Need Analysis of Icici Pru.

A
Summer training report

on
“NEED ANALYSIS OF CUSTOMERS FOR ICICI PRUDENTIAL LIFE

INSURANCE CO. LTD.”
Under the supervision of- Faculty Guide-

Mr.Kuldeep Mishra Dr.Shekhar Trivedi
Project Guide Faculty Member
(ICICI Pru.) GHS-IMR
Submitted By-
Vishvajeet Singh
Roll No. -1070
Submitted In Partial Fulfillment of Post Graduate Diploma in Management

for the Batch 2008-2010(Full Time)
Dr. Gaur Hari Singhania Institute of Management & Research

KANPUR-208005
1
We Cover You…At Every Step In Life.
CERTIFICATE
TO WHOMSOEVER IT MAY CONCERN
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ACKNOWLEDGEMENT
“There is joy in work. There is no happiness except in the realization that we have
accomplished something”
-Henry Ford
The making of any project requires contribution from many people, right from inception
till its completion. In our case also, there had been a few people who have made this
happen. It was not only learning but also an enriching experience.
I feel indebted and place my special thanks to Mr. Kuldeep Mishra Unit Manager
ICICI PRUDENTIAL LIFE INSUEANCE COMPANY LTD.for his active guidance
and support from time to time during the training and project and in the final
understanding of the “need analysis of customers for ICICI Pru.Life Insurance co.
ltd.”
I would like to place my sincere thanks to Mr.Sandeep Sachan(CRM UNION BANK)
for providing me the required inputs for the completion of the training and project and
always being there every time needed and required.
Even I would like to place my special thanks to the staff of the SAGAR Branch of
ICICI Pru. Life insurance co. ltd.for their generous help.
I would like to thank my faculty guide Dr.Shekar Trivedi for explaining the concepts of
Marketing to me, for being a source of inspiration and for the valuable suggestions
provided throughout. His constant follow-ups and result orientation ensured that I
successfully meet the deadlines.
The Director, Additional Director, Faculty Members and colleagues of the institute
deserve the praise for their role in shaping this summer training project. I am grateful to
my family for their moral support and understanding
Finally, I express my thanks to the Library and Computer Lab Staff (Mr. Jugal, Mr.
Shusheel, and Mr.Suraj) of the Institute, who provided great help.
“Teachers open the door, but you must enter by yourself”
Chinese Proverb
VISHVAJEET SINGH
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PREFACE
This report deals with the facts and findings regarding.ICICI PRUDENTIAL LIFE
INSURANCE CO. LTD.
The project assigned to me was to study “NEED ANALYSIS OF CUSTOMERS FOR

ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.” with special reference of SAGAR
(M.P.) branch.
In the modern age of several competitions, customer’s need and satisfaction is gaining
top priority; due to this customer based concept marketing is going to more and more
critical. Before making any product every producer has to solve this typical problem to
mould the situation in his favor.
Before launching any product every producer has to think .Who are my customers?
Where are they? What they need? Who are my competitors? How can I keep them down?
How and which channel of distribution should I set up for distributing my products? How
can I motivate the consumer to use my products?
I hope this report will help the management of organization.
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TABLE OF CONTENTS
 Certificate from the Organization

 Letter of authorization
 Acknowledgemen
 Preface
 Need and significance of the report
 Objective of the study
 Executive Summary
 Chapter-1 Introduction---------------------------------------------Page No
1.1 Customer Satisfaction…………………………………………………12
1.2 Overview of the Industry…………………………………………….13-14

1.3 IRDA…………………………………………………………………15
1.4 Profile of the Organization…………………………………………….16
- Overview of ICICI PRUDENTIAL………………………………17-18
- Vision & Value…………………………………………………….19
- Promoters…………………………………………………………..20
- Fact Sheet………………………………………………………….21
- Sales Distribution…………………………………………………..22
- Management Profile………………………………………………..23
- Brand Value……………………………………………………….24
- Achievements……………………………………………………...24
- Products……………………………………………………………25-30
- Stages in Policy issuance…………………………………………...31
1.5 Comparative Study…………………………………………………….32-39
1.6 SWOT Analysis………………………………………………………..40-43
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 Chapter-2----------------------------------------------------------------------Page No.
Research Methodology……………………………………………..44
2.1 Statement of the Problem……………………………………….45
2.2 Research Design………………………………………………...45
2.3 Methodology……………………………………………………45
2.4 Sampling Techniques used……………………………………..46
2.5 Selection of Sample Size……………………………………….46
2.6 Data Collection…………………………………………………46
2.7 Statistical Tools Used………………………………………….47
2.8 Limitations of the Study……………………………………….47
 Chapter-3-------------------------------------------------------------------Page No.
 Data Analysis And Finding ……………………………………….48-60
 Chapter-4---------------------------------------------------------Page No.
 Conclusion and Suggestion………………………………………..61-65
 Learning From the study…………………………………………..66
 Questionnaire
 Bibliography
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NEED AND SIGNIFICANCE OF THE REPORT
In modern business distribution network has a great impact on the success of any
Business. In the insurance sector the role of an excellent distribution channel becomes
even more crucial because the delivery of financial Product is based on customer’s need.
Hence in order to survive and thrive in a highly competitive market you have to have a
distribution channel which has no problem at any point of the distribution channel.
The factor which is of crucial importance to survive in any business is the understanding
of the mind of the individual consumers. What are main characteristics which consumer
consider while making a purchasing decision regarding Financial Product.
In order to make right decision regarding all these aspects the company requires a
complete knowledge of the problems faced in distribution channel and what should be
done in order to overcome all these problems.
With this background the company has given me the study to find out all these problems
and market coverage provide further recommendations in this regard.
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OBJECTIVES OF THE STUDY
The main objective of this study is to carry on brief study on “Need Analysis of
Customers For ICICI Prudential Life Insurance Co. Ltd. through this I am able to get the
different Life Insurance Policies and their products.
Other objectives of this project are as follows:
• To identify the insurance needs of the Indian population with respect to their
emotional, physical and financial conditions.
• Comparative study of various insurance players in the market
• To study the varied reasons of availing life insurance plans
• To identify which type of insurance product are purchased by the customers.
• To assess the source from which the customers purchase the products of ICICI.
• To assess main competitors of ICICI which are present in the market?
• Find out the satisfaction of Customers with the distribution channel of ICICI.
• To find out the main problems which are faced by the Customers in the
distribution channel and what are the main improvements which they want in the
distribution system.
• Find out the areas which require improvements with regard to Customers
satisfaction.
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EXECUTIVE SUMMARY
This project is based on the “NEED ANALYSIS OF CUSTOMERS FOR ICICI

PRUDENTIAL LIFE INSURANCE CO. LTD.”. It has done to find out whether the
customers are satisfied with the Benefits they get with their respective policies or not. For
the purpose of this study, I prepared a research tool - questionnaire, to find out the
relevant primary data pertaining to the functioning and working of these Companies. The
data was collected based on information provided by the respondents.
Besides the primary data collected with the help of the questionnaire, I have also
collected the relevant secondary data from various sources like magazines, books and
Internet and newspapers. Based on the relevant primary and secondary data, a
Comparative analysis has been done so as to find out the areas of excellence and areas of
Improvement. The areas of excellence and improvement have been identified based on
factual Information, in light of which recommendations and suggestions have been
provided for the overall improvement of the organizations in the future.
METHODOLOGY-
Every project work is based on certain methodology, which is a way to systematically
solve the problem or attain its objectives. It is a very important guideline and lead to
completion of any project work through observation, data collection and data analysis.
This research methodology also includes:-

•Familiarization with the concept of insurance and its various terms.
•Thorough study of the information collected.
•Conclusions based on findings.
Further, in this Project-
Chapter 1 includes the introduction of the company wherein I told about the Objectives
of the study and profile of the ICICI Prudential.
Chapter 2 includes the Research Methodology wherein I have discussed the Research
Design and Various sources of the Data Collection.
Chapter 3 includes the Data analysis and Findings wherein I have analyze the data
collected from the Questionnaire.
Chapter 4 represents the conclusion and the suggestions based on the customer
satisfaction survey.
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ANALYSIS-
• According to the survey it is found those 62% respondents are already

insured.
• In which we have found that in 62%insured person 82% are satisfied.
• According to survey it is found that ICICI (14%) is the major attractive

company in insurance sector after the LIC (48%).
• By the research it is found that 40% people purchased insurance product

for tax benefit reason.
• According to research it is found that after the introduction of private

company in insurance sector service is getting improved.
• After the research it is found that 42% people are able to knowing about
insurance product by direct selling.
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INTRODUCTION
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Customer satisfaction
What is customer satisfaction?
Customer satisfaction refers to how satisfied customers are with the products or services
they receive from a particular agency. The level of satisfaction is determined not only by
the quality and type of customer experience but also by the customer’s expectations.
A customer may be defined as someone who:
• has a direct relationship with, or is directly affected by your agency and

• Receives or relies on one or more of your agency’s services or products.
Customers in human services are commonly referred to as service users, consumers or

clients. They can be individuals or groups.
An organization with a strong customer service culture places the customer at the centre
of service design, planning and service delivery. Customer centric organizations will:
• determine the customers’ expectations when they plan

• listen to the customer as they design
• focus on the delivery of customer service activities
• Value customer feedback when they measure performance.
Why is it important?
There are a number of reasons why need of customers and satisfaction is important in
Insurance Sector:
• Meeting the needs of the customer is the underlying rationale for the existence of
community service organizations. Customers have a right to quality services that
deliver outcomes.
• Organizations that strive beyond minimum standards and exceed the expectations
of their customers are likely to be leaders in their sector.
• Customers are recognized as key partners in shaping service development and
assessing quality of service delivery.
The process for measuring customer satisfaction and obtaining feedback on

organizational performance are valuable tools for quality and continuous service
improvement.
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Overview of the Industry
The insurance industry provides protection against financial losses resulting from a
variety of perils. By purchasing insurance policies, individuals and businesses can
receive reimbursement for losses due to car accidents, theft of property, and fire and
storm damage; medical expenses; and loss of income due to disability or death.
The insurance industry consists mainly of insurance carriers (or insurers) and insurance
agencies and brokerages. In general, insurance carriers are large companies that provide
insurance and assume the risks covered by the policy. Insurance agencies and brokerages
sell insurance policies for the carriers. While some of these establishments are directly
affiliated with a particular insurer and sell only that carrier’s policies, many are
independent and are thus free to market the policies of a variety of insurance carriers. In
addition to supporting these two primary components, the insurance industry includes
establishments that provide other insurance-related services, such as claims adjustment or
third-party administration of insurance and pension funds.
Insurance carriers assume the risk associated with annuities and insurance policies and
assign premiums to be paid for the policies. In the policy, the carrier states the length and
conditions of the agreement, exactly which losses it will provide compensation for, and
how much will be awarded. The premium charged for the policy is based primarily on the
amount to be awarded in case of loss, as well as the likelihood that the insurance carrier
will actually have to pay. In order to be able to compensate policyholders for their losses,
insurance companies invest the money they receive in premiums, building up a portfolio
of financial assets and income-producing real estate which can then be used to pay off
any future claims that may be brought. There are two basic types of insurance carriers:
direct and reinsurance. Direct carriers are responsible for the initial underwriting of
insurance policies and annuities, while reinsurance carriers assume all or part of the risk
associated with the existing insurance policies originally underwritten by other insurance
carriers.
Direct insurance carriers offer a variety of insurance policies. Life insurance provides
financial protection to beneficiaries—usually spouses and dependent children—upon the
death of the insured. Disability insurance supplies a preset income to an insured person
who is unable to work due to injury or illness, and health insurance pays the expenses
resulting from accidents and illness. An annuity (a contract or a group of contracts that
furnishes a periodic income at regular intervals for a specified period) provides a steady
income during retirement for the remainder of one’s life. Property-casualty insurance
protects against loss or damage to property resulting from hazards such as fire, theft, and
natural disasters. Liability insurance shields policyholders from financial responsibility
for injuries to others or for damage to other people’s property. Most policies, such as
automobile and homeowner’s insurance, combine both property-casualty and liability
coverage. Companies that underwrite this kind of insurance are called property-casualty
carriers.
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Some insurance policies cover groups of people, ranging from a few to thousands of
individuals. These policies usually are issued to employers for the benefit of their
employees or to unions, professional associations, or other membership organizations for
the benefit of their members. Among the most common policies of this nature are group
life and health plans. Insurance carriers also underwrite a variety of specialized types of
insurance, such as real-estate title insurance, employee surety and fidelity bonding, and
medical malpractice insurance.
In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites

have emerged. These sites allow potential customers to input information about their
insurance policy needs. For a fee, the sites forward customer information to a number of
insurance companies, which review the information and, if they decide to take on the
policy, contact the customer with an offer. This practice gives consumers the freedom to
accept the best rate.
The insurance industry also includes a number of independent organizations that provide
a wide array of insurance-related services to carriers and their clients. One such service is
the processing of claims forms for medical practitioners. Other services include loss
prevention and risk management. Also, insurance companies sometimes hire independent
claims adjusters to investigate accidents and claims for property damage and to assign a
dollar estimate to the claim.
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The Insurance Regulatory and Development Authority (IRDA)
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing regulations and registering
the private sector insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies were the launch of the
IRDA’s online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to sell
their products, which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a framework of
globally compatible regulations. In the private sector 12 life insurance and 6 general
insurance companies have been registered.
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COMPANY PROFILE
About ICICI BANK:
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$
100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended
March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian
stock exchanges in terms of free float market capitalization*. The Bank has a network of
about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank
offers a wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialized subsidiaries
and affiliates in the areas of investment banking, life and non-life insurance, venture
capital and asset management. The Bank currently has subsidiaries in the United
Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong
Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative
offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia
and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)
are listed on the New York Stock Exchange (NYSE).
ICICI Prudential Life Insurance
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Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of
India's foremost financial services companies-and prudential plc - a leading international
financial services group headquartered in the United Kingdom. Total capital infusion
stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc
holding 26%.
We began our operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of
over 2000 branches (inclusive of 1,095 micro-offices), over 261,000 advisors; and 24
banc assurance partners.
ICICI Prudential is the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. 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.
The ICICI Prudential Edge
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The ICICI Prudential edge comes from our 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. Our 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.
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 long-term.
5. Last but definitely not the least, our 28,000 plus strong team is given the opportunity
to learn and grow, every day in a multitude of ways. We believe this keeps them engaged
and enthusiastic, so that they can deliver on our promise to cover you, at every step in
life.
Vision & Values
Our vision:-
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To be the dominant Life, Health and Pensions player built on trust by world-class people
and service.
This we hope to achieve by:
• Understanding the needs of customers and offering them superior products and
service
• Leveraging technology to service customers quickly, efficiently and conveniently
• Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
• Providing an enabling environment to foster growth and learning for our
employees
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 our people and the way we
work.
We do believe that we are on the threshold of an exciting new opportunity, where we 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.
Our values:-
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
we do, and have become the keystones of our success.
Promoters
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ICICI BANK
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank
with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on
30th June, 2005. ICICI Bank offers a wide range of banking products and financial
services to corporate and retail customers through a variety of delivery channels and
through its specialized subsidiaries and affiliates in the areas of investment banking, life
and non-life insurance, venture capital and asset management. ICICI Bank is a leading
player in the retail banking market and has over 13 million retail customer accounts. The
Bank has a network of over 570 branches and extension counters, and 2,000 ATMs.
Prudential Plc
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to more
than 16 million customers, policyholders and unit holders worldwide. As of June 30,
2004, the company had over US$300 billion in funds under management. Prudential has
brought to market an integrated range of financial services products that now includes
life assurance, pensions, mutual funds, banking, investment management and general
insurance. In Asia, Prudential is the leading European life insurance company with a vast
network of 24 life and mutual fund operations in twelve countries - China, Hong Kong,
India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand
and Vietnam.
Fact Sheet
The Company
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ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse, and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of March, 2009) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1,
2008 to March 31, 2009, the company has posted a growth of 13%, garnering total
received premium (new business + renewal) of Rs 15,356 crores as against Rs 13,563
crores in FY2008 and has underwritten over 9 million policies since inception. The
company has assets held over Rs. 32,000 crores as on March, 2009.
ICICI Prudential Life is also the only private life insurer in India to receive a National
Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating
is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its
obligations to customers at the time of maturity or claims.
For the past eight years, ICICI Prudential Life has retained its leadership position in the
life insurance industry with a wide range of flexible products that meet the needs of the
Indian customer at every step in life.
Distribution
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ICICI Prudential Life has one of the largest distribution networks amongst private life
insurers in India. It has a strong presence across India with 2099 branches (including
1,116 micro-offices) and an advisor base of over 276,000 (as on March, 2009).
The company has 18 banc assurance partners having tie-ups with ICICI Bank, South
Indian Bank, Jalgaon Peoples Co-op Bank, Idukki District Co-op Bank, Wainganga
Krishna Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada
Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank,
Seva Vikas Co-op Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank,
Ballia Kshetriya Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-
Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank.
SALES DISTRIBUTION
Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large
advisor force that targets various customer segments. The strength of tied agency lies in
an aggressive strategy of expanding and procuring quality business. With focus on sales
& people development, tied agency has emerged as a robust, predictable and sustainable
business model.
Banc assurance and Alliances
ICICI Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of partners, B
& A has emerged as a vital component of the company’s sales and distribution strategy,
contributing to approximately one third of company’s total business. The business
philosophy at B&A is to leverage distribution synergies with our partners and add value
to its customers as well as the partners. Flexibility, adaptation and experimenting with
new ideas are the hallmarks of this channel.
Management Profile
Board of Directors
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The ICICI Prudential Life Insurance Company Limited Board comprises reputed people
from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. H.T. Phong, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, Director
Ms. Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Management Team
The ICICI Prudential Life Insurance Company Limited Management team comprises
reputed people from the finance industry both from India and abroad.
Ms. Shikha Sharma, Managing Director & CEO

Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President – Customer Service & Technology
Dr. Avijit Chatterjee, Appointed Actuary
Brand Values
Market Research reveals that the values people associate with ICICI Prudential are,
indeed, those that the company hopes to project: lifelong protection and value for money.
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The core value is protecting your loved ones, throughout life’s ups and downs. It is a
powerful proposition; one, which ICICI Prudential, is taking into the market place.
Achievements
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one
of the largest distribution networks amongst private life insurers in India, with branches
in 54 cities. The total number of policies issued stands at more than 780,000 with a total
sum assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by
ACNeilsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’
award for the second year running. The company is also proud to have won Silver at
EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential
was also short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002.
In Keeping with its belief that a happy customer is the best endorsement, ICICI
Prudential has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins
and ends with the customer from capturing his voice to measuring and responding to his
experiences. This initiative is currently helping the company improve processes,
turnaround times and customer satisfaction levels. Another Novel introduction is the
ICICI Prudential Lifestyle Rewards Club, India’s first rewards programme for Life
Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from
kitchenware to gold, white goods, and even international holidays.
PRODUCT/SERVICES PROFILE
Insurance Solutions for Individuals
24
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products
that meet the needs of customers at every life stage. Its products can be enhanced with up
to 4 riders, to create a customized solution for each policyholder.
Savings & Wealth Creation Solutions
Save 'n' Protect is an ideal plan for those who want to accumulate funds on a regular
basis while enjoying insurance protection.
Cashbook is a single policy that combines the triple benefit of protection, savings &
periodic liquidity.
Lifetime Gold is a unit-linked plan which offers potentially higher returns over the
long term with flexible investment options to help you achieve your goals. It offers 8
fund options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced
Multiplier, R.I.C.H and Flexi Growth.
Life Stage RP is unit linked plan that provides you with an option of lifecycle-based
portfolio strategy that continuously re-distributes your money across various asset classes
based on the customer’s profile, helping him achieve his desired financial goals.
Life Link Super is a single premium unit linked insurance which offers attractive
premium allocation along with the opportunity to enjoy potentially high returns over the
long term, without compromising on the protection of your family.
Invest Shield Life New is a unit linked plan that provides premium guarantee and
allows the customer to enjoy the benefits of potentially higher returns while guaranteeing
him that he will get back at least all the premiums paid by him, while providing
protection to your family with a life insurance cover.
Invest Shield Cashbook is a unit linked plan that provides premium guarantee while
maintain a balance between return, safety & liquidity.
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Wealth Advantage is a unique whole life single premium unit linked plan that
provides long term coverage up to the age of 70 years and provides you the option to
systematically withdraw your money.
Life Stage Assure a unit linked insurance plan that provides Guaranteed Maturity
Addition of 100%- 450% of first year premium based on the term and number of
premiums paid, with the additional advantage of a lifecycle based portfolio strategy that
allocates the investor’s money across various asset classes based on his age and risk
appetite.
Protection Solutions
Pure Protect is a flexible and affordable term product, with which you can ensure
your life and provide total security for your family in case of an unfortunate event.
Lifeguard is a protection plan, which offers life cover at low cost. It is available in 2
options –level term assurance with return of premium & single premium.
Home Assure is a mortgage reducing term assurance plan designed specifically to help
customers cover their home loans in a simple and cost-effective manner.
Child Plans
26
Smart Kid New ULRP The policy is designed to provide money at key educational
milestones in the child's life. Smart Kid plans are also available in traditional form.
Retirement Solutions
Forever Life is a traditional retirement product that offers guaranteed returns for the
first 4 years.
Lifetime Super Pension is a regular premium unit linked pension plan that helps
one accumulate over the long term and offers 5 annuity options (life annuity, life annuity
with return of purchase price, joint life last survivor annuity with return of purchase
price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last
survivor annuity without return of purchase price) at the time of retirement.
Life Stage Pension is a regular premium unit linked pension plan that provides you
with a unique lifecycle-based strategy that continuously re-distributes your money across
various asset classes based on your age and risk profile.
Life Link Super Pension is a single premium unit linked pension plan.
Immediate Annuity is a single premium annuity product that guarantees income for
life at the time of retirement. It offers the benefit of 5 payout options.
Health Solutions
27
Hospital Care is a fixed benefit plan covering various stages of treatment –
hospitalization, ICU, procedures & recuperating allowance. It covers a range of medical
conditions (900 surgeries) and has long term guaranteed coverage up to 20 years.
Crisis Cover is a 360-degree product that will provide long-term coverage against 35
critical illnesses, total and permanent disability, and death.
Diabetes Care Active is a long term insurance policy created for individuals with
Type II diabetes and pre-diabetes. It offers long term (up to 20 years) control over
diabetes through a specially designed Wellness Program me including regular health
checkups and a Diabetes Coach to facilitate diabetes management. It also provides you
coverage against seven major critical illnesses.
Cancer Care is a regular premium plan that pays cash benefit on the diagnosis as well
as at different stages in the treatment of various cancer conditions.
MediAssure is a health insurance policy that provides assured insurability till age 75
years, assured coverage for accepted pre-existing illnesses after 2 years and an assured
price for 3 years.
Health Saver provides comprehensive hospitalization cover and reimburses all other
medical expenses by building a health fund.
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers
fund their statutory gratuity obligation in a scientific manner and also avail of tax
benefits as applicable to approved gratuity funds.
28
Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked
scheme that provides substantial benefits to both employers and employees. Both defined
contribution (DC) and defined benefit (DB) schemes are offered to optimize returns for
members of the trust and rationalize cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of the annuity at the time of
retirement.
Group Immediate Annuities: CICI Prudential Life realizes the importance of

prudent retirement planning. With this in mind, we have developed a suite of annuity
products that not only give you an income for life but also provide you options to match
your needs. In addition to the annuities offered to existing superannuation customers, we
offer immediate annuities to superannuation funds not managed by us.
Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide
an affordable cover to members of a 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.
Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
Accident & disability benefit: If death occurs as the result of an accident during
the term of the policy, the beneficiary receives an additional amount equal to the rider
29
sum assured under the policy. If an accident results in total and permanent disability, 10%
of rider sum assured will be paid each year, from the end of the 1st year after the
disability date for the remainder of the base policy term or 10 years, whichever is lesser.
If the death occurs while travelling in an authorized mass transport vehicle, the
beneficiary will be entitled to twice the sum assured as additional benefit.
Critical illness benefit: Critical Illness Benefit Rider provides protection against 9
critical illnesses to the policyholder when attached to the basic plan.
Waiver of premium: On total and permanent disablement due to accident all future
premiums under the base plan will be waived till the end of the term of the rider or death
of assured life, if earlier.
Income benefit rider: In case of death of the Life Assured during the term of the
policy, 10% of the Sum Assured is paid annually to the nominee on each policy
anniversary till the maturity of the rider.
Stages in Policy Issuance
1) Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the
application form is received by COPS, but it is pending for issuance due to further
clarifications required from the customer.
2) Login
A proposal which is complete i.e., duly filled with all necessary documents attached to it
& accepted by the Branch ops, is called a Login
30
3) Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in
the form or necessary documents not submitted is a Reject. It is then sent back to the
Advisor for completion.
4) Issuance
Issuance means a policy that is issued to the Customer by Central Ops.
5) Decline Status
When a customer refuses to take a policy post login but before Issuance is called a
Decline
6) Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the
policy.
7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
8) Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within
15 days from the date of issuance. This period of 15 days is called Free look Period.
9) Surrender:
When a customer wants to discontinue with the policy.
COMPARATIVE STUDY
31
1) LIFE TIME VS LIC BIMA PLUS
ON THE BASIS OF AGE:

LIFE TIME-
0-60YEARS
BIMA PLUS-
12-55 YEARS
ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
BIMA PLUS-
10 YEARS
ON THE BASIS OF SUM ASSURED:

LIFE TIME-
Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.
BIMA PLUS-
Maximum limit up to Rs 12 lakh.
ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of unit three years onward.
BIMA PLUS-
Bid value of the funds units along with maturity bonus at 5% of sum assured.
32
ON THE BASIS OF WITHDRAWAL BENBEFIT:
LIFE TIME-
Partial or complete withdrawal is available from three years onwards.
BIMA PLUS-
Premature withdrawal allowed after one year.
ON THE BASIS OF CONTRIBUTION:

LIFE TIME-
Minimum Rs 18000 per annum.
BIMA PLUS-
Not specified.
ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME-
Maximiser,balancer,protector and preserver.
BIMA PLUS-
Balanced, secured and risk.
2) LIFE TIME VS MAX NEW YORK LIFE MAKER

LIFE TIME-
0-60 YEARS.
LIFE MAKER-
12-60 YEARS.
33
LIFE TIME-
LIFE MAKER-
10-58 YEARS.

LIFE TIME-
Choose your sum assured subject to a minimum sum assured of Rs1lakh.
LIFE MAKER-
Choice of 2 insurance covers.

LIFE TIME-
Value of units three years onwards.
LIFE MAKER-
Value of units.
ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
Complete or partial withdrawals are available after three years.
LIFE MAKER-
34
Partial withdrawals are available from the third year and complete withdrawals are
available from first year onwards itself, subject to surrender penalties.

LIFE TIME-
Minimum premium of Rs18000 per annum.
LIFE MAKER-
Minimum premium of Rs15000 per annum.
ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIME-
Available
LIFE MAKER-
Not available
ON THE BASIS OF BONUS UNIT:

LIFE TIME-
Available
LIFE MAKER-
Available in the last policy year.
3)LIFE TIME VS HDFC LINKED

LIFE TIME-
35
0-60 YEARS
LINKED-
18-60 YEARS

LIFE TIME-
LINKED-
10-30 YEARS

LIFE TIME-
Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.
LINKED-
Only 5-20 (age based) multiples are allowed as assured.

LIFE TIME-
Value of units third year onwards.
LINKED-
Value of units.
ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-
Higher or sum assured or value of units.
LINKED-
36
Higher or sum assured or value of units.
ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
Partial or complete withdrawals are available from third year onwards.
LINKED-
Partial withdrawals are available from third year onwards provided, that the value of
units does not go below the sum assured.

LIFE TIME-
Minimum Rs18000 per annum.
LINKED-

LIFE TIME-
Maximiser, balancer, protector and preserver.
LINKED-
Five fund option-balancer, defensive managed safe managed, liquid and growth.
4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

37
LIFE TIME PENSION-2-
18-60 YEARS.
JEEVAN NIDHI-
18-65 YEARS.

Minimum term of 10 years.
JEEVAN NIDHI-
5-35 years.

Default sum assured is zero, however, the policy holders can also opt for a sum assured.
JEEVAN NIDHI-
Minimum of Rs50000 and multiples of Rs5000 thereafter.

Unit value to purchase an annuity.
JEEVAN NIDHI-
Sum assured+gurantee additions+terminal bonus.
ON THE BASIS OF DEATH BENEFIT:

38
Value of units in case the sum assured is zero. In case a sum assured is chosen, it will be
higher of the sum assured or value of units.
JEEVAN NIDHI-
Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

JEEVAN NIDHI-

Protector pension, balancer pension, maximiser pension and pension preserver.
JEEVAN NIDHI:
Not available.
ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
Not available.
JEEVAN NIDHI-
39
Not available.
SWOT ANALYSIS
STRENGTHS:
i. ICICI Prudential is the largest private player in India, with a
market share of around 36% amongst the private players
ii. ICICI Prudential has deposited a paid up capital of Rs 925
crore with IRDA caution deposit, the highest among all the
life insurance company in India where as LIC has
deposited Rs 60 crore so far.

iii. ICICI Prudential is the first life insurance company to offer
ECS debit facility.
iv. ICICI Prudential is the first company to introduce unit link
life insurance and pension products. Presently the maximum
numbers of ranges are under ULIP life insurance, investment
as well as pension plan.
v. Products
• Flexibility to switch your fund value at your own discretion four times a year
viz. maximizer, protector, balancer, preserver.
• Greater transparency-policy holder knows what is happening to his money
and where the company has invested his money.
• Liquidity options-you can make complete or partial withdrawals any time
after 3 years.
• Life insurance plans are eligible for deduction under sec 80.
40
WEAKNESSES:
i. Industry in nascent stage.

ii. Rural areas still not covered.
iii. Not very known among Indian population.
iv. Lack of credibility among the people because ICICI being a
private player.
v. Premiums are high as compared to its competitors.
vi. Very few branches in the country.
vii. Products:
• The policy doesn’t have the surrender option before
third year.
• Plan does not offer any guarantee or assured return.
• Product profile is not very comprehensive.
• Mortality, management and administrative charges are
sky scrapping as compared to its competitors.
OPPORTUNITIES
i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.
iii. The whole private sector is opened to be trapped even though
the competition is fierce from government owned insurance
companies.
iv. It’s a volume business that is even if the company has few
good corporates the turnover cease to increase by manifold.
41
v. Products:
• Preserver funds look good due to comfortable liquidity in
the economy and there is little chance hike in short-term
rate by RBI.
• Finance minister unveiled a budget favoring consumer
spending, boosting demand and therefore higher economic
growth.
THREATS
i. The government players will become aggressive thus growth

is going to be tough.
ii. Entry of other players is not ruled out.
iii. Apprehension towards ICICI Prudential being a private life
insurance company.
iv. We expect the industry to rationalize in future that is mergers
and acquisitions will happen, which will impact the industry
and ICICI Prudential fortunes.
v. Products:
42
• Past performance of these plans is not indicative of
the future performance of the plan.
• The sum invested in the funds is subject to market
risks and there can be no assurance that the objective
of plan will be achieved.
• All benefits payable under the policy are subject to
tax laws and other financial enactment, as they exist
from time to time.
43
Research Methodology
Statement of Problem:
The research is carried on in a proper planned and systematic manner.
• The research was particularly a telephonic research. We have to sell products to

list of people which include their names and contact numbers given by ICICI.
• During the telephonic we have to sell different products by explaining the
benefits of a particular product, but. The minimum amount for selling a policy to
a customer is equal to or more then Rs. 12000 only.
• Age limit for selling product/policies was 1 month to 60 yrs – this mean that a
policy can be sold to person between the age of 1 month to 60 yrs and not
anything exceeding or below it.
Research Design:
44
The research design of this project is exploratory. Though each research study has its
own specific purpose but the research design of this project on ICICI is exploratory in
nature as the objective is the development of the hypothesis rather than their testing.
METHODOLOGY
Every project work is based on certain methodology, which is a way to systematically

solve the problem or attain its objectives. It is a very important guideline and lead to
completion of any project work through observation, data collection and data analysis.
According to Clifford Woody,
“Research Methodology comprises of defining & redefining problems, collecting,

organizing &evaluating data, making deductions &researching to conclusions.”
Accordingly, the methodology used in the project is as follows: -
Defining the objectives of the study
Framing of questionnaire keeping objectives in mind (considering the objectives)
Feedback from the employees
Analysis of feedback
Conclusion, findings and suggestions.
Sampling Technique Used:
This research has used convenience sampling technique.
1) Convenience sampling technique: Convenience sampling is

used in exploratory research where the researcher is interested in getting an inexpensive
approximation of the truth. As the name implies, the sample is selected because they are
convenient
Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.
45
Sources of Data Collection:
Research will be based on two sources:
1. Primary data
2. Secondary data
1) PRIMARY DATA:
Questionnaire: Primary data was collected by preparing questionnaire for customers.
2) SECONDARY DATA:
Secondary data will consist of different literatures like books which are published,
articles, internet, the company manuals and websites of company- www.iciciprulife.com.
In order to reach relevant conclusion, research work needed to be designed in a proper

way.
This research methodology also includes:-
• Familiarization with the concept of insurance and its various terms.

• Thorough study of the information collected.
• Conclusions based on findings.
Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:
• Questionnaire
• Pie Charts
• Bar Diagrams
46
Limitations of study
Due to the following unavoidable and uncontrollable factors the factors, the result might
not be accurate. Some of the problems faced while conducting the survey are as follows:-
• Time and cost constraints were also there.

• Chances of some biasness could not be eliminated.
• A Samples size of fifty has been use due to time limitations.
• A majority of respondents show lack of cooperation and are biased towards their
own opinions.
47
Data Analysis & Findings
Data Analysis
Q1. Are you currently insured?
Particulars No. of Respondents Percentage
Yes 31 62%
No 19 38%
Total 50 100%
48
No. of Respondents
19
Yes
No
31
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 62% of the respondents are already insured.

b) 38% of the respondents are not insured.
Q2. Are you satisfied with your current insurer?
Yes 41 82%
No 9 18%
Total 50 100%
49
No. of Respondents
Yes
No
41
ANALYSIS:
a) 82% of the respondents are satisfied.

b) 18% of the respondents are not satisfied.
Q3. Which one is your favored insurance company?
LIC 24 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
50
Bajaj Allianz 4 8%
Others 6 12%
Total 50 100%
0.6
0.5
0.4
Share in %
0.3
0.2
0.1
0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies
ANALYSIS:
a) 48% of the respondents like LIC.

b) 14% of the respondents like ICICI.
c) 10% of the respondents like HDFC.
d) 8% of the respondents like Birla Sun Life.
e) 8% of the respondents like Bajaj Allianz.
f) 12% of the respondents like other companies.
Q4. Are you interested in the products offered by ICICI Prudential?
Yes 30 60%
No 12 24%
51
Can’t Say 8 16%
Total 50 100%
No. of Respondents
Yes
No
12 Can't Say
30
ANALYSIS:
a) 60% of the respondents are attracted towards ICICI products.

b) 24% of the respondents are not attracted towards ICICI
products.
c) 16% of the respondents can’t Say about it.
Q5. What is your main concern while taking an insurance policy?
Tax Benefit 20 40%

Security 16 32%
Investments/Savings 14 28%
Total 50 100%
52
25
No. of Respondents
20
15
Series1
10 20
16 14
5
s
fit
ng
rit
ne
i
cu
av
Be
Se
t/S
x
Ta
en
m
st
ve
In
ANALYSIS:
a) 40% of the respondents are concerned about Tax Benefit.

b) 32% of the respondents are concerned about their Security.
c) 28% of the respondents are concerned about
Investment/Savings.
Q6. Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 5 with 1 being least satisfied)
Rating No. of Respondents Percentage
1 9 18%
2 9 18%
3 8 16%
53
4 10 20%
5 14 28%
Total 50 100%
1
2
5
1
2
3
4
3
5
ANALYSIS:
a) 18% of the respondents are highly unsatisfied.

b) 18% of the respondents are Unsatisfied.
c) 16% of the respondents are Moderate.
d) 20% of the respondents are satisfied.
e) 28% of the respondents are highly satisfied.
Q7. Please express your opinion for the premiums paid for the above
policy?
Very High 14 28%

High 11 22%
Moderate 13 26%
54
Low 8 16%
Very Low 4 8%
Total 50 100%
No. of Respondents
14
8 Very High
High
Moderate
Low
Very Low
13
11
ANALYSIS:
a) 28% of the respondents think that Premium is Very High.

b) 22% of the respondents think that Premium is high.
c) 23% of the respondents think that Premium is Moderate.
d) 15% of the respondents think that Premium is Low.
e) 12% of the respondents think that Premium is Very Low.
Q8. How do you come to know about this policy?
Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
55
Others 7 14%
Total 50 100%
No. of Respondents
7
10
Advertisements
Friends and Relatives
Direct Selling Agents
Others
12
21
ANALYSIS:
a) 20% of the respondents know about it from Advertisements.

b) 24% of the respondents know about it from Friends and
Relatives.
c) 42% of the respondents know about it from Direct Selling
Q9. AreAgents.
you satisfied with the incentives (tax benefits or Bonuses)
associated with
d) 14% your
of the policy?know about it from Other Sources.
respondents
Rating No. of Respondents Percentage
Highly satisfied 9 18%

Satisfied 12 24%
Moderate 10 20%
56
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%
No. of Respondents
8 9
Highly Satisfied
Satisfied
Moderate
11
12 Unsatisfied
Highly Unsatisfied
10
ANALYSIS:
a) 18% of the respondents are Highly Satisfied.

b) 24% of the respondents are satisfied.
c) 20% of the respondents are Moderate.
d) 22% of the respondents are Unsatisfied.
e) 16% of the respondents are Highly Unsatisfied.
Q10. According to you, in what areas should the insurance companies work
upon?
Easy Procedures 14 28%

Fewer premiums 10 20%
More Returns 9 18%
Transparency 17 34%
57
Total 50 100%
18
16
14
No. of Respondents
12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums
ANALYSIS:
a) 28% of the respondents want Easy procedures.

b) 20% of the respondents want fewer premiums.
c) 18% of the respondents want more returns.
d) 34% of the respondents want Transparency.
Q11. Do you think that services have improved after allowing private
players in insurance sector?
Yes 40 80%
No 10 20%
58
Total 50 100%
20%
Yes
No
80%
ANALYSIS:
a) 80% of the respondents think that services have improved.

b) 20% of the respondents think that services have not improved.
Findings
According to my survey the noteworthy points are:
• Most of the people buy life insurance as just a tax benefit tool or as a life cover
while only a few of the respondent take it as a saving option. The reason for this
is lack of knowledge of insurance benefits among the people.
59
• A Majority of the respondent buy insurance products because of the need reason
while rest of the respondents buy for the brand purpose.
• A Majority of the people come to know about the policies from the Direct Selling
Agents.
• A Majority of the people are satisfied by the incentives associated with their
policies but rest of them are not satisfied so company should put a proper
concentration over that which convert unsatisfied to satisfied..
• Most of the respondents are satisfied by the services offered by their insurance
company while some says that they are not satisfied by the services.
• Most of the respondents want more Transparency from the side of the company.
60
Conclusion and Suggestion
CONCLUSION
61
After overhauling the all situation that boosted a number of Pvt. Companies associated
with multinational in the Insurance Sector to give befitting competition to the established
behemoth ICICI in private sector, we come at the conclusion that
• There is very tough competition among the private insurance companies on the
level of new trend of advertising to lull a major part of Customers.
• ICICI is not left behind in the present race of advertisement.
• The entries of more Pvt. Players in the Insurance Sector have expanded the
product segment to meet the different level of the requirement of the customers. It
has brought about greater choice to the customers.
• ICICI has vast market and very firm grip on its traditional customers and
monopoly of life insurance products.
• We see in this survey that LIC and ICICI have a strong presence in the market.
• We know that LIC is more preferred company because of low premium facility.
• . Availability of ICICI is perfect.
• LIC and ICICI are strong in distribution network.
• The time of purchasing of any product, consumer mostly goes for price of
premium and what will be return.
62
IRDA is also playing very comprehensive role by regulating norms mandating to private
players in this sector, that increases the confidence level of the customers to the private
players.
63
Recommendation and Suggestions
The study has provided with the useful data from the respondents. There has a lot to be
recommended. Following are the recommendations:
• There is a need for better promotion for the investment products & services. The
bank should advertise its products through television because it will reach to the
masses.
• More returns should be provided on Insurance plans.
• As the bank provides the Insurance facility to its customers. It should provide
this facility by tie up with the other Insurance organizations as well. The main
reason is that, the entire customers do not want Insurance of only one company.
They should have choice while selecting a suitable Insurance plans. This will
definitely add to the goodwill & profit for the bank.
• Distributor try to put all effort for preventing the interference of other distributor
in his areas then only company can know real market of his area.
• Distribution network should be more emphasized by company
• Company should give more attention on Campaigning tools Scheme
• There should be gift hamper to advisors and customers.
64
• Proper sales promotion schemes in city
• Still rural market is untouched.
• Company Persons are not able to give advice in reasonable time.
• There should be a proper visit of company person
65
Learning from the study
It was a great opportunity for me to do my internship in ICICI PRUDENTIAL LIFE
INSURANCS CO. LTD.., which is one of the well-known companies in India. It was a
starting for me to get the knowledge of real corporate world. Today experience and
knowledge of things is much more important than the degrees in hand. Although the
learning’s were numerous in number but I have concluded a few as major learning’s and
they are as follows:
• I got such a good project at ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.,
which gave me the opportunity to meet the various people in the corporate as well
as in the market. I have visited few segment of the market but the experiences of
these visits have been and will be prove tremendous help in my career.
• I came to know how to tackle people of different attitude and of different

mindsets, which will definitely help me in future. Planning a day in advance and
the activities that I performed during that day gave me confidence in my planning
and implementation. This project also exposed me and my skill sets to the
corporate world, where I came to know my flaws and rectified them, but a chance
may be there.
• I was an active member at customer dealing, which gave me confidence and

knowledge about how to convince a customer and handle all sorts of queries and
problems.
• I learned real marketing and sales experience during this time period. I learnt how
to make good relationships with customer as well as colleagues or subordinate.
The practical aspects of marketing theories are materialized during the course of
this study
66
QUESTIONNAIRE
Name - _____________
Age - _____________
Occupation - _____________
Q1. Are you currently insured?

- Yes
- No
If yes, please give the details of company, plan, premium etc.
Q2. Are you satisfied with your current insurer?
- Yes
- No
Q3. Which is your favoured insurance company?

- LIC
- ICICI
- HDFC
- Birla sun life
- Bajaj Allianz
- Others
Q4 Are you interested in the products offered by ICICI Prudential?

- Yes
- No
- Cant say
Q5. What is your main concern while taking an insurance policy?
- Tax benefit
- Security
- Investment/Savings
67
Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1
to 10 with 1 being least satisfied)
Q.7 Please express your opinion for the premiums paid for the above policy?
-Very high [ ]
-High [ ]
-Moderate [ ]
-Low [ ]
-Very Low [ ]
Q.8 how do you come to know about this policy? (Please tick).
-Advertisements [ ]
-Friends and relatives [ ]
-Direct selling agents [ ].
- Others (please specify) _____________________.
Q.9 Are there any incentives (tax benefits or Bonuses) associated with this
policy? (Please give appropriate details about it).
- ___________________________________________________________
___________________________________________________
10. Are you satisfied with the incentives associated with your policy?
-Highly satisfied [ ].
-Satisfied [ ]
-Moderate [ ]
-Unsatisfied [ ]
-Highly Unsatisfied [ ].
68
Q11. According to you, in what areas should the insurance companies work upon?
- Less complicated procedures

- Fewer premiums
- More returns
- Transparency
Q12. Do you think that services have improved after allowing private players in
insurance sector?
- Yes
- No
Your comments on ICICI Prudential
__________________________________________________________________
__________________________________________________________________
69
Bibliography
• www.icicibank.com
• www.iciciprulife.com
• www.licindia.com
• www.hdfcinsurance.com
• www.maxnewyorklife.com
• Brochures provided by the ICICI Prudential
• Book of marketing research “Naresh K. Malhotra.”
70

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A

Summer training report

“NEED ANALYSIS OF CUSTOMERS FOR ICICI PRUDENTIAL LIFE

Under the supervision of- Faculty Guide-

Submitted In Partial Fulfillment of Post Graduate Diploma in Management

Dr. Gaur Hari Singhania Institute of Management & Research

TO WHOMSOEVER IT MAY CONCERN

The project assigned to me was to study “NEED ANALYSIS OF CUSTOMERS FOR

I hope this report will help the management of organization.

 Certificate from the Organization

1.2 Overview of the Industry…………………………………………….13-14

Other objectives of this project are as follows:

• Comparative study of various insurance players in the market

• To study the varied reasons of availing life insurance plans

• To identify which type of insurance product are purchased by the customers.

• To assess main competitors of ICICI which are present in the market?

This project is based on the “NEED ANALYSIS OF CUSTOMERS FOR ICICI

This research methodology also includes:-

Further, in this Project-

• According to the survey it is found those 62% respondents are already

• In which we have found that in 62%insured person 82% are satisfied.

• According to survey it is found that ICICI (14%) is the major attractive

• By the research it is found that 40% people purchased insurance product

• According to research it is found that after the introduction of private

What is customer satisfaction?

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency and

Customers in human services are commonly referred to as service users, consumers or

• determine the customers’ expectations when they plan

The process for measuring customer satisfaction and obtaining feedback on

In addition to individual carrier-sponsored Internet sites, several “lead-generating” sites

About ICICI BANK:

ICICI Prudential Life Insurance

The ICICI Prudential Edge

Vision & Values

This we hope to achieve by:

And above all, building transparency in all our dealings

Banc assurance and Alliances

Mr. K.V. Kamath, Chairman

Ms. Shikha Sharma, Managing Director & CEO

Insurance Solutions for Individuals

Savings & Wealth Creation Solutions

Group Insurance Solutions

Group Immediate Annuities: CICI Prudential Life realizes the importance of

Flexible Rider Options

Stages in Policy Issuance

Advisor for completion.

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

When a customer wants to discontinue with the policy.

ON THE BASIS OF AGE:

ON THE BASIS OF TERM:

ON THE BASIS OF SUM ASSURED:

ON THE BASIS OF SURVIVAL BENEFIT:

ON THE BASIS OF CONTRIBUTION:

ON THE BASIS OF INVESTMENT OPTION:

2) LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:

ON THE BASIS OF SUM ASSURED:

ON THE BASIS OF SURVIVAL BENEFIT:

ON THE BASIS OF WITHDRAWAL BENEFIT:

ON THE BASIS OF CONTRIBUTION:

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

ON THE BASIS OF BONUS UNIT: