INDUSTRIAL TRAINING REPORT ON

Prepared By Chandni P. Patel

S.Y.B.B.A Roll No: 60 Seat No: Academic Year: 2007-2008

College J.H. Bhalodia Womens College , Rajkot. Submitted To Saurashtra University

Guided By Prof. Smita C.Vyas

PREFECE The Indian market for insurance is big. challenges Tapping faced the full by new entrants wont to be the potential There are business. ICICI easy.

Prudential, a joint venture between the local ICICI and UK based insurer Prudential, has already kicked off operations in India. ICIC Prudential intends to pay a leading role in reshaping the insurance sector in the country and drive market expansion. ICICI Prudential feels that with their need based selling, differentiated product-offerings and service, they will be able to expand the market significantly. Their products have been designed In to provide they the consumers more some Their freedom of choice, comprehensive protection and value pricing. features, addition, are have to incorporated products. which unique their

marketing strategy is clearly to reposition the category by changing consumer attitudes. ICICI will be happy in etc., to the go for to a of multi-channel bancassurance, regulatory

distribution corporate

network

form

agents,

subject

certain

changes, which are expected soon. ICICI Prudential plans to use

Direct marketing is for disseminating

going to play a key role, and so will the Internet, which information and product sourcing.

In order to find how the management is handled at organization, we made a detailed study of the marketing department and Human Resource department at ICICI Pru Life Insurance Company. We have tried our best to prepare this organizing report, as well our understanding and views about it.

Acknowledgements One must thank those who have been guiding them like milestones in their journey. We are lucky enough to get the opportunity to thank the guiding stars for our project. Through this acknowledgement to all those who helped us in the preparation of this project report which has been a clearing experience. First of all, we would like to thank our project co-ordinater Mrs Smita C. Vyas(Prof.) and Mr Kanani(Principal). They had been really very supportive and kind enough to share his views with us. We are also thankful other staff members. I must thank my project guide at ICICI Prudential, Mr. Pankaj Sankhavra (Unit Manager) for his generous support and guidance at each and every step of the project.

Sr. No.
1. 2 3 4 5 6 7 8 9 10 General Information Marketing Department Personnel Department Financial Department

Particulars

Products of ICICI Prudential About Project SWOT Analysis Findings and Suggestions Conclusion Bibliography

General Information

INDEX SR NO 1 2 3 4 Background What is life insurance? The Company Vision

1. INTRODUCTION ================================================ ============= 1.1 BACKGROUND ICICI Prudential Life Insurance was established in 2000 with a commitment to expand and reshape the life insurance industry in India. The Company was amongst the first private sector insurance companies to begin operations after receiving approval from Insurance Regulatory Development Authority (IRDA), and in the time since, has taken several steps towards its realizing its vision. The companys wide range of products, distribution strengths and powerful brand has driven its growth across a crosssection of people and cities. As on March 31,2003, the company had issued nearly 350000 policies, with a total premium income of over INR 5 billion and a total sum assured in excess of INR 87 billion. Today, the company has established itself as the No. 1 private life insurer in the country.

What is Life Insurance?

Life Insurance is a contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Usually the insurance contract provides for the payment of an amount on the date of maturity or at specified dates at periodic intervals or at unfortunate death if it occurs earlier. Obviously, there is a price to be paid for this benefit. Among other things, the contract also provides for the payment of premiums by the assured. Life Insurance is universally acknowledged as a tool to eliminate risk, substitute certainty for uncertainty and ensure timely aid of the family in the unfortunate event of the death of the breadwinner. In other words, it is the civilized world's partial solution to the problems caused by death. In a nutshell, life insurance helps in two ways: premature death, which leaves dependent families to fend for itself and old age without visible means of support. Benefits Of Life Insurance: Superior To Any Other Savings Plan Unlike any other savings plan, a life insurance policy affords full protection against risk of death. In the event of death of a policyholder, the insurance company makes available the full sum assured to the policyholders' near and dear ones. In comparison, any other savings plan would amount to the total savings accumulated till date. If the death occurs prematurely, such savings

can be much lesser than the sum assured. Evidently, the potential financial loss to the family of the policyholder is sizable. Encourages And Forces Thrift A savings deposit can easily be withdrawn. The payment of life insurance premiums, however, is considered sacrosanct and is viewed with the same seriousness as the payment of interest on a mortgage. Thus, a life insurance policy in effect brings about compulsory savings. Easy Settlement and Protection Against Creditors A life insurance policy is the only financial instrument the proceeds of which can be protected against the claims of a creditor of the assured by effecting a valid assignment of the policy. Administering The Legacy For Beneficiaries Speculative or unwise expenses can quickly cause the proceeds to be squandered. Several policies have foreseen this possibility and provide for payments over a period of years or in a combination of installments and lump sum amounts.

Ready Marketability and Suitability for Quick Borrowing A life insurance policy can, after a certain time period (generally three years), be surrendered for a cash value. The policy is also acceptable as a security for a commercial loan, for example, a student loan. It is particularly advisable for housing loans when an acceptable LIC policy may also cause the lending institution to give loan at lower interest rates.

Disability Benefits Death is not the only hazard that is insured; many polices also include disability benefits. Typically, these provide for waiver of future premiums and payment of monthly installments spread over certain time period. Accidental Death Benefits Many policies can also provide for an extra sum to be paid (typically equal to the sum assured) if death occurs as a result of accident. Tax Relief Under the Indian Income Tax Act, the following tax relief is available a) 20 % of the premium paid can be deducted from your total income tax liability. b) 100 % of the premium paid is deductible from your total taxable income. When these benefits are factored in, it is found that most polices offer returns that are comparable/ or even better than other saving modes such as PPF, NSC etc. Moreover, the cost of insurance is a very negligible.

THE COMPANY ICICI Prudential Life Insurance Company is a joint venture between ICICI, a premier financial powerhouse and Prudential Plc, a leading international financial services group headquartered in the United Kingdom. ICICI Bank is Indias second largest bank with an asset base of Rs.106812 crores. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing customer base of more than 7 million customer accounts and 5 million bondholders accounts through a multichannel access network. This includes about 450 branches and extension counters, 1675 ATMs, call centers and Internet banking (www.icicibank.com). ICICI Bank posted a net profit of Rs.1206 crores for the year ended March 31, 2003. ICICI Bank is the only Indias company to be rated above the country rating by the international rating agency Moodys and the only India company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading India rating agencies. Prudential Plc Established in 1848, is a leading international financial services company in the UK, with some US$ 250 billion funds under management and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is UKs largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries- China, Hong Kong, India, Indonesia, Japan, Korea,

Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has championed customer centric products and services, supported by over 60,000 staff and agents across the region.

1.2 VISION

To make ICICI Prudential the dominant Life and Pension player built on trusty by world-class people and service. This vision of ICICI Understanding the need 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

2 - MARKETING MANAGEMENT

SR NO 1 2 3 4 5 6

PARTICULARS Introduction Organisational chart Marketing Mix of ICICI Prudential Marketing Strategies of ICICI Prudential Promotional Campaign for Distribution Channel Development Advertisement Strategy of ICICI Prudential

Introduction
The term marketing may be defined as the performance of all those business activities that direct the flow of goods and services from producers to consumers. Marketing is frequently considered as synonymous with selling, but selling refers to the transfer of goods and services, which are already sold to the customer in exchange of money. In marketing, understanding of the needs and wants of customers is of prime importance and then production and distribution of the goods and services takes place accordingly. Selling concept: Focus: products already manufactured Means: selling and promoting Aim: profit through sales volume Marketing concept: Focus: customer influencing the production goods. Means: consumer oriented marketing mix. Aim: profit through consumer satisfaction. Marketing under sellers and buyers market: While deciding the marketing strategy businessmen have to basically consider the market situation for the concerned product and service. Sellers market is a market situation in which there is a shortage of goods on the one hand and large number of unsatisfied buyers on the other hand. There is tremendous demand of goods but supply is not adequate to satisfy them. Manufacturer-suppliers have complete control over the market. Consumers may have accept the goods and services of whatever the quality and price of them.

ORGANISATION CHART OF THE MARKETING DEPARTMENT

MARKETING MANAGER SALES MANAGER SALES DEPARTMENT EXECUTIVES SLAES REPRESENTATIVES

2.1MARKETING MIX OF THE ICICI Pru LIFE INSURANCE

2.1.1 PRICING POLICY: Price means the amount of money charged for a product or service, or the sum of the values that consumers exchange for the values that consumers exchange for the benefits of having or using the product or service. Price is all around us. All Profit organization and many non-profit organizations must set prices on their products or service. Price has been the major factor affecting buyer choice. Price is one of the most flexible demands of the marketing mix. Particularly in the case of Life Insurance sector the prices are the premiums paid by the policyholders. In the case of the premiums the first premium and subsequent premiums are two categories. The premium charges are differing from case to case.. Further there are many criteria, which are necessary for determining the premiums. They are: 1 Age of the policyholder. 2 Time span of insurance coverage 3 Medical check-up of the policyholder 4 The ability of policyholder for payment. 5 Convenience of policyholder. 6The place where the policyholder live. 7The occupation of the policyholder means whether he is doing service, he has some business, or he is engaged in some profession. The family background of the person, etc. Particularly in the ICICI Pru they are using different schemes determining the premium charges. They have major 9 schemes recently designed for each category of the persons and their requirement. This schemes includes all the matters like: 1 The amount of Insurance 2 The time duration

3 Annual premium charges 4 Income tax benefit 5 After tax actual amount to be paid 6 The total amount obtained on the maturity 7 total amounts to be obtained 8 The net profit 9 The timing of various instalments to be obtained 10 The various other benefits obtained by the policyholder, etc.
2.1.2 PRODUCT PLANNING

A Product means anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. The following are the product, which the ICICI Pru provides for the customers ICICI Prudential PRODUCTS Single premium bond DETAILS Investing bonus or a windfall as a one-time premium. Term plan for 5 to 10 years. Level term assurance Providing financial support to family in case of death. Term plan of 5 to 25 years. Forever life (deferred annuity) Retirement planning. Annuity for life or for 5,10,15 years. Cash back (anticipated Meeting periodic financial endowment assurance) requirements. Fixed term of 15 or 20 years. Save n protect (endowment For those who want to Assurance with extended life accumulate funds on regular cover) basis while being recovered. Works like an endowment policy.

Riders: Accident/disability benefit. Critical illness Major surgical assistance benefit Flexible term

2.1.3 PLACE

Delivering products elements to customers involves decision on the place and time of delivery as well as on the methods and channels employed. Distribution, so critically important for Insurance products, is a bottleneck that new player have to navigate. In their attempt to tap distribution channels, insurance companies are hawking their products through the ready distribution channels of banks, NBFCS and housing companies. It is the only way that the new insurance company can expand its reach, say Vijay Singh, director, Birla Sun Life Insurance. The companies have to be a little careful because they are creating levels of distribution and distance that they cant control. The distance exposes the company to quality control issue. . As the IRDA is fixing norms for delivery channels, or intermediaries, even the public sector companies will have to follow suit. New India has already got IRDA accreditation for its corporate and regional training centres at Chennai, Bangalore and Coimbatore. The company started training agents at its Chennai centre in January this year. Making the technology face complete are the IVRS (Interactive Voice Recognition System) across 60 locations, which offers complete information about policy status, survival benefit, due dates for premium payments, and should you need a lone, then how to go about that as well. Every possible operation from issuing a policy to claim settlement has been computerized. Earlier, a successful agent was one who would be needy and greedy. Today, he just has to be tech savvy.

2.1.4 PROMOTION

ICICI-PRUDENTIAL IS the joint venture of Indian ICICI and Prudential of United Kingdom. This company is doing aggressive marketing. Recently company has launched new television commercial in which one marriage ceremony and in which the essentialities of insurance exposed in nice way. In this campaign the necessity of Insurance for both husband and wife both shown in the nice manner and they attached the social value with it. So ICICI-PRUDENTIAL is recently doing aggressive marketing in the term of television. The company is also doing aggressive marketing on hoarding in the Metro cities. They also put their attractive schemes on the hoarding, just like pay only Rs.1236 and insure your Rs.1, 00,000. Further the ICICI-PRUDENTIAL also give its various advertisements in leading newspapers with their latest schemes. The company is also doing regional marketing to full extent. Thus the companies put its vigorous efforts in the advertisements and implement its various promotional tools effectively. The company is also taking the help of the leading magazines and exposes it advertisement in the leading magazine. ICICI-PRUDENTIAL has started the call-centres for its various product. In this system there is one facility in which you can call free of charge to the company. The company is providing all information inquired by the customer and they do not charge even a single penny for this. The most humble personnel of the company who are efficient in communication and have best tone of speaking handle the potential customer's query. Thus the company is doing aggressive efforts for marketing of their services.

2.2 STRATEGIES OF ICICI Pru LIFE INSURANCE

ICICI Prudential a joint venture between the local ICICI and UK based insurer Prudential has already kicked of its operation in India. ICICI-prudential life insurance co has six products. These bare a combination of saving and protection products, which have certain rider options that can take along with the basic policy. For example, the critical illness rider providers accelerated payment of maturity benefits in case the policyholder is affiliated by critical illness. This provides living benefits towards medical expenses or the major surgical assistance rider, which provides for payment of lump sum in the event of medical emergencies that involve surgical procedures. The level term rider offers the policyholders the option to in cress his protection at a marginal incremental cost. The accident and disability rider provides added protection against accidental death and disability caused as a result of an accident. The difference lies in the various rider option that a person can opt for. Most of our products are priced lower than other comparable products available in the market, says ICICI-Prudentials Chief marketing officer, Saugata Gupta. Companies products are design to provide the customer more freedom of choice, comprehensive protection and value in pricing. Their marketing strategy is clearly to reposition the category by changing consumer attitudes. This will be achieved through differentiated products; need base sealing, communication and service 2.2.1 MARKETING STRATEGY Importance of service Characteristics of a service product Marketing of services has come to occupy a prominent place in the economy of every country. Service is assuming paramount importance in terms of contribution to the GDP of a country

and also in generation of employment. In our country also in service sector. In our country also it has gone beyond 60% Life insurance industry is also part of the services sector. Life insurance industry is also part of the services sector. Life insurance industry is also part of the service and therefore it is necessary that the concepts and practices of this sector are understood and appreciated. 1. IMPORTANCE OF SERVICES: Concepts of marketing initially developed for selling physical products. But the society cannot depend upon only manufactured products. There are several industries which provide the much needed services like hotels airlines, banks insurance companies etc. Rising affluence, more leisure time and growing complexity of products all require servicing. Service industry varies greatly. Government itself is a great provider of services to the people through courts, employment services hospital military and police services and fire and postal service schools etc. 2. CHARACTERSTICS OF A SERVICE PRODUCTR: A service is any activity of benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. The characteristics of any service product are.. Intangibility Inseparability Variability and Perishability
2.3 PROMOTIONAL CAMPAIGN FOR DISTRIBUTION CHANNEL DEVELOPMENT

One of the major challenges faced by the private insurance companies is to develop a strong distribution channel to compete against their big competitor LIC, who commands

91% market share. LIC has around 200,000 insurance agents whereas ICICI Prudential has around 18,000 advisors. Most of these private have following channels of distribution. Insurance Advisors Direct Selling Agents Insurance Brokers & Financial Consultants Banc assurance

ADVERTISING STRATEGY OF ICICI PRUDENTIAL LIFE INSURANCE

The Marketing Challenge facing ICICI Prudential: The task for ICICI Prudential was to build a relevant brand that customers could trust. It also involved breaking some myths. Life insurance had long been regarded as expensive, rigid, and difficult to understand and good only for tax saving.

The Challenges established category drivers (death payment & tax saving) and to get the consumer to evaluate insurance on a more emotional platform (protection) rather than a mere rational decision (tax saving). The Campaign Objectives: Reposition the category in the consumers mind. Influence the consumer to view it as a protection instrument and not as a tax saving product alone. In the process, create differentiation of the ICICI Prudential brand as a provider of social security and family protection. Achieve leadership status in image and product

parameters. Build credibility and trust. To present the visiting card of the company to the public at large and build credibility and status, so as to give the consumer the confidence that here is a company that can be trusted to invest funds with.

 To position ICICI Prudential as the new and modern face of the life insurance provider in India. Change the perceptions of the target audience to view insurance not as a compulsory tax saving instrument, but as a means to lead a worry free and secure life. This required a corporate campaign, which started with advertising to establish the brand, build awareness and give the brand a larger than life image. The Target Audience: Target Audience representes an ideal mix of medium to high net worth individuall and the consumers most disposed towards buying life Insurance.They are: Middle-aged professionals, salaried and self employed, age group: 28-45 years, household income: Rs.20, 000 and above. : The Creative Execution:. Amongst ICICI Prudentials innovative was the introduction of life stage and need-based Solutions selling, thereby unshackling the category and meeting specific customer needs. The brand proposition for all the ad campaign was reflected in the line We cover you. At every step in life, i.e., that ICICI Prudential Life is the only private life insurance company that provides consumer insurance solution which are relevant to the unique needs at every stage of life.

The campaign also provided several lines of support serving to inculcate trust and belief in the company, such as the competitive advantage or product performance, a showcase of product available for different segments, the flexibility and value addition in products and the sound financial backing and credentials of ICICI and Prudential. The advertising idea was encapsulated in an endearing, lasting and universally recognized symbol of protection- the sindoor. The company launched a mass media campaign print, outdoor Internet and radio and finally culminating in the corporate film. TVC: With the geographical expansion of the company, TV became a viable medium and the corporate campaign was run on TV, because the medium lends itself well to an emotional type of film that strikes a chord with the audience Radio: ICICI Prudential has bought spots both in the morning (8 am to 9:30 am) and the evening (7 pm to 8:30 pm) on Radio City. Says Saugata Gupta, chief marketing officer, ICICIPrudential: Our target audience for insurance is the young executive driving to office and back home in his car. So advertising in the right time segmentation makes immense sense. Press: It gives the consumer a rational and tangible reason to buy insurance first and secondly from ICICI Prudential. The product specific advertising focussed on changing the prevalent perception about insurance and breaking a few myths like non- affordability, insurance not being good investment option and the myth that insurance was good only for tax saving. Selling the Product: Once the corporate image and brand identity were established, we had to give the customer a rational and tangible reason too buy- first of all insurance, and

secondly, from ICICI Prudential. This brought us to the next phase of communication to inform the consumer about the comprehensive product range and present the benefits of the same. This was tackle through product advertising, which gave the customer information that would help him/her make a decision such as for ICICI Prudential Smart kid, retirement solution or Lifetime. ICICI Prudential launched productspecific advertising campaigns for most of its products- largely through print and outdoor advertising- once more performing a category. The retirement solutions campaign attempted to drive home the benefits of early retirement planning, while the Smart kid campaign educated customer about a life insurance product that would leave nothing to chance in providing for their childs future. The word retirement itself brought to mind all the negatives associated with old age- mainly the loss of social, financial and physical independence causing avoidance or deferment of any decision relating to planning for retirement. ICICI Prudential launched a campaign specifically to address this psychological barrier by offering a fresh perspective: be forever young and lead an unchanged life- an aspiration appeal for the target group. A focused media campaign is undertaken in the few months starting from November until the filing of tax returns in the month of March. After the month of March, focus is more on advertising of investment friendly policies because people have field their returns and may now be interested in an investment oriented insurance e policy.

Personnel Department

INDEX SR NO 1 2 3 4 5 6 7 PARTICULARS Introduction Recruitment and Promotion Resignation, Increament and Travelling Allowance Benefits to Employees Training to Sales Agents Three Import Concept What is in for Advisor

INTRODUCTION
Only LIC is an old player in life insurance market of India. Other players are new. So in person most of the information available is about LIC only. P&IR and OS Department of the Divisional Office should the responsibility of providing the main infrastructure facilities like men and material, for smooth functioning of all the offices of the Division. These two departments also look after various needs of the employee and benefits to employees. Managers (P&IR) & (OS) are in charge of the Department. Some of the important function of Managers P& IR can be said to be. Manpower planning which includes recruitment, training,

promotion, placement, transfer, etc. This requires great care as manning pattern is to be developed keeping in view the needs of various offices and long term regards to future expansion. Playing the role as Industrial Relation Manager, by creating a sense of belonging to the organization in each member and also developing cordial relation with Employees Union and Association, employees and colleagues. Disseminate and formulate new concept as are useful in proper utilization of human resource. Interpreting policies of the organization. Effective communication would make every one participate in the achievement objectives of the corporation .. Maintaining high standard of discipline and keeping the moral of the staff high, which helps in the general working. Keeping record of latest developments in the spheres of labors laws.

 Holding Training sessions for Division Office and Branch Personnel including induction training for newly recruited assistants.

Recruitment and Promotion

Recruitment Section 49 of the LIC act, empowers corporation, to make regulation with the previous approval of the central government by notification in the gazette of India, to prove for the method of recruitment of employees and the terms and conditions of their service, as also the terms and conditions of service of persons, who have become employees of the corporation by virtue of their service, as also the terms and condition of service of person, who have become employee of the corporation by virtue of their being transferred employees under section 11 of the Act. Sub- section 23(i) of the Act empowers the corporation to employ such number of persons as it deems fit for the purpose of enabling it to discharge its functions. Staffs of the corporation are classified as: Class I Officer Class II Team Leader Class III supervisory and Clerical Staff Class IV subordinate staff (Agent) . Promotion As per (staff) Regulation 1960 (as amended up to date) promotions are based on merit, seniority and suitability. Eligible candidates for promotion within class III cadre or from class IV cadre to class III cadre are required to qualify in written test/tests and also qualify in the interview. .

Resignation, Increament and Travelling Allowance

Resignation An employee (other than probationary) shall leave or discontinue service on giving notice in writing. Period of notice is 3 months in case of class I officers and 1 month in case of other employees. Notice may be waived in part or full by the competent authority at his discretion. On the alternative three months or one month salary respectively may be paid to the corporation in lieu of notice. Increments Increments shall fall due on the first day of the month following that in which employee completes 12 months service from the date of his appointment. Increments shall ordinary be drawn as a matter of course, unless employee has reached maximum of the grade or is with held as a disciplinary measure. In case of release of E.B (Employee Benefit) and also for stagnation increments a special C.R (Customer Relation) is obtained before releasing the increment. Travelling Allowance The competent authority may sanction Tours on official business. Rates of Travelling allowances and conditions under which they become payable are regulated in accordance with Schedule V of Staff Regulations, and the (Travelling & transfer Allowances in India) Instruction, 1977 as revised and amended from time to time.

Some Of The Benefits Available To Employees

Housing loan with concessional rate of interest. Rebate on life insurance premium. Medical benefits Reimbursement of medical expenses for ailments of casual cases. Injuries arising out of accident while on duty. Emergency Medical / First Aid arising during office hours. Leave travel concession. Travelling allowance and daily allowance on tours and transfers. Group personal accident insurance scheme. Encashment of Privilege leave. nature. Reimbursements from LIC Employees Relief Fund in deserving

Training To The Sales Agents

The stress is now on the quality of agents. Hence, the training program is more stringent. IRDA has recommended 100 hours of training for insurance consultants or agents for both life and non-life areas. Nationwide, there are 47 training institutions, both registered with and approved by the IRDA. These institutions are currently conducting prelicensing training for recently licensed private sector insurance. For now, the focus is on Mumbai and Delhi. The IRDA specified 100 hours of training would get the consultants license to sell. However, most companies are going beyond the stipulated 100 hours. HDFC Standard Life has structured its course in such a way that 75 per cent of the time is spent on the technicalities of insurance-what insurance is all about and how to develop selling skills through interactive training programs. It has spent as many as 20 months in developing its training program. In fact, the National Stock exchange has been authorized by IRDA to conduct on line examination for insurance agents. ICICI Pru provides its advisor with additional in company training of 50 hours, so that the advisor are well aware of the culture, codes and products details before venturing out in the market. The end result is a different class of agents altogether. In addition, it is necessary for the agent to be able to compete with multiple other channels like corporate agents, corporate brokers, banks and the Internet. Hence employee with right set of knowledge skill and attitude are needed to service the insurance sector. The need of the customer will be identified accurately and the right product will be targeted.

THREE IMPORT CONCEPTS

On the onset of the project we were understand that SALES here has three important aspects: FIND: This deals with the identification of the target segment. It is an exercise involving how to find the segment and where to get them. This part of the project deals with the survey of the area. WIN: This step deals with convincing the target segment. Here one has to make the following vital decisions: What to say? Where to say? How to say? What will be the follow up exercise? KEEP: This is a corporate policy to maintain communication with the segment to retain them. This is much of human resource but sales also play a vital role in it.

WHAT IS IN IT FOR AN ADVISOR.

ICICI Prudential Life Company Limited aspires to provide state of the art customer service and opportunities and avenues for enterprising people to grow and prosper. Backed by the latest technology, we will offer our customer: Complete and diversified product portfolio Faster and more accurate service. Multi-channel distribution system. Highly trained professional salesperson offering high quality pre and post sales service. BENEFIT: Your earning potential is unlimited. You have a clear career path You are supported in your effort with exclusive advertising, your own in-house consult, and supervisor training. Flexi-time business Being a part of world class sales team

THE DETAILS OF THE OFFER:

ICICI Prudential Life Insurance Company Limited has the following career options available The Agency Offer This involves enrolling a prospective advisor for the training program and after the training program, the prospect has to clears an examination conducted by IRDA. Then the prospect is issued a license by IRDA to issue policies. To keep the agency active the advisor has to sell at least 12 policies in a year. The advisor receives commissions on the premium he collects by selling policies. The commission structure: % of the premium collected 1st year 2nd & 3rd 4th to the end of policy term 25-35% 7.5% 5%

Over and above these commissions the advisor is also given incentives if he achieves his minimum targets, which include: monetary benefits, Membership to various worldwide clubs. Career Option for Advisors In this offer if the advisor is able to sell around 30-40 policies within 6 months of issue of the license, then he gets an offer letter from the company to join in as Unit Manager (Average package 2-2.5 lakhs). The Unit Manager is responsible for heading and guiding a team of 30 advisors. He can further grow in the organization to Agency Manager.

The Super Agency During the course of time if the agencys performance is consistent and has a potential to grow then the company awards the agency the status of super agency. The super agency receives around 10,000-15000 monthly as office expenses to hire a few people to generate business for the agency.

Finance Department

Products Of ICICI Prudential

PRODUCTS OF ICICI PRUDENTIAL

Market Linked Plans

Lifetime: Life time is a Regular Premium Product that has the option of the yearly, half yearly and monthly modes of premium. Lifetime works in the form of units, which are issued to the policyholder depending upon the U nit Value and the investment done in the form of premium. The Rider (CI) riders associated to this are Accidental Death

Benefit(ADB), Major Surgical Assistance (MSA) and Critical Illness

Key Features:

Death Benefit: Death benefit will be the multiple of the yearly premium. The policy holder has the flexibility to choose the death benefit. Withdrawal: the policy holder can withdraw the units at the unit value on the pricing date following the receipt of the withdrawal request. The value of withdrawal reduces the sum assured with the same amount. Flexibility Option: Increase in death benefit: the policy holder can increase the death benefit by 25% subject to a maximum of Rs. 100,000 every time. This can be done every third year (3rd, 6th, & 9th year), without further underwriting. The DB can be increased further with underwriting.

Decrease in Death Benefit: the policy holder has the option of decreasing the death benefit in the multiples of Rs.100,000. However a minimum residual death benefit of Rs. 100,000 will have to be maintained. Premium Holiday: The policy holders can discontinue the premium payment, but his death benefit and the rider benefits cover would continue. The premium for this will be deducted from the unit fund. The policyholder can enjoy this facility if hes facing some financial constraints and he wants to discontinue the premium payment for a certain period.

Choice of fund: There are four funds options for the policy holder to invest the money. He has the flexibility of investing in all the four funds in the proportions he wishes, fewer than one single policy.

The funds are as follows : PLAN OBJECTIVE Steady Returns over a long time Balance of capital Balancer (Balanced) appreciation and steady returns over a long term High growth and Maximiser (Growth) capital appreciation over a long time Preserver (Liquid)

PLAN

RISK

INVESTMENT PATTERN Debt Instruments: Max 100% Money Market and Cash: Max 25% Debt, Money Market and

Protector (Income)

Moderate

Average

Cash: Min 60% Equity and Equity Related security: Max 40% Equity and equity related

High

Security: Max 100% Debt, Money market and Cash: Max 25% Debt Market: Max 50%

Capital Preservation

Low

Money Market and Cash:

Min 50% Switching: The policy holder would have the control to direct his

investments depending upon the market conditions by switching the money between the funds. Four switches a year are free for the policy holder.

Top - Ups: the policyholder can put top up premium only if he has paid up to date regular premiums. Top up gives the flexibility to the policy holder of increasing the value of his investments over a long term.

Flexible Contribution: The regular premium can be increased or decreased. The policyholder can up to 20% of the initial premium choose the maximum decrease on any occasion at the time of inception of the policy.

Bonus Units Allocation for Policyholders: At the end of 4th, 8th and 12th years the policy holder will be provided with additional allocation of units. This would be credited to the policyholders unit account, only if the regular premiums are completely paid.

Loans: A loan can be availed on the policy if it has acquired a surrender value. No partial withdrawal can be done during the loan period. If the loan amount along with the accrued interest becomes equal to the value of units, then the policy will be terminated.

Minimum age at entry Max age at entry Max cover ceasing age Minimum contribution Modes of payment

0 60 years 70 years Annual Rs.18000 Half Yearly Rs.9000 Monthly Rs.1500 Yearly, half yearly and monthly The death benefit is higher of the sum assured reduced by the withdrawals or the value of units, at the time of death.

Death Benefit

Life Link: Life link is a unique single premium market linked plan that combines the security of a life insurance policy with the opportunity of enjoying high returns on investments.

Key features
Death Benefit: Death benefit in this plan is the higher of the sum assured chosen reduced by the amount of withdrawals made and the value of investments at the time of death. Sum Assured: Sum assured in life link is a multiple of the single contribution that is paid by the policyholder. However, this product has two options of sum assured, which the policyholder can choose from at the inception of the policy. Value of Units: Value of units in the policy would be the total sum of all the value of units held by the policyholder in the various investment options at a particular point of time. Life Cover: life cover is the part on which the cost of insurance is charged, in case of Life link. Life cover at any point of time during the tenure will be Life cover = sum assured at that point of time value of units at that point of time Mortality charges are always calculated on the life cover Investment Options:

Single contribution: The policy holder has the option to put a contribution amount that he is comfortable with and that would be required as per the financial requirements of the person. Minimum contribution to be done is Rs. 50,000.

Choice of Funds: It is same as in case of Life Time plan. Switch Between The Funds: Same as Life Time. Top Ups: The allocation of all the top up is 99%. The policyholder can make as many top ups as he may like

during the tenure of the policy. The top ups can be invested in any of the funds irrespective of the fund pattern of the regular contribution.

Liquidity with withdrawal Option: ULIP offer the liquidity to the policyholder to make the product more attractive for them. Life link provides the flexibility of partial withdrawal from the value of the investments of the policyholders, after first year of the policy. Minimum amount of partial withdrawal should be Rs. 2000.

Liquidity with Loan Option: the loan facility is also available with life link. Loan will be available after the first year premium is paid. The amount of loan would be linked to the surrender value of the policy and would be 40% of the surrender value, at the time of taking loan

Surrender Value: life link allows the policy holder the option of surrendering the policy from the first year of the policy itself.

Policy Specifications
Min Age at Entry 0 years Max Age at Entry 62 years Max Cover Ceasing Age 65 years Min. Contribution Rs.50,000/Min Term 5 years Unit Linked Smart Kid It is a regular premium unit linked child solution, which provides flexible options for the client so as to match the requirement of the childs education and other future needs. Key Features:
1. Sum Assured: In Smart Kid plan the sum assured is the multiple of

the annual contribution that is paid by the policyholder.

2. Premium Holiday: Even in case if the policyholder discontinues the

premium payment, the death benefit and the rider benefits will continue. The premium for this will be debited from the unit fund. Premium holiday option can be used only after 5 complete policy years.
3. Death Benefit: In this case even after the death of the policy holder,

the policy continues. Therefore on death of the policy holder, the product offers following benefits; 4. The sum assured chosen at the inception by the policy holder is paid immediately on death. 5. The policy keeps on continuing and hence the withdrawals from the plan can be done as per the needs and the appointee will have the right to do so.

6. All the future annual premiums are waived, till the end of the term of the policy i.e. the co. will pay on behalf of the policyholder. Additional Protection Options:

Cover for annual recurring expenses in case of death: in the income benefit rider in case of death, 10% of the sum assured under this rider is paid from the year of death till the maturity of the plan. Cover against accidental death/disability: An extra accidental cover is available by help of added benefit of accidental death benefit rider. With this protection, the nominee of the policy holder would receive additional insurance cover over and above the death benefit payable by the base product. Cover against accidental disability: the added protection against the accidental disability with this plan can be availed by taking the advantage of Waiver of Premium Rider. Annual Contribution: The policyholder has the option to start with a contribution amount that he is comfortable with and that would be required as per the financial requirements of the person. Minimum contribution to be made is Rs.18000 per annum. Change in Annual Contribution: the policy holder can change the annual contribution; Increase in contribution: Under Smart kid plan the policy holder has this added flexibility to increase the contribution. But this can be done only on the policy anniversaries. Minimum increase has to be Rs. 500.

Decrease in Contribution: the policy holder can also reduce the contribution but it can also be done on policy anniversaries only. The contribution can not be reduced by more than 20% of the annual contribution. And the contribution cannot go below Rs. 18000, which is the minimum annual contribution in this product. Choice of Fund: In this plan also the four funds are there same as the Life Time plan, and the investment plan are same. Switch between the Funds: The switching system is also same, i.e. the policyholder directs his funds where he finds more profits or good returns. Top Ups: After the payment of regular premiums then only single premium top ups can be made. It helps the policy holder to increase his investments over a long time. Liquidity with Withdrawal Option: It is indeed a plan for children so for their educational expenses the policyholder needs money so for that purpose he can make withdrawal from his investment fund. o o Withdrawals can only be after the policy completes 5 years. The withdrawals in this plan do not affect the sum assured unlike other Unit Link Plans. The sum assured remains constant in the term irrespective of the withdrawals.

Traditional Plans
Traditional plans are those plans, which work only on insurance and saving objectives, usually are of low premium and long term. Save n Protect: It is a with profit endowment plan with free extended life cover. The prospect chooses a term and a sum assured for this plan. It provides life cover during the term of the plan. After the end of the term, on maturity the policy holder gets the whole sum assured along with the bonuses if any. Key Features:

Death Benefit: o If age at death is less than 7 years then death benefit is equal to the sum of the total premiums paid. o If the age at death is 7 years or more then the death benefit is sum assured + guaranteed additions (GA @ 3.5% compounded annually on SA for the first 4 years) + vested bonus. o If death occurs during extended life cover period then death benefit is 50% of sum assured.

Extended Life Cover: After maturity of the plan, free life cover is provided to the policyholder for 5 more years. It makes this plan very useful for senior citizens because they can enjoy the free life cover.

Maturity Benefit: On maturity the policyholder is paid + guaranteed additions for 4 years + vested bonus.

Sum assured

Target Market: Young people who have just started career Low income groups i.e. min 10,000 pm.

Cash Back: It is also with profits anticipated endowment plan. It provides liquidity at regular intervals of time and also helps in saving money. Key Features:

Death Benefit: Death Benefit is sum assured + guaranteed additions +vested bonus. Maturity Benefit: On maturity the policy holder is paid 50% of sum assured + guaranteed additions for 4 years + vesting bonus on entire sum assured.

General Features: o Surrender: It can be surrendered after three completed policy years o Loan: No loans are provided, as regular payouts are allowed. o Paid Up: policy attains paid up after three years. o Tax Benefits: It carries sec 88 on the premium and sec 10(10) D benefit on death and maturity claim.

A. Target Market: Young people of the age group 20-30 years who have just started a career and family Income group of minimum Rs. 10,000 per month. Middle aged professional, service holders and businessmen.

ForeverLife : Life Guard is with profit deferred annuity plan with life cover. This plan is made keeping in mind the recent increase in life expectancy and decrease in earning period. That is well live long but will earn for a short time. There fore theres a need to make money work for us. ForeverLife is a retirement solution that assists in meeting with that need in a disciplined planner. Key Features:

Death Benefit: If death occurs during the deferment period and the spouse survives the annuitant has the following options o Take the sum assured along with the guaranteed additions and vested bonuses accrued. o Commute up to 33.33% of the money as a lump sum and use the remaining fund to take an annuity. o Use the entire money to take an annuity

Maturity Benefit: the plan vests once the deferment

period is over. The annuitant then uses the purchasing price to purchase an annuity. On maturity the following options are available:

Life Annuity: Provides an annuity till the time the annuitant lives, once the annuitant dies then the contract ends. It is suitable for people who dont have any dependent or heirs.

Life Annuity with return of Purchase Price: The annuity is paid till the annuitant survives and after the demise the purchase price is given as a claim to the nomination or beneficiary.

Joint Life Annuity, Last survivor Annuity: annuity is paid to the annuitant and after the annuitant passes away and the spouse survives, the same annuity will be disbursed to the spouse. With the death of spouse annuity will stop and nothing will be payable. Annuity option once taken cannot be changed, it has a 5 or 7 years reset option

OTHER PLANS AT A GLANCE

Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customercentric products that meet the needs of customers at every life stage. Its 20 products can be enhanced with up to 6 riders, to create a customized solution for each policyholder. Savings Solutions Secure Plus is a transparent and feature-packed savings plan that 3 levels of protection. Cash plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save-n-Protect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset. Lifetime & Lifetime II offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options i.e. Preserver, Protector, Balancer and Maxi miser. Life Link II is a single premium Market Linked Insurance Plan, which combines life insurance cover with the opportunity to stay, invested in the stock market. offers

 Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75. Invest Shield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. Invest Shield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. Invest Shield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms.

Protection Solutions
Lifeguard is a protection plan, which offers life covers at very low cost. It is available in 3 options i.e. level term assurance, level term assurance with return of premium and single premium. Child Plans Smart Kid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. Smart Kid plans are also available in unit-linked form both single premium and regular premium. Retirement Solutions ForeverLife is a retirement product targeted at individuals in there thirties. Secure Plus Pension is a flexible pension plan that allows one to select between 3 levels of cover.

Market-linked retirement products

Lifetime Pension II is a regular premium market-linked pension plan Life Link Pension II is a single premium market-linked pension plan. Invest Shield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses. ICICI Prudential also launched Salaam Zindagi, a social sector group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. ICICI Pru Group Superannuating Plan: ICICI Pru offers a flexible defined contribution superannuating scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.

ICICI Pru Group Term Plan: ICICI Prus flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. Flexible Rider Options ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Accident Benefit: This rider option pays the sum assured under the

rider on death due to accident. Critical Illness Benefit: protects the insured against financial loss in

the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death. Major Surgical Assistance Benefit: provides financial support in the

event of medical emergencies, ensuring benefits is payable to the life assured for medical expenses incurred for surgical procedures. Cover is offered against 43 surgical procedures.

Income Benefit: This rider pays the 10% of the sum assured to the

nominee every year, till maturity, in the event of the death of the life assured. It is available on Smart Kid, Secure Plus and Cash Plus Waiver of Premium: In case of total and permanent disability due to

an accident, the premiums are waived till maturity. This rider is available with Secure Plus and Cash Plus. Cancer Care : it s new product for cancer people, which is launch recently by company.

About Project

About the Project

During this 1.5 months training period that Ive undergone at ICICI Prudential (Barouche Branch), my project was to do the Recruitment Calls and to make the Sales Presentations. First I would like to tell about what are recruitment calls. Recruitment Calls means to meet people or call people to make them aware of the Organization and its functions and then to offer them the business opportunity of joining the organization as an Advisor. Under this job, I too met people and talked about the business opportunity of joining with ICICI Prudential. The person should be HSC Pass for becoming an Advisor, but if hes from rural area then he should be SSC pass. For conducting this project, Ive visited homes of people and even contacted the people on phone by getting a prospective list of phone numbers from job website. The following method was used to inform .By joining like an advisor the person will have role: To provide the financial advice to the clients; this can be done by ; o Identifying the future clients o Making appointments o Conduct financial review meetings with prospects/ clients o Get referrals o Provide service to clients.

 The opportunity: o No start up capital required o Flexible working environment o Hes his own boss o Unlimited earning potential o Being a part of world class team Working environment o Being part of markets number one player o Work from own office or home o Work full time or part time o No upper limits on earning Support Package for advisors: o High quality management support o Attractive payments and benefits o Strong reputation o Excellent customer service o Extensive training o Superior products Extensive Product Portfolio: o Product range that provides financial solutions to cover all basic needs like; o Premature death o Living too long o Living death o Childrens future

o Wealth creation Trainings conducted on: o Selling skills o Product knowledge o Relationship skills Training delivery by: o Face to face o Online o Self Learning Recognition Programs: o Foreign trips and seminars o Select club memberships o MDRT (Million Dollar Round Table) memberships Career Progression and Future Opportunities: o Exclusive program for high achievers o A fast tract career path o Recognition as Tiger o Continuance as Advisor o Criteria Age 25 40 years At least 1 year in system 2 cases per month Mobile Tigers o Part time career as a trainer o Conduct foundation programs

o Replicate your business o Continue doing the business o Criteria: Age 25 45 years At least 6 months in system 2 cases per month o o o o o o o Pinnacle Programmed: Full time career as a Unit Manager Growth with in ICICI Prudential Greater earning potential Personal development Performance criteria: Age 25 45 years At least one year in system Average 2 cases count per month Fast Track Pinnacle Programmed: Full time career as a Unit Manager Growth with in ICICI Prudential o o Greater earning potential Personal development

o Performance criteria: Age 25 45 years At least 6 months in system 30 issuances with in 6 months

Agency Champion: o o business o o o Recruit new advisors and make own team Increased reach and earning potential Criteria: Take business to next level Now act like entrepreneurs, i.e. develop own

Age at least 1 year in system premium o Next Step: Confirmation of mutual interest Selection interview Profiling test dates Draft payment favoring ICICI Prudential Life Insurance Company payable at Mumbai Finalize training dates and venue. Selection process(assessment centers) for further development Minimum 36 policies and 3.6 laces

The Procedure for Recruitment

The procedure for recruitment as an Advisor in the ICICI Prudential Life Insurance Company is either through personal contact or by phone calls. Since personal contact could be done when we know that person so I followed the calling option. I got the prospective list of people form my peers group, my friends or other source i.e. from internet or reference from other people. From total 75 people I talked to, almost 20 people were interested in the opportunity that I discussed. From those 20 people 5 are on way to turn up as advisors and others will take time in deciding for it. From the 75 people I contacted 80% were jobbers and rest 20% people were small or middle level businessmen. There were 10% housewives also and they too show the interest in joining the business as it will be a source of extra income. The people who refused to join the organization had the following reasons for it: They wanted to finish studies first. They were happy with their respective job and salary They were already having a part time business. They could not find time for extra works.

After talking to the interested people, and finalizing their admission in the organization they were made to attend the 18 days IRDA training conducted at RNIS College of Insurance, Shalimar Complex, Barouche. After that they will attend the 3 days product training given by the trainer from Baroda Office. After completing this part they will give their exam for the license at Ahmedabad, which will be conducted by Insurance Institute of

India. After 15 20 days theyll get their licenses and they can start the career as an Insurance Advisor for ICICI Prudential. Sales Presentation: Apart from giving the recruitment calls I also did the sales presentation along with my Project Guide and Unit Manager Mr. Ahoy Polecat. Under this exercise I had to tell the prospect about insurance and the various assistance provided by ICICI Prudential in the area of life insurance. It is more of convincing act of making the prospect convert into client. For this purpose I had gone through the 18 days IRDA training and 3 days product training conducted by the organization it self. This training made me through in area of what is insurance and its other details and the product training provided the details of the products that the company provides. At the starting level I have avoided going for the cold sales calls (contacting people who are unknown to us), so I took the natural market for my prospecting. Procedure adopted for giving the sales presentation: The Opening: In the opening of the presentation firstly I introduced the company and myself. And the following points were discussed As an insurance company what ICICI Prudential is doing and how it is functioning in the corporate world. The various needs of a person in life (i.e. premature death, accidental disability, childrens future etc) and how to deal with them. What my role is? I.e. how I can help the person according to the different needs of his life.

 Need and Problem Identification: After giving the over view of all the main points I asked the person about them, this included the following things: Their current occupation Who comprises their family (i.e. no. of children, elders etc) If they have taken any insurance policy or not if yes then which and when. Any kind of loans or liabilities taken. I.e. Investments in shares etc. Presentation: After getting what are the needs of the client, I followed the presentation about the plan, which will suit their need and investment type. For example if the person is having a permanent source of income as of a job or good business his investment type was high. So he was shown a plan of that type only. People having small kids were shown the plans of that kind. Dealing with Objections: It is understood that if a person is putting his hard earned money to some place then he too needs full information of where his money will go and how all things will be done. So for that instance the client was provided the illustration in which he can see what his money will earn in the specific term. Apart from that he was cleared of all kinds of doubt by me

or higher personnel if needed, which included my project guide and other Unit Managers. In usual cases, there were some common doubts that almost every client asked so the solution for that was prepared. The following approaches were followed in dealing with the

doubts/objections: Listening with out interrupting: listening is the first step of good communication so or dealing with clients objections also we have to listen their part of case. Interruption will deny the kind of respect the client needs which may lead to misunderstanding. Even though I knew what the client was going to say I listened to his part then gave him the respective solution. Agree and counter: According to this approach I agreed to the clients statement but countered it in terms of what the reality was. For example, a client referred to the competitors policy and asked if the same thing is in our policy or not. So the simple thing was told that it is not available but other benefits are available. Closing the Presentation: Closing was the last step in presentation, in this the client was asked summarized over what all things were discussed by me and what the objections and solutions given, in a way the whole presentation was discussed in a nut shell. In this I also asked the client about their interest in investing money, or what they feel about all things discussed. If interested then further formalities were done.

Follow Up: If the client shows not enough interest then also he has to be taken care of, his details like name, phone no. and other information taken earlier was taken along in case he changes his decision and can be converted into prospect to client. While giving the sales presentation the following main points were discussed About ICICI Prudential The bank The joint venture About prudential Life style Changes Talking about how the needs change as per our age. My Role oIt explains what I am doing and how I can help the client with by suggestions oHow to make the life of the client smooth i.e. with less of uncertainty. The Risks in Life o Premature Death How one can make his family financially sound even if hes not in the family (if hes the bread winner) To make them aware of the need of insurance.

o o o o

o Living Too Long It is the retirement solution that what to do after job, with no source of income. The decreasing rupee value and increasing prices The medical expenses o Living Death It is the unfortunate situation when the person is not in state of good health i.e. he may not be able to do any work for income. There will be additional medical expenses. oChildrens Future The increasing expenses of education needs some extra source of money To give the best possible education to the child. No compromise on their future oWealth Creation For the financially independent future

 security etc.

To complete the wishes of home,

We provide the assistance to Put the Right money In the Right hands At the Right time

SWOT ANALYSES OF ICICI Pru LIFE INSURANCE

1.STRENGTH

Introduction of innovate wide range of products, by Way of

trying up with foreign companies. Fully computerized environment Make most use of the groups experience & brand name. Less manpower with increased working hours Created flexibility. Settlement of smaller claims within 24 hrs.

2. WEAKNESS Lack of experience in the Indian insurance sector Fear of insolvency in the minds of public. Large finding for creating the good brand image. Less distribution network. Difficulty to tap the Indian rural mkt. 3. OPPORTUNITIES Target the industrial as well as industrial customer with better service. Speedy settlement of claims. Can attracts the experience insurance professionals with better Package. 4. THREATS Large distribution network public sector companies.

 A good brand name of public sector companies.

FINDING AND SUGGESTION

Though there are many private insurance companies in the market it is evident that ICICI prudential one of the leading company. ICICI has the major proportion of the market share then its competitors but there is much to be done as in Ahmedabad there is a large market which is still untapped. In the current situation the financial and investment field is saturated and there is a tough competition which is haunting the companies in such a perspective it is the marketing and sales people who are promising and can make the required changes which can help in giving a winning edge over its competitors. From the research conducted it is evident that the people are aware about the life insurance and the players that are involved in it. Thus now there is a need to give them the full knowledge about the products which are offered by the company and the benefits which the people can receive by taking the policies. To increase the market share the company must come up with new attractive gift packages for the customers and also provide more benefits to the investors. It is the only possible way in which the company can make more profit.

CONCLUSION
The success of any company depends on the quality of staff it holds and it is convincing power of this staff, which leads to the success of the company. Thus Marketing can be said as the important section of the ICICI Prudential because it is this section that is involved in direct marketing of the products offered by the company. The competition within the insurance companies is intensifying day by day. But with its prudent portfolio and its wide distribution ICICI Prudential Life Insurance Co., is the number one player in private Life Insurance Sector. Other Insurance players are also looking forward to compete with the Product of the Company. Company is going to provide good job opportunities for management graduates, along with a lot of growth potential. Gradually we gained much confidence talking with people and it was a great experience working with the ICICI Prudential.

BIBLIOGRAPHY
www.iciciprulife.com Principal of Management L.M. Prasad Management Sherleker & Sherleker