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Titles Chapter I - Executive summary - Objectives of the study - Introduction - Purpose of the study - Scope of the study - Statement of the problem

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Chapter II - Organization Profile - Organization Chart

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Chapter III - Data collection method - Instrumentation techniques - Learning experience - Observation - Recommendations - Conclusion 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

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 a investment tool with regards to ULIP at ICICI Prudential Life Insurance Company Ltd, Hubli

A PROJECT REPORT ON Insurance as a investment tool with regards to ULIP at ICICI Prudential Life Insurance Company Ltd, Hubli

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

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 Mans 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 28 players including 14 Life and 14 General Insurance Companies. And Life Insurance is one of the most common forms of insurance. ICICI Prudential Life Insurance Company is an emerging star in the Private players with the competition being Global in nature BRIEF HISTORY OF INSURANCE: The business of insurance started with marine business. The first insurance policy was issued in 1583 in England. Some of the important milestones in the insurance business in India are: 1818: -The British introduce to India, with the establishment of the Oriental Life Insurance Company in Calcutta. 1850: - Non life insurance debuts, with Triton Insurance company. 1870: - Bombay Mutual Life Assurance Society is the first India-owned life insurer. 1907: - Indian Mercantile Insurance is the first Indian non-life insurer. 1912: -The Indian life assurance Companies act enacted to regulate the life insurance business. 1938: - The insurance act, which forms the basis for most current insurance laws, replaces earlier act. 1956: - Life insurance nationalized, government takes over 245 Indian and foreign insurers and provident societies. 1972: - Non Life insurance nationalized, GIC set up.

1993: - Malhotra Committee, headed by former BBI governor R.N. Malhotra, set up to draw up a 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. 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 12 th 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 fianc 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 Lloyds insurance pioneered the general Insurance way back in 1688, the first non-life Insurance Company set up shop in India was the Triton Insurance company of Calcutta. In 1907 the first Indian general insurer the Indian Mercantile insurance company started its operations. The New India Assurance Company Limited was incorporated in 1919. After independence the India Reinsurance Corporation was set up in 1956 and in 1957 the office of the controller of the

insurance was constituted. In 1968, that tariff advisory committee was set up to regulate the investment of the players and finally in 1972, the non-life insurance business in the country was nationalized and the general insurance company was formed as holding company with four subsidiaries, the National Insurance, Oriental Insurance, United India Insurance and the new India Assurance Company Limited. In the same year the National Insurance Company Limited was amalgamated with 22 foreign and 11 Indian Insurance companies. Thus over a period of two centuries, the Indian insurance industry has gone through the full circle. From being an open competitive market, it went through nationalization and has been subsequently liberalized again. Keeping in mind the national economic and commercial objective of India the government has set up IRDA on 7 th 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. 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 companys 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 ones family and perhaps; others in the event of death, especially premature death. Originally, policies were to provide for short period of time, covering temporary risky situations, such as sea voyages. As lie insurance became more established, it was realized what a useful tool it was for a number of 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 ones 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 ones 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 ones 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. 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 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 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.

IRDA Enablers:
In the new market set up, the IRDAs 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. Other Likely Players PNB Life Insurance, Reliance Life Insurance, Axa Bharti Enterprises. INDIAN INSURER WEBSITE Allianz Bajaj life allianzbajaj.co.in insurance Assurance Birla Sun Life Insurance Aviva Life avivindia.com Dabur India HDFC ICICI Vysya Bank Govt of India ampsanmar.com birlasunlife.com PROMOTER Bajaj Auto Sanmar Group Aditya Birla Group FOREIGN PROMOTER Allianz AG AMP, Australia Sun Life Financial, Canada Aviva Plc Standard Life Prudential Plc ING Group None

Insurance HDFC Standard dfcinsurance.com Life insurance ICICI Prudential iciciprulife.com Life Insurance ING Vysya Life ingvysyalife.com Insurance Life Insurance Licindia.com

Corporation Max New York maxnewyorklife.com MetLife India metlifeindia.com Insurance OM

Max India New York Life J&K Bank,Pallonji Metropolitan Life Insurance mahindra Old Mutual Plc Cardiff (arm of BNP Paribas) American International Group

& Co Kotak Omkotakmahindra.com Kotak sbilife.co.in

Mahindra Life SBI life insurance Tata-AIG insurance .

finance State Bank of India Tata Group

life tata-aig.com

INTRODUCTION ABOUT ULIP: The concept of ULIP came in to existence in 1960s 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 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 upto 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 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 naturethe 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. Investment tools of unit linked insurance plans :

FUND NAME ASSEET AND ITS ALLOCATION OBJECTIVES R.I.C.H: Returns from equity investment in four types of industries, viz, resources, investment/capital goods, consumption and human capital leveraged. Flexi growth II: Long term returns from an equity portfolio of large, mid and small capital companies. Multiplier II: Long term capital appreciation from equity portfolio. Flexi Balanced II: Balance of capital appreciation and stable returns from an equity (large, mid and small capital) and debt portfolio. Balancer II: Balance growth and steady returns from an equity and debt portfolio. Protector II: Accumulate steady income at a lower risk

MIN.

MAX.

POTENTIAL RISKREWARD

Equity and equity 80% related securities Debt, money 0% market, and cash.

100% High 20%

Equity and equity 80% related securities Debt, money 0% market, and cash. Equity and equity 80% related securities Debt, money 0% market, and cash Equity and equity 0% related securities Debt, money 40% market, and cash

100% High 20%

100% High 20% 60% Moderate 100%

Equity and equity 0% related securities Debt, money 60% market, and cash Debt insurance, money market, and 100% cash

40% Moderate 100%

100%

Low

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.

Contents o Organization Profile o Company profile o Organization Chart

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 Prudentials 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 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 Prudentials 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 tieups.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 Prudentials 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 Prudentials 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 companys range of unique unit-linked policies and pension plans. The companys 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 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 Prudentials 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 Companys 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.

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). 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: 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 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.

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.

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 2100 branches, which include 1,116 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 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. 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

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 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.

Management Profile: Directors


K. V. Kamath, Chairman Mark Norbom Lalita D. Gupte Kalpana Morparia Chanda Kochhar H. T. Phong M. P. Modi R. Narayanan Keki Dadiseth Shikha Sharma, Managing Director N. S. Kannan, Executive Director Governance Committee Sandeep Batra, Chief Financial Officer & Lalita D. Gupte H. T. Phong Company Secretary Shikha Sharma

Investment Committee
Lalita Chairperson H. T. Phong Shikha Sharma N. S. Kannan V. Rajagopalan Sandeep Batra Puneet Nanda D. Gupte,

Risk

Management

&

Audit Executive Committee


Shikha Sharma N. S. Kannan V. Rajagopalan Sandeep Batra Anita Pai

Committee
M. P. Modi, Chairman H. T. Phong Kalpana Morparia

Grievance Redressal Committee R. Narayanan, Chairman V. Rajagopalan Sandeep Batra Anita Pai

Joint Auditors S. R. Batliboi & Co. Chartered Accountants Haribhakti & Co. Chartered Accountants

Promoterss
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 Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks 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, 2008). 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, 2008) 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 capital stands at Rs. 4,780 crores (as of March, 2009) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2008 to March 31, 2009, the company has posted a growth of 13%, garnering total received premium (new business + renewal) of Rs 15,356 crores as against Rs 13,563 crores in FY2008 and has underwritten over 9 million policies since inception. The company has assets held over Rs. 32,000 crores as on March, 2009. 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 eight 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. INSURANCE PRODUCT AND SERVICE: ICICI Prudentials 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 Prudentials 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 companys 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 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 moneyback 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 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 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 customers profile, helping him achieve his desired financial goals. LifeLink 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 benfits of potentially higher returns while guaranteeing him that he will get back atleast all the premiums paid by him, while providing protection to your family with a life insurance cover. Invest Shield Cashbak is a unit linked plan that provides premium guarantee while maintaing 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. 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 investors 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. SmartKid 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 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 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.

AWARDS AND ACHIEVEMENTS

ICICI Pru 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 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.

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 InsurerRunner up at the Outlook Money & NDTV Profit Awards 2008

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.

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 INDYs Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television

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

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 InsurerRunner up at the Outlook Money & NDTV Profit Awards 2007

ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 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 Lifes 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

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

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

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 Prudentials 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 companys range of unique unit-linked policies and pension plans. The companys 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 ACNeilsen 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, Indias first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays.

Organizational chart:

Sampling o Data collection method o Instrumentation techniques o Learning experience

SAMPLING:-

Sample size Sampling Method Sample Plan Sample Unit

: 100 respondents : Random sampling : Personal Interview : Respondents in Hubli 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 companys brochures, manuals and annual reports.

External Data, on the other hand, was generated from research books and internet (websites).

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 questions response to reach into findings, suggestions and finally to the conclusion about the topic.

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 inplant training has provided a vital learning element in the career of freshers. 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 inplant 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 days 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 colleagues problems either physical or mental in comforting them, as would normally happen in a family set up.

1) Gender

Frequency Percent Valid Percent Valid Male Female Total 94 6 100 94.0 6.0 100.0 94.0 6.0 100.0

Cumulati ve Percent 94.0 100.0

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.

2) Occupation Frequen Percent Valid Cumulati cy Percent ve Percent 10 10.0 10.0 10.0 14.0 25.0 51.0 100.0 14.0 25.0 51.0 100.0 24.0 49.0 100.0

Valid

business man professional 14 s student 25 Others Total 51

100

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

3) Which of these are important while choosing life insurance? Frequency Percen Valid Cumulati t Percent ve Percent 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 future need Total 100 31.0 31.0 100.0

Valid

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.

4) In which company you have invested Frequency Percent Valid Cumulativ Percent e Percent 39 39.0 39.0 39.0 51.0 2.0 7.0 1.0 100.0 51.0 2.0 7.0 1.0 100.0 90.0 92.0 99.0 100.0

Valid

LIC ICICI Prudenti 51 al Reliance insuranc 2 e Bajaj 7 Allianzs if any 1 other Total 100

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 Allianzs and 1% of respondent other companies 5) How did you come to know the life insurance? Frequency Valid T.V. Advertisement 3 News paper/magazines Company advisor(agent) reference(friends relatives) if any other Total 4 61 26 6 100 Percent 3.0 4.0 61.0 26.0 6.0 100.0 Valid Cumulative Percent Percent 3.0 4.0 61.0 26.0 6.0 100.0 3.0 7.0 68.0 94.0 100.0

how did you come to know the life insurance


if any other reference(friends re T.V. Advertisement 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. 6) are you aware of ULIP in ICICI Prudential life insurance? Frequency Percen Valid Cumulati t Percent ve Percent 74 74.0 74.0 74.0 24 24.0 2.0 100.0 24.0 2.0 100.0 98.0 100.0

Valid

Yes No

Not 2 respond Total 100

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.

7) If yes, which insurance plan would like to invest in ICICI Prudential life insurance? Frequency Percen Valid Cumulati t Percent ve Percent 20 20.0 20.0 20.0 17.0 39.0 1.0 23.0 100.0 17.0 39.0 1.0 23.0 100.0 37.0 76.0 77.0 100.0

Valid

Smart kid lifetime 17 gold retireme 39 nt solution if other1 specify Not 23 respond Total 100

if yes, which insurance plan would like to invest in ICICI Prudential l


Not respond smart kid

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.

8) What factor consider while making the ULIP in ICICI

Frequency Percent Valid Percent Valid flexibility 9 security 11 returns 43


14 Full withdraw al 23 Not respond Total 100 9.0 11.0 43.0 14.0 9.0 11.0 43.0 14.0

Cumulat ive Percent


9.0 20.0 63.0 77.0

23.0

23.0

100.0

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. 9) Which premium payment method you have opted for

Frequency Valid yearly half yearly quartely monthly not responden t Total 28 34 9 6 23 100

Percent 28.0 34.0 9.0 6.0 23.0 100.0

Valid Cumulativ Percent e Percent 28.0 28.0 34.0 62.0 9.0 71.0 6.0 77.0 23.0 100.0 100.0

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.

10) How much risk involved in ULIP

Frequency Percen Valid Cumulati t Percent ve Percent Valid Low 5 5.0 40.0 32.0 23.0 100.0 5.0 40.0 32.0 23.0 100.0 5.0 45.0 77.0 100.0 average 40 High 32 Not 23 respond Total 100

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.

11) What is the premium you are paying per annum?

Frequenc Percent y Valid 10000 10000 -25000 2500050000 50000100000 Not respond Total 33 33 7 3 24 100 33.0 33.0 7.0 3.0 24.0 100.0

Valid Percent 33.0 33.0 7.0 3.0 24.0 100.0

Cumulati ve Percent 33.0 66.0 73.0 76.0 100.0

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 12) In future would like to invest in

Valid

Frequency PercentValid Cumulati Percent ve Percent 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. 13) Are you satisfied with the performance of the ULIP in ICICI Prudential life insurance?

Valid

Highly satisfied satisfied 33 moderate 8

Frequenc Percen Valid Cumulati y t Percent ve Percent 58 58.0 58.0 58.0 33.0 8.0 1.0 100.0 33.0 8.0 1.0 100.0 91.0 99.0 100.0

Highly 1 dissatisfied Total 100

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 . 14) Are you satisfied with the advisor of ICICI Prudential life insurance? Frequency Percen Valid Cumulati t Percent ve Percent excellent 58 58.0 58.0 58.0

Valid

Good

27

27.0 15.0 100.0

27.0 15.0 100.0

85.0 100.0

average 15 Total 100

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).

15) Satisfied level towards ULIP in ICICI Prudential life insurance

Frequenc Percent Valid Cumulati y Percent ve Percent

Valid

Highly satisfied satisfied neither satisfied or dissatisfi ed dissatisfi ed Total

53 41 3

53.0 41.0 3.0

53.0 41.0 3.0

53.0 94.0 97.0

3 100

3.0 100.0

3.0 100.0

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.

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%,

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 individuals 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.

o Questionnaire o Bibliography

QUESTIONNAIRE

1) Name: _________________________________________________

2) Age:

__________________________________________________ Male Female Professional Others __________________

3) Gender:

4) Occupation: Business man Student

5) Annual Income: Below & 1,00,000 3,00,000 4,00,000

1,00,000 2,00,000 5,00,000 & Above

6) Address: _______________________________________________________ _______________________________________________________ _______________________________________________________ 7) Contact number: _______________________________

8) Which of these are important while choosing the life insurance? Investment Tax Benefits Security Returns Savings Financial Future need

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

14) If yes, which insurance plan would like to invest in ICICI prudential? Smart kid Retirement solution Lifetime Gold If other specify_________

15) What factors consider while making the ULIP in ICICI a) Flexibility c) Returns b) security d) full withdrawal

If any other_____________________ 16) Which premium payment method you have opted for. Yearly Quarterly Half yearly 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 c) 25000-50000 b) 10000-25000 d) 50000-100000

19) In future you would like to invest in? Insurance Share market Mutual fund investing in gold Equity Bank Deposits

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

Thank you for your co-operation

Bibliography

1. www.iciciprulife.com

2. www.google.com 3. www.insurance.com

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