SUBMITTED TO: DR.

RAGHBIR SINGH

SUBMITTED BY: KANIKA KHOSLA

ROLL NO. 1052

INTRODUCTION REVIEW OF LITERATURE ABOUT IRDA COMPANY PROFILE COMPANY PRODUCTS OBJECTIVES OF THE STUDY RESEARCH METHODOLOGY LIMITATIONS OF THE STUDY SWOT ANAYSIS ANALYSIS AND INTERPRETATION FINDINGS SUGGESTIONS

 WHAT

IS LIFE INSURANCE? Insurance is an agreement that guarantees the payment of a stated amount of monetary benefits at the end of specified term or on the death of life insured. Factors affecting insurance cost Age Health income

Financial security Familys protection Childs education Savings Retirement health

ADVENT OF EAST INDIA COMPANY ORIENTAL COMPANY,1818

INSURANCE ACT,1870
NATIONALISATION OF LIFE INSURANCE,1956 PRIVATISATION,1991

ICICI prudential life insurance company is a joint venture between ICICI bank and prudential plc. ICICI bank holding a stake of 74% and prudential plc holding 26%. Began operations in 2000. 2100 branches. 1,116 micro offices. 2,90,000 advisors. 18 bancassurance partners.

Understanding needs Leveraging technology risk management Learning environment transparency

UNIQUE PAYER WAIVER BENEFIT (PWB)

IN CASE OF DEATH OF PARENT, COMPANY PAYS ALL FUTURE PREMIUMS ON BEHALF OF THE PARENT

ICICI Prudential Group Gratuity Plan

ICICI Prudential Group Superannuation Plan

ICICI Prudential Group Term Plan

FOREVER LIFE LIFETIME PENSION

INVEST SHIELD PENSION

SECURE PLUS PENSION

Accident & disability benefit Accident benefit Major surgical assistance benefit Income benefit Critical illness benefit Waiver of premium

LIFE STAGE WEALTH ELITE WEALTH FUTURE SECURE PINNACLE SUPER WEALTH BUILDER WHOLE LIFE LIFETIME PREMIER

To understand customer attitude towards insurance and the company.

To understand the needs.

To measure satisfaction level of the customers.

To determine the potential buyers.

To create an image of the company.

JUSTIFICATION
TO IDENTIFY SHORTCOMINGS TO BE AWARE OF COMPANYS PROFILE TO CREATE EFFECTIVE DATABASE TO CREATE BRAND AWARENESS

DATA COLLECTING METHODS

Primary

secondary

questionnaire

directory

interview

Database from internet

Time constraint Limited study Some outdated telephone numbers Less interested respondents Wrong perception about private insurance co. Difficulty in getting appointment

 2nd Largest in insurance sector in India

Initial paid up capital: 150 Crores

Present paid up capital: 8114 Crores

No of polices:
1 Million

Premium: 1584 Crores

 Non-government organization -people are having more faith on L.I.C. Not reachable to the village area still.

Most of the people are of the thought that private life insurance company will not last for long and hence, they prefer to invest in Government undertaking

Slightly less brand awareness for brand of ICICI Prudential.

opportunities

threats

Biggest financial organization in India

Over 76% people in India not insuranced

competition

heavy marketing.

Good infrastructure.

Now days more people are conscious about the insurance.

Rational decision making

Monopoly of LIC

OVERALL AWARENESS RATE IN LIFE INSURANCE AWARENESS RATE ABOUT THE CO.USAGEBRAND IMAGEPREFERRED INVESTMENT AREARELIABILITY ON ANOTHER CUSTOMER VIEWSSATISFACTION RATE -

-MEDIUM 86% 58% 25% 36% 73% 70%

Satisfactory services Good usage rate Slightly less awareness Low awareness in rural areas Less usage in lower income groups major competitor LIC Major reason for opting the co. is attractive policies

increase the awareness of insurance. concentrate on interest rates.

introduce quality products.

decrease the premium of the products. concentrate on rural areas. update the customers about changes Consider the middle level families

OVERALL BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY IS AT NO. 1 AMONG THE PRIVATE PLAYERS IN THE INDUSTRY. TO COMPETE WITH LIC IT NEEDS TO INCREASE BRAND AWARENESS