings in Education. So there is large scope for child plans most of business man invest in insurance for the tax purpose. Hence ICICI Pru. Has too much potential for plans which can be tax benefits for the investor.
Page 67
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 14. Shows the market potential in future.
Statistics Market_potential_in_future N Valid Missing 100 0
Market_potential_in_future Cumulative Percent 65.0 100.0
Valid
yes no Total
Frequency 65 35 100
Percent 65.0 35.0 100.0
Graph-14.
Market_potential_in_future
60
Frequency
40
20
Yes
Market_potential_in_future
No
Inference: From the above Table it clear that 65% of Respondents are interested to become the customers of ICICI Pru. Remaining 35 % can be potential customers in future
Page 68
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI Table 15. Shows market potential for which insurance product.
Statistics Market_potential_for_which_insurence_product N Valid Missing 100 0
Market_potential_for_which_insurence_product Cumulative Percent 18.0 29.0 45.0 55.0 65.0 100.0
Valid
Savings Protection Child plans Retirement Market linked do not have any interest Total
Frequency 18 11 16 10 10 35 100
Percent 18.0 11.0 16.0 10.0 10.0 35.0 100.0
Valid Percent 18.0 11.0 16.0 10.0 10.0 35.0 100.0
Frequency
Graph-15.
Market_potential_for_which_insurence_product
40
30
Frequency
20
10
Savings
Protection
Child plans
Retirement
Market_linked Do not have any Interest
Market_potential_for_which_insurence_product
Page 69
Inferences: It is clear from the above table that 28% of respondents are interested to buy the saving plans in future. 40% of respondents are interested to buy both child plan and retirement plan. Another 17% are Interest to Buy Protection Plans and remaining 15% are interested to invest in market-linked products.
Page 70
CHAPTER-V FINDINGS
1) There is huge potential in the Business Sector as well as professionals. Along with both these sector it can concentrate on education and house wives also. 2) We can interpret as less then 50% of the respondents save less than 4000. Hence people have to be convinced to spend out of these saving only. 3) It is basic need for taking life insurance it constitutes of 56%. Other than safety, tax exemption is another reason why people tend to take life insurance 20% of the respondents chooses tax exemption when they hear insurance policy. 4) As people here invest in insurance. And next persons who are investing in Shares and Mutual Funds for them ICICI Purs ULIP Plans can be offered. 5) As advertisement is one source of creating awareness. Its impact will be more effective if a Branch office is set up in Badami itself as ICICI has a brand value it will be establish business in Badami city. 6) ICICI Pru. has to focus on the income bracket of 10,000 to 20,000 only 17 % of Respondents cannot afford the ICICI Prus Plans as it is not their income capacity. So ICICI has to think on converting this 17% as the potential customers. 7) Insurance alone constitutes of 41% as the investment pattern of the savings. 30% of the respondent invests savings in Bank deposit. One more segment where people invest their savings is Mutual funds i.e., around 10% It is clear from the table that 7% of the respondents invest in the Shares. 8) The individual also gets a security towards life as it covers the risk of a person. As the above statistics shows 56% of people treat insurance as safety.
Page 71
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI 9) AS ICICI is using Adverting as a major tool Television being the most popular Source of awareness. 10) 35% of the respondents have moderate level of information about ICICI Pru. And 7% of respondents have poor information about ICICI pru. 11) From the above it understandable that Badami is an untapped market for private. Insurance players. Hence it has a great potential market which can be skimmed by the ICICI Pru. 12) In Badami People are still not aware about the ULIP plans. As ULIP plans of ICICI are very good it can tap the Badami market very fast 13) 65% of Respondents are interested to become the customers of ICICI Pru. Remaining 35 % can be potential customers in future
Page 72
RECOMMENDATIONS
Affordable schemes must be launched for the 20 30 year olds drawing less than 5000 rupees per month, as monthly income of the people residing here is less. Try to have awareness program in Dharwad that people living there can come to know the importance of the insurance. Company should increase the awareness of ICICI Life insurance products in areas of Badami which offers huge potential. Many respondents are savings to buy a house / site. ICICI prudential can capitalize on this yearning by offering house loans with low interest if customer takes up insurance policies. The market should be tapped by entering into lower segment, by offering less premium policies. It should establish a Branch office in Badami
Page 73
CONCLUSION
Now days there are many people, who want to invest their money in different investment instrument. People invest their money for different purposes like savings, tax savings, to gain returns, profits in future etc. I am sure the company will find my findings relevant and I sincerely hope it uses my suggestions enlisted, which I hope will take them miles ahead of competition. In short, I would like to say that the very act of the concerned management at ICICI Prudential in giving me the job of critically examining AWARENESS OF ICICI PRUDENTIAL IN BADAMI is a step in their continual mission of making all round improvements as a means of progress. I am sure the company has a very bright future to look forward to and will be a trailblazer in its own right.
Page 74
Annexure
QUESTIONNAIRE
Dear Sir / Madam 1.Name : 2.Address : 3.Phone No : 4.Occupition : a) Government Employee. c) Professional e) Others Piz Specify 5.Monthly Income : a) Less than 10,000. c) 20,000-30,000 e) More than 40,000. 6.Approximately Monthly Savings : a) Less than 2,000 c) 4,000-6,000 e) More Than 8,000 b) 2,000-4,000 d) 6,000-8,000 b) 10,000-20,000. d) 30,000-40,000 b) Businessmen d) Education
Page 75
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI 7.Purpose of Savings : a) Medical Expenses c) For child education e) Others 8.Where do you invest your Savings ? a) Bank Deposit c) Shares Gold e) Others 10.Do you know concerning ICICI Prudential Life Insurance Co. Ltd., a) Yes If you go to next question. In no skip . And go to 13th question . 11. How did you come to know about ICICI Prudential? a) News paper c) Advertisement e) Others 12.What is your level of information about the product of ICICI prudential ? a)Good b) Moderate c) Others b) ICICI Advisor d) Friends / Relatives b) No b) Insurance d)Mutual funds b) To purchase Assets d) For Retirement
13.Do you have any Life Insurance Policies ? a) yes b) No.
14.Which companys Policy do you have ?
Page 76
Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd. At BADAMI a) LIC c) Bajaj Allianz e) Sun life 15. Please mention the policy you have taken? a) Annuity c) Endowment Policy Term e) Retirement plan 16. For what purposes are purchased? a) For Future & Family Security c) Saving Plan e) Others Specify 17. Are you interested in any more policies in your future expect correct one ? a) Yes 18. Any Suggestion? b) No b) for Children Education d) Investment b) Money Back d) ULIP f) others b) ICICI Prudential d) SBI LifeBirla f) Others
Thank you for your feedback. I sincerely appreciate your honest opinion and will take your input into consideration while preparing my Project Report. If you have any comments or concerns about this survey please Contact;
Page 77
BIBLIOGRAPHY
To obtain more information regarding the present study and to substantiate it with Theoretical proof, the following references were made:
List of Books and other supplementary Material referred:
Textbook on Marketing Management, Kotler, Philip and Gary Armstrong, principle of Marketing, Pearson Education, 2
Broachers of ICICI prudential Life Insurance Co. Limited
Web sites visited:
www.google.com www.about.com www.iciciprulife.com
Page 78

A Project Report On Organization Study and Awareness of ICICI Prudential Life Insurance Co. LTD

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Organization Study and Awareness of ICICI Prudential Life Insurance Co. Ltd.

Awareness of ICICI Prudential Life Insurance Company Limited in Badami

STATEMENT OF THE PROBLEM

2.1 INTRODUCTION OF INSURANCE COMPANY

Brief History of Insurance

INSURANCE SECTOR REFORMS

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY.

Insurance Regulatory and Development Authority (IRDA)

A chairman 5 whole team members 4 part time members

Duties, Powers and Functions of IRDA

The Insurance industry in India can broadly classified in two parts.

Life Insurance Non life insurance Or General insurance

Fundamental principal of life Insurance contact:

Benefit of life Insurance:

NON LIFE (GENERAL) INSURANCE.

Table : 2 General Insurance:

2.2) VISION OF COMPANY

Company hopes to Achieve:

ORIGIN OF THE ORGANIZATION

FUTURE OF THE ORGANIZATION

Market-linked retirement products:

Life Link Pension II: is a single premium market-linked pension plan.

Group Insurance Solutions:

Flexible Rider Options:

ASSISTANT SALES MANAGER

3.1 Type of Research

3.2 Primary source of Date

Secondary source of Data

3.3 Sampling Techniques

3.4 Sample size:

3.5 Company Records:

Conducting a survey through personal interaction is tedious and time consuming

government employee business man profession education others Total

Percent 21.0 28.0 23.0 0 19.0 100.0

Valid Percent 21.0 28.0 23.0 0 19.0 100.0

Government Business man Profession Employee

monthly_income Cumulative Percent 17.0 61.0 80.0 87.0 100.0

Percent 17.0 44.0 19.0 7.0 13.0 100.0

Valid Percent 17.0 44.0 19.0 7.0 13.0 100.0

Percent 19.0 36.0 23.0 13.0 9.0 100.0

Valid Percent 19.0 36.0 23.0 13.0 9.0 100.0

Percent 15.0 23.0 35.0 16.0 11.0 100.0

Valid Percent 15.0 23.0 35.0 16.0 11.0 100.0

medical expenses purchase assets

for child education

bank deposits insurance shares gold mutual funds others Total

Percent 30.0 41.0 7.0 8.0 10.0 4.0 100.0

Valid Percent 30.0 41.0 7.0 8.0 10.0 4.0 100.0

0 bank deposits insurance shares gold mutual funds others

Inference: Babasabpatilfreepptmba.com Page 51

Table 6. Shows purpose of make the insurance

purpose_of_purchase_insurance N Valid Missing 100 0

purpose_of_purchase_insurance Cumulative Percent 56.0 63.0 83.0 97.0 100.0

safety uncertainty tax exemption profitability investment Total

Percent 56.0 7.0 20.0 14.0 3.0 100.0

Valid Percent 56.0 7.0 20.0 14.0 3.0 100.0

awareness_of_icici Cumulative Percent 67.0 100.0

Percent 67.0 33.0 100.0

Valid Percent 67.0 33.0 100.0

Percent 11.0 16.0 21.0 16.0 3.0 33.0 100.0

Valid Percent 11.0 16.0 21.0 16.0 3.0 33.0 100.0

level_of_information_about_icici Cumulative Percent 25.0 60.0 67.0 100.0

Good moderate Poor having no information Total