COMPANYS PROFILE DETAILS ABOUT 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 with its headquarters in the United Kingdom . ICICI Prudential was amongst the first private sector insurance companies, it began its operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudentials equity base is Rs. 11.85 billion. ICICI Bank and Prudential plc holding 74% and 26% stake respectively.

In the financial year ended March 31, 2005, the company earned Rs 1584 crore as new business premium for a total sum assured of Rs 13,780 crore and nearly 6,15,000 policies.

The company has a network of about 56,000 advisors; and 150 corporate agent tie-ups.

For the past four years, ICICI Prudential has retained its position as the No.1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Companys vision

To make ICICI Prudential the dominant Life and Pensions player based on trust, by offering world-class service. This is hoped to achieve by: 1. Understanding the needs of customers and offering them superior products and service. 2. Leveraging technology to service customers quickly, efficiently and conveniently. 3. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to policyholders. 4. Providing an enabling environment to foster growth and learning for employees. 5. And above all, building transparency in all dealings.

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion.

Promoters ICICI Bank ICICI (Industrial Credit and Investment Corporation of India) was established in 1955 with the objective of providing finance to the industries in the private sector. ICICI Bank 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 which includes mortgages , car and personal loans , credit and debit cards ,corporate and agriculture finance ; this is specialized subsidiaries . through a variety of delivery channels and

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 business in the UK and Europe, the US and Asia, provides retail financial services and products 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.

LITERATURE REVIEW

Product handbook for effective sales: - a comprehensive guide to product(ICICI Prudential Life insurance co .Ltd)

www.iciciprulife.com IRDA Updates

Source: The Economic Times, 16/12/2006 The telegraph India

India Info line Column Leader speak Thu, 29-Dec-2006 17:01:59 IST (GMT+5:30) The Hindu-Business Line Internet edition Financial Daily from THE HINDU group of publications Sunday, Dec 19, 2004

Indian Insurance Industry: New Avenues for Growth October 18-19, 2004, New Delhi

The Hindu

Online edition of India's National Newspaper

Thursday, March 22, 2007

Mint Business Newspaper( WSJ & H.T.) Feb.2007-April 2007

Market Linked Product

The switch gives the policyholder the control to change the investment patterns with changing needs at different Life stage. For example more Growth fund in the younger age, then switching into balanced fund with more responsibilities of family coming in and lately switching into the Income Fund, when at a later stage the risk-appetite decreases. The policyholder has the option of topping up his investments with Single Premium. The customer can effectively make top-ups looking at the market conditions and appropriately invest in the funds to generate value on the investment.

A systematic and strategic top-up strategy would help the policyholder to take the value of units closer to the death Benefit, much before than it would have normally happened by the natural growth in the fund. Thus one can get the death benefit literally without paying any insurance charges and also creates sizeable base of Unit Fund to get compounded over the years. The policyholder has the flexibility to do withdrawal at the different Life stages depending upon the needs. For example, people in the age bracket of 30-40 can do withdrawals just like an anticipated endowment for asset creation, whereas in the post- retirement phase this can be worked as a pension plan with systematic withdrawal.