A

SUMMER TRAINING PROJECT

ON
STUDY OF
MARKETING CHANNEL
DEVELOPMENT
OF

Submitted for the partial fulfillment of the requirement of the

degree of
MASTER OF BUSINESS
ADMINSTRATION
(APPROVED BY UPTU, LUCKNOW)
(2007-2009)

INDUSTRY GUIDE
MR. MAYANK KUMAR SISODIA
Rural Sales Associates, Uttrakhand
ICICI Prudential Life Insurance Co. Ltd., Dehradun,

SUBMITTED TO SUBMITTED BY
MR. N.P. SINGH
Faculty Guide SANDEEP KUMAR
MIMT, Gr. Noida SINGH
MBA (3rd Sem)
Roll No. 0715270092

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 A1100
MANGALMAY INSTITUTE OF MANAGEMENT &
TECHNOLOGY
[UTTAR PRADESH TECHNICAL UNIVERSITY, LUCKNOW]

2
 PREFACE

The business of insurance is related to the protection of economic

value of assets. The assets would have been created through the

efforts of the owner, in the expectation that, either through the income

generated there from the some other output, some of his needs would

be met. If assets get lost earlier, being destroyed or made non-

functional, through an accident or other unfortunate event, the owner

and those deriving benefits there from suffer. Insurance is a

mechanism that helps to reduce such adverse consequences.

Insurance plays a major role in different perspective. For economic

development investments are necessary. Investments are made out of

savings. A life insurance company is a major investment for the

mobilization of saving of people, particularly from the middle and lower

income groups. These savings are channeled in to the investments for

economic growth. In order to amenable to statistical predictions,

insurance risks must be handled on a large scale.

All organization face change in their environment with resultant change

in their markets and in the ability to satisfy their markets. Each

organization is faced with new marketing problems and opportunities in

their existing and potential market.

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Marketing decision makers cope with these challenges in a variety of

ways. The marketer’s is being required to forecast, forecast the risk

and uncertainness in their own way, supported by market research.

Man on earth can entirely eliminate knows no method but scientific

method can minimize the element of uncertainties that can result from

back of information without orientation, Market research is a process of

collecting information about who, why and how of actual and potential

consumers in a particular market. The main purpose of market

research is the ability to continually foresee both in the long and short

term.

This report is a outcome of summer training report at ICICI

PRUDENTIAL LIFE INSURANCE COMPANY LIMITED at Dehradun.

This training is a part of the curriculum of MASTER OF BUSINESS

ADMINISTRATION program at Mangalmay Institute of Management

& Technology, Greater Noida.

SANDEEP KUMAR SINGH

MBA (3rd Sem)
Roll No. 0715270092
2007-2009

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 ACKNOWLDGEMENT

I am very thankful to all those people who has ever been cooperate
and essential support provided to me at ICICI Prudential, Dehradun
branch and give the main theme to coordinate and participate at
multinational companies of banking sector. It is my duty to
acknowledge and thank them for their help. As a matter of course
thanks are due to the following persons in the given order: Industry
Guide, Mr. Mayank Kumar Sisodia, Rural Sales Associates, ICICI
Prudential Life Insurance Co. Ltd., Dehradun, who has been provided
me all the current information about marketing channel distribution of
ICICI Prudential Life Ins. Co. Ltd., and has facilitate all those help and
support as per essential.

I am very thankful to. Mr. N.P. Singh, Faculty Guide, MIMT, Greater
Noida, who has helped me out when ever their helps were required in
my project. Starting with the questionnaires till the end they were
always very helpful.

Last but least, it includes the day to day people whom I use to meet in
the organization. They are the advisors working there; this include the
staff working out there and even the people whom I met in the
Dehradun Branch of ICICI Prudential Life Insurance Unit, where all kind
of essential aspects has been provided to me for completion of my
summer training project report.

I am sincerely thankful to the above people who were very kind and co-
operative with us when ever we needed them.

SANDEEP KUMAR SINGH

MBA (3rd Sem)
Roll No. 0715270092
2007-2009

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 TABLE OF CONTENT

1. EXECUTIVE SUMMARY

2. THEORETICAL CONCEPTS

3. INTRODUCTION/STATEMENT OF THE PROBLEM

4. OBJECTIVE OF THE STUDY

5. RESEARCH METHODOLOGY

6. INTRODUCTION OF THE INDUSTRY/ORGANIZATION

7. DATA PRESENTATION

8. DATA ANALYSIS

9. FINDINGS OF THE STUDY

10. RECOMMENDATIONS

11. REFERENCES /BIBLIOGRAPHY

12. APPENDIX

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 EXECUTIVE SUMMARY

In today’s competitive world the topper is always doing something

different from others or may be the same thing in a much more different

way. The same logic goes for the business world too. With new

competitors coming every now and then the field of business, the

company positioning should be strong enough to retain its position in

business.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED has

positioned itself strongly with high-class advisors, unit manager, and

technical persons.

To make this research mostly Primary Data is being used, taking a

sample size of 150 people. The Research Methodology that is being

implemented in this study is Sampling Method.

This result which was found from this research clearly shows a

company should be more flexible to the training program they

organized for the high profile advisor. The project undertaken is the

through study of the services and activities, which the company is

willing to give each advisor.

From the survey it was revealed that ICICI PRUDENTIAL is doing quite

well in all the sections of its operations, but still it needs some

perfection to attract more and more HIGH PROFILE ADVISOR so that

they will give more policy for the company.

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 THEORETICAL CONCEPTS

IMPORTANCE OF ADVISORS IN AN INSURANE

COMPANY
In the insurance industry the sales team following the typical
organization structure:
Hierarchy in Insurance Company

SALES
MANAGER

AREA SALES AREA SALES AREA SALES

MANAGER MANAGER MANAGER

UNIT UNIT UNIT

MANAGER MANAGER MANAGER

ADVISORS ADVISORS ADVISORS

The sales team comprises of the Sales Manager superior to Area

Sales Manager, These ASM’s (Area Sales Manager) have their

own individual team of Unit Manager and in turn Unit Managers

their own team of financial advisors.

Each team of ASM’s competing with each other in surge of

achieving targets; each Unit Manager depends on their Advisors

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for their business. So what’s the use of unit manager, why are

they getting paid?

There work is to manage their team of Advisors, extend them

support in what ever way possible including regular training of

products, closing big calls, database management.

But it is the advisor that carries the flag of the company in the

market; they bear the brunt in the field. They represent the

company in the market to the customers, so nobody can deny the

importance of Advisors in the whole system.

They providing the company with the business and help their

respective Unit Manager to achieve their targets. So a unit

Manager has to be really careful while recruiting their Advisors.

The most important responsibility is to achieve the first P or

Production growth it’s what staying in Business requires of an

ICICI Prudential Manager. Part of this growth is accomplished by

improving the productivity of the existing agency member.

However, bringing sufficient number of high quality new

producers in to your sales organization each year is an absolute

must.

During the year of appointment, new Advisor usually account for

a relatively small proportion of the organization’s total production.

These points to a particularly significant fact, one that causes to

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have a natural tendency to neglect the recruiting responsibility. It

is simply this – the penalty for not recruiting, or for inadequate

recruiting, is a differed penalty.

Nonetheless, the penalty will be realized in due time. Again, the

number one job is to achieve consistent production

iDehraduneases. The most promising means of successfully

getting this job done is to induct a sufficient number of quality

advisors each year.

The most promising means of achieving profitable production

growth lies in your sales organization’s capacity to give policy

owners good counsel and prompt, courteous serves –to give

them value for premium paid. The best guarantee of having that

capacity comes from retaining large number of productive

advisor, In turn retention and productivity of advisor in your

organization depends largely on the quality and quantity of your

recruiting efforts.

Consequently, the development needs of your sales organization

call for successful recruiting. It’s a necessity. The induction of a

sufficient quantity of high potential advisor results in substantial,

steady growth in production. This is why manager who move to

the top of ICICI Prudential honor roll and stay there are always

found to be manpower-focused.

Before we move to the “how to” of recruiting, let’s consider some

important philosophies relative to recruiting.

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 FIVE PERSISTENT CONCERNS

As an ICICI Prudential Manager, you are fully committed to

building a high performing, growing agency. This being true,
it follows those five concerns must be constant in your
annual planning.
 The SEARCH for talent
 The EVALUTION of potential advisors
 The ATTRACTION of advisors
 The RETENTION of advisors
 The PRODUCTIVITY of advisors

Any manager who attains satisfying results in these five

areas will enjoy
 Satisfying sales results
 Outstanding persistency of business
 Superior policy owner service capabilities
 An enviable reputation as a ICICI Prudential agency
builder
 A momentum which comes from the synergistic benefit
of success

OBVIOUSLY, THE FIRST THREE CONCERNS SEARCHING,

EVALUATING AND ATTRACTING-ARE VITAL:

The other two concerns, the retention and productivity of advisor,

must e considered together. To attain success might be achieved
in either area without total or real benefits to the agency, the

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company or the client. There is nothing short-term or temporary
about the challenge connected with these recruiting concerns.
They are constant. They are eternal.

CHART SHOWING HOW TO GET POTENTIAL ADVISOR:

Putting it simply in a flow
SEARCH
Where to look for

ATTRACT
How to attract to life Insurance

EVALUATE

How to evaluate

PRODUCTIVITY

RETENTION

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 THE BASICS
The basic principal is involved in getting the recruiting job done
successfully and consistently. It is, of course, the one job must
not delegate.

 Philosophy of high standards

Philosophy of high standards and a success syndrome is the

central point of maintaining high standards. The presence of

successful, high-performing Advisors in your organization attracts

more of the same. A recent study revealed that nearly one-half of

these individuals choose an insurance career because a

successful advisor influences them. Our experience at ICICI

Prudential supports this conclusion.

 Atmosphere of Success

Ideally, as prospective Advisors enter your office, they should

find themselves surrounded by an atmosphere of success. They

should see evidence of a positive and dynamic environment.

They should be aware of high quality men and women – high

standards of production – high standards of the office neatness

and arrangement – high standards of income – high standards of

business management. They should be made to feel to, taste it

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and senses it. As a result, they will have a natural inclination to

become a part of the winning sales organization you building

There is no question about it – it’s always easier to recruit

successfully in an organization that is on the move. You must

contribute to an environment where things are obviously

happening – one that has an atmosphere of success. This is the

starting point if you are going to attract high – potential advisors.

 Attraction Power

Second, Work at developing your “Attraction Power”. Strive to be

the kind of person you want other to be. Be kind other want to

emulate. You’ll have taken a giant steno toward being an

effective recruiter when you do.

Be especially consociation about your appearance. You can’t

judge a book by its cover is a well-worn and accepted adage.
However, most prospects and prospective advisors don’t believe
it. They judge you by your overall appearance. Also, work
consistently at doing the thing, which will cause you to be known
for what you know. An active Involvement in social and civic
organization will assist you in letting your reputation precede you.
You’ll have taken another step toward being an effective recruiter
when you do these things.

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  Decide on the profile of the adviser

Next, decide on the profile of the adviser who will fit and grow

best in your operation – the kind of person you can develop best.

Experience, age, market, contacts, income requirements, and a

number of other factors should be considered in answering the

big question – what kind of an advisor is best suited for you and

your organization.

 Constant need of advisors at ICICI Prudential

Remember the need of quality advisors never diminishes at ICICI

Prudential. It continues in to the future as far as you can see.

 Thread of discount (TOD)

Fifth, be reminded that there is no large, ready supply of high

potential candidates who are discontented with their present job.

However, things do happen in individual’s jobs, their lives or their

family situation, which can cause them to become prospects for

you – some times, almost overnight. When the thread of discount

surfaces, be sure they are thinking of you and the ICICI

Prudential.

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  Success determined by past performance

Sixth, most successful advisor are highly competitive and

generally come into our business from jobs where there success

is determined by their performance. Consistence search for

prospective advisors among coaches, commission sales people

and individual who have been in business for themselves.

 Build a weekly recruiting success formula

Finally, build a weekly recruiting success formula. Our statistics

show that to recruit one person, you’ll probably need at least 30

initial contacts. This will gives you seven people who will pass

the selection test. This is turn develops two advisor you will

appoint. Understanding these ratio enable you, emotionally and

physically, to plan and achieve the necessary activity to reach

your recruiting goal each year.

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 RECRUITING SUCCESS FORMULA

Study Exhibit 2, recruiting success formula. Develop your

numbers. This strategy will help keep you focused on your

number one job – recruiting enough of the right kind each year.

Recruiting success formula

30 CONTACTS

8 FOR INTERVIEW

2 SELECTED

Before we move on to searching it is important to know the

profile of the adviser.

The general profile would be:

 Age 25-45 years

 Smart appearance and should health
 Good market
 High IQ and common sense
 Ability to work under pressure
 Prior sales experience
 Integrity and character
 Money motivation
 Drive and ambition

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 STRATEGIES
INVOLVED IN SEARCHING
POTENTIAL ADVISORS

Searching for high – potential prospective advisor

If the search for prospective advisors must be continuous and

systematic – just like prospective for sales, you must search

among several sources on a regular basis sources are broadly

classified as primary source and secondary source.

 Personal observation

This method of uniquely personal. It permits you to apply your

own standards and exercise your own judgment. Always be on

the alert for prospective adviser in your daily selling activities in

instinctively apprises as prospective advisors those you see,

meet or sell. Stay in circulation and meet a lot of people on a

regular basis. Develop these individuals as friends and clients,

and then determine whether or not to recruit them.

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  Present advisor recommendation

No one knows more about the kind of person you seek and the

kind of opportunities you have for the prospective advisor then

the present members of your sales organization. Moreover, they

have a selfish interest in wanting their associates to be type of

person who will reflect favorably on their organization. Many

successful advisors have an ability to attract promising

prospective advisors who can and do succeed.

 Client referrals

Clients are readily accessible source of prospective advisor and

referrals. It is safe to assume that client who has relied upon your

agency to handle their insurance are pleased with both you and

your work. Since you have created a favorable impression, the

can picture themselves or others as having the same success.

Therefore, it is mostly a matter of helping them to help you by

making enquires and asking questions designed to remind them

of names of prospective advisors.

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  College campuses

Many high-potential, high quality young people are being

recruited directly from college. Today’s college graduate seems

to be more interested in a meaningful career than most

opportunities offer.

However, some caution should be used in recruited on campus.

The person you seek from college must have exhibited define

leadership qualities and have a history a success. Also most

people in the final year are looking for permanent jobs and might

use this as a atop gap opportunity. While targeting colleges it

might be better to target colleges, which has students coming

from business communities. Also targeting colleges offering

professional courses might not work since most of these students

would be interested in pursuing their respective profession.

 Seminars

Seminars recruiting are a resourceful strategy that breaks with

tradition. It makes it possible for the prospective advisor, as part

of a group, to obtain information opportunities in the insurance

business, as part of a group, the prospective advisors feels

comfortable and quickly develops open-mindedness to

investigating the possibility of a career insurance. S seminars

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include seminars conducted by the association, doctor’s

seminars, HR professional. These seminars are one way to

reaching out to many people not by making a presentation to the

participants but by also word of mouth since these participants

would like to their families and friends, so also the chain would

continue.

 Newspaper advertisement

Newspaper advertising created considerable activity. It is one of

the fastest ways to get name and talk people seeking a change in

employment. Consider as a “Wholesale Method” of widening your

range of contacts with prospective advisors. Keep in mind that

generally develops “pop-up prospects” that must be screened

carefully.

Realize that valuable time can be wasted interviewing or

qualifying responds who really only job are hunting. - or who are

in need of a job right now. Advanced planning with a definite

interview procedure will keep u from falling into this trap. At ICICI

prudential newspaper advertisements are regular a mode.

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  Direct Mail

Mass mailing is a system if used can be a very successful tool.

One system is to send letter with reply cards on a regular basis

especially to “centers of influence”. Use list from club, church and

alumni directories. The standards letter should briefly describe

the rewards of a successful insurance sales career. In a letter of

this nature, attempt to arouse the interest of the individual who

receives it in the hope that he or she will be more receptive to

your follow-up. You will want to investigate this innovation source

for producing names of quality prospective advisors.

A few examples of these COI’s or centers of influence are:

 Doctors

 Lawyers

 Pundits

 Priests

 Chartered Accountants

 Teachers

 NGO workers

 Bankers

The one thing common to all these people is the contacts that the
have and the influence that the have over these contact.

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To insure a continuous flow of nomination from COI’s,

practice these few basic rules for developing center of

influences.

 Keep contacting them on a planned basis. The center that

gives you one name will give you more – if you keep in

touch and ask.

 Report back to your centers. Keep them informed of your

result.

 Eliminate from your list of those centers who do not prove

to be cooperative or productive – or who continually give

names of people needing jobs.

 Maintain visibility. Keep your name in front of them.

 Select your centers with an eye to developing as many

markets as possible.

 Show your appreciation. Let your centers know you

appreciate their help.

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 PRE-APPROACH LETTERS TO PROSPECTIVE ADVISOR

♦ Sample one (mass mailer)

Dear. . (use the name)

We at ICICI prudential have a business opportunity to offer. With

a rapidly growing agency force and a business expanding by
leaps and bounds. I am looking at addition in my team. This
career offers potential for unlimited earnings and personal
growth.

If you are a person with high energy levels and is looking for
business opportunities to be a successful entrepreneur, here is
your chance!!

I would like to talk to you personally about this fantastic offer for
you. Please call me on. . (Tele. No.)

Thanks and Regards,

Manager

ICICI Prudential life Insurance Company Ltd.

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 ♦ Sample two(Employee)

Dear. . (Use the name)

In view of the unusual progress made by ICICI Prudential life insurance

company, we are planning an expansion in our team of sales
professionals.

Your name was referred to me as an ideal candidate for this role. I

would their ore like to present to you an opportunity of additional
income through a business with no capital investment.

I am looking for people who have the drive to achieve vertical financial
growth and want to make their dreams come true.

I’ll be calling you within the next few days to arrange a visit so we can
discuss his important matter in greater details. You can then determine
whether there would be a mutual advantage in furthering our talks.

Thanks and Regards,

Manager

ICICI Prudential life Insurance Company Ltd.

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 ♦ Sample three (COI Priest)

Dear. .: (Use the name)

Many people call on you for counsel and advice. I’m writing you
because some of the problems of these people relate to employment or
business opportunities.

We have an unusual opportunity for people in your community who can

meet our standard and who have the desire to get ahead. The type of
individual who can best fit into our organization has had a few year of
business experience, but has the ability to make the ambition to make
money.

At this time, we are able to offer the right persons an unusually

attractive opportunity. We will give them best type of training for a
profitable career. They will be earning while they are learning our
unique method of clientele building. To help someone whom you know
to take advantage of this opportunity will be a real service.

Please list on the enclosed card the names of the people whom you
wish to recommend.

Thank you.

Respectfully,

Manager
ICICI Prudential life Insurance Company Ltd.
♦ Sample four (Businessman)

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Dear. . (Use the name)

We at ICICI Prudential – the no. 1 private insurer are offering you

an opportunity to diversify your business and enter the field of life
insurance. We have crossed 1,000 cores in term of our premium
and have sold over 1,000,000 policies.

A client of yours who was very happy with the service levels
maintain by you referred your name to me.

Here is an opportunity for ‘you’ to earn more using your existent

infrastructure and clientele base. This business requires no
capital investment but can offer you high returns.

I would call on you to discuss this ‘high return business’

personally.

Thanks and Regards,

Unit Manager

ICICI Prudential life Insurance Company Ltd.

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 STORE FOR AN ADVISOR
AT ICICI PRUDENTIAL

Being an ICICI Prudential advisor can be an enriching and existing

career option. It’s an opportunity to associate with an industry leader,

be in touch with the latest and finest insurance practices from around

the globe, and grow both personally and professionally.

Here are some of the benefits of being an ICICI Prudential Life

Insurance Advisor:

 Unlimited earning potential

 A clear career path

 All round support through exclusive advertising, your own in

house consultant, and World-class training.

 A comprehensive benefit package

It takes to be an ICICI Prudential Advisor.

At ICICI Prudential, they believe their Advisors are their ambassadors

to the customers. They are key source of business for the organization,

and are the continuing link with their clients. That is why, they take a lot

of care in recruiting and developing their advisor force, so that they

continue to set higher standards of quality in service and salesmanship.

To cater to the needs of the knowledge-oriented marketplace, they look

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for graduates who are service-oriented, good communicators and enjoy

meeting new people. Prior sales experience is an added benefit.

Some of the qualities they seek are:

 Self-motivation
 A master communicator
 A go-getter
 A graduate]

TRAINING

At ICICI Prudential, they understand the importance of training in a

dynamic business environment. Their advisors go through both generic

and specific, professional programs that help them remain well-

informed and knowledgeable about the company’s product in the

market. There is a further focus on soft skills such as communication,

managing long-term relationships and selling skills, which are very

relevant I a service-driven industry like life insurance.

State of the art infrastructure training facilities coupled with an excellent

faculty, guarantee an exceptional learning environment. For advisor

who might be occupied with their daily business/professional routines,

ICICI Prudential also offers convenient training option such as online

and self-learning are also provided by the organization.

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A 18-day training schedule covers the mandatory IRDA training

requirement and ICICI Prudential product training module. Revision

session ensure that the candidates thoroughly understand the course

contents and are well prepared for the licensing examination.

Theoretical training is interspersed with practical appointment settings

with potential customers, giving advisors a feel of how their business

will work from the very first day. All through, the Unit Manager and the

management provide continuous support to the advisors in achieving

independence towards garnering business.

Career

At ICICI Prudential, career development is emphasized upon from the

very day the advisor joins the system. Though individual meeting with

his or her manager, the advisor can discuss various issues related to

business development and career enhancement. Expectations from the

organization in terms of chalking a career in the insurance industry are

also discussed.

Tiger Team: ICICI Prudential offers the “Tiger team” programmer for

identified high potential advisors. Hand picked by the management,

these advisors are placed on fast-track career path and recognized as

“Tiger Trainers”. The advisors can participate in this program, subject

to certain criteria being fulfilled.

Pinnacle Program: Absorption in to the management is another career

enhancement option provided at ICICI Prudential through the Pinnacle

30
Program. This program helps advisors build a full time career as a unit

manager in the organization, offering great potential for managing a

team of advisors and personal development. ‘Fast track Pinnacle’

program is also available to advisors who are able to meet the

performance criteria within the stipulated time.

Rewards and Recognitions

ICICI Prudential advisors are constantly recognized and rewarded for

their performance. Numerous contests all year round promote healthy

competition amongst advisors and recognition for their efforts.

Depending on the level of business the advisors achieve in a year, he

or she can become a member of various clubs such as the President’s

club, ICICI Prudential Star International and ICICI Prudential Star India

club. Each of these clubs have specific performance criteria for

qualification and members of these clubs are entitled to attend

seminars held at exotic international and domestic locations each year.

Advisors can also qualify for the renowned MDRT (Million Dollar Round

Table), an exclusive international advisors club.

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 SOME BASIC MANDATED -
A MANAGER ANSWERS BEFORE RECRUITING

WHY TO RECRUIT?

♦ Because we are supposed to!!

♦ That’s the way to do this business
♦ More recruits, more active advisors, more BUSINESS!!

WHO TO RECRUIT?

♦ Quality Dep’t. Has given some indicators in terms of what

are the common traits of our successful advisors

The commonalities are:

 Age : between 30-45

 Education : Graduate
 Family Income : above Rs. 2 lacs p.a.

♦ This is a broad pointer for us to remember what

are the chances of a person doing good or bad from
looking at his/her profile

♦ Some other pointers from Quality

 Successful advisors usually have 2 years of

work exp. In their current profession.

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  Small time businessman/entrepreneurs–v.

successful profile.

 Women/housewife are very successful –

However they have not been sustainable over long

periods. They usually have become inactive after 6-7

months of joining. But till the time they are working, their

avg. WAPI & productivity is very high compared to others

 People who are new to city are least probable

to do well.

High probability of success

 Tax/financial consultants, CAs

 Bond/mutual fund agent
 LIC agent-surrogates
 Small business owners

Average profile

 Women
 Student
 VRS/retired personnel

Avoidable profile

 New to city
 Income profile – approx Rs. 1 lac p.a.
 People who do not own their transport

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34
THE MOST SUCCESSFUL PROFILE – The person who has
been managed well by you.

Things which you should have while meeting the prospect

 BOP presenter

 Reward points booklet OR take a copy of the catalog from the

website – show the gift, a prospect wouldn’t understand points,

but will value the gifts.

 Advisor manual – can show how the manual can answer many

procedural issues.

 Talk about email ID & tech support – the prospect would like to

know what all ill the company gives.

 My Market 100-show the booklet and stress its importance

 Copy of any certificate – MORT certificate, Sales Champion

certificate etc to show recognition.

♦ Insist on doing the BOP presentation – it gives a

complete picture of what you have to present & answers a lot

of question

♦ Stress on different thing to different profile – change

your proposition as per the customer.

 Women – rewards, - gift items, household goods,

gold

 Young marketing background – career Pinnacle

 Tax/MF/LIC agents – Rewards & Recognition, Star

clubs.

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  CAs – foreign trips, preferential treatment in all

aspects, don’t talk about commissions, stress on the extra.

 Small businessman / entrepreneurs – show ROE –

Return on Energy, to the earn the same amount of money

from your business, you would be spending much more time

& energy AND A LOT OF CAPITAL FROM YOUR POCKET.

THE POWER OF RENEWAL COMMSSIONS

 Always, always, always stress on the fact that renewal

commissions ARE THE differentiator from every other sort of
business
 Spend lot of time on the Commissions structure given in the
BOP.
 Try to do an example in front of them trying to portray the
commission’s payable for the same amount of business done
every year.
 THE EARNING CALCULATOR WILL BE OF HELP HERE.

36
 RECRUITMENT ACTIVITIES

SOME MORE WAYS ON HOW TO RECRUIT

 Data base attack

 Cold Calling

 RWA activities – tambola or children painting competition – give

real time leads, cost effective per lead.

THING TO CHECK WHILE RECRUITING

 ENERGY, ENERGY….always check the person’s energy levels,

as this career is all about meeting new people, finding new

prospects and more so handling rejection.

 His past/present occupation gives tremendous insight into his

energy levels.

 Show him the path in his current environment how insurance

selling can fit in – lowers the resistance of time availability.

 Check his environment – his family, locality

 Check whether he cam work on his own

 Find out if he is looking for money or career – as he can has

both here.

37
  Always try to meet the person at his residence – check for

locality, his household, standard of living, try to involve the

spouse in the presentation so that they know what they are

getting into.

 ALWAYS check on need for money & a drive to do well in life – if

he has been doing well in life, he will make efforts to do well with

us ask questions about his past, find instances of

accomplishments.

 Keep checking on the pointers & do mental checks list of the

acceptable points.

Be convinced about the profile and then only go ahead.

STATEMENT OF THE PROBLEM

The statement of the problem is getting the recruitment of the

advisor who done job successfully and consistently. It is, of

course, the one job must not delegate.

 Philosophy of high standards

Philosophy of high standards and a success syndrome is the

central point of maintaining high standards. The presence of

successful, high-performing Advisors in your organization attracts

more of the same. A recent study revealed that nearly one-half of

these individuals choose an insurance career because a

38
successful advisor influences them. Our experience at ICICI

Prudential supports this conclusion.

 Atmosphere of Success

Ideally, as prospective Advisors enter your office, they should

find themselves surrounded by an atmosphere of success. They

should see evidence of a positive and dynamic environment.

They should be aware of high quality men and women – high

standards of production – high standards of the office neatness

and arrangement – high standards of income – high standards of

business management. They should be made to feel to, taste it

and senses it. As a result, they will have a natural inclination to

become a part of the winning sales organization you building.

There is no question about it – it’s always easier to recruit

successfully in an organization that is on the move. You must

contribute to an environment where things are obviously

happening – one that has an atmosphere of success. This is the

starting point if you are going to attract high – potential advisors.

 Attraction Power

Second, Work at developing your “Attraction Power”. Strive to be

the kind of person you want other to be. Be kind other want to

emulate. You’ll have taken a giant steno toward being an

effective recruiter when you do.

39
Be especially consociation about your appearance. You can’t

judge a book by its cover is a well-worn and accepted adage.

However, most prospects and prospective advisors don’t believe

it. They judge you by your overall appearance. Also, work

consistently at doing the thing, which will cause you to be known

for what you know. An active Involvement in social and civic

organization will assist you in letting your reputation precede you.

You’ll have taken another step toward being an effective recruiter

when you do these things.

 Decide on the profile of the adviser

Next, decide on the profile of the adviser who will fit and grow

best in your operation – the kind of person you can develop best.

Experience, age, market, contacts, income requirements, and a

number of other factors should be considered in answering the

big question – what kind of an advisor is best suited for you and

your organization.

 Constant need of advisors at ICICI Prudential

Remember the need of quality advisors never diminishes at ICICI

Prudential. It continues in to the future as far as you can see.

 Thread of discount (TOD)

40
Fifth, be reminded that there is no large, ready supply of high

potential candidates who are discontented with their present job.

However, things do happen in individual’s jobs, their lives or their

family situation, which can cause them to become prospects for

you – some times, almost overnight. When the thread of discount

surfaces, be sure they are thinking of you and the ICICI

Prudential.

 Success determined by past performance

Sixth, most successful advisor are highly competitive and

generally come into our business from jobs where there success

is determined by their performance. Consistence search for

prospective advisors among coaches, commission sales people

and individual who have been in business for themselves.

 Build a weekly recruiting success formula

Finally, build a weekly recruiting success formula. Our statistics

show that to recruit one person, you’ll probably need at least 30

initial contacts. This will gives you seven people who will pass

the selection test. This is turn develops two advisor you will

appoint. Understanding these ratio enable you, emotionally and

physically, to plan and achieve the necessary activity to reach

your recruiting goal each year.

41
 OBJECTIVE OF THE STUDY

My stint with ICICI prudential made me cover various aspects of

insurance industry. One of those to recruit financial advisors for the

respective unit manager. We were given the same profile as a Unit

Manager; our number one task was to recruit.

Various activities covered under this task:

 Market skimming in search for the best suited profile for

the company.

 Managing the advisors after they join the company.

 Providing support to the advisors.

42
 RESEARCH METHODOLOGY

The approach to the research is considered in this chapter, from the

theoretical underpinning to the collection and analysis of the data. It

begins with the extent of the research to provide the specific guidelines

of studying. The next part is concerned with the method of the research

that refers to the data collection and analyzing which is used in the

research.

CONCEPTUAL CONTEXT OF THE RESEARCH

As the objective of the research focuses on the search of potential

Insurance Advisor with special emphasis of ICICI Prudential. It will help

the company to iDehradunease its sales, which is prime objective of

the company at this time. The research attempts to generate an

awareness among the people of Dehradun regarding the agency of

ICICI Prudential.

43
 DATA COLLECTION

PRIMARY DATA

Data collection of this research was done primarily through filling up of

questionnaires. The sample for the research including different

individuals of various age groups and having different profession and

qualification. Data was collected through the interview of individuals.

The questionnaires was containing questions regarding the personal

details of individuals and then some light question regarding their

primary knowledge related to private insurance companies. Then there

were questions related to their interest in being the Insurance Advisor

of the company.

SECONDARY DATA

A large amount of secondary data has been collected from secondary

sources. Some of the sources are:-

♦ Report on Insurance sector of India.

♦ Articles from newspapers and magazines.

♦ Various web sites of the insurance companies and related sites.

44
DATA ANALYSIS

There are some features of analyzing data that need to be borne in

mind when choosing the method for analyzing the research. The

questionnaires were prepared to explore the psychology of individuals

about being associated with ICICI Prudential as insurance advisor and

to help the company grow by iDehraduneasing its sales. Instead of

testing a hypothesis, a qualitative analyst may demonstrate evidence

showing that a theory, generalizing, or interpretation is plausible.

SAMPLE SIZE

Various area of Dehradun were covered in order to fill the

questionnaire. I interacted with 150 individuals in order to know about

their interest of being Insurance advisor of ICICI Prudential.

Sample Size 150

SAMPLE COMPOSITION

I. Youth

II. Executive

III. Serviceman

IV. Business person

45
RESEARCH DESIGN

A research design provides the frame work to be used as a guide in

collecting and analyzing data.

Descriptive Research: Market survey is one of the best examples of

descriptive research. This is a one shot research study at a given point

of time, and consists of a sample of the population of interest. Its

advantages are that it gives a good overall picture of the position at a

given time. It can cover many variables of interest, and is not affected

by the movements of elements in the sample, because other elements

can be substitute for them.

46
 INTRODUCTION OF THE INSURANCE
INDUSTRY/ORGANIZATION

INSURANCE

The business of insurance is related to the protection of the economic

values of assets. Every asset has a value; the assets would have been

created through the efforts of the owner. The asset is valuable to the

owner, because he expects to get some benefits from it. The benefit

may be an income or something else. It is a factory or a cow, the

product generated by is sold and income generated. In the case of a

motor car, it provides comfort and convenience in transportation. There

is no direct income.

Every asset is expected to last for a certain period of time during which

it will perform. After that, the benefit may not be available. There is a

life-time for a machine in a factory or a cow or a motor car. None of

them will lose for ever. The owner is aware of this and he can so

manage his affairs that by the end of that period of life-time, a

substitute is made available. Thus, he makes sure that the value of

income is not lost. However, the asset may get lost earlier. An accident

or some other unfortunate event may destroy it or make it non financial.

In that case, the owner and those deriving benefits there from, would

be deprived of the benefit and the planned substitute would not have

been ready. There is an adverse or unpleasant situation. Insurance is a

mechanism that helps to reduce the effect of such adverse situation.

47
 BRIEF HISTORY OF INSURANCE

The business of insurance started with marine business. Traders, who

used to gather in the Lloyd’s coffee house in London, agreed to share

the losses to their goods while being carried by ships. The losses used

to occur because of pirates who robbed on the high seas or because of

bad weather spoiling the goods or sinking the ship. The first insurance

policy was issued in 1583 in England. In India, insurance began in

1876 with life insurance being transacted by an English company, the

European and the Albert. The first Indian insurance company was the

Bombay Mutual Assurance Society Ltd, formed in 1870. This was

followed by the Oriental Life Assurance Co. in 1874, the Bharat in 1896

and the Empire of India in 1897.

Later, the Hindustan Cooperative was formed in Calcutta, the United

India in Madras, the Bombay Life in Mumbai, the National in Calcutta,

the New India in Mumbai, the Jupiter in Mumbai and the Lakshmi in

New Delhi. These were all Indian companies, started as a result of the

swadeshi movement in the early 1900s. By the year 1956, when the life

insurance was nationalized and the Life Insurance Corporation of India

(LIC) was formed on 1st September 1956, there were 170 companies

and 75 provident fund societies transacting life insurance business in

India. After the amendment to the relevant laws in 1999, the L.I.C. did

not have the exclusive privilege of doing life insurance business in

48
India. By 31.3.2002, eleven new insurers had been registered and and

had begun to transact life insurance business in India.

PURPOSE AND NEED OF INSURANCE

Assets are insured, because they are likely to be destroyed, through

accidental occurrences. Such possible occurrences are called perils,

Fire, floods, breakdown, lightning, earthquakes, etc, are perils. If such

perils can cause damage to the asset, we say that the asset is exposed

to that risk. Perils are the events. Risks are the consequential losses or

damages. The risk to a owner of a building, because of the peril of an

earthquake, may be a few lakhs or few crores of rupees, depending on

the cost of the building and the contents in it.

The risk only means that there is a possibility of loss or damage. The

damage may or may not happen. Insurance is relevant only if there are

uncertainties. If there is no uncertainty about the occurrence of an

event, it cannot be insured against. In the case of a human being,

death is certain, but the time of death is uncertain, In the case of a

person who is terminally ill, the time of death is not uncertain, though

not exactly known. He cannot be insured.

Insurance does not protect the asset. It does not prevent its loss due to

the peril. The peril cannot be avoided through insurance. The peril can

sometimes be avoided, through better safety and damage control

management. Insurance only tries to reduce the impact of the risk and

49
the owner of the assets and those who depend on that asset. It only

compensates the losses – and that too, not fully.

Only economic consequences can be insured. If the loss is not

financial, insurance may not be possible. Examples of non economic

losses are love and affection of parents, leadership of managers,

sentimental attachments to family heirlooms, innovative and creative

abilities, etc.

50
 INDIAN INSURANCE SECTOR

The Insurance sector in India governed by Insurance Act, 1938, the

Life Insurance Corporation Act, 1956 and General Insurance

Business (Nationalisation) Act, 1972, Insurance Regulatory and

Development Authority (IRDA) Act, 1999 and other related Acts.

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was formed in September,

1956 by an Act of Parliament, viz., Life Insurance Corporation Act,

1956, with capital contribution from the Government of India. The

then Finance Minister, Shri C.D. Deshmukh, while piloting the bill,

outlined the objectives of LIC thus: to conduct the business with the

utmost economy, in a spirit of trusteeship; to charge premium no

higher than warranted by strict actuarial considerations; to invest

the funds for obtaining maximum yield for the policy holders

consistent with safety of the capital; to render prompt and efficient

service to policy holders, thereby making insurance widely popular.

51
Since nationalisation, LIC has built up a vast network of 2,048

branches, 100 divisions and 7 zonal offices spread over the

country. The Life Insurance Corporation of India also transacts

business abroad and has offices in Fiji, Mauritius and United

Kingdom. LIC is associated with joint ventures abroad in the field of

insurance, namely, Ken-India Assurance Company Limited,

Nairobi; United Oriental Assurance Company Limited, Kuala

Lumpur and Life Insurance Corporation (International) E.C.

Bahrain. The Corporation has registered a joint venture company in

26th December, 2000 in Kathmandu, Nepal by the name of Life

Insurance Corporation (Nepal) Limited in collaboration with Vishal

Group Limited, a local industrial Group. An off-shore company

L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to

tap the African insurance market.

GENERAL INSURANCE:

52
General insurance business in the country was nationalised with effect

from 1st January, 1973 by the General Insurance Business

(Nationalisation) Act, 1972. More than 100 non-life insurance

companies including branches of foreign companies operating

within the country were amalgamated and grouped into four

companies, viz., the National Insurance Company Ltd., the New

India Assurance Company Ltd., the Oriental Insurance Company

Ltd., and the United India Insurance Company Ltd. with head

offices at Calcutta, Bombay, New Delhi and Madras, respectively.

General Insurance Corporation (GIC) which was the holding

company of the four public sector general insurance companies

has since been delinked from the later and has been approved as

the "Indian Reinsurer" since 3rd November 2000. The share capital

of GIC and that of the four companies are held by the Government

of India. All the five entities are Government companies registered

under the Companies Act.

53
The general insurance business has grown in spread and volume

after nationalisation. The four companies have 2699 branch offices,

1360 divisional offices and 92 regional offices spread all over the

country. GIC and its subsidiaries have representation either directly

through branches or agencies in 16 countries and through

associate/ locally incorporated subsidiary companies in 14 other

countries. A wholly- owned subsidiary company of GIC, i.e. Indian

International Pte. Ltd. is operating in Singapore and there is a joint

venture company, viz. Kenindia Assurance Ltd. in Kenya. A new

wholly owned subsidiary called New India International Ltd., UK

has also been registered.

54
 NEW INSURANCE SCHEMES

UNIVERSAL HEALTH INSURANCE SCHEME

The Universal Health Insurance policy is available to groups of 100

or more families. The policy provides for reimbursement of medical

expenses upto Rs.30000/- towards hospitalisation floated amongst

the members of the family, death cover due to an accident for

Rs.25000 to the earning head of the family and compensation due

to loss of earning head of the family @ Rs.50/- per day upto a

maximum of 15 days, after a waiting period of three days, when the

earning head of the family is hospitalised. The premium under the

policy is Rs.1/- per day (i.e. Rs.365/- per annum) for an individual,

Rs.1.50 per day for a family of five limited to spouse and children

(i.e. Rs.548 per annum), and Rs.2/- per day (i.e. Rs. 730 per

annum) for covering dependent parents within the overall family

size of seven. A subsidy of Rs. 100 per year towards annual

premium for "Below Poverty Life" families is also provided under

the Scheme.

For purpose of this policy HOSPITAL means:

Any Hospital/Nursing home registered with the local authorities and

under the supervision of a registered and qualified Medical

practitioner.

Hospital/ Nursing Home run by Government.

55
Enlisted hospitals run by NGOs/ Trusts/ selected private hospitals with

fixed schedule of charges.

Hospitalisation should be for a minimum period of 24 hours. However,

this time limit is not applied to some specific treatments and also

where due to technological advancement hospitalisation for 24

hours may not be required.

MAIN EXCLUSIONS:

All pre-existing diseases.

Corrective, cosmetic or aesthetic dental surgery or treatment.

Cost of spectacles, contact lens and hearing aid.

Primarily diagnostic expenses not related to sickness/injury.

Treatment for Pregnancy, Childbirth, Miscarriage, abortions etc.

56
AGE LIMITATIONS:

This policy covers people between the age of 3 months to 65

years.

FLOATER BASIS:

The benefit of family will operate on floater basis i.e. the total

reimbursement of Rs. 30,000/- can be avalied of individually or

collectively by members of the family.

For further details please refer the Prospectus or the Policy

Document issued by the Insurance Company.

VARISHTHA PENSION BIMA YOJANA

Scheme

Indian citizens aged 55 years (last birthday) and above are eligible (no

upper age ceiling).

Pension will be paid during the lifetime of the pensioner.

In the event of unfortunate death of the pensioner, purchase price will

be paid to the nominee/ legal heir of the pensioner.

Mode of payment of pension : Monthly, Quarterly, Half Yearly or Yearly.

Minimum pension is Rs. 250/- per month

Maximum pension is Rs. 2000/- per month.

57
Only one person from a family can apply. The family for this purpose

shall comprise of the pensioner, his/ her spouse and dependants.

Age proof will be required. Where age is to be admitted on declaration

basis, declaration on a stamp paper, signed in front of a notary

shall be required.

PREMIUM

Only single premium (purchase price) is payable i.e. premium is to

be paid in one lump sum. Further, premium shall be accepted by

cheques/ drafts payable on the Branch of the bank which is the

member of the local clearing house.

EXIT OPTION

Exit option to be provided after 15 years.

Availability of Loan

Availability of loan to the extent of 75% of Purchase Price after 3

years. Interest rate on loan to be decided by LIC from time to time.

At present, the rate of interest would be 10.5%.

58
 MAJOR POLICY CHANGES
REFORMS IN INSURANCE SECTOR

Insurance sector has been opened up for competition from Indian

private insurance companies with the enactment of Insurance

Regulatory and Development Authority Act, 1999 (IRDA Act). As

per the provisions of IRDA Act, 1999, Insurance Regulatory and

Development Authority (IRDA) was established on 19th April 2000

to protect the interests of holder of insurance policy and to regulate,

promote and ensure orderly growth of the insurance industry. IRDA

Act 1999 paved the way for the entry of private players into the

insurance market which was hitherto the exclusive privilege of

public sector insurance companies/ corporations. Under the new

dispensation Indian insurance companies in private sector were

permitted to operate in India with the following conditions:

Company is formed and registered under the Companies Act, 1956;

The aggregate holdings of equity shares by a foreign company, either

by itself or through its subsidiary companies or its nominees, do not

exceed 26%, paid up equity capital of such Indian insurance

company;

The company's sole purpose is to carry on life insurance business or

general insurance business or reinsurance business.

The minimum paid up equity capital for life or general insurance

business is Rs.100 crores.

59
The minimum paid up equity capital for carrying on reinsurance

business has been prescribed as Rs.200 crores.

The Authority has notified 27 Regulations on various issues which

include Registration of Insurers, Regulation on insurance agents,

Solvency Margin, Re-insurance, Obligation of Insurers to Rural and

Social sector, Investment and Accounting Procedure, Protection of

policy holders' interest etc. Applications were invited by the

Authority with effect from 15th August, 2000 for issue of the

Certificate of Registration to both life and non-life insurers. The

Authority has its Head Quarter at Hyderabad.

60
 INSURANCE COMPANIES

IRDA has so far granted registration to 12 private life insurance

companies and 9 general insurance companies. If the existing

public sector insurance companies are included, there are

currently 13 insurance companies in the life side and 13

companies operating in general insurance business. General

Insurance Corporation has been approved as the "Indian

reinsurer" for underwriting only reinsurance business.

Particulars of the life insurance companies and general

insurance companies including their web address is given

below:

LIFE INSURERS Websites

Public Sector
Life Insurance Corporation of
www.licindia.com
India
Private Sector
ICICI Prudential Life Insurance
www.iciciprulife.com
Co. Limited
Allianz Bajaj Life Insurance
www.allianzbajaj.co.in
Company Limited
Birla Sun-Life Insurance
www.birlasunlife.com
Company Limited

HDFC Standard Life Insurance

www.hdfcinsurance.com
Co. Limited

ING Vysya Life Insurance www.ingvysayalife.com

61
Company Limited
Max New York Life Insurance Co.
www.maxnewyorklife.com
Limited
MetLife Insurance Company
www.metlife.com
Limited
Om Kotak Mahindra Life
www.omkotakmahnidra.com
Insurance Co. Ltd.

SBI Life Insurance Company

www.sbilife.co.in
Limited

TATA AIG Life Insurance

www.tata-aig.com
Company Limited
AMP Sanmar Assurance
www.ampsanmar.com
Company Limited
Dabur CGU Life Insurance Co.
www.avivaindia.com
Pvt. Limited
GENERAL INSURERS
Public Sector
National Insurance Company
www.nationalinsuranceindia.com
Limited
New India Assurance Company
www.niacl.com
Limited
Oriental Insurance Company
www.orientalinsurance.nic.in
Limited
United India Insurance Company
www.uiic.co.in
Limited

Private Sector
Bajaj Allianz General Insurance
www.bajajallianz.co.in
Co. Limited
ICICI Lombard General www.icicilombard.com

62
Insurance Co. Ltd.
IFFCO-Tokio General Insurance
www.itgi.co.in
Co. Ltd.
Reliance General Insurance Co.
www.ril.com
Limited

Royal Sundaram Alliance

www.royalsun.com
Insurance Co. Ltd.

TATA AIG General Insurance Co.

www.tata-aig.com
Limited
Cholamandalam General
www.cholainsurance.com
Insurance Co. Ltd.
Export Credit Guarantee
www.ecgcindia.com
Corporation
HDFC Chubb General Insurance
Co. Ltd.
REINSURER
General Insurance Corporation of
www.gicindia.com
India

63
PROTECTION OF THE INTEREST OF POLICY HOLDERS:

IRDA has the responsibility of protecting the interest of insurance

policyholders. Towards achieving this objective, the Authority has

taken the following steps:

IRDA has notified Protection of Policyholders Interest Regulations 2001

to provide for: policy proposal documents in easily understandable

language; claims procedure in both life and non-life; setting up of

grievance redressal machinery; speedy settlement of claims; and

policyholders' servicing. The Regulation also provides for payment

of interest by insurers for the delay in settlement of claim.

The insurers are required to maintain solvency margins so that they are

in a position to meet their obligations towards policyholders with

regard to payment of claims.

It is obligatory on the part of the insurance companies to disclose

clearly the benefits, terms and conditions under the policy. The

advertisements issued by the insurers should not mislead the

insuring public.

All insurers are required to set up proper grievance redress machinery

in their head office and at their other offices.

The Authority takes up with the insurers any complaint received from

the policyholders in connection with services provided by them

under the insurance contract.

64
Insurance Company Market Share (Fig. in
%)
LIC 71.44
ICICI Prudential 11.35
Bajaj Allianz 7.06
HDFC Standard Life 2.37
SBI Life 1.81
Birla Sun Life 1.49
Max New York Life` 0.98
TATA AIG 0.79
Aviva 0.89
OM Kotak Mahindra 0.86
ING Vyasa 0.57
Reliance 0.37
MetLife 0.24

Market Share of Life Insurance Companies as of May

2006.

65
 ABOUT ICICI PRUDENTIAL

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. This joint venture is

formed in the year Dec, 2000 and ICICI Prudential was amongst

the first private sector Insurance companies to begin operation in

Dec, 2000 after receiving approval from the Insurance

Regulatory Development Authority (IRDA).

For the year ended March 31, 2006, the company garnered Rs

24.12 billion of weighted new business premium and wrote 837,963

policies. The sum assured in force stands at Rs 458.88 billion. The

company has a network of over 72,000 advisors; as well as 9 banc

assurance partners and over 200 corporate agent and broker tie-ups. It

is also the only life insurer in India to be assigned AAA credit rating

from Fitch Ratings. For the past five years, ICICI Prudential has

retained its position as the No. 1 private life insurer in the country, with

a wide range of flexible products that meet the needs of the Indian

customer at every step in life . ICICI Bank and Prudential Plc hold

74 percent and 26 percent stake respectively.

66
PARTNERS

ICICI and Prudential came together in 1993 to form

Prudential ICICI Asset Management Company, which has today

emerged as one leading mutual funds in India. Riding on the

success of this relationship, the two companies joined hands

ones more in 2000, to form ICICI Prudential Life Insurance, with

a commitment to provide leading edge life insurance solutions.

ABOUT ICICI BANK

ICICI Bank is India's second-largest bank with total assets

of about Rs. 2,513.89 bn (US$ 56.3 bn) at March 31, 2006 and

profit after tax of Rs. 25.40 bn (US$ 569 mn) for the year ended

March 31, 2006 (Rs. 20.05 bn (US$ 449 mn) for the year ended

March 31, 2005). ICICI Bank has a network of about 614

branches and extension counters and over 2,200 ATMs. ICICI

Bank offers a wide range of banking products and financial

services to corporate and retail customers through a variety of

delivery channels and through its specialized subsidiaries and

affiliates in the areas of investment banking, life and non-life

insurance, venture capital and asset management. ICICI Bank

set up its international banking group in fiscal 2002 to cater to

the cross border needs of clients and leverage on its domestic

banking strengths to offer products internationally. ICICI Bank

currently has subsidiaries in the United Kingdom, Russia and

67
Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka

and Dubai International Finance Centre and representative

offices in the United States, United Arab Emirates, China, South

Africa and Bangladesh. Our UK subsidiary has established a

branch in Belgium. ICICI Bank is the most valuable bank in India

in terms of market capitalization.

ICICI Bank's equity shares are listed in India on the Bombay

Stock Exchange and the National Stock Exchange of India

Limited and its American Depositary Receipts (ADRs) are listed

on the New York Stock Exchange (NYSE).

ICICI Bank has formulated a Code of Business Conduct and

Ethics for its directors and employees

At June 5, 2006, ICICI Bank, with free float market

capitalization of about Rs. 480.00 billion (US$ 10.8 billion)

ranked third amongst all the companies listed on the Indian

stock exchanges.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an

Indian financial institution, and was its wholly-owned subsidiary.

ICICI's shareholding in ICICI Bank was reduced to 46% through a

public offering of shares in India in fiscal 1998, an equity offering

in the form of ADRs listed on the NYSE in fiscal 2000, ICICI

Bank's acquisition of Bank of Madura Limited in an all-stock

68
amalgamation in fiscal 2001, and secondary market sales by

ICICI to institutional investors in fiscal 2001 and fiscal 2002.

ICICI was formed in 1955 at the initiative of the World Bank, the

Government of India and representatives of Indian industry. The

principal objective was to create a development financial

institution for providing medium-term and long-term project

financing to Indian businesses. In the 1990s, ICICI transformed

its business from a development financial institution offering only

project finance to a diversified financial services group offering a

wide variety of products and services, both directly and through a

number of subsidiaries and affiliates like ICICI Bank. In 1999,

ICICI become the first Indian company and the first bank or

financial institution from non-Japan Asia to be listed on the

NYSE.

After consideration of various corporate structuring alternatives in

the context of the emerging competitive scenario in the Indian

banking industry, and the move towards universal banking, the

managements of ICICI and ICICI Bank formed the view that the

merger of ICICI with ICICI Bank would be the optimal strategic

alternative for both entities, and would create the optimal legal

structure for the ICICI group's universal banking strategy. The

merger would enhance value for ICICI shareholders through the

merged entity's access to low-cost deposits, greater opportunities

for earning fee-based income and the ability to participate in the

69
payments system and provide transaction-banking services. The

merger would enhance value for ICICI Bank shareholders

through a large capital base and scale of operations, seamless

access to ICICI's strong corporate relationships built up over five

decades, entry into new business segments, higher market share

in various business segments, particularly fee-based services,

and access to the vast talent pool of ICICI and its subsidiaries. In

October 2001, the Boards of Directors of ICICI and ICICI Bank

approved the merger of ICICI and two of its wholly-owned retail

finance subsidiaries, ICICI Personal Financial Services Limited

and ICICI Capital Services Limited, with ICICI Bank. The merger

was approved by shareholders of ICICI and ICICI Bank in

January 2002, by the High Court of Gujarat at Ahmedabad in

March 2002, and by the High Court of Judicature at Mumbai and

the Reserve Bank of India in April 2002. Consequent to the

merger, the ICICI group's financing and banking operations, both

wholesale and retail, have been integrated in a single entity.

70
 PRUDENTIAL PLC

Established as the Prudential Mutual Assurance and Loan Association

in 1848, today it is an international financial services company with a

product range which extends from personal banking insurance,

pensions and retail investments, to institutional fund management and

property investments.

Its portfolio of well-known and respected brands, including Prudential,

M&G Investments, Jackson National Life, Prudential Corporation Asia

and Egg, has attracted more than 19 million customers (and policy

holders and unit holders) worldwide. Across the Group it has £234

billion of funds under management (at 31 December 2005).

Prudential has significant operations in the UK, the US and Asia,

contributing to a diversity of earnings. Worldwide it employ more than

20,000 people and our shareholders number 60,942 (at 31 December

2005). We are listed on the London and New York stock

In Asia, Prudential Corporation Asia has 23 operations in 12 countries.

These include strategic partnerships with some of the region’s leading

players, including CITIC Group (for life business in China), ICICI Bank

(for life and mutual fund business in India) and Bank of China

International (for Mandatory Provident Fund business in Hong Kong).

Prudential Corporation Asia offers a wide range of savings, protection

and investment products tailored to the needs of our customers in each

71
of the 12 markets in which itoperate. In addition to its life insurance

operations Prudential has asset management businesses in India,

Hong Kong, Japan, Taiwan, Malaysia, Singapore, Korea, Vietnam and

China managing over £26 billion (as of 30 June 2005).

VISION

Our vision:

To make ICICI Prudential the dominant Life and Pensions player

built on trust by world-class people and service.

This we hope to achieve by:

• Understanding the needs of customers and offering them

superior products and service
• Leveraging technology to service customers quickly, efficiently
and conveniently
• Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns to
our policyholders
• Providing an enabling environment to foster growth and learning
for our employees
• And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching

commitment to 5 core values -- Integrity, Customer First, Boundary
less, Ownership and Passion. Each of the values describes what the
company stands for, the qualities of our people and the way we work.

72
We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and

reshaping the sector. Given the quality of our parentage and the

commitment of our team, there are no limits to our growth.

73
 MANAGEMENT

Board of Directors:

The ICICI Prudential Life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman

Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. HT Phong
Mr. M.P. Modi
Mr. R Narayanan
Mr. Keki Dadiseth
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director

Management Team
Ms. Shikha Sharma, Managing Director & CEO
Mr. N.S. Kannan, Executive Director
Mr. V. Rajagopalan, Chief - Actuary
Mr. Sandeep Batra, Chief Financial Officer Company Secretary
Ms. Anita Pai, Chief - Customer Service and Technology
Mr. Puneet Nanda, Chief - Investments

74
 PRODUCT OF ICICI PRUDENTIAL

SAVINGS PLANS
ICICI Prudential offers a variety of policies that give you the benefits of
protection and the opportunity to save for important assets or events,
like a home, a car or a wedding.

A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee* and the facility of extended insurance cover.

*The capital guarantee is applicable only on the invested premium and

the declared bonus interests.

A regular premium unit-linked insurance plan with an assurance of

Capital Guarantee* along with flexible liquidity options.

A unit-linked insurance plan with an assurance of Capital Guarantee*,

which offers you the benefit of a limited premium payment and
coverage term.

A market linked insurance plans that meets your Investment and

Protection needs.

Complete market-linked insurance plans that adapt itself to your

changing protection and investment needs, throughout a lifetime.

75
An insurance plan that gives added protection savings and multiple
options, all in one!

An insurance plan that gives added protection savings, multiple

options, plus the power of liquidity.

A traditional endowment savings plan that offers both high returns and
protection.

An endowment savings plan that allows you to get back substantial

survival benefits without having to wait till the maturity date.

76
 PROTECTION PLANS

ICICI Prudential Life Insurance offers LifeGuard - a set of pure

protection plans. Choose from amongst three different product
structures to insure your life and provide total security to your family, at
a very affordable cost.

Level Term Assurance with return of premium

 On death the entire sum assured will be paid.

 On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

 On death the entire sum assured will be paid.

 No survival or maturity benefits.

You can also enhance the above two policies by adding Accident &
Disability Benefit Rider and Waiver of Premium Rider (WOP).

Level Term Assurance - Single premium

 On death the entire sum assured will be paid.

 No survival or maturity benefits

77
CHILD PLANS

As a responsible parent, you will always strive to ensure a hassle-free,

successful life for your child. However, life is full of uncertainties and

even the best-laid plans can go wrong. Here’s how you can give your

child a 100% safe and assured tomorrow, whatever the uncertainties.

SmartKid is especially designed to provide flexibility and safeguard

your child’s future education and lifestyle, taking all possibilities into

account. For further information on our SmartKid Education Plans

1. SmartKid regular premium

2. SmartKid unit-linked regular premium
3. SmartKid unit-linked regular premium II
4. SmartKid unit-linked single premium II
All these plans offer you:

♦ Financial Benefits: Regular payments at critical stages in your

child’s life, like Board examinations, Graduation and Post-
graduation.
♦ Total peace of mind, even if you are not around
o Sum Assured is paid immediately: Ensures that your
loved ones stay financially secure, even in your absence
o All future premiums are waived: Ensuring that your
family is not financially burdened in your absence

78
 o Policy benefits continue: The educational benefits of
the policy continue, ensuring that your child can realize
his or her dreams without any hassles.
♦ Development Allowance: SmartKid guarantees regular income
to secure your child’s educational career and also ensures his or
her all-round development, for a nominal additional amount. The
Income Benefit Rider takes care of this through an annual
payment of 10% of the sum assured, to your child, till the
maturity of the policy, in the unfortunate event of the death of the
parent.
♦ All SmartKid plans can be enhanced with the Accident &
Disability Benefit Rider and Income Benefit Rider.You can also
an Accident Benefit Rider to a SmartKid Regular Premium
policy,and a Waiver of Premium Rider (WOP) to SmartKid unit-
linked regular premium policy.

79
 RETIREMENT PLANS

Life Expectancy has been rising rapidly and today you can expect to

live longer than your earlier generations. For you, this iDehradunease

will mean a longer retirement life, stretching into a couple of decades.

ICICI Prudential presents Retirement Solutions that combine the best

of insurance and investment. These solutions are developed to ensure

your peace of mind for the years to come.For further information on our

Retirement Solutions

Choose from amongst 6 retirement plans:

A flexible unit-linked retirement solution that offers flexibilities during

the accumulation as well as payout phase.

A regular premium unit-linked pension plan with an assurance of

Capital Guarantee*

*The capital guarantee is applicable only on the invested premium and

the declared bonus interests

80
A regular premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to
generate potentially higher returns.

A single premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to
generate potentially higher returns.

A regular premium pension plan that gives you the flexibility to choose
between 3 levels of sum assured for the same level of total annual
contribution

A regular premium pension plan that helps you save for your retirement
while providing you with life insurance protection.

Choose from 5 Annuity options at the time of vesting

1. Life Annuity
2. Life Annuity with return of purchase price
3. Life Annuity guaranteed for 5, 10, 15 years
4. Joint Life, Last Survivor without return of purchase price
5. Joint Life, Last Survivor with return of purchase price

HEALTH PLANS

81
Comprehensive Cancer Protection Plan

A Long-term Critical Illness Protection Plan.

A Long-term Critical Illness Protection Plan with Life Cover.

82
 INVESTMENT PLANS

Lifelink Super is a unique single premium plan that combines the

security of a life insurance policy with the opportunity to enjoy
potentially high returns on your investments.

Low Allocation Charges: The premium allocation charges are

amongst the lowest across products. Allocation charge for single
Premium of Rs 500,000 or more is 0%.

Death Benefit: There are 2 options for sum assured - 500% of the
single premium or 125% of the single premium. In the event of an
unfortunate death, the beneficiary will receive higher of the value of
units or the initial death benefit (adjusted for partial withdrawals*).

Liquidity: In order to meet liquidity requirements, one can make partial

withdrawals from the accumulated value of the policy after completion
of three policy years.

Flexibility:Choose from four fund options, based on your investment

objective and risk appetite. If at a later stage your financial priorities
change, you can switch between the various fund options, absolutely
free, 4 times a year.

83
 GROUP SOLUTIONS

In an era of competitive parity, the only asset that makes a decisive

difference between corporate success and failure is the quality

of human capital. Employee benefits have proven to be an excellent

tool to optimize the retention of talent and improve an organisation’s

bottomline. The quality of an organisation’s employee benefits

establishes and maintains a company's image as a caring employer.

Optimum care of employees is a long-term investment that results in a

sustained competitive advantage for an organisation in the times to

come.

ICICI Pru Group Solutions Advantage

♦ An integrated basket of employee benefit solutions that offer

incomparable flexible benefits.
♦ Sound investment management that focuses on safety, stability
and profitability of the portfolio.
♦ Personalised financial planning for your employee that takes
care of his/her changing financial needs at every stage of life.
♦ Quality service initiatives and transparency across all
operations, promising superlative operational efficiency.

Group Term Insurance : Helps provide affordable cover to members

of a group.

Group Gratuity Plan : Helps employers fund their statutory gratuity

obligation in a flexible and hassle-free manner.

84
Group Superannuation Plan : A flexible scheme (defined benefit and
defined contribution) to provide a retirement kitty for each member of
the group.

Group Term Insurance

ICICI Prudential's 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, and can be extended to all

employees between the ages of 18 and 65 years. The benefit under the

policy is paid on the event of the member’s death to the beneficiary

nominated by the member. It is a one-year renewable policy where one

master policy covers all proposed employees comprising the group,

with a minimum group size of 25 persons. New members can join the

group and outgoing members can leave the group at any point during

the policy term.

HIGHLIGHTS INCLUDE:

♦ Greater convenience for the employees with relaxed

underwriting and medical requirements.
♦ "Free Cover Limits" with simplified underwriting depending
upon the number of employees in the group and the level of
cover chosen.
♦ Guaranteed benefit : On death during the term of the contract
(while in service), the sum assured will be paid to the beneficiary
of the employee.
♦ Choice of additional coverage in form an Accident and Disability
Benefit Rider and Critical Illness Cover

85
 ♦ Premium is viewed as a business expense in the year of
payment.

Group Gratuity Plan

ICICI Prudential's group gratuity plan helps employers fund their

gratuity obligation in a scientific manner. Employers can avail of the tax

benefits as applicable to approved gratuity funds. The plan can also be

customized to structure schemes that can provide benefits beyond the

statutory obligations.

Highlights include:

♦ Wider choice of investments with Market Linked Plans - to

meet the diverse financial goals. We offer the following
investment options (short-term debt, debt, balanced, growth
and capital guarantee on the short-term debt plan) where
investments will be made in accordance with the fund objectives
♦ Transparency through Daily disclosure of Unit Value and
regular disclosure of the portfolio of each of the investment
option
♦ Flexibility through switching and contribution redirection option
to enable reshuffling of portfolio
♦ Bundled Life Cover greater value to the employee by
packaging life insurance cover with the gratuity, with minimal
amount of underwriting.
♦ Actuarial services to provide a scientific estimation of the
gratuity liability.

86
 ♦ Low explicit charge structure with the conditions for exit
specified upfront.
♦ Enhanced service levels through faster claim settlement,
easier access to information and regular statements
♦ Complete end to end solution in the legal and regulatory
approval process for scheme set up or transfer

Employee Benefits

♦ The contribution made by the employer is not included in the

value of taxable perquisites in the hands of the employee.
♦ Gratuity received up to Rs 350000 is exempt from Income tax
under Sec 10(10)

Employer Benefits

♦ Annual contribution up to 8.33% of salary bill in a financial year

is allowed a deduction for the purpose of computation of profits
and gains of business.
♦ Contribution towards past service liability is allowed as
deduction as per the Income Tax rules.

GROUP SUPERANNUATION PLAN

ICICI Prudential’s Superannuation Scheme (for both Defined Benefit

and Defined Contribution funds) offers substantial benefits to both

employers and employees. The employer and employee can avail of

tax benefits applicable to an approved superannuation trust. The

scheme will provide for a retirement fund for each participating

87
employee. An employee would be able to choose from various annuity

options or opt for partial commutation of corpus at retirement.

Highlights include:

♦ Wider choice of investments with Market Linked Plans - to

meet the diverse financial goals.We offer the following
investment options (short-term debt, debt, balanced, growth
and capital guarantee options on short-term debt, debt and
balanced) where investments will be made in accordance with
the fund objectives.
♦ Control - Each member/employer can exercise greater control
over investments by choosing one or more of the investment
options.
♦ Multiple Annuity Options - 5 annuity options and open market
option
♦ Transparency - Transparency through Daily disclosure of Unit
Value and regular disclosure of the portfolio of each of the
investment option.
♦ Flexibility - Flexibility through switching and contribution
redirection option to enable reshuffling of portfolio
♦ Low explicit charge structure with conditions for exit specified
upfront.
♦ Enhanced service levels through faster claim settlement,
easier access to information and regular statements.
♦ Complete end to end solution in the legal and regulatory
approval process for scheme set up or transfer

88
 RURAL PLANS
ICICI PrudentialLife Rural Products are designed to meet the needs of
the rural consumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover
3. Savings Option
4. Hassle free procedure

ICICI Prudential offers 2 specially designed rural plans.

1. ICICI Pru Mitr – Endowment Plan

2. ICICI Pru Suraksha - Regular Premium

ICICI Pru Mitr – Endowment Plan

ICICI Pru Mitr offers the following features:

♦ Life Cover and Savings

♦ Regular Premiums
♦ Age at entry : 18 - 45 Yrs
♦ Premium Mode : Half Yearly / Yearly
♦ Term : 5,10,15 Yrs
♦ Sum Assured : Rs.5,000 -20,000
♦ Premium / Year : Rs. 507 - 553 ( SA: Rs.10,000)
♦ Maturity/Death benefit : Sum Assured
ICICI Pru Suraksha - Regular Premium

ICICI Pru Suraksha is a regular premium policy with the following

features:

89
 ♦ Individual policy
♦ Only Life cover
♦ Term - 3 & 5 Yrs
♦ Age independent premium
♦ Age at entry : 18 - 45 Yrs
♦ Sum Assured : Single
♦ Premium / Year : Rs 50 – 200
♦ Maturity/Death benefit : Rs.5,000 - 20,000
♦ Death Benefit : Sum Assured

NRI PLANS

Being away from India doesn't mean you have to compromise the

safety and security of your loved ones. In fact, your savings from your

time overseas can be easily channelised to meet your family's needs -

now and in the future. So, whether its your dream to retire in your

hometown; to secure funds for your children's education; or to build

assets, ICICI Prudential has a range of solutions that can be

customized to meet your needs.

♦ Investment Plans
♦ Savings Plans
♦ Retirement Plans
♦ Child Plans

90
Investment Plans

You can hedge your investments with investment like LifeLink Super

vehicles that provide you with a diversified portfolio.

Savings Plans

Endowment policies are a good way of putting aside your savings

today for a future goal - whether it's to buy a house in India or fund your

entrepreneurial vision. Our savings-oriented policies are designed to

make your savings grow and have them available to you at the end of a

fixed number of years or through the term of the plan.

♦ SecurePlus - an insurance plan that gives added protection

savings and multiple options, all in one!
♦ CashPlus - an insurance plan that gives added protection
savings, multiple options, plus the power of liquidity.
♦ LifeTime II - a complete market-linked insurance plan that
adapts itself to your changing protection and investment needs,
throughout a lifetime.
♦ Save'n'Protect - a traditional endowment savings plan that
offers both high returns and protection.
♦ CashBak - an endowment savings plan that allows you to get
back substantial survival benefits without having to wait till the
maturity date.
♦ Premier Life - A market linked insurance plans that meets your
Investment and Protection needs.

91
RETIREMENT PLANS

Many of us picture ourselves enjoying the fruits of our labour after

retirement - going on a dream vacation, or helping our child's career

take wing. Financing all this will depend on our personal savings and

investments, so its important to save for the future from today. Our

retirement plans are designed to help you systematically save, so that

you can enjoy all the things you have dreamed of when you retire.

♦ LifeTime Pension II : A regular premium linked deferred

pension plan that gives you the freedom to choose the amount
of premium, and invest in market-linked funds, to generate
potentially higher returns.

♦ SecurePlus Pension : A regular premium deferred pension plan

that gives you the flexibility to choose between 3 levels of sum
assured for the same level of total annual contribution.

♦ LifeLink Pension II : A single premium linked deferred pension

plan that gives you the freedom to choose the amount of
premium, and invest in market-linked funds, to generate
potentially higher returns.

♦ ForeverLife : A regular premium deferred pension plan that

helps you save for your retirement while providing you with life
insurance protection.

92
CHILD PLANS

As a responsible parent, you want to ensure a hassle-free, successful

life for your child. However, life is full of uncertainties and even the

best-laid plans can go wrong. SmartKid Education Plans are designed

to provide flexibility and to safeguard your child's future education and

lifestyle, taking all possibilities into account.

SmartKid Child Plans has a bouquet of three products which can help
you secure your child’s education.

♦ Unit-linked Regular Premium

♦ Unit-linked Single Premium
♦ Regular Premium SmartKid

KEYMAN INSURANCE PLANS

A keyman is an individual who directly affects the profitability and the

continuity of a business and whose absence may have an adverse

effect on the health and continuity of the business. Keyman insurance

is a life insurance policy taken by the company on the life of such a key

person.

The objective of the keyman insurance is to provide the company with

money so that the financial losses to the company can be protected, in

absence of the keyman. The aim is to indemnify the company of these

losses and to allow business continuity.

93
All premiums paid for securing a keyman life insurance policy are
treated as business expenditure u/s 37 (1).

Our Lifeguard plan is ideally suited for the purpose of keyman

insurance

RIDERS

ICICI Prudential gives you the freedom to form your very own

comprehensive insurance policy by adding the rider benefits to the

basic life insurance policy. Add from the following list of benefits to

iDehradunease the scope of your policy, at a nominal cost.

♦ Critical Illness Rider

♦ Accident & Disability Benefit Rider
♦ Accident Benefit Rider
♦ Income Benefit Rider
♦ Waiver of Premium Rider (WOP)

Critical Illness Benefit Rider

This rider provides protection against 9 critical illnesses, namely: Major

organ transplants, complete renal failure, Stroke, Paralysis, Heart

attack, Valve replacement surgery, Major surgery of the aorta, CAGS

(Bypass) and Cancer.

94
BENEFITS PAID ON CONTRACTING THE ILLNESS
♦ Accelerated benefits (available with Save n’ Protect and

CashBak) : If the policyholder is diagnosed with any of the

specified illnesses, then the policyholder is paid the entire sum

assured under the rider. The policy along with all the riders (to

the extent of the Rider Sum Assured) is then terminated.

However, the remainder of the base policy continues till the end

of the term. The policyholder will have to continue paying his

premiums for the remainder of the policy.

♦ Accelerated benefits (available with SecurePlus, CashPlus

and SecurePlus Pension) : If the policyholder is diagnosed

with any of the specified illnesses, then the policyholder is paid

the entire sum assured under the rider. The life cover along with

all the riders is then terminated. However, the policy value

accumulation continues till the end of the term or death,

whichever is earlier.

♦ Standalone benefits (available with Golden Years,

PremierLife, LifeTime, LifeTime II, ForeverLife, Group Term

Plan, InvestShield Life, InvestShield Cash and InvestShield

Gold) : If the policyholder is diagnosed with any of the specified

illnesses, he/she is paid the rider Sum Assured and the rider

terminates. However, the base policy continues till maturity.

95
Premiums paid under this rider are eligible for tax benefits under

Section 80D.

ACCIDENT & DISABILITY BENEFIT RIDER

1. Benefits payable on death due to an accident

♦ If the policyholder dies due to an accident, 100% of the

rider sum assured is paid in addition to the basic sum

assured.

♦ In case the policyholder dies in a land surface, mass

public transport system wherein the policyholder was

traveling as a fare-paying passenger, then 200% of the

rider sum assured is paid.

2. Benefits payable in case of permanent disability due to an

accident

♦ If the policyholder survives an accident but

becomes permanently disabled then the premium for the

basic plan is completely waived off to the extent of the

rider sum assured.

♦ Plus, 10% of the rider sum assured is paid for the

next 10 years, which helps in providing that extra money

and takes care of sudden financial set back that occurs

after a tragic disability.

96
Accident & Disability Benefit rider is available with Save n’ Protect,

Cashbak, SmartKid Child Plans, Golden Years, PremierLife, LifeTime,

LifeTime II, LifeTime Pension II, ForeverLife, SecurePlus, CashPlus,

SecurePlus Pension, LifeGuard ROP, LifeGuard WROP, Group Term

Plan, InvestShield Life, InvestShield Cash, InvestShield Gold and

InvestShield Pension . In case of Golden Years, PremierLife, Lifetime

II, Lifetime Pension II, SecurePlus, CashPlus, LifeGuard ROP and

LifeGuard WROP, the waiver of premium benefit is not available.

Premiums paid under this rider are eligible for tax benefits under

Section 80C.

ACCIDENT BENEFIT RIDER

If the policyholder dies due to an accident, 100% of the rider sum

assured is paid in addition to the basic sum assured.

Accident Benefit rider is available with Save’n’Protect, CashBak,

SmartKid regular premium, ForeverLife, SecurePlus, CashPlus and
SecurePlus Pension.
Premiums paid under this rider are eligible for tax benefits under

Section 80C.

97
INCOME BENEFIT RIDER

In case of death of the life assured during the term of the policy, 10% of

the rider sum assured is paid annually to the beneficiary, on each

policy anniversary till maturity of the rider.

Income Benefit rider is available with SmartKid Child Plans, SecurePlus

and CashPlus

Premiums paid under this rider are eligible for tax benefits under

Section 80C.

WAIVER OF PREMIUM RIDER (WOP)

On total and permanent disability due to an accident, all future

premiums for both the base policy and rider(s) will be waived till the

end of the term of the rider or death of the life assured, if earlier.

Waiver of Premium rider is available with SecurePlus, CashPlus,

LifeGuard ROP, LifeGuard WROP, SmartKid Unit-linked regular

premium II, Lifetime II, LifeTime Pension II, SecurePlus Pension,

InvestShield Life, InvestShield Cash and InvestShield Pension.

Premiums paid under this rider are eligible for tax benefits under

Section 80C.

98
 DATA PRESENTATION & ANALYSIS

1. What is your full time profession?

a) Business -31 b) Govt. Service -17
c) Private Jobs -42 d) Retired -14
e) Housewife -07

Retir
13%
Business
2. According to you, the purpose of insurance is:

S. No. Govt Service

Parameters Order of preference
a. Pre-mature death 29
b. Living too long 12
c. Private Jobs
Children’s future 33
d. Wealth creation 14
e. Tax saving 23
Retired
Housewife

Private Job
Tax saving
21% 38%

99
3. What efforts can be made to bring about more awareness
amongst people?
a) Media Ads - 26 b) Banners - 04
c) Newspaper - 15 d) Agents - 54
e) Event Sponsorship - 07 f) Any Other - 05.

Event
Any
Sponsorship
6%
4. You know how many names of private insurance company?
a) Below 2 - 05 b) Between 2-4 - 61
c) Between 4-6 – 08 d) Above 6 – 37

Above 6
5. Agents
You like to work in market/field and want to interact with people?
33%
48% 100
 a) Yes - 47 b) No - 64

6. From how many years you live in DEHRADUN?

a) Below 6 months - 13 b) 6 months – 1 year - 61
c) 1 year- 2 year - 27 d) more than 2 years - 37

No
58%

more than 2
years
7.
27%
How many people do you know in DEHRADUN?

101
 a) Less than 200 - 27 b) 200-500 - 53
c) 500-1000 - 21 d) Above 1000 - 10

Above 1000
9%

500-1000
19%
8. Do you like to earn some extra money?
a) Yes - 87 b) No - 14

No
14%

102
9. Are you involved in Insurance Business?
a) Yes - 28 b) No - 83

If YES, than answer the following question:

A. Duration of working?
a) Below 6 months – 12 b) 6 months – 1 year - 06
c) 1 – 2 years - 02 d) 2 – 3 years - 05
e) Above 3 years -03

No
7
5%
Above 3 years
11%

2 – 3 years
15%

1 – 2 years 103

7%
B. Annual Productivity given to company?
a) Below 50,000 - 00 b) 50,000 – 1, 00,000 - 00
c) 1, 00,000 – 2, 00,000 - 02 d) 2, 00,000 – 3, 00,000 - 02
e) 3, 00,000 – 4, 00,000 - 07 f) Above 3, 00,000 - 17

50,000 –
1, 00,000
0%

Below 50,00
0%
C. In which company are you working?
a) LIC - 16 b) ICICI Prudential - 04
c) Other – 08

Above
3, 00,000
61%
Other
29% 104
 D. Are you satisfied with your company?
a) Yes - 19 b) No – 09

No
If NO, than answer the following question: 32%
A. If given a choice, would you like to become a financial
consultant of ICICI Prudential Life Insurance Company?
a) Yes - 55 b) No - 28

No
34%
105
B. Which age group do you belong?
a) Below 25 - 41 b) 25 – 30 - 27
c) 30 – 35 - 09 d) Above 35 -06

Abo

30 – 35
11%
C. Are you married?
a) Yes - 47 b) No - 36

D. What is your Educational Background? 25 – 30

No
33% 106

43%
a) 10+2 - 13 b) Graduation - 40
c) Post Graduation - 14 d) Professional - 13
e) Other - 03

Ot
Professional 4
16%

Post
Graduation
17%
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E. What is your Household income?
a) Below 2 lacks - 53 b) 2 – 5 lacks - 21
c) 5 – 8 lacks - 09 d) Above 8 lacks - 00

5 – 8 lack
11%

F. How much time you provide easily besides your job hours?
a) 0-2 hrs - 22 b) 2-4 hrs - 37
c) 4-6 hrs - 15 d) Time Full – 09

2 – 5 lacks
25% Time Full
11%

4-6 hrs
18%
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 FINDING OF THE STUDY

⇒ People are becoming more and more money conscious as I

find very less person who doesn’t want to earn extra

money.

⇒ People are very much aware of ICICI Prudential among

private companies as they respond me first name of ICICI

prudential and then others.

⇒ The overall scenario is that still people trust on LIC more

than any other insurance company. Some time when I

asked someone to become an advisor of ICICI Prudential

they misunderstood with LIC. For them still life insurance

means LIC.

⇒ Generally people are having leisure time of around 2-3

hours and still want to utilize this time to earn extra money,

if they can.

⇒ Contrary to the prior thinking most of the people don’t

hesitate in doing field work a roaming in the market for

money. They know that without hard work they can’t earn

money.

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⇒ There were many respondents who were not interested in

attending seminar conducted by ICICI Prudential in their

office, because of low awareness of private insurance

company.

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 SUGGESTIONS & RECOMMENDATION

• Need to create and effectively deploy differentiated

strategies in finding out more resources to recruit

insurance advisors.

• Right prospects identification and thus segmentation,

which need to be appropriate.

• Design and manage sales force, which yields high

performance. More training of the employees can be done

so that they produce best result.

• Recruitment process needs to be slightly fast, so that

prospects can retain some confidence as in starting.

• Need to create better, differentiated detailed brochures for

advisor’s recruitment.

• IDehradunease advisors sales force quality as well as

quantity by employing some HR professional, who time to

time take some action for the improvement of insurance

advisors.

• More advertising strategies should be taken to grasp the

attention of those people who want to become insurance

advisors.

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 • Make use of internet banking for iDehraduneasing sales

and also for promotion.

• There should be more incentives to insurance advisors

they are the backbone of the company in order to

iDehradunease sales they have to do mare efforts than

others.

Generate some innovative and alternative channels of

distribution, using the sources that can straight play with the

emotion of the person and influence so high that it forces the

human being to go for insurance and that to willingly. Recruit

those individuals that really want to take this job as a challenge.

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 PROFILE OF A MANAGEMENT
TRAINEE UNDER THIS PROJECT

My stint with ICICI prudential made me cover various aspects of

insurance industry. One of those to recruit financial advisors for the

respective unit manager. We were given the same profile as a Unit

Manager; our number one task was to recruit.

Various activities covered under this task:

 Market skimming in search for the best suited profile for

the company.
 Managing the advisors after they join the company.
 Providing support to the advisors.

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 CONCLUSION

For every insurance company life insurance advisors are the life line

and a very huge asset so each company try to recruit and select a

potential force of life insurance advisors because this is the advisors

who generate maximum business for the insurance company.

Insurance advisors provide a very strong support to the insurance

company and do all possible effort to generate huge amount of profit to

the company and for him.

In ICICI Prudential recruitment and selection procedure is really very

impressive. By the help of this process, company recruits a very good

class of advisors. A detail study is done before starting the recruitment

and selection procedure that help the company to select the best

advisors. The recruitment, selection and training process of insurance

advisors is a slight long process because of the training provided by the

Insurance Regulatory and Development Authority (IRDA).

Form the detailed study of recruitment and selection procedure of the

insurance advisors I come on the conclusion that it is a very impressive

process carried out by ICICI prudential. This study helps us to

understand all the possible aspects related to the ICICI Prudential’s

recruitment and selection procedure.

114
 BIBLIOGRAPHY

BOOKS & MAGAZINE

 IC 33 Life Insurance (Revised), Insurance Institute of India

 4Ps Business & Marketing, Vol-1, Issue-4, 28 April-11 May,
2008
 Research Methodology, C.R Kothari

WEB SITES

 www.icici.com
 www.iciciprulife.com
 www.prudential.com
 www.domain-b.com
 www.bimaonline.com/cgi-bin/insurers/icicipru.asp

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 APPENDIX
QUESTIONNAIRE

INSURANCE MARKET SURVEY QUESTIONARE:

Name: ……………………………… Contact No.: ………………………..

Sex: ……………………. Address: …………………………………………
…………………………………………………………………………………..

1. What is your full time profession?

a) Business b) Govt. Service
c) Private Jobs d) Retired
e) Housewife

2. According to you, the purpose of insurance is:

S. No. Parameters Order of preference

a. Pre-mature death
b. Living too long
c. Living death
d. Children’s future
e. Wealth creation
f. Tax saving

3. What efforts can be made to bring about more awareness

amongst people?
a) Media Ads b) Banners
c) Newspaper d) Agents
e) Event Sponsorship f) Any Other…………...

4. You know how many names of private insurance company?

…………………………….. ….……………………..
…………………………….. ………………………...

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 …………………………….. …………………………

5. You like to work in market/field and want to interact with people?

a) Yes b) No

6. From how many years you live in DEHRADUN?

a) Below 6 months b) 6 months – 1 year
c) 1 year- 2 year d) more than 2 years

7. How many people do you know in DEHRADUN?

a) Less than 200 b) 200-500
c) 500-1000 d) Above 1000

8. Do you like to earn some extra money?

a) Yes b) No

9. Are you involved in Insurance Business?

a) Yes b) No

If YES, than answer the following question:

D. Duration of working?
a) Below 6 months b) 6 months – 1 year
c) 1 – 2 years d) 2 – 3 years
e) Above 3 years

B. Annual Productivity?
a) Below 50,000 b) 50,000 – 1, 00,000
c) 1, 00,000 – 2, 00,000 d) 2, 00,000 – 3, 00,000

117
 e) 3, 00,000 – 4, 00,000 f) Above 3, 00,000

C. In which company are you working?

a) LIC b) ICICI Prudential
c) Other…………………………….

E. Are you satisfied with your company?

………………………………………………………………………….
………………………………………………………………………….
………………………………………………………………………….
………………………………………………………………………….
If NO, than answer the following question:

A. If given a choice, would you like to become a financial

consultant of ICICI Prudential Life Insurance Company?

a) Yes b) No

E. Which age group do you belong?

a) Below 25 b) 25 – 30
c) 30 – 35 d) Above 35

F. Are you married?

a) Yes b) No

D. What is your Educational Background?

a) 10+2 b) Graduation
c) Post Graduation d) Professional
e) Other
E. What is your Household income?
a) Below 2 lacks b) 2 – 5 lacks
c) 5 – 8 lacks d) Above 8 lacks

118
 F. How much time you provide easily besides your job hours?
a) 0-2 hrs b) 2-4 hrs
c) 4-6 hrs d) Time Full

10. Please give references of two people those who might be

interested.

i). Name: …………………………………………………..

Address: ………………………………………………..
………………………………………………..
…………………………………………………
………………………………………………..
Phone No: ………………………………………………

ii). Name: …………………………………………………..

Address: ………………………………………………..
………………………………………………..
…………………………………………………
………………………………………………..
Phone No: ………………………………………………

Sign: ……………………………… Date: ……………………………

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