NAME: BATCH: SECTION: SPECIALIZATION: PHONE NO: EMAIL ID: AREA OF RESEARCH: MARKETING TITLE OF THE THESIS:

TO STUDY THE MARKET POSITION OF ICICI PRUDENTIAL LIFE INSURANCE IN HYDERABAD

INTRODUCTION OF THE AREA OF RESEARCH:

As finance is the lifeblood for all economic activities, one aspect of financial arena, which plays a very important role, is the Insurance. Insurance is the outcome of Mans search for safety and security, and to find out ways and means to minimize the hardship, which are beyond his control. Because of the economic reforms introduced by our government we can see that due to this Globalization and privatization there is enormous increase in the private sector players queuing in the insurance sector. This entry of Private players has enhanced the competitiveness and Quality of service with many innovated products. Now in India there are totally 30 players including 16 Life and 14 General Insurance Companies. And Life Insurance is one of the most common forms of insurance. ICICI Prudential Life Insurance Company is an emerging star in the Private players with the competition being Global in nature.

INSURANCE: DEFINITION AND MEANING

Functional definition: In the words of R.S.Sharma Insurance is a Co-operative devices to spread the loss caused by particular risk over a number of persons who will be exposed to it and who agree top insure themselves against the risk

Contractual Definition: According to E.W.Patterson, Insurance is a contract by which one party, for a consideration called a premium, assures a particular risk of other party ad promises to pay to him or his nominee a certain or ascertainable sum of money on a specified contingency.

According to the U.S Life Office Management Association Inc (LOMA), Life Insurance is defined as follows: Life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect. Other terms used in relation to insurance and their meaning: Agent: The authorized representative of the insurer, licensed by the concerned authorities like IRDA to canvass insurance. Bonus: The yearly share of policy holders profit declared by the company based on its profits which gets added to the policy amount and is payable upon its maturity. Claim: The amount entitled to the policy holder or his nominee/assignee under a policy contract in the event of the happening of the contingency insured against.

Insurable Interest: Evidence suggesting financial losses due to the occurrence of the event insured against.

Policy: The evidence of contract between the insurer and the insured. A stamped sealed and signed document issued by the insurer to the insured in proof of insuring his life.

Premium: The amount mentioned in the policy contract to be paid by the insurer periodically to insure to keep the policy in full force.