Insurance

Study of Insurance Sector
PROJECT REPORT ON
FIELD STUDY IN INSURANCE SECTOR WITH REFERENCE TO ICICI PRUDENTIAL
SUBMITTED BYMOZEM KHATIK YEAR: 2013-14 ROLL NO. 9004
CERTIFICATE OF SUPERVISIOR (GUIDE)
Certified that the work incorporated in this Project Report Field Study In Insurance Sector with reference to ICICI Prudential, submitted by Mozem khatik is his original work and completed under my supervision. Material obtained from other sources has been duly acknowledged in the Project Report.
Sandesh Tambe (Project Guide)

Date: Place:
PREFACE
Theory without practice has no fruit. Practice without theory has no root
The proverb is enough to understand the interdependence of theory and practical on each other. Teaching gives on insight into the theoretical aspects of management, but implementation of theory gives practical knowledge of the management field. In report writing various skills like analytical skills, communication skills, group behavior skills etc. are used. By writing reports students can learn all these skills. Before I present this report, I would like to say that, it is a mirror on a reflection of whatever I observed and came through during my project training.
ACNOWLEDGEMENT
OBJECTIVE OF THE STUDY
Management as a profession cant be taught merely in the four walls of classrooms. Only theoretical knowledge is not sufficient to build competitive managers. Practical knowledge of the business environment is equally important. In today business world, insurance sector is running towards its booming stage. This industry still has many things to come up to, so many changes and opportunities will be given by insurance industry. So I choose insurance industry for my project report in B.M.S. I choose ICICI Prudential Life Insurance is one of those private insurance players who entered the market before few years and made its own place among all its competitors. This report shows insurance sector & how insurance is most important part of life. And understand insurance definitions, different providers of life insurance and comparisons. It also shows ICICI Prudential Life Insurances Products.
TABLE OF CONTENT
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1 2 3 4 5
Contents
Page No.
6 7 8 9 10 11 12
Introduction Company Profile: ICICI Group Prudential Plc ICICI Pru Life Insurance Management Company Name & Address Companys Products Finance Department Research Design & Methodology Questionnaire SWOT Analysis Conclusion Bibliography
7 28 28 30 31 33 34 35 63 64 78 82 83 84
INTRODUCTION
INSURANCE:
Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals. The risks which can be insured against include fire, the perils of sea, death and accidents and burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Thus collective bearing of risk is insurance. People generally regard insurance as a scheme when and where you have to lose a lot to gain a little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for his future. Throughout our living existence, we are faced by numerous risks - failing health, financial losses, accidents and even fatalities. Insurance addresses all these uncertainties on
financial terms. The insurance industry in particular has been subjected to numerous changes in the last few decades since the need for insurance is more evident now than earlier. People's spending patterns are changing and more & more resources are needed for immediate consumption. In fact, it is recommended that you review your needs and insurance portfolio from time to time, say every 2-3 years.
GENERAL DEFINITION:
The general definitions are given by the social scientists & they consider insurance as a device to protection against risks, or a provision against inevitable contingencies or a co-operative device of spreading risks. Some of such definitions are given below: In the words of John Magee, Insurance is a plan by which large number of people associate themselves & transfer to the shoulder of all, risks that attach to individuals.
In the words of Sir William Bevridges, The collective bearing of risks is insurance.
In the words of Boone & Kurtz, Insurance is a substitution for a small known loss (the insurance premium) for a large unknown loss, which may or may not occur. In the words of Thomas, Insurance is a provision, which a prudent man makes against for the loss or inevitable contingencies, loss or misfortune.
In the words of Allen Z. Mayerson, Insurance is a device for the transfer to an insurer of certain risks of economic loss that would otherwise come by the insured. In the words of Ghosh & Agarwal, Insurance is a co-operative form of distributing a certain risk over a group of persons who are exposed to it.
PRINCIPLES OF INSURANCE
INSURANCE AS A SOCIAL SECURITY TOOL has gathered much significance today along with safety and saving which acts as the future provisions are the main aims of insurance. However, insurance is the special type of contract. It involves the following principles:
1. UTMOST GOOD FAITH: - Utmost good faith is one basic and primary principle for
insurance. It states that the insurance contract must be made in absolute good faith on the part of both the parties. It means both the parties insurer and insured must have the faith on each other. For this both the parties to the contract must disclose all the facts relating to the subject matter of insurance. But it is more on the insured, as he is in possession of the subject matter to be insured. It is necessary to disclose all the important, material fact about the contract to each other in full and trustfully. This principle is more important in life insurance because the information disclosed will affect the judgment of an insurance company to accept or reject the proposal. This principle is also applicable to general insurance.
2. INSURABLE INTEREST: - Insurable interest means the interest in the existence of the
subject matter and not in the destruction. The insured must have insurable interest in the life, article, and goods etc; which are insured. It means the relationship of the person who insures and the life or article insured. A person can assure in his own life and every part of it, and can insure for any sum whatsoever, as he likes. Similarly, a wife has an insurable interest in her husband and vice-versa. However, mere natural love and affection is not sufficient to constitute an insurable interest. It must be shown that the person affecting an assurance on the life of another is so related to that other person as to have a claim for support. FOR E.G.: An owner has insurable interest in his house and in his personal assets. A person has insurable interest in his own life & wife, nears & dears.
3. PRINCIPLE OF INDEMNITY: - To indemnify means to make good the loss. This principle
is the controlling principle of insurance. It means the insured is eligible to get an amount equal to the actual loss suffered by him. He cannot make out the profit out of the insurance company due to this principle.
FOR E.G.: if a person insures his property against fire for Rs.50, 000/- and when the property is burnt completely and its valve is found Rs. 40,000/- then insured will get 40,000/- or if property is of 50,000/- but after loss its valve is found 60,000/- then the insured will get 50,000/- and not more.
4. PRINCIPLE OF SUBROGATION:- This principle is also applicable only to general

insurance. It is nothing but the continuation of indemnity principle. If the insured is not convinced or satisfied with the principle of indemnity then only this principle is followed. According to this principle the claim is settled by the insurer up to the amount of the policy and insured has to transfer the possession and ownership of the subject matter to the insurer.
FOR E G. : A car owner has insured his car for Rs.5,00,000/- against risk of loss due to accidents and suppose further that his car meets with an accident he will claim Rs.5,00,000/- from the insurance company, but the company will not pay Rs.5,00,000/- it will pay the amount equal to the actual loss. The real loss is 3, 00,000/- because the undestroyed part of the car can be sold at Rs.2,00,000/-. Therefore if the car owner want Rs.5, 00,000/- then he has to transfer the possession and ownership of the car to the insurance company.
All the above four principles are applicable to fire insurance and marine insurance, but indemnity and subrogation are not applicable to life insurance.
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Insurance Sector Origin & Development

Insurance in the modern form originated in the Mediterranean during 13/14th century. The earliest references to insurance have been found in Babylonia, the Greeks and the Romans. The use of insurance appeared in the account of North Italian mercantile banks who then dominated the international trade in Europe at that time. Marine insurance is the oldest form of insurance followed by life insurance and fire insurance. The patterns that have been used in England followed in other countries also in these kinds of insurance. The origin and growth of Marine Insurance, Life Insurance, Fire Insurance and miscellaneous insurance are explained latter on this project.
Many friendly or benefit societies were founded to insure the life and health of their members, and many fraternal orders were created to provide low-cost, members-only insurance. Fraternal orders continue to provide insurance coverage, as do most labor organizations. Many employers sponsor group insurance policies for their employees; such policies generally include not only life insurance, but sickness and accident benefits and old-age pensions, and the employees usually contribute a certain percentage of the premium.
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HISTORY OF INSURANCE SECTOR IN INDIA
The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are: 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 businesses. 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 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. Some of the important milestones in the general insurance business in India are: 1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
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Study of Insurance Sector 1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company. LIC Housing Finance. Cholamandalam General Insurance GlaxoSmithKline Consumers American Express
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Indian Insurance Market-History:
Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General Insurance was however a comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalization b) Nationalization and c) Post Nationalization. Life Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various insurance companies. General Insurance followed suit and was nationalized in 1973. General Insurance Corporation of India was set up as the controlling body with New India, United India, National and Oriental as its subsidiaries. The process of opening up the insurance sector was initiated against the background of Economic Reform process which commenced from 1991. For this purpose Malhotra Committee was formed during this year who submitted their report in 1994 and Insurance Regulatory Development Act (IRDA) was passed in 1999. Resultantly Indian Insurance was opened for private companies and Private Insurance Company effectively started operations from 200
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Insurance Market Present
The insurance sector was opened up for private participation four years ago. For years now, the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fairly large number of insurers both life and nonlife segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe Capital requirement and foreign participation. Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million and that for reinsurance company is INR2000 million. A maximum 26% foreign equity stake is allowed in direct insurance and reinsurance companies. In the 2004-05 budgets, the Government proposed for increasing the foreign equity stake to 49%, this is yet to be effected. There are currently fourteen non-life insurance companies, out of which two are specialized Insurance companies viz. Agricultural Insurance Co, who handles Crop Insurance business and Export Credit Guarantee Corporation which only transacts export Credit Insurance. There are a total of 13 life insurance companies operating in India, of which one is a Public Sector Undertaking and the balance 12 are Private Sector Enterprises. Fifth largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. Its a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense. A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
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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. Competition Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the sector. 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. Regulatory Body the Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance- a part of the Finance Ministry- should be made independent 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) 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.
ii)
iii)
iv)
v)
The committee emphasized that in order to improve the customer services and increase the coverage of insurance policies, 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.
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RESENT 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 restructuring 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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Non-Life Insurance Market:

In December 2000, the GIC subsidiaries were restructured as independent insurance companies. At the same time, GIC was converted into a national re-insurer. In July 2002, Parliament passed a bill, delinking the four subsidiaries from GIC. Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers. Although the public sector companies still dominate the general insurance business, the private players are slowly gaining a foothold. According to estimates, private insurance companies have a 10 percent share of the market, up from 4 percent in 2001. In the first half of 2002, the private companies booked premiums worth Rs 6.34 billion. Most of the new entrants reported losses in the first year of their operation in 2001. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of most private projects is on a limited or non- recourse basis. Insurance companies not only provide risk cover to infrastructure projects, they also contribute long-term funds. In fact, insurance companies are an ideal source of long term debt and equity for infrastructure projects. With long term liability, they get a good asset- liability match by investing their funds in such projects. IRDA regulations require insurance companies to invest not less than 15 percent of their funds in infrastructure and social sectors. International Insurance companies also invest their funds in such projects. Insurance costs constitute roughly around 1.2- 2 percent of the total project costs. Under the existing norms, insurance premium payments are treated as part of the fixed costs. Consequently they are treated as pass-through costs for tariff calculations. Premium rates of most general insurance policies come under the purview of the government appointed Tariff Advisory Committee. For Projects costing up to Rs 1 Billion, the Tariff Advisory Committee sets the premium rates, for Projects between Rs 1 billion and Rs 15 billion, the rates are set in keeping with the committee's guidelines; and projects above Rs 15 billion are subjected to re-insurance pricing. It is the last segment that has a number of additional products and competitive pricing.
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Re-insurance business:
Insurance companies retain only a part of the risk (less than 10 per cent) assumed by them, which can be safely borne from their own funds. The balance risk is re-insured with other insurers. In effect, therefore, re-insurance is insurer's insurance. It forms the backbone of the insurance business. It helps to provide a better spread of risk in the international market, allows primary insurers to accept risks beyond their capacity settle accumulated losses arising from catastrophic events and still maintain their financial stability. While GIC's subsidiaries look after general insurance, GIC itself has been the major reinsurer. Currently, all insurance companies have to give 20 per cent of their reinsurance business to GIC. The aim is to ensure that GIC's role as the national reinsurer remains unhindered. However, GIC reinsures the amount further with international companies such as Swissre (Switzerland), Munichre (Germany), and Royale (UK). Reinsurance premiums have seen an exorbitant increase in recent years, following the rise in threat perceptions globally.
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Life Insurance Market:

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were underinsured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premium of the 12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, state owned LIC's new premium business has fallen. Innovative products, smart marketing and aggressive distribution. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unitlinked insurance schemes they have a virtual monopoly, with over 90 percent of the customers. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakhway bigger than the industry average. Buoyed by their quicker than expected success, nearly all private insurers are fast- forwarding the second phase of their expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to fight back to woo new customers.
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MALHOTRA COMMITTEE :
In 1993, the first step towards insurance sector reforms was initiated with the formation of Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra. The committee was formed to evaluate the Indian insurance industry and recommend its future direction with the objective of complementing the reforms initiated in the financial sector.
Key Recommendations of Malhotra Committee:

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. Competition Private Companies with a minimum paid up capital of Rs.1billion 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. Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance should be made independent.
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Study of Insurance Sector 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.
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. Malhotra Committee also proposed setting up an independent regulatory body - The Insurance Regulatory and Development Authority (IRDA) to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. The Insurance Act, 1938: The Insurance Act, 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. You can download the act by clicking here Life Insurance Corporation Act, 1956: Even though the first legislation was enacted in 1938, it was only in 19 January 1956, that life insurance in India was completely nationalized, through a Government ordinance; the Life Insurance Corporation Act, 1956 effective from 1.9.1956 was enacted in the same year to, interalias, form LIFE INSURANCE CORPORATION after nationalization of the 245 companies into one entity. There were 245 insurance companies of both Indian and foreign origin in 1956. Nationalization was accomplished by the govt. acquisition of the management of the companies. The Life Insurance Corporation of India was created on 1st September, 1956, as a result and has grown to be the largest insurance company in India as of 2006. General Insurance Business (Nationalization) Act, 1972: The General Insurance Business (Nationalization) Act, 1972 was enacted to nationalize the 100 odd general insurance companies and subsequently merging them into four companies. All the companies were amalgamated into National Insurance, New India Assurance, Oriental Insurance, and United India Insurance which were headquartered in each of the four metropolitan cities.
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Study of Insurance Sector Insurance Regulatory and Development Authority (IRDA) Act, 1999: Till 1999, there were not any private insurance companies in Indian insurance sector. The Govt. of India then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies into the insurance. Further, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies. In recent years many private players entered in the Insurance sector of India. Companies with equal strength competing in the Indian insurance market. Currently, in India only 2 million people (0.2 % of total population of 1 billion), are covered under Mediclaim, whereas in developed nations like USA about 75 % of the total population are covered under some insurance scheme. With more and more private players in the sector this scenario may change at a rapid pace.
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Life Insurance Companies at a Glance:
a) LIFE INSURANCE CORPORATION OF INDIA:

On January 19, 1956 the President of the Indian Union issued an ordinance, providing for the taking over, in public interest, of the management of life insurance pending nationalization of such business, & the then Finance Minister explained the objectives of nationalization of life insurance business. In June 1956, the parliament passed a bill for nationalization of life insurance business in India and for setting up a corporation as the sole agency for carrying on this business in India. The corporation, set up under this Act, is known as Life Insurance Corporation of India, which started functioning on September 1, 1956. For the purpose of servicing of policies issued before September 1, 1956, some integrated head offices & integrated branch office units were created. These offices have nothing to do with the policies issued by the corporation. Corporation also took over foreign life business of the Indian insurers.
Objectives of LIC:
Maximize mobilization of peoples savings by making insurance linked savings adequately attractive. Conduct business with utmost economy & with the full realization that the moneys belong to the policyholders. To publicize & extent the insurance business specifically in rural & remote areas. To provide suitable financial security at reasonable cost. To make the investments more dynamic by popularizing the savings plans attached with insurance. To invest the insurance fund keeping with maximum benefit & interest of insureds. To run the insurance business at minimum administrative costs. To function as trusts of the insureds. To fulfill the needs of the society in a changing social and economic environment. To make the employees collectively responsible for providing efficient services to the insureds.
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HDFC LIFE INSURANCE COMPANY:
STANDARD
HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC, Indias largest housing finance institution and Standard Life Assurance Company, Europes largest mutual life company. HDFC manages Rs. 21,450 Crores in assets and Standard Life manages over US $100 billion in assets. Both the promoters are well known for their ethical dealings, their financial strength and their commitment to be a long-term player in the life insurance industry.
MAX NEW YORK LIFE INSURANCE COMPANY:

Max New York Life Insurance Company is a joint venture between New York Life International Inc. and Max India Limited. New York Life, a Fortune 100 Company, is one of the worlds experts in life insurance with over 156 years of experience in the business and over US$ 165 billion (Rs. 775,000 Crores) in assets under management. Max India Limited is a multi-business corporate, focused on the knowledge, people, and service-oriented business of life insurance, healthcare and information technology.
ICICI PRUDENTIAL LIFE INSURANCE 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).
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OM KOTAK MAHINDRA LIFE INSURANCE:
Om Kotak Mahindra Life Insurance, a company under Kotak Mahindra Group is a 74:26 life insurance joint venture between Kotak Mahindra Finance Limited with Old Mutual, U.K. The philosophy of Om Kotak Mahindra is helping their customers take financial decisions at every stage in life. Their aim is to consistently offer a wide range of innovative life insurance products, to help their customers remain financially independent, which is why they believe that freedom to take life on "Jeene Ki Aazadi" The alliance of Om Kotak Mahindra with Old Mutual has given it unmatched expertise in life insurance area. With 156 years of experience in life insurance business, Old Mutual is today an International Financial Service Group based in London.
BIRLA SUN LIFE INSURANCE COMPANY:

It is a joint venture of Aditya Birla Group and Sun Life Financial Services with the objective that Insurance is not about something going wrong. It's often about things going right. One of the wonders of human nature is that we never believe anything can actually go wrong. Surely, life has its share of ifs. At Birla Sun Life however, we believe it has its equally pleasant share of buts as well. We at Birla Sun Life stand committed to helping you realize those happy moments, which make a life. Be it living the same lifestyle in your post retirement days or providing a secure future for your loved ones, in case something happens to you.
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TATA AIG LIFE INSURANCE COMPANY:

Tata AIG is a joint venture that is backed by the Tata Group Indias most respected industrial conglomerate, with revenues of more than US $8.4 billion, and American International Group, Inc. (AIG) the leading US-based international insurance and financial services organization, with a presence in over 130 countries and jurisdictions throughout the world. Tata AIG offers a gamut of innovative products in the Life Insurance sector.
SBI LIFE INSURANCE COMPANY:

SBI Life Insurance Company Ltd. is a joint venture between State Bank of India and Cardiff of France. SBI is the largest bank in India and Cardiff is a leading insurance company in France operating in 29 countries. Cardiff is a wholly owned subsidiary of BNP Paribas, the largest European Bank.
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COMPANY PROFILE
INTRODUCTION TO COMPANY
ICICI GROUP:
ICICI Bank is Indias second-largest bank with total assets of about Rs.112.024 crore and a network of about 450 branches and offices and about 1750 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customer 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, asset management and information technology. ICICI Banks equity shares are listed in India on stock exchanges at Chennai. Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
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Study of Insurance Sector ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly owned subsidiary. ICICIs shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Banks acquisition of Bank of Mathura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium term and long term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank, In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the management of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI groups universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entitys access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payment system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICIs strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, Particularly fee-based services, and access to the vast talent pool of ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, With ICICI Bank. Shareholders of ICICI and ICICI BANK approved the merger in January 2002, by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI groups financing and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI Bank is the only Indian company to be rated above the country rating by the international rating agency moody s and the only Indian company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all Leading Indian rating agencies.
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PRUDENTIAL PLC:
Established in 1848, today prudential plc is a leading international financial services company with some 16 million customers, policyholders and unit holders and some 20,000 employees worldwide. In the UK Prudential is a leading life and pensions provider with around seven million customers. M&G was acquired by Prudential in 1999 and is the Groups UK and European fund manager, responsible for managing over of 111 billion of funds (as at December 2003). Launched by Prudential in 1998, Egg is an innovative financial services company, with over three million customers, with nearly six per cent of UK credit card balances. In Asia, Prudential is the leading European life insurer with 23 life and fund management operations in 12 countries serving some five million customers. In the US, Prudential owns Jackson National Life, a leading life insurance company, and has more than 1.5 millions policies and contracts in force. 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 UKs Largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region. Prudential plcs strong mix of business around the world positions us well to benefit from the growth in customer demand for asset accumulation and income in retirement. Our international reach and diversity of earnings by geographic region and product will continue to give us significant advantage. Our commitment to the shareholders who own Prudential is to maximize the value over time of their investment. We do this by investing for the long term to develop and bring out the best in our people and our businesses to produce superior products and services, our international peer group in terms of total shareholder returns.
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ICICI Prudential Life Insurance:
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 s equity base stands at Rs.6.75 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. Today, the nation-wide reach includes 1,960 branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 banc assurance partners. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.
EDGE: The ICICI Prudential edge comes from the commitment to our customers, in all that we
do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders. 1. The products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products. 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process.
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Study of Insurance Sector 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the longterm.
Vision & Values:

To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by: (a) Understanding the needs of customers and offering them superior products and service. (b) Leveraging technology to service customers quickly, efficiently and conveniently (c) Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders (d) Providing an enabling environment to foster growth and learning for our employees (e) And above all, building transparency in all our 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. Each of the values describes what the company stands for, the qualities of the people and the way they work. The co. do believe that we are on the threshold of an exciting new opportunity, where the co can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all emplyees do, and have become the keystones of our success.
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MANAGEMENT:
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.
Chairperson: Ms. Chanda D. Kochhar Director: Mr. N. S. Kannan Director: Mr. K. Ramkumar Director: Mr. Barry Stowe Director: Mr. Adrian OConnor Independent Director: Mr. Keki Dadiseth Independent Director: Prof. Marti G. Subrahmanyam Independent Director: Ms. Rama Bijapurkar Independent Direct: Mr. Vinod Kumar Dhall Managing Director & CEO: Mr. V. Vaidyanathan
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Company Name & Address:
Name:
ICICI PRUDENTIAL LIFE INSURANCE
Address:
Head Office:
ICICI Prudential Life Insurance 1st Floor, Appasaheb Marathe Marg, Prabhadevi, MUMBAI 400013
Branch Office: ICICI Prudential Life Insurance

Krishna Palace , 3rd floor, Tejgarhi, Garh Road, Meerut, Uttar Pradesh, Pin-250005
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ICICI Prudentials Product:
ICICI Prudential has a wide array of Insurance Plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart from a host of other factors.
Life Insurance Plans:

Under Life insurance plans, ICICI Prudential offers plans under the following major need categories:
Education Insurance Plans:

One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided. ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you.
Plan Name Plan Type Unit Linked ICICI Pru SmartKid Assure Unit Linked ICICI Pru SmartKid Maxima
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ICICI Prudential Smart kid Assure: As a loving and caring parent, you
would like to ensure that your children get the best of opportunities to realise their dreams. However, providing these opportunities to your children comes at a cost and you have to save wisely so that these costs are met, even in your absence. Presenting ICICI Pru SmartKid Assure, an ideal insurance cum savings product which allocates your assets based on your chosen portfolio strategy and whose benefits continue even if you are not around to take care of your child. Start investing today to ensure that your childrens dreams turn into reality. Minumum Premium Modes of premium payment Minimum Sum Assured Maximum Sum Assured Minimum/Maximum age at entry(Parent) Minimum/Maximum age at entry(Child) Maximum age at maturity(Parent) Minimum/Maximum age at maturity (Child) Minimum/Maximum Policy term Rs. 15,000 per annum Yearly/Half Yearly/Monthly 5 times Annual Premium, subject to minimum of Rs. 1,00,000 As per the maximum sum assured multiples 20/60 years
0/15 years 75 years 18/30 years 15/25 years
ICICI Pru SmartKid Assure : UIN 105L106V01
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Features and Benefits:

Complete protection: Lump sum payment of Sum Assured plus payment of future premiums by the Company in the unfortunate event of death of the parent (Life Assured) Guaranteed Addition (GA): 120% to 170% of annual premium allocated to your Fund Value at the end of the 15th Policy year* LifeCycle based Portfolio Strategy: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age Additional allocation of units: More than 100% allocation to funds on premium payment, from the 6th Policy year onwards Partial withdrawals: Facility to provide money at key educational milestones for your child.
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ICICI Prudential Smart kid Maxima: As parents, we want to provide the

best that we can offer for our children and this includes planning for the best possible education. With the rising cost of education, you need a savings plan that is designed to provide adequate money at key educational milestones and take care of your loved ones even if you are not around. With this objective in mind, ICICI Prudential Life Insurance now presents ICICI Pru SmartKid Maxima. With this product, you can safeguard your childs education and ensure that your loved ones stay financially secure in your absence. Additionally this product also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity market from any future equity market volatility.
Minimum Premium
Rs. 12,000 p.a. for yearly mode Rs. 15,000 p.a. for half yearly & monthly mode Yearly/ Half yearly/ Monthly 5 X Annual Premium, subject to a minimum of Rs. 1,00,000 As per the maximum Sum Assured multiples, subject to a minimum of Rs. 1,00,000 20 / 60 years
Modes of Premium Payment Minimum Sum Assured
Maximum Sum Assured Minimum/ Maximum age at entry (Parent) Maximum age at maturity (Parent) Minimum/ Maximum age at entry (Child) Minimum/Maximum age at maturity (Child) Policy Term
75 years
0 / 15 years
18 / 30 years 10 / 15 / 20 / 25 years
ICICI Pru SmartKid Maxima : UIN 105L104V01
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Features and benefits:

Complete protection: Lump sum payment of Sum Assured plus payment of future premiums by the Company in the unfortunate event of death of the parent (Life Assured) Trigger Portfolio Strategy: A unique portfolio strategy to protect gains made in equity markets from any future equity market volatility. Guaranteed Additions: Additions of 60% of annual premium accrue to your Fund Value every five years, starting from the end of 10th Policy year, on payment of all due premiums. Partial withdrawals: Facility to provide money at key educational milestones of your child.
ICICI Prudential Smart kid Regular Premium: ICICI Prudential's SmartKid is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur. Read more about the features and benefits of SmartKid.
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Plan Name ICICI Pru ACE ICICI Pru Premier Wealth ICICI Pru Assure Wealth ICICI Pru LifeTime Maxima ICICI Pru Pinnacle
Plan Type Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
You have always wanted the best in life. Just like you, your investments also deserve the very best. Similarly, your financial planning needs the best that money can buy. Importantly, you need a plan that helps you achieve your dreams and also protect them in adverse conditions. Keeping this in mind, ICICI Prudential brings you ICICI Pru Ace, a savings plan which offers you the best value for your hard earned savings. Minimum Premium Modes of Payment Minimum Sum Assured Maximum Sum Assured Min / Max age at entry Min / Max age at maturity Policy Term ICICI Pru ACE : UIN 105L105V01 Rs. 18,000 p.a Yearly / Half Yearly / Monthly 5 times Annual premium subject to min of Rs. 100,000 As permaximum sum assured multiples 0 / 65 yrs 18 / 75 years 10 - 30 years
ICICI Pru ACE:
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Features:
Trigger Portfolio Strategy: Option to choose a unique portfolio strategy to protect gains made in equity markets from any future equity market volatility 100% allocation: At premium payment, in the asset class of your choice Loyalty Additions: At the end of every five policy years, starting from the 10th policy year, on payment of all premiums Additional allocation of units: More than 100% allocation to funds on premium payment from the sixth policy year to the end of the policy term Automatic Transfer Strategy: An option that helps you eliminate the need to time your investment
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ICICI Pru Premier Wealth: Just like you your investments also deserve the best. It
should not only give you higher returns but also protection and that too at a minimal cost. Keeping this in mind, ICICI Prudential brings you ICICI Pru Premier Wealth. This policy offers you a unique investment strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. In addition, it also provides an insurance cover. So, realize your dreams without compromising your familys protection
Minimum Premium Modes of Premium Payment Minimum Sum Assured Maximum Sum Assured Minimum/ Maximum age at entry Minimum/ Maximum age at maturity Policy Term
Rs. 18,000 per annum Yearly/ Half yearly/ Monthly 5 X Annual Premium, subject to a minimum of Rs. 100,000 As per the maximum sum assured multiples 0 / 65 years 18 / 75 years 10 / 15 / 20 / 25 / 30 years Premium and any benefit amount received under this policy will be eligible for the tax benefit as per the prevailing Income Tax laws
Tax Benefits
ICICI Pru Premier Wealth : UIN 105L097V01
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Investment option: The product will offer the customer multiple investment options, to provide more freedom in terms of how he/she wants his/her money to be invested. The product will be available with 2 portfolio strategies 1. Trigger Portfolio Strategy 2. Fixed Portfolio Strategy Additional allocation: Additional allocation of units from 6th year onwards that will result in more than 100% allocation to funds on premium payment. Loyalty Bonus: At the end of every five policy years, starting from the 10th policy year, paid irrespective of the premium payment status. Partial Withdrawals: 1 partial withdrawal allowed every 3 years starting from the 6h policy year. Death benefit: Sum Assured or Fund Value, whichever is higher. Maturity benefit: Fund value. Alternatively, settlement options can be chosen
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ICICI Pru Assure Wealth: You want your investments to work as hard as you
do in order to help you achieve your goals. You also want to be rewarded with life long benefits so that you have the peace of mind you always desired. Presenting ICICI Pru Assure Wealth, a whole life insurance and savings product, that rewards you with a guaranteed addition and also provides you an insurance cover so that your loved ones are taken care of in your absence. Minimum Premium Modes of Premium Payment Minimum Sum Assured Maximum Sum Assured Minimum/Maximum Age Entry Policy Term Rs. 12,000 per annum Yearly/Half yearly/Monthly 5 X Annual Premium, subject to a minimum of Rs.1,00,000 As per the maximum Sum Assured multiples at 0/55 years Whole Life
ICICI Pru Assure Wealth : UIN 105L98V01
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Guaranteed Addition (GA): A Guaranteed addition varying from 120% to 180% of one annual premium is added to your Fund Value at the end of the 15th Policy year*. Whole Life: Enjoy the benefits of staying invested throughout your life. LifeCycle based Portfolio Strategy: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age. Choice of variants: You can choose between two product variants: 1. Assure Wealth Super 2. Assure Wealth Plus Partial withdrawals: Facility to withdraw money for your liquidity needs
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ICICI Pru LifeTime Maxima: Money saved is money earned. Whenever the
value of your investment rises, you would like to ensure that the gains you have made are safeguarded. Keeping this in mind, ICICI Prudential brings you ICICI Pru LifeTime Maxima. This policy offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. In addition, it also provides an insurance cover. So, realize your dreams without compromising your familys protection. Minimum/Maximum Entry Age Maximum Maturity Age Policy term Minimum/ Maximum Sum Assured Premium Payment Frequency Minimum Premium 0/65 years 18/75 years 10/15/20/25/30 years 5 X Annual premium / As per the SA multiple matrix
Monthly, half-yearly, yearly Rs.24,000 per annum Premium and any benefit amount received under this policy will be eligible for the tax benefit as per the prevailing Income Tax laws.
Tax Benefit
ICICI Pru LifeTime Maxima : UIN 105L096V01
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Investment option: The product will offer the customer multiple investment options, to provide more freedom in terms of how he/she wants his/her money to be invested. The product will be available with 2 portfolio strategies Trigger Portfolio Strategy Fixed Portfolio Strategy Additional allocation: Additional allocation of units from 6th year onwards that will result in more than 100% allocation to funds on premium payment. Partial Withdrawals: 1 partial withdrawal allowed every 3 years starting from the 6h policy year. Death benefit: Higher of Sum Assured and Fund Value Maturity benefit: Fund value. Alternatively, settlement options can be chosen
ICICI Pru Pinnacle: ICICI Pru Pinnacle is a unit linked insurance policy that offers the advantage of varying exposure to equities along with downside protection, so that your investments are protected in financially volatile times. It also offers a limited premium payment term while allowing you to enjoy insurance protection for a longer period.
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ICICI Pru Pure Protect: As the head of your family, you have always fulfilled
your responsibilities and given your family the comforts they wanted. You have always been there for them. However, life is full of uncertainties. So, it is important to ensure that your family is protected, should something unfortunate happen to you. Keeping this in mind, we bring to you, ICICI Pure Protect, with which you can insure your life and provide total security to your family, at a very affordable cost. ICICI Pru Pure Protect is a term plan (Without Return of Premium) which will be available in two variants: 1. ICICI Pru Pure Protect Classic: For Sum Assured of up to Rs. 25,00,000 2. ICICI Pru Pure Protect Elite: For Sum Assured of Rs. 25,00,000 and above Invest in the plan that best suits your protection needs and guarantees lifelong comfort and security to your family. Safeguard your family from financial insecurity with the shield of ICICI Pru Pure Protect at very affordable rates. Features Minimum Annual Premium Minimum / Maximum Entry Age Maximum Age at Maturity Term Minimum Sum Assured Maximum Sum Assured Premium Payment Frequency Tax Benefit Pure Protect Classic Rs. 2400 p.a. ( with service tax ) Pure Protect Elite
18 - 65 years 75 years 10 - 30 years Up to Rs. 25,00,000 Yearly, Half Yearly, Monthly Premium paid for the policy will be eligible for tax benefit under section 80C, any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws Rs. 25,00,000
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Death benefit: Provide for your beneficiary to receive the Sum Assured should something happen to you. Maturity benefit: There are no maturity benefits available under this plan. Tax benefits: Receive tax deductions on premiums paid (u/s 80 C). Enjoy tax exemptions on death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws.
Additional Benefits
For added protection of your family against any unfortunate eventualities, we offer you the following benefits at a nominal extra cost. Accidental Death and Disability Benefit Rider: On death of the life assured due to an accident, the beneficiary gets the additional Sum Assured under the Rider. In case of death due to accident while the life assured is using, as a fare paying passenger, authorized public mass surface transport, namely bus or train, operating under terms of such authorization the beneficiary gets twice the Sum Assured under the rider. In the event of total and permanent disability, 10% of the Rider Sum Assured is paid out every year, for 10 years. Waiver of Premium Rider: In case of total and permanent disability due to an accident, under this rider the company will pay the remaining premiums till maturity.
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LifeGuard: Protect your family with ICICI Prudential's LifeGuard. LifeGuard acts
as a shield that safeguards your loved ones from financial insecurity, at all times. A cost-effective plan, LifeGuard comes in two variants: LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security. Protect your family with ICICI Prudential's LifeGuard. LifeGuard acts as a shield that safeguards your loved ones from financial insecurity, at all times. A cost-effective plan, LifeGuard comes in two variants: LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security. Plan LifeGuard with Return of Premium LifeGuard Single Premium Minimum Sum Assured Rs 5 Lakhs Rs 2.5 Lakhs Policy Term Between 10 & 30 years Between 3 & 15 years Premium* Installments Monthly, half-yearly or annually Single Premium plan
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LifeGuard offers a choice of 2 life insurance plans: LifeGuard with Return of Premium and LifeGuard Single Premium. Take a look at the features and benefits of the plans: Death benefit: Provide for your beneficiary to receive the Sum Assured should something happen to you. Extended life cover: Invest in LifeGuard with Return of Premium plan and safeguard your family with an additional coverat 50% of the original Sum Assuredfor 5 years after your policy terminates. Additional riders: Protect your family from accidents and disability by adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR). ADBR: The rider benefit amount will be paid to your family in the event of death or disability due to an accident.
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Save'n'Protect: Assure your loved ones stay secure, even when you are unable to
hold up the protective umbrella yourself. Invest in ICICI Prudential's Save'n'Protect life insurance scheme, and in addition to safeguarding your family, Save'N'Protect will enable you to make regular, systematic savings, so you can effortlessly provide your family with every comfort and meet your long-term financial objectives. Minimum Sum Assured Minimum Term Maximum Policy Term Minimum Entry Age Maximum Entry Age Maximum Age at maturity Minimum Premium Tax Benefit Rs 50,000 10 years 30 years 0 60 years 70 years Rs 6000 p.a.
Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under section 80C & 80D respectively, any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws.
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When you invest in SaveNProtect, you give yourself the guarantee of safeguarding your familys well-being in addition to savings towards some important goals. Take a look at the features and benefits of this plan: Sum Assured: Choose your Sum Assured depending on the level of cover with which you want to protect your family. The minimum Sum Assured is Rs. 50,000. 3 premium paying modes: Choose to pay your premium in monthly, bi-annual or annual installments. Your premium is determined based on your age and the Sum Assured you choose. Death benefit: Your nominee will immediately receive the Sum Assured and accrued guaranteed and vested bonuses, should something happen to you. Maturity benefit: Receive guaranteed and vested bonuses plus the Sum Assured when your policy matures. Extended life cover: Opt to protect your family even after you have stopped paying the premium. Enjoy an extended cover for 5 years, at 50% of the Sum Assured, after your policy matures. Additional riders: Keep your family financially secure even in the event of a critical illness, accident and disability. Invest in Critical Illness Rider (CIR), Accident and Disability Benefit Rider (ADBR) and Accident Benefit Rider (ABR). Tax benefits: Enjoy tax deductions on your premiums (u/s 80 C) and tax exemptions on maturity proceeds and death benefit [u/s 10 (10 D)] as per prevailing Income Tax laws.
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Pension & Retirement Solutions

The primary objective of a pension plan is to help you provide for your financial needs in your post retirement years. You will find a Pension Planning Calculator on the site, meant to make your pension plan review as simple as possible. The calculator is the first step in your Pension Plan scheme; there are other steps towards getting the Indian pension policy you need.
ICICI Pru Lifetime Pension Maxima

In the prime of your life and at the peak of your career, you enjoy all the comforts of life. A happy family, your own home and car, frequent dining out, holidays in India and abroad... these are pleasures you are used to today. Wouldn't you wish to continue enjoying them even after you stop working? You can, if you plan for it now. All you need is a good retirement plan. At ICICI Prudential Life Insurance, we understand your needs and help you plan for a better future. We bring to you ICICI Pru LifeTime Pension Maxima, a regular premium, unit-linked pension product. This product offers you the flexibility to invest in unit-linked funds that generate potentially higher returns over the long term. This product also offers you a unique strategy that allows you to protect gains made through your funds invested in the equity markets from any future equity market volatility. So, start investing today to realize your retirement dreams. Minimum Premium Modes of Premium Payment Minimum/Maximum Sum Assured Minimum/Maximum Age at Entry Minimum/Maximum Age at Vesting Maximum cover ceasing age Policy Term Rs.10,000 p.a. for yearly mode Rs.15,000 p.a. for half yearly & monthly mode Yearly / Half yearly / Monthly 0/As per the sustainability matrix 18 / 70 years 50 / 80 years 80 years 10 to 60 years, allowed only in multiple of 5 years
ICICI Pru Lifetime Pension Maxiam : UIN 105L101V01
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Trigger Portfolio Strategy: A unique portfolio strategy to protect gains made in equity markets from any future equity market volatility while maintaining a pre-defined asset allocation Additional allocation of units: More than 100% allocation to funds on premium payment from the sixth policy year onwards Loyalty Addition: At the end of every five policy years, starting from the 10th policy year, paid irrespective of the premium payment status Flexibility to increase your investment by investing additional money over and above your regular premiums as top ups ATS: Eliminate the need to time your investment with the Automatic Transfer Strategy. Five pension options: Flexibility to choose a pension plan as per your needs.
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ICICI Pru Life Stage Pension Advantage:

The word retirement brings to mind beautiful images of a comfortable and relaxed life. A life spent in the company of your loved ones and free of the worries and tensions of work. To ensure that this dream is realized, you need to build an adequate retirement corpus, which will allow you to be free from any financial worries. To help you achieve this goal, ICICI Prudential presents ICICI Pru LifeStage Pension Advantage. The distinguishing feature of this policy is that it has no premium allocation charge for any regular premiums, which means 100% of your money is invested at premium payment. This policy also provides you with a unique lifecycle-based investment strategy that continuously re-distributes your money across various asset classes based on your life stage and risk tolerance, eventually providing you with a customized retirement solution. So, start investing today to realize your retirement dreams. Rs. 15,000 per annum Yearly/Half yearly/Monthly 0/As per the sustainability matrix 18/70 years 50/80 years 75/80 years 10 to 60 years, in multiples of 5 years Premium and any benefit amount received under this policy will be eligible for the tax benefit as per the prevailing Income Tax laws.
Minimum Premium Modes of Premium Payment Minimum/Maximum Sum Assured Minimum/Maximum Age at Entry Minimum/Maximum Age at Vesting Maximum cover ceasing age Policy Term
Tax Benefits
ICICI Pru LifeStage Pension Advantage: UIN : 105L100V01
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Features and benefits

Investment option: The product will offer the customer multiple investment options, to provide more freedom in terms of choice of investment. The product will be available with 2 portfolio strategies 1. Lifecycle based Portfolio Strategy 2. Fixed Portfolio Strategy Additional allocation: Additional allocation of units from 6th year onwards that will result in more than 100% allocation to funds on premium payment. Partial Withdrawals: 1 partial withdrawal allowed every 3 years starting from the 6h policy year. Death benefit: Sum Assured or Fund Value, whichever is higher Five pension options: provide you the flexibility to choose a pension plan as per your needs.
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ICICI Pru Assure Pension:

A retirement plan provides you an income to enjoy a comfortable lifestyle even after you stop working. Presenting ICICI Pru Assure Pension, an innovative pension product especially designed to help you systematically save towards a joyful and carefree retirement. Moreover, this product provides you with a unique LifeCycle based Portfolio Strategy that regularly re-distributes your money across various asset classes based on your life stage, eventually providing you with a customized retirement solution. Rs 15,000 p.a. Yearly / Half yearly / Monthly 18 / 65 years 50 / 80 years 80 years
Minimum Premium Mode of Premium Payment Min / Max Age at Entry Min / Max Age at Vesting Max cover ceasing age ICICI Pru Assure Pension : UIN 105L102V01

Guaranteed Addition (GA): 120% to 170% of one annual premium, based on number pf premiums paid, allocated to your Fund Value at the beginning of the 15th Policy year Additional allocation of units: More than 100% allocation to funds on premium payment from the 6th Policy year onwards LifeCycle based Portfolio Strategy: A unique and personalized strategy to create an ideal balance between equity and debt, based on your age Fixed Portfolio Strategy: Choose from 7 investment funds to invest your money, based on your financial goals and risk profile. You can switch funds 4 times a year, at no cost. For subsequent switches you will be required to pay a switch fee of Rs. 100. Partial withdrawal benefit: To ensure liquidity, you will be entitled to make one partial withdrawal, every three policy years, up to a maximum of 20% of the Fund Value. The partial withdrawals are free of cost. The minimum partial withdrawal amount is Rs. 2,000. Partial withdrawals will be allowed after completion of five policy years and on payment of at least three full years' premium. .
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Forever Life:
ICICI Prudential's Forever Life is a complete insurance cum pension plan that performs two crucial roles: it acts as a protective cover while you earn for your retirement, and provides you with regular pensions once you retire. Read more about the features and benefits of this plan. Minimum Sum Assured Rs. 50,000 Rs. 6,000 per annum
Minimum Premium
Minimum/ maximum entry age
20 years 60 years
Minimum/Maximum Term
5 years 30 years
Minimum/Maximum vesting age
50 years - 70 years
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Forever Life is a regular premium deferred pension plan, which provides you with the security of a life cover during your working years (the Accumulation phase of the policy) and regular pensions once you retire (Annuity phase of the policy). Take a look at the features and benefits of this plan: Premiums: Choose the Sum Assured and Vesting Age (age at which you want to start receiving your pensions). Depending on these as well as your age at entry, we determine your annual premium. Pre-decided vesting age: Choose the date from which you want to receive your pensions. Life cover: Enjoy the protective benefits of a life cover during the term of your policy i.e. the time from when you purchase the policy to the time you retire. The life cover amounts to the Sum Assured along with guaranteed additions and vested bonuses. Annuities: Receive the Sum Assured along with guaranteed additions and vested bonuses when you retire. Choose how you want to receive your annuities. 5 options of annuity payouts: Choose to receive your annuity out of five annuity options that come with this retirement plan. Guaranteed additions: Receive additional sums at the rate of 3.5% per annum compounded on the Sum Assured, for the first four years. Vested bonuses: Receive these from the 5th year onwards, as an annual compounded percentage of the Sum Assured. Death benefit: Should something happen to you, your nominee will receive the Sum Assured along with guaranteed additions and vested bonuses. Tax benefits: Enjoy tax savings on the premiums you pay (under u/s 80 CCC) and tax exemptions on death benefits [under u/s 10 (10 D)].
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Health Product Suite

Under Health Product Suite, ICICI Prudential offers plans under the following major need categories:
Health Assure Plus:

Illnesses have a way of sneaking up on us, weakening our financial stability and stealing our family's peace of mind. It is best to keep oneself insured at all times against the most critical illnesses that are also the most common: Cancer, Coronary Artery Bypass Graft or Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke. ICICI Prudential's HealthAssure Plus financially insures you against these six critical illnesses. Should you ever be diagnosed with one or more of these, HealthAssure Plus provides you with a fixed sum, irrespective of your actual medical expenses. The health plan thus shoulders the heavy costs of your treatment and ensures you stay financially stable, come what may. This financial guarantee during illness is not all that HealthAssure Plus delivers. HealthAssure Plus comes with an added benefit: it insures your life, as well. So should an unexpected accident or disability claim your life, your family will receive the entire Sum Assured-an amount large enough to ensure they live securely, even in your absence. Coverage Against Minimum Sum Assured Maximum Sum Assured Minimum/Maximum Entry Age Maximum Age at Policy Maturity Minimum Policy Term Maximum Policy Term Maturity Benefit Surrender Value Freelook Period Tax Benefits Life and Six Critical Illnesses: Cancer, Coronary Artery Bypass Graft or Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke Rs. 1 lakh Rs. 10 lakhs 18 years to 55 years 65 years 10 years 30 years Yes, calculated on basis of no claims made Payable after 3 years of plan 15 days from the date on which you receive your documents Tax benefit under Sec. 80 (C) for premiums paid towards both, Life and Critical Illness covers.
HealthAssure Plus: UIN 105N051V01
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Features and Benefits

Long-term coverage against 6 critical illnesses: Choose a cover, for as long as 30 years with a premium guarantee for 5 years, depending on your age. Sum Assured of up to Rs. 10 lakhs: Receive the Sum Assured on diagnosis of any of the 6 covered critical illnesses: Cancer, Coronary Artery Bypass Graft/Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke. Life Insurance Sum Assured: This amount is paid to the nominee should something happen to the policyholder. Flexible withdrawal options: Choose to receive the benefit amount either in a lump-sum amount or in installments over 5 years. These installments will be payable as 25% in the first years and 20% each year for the next 4 year. Waiver of premium: Enjoy a waiver of premiums towards your Life Cover even after you receive the benefit amount on being diagnosed with a critical illness. Maturity benefit: Receive a 'No claim benefit' when the policy term ends, provided you have made no claims during the tenure. The Maturity Benefit is equal to the sum total of all the premiums paid. Surrender Value: You can surrender your plan after 3 years of cover. The Surrender Value will be paid immediately, provided you have paid all your premiums in the first 3 years. No medical/other bills: Receive your claim amount on diagnosis without having to show any bills. No medical examinations: Enjoy a waiver on medical examinations if you choose a Sum Assured up to Rs. 5 lakhs. Tax benefits: Enjoy tax benefits on the premiums you pay (under u/s 80 C) for premiums paid for both Critical Illness and Life Cover.
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FINANCE DEPARTMENT
Group Plans
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. 1. Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also customize to structure schemes that can provide benefits beyond the statutory obligations. 2. Group Superannuation Plan: ICICI Bank offers 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 partial commutation of the annuity at the time of retirement.
3. Group Term Plan: ICICI Prus flexible group term solution helps provides affordable cover to members of group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 4. Flexible Rider Options: ICICI Pru Life offers flexible riders, which can be added to the basic policy at marginal cost, depending on the specific of the customer. 5. 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 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. 6. Accident benefit: This rider option pays the sum assured the rider on death due to accidents.
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RESEARCH DESIGN AND METHODOLOGY

Objectives:
To Study the Brand awareness of the new product i.e. Unit Linked Insurance Plans in Badlapur City. To know what are the priorities of people of city for making investment in Insurance. To know what are the perception of the consumer about ICICI Prudential Life Insurance Co. To know the standing of the ICICI Prudential Life Insurance Co. in Badlapur City.
Data Source:
The data would be collected from both primary as well as secondary source. Consumers would be asked to fill questionnaires to arrive at the information. Various secondary sources of data as magazines, journal, Internet etc. would also be explored.
Sampling Area:
The sampling areas of this research is Badlapur.
Sampling method:
The convenient sampling method was used for this research and the respondents were those who have already taken life insurance policy.
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Sample Size:
The size of this research is 30 respondents.
Research Instrument:
The research instruments, which was used, for collecting the data is questionnaire.
Method of contact:
The method of contact would be personal and direct as this would help to qualify the customers issues while filling up the questionnaire and also helps them if they do not have the knowledge about any insurance plan of the company.
Method of making an approach for Sales:

After analyzing the data form the questionnaires the needs of prospects were identified and the best suitable insurance solution was suggested to them accordingly.
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Data Collection and Analysis

Q.1.Do you have a Life Insurance Policy?
Criteria Yes No No. Of Respondents
As our sample is those people who have insurance so all the respondents are falling under the Yes criteria.
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Q.2.Which Companys Insurance Policies do you have?
Company LIC Birla Sunlife SBI ICICI Pru. Life Kotak Mahindra Post Office HDFC
No. of Respondents
As from the above chart it is very clear the all of the respondents have an insurance of the LIC while some of them have an insurance of the other companies like post Office, ICICI Prudential Life insurance Co., HDFC Co. Etc. The reason behind this is that the LIC competitor since more than four decades and the Indian Govt. allowed the Introduction of private player in Insurance in the year 2000.
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Q.3What is amount of insurance premium you pay annually?

Criteria Below Rs. 10,000 10,000 to 20,000 20,000 to 30,000 30,000 to 40,000 Above 40,000 No. of Respondents
The analysis of the above available data is merely to find out the percentage of income that one is willing to invest in insurance.
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Q.4What priorities would you consider most important, while purchasing a policy?
Criteria/Rank Death Benefit Childrens Future Retirement Planning Tax Planning Financial Planning
Total
From the table and chart it can be say that most of the people rank death benefit first for the decision to make investment in Insurance. Their second priority is tax planning because the premium, which is paid by the people towards Insurance, is deductible up to certain limit from the income and also the maturity amount is also tax free. The third and fourth priorities are childrens future and retirement planning.
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Q.5 Do you have any knowledge of the stock market?
Criteria Yes No
No. of Respondents
Q.6 If Yes do you have any knowledge about unit linked insurance plans?
Criteria Yes No
No. of Respondents
The question number 5 and 6 are designed to know the awareness of people who have knowledge of share market or deals in shares also have the knowledge of the new modern insurance product i.e. Unit Linked Insurance Plan. From the available data it can be say that those who deal in shares are also aware of the ULIP.
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Q.7 Is your current Insurance policy Unit Linked or Traditional?
Criteria Only Unit Linked Only Traditional Both
No. of Respondents
From the Q. No. 7 we can say that even though the modern products available in the market since more than two years and which are having the more flexibility and also giving the higher return than traditional one most of the people do not have or may be not aware of it which shows the lack of brand awareness and it requires an aggressive promotional efforts on the part of company. There is a lot of scope available for the company to attract more customers by giving or introducing most suitable ULIP products and at the same time increase the customer base.
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Q.8 If given a choice, where would you like to invest your money?
(Please Rank Your Choice) Choice/Rank Mutual Fund Insurance Gold Equities Post Office Debenture Bank Deposit Other 1 2 3 4 5 6 7 8 Total
This question is mainly designed to know the investment priorities of the people of Ahmedabad town. The objective behind this Q. is that after the Charotar Nagrik Co-oprerative Bank and other Credit Societies, which are giving higher interest on deposits, the whole scenario of city is changed. Most of the people prefer to invest in post office saving schemes and where their money is safe even though the return is very less. So there is a great need to divert the efforts of the company towards the safety and security as ICICI Prulife is a private insurance Company.
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Q.9 According to you what are the factors that would affect you decision while purchasing an insurance policy?
Criteria/Rank Premium Return Safety Liquidity Market Condition 1 2 3 4 5 50
The question No. 9 is designed to know which the factors are affecting the most to the prospect while making decision to invest in insurance. As far as investment in insurance is concerned most of the people want that it should be safe and at the same time giving the compatible returns because insurance is not only for death benefit it is also a saving tool for future. So the mix response of respondents is welcomed. Available data is such that there is a bit ambiguity. But we can say that the most affecting factors to the prospect are return and safety. As per the finance theory risk and return goes in hand in hand but as far as insurance is concerned it is all about the compatible and safe returns over others.
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Q. 10 Are you or any of your family members are planning to buy an insurance policy in near future?
Criteria Yes No
No. of Respondents
This question is taken to collect the information of those respondents who are going to plan to purchase insurance within near future that is used by the company for making personal contact for sale.
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Q. 11 Are your needs satisfied with your current investment in insurance?
Criteria Yes No
No. of Respondents
Q. 11(a)
If No, then give reasons?
Criteria High Premium Low Return Poor Services Others
No. of Respondents
The question No.11 and 12 are designed to know the percentage of people who are not satisfied with the current investment in insurance and also to know the reasons behind it. So, that the company can focus on those areas where the competitors fail. Because now a days the competition is very stiff in the insurance industry. All companies are trying to attract more customers by anyhow. So it will be useful for designing the promotional schemes of the company. From the above table and chart it can be seen that the respondents who are dissatisfied give the main reason behind it are poor services. There are many others reasons like more time taken by the company for claim settlement, nondispatchment of cheques and other important vouchers, etc. So the company can improve upon these and increase its market share by offering quality service to the customers.
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Q. 12 Do you know anything ICICI Prudential Life Insurance?

Criteria Yes No No. of Respondents
Q. 13 If Yes, from where did you come to know about the company?
Criteria Television News Paper Sales Representative Others source No. of Respondents
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Q. 14 What do you feel about ICICI Prudential Life Insurance?

(Open Ended) The question No.13, 14 and 15 are designed to know the company awareness the respondents of the city and also the source of awareness. But I felt very much difficulty while filling up these questions because most of the people know about the company but they know it as an ICICI Bank not as a different identity. So there is a great need to design the advertisement campaign in such a way that it will create the different image of the company. The main reason behind this is that the image of ICICI Bank in city is such that most of the people ask for charges first than the service that it provides.
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QUESTIONNAIRE
Q.1. Do you have a Life Insurance Policy?
Yes No
Q.2. Which Companys Insurance Policies do you have?

(Please specify the numbers)
LIC HDFC Standard Life Birla Sunlife Cholamandalam TATA AIG Insurance ING Vysya AVIVA Life
SBI Life Insurance New York MaxLife Alliance Bajaj ICICI Pru. Life Insurance MetLife Insurance OM Kotak Mahindra AMP Sanmar
Q.3 What is amount of insurance premium you pay annually?
Amount
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Q.4 What priorities would you consider most important, while purchasing a policy? (Please Rank Your Choice)

Death Benefit Childrens Education Retirements Benefit Tax Planning Financial Planning
Q.5 you have any knowledge of the stock market?

Yes No
Q.6 If Yes do you have any knowledge about unit linked insurance plans?
Yes No
Q.7 Is your current Insurance policy Unit Linked or Traditional?

Yes No
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Q.8 If given a choice, where would you like to invest your money?
(Please Rank Your Choice) Mutual Funds Insurance Policies Gold Equities Post Office Schemes Debentures Banks (FDs etc.)
If other (specify)___________
Q.9 According to you what are the factors that would affect you decision while purchasing an insurance policy?
(Please Rank Your Choice) Premium Return Safety Liquidity Market Condition
Q. 10 Are you or any of your family members are planning to buy an insurance policy in near future?
Yes No
Q. 11 Are your needs satisfied with your current investment in insurance?

Yes No
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Q. 11
(a)
If No, then give reasons?

Poor Services
High Premium Low Return
Other Reasons__________ ______________________
Q. 12 Do you know anything ICICI Prudential Life Insurance?

Yes No
Q. 13 If Yes, from where did you come to know about the company?
T.V. Radio Newspaper Internet Magazine Hoarding
Others (Please Specify)_____________________________
Q. 14 What do you feel about ICICI Prudential Life Insurance?

__________________________________________________________________ __________________________________________________________________ _______________
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SWOT ANALYSIS
Strengths
1. 2. 3. 4. 5. 6. 7.
Flexible Products Partners having experience in different markets of the world. Synergy with exiting operations Expertise in the field of insurance Professional management Good Customer service Create a brand name
Weakness
1. Low capital base 2. Yet to build strong distribution network 3. Cannot tap rural market
Opportunities
1. Untapped market 2. Banks ready to tie up for as a readymade distribution network for a small fee.
Threats
1. Large distribution network of LIC 2. Decades of experience and brand name of LIC 3. 5% service tax on investments.
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CONCLUSION
So according to the data available from the survey one can conclude that even though the Unit Linked Insurance Plans are very much popular in Metro and semi cities, the product awareness of ULIP is very low among the people of city and at the same time there is a need to create the different image of the company among the people by any means like advertisement, seminars or meetings. Competition will surely cause the market to grow beyond current rates, create a bigger "pie," and offer additional consumer choices through the introduction of new products, services, and price options. Yet, at the same time, public and private sector companies will be working together to ensure healthy growth and development of the sector. Challenges such as developing a common industry code of conduct, contributing to a common catastrophe reserve fund, and chalking out agreements between insurers to settle claims to the benefit of the consumer will require concerted effort from both sectors. The market is now in an evolving phase where one can expect a lot of actions in coming days. The current impediments for foreign participation like 26% equity cap on foreign partner, ill defined regulatory role of IRDA (Insurance Regulatory development Authority- the watchdog of the industry) in pension business etc.are expected to be removed in near future. The earlyadopters will then have a clear advantage compared to laggards in gaining the market share and market leadership. The will need to make sure right now that all their infrastructure is in place so that they can reap the benefit of an "unlimited potential."
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BIBLIOGRAPHY
WEBSITES
www.iciciprulife.com www.irdaindia.com www.bimaonline.com www.icicibank.com
MAGAZINES
India today Outlook Express Business Today Business and Economy
MATERIALS
ICICI Prudential literature and brochures LIC literature and brochures
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Study of Insurance Sector

FIELD STUDY IN INSURANCE SECTOR WITH REFERENCE TO ICICI PRUDENTIAL

SUBMITTED BYMOZEM KHATIK YEAR: 2013-14 ROLL NO. 9004

Study of Insurance Sector

CERTIFICATE OF SUPERVISIOR (GUIDE)

Sandesh Tambe (Project Guide)

Study of Insurance Sector

Study of Insurance Sector

Study of Insurance Sector

OBJECTIVE OF THE STUDY

Study of Insurance Sector

Study of Insurance Sector

Study of Insurance Sector

Study of Insurance Sector

Study of Insurance Sector

4. PRINCIPLE OF SUBROGATION:- This principle is also applicable only to general

Study of Insurance Sector

Insurance Sector Origin & Development

Study of Insurance Sector

HISTORY OF INSURANCE SECTOR IN INDIA

Study of Insurance Sector

Indian Insurance Market-History:

Study of Insurance Sector

Insurance Market Present

Study of Insurance Sector

Insurance Sector Reforms

Study of Insurance Sector

Study of Insurance Sector

Non-Life Insurance Market:

Study of Insurance Sector

Study of Insurance Sector

Life Insurance Market:

Study of Insurance Sector

Key Recommendations of Malhotra Committee:

Study of Insurance Sector

Life Insurance Companies at a Glance:

a) LIFE INSURANCE CORPORATION OF INDIA:

Study of Insurance Sector

HDFC LIFE INSURANCE COMPANY:

MAX NEW YORK LIFE INSURANCE COMPANY:

ICICI PRUDENTIAL LIFE INSURANCE COMPANY:

Study of Insurance Sector

OM KOTAK MAHINDRA LIFE INSURANCE:

BIRLA SUN LIFE INSURANCE COMPANY:

Study of Insurance Sector

TATA AIG LIFE INSURANCE COMPANY:

SBI LIFE INSURANCE COMPANY:

Study of Insurance Sector

Study of Insurance Sector

Study of Insurance Sector

ICICI Prudential Life Insurance:

Vision & Values:

Study of Insurance Sector

Study of Insurance Sector

Company Name & Address:

ICICI PRUDENTIAL LIFE INSURANCE

Branch Office: ICICI Prudential Life Insurance

Study of Insurance Sector

ICICI Prudentials Product:

Life Insurance Plans:

Education Insurance Plans:

Study of Insurance Sector

0/15 years 75 years 18/30 years 15/25 years