A PROJECT REPORT ON

Customer satisfaction on insurance products of ICICI PRUDENTIAL

FACULTYMs. Komal Singhal FACULTY,TIPS

SUBMITTED BYSAURAV SINGH NEGI BBA (B&I), 3rd Sem. Enrollment No: 04224001809 Trinity Institute of Professional Studies (AFFILIATED BY GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY) SESSION: 2009 - 2012

CERTIFICATE

This is to certify that Mr. Saurav singh negi Enrolment No. 04024001809 is a bonafide student of this institute pursuing BBA (B&I)full time programme of three years duration which is in affiliation with Guru Gobind Singh Indraprastha University. And has undertaken a minor project report on Customer satisfaction by icici in partial fulfillment of the requirement of Bachelor of Business Administration, as required under the rules of the university.

Ms. Komal singhal Project guide

ACKNOWLEDGEMENT
I take this opportunity to express my sincere thanks and deep gratitude to all the people who extended their sincere and whole-hearted co-operation and helped me during entire course of the project. First and foremost I would gratefully like to acknowledge Mr. Sandeep Srivastava, Chief Coordinator, TIPS, for his stimulating support. I am deeply thankful to Ms. Komal singhal, my project guide, TIPS, for facilitating and supervising my minor project report and for her continuous guidance and support. Her timely advice and encouragement at various stages of the project helped in bringing out this report in the present form I convey my heartfelt affection to all those people who helped and supported me during the course of completion of my Project Report. Thanks to one and all.

Name-Saurav singh negi Enrollment no:04024001809

TABLE OF CONTENT

CHAPTER NO. 1

TITLE INTRODUCTION

PAGE NO.

PURPOSE OF STUDY

RESEARCH OBJECTIVES

RESEARCH METHODOLOGY

COMPANY PROFILE

3 4 5 6 7

ABOUT THE TOPIC ANAYLISIS SUGGESTION CONCLUSION BIBLOGRAPHY

ANNEXURE

CHAPTER-1

INTRODUCTION
Customer Satisfaction What is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customers expectations. A customer may be defined as someone who: has a direct relationship with, or is directly affected by your agency and receives or relies on one or more of your agencys services or products.

Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organization with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organizations will: determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important? There are a number of reasons why customer satisfaction is important in Insurance Sector: Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes. Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector. Customers are recognized as key partners in shaping service development and assessing quality of service delivery. The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.

CHAPTER-3

ABOUT THE TOPIC

Overview of the Industry The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carriers policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of

financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers. Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiariesusually spouses and dependent childrenupon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of ones life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other peoples property. Most policies, such as automobile and homeowners insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers. Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance. In addition to individual carrier-sponsored Internet sites, several lead-generating sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the

policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide and claims .

a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents

RESEARCH OBJECTIVES

The word objective means purpose behind doing anything. Every research study has its own specific research objective. Without objective no one is doing any work. To do anything there is a purpose behind it. Here in ICICI Prudential my research objectives are as follows To know Investment Pattern of ICICI Prudential Life Insurance company. To know the Investors approach towards the return provided by the ICICI Prudential Life Insurance. To know the Satisfaction of the investors towards the return offered by the ICICI Prudential Life Insurance.

Here above are the very important research objective that I want to study and carry out the optimum solution for it.

OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on Customer satisfaction survey on insurance products of ICICI PRUDENTIAL through this I am able to get the different Life Insurance Policies and their products.

Other objectives of this project are as follows:

To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions. Comparative study of various insurance players in the market To study the varied reasons of availing life insurance plans

Research Methodology
Statement Of Problem:
The research is carried on in a proper planned and systematic manner. The research was particularly a telephonic research. We have to sell products to list of people which include their names and contact numbers given by ICICI. During the telephonic we have to sell different products by explaining the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only. Age limit for selling a product/policies was 1 month to 60 yrs this mean that a policy can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or below it.

Research Design:

The research design of this project is exploratory. Though each research study has its own specific purpose but the research design of this project on ICICI is exploratory in nature as the objective is the development of the hypothesis rather than their testing.

METHODOLOGY Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

According to Clifford Woody, Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to conclusions. Accordingly, the methodology used in the project is as follows: Defining the objectives of the study Framing of questionnaire keeping objectives in mind (considering the objectives) Feedback from the employees Analysis of feedback Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.

1) Convenience sampling technique: Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources: 1. Primary data 2. Secondary data

1) PRIMARY DATA:
Questionnaire: Primary data was collected by preparing questionnaire for customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:
Secondary data will consist of different literatures like books which are published, articles, internet, the company manuals and websites of company- www.iciciprulife.com. In order to reach relevant conclusion, research work needed to be designed in a proper way. This research methodology also includes:-

Familiarization with the concept of insurance and its various terms. Thorough study of the information collected.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are: Questionnaire Pie Charts Bar Diagrams

CHAPTER-2

COMPANY PROFILE

About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. 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 specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on 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).

Vision & Values

Our vision:-

To be the dominant Life, Health 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, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. 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.

Our values:-

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success. Fact Sheet The Company

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the quarter ended June 30, 2008, the company garnered Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30, 2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over this period. The company has assets held over Rs. 30,600 crore as on August 31, 2008. ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. For the past seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

Distribution ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 2000 branches (including 1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008). The company has 24 banc assurance partners having tie-ups with ICICI Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban CoOperative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank

SALES DISTRIBUTION
Tied Agency Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. With focus on sales & people development, tied agency has emerged as a robust, predictable and sustainable business model.

Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a large number of partners, B & A has emerged as a vital component of the companys sales and distribution strategy, contributing to approximately one third of companys total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting with new ideas are the hallmarks of this channel.

Brand Values
Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved ones, throughout lifes ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place.

Achievements
Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys range of unique unit-linked policies and pension plans. The companys retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by ACNeilsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer award for the second year running. The company is also proud to have won Silver at

EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential was also short-listed to the final round for its Sindoor campaign in EFFIES 2002. 1. In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, Indias first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays

PRODUCT/SERVICES PROFILE
Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder. Savings & Wealth Creation Solutions 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 child's marriage, expenses for a child's higher education or purchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth. LifeStage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously re-distributes your money across various asset classes based on your life stage. This will help you achieve the right Asset Allocation to meet your desired financial goals. LifeLink Super is a single premium unit linked insurance plan which combines life insurance cover with the opportunity to stay invested in the stock market. Premier Life Gold is a limited premium paying plan specially structured for long-term wealth creation. Invest Shield Life New is a unit linked plan that provides premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of depreciation. Invest Shield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. LifeStage Assure a unit linked insurance plan that provide upto 450 % of first year premium guarantee on maturity, with the additional advantage of a lifecycle based portfolio strategy that allocates the investors money across various asset classes based on his life stage and risk appetite. Protection Solutions LifeGuard is a protection plan, which offers life cover at low cost. It is available in 3 options - level term assurance, level term assurance with return of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Education Solutions SmartKid New ULRP provides 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 child's life. SmartKid plans are also available in traditional form. Retirement Solutions ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. LifeTime Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase price) at the time of retirement. LifeStage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your life stage, eventually providing you with a customized retirement solution. LifeLink Super Pension is a single premium unit linked pension plan. Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options. Premier Life Pension is a unique and convenient retirement solution with a limited premium paying term of three or five years, to suit professionals and businessmen,

especially those who require more flexibility and customization while planning their finances. Health Solutions Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life insurance cover. Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and also provides an additional benefit of free periodical cancer screenings. Diabetes Care: Diabetes Care is a unique critical illness product specially developed for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on any of 6 diabetes related critical illnesses, and also offers a coordinated care approach to managing the condition. Diabetes Care Plus also offers life cover. Diabetes Care Plus: is a unique insurance policy that provides an additional benefit of life cover for Type 2 diabetics and pre-diabetics Hospital Care: is a fixed benefit plan covering various stages of treatment hospitalization, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. Crisis Cover : is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. MediAssure is a health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years.

Group Insurance Solutions ICICI Prudential Life also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimize returns for members of the trust and rationalize cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. Group Immediate Annuities: ICICI Prudential Life realizes the importance of prudent retirement planning. With this in mind, we have developed a suite of annuity products that not only give you an income for life but also provide you options to match your needs. In addition to the annuities offered to existing superannuation customers, we offer immediate annuities to superannuation funds not managed by us. Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an 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 Prudential 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 rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. 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. 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.

Stages in Policy Issuance

1) Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer.

2) Login
A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login

3) Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion.

4) Issuance
Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status
When a customer refuses to take a policy post login but before Issuance is called a Decline

6) Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy.

7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

8) Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period.

9) Surrender:
When a customer wants to discontinue with the policy.

COMPARATIVE STUDY
1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE: LIFE TIME0-60YEARS BIMA PLUS12-55 YEARS ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years. BIMA PLUS10 YEARS ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured; subject to a minimum sum assure of Rs 1 lakh. BIMA PLUSMaximum limit up to Rs 12 lakh. ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of unit three years onward. BIMA PLUSBid value of the funds units along with maturity bonus at 5% of sum assured. ON THE BASIS OF DEATH BENEFIT: LIFE TIMEHigher of sum assured of value of units. BIMA PLUSDeath during the first six month-30% of SA+value of units, next six months-60% of SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT: LIFE TIMEPartial or complete withdrawal is available from three years onwards. BIMA PLUSPremature withdrawal allowed after one year. ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum Rs 18000 per annum. BIMA PLUSNot specified. ON THE BASIS OF INVESTMENT OPTION: LIFE TIMEMaxi miser, balancer, protector and preserver. BIMA PLUSBalanced, secured and risk.

2) LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE: LIFE TIME0-60 YEARS. LIFE MAKER12-60 YEARS. ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years. LIFE MAKER-

10-58 YEARS. ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured subject to a minimum sum assured of Rs1lakh. LIFE MAKERChoice of 2 insurance covers. ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of units three years onwards. LIFE MAKERValue of units.

ON THE BASIS OF WITHDRAWAL BENEFIT: LIFE TIMEComplete or partial withdrawals are available after three years. LIFE MAKERPartial withdrawals are available from the third year and complete withdrawals are available from first year onwards itself, subject to surrender penalties. ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum premium of Rs18000 per annum. LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT: LIFE TIMEAvailable LIFE MAKERNot available ON THE BASIS OF BONUS UNIT:

LIFE TIMEAvailable LIFE MAKERAvailable in the last policy year.

SWOT ANALYSIS

STRENGTHS: i. ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the private players ii. ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far. iii. iv. ICICI Prudential is the first life insurance company to offer ECS debit facility. ICICI Prudential is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan. v. Products Flexibility to switch your fund value at your own discretion four times a year viz. Maximiser, protector, balancer, preserver. Greater transparency-policy holder knows what is happening to his money and where the company has invested his money.

WEAKNESSES:

i. ii. iii. iv. v. vi. vii.

Industry in nascent stage. Rural areas still not covered. Not very known among Indian population. Lack of credibility among the people because ICICI being a private player. Premiums are high as compared to its competitors. Very few branches in the country. Products: The policy doesnt have the surrender option before third year. Plan does not offer any guarantee or assured return. Product profile is not very comprehensive. Mortality, management and administrative charges are sky scrapping as compared to its competitors.

OPPORTUNITIES

i. ii. iii.

Liberalization of Indian economy. As the industry is growing the whole market is virgin. The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies.

iv.

Its a volume business that is even if the company has few good corporates the turnover cease to increase by manifold.

v.

Products: Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in shortterm rate by RBI. Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore higher economic growth.

THREATS

i. ii. iii. iv.

The government players will become aggressive thus growth is going to be tough. Entry of other players is not ruled out. Apprehension towards ICICI Prudential being a private life insurance company. We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and ICICI Prudential fortunes.

v.

Products: Past performance of these plans is not indicative of the future performance of the plan. The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved. All benefits payable under the policy are subject to tax laws and other financial enactment, as they exist from time to time.

Research Methodology
Statement Of Problem: The research is carried on in a proper planned and systematic manner.

The research was particularly a telephonic research. We have to sell products to list of people which include their names and contact numbers given by ICICI. During the telephonic we have to sell different products by explaining the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only.

Age limit for selling a product/policies was 1 month to 60 yrs this mean that a policy can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or below it.

Research Design:
The research design of this project is exploratory. Though each research study has its own specific purpose but the research design of this project on ICICI is exploratory in nature as the objective is the development of the hypothesis rather than their testing.

METHODOLOGY
Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.

According to Clifford Woody, Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to conclusions. Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study Framing of questionnaire keeping objectives in mind (considering the objectives) Feedback from the employees Analysis of feedback Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique. 1) Convenience sampling technique: Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient

Selection of Sample Size: For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection: Research will be based on two sources: 1. Primary data 2. Secondary data

1) PRIMARY DATA: Questionnaire: Primary data was collected by preparing questionnaire for customers. The questionnaire was filled through telephonic research. 2) SECONDARY DATA: Secondary data will consist of different literatures like books which are published, articles, internet, the company manuals and websites of company- www.iciciprulife.com. In order to reach relevant conclusion, research work needed to be designed in a proper way. This research methodology also includes: Familiarization with the concept of insurance and its various terms. Thorough study of the information collected. Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are: Questionnaire

Pie Charts Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the factors, the result might not be accurate. Some of the problems faced while conducting the survey are as follows:-

Time and cost constraints were also there. Chances of some biasness could not be eliminated. A Samples size of fifty has been use due to time limitations. A majority of respondents show lack of cooperation and are biased towards their own opinions.

CHAPTER-4 ANALYSIS OF STUDY

Data Analysis & Findings

Data Analysis
Q1. Are you currently insured? Particulars Yes No Total No. of Respondents 31 19 30 Percentage 65% 35% 100%

ANALYSIS: From the survey it was found that amongst 50 respondents a) 62% of the respondents are already insured. b) 38% of the respondents are not insured.

N o . o f R e s p o nd e nts

19 Y es No 31

Q2. Are you satisfied with your current insurer? Particulars Yes No Total No. of Respondents 41 9 50 Percentage 82% 18% 100%

No. of Respondents

Yes No

41

ANALYSIS: From the survey it was found that amongst 50 respondents a) 82% of the respondents are satisfied. b) 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company? Particulars LIC ICICI HDFC Birla Sun Life Bajaj Allianz Others Total
0.6 0.5 0.4 0.3 0.2 0.1 0 LIC ICICI HDFC Birla Sun Bajaj Allianz Others

No. of Respondents 24 7 5 4 4 6 50

Percentage 48% 14% 10% 8% 8% 12% 100%

Share in %

Insurance companies

ANALYSIS: From the survey it was found that amongst 50 respondents a) 48% of the respondents likes LIC. b) 14% of the respondents likes ICICI. c) 10% of the respondents likes HDFC. d) 8% of the respondents likes Birla Sun Life. e) 8% of the respondents likes offered by ICICI Q4. Are you interested in the products Bajaj Allianz. Prudential

Particulars Yes No Cant Say Total

No. of Respondents 30 12 8 50

Percentage 60% 24% 16% 100%

No. of Respondents

Yes No 12 30 Can't Say

ANALYSIS: From the survey it was found that amongst 50 respondents a) 60% of the respondents are attracted towards ICICI products. b) 24% of the respondents are not attracted towards ICICI products. Q5. What is your main concern while taking an insurance policy ? c) 16% of the respondents Cant Say about it. Particulars No. of Respondents Percentage Tax Benefit Security Investments/Savings Total 20 16 14 50 40% 32% 28% 100%

25 No. of Respondents 20 15 Series1 10 5 0

Be ne fit Se cu rit y av i In ve st m en t/S ng s

20

16

14

ANALYSIS: From the survey it was found that amongst 50 respondents a) 40% of the respondents are concerned about Tax Benefit. b) 32% of the respondents are concerned about their Security. c) 28% of the respondents are concerned about Investment/Savings.

Q6. Please express your opinion for the premiums paid for the above policy?

Particulars Very High High Moderate Low

Ta x

No. of Respondents 14 11 13 8

Percentage 28% 22% 26% 16%

Very Low Total

4 50
No. of Respondents

8% 100%

4 8 14 Very High High Moderate Low Very Low 13 11

ANALYSIS: From the survey it was found that amongst 50 respondents a) 28% of the respondents think that Premium is Very High. b) 22% of the respondents think that Premium is high. c) 23% of the respondents think that Premium is Moderate. d) 15% of the respondents think that Premium is Low. e) 12% of the respondents think that Premium is Very Low.

Q7. How do you come to know about this policy?

Particulars Advertisements Friends and Relatives 7 Direct Selling Agents Others Total

No. Respondents No. ofof Respondents

Percentage 20% 24% 42% 14% Advertisements 100%

Friends and Relatives Direct Selling Agents Others

10

10 12 21 7 50

12 21

ANALYSIS:
From the survey it was found that amongst 50 respondents a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends and Relatives. c) 42% of the respondents know about it from Direct Selling Agents. d) 14% of the respondents know about it from Other Sources.

Q8. According to you, in what areas should the insurance companies work upon? Particulars Easy Procedures Fewer premiums More Returns Transparency Total No. of Respondents 14 10 9 17 50 Percentage 28% 20% 18% 34% 100%

18 16 No. of Respondents 14 12 10 8 6 4 2 0 Easy Returns Fewer premiums More Returns Transperancy 17 14 10 9 Series1

ANALYSIS:
From the survey it was found that amongst 50 respondents a) b) c) d) 28% of the respondents want Easy procedures. 20% of the respondents want Fewer premiums. 18% of the respondents want More returns. 34% of the respondents want Transparency.

Q9. Do you think that services have improved after allowing private players in insurance sector?

Particulars Yes No Total

No. of Respondents 40 10 50

Percentage 80% 20% 100%

20% Yes No 80%

ANALYSIS:
From the survey it was found that amongst 50 respondents a) 80% of the respondents think that services have improved. b) 20% of the respondents think that services have not improved.

Findings
According to my survey the noteworthy points are: Most of the people buy life insurance as just a tax benefit tool or as a life cover while only a few of the respondent take it as a saving option. The reason for this is lack of knowledge of insurance benefits among the people. A Majority of the respondent buy insurance products because of the need reason while rest of the respondents buy for the brand purpose.

A Majority of the people come to know about the policies from the Direct Selling Agents. A Majority of the people are satisfied by the incentives associated with their policies. Most of the respondents are satisfied by the services offered by there insurance company while some says that they are not satisfied by the services. Most of the respondents want more Transparency from the side of the company.

Conclusion and Suggestions

CHAPTER-6
CONCLUCSION
After overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector to give befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that

There are very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers. ICICI is not left behind in the present race of advertisement. The entry of more Pvt. Players in the Insurance Sector has expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers.

ICICI has vast market and very firm grip on its traditional customers and monopoly of life insurance products..

IRDA is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level of the customers to the private players.

CHAPTER-5
Suggestion
The study has provided with the useful data from the respondents. There has a lot to be recommended. Following are the recommendations:

There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses.

More returns should be provided on Insurance plans. As the bank provides the Insurance facility to its customers. It should provide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have choice while selecting a suitable Insurance plans. This will definitely add to the goodwill & profit for the bank.

CHAPTER-8 ANNEXURE

QUESTIONNAIRE

Name Age

- _____________ - _____________

Occupation - _____________

Q1. Are you currently insured? - Yes No If yes, please give the details of company, plan, premium etc.

Q2. Which is your favoured insurance company? LIC ICICI HDFC Birla sun life Bajaj Allianz Others

Q3 Are you interested in the products offered by ICICI Prudential? Yes No Cant saY

Q4. What is your main concern while taking an insurance policy? Tax benefit Security Investment/Savings

Q5. According to you, in what areas should the insurance companies work upon? Less complicated procedures Fewer premiums More returns Transparency players in

Q6. Do You think that services have improved after allowing private insurance sector? - Yes No

Your comments on ICICI Prudential

__________________________________________________________________ __________________________________________________________________

CHAPTER-7 Bibliography

www.iciciprulife.com en.wikipedia.org/wiki/Main_Page www.licindia.com www.hdfcinsurance.com www.maxnewyorklife.com Brochures provided by the ICICI Prudential Kothari C R, Research and Methodology- Methods & Techniques, New Age International (P) Ltd., 2004