Marketing by Icici Preduntial Life Insurance

A
Project Report on
Marketing Of Insurance In ICICI Prudential Life
Insurance
Submitted in partial fulfillment of the requirement of the
Wardlaw CSI College, Bellary
2010
Submitted By
K. Sudha
Under the able Guidance Of
Mr. JAGADEESH M.B.A
Dept. of Business Management
Wardlaw CSI College,
Bellary
A study on Marketing of Insurance.
ACKNOWLEDGEMENT
The research work embodied in the project has been carried out
under the guidance and supervision of Mr. JAGADEESH, Wardlaw CSI
College for the co-operation and encouragement he has extended to me.
I would like to express my sincere thanks to Mr. Mallikarjuna.S.B

Sales Manager of ICICI Prudential Life Insurance Company Limited,
for permitting me to do my project work in their esteemed organization.
I respectively express my indebtedness for this encouragement
and keen interest throughout the course of project work.
I am grateful to ICICI Prudential Life Insurance Company
Limited, Bellary and my Project guides for their support and constant
source of help during the project.
I finally extend my whole hearted thanks to all my family
members and friends for their kind co-operation and contribution
during the course of my project work.
K. Sudha
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CONTENTS:
INTRODUCTION & HISTORY OF ICICI PRUDENTIAL LIFE
INSURANCE
CHAPTER-1
Introduction Of Study:
1
2
3
4
CHAPTER-2
Objectives of the study.

Research methodology.
Scope of the study.
Limitation of the study.
Introduction Of ICICI Prudential Life Insurance:

2.1 Overview of the Life Insurance Sector in India.
2.2 Principles and Types of Insurance.
2.3 IRDA- the Watch dog.
2.4 Insurance Marketing.
CHAPTER-3
Industry Profile:
3.1 Company Profile.
3.2 Company Promoters.
3.3 Company Vision & Mission Statement.
3.4 Board of Directors.
3.5 Awards and Recognitions.
3.6 Organization Structure.
3.7 Various Players in Indian Market.
CHAPTER-4
Product Profile:
Various ICICI Life Insurance Plans.
CHAPTER 5
5.1 Swot Analysis

5.2 Data Analysis and Interpretation
CHAPTER-6
Financial Statements
CHAPTER-7
Findings and Suggestions

4.1 Findings.
Page 3
4.2Suggestions.
CHAPTER-8
Conclusion:
Questionnaire & Bibliography
INTRODUCTION Of ICICI Prudential Life Insurance:

Marketing is an assessment, ascertainment, and fulfillment of consumer needs and desire
into products and services through planning and creating demand for companies products,
serving the consumer demand through planned physical distribution with the for help of
marketing channels expanding the marketing even in the face of keen competition.
As a corporate state of mind which insists integration and co-ordination of all marketing
functions in welded with all co-operative functions, with a basic objective of maximizing long
range corporate profits and satisfy the customer needs and wants.
The Creation of customer implies three things:1) Development of product through technical and market research on which afford sales
opportunities.
2) Persuading the customer to buy through advertisement and sales promotion.
3) Making the product available in a form at a price, time and place the customer want.
Marketing research is the function, which links the consumer / customer and public to the
marketer through information used to identify and define marketing opportunities and problems.
Objective of marketing research may be primary to gather information from different customer
attitudes
and
opinions.
The insurance sector in India has come a full circle form being an open competitive
market to nationalization and back to a liberalized market again. Tracing the developments in the
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Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two
centuries.
A History Of The Insurance Sector

Insurance has been around since ancient times. The Babylonians and Phoenicians had
ocean marine insurance to protect a merchant against losses incurred when a ship did not reach
its intended destination with its load of goods or did not return with payment. This form of
insurance, called respondent a, evolved because the goods on board often were used as collateral
for a loan. The lender charged the borrower interest on the loan and levied an additional sum, the
premium, to cover the cost of the respondentia contract. If the ship reached its destination and
returned, the merchant received payment for the goods and in turn paid the moneylender. If the
ship failed to return, the debt was cancelled. This system was profitable to lenders because many
respondents a contract were sold, and debts were paid more often than cancelled.
Marine Insurance: Marine insurance is the oldest form of insurance followed by life
insurance and fire insurance. The oldest and the earliest records of marine policy relates to a
Mediterranean voyage in 1347. In the year 1400, a book written by a merchant of Florence,
indicates premium rates charged for the shipments by sea from London to Pisa.
Fire insurance: It has its origin in Germany where it was introduced in municipalities for
providing compensation to owners of the property, in return for an annual contribution, based on
the rent of those premises. The fire insurance in its present form started after the most disastrous
fire in human history known as the 'Great Fire' in London, which had destroyed several
buildings.
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Due to the increasing demands of the time, different forms of insurance have been
developed. Industrial Revolution of 19th century had facilitated the development of accidental
insurance, theft and dacoity, fidelity insurance, etc. In 20th century, many types of social
insurance started operating, viz., unemployment insurance, crop insurance, cattle insurance, etc.
This way the business of insurance developed simultaneously with human and social
development. Today, the use of computers in the field of insurance is frequently increasing.
Insurance becomes an inseparable part of human development.
The early developments of life insurance were closely linked with that of marine
insurance. The first insurers of life were the marine insurance underwriters who started issuing
life insurance policies on the life of master and crew of the ship, and the merchants. The early
insurance contracts took the nature of policies for a short period only. The underwriters issued
annuities and pension for a fixed period or for life to provide relief to widows on the death of
their husbands. The first life insurance policy was issued on 18 th June 1583, on the life of
William Gibbons for a period of 12 months.
History Of Life Insurance In India

The History of Life Insurance in India dates back to 1818 when it was conceived as a
means to provide for English Widows. Interestingly in those days a higher premium was charged
for Indian lives than the non-Indian lives as Indian lives were considered more risky for
coverage. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first
company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance
Company was established in 1880.
The first general insurance company- Title Insurance Company Limited, was established
in 1850. Till the end of nineteenth century insurance business was almost entirely in the hands of
overseas companies.
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Insurance regulation formally began in India with the passing of the Life Insurance
Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during 20's and 30's
sullied insurance business in India. By 1938 there were 176 insurance companies. The first
comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict
State Control over insurance business. The insurance business grew at a faster pace after
independence. Indian companies strengthened their hold on this business but despite the growth
that was witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life insurers and
provident societies under one nationalised monopoly corporation and LIC was born.
Nationalisation was justified on the grounds that it would create much needed funds for rapid
industrialization. This was in conformity with the Government's chosen path of State- led
planning and development.
The (non-life) insurance business, however, continued to thrive with the private sector till
1972. Their operations were restricted to organised trade and industry in large cities. The general
insurance industry was nationalised in 1972. With this, nearly 107 insurers were amalgamated
and grouped into four companies- National Insurance Company Ltd., The New India Assurance
Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.
These were subsidiaries of the General Insurance Corporation of India (GIC).
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CHAPTER-1
1.1 STATEMENT OF THE PROBLEM:

The Project I have taken up is MARKETING OF INSURANCE IN ICICI
PRUDENTIAL LIFE INSURANCE, The reason why I took up this subject is because today,
insurance industry is among the fastest growing sector and it provides wonderful business
marketing, where by people can use their free time for the purpose of not only earning money
and rewards but also build meaningful relationships.
Through this project work, I expect to come with meaningful analysis on awareness of public on
MARKETING STRATEGIES IN ICICI PRUDENTIAL LIFE INSURANCE.
1.2 OBJECTIVES OF THE STUDY:

To know the marketing strategy in ICICI Prudential Life Insurance in Bellary.
To know the public interest towards the insurance.
To know the brand awareness towards ICICI Prudential Life Insurance Co., Ltd in
Bellary.
To find out which parameter is motivating insurance advisers to join insurance field.
To make suggestions and recommendations to improve upon the working of the company.
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1.3 RESEARCH METHODOLOGY:

Information is collected from the primary and secondary data. Analytical tool applied for
the analysis of data or Sources of Data.
The source of information is broadly classified into 2 categories:
PRIMARY DATA
SECONDARY DATA.
PRIMARY DATA:
The present study is mostly based on the questionnaire and personnel discussion with the
respondents in Bellary and Hospet city respectively.
SECONDARY DATA:
Secondary data is collected through the company brochures, manuals, periodicals,
newsletters, articles, internet and other publications.
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1.4 SCOPE OF THE STUDY:

The study has conducted in Bellary city for a period of one month. It intended to provide
information
about
market
potential
for
the
business
marketing
in
insurance.
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1.5 LIMITATIONS OF THE STUDY:

The area of study is limited to Bellary city.
The bias response from the respondents may have introduced errors in the survey
findings.
The sample is limited
Time constraint.
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CHAPTER-2
2.1 Overview Of The Life Insurance Sector In India:
With 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 populations are without life insurance cover, health
insurance and non-life insurance continue 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 dollars. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
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.
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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 is a federal subject in India. There are two legislations that govern the sectorThe Insurance Act- 1938 and the IRDA Act- 1999. 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. Premium rates of most general
insurance policies come under the purview of the government appointed Tariff Advisory
Committee.
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. 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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2.2 Principles and Types of Insurance:

Principles of Insurance:
Insurance is a 'risk transfer mechanism' - it transfers the financial risks of everyday life
from you to an insurance company, but only in terms of the financial consequences of risk.
Without insurance, if you car was damaged, it would cost you a lot of money to fix it or to buy
another one. It could cost you even more to pay for compensation to someone else involved in an
accident. Insurance protects your financial interests. It cannot alleviate the emotional
consequences of an accident. It cannot provide for humanitarian ideals. It can't help you with
sentimental losses. But properly used, it will protect your financial investment in your car and
your legal obligations should you have an accident.
Insurable Interest
Before you can insure anything, you must have a legally recognised financial interest in
what you are insuring. For motor insurance, you can't take out an insurance policy on the car
driven by the latest film star in the hope that it will crash and you can claim. That is nothing
more than gambling. You have no financial interest in the well being of the object insured and
would gain by its destruction. But you can insure the car you own, or drive. You would suffer
financially if it is damaged or stolen and benefit from its continued existence.
Indemnity
This word is used to describe the type of payment you would receive. A motor policy and
a household policy are both a contract of indemnity. It means, subject to the terms of the
contract, you are entitled to be put back in the same financial position after a loss as you were in
before the loss. In terms of a 'new for old' policy the measure of indemnity is agreed at the point
of sale rather than the time of claim. The term is also sometime used to indicate if your insurer
will meet the claim at all. A refusal to indemnify is a refusal to pay the claim.
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Contribution
If there is more than one policy in force that you could claim on, you can't get payment
from them both that would exceed the value of your loss. So each policy would contribute a
portion of the loss. You would receive the full value of the loss but no more and the two policies
would only bear part of it each.
Subrogation
This is the right that your insurer has to recover from someone else where you are entitled
to do so. For example, if another driver causes damage to your car, and your insurers pay for it,
subrogation gives them the legal right to 'stand in your shoes' and reclaim their outlay from the
responsible driver.
Proximate Cause
When you seek to claim from your insurers for a property or financial loss you must
show that the loss was caused as a result of a peril covered by the policy. There must be a direct
relationship of cause and effect, the cause must be proximate in efficiency but not necessarily in
point of time. There might for example, be a chain of causes in which each cause is the natural
result of the preceding cause. It is the immediate and not the remote cause which must be
considered.
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TYPES OF INSURANCE:
General insurance
The basis for general insurance is "transfer of risk".
This means that the insurer agrees to compensate you if you suffer a loss. Without the
insurance you would have to pay for that loss yourself. Obviously this contract is made on the
basis that the insurance company calculates the risk that you, or the total number of people
buying insurance, will cost more in payouts than what is received in premiums. This is
determined by the use of statistics and the information you disclose on your application for
insurance.
This includes:
Home contents:
It can either be "defined event" i.e. the policy covers loss or damage from a list of
"defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all accidental loss with
some exclusions.
Motor vehicle:
It can either be "comprehensive" i.e. it covers any damage to your car as well as damage
to the other car or another person's property; "third party property" i.e. it covers damage caused
by your car to another person's property. This type of insurance will not cover you for the cost of
repairs to your own car; "third party fire and theft i.e. it covers damage partly for damage caused
by your car to another person's property, and restricted cover for damage to your car cause by
theft or fire.
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Income protection:
With this type of insurance the insurer agrees to pay you a specified amount of money,
usually in monthly payments, in the event that you become disabled and unable to work. Along
the same lines you can purchase "trauma insurance" to cover a medical trauma such as a heart
attack.
Also in the modern day world a number of utility specific insurance policies are being
launched by the various players in the insurance market in an effort to stay one step ahead of
their competitors. Hence to make the Definition of General Insurance more broad based and
inclusive we can say that all the policies which do not fall under Life Insurance category fall
under the General Insurance category.
Life Insurance
Life insurance is insurance that will protect your family and/or specified dependents in
the event of the policy holders death. In general, it is an essential component in planning for the
future. There are many options with coverage, depending on your situation. And there are three
main categories of life insurance: term life, universal life, and whole life insurance. Term life is
the simplest and least expensive type of policy. It's pure insurance with no cash value account. A
term life policy has only one function: to pay a specific lump sum to whomever you've
designated, upon a specific event, your death.
Whole life insurance provides permanent protection for your dependents while building a
cash value account. With this type of insurance, the insurance company manages the policies
various accounts. Universal life insurance provides permanent protection for your dependents
and is more flexible than whole or variable life.
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2.3 Insurance Regulatory and Development Authority The Watch Dog

On 19th April 2000, the Authority has been notified in the Gazette of India in terms of
Insurance Regulatory and Development Authority Act, 1999 (IRDA Bill). The Authority has also
been constituted.
Mission: To protect the interests of the policy holders, to regulate, promote and ensure orderly
growth of the insurance industry and for matters connected there with or incidental there to
DUTIES, POWERS AND FUNCTIONS OF AUTHORITY
AS per the INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT,
1999
14(1) Subject to the provisions of this Act and any other law for the time being in force,
the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance
business and re-insurance business.
14(2) Without prejudice to the generality of the provisions contained in sub-section (1),
the powers and functions of the Authority shall include,-a) Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
b) Protection of the interests of the policy-holders in matters concerning assigning of policy,
nomination by policy-holders, insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of insurance;
c) Specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
d) Specifying the code of conduct for surveyors and loss assessors;
e) Promoting efficiency in the conduct of insurance business;
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Promoting and regulating professional organization connected with the insurance and reinsurance business;
f) Levying fees and other charges for carrying out the purposes of this Act;
calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries
and other organizations connected with the insurance business;
g) Control and regulation of the rates, advantages, terms and conditions that may be offered
by insurers in respect of general insurance business not so controlled and of 1938
regulated by the Tariff Advisory committee under section 64U of the Insurance Act, 1938;
h) Specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
i) Regulating
investment
of
funds
by
insurance
companies;
(l) regulating maintenance of margin of solvency;

j) Adjudication of disputes between insurers and intermediaries or insurance intermediaries;
k) Supervising the functioning of the Tariff Advisory committee;
l) Supervising the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organization referred to in clause (f);
m) Specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector; and
n) Exercising such other powers as may be prescribed.
The founder chairman of IRDA was Mr. N.Rangachary. It was under his stewardship that the
Indian Insurance industry really opened up.
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2.4 Insurance Marketing:

Insurance Agents
As Life insurance is a personalized service, personal selling plays an important role in
promoting the same. Place and promotion are being highlighted here since the agents and
development officer who form the pillars of Life Insurance market structure discharge these two
important functions. Agents are PR men of insurance companies at the grassroots level. The role
in building up good customer relation is crucial. They work under the guidance and direct
supervision of development officers. They together sell the right type of policies suitable to the
needs of clients for the right amount at the right time (age). The agents render various other
services and also play a vital role in policy servicing. The Development Officers under each
Branch office beside guiding and supervising activities of the agents are also responsible for their
recruitment and training so as to develop a stable agency force. They activate the existing agents
and motivate the new ones. Also they render all such services to the policyholders as will
produce better policies. Agents and development officers, as the intermediaries in the distribution
system of the whole, develop and increase the Life Insurance business in a planned way.
For promoting Life Insurance business, sales promotion activities are also carried out by
the agents. Calendars, bags, diaries, etc. are also given to the policyholders as a token of gifts.
The insurance companies also trains their agents, as they do not tend to increase or update their
knowledge regularly so as to serve better to their customers. Special training programs are held
for them.
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Corporate Houses and Financial Institutions:

This is a distribution network that has shot into prominence after the opening up of the
Insurance sector.
Large corporate houses and financial institutions have now entered into the business of
selling life insurance. These institutions have employed special employees who are trained to sell
insurance. These employees are told to then tell to target the existing customers of the corporate
houses or financial institutions. They also have a help desk / promotion desk at the places where
the customer comes into contact with the company. These centers are the effective centers where
the sales pitch is made to the prospective customers. Also sometimes the company may use
marketing tactics like sending direct mailers to the various clients or telemarketing. This form of
distribution is slowly but surely gaining prominence.
Bancassurance
With the opening up of the insurance sector and with so many players entering the Indian
insurance industry, it is required by the insurance companies to come up with innovative
products, create more consumer awareness about their products and offer them at a competitive
price. At this juncture, banking sector with its far and wide reach, was thought of as a potential
distribution channel, useful for the insurance companies. This union of the two sectors is what is
known as Bancassurance. What is Bancassurance? Bancassurance is the distribution of insurance
products through the bank's distribution channel. It is a phenomenon wherein insurance products
are offered through the distribution channels of the banking services along with a complete range
of banking and investment products and services. To put it simply, Bancassurance, tries to exploit
synergies between both the insurance companies and banks. Bancassurance if taken in right spirit
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and implemented properly can be win-win situation for the all the participants' viz., banks,
insurers and the customers.
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3.1 Company Profile:

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. 37.72 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 954 branches in
addition to 1,015 micro-offices, over 296,000 advisors; and 21 banc assurance partners.
ICICI Prudential was 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.
3.2 Company Promoters:

ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second
largest bank in the country, with consolidated total assets of $121 billion as of March 31, 2008.
ICICI Banks subsidiaries include Indias leading private sector insurance companies and among
its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks
presence currently spans 19 countries, including India
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Prudential Plc:
Established in London in 1848, Prudential plc, through its businesses in the UK, Europe,
US, Asia and the Middle East, provides retail financial services products and services to more
than 20 million customers, policyholder and unit holders and manages over 267 billion of funds
worldwide (as of December 31, 2007). In Asia, Prudential is the leading European life insurance
company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail
fund managers for Asian sourced assets ex-Japan. Its fund management business has expanded
into ten markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia, Singapore,
Taiwan, Vietnam and United Arab Emirates.
3.3 Vision and Mission Statement:

Their vision is to make ICICI Prudential Life Insurance Company the dominant new
insurer in the life insurance industry. This they hope to achieve through their commitment to
excellence, focus on service, speed and innovation, and leveraging our technological expertise.
The success of the organization will be founded on its strong focus on values and clarity of
purpose. These include:
Understanding the needs of customers and offering them superior products and service
building long lasting relationships with their partners providing an enabling environment to
foster growth and learning for their employees and above all building transparency in all our
dealings.
They believe that they can play a significant role in redefining and reshaping the sector.
Given the quality of their parentage and the commitment of their team, they feel that there will
be no limits to their growth.
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3.4 Board of Directors.

The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Ms.Chanda D. Kochhar, Chairperson
Mr. N. S. Kannan, Director
Mr. K. Ramkumar, Director
Mr. Barry Stowe, Director
Mr. Adrian OConnor, Director
Mr. Keki Dadiseth, Independent Director
Prof. Marti G. Subrahmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Direct
Mr. V. Vaidyanathan, Managing Director & CE
3.5 Awards And Recognitions:AWARDS:

1. The International Council of Customer Service Organizations (ICCSO) recently
awarded ICICI Prudential Life the International Service Excellence Awards
2009 in the categories of Customer Charter Winner, Service Excellence in
Large Business Highly Commended and Customer Service Leader awarded to
Ms. Priya Nayak, VP-Service Quality.
2. ICICI Prudential Life Insurance has won the first runner up award for the Best
Defect Elimination in Service & Transaction category at Asian Six Sigma
Excellence Summit 2009.
3. ICICI Prudential Life was awarded the Life Insurance Company of the Year at
the12th Asia Insurance Industry Awards 2008.
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4. ICICI Prudential Life was awarded with two Bronze Effie's in the services
category for its Corporate campaign and Retirement Number campaign
5. ICICI Prudential Life Insurance won the award for the Best Life InsurerRunner up at the Outlook Money & NDTV Profit Awards 2008
6. ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects
Award for its IT practice
7. ICICI Prudential Life won the Award for Brand Excellence in the Banking and
Financial services category at the Asia Brand Congress 2008
8. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was
adjudged the Businesswoman of the year at The Economic Times Awards for
Corporate Excellence, 2007-08.
9. ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008
in three key categories for its marketing initiatives
10. ICICI Prudential Life was awarded the INDYs Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
Page 26
11. India's Most Customer Responsive Insurance Company. Avaya Global Connect
- Economic Times. Customer Responsiveness Awards, 2007
12. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged as one of the 50 Most Powerful Women in Business by the Financial
Express.
adjudged the Entrepreneur of the Year-Manager at the Ernst and Young
Entrepreneur Awards 2007
awarded the Outstanding Businesswoman of the Year at CNBC TV18's India
Business Leader Awards 2007
15. ICICI Prudential Life Insurance won the award for the Best Life InsurerRunner up at the Outlook Money & NDTV Profit Awards 2007
16. ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 was
awarded the Bronze Effy trophy in the services category. It also won the Brand
Equity Bravery Award 2007, instituted by Ad club.
17. ICICI Prudential Lifes website, www.iciciprulife.com was awarded the best
website among private life insurers at the Web 18 and Frost & Sullivan Genius
of the Web Awards 2007 for commendable work in the online.
18. Innovation Award for launching Diabetes Care Prudence Award 2006. People
Award for excellence in training and people development - Prudence Award
2006
19. India's Most Customer Responsive Insurance Company. Avaya Global Connect
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- Economic Times. Customer Responsiveness Awards
20. Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey of
Most Trusted Brands 2003, 2004 and 2005
21. Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation
Asia
22. Best Life Insurer 2003. Outlook Money Awards 2003 & 2004
23. IMM Award for Excellence. Institute of Marketing & Management
24. Organization with Innovative HR Practices Indira Group of Institutes

Superbrand 2003-04
25. Organization with Innovative HR Practices Asia-Pacific H R Congress Awards

for HR Excellence
26. Silver Effie for Effectiveness of the Retire from Work not life advertising
campaign Effies 2003
Page 28
RECOGNITIONS:
ICICI Prudential Life was recognized as the most trusted brand amongst private
life insurers in the Economic Times-Most Trusted Brand survey 2008.
IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices. Indira Group of Institutes
Organization with Innovative HR Practices. Asia-Pacific H R Congress Awards

for HR Excellence
Page 29
3.6 Organization Structure:

B.O.D ICICI
Prudential
C.E.O
Claims Debt
H.R HEAD
SALES HEAD
Peninsular
K.G
Himalayas
M.P
T.N
A.P
Karnataka and Goa
Kerala
s
R. M
R. M
R. M
B. M
S.M Bellary
S. M Haveri
Page 30
Advisor
Advisor
3.7 Various Players in Indian Market:

1. ICICI Prudential Life Insurance Company Limited
2. SBI Life Insurance Company Ltd.
3. AMP Sanmar Assurance Company Limited
4. Birla Sun Life Insurance Co. Ltd.
5. Dabur Cgu Life Insurance Company Pvt. Ltd
6. HDFC Standard Life Insurance Co. Ltd.
7. Bajaj Allianz Life Insurance Co.
8. ING Vysya Life Insurance Co. Pvt. Ltd.
9. Life Insurance Corporation Of India
10. Max Newyork Life Insurance Co. Ltd.
11. Metlife India Insurance Company
12. Om Kotak Mahindra Life Insurance Co. Ltd.
13. Tata Aig Life Insurance Co. Ltd
14. Aviva Life Insurance
15. Reliance Life Insurance
16. Sahara India Life Insurance
Page 31
CHAPTER-4
Product Profile:
Various ICICI Life Insurance Plans.
Education Insurance Plans:
Smart Kid New Unit-linked
Regular Premium
Smart Kid New Unit-linked
Single Premium
Smart Kid Regular Premium
Wealth Creation Plans:
Wealth Advantage
LifeStage Assure
LifeTime Gold
LifeLink Super
LifeStage RP
Page 32
Premium Guarantee Plans:
Invest Shield Life New
Invest Shield CashBank
Protection Plans:
Pure Protect
Life Guard
Save 'n' Protect
Cashbook
Home Assure
Retirement Solutions:
Life Stage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife Plan
Immediate Annuity
Health Coverage Plans
Health Saver
Medi Assure
Hospital Care
Crisis Cover
Cancer Care
Page 33
Diabetes Care Active
Diabetes Assure
ICICI Pru Group Solutions Advantage
Group Super Annuation
Group Gratuity Plan
Annuity Solutions
Group Term Insurance Plan
Group Term Insurance in lieu of EDLI
Rural Plans
ICICI Pru Suraksha
ICICI Pru Suraksha Kavach
Micro Insurance Plans
ICICI Pru Sarv Jana Plan
CHAPTER-5
5.1 S.W.O.T Analysis of ICICI Prudential Life Insurance:
Strength:
Page 34
ICICI Prudential is One of the largest financial institutions of India.

Money power, which makes them ignorant about the gestation period.
Motivation factors provided by the Company.
Service quality, which is the crux of their mission.
A huge data base of corporate clients, retail customer, and bank customers
of ICICI.
Highest paid up capital deposited in IRDA, in comparison to all players.
Training provided to all people associating with ICICI Prudential.
Weakness:
High targets for financial advisors and for the sales departments.
Many competitors in the market offer same product by the title difference
in the premium and offerings.
Very huge premium of policies.
Problematic to advisors also.

Sustainable to risk associated with investments in money market.
Opportunities:
Health insurance and pension schemes, an estimated market potential of

approximately $15 billion.
Tie up with more corporate agents all over India. And Tie up with broker
(agent) also.
Strong brand of company helps to boost sales in market.
Attract more people of providing customer centric products.
Page 35
Threats:
Players like Bajaj and Birla Sun life with low premium for the similar
plans.
People are not aware of different distribution channels.
Threat from existing insurance players.
Threat from new entrants.
Changes in the policy of IRDA.
5.2 Data Analysis And Interpretation:

Data Analysis:
Table showing classification of respondents according to occupation.
Particulars
No. of Respondents
Percentage
Job Holders
Business Peoples
Govt. Employer
TOTAL
9
11
5
25
36%
44%
20%
100
Page 36
Graphical representation:
12
10
8
6
4
2
Job Holders
Business People
Govt. Employer
Page 37
Balance sheet
Mar ' 09
Mar ' 08
Mar ' 07
Equity share capital

Share application money
Preference share capital
Reserves & surplus
Loan funds
Secured loans
1,113.29
350.00
48,419.73
1,112.68
350.00
45,357.53
899.34
350.00
23,413.92
Unsecured loans
2,18,347.82
2,44,431.05
2,30,510.19
Total
2,68,230.84
2,91,251.26
2,55,173.45
Gross block
Less : revaluation reserve
Less : accumulated
depreciation
7,443.71
-
7,036.00
-
6,298.56
-
3,642.09
2,927.11
2,375.14
Net block
3,801.62
4,108.90
3,923.42
Capital work-in-progress
Investments
1,03,058.31
1,11,454.34
189.66
91,257.84
34,384.06
31,129.77
23,551.85
43,746.43
42,895.38
38,228.64
-9,362.37
-11,765.62
-14,676.78
97,497.56
1,03,797.62
80,694.15
Owner's fund
Uses of funds
Fixed assets
Net current assets

Current assets, loans &
advances
Less : current liabilities
& provisions
Total net current assets
Miscellaneous expenses
not written
Total
CHAPTER-6
Financial Statements
7.1 Findings:
Page 38
Majority of the respondents believed that larger risk coverage of their policy was the
main feature that attracted them to buy that policy, low premium was the next important
feature.
ICICI Prudential is the largest private player in the insurance industry in India.
Due to the increasing concern of people towards their health/life the life insurance
business has good prospects.
There are few short term plans which are not known to the public.
Company has high policy charges which are not affordable by the lower middle and
lower class people.
Out of total population of 1 billion of country, only 22% have insurance cover.
So we can say that there is still large potential for both the public and private
companies. Private companies have to give varied customized product to compete with
the LIC which is holding about 97% of the total market.
7.2 Suggestions:
Most of the people are interested on Sum Assured and Additional benefits and some
people are interested in minimum premium, hence company has to formulate those
policies which are mostly preferred by customers and prospects.
Rural people are not interested and they are not understanding about life insurance. So, if
the company concentrates on rural area and to make awareness of them, then they can
assure their life of benefit.
Company should make their products flexible for the convenience of their customer and
the companies should now try to identify the gap between current level of customer
service and customer expectations.
Page 39
8.1 QUESTIONNAIRE:
Dear Sir/Madam,
I am a student of Wardlaw CSI Collage, Bellary, conducting a marketing survey on A
Study on Marketing of Insurance in ICICI Prudential Life Insurance, in Bellary CITY . I
request you to fill this questionnaire & I assure that this data will be used only for study purpose
& it will be kept confidential:
1. Name:
________________________________________________________________
Address:
_________________________________________________________________________
_________________________________________________________________________
_______________________________________________________________
Contact No: _________________________________
1.
Age
A. Less than 25
C. 35-45
B. 25 35
D. 45 and above
2. Occupation
A. Business
C. Professional
B. Job holder
D. Other
3. What is your average annual income?

A. Up to 1 lakh
B. 1 lakh to 3 lakhs
C. 3 lakhs to 5 lakhs
D. 5 lakhs and more
4. Your family size

A. below 5 members
Page 40
B. 5 10 members
C. above 10 members
5. According to you, life insurance is,
A. A Tax Saving Plan U/S 80 C or 80 D
B. A saving scheme with good return
C. A financial security for the family
D. Risk coverage
E. All the above
F. Any Other _____________________
6. Have you taken any life insurance product of ICICI Prudential Life insurance?
YES / NO
If YES
Which are in these?

A. Unit Linked Insurance Plan
B. Endowment / Cash Plus / Cash Back Plan
D. Children Educational Plan
E. Pension / Annuity Plan
F Health Plans
G. Others __________________
7. Are you aware of the benefits in your policy?
Yes / No
If YES, what are they? A. Sum assured
C. Maturity date
B. Additional benefits
D. Risk coverage
8. Any suggestion for ICICI Prudential Life Insurance?
Thank you for sparing your valuable time.

Signature:
Date:
Page 41
8.2 BIBLIOGRAPHY:
1. http://www.iciciprulife.com
2. http://www.google.com
3. http://www.wikipedia.com
CONCLUSION:
There is no equivalent way to learn things than learning it practically. Everyone learns
from his mistakes, on experience. The practical experience is an entirely different aspect when
considered about what we learnt in classroom. This summer training report would reveal the
various learning process. I have learned some of the key things like how to behave in the
organization? , How to talk with customers? , how to communicate with senior officials?
I would like to convey my regards and sincere thanks to Mr. Mallikarjuna (Sales Manager) of
ICICI Prudential Life Insurance, guidance throughout my internship period and also for helping
me to complete my internship training successfully.
I would like Conclude that ICICI Prudential Life Insurance provided me with a very good
friendly learning environment; they are equipped with high quality infrastructure, pantry
Facilities combined with neat and clean environment.
____________________________________
Page 42

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A study on Marketing of Insurance.

I would like to express my sincere thanks to Mr. Mallikarjuna.S.B

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Objectives of the study.

Introduction Of ICICI Prudential Life Insurance:

5.1 Swot Analysis

Findings and Suggestions

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

INTRODUCTION Of ICICI Prudential Life Insurance:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

A History Of The Insurance Sector

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

History Of Life Insurance In India

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

1.1 STATEMENT OF THE PROBLEM:

1.2 OBJECTIVES OF THE STUDY:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

1.3 RESEARCH METHODOLOGY:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

1.4 SCOPE OF THE STUDY:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

1.5 LIMITATIONS OF THE STUDY:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

2.2 Principles and Types of Insurance:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

2.3 Insurance Regulatory and Development Authority The Watch Dog

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

(l) regulating maintenance of margin of solvency;

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

2.4 Insurance Marketing:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Corporate Houses and Financial Institutions:

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

Wardlaw CSI College, Bellary

A study on Marketing of Insurance.

3.1 Company Profile: