1ICICI

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ICICI PRUDENTIAL LIFE INSURANCE
HYPOTHESIS
STATEMENT OF THE PROBLEM:
The Project I have taken up is 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 msoney and rewards but also build meaningful relationships.
OBJECTIVE OF THE STUDY:

For every problem there is a research. As all the researches are
based on some and my study is also based upon some objective and these
are as follows.
1. To understand the insurance business and products of ICICI Prudential life
insurance co ltd.
2. To find out the peoples perception about life insurance.
3. To find out whether people were really aware of life insurance.
4. To find out how people think about private life insurance.
5. To find out what respondents expect from life insurance.
6. To understand Consumer buying behavior
7. To come out with conclusion and suggestions based on the analysis and the
Interpretation of data
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SIGNIFICANCE OF THE STUDY:

The project is concerned with the STUDY ON ICICI
PRUDENTIAL LIFE INSURANCE. This study is very useful as the
financial market become more sophisticated and complex, investor needs a
financial intermediary who provides the required knowledge and
professional expertise on successful investing and Life insurance is a form
of insurance that pays monetary proceeds upon the death of the insured
covered in the policy. Essentially, a life insurance policy is a contract
between the named insured and the insurance company wherein the
insurance company agrees to pay an agreed upon sum of money to the
insured's named beneficiary so long as the insured's premiums are current.
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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 .
SECONDARY DATA:
Secondary data is collected through the company brochures,
manuals, articles, websites and other publications.
ANALYSIS AND INTERPRETATION:

Data collection through questionnaire and personnel interview
resulted in availability of the desired information but these were useless
until there were analyzed. Various steps required for this purpose were
editing, coding and tabulating. Tabulating refers to bringing together similar
data and compiling them in an accurate and meaningful manner. The data
collected by questionnaire was analyzed, interpreted with the help of table,
bar chart and pie chart.
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EXECUTIVE SUMMARY
ICICI Prudential Life Insurance is one of the largest Insurance networks
in the country, and 2nd Life Insurance Company in India. The ICICI Group has
been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential
started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a
customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it
the 2nd largest life insurance company in the country, next only to LIC.
The Insurance sector, after the opening up, provides greater opportunities.
Several global players have emerged and the market has changed significantly. In
the changed scenario, the expectation is that the low Insurance premium as a
percentage of GDP prevailing in India will improve and will offer better
opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business
potential exists. In India currently the life insurance premium as a percentage of
GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario,
the life insurance premiums were projected to grow at around 18% to 20% from Rs
215 billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by
2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in
1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion
to Rs 51 billion.
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In the life Insurance segment the Life Insurance Corporation of India

(LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven
Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is
another segment, which has been growing at a faster pace.
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INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon
the death of the insured covered in the policy. Essentially, a life insurance policy is
a contract between the named insured and the insurance company wherein the
insurance company agrees to pay an agreed upon sum of money to the insured's
named beneficiary so long as the insured's premiums are current.
With a large population and the untapped market area of this population
insurance happens to be a very big opportunity in India. Today it stands as a
business growing at the rate of 15-20% annually. Together with banking services,
it adds about 7 percent to the countries GDP. In spite of all this growth statistics of
the penetration of the insurance in the country is very poor. Nearly 80% of Indian
populations are without life insurance cover and the health insurance. This is an
indicator that growth potential for the insurance sector is immense in India.
It was due to this immense growth that the regulations were introduced in
the insurance sector and in continuation Malhotra Committee was constituted by
the government in 1993 to examine the various aspects of the industry. The key
element of the reform process was participation of overseas insurance companies
with 26% capital. Creating a more competitive financial system suitable for the
requirements of the economy was the main idea behind this reform.
Since then the insurance industry has gone through many changes. The
liberalization of the industry the insurance industry has never looked back and
today stand as one of the most competitive and exploring industry in India. The
entry of the private players and the increased use of the new distribution are in the
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limelight today. The use of new distribution techniques and the IT tools has
increased the scope of the industry in the longer run.
Insurance is the business of providing protection against financial
aspects of risk, such as those to property, life health and legal liability. It is one
method of a greater concept known as risk management which is the need to
mange uncertainty on account of exposure to loss, injury, disadvantage or
destruction.
Insurance is the method of spreading and transfer of risk. The fortunate many who
are exposed to some or similar risk shares loss of the unfortunate. Insurance does
not protect the assets but only compensates the economic or financial loss.
In insurance the insured makes payment called premiums to an insurer, and in
return is able to claim a payment from the insurer if the insured suffers a defined
type of loss. This relationship is usually drawn up in a formal legal contract.
Insurance companies also earn investment profits, because they have the
use of the premium money from the time they receive it until the time they need it
to pay claims. This money is called the float. When the investments of float are
successful they may earn large profits, even if the insurance company pays out in
claims every penny received as premiums. In fact, most insurance companies pay
out more money than they receive in premiums. The excess amount that they pay
to policyholders is the cost of float. An insurance company will profit if they invest
the money at a greater return than their cost of float.
An insurance contract or policy will set out in detail the exact
circumstances under which a benefit payment will be made and the amount of the
premiums.
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INDUSTRY PROFILE:
Insurance in India:
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360 degree
turn witnessed over a period of almost two centuries.
A Brief history of the Insurance Sector:

The business of life insurance in India in its existing form started in India
in the year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta.
Some of the important milestones in the life insurance in India are;

1912: The Indian Life Assurance
For over 50 years, life insurance in India was defined and driven by only
one company- the Life Insurance Corporation of India (LIC). With the Insurance
Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry
of private companies into both life and general sectors there was bound to be newfound excitement- and new success stories. Today, just three years since their entry,
their cumulative share has crossed 13% (source: IRDA), far exceeding
expectations. Clearly insurance is on a growth path.
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The percentage of premium income to GDP which was just 2.3% in 200001 rose to 3.3% in 2002-03; and life insurance has emerged as the dominant
contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for

instance, was at an abysmal 22% of the insurable population. However, private
players have had to rise to many challenges. They were faced with attitudinal
barriers towards the category and the perception that insurance was only a tax
saving tool. Insurance per se had lost it basic rationale: protection. It wasnt
surprising then that its potential lay frozen and unexploited. The challenge for
private insurance players was to change the established category driver and get
customers to evaluate life insurance as an investment-cum-protection tool.
Brief Review of Scenario Insurance:

Insurance in India started without any Regulation in Nineteenth century.
It was story of a typical colonial era. A few British companies dominated the
market mostly in large urban centers.
Insurance was nationalized mainly on 3 counts First, Indian lives were not
insured. Second, even if they were insured, they were treated as substandard lives
and extra premium was charged. Third, there were gross irregularities in the
functioning of Life insurance was nationalized in the year 1956, and then general
insurance was nationalized in the year 1972. In 1999, the private insurance
companies were allowed back again into insurance sector with maximum cap of
26 percent foreign holding.
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1818 The British introduce to India, with the establishment of the Oriental
Life Insurance company in Calcutta.
1850 Non life insurance debuts, with Triton Insurance Company.
1870 Bombay Mutual life Assurance Society is the first Indian-owned life
insurer
1907 Indian mercantile Insurance is the first Indian non-life insurer.
1912 The Indian life assurance companies act enacted to regulate the life
insurance business.
1938 The insurance act, which forms the basis for most current insurance
laws, replaces earlier act.
1956 Life insurance nationalized, government takes over 245 Indian and
foreign insurers and provident societies.
1956 Government sets up LIC
1972 Non life insurance nationalized, GIC set up.
1993 Malhotra committee, headed by former RBI governor R.N.Malhotra,
set up to draw up a blue print for insurance sector reforms.
1994 Malhotra Committee recommends re-entry of private players,
autonomy ot PSU insurers.
1997 Insurance regulator IRDA (Insurance Regulatory and Development
Authority) set up.
2000 IRDA starts giving licensed to private insurers
2001 ICICI Prudential Life Insurance came into the market to sell a policy.
2002 Banks were allowed to sell insurance plans, as TPAs enter the scene,
insurers start settling non-life claims in the cashless mode.
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Classification of insurance:
The insurance industry in India can broadly classified in two parts. They are.
1) Life insurance.
2) Non-life (general) insurance.
1). Life insurance:

Life insurance can be defined as life insurance provides a sum of money
if the person who is insured dies while the policy is in effect.
In 1818 British introduced to India, with the establishment of the oriental
life insurance company in Calcutta. The first Indian owned Life Insurance
Company; the Bombay mutual life assurance society was set up in 1870.the life
insurance act, 1912 was the first statuary measure to regulate the life insurance
business in India. In 1983, the earlier legislation was consolidated and amended by
the insurance act, 1938, with comprehensive provisions for detailed effective
control over insurance. The union government had opened the insurance sector for
private participation in 1999, also allowing the private companies to have foreign
equity up to 26%. Following the opening up of the insurance sector, 12 private
sector companies have entered the life insurance business.
Benefits of life insurance:

Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
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It can be enchased and facilitates quick borrowing.

It provides valuable tax relief.
2) Non-life (general) Insurance:

Triton insurance co. ltd was the first general insurance company to be
established in India in 1850, whose shares were mainly held by the British. The
first general insurance company to be set up by an Indian was Indian mercantile
insurance co. Ltd., which was stabilized in 1907 . there emerged many a player on
the Indian scene thereafter.
The general insurance business was nationalized after the promulgation of
General Insurance Corporation (GIC) OF India undertook the post-nationalization
general insurance business.
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CONCEPTUAL BACKGROUND
Satisfaction is defined as . . .
A persons feeling of pleasure or disappointment resulting from comparing a
products perceived performance (or outcome) in relation to his or her
expectations.
Customer Satisfaction can be defined as supplying or gratifying all wants or
wishes, fulfilling conditions or desires, or the state of the mind anything that makes
a customer feel pleased or contented.
Consumer Behavior:
Consumer behavior is defined as the behavior
that consumers display in searching for, purchasing, using, evaluating and

disposing of products and services that they expect will satisfy their needs.
The study of the processes involved when individuals or groups select,
purchase, use or dispose of products, services ideas, or experiences to satisfy
needs and desires.
Customer value:
The ratio between the customerss perceived benefits
(economic, functional and psychological) and the resources (momentary,

time, effort, psychological) used to obtain those benefits.
Customer satisfaction: Customer satisfaction is the individuals

perception of the performance of the product or service in relation to his or
her expectations.
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Motivation: The processes that account for an individuals intensity,

direction, and persistence of effort toward attaining a goal.
Personality: Personality can be described as the psychological

characteristics that both determine and reflect how person responds to his or
her environment.
Perception: Perception is defined as the process by which an individual

selects, organizes, and interprets stimuli into a meaningful and coherent
picture of the world.
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THE CONSUMER ADOPTION PROCESS

The consumer adoption process is the process by which customers learn
about new products, try them, and adopt or reject them. Today many marketers are
targeting heavy users and early adopters of new products recognizing that specific
media can reach both groups and tend to be opinion leaders. The consumer
adoption process is influenced by many factors beyond the marketers control,
including consumers and organizations willingness to try new products, personal
influences and the characteristics of the new products or innovations
STAGES OF ADOPTION PROCESS:

An innovation refers to any good, service, or idea. That is perceived by
someone as new. The idea may have long history, but it is an innovation to the
person who sees it as new. Innovation takes time to spread through the special
system. The consumer adoption process focuses on the mental process through
which an individual passes from first hearing about an innovation to final adoption.
Adopters of new products have moved through the following five stages.
1. AWARENESS: The consumer becomes aware of the innovation but lacks

information about it.
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2. INTEREST: The consumer is stimulated to see the information about the

innovation.
3. EVALUATION: The Consumer considers whether to try the innovation or

not.
4. TRIAL: The consumer tries the innovation to improve his estimate of its
value.
5. ADOPTION: The consumer decides to make full and regular use of the
innovation.
Historical Perspective
Prior to 1956
1956
2001
-242 companies operating
-Nationalization- LIC monopoly player -Government control

-Opened up sector
Contribution to Indian Economy

Life Insurance is the only sector which garners long term savings.
Spread of financial services in rural areas and amongst socially less
privileged.
Long term funds for infrastructure.
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Strong positive correlation between development of capital markets and

insurance/pension structure.
Employment generation.
Insurance Industry prior to de-regulation

Prior to deregulation in 2000, market was a public monopoly.
Public Monopoly
- 2000 Offices
- Over 800,000 agents
Distribution through tied agents only
Sales approach primarily on a tax savings platform
Traditional style product offering
Endowment and money back plans
Inadequate and inflexible products
Pensions: Small part of product offer
Limited focus on customer needs
Improving Service Standards
Pre Deregulation Limited Distribution
Channel Access
Advisors
Service Points
Branch
Network
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Use of IT
Limited use of
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Post Deregulation Service through Distribution
Multi Channel Access
Multiple
Service Use of IT
Points
Advisors
Call Centers
Shorter
time around
Brokers
&
Email
time
Corporate agents
Website
Claims
Bancassurance
Branch
Policy
Network
Issuance
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COMPANY PROFILE:
ICICI Prudential Life Insurance Company Limited (the Company)
a joint venture between ICICI Bank Limited and Prudential plc of UK was
incorporated on July 20, 2000 as a company under the Companies Act, 1956 (the
Act). The Company is licensed by the Insurance Regulatory and Development
Authority (IRDA) for carrying life insurance business in Indi a.
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank, a premier financial powerhouse and prudential plc, a leading
international financial services group headquartered in the United Kingdom (UK).
The company brings together the local market expertise and financial strength of
ICICI Bank and Prudentials International life insurance experience. The company
was granted a certificate of Registration by the IRDA on November 24, 2000 and
eighteen days later, issued its first policy on December 12. ICICI Prudential was
amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA).
From its early days, ICICI Prudential seemed to have the wherewithal for a
large-scale business. By March 31, 2002, a little over a year since its launch, the
company had issued 100,000 policies translating into premium income of
approximately Rs. 1,200 million on a sum assured of over Rs.23 billion. When the
company began its operations, the need was to build a brand that was relatable to,
symbolized trust and was easily recognized and understood. It launched a
corporate campaign ICICI Prudential also made using the theme of Sindoor to
epitomize protection, trust, togetherness and all that is Indian; endearing itself to
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the masses. The success of the campaign, the calling card of the company saw the
brand awareness scores almost at par with its 40 year old competitor. The theme of
protection was also extended to subsequent product and category specific
campaigns from child plans to retirement solutions which highlight how the
company will be with its customers at every step of life.
ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank
and Prudential plc holding 74% and 26% stake respectively. For the year ended
March 31, 2006, the company garnered Rs.2, 412 crore of weighted new business
premium and wrote 837,963 policies. The sum assured in force stands at Rs.45,
888 crore. The company has a network of over 72,000 advisors; as well as 9
bancasurance partners and over 200 corporate agent and broker tie-ups.
ICICI Prudential is also the only private life insurer in India to receive a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The
AAA rating is the highest credit rating, and is a clear assurance of ICICI
Prudentials ability to meet its obligations to customers at the time of maturity or
claims.
For the past five years, ICICI Prudential has retained its position as the
No.1 private insurer in the country, with a wide range of flexible products that
meet the needs of the Indian customer at every step in life.
Beginning operations in December 2000, ICICI Prudentials success
has been meteoric, becoming the number one private life insurer within months of
launch
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ABOUT THE PROMOTERS

ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is Indias second largest bank with an
asset base of Rs.2513.89 billion as on March 31, 2006. ICICI Bank provides a
broad spectrum of financial services to individuals and companies. This includes
mortgages, car and personal loans, credit and debit cards, corporate and
agricultural finance. The Bank services a growing a customer base of more than 17
million customers through a multi-channel access network which includes over
620 branches and extension counters, 2200 ATMs, call centers and internet
banking .
PRUDENTIAL plc:
Established in London in 1848, through its business in the UK and Europe,
the US and Asia, provides retail financial services products and services to more
than 16 million customers, policy holder and unit holders world wide. As of
December 31, 2005, the company had over US$ 400 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 23 life and mutual fund
operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
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ACHIEVEMENTS
Beginning operations in December 2000, ICICI Prudentials success has
been meteoric, becoming the number one private life insurer within months of
launch. Today, it has one of the largest distribution networks amongst private life
insurers in India, with branches in 54 cities. The total number of policies issued
stands at more than 780,000 with a total sum assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a
total received premium income of Rs. 9.9 billion; up 135% last years total
premium income of Rs.4.20 billion. New business premium income shows a 106%
growth at Rs. 7.5 billion, driven mainly by the companys range of unique unitlinked policies and pension plans. The companys retail market share amongst
private companies stood at 36%, making it clear leader in the segment. To add to
its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life
Insurer (Economic Times Most Trusted Brand Survey by ACNeilsen ORG-
MARG). It was also conferred the Outlook Money-Best Life Insurer award for
the second year running. The company is also proud to have won Silver at EFFIES
2003 for its Retire from work, not life campaign. Notably, ICICI Prudential was
also short-listed to the final round for its Sindoor campaign in EFFIES 2002.
In Keeping with its belief that a happy customer is the best endorsement,
ICICI Prudential has embraced the SIX SIGMA approach to quality, an exercise
that begins and ends with the customer from capturing his voice to measuring and
responding to his experiences. This initiative is currently helping the company
improve processes, turnaround times and customer satisfaction levels. Another
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Novel introduction is the ICICI Prudential Lifestyle Rewards Club, Indias first
rewards programme for Life Advisors; it allows ICICI Prudential Advisors to
redeem points for items ranging from kitchenware to gold, white goods, and even
international holidays.
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PROMOTION
ICICI Prudential is a case study in how advertising and marketing can
play a vital role in re-shaping an industry. It has demonstrated how an industry
where the customer was nothing more than a policy number has changed to one
where customer preference rules th e roost.
Brand-building in a complex category like life insurance is an uphill
and multi-faceted task. At the time of launching operations, the communications
task was to build credibility, so as to give the customer the confidence that it was
a company that could be trusted to invest funds with. The aim was to encourage
people to view insurance not as a compulsory tax saving instrument, but as a
means to lead a worry-free, secure life and in the process, create the differentiator
for brand ICICI Prudential.
The brand proposition for all the campaigns was reflected in the line:
Suraksha: Zindagi ke har kadam par. The campaign featured a significant
competitive advantage, the sound financial backing and credentials of ICICI
Prudential, and showcased products from different segments. The advertising idea
was encapsulated in the symbol of protection the Sindoor. This campaign
contributed extensively to raising brand awareness and creating a distinctive
identity for the company.
The Company recently tied up with the Forbes Six Sigma rated
Dabbawalla organization in Mumbai for a direct marketing exercise. In a Unique
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effort to create awareness about a tax saving product, the company attached a
creative of a bitten apple to Mumbais ubiquitous lunchboxes. It worked
wonderfully with Mumbais office-goers and one that translated into substantial
business for the company.
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. The core value is protecting your loved ones, throughout
lifes ups and downs. It is a powerful proposition; one, which ICICI Prudential, is
taking into the market place.
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DISTRIBUTION SYSTEM
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.
Bancassurance 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
companys sales and distribution strategy, contributing to approximately one third
of companys 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.
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CUSTOMER SERVICE AND OPERATIONS

The Operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer. To streamline
the operations, the Operations department interfaces between the clients and the
agents, the branches and the underwriters, and manages work process.
The Vision at Customer Service is to deliver World Class Service at
every opportunity. Units such as the 9 to 9 contact centre, Outbound Call Centre,
Customer Care and Query Resolution Unit are all committed to providing effective
solutions to over lakhs of customers across the country.
Information Technology:
The Information Technology function at ICICI Prudential is
committed to enable business through the use of technology. It is segmented into 4
groups to enable highest levels of delivery to the customers: Life Asia Solutions
Group that provides flexibility in designing better product offerings to end-users,
the Solutions Group- Web that provides real-time information to customers and is
responsible for customer relationship management, IT Architecture & Corporate
Solutions Group is in charge of developing and maintaining a blueprint for the IT

architecture for the enterprise as a whole. This team works as an in house R&D
Solution Group, exploring new technological initiatives and also caters to
information needs of corporate functions in the organization. IT Infrastructure
group is responsible for providing hardware, software, network services to the
whole organization. This group runs the 'Digital Nervous System' of the Enterprise
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at the highest levels of efficiency and provide robust, scalable and highly available
platform for deployment of business application.
Marketing:
The Marketing function at ICICI Pru covers an array of activities - brand
and media management, channel support, direct marketing and corporate
communications. The Brand and Communications team is in charge of advertising,
consumer research, media planning & buying and Public Relations; that helps
develop and nurture ICICI Prudential's corporate identity while effectively
communicating its varied product offerings to the customer. Channel marketing
provides support to the sales force by streamlining the design and development of
collaterals and sales tools across distribution channels. The Direct marketing team
was set up to generate high quality leads for profitable business. The team achieves
this through target database acquisition and communicating customized product
information through e-mailers, telemarketing and innovative direct mailers.
Finance:
Finance function in ICICI Prudential is committed to create an
infrastructure that is aligned to shareholder expectations. Finance basically
comprises of four functions. . Corporate Planning and MIS provide feedback
on business strategies. This includes driving the budgeting process, providing
strategic inputs for decision-making and management reporting and analysis.
The Accounts function includes preparation and maintenance of financial
records, funds management, and expense processing and treasury operations.
Compliance ensures that every action is within the regulatory framework.
This includes reviewing compliance requirements and supporting the ethical
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framework of ICICI Pru life. Internal audit provides assurance to the

management over the organizations' control framework and includes process
risk management, information security assessment and business continuity
assessment.
Human Resource:
The people strategy of ICICI Prudential is To build a committed team with
a culture of innovation, learning and growth. The Human Resource Function at
ICICI Prudential drives the people strategy of the business. With its initial focus on
operational excellence to deliver benefits and services to staff members, HR is now
committed to building capability through state of the art processes. A robust
performance management system, compensation system and a segmented training
architecture enable it to deliver value to the organization.
Business Excellence:
The Business Excellence function is committed to building a quality
mindset across the organization. ICICI Prudential is the first organization in the
Insurance Industry that has adopted the Six Sigma Methodology for process
efficiency and measurement. The team is also driving the Malcolm Baldrige
framework across the organization, an intervention that examines management of
key inputs for Business Excellence.
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Bancassurance:
One of the most significant advances in the financial services sector
over the past couple of years has been the growth of Bancassurance which, in
simplest terms, means the distribution of insurance products through a banks
distribution channels. In other words, Bancassurance is a service which can
fulfill both banking and insurance needs at the same time.
Bancassurance as a concept first began in India with the opening up of
the insurance industry to private sector participation in December 1999 which
saw the entry of 20 new players - with 12 in the life insurance sector and 8 in
the non-life sector. Bancassurance has also seen significant rise in other Asian
markets. For example, Bancassurance accounted for 24% of new life insurance
sales by weighted premium income in Singapore in 2002. This is a significant
increase on the equivalent 2001 statistic of 15% and is as a result of growth in
significant bank-centric bancassurance operations. Although the concept of
Bancassurance looks simple enough, it is far from that in real life practice.
Legislative differences, consumer behavior, impact of history and culture,
product complexity, employee work culture and many such other factors have
contributed to significant differences in results across countries. For example, in
France and Spain 60% to 80% of life insurance products are sold through bank
branches compared to 10% in UK and USA.
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Bancassurance Models:
Globally we have 4 kinds of Bancassurance business models:
Distribution alliance between the insurance company and the bank
JV between the two
Merger between bank and insurer
Bank builds or buys own insurance products

Most of the Bancassurance operations in India fall into the first model,
which in a way is quite a prudent decision. The Indian Bancassurance scene as of

now looks as promising as perilous, being a vast, unexplored and uncharted
expanse. As banks are quite risk averse, it is but natural for them to withhold from
making any long term commitment, which would be quite costly if the
Bancassurance business runs into trouble. In terms of the present regulatory
framework, one bank can tie-up with only one life and one non-life insurer, while
insurers have the choice to tie-up with any number of banks. We also have
examples of joint ventures between the bank and insurer such as SBI Life and
ICICI Prudential.
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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 .
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
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
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T.YBBI
a Lapsed Policy.
8). Freelook: 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 Freelook Period.
9). Surrender: When a customer wants to discontinue with the policy.
T h e jo in t s t r e n g t h s
A p o w e r f u l jo in t v e n tu r e p a r tn e r s h i p w it h e a c h c a r r y in g a s e t o f s tr e n g t h s
c o m p le m e n tin g e a c h o th e r s
R e p u ta tio n
B ra n d s tre n g th
In s u ra n c e
e x p e r tis e
In fr a s tr u c tu r e
C u s to m e r b a s e
P R U D E N T IA L
IC IC I
P ro d u c t
M a r k e t In n o v a to r s
D i s t r i b u t io n
L o c a l k n o w le d g e
O p e r a tio n s
-33-
T.YBBI
PRODUCT/SERVICES PROFILE
ICICI Prudentials ultimate promise is financial security. A strong brand
certainly boosts sale, but without customer-friendly, innovative products, even the
best brand would not last long.
ICICI Prudentials product range has been developed on the understanding
that different people have their own sets of needs at various stages of their lives. It
has thus built a flexible portfolio of products that can be customized to cater to
varying needs of people at each stage, and thus ensure protection in every step of
life. The companys philosophy has been to help customers understand their
financial needs and work closely with them to customize a product that would
meet. Advisors can offer a complete range of products Savings plans, Child plans,
Market-linked plans, Protection plans, and Retirement plans and tailor a flexible
solution to meet customers changing needs at every stage of life. In fact, ICICI
Prudential was the first to un-bundle product benefits, pioneering the concept of
riders and soon after introduce comprehensive market-linked and retirement
plans.
ICICI Prudential has launched a handful of products that are analyzed below:
ICICI Prudential's life insurance products may be loosely categorized under
three forms: pure life insurance products without an investment angle to them; a
product that is a mix of a cumulative investment scheme and an insurance product;
and, finally, standard products such as money-back and endowment policies.
-34-
T.YBBI
Single Premium Bond: The Single Premium Bond is the name of a policy
that combines the features of an investment in a cumulative deposit scheme with
that of an insurance product.
Policy-holders are required to pay a one-time premium based on a target sum
assured. At maturity, the policy-holder gets the sum assured and guaranteed
additions that work out to a compound return of 4.5 per cent the sum assured.
The insurance part of the package comes in the form of death benefits that
are paid in the case of the demise of the policy-holder. The size of the death benefit
is linked to the number of years left for the policy to expire. On maturity date, the
maturity value is also paid in addition to the death benefits that would have been
paid earlier.
Life Guard policies: The company offers two pure life insurance products
that have an umbrella name, Life Guard. One of them involves a one-time
premium for which there are no maturity benefits. The other requires regular
premium payments that are returned at the end of the policy. Life Guard offers
absolutely no investment-related return and is suitable for individuals looking for
an unadulterated insurance package.
Insurance Solutions for Individuals:

ICICI Prudential Life Insurance offers a range of innovative, customercentric products that meet the needs of customers at every life stage. Its products
-35-
T.YBBI
can be enhanced with up to 5 riders, to create a customized solution for each

policyholder.
Savings Plan:
Secure Plus is a transparent and feature-packed savings plan that offers 3
levels of protection.
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels
of protection as well as liquidity options.
Save n Protect is a traditional endowment savings plan that offers life
protection along with adequate returns
CashBak is an anticipated endowment policy ideal for meeting milestone
expenses like a childs marriage, expenses for a childs higher education or
purchase of an asset.
LifeTime and LifeTime II offer customers the flexibility and control to
customize the policy to meet the changing needs at different life stages. Each
offer 4 fund options Preserver, Protector, Balancer and Maximiser.
LifeLink Super is a single premium Unit Linked Insurance Plan which
combines life insurance cover with the opportunity to stay invested in the
stock market.
Premier Life is a limited premium paying plan that offers customers life
insurance cover till age of 75.
InvestShield Life is a Unit Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest.
-36-
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InvestShield Cash is a Unit Linked plan that provides capital guarantee on

the invested premiums and declares bonus interest along with flexible
liquidity options.
InvestShield Gold is a Unit Linked plan that provides capital guarantee on
the invested premiums and declares bonus interest along with limited
premium payment terms.
Protection Plan:
Life Guard is a protection plan, which offers life cover at very low cost. It is
available in 3 options level term assurance with return of premium and
single premium.
HomeAssure is a mortgage reducing term assurance plan designed
specifically to help customers cover their home loans in a simple and costeffective manner.
Child Plans:
Smart Kid education plans provide guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the childs

life. SmartKid plans are also available in unit-linked form both single
premium and regular premium.
Retirement Plan:
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Forever Life is a retirement product targeted at individuals in their thirties.

SecurePlus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
Market-linked retirement products
LifeTime Pension II is a regular premium market-linked pension plan.
LifeLink Pension II is single premium market linked pension plan.
InvestShield Pension is a regular premium pension plan with a capital
guarantee on the investible premium and declared bonuses
Golden Years: is a limited premium paying retirement solution that offers
tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the
accumulation and payout stages.
Health Plan:
Health Assure and Health Assure Plus: Health Assure is a regular premium plan
which provides long term cover against 6 critical illnesses by providing policy
Holder with financial assistance, irrespective of the actual medical expenses.

Health Assure Plus offers the added advantage of an equivalent life insurance
cover
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.
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T.YBBI
Group Insurance Solutions:

ICICI Prudential also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.
ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan
helps employers fund their statutory gratuity obligation in a scientific manner.
The plan can also be customized to structure schemes that can provide benefits
beyond the statutory obligations.
ICICI Pru Group Superannuation Plan:
ICICI Pru offers a
flexible defined contribution superannuation scheme to provide a retirement

kitty for each member of the group. Employees have the option of choosing
from various annuity options or opting for a partial commutation of the
annuity at the time of retirement.
ICICI Pru Group Term Plan:
ICICI Prus flexible group term
solution helps provide 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.
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T.YBBI
Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
1. Accident and disability benefit:
If death occurs as the result of an
accident during the term of the policy, the beneficiary receives an additional
amount equal to the rider sum assured under the policy. If the death occurs
while traveling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
2. Accident Benefit: This rider option pays the sum assured under the rider on
death due to accident.
3. Critical Illness Benefit: Protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death
4. Income Benefit: This rider pays the 10% of the sum assured to the nominee
every year, till maturity, in the event of the death of the life assured. It is
available in SmartKid, SecurePlus, and CashPlus.
5. Waiver of Premium: In case of total and permanent disability due to an

accident, the premiums are waived till maturity. This rider is available with
SecurePlus and CashPlus.
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T.YBBI
Current Scenario Of ICICI Prudential Life

Insurance Company
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading
international financial services group headquartered in the United Kingdom. ICICI
Prudential was amongst the first private sector insurance companies to begin
operations in December 2000 after receiving approval from Insurance Regulatory
Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of June 30,
2012) with ICICI Bank and Prudential plc holding 74% and 26% stake
respectively. For the period April 1, 2012 to June 30, 2012, the company has
garnered total premium of Rs 2,385 crores and has underwritten over 13 million
policies since inception. The company has assets held over Rs. 70,000 crores as on
June 30, 2012.
For the past decade, ICICI Prudential Life Insurance has maintained its
dominant position (on new business retail weighted basis) amongst private life
insurers in the country, with a wide range of flexible products that meet the needs
of the Indian customer at every step in life.
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T.YBBI
SWOT Analysis of ICICI Prudential Life

Insurance:
Strength:
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.
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T.YBBI
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.
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.
-43-
T.YBBI
Data Analysis And Interpretation

Data Analysis:
Table showing classification of respondents according to occupation.
Particulars
No. of Respondents
Percentage
9
11
5
25
36%
44%
20%
100
Job Holders
Business Peoples
Govt. Employer
TOTAL
Graphical representation:
Percentage of respondents who are under different plans of ICICI Prudential

life insurance co.
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T.YBBI
PARTICULARS
Invest gain plan
Unit gain plan
Child gain plan
Whole life plan
Pension plan
TOTAL
NO.OF.RESPONDENT PERCENTAGE
41
41%
36
36%
8
8%
15
15%
No
No
100
100%
INSURANCE PLANS OF ICICI PRUDENTIAL

15%
8%
41%
Invest gain plan

Unit gain plan
Child gain plan
Whole life plan
Pension plan
36%
ANALYSIS:
From the survey it was found that amongst 100 respondents
a) 41% of the respondents are under invest gain plan
b) 36% of the respondents are under unit gain plan
c) 8% of the respondents are child gain plan
Fromd)the15%
survey
was
found that amongst
100 respondents
of itthe
respondents
are whole
life plan
e) No body under pension plan
-45-
T.YBBI
The Insurance Regulatory and Development

Authority (IRDA):
Reforms in the Insurance sector were initiated with the passage of the
IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a
statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies.
The other decisions taken simultaneously to provide the supporting
systems to the insurance sector and in particular the life insurance companies were
the launch of the IRDAs online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of insurance
agents in place to sell their products, which are expected to be introduced by early
next year.
Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.
With the demographic changes and changing life styles, the demand for
insurance cover has also evolved taking into consideration the needs of
prospective policyholder for packaged products. There have been innovations in
the types of products developed by the insurers, which are relevant to the people of
different age groups, and suit their requirements.
-46-
T.YBBI
Claims Settlement Ratio of Life Insurance

The claim settlement ratios of life insurance companies for the last 2
years along with the premiums charged by them for their term insurance plans. We
also present a comparison of the features of various term insurance plans offered
by different companies.
Claim Settlement Ratio (CSR):

In very simple terms CSR refers to the number of claims that were
settled by the insurance company out of every 100 claim requests it received in
that particular year.
In the below table let us look at the comparison of claim settlement

ratios for life insurance companies for the last 2 years ( 2010-11 and 2011-12)
and the premiums charged by these companies for their term plans.
-47-
T.YBBI
Insurer
LIC
ICICI Prudential
HDFC Life
SBI Life
Kotak Life
Birla Sunlife
Bajaj Allianz
Max Life
Aviva
ING Vysya
Bharti AXA
Star Union
Reliance Life
TATA AIA
IndiaFirst
Metlife
Canara HSBC
Sahara
Future Generali
IDBI Federal
Aegon Religare
Shriram
DLF Pramerica
Edelweiss Tokio
Private Total
Industry Total
CSR for 201112

97.42
96.53
96.17
95.48
92.1
90.94
90.61
89.84
89.55
88.82
87.7
86.16
84.58
83.94
82.23
81.37
80.58
77.97
68.06
67.46
66.06
64.93
24.46
100
89.34
96.26
CSR for 2010-11
Policy Name
Premium
97.03
94.61
95.41
82.24
89.3
94.66
88.69
77.96
84.15
90.49
87.17
80.69
81.36
81.93
82.01
85.43
71.02
53.23
50.52
64.92
52.31
55.69
51.22
NA
86.05
95.58
Amulya Jeevan
iCare
Click2Protect
Smart Shield
ePreferred Term
Protector Plus
iSecure
Platinum Protect
iLife
15169
7303
6067
8539
5843
8202
6505
10281
4707
eProtect
4607
iTerm
4607
Note:
a) The claim settlement ratio data for respective years has been taken from the
IRDA Annual Reports for respective years.
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b) The claim settlement ratio is overall for the company for all products taken
together and not just for term plans. Separate claim settlement ratios only for term
insurance plans are not available.
c) All premiums amounts have been taken from the respective company websites
d) The premiums shown in the above table are for a 31 year old male (nonsmoker) for a sum assured of Rs. 50 lakhs for a term of 20 years.
e) All the premium amounts mentioned are inclusive of service tax.
f) All premium amounts are as on January 2013.
High Claim Settlement Ratio (CSR) with Low Premium:

This ideal combination of high CSR with low premium is what most
people look for while buying term plans. The companies in this category try to
strike a good balance between high CSR and low premium. In this category we
have companies like:
9 ICICI Prudential (CSR - 96.53%) that offers icare (Rs. 7303)
9 HDFC Life (CSR -96.17%) that offers Click2Protect (Rs. 6067)
9 SBI Life (CSR -95.48%) that offers Smart Shield (Rs. 8539)
9 Kotak Life (CSR 92.1%) that offers ePreferred Term (Rs.5843)
9 Birla Sunlife (CSR 90.94%) that offers Protector Plus (Rs. 8202)
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T.YBBI
FINDINGS
On an analysis and evaluation of the data collected from the
respondents the following findings were found.
Before establishment of private concerns the share of LIC was 22% hence there
is a wide scope for private concerns to enter in to market.
Total 100 respondents have been approached out of which 75 are the potential
respondents who have shown interest for investment and finance plan
Above 20% of respondents are shown interest for investment and financial
plan
About 33.33% of respondents are not interest to give their personal records.
About
12.67% of respondents have already been covered by other insurance
companies.
About 10% of respondents have given invalid records.

About 10% of respondents are newly employed or trainees.
About 10% of respondents interested for investment plan after knowing ICICI
PRUDENTIAL LIFE INSURANCE products.
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T.YBBI
RECOMMENDATIONS TO COMPANY
Since ICICI Prudential Life Insurance co. ltd is the largest in terms of
FDI invested, in terms of work force, in terms of market share, in terms of no. of
customers. All these positive stands of the company place at the number one
position. On second aspect whatever amount of money ICICI Prudential save, can
be used to increase the no. of policies, which will helpful to increase the market
share of the company. Since the customers think about the companies in the
industry, when they invest money in the life insurance industry. So its necessary
to increase the market share of the company. There are some recommendations.
o Open some more branches in semi urban and rural

area:
ICICI Prudential has almost its branches in urban area or metros.
So in order to increase the no. of customer, ICICI Prudential should increase
the approach towards potential customers. For that it has to increase the
branches in the semi urban cities like C, D grade cities. And the rural
marketing is the best option for ICICI Prudential to increase its base in the
market
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T.YBBI
o Improve customer services:

In order to take the advantage of being industry leader in private
sector, ICICI Prudential has to improve its customer services. According to
my experience in the company, a good number of customers forget to pay
their premium at time so it causes a big loss to the company. ICICI
Prudential has already collaborated with the ICICI bank for its
Bancassurance facility and then can include another feature in it. ICICI bank
can offer a bank account with the life insurance policy in which an ATM
card will be provided. This card will have all the information regarding the
policy as like future premium payment dates, payment made, money value
of the policy at that date, value of the unit linked plan and all other
information what the customer want. This will help the customer to pay
premium on time and save their losses. This will be mutually helpful for
both sister companies, ICICI bank will get new account and ICICI prudential
will be able to more efficient services to their customers.
o Bring some unit linked life insurance plans in the

market:
Being a market leader doesnt ensure the leadership in the future.
Since after increment in FDI from 26% to 49% all player will have the
opportunity to capture the market share. So in order to maintain its position
ICICI Prudential should-Introduce some new market linked insurance plan,
which will give a competitive advantage to the ICICI Prudential against its
competitors.
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o Trained the financial advisors more efficiently:

In the changed scenario, more efficient training will be needed, so
ICICI Prudential should provide good and efficient training to their financial
advisors. Because they are the one who interact directly with the customers.
So good training will give them the right way to deal with the potential
customers.
-53-
T.YBBI
CONCLUSION
This project report is based on the survey-based analysis of the policies
of insurance and the comparative analysis of various insurance companies. If we
see the percentage of persons having insurance policies then 60% person having
the insurance policy and 40% person dont have. If we see the percentage of
having various types of insurance policies then Money back policy have the largest
percentage followed by Pension policy and Children Policy. The percentage of
preference sector is 44% person prefer private sector followed by 56% person
prefer public sector. If we see the preference of insurance company then LIC is
most preferable insurance followed by ICICI Prudential Bajaj Allianz and HDFC.
If we see the percentage of preference of mode of payment then half-yearly
payment is most preferable mode of payment followed by Yearly and Quarterly.
If we see the preference of the time duration of the Insurance policy then long term
is more preferable followed by Medium term and short term. We see the amount
which the person want to invest in insurance policy the 52% person want to invest
100,000 in insurance policy followed by 32% person who want to invest 50,000.
If we see the percentage of consideration of factor in insurance policy the Benefits
in insurance policy is most preferable factor followed by Time factor and risk
factor. Is the medium for awareness about the insurance policy the agent is more
percentage followed by T.V. and Newspaper. If we consider the factor, which
differentiated the private & public sector, then Quality is the main factor followed
by future security and good service. If we see the satisfactory level of insurance
policy then 56% insurance policy holder is satisfied followed by 44% of
unsatisfied insurance policy holder.
The conclusion of this project report is life insurance is the necessary and
considerable factor for any person for covering the risk of life and for future
security.
-54-
T.YBBI
QUESTIONNAIRE
Dear Sir/Madam,
I am a student of B.N.N College, conducting a project report on ICICI
Prudential LIFE INSURANCE. 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
_________________________________
2. Address
_________________________________
_________________________________
_________________________________
3. Age
a. Less than 25
b. 25 35
c. 35-45
d. 45 and above
4. Qualification
a. Graduate
b. Postgraduate
c. Diploma
d. Other discipline
5. Occupation
a. Business
b. Professional
c. Job holder
d. Other
6. What is your average annual income?

Up to 1 lakh
1 lakh to 3 lakhs
3 lakhs to 5 lakhs
5 lakhs and more
-55-
T.YBBI
7. Your family size

a. Below 5 members
b. 5 10 members
c. Above 10 members
8. According to you life insurance is,
A tax saving plan

A saving scheme with good return
A financial security for the family
Risk coverage
All the above
9. Have you taken any life insurance product of ICICI Prudential Life insurance?
YES
NO
If yes
10. Which are in these?
Unit gain plan

Invest gain plan
Whole life plan
Children plan
Pension plan
Others
-56-
T.YBBI
11. Are you aware of the benefits in your policy?

Yes
No
If yes what are they?
Sum assured
Additional benefits
Maturity date
Risk coverage
12. According to you what are the disadvantages in an insurance plan?
Lapsation
Liquidity
Fixed term
Unable to decide your premium
Unable to decide the sum assured
High risk coverage at high premiums
Other disadvantages
13. In which of the following would you like to invest?
Equity fund
Debt fund
Balanced fund
Cash fund
Mutual fund
Recurring deposits
14. Any suggestion for ICICI Prudential Life Insurance

______________________________________________________
______________________________________________________.
-57-
T.YBBI
BIBLIOGRAPHY
Marketing Management by Philip Kotler, Pearson Education 2nd ed.
Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8th ed.
IRDA Journal
ICICI Prudential Company magazines
Newspaper and Business magazines
WEBLIOGRAPHY
www.iciciprulife.com
www.google.co.in/indian insurance industry
www.irdaindia.org
-58-

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ICICI PRUDENTIAL LIFE INSURANCE

OBJECTIVE OF THE STUDY:

ICICI PRUDENTIAL LIFE INSURANCE

SIGNIFICANCE OF THE STUDY:

ICICI PRUDENTIAL LIFE INSURANCE

The source of information is broadly classified into 2 categories:

ANALYSIS AND INTERPRETATION:

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

In the life Insurance segment the Life Insurance Corporation of India

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

A Brief history of the Insurance Sector:

Some of the important milestones in the life insurance in India are;

ICICI PRUDENTIAL LIFE INSURANCE

The industry presented a huge opportunity. Life insurance penetration, for

Brief Review of Scenario Insurance:

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

1). Life insurance:

Benefits of life insurance:

ICICI PRUDENTIAL LIFE INSURANCE

It can be enchased and facilitates quick borrowing.

2) Non-life (general) Insurance:

ICICI PRUDENTIAL LIFE INSURANCE

Consumer behavior is defined as the behavior

that consumers display in searching for, purchasing, using, evaluating and

The ratio between the customerss perceived benefits

(economic, functional and psychological) and the resources (momentary,

Customer satisfaction: Customer satisfaction is the individuals

ICICI PRUDENTIAL LIFE INSURANCE

Motivation: The processes that account for an individuals intensity,

Personality: Personality can be described as the psychological

Perception: Perception is defined as the process by which an individual

ICICI PRUDENTIAL LIFE INSURANCE

THE CONSUMER ADOPTION PROCESS

STAGES OF ADOPTION PROCESS:

1. AWARENESS: The consumer becomes aware of the innovation but lacks

ICICI PRUDENTIAL LIFE INSURANCE

2. INTEREST: The consumer is stimulated to see the information about the

3. EVALUATION: The Consumer considers whether to try the innovation or

-242 companies operating

-Nationalization- LIC monopoly player -Government control

Contribution to Indian Economy

ICICI PRUDENTIAL LIFE INSURANCE

Strong positive correlation between development of capital markets and

Insurance Industry prior to de-regulation

Improving Service Standards

Pre Deregulation Limited Distribution

ICICI PRUDENTIAL LIFE INSURANCE

Post Deregulation Service through Distribution

Multi Channel Access

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ABOUT THE PROMOTERS

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

Bancassurance and Alliances: