ANJI Final Project (Autosaved)

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LIC V/S PRIVATE LIFE INSURANCE COMPANIES

INDEX

Sr.No Topic Page No.

1 I!ro"#c!io !o i$#race 2%1&

2 Pre$e! $ceario o' i$#race i"#$!r( 16%1)

* Tre"$ i i$#race $ec!or 1+%**

, I-pac! o' #"ge! o i$#race $ec!or *,%*6

& P! V/S P#0ic i$#race $ec!or *

6 Co-pa( pro'i0e o' LIC ICICI

pr#"e!ia0

*)%&1

Ioa!io $!ra!eg( IT &2%&6

) E-ergig !re" &%63

+ Coc0#$io 61

13 Re'erece 62


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Introduction Insurance

Accor"ig !o !4e U.S. Li'e O''ice Maage-e! Ic. 5LOMC7 8Li'e

I$#race proi"e$ a $#- o' -oe( i' !4e per$o 94o i$ i$#re" "ie$

94i0$! !4e po0ic( i$ i e''ec!.8


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Li'e i$#race 4a$ co-e a 0og 9a( 'ro- !4e ear0ier "a($ 94e i! 9a$

origia00( coceie" a$ a ri$:%coerig -e"i#- 'or $4or! perio"$ o'

!i-e7 coerig !e-porar( ri$: $i!#a!io$7 $#c4 a$ $ea o(age$. A$ 0i'e

i$#race eca-e -ore e$!a0i$4e"7 i! 9a$ rea0i;e" 94a! a #$e'#0 !oo0

i! 9a$ 'or a #-er o' $i!#a!io$ !4a! ic0#"e$ !e-porar(

ee"$/!4rea!$7 $aig$7 ie$!-e!7 re!ire-e! e!c.

I I"ia $o-e E#ropea$ $!ar!e" !4e 'ir$! 0i'e i$#race co-pa( i

#e! perio" o' $!ea"( "ee0op-e! a! !4e

e$!a0i$4-e! o' I"ia 0i'e o''ice7 i;.7


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Up !o e" o' 1+!4 ce!#r(7 !4e i$#race 9a$ i !4e i$pec!ioa0

$!age. T4ere'ore o 0egi$0a!io 9a$ re>#ire" !i00 !4a! #$#a00( !4e

I"ia Co-pa( Ac!$ 1))* 9a$ app0ica0e. Sice 1+&67 9i!4 !4e

a!ioa0i;a!io o' i$#race i"#$!r(7 !4e $!a!e ? r# Li'e I$#race

Corpora!io o' I"ia 5LIC 4a$ 4e0" !4e -oopo0( i I"ia. T4e

co-e$ !4e LP@ 5Liera0i;a!io7 Pria!i;a!io a" @0oa0i;a!io !4a!

pae" e!r( o' Pria!e a" Foreig Li'e I$#race p0a(er$ i I"ia

"#rig !4e 0a!e +3$ a" ear0ier 2333$. C#rre!0( I"ia a" C4ia are

!4e -o$! 0#cra!ie i$#race -ar:e!$ i !4e 9or0"... T4e $4are o' 0i'e

i$#race pre-i#- !o @DP o' I"ia 9a$ 1.2+ perce!7 94ic4 i$

a($-a0 i !4e g0oa0 $!a"ar". De$pi!e !4e$e oppor!#i!ie$7 4o9eer7

!4ere i$ a0$o a ro#g4 ri"e a4ea" 'or !4e e9 p0a(er$ i I"ia. T4i$ i$

eca#$e7 #0i:e i !4e Be$!7 i$#race i$ $o0" -ore a$ a i$!r#-e!

o' $aig$ i I"ia !4a a$ a pro"#c! o''erig 'or pro!ec!io a"

$ec#ri!(. LIC$ 1++6 i$#race $#re( reea0$ !4a! -ore !4a ,3

perce! o' i$#race%#(er$ 0oo: a! i$#race pro"#c!$ a$ a -ea$ o'

$aig$.

Ri$: coerage i$ o0( a $eco"ar( oec!ie 'or !4e- a" ear0( 26

perce! o' !4e i$#race po0icie$ $o0" are o co$i"era!io$ o' o0" age

$ec#ri!(. O0( 1) perce! o' i$#race po0icie$ are $o0" o "ea!4 ri$:co$i"era!io$. 5IRDA I$#race Reg#0a!or( a" Dee0op-e!

A#!4ori!(

T4e reg#0a!or( o"( 'or i$#race IRDA 4a$ ee e$!a0i$4e" 9i!4 !4e

'o00o9ig -i$$io


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8To pro!ec! !4e i!ere$!$ o' !4e po0ic( 4o0"er$7 !o reg#0a!e7 pro-o!e

a" e$#re or"er0( gro9!4 o' !4e i$#race i"#$!r( a" 'or -a!!er$

coec!e"

T4ere9i!4 or ici"e!a0 !4ere!o.8


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Private Players in Indian Life Insurance

T4e -aor p0a(er$ i I"ia 0i'e i$#race $ec!or ic0#"e

A00ia;


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Me!Li'e I"ia I$#race Co-pa( P!. L!".7

O- Ho!a: Ma4i"ra Li'e I$#race Co. L!".7

S


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Mo$! o' !4e- are i!ere$!e" i i$#rig 'or a a-o#! o' R$. 1% 2

0a:4$

T4ere i$ $igi'ica! re0a!io$4ip eGi$!ig e!9ee -o!40(

4o#$e4o0" ico-e a" a-o#! i$#re"


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Scope

T4e proec! gie$ rie' "e$crip!io o' !4e 'o00o9ig %

B4a! i$ i$#raceJ

E''ec! o' 0iera0i;a!io

Tre"$ i i$#race $ec!or

I-pac! o' #"ge! o i$#race $ec!or

Pro"#c! o''ere" ( LIC ICICI Pr#"e!ia0

I-pac! o' 'iacia0 cri$i$ o LIC

Limitation

Li'e I$#race i$ a a$! $#ec!. I! i$ o! po$$i0e !o proi"e i'or-a!io

regar"ig a00 !4e "i''ere! !(pe$ o' po0icie$ 94ic4 proi"e$ "i''ere!

ee'i!$. T4e proec! 9o#0" 4ae ee -#c4 e!!er i' !4e co-pre4e$ie

$!#"( o' a00 !4e "i''ere! !(pe$ o' po0ic( proi"e" ( "i''ere! co-paie$

i$ #"er!a:e.

DEFINIIONS

T4e "e'ii!io o' i$#race ca e -a"e 'ro- !9o poi!$

F#c!ioa0 "e'ii!io.

Co!rac!#a0 "e'ii!io.


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Functional definition

I$#race i$ a co%opera!ie "eice !o $prea" !4e 0o$$ ca#$e" ( a

par!ic#0ar ri$: oer a #-er o' per$o$ 94o are eGpo$e" !o i! a" 94o

agree !o i$#re !4e-$e0e$ agai$! !4e ri$:.

!eneral Definition

I$#race 4a$ ee "e'ie" !o e !4a! i 94ic4 a $#- o' -oe( a$ a

pre-i#- i$ pai" i co$i"era!io o' !4e i$#rerK$ ic#rrig !4e ri$: o'

pa(ig a 0arge $#- #po a gie co!igec(.

I !4e 9or"$ o' o4 MageeI$#race i$ a p0a ( !4e-$e0e$ 94ic4

0arge #-er o' peop0e a$$ocia!e a" !ra$'er !o !4e $4o#0"er$ o' a007

ri$:$ !4a! a!!ac4 !o i"ii"#a0$.

Fundamental Definition

I !4e 9or"$ o' D.S. a$e007 I$#race acc#-#0a!e" co!ri#!io$ o'

a00 par!ie$ par!icipa!ig i !4e $c4e-e.

"ontractual Definition


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I !4e 9or"$ o' #$!ice Ti"a007 I$#race i$ a co!rac! i 94ic4 a $#-

o' -oe( i$ pai" !o !4e a$$#re" a$ co$i"era!io o' i$#rerK$ ic#rrig !4e

ri$: o' pa(ig a 0arge $#- #po a gie co!igec(.

INS#$AN"E IND#S$%& "LASSIFI"AION

!eneral Insurance

Accor"ig !o "a!a re0ea$e" ( IRDA7 !4e geera0 i$#race i"#$!r(

recor"e" 22.6 per ce! (ear%o%(ear 5(%o%( gro9!4 i gro$$ pre-i#-

#"er9ri!!e "#rig Apri0?Oc!oer 2313. T4e i"#$!r( co00ec!e" gro$$

pre-i#- o' US &.2+ i00io "#rig Apri0?Oc!oer 2313 co-pare" 9i!4

US ,.*1 i00io i !4e $a-e perio" 0a$! (ear.

T4e p#0ic $ec!or p0a(er$ po$!e" 21.3+ per ce! (%o%( gro9!4 i gro$$

pre-i#- "#rig Apri0?Oc!oer 2313 oer !4e corre$po"ig perio" 0a$!

(ear. A! !4e $a-e !i-e7 pria!e p0a(er$ recor"e" a 2&.1+ per ce! (%o%(icrea$e i gro$$ pre-i#-.

T4e $!a!e%r# i$#rer$ 'are" e!!er !4a !4eir pria!e co#!erpar!$7 9i!4

Ne9 I"ia I$#race co00ec!ig !4e -aGi-#- pre-i#- o' US +16.

-i00io "#rig Apri0%Oc!oer 23137 co-pare" !o US 3.2& -i00io i

!4e $a-e perio" 0a$! (ear7 gro9ig ( 1+.3, per ce!.


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Accor"ig !o !4e IRDA$ S#--ar( Repor!$ o' Mo!or Da!a o' P#0ic a"

Pria!e Sec!or I$#rer$ % 233+%137 ear0( 2)., -i00io po0icie$ 9ere

i$$#e" a" a !o!a0 pre-i#- o' US 2.*1 i00io 9a$ co00ec!e"

.

Life insurance corporation

T4e US ,1 i00io I"ia 0i'e i$#race i"#$!r( i$ co$i"ere" !4e 'i'!4

0arge$! 0i'e i$#race -ar:e!7 a" i$ gro9ig a! a rapi" pace o' *2%*, per

ce! a#a00(7 accor"ig !o !4e Li'e I$#race Co#ci0.

A$ per "a!a re0ea$e" ( Li'e I$#race Co#ci07 !4e apeG i"#$!r( o"(

o' a00 0i'e i$#race co-paie$ i I"ia7 !o!a0 pre-i#- co00ec!e" ( !4e

0i'e i$#race i"#$!r( icrea$e" 1* per ce! !o US ,1.3& i00io i

ca0e"ar (ear 2313 'ro- US *6.2* i00io i 233+. T4e e9 #$ie$$

pre-i#- o' 0i'e co-paie$ 4a$ gro9 ( 2) per ce! (ear%o%(ear 5(o(!o US 1+.1, i00io !i00 Dece-er *1 2313 a$ co-pare" !o US 1&

i00io i 233+. T4e gro9!4 co-e$ i !4e ac:"rop o' $igi'ica!

reg#0a!or( c4age$ -a"e i pro"#c! pro'i0e o' ULIP$ 5#i!% 0i:e"

i$#race pro"#c!$ i 23137 94ic4 9a$ a0$o a (ear i 94ic4 a 'e9

pria!e 0i'e i$#rer$ co-p0e!e" a "eca"e o' !4eir eGi$!ece7 !4e Li'e

I$#race Co#ci0 $ai" i a $!a!e-e!.


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S!a!e%o9e" Li'e I$#race Corpora!io 5LIC o' I"ia7 !4e 0arge$! a"

-o$! "o-ia! 0i'e i$#rer cro$$e$ 4a$ gie a eG#era! per'or-ace

i !er-$ o' 'ir$! (ear pre-i#-. A$ o' a#ar( 2+ 23117 LIC receie" a

ico-e o' US .&2 i00io ( $#cce$$'#00( $e00ig 27 &27 ,,7),6 po0icie$.

S


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"ea!4 a" acci"e!$ a" #rg0ar(. A( ri$: co!ige! #po !4e$e7 -a(

e i$#re" agai$! a! a pre-i#- co--e$#ra!e 9i!4 !4e ri$: io0e".

T4#$ co00ec!ie earig o' ri$: i$ i$#race.

Pre'Liberali(ation Scenario

Indian )istory& ime to turn t*e cloc+ bac+'and open up insurance

Fi'!( (ear$ ago7 I"ia 4a" a #$!0ig7 i' $o-e94a! c4ao!ic7 e!ire0(

pria!e i$#race i"#$!r(. T4e (ear a'!er I"epe"ece7 23+ 0i'e

I$#race co-paie$ 9ere "oig #$ie$$ 9or!4 R$12.6 crore 594ic4

gre9 !o a a-a;ig R$ 2+&7&) crore i 1++&%+6. Foreig i$#rer$ 4a" a

0arge -ar:e! $4are ,3 per ce! 'or geera0 i$#race #! !4ere 9ere a0$o

p0e!( o' I"ia co-paie$7 -a( pro-o!e" ( #$ie$$ 4o#$e$ 0i:e !4e

Ta!a$ a" Da0-ia$.

T4e 'ir$! I"ia%o9e" 0i'e i$#race co-pa(7 !4e


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perce! a$ 'oreig i$#rer$ "i". I!$ geera0 i$#race co#!erpar!7 I"ia

Merca!i0e I$#race Co-pa( L!".7 opee" i


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i 1+* !o R$ &7+&6 crore i 1++&% +6. =e!7 rigi" co!ro0$ 4a-per

opera!ioa0 '0eGii0i!( a" ii!ia!ie $o o!4 c#$!o-er$ $erice a" 9or:

c#0!#re !o"a( are "i$-a0.

T4ere are a !o!a0 o' 1* 0i'e i$#race co-paie$ opera!ig i I"ia7 o'

94ic4 oe i$ a P#0ic Sec!or U"er!a:ig a" !4e a0ace 12 are Pria!e

Sec!or E!erpri$e$.

Li$! o' Co-paie$ are i"ica!e" e0o9%

A,LE NO& - NA.E OF )E LIFE INS#$AN"E "O.PAN%

AND )E S)A$E )OLDIN! PAEN

Name of t*e company Nature of )olding

Allianz Bajaj Life Insurance Co Private

Aviva Life Insurance Private

Birla Sun Life Insurance Co Private

HDFC Standard Life Insurance

CoPrivate

ICICI Prudential Life Insurance

CoPrivate

ING Vysya Life Insurance Co Private

Life Insurance Cor!oration of Pu"lic


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India

#a$ Ne% &or' Life Insurance Co Private

#etLife Insurance Co Private

() *ota' #a+indra Life

InsurancePrivate

,eliance insurance Private

SBI Life Insurance Co Private

-A-A. AIG Life Insurance

Co)!anyPrivate

A,LE /0 NA.E OF )E PLA%E$ .A$1E S)A$E 234

Name of t*e Player .ar+et s*are 234LIFE INSURANCE CORPORATION OF

INDIA)2.*

ICICI PRUDENTIAL &.6*


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P$ESEN S"ENA$IO OF INS#$AN"E

IND#S$%

I"ia 9i!4 ao#! 233 -i00io -i""0e c0a$$ 4o#$e4o0" $4o9$ a 4#ge

#!appe" po!e!ia0 'or p0a(er$ i !4e i$#race i"#$!r(. Sa!#ra!io

o' -ar:e!$ i -a( "ee0ope" ecoo-ie$ 4a$ -a"e !4e I"ia

-ar:e! ee -ore a!!rac!ie 'or g0oa0 i$#race -aor$. T4e

i$#race $ec!or i I"ia 4a$ co-e !o a po$i!io o' er( 4ig4

po!e!ia0 a" co-pe!i!iee$$ i !4e -ar:e!. I"ia$7 4ae a09a($

$ee 0i'e i$#race a$ a !aG $aig "eice7 are o9 $#""e0(

!#rig !o !4e pria!e $ec!or !4a! are proi"ig !4e- e9 pro"#c!$

a" arie!( 'or !4eir c4oice.

Co$#-er$ re-ai !4e -o$! i-por!a! ce!re o' !4e i$#race

$ec!or. A'!er !4e e!r( o' !4e 'oreig p0a(er$ !4e i"#$!r( i$ $eeig

a 0o! o' co-pe!i!io a" !4#$ i-proe-e! o' !4e c#$!o-er $erice

i !4e i"#$!r(. Co-p#!eri$a!io o' opera!io$ a" #p"a!ig o'

!ec4o0og( 4a$ eco-e i-pera!ie i !4e c#rre! $ceario. Foreig

p0a(er$ are rigig i i!era!ioa0 e$! prac!ice$ i $erice

!4ro#g4 #$e o' 0a!e$! !ec4o0ogie$

T4e i$#race age!$ $!i00 re-ai !4e -ai $o#rce !4ro#g4 94ic4

i$#race pro"#c!$ are $o0". T4e cocep! i$ er( 9e00 e$!a0i$4e"


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i !4e co#!r( 0i:e I"ia #! $!i00 !4e icrea$ig #$e o' o!4er

$o#rce$ i$ i-pera!ie.

A! pre$e! !4e "i$!ri#!io c4ae0$ !4a! are aai0a0e i !4e -ar:e!

are 0i$!e" e0o9

Direc! $e00ig

Corpora!e age!$

@ro#p $e00ig


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R$ 27+33 a$ pre-i#- eac4 (ear. I !4e i$#race !4e a9aree$$

0ee0 'or 0i'e i$#race i$ !4e 4ig4e$! i r#ra0 I"ia7 #! !4e

co$#-er$ are a0$o a9are ao#! -o!or7 acci"e!$ a" ca!!0e i$#race.

I a $!#"( co"#c!e" ( MART !4e re$#0!$ $4o9e" !4a! ear0( oe

!4ir" $ai" !4a! !4e( 4a" p#rc4a$e" $o-e :i" o' i$#race 9i!4 !4e

-aGi-#- pee!ra!io $:e9e" i 'aor o' 0i'e i$#race. T4e $!#"(

a0$o poi!e" o#! !4e pria!e co-paie$ 4ae 4#ge !a$: !o p0a( i

crea!ig a9aree$$ a" cre"ii0i!( a-og !4e r#ra0 pop#0ace. T4eperceie" ee'i!$ o' #(ig a 0i'e po0ic( rage 'ro- $ec#ri!( o'

ico-e #0: re!#r i '#!#re7 "a#g4!er$ -arriage7 c4i0"re$

e"#ca!io a" goo" re!#r o $aig$7 i !4a! or"er7 !4e $!#"( a""$.


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rends in Insurance Sector

INDIAN INS#$AN"E IN /-S "EN#$%&

/555& IRDA $!ar!$ giig 0ice$e$ !o pria!e i$#rer$ ICICI pr#"e!ia0

a" DFC S!a"ar" Li'e i$#race 'ir$! pria!e i$#rer$ !o $e00 a po0ic(

/55- Ro(a0 S#"ara- A00iace 'ir$! o 0i'e i$#rer !o $e00 a po0ic(

/55/& #ire-e! 'or "irec! 0i'e a" No%0i'e I$#race

co-pa( i$ INR1333 -i00io a" !4a! 'or rei$#race co-pa( i$ INR

2333 -i00io. I !4e 233,%3& #"ge!$7 !4e @oer-e! propo$e" 'or

icrea$ig !4e 'oreig e>#i!( $!a:e !o ,+7 !4i$ i$ (e! !o e e''ec!e".


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U"er !4e c#rre! g#i"e0ie$7 !4ere i$ a 26 perce! e>#i!( cap 'or 'oreig

par!er$ i "irec! i$#race a" rei$#race Co-pa(.

Emerging rend in Indian Insurance Sector

#ar'et "y /0123 !articularly in countries li'e India and C+ina -+e

I,DA ist+e )ajor "ody3 %+ic+ is !rovidin4 "etter o!!ortunities for t+e

!rivate!layer in India GIC 5 LIC6s )ono!oly )ar'et a!!roac+ is no

)ore!revalent in India -+e ne% )ar'et scenario for insurance is4ro%in47 nodou"t it is a flyin4 "ird

C4age i$ !4e e!era0 0a9 o' a!#re. Eer(!4ig i$ c4agig accor"ig !o

!4e ee" o' !4e !i-e. Ecoo-ic gro9!4 a" $ocia0 "ee0op-e! i

pre$e! $ceario i$ "#e !o $#""e c4age i i"#$!ria0 po0ic( a"

ecoo-ic p0aig. @0oa0i;a!io 4a$ ee !4e a$ic -a!ra a'!er 1++17

$o eer(oe !4i:$ o' eig g0oa0. Liera0i;a!io7 pria!i;a!io a"

g0oa0i;a!io i$ !4e a$ic cocep! o' $#cce$$ i a00 a$pec! o' "ee0op-e!.

Co-pe!i!io i$ !o#g4 o9 "#e !o g0oa0i;a!io.


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!lobali(ation ' 7*e Dynamic Force7

Ma( peop0e co$i"er g0oa0i;a!io o!4ig e9 % $ocie!ie$ 4ae ee

i!ercoec!e" 'or (ear$. T4e 9or0" 4a$ eer eGperiece" g0oa0i;a!io

a! !4i$ 0ee0 o' i!e$i!( e'ore7 or !4e $pee" a! 94ic4 i! i$ !ra$'or-ig

a" i!egra!ig $ocie!ie$.

er-a E. Da0(7 a aa0($! o' @0oa0 Po0ic( For#-7 c4arac!eri;e$

g0oa0i;a!io a$7 8@0oa0 i!egra!io o' -a( 'or-er a!ioa0 ecoo-ie$

i!o g0oa0 ecoo-(7 -ai0( ( 'ree !ra"e a" 'ree -oi0i!(7 #! a0$o (

ea$( or #co!ro00e" ecoo-ic p#rpo$e$.8 e '#r!4er c0ari'ie$ !4a!

g0oa0i;a!io i$ o! i!era!ioa0i;a!io % g0oa0i;a!io rig$ ao#! a

$ig0e7 i!egra!e"7 g0oa0 ecoo-(7 94i0e i!era!ioa0i;a!io i$ a

'e"era!io o' a!io$ coopera!ig a$ $oereig #i!$ !o a"ace !4e

a!ioa0 i!ere$! o' a00 -e-er$. T4o#g4 g0oa0i;a!io 4a$ eco-e a

roa" 4ea"ig 'or a -#0!i!#"e o' g0oa0 i!erac!io$7 ragig 'ro- !4e

eGpa$io o' c#0!#ra0 i'0#ece$ acro$$ or"er$ !o !4e e0arge-e! o'

ecoo-ic a" #$ie$$ re0a!io$ !4ro#g4o#! !4e 9or0"7 i! 4a$ "i''ere!

"(a-ic 'orce 'or "i''ere! per$o.

For !4e ecoo-i$!7 g0oa0i;a!io i$ e$$e!ia00( !4e e-ergece o' a g0oa0

-ar:e!. For a 4i$!oria7 i! i$ a epoc4 "o-ia!e" ( g0oa0 capi!a0i$-.

Socio0ogi$!$ $ee g0oa0i;a!io a$ !4e ce0era!io o' "ier$i!( a" !4ecoergece o' $ocia0 pre'erece$ i -a!!er$ o' 0i'e $!(0e a" $ocia0


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a0#e$. To !4e po0i!ica0 $cie!i$!7 i! repre$e!$ !4e gra"#a0 ero$io o' $!a!e

$oereig!(.


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Ne8 .ar+et Scenario 9 Insurance

I$#race -ar:e! i pre$e! $ceario !4o#g4 i$ a oo-ig $ec!or7 #! !4e

-ar:e! 4a$ c4age" 'ro- $i-p0er !o co-p0eG7 0e$$ c4a00egig !o -ore

c4a00egig. @oig "o-e$!ic !o i!era!ioa0 i$ a er( "i''ic#0! !a$:.

U"er$!a"ig -ar:e! $(erg( a" coge$!io$ o' percep!io o'

c#$!o-er i !4e i$#race 'ie0" i$ er( "i''ic#0!. T4e Reg#0a!or(


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$e!ac:. Accor"ig !o *r" A#a0 @0oa0i;a!io I"eG Repor! o' Bor0"

Ba!c4 I$!i!#!e7 !4e gro9!4 ra!e 'e00 $4arp0( 'ro- , i 2333 !o 1.* i

2331.


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,irla Sun Life -6=0>


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co-pa( i !4e co#!r( a$ -a( -ore p0a(er$ 9ai! !o e!er. T4e 4ea0!4

i$#race $ec!or 4a$ !re-e"o#$ gro9!4 po!e!ia07 a" a$ i! -a!#re$ a"

e9 p0a(er$ e!er7 pro"#c! ioa!io a" e4ace-e! 9i00 icrea$e.

State Insurers "ontinue o Dominate

T4ere -a( e roo- 'or -a( -ore p0a(er$ i a 0arge #"eri$#re"

-ar:e! 0i:e I"ia 9i!4 a pop#0a!io o' oer oe i00io.


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pria!e o%0i'e p0a(er$ 9i!4 a ).11 -ar:e! $4are. ICICI Lo-ar" 4a$

'oc#$e" o gro9ig !4e -ar:e! 'or geera0 i$#race pro"#c!$ a"

icrea$ig pee!ra!io 9i!4i eGi$!ig c#$!o-er$ !4ro#g4 pro"#c!

ioa!io a" "i$!ri#!io.

$eac*ing Out o "ustomers

No "o#!7 !4e c#$!o-er pro'i0e i !4e i$#race i"#$!r( i$ c4agig 9i!4

!4e i!ro"#c!io o' 0arge #-er o' "ierge! i!er-e"iarie$ $#c4 a$

ro:er$7 corpora!e age!$7 a" aca$$#race.

T4e i"#$!r( o9 "ea0$ 9i!4 c#$!o-er$ 94o :o9 94a! !4e( 9a! a"

94e7 a" are -ore "e-a"ig i !er-$ o' e!!er $erice a" $pee"ier

re$po$e$. Bi!4 !4e i"#$!r( a00 $e! !o -oe !o a "e!ari''e" regi-e (

2337 !4ere 9i00 e co$i"era0e i-proe-e! i c#$!o-er $erice 0ee0$7

pro"#c! ioa!io a" e9er $!a"ar"$ o' #"er9ri!ig.

Intense "ompetition

I a "e%!ari''e" eiro-e!7 co-pe!i!io 9i00 -ai'e$! i!$e0' i price$7

pro"#c!$7 #"er9ri!ig cri!eria7 ioa!ie $a0e$ -e!4o"$ a"

cre"i!9or!4ie$$. I$#race co-paie$ 9i00 ie 9i!4 eac4 o!4er !o

cap!#re -ar:e! $4are !4ro#g4 e!!er pricig a" c0ie! $eg-e!a!io.


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T4e a!!0e 4a$ $o 'ar ee 'o#g4! i !4e ig #ra ci!ie$7 #! i !4e eG!

'e9 (ear$7 icrea$e" co-pe!i!io 9i00 "rie i$#rer$ !o r#ra0 a" $e-i%

#ra -ar:e!$.

!lobal Standards

B4i0e !4e 9or0" i$ e(eig I"ia 'or gro9!4 a" eGpa$io7 I"ia

co-paie$ are eco-ig icrea$ig0( 9or0" c0a$$. Ta:e !4e ca$e o' LIC7

94ic4 4a$ $e! i!$ $ig4! o eco-ig a -aor g0oa0 p0a(er 'o00o9ig a

R$2)3%crore ie$!-e! 'ro- !4e I"ia goer-e!. T4e co-pa( o9

opera!e$ i Ma#ri!i#$7 Fii7 !4e UH7 Sri La:a7 Nepa0 a" 9i00 $oo $!ar!

opera!io$ i Sa#"i Araia. I! a0$o p0a$ !o e!#re i!o !4e A'rica a"

A$ia%Paci'ic regio$ i 2336.

T4e (ear 233& 9a$ a !e$!ig p4a$e 'or !4e geera0 i$#race i"#$!r(

9i!4 a $erie$ o' ca!a$!rop4e$ 4i!!ig !4e I"ia $#%co!ie!.

o9eer7 9i!4 ro#$! rei$#race progra--e$ i p0ace7 i$#rer$ 4ae

$#cce$$'#00( -aage" !o !i"e oer !4e cri$i$ 9i!4o#! a( a"er$e i-pac!

o !4eir a0ace $4ee!$. Bi!4 0i'e i$#race pre-i#-$ eig #$! 2.& o'

@DP a" geera0 i$#race pre-i#-$ eig 3.6& o' @DP7 !4e

oppor!#i!ie$ i !4e I"ia -ar:e! p0ace i$ i--e$e. T4e eG! 'ie (ear$


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62


9i00 e c4a00egig #! !4o$e !4a! ca #i0" $ca0e a" -ar:e! $4are 9i00

$#rie a" pro$per

!lobali(ation of Life Insurance .ar+et

SOME @ENERAL INFORMATION A


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T4e 12 pria!e i$#rer$ i !4e 0i'e i$#race -ar:e! 4ae a0rea"( grae"

ear0( + perce! o' !4e -ar:e! i !er-$ o' pre-i#- ico-e. T4e e9

#$ie$$ pre-i#- o' !4e 12 pria!e p0a(er$ 4a$ !rip0e" !o R$ 1333 crore

i 2332% 3* oer 0a$! (ear. Mea94i0e7 $!a!e o9e" LIC$ e9 pre-i#-

#$ie$$ 4a$ 'a00e. Ioa!ie pro"#c!$7 $-ar! -ar:e!ig a" aggre$$ie

"i$!ri#!io.

T4a!$ !4e !rip0e 94a--( co-ia!io !4a! 4a$ ea0e" '0e"g0ig pria!e

i$#race co-paie$ !o $ig #p I"ia c#$!o-er$ 'a$!er !4a a(oe eer

eGpec!e". I"ia$7 94o 4ae a09a($ $ee 0i'e i$#race a$ a !aG $aig"eice7 are o9 $#""e0( !#rig !o !4e pria!e $ec!or a" $appig #p

!4e e9 ioa!ie pro"#c!$ o o''er. T4e gro9ig pop#0ari!( o' !4e

pria!e i$#rer$ $4o9$ i o!4er 9a($. T4e( are coiig -oe( i e9

ic4e$ !4a! !4e( 4ae i!ro"#ce".

T4e $!a!e o9e" co-paie$ $!i00 "o-ia!e $eg-e!$ 0i:e e"o9-e!$

a" -oe( ac: po0icie$.


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aggre$$ie $!ace o' pria!e i$#rer$ i$ a0rea"( pa(ig ric4 "ii"e"$.


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62


E")NOLO!% $END IN INS#$AN"E .A$1E A$E AS

FOLLO:S&

"omputeri(ation&

Ii!ia00(7 i !4e 0a!e 1+&3K$ !4e i$#race co-paie$ #$e" Ui!

Recor" Mac4ie$ 5E0ec!ro Mage!ic Mac4ie$ !o proce$$ "a!a p#c4e"

i!o car"$. Co-p#!er$ 9ere i!ro"#ce$ i !4e -i" 1+63K$ a" ( !4e

1+)3K$ !4e Ui! P4a$e" Mac4ie$ 9ere p4a$e" o#! a" !4e e!ire proce$$

9a$ co-p#!eri;e". T4i$ ro#g4! ao#! grea!er e''iciec( a" >#ic:

$erice "e0ier(

Internet&

To"a(7 !4e i!ere! 4a$ co-p0e!e0( c4age" !4e $erice "e0ier(

proce$$. I!ere! i$ !o"a( #$e" !o ee $e00 i$#race po0icie$. I!ere! i$7

i 'ac!7 proig !o e oe o' !4e 9i"e0( #$e" "i$!ri#!io e!9or:$ 'or

$e00ig i$#race po0icie$. A0$o i!ere! i$ #$e" 'or $e"ig pre-i#-

o!ice$ !o po0ic( 4o0"er$ !4ro#g4 e%-ai0$

Co-paie$ 0i:e LIC7 ICICI a00 4ae 9e$i!e$ 'ro- 94ic4 peop0e ca ge!

!4e i'or-a!io ao#! !4eir pro"#c!$7 price$7 ario#$ $c4e-e$7 a" 0o!$ o'

o!4er i'or-a!io. Peop0e ca a0$o p#rc4a$e !4e pro"#c! !4ro#g4 !4i$

9e$i!e.


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otal S*are Electronic "learance Service 2E"S4&

A0-o$! a00 !4e ig orgai;a!io$ !o"a( proi"e !4e ECS 'aci0i!( !o

i!$ c#$!o-er$. A po0ic( 4o0"er 4aig a acco#! i a( a: 94ic4 i$ a

-e-er o' !4e 0oca0 c0earig 4o#$e ca op! 'or ECS "ei! !o pa(

pre-i#-$. T4e a"a!age 4ere i$ !4a! oce !4e op!io i$ eGerci$e"7 !4e

po0ic( 4o0"er ee" o! i$i! a rac4 'or pa(ig !4e pre-i#- or

co00ec!ig !4e receip!$. O !4e "a( i"ica!e" ( !4e po0ic( 4o0"er7 !4e

pre-i#- a-o#! 9i00 e "irec!0( "ei!e" !o !4e a: acco#! o' !4e

po0ic(4o0"er a" !4e receip! 9i00 e i$$#e" ( !4e "e$iga!e" rac4

o''ice.

"all "enters and S.S services&

A0-o$! a00 !4e i$#race co-paie$ 4ae !4eir o9 ca00 ce!er$

94ic4 ca!er !o !4e p4oe a$e" >#erie$ o' !4e po0ic(4o0"er$. T4i$ $erice

i$ 2,G a" !4e( 4ae !4e I!erac!ie Voice Re$po$e 5IVR $($!e-$ a!

a00 !4e rac4e$.

.


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Impact of ,udgeton Insurance Sector

Insurance and Indian ,udget /5--'/5-/

Proposals in Indian ,udget /5--'/5-/

A.


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.

Analysis

T4e i$#race 0egi$0a!io 9o#0" icrea$e !4e FDI 0i-i! !o ,+perce! 'ro- !4e c#rre! 26 perce!. T4e LIC i00 9o#0" icrea$e

!4e $4are capi!a0 o' Li'e I$#race Corpora!io 5LIC !o R$.133

crore 'ro- i!$ c#rre! R$.& crore.

T4e PFRDA


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9i!4o#! !aG i-pac!.

NOE&

T4e i00$ re0a!ig !o !4e i$#race $ec!or 4a$ ee pe"ig 'or pa$!

$eera0. T4e I$#race La9$ 5A-e"-e!


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Private CS Public Insurance Sector

Pria!e p0a(er$ i !4e 0i'e i$#race #$ie$$ are gro9ig a! a $corc4ig

pace. Bi!4i !4ree (ear$ o' !4eir icep!io7 !4e( 4ae $ei;e" ao#! 1, perce! o' !4e -ar:e!.

Co-pare !4i$ !o e9 geera!io pria!e%$ec!or a:$7 94ic4 !oo: ie

(ear$ 'or 23 per ce! $4are i !4e I"ia a:ig i"#$!r(. A" a'!er

$ee (ear$ i !4e i"#$!r(7 i 23337 pria!e -#!#a0 '#"$ acco#!e" 'or

#$! + per ce! o' a -ar:e! !4a! 4a" ee "o-ia!e" ( !4e Ui! Tr#$! o'

I"ia.

T4ere$ ao!4er "i-e$io !o !4e i$#race #-er$ ga-e. B4i0e !4e

pria!e i$#race co-paie$ 4ae a!!aie" 1* !o 1, per ce! $4are o' !4e

oera00 i$#race -ar:e!7 !4eir $4are i !4e :e( -e!ro$ 5M#-ai a"

De04i i$ a$ 4ig4 a$ *3 !o ,3 per ce!.

7Be 4ae !o $!r#gg0e !o co-p0e!e a "ea0 i !4e -e!ro$ o97 eca#$e

po0ic(4o0"er$ are co-parig pro"#c!$ a" a$:ig 'or e!!er "ea0$78 $a($ S

< Ma!4#r7 c4air-a o' !4e Li'e I$#race Corpora!io o' I"ia.

Pria!e i$#race co-paie$ are e$$e!ia00( oi! e!#re$ 9i!4 g0oa0

i$#race co-paie$ 4o0"ig a -aGi-#- o' 26 per ce! $!a:e. T4e

'oreig par!er$ are ie$!ig 4eai0( i !4e I"ia -ar:e! a"7 !4ere(7


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"riig $a0e$7 eca#$e !4e( $ee I"ia e-ergig a$ oe o' !4e igge$!

-ar:e!$ i !4e A$ia regio.

"ompany Profile of LI" 9 I"I"I Prudential

Li'e I$#race Corpora!io o' I"ia 9a$ crea!e" o 1$! Sep!e-er7 1+&67

9i!4 !4e oec!ie o' $prea"ig 0i'e i$#race -#c4 -ore 9i"e0( a" i

par!ic#0ar !o !4e r#ra0 area$ 9i!4 a ie9 !o reac4 a00 i$#ra0e per$o$ i

!4e co#!r(7 proi"ig !4e- a"e>#a!e 'iacia0 coer a! a rea$oa0e

co$!. LIC 4a" & ;oa0 o''ice$7 ** "ii$ioa0 o''ice$ a" 212 rac4

o''ice$7 apar! 'ro- i!$ corpora!e o''ice i !4e (ear 1+&6.

$e' organi(ation of LI" too+ place and large numbers of ne8

branc* offices 8ere opened0 To"a( LIC '#c!io$ 9i!4 23,) '#00(

co-p#!eri;e" rac4 o''ice$7 133 "ii$ioa0 o''ice$7 ;oa0 o''ice$ a"

!4e corpora!e o''ice. LICK$ Bi"e Area Ne!9or: coer$ 133 "ii$ioa0

o''ice$ a" coec!$ a00 !4e rac4e$ !4ro#g4 a Me!ro Area Ne!9or:.
http://www.google.co.in/imgres?imgurl=http://informdaily.com/wp-content/uploads/2010/03/LIC_Logo.jpg&imgrefurl=http://informdaily.com/lic-recruitment-2010-lic-ado-recruitment-2010.html&usg=__MGf9d4-CJYG-7DCJHtahk3r6r-E=&h=3601&w=6601&sz=978&hl=en&start=1&zoom=1&tbnid=Z-Quel_qgE6XOM:&tbnh=82&tbnw=150&ei=LLKlTdTuKMbVrQfmm-3vCQ&prev=/images%3Fq%3Dlic%26hl%3Den%26sa%3DG%26gbv%3D2%26tbm%3Disch&itbs=1


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LIC 4a$ !ie" #p 9i!4 $o-e


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i M#-ai5Be$!er oe7 Ne9 De04i 5Nor!4er oe7 Hap#r 5Nor!4%

Ce!ra0 oe7


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P#0ic. e0p !4e p#0ic !o apprecia!e !4e per'or-ace a" !4e 0i-i!a!io$

o' LIC.

Product offered by LI"

Insurance Plan

A$ i"ii"#a0$ i! i$ i4ere! !o "i''er. Eac4 i"ii"#a0K$ i$#race ee"$a" re>#ire-e!$ are "i''ere! 'ro- !4a! o' !4e o!4er$. LIC i$#race

p0a$ are po0icie$ !4a! !a0: !o (o# i"ii"#a00( a" gie (o# !4e -o$!

$#i!a0e op!io !4a! ca 'i! c#$!o-er re>#ire-e!$.

"*ildren plan

Ho-a0 eea % P0a No. 1&+

C4i0"re De'erre" % P0a o.,1

eea Hi$4ore % P0a o.132

eea C44a(a % P0a o.13*

Marriage E"o9-e!/E"#ca!ioa0 A#i!( % P0a No. +3


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eea A#rag % P0a o.16)

Endo8ment Policy

E"o9-e! 9i!4 Pro'i!$ % P0a o.1, Li-i!e" Pa(-e! E"o9-e! 9i!4

Pro'i!$ % P0a o.,)

Ne9 aaRa:$4a Po0ic( % P0a o.+1

eea Aa" P0a o. 1,+

eea Mi!ra Trip0e Coer % P0a o.1**

!roup Insurance Policy

@ro#p I$#race Sc4e-e i$ 0i'e i$#race pro!ec!io !o gro#p$ o' peop0e.

T4i$ $c4e-e i$ i"ea0 'or e-p0o(er$7 a$$ocia!io$7 $ocie!ie$ e!c. a"

a00o9$

=o# !o eo( gro#p ee'i!$ a! rea00( 0o9 co$!$.

aa$4ree


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eea Saa!4i % P0a o.)+

.oney ,ac+ Policy

Moe(


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LICK$ Specia0 P0a$ are o! p0a$ #! oppor!#i!ie$ !4a! :oc: o (o#r

"oor oce i a 0i'e!i-e. T4e$e p0a$ are a per'ec! 0e" o' i$#race7

ie$!-e! a" a 0i'e!i-e o' 4appie$$

Ter- A$$#race % P0a o.,*

eea Aa"4ar % P0a o.11,

erm Policy

Coer!i0e Ter- A$$#race % P0a o.&)

Ne9


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Pro'i! p0#$

For!#e p0#$

Moe( p0#$

C4i0" 'or!#e p0#$

T4e co-pa( a$$ige" !o -e i$ ICICI Pr#"e!ia0 Li'e I$#race

Co-pa(. I! i$ i !o $e00ig 0i'e i$#race pro"#c!$. ICICI Pr#"e!ia0 Li'e

I$#race Co-pa( i$ a oi! e!#re e!9ee ICICI #ar!ere" i !4e Ui!e" Hig"o-. ICICI

Pr#"e!ia0 9a$ a-og$! !4e 'ir$! pria!e $ec!or i$#race co-paie$ !o

egi opera!io$ i Dece-er 2333 a'!er receiig approa0 'ro-

I$#race Reg#0a!or( Dee0op-e! A#!4ori!( 5IRDA. A! pre$e! i! i$
http://www.google.co.in/imgres?imgurl=http://globalthoughtz.com/wp-content/uploads/2010/04/icici-logo.jpg&imgrefurl=http://globalthoughtz.com/2010/04/top-5-life-insurance-companies-in-india/&usg=__uvHZRqlYdc0UcmQp6ZMZD1FQAWY=&h=183&w=513&sz=13&hl=en&start=2&zoom=1&tbnid=yfQ_jTBUmTNeHM:&tbnh=47&tbnw=131&ei=arKlTYqUDsjSrQfc4-ngCQ&prev=/images%3Fq%3Dicici%2Bprudential%26hl%3Den%26gbv%3D2%26tbm%3Disch&itbs=1


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gro9ig a! a !re-e"o#$ pace. No9 9e ca $a( !4ere i$ o c0o$e

co-pe!i!or !o ICICI Pr#"e!ia0.

For !4e pa$! 'ie (ear$7 ICICI Pr#"e!ia0 4a$ re!aie" i!$ po$i!io a$ No. 1pria!e 0i'e i$#race i !4e co#!r(7 9i!4 a 9i"e rage o' '0eGi0e

pro"#c!$ !4a! -ee! !4e ee"$ o' I"ia c#$!o-er a! eer( $!ep i 0i'e. T4e

co-pa( -ai0( "epe"$ o a"i$or$.

T4e a"i$or$ are co$i"ere" a$ !4e ra" a-a$$a"or$ o' !4e co-pa( or

!4e 9or:ig par!er 94o "oe$K! 4ae !o ie$! !o ge! re!#r$ #! #$!

9or: 9i!4 !4e co-pa( !o -a:e -oe(. A"i$or$ -ai o i$ !o $e00

po0ic( a" i re!#r !4e a"i$or$ ge! 4#ge re!#r 0i:e 4ig4 co--i$$io7

re9ar"$7 recogi!io e!c. e i$7 'or a00 p#rpo$e$7 a a#!4ori;e" $a0e$-a

'or i$#race.

A"i$or$ ca eco-e !4e Ui! Maager o' !4e co-pa( i' !4e( pa$$ !4e

piac0e progra-. ICICI Pr#"e!ia0 4a$ recr#i!e" a" !raie" ao#!&67333 i$#race a"i$or$ !o i!er'ace 9i!4 a" a"i$e c#$!o-er$.

F#r!4er7 i! 0eerage$ i!$ $!a!e%o'%!4e%ar! IT i'ra$!r#c!#re !o proi"e

$#perior >#a0i!( o' $erice !o c#$!o-er$.

Maager 9i00 ge! a 'iGe" $a0ar( a" !4e co--i$$io o !4e po0icie$ $o0"

( 4i$ a"i$or a" !4e co--i$$io o' !4e po0icie$ 94ic4 4e 4a$ a0rea"(

$o0". Tiger !ea- -aager i$ oe 94o ge!$ !o $e00 !4e po0ic( a" ge!

co--i$$io7 !rai !4e a"i$or$ ao#! !4e pro"#c! a" 4e i$ a0$o a pai" #p

e-p0o(ee o' !4e co-pa(.

CISION


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To e !4e "o-ia! Li'e7 ea0!4 a" Pe$io$ p0a(er #i0! o !r#$! (

9or0"%c0a$$ peop0e a" $erice

CAL#ES

Ver( -e-er o' !4e ICICI Pr#"e!ia0 !ea- i$ co--i!!e" !o & core

a0#e$ I!egri!(7 C#$!o-er Fir$!7


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Bea0!4 Crea!io P0a$

Pre-i#- @#ara!ee p0a$

Pro!ec!io P0a$

Pension 9 $etirement Solutions&

T4e pri-ar( oec!ie o' a pe$io p0a i$ !o 4e0p (o# proi"e 'or (o#r

'iacia0 ee"$ i (o#r po$! re!ire-e! (ear$. =o# 9i00 'i" a Pe$io

P0aig Ca0c#0a!or o !4e $i!e7 -ea! !o -a:e (o#r pe$io p0a reie9

a$ $i-p0e a$ po$$i0e. T4e ca0c#0a!or i$ !4e 'ir$! $!ep i (o#r Pe$io P0a

$c4e-e !4ere are o!4er $!ep$ !o9ar"$ ge!!ig !4e I"ia pe$io po0ic(

(o# ee".

Li'e S!age Pe$io

Li'e!i-e S#per Pe$io

Li'e0ie S#per Pe$io

Foreer Li'e

)ealt* Product Suite

U"er ea0!4 Pro"#c! S#i!e7 ICICI Pr#"e!ia0 o''er$ p0a$ #"er !4e

'o00o9ig -aor ee" ca!egorie$


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o$pi!a0i$a!io P0a$

Me"iA$$#re

o$pi!a0 Care

Cri!ica0 I00e$$ Pa$

Cri$i$ Coer

Cacer Pro"#c!$

Cacer Care

Diae!e$ Pro"#c!$

Diae!e$ Care Ac!ie

Diae!e$ A$$#re

$etirement Solutions

ICICI PRUDENTIAL Proi"e a 9i"e rage o' re!ire-e! p0a$ a" !4e(

are a$ 'o00o9$

Li'e S!age Pe$io

Li'e!i-e S#per Pe$io

Li'e0ie S#per Pe$io

Foreer Li'e


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I--e"ia!e A#i!(

!roup Plans

ICICI Pr#"e!ia0 o''er$ a $#i!e o' gro#p i$#race p0a$ !4a! are a$

'o00o9$

@ro#p $#per a#a!io

@ro#p gra!#i!( perio"

A#i!( $o0#!io p0a

@ro#p !er- i$#race p0a

@ro#p !er- i$#race i 0ie# o' EDL

LI" Ne8 eevan Sura+s*a CS I"I"I Prudential Forever

life

LICK$ Ne9 eea S#ra:$4a I o''er$ coo0 co-'or! !o $ere !4e

(o#g7 !4e -i""0e age" a" !4e o0" 94ic4 4a$ a0$o !4e $ec#ri!( a"

$a'e!( ac:ig o' @oer-e! o' I"ia. I! i$ a i"ea0 $o0#!io 'or peop0e

a$ i! o! o0( o''er$ re!ire-e! ee'i!$ #! a0$o !a:e$ care o' o#r

pro!ec!io ee"$ 59i!4 !er- ri"er op!io. To co-a! !4e icrea$e i

0ogei!(7 !4i$ p0a proi"e$ reg#0ar g#ara!ee" ico-e a! o0" age a"


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4e0p$ i p0aig !o -ee! re>#ire-e!$ 'or c#rre! a" '#!#re ee"$. T4i$

p0a proi"e$ a 0o! o' '0eGii0i!( i !er-$ o' ario#$ pe$io op!io$ 'or

(o# !o c4oo$e 'ro-. A""i!ioa00( (o# ca a0$o op! 'or a i$#race coer

"#rig !4e "e'er-e! perio" ( !a:ig !4e Ter- Ri"er a""$ o. A! !4e

e" o' !4e "e'er-e! perio" 94e !4e pre-i#- cea$e$7 !4i$ po0ic( ca7 a!

(o#r op!io7 pa( (o# a 0#-p$#- a-o#!a" a $#i!a0e pe$io 'or (o#r

0i'e!i-e.

T4e $i-i0ar pro"#c! -ar:e!e" ( ICICI Pr#"e!ia0 Li'e I$#race

Co-pa( i$ Foreer Li'e7 a co-pre4e$ie re!ire-e! $o0#!io !4a! i$

"ee0ope" :eepig i -i" (o#r capai0i!ie$ a" ee"$ 9i!4 re$pec! !o

(o#r re!ire-e! p0aig.

T4e $a0ie! 'ea!#re$ o' !4i$ p0a are a$ #"er A "e'er-e! pe$io p0a

!o #i0" #p (o#r re!ire-e! ee'i!$.

2i4 I! proi"e$ reg#0ar ico-e 'or 0i'e7 a'!er a $!ip#0a!e" "a!e.

2ii4 T4e a-o#! (o# receie "epe"$ o !4e pre-i#- (o# pa( !i00 !4e

$!ip#0a!e" "a!e a" !4e op!io (o# c4oo$e.


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2iii4 I! a0$o o''er$ 0i'e coer "#rig !4e "e'er-e! perio".

2iv4 Po$!poe-e! o' re!ire-e! age

2v4 ea0!4 coer !i00 age 6& !4ro#g4 a""%o ee'i!$7 o! o0(

94i0e Pa(ig pre-i#-7 #! a0$o 94i0e receiig pe$io

Innovation Strategy and I in LI" 9I"I"I

Prudential

INNOCAION SA$E!% IN LI"


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LIC 4a$ rea0i;e" !4e i-por!ace o' per$oa0 io0e-e! a" 4a$

ic0#"e" i! i !4e !raiig progra- i!$e0'. Oce !4e Age! i$ recr#i!e" 4e

ee"$ !o #"ergo a co-p#0$or( !raiig progra- "e$ige" ( LIC. T4e

Traiig

Progra- a0$o eGp0ai$ !4e- !4e i-por!ace o' !4e $-a00e$! o' !4e

c#$!o-er .i.e. c#$!o-er 94o i$ #$! $ee:ig geera0 i'or-a!io.

T4e Age!$ a" e-p0o(ee$ are !raie" !o Apo0ogi$e !o i!$ c#$!o-er$ ee

i' !4e( are o! a! 'a#0!.

SO IT DOSENT TAHE MUC OF TIME FOR TE ANDS OF

TE LIC LO@O TO COME CLOSER FOR APOLO@=.

LIC 4a$ e$!a0i$4e" e0aora!e @rieace Re"re$$a0 Mac4ier( a!

"i''ere! 0ee0 a$ per !4e c#$!o-er re>#ire-e!. T4ere are Co-p0ai!

ce00$ 94ic4 are $pecia00( $e! #p !o 0i$!e #p !o eac4 a" eer( c#$!o-erK$

pro0e-$. LIC ga$ a0$o $e! #p Po0ic(4o0"er Co#ci0$ a" oa0 A"i$or(


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T4i$ i$ !4e -ai rea$o 94( LI" conducts training programs'or !4e

e90( recr#i!e" Age!$ a$ 9e00 a$ !4e o!4er E-p0o(ee$. I a( :i" o'

rea:"o9 $i!#a!io$ LIC !r( !o o''er a ra!ioa0 eGp0aa!io a"

"e-o$!ra!e $e$i!ii!( a" cocer !o !4e c#$!o-er ra!4er !4a

"e'e"ig !4e-$e0e$.

Offers Some "ompensation for t*e Inconvenience&

Co-pe$a!io 4ere 9o#0"K! -ea o' #$! -oe!ar( co-pe$a!io or

$o-e eG!re-e -ea$#re$ 0i:e 'irig !4e


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!o !4e per$o 94o $ee$ i! a$ e9. Ioa!io !a:e$ !i-e !o $prea" !4ro#g4

!4e $pecia0 $($!e-.

T4e co$#-er a"op!io proce$$ 'oc#$e$ o !4e -e!a0 proce$$ !4ro#g494ic4 a i"ii"#a0 pa$$e$ 'ro- 'ir$! 4earig ao#! a ioa!io !o 'ia0

a"op!io. A"op!er$ o' e9 pro"#c!$ 4ae -oe" !4ro#g4 !4e 'o00o9ig

'ie $!age$.

1. A8areness&T4e co$#-er eco-e$ a9are o' !4e ioa!io #! 0ac:$

i'or-a!io ao#! i!.

2. Interest&T4e co$#-er i$ $!i-#0a!e" !o $ee !4e i'or-a!io ao#! !4e

ioa!io.

*. Evaluation&T4e Co$#-er co$i"er$ 94e!4er !o !r( !4e ioa!io or

o!.

,. rial&T4e co$#-er !rie$ !4e ioa!io !o i-proe 4i$ e$!i-a!e o' i!$a0#e.

&. Adoption&T4e co$#-er "eci"e$ !o -a:e '#00 a" reg#0ar #$e o' !4e

ioa!io

I in LI"


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I !o"a(K$ 9or0"7 IT i$ a -#$! 'or a( i"#$!r( !o :eep pace 9i!4 !4e

c#$!o-erK$ c4agig eGpec!a!io$. T4i$ i$ e$pecia00( re0ea! i !4e

$erice i"#$!r(. T4e i$#race $ec!or 4a$ !o e$#re !4a! !4e !ec4o0og( i!

c4oo$e$ "oe$ o! 0ag e4i" 94ere c#$!o-er eGpec!a!io$ are cocere".

LIC 4a$ -ore !4a 16 crore po0ic( 4o0"er$. So i! 4a$ !o i"#c! !4e e$! IT

pro"#c!$ aai0a0e a" #$e !4e- !o ca!er !o !4e ee"$ o' !4e c#$!o-er$

a" "e0ier a(94ere a( !i-e $erice o "e-a" a" !o a"" a0#e !o i!$

e9 pro"#c!$. T4e !r#$! a" !4e goo"9i00 o' !4e c#$!o-er gaie" i !4e

0a$! &3 (ear$ 4ae !o e co$o0i"a!e" ( -a:ig a00 ac!ii!ie$ -orec#$!o-er$ 'oc#$e".

For i$!ace7 LIC 4a$ a corpora!e Be $i!e !o proi"e i'or-a!io o

pro"#c!$7 $erice$7 po0ic( $!a!#$7 grieace$ a" pre-i#- ca0c#0a!or.

O!4er 'aci0i!ie$ ic0#"e !o#c4%$cree i'or-a!io :io$:$ a! ce!ra0

0oca!io$ !o proi"e 2, G i>#ir( $erice$ !o c#$!o-er$.

I in I"I"I Prudential


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T4e I'or-a!io !ec4o0og( '#c!io a! ICICI Pr#"e!ia0 i$ co--i!!e" !o

ea0e a #$ie$$ !4ro#g4 !4e #$e o' !ec4o0og(. I! i$ $eg-e!e" i!o ,

gro#p$ !o ea0e 4ig4e$! 0ee0 o' "e0ier( o' c#$!o-er. Li'e A$ia

So0#!io @ro#p !4a! proi"e '0eGii0i!( i "e$igig e!!er pro"#c!

o''erig !o e" #$er7 !4e $o0#!io gro#p% Be !4a! proi"e rea0 !i-e

i'or-a!io !o c#$!o-er a" i$ re$po$i0e 'or c#$!o-er re0a!io$4ip

-aage-e!7 IT Arc4i!ec!#re corpora!e $o0#!io gro#p i$ i c4arge o'

"ee0opig a" -aria!ig a 0#e pri! 'or !4e IT arc4i!ec!#re 'or !4e

e!erpri$e a$ 94o0e. T4i$ !ea- 9or: a$ a i 4o#$e RD $o0#!io gro#p7

eGp0orig e9 !ec4o0ogica0 ii!ia!ie$ a" a0$o ca!er$ !o i'or-a!io

ee"$ o' corpora!e '#c!io i !4e orgai;a!io. IT i'ra$!r#c!#re gro#p i$

re$po$i0e 'or proi"ig 4ar"9are7 $o'!9are7 e!9or: $erice !o !4e

94o0e orgai;a!io. T4i$ gro#p r# a! Digi!a0 ero#$ $($!e- o' !4e

e!erpri$e a! !4e 4ig4e$! 0ee0 o' e''iciec( a" proi"e ro#$!7 $ca0a0e

a" 4ig40( aai0a0e p0a!'or- 'or "ee0op-e! #$ie$$ app0ica!io

Emerging rend in LI" 9 I"I"I Prudential


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E.E$!IN! $END IN Life Insurance

"orporation

Bi!4 !4e e-ergece o' co-pe!i!io7 LIC 4a$ i-p0e-e!e" $!ra!egic

-oe$ 'or #$ie$$ gro9!47 a$ 9e00 a$ e$#re" >#a0i!( i-proe-e! i

$erice $!a"ar"$. A$ o !o"a(7 !4e( 4ae ee proi"ig $erice !o

aro#" 12 crore po0ic( 4o0"er$ a" !4eir !rac: 4a$ ee 9e00

ac:o90e"ge" a$ re'0ec!e" !4ro#g4 co!i#a0 #p gra"a!io o' $erice

$!a"ar"$ c#0-ia!ig i!o a 9or0" c0a$$ per'or-ace i !4e area o' c0ai-

$e!!0e-e! opera!io$.

LI"s strengt* lies in

a. Bi"e e!9or: o' rac4e$ coerig r#ra0 area$.

. A 0arge a" 9e00% $prea" agec( orgai;a!io.

c. A ac:o90e"ge" recor" o' per'or-ace.

". A"e>#a!e (ie0" 9i!4 4ig4 ri$: coer eig o''ere" :eepig !4e po0ic(

4o0"er$ $a!i$'ie" i !4e eGi$!ig i !4e ecoo-ic $ceario.

e. Be00 accep!e" ra" e>#i!( !4ro#g4o#! !4e co#!r(.

I a""i!io !o !4i$7 LIC 4a$ a e$!a0i$4e" a" 9e00 a"-ii$!ere"

@rieace Re"re$$e" Mec4ai$- a" 9i!4 O-#"$-a i!ere!io7 !4e

c#$!o-er$ appear !o e 9e00 a!!e"e". o9eer7 !4i$ -ec4ai$- 4a$ !o


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e re$!r#c!#re" :eepig i ie9 !4e a""i!ioa0 0ega0 proi$io$ 0ai" "o9

( !4e reg#0a!or a$ eGpo#"e" i !4e IRDA ac!.

Futuristic Approac*

Ti00 !o"a(7 LIC eo(e" a -oopo0(. I! i$ o9 !4a! rea0i!( eGi$!$ i !4e

are o' -ar:e!ig 5i.e. $a0e$ a" a'!er $a0e$ $erice opera!io$. I! 9i00 o9

4ae !o 'o00o9 a -#0!i%'ace!e" $!ra!eg( !o9ar"$ c#$!o-er re!e!io a"

a0$o eGpa"ig !o a e9 c0ie!e0e. Bi!4 !4e e9 'ace o' !4e -ar:e!7re0a!io$4ip -aage-e! $ee-$ !o e !4e e9 -a!ra.

A! !4e #c0e#$ o' !4i$ approac4 i$ !4e cocep! o' C#$!o-er Re0a!io$4ip

-aage-e!. T4e ee" i$ !o 4ae a co-pre4e$ie reie9 o' !4e

#$ie$$ :eepig i ie9 c#$!o-er eGpec!a!io$

"ustomer Orientation

LIC7 !o e i !4e rec:oig7 4a$ !o 4ae a e''icie! 'ee"%ac: $($!e-7 $o

a$ !o #"er$!a" 94a! !4e c#$!o-er "e$ire$ i !er-$ o' pro"#c! "e$ig7

$erice proce"#re$7 re0a!io$4ip coeiece7 acce$$ii0i!(7 re$po$e$ i

!er-$ o' per$oa0i;e" $erice7 a!!e"ace7 core a" co-p0i-e!ar( o ai"ii"#a0 a$i$.

T4e e9 p0a(er$ i !4e -ar:e! 0i:e ICICI7 DFC e!c. 9i00 "e'ii!e0( e

er( aggre$$ie i !4e ope -ar:e!. LIC 4a$ !o go a4ea" 9i!4 !4eir

'or-er c#$!o-er$7 eGi$!ig c#$!o-er7 i a er( ge!0e a" co#r!eo#$

-aer7 rea$$#rig !4e- o' !4eir e!!er $erice$ 9i!4 per$oa7 a!!e!io.


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ADCE$ISIN! $NED IN LI"

Ne8s Papers and .aga(ines

LIC gie a"$ i !4e e9$ paper$ a" -aga;ie$ ro#" !4e (ear !o

co!i#e i!$ ra" i-age a" a0$o 94e e9 pro"#c!$ are i!ro"#ce".

Nor-a00( i!$ a"$ are p#0i$4e" i imes of India.

elevision

Co-paie$ 0i:e LI"? a"er!i$e o !e0ei$io !o -a:e peop0e a9are o'

T4eir pro"#c!$ a" $erice$

Advertisement on $adio satellite c*annel

A"er!i$e-e! ao#! LIC are 're>#e!0( ee !e0eca$! o ra"io a"

$a!e00i!e c4ae0.

E.E$!IN! $END IN I"I"I P$#DENIAL

I a $igi'ica! -oe7 ICICI Pr#"e!ia0 Li'e I$#race a oi! e!#re

e!9ee !4e ICICI gro#p a" Pr#"e!ia0 P0c o' !4e UH 4a$ eGpa"e"

i!$ -ar:e!ig p0a!'or- 'or pro-o!ig 0i'e i$#race pro"#c!$ !o 17&33

a:$ rac4e$ 'ro- 6,2 rac4e$ !4ro#g4 i!$ eGi$!ig aca$$#race

!ie%#p 9i!4 $ee a:$.

Bi!4 !4i$7 ICICI Pr#"e!ia0 4a$ icrea$e" !4e #-er o' a: rac4e$

5#"er ac a$$#race !ie%#p$ ( ao#! 1*3 per ce!. I 'i$ca0 2332%

233*7 !4e #-er o' a: rac4e$ e!9or:e" ( !4e co-pa( gre9 (

23 per ce! !o 6,2 rac4e$. O' !4e$e7 **) rac4e$ 9ere 'ro- 'o#r e9

ac a$$#race re0a!io$4ip$ 94ic4 i! 4a" 'orge" 9i!4 A00a4aa"


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T4e re-aiig eGpa$io i$ 'ro- ear0ier re0a!io$4ip$7 o!a0( ICICI


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Co-pe!i!io 9i00 $#re0( ca#$e !4e -ar:e! !o gro9 e(o" c#rre! ra!e$7

crea!e a igger 8pie78 a" o''er a""i!ioa0 co$#-er c4oice$ !4ro#g4 !4e

i!ro"#c!io o' e9 pro"#c!$7 $erice$7 a" price op!io$. =e!7 a! !4e

$a-e !i-e7 p#0ic a" pria!e $ec!or co-paie$ 9i00 e 9or:ig !oge!4er

!o e$#re *ealt*y gro8t* and development of t*e sector. C4a00ege$

$#c4 a$ "ee0opig a co--o i"#$!r( co"e o' co"#c!7 co!ri#!ig !o a

co--o ca!a$!rop4e re$ere '#"7 a" c4a0:ig o#! agree-e!$ e!9ee

i$#rer$ !o $e!!0e c0ai-$ !o !4e ee'i! o' !4e co$#-er 9i00 re>#ire

cocer!e" e''or! 'ro- o!4 $ec!or$.

T4e -ar:e! i$ o9 i a eo0ig p4a$e 94ere oe ca eGpec! a 0o! o'

ac!io$ i co-ig "a($. T4e c#rre! i-pe"i-e!$ 'or 'oreig

par!icipa!io ? 0i:e 26 e>#i!( cap o 'oreig par!er7 i00 "e'ie"

reg#0a!or( ro0e o' IRDA

5I$#race Reg#0a!or( "ee0op-e! A#!4ori!(% !4e 9a!c4"og o' !4e

i"#$!r( i pe$io #$ie$$ e!c.are eGpec!e" !o e re-oe" i ear

'#!#re. T4e ear0(%a"op!er$ 9i00 !4e 4ae a c0ear a"a!age co-pare" !o

0aggar"$ i @aiig !4e -ar:e! $4are a" -ar:e! 0ea"er$4ip. T4e 9i00

ee" !o -a:e $#re rig4! o9 !4a! a00 !4eir i'ra$!r#c!#re i$ i p0ace $o !4a!

!4e( ca reap !4e ee'i! o' a 8#0i-i!e" po!e!ia0.8

,ibliograp*y


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Li'e%I$#race7 by .c !ILL

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